Document:

EXHIBIT 10.25

 Exhibit 10.25 
 THE PEOPLE’S BANK 
 CHANGE IN CONTROL EMPLOYEE SEVERANCE PLAN 
 ARTICLE I 
 PURPOSE OF THE PLAN

 The purpose of the People’s Bank Change in Control Employee Severance Plan (the “Plan”) is to provide specified
benefits to certain Employees, as provided herein, whose employment is terminated in connection with or subsequent to a Change in Control of either People’s Bank (the “Bank”) or its parent, People’s United Financial, Inc., (the
“Company”), (the Bank and the Company and all subsidiaries of the Bank are hereinafter collectively referred to as the “Employer”). 
 ARTICLE II 
 DEFINITIONS 
 2.01. Total Compensation. An Employee’s “Total Compensation” for purposes of this Plan shall mean such Employee’s wages as
defined in Code Section 3401(a) and all other payments of compensation by any Employer (in the course of such Employer’s trade or business) for which such Employer is required to furnish such Employee a written statement under Code
Sections 6041(d), 6051(a)(3) and 6052 during the calendar year immediately preceding the calendar year in which the Date of Termination occurs; provided that such Total Compensation must be determined by (a) also including amounts which are
contributed by an Employer pursuant to a salary reduction agreement and are not includable in the gross income of such Employee under Section 125, 132(f)(4), 402(e)(3), 402(h) of the Code or deferral of compensation pursuant to the
People’s Bank Supplemental Savings Plan (to the extent such amounts are not otherwise so included) and (b) excluding compensation (whether in the form of cash or stock) earned or paid under any incentive plan with an accrual period of more
than one year, including, but not limited to, the Bank’s 1998 Long-Term Incentive Plan, the Long-Term Retention Plan for Commercial Lenders or any successor long-term incentive plan of the Employer in which the Employee is a participant and
(c) excluding any payments for reimbursement of business expenses, rents, tuition reimbursement, insurance premiums paid by the Employer or other special emoluments and (d) excluding any “retention” payment, i.e., additional
compensation paid pursuant to an agreement by the Employer to pay the Employee additional compensation to remain employed until a designated time or completion of designated services. 
 2.02. Cause. Termination of an Employee’s employment for “Cause” shall mean termination because of personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order or material breach of any provision of this Plan. 
  

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 2.03. Change in Control. A “Change in Control” shall be deemed to have occurred upon the
happening of any of the following events: 
 (i) the consummation of a reorganization, merger or consolidation of the Company
with one or more other persons, other than a transaction following which: 
 (A) at least 51% of the equity ownership
interests of the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) in substantially the same relative
proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 
 (B) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from such transaction
are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3
promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in the election of directors of the Company; 
 (ii) the acquisition of all or substantially all of the assets of the Company or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of the outstanding securities
of the Company entitled to vote generally in the election of directors by any person or by any persons acting in concert; 
 (iii) a complete liquidation or dissolution of the Company; 
 (iv) the occurrence of any event if, immediately
following such event, at least 50% of the members of the Board of Directors of the Company who belong to any of the following groups do not belong to any of the following groups: 
 (A) individuals who were members of the Board of Directors of the Company on the Effective Date of this Agreement; or
 (B) individuals who first became members of the Board of Directors of the Company after the Effective Date of this Agreement either:

 (1) upon election to serve as a member of the Board of Directors of the Company by the affirmative vote of three-quarters
of the members of such Board, or of a nominating committee thereof, in office at the time of such first election; or 
  

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 (2) upon election by the shareholders of the Board of Directors of the Company to serve
as a member of such Board, but only if nominated for election by the affirmative vote of three-quarters of the members of such Board, or of a nominating committee thereof, in office at the time of such first nomination; 
 Provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest or other actual
or threatened solicitation of proxies or consents other than by or on behalf of the Board of Directors of the Company; or 
 (v) any event which would be described in Section 2.03 (i), (ii), (iii) or (iv) if the term “Bank” were substituted for the term “Company” therein. 
 In no event, however, shall a Change in Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the Bank or a
subsidiary of either of them, by the Company, the Bank, any subsidiary of either of them, or by any employee benefit plan maintained by any of them. For purposes of this Section 2.03, the term “person” shall include the meaning
assigned to it under Sections 13(d)(3) or 14(d)(2) of the Exchange Act. 
 In no event shall a Change in Control be deemed to have occurred as a result of
the occurrence of any of the events or transaction described in this Section 2.03 (i), (ii), (iii) or (iv) if effected in the context of the conversion of People’s Mutual Holdings from a mutual-form entity into a stock-form
entity pursuant to applicable laws and rules. 
 2.04. Code. “Code” shall mean the Internal Revenue Code of 1986, as
amended. 
 2.05. Date of Termination. “Date of Termination” shall mean (i) if an Employee’s employment is
terminated for Cause, the date on which the Notice of Termination is given, and (ii) if an Employee’s employment is terminated for any other reason, the date specified in the Notice of Termination. 
 2.06. Disability. Termination by the Employer of an Employee’s employment based on “Disability” shall mean termination because of
any physical or mental impairment which qualifies the Employee for disability benefits under the applicable long-term disability plan maintained by the Employer or, if no such plan applies, which would qualify the Employee for disability benefits
under the Federal Social Security System. 
 2.07. Employee. “Employee” shall mean any individual who was employed by the
Employer as of the Effective Date and who is not party to an individual employment or change in control agreement with the Employer as of the date of the Notice of Termination; PROVIDED, however, that an individual who is considered by the Bank to
be an independent contractor or temporary employee, even if he or she is determined to be an employee of the Employer for any other purpose, shall not be eligible to participate in the Plan. The characterization in the Employer’s records of the
relationship between 
  

