Pay vs Performance Disclosure, Table


Pay Versus Performance Table for 2025
Fiscal Year	Summary Comp. Table Total for Charles Sulerzyski (1)	Summary Comp. Table Total for Tyler Wilcox (1)	Comp. Actually Paid to Charles Sulerzyski (2)	Comp. Actually Paid to Tyler Wilcox (2)	Average Summary Comp. Table Total for Other NEOs (3)	Average Comp. Actually Paid to Other NEOs (4)	Value of Initial Fixed $100 Investment Based On		Net Income (7) in thousands	Pre-Tax Pre-Provision Diluted Earnings per Share (8)
							Total Shareholder Return (5)	Peer Group Total Shareholder Return (6)
(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)	(j)	(k)
2025	—	$1,500,327	—	$1,489,371	$755,148	$752,017	$100.12	$102.16	$106,778	$5.13
2024	$1,739,268	$1,194,056	$1,791,343	$1,203,872	$694,222	$701,637	$99.02	$116.93	$117,205	$5.03
2023	$2,062,774	—	$2,318,946	—	$892,747	$1,002,766	$126.29	$96.15	$113,393	$5.06
2022	$1,877,419	—	$1,815,682	—	$551,003	$529,297	$94.87	$110.57	$101,292	$4.48
2021	$1,461,456	—	$1,623,660	—	$452,307	$510,614	$101.62	$114.42	$47,555	$2.63

Company Selected Measure Name

Pre-Tax/Pre-Provision Diluted Earnings Per Common Share (“PTPP EPS”)

Named Executive Officers, Footnote

The dollar amounts reported in columns (b) and (c) are the Summary Compensation Table Totals for Mr. Sulerzyski and Mr. Wilcox for the years in which they served as CEO. For the years reported in the table, Mr. Sulerzyski was our CEO from January 1, 2021, to March 31, 2024, and Mr. Wilcox was our CEO from April 1, 2024, to December 31, 2025.

Peer Group Issuers, Footnote

Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each measurement period for which a return is indicated.The peer group used for 2021 is the list of companies identified in the section “EXECUTIVE COMPENSATION: COMPENSATION DISCUSSION AND ANALYSIS” of Peoples’ Proxy Statement for the Annual Meeting of Shareholders held on April 28, 2022. The peer group used for 2022 is the list of companies identified in the section “EXECUTIVE COMPENSATION: COMPENSATION DISCUSSION AND ANALYSIS” of Peoples’ Proxy Statement for the Annual Meeting of Shareholders held on April 27, 2023. The peer group used for 2023 is the list of companies identified in the section “EXECUTIVE COMPENSATION: COMPENSATION DISCUSSION AND ANALYSIS” of Peoples’ Proxy Statement for the Annual Meeting of Shareholders held on April 25, 2024. The peer group used for 2024 is the list of companies identified in the section “EXECUTIVE COMPENSATION: COMPENSATION DISCUSSION AND ANALYSIS” of Peoples’ Proxy Statement for the Annual Meeting of Shareholders held on April 24, 2025. The peer group used for 2025 is the Peer Group as defined in the section “EXECUTIVE COMPENSATION: COMPENSATION DISCUSSION AND ANALYSIS” beginning on page 41 of this Proxy Statement.

Adjustment To PEO Compensation, Footnote

The dollar amounts reported in column (d) and (e) represent the amount of “compensation actually paid," as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to CEO total compensation for each year to determine the compensation actually paid:


Year	Reported Summary Comp. Table Total for Charles Sulerzyski	Reported Summary Comp. Table Total for Tyler Wilcox	Reported Value of Equity Awards (a)	Equity Award Adjustments (b)	Comp. Actually Paid to Charles Sulerzyski	Comp. Actually Paid to Tyler Wilcox
2025	—	$1,500,327	$(259,195)	$248,239	—	$1,489,371
2024	$1,739,268	$1,194,056	$(740,969)	$802,860	$1,791,343	$1,203,872
2023	$2,062,774	—	$(573,973)	$830,145	$2,318,946	—
2022	$1,877,419	—	$(469,493)	$407,756	$1,815,682	—
2021	$1,461,456	—	$(226,971)	$389,175	$1,623,660	—

(a)The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table of the Proxy Statement for each respective year. The amount shown in this column for 2024 consists of $580,987 for Mr. Sulerzyski and $159,982 for Mr. Wilcox. The amounts shown for 2021 through 2023 are solely for Mr. Sulerzyski, and the amount shown for 2025 is solely for Mr. Wilcox.

