Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 123

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 123
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 Santander, may fluctuate significantly and may materially adversely affect Available Distributable Items.

Banco Santander shall not make a payment of Distributions on the contingent convertible capital securities of any series on any Distribution
Payment Date (and such Distribution shall therefore be deemed to have been cancelled and thus shall not be due and payable on such Distribution Payment Date) if the level of Available Distributable Items is insufficient to fund that payment.
Distributions that are deemed cancelled shall not be due and shall not accumulate or be payable at any time thereafter and holders of contingent convertible capital securities of any series shall have no right thereto. See “—Payments of Distributions on the contingent convertible capital securities of any series are payable in Banco Santander’s sole and absolute discretion and Banco Santander may (and in certain circumstances will have no choice but to) cancel any Distributions in whole or in part at any time. Unpaid Distributions are not cumulative or payable at any time thereafter and holders of contingent convertible capital securities of such series shall have no rights thereto.”

35

The contingent convertible capital securities of any series do not contain events of default and the remedies available to holders under the convertible capital securities of any series are limited.

The terms of
the convertible capital securities of any series do not provide for any events of default. Banco Santander is entitled to cancel the payment of any Distribution in whole or in part at any time (see “—Payments of Distributions on the contingent convertible capital securities of any series are payable in Banco Santander’s sole and absolute discretion and Banco Santander may (and in certain circumstances will have no choice but to) cancel any Distributions in whole or in part at any time. Unpaid Distributions are not cumulative or payable at any time thereafter and holders of contingent convertible capital securities of such series shall have no rights thereto”) and such cancellation will not constitute any
event of default or similar event or entitle holders of convertible capital securities of such series to take any related action against Banco Santander. Furthermore, the Trigger Conversion will not constitute an event of default or the occurrence
of any event related to the insolvency of Banco Santander or entitle holders of convertible capital securities of such series to take any action to cause the liquidation, dissolution or winding-up of Banco
Santander. If Common Shares are not issued and delivered following the Trigger Event, then on a liquidation, dissolution or winding-up of Banco Santander the claim of a holder of convertible capital securities
of any series will not be in respect of