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the individual and the Employer shall be conclusive as to the individual’s status for purposes of this Plan. 
 2.08. Good Reason. Termination by an Employee of his or her employment for “Good Reason” shall mean termination by the Employee
following a Change in Control of the Company and within 60 days following the occurrence of one or more of the following events: 
  

	(a)	Without the Employee’s express written consent: 

  

	(i)	any reduction in the Employee’s base salary; or 

  

	(ii)	change in the method of computation of commissions and/or performance incentive compensation that would, if target goals were achieved, result in a reduction of more than 20% in the
value of the Employee’s commission and/or incentive performance compensation 

 as in effect immediately prior to the date
of the Change in Control of the Company or as the same may be increased from time to time thereafter; 
  

	 	(b)	Without the Employee’s express written consent, the assignment to a position that requires knowledge, skills or abilities that differ substantially from those applicable to the
Employee’s position with the Employer immediately prior to a Change in Control of the Company; or 

  

	 	(c)	Without the Employee’s express written consent, relocation of the Employee’s principal site of employment to a location that would require the Employee to increase his or
her daily one way commuting distance by more than twenty five (25) miles as compared to the employee’s commuting distance immediately prior to the Change in Control. 

 2.09. IRS. “IRS” shall mean the Internal Revenue Service. 
 2.10. Notice of Termination. Any purported termination of an Employee’s employment by the Employer following a Change in Control for any reason or by an Employee for Good Reason, shall be communicated by
written “Notice of Termination” to the other party hereto. For purposes of this Plan, a “Notice of Termination” shall mean a dated notice which (i) indicates the specific termination provision in this Plan relied upon,
(ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated, (iii) specifies a Date of Termination, except in the case of
the Employer’s termination of the Employee’s employment for Cause, which shall be effective immediately; and (iv) is given in the manner specified in Article VII, Section 7.01 hereof. 
 2.11. Retirement. “Retirement” shall mean the termination of an Employee’s employment in accordance with the Employer’s
retirement policies of mandatory retirement at 65 or another designated age. 
  

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 ARTICLE III 
 BENEFITS 
 3.01. Payments and Benefits upon Termination. 
 (a) If the Employee’s employment is terminated subsequent to a Change in Control of the Company by (i) the Employer for other than Cause,
Disability, Retirement or the Employee’s death or (ii) the Employee for Good Reason, then the Employer shall: in lieu of any other severance or separation pay 
 (A) pay to the Employee the following amount of severance compensation, subject to reduction as provided in subsection 3.01(c):

 (i) if the Employee is exempt Director level (Grade 55) or above at the date of the Change in Control of the Company, a
cash severance amount, such amount being paid in a lump sum as of the Date of Termination, equal to 1/13th of the
Employee’s Total Compensation multiplied by the number of full years the Employee has been employed by the Employer; provided, however, such amount shall neither be less than 0.5 times the Employee’s Total Compensation nor exceed 2.0 times
of the Employee’s Total Compensation; or 
 (ii) if the Employee is exempt Grade 40, 45 or 50 at the date of the Change
in Control of the Company, a cash severance amount, such amount being paid in a lump sum as of the Date of Termination, equal to 3/52nd of the Employee’s Total Compensation multiplied by the number of full years that the Employee has been employed by the Employer; provided, however, such amount shall neither be less than 3/13th of the Employee’s Total Compensation nor exceed 1.5 times the Employee’s Total Compensation; or 
 (iii) if the Employee is a non-exempt employee, or is an exempt Grade 35 or below, at the date of the Change in Control of the Company, a
cash severance amount, such amount being paid in a lump sum as of the Date of Termination, equal to 1/26th of the
Employee’s Total Compensation multiplied by the number of full years such Employee has been employed by the Employer; provided, however, such amount shall neither be less than 3/13th of the Employee’s Total Compensation nor exceed 1.0 times the Employee’s Total Compensation; 
 (B) maintain and provide for a period of six months following the Employee’s Date of Termination, or until comparable benefits are
provided by a new employer, whichever occurs first, at no greater cost to the Employee than the Employee is paying as of the Date of Termination, the Employee’s continued participation in medical and dental coverage offered by the Employer
(including dependent and family coverage if in effect at the Date of Termination) in which the Employee was entitled to participate immediately prior to the Date of Termination; provided that to the extent deemed advisable by the Employer, the

  

