Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 229

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 229
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 given that, in his case, the Bank has not undertaken any commitments to cover the retirement contingency.
Extinction of contractual relationship
In accordance with the Directors’ Remuneration Policy, the Bank has no commitments to make severance payments to any executive directors.
Remuneration of Senior Management
During the 2024 and 2023 financial years, the members of Senior Management, excluding executive directors, (16 members and 15 members with such status as of December 31 of each financial year, respectively) received the amounts of their fixed remuneration corresponding to such financial years.
In addition, in the 2024 and 2023 financial years, the members of Senior Management accrued the annual variable remuneration corresponding to each such year, which was awarded once the financial year had ended in accordance with the BBVA Group’s General Remuneration Policy.
In 2024 members of Senior Management with such status as of December 31, 2024, accrued a short-term incentive for an aggregate amount of €7,271 thousand. Likewise, members of Senior Management were awarded the right to a long-term incentive for an aggregate maximum theoretical amount of €4,856 thousand, which is equivalent to the sum of 150% of each beneficiary’s target long-term incentive. However, its final amount, which may range between 0% and 150% of the target long-term incentive, shall be calculated once the last financial year of the measurement period of the long-term indicators approved for its calculation has ended. If 100% of the pre-established objectives are achieved, the long-term incentive will amount to an aggregate amount of €3,237 thousand. The sum of the short-term incentive and the long-term incentive initially awarded constitutes the annual variable remuneration of Senior Management for 2024. 
In addition, the remaining rules applicable to the annual variable remuneration of the members of the Senior Management established in the BBVA Group’s General Remuneration Policy will apply to the annual variable remuneration for financial year 2024, which include: (i) a withholding period of one year after delivery of the BBVA shares or instruments linked to BBVA shares received; (ii) the prohibition of hedging strategies or insurance that may undermine the effects of alignment with prudent risk management; (iii) update of the deferred portion in cash that finally vests in accordance with the consumer price index; (iv) “malus” and “clawback” arrangements during the whole periods of deferral and withholding of shares or