Document:

EX-4.2

 Exhibit 4.2 

PEOPLE’S UNITED BANK 
 4.000%
SUBORDINATED BANK NOTE DUE 2024 
 CUSIP No. 71270Q EB8 

ISIN No. US71270QEB86 
 THIS SECURITY IS A GLOBAL
SECURITY AND IS REGISTERED IN THE NAME OF CEDE & CO., THE NOMINEE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”). UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO PEOPLE’S
UNITED BANK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND
IT IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES. 
 THIS SECURITY IS SUBORDINATED ON LIQUIDATION,
AS TO PRINCIPAL, INTEREST AND PREMIUM, TO ALL CLAIMS AGAINST PEOPLE’S UNITED BANK THAT HAVE THE SAME PRIORITY AS SAVINGS ACCOUNTS OR A HIGHER PRIORITY, IS NOT SECURED BY THE ASSETS OF PEOPLE’S UNITED BANK OR BY THE ASSETS OF ANY OF ITS
AFFILIATES, AND IS INELIGIBLE AS COLLATERAL TO SECURE A LOAN BY PEOPLE’S UNITED BANK. 
 THIS SECURITY IS ISSUABLE IN A MINIMUM DENOMINATION OF
$250,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS OF $250,000 AND MAY NOT BE EXCHANGED FOR SECURITIES OF PEOPLE’S UNITED BANK WITH A SMALLER DENOMINATION. EACH OWNER OF A BENEFICIAL INTEREST IN THE NOTES IS REQUIRED TO HOLD SUCH BENEFICIAL
INTEREST IN A PRINCIPAL AMOUNT OF $250,000 OR AN INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF AT ALL TIMES. 

  
 1 

 THIS SECURITY HAS NOT BEEN, AND IS NOT REQUIRED TO BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
AND WAS OFFERED PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY SECTION 3(a)(5) OF THE SECURITIES ACT OF 1933 AS WELL AS AN EXEMPTION FROM THE OFFERING CIRCULAR REQUIREMENTS OF THE OFFICE OF THE COMPTROLLER OF THE CURRENCY UNDER 12 C.F.R.
PART 197. THIS SECURITY HAS NOT BEEN APPROVED OR DISAPPROVED BY THE OFFICE OF THE COMPTROLLER OF THE CURRENCY, THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION. 

IN RELIANCE ON THE EXEMPTION SET FORTH IN 12 C.F.R. SECTION 163.81(c)(4)(ii), PEOPLE’S UNITED BANK HAS NOT ENTERED INTO AN INDENTURE IN CONNECTION
WITH THE ISSUANCE OF THIS SECURITY. AN INDENTURE MUST BE IN PLACE BEFORE THIS SECURITY IS TRANSFERRED IN WHOLE OR IN PART TO ANY PERSON OR ENTITY THAT IS NOT AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER
THE SECURITIES ACT (“INSTITUTIONAL ACCREDITED INVESTORS”). 
 EACH PURCHASER OF A BENEFICIAL INTEREST IN THIS SECURITY, IN MAKING ITS
PURCHASE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED TO PEOPLE’S UNITED BANK AND THE INITIAL PURCHASERS THAT IT IS AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR AS DEFINED IN REGULATION D UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, THAT IT IS PURCHASING SUCH INTEREST FOR ITS OWN ACCOUNT OR THE ACCOUNT OF ANOTHER INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR AND THAT FOLLOWING SUCH PURCHASE IT OR SUCH OTHER INSTITUTIONAL ACCREDITED INVESTOR HOLDING A BENEFICIAL
INTEREST IN THIS SECURITY WILL HOLD A BENEFICIAL INTEREST IN A PRINCIPAL AMOUNT OF $250,000 OR AN INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF AT ALL TIMES. 
  

