# EDGAR Filing Document

**Accession Number:** 0000891478
**File Stem:** 0000950103-26-001446
**Filing Date:** 2026-2
**Character Count:** 142076
**Document Hash:** a87a50adce74745f6e6b40250a1a770a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-001446.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0000950103-26-001446

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banco Santander, S.A.
- **CENTRAL INDEX KEY:** 0000891478
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132617929
- **STATE OF INCORPORATION:** U3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293144
- **FILM NUMBER:** 26588998

**BUSINESS ADDRESS:**
- **STREET 1:** CIUDAD GRUPO SANTANDER
- **STREET 2:** BOADILLA DEL MONTE
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28660
- **BUSINESS PHONE:** 34 91 289 32 80

**MAIL ADDRESS:**
- **STREET 1:** CIUDAD GRUPO SANTANDER
- **STREET 2:** BOADILLA DEL MONTE
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28660

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO SANTANDER SA
- **DATE OF NAME CHANGE:** 20070925

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO SANTANDER CENTRAL HISPANO SA
- **DATE OF NAME CHANGE:** 19990512

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO SANTANDER S A
- **DATE OF NAME CHANGE:** 19931201

**As filed with the Securities and Exchange Commission on February 2, 2026**

**Registration No. 333-______**

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT UNDER<br> THE SECURITIES ACT OF 1933

BANCO SANTANDER, S.A.

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Kingdom of Spain** |  | **N/A** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) |  | (I.R.S. Employer<br> Identification Number) |
|  | **Ciudad Grupo Santander** <br> **28660 Boadilla del Monte (Madrid), Spain**<br>|  |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |

---

---

| |
|:---|
| **Fifteenth Cycle of the Deferred and Conditional Variable Remuneration Plan**<br> **Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan**<br>**Banco Santander, S.A. Buyouts Procedure**<br>|
| (Full title of the plans) |

---

---

| |
|:---|
| **Banco Santander, S.A.**<br>**New York Branch**<br>**437 Madison Avenue**<br>**New York, New York 10022**<br>**Attn: Mercedes Pacheco, Managing Director**<br>**(212) 350-3500**<br>|
| (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service) |

---

---

| | |
|:---|:---|
|  | ***Copies to:*** |
| **Kyoko Takahashi Lin**<br>**Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, NY 10017** | **Kyoko Takahashi Lin**<br>**Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, NY 10017** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ⌧ Accelerated filer □ <br> Non-accelerated filer □ (Do not check if a smaller reporting company) Smaller reporting company □ <br> Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. □

**PART I<br>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act of 1933 (the "Securities Act"). In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.

**PART II<br>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's [Annual Report on Form 20-F](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000891478/000089147825000054/san-20241231.htm) for the fiscal year ended December 31, 2024, filed on February 28, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's American Depositary Shares evidenced by American Depositary Receipts, each representing one Share, and the description of the Registrant's capital stock contained in [Exhibit 2.2](https://www.sec.gov/Archives/edgar/data/0000891478/000089147825000054/exhibit222024.htm) the Registrant's [Annual Report on Form 20-F](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000891478/000089147825000054/san-20241231.htm) for the year ended December 31, 2024, filed on February 28, 2025 under the Exchange Act, including any amendment thereto or subsequent report filed for the purpose of updating such description.<br>

In addition, all documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted during such period (or portion thereof) that is identified in such form as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is not incorporating by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed "filed" with the Commission.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable, see Item 3(c).

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

***Indemnification under Banco Santander's By-Laws (estatutos) and Spanish Law***

Under Banco Santander's bylaws and Spanish law, Banco Santander's directors will be liable to Banco Santander and the shareholders and creditors of Banco Santander for any damage they cause through acts contrary to the law or the bylaws of Banco Santander, or acts carried out in breach of the duties inherent to the discharge of their office. All directors shall be

jointly liable for those acts, except those that evidence that they did not intervene in the approval and execution of the act and did not know about the act or, if they knew, did everything that they deem reasonable to avoid the damage or, at least, expressly opposed the act. The fact that the act has been approved, ratified or authorized by a Shareholders' Meeting shall not relieve the directors from their liability. No provision of Banco Santander's bylaws provides for the indemnification of the directors with respect to such liabilities.

With respect to any offering pursuant to this registration statement, Banco Santander may undertake to indemnify its directors and officers, to the extent permitted by applicable law and Banco Santander's bylaws, against any loss, claim, damages and judgments, and any expenses (including legal expenses) relating thereto, to which they may become subject under any U.S. state or federal securities laws insofar as such liabilities arise in connection with this registration statement.

***Directors and Officers Insurance***

Banco Santander maintains an insurance policy that protects officers and directors of Banco Santander and its consolidated subsidiaries from civil liabilities incurred as a result of actions taken in their official capacity associated with any civil, criminal or administrative process.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number**  |  |
| 4.1 | English translation of the Bylaws (Estatutos) of Banco Santander, S.A. (incorporated herein by reference to [Exhibit 1.1](https://www.sec.gov/Archives/edgar/data/891478/000089147825000054/exhibit112024.htm) to our annual report on Form 20-F, filed on February 28, 2025) |
| 4.2 | Form of Amended and Restated Deposit Agreement dated as of September 7, 2021, among Banco Santander S.A., Citibank, N.A. as Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder (incorporated herein by reference to Exhibit (a) to our Registration Statement on Form F-6 (File No. [333-259373](https://www.sec.gov/Archives/edgar/data/891478/000119380521001286/e620924_f6-banco.htm)) (filed with the Commission on September 7, 2021) |
| 4.3 | Form of American Depositary Receipt (included in [Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1201935/000101915516000688/bancodepnrec.htm)) |
| 5 | The American Depositary Shares awarded to participants under the Plans will be acquired based on open market purchases at prevailing market prices. Because such purchases do not involve the issuance by the Registrant of any new Shares and because such plans are not subject to ERISA, an opinion of counsel is not included with this Registration Statement |
| [23.1\*](dp238590_ex2301.htm) | [Consent of PricewaterhouseCoopers Auditores, S.L., independent registered public accounting firm](dp238590_ex2301.htm) |
| [24\*](#a_001) | [Powers of Attorney (included in the signature pages hereto)](#a_001) |
| [99.1](dp238590_ex9901.htm)\* | [Regulations for the Fifteenth Cycle of the Deferred and Conditional Variable Remuneration Plan](dp238590_ex9901.htm) |
| [99.2](dp238590_ex9902.htm)\* | [Regulations for the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan](dp238590_ex9902.htm) |
| [99.3](dp238590_ex9903.htm)\* | [Banco Santander, S.A. Buyouts Procedure](dp238590_ex9903.htm)<br>|
| [107](dp238590_exfilingfees.htm)\* | [Filing Fee Table](dp238590_exfilingfees.htm) |
| \*Filed herewith. | \*Filed herewith. |

---

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration Statement and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Madrid, Spain, on February 2, 2026.

---

| | | |
|:---|:---|:---|
| Banco Santander, S.A. | Banco Santander, S.A. | Banco Santander, S.A. |
| By: | /s/ José G. Cantera | /s/ José G. Cantera |
|  | Name: | José G. Cantera |
|  | Title: | Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints (whether as a director, officer or authorized representative of Banco Santander, S.A., or otherwise) any member of the Board of Directors of Banco Santander, S.A., José García Cantera, Francisco Javier Illescas Fernández-Bermejo, José Antonio Soler Ramos, Juan Urigoen Irusta, Jose Maria Ciruelos Lozano, and Silvana Leticia Borgatti and each of them, as his or her true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Ana Botín |  |  |
| Ana Botín | Chairman of the Board of Directors | February 2, 2026 |
| /s/ Héctor Grisi | Chief Executive Officer | February 2, 2026 |
| Héctor Grisi | (principal executive officer) |  |
| /s/ José G. Cantera | Chief Financial Officer | February 2, 2026 |
| José G. Cantera | (principal financial officer) |  |
|  | Vice Chairman of the Board of Directors |  |
| Glenn Hutchins |  |  |
| /s/ José Antonio Álvarez | Vice Chairman of the Board of Directors | February 2, 2026 |
| José Antonio Álvarez |  |  |
|  | Director |  |
| Homaira Akbari |  |  |
| /s/ Juan Carlos Barrabés | Director | February 2, 2026 |
| Juan Carlos Barrabés |  |  |
| /s/ Germán de la Fuente | Director | February 2, 2026 |
| Germán de la Fuente |  |  |

---

---

| | | |
|:---|:---|:---|
| | Director |  |
| Sol Daurella |  |  |
|  | Director |  |
| Henrique de Castro |  |  |
| /s/ Gina Díez Barroso | Director | February 2, 2026 |
| Gina Díez Barroso |  |  |
| /s/ Luis Isasi Fernández de Bobadilla | Director | February 2, 2026 |
| Luis Isasi Fernández de Bobadilla |  |  |
| /s/ Belén Romana | Director | February 2, 2026 |
| Belén Romana |  |  |
| /s/ Antonio Weiss | Director | February 2, 2026 |
| Antonio Weiss |  |  |
|  | Director |  |
| Pamela Ann Walkden |  |  |
| /s/ Javier Botin | Director | February 2, 2026 |
| Javier Botin |  |  |
| /s/ Jaime Pérez Renovales | General Counsel and Secretary of the Board | February 2, 2026 |
| Jaime Pérez Renovales |  |  |
| /s/ Manuel Preto | Group Chief Accounting Officer | February 2, 2026 |
| Manuel Preto | (principal accounting officer) |  |
| /s/ Mercedes Pacheco | Managing Director, Legal, Authorized U.S. Representative | February 2, 2026 |
| Mercedes Pacheco |  |  |

---

## Exhibit 23.1

**EXHIBIT 23.1**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Banco Santander, S.A. of our report dated February 28, 2025, relating to the financial statements, and the effectiveness of internal control over financial reporting, which appears in Banco Santander, S.A.'s Annual Report on Form 20-F for the year ended December 31, 2024.

/s/ PricewaterhouseCoopers Auditores, S.L.

Madrid, Spain

February 2, 2026

## Exhibit 99.1

**Exhibit 99.1**

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

**REGULATIONS FOR THE FIFTEENTH CYCLE OF THE DEFERRED AND CONDITIONAL VARIABLE REMUNERATION PLAN**

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| | |
|:---|:---|
| 1. INTRODUCTION | 1 |
| 2. SUBJECTIVE SCOPE AND PURPOSE | 2 |
| 3. SETTING THE AWARD | 2 |
| 4. FUNCTIONING OF THE PLAN | 4 |
| 5. DELIVERY OF SHARES | 5 |
| 6. PERMANENCE AND OTHER CONDITIONS | 7 |
| 7. ADMINISTRATION OF THE PLAN | 9 |
| 8. GENERAL PROVISIONS | 10 |

---

**1. INTRODUCTION**

These regulations (the "**Regulations**") were approved by the board of Banco Santander, S.A. ("**Banco Santander**" or the "**Bank**") at its meeting held on 25 November 2025, and entails the approval of the Fifteenth Cycle of the Deferred and Conditional Variable Remuneration Plan (hereinafter, the "**Deferred and Conditional Variable Remuneration Plan**", the "**Plan**" or the "**Fifteenth Cycle of the Deferred and Conditional Variable Remuneration Plan**") as part of the 2025 Variable Remuneration Policy.<sup>1</sup>

In cases where, due to the application of local ruling, the contents of the Regulations need to be modified or supplemented, the respective bodies of the institutions have adopted or shall adopt the necessary resolutions. Parties affected by the regulations resulting from such resolutions (in each case, the "**Supplementary Regulations**") shall be notified as appropriate.

Consequently, the Deferred and Conditional Variable Remuneration Plan is governed by the resolutions of the board of directors of the Bank, by the Regulations, and by the Supplementary Regulations where appropriate.

For the purposes of these Regulations, the Santander Group is understood as the group composed at any time of Banco Santander and any of its fully consolidated entities.

