Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 15

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 15
---
 it with the new regulations
on the subject of the U.S. Securities Exchange Commission, all upon the terms and conditions set forth in said policy.

When
termination of the relationship with the Bank is due to retirement, early retirement or pre-retirement of the beneficiary, for termination
judicially declared to be improper, unilateral separation for good cause by an employee (which includes, in any case, the situations set
forth in section 10.3 of Royal Decree 1382/1985 of 1 August governing the special relationship of senior management, for the persons subject
to these rules), permanent disability or death, as well as in cases of mandatory redundancy, the right to delivery of the deferred cash
amounts and shares, as well as any amounts arising from the inflation adjustment of deferred amounts in cash, shall remain under the same
conditions in force as if none of such circumstances had occurred.

In the event of death, the
right shall pass to the successors of the beneficiary.

In cases of justified temporary
leave due to temporary disability, suspension of the contract of employment due to maternity or paternity, or leave to care for children
or a relative, there shall be no change in the rights of the beneficiary.

If the beneficiary goes to
another company of the Group (including through international assignment and/or expatriation), there shall be no change in the rights
thereof.

If the relationship terminates by mutual agreement
or because the beneficiary obtains a leave not referred to in any of the preceding paragraphs, the terms of the termination or temporary
leave agreement shall apply.

None of the above circumstances
shall give any right to receive the deferred amount in advance, except where necessary to comply with mandatory regulations or, where
appropriate, to avoid a conflict of interest. If the beneficiary or the successors thereof maintain the right to receive deferred remuneration
in cash and shares, such remuneration shall be delivered within the periods and upon the terms set forth in the plan rules, unless otherwise
required to comply with mandatory legal provisions or to avoid conflicts of interest.

7

| 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 application of malusand clawback provisions
is triggered in those events in which there is a deficient financial performance of the entity as a whole or of a specific division or
area thereof or of exposures generated by the staff, for which purpose at least the following factors must be taken into account