Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 80

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 80
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 it to related persons. In accordance with these procedures, all transactions
with related persons must be approved or ratified by disinterested members of board of directors. All loans and commitments to lend included
in such transactions were made under substantially the same terms, including interest rates, collateral, and repayment terms as those
prevailing at the time for comparable transactions with other persons not related to the Bank and do not involve more than the normal
risk of collection or present other unfavorable features.

<div align='center'>53</div>

Our code of business conduct
and ethics, audit committee charter, and loan policy and procedures related to the approval of loans set forth our policies and procedures
for the review, approval, or ratification of any transactions with related persons. 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