Document:

cpsi_ex10x1x03x31x2021

Exhibit 10.1 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, this Sublease has been executed as of the date first written above. SUBLANDLORD: RED SQU£J*iri.LC By: Name.' RichafmCT;Sullivan, Jr Title: C.£t> SUBTENANT: COMPUTER PROGRAMS AND SYSTEMS, INC. By: Name: Title: Master Landlord's Consent Landlord hereby acknowledges its consent to this Sublease (including the terms and provisions in Sections 1 0 and 1 8) and represents that, to its knowledge, neither Master Landlord nor Sublandlord (as Lessee under the Master Lease) is in default under the Master Lease. Master Landlord's consent is given subject to the foregoing: Except as set forth in this Sublease, nothing in the Sublease shall be construed (a) to modify, waive, impair or affect any of the provisions, covenants, agreement, terms or conditions contained in the Master Lease, (b) to waive any breach of the Master Lease or any rights ofMaster Landlord or Sublandlord against the other for the non-performance of such party's obligations under the Master Lease, (c) to enlarge or increase the obligations of Master Landlord or Sublandlord or the rights of Master Landlord or Sublandlord under the Master Lease, or (d) as a consent by Master Landlord pursuant to any of the other provisions of the Master Lease (including, without limitation, to the performance of any work in and to the Subleased Premises). 1. 2. In the event of the termination by Master Landlord of the Master Lease prior to the scheduled expiration date of the Sublease pursuant to a default under the terms of the Master Lease, then, upon Subtenant's cure of the default that led to the termination, Master Landlord shall take over all of the right, title and interest of Sublandlord and Subtenant shall attorn to Master Landlord pursuant to the then executory provisions of the Sublease. Upon request by Master Landlord, {05802216.2} 9Document

Exhibit 10.3
SENIOR VP COMPENSATION PLAN
 2020

Position Title:    Senior Vice President – Troy Rosser
Territory:    United States and Canada

Base Salary $300,000 Per Year*

*$155,000 of the salary will be paid on a pro-rata basis over the year. The remaining
$145,000 of salary will be paid in varying amounts throughout the year based upon productivity and sales. That is, the first $145,000 earned under the commission structure below is guaranteed, will be treated as salary, and is included in the base salary of
$300,000.

Commission Structure:
Add-on Business Sales – Acute EHR, TruBridge
Add on business as defined by service line.
–EHR after 12th month from initial installation
–TruBridge commission and goal credit only applies to the first year of the initial term of the agreement.

Commission percentages: 0.5%

Subsequent years of initial term of contract outsourcing billing commission percentage: 0.4% (Subsequent years of initial term do not count toward goal)

Add-on Business Sales – AHT
Add on business as defined by service line. Commission percentages: 0.5%
New Business – Acute EHR, AHT, TruBridge
Bookings goal of $35,050,000 per year. Bookings profit per year is defined as the gross booking profit portion for EHR and bookings amount for TB in the sales year regardless of when the client initially installs. The bookings bonus will be applied for a period of one year from the date of initial installation.
–EHR months 1-12 from initial installation
–TruBridge/Rycan commission and goal credit only applies to the first year of the initial term of the agreement.

Commission percentages: 1% to goal, 1.5% above goal

Subsequent years of initial term of contract outsourcing billing commission percentage: 0.8% (Subsequent years of initial term do not count toward goal)

Flat Fee Commissions

Medicaid Enrollment Services - 1 time fee of $100 once we have billed the client $7,000
– or roughly 12 unique patients.

Payment Default by Client
In the event of a payment default on the part of the client for billed software, hardware or services, all commissions paid on the defaulted items are payable to CPSI and will be deducted from future commissions. In the event partial payment has been received, the commission to be deducted will be prorated based upon the payment amount received.

Post Employment Commission Payment
Commissions will not be paid to any individual who is no longer an employee of the Sales Department of CPSI. This includes those who have resigned or whose employment has been terminated.

In the event of an untimely death while employed in good standing, commissions will be paid according to sales role under the following criteria to the estate/beneficiary(ies) as listed in the employee’s last will and testament.
1.Items on order and invoiced or subsequent year TB rollovers within three
months of the employee’s passing.
2.Initial year of TB new business contracts or Items invoiced within three months of the initial installation date for new sites that are under contract but not yet
installed at the time of the employee’s passing.

