Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 64

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 64
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 financial metrics is the closing price of Popular’s common stock on the grant date ($83.48). The fair value applicable to the market based relative TSR performance share awards, derived from a Monte Carlo simulation, is $93.50. Refer to the Corporation’s consolidated financial statements included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024. |

With regards to the restricted stock, shares will vest (i.e., no longer be subject to forfeiture) in equal annual instalments over four years. The grant date fair value of the restricted stock award is as follows: I. Alvarez, $1,695,000; J. García, $354,000; C. Vázquez, $612,000; J. Ferrer, $711,000; L. Soriano, $354,000; and M. Chinea $282,500. Due to Mr. Vázquez’s retirement on March 31, 2024, the shares corresponding to Mr. Vázquez’s award ($612,000) will vest on March 31, 2025 and are subject to certain restrictive covenants, including customary confidentiality covenants, as well as non-competition and non-solicit restrictions that extend for one year after his retirement date.

EXECUTIVE AND DIRECTOR COMPENSATION | 63

TABLE OF CONTENTS

The performance shares vest after the end of a 3-year performance cycle (2024-2026). The number of shares actually earned will depend on Popular’s achievement of goals related to: (i) TSR relative to an industry index of United States banks with assets between $25B - $500B; and (ii) an absolute 3-year simple average ROATCE goal. Each metric corresponds to one-half of the target performance share incentive opportunity. Actual earned awards may range from 0 to 1.5 times the target opportunity based on performance. The amounts in the table reflect the target (or 100%) level of achievement, as follows: I. Alvarez, $1,796,878; J. García, $312,724; J. Ferrer, $586,335; L. Soriano, $312,724; and M. Chinea, $269,541. The potential maximum value for each performance shares award is as follows: I. Alvarez, $2,695,405; J. García, $469,174; J. Ferrer, $879,591;