<sup>1</sup> Terms in upper case that are not defined in these Regulations shall have the meaning ascribed to them in the abovementioned resolution of the board of directors.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

**2. SUBJECTIVE SCOPE AND PURPOSE**

The Fifteenth Cycle of the Deferred and Conditional Variable Remuneration Plan shall be applied in connection with the variable remuneration (hereinafter, the "**Award**")<sup>2</sup> with respect to 2025 for categories of staff whose professional activities have a significant impact on the risk profile of the institution, all of them together, the "Corporate Identified Staff" or "Material Risk Takers" (identified under section 32.1 of Law 10/2014 of 26 June on the organisation, supervision and solvency of financial institutions and its supplementary regulations<sup>3</sup> or by virtue of the Group's identification policy or of regulatory or corporate criteria in a certain country), excluding those who are beneficiaries of the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan (hereinafter, these staff, with the exclusions mentioned, the "**Beneficiaries**"). Identification of employees forming part of the "Corporate Identified Staff" and of the Beneficiaries of this Plan is the task of the Human Resources' corporate division, pursuant to the policy approved by Banco Santander's board to this end.

The purpose of this fifteenth cycle is to defer a portion of the Award for a period of four years (or five years in the case of Beneficiaries with award levels comparable to those of certain categories of beneficiaries of the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan),<sup>4</sup> depending on the category to which the Beneficiary belongs, subject to the non-occurrence of certain circumstances. The payments to be made under this fifteenth cycle shall be paid 50% in cash and 50% in Banco Santander shares, all in accordance with the rules approved by the board of directors of the Bank.

To the extent possible, when (i) the gross sum of total annual variable remuneration does not exceed 50,000 euros and (ii) does not represent more than one third of the Beneficiary's total annual remuneration, payment of such remuneration will occur immediately and fully in cash.

**3. SETTING THE AWARD**

The maximum amount of the 2025 Award for each Beneficiary will be set based on their reference or objective award and taking into account the additional quantitative metrics and qualitative factors stipulated. The status of Beneficiary and the maximum amount of the Award

 

<sup>2</sup> For the purposes of these Regulations, the term "Award" refers to the variable remuneration conferred to an individual during financial year 2025 for the corresponding period he/she has been considered Corporate Identified Staff. It also includes any extraordinary variable remuneration that may, where applicable, be granted to certain Beneficiaries in respect of such period and be subject to the terms of these Regulations, as adapted in each case.

<sup>3</sup> Commission Delegated Regulation (EU) 2021/923 of 25 March 2021 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards setting out the criteria to define managerial responsibility, control functions, material business units and a significant impact on a material business unit's risk profile, and setting out criteria for identifying staff members or categories of staff whose professional activities have an impact on the institution's risk profile that is comparably as material as that of staff members or categories of staff referred to in Article 92(3) of that Directive (Text with EEA relevance). Likewise, the determination of the Corporate Identified Staff takes into account the Group's Identified Staff identification policy and procedure, as well as any other regulatory or corporate criteria applicable in a given country.

<sup>4</sup> In certain countries, the deferral period may be different to comply with applicable local regulations or with the requirements of the competent authority in each case.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

that the Beneficiary is eligible to receive, in accordance with these Regulations and their Supplementary Regulations, shall be individually notified.

In any case, the variable components of the total remuneration that may be awarded to each Beneficiary in respect of the financial year 2025 may not exceed 100% of the fixed portion of their remuneration, or 200% for those Beneficiaries stated in the resolution approved by the general meeting on 4 April 2025 under item Seven C of the agenda.

The executive committee and any director with delegated powers may, by delegation of authority of the board of directors of Banco Santander, by way of example only:

(i) interpret the
 resolutions of the board of directors, and may adapt them, without affecting their basic
 content, to the circumstances that may arise at any given time, including, in particular,
 adapting the delivery mechanisms, without altering the maximum number of shares linked to
 the Award or the basic conditions upon which the delivery thereof is made contingent, which
 may include the substitution of the delivery of shares with the delivery of equivalent amounts
 in cash, or the alteration of the mechanisms for net delivery of shares under the procedures
 that are established for the payment of taxes, or when so required for regulatory, tax, operational
 or contractual reasons. <sup>5</sup> In addition, they may adapt the aforementioned Plan (including the introduction of new conditions
 for the delivery of any deferred amount of the Award or the amendment of existing conditions
 and, if applicable, the increase of the deferred percentages or the deferral period) to any
 mandatory regulations or administrative interpretation that may prevent the implementation
 thereof on the approved terms;

(ii) extend the
 deferral period in the jurisdiction or jurisdictions where so required and in respect of
 all or part of the Beneficiaries of the Award in order to adapt to the applicable regulations
 in force at any given time or to the requirements of the competent authority, making such
 adjustments as may be necessary to adapt Award to the new deferral period;

(iii) set which
 executives or employees are Beneficiaries of the Award, apply the measures and mechanisms
 that may be appropriate to compensate for the dilution effect, if any, that may occur as
 a result of corporate transactions and shareholder distributions for so long as the shares
 are not delivered to the Beneficiaries; and, in the event that the maximum amount distributable
 in shares to be delivered to the Beneficiaries is exceeded, authorise the deferral and payment
 of the excess in cash; and

(iv) determine, develop and specify
the conditions upon which the receipt by the Beneficiaries of the corresponding shares or deferred amounts is contingent, as well as
determine whether, according to the Plan, the conditions upon which the receipt by the Beneficiaries of the respective shares or cash
amounts is made contingent have

<sup>5</sup> In addition, it would also be possible to deliver shares, quotes (*participaciones*) or any other instruments based on the value of the shares or quotes (*participaciones*) of other subsidiaries of the Santander Group, listed or not-listed, in accordance with the resolutions passed by the Bank at any given moment.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

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.

Furthermore and as regards matters that are part of its area of authority, they shall have the power to develop, amend, alter or adapt the terms and conditions of the Fifteenth Cycle of the Deferred and Conditional Variable Remuneration Plan, as well as to substitute the above powers in favour of the person responsible for Human Resources of the Group, the general secretary or the global director of compensation of the Group.

**4. FUNCTIONING OF THE PLAN**

The Award for financial year 2025 will be paid according to the following percentages, depending on the time of payment and on the remuneration level of the Beneficiary (the "**Immediate Payment Percentage**", to identify the portion for which payment is not deferred, and the "**Deferred Percentage**", to identify the portion for which payment is deferred):

---

| | | | |
|:---|:---|:---|:---|
| | **Immediate Payment Percentage** | **Deferred Percentage <sup>(\*)</sup>** | **Deferral Period <sup>(\*)</sup>** |
| Beneficiaries of the Award whose total target variable remuneration <sup>(\*\*)</sup> is ≥ €2.7 mill. | 40% | 60% | 5 years |
| Beneficiaries of the Award whose total target variable remuneration <sup>(\*\*)</sup> is ≥ €1.7 mill. (< €2.7 mill.). | 50% | 50% | 5 years |
| Other Beneficiaries of the Award. | 60% | 40% | 4 years |

---

For the purposes of the assignation of a Beneficiary of the fifteenth cycle to the corresponding category, for those variable remunerations not denominated in euros, it will be taken into account the exchange rate average at closing corresponding to the last fifteen trading sessions prior to the Friday (exclusive) of the previous week to the date on which the board of directors agreed the variable remuneration of the Bank's executive directors for 2024 (31 January 2025).

---

| | |
|:---|:---|
| (\*) | In certain countries, the deferral percentage and the deferral period may also be different to comply with applicable local regulations or with the requirements of the competent authority in each case. |

---

---

| | |
|:---|:---|
| (\*\*) | Reference variable remuneration for a standard compliance (100% of the objectives). |

---

Taking into account the foregoing, the Award for financial year 2025 of the Beneficiaries of this fifteenth cycle will be paid as follows:

(i) In 2026, depending
 to the group to which they belong, each Beneficiary shall receive the Immediate Payment Percentage
 that corresponds to their group (the "**Initial Date** ", understood as the
 specific date at which the Immediate Payment Percentage is paid).

(ii) Payment of the
 Deferred Percentage corresponding to each group shall be deferred for a period of 4 or 5
 years (the "**Deferral Period** "), and shall be made in fourths or fifths
 within thirty days of the anniversary of the Initial Date in the years 2027, 2028, 2029,
 2030 and, where applicable, 2031 (the "**Anniversaries** "), provided all requirements
 and

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

conditions detailed in these Regulations, and, where applicable, in the Supplementary Regulations, are fulfilled.

(iii) The deferred
 portion shall be divided in four or five parts (each one an "**Annual Payment** "),
 which will determine the maximum amount to be paid, if applicable, on each of the Anniversaries.

(iv) Each of the
 payments to be made (either on the Initial Date and on the Anniversaries) will be made 50%
 in cash and 50% in Santander shares.

(v) The Beneficiaries
 may not directly or indirectly hedge the Santander shares that they receive pursuant to the
 foregoing sections before delivery thereof. They may likewise not transfer them or directly
 or indirectly hedge the shares for one year as from the delivery thereof.

(vi) On the occasion
 of each payment of the deferred amount in cash, and subject to the same requirements, it
 will be possible to pay to the Beneficiary in cash an amount corresponding to the adjustment
 of the deferred amount to the inflation calculated from the Initial Date and until the date
 on which each corresponding cash amount is paid, applying for these purposes the variation
 rate of the Consumer Price Index (*Índice de Precios de Consumo*) published by
 the National Institute of Statistics of Spain (*Instituto Nacional de Estadística*)
 between the date of accrual of the deferred cash amount and its payment date or the latest
 figure available on this last date. In countries different to Spain, the rate used will be
 the variation rate of the equivalent index published by the competent authority in each case
 or other mechanisms that reflect the same effect.

(vii) All payments
 will be made after applying any withholding or payment on account applicable at any time.

**5. DELIVERY OF SHARES** 

The total aggregate amount of the Award that the Beneficiaries can receive is limited to the maximum amount approved by the board of directors (hereinafter, "**Maximum Amount of the Award**"). The Award will be 50% in cash and 50% in Santander shares.

The board of directors, the executive committee and any director with delegated powers, as appropriate, will determine the amount of variable remuneration to be received by each Beneficiary of the Award. Concerning the delivery of shares, such decision shall take into account that in aggregate, the amounts to be received by the Beneficiaries shall respect the maximum amount of the Award to be delivered in shares (as approved by the board of directors) to the Beneficiaries of this Award (the "**Maximum Amount of the Award Distributable in Shares**" or "**MAADS**"; and, within this maximum, the specific amount to be awarded to each of the Beneficiaries, the "**Individual Amount of the Award Distributable in Shares**" or "**IAADS**").

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

The number of shares corresponding to each Beneficiary, for both immediate and deferred payments, shall be calculated taking into account the average weighted daily volume of the average weighted listing prices of the shares of Santander for the thirty trading sessions prior to the Friday (exclusive) of the previous week to the date on which the board of directors agrees on the Award for the Bank's executive directors for the financial year 2025 (the "**2026 Listing Price**"). Information from the stock exchange with the largest trading volume will be used to determine the listing price of the share.

The number of shares of Santander that may be delivered to each Beneficiary under this Award (the "**Individual Award in Shares**" or "**IAS**"), will be determined by applying the following formula:

![](image_002.jpg)

The final number of shares to be delivered to each Beneficiary shall take into account the amount resulting from the application of the relevant taxes (withholdings or payments on account) in accordance with the procedure set forth in the following section (Shares delivery mechanism).

Any variable components of total remuneration that will be paid to each member of the Corporate Identified Staff in connection with the financial year 2025 shall be subject to the limits generally applicable for the variable remunerations of the Corporate Identified Staff.

When the Award has been set in a currency other than the euro, the applicable immediate and deferred amounts shall be converted into euro at the average closing exchange rate relating to the last fifteen trading sessions prior to the Friday (exclusive) for the week prior to 3 February 2026, the date on which the board of directors of Banco Santander plans to agree on the 2025 Incentive for executive directors. Subsequently, the number of shares to be delivered will be calculated on the terms indicated above.

<u>Shares delivery mechanism</u>

As indicated above, the Award will be paid partly in cash and partly in shares, the payment of which will be partly deferred in accordance with the provisions of these Regulations.

The shares shall be delivered through technical mechanisms (securities account, deposit, etc.) as appropriate in each case, and in all cases any applicable taxes and expenses shall be borne by the Beneficiary. The withholding or payment on account on the remuneration in kind entailed by the delivery of shares or any other tax relating thereto shall be calculated by applying the legislation prevailing at the time of effective delivery. The Beneficiary authorises the employing entity and the Bank to sell, prior to delivery, the shares necessary to proceed with the corresponding withholding or payment on account, as well as for the payment of any other applicable taxes, subsequently receiving the amount of shares net of such amounts.

