Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 110

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 110
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As the foregoing requirements do not apply in the case of a sale, conveyance or transfer by us of all or substantially all of our assets to one or more of our direct or indirect subsidiaries (in which we and/or one or more of our subsidiaries own more than 50% of the combined voting power), if we were to undertake such a transaction, such subsidiary or subsidiaries would not be required to assume our obligations under the notes and we would remain the sole obligor on the notes. Modification or Waiver Changes Requiring Approval. We and the trustee may modify each indenture with the consent of not less than 66 2/3% in principal amount of each series of outstanding notes affected by the modification. However, we may not, without the consent of each affected holder:

| • |     | change the stated maturity of the principal of, or premium, if any, on any note; |

| • |     | change any installment of principal of or interest, if any, on any note; |

| • |     | reduce any amounts due on any note; |

| • |     | change any obligation to pay additional amounts in respect of any note; |

| • |     | reduce the amount of principal of a discount note or indexed security payable upon acceleration of the maturity 
 of a security or payable in bankruptcy;                                                                         |

| • |     | adversely affect any right of repayment at the holder’s option; |

| • |     | change the place or currency of payment on any note; |

| • |     | impair your right to sue for payment; |

| • |     | adversely affect any right to convert a debt security in accordance with its terms; |

| • |     | modify the subordination provisions in the subordinated indenture in a manner that is adverse to holders of the 
 Series S notes;                                                                                                 |

| • |     | reduce the percentage in principal amount of holders of notes needed to consent to modify or amend the applicable 
 indenture;                                                                                                        |

| • |     | reduce the percentage in principal amount of holders of notes needed to consent to waive compliance with certain 
 provisions of the applicable indenture or to waive certain defaults;                                             |

| • |     | reduce the requirements for voting or quorum relating to bearer securities; and |

S-67

| • |     | modify any of the provisions relating to supplemental indentures requiring the consent of holders, relating to                                                                                                                                            
 the waiver of past defaults or relating to the waiver of certain covenants, except