FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

Telefónica, S.A.

(Translation of registrant’s name into English)

Distrito C, Ronda de la Comunicación s/n,
28050 Madrid, Spain
3491-482 85 48
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F þ     Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o     No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o     No þ

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes o     No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

Telefónica, S.A.

TABLE OF CONTENTS

						Sequential
						Page
Item						Number
	1.			Telefónica — Performance Share Plan			4

RAMIRO SÁNCHEZ DE LERÍN GARCÍA-OVIES
General Secretary and
Secretary to the Board of Directors
TELEFÓNICA, S.A.

In accordance with article 47 of Royal Decree 1362/2007 of October 19, and article 82 of the Spanish Securities Market Act (Ley del Mercado de Valores), TELEFÓNICA, S.A. hereby reports the following

RELEVANT INFORMATION

In accordance with the general terms and conditions of the “Performance Share Plan 2006”(PSP) authorised by the Annual General Shareholders’ Meeting of the Company held on June 21st, 2006, the Board of Directors of TELEFÓNICA, S.A, at its meeting held on July 28, 2010, has agreed to proceed with the delivery of the total number of shares allotted to the beneficiaries for the second cycle (2007-2010) of this Plan, as long as the Total Shareholder Return (TSR) on TELEFÓNICA, S.A. shares has been higher, during this second cycle, than the TSR of the companies that account for 75% of the Comparison Group’s stock market capitalisation.

In accordance with the above, it is attached as Schedule I the breakdown of shares to be delivered to the Directors and Executive Officers of TELEFÓNICA, S.A who are beneficiaries of this Plan, during this second cycle.

Additionally, the Board of Directors resolved, preceded by the relevant favourable report of the Nominating, Compensation and Corporate Governance Committee, to allocate the shares corresponding to the fifth cycle (2010-2013) of the said Plan, as per the attached breakdown, included as Schedule II, as far as Directors and Executive Officers are concerned.

Madrid, August 3, 2010.

Gran Vía, 28 — 9^a Planta — 28013 Madrid

Communication of remuneration plans for Directors or Executive Officers
(Royal Decree 1362/2007 of October 19th)

SCHEDULE I

LIST OF DIRECTORS AND EXECUTIVE OFFICERS WHO ARE BENEFICIARIES OF THE PLAN
(SECOND CYCLE 2007-2010)

I.- Executive Directors

		Number of shares				Percentage of share
First name and surname		delivered				capital
Mr. César Alierta Izuel			116,239				0.003	%
Mr. Julio Linares López			57,437				0.001	%
Mr. José María Álvarez-Pallete López			53,204				0.001	%

II.- Executive Officers

		Number of shares				Percentage of share
First name and surname		delivered				capital
Mr. Santiago Fernández Valbuena			53,204				0.001	%
Mr. Guillermo Ansaldo Lutz			31,439				0.001	%
Mr. Matthew Key*			89,331				0.002	%
Mr. Luis Abril Pérez			31,274				0.001	%
Mr. Calixto Ríos Pérez*			15,671				0.000	%
Mr. Ramiro Sánchez de Lerín García-Ovies			30,762				0.001	%

Gran Vía, 28 — 9^a Planta — 28013 Madrid

Communication of remuneration plans for Directors or Executive Officers
(Royal Decree 1362/2007 of October 19th)

SCHEDULE II

LIST OF DIRECTORS AND EXECUTIVE OFFICERS WHO ARE BENEFICIARIES OF THE PLAN
(FIFTH CYCLE 2010-2013)

I.- Executive Directors.

		Maximum number of				Percentage of share
First name and surname		shares allotted				capital
Mr. César Alierta Izuel			170,897				0.004	%
Mr. Julio Linares López			128,173				0.003	%
Mr. José María Álvarez-Pallete López			77,680				0.002	%

II.- Executive Officers.

		Maximum number of				Percentage of share
First name and surname		shares allotted				capital
Mr. Santiago Fernández Valbuena			77,680				0.002	%
Mr. Guillermo Ansaldo Lutz			76,608				0.002	%
Mr. Matthew Key			99,118				0.002	%
Mr. Luis Abril Pérez			45,486				0.001	%
Mr. Calixto Ríos Pérez			6,860				0.000	%
Mr. Ramiro Sánchez de Lerín García-Ovies			44,733				0.001	%

Gran Vía, 28 — 9^a Planta — 28013 Madrid

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.