Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 24

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 24
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 of
the Bank, following a proposal of the remuneration committee.

Such buyout regulations are an instrument to be
selectively used in the engagement of executives or employees who, as a result of accepting a job offer from the Bank (or from other Group
companies), lose the right to receive certain variable remuneration from their previous company. Therefore, these rules, which take into
account the regulations and recommendations that apply to the Bank, allow for the maintenance of certain flexibility to be able to attract
the best talent and to be fair with respect to the loss of rights that an executive or employee incurs due to joining the Group, given
that the conditions of the buyout take into account those that applied to the remuneration the loss of which is compensated for.

11

| This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail. |

The maximum number of shares that may be delivered
under this resolution is a number such that, multiplying the number of shares delivered (or recognised) on each occasion by the average
weighted daily volume of the average weighted listing prices of the Santander shares for the fifty trading sessions prior to the date
on which they are delivered (or recognised), does not exceed the amount of EUR 40 million.

The authorisation granted hereby may be used to
undertake commitments to deliver shares in relation to the engagements that occur during financial year 2025 and during financial year
2026, until the ordinary general shareholders’ meeting is held in 2026.

8º Without prejudice to the delegations
of powers contained in the preceding resolutions, it is hereby resolved:

| (a) | To authorise the board of directors to interpret, remedy, supplement, implement and further develop the                                  
 preceding resolutions, including the adjustment thereof to conform to verbal or written evaluations of the Commercial Registry or of any 
 other authorities, officials or institutions which are competent to do so, as well as to comply with the requirements that may legally   
 need to be satisfied for the effectiveness thereof, and, in particular, to delegate to the executive committee or to any director with   
 delegated powers all or any of the powers received from the shareholders at this general shareholders’ meeting by virtue of the          
 preceding resolutions as well as under this resolution 8.                                                                                |

| (b) | To authorise Ms Ana Patricia Botín-Sanz de Sautuola y O’Shea, Mr Héctor Grisi Che