Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 515

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 515
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 The aforesaid accrual period in turn comprises two sub-periods:

| – | Individual annual targets measurement period: this period lasts one financial year, from 1 January to                                                                                                                                           
 31 December of the year following the date on which the incentive is approved. During that period, each beneficiary’s annual targets are measured (formed of Group targets, management targets and individual targets) established to determine 
 the “Adjusted Target”.                                                                                                                                                                                                                          |

A-272

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.

| – | Group multi-year targets measurement period: this period lasts three financial years, beginning on 1 January of                                                                                                                                    
 the financial year immediately following the date on which the incentive is approved and ending two years later, on 31 December of the third financial year. During that period, the Group’s multi-year targets are measured in order to           
 determine the final incentive, which is subject to the Risk Correction Factor. The Group’s multi-year targets for each incentive are linked to the following indicators and weights, whose achievement percentages are used to calculate the final 
 payment owed, if any, to management staff who have been assigned that incentive:                                                                                                                                                                   |

| Incentive                         |     | Indicators and weights                                              |
| Long-Term Remuneration 2019-2021, 
 2020-2022 and 2021-2023           |     | - Total shareholder return (25%) -                                  
 Group liquidity coverage ratio (25%) - CET1 capital indicator (25%) 
 - Group return on risk-adjusted capital (RoRAC) (25%)               |
| Long-term remuneration            
 2022-2024                         |     | - Total shareholder return (25%) -                                  
 Group liquidity coverage ratio (25%) - CET1 capital indicator (25%) 
 - Return on tangible equity (ROTE) (25%)                            |
| Long-Term Remuneration            
 2023-2025 and 2024-2026           |     | - Total shareholder return (40%)                                    
 - Return on tangible equity (ROTE) (40%) -                          
 Sustainability indicator (20%)                                      |

In addition to the achievement of the annual and multi-year targets described above, payment of the incentives is subject to the requirements set out in the general conditions of each long-term remuneration scheme. The