Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 682

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 682
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   629 |           |     | 176 |         |     | 1,611 |       |      | 1,537 |       |
| Total        |     |                                          | 1,972 |         |     | 1,585 |           |     | 386 |         |     | 3,943 |       |      | 3,780 |       |

1. Corresponds with the fair value of the maximum amount they are entitled to in a total of 3years: 2028, 2029 and 2030, subject to conditions of continued service, with the exceptions provided, and to the non-applicability of malus clauses and achievement of the objectives established.

The fair value has been determined at the grant date based on the valuation report of an independent expert, Willis Towers Watson. Based on the design of the plan for 2024 and the levels of achievement of similar plans in comparable entities, the fair value considered is 70% of the variable remuneration subject to long-term objectives. (see note 46).

Note 5.e below includes disclosures on the shares delivered from the deferred remuneration schemes in place in previous years and for which delivery conditions were met, as well as on the maximum number of shares that may be received in future years in connection with the aforementioned 2024 and 2023 variable remuneration plans.

b) Remuneration of the board members as representatives of the Bank By resolution of the executive committee, all the remuneration received by the Bank’s directors who represent the Bank on the boards of directors of listed companies in which the Bank has a stake, paid by those companies and relating to appointments made on or after 18 March 2002, accrues to the Group. In 2024 the Bank’s directors did not receive any remuneration in respect of these representative duties. On the other hand, in their personal capacity, in 2024 Homaira Akbari was paid USD 100thousand (EUR 96thousand) as member of the board of Santander Consumer USA Holdings, Inc. and EUR 200thousand as member of the board of PagoNxt S.L., and Henrique de Castro and José Antonio Álvarez were each paid the same EUR 200thousand as members of the board of PagoNxt S.L. José Antonio Álvarez also received BRL 1,135thousand (EUR 183thousand) as member of Banco Santander (