Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 34

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 34
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 Customer Contact Center Division of BPPR selected the Contracted Entity based on its service experience in Puerto Rico, system capabilities, experience with the financial services industry and the cost structure of the proposal. In June 2022, the Audit Committee approved the transaction with the Contracted Entity in accordance with the Related Party Policy. The contract was extended on September 1, 2023, for a one year term. On September 1, 2024, the contract was renewed for an additional one-year term. The total amount of the contract for the additional one-year term is estimated to be approximately $896,000. During 2024, BPPR paid the Contracted Entity approximately $877,000 for services rendered under the contract. In August 2024, Popular entered into a Donation Agreement with the Luis A. Ferré Foundation, Inc. (the “LAF Foundation”), a non-profit organization created for the development of the arts and education in Puerto Rico. Ms. Ferré Rangel serves as the President and a Trustee of the LAF Foundation. Under the Donation Agreement, Popular agreed to donate to the LAF Foundation $80,000 on an annual basis for a period of five years commencing in 2024 as part of a capital contribution campaign for the repair of the LAF Foundation’s facilities, which were damaged by a series of earthquakes that affected the southern part of Puerto Rico in January 2020. In addition, under the Donation Agreement, Popular has agreed to donate an additional $75,000 to the LAF Foundation on an annual basis to support its educational and outreach programs. These donations are part of Popular’s social commitment to support the arts and educational programs throughout Puerto Rico and are made subject to terms and conditions available to other unrelated third parties that qualify and comply with the purpose and requirements established for Popular’s social commitment initiatives generally. In April 2024, the Audit Committee approved these donations to the LAF Foundation in accordance with the Related Party Policy. Furthermore, BPPR has loan transactions with Popular’s directors and officers, and other Related Persons, and intends to continue such transactions in the ordinary course of its business, on substantially the same terms, including interest rates and collateral, as those prevailing for comparable loan transactions with third parties. Except as discussed below, the extensions of credit have not involved and do not currently involve more than the normal risks of collection or present other unfavorable features or otherwise require disclosure under Item 404 of Regulation S-K of the Securities and Exchange Commission: Related Parties of Mr