Peoples Financial Services Corp. Amends SERP for Former President

What Happened

• Peoples Financial Services Corp. and its subsidiary, Peoples Security Bank and Trust Company, approved an amendment to the Supplemental Executive Retirement Plan (SERP) for former President Thomas P. Tulaney on August 28, 2026.
• The amendment follows the Bank’s purchase of an annuity contract to fund Mr. Tulaney’s normal retirement benefit under the SERP. The SERP originally dates to May 31, 2012.

Key Details

• Amendment effective date: August 28, 2026.
• If Mr. Tulaney survives the 20-year normal retirement benefit period, the Bank will make additional monthly payments equal to the annuity contract payments for the remainder of his life.
• The annuity was purchased by the Bank as the source of funding for the SERP benefit.
• The amendment is filed as Exhibit 10.1 to the 8-K.

Why It Matters

• This filing documents a change in how a former executive’s retirement benefit is funded and confirms potential ongoing monthly payment obligations by the Bank if Mr. Tulaney lives beyond the 20-year benefit period.
• The filing does not disclose dollar amounts or quantify any immediate impact on the Company’s financial statements; investors should note it is a compensatory/retirement funding arrangement rather than an operational development.