# EDGAR Filing Document

**Accession Number:** 0000763901
**File Stem:** 0001193125-25-177928
**Filing Date:** 2025-8
**Character Count:** 82708
**Document Hash:** 265f073573a44e459a861690ce00c6c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-177928.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001193125-25-177928

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 192

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34084
- **FILM NUMBER:** 251202057

**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 10.1

#### Exhibit 10.1

#### FORM OF DOCUMENTS RELATED TO DIRECTOR

#### COMPENSATION
[DATE]

#### PERSONAL AND CONFIDENTIAL
Dear [INSERT DIRECTOR NAME]:

We are writing to set forth the general terms of your revised compensation as a director of Popular, Inc. (the

"Corporation") and certain of its wholly-owned subsidiaries. Set forth below is the annual director compensation

approved by the Corporation's Board of Directors to be effective May 8, 2025 (the "Annual Compensation"):

-

A grant (the "Equity Grant") of $135,000 (payable in equity) under the Popular, Inc. 2020 Omnibus Incentive

Plan (the "Omnibus Plan");

-

A

retainer fee (the "Annual Retainer") of $85,000 (payable in cash or in equity, at your option);

-

A

committee chair retainer (the "Committee Chair Retainer") payable (in cash or in equity, at the director's

option) to the director designated as Chairperson of the following Committees:

● Audit and Risk Committees: $35,000

● Corporate Governance and Nominating, Technology and Talent and Compensation

Committees $25,000; and

-

A grant (the "Lead Director Grant") of $35,000 (payable in equity) under the Omnibus Plan, to the director

designated as lead director.

All equity payments may be received in either Restricted Stock or Restricted Stock Units, at your option.

The Annual Compensation is attributable to the period commencing on May 8, 2025 and ending on the day before

the 2026 Annual Meeting of Shareholders, and for each subsequent year that you are a director and/or elected as

committee chair or lead director until such compensation is modified by the Board of Directors. The annual

compensation period for subsequent years will commence on the day of the corresponding Annual Meeting of

Shareholders and end on the day before the following year's Annual Meeting of Shareholders.

The Annual Retainer and Committee Chair Retainer (as applicable) will be paid in cash, unless you elect to receive

the payment in the form of equity under the Omnibus Plan, as discussed below. The Equity Grant, Lead Director

Grant (if applicable) and any retainer which you elected to receive in the form of equity will be paid in the form of

Restricted Stock, unless you elect to receive the payment in Restricted Stock Units. Restricted Stock and Restricted

Stock Units will vest on the Vesting Date (as such term is defined in the corresponding award agreement). Shares of

Restricted Stock will be issued to you on the Vesting Date. If you elect to receive the equity component of your

compensation in the form of Restricted Stock Units, you will elect to receive the shares of stock of the underlying

vested Restricted Stock Units in one of the two following forms:

● *Lump-Sum* 

– You will receive the shares of stock of the underlying Restricted Stock Units on the 15th of

August immediately following the date you cease to be a director of the Corporation.

● *Annual Installments*

– You will receive the shares of stock of the underlying Restricted Stock Units in equal

annual installments on each 15

th

of August of the 1

st

, 2

nd

, 3

rd

, 4

th

and 5

th

year after you cease to be a director

of the Corporation.

In order to make the elections discussed above, you must return to us the attached Director Compensation Election

Form

#### no later than
[_____]. If you do not submit the Director Compensation Election Form prior to such date, the

Annual Retainer and Committee Chair Retainer will be payable to you in cash and the equity component of your

compensation will be payable to you in Restricted Stock. Once you have made an election it will be applicable to all

future payments, unless you notify us in writing of your desire to change the election. You may make such change in

connection with future payments, by sending us a written notice no later than the 31st of December of the year

preceding the date of the Corporation's Annual Meeting of Shareholders to which the change would be in effect.

The number of shares of Restricted Stock or Restricted Stock Units (depending on your election) to be delivered in

payment of the Equity Grant, the Annual Retainer, the Committee Chair Retainer and the Lead Director Grant, as

applicable, will be determined by dividing the corresponding amount of the payment in cash by the closing price of

the Corporation's common stock on the date of the Annual Meeting of Shareholders.

The Restricted Stock and Restricted Stock Units will be subject to the terms and conditions of the Restricted Stock

Award Agreement and Restricted Stock Unit Award Agreement, as applicable attached hereto. To the extent that cash

dividends are declared and paid on the Corporation's outstanding common stock after the award of Restricted Stock

Units but before the actual shares of common stock are delivered, you will receive an additional number of Restricted

Stock Units that reflect reinvested dividend equivalents.

We have enclosed the following documents in connection to your compensation:

1. Director Compensation Election Form;

2. Restricted Stock Award Agreement and Restricted Stock Unit Award Agreement; and

3. Omnibus Plan.

Please complete and sign the Director Compensation Election Form and the Restricted Stock Award Agreement or

Restricted Stock Unit Award Agreement where indicated, as applicable, and return the executed documents to

Daniel E. González Ortiz at the Corporate Secretary's Office. Please retain a copy of the documents for your

records.

Cordially,

/s/ José R. Coleman Tió

José R. Coleman Tió

Executive Vice President, Chief Legal Officer

and Secretary

![d82325dex101p3i0](g82325d82325dex101p3i0.jpg)

DIRECTOR COMPENSATION ELECTION FORM

Name: [INSERT DIRECTOR NAME]

This Election Form (the "Election Form") is subject to all the terms and conditions of Popular, Inc.'s (the

"Corporation") 2020 Omnibus Incentive Plan, as amended (the "Plan") and, as applicable, the Restricted Stock Unit

Award Agreement or the Restricted Stock Award Agreement (the "Agreement") executed by me and the Corporation

in connection with this Election Form. I acknowledge that I have received the letter informing me of the compensation

as a member of the Board of Directors of the Corporation (the "Board") and certain of its wholly-owned subsidiaries

commencing on the Corporation's 2025 Annual Meeting of Shareholders and continuing until such compensation is

changed by the Board and that I agree with the terms set forth therein. Capitalized terms used in this Election Form

but not defined herein shall have the meanings set forth in the Plan.

In accordance with the Plan and the Agreement, I hereby make the following elections with respect to the

compensation to be received by me for my services as a member of the Board and/or certain of its wholly-owned

subsidiaries for the period commencing on the Corporation's 2025 Annual Meeting of Shareholders and continuing

in future years:

Election I

#### ANNUAL RETAINERS
I hereby elect to receive the Annual Retainer and Committee Chair Retainer (if applicable) component of my

compensation for the period commencing on the Corporation's 2025 Annual Meeting of Shareholders and continuing

for future years in the following form (select only one):

CASH

EQUITY

Election II

#### EQUITY AWARDS
I hereby elect to receive the equity components of my compensation (Equity Grant and Lead Director Grant (if

applicable)) and any annual retainers which I elected to receive in the form of equity in Election I above) for the period

commencing on the Corporation's 2025 Annual Meeting of Shareholders and continuing for future years in the

following form (select only one):

● *Restricted Stock*

– The shares of Restricted Stock will vest on the first anniversary of the grant date and the

shares of Common Stock will be issued to the Director on such date.

● *Restricted Stock Units*

– The Restricted Stock Units will vest on the first anniversary of the grant date and

the delivery of the shares of Common Stock of the underlying Restricted Stock Unit Award will be deferred

to a future date selected by the Director in Election III below.

