Univest adopts split-dollar life insurance plan for top executives; death benefit equals 2x salary

UNIVEST FINANCIAL Corp

Plan adopted March 7, 2024; covers CEO Schweitzer, COO/President Keim, CFO Richardson, GC Santana, CCO McCormick.
Beneficiary receives death benefit of 2x base salary at death, paid from Bank-owned life insurance policies.
Bank owns policies, retains any remaining death proceeds; on non-death termination beneficiary rights revert to Bank.
Plan uses endorsement method; Bank pays premiums and imputes economic benefit to participants as taxable income.

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