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Employee may be required to exercise his rights to have such coverage continued pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”) with the Employer reimbursing the Employee for the first six months’ costs thereof. 
 (b) The value of
the payments and benefits pursuant to Section 3.01 (a) hereof, either alone or together with other payments and benefits which the Employee has the right to receive from the Employer, would constitute a “parachute payment” under
Section 280G of the Code to the extent applicable, the payments and benefits payable by the Employer pursuant to Section 3.01 hereof shall be reduced, in the manner determined by the Employee, by the amount, if any, which is the minimum
necessary to result in no portion of the payments and benefits payable by the Employer under Section 3.01 being non-deductible to the Bank pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999
of the Code. 
 (c) In the event the value of all of the payments and other benefits payable or otherwise distributable pursuant to this
Section 3.01 would otherwise exceed the equivalent of twice the annual the Employee’s Annual Compensation during the year immediately preceding the Date of Termination; the lump sum cash payment otherwise payable hereunder shall be reduced
in the manner determined by the Employee, by the amount of such excess. For purposes of this Subsection (c), “Annual Compensation” shall mean the total of all compensation, including wages, salary, and any other benefit of monetary value
which was paid as consideration for the Employee’s services during the year, or would have been so paid at the Employee’s usual rate of compensation if the Employee had worked a full year. The provisions of this Subsection (c) shall
be construed and applied all as determined in accordance with the provisions of U.S. Department of Labor Regulation §2510.3-2(b). 
 (d)
The determination of any reduction in the payments and benefits to be made pursuant to subsections (b) and (c) of this Section 3.01 shall be based upon the opinion of independent counsel selected by the Employer’s independent
public accountants and paid by the Employer. Such counsel shall be reasonably acceptable to the Employer and the Employee; shall promptly prepare the foregoing opinion, but in no event later than thirty (30) days from the Date of Termination;
and may use such actuaries as such counsel deems necessary or advisable for the purpose. 
 (e) Nothing contained herein shall result in a
reduction of any payments or benefits to which the Employee may be entitled upon termination of employment under any circumstances other than as specified in Sections 3.02(a) and 3.02(b) set forth above, or a reduction in the payments and benefits
specified in Section 3.01 below zero. 
 (f) The cash payments to be made hereunder shall be made to any employee only after execution
and delivery of a release in the form required pursuant to Article VII and passage of sufficient time to render such release fully effective and irrevocable and to any individual who is a “key employee” as defined in
Section 416(i)(without reference to paragraph (5)) of the Internal Revenue Code as amended and Article XV (“Top Heavy Provisions”) of the People’s Bank 401(k) Employee Savings Plan as amended six months 
  

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after the Date of Termination, or if later the actual Date of Termination of the Employee’s employment with the Employer. 
 3.02. Mitigation; Exclusivity of Benefits. 
 (a) An Employee shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor, except as provided in Section 3.01(b) hereof with respect to health and dental coverage, shall the
amount of any such benefits be reduced by any compensation earned or benefits received by the Employee as a result of employment by another employer after the Date of Termination or otherwise. 
 (b) The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to an Employee upon a termination
of employment with the Employer pursuant to employee benefit plans of the Employer or otherwise except that the benefit hereunder shall be in lieu of all other severance benefits; and for such purposes the term “severance benefit” shall
mean any benefit payable under any plan or policy, of the Company or part thereof providing payments to Employees in the event of involuntary termination of employment. 
 3.03. Withholding. All payments required to be made by the Employer hereunder to the Employee shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the
Employer may reasonably determine should be withheld pursuant to any applicable law or regulation. 
 ARTICLE IV 
 ASSIGNMENT 
 The Employer may assign
this Plan and its rights and obligations hereunder in whole, but not in part, to any company, bank or other entity with or into which the Bank or the Company may hereafter merge or consolidate or to which the Bank or the Company may transfer all or
substantially all of its respective assets, if in any such case said company, bank or other entity shall by operation of law or expressly in writing assume all obligations of the Employer hereunder as fully as if it had been originally made a party
hereto, but may not otherwise assign this Plan or their rights and obligations hereunder. An Employee may not assign or transfer any rights or benefits due hereunder. However, in the event of the Employee’s death (a) any amounts owed to
him hereunder shall be paid to the legal representatives of his estate, and (b) any insurance which would be maintained pursuant to Section 3.01 shall continue to be maintained by the Employer, provided it can be maintained in accordance
with the Employer’s then existing arrangements and such survivors pay the percentage of the cost thereof as the Employee was paying, 
 ARTICLE V 
 DURATION AND EFFECTIVE DATE OF PLAN 
 5.01. Duration. The Employer expects to continue the Plan indefinitely, however, except in the event of a Change in Control of the Company, this
Plan is subject to change or termination, in whole or in part, with the approval of three quarters of the 
  

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members of the Company’s Board of Directors; provided, however, that in the event of a Change in Control, this Plan may not be terminated or amended to
reduce the benefits provided hereunder for a period of (1) year prior to or three (3) years from the date of the Change in Control. Any action by the Board of Directors of the Company amending the Plan to reduce such benefits or
terminating the Plan shall become null and void if within (1) year of such action, a Change in Control occurs. 
 5.02. Effective
Date. This Plan shall be effective as of [             , 2007]. 
 ARTICLE
VI 
 ADMINISTRATION 
 6.01. Duties of the Committee. The Plan shall be administered and interpreted by the Bank’s management-level Administrative Committee (the “Committee”), as appointed from time to time by the Board of Directors of the
Bank pursuant to Section 6.02 hereof. The Committee shall have the authority to adopt, amend and rescind such rules, regulations and procedures as, in its opinion, may be advisable in the administration of the Plan, including, without
limitation, rules, regulations and procedures with respect to the operation of the Plan. and establishing procedures for claims hereunder and appeals from decisions affecting such claims which procedures and appeals procedures shall comply with the
requirements of U.S. Department of Labor Regulation §2560-503-1. Any such procedure may require that any appeals be resolved by arbitration. Any rules, regulations and procedures adopted hereunder may be amended from time to time provided
(a) that no such amendments which are less favorable to Employees shall be made for a period of (1) year prior to or three (3) years from the date of the Change in Control, and (b) any amendment which is less favorable to
Employees shall become null and void if within (1) year of such action, a Change in Control occurs. The interpretation and construction by the Committee of any provisions of the Plan, and any rule, regulation or procedure adopted by it pursuant
thereto, shall be final and binding in the absence of action by the Board of Directors of the Bank. 
 6.02. Appointment and Operation of
the Committee. The members of the Committee shall be appointed by, and will serve at the pleasure of, the Board of Directors of the Bank. The Board from time to time may remove members from, or add members to, the Committee, provided that prior
to a Change in Control of the Company the Committee shall continue to consist of two or more executive officers of the Bank. The Committee shall act by vote or written consent of a majority of its members. Subject to the express provisions and
limitations of this Plan, the Committee may adopt such rules, regulations and procedures as it deems appropriate for the conduct of its affairs. It may appoint one of its members to be chairman and any person, whether or not a member, to be its
secretary or agent. The Committee shall report its actions and decisions to the Board or a committee thereof at appropriate times but in no event less than once per calendar year. 
 6.03. Limitation on Liability. Neither the members of the Board of Directors of the Bank nor any member of the Committee shall be liable for any
action or determination made in good faith with respect to the Plan or any rule, regulation or procedure adopted by it pursuant thereto. If a member of the Board or the Committee is a 
  

