Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 224

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 224
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thousands of euros)                         (thousands of euros)                  
Chair                                           897               92,803                     897              107,835      
Chief Executive Officer                         671               69,408                     671               80,650      
Total                                         1,568              162,211                   1,568              188,485      
(1)Initial portion (37%) of the annual variable remuneration, which represents the first payment of the short-term incentive for financial year 2024 and will be paid during the first quarter of financial year 2025, in equal parts in cash and BBVA shares. The remaining amount of the annual variable remuneration for financial year 2024 (which includes the long-term incentive for financial year 2024) will be deferred (40% in cash and 60% in shares and share-linked instruments) over a five-year period. 
The amount of the deferred portion will depend on the result of the long-term indicators that will be used to calculate the long-term incentive for financial year 2024. Likewise, and as an ex-post risk adjustment mechanism, the deferred portion may be reduced if certain capital and liquidity thresholds are not reached. The foregoing is intended to ensure that payment only occurs if it is sustainable, taking into account the Bank’s payment capacity.
As part of the deferred portion to be paid in shares or share-linked instruments, BBVA stock options shall be delivered to the Chair and the Chief Executive Officer (165,332 and 123,652, respectively), provided that the relevant conditions are met, once the second year of deferral has elapsed (that is, on February 15, 2027). The BBVA stock options may be exercised only on their expiration date, which shall be February 15, 2029, that is, four years after the effective date of the award and two years after their vesting, provided that the closing price of the BBVA share on the expiration date is above the exercise price. The exercise price has been set at €9.67 which is equal to the average closing price of the BBVA share between December 15, 2024 and January 15, 2025, both inclusive. The underlying asset of each BBVA stock option is one BBVA share. The BBVA stock options shall be settled by differences, meaning that the amount to be paid to each beneficiary as a result of their exercise shall be the difference between the market value of the BBVA share corresponding to the exercise date