Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 66

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 66
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, and $2.1 million for the year ended December 31, 2022.    The Corporation sponsors a Supplemental Non-Qualified Pension Plan ("SNQPP"), which was established in 1981 prior to the existence of the 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants. All current participants are now retired. The Corporation recorded expense of $46 thousand and $174 thousand for the SNQPP for the years ended December 31, 2024 and 2022, respectively, and income of $15 thousand for the year ended December 31, 2023.

Note 14.     Stock-Based Incentive Plan

On April 26, 2023, the 2023 Equity Incentive Plan (the "Plan") was approved by shareholders. This Plan replaced the Amended and Restated Univest 2013 Long-Term Incentive Plan (the "2013 Plan"), which expired in April 2023. No new grants are permitted under the 2013 Plan. However, certain options and restricted stock units granted under the 2013 Plan remain outstanding.Under the Plan, the Corporation may grant up to 1,200,000 options and restricted stock awards and units to employees and non-employee directors, subject to adjustment, as described in the Plan. The Plan provides for the issuance of options to purchase common shares at prices not less than 100 percent of the fair market value on the date of option grant and have a contractual term of ten years. There were 930,666 shares available for future grants at December 31, 2024 under the Plan. At December 31, 2024, there were 127,782 options to purchase common stock and 501,679 nonvested restricted stock units outstanding under the Plan and the 2013 Plan.

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The following is a summary of the Corporation's stock option activity and related information for the year ended December 31, 2024:(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at December 31, 2024Outstanding at December 31, 2023269,914 $26.14 Forfeited(11,322)28.31 Exercised(130,810)24.40 Outstanding at December