EX-4.1



 Exhibit 4.1 

ISSUING AND PAYING 
 AGENCY
AGREEMENT 
 between 

PEOPLE’S UNITED BANK 
 as
Issuer, 
 and 
 THE BANK OF NEW
YORK MELLON 
 as Issuing and Paying Agent and Note Registrar 

June 26, 2014 
 THIS ISSUING
AND PAYING AGENCY AGREEMENT, made and dated as of June 26, 2014, between People’s United Bank, a federal stock savings bank, as Issuer (the “Issuer”), and The Bank of New York Mellon, as the Issuing and Paying Agent and Note
Registrar (hereinafter sometimes called, in each such capacity, the “Agent”). 
 WHEREAS, the Issuer intends to issue and sell its
4.000% Subordinated Notes due 2024 (the “Bank Notes”), pursuant to the offering circular, dated June 23, 2014 (the “Offering Circular”); 

NOW, THEREFORE, in consideration of the covenants and agreements made herein, the parties hereto agree as follows: 

Section 1. Definitions. The words and terms used herein unless otherwise defined herein shall have the respective meanings
assigned to such terms in the Bank Notes. 
 Section 2. Appointment and Acceptance. The Issuer hereby appoints The Bank of
New York Mellon as Issuing and Paying Agent and Note Registrar with respect to the Bank Notes, upon the terms and conditions set forth herein, and The Bank of New York Mellon hereby accepts such appointment and agrees to perform all of the duties of
Issuing and Paying Agent and Note Registrar in accordance with the terms of the Bank Notes and this Agreement. 

Section 3. Form of Note Certificates. The Issuer shall deliver to the Agent completed Bank Notes executed by manual or
facsimile signature of an officer of the Issuer duly authorized to execute the Bank Notes together with an order requesting the Agent to authenticate such Bank Notes (an “Authentication Order”). Such Bank Notes will be in such form as the
Issuer shall deliver to the Agent. 







 Any Bank Note bearing the manual or facsimile signature of a person who is duly authorized to
execute such Bank Note on the date such signature is affixed shall bind the Issuer after the completion thereof by the Agent notwithstanding that such person shall have ceased to hold his or her office on the date such Bank Note is authenticated and
delivered by the Agent. 
 Unless the Issuer notifies the Agent to the contrary, all Bank Notes will be represented by one note certificate,
hereinafter called the “Global Note.” The Global Note shall be registered in the name of a nominee of The Depository Trust Company (“DTC”), as Depositary. Beneficial interests in the Global Note will be shown on, and transfers
thereof will be effected only through, records maintained by DTC and its participants. 
 Section 4. Certificate of Authorized
Representatives of the Issuer. The Issuer shall from time to time furnish the Agent with a certificate of the Issuer certifying the incumbency and specimen signatures of representatives of the Issuer authorized to instruct the Agent regarding
the completion and delivery of the Bank Notes (each, an “Authorized Representative”). The Agent shall have no responsibility to the Issuer to determine whether a signature of an Authorized Representative is genuine if such signature
resembles the specimen signature of such Authorized Representative on such certificate. 
 Section 5. Duties of Issuing Agent:
Completion, Authentication and Delivery. 
 (a) The Global Note shall be issued and delivered in accordance with the Blanket Letter of
Representations from the Issuer to DTC dated as of May 9, 2014. All instructions regarding the completion and delivery of the Global Note shall be given by an Authorized Representative by facsimile or other means acceptable to the Agent. All
Authentication Orders with respect to the completed Global Note delivered for authentication to the Agent shall be in writing and shall be executed by an Authorized Representative. Upon receipt of instructions as described above, the Agent shall:

 (1) manually authenticate the Global Note by any one of the officers or employees of the Agent duly authorized and
designated by it for such purpose; and 
 (2) hold the Global Note as custodian for DTC. 

