Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 78

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 78
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 to the Successor Rate or the Alternative Benchmark 
 Rate and/or the Adjustment Spread, which changes shall apply to the notes for all future interest periods; and                                                                                                                                            |

| • |     | we will promptly, following the determination of any Successor Rate or any Alternative Benchmark Rate and any                                                                                                                            
 Alternative Relevant Screen Page and any Adjustment Spread (if any), give notice thereof and of any changes pursuant to the clause immediately above to the calculation agent, the fiscal and paying agent and the holders of the notes. |

“Adjustment Spread” means either a spread (which may be positive or negative) or a formula or methodology for calculating a spread, which we determine should be applied to the relevant Successor Rate or the relevant Alternative Benchmark Rate (as applicable), as a result of the replacement of the relevant reference rate with the relevant Successor Rate or the relevant Alternative Benchmark Rate (as applicable), and is the spread, formula or methodology which:

| • |     | in the case of a Successor Rate, is recommended or formally provided as an option for parties to adopt, in    
 relation to the replacement of the reference rate with the Successor Rate by any Relevant Nominating Body; or |

S-46

| • |     | in the case of a Successor Rate for which no such recommendation has been made, or option provided, or in the                                                                                                                                            
 case of an Alternative Benchmark Rate, the spread, formula or methodology which we determine to be appropriate to reduce or eliminate, to the fullest extent reasonably practicable in the circumstances, any economic prejudice or benefit (as the case 
 may be) to holders as a result of the replacement of the reference rate with the Successor Rate or the Alternative Benchmark Rate (as applicable).                                                                                                       |

“Benchmark Event” means:

| (a) | the relevant reference rate has ceased to be published on the Relevant Screen Page as a result of such 
 benchmark ceasing to be calculated or administered; or                                                 |

| (b) | a public statement by the administrator of the relevant reference rate that it will cease publishing such                                                                   
 reference rate permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication of such reference rate); or |

| (c) | a public statement by the supervisor of the administrator of the relevant reference rate that such reference 
 rate has been or will be permanently or indefinitely discontinued; or                                        |

| (d) | a public statement by the supervisor of the administrator of the relevant reference rate that means that such                 
 reference rate will be