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 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On April24, 2017, the registrant, Peoples Financial Services
Corp., its subsidiary, Peoples Security Bank and Trust Company
(the Bank), and Neal D. Koplin, Executive Vice President of the
Bank and Head of its Lehigh Valley Division, entered into a
Supplemental Executive Retirement Plan Agreement (the SERP). The
SERP is an unfunded non-qualified deferred compensation plan,
under which Mr.Koplin is eligible to receive certain retirement
benefits that accrue based on his service to the Bank and are
payable at retirement, or earlier under a qualifying termination
of employment. Upon a qualifying termination of employment on or
after Mr.Koplin attaining a retirement age of 67, he would be
entitled to a benefit of $62,000 per year for fifteen years.
Mr.Koplin may receive lesser or equal benefits upon a qualifying
termination of employment that occurs prior to Mr.Koplin reaching
age 67, including termination of Mr.Koplins employment by the
Bank without cause, due to his death or disability, or within 24
months of a change in control of the registrant or the Bank.
The foregoing description of the SERP is qualified in its
entirety by reference to the SERP, which is filed as Exhibit10.1
to this Current Report on Form8-K and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are filed with this Form8-K:
|
ExhibitNo. |
|
Description |
|
10.1 |
Supplemental Executive Retirement Plan Agreement, dated |
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. PEOPLES FINANCIAL SERVICES CORP. (NASDAQ:PFIS) Recent Trading Information
PEOPLES FINANCIAL SERVICES CORP. (NASDAQ:PFIS) closed its last trading session down -0.83 at 43.30 with 2,766 shares trading hands.