Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 44

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 44
---
 target. Our 2024 STI plan rewards executives for achieving critical corporate-wide financial objectives and strategic goals, in addition to individual goals. The 2024 STI plan goals were based on:

| • | Corporate Performance(50% weight): Financially driven and based on the Corporation’s 2024 adjusted after-tax net income (35% weight) and 2024 adjusted after-tax ROATCE (15% weight). |

| • | Strategic Performance(25% weight): Aligned to the achievement of key milestones tied to a multi-year transformation initiative which aims to scale Popular’s successes, enabling the Corporation to tackle business challenges and ensure sustained growth and market leadership for years to come. This encompasses customer and employee experience, and digital, technological, and business process transformation, enabling the opportunity for growth in the Corporation’s primary market and within the existing customer base. This award component is based on the collective transformation results led by the executive management team and is paid at the same degree of achievement for all NEOs. The collective nature of this component promotes collaboration among organizational groups to achieve common long-term strategic objectives. |

| • | Individual Performance(25% weight): Specific, predetermined financial and non-financial objectives based on each NEO’s role. |

Determination of 2024 Short-Term Annual Cash Incentive (Paid in 2025) The following table summarizes the 2024 short-term cash incentive paid to the NEOs related to the achievement of the corporate, strategic and individual goals described below.

|                   |     |          Corporate 
        Performance |     |        |     |   Strategic 
 Performance |     |  Individual 
 Performance |     | Total Payout(a) (b) (c) (d) |     |            |
|                   |     |                Net 
             Income |     | ROATCE |     |             |     |             |     |                             |     |            |
|                   |     |                35% 
             weight |     |    15% 
 weight |     |         25% 
      weight |     |         25% 
      weight |     |                             |     |            |
| NEO               |     | % of Target Earned |     |        |     |             |     |             |     |                        % of 
                      Target 
                      Earned |     |      Total 
      Award 
        ($) |
| Ignacio Alvarez   |     |                66% |     |    67% |     |        107%