[Form 4] Popular, Inc. Popular Capital Tr II 6.125% Insider Trading Activity

Rhea-AI Filing Summary

Popular, Inc. (BPOP) – Insider Form 4 filing

Director Carlos Unanue reported a small acquisition of 158 restricted stock units (RSUs) on 1 July 2025. The RSUs represent dividend-equivalent credits and convert one-for-one into common stock. After the transaction, Unanue’s holdings stand at 58,151.97 directly held common shares, 75,731 shares held indirectly through his mother (beneficial ownership disclaimed) and 25,024 RSUs. No shares were sold or otherwise disposed of.

The incremental purchase increases his direct equity exposure by less than 0.3 %, suggesting limited market impact but demonstrating continued alignment with shareholder interests. The RSUs will be settled annually each 15 August over five years following the end of his board service.

Positive

• Director increased holdings by 158 RSUs, reinforcing long-term alignment with shareholders despite the modest size.

Negative

• None.

Insights

Financial Analyst

TL;DR – Very small insider buy; neutral to share price.

The 158 RSUs acquired via dividend equivalents add only a fraction to Unanue’s existing 58 k-share stake. Because the transaction is routine, non-cash and involves no open-market purchase, it carries minimal informational value regarding management’s outlook. Insider ownership remains high, which is generally positive for governance, but the event is not materially impactful for valuation or liquidity.

Corporate Governance Specialist

TL;DR – Routine dividend-equivalent credit; governance signal steady.

The RSU credit reflects the board’s deferred compensation structure rather than a discretionary purchase. Unanue’s sizable pre-existing stake (≈134 k shares & RSUs combined) already aligns incentives, and the additional 158 units do not change control dynamics. No red flags or dilution concerns arise; therefore the filing is governance-neutral.

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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hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
07/01/2025

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								58,151.97(1)	D
Common Stock Par Value $0.01 per share								75,731	I	By mother(2)

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)	07/01/2025		A(4)		158		(5)	(5)	Common Stock Par Value $0.01 per share	158	$0	25,024	D

Explanation of Responses:

1. Includes 262.496 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	07/03/2025
	** 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.
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FAQ

What did Popular (BPOP) Director Carlos Unanue report on Form 4?

He acquired 158 restricted stock units credited as dividend equivalents on 01-Jul-2025.

How many Popular shares does the director now own?

Unanue directly owns 58,151.97 common shares, indirectly 75,731 shares, plus 25,024 RSUs.

Were any Popular shares sold in this Form 4 filing?

No. No sales or disposals were reported.

What is the nature of the 158 RSUs acquired?

They are dividend-equivalent RSUs that convert 1-for-1 into common stock under the board’s compensation plan.

When will the RSUs be converted to common stock?

They are issued in equal annual installments each 15 August for five years after Unanue leaves the board.