Westington Stephanie A. 4

What Happened Stephanie A. Westington, EVP & Chief Accounting Officer of PEOPLES FINANCIAL SERVICES CORP. (PFIS), had 90 restricted stock units (RSUs) vest and convert into 90 common shares on 2026-03-11. Of those, 30 shares were surrendered/sold to cover tax withholding at $51.80 per share for a total of $1,554, leaving a net 60 newly issued shares added to her holdings.

Key Details

• Transaction dates: 2026-03-11 (reported on Form 4 filed 2026-03-13) — filing appears timely.
• Actions and codes: M = conversion/exercise of derivative (90 RSUs → 90 shares); F = tax withholding (30 shares disposed at $51.80).
• Sale details: 30 shares disposed at $51.80 each, total proceeds $1,554 (used for tax withholding).
• Net impact: +60 common shares retained by Ms. Westington after tax withholding.
• Holdings reported: filing notes ownership includes 560 time‑based restricted shares and 2,792 other shares (3,352 shares total).
• Grant/vesting context: On 3/28/2025 she was granted 263 RSUs vesting over three years; 90 RSUs vested on 3/11/2026, with 87 and 86 RSUs remaining to vest on 3/11/2027 and 3/11/2028 respectively.

Context This was a routine RSU vesting and tax-withholding event (conversion of RSUs to stock with shares surrendered to cover taxes), not an open-market purchase or discretionary sale. Such withholding transactions are common and reflect tax obligations rather than an explicit buy/sell decision about the company’s outlook.