Company: BBVXF
Filing Date: 2025-02-14
Form Type: 6-K
Source: 0001193125-25-027343
Chunk: 2

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-14
Form: 6-K
Chunk 2
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3, 2024, 2025 and 2026 (the “Directors’ Remuneration Policy” or the “Policy”), which includes, among others, the amounts of their remuneration and the rules for calculating variable remuneration. This policy establishes a variable remuneration model whereby, from financial year 2023 onward, the Annual Variable Remuneration (AVR) of executive directors, in line with that of the other categories of staff whose professional activities have a material impact on the risk profile of BBVA and/or its Group (the “Identified Staff”), including members of Senior Management, is made up of two components: a Short-Term Incentive (STI) and a Long-Term Incentive (LTI). The sum of the STI and the LTI constitutes the AVR for the year. For both incentives to be awarded, the thresholds of profit and capital ratio approved by the Board of Directors must be reached. These thresholds represent a minimum level for the accrual of the variable remuneration of the whole workforce of the BBVA Group. Following the end of the 2024 financial year, it was verified that the aforementioned thresholds had been reached and the amount of the 2024 STI of the executive directors was determined, considering the result of the Annual Indicators approved for its calculation. In addition, the executive directors have accrued the right to the LTI for its maximum theoretical amount. The final amount of the LTI will depend on the result of the Long-Term Indicators approved for its calculation, once their measurement period ends (at the end of 2027), in accordance with the targets, scales of achievement and weightings assigned to each of them. Therefore, the LTI may range between 0% and 150% of the Target LTI of each executive director. Once the 2024 AVR has been determined, in the amounts set forth below in this Report, the AVR will be paid in accordance with the vesting and payment rules provided for in the Policy. Therefore, an initial portion, representing a maximum of 40% of the AVR will be paid in 2025 (in equal parts in cash and BBVA shares) and the remaining portion (40% in cash and 60% in BBVA shares and stock options on BBVA shares (“BBVA stock options”)) will be deferred for a period of five years, as described below and, specifically, in section 3.2. B of this Report. This English version