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party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of anything done or not done by him or her in such capacity under or with respect to the Plan, the Bank shall, subject to the requirements of applicable laws and regulations, indemnify such member against all liabilities and
expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she
reasonably believed to be in the best interests of the Bank and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. 
 ARTICLE VII 
 SOLE REMEDY; RELEASE 
 In the event of the discharge of the Employee under circumstances giving rise to the payment obligation described in Section 3, the payments and
other benefits provided for by this Agreement, by any stock option or other agreement between the Employer and the Employee in effect at the Effective Date, and by any other applicable plan of the Employer shall constitute the entire obligation of
the Employer to the Employee and shall also constitute full settlement of any claim under law or in equity that the Employee might otherwise assert against the Employer or any of its employees on account of such discharge or the Employee’s
employment by the Bank. In order to effectuate the intent of this Section, the Officer agrees to deliver a release (in form satisfactory to the Employer) of all such claims against the Employer and which is completely enforceable and irrevocable, at
the time of receipt of the lump sum payment pursuant to Section 3(a). The Employer shall not be obligated to provide benefits under this Plan to any Employee who fails or refuses to sign and deliver such a release. The foregoing provisions of
this Section and execution and delivery of such release shall not limit the Employee’s ability to enforce of any rights that the Employee may have under any other benefit plan (other than severance benefits as defined in Section 3.02(b).

 ARTICLE VIII 
 MISCELLANEOUS 
 8.01. Notice. For the purposes of this Plan, notices and all other communications provided for in
this Plan shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed, with respect to the Employer, Secretary, People’s Bank,
850 Main Street, Bridgeport, CT 06604 and with respect to an Employee, to the home address thereof set forth in the records of the Bank at the date of any such notice. 
 8.02. Governing Law. The validity, interpretation, construction and performance of this Plan shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the
State of Connecticut. 
 8.03. Nature of Employment and Obligations. 
 (a) Nothing contained herein shall be deemed to create other than a terminable at will employment relationship between the Employer and an Employee, and

  

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the Employer may terminate the Employee’s employment at any time, subject to providing any payments specified herein in accordance with the terms
hereof. 
 (b) Nothing contained herein shall create or require the Employer to create a trust of any kind to fund any benefits which may be
payable hereunder, and to the extent that the Employee acquires a right to receive benefits from the Employer hereunder, such right shall be no greater than the right of any unsecured general creditor of the Employer. 
 8.04. Headings. The section headings contained in this Plan are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Plan. 
 8.05. Severability. The invalidity or unenforceability, in whole or in part, of any provision of this
Plan shall in no way affect the validity or enforceability of the remainder of such provision or of any other provision of this Plan, and any provision, or part thereof, deemed to be invalid or unenforceable shall be reformed as necessary to render
it valid and enforceable to the maximum possible extent. 
 8.06. Construction. This Plan is intended to be a plan which is not an
employee pension benefit plan for purposes of the Employee Retirement Income Security Act as amended. It is intended that none of the benefits payable hereunder shall constitute excess parachute payments for purposes of Section 280G of the
Code. It is further intended that this Plan satisfy all of the requirements of (2), (3)and (4) of Section 409A(a) of the Code and the provisions of the Plan shall be so construed.  
 8.07. Regulatory Prohibitions. 
 Notwithstanding any other provision of this Plan to the contrary, any payments made to an Employee pursuant to this Plan, or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit
Insurance Act (12 U.S.C. §1828(k)) and the regulations promulgated thereunder, including 12 C.F.R. Part 359; 
 8.08. Gender and
Number. Whenever any words are used herein in the masculine, feminine or neuter gender, they shall be construed as though they were also used in another gender in all cases where they would so apply, and whenever any words are used herein in the
singular or plural form, they shall be construed as though they were also used in the other form in all cases where they would so apply. 
 IN WITNESS WHEREOF, the Company and the Bank have caused this Agreement to be executed by their duly authorized officers as of the Effective Date. 
  

									
	Attest:	 		 		 	PEOPLE’S BANK
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	Susan D. Stanley	 		 	Name:	 	John A. Klein
	Title:	 	 Secretary
  
	 		 	Title:	 	Chairman, President and Executiv Officer

  

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 [SEAL] 
  

							
	Attest:	 		 	PEOPLE’S UNITED FINANCIAL, INC.
				
