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, which expired in April 2023.

The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2024:


(Dollars in thousands, except per share data)	Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value at March 31, 2024
Outstanding at December 31, 2023	269,914	$	26.14


Forfeited	(3,822)	28.36
Exercised	(7,788)	18.84
Outstanding at March 31, 2024	258,304	$	26.32	3.0	$	88
Exercisable at March 31, 2024	258,304	$	26.32	3.0	$	88

The Corporation did not grant any stock options during the three months ended March 31, 2024 or March 31, 2023.

The following is a summary of nonvested restricted stock units at March 31, 2024 including changes during the three months then ended:


(Dollars in thousands, except per share data)	Nonvested Stock Units	Weighted Average Grant Date Fair Value
Nonvested stock units at December 31, 2023	392,548	$	26.54
Granted	270,030	19.68
Added by performance factor	10,125	28.42
Vested	(145,598)	27.63
Forfeited	(7,240)	27.18
Nonvested stock units at March 31, 2024	519,865	$	22.70

Certain information regarding restricted stock units is summarized below for the periods indicated:


	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2024		2023
Restricted stock units granted	270,030		213,429
Weighted average grant date fair value	$	19.68	$	25.04
Intrinsic value of units granted	$	5,314	$	5,345
Restricted stock units vested	145,598		174,798
Weighted average grant date fair value	$	27.63	$	21.95
Intrinsic value of units vested	$	2,865	$	4,385

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at March 31, 2024 is presented below:


(Dollars in thousands)	Unrecognized Compensation Cost		Weighted-Average Period Remaining (Years)

Restricted stock units	$	9,567	2.3

The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:


	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Stock-based compensation expense:

Restricted stock units	$	1,025	$	1,110
Employee stock purchase plan	26		29
Total	$	1,051	$	1,139
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options	$	405	$	35