Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 267

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 267
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 securities indenture and (b) must not be unjustly prejudicial to the holders of the contingent convertible capital securities of
such series not taking part in the direction, in the case of either (a) or (b) as determined by the Trustee in its sole discretion. The Trustee may also take any other action, consistent with the direction, that it deems proper.

By acquiring the contingent convertible capital securities of any series, the holders and beneficial owners will acknowledge and agree that
neither a Trigger Conversion, a cancellation or deemed cancellation of Distributions, (in each case, in whole or in part) in accordance with the terms of the contingent convertible

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capital securities indenture and the contingent convertible capital securities of such series nor the exercise of the Bail-inPower or any other resolution tools by the Relevant Resolution Authority or any action in compliance therewith will give rise to a default for the purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. Limitation on Suits No holder of contingent convertible capital securities will be entitled to proceed directly against Banco Santander, except as described below. Subject to any further limitations provided in the relevant prospectus supplement and supplemental indenture establishing any series of contingent convertible capital securities, before a holder of the contingent convertible capital securities may bypass the Trustee and bring its own lawsuit or other formal legal action or take other steps to enforce its rights or protect its interests relating to the contingent convertible capital securities, the following must occur:

| • |     | The holder must have given the Trustee written notice that a continuing Enforcement Event has occurred and 
 remains uncured.                                                                                           |

| • |     | The holders of not less than 25% in outstanding Liquidation Preference of the contingent convertible capital                                                                                                                                             
 securities of the relevant series must make a written request that the Trustee institute proceedings because of the Enforcement Event, and the holder must offer indemnity satisfactory to the Trustee in its sole discretion against the cost and other 
 liabilities incurred in connection with such request.                                                                                                                                                                                                    |

| • |     | The Trustee must not have taken action for 60 days after receipt of the above notice and offer of security or                                                                                                                   
 indemnity, and the Trustee must not have received an inconsistent direction from the majority in Liquidation Preference of all outstanding contingent convertible capital securities of the relevant series during that period. |

Notwithstanding any other provision of the