RESTRICTED

STOCK

RESTRICTED

STOCK UNITS

Election III

#### DEFERRAL OF SETTLEMENT OF VESTED RESTRICTED STOCK UNITS
*To be completed only if you selected "Restricted Stock Units" in Election II above.* 

I hereby defer the settlement of the vested Restricted Stock Units granted to me by the Corporation and elect to receive

the shares of Common Stock of the underlying Restricted Stock Units (including any additional Restricted Stock Units

resulting from dividend equivalents) in the following form (select only one):

● *Lump-Sum* 

– The Director will receive the shares of Common Stock of the underlying Restricted Stock Unit

Award on the 15th of August immediately following the date the Director ceases to be a director of the

Corporation.

● *Annual Installments*

– The Director will receive the shares of Common Stock of the underlying Restricted

Stock Unit Award in equal annual installments on each 15

th

of August of the 1

st

, 2

nd

, 3

rd

, 4

th

and 5

th

year after

the Director ceases to be a director of the Corporation.

LUMP-SUM

DISTRIBUTION

ANNUAL

INSTALLMENTS

I acknowledge that, notwithstanding any deferral election I make under this Election Form, as set forth in the

Agreement, in the event of my death or a Change of Control, the vesting of the Restricted Stock or the settlement of

my Restricted Stock Units, as applicable, will accelerate and be settled as soon as practicable but in no event more

than sixty (60) days following my death or such Change of Control.

Other Information:

I hereby inform the Corporation that my place of residence for tax purposes is:

o

The Commonwealth of Puerto Rico

o

A State of the United States of America

o

Other: ____________________

I hereby instruct the Corporation to deliver and deposit the shares of Common Stock awarded to me as part of my

compensation to my account at:

o

Popular Securities (Account Number: _____________)

o

Popular, Inc.'s Dividend Reinvestment and Stock Purchase Plan (Account Number:__________)

o

Other: ____________________ (Account Number: _________________)

This Election Form will become irrevocable with respect to the grant year to which it applies and shall be effective

for subsequent grant years until I file with the Corporation a new Election Form revoking or changing such election

in accordance with the requirements of Section 409A of the U.S. Code and the procedures specified by the Corporate

Governance and Nominating Committee. To be effective, any revocation or change of this Election Form must be

filed by December 31st of the year preceding the date of the Corporation's Annual Meeting of Shareholders to which

the revocation or change is made. I understand that this Election Form may be revoked or changed in accordance with

the requirements of Section 409A of the U.S. Code, or that I may need to complete another Election Form for future

compensation, if the terms of the Plan are amended. I further understand that the ability to make a subsequent deferral

election may not be available to me in the future if the Corporation changes the Plan or its Plan administration policies.

I am aware that any elections I have hereby made may have significant tax consequences to me and, to the extent I

deem necessary, I have received advice from my personal tax advisor before making this deferral election. This

Election Form is in all respects subject to the terms and conditions of the Plan and the Agreement. Should any

inconsistency exist between this Election Form, the Plan, and/or the Agreement, then the provisions of either the Plan

or the Agreement will control.

The undersigned hereby agrees to be bound by this Election Form and agrees to comply with the terms and conditions

of the Plan, the Agreement (as applicable), and the elections set forth herein.

Please send the executed version of this Election Form to Daniel E. González at the Corporate Secretary's Office no

later than [_____]. Any Election Form received after that date will not be given effect.

#### DIRECTOR
By:____________________

Name: [INSERT DIRECTOR NAME]

Date: [INSERT DATE]

#### POPULAR, INC.

#### RESTRICTED STOCK AWARD AGREEMENT
This

(this "Agreement") is made and entered into as

of [____], by and between POPULAR, INC. (the "Corporation") and [INSERT DIRECTOR NAME] (the

"Director"). Capitalized terms not otherwise defined herein shall having the meaning ascribed them in the Plan (as

defined herein).

#### WHEREAS,
the Corporation maintains the Popular, Inc. 2020 Omnibus Incentive Plan, as amended (the

"Plan");

in connection with the Director's service as a member of the Board of Directors of the

Corporation and certain of its wholly-owned subsidiaries, the Corporation desires to grant restricted shares of the

Corporation's Common Stock (the "Restricted Stock") to the Director, subject to the terms and conditions of the

Plan and this Agreement; and

#### NOW THEREFORE
, in consideration of the covenants and agreements contained herein and for other

good and valuable consideration, the parties agree as follows:

1. #### Award of Restricted Stock
. Subject to the terms and conditions of this Agreement and the

Plan, in consideration of the Director's services as a member of the Board of Directors of the

Corporation and/or certain of its wholly-owned subsidiaries, the Corporation hereby grants to

the Director the number of Restricted Stock set forth from time to time in Annex I of this

Agreement (the "Award "). Annex I will be delivered to the Director upon each Award and will

form part of this Agreement. No fractional Restricted Stock shall be issued. Whenever the

computation of the number of Restricted Stock to be awarded results in a fractional amount,

such amount shall be rounded up to the next greater whole number of Restricted Stock.

In the event any stock dividend, stock split, recapitalization or other change affecting the

outstanding common stock of the Corporation as a class is effected without consideration, then

any new, substituted or additional securities or other property (including money paid other than

as a regular cash dividend) that is by reason of any such transaction distributed with respect to

shares of Restricted Stock will be immediately subject to the provisions of this Agreement in

the same manner and to the same extent as the Restricted Stock with respect to which such

change was effected. Cash dividends paid on the Restricted Stock and on all of the Common

Stock that may be subsequently acquired with such cash dividends, will be invested in the

purchase of additional shares of Common Stock of the Corporation in accordance with the

Popular, Inc. Dividend Reinvestment and Stock Purchase Plan (the "DRIP"). The shares of

Common Stock acquired through the reinvestment of dividends will not be subject to the vesting

restrictions under this Agreement and will be immediately vested. The Restricted Stock shall be

held in custody by the Fiduciary Services Division of Banco Popular de Puerto Rico.

2. #### Vesting, Forfeiture and Transfer Restrictions.
The Restricted Stock awarded under this

Agreement shall vest, become non-forfeitable and not subject to restrictions on the dates set

forth in Annex I (the "Vesting Date"). The Restricted Stock may not be assigned, transferred,

pledged or otherwise disposed of in any way other than by the Last Will and Testament of the

Director or the laws of descent and distribution, subject to the bylaws of the Corporation. Any

Restricted Stock held by a beneficiary shall be subject to the restrictions imposed on such

Restricted Stock. Any such attempt at assignment, transfer, pledge or other disposition shall be

without effect. If the Director, the Director's legal representative or other holder of the

Restricted Stock attempts to sell, exchange, transfer, pledge or otherwise dispose of any

Restricted Stock, all Restricted Stock will be immediately forfeited without any further action

by the Corporation. Unless otherwise determined by the Corporate Governance and Nominating

Committee (the "Committee") at or following the time of grant, the following provisions shall

apply in the event of the Director's termination of service as a director:

(a) *Due to Death.*

Notwithstanding the forgoing or anything in this Agreement to

the contrary, in the event of the Director's death, the Vesting Date of the Award

shall accelerate following the date of the Director's death.

(b) *Due to a Change of Control.*

Notwithstanding the forgoing or anything in this

Agreement to the contrary, in the event of a Change of Control, the Vesting

Date of the Award shall accelerate following the date of such Change of

Control.

(c) *Due to Cause.*

In the event the Director's services as director are terminated by

the Corporation or any Affiliate for Cause, the Restricted Stock awarded under

this Agreement will thereupon be forfeited at no cost to the Corporation or its

Affiliate and the Director will have no further rights thereunder

(d) *Due to Resignation.*

In the event the Director terminates his or her service as a

director for any or no reason (other than due to death, Change of Control or

removal for cause) prior to the Vesting Date, the Restricted Stock awarded

under this Agreement will thereupon be forfeited at no cost to the Corporation

or its Affiliate and the Director will have no further rights thereunder.

