Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 73

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 73
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based on performance through December 31, 2024, it is assumed that RSUs would be earned at target.

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Timothy H. Kirtley
– Pursuant to the terms of his employment agreement, if we terminate Mr. Kirtley without cause or Mr. Kirtley terminates
for good reason within 24 months of a change in control, he will receive, in addition to previously accrued compensation and benefits,
monthly severance payments for 24 months following termination, equal to the sum of 1/12th of the executive’s base salary at the
time of termination and 1/12th of average annual incentive and bonus payments. In addition, the Company will pay the applicable premium
otherwise payable for COBRA continuation coverage for the executive, his spouse and any dependents for a period of 18 months following
termination. If Mr. Kirtley was terminated without cause or resigned for good reason on December 31, 2024 following a change
in control, the cash severance payment due under his employment agreement (based solely on Mr. Kirtley’s then current base
salary and average annual incentive and bonus payments, without regard to future adjustments, incentives or bonuses) would have been $646,579.
In addition, Mr. Kirtley would have received payment of health insurance premiums valued at $46,083, accelerated vesting of $16,889
in restricted stock and accelerated vesting of $52,306 in RSUs, and $37,022 per year, payable in monthly installments for ten years, under
his SERP. For purposes of calculating accelerated vesting of RSUs upon a change of control, based on performance through December 31,
2024, it is assumed that RSUs would be earned at target.

John R. Anderson III
– Pursuant to the terms of his severance agreement, if we terminate Mr. Anderson without cause or Mr. Anderson terminates
for good reason within 24 months of a change in control, he will receive, in addition to previously accrued compensation and benefits,
monthly severance payments for 24 months following termination, equal to the sum of 1/12th of the executive’s base salary at the
time of termination and 1/12th of average annual bonus payments paid in the 3 fiscal years ending before his date of termination. In addition,
the Company will pay the applicable premium otherwise payable for COBRA continuation coverage for the executive,