Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 228

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 228
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 delivery of the relevant Conversion Shares to the Settlement Shares Depository. After such delivery, holders of any series of contingent convertible capital securities shall have recourse to the Settlement Shares Depository only for the delivery to them of such Conversion Shares or related ADSs, in the circumstances described in “ —Settlement Procedures” below. Conversion Price “Conversion Price” means, on the Trigger Event Notice Date, if the Common Shares are:

| (a) | then admitted to trading on a Relevant Stock Exchange, the higher of: |

| (i) | the Current Market Price of a Common Share (converted into U.S. dollars at the Prevailing Rate, with respect to 
 any series of contingent convertible capital securities denominated in U.S. dollars);                           |

| (ii) | the Floor Price, subject to adjustments in accordance with “—Anti-Dilution Adjustment of the 
 Floor Price”; and                                                                            |

| (iii) | the nominal value of a Common Share (converted into U.S. dollars at the Prevailing Rate, with respect to any 
 series of contingent convertible capital securities denominated in U.S. dollars);                            |

in each case on the Trigger Event Notice Date; or

| (b) | not then admitted to trading on a Relevant Stock Exchange, the higher of (ii) and (iii) above. |

For the avoidance of doubt, the conversion into U.S. dollars at the Prevailing Rate described above with respect to any series of contingent convertible capital securities denominated in U.S. dollars shall in no circumstances imply that any Common Share will be issued at a price of less than its nominal value expressed in the Share Currency. Anti-Dilution Adjustment of the Floor Price For the purposes of this section “ —Anti-Dilution Adjustment of the Floor Price” only (a) references to the “issue” of Common Shares or Common Shares being issued shall, if not otherwise expressly specified in this “Description of Contingent Convertible Capital Securities”, include the transfer and/or delivery of Common 94

Shares, whether newly issued and allotted or previously existing or held by or on behalf of Banco Santander or any member of the Group, and (b) Common Shares held by or on behalf of Banco Santander or any member of the Group (and which, in the case of sub-paragraphs(d) and (f) below, do not rank for the relevant right or other entitlement) shall not be considered as or treated as in issue or issued or entitled to receive any Dividend, right or other entitlement