Company: UVSP
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000102212-25-000009
Chunk: 22

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 22
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 with special emphasis placed on salaries paid by companies in the banking industry. Market information is used as a frame of reference for annual salary adjustments and starting salaries.

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Base salaries are determined by considering the experience, performance, and responsibilities of the individual Named Executive Officer, and in alignment with our Compensation Philosophy, are competitive with the median (50th percentile) of our peer group. Base salaries are generally adjusted annually and are in effect for the period January 1 through December 31.

Below outlines the increases in base salary compensation for 2024 approved by the Compensation Committee (and by the Board of Directors for CEO Jeffrey M. Schweitzer):

| Executive               |     | 2024 ($) |     | 2023 ($) |     | Base Salary Increase |
| Jeffrey M. Schweitzer   |     |  806,000 |     |  806,000 |     | —%                   |
| Brian J. Richardson     |     |  443,000 |     |  430,000 |     | 3.0%                 |
| Michael S. Keim         |     |  533,000 |     |  520,000 |     | 2.5%                 |
| Megan D. Santana        |     |  375,000 |     |  365,000 |     | 2.7%                 |
| Patrick C. McCormick(1) |     |  400,000 |     |  400,000 |     | —%                   |

(1) Mr. McCormick was promoted to Chief Commercial Banking Officer effective December 1, 2023 and his base salary was increased from $347,500 to $400,000 at that time.

### ANNUAL INCENTIVES
The Corporation maintains a non-equity annual incentive plan to encourage the Named Executive Officers to achieve annual financial objectives and to reward them upon such achievement. The weighted financial measures and related targets for the plan are set in the preceding fiscal year by the Compensation Committee. The annual incentive program for Messrs. Schweitzer, Richardson, Keim and McCormick and Ms. Santana consists of cash bonuses based 80% on meeting annual Corporation performance goals (adjusted pre-tax pre-provision income ("adjusted PTPP"), adjusted PTPP return on average equity, adjusted efficiency ratio, non-performing assets to total assets and net charge-offs/average loans and leases) and 20% on individual performance to reinforce the critical focus