			
	No. R-1	  	
	INITIAL PRINCIPAL AMOUNT:	  	$400,000,000
	ISSUE DATE:	  	June 26, 2014
	MATURITY DATE:	  	July 15, 2024
	INTEREST PAYMENT DATE(S):	  	January 15 and July 15

 PEOPLE’S UNITED BANK, a federal stock savings bank (herein called the “Bank”), for value received, hereby
promises to pay or deliver, as the case may be, to CEDE & CO., or registered assigns, the principal sum of Four Hundred Million ($400,000,000) United States dollars on the maturity date shown above (the “Maturity Date”) and to pay
interest thereon from and including the Issue Date specified above (the “Issue Date”) or from and including the most recent Interest Payment Date to which interest on this Security or any predecessor Security has been paid or duly provided
for, but excluding, the succeeding Interest Payment Date, on the Interest Payment Dates specified above in each year (each, an “Interest Payment Date”) and on the Maturity Date, at the rate per annum equal to 4.000%, until the principal
hereof is paid or duly made available 

  
 2 

 
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Security (or any predecessor Security)
is registered (the “Holder”) at the close of business on the fifteenth calendar day next preceding such Interest Payment Date (the “Regular Record Date”); provided, however, that interest payable at the Maturity Date of
this Security will be payable to the person to whom principal shall be payable. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
person in whose name this Security (or any predecessor Security) is registered at the close of business on a special record date for the payment of such defaulted interest (the “Special Record Date”) to be fixed by the Bank, notice of
which shall be given to the Holder not less than 10 calendar days prior to such Special Record Date, or be paid at any time in any other lawful manner. 

Interest shall accrue from and including June 26, 2014 or from and including the most recent Interest Payment Date to which interest has been paid or
duly provided for, and shall be paid semi-annually in arrears on each January 15 and July 15, commencing January 15, 2015. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

If an Interest Payment Date is not a Business Day (as defined below), the Bank will pay interest on the next day that is a Business Day, with the same force
and effect as if made on the Interest Payment Date, and without any interest or other payment with respect to the delay. If the Maturity Date falls on a day that is not a Business Day, the payment of principal and interest, if any, will be made on
the next succeeding Business Day and no interest shall accrue for the period from and after such Maturity Date. 
 “Business Day” means any day
that is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York, New York generally are authorized or obligated by law or executive order to close. 

No payment of interest shall be made on this Security while the Bank is in default in the payment of any assessment due to the Federal Deposit Insurance
Corporation (the “FDIC”), and in the event the Bank becomes critically undercapitalized (as defined in 12 U.S.C. Section 1831o), the Bank is prohibited from making any payment of principal or interest on this Security beginning on the
60th day following the occurrence of such event unless the FDIC expressly exempts the Bank from such prohibition. 
 TO THE EXTENT THEN REQUIRED UNDER OR
PURSUANT TO APPLICABLE REGULATIONS, THE BANK MUST OBTAIN THE PRIOR APPROVAL OF THE OFFICE OF THE COMPTROLLER OF THE CURRENCY (THE “OCC”) BEFORE THE VOLUNTARY PREPAYMENT OF THIS SECURITY OR THE ACCELERATION OF PAYMENT OF PRINCIPAL ON THE
SECURITY IF THE BANK IS UNDERCAPITALIZED, SIGNIFICANTLY UNDERCAPITALIZED, OR CRITICALLY UNDERCAPITALIZED (EACH AS DEFINED IN 12 C.F.R. SECTION 6.4), IF THE BANK FAILS TO MEET THE REGULATORY CAPITAL REQUIREMENTS AT 12 C.F.R. PART 167 (APPLICABLE TO
THE BANK THROUGH DECEMBER 31, 2014) OR 12 C.F.R. PART 3 (APPLICABLE TO THE BANK ON AND AFTER JANUARY 1, 2015), INCLUDING IF SUCH PAYMENT WOULD RESULT IN THE BANK EXCEEDING ITS MAXIMUM PAYOUT AMOUNT (AS DEFINED IN 12 C.F.R. SECTION 3.11) FOR THE
APPLICABLE CALENDAR QUARTER OR IF THE BANK WOULD FAIL TO MEET ANY OF THESE STANDARDS FOLLOWING 

