Pursuant to the previously announced offering of $50.0 million aggregate principal amount of 7.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”) to be issued by Univest Financial Corporation (Company”), the Company and U.S. Bank Trust Company, National Association, as trustee entered into an Indenture dated as of November 15, 2022 (Base Indenture) and a First Supplemental Indenture dated as of November 15, 2022 to the Base Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), providing for the issuance of the Notes. The Notes initially shall bear interest at an initial rate of 7.25% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2023. The last interest payment date for the fixed rate period will be November 15, 2027.

From and including November 15, 2027 to, but excluding, November 15, 2032 or the date of earlier redemption, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), each as defined in and subject to the provisions of the Indenture, plus 309.8 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on February 15, 2028. Notwithstanding the foregoing, if the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero.