# EDGAR Filing Document

**Accession Number:** 0000763901
**File Stem:** 0001193125-26-085756
**Filing Date:** 2026-3
**Character Count:** 29747
**Document Hash:** 6458e9dfeaf0929933e436b537129513
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-085756.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001193125-26-085756

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 286

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POPULAR, INC.
- **CENTRAL INDEX KEY:** 0000763901
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 660667416
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34084
- **FILM NUMBER:** 26709426

**BUSINESS ADDRESS:**
- **STREET 1:** 209 MUNOZ RIVERA AVE
- **STREET 2:** POPULAR CENTER BUILDING
- **CITY:** HATO REY
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7877659800

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 362708
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00936-2708

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POPULAR INC
- **DATE OF NAME CHANGE:** 19970428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANPONCE CORP
- **DATE OF NAME CHANGE:** 19920703

## Exhibit 21.1

Exhibit 21.1

Popular, Inc.

Subsidiaries of the Registrant

Name

Jurisdiction of Incorporation

Banco Popular de Puerto Rico

Puerto Rico

PR Rent-to-Own LLC

Delaware

Popular Community Capital, LLC

Delaware

Popular Mezzanine Fund LLC

Puerto Rico

Popular Center Holdings LLC

Delaware

Popular Insurance LLC

Puerto Rico

Popular Securities LLC

Puerto Rico

Popular Risk Services LLC

Puerto Rico

Popular Life RE, Inc.

Puerto Rico

Popular RE, Inc.

Puerto Rico

Popular Impact Fund LLC

Delaware

Popular Asset Management LLC

Puerto Rico

Popular Capital Trust II

Delaware

Popular International Bank, Inc.

Puerto Rico

Popular Global Solutions LLC

Puerto Rico

Popular GS Colombia SAS

Colombia

Popular GS Costa Rica, SRL

Costa Rica

Popular North America, Inc.

Delaware

Popular Bank

New York

Popular Equipment Finance, LLC

Delaware

Popular Insurance Agency USA, Inc.

Delaware

E-LOAN, Inc.

Delaware

Equity One, Inc.

Delaware

Popular ABS, Inc.

Delaware

Popular North America Capital Trust I

Delaware

## Exhibit 22.1

Exhibit 22.1

#### ISSUERS OF GUARANTEED SECURITIES
Popular North America, Inc. ("PNA") is 100% owned by Popular, Inc. Holding Company ("PIHC") and has

outstanding debt securities registered under the Securities Act of 1933, as amended, that are guaranteed by PIHC.

There are no subsidiary guarantors of such securities.

## Exhibit 23.1

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (Nos. 333-280524

and 333-280038) and Form S-8 (Nos. 333-290535, 333-238205, 333-153044, 333-128909 and 333-229711) of

Popular, Inc. of our report dated March 2, 2026 relating to the financial statements and the effectiveness of internal

control over financial reporting, which appears in this Form 10-K.

/s/PricewaterhouseCoopers LLP

San Juan, Puerto Rico

March 2, 2026

## Exhibit 31.1

![d17859dex311p1i0](g17859d17859dex311p1i0.jpg)

#### CERTIFICATION

#### EXHIBIT 31.1
I, Javier D. Ferrer, certify that:

1. I have reviewed this annual report on Form 10-K of Popular, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

material fact necessary to make the statements made, in light of the circumstances under which such statements were

made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly

present in all material respects the financial condition, results of operations and cash flows of the registrant as of,

and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls

and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial

reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be

designed under our supervision, to ensure that material information relating to the registrant, including its

consolidated subsidiaries, is made known to us by others within those entities, particularly during the

period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial

reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial statements for external purposes in accordance with

generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this

report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the

period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred

during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an

annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's

internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal

control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of

directors (or persons performing the equivalent functions):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over

financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,

summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant

role in the registrant's internal controls over financial reporting.

