Article 5.02 Departure of directors or certain officers; Election of directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
At March 30, 2022, People’s Security Bank and Trust Company (the “Bank”), the banking subsidiary of Peoples Financial Services Corp. (the “Company”), has entered into supplemental executive retirement plans with John R. AndersonIII, Executive Vice President and Chief Financial Officer of the Company and the Bank, and Timothy H. KirtleyExecutive Vice President, Risk Director and Corporate Secretary of the Company and the Bank.
The Supplemental Executive Retirement Plans are unqualified, unfunded deferred compensation plans, under which Mr Anderson and Mr. Kirtley are eligible to receive certain retirement benefits which accrue based on their respective service with the Bank and are payable upon retirement, or earlier pursuant to a qualifying termination of employment. Upon a qualifying termination of employment on or after Mr Anderson Where Mr. Kirtleyif applicable, reaches the retirement age of 65 while in the service of the Bank, he would be entitled to a benefit of $50,000
per year for ten years. Mr Anderson Where Mr. Kirtleymay receive less or equal benefits in the event of an eligible termination of employment that occurs before age 65, including termination of employment by the Bank without cause, by reason of his death or disability, or within 24 months following a change of control of the Company or the Bank.
The foregoing description of the Supplemental Executive Retirement Plans is qualified in its entirety by reference to the Supplemental Executive Retirement Plans, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial statements and supporting documents.
The following exhibits are filed with this Form 8-K:
Exhibit No. Description
10.1 Supplemental Executive Retirement Plan by and between Peoples
Security Bank and Trust Company and John Anderson, dated March 30,
10.2 Supplemental Executive Retirement Plan by and between Peoples
Security Bank and Trust Company and Timothy Kirtley, dated March 30,
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