James P. Chiaro - Jul 1, 2024 Form 4 Insider Report for PEOPLES FINANCIAL SERVICES CORP. (PFIS)

Role: EVP/CHIEF INV SERVICES OFFICER
Signature: /s/ Stephanie A. Westington, as Attorney-in-Fact for James P. Chiaro
Stock symbol: PFIS
Transactions as of: Jul 1, 2024
Transactions value $: $0
Form type: 4
Date filed: 7/1/2024, 06:11 PM
Previous filing: Feb 7, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PFIS	COMMON STOCK	Award		+154			154	Jul 1, 2024	Direct	F1
transaction	PFIS	COMMON STOCK	Award		+3.71K			3.71K	Jul 1, 2024	By Chiaro Investment Services, LLC	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of September 27, 2023, by and between Peoples Financial Services Corp. ("Peoples") and FNCB Bancorp, Inc. ("FNCB"), on July 1, 2024 (the "Closing Date") FNCB merged with and into Peoples (the "Merger"), with Peoples continuing as the surviving company of the Merger. Pursuant to the Merger Agreement, on the Closing Date each share of FNCB common stock held by the reporting person was converted into the right to receive 0.1460 of a share of common stock of Peoples rounded down to the nearest whole number of shares.
F2	Includes 1,979 restricted shares of Issuer's common stock that were issued in connection with the purchase of substantially all of the assets of Chiaro Investment Services, LLC pursuant to the Asset Purchase Agreement dated September 30, 2022 by and between FNCB and Chiaro Investment Services, LLC and consummated on the same date ("Purchase Agreement"). The restricted shares of common stock will be released based on the achievement of quarterly net commissions and fees in accordance with a schedule set forth in the Purchase Agreement. Any shares not eligible to be released by August 15, 2027 will be forfeited and canceled.

Content

Pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of September 27, 2023, by and between Peoples Financial Services Corp. ("Peoples") and FNCB Bancorp, Inc. ("FNCB"), on July 1, 2024 (the "Closing Date") FNCB merged with and into Peoples (the "Merger"), with Peoples continuing as the surviving company of the Merger. Pursuant to the Merger Agreement, on the Closing Date each share of FNCB common stock held by the reporting person was converted into the right to receive 0.1460 of a share of common stock of Peoples rounded down to the nearest whole number of shares.

Includes 1,979 restricted shares of Issuer's common stock that were issued in connection with the purchase of substantially all of the assets of Chiaro Investment Services, LLC pursuant to the Asset Purchase Agreement dated September 30, 2022 by and between FNCB and Chiaro Investment Services, LLC and consummated on the same date ("Purchase Agreement"). The restricted shares of common stock will be released based on the achievement of quarterly net commissions and fees in accordance with a schedule set forth in the Purchase Agreement. Any shares not eligible to be released by August 15, 2027 will be forfeited and canceled.