Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 41

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 41
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 to the Committee.                                                                                                                                                                                                                         |

| What we don’t do                                                                                               |
| No excessive perquisites for executives.                                                                       |
| No encouragement of excessive risk-taking.                                                                     |
| No special executive retirement programs or severance programs specific to executive officers.                 |
| No employment or change in control agreements with our NEOs.                                                   |
| No tax gross-ups provided for any compensation or benefits.                                                    |
| No pledging of common stock or other securities of the Corporation as collateral for margin accounts or loans. |

48 | 2025 POPULAR, INC. PROXY STATEMENT

TABLE OF CONTENTS

2024 Say on Pay Results At Popular’s annual shareholders meeting in May 2024, 95.6% of voting shareholders approved our overall executive compensation policies and practices. We believe that this strong backing illustrates our shareholders’ support of our compensation philosophy and performance-based pay program. Shareholders’ perspectives and industry leading practices were taken into consideration by management and the Committee as they developed strategic objectives, business plans and compensation elements that underpinned the Corporation’s 2024 compensation decisions. The Committee considers our shareholders’ perspective on an annual basis through the results of the Say on Pay vote. Compensation Objectives and Components Compensation Objectives The key compensation objectives and guiding principles of Popular’s executive compensation program and practices are described below. They are supported and reinforced by the Committee’s review and advice on human capital strategies (encompassing succession, culture, employee engagement, and talent acquisition and development).

| Motivate and Reward High Performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Ensuring and sustaining a proper pay-for-performance relationship is one of our key objectives. For Popular, performance means a combination of financial results (e.g., net income, TSR, return on tangible common equity), strategic accomplishments and leadership, all designed to drive the Corporation’s business plans in support of our customers, employees and communities, while generating long-term shareholder value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Base salary, as well as short- and long-term incentive compensation opportunities, are generally targeted at market median, with actual pay varying based on corporate and individual performance. Our short-term incentive and equity awards provide the opportunity to earn increased pay (up to 1.5 times target) for superior performance and similar downside (no payout) should we not achieve our performance goals.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Align Executives’ Interests with Shareholders’ Interests and Build Long-Term Shareholder Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| A