Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 50

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 50
---
 of target earned |

| • | Grew total loans by $615 million or 6% and total deposits by $1.7 billion or 15% in Popular Bank. |

| • | Continued enhancing the online deposit account origination platform, reducing application decline rate by 37% and improving booking rate by 12%. |

| • | Mitigated net interest margin (“NIM”) compression resulting in a NIM of 2.65%, down from 2.98% in 2023. |

| • | Continued diversifying revenue sources and achieved $26 million in non-interest income, up 5.5% from 2023. |

| • | Directed multiple initiatives aimed at improving customer experience, achieving a year-over-year increase in the Net Promoter Score. |

| • | Actively engaged in driving financial inclusion in low-to-moderate income neighborhoods through close collaboration with not-for-profit organizations and governmental programs. |

Long-Term (Equity) Incentive Compensation Opportunity 2024 long-term target incentive opportunities Popular’s long-term (equity) incentives align our executives’ compensation with sustained long-term performance and the interests of our shareholders. In February 2024, as part of its annual review of executive compensation and market data, the Committee further aligned NEOs compensation with shareholders’ interests by providing all 2024 target pay adjustments solely through long-term incentives. Increases in total target LTI opportunity were approved as follows: Mr. Alvarez from 270% to 300% of base salary, Mr. Ferrer from 120% to 140% of base salary, Mr. Soriano from 80% to 100% of base salary, and Mr. Chinea from 80% to 90% of base salary. Mr. García’s total target LTI opportunity was also established at 100% of salary as a result of his promotion to CFO. These revised parameters were applicable to the LTI awards granted by the Committee on February 22, 2024.

| • | The other half (50%) is granted as time-vested restricted stock that vests ratably over four years. The size of the award at grant can vary above or below target (ranging from 0 to 150% of target) based on the prior year’s corporate results and individual contributions, as determined by the Committee. |

54 | 2025 POPULAR, INC. PROXY STATEMENT

TABLE OF CONTENTS

Determination of 2024 Long-Term Incentive