Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 65

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 65
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 Best’s deferrals, up to a maximum of six percent of Mr. Best’s salary
and annual bonus for a given year. The Company may also contribute a discretionary contribution to Mr. Best’s account under
the plan. Notional interest or earnings and losses, based on the investment returns under our 401(k) profit sharing plan, will also
be credited. Given Mr. Best’s separation from service, distributions from the Executive Deferred Compensation Plan will be
made in 2025.

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Deferred Compensation Plan No. 2. The Deferred Compensation Plan No. 2 is an account-based deferred compensation arrangement contemplated by the amendment
and restatement of Mr. Best’s employment agreement on January 3, 2011. Pursuant to the agreement, the Deferred Compensation
Plan No. 2 provided Mr. Best an opportunity to defer base salary and bonus compensation and required the Company to make contributions
to Mr. Best’s account in the amount of $61,375 on or around the time his employment agreement was amended and restated, followed
by credits of $60,000 each August 1 beginning in 2011 and ending in 2014. The plan was amended August 31, 2014 and, as amended,
required an annual contribution of $80,000 per year from 2015 through 2019 subject to Mr. Best’s continued employment. On January 30,
2020, a Second Amendment to the Amended and Restated Deferred Compensation Plan No. 2 was approved. The second amendment provided
for a contribution of $80,000 each August 1 from 2020 through 2024, each conditioned on Mr. Best’s continued employment
through the applicable date. Notional interest is credited to such deferred amounts. Given Mr. Best’s separation from service,
his account will begin to be distributed in 2025. The second amendment provides that with respect to the benefit attributable to contributions
accrued on August 1, 2020 and thereafter, subject to the other terms and conditions of the plan, such benefit will be paid in a lump
sum within forty-five (45) days following Mr. Best’s separation from service. With respect to the benefit attributable to contributions
accrued through August 1, 2019, such benefit will be paid in one hundred twenty (120) consecutive monthly installments.

Potential Post-Termination Benefits

Payments Made Upon Termination of Employment.The following chart summarizes the total