Company: PFIS
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001104659-25-030614
Chunk: 31

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 31
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 |
| Thomas                   
 J. Melone, CPA, Chairman |
| Sandra                   
 L. Bodnyk                |
| William                  
 G. Bracey                |
| William                  
 P. Conaboy, Esquire      |
| Keith                    
 Eckel                    |
| Ronald                   
 G. Kukuchka              |
| Kathleen                 
 McCarthy Lambert, CPA    |
| Richard                  
 S. Lochen, Jr., CPA      |
| James                    
 B. Nicholas              |
| Elisa                    
 Zúñiga Ramirez           |

The foregoing Audit Committee Report shall not be deemed to be incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, notwithstanding any general statement contained in any such filing incorporating this proxy statement by reference, except to the extent the Company incorporates such report by specific reference.

<div align='center'>19</div>

Compensation Committee

Directors Aubrey, Bodnyk,
Bracey, Conaboy, J. DeNaples, Kukuchka, Lochen, Melone, Nicholas and Wright currently comprise the compensation committee of the board
of directors. During 2024, the compensation committee of the board of directors met seven times.

The compensation committee
is governed by a formal charter approved by the board of directors, a current copy of which is available via the Company’s website,
ir.psbt.com, at the “Corporate Info – Governance Documents” page. The primary purposes, duties and responsibilities
of the compensation committee include:

| ● | review and approve the annual base salaries and annual incentive opportunities of our chief executive 
 officer and other executive officers;                                                                 |

| ● | review and approve incentive awards and opportunities, including both cash-based and equity-based awards                                       
 and opportunities, any employment agreements and severance arrangements, any change-in-control agreements and change-in-control provisions     
 affecting any elements of compensation and benefits, and any special or supplemental compensation and benefits, in each case for our executive 
 officers;                                                                                                                                      |

| ● | review and make recommendations to our board of directors with respect to new compensation programs; |

| ● | review periodically the operation of our compensation programs; |

| ● | establish and periodically review policies for the administration of compensation programs; |

| ● | ensure that our compensation programs comport with our compensation philosophy; |

| ● | review and make recommendations to our board of directors with respect to director compensation; |

| ● | review and make recommendations to our board of directors