Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 85

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 85
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 years following the date of termination of service as a director. |

| (c) | The amounts reported in the “All Other Compensation” column reflect the sum of the incremental cost to Popular of all perquisites and other personal benefits with an aggregate amount greater than or equal to $10,000 provided to Mr. Carrión during 2024. Mr. Carrión’s aggregate amount of perquisites and personal benefits include: (i) $25,015 for the personal security of Mr. Carrión, based on the estimated time usage of the personal security and the total compensation of the security officers during 2024; (ii) the implied costs for the use of a company-owned vehicle, based on the estimated depreciation, maintenance and insurance costs related to the use of the vehicle during 2024, the value of which does not exceed the greater of $25,000 or 10% of the total amount of perquisites received by Mr. Carrión during |

EXECUTIVE AND DIRECTOR COMPENSATION | 77

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2024; and (iii) access to the Corporation’s wellness center, the value of which does not exceed the greater of $25,000 or 10% of the total amount of perquisites received by Mr. Carrión during 2024, which is available to all former employees of the Corporation who currently serve on the board of directors of the Corporation or of any of its affiliates. These perquisites and personal benefits are consistent with the perquisites and benefits that Mr. Carrión received in his prior role as Executive Chairman.

New Compensation Program The Corporate Governance and Nominating Committee has primary responsibility for reviewing and recommending director compensation levels, subject to approval by the full Board. In making its recommendations, the committee reviews the Board’s responsibilities and the compensation practices of our peers. In 2024, the Corporate Governance and Nominating Committee engaged Meridian Compensation Partners, LLC to perform an analysis of the Corporation’s non-employee director compensation. Compensation was compared to the compensation of non-employee directors in the peer group used for executive compensation benchmarking, which is comprised of all publicly traded companies similar in asset size to the Corporation. After considering peer practices and various compensation structures, and upon recommendation of the Corporate Governance and Nominating Committee, in September 2024, the Board unanimously approved the following revised director compensation program which will become effective on the date of the 2025 annual meeting of shareholders:

| Compensation                                                                             |     |   Amount |