Company: BCDRF
Filing Date: 2025-02-25
Form Type: S-8
Source: 0000950103-25-002428
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-02-25
Form: S-8
Chunk 2
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 incorporated
by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is not
incorporating by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed
“filed” with the Commission.

Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated or deemed to
be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4. Description of Securities.

Not applicable, see Item 3(c).

Item 5. Interests of Named Experts and Counsel.

Not applicable.

Item 6. Indemnification of Directors and Officers.

Indemnification under Banco Santander’s By-Laws (estatutos) and Spanish Law

Under Banco Santander’s bylaws and
Spanish law, Banco Santander’s directors will be liable to Banco Santander and the shareholders and creditors of Banco
Santander for any damage they cause through acts contrary to the law or the bylaws of Banco Santander, or acts carried out in breach
of the duties inherent to the discharge of their office. All directors shall be jointly liable for those acts, except those that
evidence that they did not intervene in the approval and execution of the act and did not know about the act or, if they knew, did
everything that they deem reasonable to avoid the damage or, at least, expressly opposed the act. The fact that the act has been
approved, ratified or authorized by a Shareholders’ Meeting shall not relieve the directors from their liability. No provision
of Banco Santander’s bylaws provides for the indemnification of the directors with respect to such liabilities.

With respect to any offering pursuant to this
registration statement, Banco Santander may undertake to indemnify its directors and officers, to the extent permitted by applicable law
and Banco Santander’s bylaws, against any loss, claim, damages and judgments, and any expenses (including legal expenses) relating
thereto, to which they may become subject under any U.S. state or federal securities laws insofar as such liabilities arise in connection
with