Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 72

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 72
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 for 24 months following termination, equal to the sum of 1/12th of the executive’s base salary at the time of
termination and 1/12th of average annual incentive and bonus payments. In addition, the Company will pay the applicable premium otherwise
payable for COBRA continuation coverage for the executive, his spouse and any dependents for a period of 24 months following termination.
If Mr. Tulaney was terminated without cause or resigned for good reason on December 31, 2024 following a change in control,
the cash severance payment due under his employment agreement (based solely on Mr. Tulaney’s then current base salary and average
annual incentive and bonus payments, without regard to future adjustments, incentives or bonuses) would have been $819,663. In addition,
Mr. Tulaney would have received payment of health insurance premiums valued at $53,826, accelerated vesting of $21,700 in restricted
stock and accelerated vesting of $68,684 in RSUs, and $114,600 per year, payable in monthly installments for twenty years, under his SERP.
For purposes of calculating accelerated vesting of RSUs upon a change of control, based on performance through December 31, 2024,
it is assumed that RSUs would be earned at target.

Neal D. Koplin –
In the event that Mr. Koplin is terminated within 24 months following a change of control (as defined in his employment agreement)
or resigns for good reason (as defined in his employment agreement), he will be entitled to the salary payments described above for a
period of three (3) years following termination (in lieu of one (1) year). Payment of severance under the Koplin Employment
Agreement is in each case contingent upon Mr. Koplin’s execution and delivery of a release agreement to the Company and the
Bank. If Mr. Koplin was terminated without cause or resigned for good reason on December 31, 2024 following a change in control,
the cash severance due to Mr. Koplin under his employment agreement would have been $887,400. In addition, Mr. Koplin would
have received accelerated vesting of $19,295 in restricted stock and accelerated vesting of $60,597 in RSUs, and $55,661 per year, payable
in monthly installments for fifteen years, under his SERP. For purposes of calculating accelerated vesting of RSUs upon a change of control,