Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 59

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 59
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 on proxies and compensation surveys (Willis Towers Watson and others). The Committee also considers executive compensation information from financial institutions in its headquarters market of Puerto Rico. The Committee utilizes the information from internal and external analyses to assess the appropriateness of compensation levels (relative to market practice and individual performance) and considers the information when setting compensation program guidelines, including base salary ranges, incentive targets and equity compensation. An individual’s relative compensation with respect to executives employed by peer group companies may vary according to the individual’s role, Popular’s financial performance, individual qualifications, experience and performance as assessed by the Committee. The Committee periodically uses a peer group of comparable banks for pay and performance comparisons as well as reviews of our compensation structure and design. Entering 2024, our compensation peer group comprised the banks listed in the following table based on the Committee’s June 2023 review. Popular’s total assets were positioned near the median of the group.

| PEER GROUP                         |     |                                 |
| BOK FINANCIAL CORP                 |     | M&T BANK CORPORATION            |
| CADENCE BANK                       |     | OLD NATIONAL BANCORP            |
| COMERICA INCORPORATED              |     | REGIONS FINANCIAL CORPORATION   |
| CULLEN/FROST BANKERS INC.          |     | SOUTHSTATE CORPORATION          |
| EAST WEST BANCORP INC.             |     | SYNOVUS FINANCIAL CORP          |
| F.N.B. CORPORATION                 |     | VALLEY NATIONAL BANCORP         |
| FIRST HORIZON CORPORATION          |     | WEBSTER FINANCIAL CORPORATION   |
| HUNTINGTON BANCSHARES INCORPORATED |     | WESTERN ALLIANCE BANCORPORATION |
| KEYCORP                            |     | WINTRUST FINANCIAL CORPORATION  |
|                                    |     | ZIONS BANCORPORATION            |

Assisted by Meridian, the Committee re-evaluated the Corporation’s peer group in June 2024, with no changes resulting from the review. Other Aspects of Our Executive Compensation Program Stock Ownership Guidelines Our NEOs are subject to stock ownership guidelines to reinforce their commitment to creating long-term shareholder value. Within five years of appointment, the CEO must reach and subsequently retain shares equivalent to six times his base salary; the requirement for the other NEOs is three times their base salary. Any unvested performance shares are not considered to satisfy the requirement. As of February 2025, all