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PEOPLES FINANCIAL SERVICES CORP.
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(Exact name of registrant as specified in its charter)
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PENNSYLVANIA
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23-2391852
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(State of Incorporation)
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(IRS Employer Identification No.)
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82 FRANKLIN AVE., HALLSTEAD, PA
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18822
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(Address of Principal Executive Offices)
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(Zip Code)
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(570) 879-2175
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(Registrant’s Telephone Number Including Area Code)
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Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate line below if the Form 8K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(e) Peoples Neighborhood Bank Director Deferred Compensation Plan
On March 26, 2011 Peoples Neighborhood Bank, a subsidiary of Peoples Financial Services Corp (the "Company") adopted the Director Deferred Compensation Plan (“the Plan") to be effective April 15, 2011. All current directors are eligible to participate in the Director Deferred Compensation Plan for the 2011 calendar year.
The Plan allows for deferrals by participants of up to 100% of their director’s fees and bonuses. There is no maximum dollar limit on the amount that may be deferred by a participant each year. Participants are permitted to change their percentage of deferral annually. The participants are always 100% vested in the amount they defer and the earnings credited to their accounts.
Participants are entitled to receive a distribution from their account upon: a termination of service, a change in control, or a specified date as allowed within the Plan. The foregoing description of the Director Deferred Compensation Plan is qualified in its entirety by reference to the Director Deferred Compensation Plan, a copy of which is filed herewith as Exhibit 10.17 and incorporated herein by reference.
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Exhibit
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Page Number in Manually Signed Original
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10.17
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Director Deferred Compensation Plan
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3
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/s/
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Alan W. Dakey
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Dated: April 19, 2011
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By: Alan W. Dakey
President/CEO
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/s/
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Debra E. Dissinger
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Dated: April 19, 2011
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By: Debra E. Dissinger
Executive Vice President/COO
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/s/
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Scott A. Seasock
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Dated: April 19, 2011
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By: Scott A. Seasock
Senior Vice President/CFO
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