Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 68

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 68
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 reason), $114,600 per year, payable in monthly installments for twenty years, under
his SERP. The Tulaney Employment Agreement provides that payment of severance is contingent upon Mr. Tulaney’s execution and
delivery of a release agreement to the Company and the Bank.

Neal D. Koplin –
Pursuant to the terms of his employment agreement, upon termination by the Company without cause (as defined in his employment agreement),
we are obligated to, among other things, make monthly payments to Mr. Koplin for one (1) year following the termination equal
to 1/12th of Mr. Koplin’s base salary at the time of termination. If the company terminated Mr. Koplin’s employment
without cause on December 31, 2024, the cash severance payment due under his employment agreement (based solely on Mr. Koplin’s
then current base salary, without regard to future base salary adjustments) would have been $295,800. Payment of severance under the Koplin
Employment Agreement is contingent upon Mr. Koplin’s execution and delivery of a release agreement to the Company and the Bank.
In addition, upon termination by the Company without cause, Mr. Koplin would have received $43,173 per year, payable in monthly installments
for fifteen years, under his SERP.

Timothy H. Kirtley
– Pursuant to the terms of his employment agreement, upon termination by the Company without cause (as defined in his employment
agreement) or voluntary termination by Mr. Kirtley with good reason (as defined in his employment agreement), he will receive his
accrued compensation and other benefits through his termination date, along with a severance payment equal to 12 months of payments based
upon base salary and average annual incentive and bonus payments. In addition, the Company will pay the applicable premium otherwise payable
for COBRA continuation coverage for the executive, his spouse and dependents for a period of 18 months following termination. If the Company
terminated Mr. Kirtley’s employment without cause or he resigned with good reason on December 31, 2024, the cash severance
payment due under his employment agreement (based solely on Mr. Kirtley’s then current base salary and average annual incentive
and bonus payments, without regard to future adjustments, incentives or bonuses) would have been $323,290. In addition, Mr. Kirtley
would have received payment of health insurance premiums valued