  
 3 

 
SUCH REPAYMENT. EFFECTIVE AS OF JANUARY 1, 2015, PRIOR APPROVAL OF THE OCC WILL BE REQUIRED IN ALL EVENTS FOR THE REDEMPTION, REPURCHASE OR ACCELERATION OF THIS SECURITY PURSUANT TO 12
C.F.R. SECTION 163.81(i) (OR SUCH SUCCESSOR PROVISION AS MAY BE IN EFFECT). 
 Payment of principal of and premium, if any, and interest on, this Security
will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The Bank will at all times appoint and maintain an issuing and paying agent (the “Issuing
and Paying Agent”) authorized by the Bank to pay the principal of, and interest on, this Security on behalf of the Bank and having an office or agency (the “Issuing and Paying Agent Office”) in the United States of America (the
“Place of Payment”), where this Security may be presented or surrendered for payment and where notices, designations or requests in respect of payments with respect to this Security may be served. The Bank has initially appointed The Bank
of New York Mellon as such Issuing and Paying Agent pursuant to the Issuing and Paying Agency Agreement dated as of June 26, 2014 (the “Issuing and Paying Agency Agreement”), between the Bank and the Issuing and Paying Agent, with the
Issuing and Paying Agent Office currently located at 525 William Penn Place, Pittsburgh, PA 15259. 
 Payment of the principal of, and premium, if any, and
interest on, this Security due at maturity will be made in immediately available funds upon presentation and surrender of this Security to the Issuing and Paying Agent at the Issuing and Paying Agent Office in the Place of Payment; provided that
this Security is presented to the Issuing and Paying Agent in time for the Issuing and Paying Agent to make such payment in accordance with its normal procedures. Payments of interest on this Security (other than at maturity) will be made by wire
transfer to such account as has been appropriately designated to the Issuing and Paying Agent by the person entitled to such payments. 
 Subject to
required approvals, the Bank may, without the consent of the Holder of this Security, create and issue additional notes ranking equally with this Security and otherwise similar in all respects (except for the issue date and issue price), provided
that any such additional notes are fungible with the Securities for U.S. Federal income tax purposes. Such further notes shall be consolidated and form a single series with this Security. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 (Remainder of page intentionally left blank) 

  
 4 

 Unless the certificate of authentication hereon has been executed by the Issuing and Paying Agent by the manual
signature of an authorized signatory, this Security shall not be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Bank has caused this
instrument to be duly executed by manual or facsimile signature. 
  

			
	PEOPLE’S UNITED BANK
		
	By:	  	/s/ R. David Rosato
		  	Name: R. David Rosato
		  	 Title: Senior Executive Vice
 President,
Chief Financial Officer

 Dated: June 26, 2014 

ISSUING AND PAYING AGENT’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in the within-mentioned Issuing and Paying Agency Agreement. 

THE BANK OF NEW YORK MELLON, as Issuing and Paying Agent 
  

			
		
	By:	 	
		 	 /s/ Laurence J. O’Brien

		 	Authorized Signatory

  
 5 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of 4.000% Subordinated Bank Notes Due 2024 of the Bank (the “Securities”) issued under the Issuing
and Paying Agency Agreement. 
 Subordination 
 The
indebtedness of the Bank evidenced by this Security, including principal, premium, if any, and interest, is unsecured and subordinate and junior in right of payment to the Bank’s: (i) obligations to its depositors; (ii) obligations
under banker’s acceptances and letters of credit; (iii) obligations to any Federal Reserve Bank, to the FDIC and any rights acquired by the FDIC as a result of loans made or other assistance provided by the FDIC to the Bank or the purchase
or guarantee of any of its assets by the FDIC pursuant to the provisions of 12 U.S.C. Section 1823(c), (d) or (e); and (iv) its obligations to its other creditors, whether now outstanding or hereafter incurred (except any obligations
that expressly rank on a parity with or junior to this Security, including the Capital Notes (as defined below) and $19.0 million aggregate principal amount of 11% subordinated notes due 2019 (the “2019 Subordinated Notes”). In the case of
any insolvency proceedings, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar proceedings or any liquidation, dissolution or winding up of or relating to the Bank, whether voluntary
or involuntary, all such obligations (except obligations that expressly rank on a parity with or junior to the Securities, including the Capital Notes and the 2019 Subordinated Notes) shall be entitled to be paid in full before any payment shall be
made on account of the principal of, or premium, if any, or interest on, this Security. Such prior obligations include all borrowed money, similar obligations arising from off-balance sheet guarantees and direct-credit substitutes, and obligations
associated with derivative products such as interest rate and foreign-exchange contracts, commodity contracts and similar arrangements. In the event of any such proceeding, after payment in full of all sums owing with respect to such prior
obligations, the Holder of this Security, together with holders of any obligations of the Bank ranking on a parity with this Security, including the Capital Notes and the 2019 Subordinated Notes, shall be entitled to be paid from the remaining
assets of the Bank the unpaid principal of, and the unpaid premium, if any, and interest on, this Security or such other obligations, before any payment or other distribution, whether in cash, property, or otherwise, shall be made on account of any
capital stock or any obligations of the Bank ranking junior to this Security. 
 “Capital Notes” means the unsecured Capital-Qualified
Subordinated Notes issued by the Bank to People’s United Financial, Inc. (“People’s United Financial”) from time to time, evidencing certain of People’s United Financial’s capital investments in the Bank. The Capital
Notes rank pari passu with and are subordinated to the claims of the Bank’s depositors and other creditors substantially to the same extent as the Securities. 

