Company: BBVXF
Filing Date: 2025-07-31
Form Type: F-3ASR
Source: 0001193125-25-170429
Chunk: 126

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: F-3ASR
Chunk 126
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 delivery by BBVA of the relevant Common Shares to the Conversion Shares Depository (except as noted under “ —Certain Taxes and Other Costs” with respect to certain stamp and similar taxes), holders of any series of contingent convertible preferred securities so converted shall have recourse to the Conversion Shares Depository only and exclusively for the purposes of delivery to them of such Common Shares, in the circumstances described under “— Settlement Procedures” below. In the case of a Capital Reduction, holders shall also have recourse to BBVA as provided under “— Conversion Upon Capital Reduction” with respect to the payment of accrued and unpaid Distributions for the then-current Distribution Period up to (but excluding) the Conversion Settlement Date (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out in, the provisions described under “ —Payments—Distributions”) except as set out under “ —Conversion Upon Capital Reduction”. Conversion Price “Conversion Price” means, in respect of a Conversion Notice Date, if the Common Shares are:

| (a) | then admitted to trading on a Relevant Stock Exchange, the higher of: |

| (i) | the Reference Market Price of a Common Share (translated into U.S. dollars at the Prevailing Rate, if 
 applicable);                                                                                          |

| (ii) | the Floor Price; and |

85

| (iii) | the nominal value of a Common Share (translated into U.S. dollars at the Prevailing Rate, if applicable); or |

| (b) | not then admitted to trading on a Relevant Stock Exchange, the higher of (ii) and (iii) above. |

Anti-Dilution Adjustment of the Floor Price For the purposes of this section “— Anti-Dilution Adjustment of the Floor Price” only (a) references to the “issue” of Common Shares or Common Shares being issued shall, if not otherwise expressly specified in this “ Description of the Contingent Convertible Preferred Securities of BBVA”, include the transfer and/or delivery of Common Shares, whether newly issued and allotted or previously existing or held by or on behalf of BBVA or any member of the BBVA Group, and (b) Common Shares held by or on behalf of BBVA or any member of the BBVA Group (and which, in the case of sub-paragraphs(d) and (f) below, are not entitled to receive the relevant right or other entitlement) shall not be considered as or treated as in issue or issued or entitled to receive any Dividend, right or other entitlement