PEOPLES FINANCIAL SERVICES CORP. (NASDAQ:PFIS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
On May 8, 2020, the compensation committee of the board of directors of Peoples Financial Services Corp., the “Company,” approved special discretionary cash bonuses payable to Joseph M. Ferretti, Executive Vice President and President NE Region, and Neal D. Koplin, Senior Executive Vice President and Chief Banking Officer, two of the Company’s named executive officers. Mr. Ferretti will receive $20,000 and Mr. Koplin will receive $30,000, each at the next regularly scheduled payroll period.
On May 8, 2020, the Company’s compensation committee also approved an amendment and restatement of the Company’s non-equity incentive compensation plan, the “Executive Cash Bonus Plan” or “Plan.” to the Plan, designated executive officers have the opportunity to earn performance-based incentive payments based upon the attainment of performance goals approved by the Company’s compensation committee. The amendments to the Plan clarified the purposes of the Plan, eliminated default performance goals, recognized the ability of the compensation committee to approve discretionary cash bonuses from time to time, and recognized that awards, in addition to being subject to the clawback provisions of the Plan, are subject to any other clawback policy maintained by the Company or its banking subsidiary from time to time. The foregoing description is qualified in its entirety by reference to the Amended and Restated Executive Cash Bonus Plan, which is filed as Exhibits 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| 10.1 | Peoples Security Bank and Trust Company Executive Cash Bonus Plan, amended and restated as of May 8, 2020 |
PEOPLES FINANCIAL SERVICES CORP. Exhibit
EX-10.1 2 tm2019419d1_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 Peoples Security Bank and Trust Company Executive Cash Bonus Plan Amended and Restated as of May 8,…
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About PEOPLES FINANCIAL SERVICES CORP. (NASDAQ:PFIS)
Peoples Financial Services Corp. (Peoples) is a bank holding company. The Company provides a range of financial services through its subsidiary, Peoples Security Bank and Trust Company (Peoples Bank), including its subsidiary, Peoples Advisors. Peoples Bank is a state-chartered bank and trust company. Peoples Advisors, LLC, provides investment advisory services through a third party to individuals and small businesses. It provides an array of wealth management products and services, which include investment portfolio management, estate planning, annuities, business succession planning, insurances, education funding strategies and tax planning through Peoples Advisors, LLC. Its trust and investment services include investment management, individual retirement account (IRA) trustee services, estate administration, living trusts, trustee under will, guardianships, life insurance trusts, custodial services/IRA custodial services, corporate trusts, and pension and profit sharing plans.