Company: BPOPM
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0001193125-25-147021
Chunk: 4

Company: POPULAR, INC.
Filing Date: 2025-06-25
Form: 11-K
Chunk 4
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1% to the employees’ pre-tax contribution until such contribution reaches a certain percent which on December 31, 2024 was 10% (8% for the year ended
December 31, 2023). Participants shall be given written notice of the automatic increase no less than 30 days or more than 90 days before the increase is to be effective. Participants, upon receipt of the notice of automatic increase, may elect
to change their percentage of before-tax contributions to a different amount, including zero (0%), by the deadline established by the Plan Administrator to avoid the automatic increase. Matching contributions
are invested pursuant to each participant’s investment directions.

The Corporation may make discretionary contributions to its own employees out of
its net profits in such amounts as the Corporation’s Board of Directors may determine. There were no discretionary contributions for the year 2024.

The Plan provides for an additional employer contribution known as “True-Up contribution” to ensure
participants receive the maximum matching benefit under the Plan’s contribution guidelines. In June 2025, the Corporation reviewed the matching contributions for the year 2024 and as a result determined to make a
True-Up contribution of $204,422, which is included as employer contributions receivable in the accompanying Statement of Net Assets Available for Benefits as of December 31, 2024. In January 2024, the
Corporation reviewed the matching contributions for the year 2023 and as a result made a True-Up contribution of $167,379, which is included as employer contributions receivable in the accompanying Statement
of Net Assets Available for Benefits as of December 31, 2023.

Participant accounts

Each participant account is credited with its contribution and allocation of: (a) its own Corporation matching and profit-sharing contribution and
(b) plan earnings. Allocations are based on participant earnings or account balances, as defined in the Plan Document. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested
account.

5

Popular, Inc. U.S.A. 401(k) Savings and Investment Plan Notes to Financial Statements December 31, 2024 and 2023 Eligibility and vesting All employees are eligible to participate in the Plan on the first day of the month, following 30 days of service. Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the Corporations’ matching and discretionary profit-sharing contributions plus actual earnings thereon is based on years of service since commencement of