EXHIBIT 10.4



 Exhibit 10.4 
 Summary of Compensation Arrangements 
 for 
 Named Executive Officers 
 Except for
Mr. Klein, no executive officer of People’s Bank (the “Bank”) has a written employment agreement with the Bank. This Exhibit summarizes the general terms of employment for each of the executive officers named in the Bank’s 2006
Proxy Statement (the “Named Executive Officers”), including Mr. Klein, during 2006. 
 Annual Base Salary: 
  

				
	 Name
	  	Salary
	 John A. Klein
	  	$	775,215
	 Robert R. D’Amore
	  	$	310,000
	 Brian F. Dreyer
	  	$	310,088
	 William T. Kosturko
	  	$	317,246
	 Philip R. Sherringham
	  	$	425,000

 The base salaries reflected in the above table became effective beginning with the two-week pay
period ended February 24, 2006. 
 Long-Term Cash-Based Performance Awards: 
  

							
	 	  	Target Award (as % of Base Salary) for Three-Year Period
	 Name
	  	2004-2006	 	2005-2007	 	2006-2008
	 John A. Klein
	  	70%	 	72%	 	72%
	 Robert R. D’Amore
	  	36	 	36	 	37
	 Brian F. Dreyer
	  	36	 	36	 	37
	 William T. Kosturko
	  	31	 	31	 	33
	 Philip R. Sherringham
	  	36	 	36	 	41

 These awards were made pursuant to the Amended and Restated 1998 People’s Bank Long-Term
Incentive Plan. Target awards are expressed as a percentage of base salary as in effect at the time the awards were granted. Actual payout amounts for these awards will be determined following completion of the applicable 3-year cycle, dependent on
Bank performance for each year during the cycle. 
 Short-Term Incentive Awards for 2006: 
  

			
	 Name
	  	 Target Award for 2006
 (as % of Base Salary)

	 John A. Klein
	  	75%
	 Robert R. D’Amore
	  	65
	 Brian F. Dreyer
	  	65
	 William T. Kosturko
	  	60
	 Philip R. Sherringham
	  	65

 Target awards are expressed as a percentage of base salary as shown in the first table of this
item. Actual payout amounts for these awards will be determined following 







 completion of the fiscal year ending December 31, 2006, dependent on (a) Bank performance for the year,
and (b) for all Named Executive Officers other than Mr. Klein, on the executive’s personal performance against his individual key performance measures. The actual payout amount for Mr. Klein will be determined solely on the basis of Bank
performance for the year. 
 Executive officers are eligible to participate in all benefit plans maintained for the benefit of the
Bank’s employees generally, such as the Bank’s health insurance program, the qualified pension plan, and the qualified employee savings (401(k)) plan. Executive officers may also be eligible to participate or receive benefits under a
variety of other written plans and arrangements, which are included as exhibits to regulatory filings under the Securities Exchange Act of 1934 (the “Exchange Act”) as required. The Bank pays the cost of providing certain additional
benefits to executive officers, including: a car allowance or a Bank-supplied car; group life insurance coverage; tax preparation services; financial planning services; enhanced long-term disability coverage; and, in the case of executives who were
participants in the Bank’s split-dollar life insurance program prior to July 2003, term life insurance coverage in an amount equal to the difference between the death benefit formerly provided to the executive under the split-dollar program
less the death benefit currently provided under the fully paid-up life insurance policy currently maintained for his or her benefit. 
 Mr.
Klein’s employment agreement provides him with certain benefits in addition to those described in this summary. A copy of his employment agreement is included as an exhibit to regulatory filings under the Exchange Act, as required.