Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 10

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 10
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) to the executive committee and/or to any director with delegated powers, all delegable powers referred to in this resolution,
all without prejudice to the representative powers that currently exist or may be granted in relation to this resolution.

Furthermore, and in relation to the current authorisation
to acquire own shares that the shareholders approved at the ordinary general shareholders’ meeting of 31 March 2023 under item 5
C of the agenda, and to any other authorisation that may hereafter replace it, it is stated for the record that the shares cancelled pursuant
to this resolution are excluded from the calculation corresponding to the aforementioned authorisations.

7º A To approve, pursuant to the provisions
of Section 529 novodecies of the Spanish Capital Corporations Law, the directors’ remuneration policy of the Bank for financial
years 2025, 2026 and 2027, the text of which has been made available to the shareholders within the framework of the call to the general
meeting, which appears in sections 6.4 and 6.5 of the “Corporate governance” chapter of the consolidated directors’
report included in the 2024 annual report and which, regarding the variable components of the remuneration of executive directors for
2025 and to the extent that they make up a remuneration system that includes the delivery of shares of the Bank, is also submitted to
the shareholders at the general shareholders’ meeting under item 7 D.

7º B To approve, for purposes of the
provisions of section 2 of Article 58 of the Bylaws, the setting of the fixed annual amount of remuneration of the directors in their
capacity as such at EUR 6,000,000, which amount shall be applicable to the remuneration corresponding to financial year 2025 and
shall remain effective for so long as the shareholders acting at a general shareholders’ meeting do not resolve to amend it, the
board of directors being able to reduce it on the terms established in the aforementioned provision of the Bylaws.

7º C To approve a maximum ratio of
200% between the variable and fixed components of the total remuneration of the executive directors and of certain employees belonging
to categories with professional activities that have a material impact on the risk profile of the Group upon the terms set forth below:

| · | Number of affected persons: certain members of                                                                                 
 the Corporate Identified Staff (899 at 31 December 2024, as itemised in the Exhibit to the detailed