Univest Financial Corp. Announces Director Changes

TL;DR

Univest Financial Corp. swapped out a director and added a new one to key committees.

AI Summary

Univest Financial Corporation announced on March 7, 2024, the departure of Director Robert L. Boyer and the election of new Director Michael J. Keefe. The company also appointed Michael J. Keefe as a member of the Audit Committee and the Compensation Committee, effective immediately.

Why It Matters

Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing reports routine board changes and committee appointments, which typically carry low risk.

Key Players & Entities

• Univest Financial Corporation (company) — Registrant
• Robert L. Boyer (person) — Departing Director
• Michael J. Keefe (person) — Newly Elected Director and Committee Member

FAQ

Key Financial Figures

• $5 — ange on which registered Common Stock, $5 par value UVSP The NASDAQ Stock Mar

Filing Documents

• form8k_030724.htm (8-K) — 34KB
• ex10-1_8k030724.htm (EX-10.1) — 60KB
• 0000943374-24-000103.txt ( ) — 228KB
• uvsp-20240307.xsd (EX-101.SCH) — 4KB
• uvsp-20240307_lab.xml (EX-101.LAB) — 22KB
• uvsp-20240307_pre.xml (EX-101.PRE) — 16KB
• form8k_030724_htm.xml (XML) — 4KB

02

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 t

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Description 10.1 Univest Bank and Trust Co. Split Dollar Life Insurance Plan 104 Cover page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNIVEST FINANCIAL CORPORATION Dated: March 11, 2024 By: /s/ Brian J. Richardson Name: Brian J. Richardson Title: Senior Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR