Company: BBVXF
Filing Date: 2025-02-14
Form Type: 6-K
Source: 0001193125-25-027343
Chunk: 32

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-14
Form: 6-K
Chunk 32
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, at the proposal of the Remuneration Committee, and following an analysis by the Risk and Compliance Committee, shall also determine the relevant scales of reduction associated with these thresholds and decide whether the aforementioned ex post risk adjustments should be made and, if so, the amount of the Deferred Portion of the Annual Variable Remuneration that should be reduced. ? Malus and clawback arrangements The entire Annual Variable Remuneration of the executive directors, both in cash and in BBVA shares or in instruments linked to BBVA shares, will be subject to reduction and recovery arrangements (“malus” and “clawback”) during the entire period of deferral and retention of the shares or instruments, on the same terms as those applicable to the rest of the Identifi ed Staff. The malus and clawback arrangements will be triggered in the event of a downturn in the fi nancial performance of the Bank as a whole, or of a particular unit or area thereof, or of the exposures created by an executive director, when such downturn in fi nancial performance arises from a set of circumstances set out in the Policy. In addition, such clauses may also be triggered in the event that any such circumstances cause signifi cant reputational damage to the Bank, regardless of the fi nancial impact caused. Furthermore, pursuant to the US regulations applicable to the Bank in this matter, the Policy includes an additional triggering event in the malus and clawback clause, applicable to executive directors and to the rest of Senior Management, should the Bank be required to prepare an accounting restatement to correct a material error in the fi nancial statements that would have given rise to the award and/or payment of variable remuneration that was erroneously calculated. ? Limitation on variable remuneration The variable component of the remuneration for a fi nancial year will be limited to a maximum amount of 100% of the fi xed component of total remuneration, unless the BBVA General Shareholders’ Meeting resolves to increase this percentage up to a maximum of 200%, all in accordance with the procedure and requirements set forth in applicable regulations. ? Prohibition on hedging strategies The use of personal hedging strategies and insurance relating to variable remuneration and liability that could undermine the effects of alignment with prudent risk management is prohibited. The rules for the accrual, award, vesting and payment of the Annual Variable Remuneration of executive directors set forth in the Policy are illustrated in the figure provided below as an example: This English version is a translation of