Company: UVSP
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000102212-25-000009
Chunk: 20

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 20
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 important factors in its annual reviews. To help quantify these measures, the Compensation Committee has enlisted the assistance of an independent compensation consultant.

The Compensation Committee engaged McLagan, a part of the Human Capital Solutions practice of Aon plc, to assist it in reviewing its executive and director compensation programs for 2024. McLagan is an independent compensation consulting firm that reports directly to the Compensation Committee. The analysis provided by McLagan for 2024 includes, but is not limited to, an assessment of the Univest executive and director compensation programs compared to its peers, development of total cash compensation opportunities (base salary and cash incentives) and a review of the Corporation's short- and long-term incentive arrangements (cash and equity). The analysis provides the Compensation Committee with a broad array of information from which to assess the effectiveness of our compensation programs and serves as a foundation for future compensation decisions. The Compensation Committee considered the independence of McLagan in light of SEC rules and

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NASDAQ listing standards. The Compensation Committee requested and received a report from McLagan addressing its independence, including the following factors: (i) other services provided to us by McLagan; (ii) fees paid by us as a percentage of Aon's total revenue; (iii) policies or procedures maintained by McLagan that are designed to prevent a conflict of interest; (iv) any business or personal relationships between the consultants and members of the Compensation Committee; (v) any Corporation stock owned by the consultants; and (vi) any business or personal relationships between our Named Executive Officers and the consultants. The Compensation Committee discussed other considerations and concluded that the work performed by McLagan did not raise any conflict of interest.

In determining compensation for our Named Executive Officers, the Compensation Committee uses market information from a peer group. The Compensation Committee engaged McLagan in mid-2023 to identify a peer group of comparable financial institutions and provide the market information for that peer group that the Compensation Committee would use in making decisions with respect to the compensation for our Named Executive Officers for 2024. The Corporation's 2024 peer group was developed based on a balanced assessment across a range of criteria, including total revenue, asset size, business model, and geographic location. The resulting 2024 peer group consisted of the following 21 financial institutions, which was unchanged from the peer group that was adopted in the prior year:

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