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Exhibit 10.1

UNIVERSAL HEALTH SERVICES, INC.

SUPPLEMENTAL LIFE INSURANCE PLAN AND AGREEMENT

PART A: ALAN B. MILLER 1998 DUAL LIFE INSURANCE TRUST

 

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UNIVERSAL HEALTH SERVICES, INC.

SUPPLEMENTAL LIFE INSURANCE PLAN AND AGREEMENT PART A

THIS SUPPLEMENTAL LIFE INSURANCE PLAN AND AGREEMENT (the “ Plan ”), is made and entered into effective December 9 , 2010, by and between Universal Health Services, Inc., a Delaware corporation (the “Company”), and Anthony Pantaleoni (the “ Trustee ”), as Trustee of the Alan B. Miller 1998 Dual Life Insurance Trust (the “ Trust ”), which has been irrevocably designated by the insured executive, Alan B. Miller (the “ Executive ”) as the recipient of all benefits provided by the Company under the Plan on behalf of the Executive. The Plan is intended to constitute a “non-equity endorsement split dollar arrangement” under the Internal Revenue Code of 1986, as amended (the “ Code ”) and a “welfare benefit plan” under the Employee Retirement Income Security Act of 1974, as amended (“ ERISA ”), and shall be interpreted accordingly.

ARTICLE 1

Definitions

1.1 “Administrator” shall mean the Board or the person or persons appointed by the Board to administer the Plan pursuant to Article 7 of the Plan. In no event shall the Executive participate, directly or indirectly, as a member of the Board of Directors or as a stockholder of the Company in any actions by the Company related to this policy.

1.2 “Board” shall mean the Board of Directors (including any committee thereof) of the Company.

1.3 “Cumulative Premiums” shall mean the total cumulative premium payments made on the applicable Policy by the Company and the Trust.

1.4 “Economic Benefit” shall mean the value of the economic benefit of the life insurance coverage provided to the Trust on behalf of the Executive under this Plan for income tax purposes, determined based on Treasury regulations, rulings issued by the Internal Revenue Service and other applicable authorities.

1.5 “Insurance Company or Companies” shall refer individually and collectively to the life insurance carriers issuing the applicable Policy or Policies.

1.6 “Policy or Policies” shall refer individually and collectively to the life insurance policies insuring the joint lives of the Executive and the Executive’s spouse, as described in Exhibit A hereto, made subject to the Plan pursuant to Article 2 of the Plan.

1.7 “Spouse” shall mean the spouse of the Executive, Jill Miller.

 

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ARTICLE 2

Life Insurance Policies

2.1 Policies . To provide the insurance benefits under the Plan, the Company has acquired the Policies. The Company is the owner of the Policies and shall continue to hold all incidents of ownership therein. However, the Company shall take such action as may be necessary to endorse to the Trust a portion of the death benefit under each Policy in the amount provided under Article 3.

2.2 Premiums . The Trust shall pay that portion of the premiums on each Policy equal to the Economic Benefit for the applicable calendar year, and the Company shall pay the balance of the scheduled premium payments spec


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