3. #### Securities Law Compliance.
Notwithstanding anything to the contrary contained herein, no

shares under this Agreement may be granted unless the shares of Restricted Stock issuable upon

such grant are then registered under the Securities Act of 1933, as amended (the "Securities

Act") or, if such shares of Restricted Stock are not then so registered, the Corporation has

determined that such grant and issuance would be exempt from the registration requirements of

the Securities Act. The grant of shares must also comply with other applicable laws and

regulations governing the grant, and no grant of shares will be permitted if the Corporation

determines that such grant would not be in material compliance with such laws and regulations.

4. #### Stock Legend
. The Corporation and the Director agree that, to the extent certificates

representing shares of Restricted Stock are issued by the Corporation, during such time as such

Restricted Stock are subject to the provisions of this Agreement and the Plan, such certificates

will have endorsed upon them in bold-faced type a legend substantially in the following form:

THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED,

TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN

COMPLIANCE WITH THE TERMS OF THE RESTRICTED STOCK AWARD AGREEMENT

BETWEEN THE CORPORATION AND THE INITIAL HOLDER OF THE SHARES. THE

RESTRICTED STOCK AWARD AGREEMENT MAY GRANT CERTAIN PURCHASE OPTIONS

TO THE CORPORATION, PROVIDES FOR FORFEITURE OF THE SHARES IN CERTAIN

CIRCUMSTANCES, AND IMPOSES RESTRICTIONS ON THE TRANSFER OF THESE SHARES.

A COPY OF THE RESTRICTED STOCK AWARD AGREEMENT IS ON DEPOSIT AT THE

PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED BY THE

CORPORATION TO THE REGISTERED HOLDER HEREOF UPON WRITTEN REQUEST.

5. #### Agreement not a Service Contract.
This Agreement is not an employment or service contract,

and nothing in this Agreement nor the Plan shall be deemed to confer on the Director any right

to be or continue in the service of, or to continue or establish any other relationship with, the

Corporation or its subsidiaries, as applicable, or limit in any way the right of the Corporation or

its subsidiaries or its shareholders to terminate its relationship with the Director at any time.

6. #### Tax Matters.

(a) *Tax Withholding.*

The Director shall be solely responsible for any applicable

taxes (including, without limitation, income and excise taxes) and penalties,

and any interest that accrues thereon, incurred in connection with the Award.

The Corporation may withhold or cause to be withheld from the Award (or the

Director's compensation) any Federal, Puerto Rico, state or local taxes required

by law to be withheld with respect to such Award. By acceptance of this

Agreement, the Director agrees to such deductions. If a tax withholding is

required under applicable law, the Corporation will withhold shares of

Common Stock with a value equal to the payment of the taxes that the

Corporation determines it is required to withhold under applicable tax laws with

respect to the Award (with such withholding obligation determined based on

any applicable minimum statutory withholding rates), in connection with the

issuance of the Shares thereof. The Corporation will use the Fair Market Value

of the Common Stock on the Vesting Date in order to determine the number of

shares to be withheld. If the Director wishes to remit cash to the Corporation

(through payment deductions or otherwise), in each case in an amount sufficient

in the opinion of the Corporation to satisfy such withholding obligation, the

Director must notify the Corporation in advance and do so in compliance with

all applicable laws and pursuant to such rules as the Corporation may establish

from time to time, including, but not limited to, the Corporation's Insider

Trading Policy.

(b) *Section 83(b) Election.*

The Director acknowledges that if he or she is subject

to taxation under the United States Internal Revenue Code of 1986, as amended

(the "Code"), under Section 83(b) of the Code, the difference between the Grant

Price and its fair market value at the time any forfeiture restrictions applicable

to such Restricted Stock lapse is reportable as ordinary income at that time. For

this purpose, the term "forfeiture restrictions" includes the forfeiture

provisions, and restrictions described in Section 2 of this Agreement.

Notwithstanding the foregoing, the Director understands that he or she may

elect to be taxed at the time the Restricted Stock is acquired hereunder, rather

than when and as such Restricted Stock ceases to be subject to such forfeiture

restrictions, by filing an election under Section 83(b) of the Code with the

Internal Revenue Service within thirty (30) days after the Grant Date. If the

Grant Price equals the fair market value of the Restricted Stock on such date,

or if it is likely that the fair market value of the Restricted Stock at the time any

forfeiture restrictions lapse will exceed the Grant Price, the election may avoid

adverse tax consequences in the future. The Director understands that the

failure to make this filing within said thirty (30) day period will result in the

recognition of ordinary income by the Director (in the event the fair market

value of the Restricted Stock increases after the Grant Date) as the forfeiture

restrictions lapse. The Director acknowledges that it is his or her sole

responsibility, and not the Corporation's, to file a timely election under Section

83(b) of the Code. The Director further acknowledges that the election under

Section 83(b) of the Code is an election that must be made with respect to each

separate grant of Restricted Stock that is subject to this Agreement and that,

immediately after filing the election with the Internal Revenue Service, the

Director will deliver a copy of such election to the Corporation.

(c) *Section 409A.*

The Restricted Stock granted under this Agreement is intended

to be exempt from Section 409A of the Code, to the extent applicable, and this

Agreement is intended to, and shall be interpreted, administered and construed

consistent therewith. Notwithstanding anything to the contrary, the Director

shall not be considered to have ceased to be a director or to have terminated

service with the Corporation for purposes of this Agreement until the Director

has incurred a "separation from service" from the Corporation within the

meaning of Section 409A of the U.S. Code. In addition, for purposes of this

Agreement, each amount to be paid to the Director pursuant to this Agreement

shall be construed as a separate payment for purposes of Section 409A of the

U.S. Code.

7. #### Rights as a Shareholder.
Except for the restrictions set forth in this Agreement and the Plan

and unless otherwise determined by the Corporation, the Director shall be entitled to all of the

rights of a shareholder with respect to the shares of Restricted Stock awarded pursuant to this

Agreement including the right to vote such shares of Restricted Stock and to receive dividends

and other distributions (if any) payable with respect to such shares; provided, however, that cash

dividends paid on the Restricted Stock shall be reinvested in common stock of the Corporation

through the Popular, Inc. Dividend Reinvestment and Stock Purchase Plan.

8. #### Plan Governs.
This Agreement is subject to the terms and conditions of the Plan, which is

incorporated herein by reference and which the Director hereby acknowledges receiving a copy.

The Director agrees to be bound by all terms and provisions of the Plan and related

administrative rules and procedures, including, without limitation, terms and provisions and

administrative rules and procedures adopted and/or modified after the granting of the Award. If

any provisions hereof are inconsistent with those of the Plan, the provisions of the Plan shall

control.

9. #### Notices.
Any notices required to be given or delivered to the Director or the Corporation under

the terms of this Agreement or the Plan shall be given in writing and shall be deemed effectively

given upon receipt or, in the case of notices delivered by mail by the Corporation to the Director,

five (5) days after deposit in the United States mail, postage prepaid, addressed to the Director

at the last address the Director provided to the Corporation. Notice to the Corporation shall be

given in writing and shall be deemed effectively given upon receipt or, in the case of notices

delivered by mail to the Corporation by the Director, five (5) days after deposit in the United

States mail, postage prepaid, addressed to Chief Legal Officer, Popular, Inc. Board of Directors

(751), PO Box 362708, San Juan, Puerto Rico 00936-2708.

10. #### Governing Law.
This Agreement shall be governed by and construed in accordance with the

laws of the Commonwealth of Puerto Rico, without regard to principles of conflicts of laws.

11. #### Severability.
If any provision of this Agreement is held to be illegal or invalid for any reason,

the illegality or invalidity shall not affect the remaining provisions of the Agreement, but such

provision shall be fully severable and the Agreement shall be construed and enforced as if the

illegal or invalid provision had never been included in the Agreement.

