secwatch.observer — SEC 8-K summary
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Issuer:     UNIVEST FINANCIAL Corp (UVSP)
CIK:        0000102212
Form:       8-K
Filed at:   2024-03-11T23:59:59+00:00
Accession:  0000943374-24-000103
Event type: other
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/102212/000094337424000103/0000943374-24-000103-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/102212/000094337424000103/form8k_030724.htm
  HTML page:      https://secwatch.observer/filing/0000943374-24-000103

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer