Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 13

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 13
---
 of the Deferred Multiyear Objectives
Variable Remuneration Plan will be implemented in connection with the variable remuneration or award (hereinafter, the “Award”)
for financial year 2025 that is approved by the board of directors or the appropriate body in each case, for executive directors of Banco
Santander, who belong to the “Corporate Identified Staff” or “Material Risk Takers” (i.e. to categories of staff
whose professional activities have a material impact on the risk profile of the institution in accordance with Section 32.1 of Law 10/2014
of 26 June on the organisation, supervision and solvency of credit institutions, and the regulations in implementation thereof).

6

| This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail. |

The implementation of the tenth cycle exclusively
as regards the variable remuneration of the executive directors of the Bank is submitted to the shareholders for approval at the general
meeting.

The purpose of this tenth cycle of the Deferred
Multiyear Objectives Variable Remuneration Plan as regards the executive directors of the Bank is (a) to defer a portion of the Award
over a period of five years, subject to the non-occurrence of certain circumstances, and (b) in turn, to link a portion of such amount
to the performance of the Bank over a multiyear period. The Award will be paid 40% in cash and 60% in instruments, all in accordance with
the rules set forth below.

| · | Operation |

The Award for the executive directors for financial
year 2025 will be paid, if applicable, as follows:

| – | 40% of the Award will be paid in 2026, net of taxes, after applying the corresponding withholding                     
 or payment on account (this portion of the total amount of the Award, the “Immediate Payment Amount”) on the “Initial 
 Date” (meaning the specific date on which the Immediate Payment Amount is paid): 50% in cash and 50% in instruments.  |

| – | Payment of the remaining amount (the “Deferred Payment Amount”) will be deferred over a period                                    
 of 5 years (the “Deferral Period”), which amount will be paid in fifths within thirty days of the anniversaries of the Initial    
 Date in 2027, 2028, 2029, 2030 and 2031 (the