Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 104

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 104
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 the notes must be subordinated to our general creditors, as defined by the Federal Reserve, which generally                                                                                                 
 includes all our senior indebtedness, including, at a minimum, all borrowed money, similar obligations arising from off-balance sheet guarantees and direct-credit substitutes, obligations associated with 
 derivative products such as interest rate and foreign-exchange contracts, commodity contracts, and similar arrangements, and, in addition, for depository institutions, depositors;                         |

| • |     | The notes must be unsecured and not guaranteed; |

| • |     | The notes must have an original maturity of at least five years, with the amount that can be included in Tier 2 
 capital being reduced by 20% per year beginning five years from the date of maturity;                           |

| • |     | Holders can have no rights of acceleration of maturity except upon an insolvency event with respect to the 
 Company or KeyBank;                                                                                        |

| • |     | The notes by their terms cannot be callable for at least five years except under certain limited circumstances; 
 and                                                                                                             |

| • |     | We may not call or redeem the notes at any time prior to maturity without prior Federal Reserve Board approval. |

The subordinated indenture does not limit or prohibit the incurrence of additional Senior Indebtedness or Other Senior Obligations, and additional Senior Indebtedness may include indebtedness for money borrowed that is senior to the Series T notes, but subordinated to other obligations. The Series S notes, if issued, will constitute Senior Indebtedness. Insolvency Event. Upon the occurrence of an insolvency event, the payment of principal of, premium, if any, or interest, if any, on the Series T notes is subordinated to the payment in full to the holders of the Senior Indebtedness. If, after we have made those payments on the Senior Indebtedness and on the Other Senior Obligations, (1) there are amounts available for payment on the Series T notes and (2) creditors in respect to the Other Senior S-63

Obligations have not received their full payments, then we will first use amounts available for payment on the Series T notes to pay in full all Other Senior Obligations before we may make any payment on the Series T notes. By reason of the subordination provisions, in certain circumstances relating to an insolvency event, the holders of Series T notes may recover less than the holders of Senior Indebtedness and