Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 218

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 218
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 (the “Relevant Dividend”) paid or made in a financial year of Banco Santander (the “Relevant Year”) if (A) the Fair Market Value of the Relevant Dividend per Common Share or (B) the sum of (I) the Fair Market Value of the Relevant Dividend per Common Share and (II) an amount equal to the aggregate of the Fair Market Value or Fair Market Values of any other Cash Dividend or Cash Dividends per Common Share paid or made in the Relevant Year (other than any Cash Dividend or part thereof previously determined to be an Extraordinary Dividend paid or made in such Relevant Year), exceeds the Reference Amount, and in that case the Extraordinary Dividend shall be the amount by which the Reference Amount is so exceeded. “Reference Amount” means an amount per Ordinary Share that is consistent with the dividend policy of Banco Santander as applied or to be applied for a period or projected period of at least three years. (ii) If and whenever Banco Santander shall pay or make any Non-CashDividend to Shareholders, 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 portion of the Fair Market Value of the aggregate Non-Cash                                                                                                                                          
 Dividend attributable to one Common Share, with such portion being determined by dividing the Fair Market Value of the aggregate Non-Cash Dividend by the number of Common Shares entitled to receive the  
 relevant Non-Cash Dividend (or, in the case of a purchase, redemption or buy back of Common Shares or any depositary or other receipts or certificates representing Common Shares by or on behalf of Banco 
 Santander or any member of the Group, by the number of Common Shares in issue                                                                                                                              |

96

| immediately following such purchase, redemption or buy back, and treating as not being in issue any Common Shares, or any Common Shares represented by depositary or other receipts or 
 certificates, purchased, redeemed or bought back).                                                                                                                                     |

Such adjustment shall become effective on the Effective Date or, if later, the first date upon which the Fair Market Value of the relevant Non-CashDividend is capable of being determined as provided herein. “Effective Date” means, in respect of this sub-paragraph(ii), the first date on which the Common Shares are traded ex-therelevant Dividend on the Relevant Stock Exchange or, in