Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 62

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 62
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       |     | Supplemental Executive Retirement Plan |     |         8 |     |        500,542 |     | –           |
| Timothy H. Kirtley   |     | Supplemental Executive Retirement Plan |     |         3 |     |         73,323 |     | –           |
| John R. Anderson III |     | Supplemental Executive Retirement Plan |     |         3 |     |        103,335 |     | –           |

| (1) | Represents the number of benefit years of service credited to the executive officer under the plan, computed                           
 as of the same pension plan measurement date used for financial statement reporting purposes with respect to the registrant’s audited  
 financial statements for the last completed fiscal year. The Penseco Employees’ Pension Plan was frozen as of June 2008, and           
 no additional years of services are being credited under such plan.                                                                    |
| (2) | Reflects the actuarial present value of the named executive officer’s accumulated benefit under                                        
 the plan(s), computed as of the same measurement date used for financial statement reporting purposes with respect to the registrant’s 
 audited financial statements for the last completed fiscal year.                                                                       |

The information in the foregoing
table for Messrs. Best and Anderson includes information related to the Penseco Employees’ Pension Plan, a qualified defined
benefit retirement plan. As of June 2008, no further benefits are being accrued in this plan. The plan provides for fixed benefits
payable for life upon retirement at the age of 65, based on length of service and compensation levels as defined in the plan. The information
in the table has been determined using interest rate and mortality rate assumptions consistent with those used in the preparation of the
Company’s financial statements. Messrs. Best and Anderson participate in the Employees’ Pension Plan on the same basis
as all other former Penseco employees who were participants as of June 2008, and receive only those benefits that are available to
all such other employees.

Under his SERP arrangement,
Mr. Tulaney is eligible to earn a benefit of $114,600 per year commencing upon his retirement at age 65 and continuing for twenty
years. Mr. Tulaney may receive lesser or equal benefits upon a qualifying termination of employment that occurs prior to Mr. Tulaney
reaching age 65.

Under his SERP arrangement,
Mr. Koplin is eligible to earn a benefit of $62,000 per year