Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 730

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 730
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 December 2021, at the proposal of the Board Remuneration Committee, approved Long-Term Remuneration for 2022-2024, aimed at members of the Group’s Identified Staff with allocated variable remuneration, with the exception of management staff who are assigned to TSB Banking Group Plc or its subsidiaries, which consists of the allocation of a certain amount to each beneficiary, which is determined based on a monetary amount corresponding to a percentage of each beneficiary’s fixed remuneration. The incentive will be paid 55% in shares of the Bank (using the weighted average price of the last 20 trading sessions of December 2022 to calculate the number of shares) and 45% in cash. The incentive vesting period started on 1 January 2022 and ends on 31 December 2024, and comprises two sub-periods:

| – | Individual annual targets measurement period: this is the period from 1 January 2022 to 31 December 2022,                                                                                                                                  
 in which the annual targets of each beneficiary (composed of Group targets, management targets and individual targets) established to determine the “Adjusted Target” were measured, which was subject to the Risk Correction Factor, with 
 capital (CET1) and liquidity (Liquidity Coverage Ratio) indicators.                                                                                                                                                                        |

| – | Group multi-year targets measurement period: this is the period from 1 January 2022 to 31 December 2024, in                                                                                                                                        
 which multi-year Group targets were measured for the purpose of determining the final incentive, which was also subject to the Risk Correction Factor. The Group’s multi-year targets relate to the following indicators: total shareholder return 
 (25%), the Group’s liquidity coverage ratio (25%), the CET1 capital indicator (25%) and the Group’s return on risk-adjusted capital (RoRAC) (25%).                                                                                                 |

In addition to meeting the annual and multi-year targets described above, payment of the incentive will be subject to the requirements set out in the General Terms and Conditions of the Long-Term Remuneration 2022-2024. As regards the staff expenses associated with share-based incentive schemes (see Note 1.3.15), the balancing entry for such expenses is recognised in equity in the case of stock options settled with shares (see consolidated statement of total changes in equity – share-based payments), while those settled with cash are recognised in the “Other liabilities” heading of the consolidated balance sheet. Expenditure recognised in relation to incentive schemes