Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 9

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 9
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 revocation is sent to the Company at Peoples Financial Services Corp., 102 East Drinker Street,
Dunmore, Pennsylvania 18512, Attn.: Secretary, and received prior to the annual meeting. In addition, a shareholder may revoke a
proxy by timely executing and delivering, by Internet, telephone, or mail, another proxy dated as of a later date.

What constitutes a quorum at the annual meeting and how are votes counted?

We need a quorum of shareholders
to hold a valid annual meeting. A quorum will be present if shareholders entitled to cast at least a majority of the votes which all shareholders
are entitled to cast are represented by proxy or by participation in the virtual annual meeting. Abstentions and broker non-votes are
counted as present for the purpose of establishing a quorum.

How many votes are required for the election of directors?

Our articles of incorporation
provide for majority voting in uncontested elections of directors. Under our majority voting standard, each vote cast will be counted
either “for” or “against” the nominee’s election as a director. To be elected in an uncontested election,
a quorum must be present at the meeting and the number of votes cast by shareholders “for” a nominee’s election must
exceed the number of votes cast “against” the nominee’s election. In a contested election, defined as one in which the
number of director nominees exceeds the number of directors to be elected, the directors elected at such meeting shall be elected by a
plurality of the votes cast in such election of directors, provided that a quorum is present. A “plurality” means that the
candidates for election as directors receiving the highest number of votes, up to the number of directors to be elected, shall be elected.
Because the election of directors is based on votes cast, abstentions and broker non-votes have no effect on the outcome of the vote.
Shareholders are not entitled to cumulative voting in the election of directors.

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What happens if a director nominee fails to receive a majority of the votes cast for his or her election?

Pursuant to our corporate
governance policy, any incumbent director who is nominated for re-election but does not receive a majority of the votes cast for his or
her re-election, is required to tender his or her resignation to the nominating and corporate governance committee and the board for their
consideration. The nominating and corporate governance committee will consider