Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 729

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 729
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 receive this incentive.                                                                                                                                                      |

In addition to meeting the annual and multi-year targets described above, payment of the incentive is subject to the requirements set out in the General Terms and Conditions of the 2020-2022 Long-Term Remuneration Scheme. Furthermore, the Board of Directors, in its meeting of 17 December 2020, at the proposal of the Board Remuneration Committee, approved Long-Term Remuneration for 2021-2023, aimed at members of the Group’s Identified Staff with allocated variable remuneration, with the exception of management staff who are assigned to TSB Banking Group Plc or its subsidiaries, which consists of the allocation of a certain amount to each beneficiary, which is determined based on a monetary amount corresponding to a percentage of each beneficiary’s fixed remuneration. The incentive will be paid 55% in shares of the Bank (using the weighted average price of the last 20 trading sessions of December 2021 to calculate the number of shares) and 45% in cash. The incentive vesting period started on 1 January 2021 and ends on 31 December 2023, and comprises two sub-periods:

| – | Individual annual targets measurement period: this is the period from 1 January 2021 to 31 December 2021,                                                                                                                                  
 in which the annual targets of each beneficiary (composed of Group targets, management targets and individual targets) established to determine the “Adjusted Target” were measured, which was subject to the Risk Correction Factor, with 
 capital (CET1) and liquidity (Liquidity Coverage Ratio) indicators.                                                                                                                                                                        |

| – | Group multi-year targets measurement period: this is the period from 1 January 2021 to 31 December 2023, in                                                                                                                                        
 which multi-year Group targets were measured for the purpose of determining the final incentive, which was also subject to the Risk Correction Factor. The Group’s multi-year targets relate to the following indicators: total shareholder return 
 (25%), the Group’s liquidity coverage ratio (25%), the CET1 capital indicator (25%) and the Group’s return on risk-adjusted capital (RoRAC) (25%).                                                                                                 |

In addition to meeting the annual and multi-year targets described above, payment of the incentive will be subject to the requirements set out in the General Terms and Conditions of the Long-Term Remuneration 2021-2023. A-638

Finally, the Board of Directors, in its meeting of 16