12. #### Successors.
This Agreement shall be binding upon and inure to the benefit of any successors

or assigns of the Corporation. Subject to the restrictions on transfer set forth herein, this

Agreement and the Plan shall be binding upon the Director and the Director's heirs, legatees,

executors, administrators, legal representatives, and successors.

13. #### Amendment.
The Committee reserves the right at any time to amend the terms and conditions

set forth in this Agreement; provided that, notwithstanding the foregoing, no such amendment

shall materially adversely affect your rights and obligations under this Agreement without your

consent (or the consent of your estate, if such consent is obtained after your death), and provided,

further, that the Committee may not accelerate or postpone the payout of shares to occur at a

time other than the applicable time provided for in this Agreement. Any amendment of this

Agreement shall be in writing signed by an authorized member of the Committee or a person or

persons designated by the Committee.

14. #### Counterparts.
This Agreement may be executed in any number of counterparts, all of which

shall constitute one and the same instruments, and any party hereto may execute this Agreement

by signing and delivering one or more counterparts.

[Signature Page Follows]

#### IN WITNESS WHEREOF
, the parties hereto have entered into this Agreement as of [___].

#### POPULAR, INC.

#### DIRECTOR
By: __________________________

Name: José R. Coleman Tió

By: __________________________

Title: Executive Vice President,

Chief Legal Officer and

Corporate Secretary

Name: [INSERT DIRECTOR NAME]

#### POPULAR, INC.

#### RESTRICTED STOCK AWARD

#### ANNEX I

#### Recipient:

#### Grant Date:

#### Total Dollar Value of Award:
$

#### Common Stock Market Price as of closing on Grant Date
: $

#### Restricted Stock Awarded:

#### Vesting Date:

#### POPULAR, INC.

#### RESTRICTED STOCK UNIT AWARD AGREEMENT
This

(this "Agreement") is made and entered

into as of [____], by and between POPULAR, INC. (the "Corporation") and [INSERT DIRECTOR NAME] (the

"Director"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them

under the Plan (as defined herein).

#### WHEREAS,
the Corporation maintains the Popular, Inc. 2020 Omnibus Incentive Plan, as amended (the

"Plan");

in connection with the Director's service as a member of the Board of Directors of the

Corporation and certain of its wholly-owned subsidiaries, the Corporation desires to grant Restricted Stock Units

to the Director, subject to the terms and conditions of the Plan and this Agreement; and

#### NOW THEREFORE
, in consideration of the covenants and agreements contained herein and for other

good and valuable consideration, the parties agree as follows:

15. #### Award of Restricted Stock Units
. Subject to the terms and conditions of this Agreement and

the Plan, in consideration of Director's services as a member of the Board of Directors of the

Corporation and/or certain of its wholly-owned subsidiaries, the Corporation hereby grants to

the Director the number of Restricted Stock Units ("RSUs") set forth from time to time in Annex

I of this Agreement (the "Award "). Annex I will be delivered to the Director upon each Award

and will form part of this Agreement. Each RSU represents the unfunded and unsecured promise

of the Corporation to issue to the Director one share of Common Stock, par value $.01 per share,

of the Corporation on the Settlement Date (as set forth in Section 4 hereof). No fractional RSUs

shall be issued. Whenever the computation of the number of RSUs to be awarded results in a

fractional amount, such amount shall be rounded up to the next greater whole number of RSUs.

16. #### Vesting, Forfeiture and Transfer Restrictions.
The RSUs awarded under this Agreement shall

vest, become non-forfeitable and not subject to restrictions on the dates set forth in Annex I. The

RSUs may not be assigned, transferred, pledged or otherwise disposed of in any way other than

by the Last Will and Testament of the Director or the laws of descent and distribution, subject

to the bylaws of the Corporation. Any RSUs held by a beneficiary shall be subject to the

restrictions imposed on such RSUs by this Agreement and the Plan. Any such attempt at

assignment, transfer, pledge or other disposition shall be without effect. If the Director, the

Director's legal representative or other holder of the RSUs attempts to sell, exchange, transfer,

pledge or otherwise dispose of any RSU, all RSU will be immediately forfeited without any

further action by the Corporation. Unless otherwise determined by the Corporate Governance

and Nominating Committee (the "Committee") at or following the time of grant, the following

provisions shall apply in the event of the Director's termination of service as a director:

(e) *Due to Death.*

Notwithstanding the forgoing or anything in this Agreement or

any Election Form to the contrary, in the event of the Director's death, the

Vesting Date of any unvested Award shall accelerate and all Awards granted

under this Agreement shall be settled as soon as practicable but in no event

more than sixty (60) days following the date of the Director's death.

(f) *Due to a Change of Control.*

Notwithstanding the forgoing or anything in this

Agreement or any Election Form to the contrary, in the event of a Change of

Control, the Vesting Date of any unvested Award shall accelerate and all

Awards granted under this Agreement shall be settled as soon as practicable but

in no event more than sixty (60) days following the date of such Change of

Control.

(g) *Due to Cause.*

In the event the Director's services as director are terminated by

the Corporation or any Affiliate for Cause, any unvested Award under this

Agreement (including any associated Dividend Equivalents (as defined below))

will thereupon be forfeited at no cost to the Corporation or its Affiliate and the

Director will have no further rights thereunder.

(h) *Due to Resignation.*

In the event the Director terminates his or her service as a

director for any or no reason (other than due to death, Change of Control or

removal for cause) prior to the applicable Vesting Date, any unvested Award

under this Agreement (including any associated Dividend Equivalents (as

defined below)) will thereupon be forfeited at no cost to the Corporation or its

Affiliate and the Director will have no further rights thereunder.

17. #### Election to Defer Receipt of Shares.
The Director has elected to defer, to some future date as

provided in Section 4 of this Agreement and set forth in Annex I, the receipt of all the shares of

Common Stock underlying the Award granted pursuant to this Agreement (the "Shares"). In

order to defer the receipt of the Shares, the Director has completed and filed a Director

Compensation Election Form (the "Election Form") with the Plan administrator, which Election

Form is incorporated herein by reference.

18. #### Settlement Date and Issuance of Shares.
The Director has elected to receive the Shares in one

of the following manners (each a "Settlement Date") as set forth in Annex I hereto:

(a) *Lump-Sum.* 

The Director will receive the Shares on the 15

th

of August immediately following

the date the Director ceases to be a director of the Corporation, or

(b) *Annual Installments.*

The Director will receive the Shares in equal annual installments on each

th

of August of the 1

st

, 2

nd

, 3

rd

, 4

th

and 5

th

year after the Director ceases to be a director of the

Corporation.

On the Settlement Date selected by the Director, the Corporation shall issue to the Director the Shares as

provided in this section.

19. #### Rights as Stockholder.
The Director shall not have any rights (including voting rights) of a

shareholder of the Corporation with respect to the RSUs until the Shares have been issued to the

Director on the Settlement Date

20. #### Dividend Equivalents.
To the extent that cash dividends are declared and paid on the

Corporation's outstanding Common Stock after the Grant Date but before the Settlement Date

of the Award, the Director shall receive an additional number of RSUs that reflect reinvested

dividend equivalents. The dividend equivalents will be equal in value (based on the reported

dividend rate on the date dividends are paid) to the amount of dividends that would have been

paid on the Shares not yet delivered to the Director (the "Dividend Equivalents"). The Director

shall receive as of the date of the dividend payment a number of RSUs equal to the amount of

the cash dividend paid by the Corporation on a single share of Common Stock multiplied by the

number of RSUs awarded under this Agreement, divided by the Fair Market Value of the

Common Stock of the Corporation on the date of the dividend payment (the "Dividend

Equivalent RSUs"). The Dividend Equivalent RSUs will be delivered to the Director as soon as

practicable following the date of the dividend payment and will vest on the same vesting date

applicable to the RSUs to which they relate. The underlying shares of Common Stock of such

Dividend Equivalent RSUs will be issued to the Director on the Settlement Date in accordance

with Section 4 and Annex I of this Agreement, in the same manner as the Shares are issued.

