Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 64

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 64
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) |     |               | – |     |              | 1,460,451 |

| (1) | Represents Company accrued contributions for the 2024 plan year under the Excess Benefit Plan, which contributions 
 are included in “All Other Compensation” in the Summary Compensation Table set forth above.                        |
| (2) | Represents Company matching contributions under the Executive Deferred Compensation Plan, which contributions      
 are included in “All Other Compensation” in the Summary Compensation Table set forth above.                        |
| (3) | Represents earnings on balances in the Executive Deferred Compensation Plan No 1.                                  |
| (4) | Represents Company contributions under the Deferred Compensation Plan No. 2, which contributions                   
 are included in “All Other Compensation” in the Summary Compensation Table set forth above.                        |
| (5) | Represents earnings on balances in the Deferred Compensation Plan No. 2.                                           |

Excess Benefit Plan.
The company contribution set forth in the table above represents our contribution pursuant to the Excess Benefit Plan maintained for Mr. Best.
The plan provided Mr. Best with benefits in an amount which is equivalent to the excess, if any, of the matching and ESOP contributions
he would have been entitled to receive under the 401(k) Plan and ESOP if those plans were administered without regard to the limitations
required by Section 401(a)(17) of the Internal Revenue Code and any regulations thereunder, over the amount he is entitled to receive
under those plans for the applicable plan year. The Excess Benefit Plan is intended to be an unfunded excess benefit plan.

The benefit described above
is to be computed as of the date of Mr. Best’s separation from service. The accrued benefit will become payable if Mr. Best
separates from service for any reason.

Mr. Best will be entitled
to receive, by virtue of his separation from service, a distribution in an aggregate amount equal to his accrued benefit. The actuarial
equivalent of his accrued benefit will be distributed in a single lump sum payment within five days following the date that is six months
after the date Mr. Best separated from service.

As of December 31, 2024,
Mr. Best’s accrued benefit under the Excess Benefit Plan was $222,948.

Executive Deferred Compensation Plan. The Executive Deferred Compensation Plan is an account-based deferred compensation arrangement that provided Mr. Best an
opportunity to defer base salary and annual bonus compensation and required the Company to make matching contributions to Mr. Best