Date: March 2, 2026

By: /s/ Javier D. Ferrer

Javier D. Ferrer

President and Chief

Executive Officer

## Exhibit 31.2

![d17859dex312p1i0](g17859d17859dex312p1i0.jpg)

#### CERTIFICATION

#### EXHIBIT 31.2
I, Jorge J. Garcia, certify that:

1. I have reviewed this annual report on Form 10-K of Popular, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material

fact necessary to make the statements made, in light of the circumstances under which such statements were made, not

misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly

present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and

for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and

procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as

defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be

designed under our supervision, to ensure that material information relating to the registrant, including its

consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in

which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting

to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles;

c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report

our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period

covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred

during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual

report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control

over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control

over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or

persons performing the equivalent functions):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize

and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role

in the registrant's internal controls over financial reporting.

Date: March 2, 2026

By: /s/ Jorge J. García

Jorge J. García

Chief Financial Officer

## Exhibit 32.1

![d17859dex321p1i0](g17859d17859dex321p1i0.jpg)

#### EXHIBIT 32.1

#### CERTIFICATION PURSUANT TO

#### 18 U.S.C. Section 1350
Pursuant to 18 U.S.C. Section 1350, the undersigned officer of Popular, Inc. (the "Company"), hereby

certifies that the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Report")

fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of

1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition

and results of operations of the Company.

Dated:March 2, 2026

By: /s/ Javier D. Ferrer

Name: Javier D. Ferrer

Title: President and Chief Executive

Officer

A signed original of this written statement has been provided to the Company and will be retained by the

Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

![d17859dex322p1i0](g17859d17859dex322p1i0.jpg)

#### EXHIBIT 32.2

#### CERTIFICATION PURSUANT TO

#### 18 U.S.C. Section 1350
Pursuant to 18 U.S.C. Section 1350, the undersigned officer of Popular, Inc. (the "Company"), hereby

certifies that the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Report")

fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of

1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition

and results of operations of the Company.

Dated:March 2, 2026

By: /s/ Jorge J. García

Name: Jorge J. García

Title: Chief Financial Officer

A signed original of this written statement has been provided to the Company and will be retained by the

Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 97.1

![d17859dex971p1i0](g17859d17859dex971p1i0.jpg)

COMPENSATION RECOUPMENT POLICY

Responsible Unit: Our People Corporate Services

Data Classification Level: 4 - Public

Adoption Date: June 23, 2023

Approved by the Board of Directors:

December 18, 2025

#### COMPENSATION RECOUPMENT POLICY
I. #### POLICY PURPOSE
Popular, Inc. (the "Corporation") has adopted this Compensation Recoupment Policy (this

"Policy") to provide for the recovery or "clawback" of excess Incentive-Based

Compensation earned by current or former Executive Officers of the Corporation in the

event of a required Restatement and to provide for the recovery or "clawback" of Covered

Awards earned by current or former Covered Employees of the Corporation in the event of

Misconduct (each, as defined under Section II of this Policy).

This Policy is intended to comply with the requirements of Rule 10D-1 of the Securities

Exchange Act of 1934 and the Nasdaq Stock Market ("Nasdaq") Listing Rule 5608 (the

"Listing Standard"). To the extent that any provision in this Policy is ambiguous as to its

compliance with the Listing Standard or to the extent any provision in this Policy must be

modified to comply with the Listing Standard, such provision will be read, or will be

modified, as the case may be, in such a manner so that all applicable provisions under this

Policy comply with the Listing Standard.

II. #### DEFINITIONS
Unless the context otherwise requires, the following definitions apply for purposes of this

Policy:

"Board" means the Board of Directors of the Corporation.

"Committee" means the Talent and Compensation Committee of the Board.

"Covered Award " means any annual or long-term cash, equity or equity-based incentive

or bonus compensation paid, provided or awarded to any Covered Employee.

"Covered Employee" means an Executive Officer and any other employee who is

designated by the Committee as a Covered Employee for purposes of this Policy, as

determined from time to time.

"Executive Officer" means

the Corporation's president, principal financial officer,

principal accounting officer (or if there is no such principal accounting officer, the

controller), any vice president of the Corporation in charge of a principal business unit,

division, or function (such as sales, administration, or finance), any other officer who

performs a policy-making function, or any other person who performs similar policy-

making functions for the Corporation. Executive officers of the Corporation's subsidiaries

are deemed Executive Officers of the Corporation if they perform such policy-making

functions for the Corporation.