Dividend Equivalent RSUs obtained by the Director will also be entitled to obtain Dividend

Equivalents in accordance with this Section 6, when cash dividends are declared and paid by the

Corporation. Shares of Common Stock underlying Dividend Equivalent RSUs shall also be

referred to herein as "Shares".

21. #### Tax Matters.
(a) *Tax Withholding.*

The Director shall be solely responsible for any applicable

taxes (including, without limitation, income and excise taxes) and penalties,

and any interest that accrues thereon, incurred in connection with the Award

and any Dividend Equivalent RSUs. The Corporation may withhold or cause

to be withheld from the Award and any Dividend Equivalent RSUs (or

Director's other compensation) any Federal, Puerto Rico, state or local taxes

required by law to be withheld with respect to such Award or Dividend

Equivalent RSUs. By acceptance of this Agreement, Director agrees to such

deductions. If a tax withholding is required under applicable law, the

Corporation will withhold shares of Common Stock with a value equal to the

payment of the taxes that the Corporation determines it is required to withhold

under applicable tax laws with respect to the Award and any Dividend

Equivalent RSUs (with such withholding obligation determined based on any

applicable minimum statutory withholding rates), in connection with the

issuance of the Shares thereof. The Corporation will use the Fair Market Value

of the Common Stock on the Settlement Date in order to determine the number

of shares to be withheld. If the Director wishes to remit cash to the Corporation

(through payment deductions or otherwise), in each case in an amount sufficient

in the opinion of the Corporation to satisfy such withholding obligation, the

Director must notify the Corporation in advance and do so in compliance with

all applicable laws and pursuant to such rules as the Corporation may establish

from time to time, including, but not limited to, the Corporation's Insider

Trading Policy.

(b) *Section 409A.*

The intent of the parties is that the Award and any Dividend

Equivalent RSUs granted hereunder comply with Section 409A of the U.S.

Code to the extent subject thereto, and, accordingly, to the maximum extent

permitted, this Agreement, the Plan and the Election Form shall be interpreted

and be administered to be in compliance therewith. Notwithstanding anything

to the contrary, the Director shall not be considered to have ceased to be a

director or to have terminated service with the Corporation for purposes of this

Agreement until the Director has incurred a "separation from service" from the

Corporation within the meaning of Section 409A of the U.S. Code. In addition,

for purposes of this Agreement, each amount to be paid to the Director pursuant

to this Agreement shall be construed as a separate payment for purposes of

Section 409A of the U.S. Code.

22. #### Securities Law Compliance.
The delivery of all or any of the Shares under this Agreement

shall only be effective at such time as the issuance of such Shares will not violate any state or

federal securities or other laws. The Corporation is under no obligation to effect any registration

of Shares under the Securities Act of 1933 or to effect any state registration or qualification of

the Shares. The Corporation may, in its sole discretion, delay the delivery of the Shares or place

restrictive legends on such Shares in order to ensure that the issuance of any Shares will be in

compliance with federal or state securities laws and the rules of NASDAQ or any other exchange

upon which the Corporation's Common Stock is traded. If the Corporation delays the delivery

of the Shares in order to ensure compliance with any state or federal securities or other laws, the

Corporation shall deliver the Shares at the earliest date at which the Corporation reasonably

believes that such delivery will not cause such violation, or at such other date that may be

permitted under law.

23. #### Agreement not a Service Contract.
This Agreement is not an employment or service contract,

and nothing in this Agreement nor the Plan shall be deemed to confer on the Director any right

to be or continue in the service of, or to continue or establish any other relationship with, the

Corporation or its subsidiaries, as applicable, or limit in any way the right of the Corporation or

its subsidiaries or its shareholders to terminate its relationship with the Director at any time.

24. #### Plan Governs.
This Agreement is subject to the terms and conditions of the Plan, which is

incorporated herein by reference and which the Director hereby acknowledges receiving a copy.

The Director agrees to be bound by all terms and provisions of the Plan and related

administrative rules and procedures, including, without limitation, terms and provisions and

administrative rules and procedures adopted and/or modified after the granting of the Award. If

any provisions hereof are inconsistent with those of the Plan, the provisions of the Plan shall

control.

25. #### Notices.
Any notices required to be given or delivered to the Director or the Corporation under

the terms of this Agreement or the Plan shall be given in writing and shall be deemed effectively

given upon receipt or, in the case of notices delivered by mail by the Corporation to the Director,

five (5) days after deposit in the United States mail, postage prepaid, addressed to the Director

at the last address the Director provided to the Corporation. Notice to the Corporation shall be

given in writing and shall be deemed effectively given upon receipt or, in the case of notices

delivered by mail to the Corporation by the Director, five (5) days after deposit in the United

States mail, postage prepaid, addressed to Chief Legal Officer, Popular, Inc. Board of Directors

(751), PO Box 362708, San Juan, Puerto Rico 00936-2708.

26. #### Governing Law.
This Agreement shall be governed by and construed in accordance with the

laws of the Commonwealth of Puerto Rico, without regard to principles of conflicts of laws.

27. #### Severability.
If any provision of this Agreement is held to be illegal or invalid for any reason,

the illegality or invalidity shall not affect the remaining provisions of the Agreement, but such

provision shall be fully severable and the Agreement shall be construed and enforced as if the

illegal or invalid provision had never been included in the Agreement.

28. #### Successors.
This Agreement shall be binding upon and inure to the benefit of any successors

or assigns of the Corporation. Subject to the restrictions on transfer set forth herein, this

Agreement and the Plan shall be binding upon the Director and the Director's heirs, legatees,

executors, administrators, legal representatives, and successors.

29. #### Amendment.
The Committee reserves the right at any time to amend the terms and conditions

set forth in this Agreement; provided that, notwithstanding the foregoing, no such amendment

shall materially adversely affect your rights and obligations under this Agreement without your

consent (or the consent of your estate, if such consent is obtained after your death), and provided,

further, that the Committee may not accelerate or postpone the payout of shares to occur at a

time other than the applicable time provided for in this Agreement. Any amendment of this

Agreement shall be in writing signed by an authorized member of the Committee or a person or

persons designated by the Committee.

30. #### Counterparts.
This Agreement may be executed in any number of counterparts, all of which

shall constitute one and the same instruments, and any party hereto may execute this Agreement

by signing and delivering one or more counterparts.

[Signature Page Follows]

#### IN WITNESS WHEREOF
, the parties hereto have entered into this Agreement as of [___].

#### POPULAR, INC.

#### DIRECTOR
By: __________________________

Name: José R. Coleman Tió

By: __________________________

Title: Executive Vice President,

Chief Legal Officer and

Corporate Secretary

Name: [INSERT DIRECTOR NAME]

#### POPULAR, INC.

#### RESTRICTED STOCK UNIT AWARD

#### ANNEX I

#### Recipient:

#### Grant Date:

#### Total Dollar Value of Award:
$

#### Common Stock Market Price as of closing on Grant Date
: $

#### Restricted Stock Units Awarded:

#### Vesting Date:

#### Settlement Date selected by the Director on the Director Compensation Election Form:
__________ Lump-Sum – the 15

th

of August immediately following the date the Director ceases to be a director of

the Corporation.

__________ Annual Installments – each 15

th

of August of the 1

st

, 2

nd

, 3

rd

, 4

th

and 5

th

year after the Director ceases to

be a director of the Corporation.

