Southside Bancshares enters split-dollar life insurance for CEO, director Bosworth to retire

SOUTHSIDE BANCSHARES INC

CEO Keith Donahoe receives $2.1M death benefit if employed at death, adjusted 5% annually.
Post-employment death benefit equals 1.5x final base salary, vested at age 65 or other triggers.
Director Michael J. Bosworth to retire at May 14, 2026 annual meeting per mandatory age policy.
Board size reduced from 14 to 13 members effective as of the 2026 annual meeting.
Split-dollar agreement includes annual gross-up bonus for CEO to cover taxes on imputed income.

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