Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 8

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 8
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. Due to Mr. Vázquez’s retirement on March 31, 2024, the Committee approved a prorated short-term cash incentive of $153,000, corresponding to Mr. Vázquez’s target opportunity under the short-term incentive plan of 80% of base salary prorated on the three full calendar months of employment during 2024. Long-Term Equity Incentive The annual equity grant rewards performance and aligns the interests of our NEOs with those of our shareholders. One half of the target award consists of performance shares, with actual earned shares determined at the end of a 3-year performance period based on total shareholder return (“TSR”) and ROATCE metrics. The other half of this award consists of time-vested restricted stock granted based on corporate and individual performance that vests on a pro-rata basis, with 25% vesting annually over a 4-year period. For purposes of the February 2024 grant, the target incentive opportunity was equal to 300% of base salary for Mr. Alvarez, 140% for Mr. Ferrer, 100% for Messrs. García and Soriano, and 90% for Mr. Chinea. Actual payout for long-term incentive awards may range from zero to 1.5 times the target award. In February 2024, the Committee granted (i) performance awards at target level, since vesting is determined based on future (3-year) performance, and (ii) time-vested restricted stock awards at the target level for the CEO and above the target level for the other NEOs, in recognition of each NEO’s strong leadership and contribution to Popular’s solid performance in 2023. Due to Mr. Vázquez’s retirement on March 31, 2024, he was not awarded performance shares during 2024 and the Committee approved a long-term award of 80% of Mr. Vázquez’s base salary, consisting of restricted stock with a one-year vesting and subject to certain restrictive covenants. Our executive compensation programs are discussed in more detail in the “Compensation Discussion and Analysis” and “2024 Executive Compensation Tables and Compensation Information” sections of this Proxy Statement. 2024 Compensation Program and Pay Decisions For 2024, the total compensation paid to or earned by our NEOs was as follows:

| Name and                                      
 Principal Position                            |     |     Salary 
        ($) |     |   Bonus 
     ($) |     |      Stock