As appropriate, shares may be delivered by the employing entity, or failing this, when justified by circumstances, by Banco Santander or by another company in its Group, using old or new

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

shares, already available or obtained from third parties. Likewise, if it is required or advisable for any statutory or regulatory reasons or any other reasons of a similar nature, it will be possible to substitute the delivery of shares with cash payments of equivalent value (on the end date of the retention period applicable to each delivery of shares under the fifteenth cycle) or change the mechanisms of net delivery of shares in light of the procedures to be implemented for the payment of taxes.

The substitution of the delivery of shares of Banco Santander with the delivery of shares of local listed subsidiaries of the Santander Group may also be agreed, all in the terms and circumstances set out in these Regulations and, if applicable, the corresponding Supplementary Regulations.

<u>Adjustments</u>

In the event of a change in the number of shares due to a decrease or increase in the par value of the shares or a transaction with an equivalent effect, the number of shares to be delivered will be modified so as to maintain the percentage of the total share capital represented by those shares.

**6. PERMANENCE AND OTHER CONDITIONS**

The accrual of all the Award Annual Payments is conditional upon the fulfilment of certain requirements: (i) in addition to continuity of the Beneficiary within the Santander Group or the Beneficiary being in other situations where, pursuant to the agreement of the board of directors, the Award is maintained, as detailed in this section, (ii) none of the circumstances giving rise to the application of *malus* must be present during the period prior to each delivery of the Award, as set forth from time to time in the *malus* and clawback chapter of the Group's remuneration policy. Furthermore, any Award amounts which have already been paid will be subject to their potential recovery (*clawback*) by the Bank in the events and during the time periods set out in the policy, all in accordance with the terms and conditions set out therein.

*Malus* and *clawback* adjustment provisions are triggered in the event of poor financial performance of the institution as a whole or of a specific division or area thereof or of the 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 Risk 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 Capital 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 Regulation and staff responsible for them. In addition, failure to internal codes 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 Conduct liability of persons or bodies making such decisions will be considered especially significant |

---

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

In addition, individual policies for each country may include any other criteria required by applicable legal provisions or local regulators.

The corresponding local executive body, together with local control, human resources, legal advice and other functions as appropriate, will have the power to decide on the application of *malus* or *clawback*. In light of the above, the relevant local executive body, depending on the occurrence and severity of one or more of the above factors and on the circumstances surrounding the event(s) giving rise to the application of *malus or clawback*, shall in each case determine the specific amount of the deferred retribution to be satisfied and/or to be recovered from that already paid in the case of application of *malus* or *clawback* clauses respectively.

Under the terms provided for in the Group's remuneration policy and other applicable internal regulations, the proposed implementation will be reported to the Group human resources committee and the corporate *malus* and *clawback* working group, who will review it, and may identify any events or relevant circumstances not reported by the local body and inform the local human resources function appropriately for inclusion in the process.

In any case, as provided for in paragraph 4.(e) of section 19 of the rules and regulations of the board and of the aforementioned chapter of the Group remuneration policy, the application of *malus* or *clawback* will be assessed by Banco Santander's remuneration committee. In each case, the related tax treatment according to the prevailing legislation will be applied.

When a situation arises that justifies the application of *malus* and *clawback* clauses, upon the request of the Santander Group entity that granted the Award to the Beneficiary, the corresponding Award amounts will be reduced or recovered, even if the Beneficiary (i) has ceased to provide services within Santander Group or (ii) is currently employed by a different Santander Group entity than the one that granted the Incentive, in which case, said reduction or recovery can be carried out through the new entity (cross recovery), and the amounts to be reduced or recovered may also be deducted from other incentives granted by Santander Group to the Beneficiary.

Likewise, following each delivery of shares, the Beneficiary's right to accrue the Award is also contingent upon compliance with the other rules governing the Plan as set out in these Regulations and, where applicable, in the Supplementary Regulations, specifically, with regard to any shares delivered to the Beneficiary, the aforementioned obligations to refrain from (a) directly or indirectly hedging them before delivery, and (b) from directly or indirectly transferring or hedging them for one year as from each delivery of shares.

<u>Conditions relating to permanence in the Group:</u>

When termination of the relationship with Banco Santander or another entity of the Santander Group is due to retirement, early retirement or pre-retirement of the Beneficiary, for a termination judicially declared to be improper, unilateral separation for good cause by an employee (which includes, in any case, the situations set forth in section 10.3 of Royal Decree 1382/1985 of 1 August governing the special relationship of senior management, for the persons subject to these rules), permanent disability or death, or as a result of an employer

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

other than Banco Santander ceasing to belong to the Santander Group, as well as in those cases of mandatory redundancy, the right to delivery of cash amounts that have been deferred and shares, as well as, where appropriate, the amounts derived from the inflationary adjustment of the deferred amounts in cash, shall remain under the same conditions in force as if none of such circumstances had occurred.

In the event of death, the right shall pass to the successors of the Beneficiary.

In cases of justified temporary leave due to temporary disability, suspension of the contract of employment due to maternity or paternity, or leave to care for children or a relative, there shall be no change in the rights of the Beneficiary.

If the Beneficiary goes to another company of the Santander Group (including through international assignment and/or expatriation), there shall be no change in the rights thereof.

If the relationship terminates by mutual agreement or because the Beneficiary obtains a leave not referred to in any of the preceding paragraphs, the terms of the termination or temporary leave agreement shall apply.

None of the above circumstances shall give the right to receive the deferred amount in advance except where necessary to comply with mandatory regulations or, where appropriate, to avoid a conflict of interest. If the Beneficiary or the successors thereof maintain the right to receive deferred remuneration in cash and shares, as well as, where appropriate, the amounts derived from the inflationary adjustment of the deferred amounts in cash, such remuneration shall be delivered within the periods and upon the terms set forth in these Regulations.

<u>Conditions relating to the Bank's capital and liquidity position and the macroeconomic situation</u> 

Each of the payments under the Regulations is also conditional upon the corresponding body at the Bank verifying in advance that (i) such payments do not put the Bank's capital or liquidity position at risk in accordance with the capital or liquidity targets set at any given time; and (ii) it is not advisable to make such payments or, where appropriate, they should be reduced owing to adverse macroeconomic or risk-generating circumstances.

**7. ADMINISTRATION OF THE PLAN**

Banco Santander's board and, by delegation, the executive committee and any director with delegated powers, has the necessary powers to administer the Plan, notwithstanding the possibility of authorising the appropriate bodies or departments to carry out specific tasks related thereto, and any materialisation of decisions requiring the participation of bodies or departments of the various institutions whose employees include Beneficiaries. All without prejudice to the powers of attorney or other entitlements that may exist in relation thereto.

Specifically, the board and, by delegation, the executive committee and any director with delegated powers, may interpret the provisions of these Regulations and the Supplementary Regulations and adapt them to any new circumstances that may arise, without altering the basic content of the agreements of the board of directors, the maximum aggregate number of shares

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

associated to the Plan, or the essential conditions on which their delivery depends, all in the terms set out in these Regulations and in the corporate resolutions adopted in relation to this Plan. The Group's human resources committee, as part of its task to supervise and implement these Regulations and the Supplementary Regulations, may interpret the contents thereof when any such interpretation is required so as to allow an appropriate administration of the Plan.

**8. GENERAL PROVISIONS**

This Plan and, consequently, the status of Beneficiary to whom it applies, solely and exclusively gives rise to the expectations and rights stipulated in these Regulations and, where applicable, in the Supplementary Regulations, in the terms established therein.

## Exhibit 99.2

**Exhibit 99.2**

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

**REGULATIONS FOR THE TENTH CYCLE OF THE DEFERRED MULTIYEAR OBJECTIVES VARIABLE REMUNERATION PLAN**

Contents

---

| | |
|:---|:---|
| 1. INTRODUCTION | 1 |
| 2. SUBJECTIVE SCOPE AND PURPOSE | 2 |
| 3. SETTING THE AWARD | 3 |
| 4. FUNCTIONING OF THE PLAN | 8 |
| 5. DELIVERY OF SHARES | 9 |
| 6. PERMANENCE AND OTHER CONDITIONS | 11 |
| 7. ADMINISTRATION OF THE PLAN | 13 |
| 8. GENERAL PROVISIONS | 14 |

---

**1. INTRODUCTION**

These regulations (the "**Regulations**") were approved by the board of Banco Santander, S.A. ("**Banco Santander**" or the "**Bank**") at its meeting held on 25 November 2025, and entail the approval of the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan, in relation to those beneficiaries of that tenth cycle who are not executive directors of the Bank (hereinafter, the "**Deferred Multiyear Objectives Variable Remuneration Plan**", the "**Plan**" or the "**Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan**") as part of the 2025 Variable Remuneration Policy.<sup>1</sup>

In cases where, due to the application of local ruling, the contents of the Regulations need to be modified or supplemented, the respective bodies of the institutions have adopted or shall adopt the necessary resolutions. Parties affected by the regulations resulting from such resolutions (in each case, the "**Supplementary Regulations**") shall be notified as appropriate.

Consequently and in relation to the beneficiaries that are not executive directors of the Bank, the Deferred Multiyear Objectives Variable Remuneration Plan is governed by the resolutions of the board of directors of the Bank, by the Regulations, and by the Supplementary Regulations where appropriate.

For the purposes of these Regulations, the Santander Group is understood as the group composed at any time of Banco Santander and any of its fully consolidated entities.

<sup>1</sup> Terms in upper case that are not defined in these Regulations shall have the meaning ascribed to them in the abovementioned resolution of the board of directors.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

The executive directors of the Bank are also beneficiaries of the Plan, although in relation to them, it will be governed by resolution Seven D approved by the general shareholders' meeting held on 4 April 2025, by the resolutions of the board of directors approved on [4 February 2025] and by the Regulations for the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan for Executive Directors.

**2. SUBJECTIVE SCOPE AND PURPOSE**

The Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan shall be applied in connection with the variable remuneration (hereinafter, the "**Award**")<sup>2</sup> with respect to 2025 for Group Promontorio executives (hereinafter, the "**Beneficiaries**"), all of them belonging to the "Corporate Identified Colective" or "Material Risk Takers" (that is, to categories of staff whose professional activities have a material impact on the risk profile of the institution in accordance with section 32.1 of Law 10/2014 of 26 June on the organisation, supervision and solvency of financial institutions and its supplementary regulations<sup>3</sup>). Identification of employees forming part of the "Corporate Identified Staff" and of the Plan's Beneficiaries is the task of the Human Resources' corporate division, pursuant to the policy approved by Banco Santander's board to this end.

The purpose of this tenth cycle of the Plan is (a) to defer a portion of Award over a period of four or five years,<sup>4</sup> depending on the category to which the Beneficiary belongs, subject to the non- occurrence of certain circumstances, (b) in turn, to link a portion of such amount to the performance of the Bank over a multiyear period. Payments under this tenth cycle of the Plan will be made 50% in cash and 50% in Banco Santander shares, all in accordance with the rules approved for this purpose by the Bank's board.

To the extent possible, when (i) the gross sum of total annual variable remuneration does not exceed 50,000 euros and (ii) does not represent more than one third of the Beneficiary's total annual remuneration, payment of such remuneration will occur immediately and fully in cash.

It is hereby stated for the record that the executive directors of Banco Santander are also beneficiaries of this Plan. However, the application of the Plan thereto is governed by another

<sup>2</sup> For the purposes of these Regulations, the term "Award" refers to the variable remuneration conferred to an individual during financial year 2025 for the corresponding period he/she has been considered Corporate Identified Staff. It also includes any extraordinary variable remuneration that may, where applicable, be granted to certain Beneficiaries in respect of such period and be subject to the terms of these Regulations, as adapted in each case.

<sup>3</sup> Commission Delegated Regulation (EU) No 2021/923 of 25 March 2021 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards setting out the criteria to define managerial responsibility, control functions, material business units and a significant impact on a material business unit's risk profile, and setting out criteria for identifying staff members or categories of staff whose professional activities have an impact on the institution's risk profile that is comparably as material as that of staff members or categories of staff referred to in Article 92(3) of that Directive. Likewise, the determination of the Corporate Identified Staff takes into account the Group's Identified Staff identification policy and procedure, as well as any other regulatory or corporate criteria applicable in a given country.

