Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 87

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 87
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Compounded SOFR Index Notes

If the
applicable pricing supplement for any SOFR note specifies the calculation method as being “Compounded Index Rate,” then “Compounded SOFR,” with respect to any interest period, means the rate computed in accordance with the
following formula:

where:

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator’s
Website.

“SOFR IndexStart” is the SOFR Index value for
the day which is two U.S. Government Securities Business Days, or such other number of U.S. Government Securities Business Days as specified in the applicable pricing supplement, preceding the first date of the relevant interest period;

“SOFR IndexEnd” is the SOFR Index value for the day which is
two U.S. Government Securities Business Days, or such other number of U.S. Government Securities Business Days as specified in the applicable pricing supplement, preceding the interest payment date relating to such interest period; and

“dc” is the number of calendar days from (and including)
SOFR IndexStart to (but excluding) SOFR IndexEnd.

S-52

“ SOFR Index” means, with respect to any U.S. Government Securities Business Day:

| (1) | the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR                                                                   
 Administrator’s Website at 3:00 p.m., New York City time, on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); provided that: |

| (2) | if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, 
 then:                                                                                                    |

| (i) | if a Benchmark Transition Event and its related Benchmark Replacement Date (each as defined below under                                                                                                             
 “—Effect of Benchmark Transition Event and Related Benchmark Replacement Date”) have not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the “—SOFR Index Unavailable” 
 provisions below; or                                                                                                                                                                                                |

| (ii) | if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR,                                                     
 then Compounded SOFR shall be the rate determined pursuant to the “—Effect of Benchmark Transition Event and Related Benchmark Replacement Date” provisions below. |

”U.S. Government Securities Business Day” means any day that is not a Saturday, a Sunday or a