Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 233

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 233
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provided that if at the first date on which the Common Shares are traded ex-rights, ex-optionsor ex-warrantson the Relevant Stock Exchange (as used in this sub-paragraph(d),the “Specified Date”) such number of Common Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time, then for the purposes of this sub-paragraph(d), “C” shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Specified Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Specified Date. Such adjustment shall become effective on the Effective Date. “Effective Date” means, in respect of this sub-paragraph(d), the first date on which the Common Shares are traded ex-rights, ex-optionsor ex-warrantson the Relevant Stock Exchange. (e) If and whenever Banco Santander or any member of the Group or (at the direction or request or pursuant to any arrangements with Banco Santander or any member of the Group) any other company, person or entity shall issue any Securities (other than Common Shares or options, warrants or other rights to subscribe for or purchase or otherwise acquire any Common Shares or Securities which by their terms carry (directly or indirectly) rights of conversion into, or exchange or subscription for, or rights to otherwise acquire, Common Shares) to its shareholders as a class by way of rights or grant to its shareholders as a class by way of rights any options, warrants or other rights to subscribe for or purchase or otherwise acquire any Securities (other than Common Shares or options, warrants or other rights to subscribe for or purchase or otherwise acquire Common Shares or Securities which by their term carry (directly or indirectly) rights of conversion into, or exchange or subscription for, rights to otherwise acquire, Common Shares), the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: where:

| A | is the Current Market Price of one Common Share on the Effective Date; and |

| B | is the Fair Market Value on the Effective Date of the portion of the rights attributable to one Common Share. |

Such adjustment shall become effective on the Effective Date. “Effective Date” means, in respect of this sub-paragraph(e), the first date on which the Common Shares are traded ex-therelevant Securities or ex-rights, ex-optionor ex-warrantson