Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 10

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 10
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 their
consideration. The nominating and corporate governance committee will consider such tendered resignation and, within thirty days after
certification of the election results of the shareholders’ meeting at which a director failed to receive the required votes for
re-election, will make a recommendation to the board as to the appropriate action, primarily whether to accept or reject such resignation.
In determining its recommendation to the board, the nominating and corporate governance committee will consider all factors deemed relevant
by the members of the committee including, without limitation, any reason or reasons known to the committee why shareholders voted against
the director’s re-election, the qualifications of the director, whether acceptance of the resignation would adversely affect the
Company’s ability to comply with applicable stock exchange listing standards, and whether the director’s resignation from
the board of directors would generally be in the best interests of the Company and its shareholders. The board will act on the nominating
and corporate governance committee’s recommendation and publicly disclose its decision and the rationale behind such decision within
ninety days after certification of the results of the election in which the director failed to receive the number of votes required. While
all of the director nominees for election at the 2025 annual meeting are incumbent directors, if any future director nominee is not an
incumbent director and fails to receive a majority of the votes cast for his or her election, he or she will not be elected.

How many votes are required to approve the proposal to amend the Company’s bylaws?

Our bylaws require that any
amendment to the bylaws which is to be adopted by the shareholders be approved by the affirmative vote of shareholders entitled to cast
at least 75 percent of the votes which all shareholders are entitled to cast. Accordingly, approval of the proposal to amend the Company’s
bylaws requires the affirmative vote of at least 75 percent of the Company’s outstanding shares. An abstention, broker non-vote
or other failure to vote will have the same effect as a vote “against” the Peoples proposal to amend the Company’s bylaws.

How many votes are required to approve, on an advisory basis, the compensation of our named executive officers?

As long as a quorum is present,
the affirmative vote of the holders, present by participation in the virtual meeting or by proxy, of shares entitled to cast at least
a majority of the votes which all shareholders are entitled to cast, is required to approve, on an advisory basis, the compensation of
our named executive officers. Abstentions