Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 147

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 147
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 at a fixed offering price. If notes are resold at a fixed offering price and all the notes are not sold at the initial offering
price, the Agents may change the offering price and the other selling terms. We reserve the right to sell notes directly to investors on our own behalf. Unless otherwise specified in the applicable pricing supplement, any note sold to an Agent or
other person, as principal, will be purchased by such Agent or other person at a price equal to 100% of the principal amount thereof and we will pay to such Agent or other person an underwriting commission equal to or less than the commission
applicable to any agency sale of a note of identical maturity.

In addition, an Agent may resell any note purchased by it as principal to
another broker-dealer at prices determined by the Agent at the time of resale and, unless otherwise specified in the applicable pricing supplement, may pay such broker-dealer a discount not in excess of the discount received by the Agent from us.

The Agents or persons purchasing the notes as principal may be deemed to be underwriters within the meaning of the Act. We and the Agents
have agreed to indemnify each other against certain liabilities, including liabilities under the Act, or to contribute to payments that they may be required to make in connection with such indemnification. We have also agreed to reimburse the Agents
for certain expenses, including the fees and expenses of counsel.

The notes will not have an established trading market when issued.
Also, unless otherwise specified in the applicable pricing supplement, the notes will not be listed on any national securities exchange. The Agents or other persons purchasing the notes as principal may make a market in the notes, but are not
obligated to do so and may discontinue any market-making at any time without notice. There can be no assurance that a secondary market for any notes will develop or be maintained.

Unless specified otherwise in the applicable pricing supplement, you will be required to pay the purchase price of the notes in immediately
available funds in the specified currency in The City of New York on the date of settlement. See “Description of Notes—General.”

We estimate that our total expenses for the establishment of this program to offer notes on a continuous basis will be approximately $375,000.

In connection with an offering of notes purchased by one or more Agents or other persons as principal on a fixed-price basis, such
Agent(s) or other person will be permitted to engage in certain transactions that stabilize the price of such notes. Such transactions may consist of over