Peoples Financial (PFIS) EVP Timothy Kirtley Exercises RSUs

What Happened Timothy Kirtley, EVP & Chief Risk Officer of Peoples Financial Services Corp. (PFIS), had 668 restricted stock units (RSUs convert 1:1 to common shares) vest on August 29, 2026. Of the 668 vested shares, 190 were withheld/sold to cover tax withholding at $69.63 per share, for a total tax withholding of $13,230. The remaining 478 shares were delivered to Mr. Kirtley. The filings show the RSU conversion as derivative exercise (code M) and the tax withholding as code F.

Key Details

• Transaction date: August 29, 2026; Form 4 filed September 1, 2026 (appears timely).
• Vesting / conversion: 668 RSUs converted to common stock (code M).
• Tax withholding: 190 shares withheld/disposed at $69.63/share, total $13,230 (code F).
• Net shares delivered to insider: 478 shares (668 vested − 190 withheld).
• Ownership notes (from footnotes): holdings include 164 time‑based restricted common shares and 6,530 shares solely owned by Mr. Kirtley (see F2).
• Footnotes on grants/vesting: 3,332 RSUs granted 8/29/2025 (668 vested 8/29/2026; remaining vest in 666‑share installments annually 2027–2030). Other RSU grants noted from 3/28/2025 and 6/26/2026 with staggered vesting schedules (see F4–F8).
• Transaction codes: M = exercise/conversion of derivative (RSU to stock); F = tax withholding to satisfy tax liability.

Context This was not an open‑market sale but the routine conversion of RSUs into shares with a portion withheld to cover taxes (a common cashless/withholding settlement). Such withholding transactions generally reflect compensation vesting rather than an intentional sale by the insider, and therefore are less indicative of a change in insider sentiment than voluntary open‑market purchases or sales.