## Exhibit 10.2

![d82325dex102p1i0](g82325d82325dex102p1i0.jpg)

#### EQUITY AWARD AGREEMENT
This AWARD AGREEMENT ("Agreement") is made and entered into by and between Ignacio Alvarez

("Executive") and Popular, Inc. (the "Corporation") as of June 26, 2025.

#### WHEREAS
, Executive is currently employed by the Corporation as Chief Executive Officer;

#### WHEREAS,
Executive has decided to voluntarily retire from the Corporation effective June 30, 2025;

and

in connection with the Corporation's and Executive's performance during the first six

months of 2025, the Corporation, through the Talent and Compensation Committee of the Board of Directors of

the Corporation (the "Committee"), has decided to grant Executive the equity award set forth in this Agreement;

and

#### NOW THEREFORE,
in consideration of the promises, and the agreements of the parties set forth in this

Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, the parties hereby agree as follows:

1. Equity Award. Subject to the terms and conditions set forth herein and the continuous

employment of Executive with the Corporation until June 30, 2025 (the "Retirement Date"), the

Committee hereby grants Executive an equity award consisting of the number of shares of

Restricted Stock set forth in Annex 1 hereto (the "Award"). The Award is made under the

Popular, Inc. 2020 Omnibus Incentive Plan, as amended (the "Plan"), and, except as otherwise

provided herein, shall be subject to the terms of the Plan. Capitalized terms used but not

otherwise defined in this Agreement have the meanings given in the Plan.

2. Equity Award Vesting and Payout. Subject to this Section 2 and Section 6 of this Agreement:

(a) Restricted Stock Vesting . The Award shall become vested on the one-year

anniversary of the Retirement Date, subject to the continuous employment of

Executive with the Corporation until the Retirement Date (the "Vesting Date").

(b) Death. In the event of the Executive's death and provided that Executive's

rights in respect of the Award have not been previously terminated, the Award

shall immediately vest and be paid to the representative of Executive's estate

promptly after Executive's death.

(c) Disability. If Executive becomes subject to Disability and provided that

Executive's rights in respect of the Award have not been previously terminated,

the Award shall immediately vest and shall be paid to Executive promptly after

Executive becomes subject to Disability.

(d) Payout. The shares vested in accordance with this Section 2, will be delivered

to Executive as soon as administratively practicable, generally within 45 days

following the date of vesting.

3. Termination of Award.

(a) Except as provided herein, Executive's rights in respect of the Award shall

immediately terminate, and no Award shall be paid in respect thereof, if at any

time prior to the Retirement Date Executive terminates his employment.

(b) If the Corporation terminates Executive's employment for Cause prior to the

Retirement Date, Executive's Awards shall be cancelled and the provisions

under the Plan will apply.

4. Non-transferability. The Award (or any rights and obligations hereunder) may not be sold,

exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in

any manner (including through the use of any cash-settled instrument), whether voluntarily or

involuntarily and whether by operation of law or otherwise, other than by will or by the laws of

descent and distribution.

5. Withholding, Consents and Legends.

(a) Executive shall be solely responsible for any applicable taxes (including,

without limitation, income and excise taxes) and penalties, and any interest that

accrues thereon, incurred in connection with the Award. The Corporation will

withhold shares of Common Stock for the payment of taxes in connection with

the vesting of the Restricted Stock or upon the occurrence of any other event

that, in accordance with applicable law, will generate a tax liability with regards

to the Award. The Corporation will withhold shares of Common Stock with a

value equal to the amount of taxes that the Corporation determines it is required

to withhold under applicable laws (with such withholding obligation

determined based on any applicable minimum statutory withholding rates). The

Corporation will use the Fair Market Value of the Common Stock on the

Vesting Date or such other date, as applicable, in order to determine the number

of shares to be withheld. If Executive wishes to remit cash to the Corporation

(through payroll deduction or otherwise), in each case in an amount sufficient

in the opinion of the Corporation to satisfy such withholding obligation,

Executive must notify the Corporation in advance and do so in compliance with

all applicable laws and pursuant to such rules as the Corporation may establish

from time to time, including, but not limited to, the Corporation's Insider

Trading Policy.

(b) Executive's right to receive shares pursuant to the Award is conditioned on

the receipt to the reasonable satisfaction of the Committee of any required

documentation that the Committee may reasonably determine to be necessary

or advisable.

6. Restrictive Covenants.

(a) In consideration of the terms of the Award, Executive agrees to the restrictive

covenants and associated remedies as set forth below, which exist

independently of and in addition to any obligation to which Executive is subject

under the terms of any other agreement with the Corporation or any of its

subsidiaries (Collectively, "Popular").

(b) For a period of one year immediately following the Retirement Date, Executive

will not do any of the following, either directly or indirectly or through

associates, agents, or employees:

(i) work or associate (including as a director, officer, employee,

partner, consultant, agent or advisor) with or otherwise

provide services to, or operate, manage or control in any

way, a Competitive Enterprise performing the same or

similar duties as those which were performed by Executive

in Popular during the 12-month period immediately

preceding the Retirement Date. "Competitive Enterprise"

means any business enterprise that either (1) engages in

commercial or consumer financial services, retail banking,

internet banking, or other financial, investment, financial

advisor, trust or insurance services to either commercial or

consumer customers in the Commonwealth of Puerto Rico

or the States of New York or Florida, or (2) holds a 5% or

greater equity, voting or profit participation interest in any

enterprise that engages in such a competitive activity within

the Commonwealth of Puerto Rico or the States of New

York or Florida;

(ii) solicit, recruit or assist in the solicitation or recruitment of

any employee or consultant of Popular (or who was an

employee or consultant of Popular within the prior six

months of the Retirement Date) for the purpose of

encouraging that employee or consultant to leave Popular's

employ or sever an agreement for services; or

(iii) solicit, participate in or assist in the solicitation of any of

Popular's customers serviced by Executive or with whom

Executive had a Material Contact and/or regarding whom

Executive received Confidential Information (as defined in

Popular's Code of Ethics) during the three-year period prior

to the Retirement Date who were still customers of Popular

during the immediately preceding 12-month period, for the

purpose of providing products or services in competition

with Popular's products or services. "Material Contact"

means interaction between the Executive and the customer

within the three years prior to the Retirement Date which

takes place to manage, service or further the business

relationship.

The term "Solicit", when used in this section, will mean any direct or indirect communication of any kind regardless

of who initiates it, that in any way invites, advises, encourages or requests any person to take any action; provided

that such term will not be deemed to include solicitation by public advertisement media of general distribution (i.e.,

not targeted to present employees, consultants or customers of Popular) without specific instruction or direction by

Executive.

If Executive breaches any of the terms of this restrictive covenant, all outstanding Restricted Stock awarded under

the Agreement held by Executive shall be immediately and irrevocably forfeited for no consideration. This

paragraph does not constitute the Corporation's exclusive remedy for violation of the restrictive covenant

obligations, and the Corporation may seek any additional legal or equitable remedy, including injunctive relief, for

any such violation.

7. Section 409A. Shares awarded under this Agreement are intended to be exempt from Section

409A of the U.S. Code, to the extent applicable, and this Agreement is intended to, and shall be

interpreted, administered and construed consistent therewith. The Committee shall have full

authority to give effect to the intent of this Section 7.

8. No Rights to Continued Employment. Nothing in this Agreement shall be construed as giving

you any right to continued employment by the Corporation or any of its affiliates or affect any

right that the Corporation or any of its affiliates may have to terminate or alter the terms and

conditions of your employment.

9. Successors and Assigns of the Corporation. The terms and conditions of this Agreement shall

be binding upon, and shall inure to the benefit of, the Corporation and its successor entities.

