Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 48

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 48
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 success as measured by shareholder return.

401(k) Profit Sharing Plan. We maintain a profit sharing plan, the Peoples Security Bank 401(k) Profit Sharing Plan, under the provisions of Section 401(k) of
the Internal Revenue Code in an effort to provide employees with a means and an incentive to save for retirement and also to provide tax-deferred
compensation, not to exceed the amounts allowed under the Internal Revenue Code. All named executive officers are eligible to participate
in the Peoples Security Bank 401(k) Profit Sharing Plan on the same basis as other employees participating in the plan.

Pension Plan. The Company
also maintains the Employees’ Pension Plan, a legacy defined benefit pension plan assumed in connection with our merger with Penseco
in November 2013, which was amended in June 2008 to cease benefit accruals.

Health and Welfare Benefits.
Named executive officers participate in the Company’s other benefit plans on the same terms as other employees. These plans include
medical, dental, vision, disability, life insurance, health savings account and flex spending account benefits and are standard in the
industry.

Supplemental Employee Retirement Plans. Peoples maintains supplemental employee retirement plans, or “SERPs,” for certain executive officers, including
Messrs. Tulaney, Koplin, Kirtley and Anderson, the primary intent of which is retention. Under their respective SERPs, Messrs. Tulaney
Koplin, Kirtley and Anderson are eligible to receive certain retirement benefits that accrue based on their service to the Company and
are payable at retirement, or earlier under a qualifying termination of employment. See additional discussion below under the heading
“Pension Benefits.”

Deferred Compensation Plans.
We maintained the “Executive Deferred Compensation Plan” and “Deferred Compensation Plan No. 2” under which
we made certain contributions for Mr. Best. See additional discussion below under the heading “Nonqualified Deferred Compensation.”

Other Supplemental Retirement Benefits. We provided our former chief executive officer with certain retirement benefits under an Excess Benefit Plan which we assumed
in connection with our merger with Penseco in November 2013. This plan provided Mr. Best with additional benefits in excess
of those accrued under the 401(k) Profit Sharing Plan and ESOP due to the limit on compensation contained in Section 401(a)(17)
of the Internal Revenue Code. See additional discussion below under the heading “Nonqualified Deferred Compensation.”

Split Dollar and Other Life Insurance Agreements. We provided split-dollar and other life