Champi Gerard A 4

What Happened

• Gerard A. Champi, CEO of Peoples Financial Services Corp. (PFIS), reported the vesting and conversion of 689 restricted stock units (RSUs) into 689 common shares on March 11, 2026. The Form 4 shows an "Acquired" entry for 689 shares (conversion of RSUs) and a simultaneous "Disposed" entry for 689 shares at $0.00 (no cash proceeds reported).

Key Details

• Transaction date: 2026-03-11 (filed 2026-03-13; filing appears timely).
• Transaction code: M (exercise/conversion of a derivative instrument — here, RSUs converting to common stock).
• Shares involved: 689 RSUs vested and converted into 689 common shares on 3/11/2026.
• Price/Proceeds: Acquisition price N/A; Disposed at $0.00 (filing shows $0 proceeds). Filings often show $0 when shares are surrendered to satisfy tax withholding, though these footnotes do not explicitly state that.
• Shares owned after transaction: 20,436 total beneficially owned per the filing (includes 1,944 time‑based restricted common stock, 375 shares solely owned, and 18,117 shares held jointly with spouse).
• Related grant/vesting: Mr. Champi was granted 2,024 RSUs on 3/28/2025 vesting in three annual installments beginning 3/11/2026. After the 689 RSUs that vested on 3/11/2026, 668 RSUs remain to vest on 3/11/2027 and 667 RSUs on 3/11/2028.

Context

• This was not an open‑market purchase or sale by the CEO but the scheduled vesting/conversion of RSU awards into common shares. Such conversions are routine compensation events and do not by themselves indicate a buy/sell signal. The $0 disposed entry often reflects shares withheld or surrendered for tax or similar administrative purposes rather than an economic sale on the market.