Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 42

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 42
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 Date for such Interest Period.

“Observation Shift Days” means five (5) U.S. Government Securities Business Days.

“SOFR” means the rate determined by the Calculation Agent in respect of a U.S. Government Securities Business Day, in accordance
with the following provisions:

(i) the Secured Overnight Financing Rate published for such U.S. Government Securities Business Day as such
rate appears on the SOFR Administrator’s Website (as defined herein) at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business Day (the “SOFR Determination Time”);

(ii) if the rate specified in (i) above does not so appear, the Secured Overnight Financing Rate as published in respect of the first
preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the SOFR Administrator’s Website;

S-25

where:

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the Secured
Overnight Financing Rate); and

“SOFR Administrator’s Website” means the website of the Federal Reserve
Bank of New York, or any successor source.

“U.S. Government Securities Business Day” means any day except for a Saturday,
Sunday or a day on which the Securities Industry and Financial Markets Association (SIFMA) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

Notwithstanding anything to the contrary herein, if we or our designee determine on or prior to the relevant SOFR Determination Time that a
Benchmark Transition Event (as defined herein) and its related Benchmark Replacement Date (as such terms are defined herein) have occurred with respect to Compounded SOFR, then the provisions set forth under “Effect of Benchmark Transition Event” below will thereafter apply to all determinations of the rate of interest payable on the 2030 Floating Rate Notes.

For
the avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest payable for each Interest Period on the 2030 Floating Rate
Notes will be an annual rate equal to the sum of the Benchmark Replacement (as defined herein) and the applicable margin.

Effect of Benchmark Transition Event

If we or our designee determine on or prior to the relevant Reference Time (as defined herein) that a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred in respect