Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 20

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 20
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 Coefficient according                                                                                                    
 to the scale in paragraph B above based on the relative performance of the TSR of the Bank for the 2025-2027 period with respect to the 
 Peer Group.                                                                                                                             |

| § | “B” is the RoTE Coefficient according                                                                                                     
 to the scale and conditions in paragraph A above based on the achievement of the return on tangible equity target by the end of financial 
 year 2027.                                                                                                                                |

| § | “C” is the coefficient resulting from                                                                                       
 adding up the weighted coefficients for each of the four sustainability targets by 2027, as set forth in paragraph C above. |

| § | Assuming in any case that if “(5/10 x A                                                             
 + 3/10 x B + 2/10 x C)” yields a figure greater than 1.25, 1.25 shall be applied as the multiplier. |

| · | Maximum number of shares to be delivered |

The final number of shares, if any, delivered to
each executive director, including both those for immediate payment and those for deferred payment, shall be calculated taking into account
the average weighted daily volume of the average weighted listing prices of the shares of Santander for the fifty trading sessions prior
to the Friday (exclusive) of the week prior to the date on which the board of directors approves the Award for the executive directors
of the Bank for financial year 2025 (hereinafter, the “2026 Listing Price”).

It has been estimated that the maximum amount of
the Award to be delivered to the executive directors in shares under the Award comes to EUR 11.5 million (the “Maximum Amount Distributable
in Shares for Executive Directors” or “MADSED”). The maximum number of Santander shares that may be delivered to the
executive directors under this Plan (the “Limit on Shares for Executive Directors” or “LSED”) will be determined
by applying the following formula:

The final number of shares to be delivered to each
executive director will take into account the amount resulting from applying the corresponding taxes (withholdings or payments on account)
under the procedure established in the regulations governing the Plan.

| · | Other rules: |

The number of shares to be received by the executive
directors in each payment of the Award may be reduced if they receive RSU under the PagoNxt incentive plan, all so that the maximum aggregate
amount of the variable remuneration of the executive directors received as