(b)The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the applicable year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior fiscal years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior fiscal years that vest in the applicable year, the amount equal to the change as of the vesting

date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior fiscal years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amount shown in this column for 2024 consists of $633,062 for Mr. Sulerzyski and $169,798 for Mr. Wilcox. The amounts shown for 2021 through 2023 are solely for Mr. Sulerzyski, and the amount shown for 2025 is solely for Mr. Wilcox.

Non-PEO NEO Average Total Compensation Amount

$ 755,148

$ 694,222

$ 892,747

$ 551,003

$ 452,307

Non-PEO NEO Average Compensation Actually Paid Amount

$ 752,017

701,637

1,002,766

529,297

510,614

Adjustment to Non-PEO NEO Compensation Footnote

The dollar amounts reported in column (f) represent the average Summary Compensation Table Total amounts for Peoples’ NEOs as a group (excluding our CEO) for the respective years. The names of each of the NEOs included for purposes of calculating the average amounts in all years presented are as follows:

•For 2025 and 2024: Kathryn M. Bailey, Hugh J. Donlon, M. Ryan Kirkham, and Douglas V. Wyatt

•For 2023: Kathryn M. Bailey, Hugh J. Donlon, Tyler J. Wilcox, and Douglas V. Wyatt

•For 2022 and 2021: Kathryn M. Bailey, Jason M. Eakle, Tyler J. Wilcox, and Douglas V. Wyatt

(4)The dollar amounts reported in column (g) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding our CEO), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our CEO) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding our CEO) for each year to determine the compensation actually paid, using the same methodology described above in Note (2):


Year	Average Reported Summary Compensation Table Total for Other NEOs	Average Reported Value of Equity Awards	Average Equity Award Adjustments	Average Reported Change in the Actuarial Present Value of Pension Benefits	Average Pension Benefit Adjustments	Average Compensation Actually Paid to Other NEOs
2025	$755,148	$(112,475)	$109,344	—	—	$752,017
2024	$694,222	$(92,241)	$99,656	—	—	$701,637
2023	$892,747	$(321,233)	$431,252	—	—	$1,002,766
2022	$551,003	$(92,104)	$70,408	$(10)	—	$529,297
2021	$452,307	$(37,477)	$95,792	$(8)	—	$510,614

Compensation Actually Paid vs. Total Shareholder Return

As demonstrated by the following graph, the compensation actually paid to our CEO and the average compensation actually paid to the NEOs as a group (excluding our CEO) was directionally aligned with Peoples' cumulative TSR between 2022 and 2023, between 2023 and 2024, and between 2024 and 2025, but was not directionally aligned between 2021 and 2022. The alignment in the years presented was due in part to the fact that a meaningful portion of compensation actually paid to our CEO and to the other NEOs was comprised of equity awards. Peoples’ cumulative TSR in those years had the effect of either increasing or decreasing the relative value of the equity award component of compensation actually paid for each of those years. The lack of alignment between 2021 and 2022 was due to the fact that Peoples’ cumulative TSR in 2022 did not reflect the strong improvement in the financial performance measures in 2022 that drove executive compensation that year, a trend similarly impacting the stock prices of the Peer Group and other financial institutions. Although the value of the equity awards component of compensation actually paid for 2022 declined as a result of the lower cumulative TSR, the reduction was more than offset by the increased amount of compensation driven by the improved financial performance measures listed above.