(b) The Agent shall incur no liability in acting hereunder upon any instructions or Authentication Order contemplated hereby which the Agent
believed in good faith to have been given by an Authorized Representative. 
 (c) Each instruction or Authentication Order given to the
Agent in accordance with this Section 5 shall constitute a representation and warranty to the Agent by the Issuer that the issuance and delivery of the Bank Note or Notes to which the instruction or Authentication Order relates have been duly
and validly authorized by the Issuer, that such Bank Note or Notes when completed, authenticated and delivered pursuant hereto, will constitute the legal, valid and binding obligations of the Issuer, and that the Agent’s appointment to act for
the Issuer hereunder has been duly authorized by all necessary corporate action of the Issuer. 

  
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 Section 6. Duties of Note Registrar: Registration, Registration of Transfer and
Exchange. The Agent, in its capacity as Note Registrar, shall, so long as any of the Bank Notes remain outstanding, subject without limitation to Section 3 above, maintain all records as may be customary or provided to it and shall: 

(a) Keep at its Paying Agent Office in Pittsburgh, PA (the “Paying Agent Office”), a register (the “Note Register”) in such
form as the Agent may determine, in which, subject to reasonable regulations as it may prescribe, it shall provide for the registration of Bank Notes and of transfers of Bank Notes; 

(b) Maintain records showing for each outstanding Bank Note the principal amount and other terms thereof; all subsequent transfers and changes
of ownership thereof; and the name, address and tax identification number of the registered holder of such Bank Note (each, a “Holder”); 

(c) Record any transfer of Bank Notes the Issuer has approved, it being understood that such approval shall be based solely on matters
relating to compliance with federal and state securities laws; 
 (d) Prepare all such lists of Holders as may be required by the Issuer or
any person needing such information and so authorized in writing by the Issuer; and 
 (e) During regular office hours and upon reasonable
prior written notice, make the Note Register available to the Issuer or the Issuer’s duly appointed employee or agent; provided that the Agent shall have no responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in the Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, and it shall be fully protected in acting or refraining from
acting on any such information provided by DTC. 
 The Issuer, the Agent and any agent of the Issuer or the Agent may treat the person in
whose name a Bank Note is registered (which in the case of a Global Note, shall be DTC or its nominee) as the absolute owner and holder of such Bank Note for all purposes whatsoever, and none of the Issuer, the Agent and any agent of any of them
shall be affected by notice to the contrary. Any reference herein and in any Bank Note to the term “holder” of a Bank Note or “registered holder” shall be to the person in whose name a Bank Note is registered in the register
maintained for such purposes pursuant to Section 6 hereof. Neither any members of, or participants in, DTC (“Agent Members”) nor any other persons on whose behalf Agent Members may act shall have any rights under this Agreement with
respect to any Global Note registered in the name of DTC or any nominee thereof, or under any such Global Note. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Agent or any agent of the Issuer or the Agent from giving
effect to any written certification, proxy or other authorization furnished by DTC or such nominee, as the case may be, or impair, as between DTC, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of
customary practices of such persons governing the exercise of the rights of a holder of any Global Note. Neither the Agent or the Issuer shall have any responsibility for any actions taken or not taken by DTC. 

  
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 Upon surrender for registration of transfer of any Bank Note at the Paying Agent Office, the
Issuer shall execute, and the Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bank Notes of authorized denominations (which in no case may be less than $250,000 and integral multiples of
$1,000 in excess thereof) and of a like tenor and aggregate principal amount; provided that, unless and until it is exchanged in whole or in part for individual Bank Notes represented thereby, the Global Note may not be transferred except as
a whole by DTC to a nominee of DTC, or by a nominee of DTC to DTC or another nominee of DTC, or by DTC or any such nominee to a successor depositary or a nominee of such successor depositary. 

If (i) DTC notifies the Issuer in writing that it is unwilling or unable to act as Depositary or DTC ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed by the Issuer within 90 days, (ii) the Issuer, at its option, notifies the Agent in writing that it elects to cause the issuance of
Bank Notes in definitive form or (iii) any event shall have happened and be continuing that, after notice or lapse of time or both, would constitute an Event of Default with respect to the Bank Notes, then, upon surrender by DTC or a successor
depositary of the Global Notes, the Agent shall authenticate and deliver Bank Notes, upon receipt of instructions from the Issuer, of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the
Global Note outstanding in exchange for such Global Note, to each person that DTC or a successor depositary identifies as the beneficial owner of the related Bank Notes. 