	By:	 	  
	 	By:	 	  

	Name:	 	 Susan D. Stanley
	 	Name:	 	John A. Klein
	 Title:
	 	Secretary	 	Title:	 	Chairman

 [SEAL] 
  

 11Contract of Employment between Entrust (Europe) and Andrew Pinder

 Exhibit 10.1 
 ENTRUST (EUROPE) LTD 
 CONTRACT
OF EMPLOYMENT 
 THIS CONTRACT
IS MADE ON:  
 This document sets out your terms and conditions of employment and
contains the written particulars required by Part 1 of the Employment Rights Act 1996. 
 Together with those policy and procedures set out in
the staff handbook and any HR/Company Intranet which are specifically incorporated, this document constitutes the contract of employment between you the employee whose name and address is stated in Schedule One AND Entrust (Europe) Ltd whose
registered office is at Carmelite 50 Victoria Embankment London E4Y 0DX. 
 CONTINUOUS
EMPLOYMENT 
 Your employment commenced on the date set out in Schedule One. 
 No other previous employment counts as continuous employment for any statutory purposes. 
 JOB TITLE/DUTIES 
 The title of your job and a summary of your main duties are set out in Schedule One. 
 Entrust reserves the right to change your job description and may require you to carry out different and/or additional duties under this contract.

 AUTOMATIC TERMINATION 
 This contract will automatically terminate at the end of the month when you attain the age of 65 years, however, with agreement of both parties, the
automatic termination age may be extended. 
 HOURS OF WORK

 You will work the basic hours set out in Schedule Two. 
 You may be occasionally required to do additional work from time to time in order to meet the full requirements of your job and the business. 
 You are not entitled to receive payment for overtime as a right under this contract. 
 PLACE OF WORK 
 You will normally be based at Entrust’s premises at Apex Plaza (B2), Forbury Road, Reading Berkshire RG1 1AX. 
 You may be required to be work at any other premises at which Entrust carries on its business now or in the future. 
 You may also travel to such places (whether within or outside the UK) as Entrust requires you to in the performance of your duties. 
 SALARY 
 Your salary will be paid monthly in arrears at the rate set out in Schedule Three. Entrust reserves the right to reduce your wages if your duties change as a result of your incapacity to perform your duties or to suspend payment of
wages if you are suspended from duty by Entrust. 
 Your salary will be reviewed annually at the Company’s absolute discretion.

 PROBATION PERIOD 
 Your initial employment with Entrust will be on the basis of a three (3) month probation period. During this time you must give one week’s prior
written notice to terminate the contract. In any case deemed appropriate by Entrust this probation period may be extended and in any such case you will be notified in writing. If you are not considered suitable for your job by Entrust or if for any
other reason your continued employment is not required this contract will terminate at the end of the probation period or at the expiry of any notice given during the probation period or in the event of your employment being terminated without
notice during the probation period. 
 BONUS/COMMISSION 
 Employees who are not participants in the Sales Commission Programme will be eligible to participate in the Company’s Bonus Scheme. Your potential
additional earnings are as specified in Schedule Four and are paid entirely at the discretion of Entrust. Bonuses paid will reflect the company’s performance and how Entrust assesses your contribution to the success of the company during
the preceding period. 
 Employees eligible to participate in the Sales Commission programme should refer to Schedule Four. 

Bonuses/Commission paid will be non-pensionable. 
 EXPENSES 
 You may incur reasonable business expenses on Entrust’s behalf only
when expressly authorised to do so. Please refer to Entrust’s expense policy for further details. Reimbursement will only be made if you submit a claim form and supporting receipts (including if applicable a VAT receipt). Expenses should be
submitted on a weekly basis and payment will normally be made to your bank account by electronic transfer normally within 10 working days of Finance receiving the approved form. 

 DEDUCTIONS FROM PAY

 If at any time during or on termination of your employment it is the opinion of Entrust that you owe money to the company you agree and
authorise Entrust to deduct the sum or sums owed from any payment due to you from Entrust whether by salary or payment of any other kind. 
 For example this will cover deductions from your salary of overpayments, expenses, loans, damage caused by you and any other money due from you to Entrust. 
 HOLIDAYS 
 The holiday year runs from 1 January to 31 December. You are entitled to take paid holidays as set out in Schedule Five. Your manager must agree holidays and you should apply for holidays at least two weeks prior to the first
day of leave. With agreement of your manager, you can carry forward up to five (5) days to the next year; however, these days must be exhausted by 30 June of the following year. 
 During the holiday year in which your employment commences you will be entitled to paid holiday during that year on a pro-rata basis. 
 During a holiday year in which your employment is terminated you will be paid on termination for any untaken part of your entitlement to paid holiday
calculated on a pro-rata basis for service in that year. If you have taken more than your proportionate entitlement to paid holiday when you leave Entrust will deduct the amount of pay for the holiday from your salary on termination. 
 Your holiday entitlement under this contract includes any entitlement to paid annual leave that you have under The Working Time Regulations 1998.

 As well as your holiday entitlement you will normally not be required to work on the UK Bank or Public holidays and you will be paid for
them when you would have otherwise been required to work on that day. 
 SICK
PAY ARRANGEMENTS 
 If you are absent from work on account of sickness or injury, you or someone
on your behalf should inform the Company of the reason for absence by 9.30am on the day of which absence first occurs 
 If your absence lasts
seven or fewer calendar days you need not produce a medical certificate unless you are specifically requested to do so. You must however complete the Company’s self-certification form immediately you return to work after such absence.

 If your absence lasts more than seven calendar days you must on the eighth calendar day of absence provide a Medical Certificate stating
the reason for absence and thereafter provide a like Certificate each week to cover any subsequent period of absence. 
 Entrust reserves the
right to ask you at any stage of absence to produce a Medical Certificate and/or to undergo a medical examination. The cost of which will be borne by the company. 
 You will be paid your normal basic remuneration less the amount of any statutory sick pay or Social Security sickness benefit to which you may be entitled in accordance with the schedule set out below. Company sick
pay is at the Company’s absolute discretion. 
  

