Univest Financial : Management Change/Compensation - Form 8-K

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 7, 2024, Univest Bank and Trust Co. (the "Bank"), the wholly owned subsidiary of Univest Financial Corporation, adopted the Univest Bank and Trust Co. Split Dollar Life Insurance Plan (the "Plan") and entered into agreements with certain eligible employees of the Company and the Bank, including Jeffrey M. Schweitzer, Chairman, President and Chief Executive Officer, Michael S. Keim, Senior Executive Vice President and Chief Operating Officer of the Company and President of the Bank, Brian J. Richardson, Senior Executive Vice President and Chief Financial Officer, Megan D. Santana, Senior Executive Vice President, General Counsel and Chief Risk Officer and Patrick C. McCormick, Senior Executive Vice President and Chief Commercial Banking Officer (each an "Executive"). Under the Plan, each Executive's designated beneficiary or beneficiaries will be entitled to share in the death proceeds payable under life insurance policies owned by the Bank on the life of each Executive in the event of the Executive's death while employed (unless otherwise determined by the Bank) and the Plan is in effect. The death benefit for the Executives is two (2) times the Executive's salary at the time of death. The Bank is the sole beneficiary of any death proceeds remaining after the aforementioned death proceeds have been paid to the Executive's designated beneficiary or beneficiaries. Unless the Bank determines otherwise, the Executive's employment is terminated for any reason other than death, the Bank shall become the direct beneficiary of the entire underlying life insurance policy proceeds, and all beneficial rights vested in the Executive, and/or his beneficiary or beneficiaries, will terminate.

The foregoing description of the Plan does not purport to be complete and is qualified in its entirety by reference to the Plan attached hereto as Exhibit 10.1.