Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 11

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 11
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 and broker non-votes will have the same effect as votes against this proposal. Because this
proposal is advisory in nature only, a vote for or against approval will not be binding on Peoples.

<div align='center'>5</div>

How many votes are required for the ratification of the appointment of Baker Tilly US, LLP?

As long as a quorum is present,
the affirmative vote of the holders, present by participation in the virtual meeting or by proxy, of shares entitled to cast at least
a majority of the votes which all shareholders are entitled to cast, is required to ratify the appointment of Baker Tilly US, LLP as our
independent registered public accounting firm for the fiscal year ending December 31, 2025. Abstentions and broker non-votes will
have the same effect as votes against this proposal.

How many votes are required for any other proposals that may properly come before the annual meeting?

Any other proposals that may
properly come before the annual meeting will be approved if the holders, present by proxy or by participation in the virtual meeting,
of shares entitled to cast at least a majority of the votes which all shareholders are entitled to cast are voted in favor of the action,
unless the question is one upon which a different vote is required by express provision of law or by our articles of incorporation or
our bylaws. Abstentions and broker non-votes will have the same effect as votes against any proposal that requires approval by a majority
of the votes which all shareholders are entitled to cast. Abstentions and broker non-votes are not considered votes cast, however, and,
as such, have no effect on the outcome of any proposals which would be approved based on votes cast. We are not aware of any such other
proposals that may properly come before the annual meeting at the present time.

<div align='center'>Proposal 1 – Election of Directors</div>

Our bylaws provide that the
number of directors constituting the entire board will be not less than five nor more than twenty-five, with the exact number to be fixed
from time to time by our board of directors. At the time of our 2024 annual meeting, the number of directors constituting the entire board
had been fixed at eight. On July 1, 2024, we completed our merger with FNCB Bancorp, Inc. (the “FNCB merger”) and
the number of directors constituting the entire board was increased to sixteen. Thereafter