CPSI may, in its sole discretion and at any time, adjust, discontinue, the Plan outlined where, in the opinion of CPSI, business conditions are such that changes or termination of the Plan are necessitated. Such modifications or termination may be made at the sole discretion of CPSI.

Sr. Vice President:         

                                       Date:

1-27-20

Executive Officer:             Date:EX-10.1

 

 
  

 

 
  

 
Exhibit 10.1

FORM OF POPULAR, INC.

2021 LONG-TERM EQUITY INCENTIVE
AWARD 

AND
AGREEMENT 

Recipient: 

The Talent 
and Compensation
Committee 
of the 
Board of Directors 
of
Popular, 
Inc. (the

“
Committee

”) 
awarded 

you 
on 
February 
25, 

2021
(the

“Grant 

Date”
)
a 

Long-Term 
Incentive 
Award

consisting of Restricted 
Stock
(“
Restricted
Stock
”) and Performance 
Shares
(“
Performance
Shares
” and, in

conjunction with the Restricted Stock, the
“
Award”
).
 

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)

Performance Shares Vesting. 
Except as
otherwise 
stated in this 
Section 2, you 
shall

become vested in the Performance 
Shares on the
day 
of the first scheduled 
meeting of the Committee 
taking

place in the month of February 2024, subject to the achievement by Popular, Inc. of the Performance Goals

specified 
in 

Annex 
1 
during 
the 

Performance 
Cycle, 
as 

certified 
by 
the 
Committee 

in 
such 
meeting

(hereinafter
the
 
“Performance Shares
Vesting 
Date” 
and, together with the Restricted Stock
Vesting 
Date,

the
 

“Vesting 
Date”)
. 

The Performance Goals will be based on two performance metrics weighted equally: 
the Relative Total Shareholder Return (the
“
TSR
”)
 and the Absolute Return on Average Tangible 
Common 
Equity (the
“
ROATCE
”)
 goals. The Performance Cycle is a three (3) year period beginning on January 1 of 
the calendar year of the
Grant 
Date and ending on December 31 of 
the third year. 
Each Performance Goal

will have a 
defined
minimum 
threshold (i.e., 
minimum result 
for which
an 
incentive would 
be earned), 
target

(i.e., result at which 
100% of the
incentive 
would be earned) 
and maximum level 
of performance (i.e., result

at which 1.5 times the incentive target would be
earned).
(c)
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: 
(1) 

your 
outstanding 
Restricted 

Stock 
shall 
fully 
vest; 

and 
(2) 
your 

 
 

 
  

 
  

 

 

 

 

outstanding 
Performance 

Shares 
shall 
continue 

outstanding 
and 
vest 
in 

full 
on 
the 
Performance 

Shares 
Vesting 
Date in accordance with the actual
results 
of the Performance Goals during the Performance 
Cycle.

(d)
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. 

(e)
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. 
In the case of the Performance Shares, the
number of shares will 
be calculated 
as if the target number of Performance Shares had
in fact been earned.

(f)
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. 
In the 
case
of 
the Performance 
Shares, the 
number
of 
shares will 
be 
calculated
as if the target number of Performance Shares had in fact been earned.

(g)
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;

provided 

that
, 
as 

of 
the 
Change 
of 

Control 
date, 
any 
outstanding 

Performance 
Shares 
shall 
be 

deemed 
earned at the greater of the target level or actual performance level through the Change of Control date (or

if no target 
level is
specified, 
the maximum level) 
with respect to 
all open
performance 
periods and such

Performance 
Shares 
shall
be 
subject 
to 
time-based 

vesting 
through 
the 
end 

of 
the 
original 
Performance

Cycle 
for 

each 
such 
Award, 
subject 

to 
accelerated 
vesting 
in 

accordance 
with 
the 
first 

sentence 
of 
this

clause. 

(h)
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, 
calculated in the 
case of
Performance 
Shares as if 
the

target number of Performance Shares had in fact been earned, as provided in the
Plan. 

(i)
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 this Section

2 and in the terms of the Plan. The payout with respect to vested Performance Shares shall be made on the

Performance Shares Vesting Date, on which date the 
Committee shall determine
the 
total number of shares 
earned based upon
the 
actual performance results 
during the
Performance 
Cycle. 
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 
and Performance

Shares awarded hereunder, whether vested 
or unvested, held by you shall
be 
immediately and irrevocably 
forfeited
for 
no consideration. 
For any 
Restricted
Stock 
and Performance 
Shares 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.