<sup>4</sup> In certain countries, the deferral period may be different to comply with applicable local regulations or with the requirements of the competent authority in each case.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

regulation also approved by the board (the "*REGULATION OF THE TENTH CYCLE OF THE DEFERRED MULTIYEAR OBJECTIVES VARIABLE REMUNERATION PLAN OF THE EXECUTIVE DIRECTORS*"). Therefore, references in these Regulations to "Beneficiaries" do not include executive directors unless expressly so stated.

**3. SETTING THE AWARD** 

The maximum amount of the 2025 Award for each Beneficiary will be set based on their reference or objective award and taking into account the additional quantitative metrics and qualitative factors stipulated.

In any case, the variable components of the total remuneration that may be awarded to each Beneficiary in respect of the financial year 2025 may not exceed 100% of the fixed portion of their remuneration, or 200% for those Beneficiaries stated in the resolution approved by the general meeting on 4 April 2025 under item Seven C of the agenda.

The status of Beneficiary and the maximum amount of Award that the Beneficiary is eligible to receive, in accordance with these Regulations and their Supplementary Regulations, shall be individually notified.

In addition, the possibility of an exceptional adjustment that must be duly substantiated and may involve changes owing to control and/or risk shortfalls, negative assessments or unexpected material events is also contemplated.

The potential delivery of a particular percentage of the maximum amount of Award shall be deferred for 4 or 5 years,<sup>5</sup> in accordance with the group the Beneficiary belongs to (as detailed in section 4 below). In turn, the accrual of a portion of such deferred amounts -in particular, the third and fourth annuity and, where applicable, fifth (the "**Deferred Portion Subject to Objectives**")- is subject to the compliance of certain objectives referring to the 2025-2027 period (the "**Multiyear Objectives**") and to the metrics and scales associated with such Multiyear Objectives, as described below. Once ended the 2027 financial year, the board will be able to set, following a proposal by the remuneration committee, the maximum amount of each annual payment of the Deferred Portion Subject to the Objectives.

Multiyear Objectives, metrics and compliance scales:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Relative performance of the Bank's TSR for the 2025-2027 period compared to the weighted TSRs of
a peer group of 9 credit institutions.

For these purposes:

"**TSR**" means the difference (expressed as a percentage) between the final value of an investment in ordinary shares of the Bank and the initial value of that investment, taking into account that for the calculation of such final value, dividends or other similar items received by the shareholder due to such investment during the corresponding period of time will be considered as if they had been invested in more<br>

<sup>5</sup> In certain countries, the deferral period may be different to comply with applicable local regulations or with the requirements of the competent authority in each case.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

shares of the same class on the first date on which the dividend or similar item is payable to the shareholders and at the average weighted listing price on said date. To calculate TSR, the average weighted daily volume of the average weighted listing prices for the fifteen trading sessions prior to 1 January 2025 (excluded) (for the calculation of the initial value) and for the fifteen trading sessions prior to 1 January 2028 (excluded) (for the calculation of the final value) will be taken into account.

"**Peer Group**" means the group made up of the following 9 financial institutions: BBVA, BNP Paribas, Citi, Crédit Agricole, HSBC, ING, Itaú, Scotiabank and Unicredit.<br>

In the event of unforeseen changes in the Peer Group and there are objective circumstances that justify it, the board of directors or, by delegation thereof, the executive committee or any director with delegated powers, subject to a report from the remuneration committee, shall have the power to adapt the rules of comparison between them or to change the composition of the Peer Group.

For this TSR metric, the following achievement scale is established:

---

| | |
|:---|:---|
| **TSR Position of the Bank** | **TSR Coefficient** |
| Achievement of percentile 100 | 1.5 |
| Between percentiles 75 and 100 (not including the latter) | 1 – 1.5<sup>A</sup> |
| Between percentiles 40 and 75 (not including the latter) | 0.5 – 1<sup>A</sup> |
| Below percentile 40 | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proportional increase in TSR coefficient within this bracket of the scale according to the number of
positions moved up in the ranking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Achievement of the return on tangible equity ()"**RoTE**") target of the Bank in 2027. The
RoTE coefficient corresponding to this target will be obtained from the following table:

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| | |
|:---|:---|
| **RoTE in 2027** | **RoTE in 2027** |
| **(%)** | **RoTE Coefficient** |
| ≥ 18.5% | 1.5 |
| ≥ 17% but < 18.5% | 0 – 1.5<sup>A</sup> |
| < 17% | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Straight-line increase in RoTE Coefficient within this bracket of the scale based on the specific percentage
of RoTE in 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Level of Group progress on the sustainability associated targets (metrics linked to sustainability matters):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Target regarding women in management positions at financial year-end 2027:

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| | |
|:---|:---|
| **% of women in management positions <sup>B</sup>** | **Coefficient 1** |
| ≥ 39.5% | 1.25 |
| ≥ 39.2% but < 39.5% | 1 – 1.25<sup>A</sup> |
| ≥ 38.4% but < 39.2% | 0 – 1<sup>A</sup> |
| < 38.4% | 0 |

---

A Proportional increase in the Coefficient 1 according to its position within this bracket of the scale.

---

| | |
|:---|:---|
| B | The executives included and represent approximately 14% of the total payroll. |

---

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

In those geographies where regulation or governmental policy does not support establishing specific inclusivity objectives, there will not be specific goals tied to incentive compensation and will not be included in the methodology or formula that determines an element of the total executive payout. In those instances, and to the extent permissible, they will be assessed with other Group's initiatives, factors or projects as aspirational goals that can be a factor considered in making compensation decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Target average total annual number of people receiving support for financial inclusion in the 2025-2027
period:

---

| | |
|:---|:---|
| **Financial inclusion <sup>B</sup> (millions of people)** | **Coefficient 2** |
| ≥ 6 | 1.25 |
| ≥ 4.5 but < 6 | 1 – 1.25<sup>A</sup> |
| ≥ 3.5 but < 4.5 | 0 – 1<sup>A</sup> |
| < 3.5 | 0 |

---

<br> A Proportional increase in the Coefficient 2 according to its position within this bracket of the scale.

B Number of unbanked, underbanked, financially distressed or credit-constrained people provided with tailored access and financing solutions, with the objective of meeting local financial inclusion needs in a recurrent, comprehensive, affordable and effective manner.

The financial inclusion thresholds have been changed from cumulative to an annual average so that they better reflect the performance of these programmes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Socially responsible investment target in 2027 as a percentage of total assets under management:

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| | |
|:---|:---|
| **Socially responsible investment <sup>B</sup> (billions of euros)** | **Coefficient 3** |
| ≥ 21% | 1.25 |
| ≥ 19% but < 21% | 1 – 1.25<sup>A</sup> |
| ≥ 15% but < 19% | 0 – 1<sup>A</sup> |
| < 15% | 0 |

---

<br> A Proportional increase in the Coefficient 3 according to its position within this bracket of the scale.

---

| | |
|:---|:---|
| B | Percentage of assets under management that are aligned with Grupo Santander's Sustainable Finance and Investment Classification System (SFICS) out of Banco Santander's total assets under management. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Target regarding transition support (finance raised and facilitated):

---

| | |
|:---|:---|
| **Finance raised and facilitated between 2025 and 2027<sup>B</sup> (billions of euros)** | **Coefficient 4** |
| ≥ 220 | 1.25 <sup>C</sup> |
| ≥ 165 but < 220 | 1 – 1.25<sup>A, C</sup> |
| ≥ 120 pero < 165 | 0 – 1 <sup>A</sup> |
| < 120 | 0 |

---

<br> A Proportional increase in the Coefficient 4 according to its position within this bracket of the scale.

B Grupo Santander's contribution to our customers' transition: CIB green finance raised and facilitated and retail & commercial banking green finance and Digital Consumer Bank green finance.

C To exceed 100% of this target (thus, to achieve a Coefficient 4 higher than 1), progress must be made on the Bank's transition plan in order to continue supporting our customers

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

in their transition, including: improving climate data, progressing on actions to align our portfolios, enhancing sustainable product offerings to address market needs, further embedding climate and environment risk, and aim to support policy action and market development.

The level of achievement of the Multiyear Objective will be determined by using the following formula:

**C = (2/10 x Coefficient 1 + 2/10 x Coefficient 2 + 1/10 x Coefficient 3 + 5/10 x Coefficient 4)** <br>

Thus, the following formula will be applied to determine the annual amount of the Deferred Portion Subject to Objectives, if any, payable in financial years 2029, 2030 and, if applicable, 2031 (each of these payments, a "**Final Annual Payment**"), without prejudice to any adjustments that may result from *malus* clauses:

**Final Annual Payment = Amt. x (5/10 x A + 3/10 x B + 2/10 x C)**<br>

where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "**Amt.**" means half or one third of the Deferred Portion Subject to Objectives, depending
on the type of Beneficiary, i.e. depending on whether the Beneficiary defers for four years or five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "**A**" is the TSR Coefficient according to the scale in paragraph B above based on the relative performance of the
TSR of the Bank for the 2025-2027 period with respect to the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "**B**" is the RoTE Coefficient according to the scale and conditions in paragraph A above based on the achievement
of the return on tangible equity target by the end of financial year 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "**C**" is the coefficient resulting from adding up the weighted coefficients for each of the four sustainability targets
by 2027, as set forth in paragraph C above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Assuming in any case that if "**(5/10 x A + 3/10 x B + 2/10 x C)**" yields a figure greater than 1.25, 1.25 shall be
applied as the multiplier.

The executive committee and any director with delegated powers may, by delegation of authority of the board of directors of Banco Santander, by way of example only:

(i) specify
 and interpret the resolutions of the board of directors, and may adapt them, without affecting
 their basic content, to the circumstances that may arise at any given time, including, in
 particular, adapting the delivery mechanisms, without altering the maximum number of shares
 linked to the Award or the basic conditions upon which the delivery thereof is made contingent,
 which may include the substitution of the delivery of shares with the delivery of equivalent
 amounts in cash, or the alteration of the mechanisms for net delivery of shares under the
 procedures that are established for the payment of taxes or when so required for regulatory,
 tax, operational or contractual

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

reasons.<sup>6</sup> In addition, they may adapt the aforementioned Plan (including the adjustment or removal of any metrics and achievement scales for the Multiyear Objectives, the inclusion of additional targets for the delivery of any deferred amount of the Award or the increase of the part corresponding to the Deferred Payment Amount or of the Deferral Period) to any mandatory regulations or administrative interpretation that may prevent the implementation thereof on the approved terms;

(ii) set,
 without altering the maximum amount of the Award to be delivered in shares, which executives
 or employees are Beneficiaries of the Plan; apply the measures and mechanisms that may be
 appropriate to compensate for the dilution effect, if any, that may occur as a result of
 corporate transactions or distributions to shareholders while the shares have not been delivered
 to the Beneficiaries; and, in the event that the maximum amount distributable in shares to
 be delivered to the Beneficiaries of the Plan is exceeded, authorise the deferral and payment
 of the excess in cash;

(iii) extend
 the deferral period in the jurisdiction or jurisdictions where so required and in respect
 of all or part of the Beneficiaries of the Award in order to adapt to the applicable regulations
 in force at any given time or to the requirements of the competent authority, making such
 adjustments as may be necessary to adapt the Award to the new deferral period.

(iv) adjust
 positively or negatively, following a proposal of the remuneration committee, the level of
 achievement of the Multiyear Objectives when regulatory changes, inorganic transactions,
 material changes to the Group's composition or size or other extraordinary circumstances
 (such as impairments, legal changes, corporate transactions, share buy- back programmes or
 restructuring procedures) have occurred which affect the suitability of the metric and achievement
 scale established in each case and resulting in an impact not related to the performance
 of the executives being evaluated;

(v) approve,
 where applicable, the engagement of one or more internationally recognised third parties
 to verify the achievement of the Multiyear Objectives. In particular, and merely by way of
 example, it may ask such third parties: to obtain, from appropriate sources, the data upon
 which the calculations of TSR are to be based; to perform the calculations of the TSR of
 the Bank and the TSRs of the entities within the Peer Group; to compare the Bank's
 TSR with the TSRs of the entities within the Peer Group; and to provide advice on the decision
 as to how to act in the event of unexpected changes in the Peer Group that may require adjustments
 to the rules for comparison among them or on the amendment of the Peer Group in light of
 objective circumstances that justify such amendment (such as inorganic transactions or other
 extraordinary circumstances); and

<sup>6</sup> In addition, it would also be possible to deliver shares, quotes (*participaciones*) or any other instruments based on the value of the shares or quotes (*participaciones*) of other subsidiaries of the Santander Group, listed or not-listed, in accordance with the resolutions passed by the Bank at any given moment.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

(vi) develop
 and specify the conditions upon which the receipt by the Beneficiaries of the corresponding
 shares or deferred amounts is contingent, as well as determine whether, according to the
 Plan, the conditions upon which the receipt by the Beneficiaries 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.