Compensation Actually Paid and Cumulative TSR.jpg

Compensation Actually Paid vs. Net Income

As demonstrated by the following graph, the amount of compensation actually paid to our CEO and the average amount of compensation actually paid to the NEOs as a group (excluding our CEO) was directionally aligned with Peoples’ net income for three of the five years presented. There was not alignment in 2024 and 2025, which was due in part to the CEO transition that occurred in 2024. While Peoples does not use net income as a specific performance measure in its executive compensation program, the measure of net income is correlated with the measures of PTPP EPS, PTPP ROAA and the efficiency ratio, which Peoples does use in setting performance goals for executive compensation.

Compensation Actually Paid and Net Income.jpg

Compensation Actually Paid vs. Company Selected Measure

As demonstrated by the following graph, the amount of compensation actually paid to our CEO and the average amount of compensation actually paid to the other NEOs (excluding our CEO) was directionally aligned with Peoples’ PTPP EPS in 2022, 2023, and 2025. There was not alignment in 2024, which was due in part to the CEO transition that year.

Compensation Actually Paid and Pre-Tax Pre-Provision.jpg

Total Shareholder Return Vs Peer Group

As demonstrated by the following graph, Peoples cumulative TSR in each of 2021, 2022, 2024, and 2025 fell short of that of the peer group used for benchmarking executive compensation, and Peoples' cumulative TSR in 2023 greatly exceeded that of the peer group.

Total Shareholder Return Amount

$ 100.12

99.02

126.29

94.87

101.62

Peer Group Total Shareholder Return Amount

102.16

116.93

96.15

110.57

114.42

Net Income (Loss)

$ 106,778,000

$ 117,205,000

$ 113,393,000

$ 101,292,000

$ 47,555,000

Company Selected Measure Amount | $ / shares

5.13

5.03

5.06

4.48

2.63

Additional 402(v) Disclosure

Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period (determined in accordance with Item 402(v) of SEC Regulation S-K), assuming dividend reinvestment, and the difference between Peoples’ common share price at the end and the beginning of the measurement period by Peoples’ common share price at the beginning of the measurement period.The dollar amounts reported represent the amount of net income reported in Peoples’ audited financial statements for the applicable year.As defined in the section “EXECUTIVE COMPENSATION: COMPENSATION DISCUSSION AND ANALYSIS” beginning on page 41 of this Proxy Statement.In accordance with Item 402(v) of Regulation S-K, Peoples is providing the following descriptions of the relationships between information presented in the “Pay Versus Performance Table.

Measure:: 1

Pre-Tax/Pre-Provision Return on Average Assets (“PTPP ROAA”)

Measure:: 2

Efficiency Ratio

Measure:: 3

Pre-Tax/Pre-Provision Diluted Earnings Per Common Share (“PTPP EPS”)

Measure:: 4

Net Charge-Offs as a Percentage of Average Total Loans

Tyler Wilcox [Member]

PEO Total Compensation Amount

$ 1,500,327

$ 1,194,056

PEO Actually Paid Compensation Amount

$ 1,489,371

1,203,872

PEO Name

Mr. Wilcox

Charles Sulerzyski [Member]

PEO Total Compensation Amount

1,739,268

$ 2,062,774

$ 1,877,419

$ 1,461,456

PEO Actually Paid Compensation Amount

1,791,343

2,318,946

1,815,682

1,623,660

PEO Name

Mr. Sulerzyski

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

$ (259,195)

(740,969)

(573,973)

(469,493)

(226,971)

PEO | Tyler Wilcox [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

248,239

802,860

830,145

407,756

389,175

PEO | Tyler Wilcox [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

(159,982)

PEO | Charles Sulerzyski [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

169,798

PEO | Charles Sulerzyski [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

(580,987)

Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

633,062

Non-PEO NEO | Aggregate Pension Adjustments Service Cost

(10)

(8)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

(112,475)

(92,241)

(321,233)

(92,104)

(37,477)