Company: PFIS
Filing Date: 2025-02-04
Form Type: 8-K
Source: 0001104659-25-009129
Chunk: 3

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-02-04
Form: 8-K
Item: Item 5.02
Chunk 3
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 in control or without
“cause” or for “good reason” within one year after a change in control (as defined in the employment agreement),
Mr. Bone shall receive cash compensation equal to 2.99 years base salary at the highest rate in effect during the 12 month period immediately
preceding Mr. Bone’s last day of employment plus the average cash award paid to Mr. Bone over the last three years from the Executive
Incentive Plan. Payments shall be made to Mr. Bone in installments over 36 months, and Mr. Bone and his eligible dependents would remain
eligible for medical benefits under the terms of PSBT’s medical plan for up to 36 months.

The employment agreement also sets forth restrictive
covenants concerning confidentiality and nondisclosure, non-competition and non-interference with employees, customers and other business
relationships of PFIS and PSBT.

The foregoing summary and description of the employment
agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the employment agreement,
which is filed with this Current Report on Form 8-K as Exhibit 10.1, and incorporated herein by reference.