Nothing herein shall impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and any premium and interest on this
Security in accordance with its terms. 

  
 R-1 

 Notwithstanding any other provisions of this Security, it is expressly understood and agreed that the OCC or any
receiver or conservator of the Bank appointed by the OCC shall have the right in the performance of its legal duties, and as a part of any transaction or plan of reorganization or liquidation designed to protect or further the continued existence of
the Bank or the rights of any parties or agencies with an interest in, or claim against, the Bank or its assets, to transfer or direct the transfer of the obligations represented by this Security to any bank or bank holding company selected by the
OCC or any such receiver or conservator which shall expressly assume the obligation of the due and punctual payment of the unpaid principal, premium, if any, and interest on this Security and the due and punctual performance of all covenants and
conditions herein; and the completion of such transfer and assumption shall serve to supersede and void any default, acceleration or subordination which may have occurred, or which may occur due or related to such transaction, plan, transfer or
assumption, pursuant to the provisions of this Security, and shall serve to return the Holder hereof to the same position, other than for substitution of the obligor, it would have occupied had no default, acceleration or subordination occurred;
except that any interest and principal (and premium, if any) previously due, other than by reason of acceleration, and not paid shall, in the absence of a contrary agreement by the Holder of this Security, be deemed to be immediately due and payable
as of the date of such transfer and assumption, together with the interest from its original due date at the rate provided for herein. 
 Any depository
institution, as that term is defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds a Security (or beneficial interest therein) shall be deemed to have agreed by acquiring such Security (or beneficial interest) that any
rights of such institution to offset all or any portion of the indebtedness represented by such Security (or interest) against any indebtedness or other obligations of such institution to the Bank are waived by such institution. 

Event of Default; Waiver 
 An “Event of Default”
with respect to this Security shall occur only if the Bank consents to, or a court or other governmental agency enters a decree or order for, the appointment of a receiver, liquidator, trustee, or other similar official in any receivership,
liquidation, insolvency or similar proceeding with respect to the Bank or all or substantially all of its property, and, in the case of an order or decree, such order or decree shall have remained in force for a period of 60 days. The Bank will
promptly notify, and provide copies of such notice to, the Issuing and Paying Agent, upon the occurrence of any Event of Default. The Issuing and Paying Agent will promptly mail copies of such notice to the Holders of the Securities through the
Depositary. 
 If an Event of Default shall occur and be continuing, the Holder of this Security may declare the principal of this Security, together with
any unpaid accrued interest thereon, to be immediately due and payable by written notice to the Bank. Upon such declaration and notice, such principal amount and accrued interest shall become immediately due and payable; provided, however, that, to
the extent then required under or pursuant to applicable capital or other regulations (as described on the face of this Security), this Security may not be repaid prior to maturity without the prior approval of the OCC. The Bank will apply to the
OCC for prior approval of repayment promptly after receiving notice of acceleration. 
 Any Event of Default with respect to this Security may be waived by
the Holder hereof. 

  
 R-2 

 The Bank waives demand, presentment for prepayment, notice of nonpayment, notice of protest and all other notices
to the extent it may lawfully do so. 
 Redemption 
 The
Securities shall not be redeemable at the option of the Bank prior to their stated maturity except as follows: 
 (i) on or after
April 16, 2024, the Bank may redeem the Securities in whole or in part, at the Bank’s option (subject to the prior approval of the OCC if and to the extent then required) at a redemption price equal to 100% of the principal amount of the
Securities together with accrued but unpaid interest to, but excluding, the date fixed for redemption; and 
 (ii) the Bank may redeem the
Securities in whole, but not in part, at the Bank’s option (subject to the prior approval of the OCC if and to the extent then required) prior to the Maturity Date at a redemption price equal to 100% of the principal amount of the Securities
together with accrued but unpaid interest to, but excluding, the date fixed for redemption within 90 days of the occurrence of a “regulatory event.” 

