Form 4: Popular, Inc. Director Receives Dividend Equivalents in Restricted Stock Units

Director Jose Ramon Rodriguez receives 81 restricted stock units of Popular, Inc. as dividend equivalents.

Summary

• Jose Ramon Rodriguez, a director of Popular, Inc., received 81 Restricted Stock Units (RSUs) as dividend equivalents on July 1, 2024.
• These RSUs are based on dividend equivalents accrued with respect to outstanding RSUs previously granted to Rodriguez.
• The RSUs will convert into common stock on a one-for-one basis and will be issued on the 15th of August following the date of termination of service as a director.
• Following the transaction, Rodriguez directly owns 11,374 shares.
• The price of the derivative security is $0.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a neutral to slightly positive sentiment as it aligns director interests with shareholders.

Positives

• The receipt of dividend equivalents in the form of RSUs aligns the director's interests with those of the shareholders.

Future Outlook

The RSUs will convert into common stock upon termination of service as a director.

Industry Context

This is a standard practice for compensating directors and aligning their interests with shareholders through equity-based compensation.

Comparison to Industry Standards

• Equity compensation, including RSUs and dividend equivalents, is a common practice among publicly traded companies to incentivize and retain board members.
• Companies like JPMorgan Chase & Co. and Bank of America also utilize similar equity-based compensation plans for their directors.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning the director's interests with theirs.

Key Dates