[Form 4] POPULAR, INC. Insider Trading Activity

Rhea-AI Filing Summary

Carlos Unanue, a director of POPULAR, INC. (BPOP), reported transactions on Form 4 showing both disposals and acquisitions of company stock. The filing records a disposal of 58,395.013 shares of common stock and an acquisition of 154 restricted stock units (RSUs) on 10/01/2025. The report shows the reporting person directly beneficially owns 25,178 shares following the RSU conversion schedule and discloses 75,731 shares claimed indirectly by the reporting person’s mother (the reporting person disclaims beneficial ownership of those indirect shares). The RSU entry reflects dividend equivalents reinvested and describes that RSUs convert one-for-one into common shares and vest in equal annual installments on each August 15 for five years after termination of service.

Positive

• 154 RSUs acquired as dividend equivalents, showing continued equity-based compensation alignment
• RSUs convert one-for-one into common stock and vest in equal annual installments on August 15 for five years, providing a clear vesting schedule

Negative

• 58,395.013 shares disposed on 10/01/2025, a sizable sale relative to the reporting person's direct holdings
• The report lists 75,731 shares as indirectly held by the reporting person’s mother, with a disclaimer of beneficial ownership that could complicate assessments of true insider ownership

Insights

Corporate Governance Expert

Director reported a large disposal and a small RSU grant tied to dividend equivalents.

The Form 4 discloses a disposal of 58,395.013 common shares and an acquisition of 154 RSUs on 10/01/2025. The RSUs arisen from dividend equivalents convert one-for-one into common stock and are subject to a defined post-termination installment schedule.

The filing also shows 75,731 shares listed as indirectly held by the reporting person’s mother, with an explicit disclaimer of beneficial ownership by the reporting person; this is important to clarify actual economic exposure. The transactions are routine compensation and ownership disclosures under Section 16, not a corporate action or policy change.

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

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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^*

UNANUE CARLOS

(Last) (First) (Middle)

PO BOX 601467

(Street)

BAYAMON PR PR 00960-6067

(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
Common Stock Par Value $0.01 per share								58,395.013(1)	D
Common Stock Par Value $0.01 per share								75,731	I(2)	By mother

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	(3)	10/01/2025		A(4)		154		(5)	(5)	Common Stock Par Value $0.01 per share	154	$0	25,178	D

Explanation of Responses:

1. Includes 243.043 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.

2. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

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

4. 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.

5. 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 transactions did Carlos Unanue report on Form 4 for BPOP?

The filing reports a disposal of 58,395.013 common shares and an acquisition of 154 RSUs, both dated 10/01/2025.

What is the nature of the 154 RSUs reported?

The 154 RSUs were received as dividend equivalents; they convert one-for-one into common stock and vest in equal annual installments on August 15 over five years after termination of service.

How many shares does the reporting person beneficially own after these transactions?

The report indicates the reporting person directly beneficially owns 25,178 shares following the reported transactions.

Are there any indirect holdings disclosed?

Yes, the filing shows 75,731 shares as indirectly held by the reporting person’s mother, and the reporting person disclaims beneficial ownership of those shares.

What is the reporting person’s relationship to POPULAR, INC.?

The filing identifies Carlos Unanue as a Director of POPULAR, INC.