Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 56

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 56
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 long-term incentive equity-based compensation plans. |

The Tulaney Employment Agreement
contains customary confidentiality and restrictive covenant provisions. For a period of 12 months following termination of employment
for any reason other than in connection with a change of control (in which case the applicable period is 24 months), Mr. Tulaney
has agreed that he will not: (1) solicit customers, potential customers or suppliers for or on behalf of a competing business (as
defined under the agreement); (2) recruit employees of the Bank or Company for a competing business; or (3) serve as a director,
officer, employee or investor, or otherwise engage, in a competing business.

Neal D. Koplin Employment Agreement

We are party to an employment
agreement dated August 27, 2014, with Neal D. Koplin, our Senior Executive Vice President and Chief Banking Officer (the “Koplin
Employment Agreement”) that automatically renews annually unless either party terminates the agreement earlier in accordance with
the provisions of the Koplin Employment Agreement.

In 2024, Mr. Koplin’s
annual base salary remained the same at $295,800. The Koplin Employment Agreement also provides that Mr. Koplin will be eligible
to:

| ● | receive an annual cash incentive payment targeted at 30 percent of his base salary, with the actual payment                        
 based on achievement of corporate and individual performance goals, as determined by the compensation committee from time to time; |

| ● | participate in his SERP arrangement; and |

| ● | participate in our long-term incentive equity-based compensation plans. |

The Koplin Employment Agreement
contains customary confidentiality and non-solicitation provisions. For a period of 12 months following termination of employment for
any reason other than in connection with a change of control (in which case the applicable period is 36 months), Mr. Koplin has agreed
that he will not solicit customers, potential customers or suppliers for or on behalf of a competing business (as defined under the agreement),
and will not recruit employees of the Bank or Company for a competing business.

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The Company also agreed to
provide Mr. Koplin with a monthly automobile allowance, currently satisfied by the Company’s providing Mr. Koplin use
of a Company-owned automobile, as well as reimbursement for a country club membership and reasonable business expenses.

Timothy H. Kirtley Employment Agreement

We are party to an employment
agreement dated September 30,