Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 56

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 56
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 of Mr. Alvarez’s current base salary, prorated based on the six full calendar months of employment during 2025. The 2025 Prorated Equity Award will be granted by the Committee to Mr. Alvarez entirely in shares of restricted stock at the Committee’s scheduled meeting during the month of June 2025, on which date the Committee will determine the total number of shares of restricted stock to be granted based on the closing price of the Corporation’s common stock on the date of grant and will have a mandatory vesting period of one-year from the CEO Retirement Date. All other terms and conditions of the 2025 Prorated Equity Award will be the same as those for the long-term equity incentive award under the Corporation’s compensation plans and programs, as set forth in this Proxy Statement. Mr. Alvarez will not be eligible to receive any additional long-term incentive awards corresponding to fiscal year 2025; and |

| (ii) | A short-term incentive cash award upon consideration of the Corporation’s and Mr. Alvarez’s performance during the first six months of 2025 (the “2025 Prorated Short-Term Incentive Award”) as follows: the 2025 Prorated Short-Term Incentive Award will be determined based on Mr. Alvarez’s target opportunity under the short-term annual cash incentive for 2025 of 135% of Mr. Alvarez’s current base salary, prorated based on the six full calendar months of employment during 2025. The 2025 Prorated Short-Term Incentive Award would be payable on the first payroll date following the CEO Retirement Date based on the Corporation’s and Mr. Alvarez’s performance during the first six months of 2025. |

Governance and Assessment of Executive Compensation Role of the Talent and Compensation Committee In accordance with its charter, a copy of which is available at www.popular.com/en/investor-relations, the Committee establishes Popular’s general compensation philosophy and oversees the compensation program for executive officers, including our NEOs. It also reviews and approves the overall purpose and goals of our incentive compensation system and benefits plans. In addition, the Committee reviews and advises management regarding human capital strategies, including matters related to culture, talent acquisition and development, workforce engagement and succession planning. The Committee met six times during 2024. Furthermore, throughout the year, the Committee maintained ongoing communication with its external advisors (including its independent compensation consultant), other directors and management to discuss topics such as talent-related trends and strategies, emerging legislative