Furthermore they have the power to develop, amend, alter or adapt the terms and conditions of the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan, as well as to substitute the above powers in favour of the person responsible for Human Resources of the Group, the general secretary or the global director of compensation of the Group.

**4. FUNCTIONING OF THE PLAN**

The Award for the financial year 2025 shall be paid according to the following percentages, depending on when the payment is made and on the remuneration level of the Beneficiary (the "**Immediate Payment Percentage**", to identify the portion which payment is not deferred, and the "**Deferred Percentage**", to identify the portion which payment is deferred):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Immediate Payment Percentage | Deferred Percentage <sup>(\*)</sup> | Deferral Period <sup>(\*)</sup> | Deferred Portion Subject to Objectives <sup>(\*)</sup> |
| Members of senior management<sup>(\*\*\*)</sup> whose target<sup>(\*\*)</sup> total variable remuneration is ≥ €2.7 mill. or those Beneficiaries whose target<sup>(\*\*)</sup> total variable remuneration is ≥ €2.7 mill. | 40% | 60% | 5 years | Last 3 years<br> (3/5 of Deferred<br> Percentage) |
| Remaining members of senior management<sup>(\*\*\*)</sup> or those Beneficiaries whose target<sup>(\*\*)</sup> total variable remuneration is ≥ €1.7 mill. and < €2.7 mill. | 50% | 50% | 5 years | Last 3 years<br> (3/5 of Deferred<br> Percentage) |
| Rest of Beneficiaries. | 60% | 40% | 4 years | Last 2 years<br> (2/4 of Deferred<br> Percentage) |

---

For the purposes of the assignation of a Beneficiary of the tenth cycle to the corresponding category, for those variable remunerations not denominated in euros, it will be taken into account the exchange rate average at closing corresponding to the last fifteen trading sessions prior to the Friday (exclusive) of the previous week to the date on which the board of directors agreed the variable remuneration of the Bank's executive directors for 2024 (31 January 2025).

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| | |
|:---|:---|
| (\*) | In certain countries, the deferral percentage and the deferral period may also be different to comply with applicable local regulations or with the requirements of the competent authority in each case. Similarly, the deferred part subject to objectives can be applied to years that are not the last ones, but not before the third year. |

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| | |
|:---|:---|
| (\*\*) | Benchmark variable remuneration for an standard achievement (100% of the objectives). |

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(\*\*\*) For the purposes of these Regulations, senior management comprises all the members included in Banco de España's Register of senior officers.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

Taking into account the foregoing, the Award for financial year 2025 of the Beneficiaries of this tenth cycle will be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 2026, depending to the group to which they belong, each Beneficiary shall receive the Immediate
 Payment Percentage that corresponds to their group (the "**Initial Date** ",
 understood as the specific date at which the Immediate Payment Percentage is paid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Payment
 of the Deferred Percentage corresponding to each group shall be deferred for a period of
 4 or 5 years (the "**Deferral Period** "), and shall be made in fourths or
 fifths within thirty days of the anniversary of the Initial Date in the years 2027, 2028,
 2029, 2030 and, where applicable, 2031 (the "**Anniversaries** "), provided
 all requirements and conditions detailed in these Regulations, and, where applicable, in
 the Supplementary Regulations, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 deferred portion shall be divided in four or five parts (each one an "**Annual Payment** "),
 which will determine the maximum amount to be paid, if applicable, on each of the Anniversaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 of the payments to be made (either on the Initial Date and on the Anniversaries) will be
 made 50% in cash and 50% in Santander shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 Beneficiaries may not directly or indirectly hedge the Santander shares that they receive
 pursuant to the foregoing sections before delivery thereof. They may likewise not transfer
 them or directly or indirectly hedge the shares for one year as from the delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) On
 the occasion of each payment of the deferred amount in cash, and subject to the same requirements,
 it will be possible to pay to the Beneficiary in cash an amount corresponding to the adjustment
 of the deferred amount to the inflation calculated from the Initial Date and until the date
 on which each corresponding cash amount is paid, applying for these purposes the variation
 rate of the Consumer Price Index (*Índice de Precios de Consumo*) published by
 the National Institute of Statistics of Spain (*Instituto Nacional de Estadística*)
 between the date of accrual of the deferred cash amount and its payment date or the latest
 figure available on this last date. In countries different to Spain, the rate used will be
 the variation rate of the equivalent index published by the competent authority in each case
 or other mechanisms that reflect the same effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) All
 payments will be made after applying any withholding or payment on account applicable at
 any time.

**5. DELIVERY OF SHARES**

The total aggregate amount of the Award that the Beneficiaries can receive is limited to the maximum amount approved by the board of directors (hereinafter, "**Maximum Amount of the Award**"). The Award will be 50% in cash and 50% in Santander shares.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

The board of directors, the executive committee and any director with delegated powers, as appropriate, will determine the amount of variable remuneration to be received by each

Beneficiary of the Award. Concerning the delivery of shares, such decision shall take into account that in aggregate the amounts to be received by the Beneficiaries shall respect the maximum amount of the Award to be delivered in shares (as approved by the board of directors) to the Beneficiaries of this Award (the "**Maximum Amount of the Award Distributable in Shares**" or "**MAADS**"; and, within this maximum, the specific amount to be awarded to each of the Beneficiaries, the "**Individual Amount of the Award Distributable in Shares**" or "**IAADS**").

The number of shares corresponding to each Beneficiary, for both immediate and deferred payments, shall be calculated taking into account the average weighted daily volume of the average weighted listing prices of the shares of Santander for the thirty trading sessions prior to the Friday (exclusive) of the previous week to the date on which the board of directors agrees on the Award for the Bank's executive directors for the financial year 2025 (the "**2026 Listing Price**"). Information from the stock exchange with the largest trading volume will be used to determine the listing price of the share.

The number of shares of Santander that may be delivered to each Beneficiary under this Award (the "**Individual Award in Shares**" or "**IAS**"), will be determined by applying the following formula:

![](image_004.jpg)

The final number of shares to be delivered to each Beneficiary shall take into account the amount resulting from the application of the relevant taxes (withholdings or payments on account) in accordance with the procedure set forth in the following section (Shares delivery mechanism).

Any variable components of total remuneration that will be paid to each member of the Corporate Identified Staff in connection with the financial year 2025 shall be subject to the limits generally applicable for the variable remunerations of the Corporate Identified Staff.

When the Award has been set in a currency other than the euro, the applicable immediate and deferred amounts shall be converted into euro at the average closing exchange rate relating to the last fifteen trading sessions prior to the Friday (exclusive) for the week prior to 3 February 2026, the date on which the board of directors of Banco Santander plans to agree on the 2025 Incentive for executive directors. Subsequently, the number of shares to be delivered will be calculated on the terms indicated above.

<u>Shares delivery mechanism</u>

As indicated above, the Award will be paid partly in cash and partly in shares, the payment of which will be partly deferred in accordance with the provisions of these Regulations.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

The shares shall be delivered through technical mechanisms (securities account, deposit, etc.) as appropriate in each case, and in all cases any applicable taxes and expenses shall be borne by the Beneficiary. The withholding or payment on account on the remuneration in kind entailed by the delivery of shares or any other tax relating thereto shall be calculated by applying the legislation prevailing at the time of effective delivery. The Beneficiary authorises the employing entity and the Bank to sell, prior to delivery, the shares necessary to proceed with the corresponding withholding or payment on account, as well as for the payment of any other applicable taxes, subsequently receiving the amount of shares net of such amounts.

As appropriate, shares may be delivered by the employing entity, or failing this, when justified by circumstances, by Banco Santander or by another company in its Group, using old or new shares, already available or obtained from third parties. Likewise, if it is required or advisable for any statutory or regulatory reasons or any other reasons of a similar nature, it will be possible to substitute the delivery of shares with cash payments of equivalent value (on the end date of the retention period applicable to each delivery of shares under the tenth cycle) or change the mechanisms of net delivery of shares in light of the procedures to be implemented for the payment of taxes.

The substitution of the delivery of shares of Banco Santander with the delivery of shares of local listed subsidiaries of the Santander Group may also be agreed, all in the terms and circumstances set out in these Regulations and, if applicable, the corresponding Supplementary Regulations.

<u>Adjustments</u>

In the event of a change in the number of shares due to a decrease or increase in the par value of the shares or a transaction with an equivalent effect, the number of shares to be delivered will be modified so as to maintain the percentage of the total share capital represented by those shares.

**6. PERMANENCE AND OTHER CONDITIONS**

The accrual of all the Award Annual Payments is conditional upon the fulfilment of certain requirements: (i) in addition to continuity of the Beneficiary within the Santander Group or the Beneficiary being in other situations where, pursuant to the agreement of the board of directors, the Award is maintained, as detailed in this section, (ii) none of the circumstances giving rise to the application of *malus* must be present during the period prior to each delivery of the Award, as set forth from time to time in the *malus* and clawback chapter of the Group's remuneration policy. Furthermore, any Award amounts which have already been paid will be subject to their potential recovery (*clawback*) by the Bank in the events and during the time periods set out in the policy, all in accordance with the terms and conditions set out therein.

*Malus* and clawback adjustment provisions are triggered in the event of poor financial performance of the institution as a whole or of a specific division or area thereof or of the exposures from staff as a result of an executive(s)'s management of, at least, one of these factors:

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

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| | |
|:---|:---|
| **Category** | **Factors** |
| **Risk** | Significant failures in risk management by Banco Risk 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 Capital 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 Regulation and staff responsible for them. In addition, failure to internal codes 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 Conduct liability of persons or bodies making such decisions will be considered especially significant |

---

In addition, individual policies for each country may include any other criteria required by applicable legal provisions or local regulators.

The Group's human resources committee will have the power to decide on the application of *malus* or clawback. Nevertheless, with respect to the remuneration of the members of the Promontorio segment, the human resources committee shall submit its proposal to the remuneration committee for its consideration and subsequent submission to the board for its approval. In light of the above, the board of directors, following a proposal by the remuneration committee, depending on the occurrence and severity of one or more of the above factors and on the circumstances surrounding the event(s) giving rise to the application of *malus or clawback*, shall in each case determine the specific amount of the deferred retribution to be satisfied and/or to be recovered from that already paid in the case of application of *malus* or *clawback* clauses respectively.

In any case, as provided for in paragraph 4.(e) of section 19 of the rules and regulations of the board and of the aforementioned chapter of the Group remuneration policy, the application of *malus* or *clawback* will be assessed by Banco Santander's remuneration committee. In each case, the related tax treatment according to the prevailing legislation will be applied.

When a situation arises that justifies the application of *malus* and clawback clauses, upon the request of the Santander Group entity that granted the Award to the Beneficiary, the corresponding Award amounts will be reduced or recovered, even if the Beneficiary(i) has ceased to provide services within Santander Group or (ii) is currently employed by a different Santander Group entity than the one that granted the Incentive, in which case, said reduction or recovery can be carried out through the new entity (cross recovery), and the amounts to be reduced or recovered may also be deducted from other incentives granted by Santander Group to the Beneficiary.

Likewise, following each delivery of shares, the Beneficiary's rights are also contingent upon compliance with the other rules governing the Plan as set out in these Regulations and, where applicable, in the Supplementary Regulations, specifically, with regard to any shares delivered to the Beneficiary, the aforementioned obligations to refrain from (a) directly or indirectly hedging them before delivery; and (b) directly or indirectly transferring or hedging them for one year as from each delivery of shares.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

<u>Conditions relating to permanence in the Group:</u>

When termination of the relationship with Banco Santander or another entity of the Santander Group is due to retirement, early retirement or pre-retirement of the Beneficiary, for a termination judicially declared to be improper, unilateral separation for good cause by an employee (which includes, in any case, the situations set forth in section 10.3 of Royal Decree 1382/1985 of 1 August governing the special relationship of senior management, for the persons subject to these rules), permanent disability or death, or as a result of an employer other than Banco Santander ceasing to belong to the Santander Group, as well as in those cases of mandatory redundancy, the right to delivery of the shares and cash amounts that have been deferred, as well as, where appropriate, the amounts derived from the inflationary adjustment of the deferred amounts in cash, shall remain under the same conditions in force as if none of such circumstances had occurred.

