Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 80

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 80
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. Any transaction that involves the purchase from, sale
to, or joint ownership with, a related person, of an interest in real or personal property must receive any required approvals of regulatory
authorities confirming that the terms of such transactions are fair to, and in the best interests of the Company or the Bank; be supported
by an independent appraisal not prepared by a related person or an employee of the Company or the Bank; and be approved in advance by
a resolution duly adopted, with full disclosure, by our audit committee. Any extension of credit to a related person must be approved
in advance by a resolution duly adopted after full disclosure by a majority of the entire board of directors of the Bank, with each interested
director abstaining from participating, directly or indirectly, in the vote. All other transactions not expressly described in our code
of conduct and ethics, in which any related person will have a direct or indirect material interest, are subject to review and approval
by our audit committee.

Compensation Committee Interlocks and Insider Participation

During 2024, directors Aubrey,
Bodnyk, Bracey, Conaboy, J. DeNaples, Kukuchka, Lochen, Melone, Nicholas and Wright served as members of our compensation committee. Except
for Mr. Lochen, who served as an executive officer of the Company from 2006 until 2010, no member of the compensation committee has
ever served as an officer or employee of the Company or its subsidiaries. During 2024, there were no compensation committee interlocks
between the Company or its subsidiaries and any other entity involving the Company or its subsidiaries or any such entity’s executive
officers or directors.

<div align='center'>Code of Ethics</div>

We have adopted a Code of
Business Conduct and Ethics that applies to our directors and executive officers, including our principal executive officer, principal
financial officer, principal accounting officer and other senior financial officers. Our Code of Business Conduct and Ethics constitutes
a “code of ethics” under the rules of the Exchange Act and is available via our website, ir.psbt.com, at the “Corporate
Info – Governance Documents” page.

<div align='center'>Delinquent Section 16(a ) Reports</div>

Section 16(a) of
the Exchange Act requires the Company’s officers and directors and persons who own more than ten percent of a registered class of
the Company’s equity securities (“ten-percent holders”) to file reports of ownership and changes in