Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 40

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 40
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 following the Capital Reduction Notice Date (the period from (and including) the Capital Reduction Notice Date to (and including) such tenth Business Day, the “Election Period”). In the case of any Preferred Securities represented                   
 by a Global Preferred Security (as defined herein) held by or on behalf of a Clearing System (as defined in the accompanying prospectus), an Election Notice may be delivered within the Election Period by the holder giving notice to the Paying and   
 Conversion Agent of such election in accordance with the applicable procedures of the relevant Clearing System (which may include notice being given on such holder’s instruction by the relevant Clearing System to the Paying and Conversion Agent     
 by electronic means) in a form acceptable to such Clearing System from time to time.                                                                                                                                                                     |

| An Election Notice shall be irrevocable. Any relevant Preferred Securities in respect of which a duly completed and signed Election Notice is not received during the Election Period shall be converted into Common 
 Shares.                                                                                                                                                                                                              |

| A Capital Reduction will not constitute an Enforcement Event or other default under the terms of the Preferred Securities or the Indenture or the occurrence of any event related to our insolvency or entitle holders to 
 take any action to cause our liquidation, dissolution or winding-up.                                                                                                                                                      |

| If any notice of redemption of the Preferred Securities has been given and a Capital Reduction with respect to the Preferred Securities occurs prior to the redemption date, such Capital Reduction shall be disregarded                           
 for all purposes and shall be of no force and effect with respect to the Preferred Securities and there shall be no conversion of the Preferred Securities and, instead, the redemption of the Preferred Securities shall take place. In addition, 
 holders and beneficial owners of the Preferred Securities shall be deemed to have irrevocably waived their rights under Article 418 of the Spanish Companies Act.                                                                                  |

| Any Preferred Securities not converted upon a Capital Reduction as a result of holders delivering a duly completed and signed Election Notice during the Election Period shall remain outstanding and, notwithstanding any 
 of the above, may be the subject of Conversion on the occurrence of a Trigger Event or any further Capital Reduction.                                                                                                      |

S-25

| Upon Conversion | Subject as provided in this paragraph with respect to fractions, the number of Common Shares to be issued on Conversion in respect of each Preferred Security to be converted shall be determined by dividing the Liquidation Preference of such      
 Preferred Security by the relevant Conversion Price (as defined herein) in effect on the relevant Conversion Notice Date rounded down to the nearest