Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 66

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 66
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. García, $382,173; J. Ferrer, $598,267; L. Soriano, $429,107; and M. Chinea, $380,132. Due to Mr. Vázquez’s retirement on March 31, 2024, the Committee approved a prorated Short-Term cash Incentive of $153,000, corresponding to Mr. Vázquez’s target opportunity under the STI plan of 80% of base salary prorated based on the three full calendar months of employment during 2024. |

| (b) | This section contains the performance shares awarded on February 22, 2024. The number of shares was determined based on the closing price of Popular’s common stock on the grant date of February 22, 2024 ($83.48). The shares vest on the day of the first scheduled meeting of the Committee in February 2027, subject to the Corporation’s achievement of the 2024-2026 performance goals as certified by the Committee in such meeting. The performance goals will be based on two performance metrics weighted equally: TSR and absolute simple average ROATCE. The performance cycle is a three-year period beginning on January 1 of the calendar year of the grant date and ending on December 31 of the third year. Each performance goal will have a defined minimum threshold (i.e.,minimum result for which an incentive would be earned) equal to one-half of the target number of shares, a target (i.e.,result at which 100% of the incentive would be earned) and a maximum level of performance (i.e.,result at which 1.5 times the target number of shares would be earned). Dividend equivalents are accrued and paid at the end of the performance period based on the actual number of shares earned. As a result of his retirement on March 31, 2024, Mr. Vázquez was not awarded Performance Shares in 2024. |

| (c) | This section contains the restricted stock awarded on February 22, 2024. The number of shares was determined based on the closing price of Popular’s common stock on the grant date of February 22, 2024 ($83.48). The shares will vest (i.e.,no longer to be subject to forfeiture) in substantially equal annual instalments during the four years following the |

EXECUTIVE AND DIRECTOR COMPENSATION | 65

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grant date. Due to Mr.