Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 225

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 225
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 number of Common Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time (which may be when such Securities are converted or exchanged or rights of subscription, purchase or acquisition are exercised or at such other time as may be provided) then for the purposes of this sub-paragraph(h), “C” shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Specified Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Specified Date. Such adjustment shall become effective on the Effective Date. “Effective Date” means, in respect of this sub-paragraph(h), the date of modification of the rights of conversion, exchange, subscription, purchase or acquisition attaching to such Securities. (i) If and whenever Banco Santander or any member of the Group or (at the direction or request of or pursuant to any arrangements with Banco Santander or any member of the Group) any other company, person or entity shall offer any Securities in connection with which its shareholders as a class are entitled to participate in arrangements whereby such Securities may be acquired by them (except where the Floor Price falls to be adjusted under sub-paragraphs(b), (c), (d), (e) or (f) above or sub-paragraph(j) below (or would fall to be so adjusted if the relevant issue or grant was at less than 95 percent of the Current Market Price per Common Share on the relevant dealing day under sub-paragraph(e) above)) the Floor Price shall be adjusted by multiplying the Floor Price in force immediately before the Effective Date by the following fraction: where:

| A | is the Current Market Price of one Common Share on the Effective Date; and |

| B | is the Fair Market Value on the Effective Date of the portion of the relevant offer attributable to one Common 
 Share.                                                                                                         |

Such adjustment shall become effective on the Effective Date. “Effective Date” means, in respect of this sub-paragraph(i), the first date on which the Common Shares are traded ex-rightson the Relevant Stock Exchange. (j) If Banco Santander determines that a reduction to the Floor Price should be made for whatever reason, the Floor Price will be reduced (either generally or for a specified period as notified to holders of the contingent convertible capital securities of such relevant series) in such manner and with effect from such date as Banco Santander shall determine and notify to the holders