Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 223

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 223
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 long-term incentive will amount to €1,286 thousand in the case of Chair and €962 thousand in the case of Chief Executive Officer. The sum of the short-term incentive and the long-term incentive initially awarded constitutes the annual variable remuneration of each executive director for 2024.
In addition, the remaining rules applicable to the annual variable remuneration of the executive directors established in the BBVA Directors’ Remuneration Policy, shall apply to the annual variable remuneration for financial year 2024, which include: (i) a withholding period of one year after delivery of the BBVA shares or instruments linked to BBVA shares received; (ii) the prohibition of hedging strategies or insurance that may undermine the effects of alignment with prudent risk management; (iii) update of the deferred portion in cash that finally vests in accordance with the consumer price index; (iv) “malus” and “clawback” arrangements during the whole periods of deferral and withholding of shares or instruments; and (v) the limitation of variable remuneration up to a maximum amount of 200% of the fixed component of the total remuneration, as resolved by the general shareholders’ meeting held in 2024. 
The upfront portion of the annual variable remuneration for 2024 and 2023 financial years vested and became payable following its award in 2025 and 2024, respectively, while the rest of it was deferred for a period of five years. All of it, in accordance with the deferral, vesting and payment rules and other conditions applicable to annual variable remuneration as set out in the Directors’ Remuneration Policy. 
Moreover, in accordance with the applicable remuneration policies for previous financial years, once the 2024 and 2023 financial years had ended, the corresponding portions of deferred annual variable remuneration from previous years vested and became payable to executive directors.
The remuneration of executive directors corresponding to the 2024 and 2023 financial years is indicated below, individually and itemized:

Annual Fixed Remuneration (thousands of euros)               2024          2023
Chair                                                   2,924         2,924    
Chief Executive Officer                                 2,179         2,179    
Total                                                   5,103         5,103    

Annual Variable Remuneration                                          2024 (1)                                     2023 (2)
                                                     In cash         In shares                    In cash         In shares
                                        (