Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 5, 2021, the compensation committee of the board of directors of
Peoples Financial Services Corp. (the "Company"), approved a change in control
severance agreement ("Change in Control Agreement") between the Company's
subsidiary, Peoples Security Bank and Trust Company (the "Bank"), and John R.
Anderson, III, Executive Vice President and Chief Financial Officer of the
Company and the Bank.
The Change in Control Agreement provides Mr. Anderson with certain severance
benefits in the event that he is terminated without "Cause" or resigns for "Good
Reason" within twenty-four (24) months following a "Change of Control" (as
defined in the Change in Control Agreement). In the event of such a termination,
he will be entitled to receive, for a period of twenty-four (24) months
following termination, monthly payments equal to equal to the sum of 1/12th of
Mr. Anderson's base salary at the time of termination plus 1/12th of the average
annual bonus paid to Mr. Anderson in the three fiscal years ending before his
date of termination, as well as monthly COBRA continuation premium payments for
up to eighteen (18) months, subject to timely election and eligibility. Payment
of severance under the Change in Control Agreement is contingent upon Mr.
Anderson's execution and delivery of a release agreement to the Bank.
The foregoing description of the Change in Control Agreement is qualified in its
entirety by reference to the Change in Control Agreement, which is filed as
Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is filed with this Form 8-K:
Exhibit No. Description
10.1 Change in Control Severance Agreement, dated as of January 5, 2021,
by and between Peoples Security Bank and Trust Company and John R.
Anderson, III.
104 The cover page from this Current Report on Form 8-K, formatted in
Inline XBRL
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PEOPLES FINANCIAL SERVICES CORP. 