10. Committee Discretion. Subject to the terms of the Plan, the Committee shall have full discretion

with respect to any actions to be taken or determinations to be made in connection with this

Agreement, and its determinations shall be final, binding and conclusive .

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions

set forth in this Agreement; provided that, notwithstanding the foregoing, no such amendment

shall materially adversely affect Executive's rights and obligations under this Agreement

without Executive's consent (or the consent of Executive's estate, if such consent is obtained

after Executive's death), and provided, further, that the Committee may not postpone the payout

of shares to occur at any time after the applicable time provided for in this Agreement. Any

amendment of this Agreement shall be in writing signed by an authorized member of the

Committee or a person or persons designated by the Committee.

12. Adjustment; Other Plan Provisions. Subject to Section 11, the Committee shall adjust equitably

the terms of this Award in accordance with Section 5.3 of the Plan, if applicable. Subject to the

terms of this Agreement, the Restricted Stock shall be subject to the terms of the Plan, including,

but not limited to, the provisions of Section 8.4 related to dividends and voting rights. Cash

dividends paid on the Restricted Stock and on all of the Common Stock that may be

subsequently acquired with such cash dividends, will be invested in the purchase of additional

shares of Common Stock of the Corporation in accordance with the Popular, Inc. Dividend

Reinvestment and Stock Purchase Plan (the "DRIP"); such shares are not subject to the

restrictions and are immediately vested. The Restricted Stock shall be held in custody by the

Fiduciary Services Division of Banco Popular de Puerto Rico.

13. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in

accordance with the laws of the Commonwealth of Puerto Rico, without regard to principles of

conflicts of laws. Any civil action or legal proceeding arising out of or relating to the Agreement

will be brought exclusively in the courts of the Commonwealth of Puerto Rico.

14. Severability. Should a court or arbiter with competent jurisdiction determine that any clause in

this Agreement is illegal, invalid, or unenforceable under present or future law, such provision

will be fully severable, and the remaining provisions of the Agreement will remain in full force

and effect.

15. Incentive Recoupment. The Award shall be subject to the terms of the Popular, Inc.

Compensation Recoupment Policy in effect as of the Grant Date and as such policy may be

required to be modified in accordance with applicable law or regulation.

16. Headings. The headings in this Agreement are for the purpose of convenience only and are not

intended to define or limit the construction of the provisions hereo f.

17. Counterparts. The Agreement may be executed in one or more counterparts, each of which

will be deemed an original, but all of which taken together will constitute one and the same

instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the Corporation and Executive have caused this Agreement to be duly

executed and delivered as of June 26, 2025.

#### POPULAR, INC.

#### ACCEPTED:
By: Eduardo Negrón

By: Ignacio Alvarez

Title: Executive Vice President and Chief Executive

Officer

Title: Chief Executive Officer

/s/ Eduardo Negrón

/s/ Ignacio Alvarez

Signature

Signature

#### ANNEX 1

#### POPULAR, INC.

#### AWARD
Recipient: Ignacio Alvarez

#### Restricted Stock
Grant Date: June 26, 2025

Total Dollar Value of Award: $1,695,000

Common Stock Market Price as of closing on Grant Date: $110.12

Total Shares of Restricted Stock Awarded: 15,393 shares

Restricted Stock Vesting Date: June 30, 2026

## Exhibit 10.3

![d82325dex103p1i0](g82325d82325dex103p1i0.jpg)

#### Exhibit 10.3

#### FORM OF POPULAR, INC.

#### 2025 LONG-TERM EQUITY INCENTIVE AWARD

#### AND AGREEMENT

#### Recipient: Javier D. Ferrer
The Talent and Compensation Committee of the Board of Directors of Popular, Inc. (the

"Committee") awarded you on June 26, 2025 (the "Grant Date") a Long-Term Incentive Award (the

"Award") consisting of Restricted Stock ("Restricted Stock").

This award agreement (the "Award Agreement"), dated as of the Grant Date, sets forth the

terms and conditions of your Award. This Award is made under the Popular, Inc. 2020 Omnibus Incentive

Plan, as amended (the "Plan"), and, except as otherwise provided herein, is subject to the terms of the Plan.

Capitalized terms used but not otherwise defined in this Award Agreement have the meanings given in the

Plan.

1. Award. The number of shares of Restricted Stock and Performance Shares subject

to this Award is set forth in Annex 1 hereto. The Award will vest as set forth below.

2. Vesting; Payout.

Subject to Section 6 of this Agreement, you will be entitled to the following

:

(a) Restricted Stock Vesting. Except as otherwise stated in this Section 2, your Restricted Stock

shall vest in four substantially equal annual installments on each of the dates specified in Annex

1 (each of the dates described therein, a

*"Restricted Stock*

*Vesting Date*

").

(b) Approved Retirement. Upon an Approved Retirement after attaining (x) age 55 with 10 years of

service with Popular, Inc. or its subsidiaries (the "Corporation") or (y) age 60 with 5 years of service

with the Corporation, your outstanding Restricted Stock shall fully vest

(c) Vesting upon Retirement on or after age 50 before attaining age 55 and 10 years of service.

The Committee, at its discretion, may accord the same treatment accorded in Section 2(c) above

if you retire from your employment on or after age 50, and before attaining age 55 and 10 years

of service, provided the sum of your age and years of service is at least 75.

(d) Death. Provided that on the date of your death you are still employed by the Corporation and

your rights in respect of your Award have not been previously terminated, any then unvested

outstanding Award shall immediately vest and be paid to the representative of your estate

promptly after your death.

(e) Disability. If you become subject to Disability while you are still employed by the Corporation,

any then unvested outstanding Award shares shall vest and shall be paid to you promptly after

you become subject to Disability.

(f) Change of Control. If your employment is terminated by the Corporation or any successor

entity thereto without Cause, or if you terminate your employment for Good Reason, in each

case upon or within two years after a Change of Control, prior to a Vesting Date, and provided

your rights in respect of the shares of your unvested Award have not previously terminated, the

shares of your unvested Award shall immediately vest and be delivered to you promptly after

such termination of employment.

(g) Termination without Cause. If the Corporation terminates your employment without Cause

you will receive payment of the Award on a prorated basis based on the number of full months

in the vesting schedule in which you were an active employee (with a partial month worked

counted as a full month if you were an active employee for 15 days or more in the month) and

such reduced Award will vest immediately upon your termination of employment.

(h) Payout. The transfer restrictions on the applicable number of whole shares of Restricted Stock

shall lapse on each Vesting Date or such other vesting date as determined in Section 2 and in

the terms of the Plan. The vested shares will be delivered to you as soon as administratively

practicable, generally within 45 days following each Vesting Date.

3. Termination of Award .

(a) Except as provided herein, your rights in respect of your outstanding unvested

Award shares shall immediately terminate, and no shares shall be paid in respect thereof, if at any time

prior to the respective Vesting Date you terminate your employment.

(b) If the Corporation terminates your employment for

Cause, your Award shares shall be cancelled and the provisions under the Plan will apply.

4. Non-transferability. This Award (or any rights and obligations hereunder) may not

be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in

any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily

and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution.

5. Withholding, Consents and Legends.

(a) You shall be solely responsible for any applicable taxes (including, without

limitation, income and excise taxes) and penalties, and any interest that accrues thereon, incurred in

connection with your Award. The Corporation will withhold shares of Common Stock for the payment of

taxes in connection with the vesting of your Award or upon the occurrence of any other event that, in

accordance with applicable law, will generate a tax liability with regards to your Award. The Corporation

will withhold shares of Common Stock with a value equal to the amount of taxes that the Corporation

determines it is required to withhold under applicable laws (with such withholding obligation determined

based on any applicable minimum statutory withholding rates). The Corporation will use the Fair Market

Value of the Common Stock on the Vesting Date or such other date, as applicable, in order to determine

the number of shares to be withheld. If you wish to remit cash to the Corporation (through payroll deduction

or otherwise), in each case in an amount sufficient in the opinion of the Corporation to satisfy such

withholding obligation, you must notify the Corporation in advance and do so in compliance with all

applicable laws and pursuant to such rules as the Corporation may establish from time to time, including,

but not limited to, the Corporation's Insider Trading Policy.

