Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004384
Chunk: 23

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 23
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 or the increase of the portion corresponding to the Deferred Payment Amount or the extension of the Deferral Period) to any mandatory           
 regulations or administrative interpretation that may prevent the implementation thereof on the approved terms.                                 |

| (i) | To adjust the level of achievement of the Multiyear Objectives upwards or downwards, at the proposal of                                      
 the remuneration committee, when regulatory changes, non-organic transactions, material changes to the Group’s composition or size           
 or other extraordinary circumstances (such as write-offs, legal changes, corporate transactions, share buyback programmes or restructurings) 
 have occurred which affect the suitability of the metric and achievement scale established in each case and resulting in an impact unrelated 
 to the performance of the executive directors being evaluated.                                                                               |

| (j) | To develop and specify the conditions upon which the receipt by the executive directors of the corresponding                                  
 shares or deferred amounts is contingent, as well as to determine whether, according to the Plan to which this resolution refers, the         
 conditions upon which the receipt by the executive directors of the respective shares or cash amounts is made contingent have been fulfilled, 
 with the power to modulate the cash amounts and the number of shares to be delivered depending on the existing circumstances, all following   
 a proposal of the remuneration committee.                                                                                                     |

| (k) | In general, to take any actions and execute such documents as may be necessary or appropriate. |

Moreover, in those areas falling within the scope
of the board of directors’ responsibility, it is authorised to further develop, modify, alter or adapt the terms and conditions
of the tenth cycle of the Deferred Multiyear Objectives Variable Remuneration Plan and of the other cycles of said plan that remain in
effect.

The board of directors is also authorised to delegate
(with the power of substitution when appropriate) to the executive committee or to any director with delegated powers those delegable
powers granted pursuant to this resolution, all without prejudice to the representative powers that currently exist or may be granted
in relation to this resolution.

7º E To authorise, as regards the inclusion
of executive directors among its beneficiaries and inasmuch as it is a remuneration system that includes the delivery to them of shares
of the Bank or of rights thereon or that is linked to the price of the shares, the (immediate or deferred) delivery of shares of the Bank
within the framework of the application of the Group’s buyout regulations which have been approved by the board of directors