In the event of death, the right shall pass to the successors of the Beneficiary.

In cases of justified temporary leave due to temporary disability, suspension of the contract of employment due to maternity or paternity, or leave to care for children or a relative, there shall be no change in the rights of the Beneficiary.

If the Beneficiary goes to another company of the Santander Group (including through international assignment and/or expatriation), there shall be no change in the rights thereof.

If the relationship terminates by mutual agreement or because the Beneficiary obtains a leave not referred to in any of the preceding paragraphs, the terms of the termination or temporary leave agreement shall apply.

None of the above circumstances shall give the right to receive the deferred amount in advance except where necessary to comply with mandatory regulations or, where appropriate, to avoid a conflict of interest. If the Beneficiary or the successors thereof maintain the right to receive deferred remuneration in cash and shares, as well as, where appropriate, the amounts derived from the inflationary adjustment of the deferred amounts in cash, such remuneration shall be delivered within the periods and upon the terms set forth in these Regulations.

<u>Conditions relating to the Bank's capital and liquidity position and the macroeconomic situation</u> 

Each of the payments under the Regulations is also conditional upon the corresponding body at the Bank verifying in advance that (i) such payments do not put the Bank's capital or liquidity position at risk in accordance with the capital or liquidity targets set at any given time; and (ii) it is not advisable to make such payments or, where appropriate, they should be reduced owing to adverse macroeconomic or risk-generating circumstances.

**7. ADMINISTRATION OF THE PLAN**

Banco Santander's board and, by delegation, the executive committee and any director with delegated powers, has the necessary powers to administer the Plan, notwithstanding the possibility of authorising the appropriate bodies or departments to carry out specific tasks related thereto, and any materialisation of decisions requiring the participation of bodies or

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

departments of the various institutions whose employees include Beneficiaries. All without prejudice to the powers of attorney or other entitlements that may exist in relation thereto.

Specifically, the board and, by delegation, the executive committee and any director with delegated powers, may interpret the provisions of these Regulations and the Supplementary Regulations and adapt them to any new circumstances that may arise, without altering the basic content of the agreements of the board of directors and general meeting, the maximum aggregate number of shares associated to the Plan, or the essential conditions on which their delivery depends, all in the terms set out in these Regulations and in the corporate agreements adopted in relation to this Plan. The Group's human resources committee, as part of its task to supervise and implement these Regulations and the Supplementary Regulations, may interpret the contents thereof when any such interpretation is required so as to allow an appropriate administration of the Plan.

**8. GENERAL PROVISION**

This Plan and, consequently, the status of Beneficiary to whom it applies, solely and exclusively gives rise to the expectations and rights stipulated in these Regulations and, where applicable, in the Supplementary Regulations, in the terms established therein.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

**REGULATIONS FOR THE TENTH CYCLE OF THE DEFERRED MULTIYEAR OBJECTIVES VARIABLE REMUNERATION PLAN OF THE EXECUTIVE DIRECTORS**

Contents

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| | |
|:---|:---|
| 1. INTRODUCTION AND SUBJECTIVE SCOPE | 1 |
| 2. SETTING THE AWARD | 2 |
| 3. FUNCTIONING OF THE PLAN FOR EXECUTIVE DIRECTORS | 7 |
| 4. DELIVERY OF SHARES | 8 |
| 5. PERMANENCE AND OTHER CONDITIONS | 10 |
| 6. ADMINISTRATION OF THE PLAN | 12 |
| 7. GENERAL PROVISIONS | 12 |

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1. INTRODUCTION AND SUBJECTIVE SCOPE

These regulations (the "**Regulations**") were approved by the board of Banco Santander, S.A. ("**Banco Santander**" or the "**Bank**") at its meeting held on 25 November 2025, in execution of (i) the agreement of the board dated 4 February 2025, which approved the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan (hereinafter, the "**Deferred Multiyear Objectives Variable Remuneration Plan**", the "**Plan**" or the "**Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan**") as part of the 2025 Variable Remuneration Policy; and (ii) resolution Seven D adopted by the ordinary general meeting of shareholders held on 4 April 2025, which approved the implementation of the Plan, exclusively in what refers to the inclusion of the executive directors as beneficiaries thereof.<sup>1</sup>

The purpose of this tenth cycle of the Plan is (a) to defer a portion of the Incentive over a period of four or five years,<sup>2</sup> depending on the category to which the Beneficiary belongs (as defined below), subject to the non-occurrence of certain circumstances, (b) linking, in turn, part of such amount to the performance of the Bank over a multi-year period. Payments under the tenth cycle of the Plan will be made 40% in cash and 60% in instruments (RSU under PagoNxt, S.L. and Banco Santander shares), all in accordance with the rules approved for this purpose by the board of directors of the Bank and, in relation to the executive directors, by the general shareholders' meeting of the Bank.

<sup>1</sup> Terms in upper case that are not defined in these Regulations shall have the meaning ascribed to them in the terms of the resolutions of the board of directors and the general meeting, as well as in the directors' report accompanying the proposed resolution approved by the general meeting.

<sup>2</sup> In certain countries, the deferral period may be different to comply with local regulations or with the requirements of the competent authority in each case.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

The Tenth Cycle of the Deferred Variable Remuneration Plan Linked to Multi-Year Objectives will be applied in relation to the variable remuneration (hereinafter, the "**Incentive**")<sup>3</sup> corresponding to financial year 2025 of the executive directors of Banco Santander (hereinafter, the "**Beneficiaries**"), belonging to the so-called "Corporate Identified Staff" or "Material Risk Takers" (i.e., categories of personnel whose professional activities have a significant impact on the risk profile of the institution in accordance with article 32.1 of Law 10/2014 of 26 June 2014 on the Regulation, Supervision and solvency of credit institutions and its complementary regulations).<sup>4</sup> Group Promontorio executives will also be beneficiaries of the Incentive, albeit with certain adjustments to its terms. The identification of the employees with the status of "Corporate Identified Staff" and of the Beneficiaries of the Plan is the responsibility of the corporate Human Resources area, in accordance with the policy approved by Banco Santander's board of directors for this purpose.

The application of the Deferred Multiyear Objectives Variable Remuneration Plan to the executive directors of Banco Santander is governed by the Regulations. For clarification purposes, it should be noted that the application of the Tenth Cycle of the Deferred Variable Remuneration Plan Linked to Multi-Year Objectives to other Beneficiaries other than the Bank's executive directors is governed by another regulation also approved by the board of directors (the "*REGULATION OF THE TENTH CYCLE OF THE DEFERRED VARIABLE REMUNERATION PLAN LINKED TO MULTI-YEAR OBJECTIVES*").

For the purposes of these Regulations, the Santander Group is understood as the group composed at any time of Banco Santander and any of its fully consolidated entities.

2. SETTING THE AWARD

The maximum amount of the 2025 Award for each executive director will be set based on their reference or objective award and taking into account the additional quantitative metrics and qualitative factors stipulated.

In any case, the variable components of the total remuneration that may be awarded to each executive director in respect of the financial year 2025 may not exceed 200% of the fixed portion of their remuneration, as approved by the general meeting on 4 April 2025 under item Seven C of the agenda.

<sup>3</sup> For the purposes of these Regulations, the term "Incentive" refers to the variable remuneration allocated to an individual in financial year 2025 for the period corresponding to his or her membership of the Corporate Identified Staff. It also includes any extraordinary variable remuneration, if any, granted to certain Beneficiaries in relation to such period and subject to the rules of these Regulations, with the adaptations applicable in each case.

<sup>4</sup> Commission Delegated Regulation (EU) No 2021/923 of 25 March 2021 supplementing Directive 2013/36/EU of the European Parliament and of the Council as regards regulatory technical standards laying down the criteria for the definition of managerial responsibilities, control functions, significant business units and the material impact on the risk profile of a significant business unit, and establishing the criteria for determining the staff members or categories of staff whose professional activities have an impact on the institution's risk profile comparable in significance to that of members of staff or categories of personnel referred to in Article 92(3) of that Directive. In addition, the Group's policy and procedure for determining the Corporate Identified Staff, as well as any other regulatory or corporate criteria of a particular country, are applied in determining the Identified Staff.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

The status of Beneficiary and the maximum amount of Award that each executive director is eligible to receive, in accordance with these Regulations, shall be individually notified.

In addition, the possibility of an exceptional adjustment that must be duly substantiated and may involve changes owing to control and/or risk shortfalls, negative assessments or unexpected material events is also contemplated.

The potential delivery of a particular percentage of the maximum amount of Award of executive directors shall be deferred for 5 years, and, in turn, the accrual of a portion of such deferred amounts*,* in particular, the third, fourth and fifth annuity (the "**Deferred Portion Subject to Objectives**")*-* is subject to the compliance of certain objectives referring to the 2025-2027 period (the "**Multiyear Objectives**") and to the metrics and scales associated with such Multiyear Objectives, as described below. Once ended the 2027 financial year, the board will be able to set, following a proposal by the remuneration committee, the maximum amount of each annual payment of the Deferred Portion Subject to the Objectives.

A. Multiyear Objectives, metrics and compliance scales:

Relative performance of the Bank's TSR for the 2025-2027 period compared to the weighted TSRs of a peer group of 9 credit institutions.

For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**TSR**" means the difference (expressed as a percentage) between the final value of an
investment in ordinary shares of the Bank and the initial value of that investment, taking into account that for the calculation of such
final value, dividends or other similar items received by the shareholder due to such investment during the corresponding period of time
will be considered as if they had been invested in more shares of the same class on the first date on which the dividend or similar item
is payable to the shareholders and at the average weighted listing price on said date. To calculate TSR, the average weighted daily volume
of the average weighted listing prices for the fifteen trading sessions prior to 1 January 2025 (excluded) (for the calculation of the
initial value) and for the fifteen trading sessions prior to 1 January 2028 (excluded) (for the calculation of the final value) will be
taken into account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Peer Group**" means the group made up of the following 9 financial institutions: BBVA,
BNP Paribas, Citi, Crédit Agricole, HSBC, ING, Itaú, Scotiabank and Unicredit.

In the event of unforeseen changes in the Peer Group and there are objective circumstances that justify it, the board of directors or, by delegation thereof, the executive committee or, except to the extent affected by any conflict of interest, any director with delegated powers, subject to a report from the remuneration committee, shall have the power to adapt the rules of comparison between them or to change the composition of the Peer Group.

For this TSR metric, the following achievement scale is established:

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

---

| | |
|:---|:---|
| **TSR Position of the Bank** | **TSR Coefficient** |
| Achievement of percentile 100 | 1.5 |
| Between percentiles 75 and 100 (not including the latter) | 1 – 1.5<sup>A</sup> |
| Between percentiles 50 and 75 (not including the latter) | 0.5 – 1<sup>A</sup> |
| Below percentile 50 | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proportional
 increase in TSR coefficient within this bracket of the scale according to the number of positions
 moved up in the ranking.

B. Achievement of the return on tangible equity ()"**RoTE**") target of the Bank in 2027. The RoTE coefficient corresponding
to this target will be obtained from the following table:

---

| | |
|:---|:---|
| **RoTE in 2027** | **RoTE in 2027** |
| **(%)** | **RoTE Coefficient** |
| ≥ 18.5% | 1.5 |
| ≥ 17% but < 18.5% | 0 – 1.5<sup>A</sup> |
| < 17% | 0 |

---

---

| | |
|:---|:---|
| A | Straight-line increase in RoTE Coefficient within this bracket of the scale based on the specific percentage of RoTE in 2027. |

---

C. Level of Group progress on the sustainability associated targets (metrics linked to sustainability matters):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Target regarding women in management positions at financial year-end 2027:

---

| | |
|:---|:---|
| **% of women in management positions <sup>B</sup>** | **Coefficient 1** |
| ≥ 39.5% | 1.25 |
| ≥ 39.2% but < 39.5% | 1 – 1.25<sup>A</sup> |
| ≥ 38.4% but < 39.2% | 0 – 1<sup>A</sup> |
| < 38.4% | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proportional
 increase in the Coefficient 1 according to its position within this bracket of the scale.

