Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 74

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 74
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 applicable premium otherwise payable for COBRA continuation coverage for the executive, his spouse and any dependents
for a period of 18 months following termination and pay and up to $20,000 for executive outplacement assistance. If Mr. Anderson
was terminated without cause or resigned for good reason on December 31, 2024 following a change in control, the cash severance payment
due under his severance agreement (based solely on Mr. Anderson’s then current base salary and average annual incentive and
bonus payments, without regard to future adjustments, incentives or bonuses) would have been $651,450. In addition, Mr. Anderson
would have received payment of health insurance premiums valued at $46,083, accelerated vesting of $17,094 in restricted stock and accelerated
vesting of $53,330 in RSUs, and $40,655 per year, payable in monthly installments for ten years, under his SERP, and up to $20,000 in
outplacement assistance. For purposes of calculating accelerated vesting of RSUs upon a change of control, based on performance through
December 31, 2024, it is assumed that RSUs would be earned at target.

Pay Ratio Disclosure

We identified our median employee
as of December 31, 2024, using our entire employee population, other than our principal executive officer, and the total base salary
or wages, plus bonus, earned by those employees during the 2024 calendar year. We calculated the total compensation of our median employee
in the same manner that the total compensation of our principal executive officer is calculated in the summary compensation table, although
the median employee’s total compensation consisted solely of salary, bonus and contributions to our 401(k) profit
sharing plan. Based on this methodology, the 2024 total compensation of our median employee was $53,587. The 2024 total compensation of
our principal executive officer was $924,318 and the ratio of the median employee’s total compensation to our principal executive
officer’s total compensation for 2024 was 1:17.2.

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Pay Versus Performance Disclosure

The table below shows the
following information for the past five fiscal years: (i) “total” compensation for our named executive officers (“NEOs”)
for purposes of the “Summary compensation table”; (ii) the “Compensation actually paid” to named executive
officers (calculated using rules required by the