Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 6

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 6
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 continues to transform its organization to ensure its long-term success. The Corporation’s company-wide, multi-year effort is driving changes that: 
 •Enhance customers’ lives through more personalized and seamless experiences that improve Popular’s value proposition through their channel of preference.  |

| PROXY STATEMENT SUMMARY  | 5 |

TABLE OF CONTENTS

| •Increase employee performance and satisfaction with more agile work processes that reinforce Popular’s values and desired behaviors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 •Modernize the Corporation’s technology to enable greater agility, innovation, security and performance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 •Generate sustainable profitable growth and value for Popular’s shareholders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 Following early wins in 2023 that demonstrated value through reduced loan cycle times and increased fee income, in 2024 the Corporation made substantial progress by modernizing its technology with cloud-based, best-in class providers and establishing new digital and data foundations. Popular has continued to reimagine customer solutions and unlock growth opportunities as it begins to roll out new digital platforms for both commercial (cash management) and retail (personal loans and deposits accounts) customers. The Corporation’s increased customer focus is evident in how Popular is incorporating the voice of its customers as it designs, develops, and tests solutions. As Popular transforms, providing excellent customer service continues to be at the center of the Corporation’s value proposition. |

The outcomes for Popular’s Transformation can be summarized as follows: Executive Compensation Program Highlights Our executive compensation program is designed to motivate and reward performance, align executives with shareholder interests, promote long-term shareholder value, attract and retain highly qualified executives, and mitigate conduct that may promote improper sales practices or excessive or unnecessary risk taking. Our program is premised upon:

| Pay-For-Performance                                                                            |
| •Focus on variable, incentive-based pay (66%-81% of total target NEO pay is performance-based) |
| •Combination of short-term (cash) and long-term (equity) incentives                            |
| •Equity awards to promote performance and retain high-performing talent                        |
| •Total compensation opportunity targeted at median of our peer group                           |
| •No special retirement or severance programs                                                   |
| •Limited perquisites                                                                           |

| 6 | 2025 POPULAR, INC. PROXY STATEMENT |

TABLE OF CONTENTS

| Strong Governance                                                                                                                                                                 |
| •Incentivized risk mitigation through balanced compensation design and strong internal control framework                                                                          |
| •No speculative transactions in Popular’s securities