Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 67

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 67
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2024 and resigned as of December 31, 2024. Under the Separation Agreement, upon termination Mr. Best was entitled to receive
his accrued compensation and other benefits through his termination date, along with a severance payment equal to $1,190,073, and up to
$30,000 in outplacement assistance, if applicable. 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 up to 24 months following termination, or until
Mr. Best becomes eligible for other group health plan insurance if sooner. Based on Mr. Best’s termination as of December 31,
2024, in addition to the cash severance payment, outplacement and health insurance (valued at $53,826) due under his Separation Agreement,
Mr. Best would have received payment of accrued benefits of $222,948 under the Excess Benefit Plan, $1,050,423 under the Executive
Deferred Compensation Plan and $1,460,451 under Deferred Compensation Plan No. 2. Payment of severance benefits under the Separation
Agreement was contingent upon Mr. Best’s execution and delivery of a release agreement to the Company and the Bank.

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Thomas P. Tulaney –
Pursuant to the terms of his employment agreement, upon termination by the Company without cause (as defined in his employment agreement)
or voluntary termination by Mr. Tulaney with good reason (as defined in his employment agreement), he will receive his accrued compensation
and other benefits through his termination date, along with a severance payment equal to 12 months of payments based upon base salary
and 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 dependents for a period of 18 months following termination. If the Company terminated
Mr. Tulaney’s employment without cause or he resigned with good reason on December 31, 2024, 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 $409,831. In addition, Mr. Tulaney would
have received payment of health insurance premiums valued at $40,369 and, upon termination by the Company without cause