Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 225

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 225
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•2023 deferred annual variable remuneration: first payment of the deferred short-term incentive (17.9% of the deferred portion) becomes payable to executive directors. Thereafter, the second payment of the deferred short-term incentive (17.9% of the deferred portion) and the long-term incentive (64.2% of the deferred portion), will be deferred for both executive directors. The final amount of the 2023 long-term incentive shall depend on the result of the long-term indicators established for its calculation once their measurement period ends (at 2026 year-end), which may range between a level of achievement of 0% to 150%. If the relevant conditions are met, the second payment of the 2023 deferred short-term incentive will be made in 2026 and the three payments of the 2023 long-term incentive will be made in 2027, 2028 and 2029. 
•2022 deferred annual variable remuneration: second payment (20% of the deferred portion) becomes payable to executive directors. Thereafter, 60% of the 2022 deferred annual variable remuneration will be deferred for both executive directors, which, if the conditions are met, will be paid in 2026, 2027 and 2028.
•2021 deferred annual variable remuneration: third payment (20% of the deferred portion) becomes payable to executive directors, after having verified that no reduction is applicable based on the result of the multi-year performance indicators determined in 2021 by the Board of Directors. Thereafter, 40% of the 2021 deferred annual variable remuneration will be deferred for both executive directors, which, if the conditions are met, will be paid in 2026, and 2027.
•2020 deferred annual variable remuneration: given the exceptional circumstances arising from the COVID-19 crisis, executive directors voluntarily waived the accrual of the whole of their annual variable remuneration for 2020 financial year. 
•2019 deferred annual variable remuneration: third and final payment (20% of the deferred portion) becomes payable to both executive directors. With such payment, the payment of the 2019 deferred annual variable remuneration will be completed. 
(2)Deferred remuneration paid after 2023 year-end, including the update of its cash portion. Payment thereof to the Chair and to the Chief Executive Officer was made in 2024 in accordance with the vesting and payment rules established