Policy-making function is not intended to include policy-

making functions that are not significant. Identification of an Executive Officer for

purposes of this Policy will include at a minimum executive officers identified pursuant to

17 CFR 229.401(b). For purposes of this Policy, Executive Officers are those persons

designated by the Board as the policy-making officers of the Corporation for purposes of

Section 16 of the Securities Exchange Act of 1934 from time to time.

"Financial Reporting Measures" means any of the following: (i) measures that are

determined and presented in accordance with the accounting principles used in preparing

the Corporation's financial statements, and any measures that are derived wholly or in part

from such measures, (ii) stock price and (iii) TSR (as defined below). A Financial

Reporting Measure need not be presented within the Corporation's financial statements or

included in a filing with the SEC.

"Incentive-Based Compensation"

means any compensation that is granted, earned, or

vested based wholly or in part upon the attainment of a Financial Reporting Measure.

Examples of compensation that is not Incentive-Based Compensation under this Policy

include, but are not limited to: (i) salaries (a salary increase earned wholly or in part based

on the attainment of a Financial Reporting Measure is subject to a recovery); (ii) bonuses

paid solely at the discretion of the Committee or the Board that are not paid from a "bonus

pool" that is determined by satisfying a Financial Reporting Measure performance goal;

(iii) bonuses paid solely upon satisfying one or more subjective standards (e.g.,

demonstrated leadership) and/or completion of a specified employment period; (iv) non-

equity incentive plan awards earned solely upon satisfying one or more strategic measures

(e.g., consummating a merger or divestiture), or operational measures (e.g., opening a

specified number of offices, completion of a project, increase in market share); and (v)

equity awards for which the grant is not contingent upon achieving any Financial Reporting

Measure performance goal and vesting is contingent solely upon completion of a specified

employment period and/or attaining one or more nonfinancial reporting measures.

"Misconduct" means (A) the Covered Person's willful violation of federal, state or local

law, rule or regulation, in either case, that causes material financial or reputational harm to

the Corporation or any of its affiliates or subsidiaries; (B) the material breach by the

Covered Person of any written policy of the Corporation or covenant between the

Corporation and the Covered Person; (C) the Covered Person's willful or reckless

disclosure of the Corporation's confidential information or trade secrets; or (D) the

Covered Person's commission of an act of fraud, dishonesty or recklessness in the

performance of the Covered Person's duties, which is not in good faith and which subjects

the Corporation or its affiliates or subsidiaries to excessive risk, financial loss or materially

disrupts, damages, impairs or interferes with the business of the Corporation and its

affiliates or subsidiaries.

"SEC" means the Securities and Exchange Commission.

"TSR" means total shareholder return.

III. #### RECOUPMENT IN THE EVENT OF RESTATEMENT
A. #### POLICY WITH RESPECT TO RECOUPMENT DUE TO RESTATEMENT
The Corporation shall recover reasonably promptly the amount of erroneously awarded

Incentive-Based Compensation in the event that the Corporation is required to prepare

an accounting restatement due to the material noncompliance of the Corporation with

any financial reporting requirement under the securities laws, including any required

accounting restatement to correct an error in previously issued financial statements that

is material to the previously issued financial statements, or that would result in a

material misstatement if the error were corrected in the current period or left

uncorrected in the current period (a "Restatement"). Examples of changes to the

Corporation's financial statements that do not represent error corrections and will not

trigger the application of this Policy include, but are not limited to: (i) retrospective

application of a change in accounting principle; (ii) retrospective revision to reportable

segment information due to a change in the structure of an issuer's internal

organization; (iii) retrospective reclassification due to a discontinued operation; (iv)

retrospective application of a change in reporting entity, such as from a reorganization

of entities under common control; (v) retrospective adjustment to provisional amounts

in connection with a prior business combination; and (vi) retrospective revision for

stock splits, reverse stock splits, stock dividends or other changes in capital structure.

The Corporation shall recover erroneously awarded Incentive-Based Compensation in

compliance with this Policy, except to the extent provided under Section III.E. of this

Policy.

