Popular (BPOP) Form 4: Carrion Disposes 218,020 Shares, Receives 94 RSUs

Rhea-AI Filing Summary

Richard L. Carrion, a director of Popular, Inc. (BPOP), reported a sale of 218,020 shares of common stock on 10/01/2025. After the reported disposition, the filing shows 74,467 shares held indirectly through Junior Investment Corporation, in which Mr. Carrion has an approximately 22.0140% interest. The filing also reports 94 restricted stock units (RSUs) credited as dividend equivalents and converted one-for-one into common stock; the filing states these RSUs will be issued on the 15th of August following termination of service as a director. The Form 4 was signed via attorney-in-fact on 10/03/2025.

Positive

• 94 RSUs received as dividend equivalents, convertible one-for-one into common stock
• Continued indirect ownership of 74,467 shares through Junior Investment Corporation (approx. 22.0140% interest)

Negative

• Reported disposition of 218,020 shares on 10/01/2025
• Direct beneficial ownership reported as 15,335 shares following RSU conversion (limited direct holdings)

Insights

Insider Transactions Specialist

Director sold a large block of shares while retaining indirect holdings via a related corporation.

The filing records a disposition of 218,020 common shares on 10/01/2025, which is an explicit, reportable change in beneficial ownership. This is a material-sized single transaction disclosed in the Form 4.

The specialist notes the reporting person still holds 74,467 shares indirectly through Junior Investment Corporation, with a disclosed 22.0140% economic interest, meaning some ownership alignment remains.

Compensation & Governance Analyst

Small number of RSUs were credited as dividend equivalents and remain subject to issuance timing rules.

The filing shows 94 RSUs granted as dividend equivalents that convert one-for-one to common stock; they are scheduled to be issued on the 15th of August following termination of director service. This clarifies the nature and timing of equity compensation recorded in the report.

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

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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^*

CARRION RICHARD L

(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
Common Stock Par Value $0.01 per share								218,020	D
Common Stock Par Value $0.01 per share								74,467	I(1)	Junior Investment

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	(2)	10/01/2025		A(3)		94		(4)	(4)	Common Stock Par Value $0.01 per share	94	$0	15,335	D

Explanation of Responses:

1. Represents Mr. Carrion's indirect ownership in the shares of Popular, Inc. owned by Junior Investment Corporation in which he has approximately 22.0140% interest.

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

3. 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.

4. Restricted stock units are converted into an equivalent number of shares of common stock and issued to the reporting person on the 15th of August 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).
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FAQ

What did BPOP director Richard L. Carrion report on Form 4?

The Form 4 reports a sale of 218,020 common shares on 10/01/2025, indirect ownership of 74,467 shares via Junior Investment Corporation, and receipt of 94 RSUs as dividend equivalents.

How much indirect ownership does Richard L. Carrion have in Popular, Inc. (BPOP)?

The filing discloses 74,467 shares held indirectly through Junior Investment Corporation, in which he has approximately a 22.0140% interest.

What are the terms for the RSUs reported on the Form 4?

The filing states the 94 RSUs convert one-for-one into common stock and are issued on the 15th of August following termination of director service.

When was the Form 4 signed and by whom?

The Form 4 was signed by attorney-in-fact Marie Reyes-Rodriguez on 10/03/2025.

Does the Form 4 show any derivative securities outstanding for Carrion?

Yes, the filing reports 94 RSUs (a derivative security converting to 94 common shares) with specific issuance timing tied to termination of service.