Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 215

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 215
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 On the Conversion Settlement Date, Banco Santander shall deliver to the Settlement Shares Depository such number of Common Shares as is required to satisfy in full Banco Santander’s obligation to deliver Common Shares in respect of the Trigger Conversion of the aggregate Liquidation Preference of contingent convertible capital securities of such series outstanding on the Trigger Event Notice Date. The obligation of Banco Santander to issue and deliver Conversion Shares to a holder of contingent convertible capital securities of any series on the relevant Conversion Settlement Date shall be satisfied by the delivery of such Conversion Shares to the Settlement Shares Depository. Receipt of the relevant Conversion Shares by the Settlement Shares Depository shall discharge Banco Santander’s obligations in respect of such contingent convertible capital securities. Holders of any series of contingent convertible capital securities shall have recourse to Banco Santander only for the issue and delivery of the relevant Conversion Shares to the Settlement Shares Depository. After such delivery, holders of any series of contingent convertible capital securities shall have recourse to the Settlement Shares Depository only for the delivery to them of such Conversion Shares or related ADSs, in the circumstances described in “ —Settlement Procedures” below. Conversion Price “Conversion Price” means, on the Trigger Event Notice Date, if the Common Shares are:

| (a) | then admitted to trading on a Relevant Stock Exchange, the higher of: |

| (i) | the Current Market Price of a Common Share (converted into U.S. dollars at the Prevailing Rate, with respect to 
 any series of contingent convertible capital securities denominated in U.S. dollars);                           |

| (ii) | the Floor Price, subject to adjustments in accordance with “—Anti-Dilution Adjustment of the Floor 
 Price”; and                                                                                        |

| (iii) | the nominal value of a Common Share (converted into U.S. dollars at the Prevailing Rate, with respect to any 
 series of contingent convertible capital securities denominated in U.S. dollars);                            |

in each case on the Trigger Event Notice Date; or

| (b) | not then admitted to trading on a Relevant Stock Exchange, the higher of (ii) and (iii) above. |

For the avoidance of doubt, the conversion into U.S. dollars at the Prevailing Rate described above with respect to any series of contingent convertible capital securities denominated in U.S. dollars shall in no circumstances imply that any Common Share will be issued at a price of less than its nominal value expressed in the Share Currency. Anti-Dilution Adjustment of the Floor Price For the purposes of this section “ —