Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 40

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 40
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 between $25 billion and $500 billion, and the other half is based on an absolute 3-year average Return on Average Tangible Common Equity (“ROATCE”) goal. The performance shares are always granted at target since vesting reflects performance upon completion of the three-year period. |

| • | In February 2024, the Committee raised the target long-term equity grant value as a percentage of base of salary for the NEOs to increase alignment with competitive market data as follows: Mr. Alvarez from 270% to 300%; Mr. Ferrer from 120% to 140%; Messrs. García and Soriano from 80% to 100%; and Mr. Chinea from 80% to 90%. |

Performance grants were made in February 2024 at target, since vesting is determined based on future (i.e., 3-year) performance. Time-vesting restricted stock awards were also granted in February 2024, at target level for the CEO and above target level for the other NEOs, in recognition of each NEO’s contribution to Popular’s solid performance in 2023 and strong leadership. Due to Mr. Vázquez’s retirement on March 31, 2024, the Committee approved an LTI award of 80% of Mr. Vázquez’s base salary, consisting of restricted stock with a one-year vesting and subject to certain restrictive covenants, including customary confidentiality covenants, as well as non-competition and non-solicit restrictions that extend for one year after his retirement date. As a result of his retirement, Mr. Vázquez was not awarded performance shares during 2024.

| • | 2022-2024 Performance Share Vesting.Upon the conclusion of the 2022-2024 performance cycle, performance results indicated, and the Committee approved, vesting based on the following results: (i) 3-year TSR in the 76thpercentile relative to an industry index of U.S. banks with assets between |

EXECUTIVE AND DIRECTOR COMPENSATION | 47

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$25 billion and $500 billion, resulting in a maximum award (150% of target shares), and (ii) 3-year average ROATCE of 11.88%, which was located between the threshold of 9.0% and target of 12.25%, thereby yielding an award of 94.38% of the target number of shares. On a combined basis, the total