					
	 No. of Years of Continuous Service
	 	 No. Days Absent p.a.
 (Jan to Dec)
	 	 Salary Paid

	Up to 1 complete years	 	up to 20 days	 	Full salary
	of service	 	20 to 65 days	 	Half salary
		 	65 days and over	 	SSP only
	Between 1 and 5	 	up to 40 days	 	Full salary
	complete years	 	40 to 65 days	 	Half salary
		 	65 days over	 	SSP only
	over 5 complete years	 	up to 65 days	 	Full salary
		 	65 days and over	 	SSP only

 NOTICE 
 Should you or Entrust want to terminate your employment written notice of termination must be given as follows (unless otherwise specified in Schedule
Four): 
 Both you and Entrust must give the other notice, in writing, of four weeks(the “Notice Period”). After you have
completed 5 years continuous employment with Entrust the notice which you will be given will increase to 5 weeks and then with each further year of continuous employment which you complete your notice entitlement will increase by 1 week up to a
maximum of 12 weeks (after you complete 12 years continuous employment). It will then remain at 12 weeks until the end of the contract. 
 You
must provide Entrust with written notice of termination of one (1) month after the end of your probation period however long you then remain employed. 
 Notice to you will be deemed to have been given if handed to you or sent by Recorded Delivery to your last notified address known to Entrust. Notice by you must be given to your manager or sent by recorded delivery to
HR Department, Entrust (Europe) Ltd, Apex Plaza (B2), Forbury Road, Reading Berkshire RG1 1AX. 
 On termination of your employment (by you
or by Entrust) Entrust may either: 
  

	 	a)	require you to work throughout your Notice Period, or 

  

	 	b)	require you to stay away from your place of work throughout your notice period (on “garden leave”) 

 During the Notice Period you will be eligible to receive your base salary; however, if you are not actively employed during the Notice Period you will

 not be eligible to receive any sales commissions (except to the extent that such sales commissions have
accrued as payable prior to the date of such notice pursuant to the terms of the relevant sales compensation plan), bonuses, new stock option or other new equity grants, salary increases, or continued accrual of sick leave during the Notice Period;

 Any currently held stock options or other equity in Entrust, Inc. will continue to vest during the Notice Period in accordance with the
terms of the applicable award agreement(s). 
 Salary payments during the Notice Period will be made less appropriate deductions and
withholdings and will be paid in according with Entrust’s normal payroll practices; 
 The continuation of any benefits during the Notice
Period will be subject to the terms and conditions of each applicable controlling plan, program, or policy in effect prior to the delivery of such notice. 
 If at the time that you receive notice that your employment is ending with Entrust you sign and return a standard Compromise Agreement and release provided to you by Entrust, then Entrust will extend the Notice Period
by an additional twenty four (24) weeks (“Enhanced Notice Period”). For greater certainty, if your employment is terminated by Entrust and you decline to sign and return Entrust’s then-standard Compromise Agreement within
fourteen (14) days from the date of your receipt of such Compromise Agreement, then the Notice Period will as be calculated as set forth above in the second paragraph of this section entitled “Notice”, and such Enhanced Notice Period
shall not be available to you. 
 You agree that if at any time during the Notice Period Entrust reasonably determines that you have violated
the terms of this agreement, Entrust reserves its right to enforce the Disciplinary Procedure and/ or halt any further payments of salary thereafter, in addition to all other rights and remedies available at law. 
 Entrust may also dismiss you without notice or payment in lieu of notice in cases of gross misconduct. (The disciplinary procedure set out in the staff
handbook gives you examples of the types of conduct which Entrust will consider to be gross misconduct). 
 GRIEVANCE AND DISCIPLINARY PROCEDURES 
 Entrust
operates a grievance and disciplinary procedure details of which can be found in the staff handbook. These procedures are discretionary and do not form part of your Terms and Conditions of Employment 
 QUALIFICATIONS 
 It is an essential term of this contract that you have told the truth to Entrust about your previous work experience and qualifications. 
 Entrust regards any breach of this term as gross misconduct in respect of which your employment can be terminated without warning or notice. 
 CRIMINAL CONVICTIONS 
 It is an essential term of this contract that you have told the truth to Entrust about your criminal record (although this does not mean that you have to
inform Entrust about offences which are “spent” under the Rehabilitation Of Offenders Act 1974). 
 You must tell Entrust if at any
time you are arrested, charged with or summonsed for a criminal offence of any nature. You are under a duty to truthfully and fully answer any questions from Entrust in relation to any such matters. 
 If you are convicted of a criminal offence of any nature whether committed in or out of working hours Entrust may terminate your employment with or
without notice or payment in lieu of notice and irrespective of the fact that no warnings have been given. 
 RETURN OF PROPERTY 
 You shall return to Entrust or as otherwise directed
by Entrust all phones, documents, correspondence, computer equipment, computer discs and software, specifications, reports, records, credit cards, keys, passes, lists of clients and customers, address lists, address books, files, books and any other
property of whatever kind and whether similar to any of the above or not, belonging to or relating to the business of Entrust or relating to the business of or belonging to an associated employer or their clients or customers together with all
copies thereof which may be in your possession, custody or control whenever requested by Entrust to do so and in any event immediately on the termination of your employment. 
 CONFIDENTIALITY 
 You must not either during your employment or after it has ended for any reason disclose to any person or use for any purpose whatsoever or copy any confidential information relating to the business affairs or trade
secrets of Entrust. For example this includes information about Entrust’s customers or clients, other employees, suppliers and prices or any other matter or information on Entrust’s database or about Entrust’s business or the business
of Entrust’s customers or clients which is not freely available to the public. 
 NON-SOLICITATION 
 You will not during your employment or for a period of six
(6) months after the termination of your employment for any reason attempt to solicit or accept work for private gain on your own behalf and/or for any other individual, firm, corporation or company from any private individual, firm,
corporation or company who within the period of six (6) months before the termination of your employment have been a client or customer of Entrust with whom you have had personal dealings 