(b) Your right to receive shares pursuant to the Award is conditioned on the receipt to

the reasonable satisfaction of the Committee of any required consent that the Committee may reasonably

determine to be necessary or advisable. By accepting delivery of the shares, you acknowledge that you are

subject to the Corporation's Insider Trading Policy.

6. Restrictive Covenants.

(a) In consideration of the terms of the Award, you agree to the restrictive covenants

and associated remedies as set forth below, which exist independently of and in addition to any obligation

to which you are subject under the terms of any other agreement you may have with the Corporation or any

of its subsidiaries ("

*Popular*

").

(b) For a period of one year immediately following termination of your employment

with Popular for any reason, you will not do any of the following, either directly or indirectly or through

associates, agents, or employees:

(i) solicit, recruit or assist in the solicitation or recruitment of any employee or

consultant of Popular (or who was an employee or consultant of Popular within the prior six

months) for the purpose of encouraging that employee or consultant to leave Popular's employ or

sever an agreement for services; or

(ii) solicit, participate in or assist in the solicitation of any of Popular's customers

serviced by you or with whom you had Material Contact and/or regarding whom you received

Confidential Information (as defined in Popular's Code of Ethics) during the three-year period prior

to your employment termination who were still customers of Popular during the immediately

preceding 12-month period, for the purpose of providing products or services in competition with

Popular's products or services. "Material Contact" means interaction between you and the customer

within the three-year prior to your last day as a team member which takes place to manage, service

or further the business relationship.

The term "Solicit", when used in this section, will mean any direct or indirect communication of any kind

regardless of who initiates it, that in any way invites, advises, encourages or requests any person to take

any action; provided that such term will not be deemed to include solicitation by public advertisement

media of general distribution (i.e., not targeted to present employees, consultants or customers of Popular)

without specific instruction or direction by you.

If you breach any of the terms of this restrictive covenant, all outstanding Restricted Stock awarded

hereunder, whether vested or unvested, held by you shall be immediately and irrevocably forfeited for no

consideration. For any Restricted Stock awarded hereunder that vested within one (1) year prior to the

termination of your employment with Popular or at any time between your termination of employment and

the date of said breach, you shall be required to repay or otherwise reimburse Popular an amount having a

value equal to the aggregate fair market value (determined as of the date of vesting) of such vested shares.

This paragraph does not constitute Popular's exclusive remedy for violation of your restrictive covenant

obligations, and Popular may seek any additional legal or equitable remedy, including injunctive relief, for

any such violation.

7. Section 409A. Shares awarded under this Award Agreement are intended to be

exempt from Section 409A of the U.S. Code, to the extent applicable, and this Award Agreement is intended

to, and shall be interpreted, administered and construed consistent therewith. The Committee shall have

full authority to give effect to the intent of this Section 7.

8. No Rights to Continued Employment. Nothing in this Award Agreement shall be

construed as giving you any right to continued employment by the Corporation or any of its affiliates or

affect any right that the Corporation or any of its affiliates may have to terminate or alter the terms and

conditions of your employment.

9. Successors and Assigns of the Corporation. The terms and conditions of this

Award Agreement shall be binding upon, and shall inure to the benefit of, the Corporation and its successor

entities.

10. Committee Discretion. Subject to the terms of the Plan, the Committee shall have

full discretion with respect to any actions to be taken or determinations to be made in connection with this

Award Agreement, and its determinations shall be final, binding and conclusive.

11. Amendment. The Committee reserves the right at any time to amend the terms

and conditions set forth in this Award Agreement; provided that, notwithstanding the foregoing, no such

amendment shall materially adversely affect your rights and obligations under this Award Agreement

without your consent (or the consent of your estate, if such consent is obtained after your death), and

provided, further, that the Committee may not postpone the payout of shares to occur at any time after the

applicable time provided for in this Award Agreement. Any amendment of this Award Agreement shall be

in writing signed by an authorized member of the Committee or a person or persons designated by the

Committee.

12. Adjustment; Other Plan Provisions. Subject to Section 11, the Committee shall

adjust equitably the terms of this Award in accordance with Section 5.3 of the Plan, if applicable. Subject

to the terms of this Award Agreement, the Restricted Stock shall be subject to the terms of the Plan,

including, but not limited to, the provisions of Section 8.4 related to dividends and voting rights. Cash

dividends paid on the Restricted Stock and on all of the Common Stock that may be subsequently acquired

with such cash dividends, will be invested in the purchase of additional shares of Common Stock of the

Corporation in accordance with the Popular, Inc. Dividend Reinvestment and Stock Purchase Plan (the

"DRIP"); such shares are not subject to the restrictions and are immediately vested. The Restricted Stock

shall be held in custody by the Fiduciary Services Division of Banco Popular de Puerto Rico.

13. Governing Law. This award shall be governed by and construed in accordance

with the laws of Puerto Rico, without regard to principles of conflicts of laws.

14. Incentive Recoupment. This award shall be subject to the terms of the Popular, Inc.

Compensation Recoupment Policy in effect as of the Grant Date and as such guideline may be required to

be modified in accordance with applicable law or regulation.

15. Headings. The headings in this Award Agreement are for the purpose of

convenience only and are not intended to define or limit the construction of the provisions hereof.

IN WITNESS WHEREOF, POPULAR, INC. and the Recipient caused this Award Agreement to

be duly executed and delivered as of the Grant Date.

#### POPULAR, INC. ACCEPTED:
By: Eduardo J. Negrón By: Javier D. Ferrer

Title: Executive Vice President Title: President and

Chief Administration Officer Chief Operating Officer

/s/ Eduardo Negrón /s/ Javier D. Ferrer

_________________________ ___________________________

Signature Signature

#### ANNEX 1

#### POPULAR, INC.

#### 2025 LONG-TERM EQUITY INCENTIVE AWARD
Recipient: Javier D. Ferrer

#### Restricted Stock
Grant Date: June 26, 2025

Dollar Value of Restricted Stock Award: $1,022,000

Common Stock Market Price as of closing on Grant Date: $100.12

Total Shares of Restricted Stock Awarded: 9,281

Restricted Stock Vesting Dates:

2,321 Shares

2,321 Shares

2,321 Shares

2,321 Shares

February 23, 2026

February 23, 2027

February 23, 2028

February 23, 2029

## Exhibit 31.1

![d82325dex311p1i0](g82325d82325dex311p1i0.jpg)

#### CERTIFICATION

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

1. I have reviewed this report on Form 10-Q 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: August 11, 2025

By: /s/ Javier D. Ferrer

Javier D. Ferrer

President and Chief

Executive Officer

## Exhibit 31.2

![d82325dex312p1i0](g82325d82325dex312p1i0.jpg)

#### CERTIFICATION

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

1. I have reviewed this report on Form 10-Q 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: August 11, 2025

By: /s/ Jorge J. García

Jorge J. García

Chief Financial Officer

## Exhibit 32.1

![d82325dex321p1i0](g82325d82325dex321p1i0.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 Report on Form 10-Q for the quarter ended June 30, 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:August 11, 2025

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

![d936763dex322p1i0](g82325d936763dex322p1i0.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 Report on Form 10-Q for the quarter ended June 30, 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:August 11, 2025

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.