Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 215

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 215
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 subscribe for or purchase or acquire shares in the capital of Banco Santander;

“Settlement Shares Depository”
means a reputable independent financial institution, trust company or similar entity to be appointed by Banco Santander on or prior to any date when a function ascribed to the Settlement Shares Depository is required to be performed to perform such
functions and who will hold Common Shares in Iberclear or any of its participating entities in a designated trust or custody account for the benefit of the holders of the contingent convertible capital securities of any series and otherwise on terms
consistent with

85

the terms of the contingent convertible capital securities and the contingent convertible capital securities indenture; “Share Currency” means euro or such other currency in which the Common Shares are quoted or dealt in on the Relevant Stock Exchange at the relevant time or for the purposes of the relevant calculation or determination; “Shareholders” means the holders of Common Shares; “Spanish Companies Act” means the consolidated text of the Spanish Companies Act ( Ley de Sociedades de Capital), as amended, approved by the Royal Decree Legislative 1/2010, of 2 July 2010; “Spanish Insolvency Law” means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time; “Spanish Stock Exchanges” means the Madrid, Barcelona, Bilbao and Valencia stock exchanges and the Automated Quotation System—Continuous Market ( Sistema de Interconexión Bursátil—Mercado Continuo (SIBE)); “Specified Date” has the meanings given in sub-paragraphs(d), (f), (g) and (h) of “ —Anti-Dilution Adjustment of the Floor Price” below, as applicable; “Spin-Off”means:

| (a) | a distribution of Spin-Off Securities by Banco Santander to 
 Shareholders as a class; or                                 |

| (b) | any issue, transfer or delivery of any property or assets (including cash or shares or other securities of or                                                                                                                                     
 in or issued or allotted by any entity) by any entity (other than Banco Santander) to Shareholders as a class or, in the case of or in connection with a Newco Scheme, Existing Shareholders as a class (but excluding the issue and allotment of 
 ordinary shares (or depositary or other receipts or certificates representing such ordinary shares) by Newco to Existing Share