Upon the exchange of the Global Note for Bank Notes in definitive form upon the occurrence of any of the events described above, the Global
Note shall be cancelled by the Agent. Bank Notes issued in exchange for the Global Note shall be registered in such names and in such authorized denominations, and delivered to such addresses, as DTC, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Agent in writing. The Agent shall deliver such Bank Notes to the persons in whose names such Bank Notes are registered or to DTC, in fully registered form without coupons in denominations of
$250,000 or any amount in excess thereof that is an integral multiple of $1,000. Such Bank Notes may not subsequently be exchanged by a Holder for Bank Notes in denominations of less than $250,000. 

In case any Bank Note shall at any time become mutilated, destroyed, lost or stolen and such Bank Note or evidence satisfactory to the Issuer
of the loss, theft or destruction thereof (together with indemnity satisfactory to the Agent and the Issuer and such other documents or proof as may be required by the Agent and the Issuer) shall be delivered to the Agent and the Issuer, the Agent
shall authenticate and deliver, upon receipt of instructions from the Issuer, a new Bank Note of like tenor in exchange for the Bank Note so mutilated, or in lieu of the Bank Note so destroyed or lost or stolen. 

Section 7. Duties of Paying Agent: Payment of Bank Notes. Payment of principal (and premium, if any) and interest on the Bank
Notes shall be made by the Agent in the manner and on the dates specified in the Bank Notes from funds deposited by the Issuer with the Agent for such payments as provided in Section 8. The Agent shall have no obligation to use its own funds
for any such payment of principal, premium or interest on the Bank Notes. Payments due at the maturity or redemption of a Bank Note shall be made only upon presentation and 

  
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surrender of such Bank Note. Any money that the Issuer pays to the Agent for the purpose of making payments on the Bank Notes and that remains unclaimed two years after the payments were due
will, at the Issuer’s written request, be returned to it. After that time any Holders of such Bank Notes can only look to the Issuer for payment on such Bank Notes. 

Section 8. Deposit of Funds. The Issuer shall deposit with the Agent by 9:30 a.m., New York time (i) on each Interest
Payment Date (as such term is defined in such Bank Note) of a Bank Note an amount in immediately available funds sufficient to pay the interest due on such date and (ii) on the Maturity Date (as such term is defined in such Bank Note) or
earlier redemption date an amount in immediately available funds sufficient to pay the principal of such Bank Note, the premium due thereon, if any, and the interest accrued thereon to such Maturity Date or redemption date, as the case may be. The
Agent shall clearly identify in its books and records funds relating to the Bank Notes. 
 Section 9. Fees and Expenses of the
Agent. The Issuer shall pay such fees and expenses of the Agent for the performance of its duties as Issuing and Paying Agent and Note Registrar hereunder as may be mutually agreed upon from time to time in writing and the Issuer agrees promptly
to pay such compensation and to reimburse the Agent for the reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by it in connection with or arising out of its services hereunder, except any such expense,
disbursement or advance as may be attributable to its gross negligence or willful misconduct, and the Agent shall provide the Issuer reasonable notice of any expenditure not in the ordinary course of business. 

Section 10. Conditions. The Agent accepts its obligations herein set forth upon the terms and conditions hereof, including
the following, to all of which the Issuer agrees: 
  

	 	(a)	Agency. The Agent shall not be liable for any costs, expenses, damages, liabilities or claims hereunder except to the extent directly arising out of the Agent’s gross negligence or willful misconduct, as
finally determined by a court of competent jurisdiction. In acting under this Agreement and in connection with the Bank Notes, the Agent is acting solely as agent of the Issuer and does not assume any responsibility for the correctness of the
recitals in the Bank Notes (except for the correctness of the statement in its certificate of authentication thereon) or any obligation or relationship of agency or trust, for or with any of the owners or holders of the Bank Notes. Nothing herein
this Agreement shall create a fiduciary relationship between the Agent, any holders of Notes or any other party. 