---

| | |
|:---|:---|
| B | The executives included represent approximately 14% of the total payroll. |

---

In those geographies where regulation or governmental policy does not support establishing specific inclusivity objectives, there will not be specific goals tied to incentive compensation and will not be included in the methodology or formula that determines an element of the total executive payout. In those instances, and to the extent permissible, they will be assessed with other Group's initiatives, factors or projects as aspirational goals that can be a factor considered in making compensation decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Target average total annual number of people receiving support for financial inclusion in the 2025-2027 period:

---

| | |
|:---|:---|
| **Financial inclusion <sup>B</sup> (millions of people)** | **Coefficient 2** |
| ≥ 6 | 1.25 |
| ≥ 4.5 but < 6 | 1 – 1.25<sup>A</sup> |
| ≥ 3.5 but < 4.5 | 0 – 1<sup>A</sup> |
| < 3.5 | 0 |

---

A Proportional increase in the Coefficient 2 according to its position within this bracket of the scale.

B Number of unbanked, underbanked, financially distressed or credit- constrained people provided with tailored access and financing solutions, with

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

the objective of meeting local financial inclusion needs in a recurrent, comprehensive, affordable and effective manner.

The financial inclusion thresholds have been changed from cumulative to an annual average so that they better reflect the performance of these programmes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Socially responsible investment target in 2027 as a percentage of total assets under management:

---

| | |
|:---|:---|
| **Socially responsible investment<sup>B</sup> (%)** | **Coefficient 3** |
| ≥ 21% | 1.25 |
| ≥ 19% but < 21% | 0 – 1.25A |
| ≥ 15% but < 19% | 0 – 1A |
| < 15% | 0 |

---

A Proportional increase in the Coefficient 3 according to its position within this bracket of the scale.

---

| | |
|:---|:---|
| B | Percentage of assets under management that are aligned with Grupo Santander's Sustainable Finance and Investment Classification System (SFICS) out of Banco Santander's total assets under management. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Target regarding transition support (finance raised and facilitated):

---

| | |
|:---|:---|
| **Finance raised and facilitated between 2025 and 2027<sup>B</sup> <br> (billions of euros)** | **Coefficient 4** |
| ≥ 220 | 1.25 C |
| ≥ 165 but < 220 | 1 – 1.25<sup>A, C</sup> |
| ≥ 120 pero < 165 | 0 – 1 <sup>A</sup> |
| < 120 | 0 |

---

A Proportional increase in the Coefficient 4 according to its position within this bracket of the scale.

B Grupo Santander's contribution to our customers' transition: CIB green finance raised and facilitated and retail & commercial banking green finance and Digital Consumer Bank green finance.

C To exceed 100% of this target (thus, to achieve a Coefficient 4 higher than 1), progress must be made on the Bank's transition plan in order to continue supporting our customers in their transition, including: improving climate data, progressing on actions to align our portfolios, enhancing sustainable product offerings to address market needs, further embedding climate and environment risk, and aim to support policy action and market development.

The level of achievement of the Multiyear Objective will be determined by using the following formula:

**C = (2/10 x Coefficient 1 + 2/10 x Coefficient 2 + 1/10 x Coefficient 3 + 5/10 x Coefficient 4)**

Thus, the following formula will be applied to determine the annual amount of the Deferred Portion Subject to Objectives, if any, payable in financial years 2029, 2030 and 2031 (each of these payments, a "**Final Annual Payment**"), without prejudice to any adjustments that may result from *malus* clauses:

**Final Annual Payment = Amt. x (5/10 x A + 3/10 x B + 2/10 x C)**

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Amt.**" means one third of the Deferred Portion Subject to Objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**A**" is the TSR Coefficient according to the scale in paragraph B above based on the
relative performance of the TSR of the Bank for the 2025-2027 period with respect to the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**B**" is the RoTE Coefficient according to the scale and conditions in paragraph A above
based on the achievement of the return on tangible equity target by the end of financial year 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**C**" is the coefficient resulting from adding up the weighted coefficients for each
of the four sustainability targets by 2027, as set forth in paragraph C above.

Assuming in any case that if "**(5/10 x A + 3/10 x B + 2/10 x C)**" yields a figure greater than 1.25, 1.25 shall be applied as the multiplier.

Banco Santander's board and, by delegation of authority, the executive committee and, except to the extent affected by any conflict of interest, any director with delegated powers, may, by way of example:

(i) specify and interpret the resolutions of the
 general shareholders and board meetings, and may adapt them, without affecting their basic
 content, to the new circumstances that may arise at any given time, including, in particular,
 adapting the delivery mechanisms, without altering the maximum number of shares linked to
 the Award or the basic conditions upon which the delivery thereof is made contingent, which
 may include the substitution of the delivery of shares with the delivery of equivalent amounts
 in cash, or the alteration of the mechanisms for net delivery of shares under the procedures
 that are established for the payment of taxes or when so required for regulatory, tax, operational
 or contractual reasons.<sup>5</sup> In addition, they may adapt the aforementioned Plan (including
 the adjustment or removal of any metrics and achievement scales for the Multiyear Objectives,
 the inclusion of additional targets for the delivery of any deferred amount of the Award
 or the increase of the part corresponding to the Deferred Payment Amount or of the Deferral
 Period) to any mandatory regulations or administrative interpretation that may prevent the
 implementation thereof on the approved terms;

(ii) set, without altering the maximum amount of the Award to be delivered in shares, apply the measures and
mechanisms that may be appropriate to compensate for the dilution effect, if any, that may occur as a result of corporate transactions
or distributions to shareholders while the shares have not been delivered to the executive directors and, in the event that the maximum
amount distributable in shares to be delivered to the executive directors, authorise the deferral and payment of the excess in cash;

<sup>5</sup> In addition, it would also be possible to deliver shares, quotes (*participaciones*) or any other instruments based on the value of the shares or quotes (*participaciones*) of other subsidiaries of the Santander Group, listed or not-listed, in accordance with the resolutions passed by the Bank at any given moment.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

(iii) extend the deferral period in order to adapt to the applicable regulations in force at any given time
or to the requirements of the competent authority, making such adjustments as may be necessary to adapt the Award to the new deferral
period.

(iv) adjust positively or negatively, following a proposal of the remuneration committee, the level of achievement
of the Multiyear Objectives when regulatory changes, inorganic transactions, material changes to the Group's composition or size
or other extraordinary circumstances (such as impairments, legal changes, corporate transactions, share buy- back programmes or restructuring
procedures) have occurred which affect the suitability of the metric and achievement scale established in each case and resulting in an
impact not related to the performance of the executive directors assessed;

(v) approve, where applicable, the engagement of one or more internationally recognised third parties to verify
the achievement of the Multiyear Objectives. In particular, and merely by way of example, it may ask such third parties: to obtain, from
appropriate sources, the data upon which the calculations of TSR are to be based; to perform the calculations of the TSR of the Bank and
the TSRs of the entities within the Peer Group; to compare the Bank's TSR with the TSRs of the entities within the Peer Group; and
to provide advice on the decision as to how to act in the event of unexpected changes in the Peer Group that may require adjustments to
the rules for comparison among them or on the amendment of the Peer Group in light of objective circumstances that justify such amendment
(such as inorganic transactions or other extraordinary circumstances); and

(vi) 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 determine whether, according to the Plan, 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.

Furthermore and as regards matters that are part of its area of authority, the board of directors has the power to develop, amend, alter or adapt the terms and conditions of the Tenth Cycle of the Deferred Multiyear Objectives Variable Remuneration Plan, as well as to substitute the above powers in favour of the person responsible for Human Resources of the Group, the general secretary or the global director of compensation of the Group.

3. FUNCTIONING OF THE PLAN FOR EXECUTIVE DIRECTORS

The Award for the financial year 2025 shall be paid to the executive directors of the Bank as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 40% of the Incentive shall be paid without deferral (the "**Immediate Payment Amount** ").

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 60% of the Incentive (the "**Deferred Payment Amount**") shall be subject to a deferral
period of 5 years, with the payment of the last 3 years (which represent two thirds of the Deferred Payment Amount) being conditional,
in turn, upon the objectives for the period 2025-2027 described in section 2 above (*Setting of the executive directors' Incentive*).

Taking into account the foregoing, the Award for financial year 2025 of the executive directors will be paid as follows:

(i) In 2026, each executive director shall receive the Immediate Payment Amount (the "**Initial Date** ",
understood as the specific date at which the Immediate Payment Amount is paid). The Immediate Payment Amount will be paid 50% in cash
and 50% in instruments.

(ii) Payment of the Deferred Payment Amount shall be deferred for a period 5 years (the "**Deferral Period**") and shall be made in five parts within thirty days of the anniversary of the Initial Date in the years 2027, 2028,
2029, 2030 and 2031 (the "**Anniversaries** "), provided the conditions detailed in these Regulations are fulfilled. The
Deferred Payment Amount will be paid, on a weighted basis, 33% in cash and 67% in instruments, in accordance with the following distribution
by year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2027** | **2028** | **2029** | **2030** | **2031** |
| **Percentage of Incentive** | 10% | 10% | 13,33% | 13,33% | 13,33% |
| **Percentage of Incentive paid in cash** | 5% | 5% | 3,33% | 3,33% | 3,33% |
| **Percentage of Incentive paid in instruments** | 5% | 5% | 10% | 10% | 10% |

---

(iii) The amount of the deferred portion of the Incentive shall be divided in five parts (each one an "**Annual Payment**") as provided for under limb (ii), which will determine the maximum amount to be paid, if applicable, on each of the
Anniversaries.

(iv) The payments corresponding to the Deferred Payment Amount to be made on the Anniversaries will be made,
on a total weighted basis, 33% in cash and the other 67% in instruments. In particular, the first and second Anniversary payments will
be made 50% in cash and 50% in instruments, and the third, fourth, and fifth Anniversary payments will be made 25% in cash and 75% in
instruments.

(v) The portion of the Incentive that is paid in instruments will be reduced in the amount resulting from
the RSU that the executive directors are entitled to receive under PagoNxt, S.L. incentive plan (EUR 500,000 in the case of the Chair
and EUR 420,000 in

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

the case of the Chief Executive Officer), the difference being paid in Santander shares. The portion paid in RSU will not exceed 10% of each executive director's variable remuneration.

(vi) The executive directors may not directly or indirectly, hedge the Santander shares received pursuant to
the preceding paragraphs before delivery thereof. They may likewise not transfer them or directly or indirectly hedge the shares for one
year as from the delivery thereof.

(vii) Pursuant to the Group's shareholding policy, the executive directors of Banco Santander may not
transfer Santander shares that they receive pursuant to the preceeding paragraphs for three years from the date of delivery thereof, unless
the director holds an amount in Santander shares equal to two times the director's annual fixed remuneration.

(viii) On the occasion of each payment of the deferred amount in cash, and subject to the same requirements,
it will be possible to pay to the executive director in cash an amount corresponding to the adjustment of the deferred amount to the inflation
calculated from the Initial Date and until the date on which each corresponding cash amount is paid, applying for these purposes the variation
rate of the Consumer Price Index (*Índice de Precios de Consumo*) published by the National Institute of Statistics of Spain
(*Instituto Nacional de Estadística*) between the date of accrual of the deferred cash amount and its payment date or the
latest figure available on this last date. In countries different to Spain, the rate used will be the variation rate of the equivalent
index published by the competent authority in each case or other mechanisms that reflect the same effect.

(ix) All payments will be made after applying any withholding or payment on account applicable at any time.

4. DELIVERY OF SHARES

The total aggregate amount of the Award that the executive directors can receive is limited to the maximum amount approved by the general meeting (hereinafter, "**Maximum Amount of the Award**"). The Award will be 40% in cash and 60% in instruments. The portion of the Incentive that is paid in instruments will be reduced in the amount resulting from the RSU that the executive directors are entitled to receive under PagoNxt, S.L. incentive plan, the difference being paid in Santander shares. As indicated in section 3 above, the portion paid in RSU will not exceed 10% of each executive director's variable remuneration.

The board of directors or the executive committee, as appropriate, will determine the amount of variable remuneration to be received by each executive director. Concerning the delivery of shares, such decision shall take into account that in aggregate the amounts to be received by the executive directors shall respect the maximum amount of the Award to be delivered in shares (as approved by the general meeting) to the executive directors (the "**Maximum Amount of the Award Distributable in Shares for Executive Directors**" or "**MAADSED**"; and, within this

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

maximum, the specific amount to be awarded to each of the executive directors, the "**Individual Amount of the Award Distributable in Shares**" or "**IAADS**").

