Company: PFIS
Filing Date: 2025-06-06
Form Type: 8-K
Source: 0001104659-25-057415
Chunk: 1

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-06-06
Form: 8-K
Item: Item 1.01
Chunk 1
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 in connection with the issuance
and sale of the Subordinated Notes, the Company entered into Registration Rights Agreements (the “ Registration Rights Agreements”)
with the Subordinated Note Purchasers. Pursuant to the Registration Rights Agreements, the Company has agreed to take certain actions
to provide for the exchange of the Subordinated Notes for subordinated notes that are registered under the Securities Act and have substantially
the same terms as the Subordinated Notes (the “ Exchange Notes”). Under certain circumstances, if the Company fails to meet
its obligations under the Registration Rights Agreements, it would be required to pay additional interest to the holders of the Subordinated
Notes.

The Subordinated Notes were issued under an Indenture,
dated June 6, 2025 (the “ Indenture”), by and between the Company and U. S. Bank Trust Company, National Association, as
trustee. The Subordinated Notes are not subject to any sinking fund and are not convertible into or, other than with respect to the Exchange
Notes, exchangeable for any other securities or assets of the Company or any of its subsidiaries. The Subordinated Notes are not subject
to redemption at the option of the holders. The Subordinated Notes are unsecured, subordinated obligations of the Company only and are
not obligations of, and are not guaranteed by, any subsidiary of the Company. The Subordinated Notes rank junior in right to payment to
the Company’s current and future senior indebtedness. The Subordinated Notes are intended to qualify as Tier 2 capital for regulatory
capital purposes.

The form of Subordinated Note Purchase Agreement,
the form of Registration Rights Agreement, the Indenture, and the form of Subordinated Note are attached as Exhibits 10.1, 10.2, 4.1,
and 4.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. The foregoing descriptions of
the Subordinated Note Purchase Agreements, the Registration Rights Agreement, the Indenture, and the Subordinated Notes are not complete
and are qualified in their entirety by reference to the complete text of the relevant exhibits to this Current Report on Form 8-K.