 in the course of your duties nor will you attempt to interfere with the existing business relations
between any client or employee and Entrust and at no time during your employment or for six (6) months after the termination of your employment for any reason will you approach any other employee of Entrust with a view to him or her ceasing to
be employed by Entrust or for the purpose of enticing away or employing him or her. 
 You agree that the restrictions set out above are fair
and reasonable and necessary to protect the legitimate business interests of Entrust. In the event that any part of this clause shall be found by a court to be unreasonable or unenforceable or void that part shall be severed and the remainder of
this clause shall be enforceable with such deletion or modification as may be necessary to make it effective and for such period as is found to be reasonable and valid in substitution for the period or periods contained in this clause. 

INTELLECTUAL PROPERTY RIGHTS (INVENTIONS AND
DESIGNS) 
 COPYRIGHT 
 The Copyright, Designs and Patents Act 1988 governs the ownership of copyright in literary, artistic and other works created by you in the course of your
employment. In relation to all such copyright the Company (as your employer) is the owner. 
 If during your employment you at any time
(whether alone or with any other person, whether during the course of your normal duties or other duties specifically assigned to you and whether or not during normal working hours) originate any design (whether registerable or not) or other work in
which copyright may subsist, you shall immediately disclose it to the Company and, at the request and expense of the Company, you shall do all things necessary and desirable to substantiate the rights of the Company in relation to that design or
other work. 
 INVENTIONS 
 The Patents Act 1977 provides that, subject to certain conditions, an invention made by you (as the Company’s employee) will belong to the Company if
it is made in the course of your normal duties or in the course of other duties specifically assigned to you. 
 If at any time during your
employment (whether or not whilst engaged in the performance of your duties) you discover, make or conceive, either alone or in conjunction with others, any invention, discovery or design which relates to the business of the Company (an
“Invention”) you shall: 
  

	 	a)	immediately communicate or explain in writing full particulars of the Invention to the Company, whether you consider the Invention to be your own property or the property of the
Company; and 

  

	 	b)	where the Invention is the property of the Company, at the request and expense of the Company, supply all such information, data and drawings as may be necessary to enable the
Company to exploit the Invention to its best advantage; and shall execute and do all such documents and things as may be necessary or desirable for obtaining patent or similar protection for the same in such part or parts of the world as may be
specified by the Company and for vesting the same in the Company or as it may direct. 

 MORAL RIGHTS 
 You hereby irrevocably waive any rights you may have under Chapter IV of
Part I of the Copyright Designs and Patents Act 1988 (“Moral Rights”) and any foreign law assigning corresponding rights in respect of any acts of the Company or done with the Company’s authority in relation to all copyright material
generated by you. 
 Rights and obligations in respect of all intellectual property (including any copyright, Inventions, or Moral Rights)
shall continue in force after the termination of your employment and shall be binding upon your representatives. 
 INTERFERENCE WITH INTELLECTUAL PROPERTY 
 You shall
not, unless it forms part of your job responsibilities, without the consent of the Company in writing modify, copy or use either in whole or in part any software, the rights of which are vested in the Company, or any Group Company, and or vested or
owned by other persons or bodies who are clients of the Company. 
 TRAINING 
 You must undertake any training which Entrust requires you to undertake. This may take place within your normal working hours but may also be outside your
normal working hours and at a location away from your normal place of work. 
 COMMITMENT
TO ENTRUST 
 You are expected to devote your whole time and attention to the best interests of Entrust
during your working hours. You must not work for another employer or carry out work on any other basis during the term of this contract whether in or out of your normal working hours, without Entrust’s written permission. 
 PERFORMANCE ASSESSMENT 
 A performance review procedure normally operated by Entrust is set out in the staff handbook. 
 Entrust’s performance review procedure is not contractually binding either upon you or upon the Company who may leave out any or all of the stages of
the performance review procedure. 
 Entrust has the right to review and monitor the performance of your duties under this contract.