  

	 	(b)	Advice of Counsel. The Agent may consult with Issuer’s counsel or other independent counsel satisfactory to them, and the advice or opinion of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

  

	 	(c)	 Reliance. The Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond 



  
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debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Agent shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document. 

  

	 	(d)	Interest in Notes, etc. The Agent, in its individual or any other capacity, may become the owner or pledgee of the Bank Notes and may otherwise deal with the Issuer with the same rights as it would have if it
were not the Agent. 

  

	 	(e)	Non-Liability for Interest. The Agent shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer. 


 

	 	(f)	Certifications. Whenever in the administration of this Agreement the Agent shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Agent
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon a certificate delivered to the Agent and signed by the President, the Chief Executive Officer, the Chief Financial Officer, a Senior
Executive Vice President, the Treasurer, the Secretary, an Assistant Secretary or any Attorney-in-Fact of the Issuer. 

  

	 	(g)	No Implied Obligations. The duties and obligations of the Agent with respect to matters governed by this Agreement shall be determined solely by the express provisions hereof, and the Agent shall not be liable
except for the performance of such duties and obligations as are specifically set forth in this Agreement and the Bank Notes, as applicable, and no implied covenants or obligations shall be read into this Agreement or the Bank Notes against the
Agent. No provision of this Agreement shall require the Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

  

	 	(h)	Enforceability of Rights. The rights, privileges, protections, immunities and benefits given to the Agent, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by,
the Agent in each of its capacities hereunder, and to each agent, custodian and other person employed to act hereunder. 

  

	 	(i)	 Agents. The Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys




  
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and the Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 


 

	 	(j)	Occurrences Beyond Reasonable Control. In no event shall the Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services (it being understood that the Agent shall maintain a business continuity plan and otherwise use reasonable efforts which are consistent with accepted practices in
the banking industry to avoid and mitigate the effects of such occurrences and to resume performance as soon as practicable under the circumstances). 

  

	 	(k)	Damages. In no event shall the Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of
whether the Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  

	 	(l)	Disclaimer. The recitals contained herein and in the Bank Notes, except the Agent’s certificates of authentication, shall be taken as the statements of the Issuer, and the Agent (or any person authorized by
the Agent to act on behalf of the Agent to authenticate the Bank Notes (an “Authenticating Agent”)) assumes no responsibility for their correctness. The Agent makes no representations as to the validity or sufficiency of this Agreement or
of the Bank Notes. The Agent or any Authenticating Agent shall not be accountable for the use or application by the Issuer of the Bank Notes or the proceeds thereof. 


 

	 	(m)	 Judicial Orders. If at any time the Agent is served with any judicial or administrative order, judgment, decree, writ or other form of judicial
or administrative process which in any way affects this Agreement or the Bank Notes (each, an “Order” and including, but not limited to, orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the
transfer of funds), the Agent shall use reasonable efforts to provide the Issuer with written notice of Agent’s receipt of service as promptly as practicable under the circumstances (unless prohibited by applicable law or such Order), so that
Issuer may, at its option, decide whether to seek a modification of any such Order. The Agent agrees that it will reasonably cooperate in all reasonable respects with Issuer’s efforts to obtain such modification. The Agent is authorized to
comply with any such Order (regardless of whether Issuer successfully obtains a modification of the Order should it seek to do so) in any manner as the 



  
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Agent or its legal counsel of its own choosing deems appropriate; provided, however, that Agent shall delay compliance with an Order until any proceedings instituted by Issuer seeking
modification of the Order have been resolved or until (based on the advice of Agent’s legal counsel) further delay in complying with the Order would expose Agent to penalties or sanctions for its failure to comply or would adversely affect the
Agent’s ability to comply. If the Agent complies with any Order in accordance with the provisions of this paragraph, the Agent shall not be liable to any of the parties hereto or to any other person or entity even though such Order may be
subsequently modified or vacated or otherwise determined to have been without legal force or effect. 

