Company: PFIS
Filing Date: 2025-04-21
Form Type: S-3
Source: 0001104659-25-036894
Chunk: 14

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-21
Form: S-3
Chunk 14
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 set by Peoples’ board of directors;

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divide Peoples’ board of directors into three classes serving staggered three-year terms;

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require that shares with at least 75% or, in certain instances, a majority of total voting power approve the repeal or amendment of certain provisions of Peoples’ articles of incorporation;

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eliminate cumulative voting in the election of directors; and

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require advance notice of nominations for the election of directors and the presentation of shareholder proposals at meetings of shareholders.

The PBCL also contains certain provisions applicable to Peoples that may have the effect of deterring or discouraging an attempt to take control of Peoples. These provisions, among other things:

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require that, following any acquisition by any person or group of 20% of a public corporation’s voting power, the remaining shareholders have the right to receive payment for their shares, in cash, from such person or group in an amount equal to the “fair value” of the shares, including an increment representing a proportion of any value payable for control of the corporation (Subchapter 25E of the PBCL);

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prohibit for five years, subject to certain exceptions, a “business combination” (which includes a merger or consolidation of the corporation or a sale, lease or exchange of assets) with a person or group beneficially owning 20% or more of a public corporation’s voting power (Subchapter 25F of the PBCL);

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prevent a person or group acquiring different levels of voting power (20%, 33% and 50%) from voting any shares over the applicable threshold, unless “disinterested shareholders” approve such voting rights (Subchapter 25G of the PBCL);

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require any person or group that publicly announces that it may acquire control of a corporation, or that acquires or publicly discloses an intent to acquire 20% or more of the voting power of a corporation, to disgorge to the corporation any profits that it receives from sales of the corporation’s equity securities purchased over the prior 24 or subsequent 18 months (Subchapter 25H of the PBCL);

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expand the factors and groups (including shareholders) which a corporation’s board of directors can consider in determining whether an action is in the best interests of the corporation;

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provide that a corporation’s board of directors need not regard any corporate interest, or the interests of any particular group affected by such action as a dominant or controlling interest or factor;

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provide that a corporation’s directors, in order to satisfy the presumption that they have acted in the