 CONDUCT 
 You must observe Entrust’s policies and procedures. These are contained in this contract, and the staff handbook and also in manuals or memos or
directives issued by Entrust from time to time. You must also follow lawful instructions and orders from Entrust. Failure to do so can lead to disciplinary action and even to the termination of your employment. 
 COMPUTERS 
 You are not allowed to load your own software on to computers at work. You must not copy software or data from computers at work 
 EMAIL AND INTERNET 
 Entrust has a detailed policy
on email and internet use, that is contained in the staff handbook and incorporated in this contract. 
 DATA PROTECTION ACT 1998 
 Entrust is regulated by the Data
Protection Act 1998 (“the Act”) to the extent that Entrust obtains, records or uses any information (which is “data” for the purposes of the Act) about you. The Act defines ‘data processing’ in such a way that by
obtaining, recording and using information about you, Entrust will be ‘data processing’ in relation to such information. The information will include the contents of any job application form, CV, and references together with HR records,
appraisals and other records made about you during the performance of your employment under this contract. It is a term of this contract to which you signify your agreement when you sign this contract, that you consent to Entrust processing any data
that Entrust obtains about you as a result of your being an employee of Entrust. You also consent to Entrust processing “sensitive personal data” (as defined in the Act) about you. You consent to data being transferred outside the European
Economic Area where in the sole opinion of Entrust such a transfer is necessary. Entrust is obliged to provide you with certain information pursuant to Part II of Schedule 1 of the Act and you agree that Entrust has discharged that duty by providing
you with the information contained in Schedule Six of this contract. 
 WORKING
TIME 
 You agree that the limit on working time (“the 48 hour week”) specified in regulation 4.1 of The
Working Time Regulations 1998 will not apply to your employment and that signature of this agreement shall constitute consent pursuant to regulation 5.1 of the regulations for the duration of your employment under this contract subject to the
provision below. 
 You may terminate your consent under this paragraph by giving one (1) month’s notice in writing to Entrust and
the said limit shall apply to your employment on the first working day immediately following the expiry of the period of notice. 
 COLLECTIVE AGREEMENTS 
 There are no collective agreements that affect the terms and
conditions of your employment. 
 UNILATERAL VARIATION OF
CONTRACT 
 Entrust reserves the right to amend the terms and conditions of your employment and its policies and
procedures from time to time. Such amendments will be notified to you in writing and you will be given one (1) month to consider the amendments. 
 Any changes to your terms and conditions will be deemed to be accepted unless you notify the Company of any objection in writing within one (1) month of the date that Entrust informs you or sends you
notification. 
 NON-WAIVER CLAUSE 
 Any failure, delay or forbearance by Entrust in exercising any of the rights, powers or privileges under this contract shall not constitute a waiver of
that right, power or privilege or acquiescence to the relevant conduct or course of conduct. Nor shall a previous failure, delay or forbearance on the part of Entrust including a partial exercise by Entrust of any of its rights, powers and
privileges in any way affect its right to exercise all such rights, powers and privileges in the future. 
 HEADINGS 
 The headings to clauses used in this contract including appropriate sections of the staff handbook
are for convenience only and shall not affect the interpretation of this contract. 
 WHOLE
AGREEMENT CLAUSE 
 This contract and the terms incorporated in it from the staff handbook
contains the whole agreement between you and Entrust and supersedes all previous offer letters, contracts, agreements, arrangements or understandings whether oral or written. No amendment to this contract will be legally binding unless made in
writing and signed on behalf of Entrust by a duly authorised person. 
 JURISDICTION 
 This contract is made within the jurisdiction of the Courts and Employment Tribunals of England and Wales and shall be governed by the law of England and
Wales. 
 ENTRUST 
 The use of the expressions “Entrust” or “the company” in this contract and in the staff handbook (including those parts of the staff handbook which are not specifically incorporated in this
contract) shall mean Entrust (Europe) Ltd and/or any associated company, holding company or subsidiary (as defined in The Companies Act 1985 or any amending Act) and any person, corporate body or partnership to which this contract may be transferred
at any time whether by agreement or operation of law or otherwise. 

 Please sign and return this copy of the contract to signify your agreement to employment with Entrust on
these terms. 
 Listed below are the schedules referred to in this contract: 
 SCHEDULE ONE 
 Employee’s name: Andrew Pinder 
 ADDRESS: 
 6 Lambert Jones Mews 
 Barbican

 London 
 EC2Y 8DP

 Job title: Senior Vice President, EMEA & Global Government Sales Strategy 
 Date employment commenced: 
 SCHEDULE TWO 
 Hours of work: 
 Your usual hours of work are from 9.00am to 5.30pm Monday to Friday with one hour for lunch. 
 For hours worked outside your normal hours, you will not be entitled to additional remuneration for this work. 
  

	SCHEDULE	THREE 

 Rate of pay:

 Your basic rate of pay is 168,000 £ per annum. 
 SCHEDULE FOUR 
 Special Conditions: 
 The terms set forth in the offer letter dated October 26, 2006, are hereby
incorporated by reference. 
 SCHEDULE FIVE 
 Holiday entitlement: 
 You are entitled
to paid annual leave of 25 days in any one-holiday year (January to December), increasing to 28 days after 5 years continuous service (entitlement will arise upon the anniversary of the holiday year following the completion of 5 years service). If
you have commenced with Entrust during a holiday year, your leave will be calculated on a pro-rata basis to the end of that year. 

 SCHEDULE SIX 
 Data Protection Act 1998 
 Data
Controller: Entrust (Europe) Ltd 
 Address: Apex Plaza (B2), Forbury Road, Reading Berkshire RG1 1AX 
 Data Controller’s Representative: Ann Dougall 
 Address: as above 
 Purpose of data processing: to keep adequate records of your recruitment,
contract, performance, disciplinary record, sickness record, pension details, wages, salary and other benefits, appraisals and all other information arising in the performance of your contract of employment for the purpose of the performance of the
contract and the administration and management of your contract and the administration and management of Entrust’s business or organisation and any other purpose arising from the relationship of Entrust and employee created by this contract.

 Description of Data: all records of your recruitment, contract, performance, disciplinary record, sickness record, pension details,
wages, salary and other benefits, appraisals and all other information arising in the performance of your contract of employment. 
 Intended Recipients of Data: Entrust and all others authorised by you and/or Entrust to receive data and all others to whom Entrust is legally obliged to disclose the same at any time or to whom Entrust deems it necessary or
desirable to disclose data for the purposes set out above. 
 Countries outside the European Economic Area to which data will or may be
transmitted: USA, Canada. 
 I, Name have read and understood this contract and hereby agree to employment with Entrust (Europe)
Ltd on the terms and conditions set out above. 
  

			
	signed	 	 /s/ Andrew Pinder

		 	Name
		
	date:	 	29 October 2006
		
	signed	 	 /s/ F. William Conner

		 	on behalf of Entrust (Europe) Ltd
		
	date:	 	29 October 2006

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