Peoples Financial Services Corp. filed a Form 8-K on September 1, 2026, disclosing an August 28, 2026 amendment to the Supplemental Executive Retirement Plan Agreement for its former President, Thomas P. Tulaney.

Key Highlights

  • Parties to the amendment: Peoples Financial Services Corp., its subsidiary Peoples Security Bank and Trust Company, and former President Thomas P. Tulaney approved the amendment on August 28, 2026.
  • Original agreement: The Supplemental Executive Retirement Plan Agreement was originally dated May 31, 2012.
  • Annuity funding: The amendment was made in connection with the Bank's purchase of an annuity contract as a source of funding for Mr. Tulaney's normal retirement benefit under the SERP.
  • Extended benefit provision: If Mr. Tulaney survives the twenty-year normal retirement benefit period, the Bank will make additional monthly payments equal to the amount payable from the annuity contract for the balance of his life.
  • Signatory: The filing was signed by James M. Bone, Jr., CPA, Executive Vice President and Chief Financial Officer, as Principal Financial Officer.

SERP Amendment Details for Peoples Financial Services and Former President Tulaney

According to the filing, Peoples Financial Services Corp. (NASDAQ:PFIS) and its subsidiary, Peoples Security Bank and Trust Company, entered into an amendment to an existing Supplemental Executive Retirement Plan Agreement with Thomas P. Tulaney, described in the filing as the Company's former President. The original SERP agreement was dated May 31, 2012, and the amendment became effective August 28, 2026.

The filing states that the amendment was made in connection with the Bank's purchase of an annuity contract, which is intended to serve as a source of funding for Mr. Tulaney's normal retirement benefit under the SERP. Under the terms of the amendment, as the filing describes, if Mr. Tulaney survives the twenty-year normal retirement benefit period, the Bank will provide an additional benefit by making monthly payments to him in an amount equal to that which is payable from the annuity contract for the balance of his life.

The Company noted in the filing that the description of the amendment "is qualified in its entirety by reference to the full text of the amendment," which was filed as Exhibit 10.1 and incorporated by reference. The filing was signed on September 1, 2026, by James M. Bone, Jr., CPA, in his capacity as Executive Vice President, Chief Financial Officer, and Principal Financial Officer of Peoples Financial Services Corp.

What Was Disclosed

The filing disclosed an amendment to a Supplemental Executive Retirement Plan Agreement for former President Thomas P. Tulaney, adding a lifetime monthly payment provision if he outlives the plan's twenty-year normal retirement benefit period, funded through a Bank-purchased annuity contract.