Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 43

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 43
---
 of the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the 2030 Floating Rate
Notes in respect of all determinations on such date and all determinations on all subsequent dates.

In connection with the implementation
of a Benchmark Replacement, we or our designee will have the right to make Benchmark Replacement Conforming Changes (as defined herein) from time to time.

No such change shall affect the Trustee’s or the Calculation Agent’s own rights, duties or immunities under the Third Supplemental
Indenture (as defined herein), the calculation agency agreement or otherwise without their consent.

Any determination, decision, election
or calculation that may be made by us or our designee pursuant to the provisions set forth in this section, including any determination with respect to a rate or adjustment or of the
occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest
error, will be made in our or our designee’s sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the notes, shall become effective without consent from the holders of the 2030 Floating Rate Notes or
any other party.

In no event shall the Calculation Agent, the Trustee or any paying agent be responsible for making any such
determination, decision, election or calculation; or have any responsibility to determine whether any manifest error has occurred, and, in the absence of notice from us, may conclusively assume that no manifest error exists and shall suffer no
liability in so assuming.

None of the Trustee, any paying agent or the Calculation Agent (unless we are acting in such capacity) shall be
under any obligation to: (i) monitor, determine or verify the unavailability or cessation of Compounded SOFR

S-26

or SOFR, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date,
(ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, (iii) select, determine or
designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of
the foregoing