  

	 	(n)	Taxes. In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to this Agreement and Bank Notes in effect from time to time
(“Applicable Law”) that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Issuer agrees (i) to provide to the Agent sufficient information about the parties and/or
transactions (including any modification to the terms of such transactions) so the Agent can determine whether it has tax related obligations under Applicable Law and (ii) that the Agent shall be entitled to make any withholding or deduction
from payments to the extent necessary to comply with Applicable Law for which the Agent shall not have any liability. The terms of this section shall survive the termination of this Agreement. 


 

	 	(o)	Calculations. The Agent shall not be responsible for and accepts no liability with respect to determining, calculating or confirming any date, value or amount related to the Bank Notes. It shall be the
responsibility of the Issuer to notify the Agent in writing of same in timely fashion to the extent the Issuer has such information and to the extent the Agent is required to have such information to perform the duties and obligations of the Agent
set forth herein or in the Bank Notes. 

 Section 11. Indemnification. Notwithstanding any satisfaction or
discharge of any Bank Notes, the Issuer shall indemnify the Agent and its directors, officers, agents and employees against any and all loss, liability, costs, damages, claims, actions, expenses or demands which it may incur or sustain or which may
be made against it in connection with its appointment or the exercise of its powers and duties hereunder as well as the reasonable and documented costs, including the expenses and fees of counsel in defending any claim, action or demand (regardless
of whether such claim, action or demand is brought by the Issuer), except such as may result from the Agent’s willful misconduct or gross negligence. The Agent shall incur no liability and shall also be indemnified and held harmless by the
Issuer for, or in respect of, any actions taken or suffered to be taken in good faith by the Agent in accordance herewith and in reliance upon (i) the written opinion or advice of counsel or (ii) written instructions that are believed, in
good faith, to be duly authorized by the Issuer. 

  
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 Section 12. Resignation or Removal of the Agent. 

(a) Except as provided below, the Agent may at any time resign as Note Registrar, as Issuing Agent or as Paying Agent by giving written
notice to the Issuer of its intention to resign from any or all such offices, specifying the date on which its desired resignation shall become effective; provided that such notice shall be given not less than 45 days prior to the said
effective date unless the Issuer otherwise agrees in writing. Except as provided below, the Agent may be removed from any or all of the offices to which it is hereby appointed by the Issuer delivering to the Agent an instrument in writing signed by
the Issuer specifying such removal and the date when it shall become effective (such effective date being at least 20 days after said filing). 

(b) If at any time the Agent shall resign or be removed from any or all of the offices to which it is hereby appointed, then a successor Note
Registrar, Issuing Agent or Paying Agent, as the case may be, shall be appointed by the Issuer by an instrument in writing delivered to the successor Note Registrar, Issuing Agent or Paying Agent, as the case may be. Upon the appointment as
aforesaid of a successor Note Registrar, Issuing Agent or Paying Agent, as the case may be, and acceptance by the latter of such appointment, the former Note Registrar, Issuing Agent or Paying Agent, as the case may be, shall cease to hold such
office. 
 (c) Any successor Note Registrar, Issuing Agent or Paying Agent appointed hereunder shall execute and deliver to its predecessor
and the Issuer an instrument accepting such appointment hereunder, and thereupon such successor Note Registrar, Issuing Agent or Paying Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers,
immunities, duties and obligations of such predecessor with like effect as if originally named as the Note Registrar, Issuing Agent or Paying Agent hereunder, and such predecessor shall thereupon become obligated to transfer and deliver, and such
successor shall be entitled to receive, copies of any relevant records maintained by such predecessor Note Registrar, Issuing Agent or Paying Agent. 

(d) Any corporation into which the Agent may be merged or converted or any corporation with which the Agent may be consolidated or any
corporation resulting from any merger, conversion or consolidation to which the Agent shall be a party shall, to the extent permitted by applicable law, be the successor Note Registrar, Issuing Agent or Paying Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the parties hereto. Notice of any such merger, conversion or consolidation shall forthwith be given to the Issuer. 

(e) The provisions of Sections 9 and 11 hereof shall survive any resignation or removal hereunder and the termination of this Agreement with
respect to matters occurring prior to any such resignation or removal and the termination of this Agreement. 

