Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 11

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 11
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 recommendation prepared by 
 the board of directors), and up to 50 additional beneficiaries, up to a total maximum of 949 persons.                          |

5

| 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 beneficiaries of this resolution
include the executive directors of Banco Santander and other employees of the Bank or other companies of the Group belonging to the “Corporate
Identified Staff”, i.e. to categories with professional activities that have a material impact on the risk profile of the Bank or
of the Group, including senior executives, risk-taking employees or employees engaged in control functions, as well as other workers whose
total remuneration places them within the same remuneration bracket as that of the foregoing categories. However, it is noted that the
categories of staff who engage in control duties are generally excluded from the scope of this resolution. The members of the Corporate
Identified Staff have been selected pursuant to Article 32.1 of Law 10/2014 of 26 June on the organisation, supervision and solvency of
credit institutions and the standards established in Commission Delegated Regulation (EU) 2021/923 of 25 March 2021, supplementing Directive
2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards setting out the criteria to define
managerial responsibility, control functions, material business units and a significant impact on a material business unit’s risk
profile, and setting out criteria for identifying staff members or categories of staff whose professional activities have an impact on
the institution’s risk profile that is comparably as material as that of staff members or categories of staff referred to in Article
92(3) of that Directive.

| · | Grant of powers |

Without prejudice to the provisions
of item 8 of the agenda or to the powers of the board of directors in remuneration matters, the board is hereby authorised to implement
this resolution, with the power to elaborate, as necessary, on the content hereof and that of the agreements and other documents to be
used or adapted for such purpose. Specifically, and merely by way of example, the board of directors shall have the following powers:

| (a) | To determine any modifications that should be made in the group of Corporate Identified Staff members                                         
 that benefit from the resolution, within the maximum limit established by the shareholders at the general meeting, as well as the composition 
 and