Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 238

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 238
---
, subscription, purchase or acquisition attaching to such Securities. (i) If and whenever Banco Santander or any member of the Group or (at the direction or request of or pursuant to any arrangements with Banco Santander or any member of the Group) any other company, person or entity shall offer any Securities in connection with which its shareholders as a class are entitled to participate in arrangements whereby such Securities may be acquired by them (except where the Floor Price falls to be adjusted under sub-paragraphs(b), (c), (d), (e) or (f) above or sub-paragraph(j) below (or would fall to be so adjusted if the relevant issue or grant was at less than 95 percent of the Current Market Price per Common Share on the relevant dealing day under sub-paragraph(e) above)) the Floor Price shall be adjusted by multiplying the Floor Price in force immediately before the Effective Date by the following fraction: where:

| A | is the Current Market Price of one Common Share on the Effective Date; and |

| B | is the Fair Market Value on the Effective Date of the portion of the relevant offer attributable to one Common 
 Share.                                                                                                         |

Such adjustment shall become effective on the Effective Date. “Effective Date” means, in respect of this sub-paragraph(i), the first date on which the Common Shares are traded ex-rightson the Relevant Stock Exchange. (j) If Banco Santander determines that a reduction to the Floor Price should be made for whatever reason, the Floor Price will be reduced (either generally or for a specified period as notified to holders of the contingent convertible capital securities of such relevant series) in such manner and with effect from such date as Banco Santander shall determine and notify to the holders of the relevant series of contingent convertible capital securities. Notwithstanding the foregoing provisions:

| (i) | where the events or circumstances giving rise to any adjustment of the Floor Price have already resulted or                                                                                                                                               
 will result in an adjustment to the Floor Price or where the events or circumstances giving rise to any adjustment arise by virtue of any other events or circumstances which have already given or will give rise to an adjustment to the Floor Price or 
 where more than one event which gives rise to an adjustment to the Floor Price occurs within such a short period of time that, in the opinion of Banco Santander, a modification to the operation of the adjustment provisions is                         |

101

| required to give the intended result, such modification shall be made to the operation of the adjustment provisions as may be determined in good