On September 27, 2023, Jeffrey M. Schweitzer was elected Chairman of the Board of Directors ("Chairman") of Univest Financial Corporation (the "Corporation"), effective as of January 1, 2024. This role will replace Mr. Schweitzer's current role as Vice Chairman of the Board of Directors and will be in addition to his current roles as President and Chief Executive Officer ("CEO") of the Corporation. Mr. Schweitzer joined the Corporation in 2007 and initially served as Executive Vice President and Chief Financial Officer before being appointed as President and Chief Executive Officer of the Corporation on January 1, 2014.

He has more than 28 years of experience in the financial services industry. He was elected Chairman because of his extensive knowledge of the Corporation and its markets, his leadership qualities, including the ability to lead the organization through expansion, growth and digital change, his experience and expertise, and his understanding and ability to oversee the implementation of the Corporation's strategy. He serves as a member of the Enterprise-Wide Risk Management Committee, the CRA Committee, and the Trust Committee, and participates in other committees of the Board of Directors in an advisory manner.

The Chairman also develops the agendas of the Board in consultation with the Lead Independent Director and represents the Board of Directors in the community. The Board of Directors reviews its leadership structure annually. The Board of Directors determines whether the Chairman and CEO roles will be held by the same person based on its assessment of what is in the best interests of the Corporation and its stockholders at a given point in time and the leadership qualities, experience and expertise of the individual and of the other members of the Board of Directors.

The Board of Directors ultimately determined that a combined role was the best way to maintain continuity of strong leadership and to align the Corporation's operations and business with its strategic plan. Mr. Schweitzer's leadership, strategic vision and service as President and CEO of the Corporation through a period of strong performance and highly disciplined growth contributed to the decision by the Board of Directors that a combined Chairman and CEO role, with Mr. Schweitzer serving in such role, is in the best interests of the Corporation and its stockholders. The Board of Directors recognizes the need for strong independent perspectives.

Therefore, when the Chairman and CEO roles are combined, the Board of Directors requires that a Lead Independent Director be appointed by the independent directors. On September 27, 2023, Joseph Beebe was elected as Lead Independent Director of the Board of Directors ("Lead Independent Director") of the Corporation, effective as of January 1, 2024. The Lead Independent Director is an independent director designated by the Board of Directors to lead the Board of Directors in fulfilling its duties effectively, efficiently, and independently of management.

The Lead Independent Director collaborates with the Chairman and the independent directors, meets with the independent directors without management present, provides input on and reviews the meeting agendas, ensures delegated committee functions are carried out and, together with the Nominating and Governance Committee, evaluates the effectiveness of the Board of Directors and its committees, including oversight of the annual Board self-evaluation process.