Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 71

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 71
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 disability, respectively, and accelerated vesting of $34,854 in RSUs if terminated due to death.

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If Mr. Anderson’s
employment terminated December 31, 2024 due to his death or disability, under his SERP he would be entitled to receive, respectively,
$50,000 per year or $12,657 per year, in either case payable in monthly installments for ten years. If Mr. Anderson’s employment
terminated December 31, 2024 he would have received accelerated vesting of $17,094 or $47,597 in restricted stock, if terminated
due to death or disability, respectively, and accelerated vesting of $35,519 in RSUs if terminated due to death.

Payments Made Upon a Change in Control.In accordance with the terms of their employment, separation or severance agreements, as applicable,
our named executive officers are entitled to the following payments upon termination in connection with a change of control:

Craig W. Best–
As noted above, payments to Mr. Best are governed by his Separation Agreement. Upon his termination, he will receive previously accrued
compensation and benefits, 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 under the Separation Agreement was contingent upon Mr. Best’s execution
and delivery of a release agreement to the Company and the Bank.

Thomas P. Tulaney –
Pursuant to the terms of his employment agreement, if we terminate Mr. Tulaney without cause or Mr. Tulaney terminates for good
reason within 24 months of a change in control, he will receive, in