Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 74

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 74
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 plan of complete liquidation or dissolution of the Corporation. Puerto Rico Statutory Severance. Under Puerto Rico law, if any employee hired prior to January 26, 2017 (including all of our Puerto Rico-based NEOs) is terminated from employment without “just cause”, as defined by Puerto Rico Law No. 80 of May 30, 1976 (“Law 80”), the employee is entitled to statutory severance, which is calculated as follows: (i) employees with less than five years of employment—two months

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of compensation plus an additional one week of compensation per year of service; (ii) employees with five through fifteen years of employment—three months of compensation plus two weeks of compensation per year of service; (iii) employees with more than fifteen years of employment—six months of compensation plus three weeks of compensation per year of service. Retirement of CFO. As previously disclosed and outlined in the 2024 Summary Compensation Table, Mr. Vázquez retired from the position of CFO on March 31, 2024. In connection with his voluntary retirement, the Committee approved: (i) a 2024 long-term equity incentive award of $612,000 in restricted stock corresponding to Mr. Vázquez’s LTI target opportunity of 80% of base salary (vesting March 31, 2025 and subject to restrictive covenants); and (ii) a prorated short-term cash incentive for 2024 of $153,000 (based on his full-year 80% STI target opportunity, prorated based on the three full calendar months of employment during 2024). In addition, the Corporation and Mr. Vázquez entered into a one-year service agreement pursuant to which Mr. Vázquez would provide consulting services to facilitate the transition of CFO responsibilities to his successor and support general business needs. During the term of the service agreement, Mr. Vázquez receives a monthly consulting fee of $32,000 and is subject to certain restrictive covenants. Retirement of CEO. As previously disclosed, on February 25, 2025, Mr. Alvarez announced his retirement as CEO of the Corporation effective June 30, 2025. Please see the section titled “CEO Retirement and Service and Award Agreements” of the CD&A for a discussion of the service and award agreements entered into by the Corporation and Mr. Alvarez upon the announcement of his retirement. The