Section 13. Event of Default Notification. The Issuer will promptly notify the Agent upon the occurrence of an Event of
Default or of the curing of an Event of Default, and the Issuer will provide copies of any such notice of the occurrence of an Event of Default or the curing of an Event of Default to the Agent, whereupon the Agent will promptly mail by first-class mail, postage prepaid, copies of such notice to the Holders of the Bank Notes in the 

  
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Note Register at their respective addresses appearing in the Agent’s records. The Agent shall have no obligation to act as a fiduciary to the Holders of the Bank Notes (or any other party)
and shall have no duty to enforce this Agreement or the Bank Notes against the Issuer. 
 Section 14. Notices. All notices,
instructions and communications between the parties hereto in connection with this Agreement shall be delivered in person, sent by letter, facsimile or other method acceptable to the recipient, in the case of the Issuer, to it at 850 Main Street,
Bridgeport, Connecticut 06604, Attention: General Counsel, with a copy to Simpson Thacher & Bartlett LLP, 425 Lexington Ave, New York, NY 10017, Attention: Lee Meyerson, and in the case of the Agent, to it at 525 William Penn Place, 38th Floor, Pittsburgh, PA 15259, Attention: Corporate Trust. 
 The Agent shall have the
right to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar unsecured electronic methods by persons believed by the Agent to be authorized to give instructions and directions on behalf of the Issuer.
The Agent shall not have any duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of the Issuer; and the Agent shall not have
any liability for any losses, liabilities, costs or expenses incurred or sustained by the Issuer as a result of such reliance upon or compliance with such instructions or directions. The Issuer agrees to assume all risks arising out of the use of
such electronic methods to submit instructions and directions to the Agent, including without limitation the risk of the Agent acting on unauthorized instructions, and the risk of interception and misuse by third-parties. 

Section 15. Successors and Assigns. The rights, duties and obligations of the Issuer and the Agent hereunder shall inure,
without further act, to their respective successors and assigns. 
 Section 16. Amendments. This Agreement may be amended
only by an instrument in writing signed by the Issuer and the Agent. 
 Section 17. Counterparts. This Agreement may be
executed in one or more counterparts and, if executed in one or more counterparts, the executed counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument. 

Section 18. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. 
 Section 19. Severability. In case any provision in this Agreement or in the Bank Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 20. Waiver of Jury Trial. EACH OF THE AGENT AND THE ISSUER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE BANK NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
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 Section 21. Jurisdiction. Each of the Agent and the Issuer submits to the
jurisdiction of the courts of the State of New York over any suit, action or proceeding with respect to this Agreement or the transactions contemplated hereby. Each of the parties waives any objection that it may have to the venue of any suit,
action or proceeding with respect to this Agreement or the transactions contemplated hereby in any court of the State of New York or that such suit, action or proceeding brought in a court of the State of New York was brought in an inconvenient
court and agrees not to plead or claim the same. 
 Section 22. USA Patriot Act. The parties hereto acknowledge that, in
accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Agent, like all financial
institutions, is required to obtain, verify, and record information that identified each person or legal entity that opens an account. The parties to this Agreement agree that they will provide the Agent with such information as the Agent may
request in order for the Agent to satisfy the requirements of the USA Patriot Act. 
 Section 23. No Subordination. The
obligations of the Issuer under Sections 9 and 11 to compensate and indemnify the Agent and to pay or reimburse the Agent for expenses, disbursements and advances shall not be subject to the subordination provisions of the Bank Notes. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day
and year first above written. 
  

			
	 PEOPLE’S UNITED BANK,

as Issuer

		
	By:	  	 /s/ R. David Rosato

		  	Name:   R. David Rosato
		  	 Title:  Senior Executive Vice President and

          Chief Financial Officer



  

			
	 THE BANK OF NEW YORK MELLON,

as Issuing and Paying Agent and Note

Registrar



  

			
		
	 By:
	  	 /s/ Laurence J. O’Brien

		  	Name:   Laurence J. O’Brien
		  	Title:    Vice President



  
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