Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 69

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 69
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 at $46,083. Payment of severance under the Kirtley Employment Agreement
is contingent upon Mr. Kirtley’s execution and delivery of a release agreement to the Company and the Bank. In addition, upon
termination by the Company without cause, Mr. Kirtley would have received $9,087 per year, payable in monthly installments for ten
years, under his SERP.

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John R. Anderson III
– Pursuant to the terms of his severance agreement, upon termination by the Company without cause (as defined in his severance agreement)
or voluntary termination by Mr. Anderson with good reason (as defined in his severance agreement), Mr. Anderson will be entitled
to receive, for a period of 12 months following such termination, monthly payments equal to the sum of 1/12th of Mr. Anderson’s
base salary at the time of termination plus 1/12th of the average annual bonus paid to Mr. Anderson in the 3 fiscal years ending
before his date of termination, monthly COBRA continuation premium payments for up to 12 months and up to $20,000 for executive outplacement
assistance. If the Company terminated Mr. Anderson’s employment without cause or he resigned with good reason on December 31,
2024, the cash severance payment due under his severance agreement (based solely on Mr. Anderson’s then current base salary
and average annual incentive and bonus payments, without regard to future adjustments, incentives or bonuses) would have been $325,725,
the COBRA premiums valued at $30,722 and outplacement benefits of up to $20,000. In lieu of the foregoing benefits, if Mr. Anderson
is terminated without cause or resigns for good reason within 24 months of the closing date of the FNCB merger, Mr. Anderson will
be entitled to receive, for a period of 24 months following such termination, monthly payments equal to the sum of 1/12th of Mr. Anderson’s
base salary at the time of termination plus 1/12th of the average annual bonus paid to Mr. Anderson in the 3 fiscal years ending
before his date of termination, COBRA continuation premium payments for up to 18 months and up to $20,000 for executive outplacement assistance.
In addition, upon termination by the Company without cause, Mr. Anderson would have received $12,657 per year, payable in monthly