Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 39

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 39
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 at reforestation, biodiversity and renewable energy. |
| •Amplified our sustainable finance offering by partnering with the Puerto Rico Community Foundation and the Global Energy Alliance for the People and the Planet to implement thePuerto Rico Community Resilience Initiative (CERI). This is a collaborative effort to provide subsidized financing to eligible critical facilities in vulnerable communities to purchase, install, maintain, and own a solar and battery storage system to provide essential services during and after a natural disaster.                                                  |

Highlights of Our 2024 Executive Compensation Program and Pay Decisions

| • | Performance-Linked Pay.Popular’s overarching compensation philosophy has always been to provide our executive officers with pay that is linked to performance and supports the long-term interests of our shareholders, while deterring improper sales practices and excessive risk-taking. |

46 | 2025 POPULAR, INC. PROXY STATEMENT

TABLE OF CONTENTS

As illustrated in the following graph, performance-based short- and long-term incentives represent the majority of our NEOs’ target total compensation opportunity (81% for the CEO and an average of 66% for the other NEOs). As discussed in the “Long-Term (Equity) Incentive Compensation Opportunity” section, we further aligned our NEOs’ and shareholders’ interests by providing all 2024 target pay adjustments solely through long-term incentives.

| • | 2024 Base Salary.Popular’s existing NEOs did not receive base salary increases in 2024. The Committee increased the base salary of our newly appointed CFO, Mr. García, in connection with his promotion. |

| • | 2024 Short-Term Incentives.Based on the Committee’s assessment of performance under our 2024 short-term incentive (“STI”) plan, our NEOs’ 2024 STI payouts ranged from 84% to 100% of target, reflecting the Corporation’s financial and transformation results, and individual performance against pre-established financial and non-financial goals. For more information, refer to the “2024 Executive Compensation Program and Pay Decisions” section of this Proxy Statement. |

| • | 2024 Long-Term Awards.Our long-term equity incentive (“LTI”) program is based on two equally weighted components: |

| • | One-half (50%) of the target opportunity is granted as performance shares, with actual value based on future performance over a 3-year period. One-half of the target performance share award is based on Total Shareholder Return (“TSR”) relative to banks with assets