Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 53

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 53
---
 |     |        111 |     |        50 |     |     282,500 |     |                        106 |     |        95 |     |     536,750 |

| (a) | The number of shares granted was determined by dividing the Total Grant by the Corporation’s closing stock price of $83.48 on the date of grant (February 22, 2024). |

| (b) | Note that the percentages shown in the table above are rounded to the nearest whole percentage point. |

Performance Shares Payout: 2022-2024 Performance Cycle The Committee approved a grant of performance shares in February 2022 designed to reward performance over the 3-year performance period (2022-2024). The awards were granted at target with a potential payout ranging from 0%-150% of target, weighted 50% based on relative TSR compared to an industry index of United States banks with assets between $25 billion and $500 billion, and 50% based on absolute ROATCE over the performance period. Results are based on a formula comparing the Corporation’s results to the pre-defined goals set in 2022. In February 2025, the Committee reviewed Popular’s 2022-2024 performance and determined the degree to which the goals were attained. On a combined basis, the total number of shares distributed corresponds to 122.19% of the total target award opportunity (plus dividend equivalents). The following is a summary of the payout: 2022-2024 Relative TSR (50% of Performance Shares) Popular’s final 3-year TSR of 29.1% ranked at the 75.6 thpercentile relative to the industry index of United States banks with assets between $25 billion and $500 billion. As a result, shares for this component were earned at the maximum level of achievement (>75 thpercentile), yielding a payout of 150% of target on this component, as follows:

56 | 2025 POPULAR, INC. PROXY STATEMENT

TABLE OF CONTENTS 2022-2024 Absolute ROATCE (50% of Performance Shares) Absolute ROATCE for the 2022-2024 performance cycle, as outlined on Appendix Aof this Proxy Statement, resulted in 3-year average ROATCE of 11.88%, between threshold of 9.0% and target of 12.25%, yielding a payout of 94.38% of the target number of shares on this component.