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

Rhea-AI Filing Summary

Popular, Inc. (BPOP) Form 4 filing: Director Richard L. Carrion reported a small insider transaction dated 07/01/2025. The filing shows the automatic acquisition of 98 Restricted Stock Units (RSUs), credited as dividend equivalents on previously granted RSUs. These units convert into common stock on a one-for-one basis and will be delivered after Mr. Carrion’s board service ends. No open-market purchases or sales were reported.

Following the transaction, Mr. Carrion’s beneficial ownership stands at 218,020 common shares held directly, 74,467 shares held indirectly through Junior Investment Corp (representing a 22.014 % economic interest), and 15,241 RSUs held directly. Ownership form remains “D” (direct) for the RSUs and common shares, and “I” (indirect) for the Junior Investment holding.

The value of 98 RSUs is immaterial relative to Popular’s daily trading volume and Mr. Carrion’s existing stake, suggesting minimal market impact. Nevertheless, the filing signals continued alignment between the long-time director and shareholders through the accumulation of equity incentives linked to dividend payouts.

Insights

Securities Analyst

TL;DR: Minor insider RSU accrual; neutral impact on valuation.

Popular’s filing reflects a routine credit of 98 RSUs (≈US$6–7k) to Director Richard Carrion. The units stem from dividend equivalents on outstanding awards, not discretionary buying. Post-transaction ownership totals 307k+ shares/units, reinforcing long-standing alignment but offering no new signal on future performance. Given the fractional size relative to Popular’s ~75 m share float and the absence of sales, I view the filing as neutral. Impact on short-term price dynamics or governance considerations is negligible.

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^*

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)
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								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)	07/01/2025		A(3)		98		(4)	(4)	Common Stock Par Value $0.01 per share	98	$0	15,241	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-act	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).
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FAQ

How many Popular (BPOP) shares does Richard L. Carrion own after this filing?

He now reports 218,020 common shares directly, 74,467 shares indirectly, and 15,241 RSUs.

What was the size of the insider acquisition disclosed on 07/01/2025?

The director acquired 98 Restricted Stock Units credited as dividend equivalents; no open-market transaction occurred.

Does the Form 4 indicate any sale of Popular, Inc. shares?

No. The filing reports only an acquisition (code “A”) of RSUs and lists no dispositions.

When will the newly acquired RSUs convert to common stock?

They are scheduled to convert on 15 August following Mr. Carrion’s termination of board service.

Is this insider transaction considered material for investors?

At 98 RSUs, the transaction is immaterial relative to Popular’s share float and does not meaningfully affect valuation.