B. #### SCOPE OF APPLICATION
1. #### Persons Covered and Recovery Period.
Recoupment under this Section III applies

to all Incentive-Based Compensation received by a person:

● after beginning service as an Executive Officer,

● who served as an Executive Officer at any time during the performance period

for that Incentive-Based Compensation,

● while the Corporation has a class of securities listed on Nasdaq, and

● in the case of a Restatement, during the three completed fiscal years

immediately preceding the date that the Corporation is required to prepare a

Restatement (the "Recovery Period").

Notwithstanding this look-back requirement, the Corporation is only required to apply

this Policy to Incentive-Based Compensation received on or after October 2, 2023.

For purposes of this Policy, Incentive-Based Compensation shall be deemed "received"

in the Corporation's fiscal period during which the Financial Reporting Measure (as

defined herein) specified in the Incentive-Based Compensation award is attained, even

if the payment or grant of the Incentive-Based Compensation occurs after the end of

that period.

2. #### Transition Period.
In addition to the Recovery Period, in the case of a Restatement,

this Policy applies to any transition period (that results from a change in the

Corporation's fiscal year) within or immediately following the Recovery Period (a

"Transition Period"), provided that a Transition Period between the last day of the

Corporation's previous fiscal year end and the first day of the Corporation's new

fiscal year that comprises a period of nine to 12 months will be deemed a completed

fiscal year.

3. #### Determining Recovery Period.
For purposes of determining the relevant Recovery

Period in the case of a Restatement, the date that the Corporation is required to

prepare the Restatement is the earlier to occur of:

● the date the Board, a committee of the Board, or the officer or officers of the

Corporation authorized to take such action if Board action is not required,

concludes, or reasonably should have concluded, that the Corporation is

required to prepare a Restatement, and

● the date a court, regulator, or other legally authorized body directs the

Corporation to prepare a Restatement.

For clarity, the Corporation's obligation to recover erroneously awarded Incentive-

Based Compensation under this Policy is not dependent on if or when a Restatement is

filed.

C. #### AMOUNT SUBJECT TO RECOVERY
1. #### Recoverable Amount - Restatement.
The amount of Incentive-Based

Compensation subject to recovery under this Policy in the case of a Restatement is

the amount of Incentive-Based Compensation received that exceeds the amount of

Incentive-Based Compensation that otherwise would have been received had it

been determined based on the restated amounts, computed without regard to any

taxes paid.

2. #### Covered Compensation Based on Stock Price or TSR.
For Incentive-Based

Compensation based on stock price or TSR, where the amount of erroneously

awarded Incentive-Based Compensation is not subject to mathematical

recalculation directly from the information in a Restatement, the recoverable

amount shall be determined by the Committee based on a reasonable estimate of

the effect of the Restatement on the stock price or TSR upon which the Incentive-

Based Compensation was received. In such event, the Corporation shall maintain

documentation of the determination of that reasonable estimate and provide such

documentation to Nasdaq.

D. #### METHOD OF RECOVERY
Without limiting anything in this Section III, the Committee will have discretion in

determining how to accomplish recovery of erroneously awarded Incentive-Based

Compensation under this Policy in the event of a Restatement, recognizing that

different means of recovery may be appropriate in different circumstances.

E. #### EXCEPTIONS

The Corporation shall recover erroneously awarded Incentive-Based Compensation in

compliance with this Policy except to the extent that the conditions set out below are

met and the Committee

has made a determination that recovery would be

impracticable:

1. #### Direct Expense Exceeds Recoverable Amount.
The direct expense paid to a third

party to assist in enforcing this Policy would exceed the amount to be recovered;

provided, however, that before concluding it would be impracticable to recover any

amount of erroneously awarded Incentive-Based Compensation based on expense

of enforcement, the Corporation shall make a reasonable attempt to recover such

erroneously awarded Incentive-Based Compensation, document such reasonable

attempt(s) to recover, and provide that documentation to Nasdaq.

2. #### Recovery from Certain Tax -Qualified Retirement Plans

#### .
Recovery would likely

cause an otherwise tax-qualified retirement plan, under which benefits are broadly

available to employees of the Corporation, to fail to meet the requirements of 26

U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

F. #### PROHIBITION AGAINST INDEMNIFICATION
Notwithstanding the terms of any indemnification arrangement or insurance policy

with any individual covered by this Policy, the Corporation shall not indemnify any

Executive Officer or former Executive Officer against the loss of erroneously awarded

Incentive-Based Compensation. In addition, the Corporation may not pay or reimburse

an Executive Officer for premiums for a third-party insurance policy to fund any

potential recovery obligations under this Policy.