A “regulatory event” means the Bank’s good faith determination that, as a result of (i) any change in or amendment to the laws (or any
regulations promulgated under those laws) of the United States or any political subdivision thereof that is enacted or becomes effective after the issuance of Securities; or (ii) any official administrative decision or judicial decision or
administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after the issuance of the Securities, there is more than an insubstantial risk that the Bank will not be entitled to treat the
full principal amount of the Securities as “Tier 2 capital” (or its equivalent) of the Bank for purposes of the capital adequacy regulations of the OCC, as then in effect and applicable to the Bank (or, as and if applicable, the capital
adequacy regulations of any successor federal banking agency having jurisdiction over the Bank, as then in effect and applicable), for as long as the Securities are outstanding. 

Pursuant to capital regulations of the OCC, effective January 1, 2015, the Securities may not be redeemed prior to maturity without the prior approval of
the OCC. 
 The Holder of the Security will receive notice of any redemption by first class mail at least 30 days and not more than 60 days before the date
fixed for redemption. On and after the redemption date, interest will cease to accrue on the Securities or any portion of the Securities called for redemption unless the Bank defaults in the payment of the redemption price and accrued interest. 

Miscellaneous 
 This Security is not redeemable or subject
to repayment at the option of the Holder, in whole or in part, prior to maturity, and is not subject to any sinking fund. 

  
 R-3 

 Beneficial interests represented by this Security are exchangeable for definitive Securities in registered form,
of like tenor and of an equal aggregate principal amount, only if (x) the Depository Trust Company, as depositary (the “Depositary”), notifies the Bank in writing that it is unwilling or unable to act as a depositary or the Depositary
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 Bank within 90 days, (y) the Bank, at its option, notifies the Issuing and Paying Agent in
writing that it elects to cause the issuance of Securities in definitive form or (z) any event shall have occurred and be continuing that, after notice or lapse of time or both, would constitute an Event of Default with respect to the
Securities. In such circumstances, upon surrender by the Depositary or a successor depositary of the Global Securities, Securities in definitive form will be issued to each person that the Depositary or a successor depositary identifies as the
beneficial owner of the related Securities. Any Security representing such beneficial interests that is exchangeable pursuant to this paragraph shall be exchangeable in whole for definitive Securities in registered form, of like tenor and of an
equal aggregate principal amount, in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. Such definitive Securities shall be registered in the name or names of such person or persons as the Depositary shall instruct
the Security Registrar (as defined below). 
 In case any Security shall at any time become mutilated, destroyed, lost or stolen and such Security or
evidence satisfactory to the Bank of the loss, theft or destruction thereof (together with indemnity satisfactory to the Issuing and Paying Agent and the Bank and such other documents or proof as may be required by the Issuing and Paying Agent and
the Bank) shall be delivered to the Issuing and Paying Agent and the Bank, a new Security of like tenor will be issued by the Bank in exchange for the Security so mutilated, or in lieu of the Security so destroyed or lost or stolen. All expenses and
reasonable charges associated with procuring the indemnity referred to above and with the preparation, authentication and delivery of a new Security shall be borne by the Holder of the Security so mutilated, destroyed, lost or stolen. If any
Security which has matured or is about to mature shall become mutilated, destroyed, lost or stolen, the Bank may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a
mutilated Security) upon compliance by the Holder thereof with the provisions of this paragraph. 
 The Bank shall cause to be kept at the office of the
Security Registrar designated below a register (the register maintained in such office or any other office or agency of the Bank in the Place of Payment herein referred to as the “Security Register”) in such form as the Security Registrar
may determine, in which, subject to reasonable regulations as it may prescribe, the Security Registrar shall provide for the registration of the Securities and of transfers of the Securities. The Bank has initially appointed the Issuing and Paying
Agent “Security Registrar,” pursuant to the Issuing and Paying Agency Agreement, for the purposes of registering the Securities and transfers of the Securities as herein provided. 

The transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of
the Bank in the Place of Payment, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bank and the Issuing and Paying Agent duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 R-4 

 No service charge shall be made for any such registration of transfer or exchange, but the Bank may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Agent shall record any transfer of this
Security that the Bank has approved, it being understood that such approval shall be based solely on matters relating to compliance with federal and state securities laws. Prior to due presentment of this Security for registration of transfer, the
Bank, the Issuing and Paying Agent and any agent of the Bank or the Issuing and Paying Agent may treat the person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither
the Bank, the Issuing and Paying Agent nor any such agent shall be affected by notice to the contrary. 
 No recourse shall be had for the payment of
principal or interest on this Security, for any claim based hereon, or otherwise in respect hereof, against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Bank or any successor corporation. 

