Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 35

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 35
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 will continue to make important contributions
to the Board; and who consent to stand for re-election and, if re-elected, to continue their service on the Board.

When applicable, the committee
will identify and evaluate non-incumbent director candidates as follows:

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Identification. For
purposes of identifying nominees for the board of directors, the nominating and corporate governance committee relies on personal contacts
of the committee and other members of the board of directors as well as its knowledge of members of the Company’s market area. The
nominating and corporate governance committee will also consider director candidates recommended by shareholders in accordance with the
policy and procedures set forth above. The nominating and corporate governance committee may use an independent search firm in identifying
nominees. It did not utilize any such services in connection with identifying the nominees for election at the 2025 Annual Meeting, all
of whom are incumbent directors.

Evaluation. In evaluating
potential nominees, the nominating and corporate governance committee determines whether the candidate is eligible and qualified for service
on the board of directors by evaluating the candidate under the selection criteria set forth below under the heading “Minimum Qualifications”.
In addition, the nominating and corporate governance committee may conduct a background check and may interview the candidate. Candidates
proposed by shareholders are considered under the same criteria, except that the committee may also consider the size and duration of
the equity interest of the recommending shareholder in the Company and the extent to which the recommending shareholder intends to continue
holding this interest.

Minimum Qualifications

Our bylaws include a mandatory
retirement policy applicable to our directors, subject to certain exceptions adopted in connection with the FNCB merger. Generally, any
director, upon reaching the mandatory retirement age of 73 years, will be permitted to serve as a director for the remainder of his or
her term, after which he or she shall no longer be eligible to serve as a director. Notwithstanding the general policy, each director
appointed to our board in connection with the FNCB merger who was age 73 or older at the time of the merger, and each incumbent director
at the effective time of the merger who will be age 73 or older at the expiration of his or her term in effect on September 27, 2023
will be eligible to stand for election to one additional three (3) year term, regardless of their age, in each case, unless 80 percent
of the entire board of directors