Company: UVSP
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000102212-25-000009
Chunk: 21

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 21
---
apack-Gladstone Financial Corp. |
| Community Trust Bancorp, Inc. |     | Peoples Bancorp, Inc.             |
| Financial Institutions, Inc.  |     | QCR Holdings, Inc.                |
| First Busey Corp.             |     | S&T Bancorp, Inc.                 |
| First Commonwealth Financial  |     | Sandy Spring Bancorp, Inc.        |
| First Mid Bancshares, Inc.    |     | Stock Yards Bancorp, Inc.         |
| German American Bancorp, Inc. |     | Tompkins Financial Corporation    |
| Lakeland Financial Corp.      |     | Washington Trust Bancorp, Inc.    |
| Midland States Bancorp, Inc.  |     | WSFS Financial Corp.              |
| NBT Bancorp, Inc.             |     |                                   |

### COMPENSATION COMMITTEE CONSIDERATION OF MANAGEMENT RECOMMENDATIONS
The Chief Executive Officer provides recommendations to the Compensation Committee on any adjustments to base salary for the Named Executive Officers, other than himself. Following this process, in December 2023, the Compensation Committee met and reviewed the performance of the named executive officers with the Chief Executive Officer, after which the Compensation Committee determined the adjustments for the other named executive officers' base salary for 2024.

The Compensation Committee also met in executive session without the Chief Executive Officer present and discussed his base salary, after which the Committee recommended, and the full Board (with the exception of the Chief Executive Officer) approved, his adjusted salary. The Chief Executive Officer did not participate in the discussions about his salary. Any adjustments were based on each individual's performance and level of responsibility, in addition to the market compensation data for peer group companies provided by McLagan.

In addition to making recommendations on individual base salary adjustments, the Chief Executive Officer makes recommendations to the Compensation Committee on compensation-related performance metrics and performance goals, and target annual incentive and long-term compensation levels for the other executive officers. While the Committee considers the Chief Executive Officer's recommendations, it makes all compensation decisions independently after also considering McLagan's recommendations.

#### BASE SALARY COMPENSATION FOR 2024
The Compensation Committee annually examines market compensation levels and trends observed in the labor market. For its purposes, the Compensation Committee has defined the labor market as the pool of executive officers who are currently employed in similar positions at the companies within our Peer Group similar to the Corporation in both size (primarily on the basis of total revenue) and scope of operation,