The number of shares corresponding to each executive director, for both immediate and deferred payments, shall be calculated taking into account the average weighted daily volume of the average weighted listing prices of the shares of Santander for the thirty trading sessions prior to the Friday (exclusive) of the previous week to the date on which the board of directors agrees on the Award for the Bank's executive directors for the financial year 2025 (the "**2026 Listing Price**"). Information from the stock exchange with the largest trading volume will be used to determine the listing price of the share.

The number of shares of Santander that may be delivered to each executive director under this Award (the "**Individual Award in Shares**" or "**IAS**"), will be determined by applying the following formula:

![](image_006.jpg)

The final number of shares to be delivered to each executive director shall take into account the amount resulting from the application of the relevant taxes (withholdings or payments on account) in accordance with the procedure set forth in the following section (Shares delivery mechanism).

<u>Shares delivery mechanism</u>

As indicated above, the Award will be paid partly in cash and partly in shares, the payment of which will be partly deferred in accordance with the provisions of these Regulations.

The shares shall be delivered through technical mechanisms (securities account, deposit, etc.) as appropriate in each case, and in all cases any applicable taxes and expenses shall be borne by the executive director. The withholding or payment on account on the remuneration in kind entailed by the delivery of shares or any other tax relating thereto shall be calculated by applying the legislation prevailing at the time of effective delivery. The executive directors authorise the employing entity and the Bank to sell, prior to delivery, the shares necessary to proceed with the corresponding withholding or payment on account, as well as for the payment of any other applicable taxes, subsequently receiving the amount of shares net of such amounts.

As appropriate, shares may be delivered by the employing entity, or failing this, when justified by circumstances, by Banco Santander or by another company in its Group, using old or new shares, already available or obtained from third parties. Likewise, if it is required or advisable for any statutory or regulatory reasons or any other reasons of a similar nature, it will be possible to substitute the delivery of shares with cash payments of equivalent value (on the end date of the retention period applicable to each delivery of shares under the tenth cycle) or change the mechanisms of net delivery of shares in light of the procedures to be implemented for the payment of taxes.

The substitution of the delivery of shares of Banco Santander with the delivery of shares of local listed subsidiaries of the Santander Group may also be agreed, all in the terms and circumstances set out in these Regulations.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

<u>Adjustments</u>

In the event of a change in the number of shares due to a decrease or increase in the par value of the shares or a transaction with an equivalent effect, the number of shares to be delivered will be modified so as to maintain the percentage of the total share capital represented by those shares.

5. PERMANENCE AND OTHER CONDITIONS

The accrual of all the Award Annual Payments is conditional upon the fulfilment of certain requirements: (i) in addition to continuity of the Beneficiary within the Santander Group or the Beneficiary being in other situations where, pursuant to the agreement of the board of directors, the Award is maintained, as detailed in this section, (ii) none of the circumstances giving rise to the application of *malus* must be present during the period prior to each delivery of the Award, as set forth from time to time in the *malus* and clawback chapter of the Group's remuneration policy. Furthermore, any Award amounts which have already been paid will be subject to their potential recovery (*clawback*) by the Bank in the events and during the time periods set out in the policy, all in accordance with the terms and conditions set out therein.

*Malus* and clawback adjustment provisions are triggered in the event of poor financial performance of the institution as a whole or of a specific division or area thereof or of the exposures from staff as a result of an executive(s)'s management of, at least, one of these factors:

---

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

---

In addition, individual policies for each country may include any other criteria required by applicable legal provisions or local regulators.

The Group's human resources committee will have the power to decide on the application of *malus* or clawback. Nevertheless, being the remuneration of Banco Santander's executive directors, the human resources committee shall submit its proposal to the remuneration committee for its consideration and subsequent submission to the board for its approval. In light of the above, the board of directors, following a proposal by the remuneration committee, and depending on the occurrence and severity of one or more of the above factors and on the circumstances surrounding the event(s) giving rise to the application of *malus or clawback*, shall in each case determine the specific amount of the deferred retribution to be satisfied and/or to be recovered from that already paid in the case of application of *malus* or *clawback* clauses respectively.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

In any case, as provided for in paragraph 4.(e) of section 19 of the rules and regulations of the board and of the aforementioned chapter of the Group remuneration policy, the application of *malus* or *clawback* will be assessed by Banco Santander's remuneration committee. In each case, the related tax treatment according to the prevailing legislation will be applied.

When a situation arises that justifies the application of *malus* and *clawback* clauses, upon the request of the Santander Group entity that granted the Award to the executive director, the corresponding Award amounts will be reduced or recovered, even if the executive director (i) has ceased to provide services within Santander Group or (ii) is currently employed by a different Santander Group entity than the one that granted the Incentive, in which case, said reduction or recovery can be carried out through the new entity (cross recovery), and the amounts to be reduced or recovered may also be deducted from other incentives granted by Santander Group to the executive director.

Likewise, following each delivery of shares, the executive directors' rights are also contingent upon compliance with the other rules governing the Plan as set out in these Regulations, specifically, with regard to any shares delivered to the Beneficiary, the aforementioned obligations to refrain from (a) directly or indirectly hedging them before delivery; (b) directly or indirectly transferring or hedging them for one year as from each delivery of shares; and, (c) from transferring them for three years from the date of delivery thereof, unless the executive director holds an amount in Santander shares equal to two times the director's annual fixed remuneration.

<u>Conditions relating to permanence in the Group:</u>

When termination of the relationship with Banco Santander or another entity of the Santander Group is due to retirement, early retirement or pre-retirement of the executive director, for a termination judicially declared to be improper, unilateral separation for good cause by an employee (which includes, in any case, the situations set forth in section 10.3 of Royal Decree 1382/1985 of 1 August governing the special relationship of senior management, for the persons subject to these rules), permanent disability or death, or as a result of an employer other than Banco Santander ceasing to belong to the Santander Group, as well as in those cases of mandatory redundancy, the right to delivery of the shares and cash amounts that have been deferred, as well as, where appropriate, the amounts derived from the inflationary adjustment of the deferred amounts in cash, shall remain under the same conditions in force as if none of such circumstances had occurred.

In the event of death, the right shall pass to the successors of the executive director.

In cases of justified temporary leave due to temporary disability, suspension of the contract of employment due to maternity or paternity, or leave to care for children or a relative, there shall be no change in the rights of the executive director.

If the executive director goes to another company of the Santander Group (including through international assignment and/or expatriation), there shall be no change in the rights thereof.

*This document is a translation of an original text in Spanish. In case of any discrepancy between both texts, the Spanish version will prevail.* <br>

If the relationship terminates by mutual agreement or because the executive director obtains a leave not referred to in any of the preceding paragraphs, the terms of the termination or temporary leave agreement shall apply.

None of the above circumstances shall give the right to receive the deferred amount in advance except where necessary to comply with mandatory regulations or, where appropriate, to avoid a conflict of interest. If the executive director or the successors thereof maintain the right to receive deferred remuneration in cash and shares, as well as, where appropriate, the amounts derived from the inflationary adjustment of the deferred amounts in cash, such remuneration shall be delivered within the periods and upon the terms set forth in these Regulations.

<u>Conditions relating to the Bank's capital and liquidity position and the macroeconomic situation</u>

Each of the payments under the Regulations is also conditional upon the corresponding body at the Bank verifying in advance that (i) such payments do not put the Bank's capital or liquidity position at risk in accordance with the capital or liquidity targets set at any given time; and (ii) it is not advisable to make such payments or, where appropriate, they should be reduced owing to adverse macroeconomic or risk-generating circumstances.

6. ADMINISTRATION OF THE PLAN

Banco Santander's board and, by delegation, the executive committee and, except to the extent affected by any conflict of interest, any director with delegated powers, has the necessary powers to administer the Plan, notwithstanding the possibility of authorising the appropriate bodies or departments to carry out specific tasks related thereto, and any materialisation of decisions requiring the participation of bodies or departments of the various institutions whose employees include Beneficiaries. All without prejudice to the powers of attorney or other entitlements that may exist in relation thereto.

Specifically, the board and, by delegation, the executive committee and, except to the extent affected by any conflict of interest, any director with delegated powers, may interpret the provisions of these Regulations and adapt them to any new circumstances that may arise, without altering the basic content of the agreements of the board of directors and general meeting, the maximum aggregate number of shares associated to the Plan, or the essential conditions on which their delivery depends, all in the terms set out in these Regulations and in the corporate agreements adopted in relation to this Plan. The Group's human resources committee, as part of its task to supervise and implement these Regulations, may interpret the contents thereof when any such interpretation is required so as to allow an appropriate administration of the Plan.

7. GENERAL PROVISIONS

In relation to Banco Santander executive directors, this Plan and the status of Beneficiary, solely and exclusively gives rise to the expectations and rights stipulated in these Regulations, in the terms established therein.

## Exhibit 99.3

**Exhibit 99.3**

7° 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 deterred) 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 di rectors of the Bank, Following a proposal of the remuneration committee.

Such buyout regulations are an instrument to be selectively used in the engagement of executives or employees who, as a result of accepting a job offer From the Bank {or From other Group companies), lose the right to receive certain variable remuneration from their previous company. Therefore, these rules, which take into account the regulations and recommendations that apply to the Bank, allow for the maintenance of certain flexibility to be able to attract the best talent and to be Fair with respect to the loss of rights that an executive or employee incurs due to joining the Group, given that the conditions of the buyout take into account those that applied to the remuneration the loss of which is compensated for.

The maximum number of shares that may be deliver red under this resolution is a number such that, multiplying the number of shares delivered (or recognised) on each occasion by the average weighted daily volume of the average weighted listing prices of the Santander shares for the fifty trading g sessions prior to the date on which they are delivered (or recognised), does not exceed the amount of EUR 40 million.

The authorisation granted hereby may be used to undertake commitments to deliver shares in relation to the engagements that occur during Financial year 2025 and during Financial year 2026, until the ordinary general shareholders' meeting is held in 2026.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Banco Santander, S.A**

**Table 1: Newly Registered Securities**

---

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| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Shares of Capital Stock of Banco Santander, S.A., par value Euro 0.50 each, reserved for issuance pursuant to the Banco Santander, S.A. Deferred and Conditional Variable Remuneration Plan (Cycle XV) | (1) | Other | 20700000 | $12.47 | $258129000.00 | 0.0001381 | $35647.61 |
| Equity | Shares of Capital Stock of Banco Santander, S.A., par value Euro 0.50 each, reserved for issuance pursuant to the Banco Santander, S.A. Deferred Multiyear Objectives Variable Remuneration Plan (Cycle X) |  | Other | 800000 | 12.47 | 9976000.00 | 0.0001381 | 1377.69 |
| Equity | Shares of Capital Stock of Banco Santander, S.A., par value Euro 0.50 each, reserved for issuance pursuant to the Banco Santander, S.A. Buyouts Procedure |  | Other | 3500000 | $12.47 | $43645000.00 | 0.0001381 | $6027.37 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $311750000.00 |  | 43052.68 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $43052.68 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The shares of capital stock of Banco Santander, S.A. (the "Registrant"), par value Euro 0.50 each (each, a "Share") being registered hereby may be represented in the form of the Registrant's American Depositary Shares ("ADSs"), evidenced by American Depositary Receipts ("ADRs"), with each ADS representing one Share. The Banco Santander ADSs to be awarded under the Banco Santander, S.A. Deferred and Conditional Variable Remuneration Plan (Cycle XV), the Banco Santander, S.A. Deferred Multiyear Objectives Variable Remuneration Plan (Cycle X) and the Banco Santander, S.A. Buyouts Procedure will be acquired based on open market purchases. In addition, in accordance with Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement on Form S-8 shall be deemed to include such additional ordinary shares as may be offered to prevent dilution resulting from stock splits, stock dividends or similar transactions pursuant to the provisions of the plan covered hereby. Computed solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and 457(h) under the Securities Act on the basis of the average high and low sale prices of Shares on the Madrid Stock Exchange on January 26, 2026, translated at the Federal Reserve Bank of New York Noon Buying Rate of U.S. $1.1771 per Euro 1.0 on January 23, 2026. Rounded up to the nearest penny.