Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 105

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 105
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 the holders of Other Senior Obligations. Ownership of Voting Stock of Significant Banks The senior indenture contains a covenant by us that we will not sell or otherwise dispose of, or grant a security interest in, or permit a Significant Bank to issue, any shares of voting stock of the Significant Bank, unless we will own free of any security interest at least 80% of the issued and outstanding voting stock of the Significant Bank. The covenant will not apply if:

| • |     | the proceeds of the sale or disposition are invested, within 90 days, in any subsidiary (including any                                                                                                                                                   
 corporation which after such investment becomes a subsidiary) engaged in a banking business or any business legally permissible for bank holding companies. However, if the proceeds are so invested in any subsidiary engaged in a business legally     
 permissible for bank holding companies other than a banking business, we may not sell or otherwise dispose of, or grant a security interest in, or permit the subsidiary to issue, any shares of voting stock of the subsidiary to the same extent as if 
 such subsidiary were a Significant Bank if, upon making the investment, the assets of or held for the account of the subsidiary constitutes 10% or more of our consolidated assets; or                                                                   |

| • |     | the disposition is made in exchange for the stock of any bank. |

“Significant Bank” means any of our directly or indirectly owned bank subsidiaries which assets constitute 10% or more of our consolidated assets. Currently, KeyBank is the only Significant Bank. The subordinated indenture does not contain a similar covenant because inclusion of such a covenant under the 1992 Federal Reserve Board’s interpretation of its capital adequacy regulations, which imposed additional restrictions on subordinated debt of bank holding companies, would result in the subordinated debt securities not qualifying as Tier 2 capital. Events of Default You will have special rights if an Event of Default occurs with respect to the notes and is not otherwise cured, as described later in this subsection. Senior Indenture. The term “Event of Default” in respect of the Series S notes means any of the following:

| • |     | We do not pay the principal of, or any premium on, any Series S note within 30 days of its due date. |

| • |     | We do not pay interest on any Series S note within 30 days of its due date. |

| • |     | The occurrence of certain events relating to bankruptcy, insolvency or reorganization of KeyCorp. |

Subject to the following paragraph