Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 112

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 112
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 having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, we must do the following:

| • |     | We must deposit irrevocably in trust for the benefit of all holders of the notes of the particular series money                                               
 and/or U.S. Government Obligations that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates. |

| • |     | We must deliver to the trustee a legal opinion of our counsel confirming that, under current federal income tax                                                                      
 law, we may make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity. |

Full Defeasance. If there is a change in federal tax law allowing us to deliver the opinion described below, we can legally release ourselves from all payment and other obligations (subject to limited exceptions) on the S-68

notes of a particular series (called “full defeasance”) if we put in place the following other arrangements for you to be repaid:

| • |     | We must deposit in trust for the benefit of all holders of the notes of the particular series money and/or                                        
 Government Obligations that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates. |

| • |     | We must deliver to the trustee a legal opinion confirming that there has been a change in current federal tax law                                                                                                                                         
 or an Internal Revenue Service (or “IRS”) ruling that lets us make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity. Under              
 current federal tax law, the deposit and our legal release from the notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your notes and 
 you would recognize gain or loss on the notes at the time of the deposit.                                                                                                                                                                                 |

Unless otherwise provided in the applicable pricing supplement, if, after we have irrevocably deposited the funds to effect defeasance or covenant defeasance with respect to notes of a series,

| • |     | the holder of the notes of the series is entitled to and elects to receive payment in a currency other than that 
 in which the deposit has been made, or