G. #### DISCLOSURE
The Corporation shall file all disclosures with respect to recoveries of Incentive-Based

Compensation under this Policy in accordance with the requirements of the U.S.

Federal securities laws, including the disclosure required by the applicable SEC filings.

IV. #### RECOUPMENT IN EVENT OF MISCONDUCT
A. #### POLICY WITH RESPECT TO RECOUPMENT DUE TO MISCONDUCT
If the Committee determines, in its sole discretion, that an act or omission by a Covered

Employee that constitutes Misconduct has occurred, the Committee may determine that

the Corporation recover all or any portion of (A) any outstanding and unpaid or

unsettled Covered Award (whether or not vested) that was awarded to a

Covered

Employee and (B) any Covered Award that was paid to or received by a Covered

Employee, in each case, during the 12 month period preceding the date of the

Misconduct, or the date the Corporation becomes aware of such Misconduct, as

determined by the Committee in its sole discretion.

Notwithstanding anything herein to the contrary, the Committee retains the sole

discretion to determine whether, and to what extent, to enforce such recoupment,

repayment or forfeiture upon consideration of each situation based on its individual

facts and circumstances and may make determinations that are not uniform among the

Covered Employees.

B. #### SCOPE OF APPLICATION
Recoupment under this Section IV applies to all Covered Awards received by a

Covered Employee:

● after beginning service as a Covered Employee; and

● who served as a Covered Employee at any time during the performance period

for that Covered Award.

V. #### ADMINISTRATION
The Committee shall oversee compliance with this Policy and perform the obligations

assigned thereto under this Policy. Any determinations of the Committee will be final,

binding and conclusive and need not be uniform with respect to each individual covered

by this Policy.

Our People Corporate Services Division is responsible for carrying out this Policy and

administering any recoupments thereunder, subject to Committee oversight. Our People

Corporate Services Division shall notify the Chief Legal Officer and the Comptroller of

any recoupments made under this Policy.

The Comptroller Division shall promptly notify the Our People Corporate Services

Division and the Chief Legal Officer of any Restatement.

Subject to Section IX, the Committee may amend this Policy from time to time and may

terminate this Policy at any time, in each case in its sole discretion and in accordance with

the Nasdaq Listing Standard and applicable law.

VI. #### EFFECTIVENESS; OTHER RECOUPMENT RIGHTS
This Policy shall be effective as of October 2, 2023. Any right of recoupment under this

Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that

may be available to the Corporation and its subsidiaries and affiliates under applicable law

or pursuant to the terms of any similar policy or similar provision in any employment

agreement, equity award agreement or similar agreement.

VII. #### NON-COMPLIANCE NOTIFICATIONS
Any violation of this Policy must be reported immediately to the Corporation's Chief Legal

Officer. Violations may also be reported to the Corporation's Corporate Ethics Officer or

anonymously through EthicsPoint at www.popular.com/ethicspoint -en (English),

www.popular.com/ethicspoint (Spanish), or by calling -866-737-6813 from Puerto Rico,

the United States or the U.S. Virgin Islands; 1-833-416-6777 from Puerto Rico; 1-833-439-

1392 from the British Virgin Islands; 01-800-519-0915 from Colombia and 0-800-032-

0441 from Costa Rica.

VIII. #### SANCTIONS
Failure by the Corporation to comply with the disclosure and recovery provisions of this

Policy with respect to Incentive-Based Compensation may subject the Corporation to

delisting from Nasdaq and SEC penalties. Non-compliance with this Policy by any officer

or employee may subject the officer or employee to disciplinary action by the Corporation,

up to and including termination for cause. Non-compliance may also constitute violations

of law subject to investigation, and in some cases may carry civil or criminal prosecution

and sanctions.

IX. #### REVIEW OF POLICY
The Our People Corporate Services division, in consultation with the Chief Legal Officer

of the Corporation will review this Policy on an annual basis and recommend such

revisions or amendments, if any, to the Committee as deemed necessary or appropriate.

The Committee shall review and approve any revisions to this Policy and submit it to the

Board for ratification, annually.