Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 206

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 206
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 contingent convertible capital securities and a Distribution Period determined in accordance with “ —Distributions” below; “Distribution Payment Date” shall have the meaning as determined in the relevant prospectus supplement; “Distribution Period” means the period from and including one Distribution Payment Date (or, in the case of the first Distribution Period, the date of issuance) to but excluding the next Distribution Payment Date; “Distribution Rate” means the rate at which the contingent convertible capital securities accrue Distributions in accordance with “ —Distributions” below; “Dividend” means any dividend or distribution to Shareholders in respect of the Common Shares (including a Spin-Off)whether of cash, assets or other property (and for these purposes a distribution of assets includes without limitation an issue of Common Shares or other Securities credited as fully or partly paid up by way of capitalization of profits or reserves), and however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue reserve or account, and including a distribution or payment to Shareholders upon or in connection with a reduction of capital provided that:

| (a) | where: |

| (i) | a Dividend in cash is announced which is to be, or may at the election of a Shareholder or Shareholders be,                                                                                                                                             
 satisfied by the issue or delivery of Common Shares or other property or assets, or where a capitalization of profits or reserves is announced which is to be, or may at the election of a Shareholder or Shareholders be, satisfied by the payment of  
 cash, then the Dividend in question shall be treated as a Cash Dividend of an amount equal to the greater of (A) the Fair Market Value of such cash amount and (B) the Current Market Price of such Common Shares as at the first date on which         
 the Common Shares are traded ex-the relevant Dividend on the Relevant Stock Exchange or, as the case may be, the record date or other due date for establishment of entitlement in respect of the relevant                                              
 capitalization or, as the case may be, the Fair Market Value of such other property or assets as at the date of the first public announcement of such Dividend or capitalization or, in any such case, if later, the date on which the number of Common 
 Shares (or amount of such other property or assets, as the case may be) which may be issued and delivered is determined; or                                                                                                                             |

| (ii) | there shall be any issue of Common Shares by way of capital