Company: BPOPM
Filing Date: 2025-09-26
Form Type: S-8
Source: 0001193125-25-220405
Chunk: 4

Company: POPULAR, INC.
Filing Date: 2025-09-26
Form: S-8
Chunk 4
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| (4) | Any indemnification under paragraph 1 or 2 of this Article TENTH (unless ordered by a court) shall be made by                                                                                                                                         
 the Corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth therein. 
 Such determination shall be made (a) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (b) if such a quorum is not obtainable, or, even if                 
 obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (c) by the stockholders.                                                                                                             |

| (5) | Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the Corporation in                                                                                                                                         
 advance of the final disposition of such action, suit or proceeding as authorized by the Board of Directors in the specific case upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount unless 
 it shall ultimately be determined that he is entitled to be indemnified by the Corporation as authorized in this Article TENTH.                                                                                                                         |

3

| (6) | The indemnification provided by this Article TENTH shall not be deemed exclusive of any other rights to which                                                                                                                        
 those seeking indemnification may be entitled under any statute, by-law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in                     
 another capacity while holding such office and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. |

| (7) | By action of its Board of Directors, notwithstanding any interest of the directors in the action, the                                                                                                                                                    
 Corporation may purchase and maintain insurance, in such amounts as the Board of Directors deems appropriate, on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the written       
 request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out  
 of