Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 365

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 365
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 shares a (700 thousand Santander shares and 555 thousand Santander share options in 2023).

C. Includes life insurance premiums, health insurance and relocation packages, other remuneration items and RSUs of PagoNxt S.L., as members of board of directors of this entity.

The share price for 2024 variable remuneration is EUR 4.576.

Annual report 2024 334

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

This table breaks down remuneration linked to multi-year targets for senior management (excluding executive directors) at 31 December 2024 and 2023, which they will only receive if they meet the terms of continued service; non-applicability of malus clauses; and long-term goals are met during deferral periods.

| Thousands of euros |     |                  |     |    |                                                                                 |       |
| Year               |     | Number of people |     |    | Deferred variable remunerationsubject to long-termmetricsA(50% in instruments)B |       |
| 2024               |     |                  |     | 14 |                                                                                 | 6,971 |
| 2023               |     |                  |     | 14 |                                                                                 | 6,761 |

A. In 2024, this corresponds to the fair value of maximum annual payments for 2028, 2029 and 2030 in the ninth cycle of the plan for deferred variable remuneration linked to multi-year targets. In 2023, this corresponds to the estimated fair value of maximum annual payments for 2027, 2028 and 2029 in the eighth cycle of the plan for deferred variable pay linked to multi-year targets. Fair value in the plan was determined on the authorization date based on the valuation report of independent expert Willis Towers Watson. Based on the plan for 2024 and success levels of similar plans at peer entities, the fair value was considered to be 70% of the value linked to long-term metrics. B. The number of shares in Santander as deferred variable pay subject to long-term metrics shown in the table above was 762 thousand shares in 2024 (735 thousand shares in Santander and 582 Santander share options in 2023). The long-term goals are the same as those for executive directors. They are described in section 6.3.B