Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 14

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 14
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 “Anniversaries”), provided that the conditions described below are met. The Deferred 
 Payment Amount will be paid 33% in cash and 67% in instruments.                                                                   |

| – | The deferred portion of the Award will be divided into fifths (each one, an “Annual Payment”), 
 which will determine the amount to be paid, if applicable, on each of the Anniversaries.       |

| – | Each of the payments that are to be made on the Anniversaries will be made 33% in cash and the other 67% 
 in instruments.                                                                                          |

| – | The portion of the Award that is paid in instruments will be reduced by the amount resulting from the                                   
 RSU that the executive directors are entitled to receive under the PagoNxt, S.L. incentive plan, the difference being paid in Santander 
 shares. The amount payable in RSU will not exceed 10% of the executive director’s total variable remuneration.                          |

| – | The executive directors may not directly or indirectly hedge the Santander shares that they receive pursuant                          
 to the foregoing sections before the delivery thereof. They may likewise not transfer them or directly or indirectly hedge the shares 
 for one year as from the delivery thereof.                                                                                            |

| – | Pursuant to the Group’s policy on shareholding, the executive directors of Banco Santander may not                                      
 transfer Santander shares that they receive pursuant to the preceding paragraphs for three years from the date of the delivery thereof, 
 unless the director already holds Santander shares for an amount equivalent to twice the director’s annual fixed remuneration.          |

| – | On occasion of each payment of the deferred amount in cash, and subject to the same requirements, the                  
 executive director may be paid an amount in cash that offsets the effect of inflation on said deferred amount in cash. |

| – | All payments will be made after applying any withholding or payment on account applicable at any time. |

In addition to continuity of the director within
the Group, the accrual of all Annual Payments is conditional upon the absence of any of the circumstances giving rise to
the application of malusprovisions as set out in the malus and clawback chapter of the Group’s remuneration policy
during the period prior to each of the deliveries. Likewise, the amounts of the Award already paid will be subject to possible clawback
by the Bank in the instances and for the period described in said policy, which was expanded in 2023 to adapt