Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 231

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 231
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 and 60% in shares or share-linked instruments) over a five-year period (the deferred portion).
The amount of the deferred portion will depend on the result of the long-term indicators that will be used to calculate the long-term incentive for financial year 2024. Likewise, and as an ex-post risk adjustment mechanism, the deferred portion may be reduced if certain capital and liquidity thresholds are not reached. The foregoing is intended to ensure that payment only occurs if it is sustainable, taking into account the Bank’s payment capacity.
As part of the deferred portion to be paid in shares or share-linked instruments, an aggregate number of BBVA stock options (398,738 in the aggregate), shall be delivered to the members of Senior Management, provided that the relevant conditions are met, once the second year of deferral has elapsed (that is, on February 15, 2027). The BBVA stock options may be exercised only on their expiration date, which shall be February 15, 2029, that is four years after the effective date of the award and two years after their vesting, provided that the closing price of the BBVA share on the expiration date is above the exercise price. The exercise price has been set at €9.67 which is equal to the average closing price of the BBVA share between December 15, 2024 and January 15, 2025, both inclusive. The underlying asset of each BBVA stock option is one BBVA share. The BBVA stock options shall be settled by differences, meaning that the amount to be paid to each beneficiary as a result of their exercise shall be the difference between the market value of the BBVA share corresponding to the exercise date and the exercise price. This amount shall be paid in BBVA shares. 
(2)Initial portion of the annual variable remuneration, which represents the first payment of the short-term incentive for financial year 2023 paid in 2024. Annual variable remuneration for financial year 2023 is subject to the rules on deferral, vesting and payment and to the remaining conditions established in the BBVA Group’s General Remuneration Policy.
(3)16 members at December 31, 2024 and 15 members at December 31, 2023, excluding executive directors in both cases.

              Deferred Annual Variable Remuneration Corresponding to Previous Financial Years                                              2024 (1)                                              2023 (2)
                                                        Deferred Annual Variable Remuneration        In cash (thousands of