Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 89

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 89
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 with respect to a tenor, rate or adjustment or of the occurrence or non-occurrenceof an event, circumstance or date and any decision to take or refrain from taking any action or any selection:

| • |     | will be conclusive and binding absent manifest error; |

| • |     | if made by us, will be made in our sole discretion; |

| • |     | if made by our designee, will be made after consultation with us, and our designee will not make any such 
 determination, decision or election to which we object; and                                               |

| • |     | notwithstanding anything to the contrary in this prospectus supplement and the accompanying prospectus, the                 
 indentures or the SOFR notes, shall become effective without consent from the holders of the SOFR notes or any other party. |

The calculation agent shall have no liability for not making any determination, decision or election pursuant to the benchmark transition provisions. We may designate an entity (which entity may be a calculation agent and/or our affiliate) to make any determination, decision or election that we have the right to make in connection with the benchmark transition provisions set forth herein or in any applicable pricing supplement. Certain Defined Terms. As used in this “—SOFR Notes” section with respect to any Benchmark Transition Event and implementation of the applicable Benchmark Replacement and Benchmark Replacement Conforming Changes: “Benchmark” means, initially, the Specified SOFR; provided that if a Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to such Specified SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by us or our designee (which may be our affiliate), after consulting with us, as of the Benchmark Replacement Date:

| (1) | the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant                                                              
 Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment; |

| (2) | the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; |

| (3) | the sum of: (a) the alternate rate of interest that has been selected by us or our designee (which may be                                                                                                                                                 
 our affiliate), after consulting with us, as the replacement for the then-current Benchmark for the applicable Correspond