Performance 
Shares 

will 
accrue 
Dividend 

Equivalents 
prior 
to 
the 

Performance 
Shares 
Vesting 
Date.

Accrued Dividend Equivalents with 
respect to the
Performance 
Shares will be invested 
in additional shares

of Common Stock 
of the Corporation
in 
accordance with the formula 
set forth in 
the
DRIP. 
All shares of

Common 
Stock 

acquired 
pursuant 
to 
the 

reinvestment 
of 
dividends 
will 

be 
subject 
to 
the 

terms 
and 
conditions of
Section 
2 and will 
be paid out 
on the
Performance 
Shares Vesting 
Date based on 
the actual

number of Performance Shares earned on that date.

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.

Incentive Recoupment Guideline 
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: 
[Insert Name of
Representative] 
By: [Insert Name of
Recipient]
Title: 
[Insert Title of
Representative] 
Title: [Insert Title of Recipient]

_________________________ 
___________________________

Signature 
Signature

 

 
 

 
  

 

 

 

 

ANNEX 1

POPULAR, INC.

2021 LONG-TERM EQUITY INCENTIVE AWARD

Recipient: 

Employee
Number: 

Grant Date: February 25, 2021

Total Dollar Value 
of
Award: 

Common Stock Market Price as of closing on Grant
Date: 

Restricted
Stock
Dollar Value 
of Restricted Stock
Award: 

Common Stock Market Price as of closing on Grant
Date: 

Total Shares of Restricted Stock
Awarded: 

Restricted Stock Vesting Dates:

 
Shares

 
Shares

 
Shares

 
Shares

February 23,
2022 

February 23, 2023

February 23, 2024

February 23, 2025 

 
 

 

 

 
  

 
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  

 
  

Performance Shares

Dollar Value 
of Performance Shares
Award: 

Common Stock Market Price as of closing on Grant
Date: 

Total Target 
Number of
Shares:
 

(50% Total Shareholder 
Return / 50%
ROATCE)
Relative Total Shareholder Return
(TSR)
1

 
– 

Opening Price
= 

Percentile Rank among

Comparator Group

Shares Earned

(% of Target)

75
th

 
Percentile or above

(maximum)

(1.5x target shares)

50th Percentile

(target)

(1x target
shares)
25
th

 
Percentile

(threshold)

(0.5x target
shares)
Below
25
th

 
Percentile 
0

Absolute 

Return 
on 
Average 
Tangible 

Common 
Equity

(ROATCE)
2

 
– 

ROATCE

Shares Earned

(% of Target)

3-year simple average ROATCE 2021-2023

12% or above

(maximum)
(1.5x
 target shares)
10%

(target)
(1x
 target shares)
7%

(threshold)
(0.5x
 target shares)
Lower than 7%

0

Results between threshold, target and maximum
performance 

will be interpolated to determine
vesting award

1

 
TSR will be calculated as [(Closing Price at 
end of period * (1 + number of
shares 
purchased assuming reinvestment of 
dividends))/Opening Price at

beginning of period] – 1

●
Closing
 Price and Opening Price are based 
on the preceding 60 trading days average 
daily close price to mitigate against
share 
price volatility of 
point-in-time metrics.

o
Opening
 price = average price 10/7/20-12/31/20

o
Closing
 price = average price 10/5/23-12/31/23

●
TSR
 calculations shall assume that dividends 
are reinvested on the ex-dividend date 
(i.e., the date a dividend asset is guaranteed).

Comparator Group -- SNL US Banks 
greater than $10 billion in assets
– Performance 
will be based on the composition of the group 
at the end of the 3-year

Performance Cycle.

If Popular’s absolute TSR is negative, payout 
will be limited
to a maximum of 100% 
of target.

2
3-year
 simple average ROATCE for 3 years (2021-2023). 
The Committee may adjust the goal or results 
to reflect a core profitability that
would 
not be 
unduly inflated or deflated by certain
transactions 
that do not reflect the underlying performance 
of Popular’s ongoing operations,
including, 
but not limited 
to, the impact of significant tax
reform, 
sales of non-earning assets, sales of branches 
or other businesses, certain business
acquisition 
costs and revenues, 
extraordinary events or charitable
contributions, 
severance costs and certain litigation 
and settlement costs, among others.

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