Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 693

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 693
---
46):

| EUR thousand |     |                  |                                                        |       |         |            |       |     |       |       |
|              |     |                  | Variable remuneration subject to long-term objectives1 |       |         |            |       |     |       |       |
| Year         |     | Number of people |                                                        |       | Cash    
 payment | Instrument 
 payment    |       |     |       | Total |
| 2024         |     |               14 |                                                        | 3,485 |         |            | 3,486 |     | 6,971 |       |
| 2023         |     |               14 |                                                        | 3,380 |         |            | 3,381 |     | 6,761 |       |

1. Relates to the fair value of the maximum annual amounts for years 2028, 2029 and 2030 of the ninth cycle of the deferred conditional variable remuneration plan (2027, 2028 and 2029 for the eighth cycle of the deferred variable compensation plan linked to annual objectives for the year 2023).

Additionally, members of senior management who stepped down from their roles in 2024 consolidated salary remuneration and other remuneration for a total amount of EUR 12,303thousand (EUR 3,560thousand in 2022). In 2024 rights regarding variable pay subject to long-term objectives amounted to EUR 633thousand (this right has not been generated in 2023 for this collective).

The maximum number of Santander shares that the members of senior management at each plan grant date (excluding executive directors) were entitled to receive as of 31 December 2024 and 31 December 2023 relating to the deferred portion under the various plans then in force is the following (see note 46):

| Maximum number of shares to be delivered                                        |     |           |      |     |           |      |
|                                                                                 |     |           | 2024 |     |           | 2023 |
| Deferred conditional variable remuneration plan and linked to objectives (2018) |     |         — |      |     |    72,734 |      |
| Deferred conditional variable remuneration plan and linked to objectives (2019) |     |    71,294 |      |     |   176,704 |      |
| Deferred conditional variable remuneration plan and linked to objectives (2020) |