Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 47

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 47
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 certain strategic objectives of the Corporation’s multi-year transformation. In determining the 2024 payout, the Committee evaluated management’s progress along four strategic priorities: growth and expense management, customer experience (including net promoter score), employee engagement, and overall progress on the execution of targeted initiatives. Each of those priorities was grounded in one or more key results reviewed by the Committee. At its January 2025 meeting, the Committee, in consultation with the CEO, reviewed the degree to which the Corporation’s Strategic Performance goals were achieved. The goal relating to growth and expense management was measured based on expense management and organic growth in both the consumer and commercial portfolios, as well as our efficiency ratio metric. Customer experience was measured based on net promoter scores achieved and the increase in digitally led sales. Employee experience was reviewed based on loyalty scores obtained from our employee surveys. The overall progress on the execution of targeted transformation initiatives was assessed by key milestones and results attained in multiple project workstreams during 2024, with substantial progress modernizing our technology with cloud-based, best-in class providers, establishing new digital and data foundations, and reimagining customer solutions with new digital platforms for both commercial (cash management) and retail (personal loans and deposit accounts) customers. After discussion with the CEO and based on a holistic review of the progress made during 2024, the Committee determined that the overall achievement of Strategic Performance goals was 102.0%. This level of performance yielded a payout slightly above target on the Strategic Performance component of the STI plan. As a result, NEOs earned 106.67% of their respective award targets for this component. 52 | 2025 POPULAR, INC. PROXY STATEMENT

TABLE OF CONTENTS

Individual Annual Goals In this performance component of the STI plan, each NEO has specific predetermined quantitative and qualitative goals related to financial performance, efficiency and milestones in key corporate strategic projects, among other factors. The Committee reviews each NEO’s achievements against the individual goals to determine payouts. Mr. Vázquez STI incentive of $153,000 was granted at target under the STI plan of 80% of the base salary prorated based on the three full calendar months of employment during 2024. The following is a summary of the individual goal achievements considered by the Committee in determining each NEO’s annual goals award:

| Ignacio Alvarez, CEO |     | 138% of target earned |

| • | Grew the Corporation’s loan portfolio to $37.1 billion or 6% over 202