Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 21

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 21
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 shares and RSU does not exceed the maximum limit of EUR 11.5
million.

In the event of a change in the number of shares
due to a decrease or increase in the nominal value of the shares or a transaction with an equivalent effect, the number of shares to be
delivered will be modified so as to maintain the percentage they represent of the total share capital.

Information from the stock exchange with the largest
trading volume will be used to determine the listing price of the share.

If necessary or appropriate for legal, regulatory
or similar reasons, the delivery mechanisms provided for herein may be adapted in specific cases without altering the maximum number of
shares linked to the Award or the basic conditions upon which the delivery thereof is made contingent. Such adaptations may include the
substitution of the delivery of shares with the delivery of equivalent amounts in cash, or vice versa.

The shares to be delivered may be owned by the
Bank or by any of its subsidiaries, may be newly-issued shares, or may be obtained from third parties with whom agreements have been signed
to ensure that the commitments made will be met.

| · | Grant of powers |

Without prejudice to the general provisions of
item 8 or to those set forth in preceding sections, and without prejudice to the powers of the board of directors in remuneration matters,
the board is hereby authorised to implement this resolution, with the power to elaborate, as necessary, on the rules set forth herein
and on the content of the agreements and other documents to be used. Specifically, and merely by way of example, the board of directors
shall have the following powers:

| (a) | To approve the basic content of the agreements and of such supplementary documentation as may be necessary 
 or appropriate, including, if applicable, the regulations governing the plan.                              |

| (b) | To approve all such notices and supplementary documentation as may be necessary or appropriate to file 
 with any public or private agency, including, if required, the respective prospectuses.                |

| (c) | To take any action, carry out any procedure or make any statement before any public or private entity 
 or agency to secure any required authorisation or verification.                                       |

| (d) | To determine the specific number of shares to be received by each of the executive directors, observing 
 the established maximum limits.                                                                         |

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| This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail. |