Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 217

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 217
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 are met, after each of the years of deferral has elapsed. In no event shall the deferred portion be paid faster than in a proportionate way. 
◦Within this deferral period, payment of the long-term incentive shall only begin after the measurement period of the long-term indicators has ended, to the result of which its final amount is subject. Therefore, the long-term incentive shall be part of the deferred portion of the annual variable remuneration.
◦Both the upfront portion and the deferred portion of the annual variable remuneration for each member of the Identified Staff shall be paid 50% in cash and 50% in BBVA shares or in instruments linked to BBVA shares. For executive directors and members of Senior Management, the upfront portion shall be paid 50% in cash and 50% in BBVA shares. The deferred portion for executive directors and members of Senior Management shall be paid 40% in cash and 60% in BBVA shares or in instruments linked to BBVA shares.
◦In particular, a portion of the deferred annual variable remuneration may be awarded in the form of stock options on BBVA shares (“BBVA stock options”).
◦Shares or instruments vested as annual variable remuneration shall be withheld for a one-year lock-up period after delivery, except for the transfer of those shares or instruments that may be required to honor the payment of taxes. 
◦Additionally, in the case of executive directors, following the award of BBVA shares or instruments linked to BBVA shares derived from the settlement of the variable remuneration, they shall not transfer their ownership until a period of at least three years has elapsed, except if the relevant executive director has, at the time of the transfer, a net economic exposure to the variation in the price of the shares for a market value equivalent to an amount of at least twice his annual fixed remuneration through the ownership of shares, options or other financial instruments. The foregoing shall not apply to the shares that the executive director needs to sell to meet the costs related to their acquisition or, subject to the approval by the Remuneration Committee, in the event of extraordinary situations that require it. 
◦The deferred portion of the annual variable remuneration that becomes payable each year will not vest or may be reduced, should certain capital and liquidity thresholds not be met, thus being subject to ex post risk adjustments. 
◦Resulting cash portions of the deferred annual variable remuneration to be vested, shall be updated