Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 332

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 332
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2/5 x A + 2/5 x B +1/5 x C) is greater than 1.25, the multiplier will be 1.25.

Annual report 2024 317

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

v) Malus and clawback Deferred amounts (whether or not contingent on multi-year targets) will be earned if the beneficiary continues to work with the Group 4 , and none of the circumstances triggering malus clauses arise before each payment, according to the section on malus and clawback clauses in the remuneration policy. Similarly, Banco Santander can clawback any paid variable amounts in the scenarios and for the period dictated by the terms and conditions in the said policy. Variable remuneration for 2024 can be clawed back until the beginning of 2031. Malus and clawback clauses are triggered by poor financial performance of Banco Santander, a division or area, or exposures from staff as a result of an executive(s)’s management of, at least, one of these factors:

| Category                      |     | Factors                                                                                                                                                                                                                         |
| Risk                          |     | Significant failures in risk management by Banco Santander, or by a business or risk control unit.                                                                                                                              |
| Capital                       |     | An increase in capital requirements at the Banco Santander or one of its business units not planned at the time that exposure was generated.                                                                                    |
| Regulation and internal codes |     | Regulatory penalties or legal convictions for events that might be attributable to the unit or staff responsible for them. In addition, failure to comply with Banco Santander’s internal codes of conduct.                     |
| Conduct                       |     | Improper conduct, whether individual or collective. Negative effects deriving from the marketing of unsuitable products and the liability of persons or bodies making such decisions will be considered especially significant. |

In addition to the existing policy on malus and clawback clauses of our remuneration policy, the addendum to our remuneration policy entitled "Financial Statement Restatement Compensation" regulates the recoupment of compensation received by the executive directors of Banco Santander, S.A., and senior management, in the event of a financial restatement (according to the regulation) resulting from material noncompliance with financial reporting requirements under US federal securities laws. The application of malus or clawback clauses for executive directors shall be determined by the board