Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 51

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 51
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 change in control or involuntary termination of employment for reasons other than
cause so that they are able to focus fully on their duties and on the merits of any potential change in control situation without undue
concern for the loss of their jobs. All of our named executive officers with employment agreements have provisions in their respective
agreements that provide for certain benefits in the event of an involuntary termination following a change in control transaction. These
provisions, along with certain benefits estimates, are described under the heading “Other Potential Post-Termination Benefits”
below and under the headings “Craig W. Best Employment Agreement,” “Thomas P. Tulaney Employment Agreement,” “Neal
D. Koplin Employment Agreement,” “Timothy H. Kirtley Employment Agreement” and “John R. Anderson III Severance
Agreement.”

Many of the plans that we
maintain and in which our named executive officers participate include provisions which accelerate vesting or payment of benefits upon
a change in control and are described under the heading “Other Potential Post-Termination Benefits” below.

Compensation Risk Assessment

Our executive compensation
program and policies are driven by our business environment and designed to enable us to achieve our mission and adhere to our values.
The compensation committee and senior management evaluate the relationship between risk and reward as it relates to our executive compensation
program. Our compensation committee has determined that the structure of our executive compensation programs does not put our shareholders
or the Company at any material risk.

Timing of Certain Awards

Historically, equity incentive
awards made by the Company have consisted of performance-vested RSUs and time-vested restricted stock. As such, the Company has not formulated
any policy or practices with respect to the timing of awards of options in relation to the disclosure of material nonpublic information
by the Company.

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Executive Compensation

During 2024, our principal
executive officer was our former chief executive officer, Craig W. Best, and our principal financial officer was our former chief financial
officer, John R. Anderson III. Mr. Best resigned effective December 31, 2024, and Gerard A. Champi became Chief Executive Officer
as of January 1, 2025. Effective March 31, 2025, Mr. Anderson was appointed to the position of Executive Vice President
and Chief Operating Officer and James M. Bone, Jr., CPA, was appointed to the position of Executive Vice President and Chief Financial
Officer.

For