[Form 4] POPULAR, INC. Insider Trading Activity

Rhea-AI Filing Summary

Bertil Chappuis, a director of POPULAR, INC. (BPOP), received 24 restricted stock units (RSUs) on 10/01/2025. The filing states these RSUs were issued as dividend equivalents accrued on existing RSUs and convert into common stock on a one‑for‑one basis. After the reported transaction the reporting person beneficially owns 3,922 shares of common stock. The RSUs are subject to the same terms as the underlying awards and are converted and issued in equal annual installments on each August 15 of the first five years following the director’s termination of service. The Form 4 was signed by Marie Reyes‑Rodriguez, Attorney‑in‑fact on 10/03/2025.

Insights

Corporate Governance Expert

Small RSU issuance to a director; routine governance disclosure.

This Form 4 reports a 24‑RSU issuance to a director as dividend equivalents, a common practice that preserves the economic value of equity awards when cash dividends are paid to shareholders.

The filing discloses the director now beneficially owns 3,922 shares; the disclosure increases transparency about insider holdings but does not itself indicate a material change in control or policy.

Equity Compensation Specialist

RSUs convert 1:1 and vesting is deferred post‑termination over five annual installments.

The document explicitly states RSUs convert into common stock on a one‑for‑one basis and that converted shares are issued in equal annual installments each August 15 of the first five years after termination of service, clarifying the timing of future share issuance.

This schedule affects the timing of dilution and insider liquidity but contains no new accelerated vesting or change to award terms in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Chappuis Bertil E.

(Last) (First) (Middle)

P O BOX 362708

(Street)

SAN JUAN PR 00936-2708

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
POPULAR, INC. [ BPOP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	10/01/2025		A(2)		24		(3)	(3)	Common Stock Par Value $0.01 per share	24	$0	3,922	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. Reflects Restricted Stock Units ("RSUs") received by the reporting person as a result of dividend equivalents accrued with respect to outstanding RSUs granted to the reporting person. Dividend equivalents are accrued at the same rate and at the same time as dividends are paid to ordinary shareholders. Dividend equivalents on RSUs are subject to the same terms and conditions as the underlying RSUs.

3. Restricted stock units are converted into an equivalent number of shares of common stock and issued to the reporting person in equal annual installments on each 15th of August of the first five years following the date of termination of service as a director.

	Marie Reyes-Rodriguez, Attorney-in-fact	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 for POPULAR, INC. (BPOP) report?

The Form 4 reports that director Bertil Chappuis received 24 RSUs on 10/01/2025, increasing his beneficial holding to 3,922 shares.

Why were the 24 RSUs issued to the director?

The filing states the 24 RSUs were issued as dividend equivalents accrued with respect to the director’s outstanding RSUs.

How do the RSUs convert into common stock?

The RSUs convert on a one‑for‑one basis into shares of common stock, per the filing.

When will converted RSU shares be issued to the reporting person?

Converted RSU shares are issued in equal annual installments on each August 15 of the first five years following the director’s termination of service.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Marie Reyes‑Rodriguez, Attorney‑in‑fact on 10/03/2025.