Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 224

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 224
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 means, in respect of this sub-paragraph(g), the date of issue of such Securities or, as the case may be, the grant of such rights. (h) If and whenever there shall be any modification of the rights of conversion, exchange, subscription, purchase or acquisition attaching to any Securities (other than the contingent convertible capital securities of any series) as are mentioned in sub-paragraph(g) above (other than in accordance with the terms (including terms as to adjustment) applicable to such Securities upon issue) so that following such modification the consideration per Common Share receivable has been reduced and is less than 95 percent of the Current Market Price per Common Share on the date of the first public announcement of the proposals for such modification, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: where:

| A | is the number of Common Shares in issue immediately before such modification (but where the relevant Securities                                                                                                                                        
 carry rights of conversion into or rights of exchange or subscription for, or purchase or acquisition of, Common Shares which have been issued, purchased or acquired by Banco Santander or any member of the Group (or at the direction or request or 
 pursuant to any arrangements with Banco Santander or any member of the Group) for the purposes of or in connection with such Securities, less the number of such Common Shares so issued, purchased or acquired);                                      |

| B | is the number of Common Shares which the aggregate consideration (if any) receivable for the Common Shares to                                                                                                                                       
 be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription, purchase or acquisition attached to the Securities so modified would purchase at such Current Market Price per Common Share or, if 
 lower, the existing conversion, exchange, subscription, purchase or acquisition price or rate of such Securities; and                                                                                                                               |

| C | is the maximum number of Common Shares which may be issued or otherwise made available upon conversion or                                                       
 exchange of such Securities or upon the exercise of such rights of subscription, purchase or acquisition attached thereto at the modified conversion, exchange, |

100

| subscription, purchase or acquisition price or rate but giving credit in such manner as an Independent Financial Adviser in good faith shall consider appropriate for any previous adjustment under 
 this sub-paragraph (h) or sub-paragraph (g) above;                                                                                                                                                  |

provided that if at the time of such modification (as used in this sub-paragraph(h), the “Specified Date”) such