No provision of this Security shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and interest on
this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 Any money that the Bank pays to the Issuing and Paying Agent
for the purpose of making payments on this Security and that remains unclaimed two years after the payments were due will, at the Bank’s request, be returned to it. After that time, the Holder can only look to the Bank for payment on this
Security. 
 All notices under this Security shall be in writing and in the case of the Bank, addressed to the Bank at 850 Main Street, Bridgeport,
Connecticut 06604, Attention: General Counsel, or, in the case of the Issuing and Paying Agent at 525 William Penn Place, Pittsburgh, PA 15259, Attention: Corporate Trust, or to such other address of the Issuing and Paying Agent as the Issuing and
Paying Agent may notify the holders of the Securities. All notices to the Holder of this Security will be given by first-class mail to the address of the Holder as it appears in the Security Register. 

This Security shall be governed by and construed in accordance with the laws of the State of New York and, where applicable, the federal laws of the United
States of America. 

  
 R-5EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 Morgan Stanley Senior Funding,
Inc. 
 1585 Broadway 
 New York, NY 10036 

Endurance Specialty Holdings Ltd. 
 Wellesley House 

90 Pitts Bay Road 
 Pembroke, HM 08 

Bermuda 
 June 25, 2014 

PROJECT SAIL 

$1,000,000,000 Senior Unsecured 364-Day Bridge Facility 

Joinder Agreement to Commitment Letter 

Ladies and Gentlemen: 
 Reference is made to the
Commitment Letter regarding a $1,000,000,000 Senior Unsecured 364-Day Bridge Term Loan Facility, dated June 2, 2014 (together with the exhibits and annexes attached thereto, as modified hereby, the “Commitment Letter”) between
Morgan Stanley Senior Funding, Inc. (“MSSF” and, in its capacity as a Commitment Party, the “Initial Commitment Party”) and Endurance Specialty Holdings Ltd., a Bermuda exempted company (the
“Borrower”). Capitalized terms used but not defined herein are used with the meanings assigned to them in the Commitment Letter. This Joinder Agreement to Commitment Letter (this “Joinder Agreement”) sets forth the
understanding and agreement of the parties hereto regarding the joinder of each party identified on the signature pages hereof as an additional “Commitment Party” (each an “Additional Commitment Party”,
collectively, the “Additional Commitment Parties” and, together with the Initial Commitment Party, the “Commitment Parties”) to the Commitment Letter. 

Each Additional Commitment Party (a) commits, on a several but not joint basis, on the terms and conditions set forth herein and in the
Commitment Letter to provide a portion of the Facility in a principal amount not exceeding the amount specified on its signature page hereto (such amount its “Maximum Commitment Amount”) and (b) becomes a party to the
Commitment Letter as a Commitment Party thereunder having such commitment with the same force and effect as if originally named therein as a Commitment Party. The commitment of each Commitment Party to provide a portion of the Facility under this
Joinder Agreement or the Commitment Letter is referred to herein as its “Commitment” and collectively as the “Commitments”. The Commitment of each Additional Commitment Party is subject to the negotiation, execution
and delivery of a credit agreement and other definitive documentation for the Facility that is reasonably satisfactory to the Borrower and the Arranger consistent with the Commitment Letter and the other applicable conditions set forth in the
Commitment Letter. 
 On or promptly following the date hereof, in connection with the primary syndication of the Facility by MSSF in its
capacity as the Arranger, the Arranger shall allocate (the “Commitment Allocation”) the Commitments among the Commitment Parties in active consultation with the Borrower; provided, however, that pursuant to the
Commitment Allocation, (i) the Commitment allocated to any Additional Commitment Party shall not exceed its Maximum Commitment Amount and (ii) any reduction of the Additional Commitment Parties’ Commitments below their respective
Maximum Commitment Amounts shall not be required to be made on a pro rata basis. On the date of the Commitment Allocation (the “Allocation Date”), after active consultation with the Borrower, the Arranger shall notify the Additional
Commitment Parties and the Borrower of the Commitment Allocation in the form of Schedule I hereto (the “Commitment Schedule”), whereupon the Commitments of MSSF under the Commitment 

 
Letter (as in effect immediately prior to the execution hereof) shall, in accordance with the Commitment Letter, be reduced by the aggregate amount of the Commitments of the Additional Commitment
Parties pursuant to the Commitment Allocation, such that, the Commitment of each Commitment Party shall be as set forth in the Commitment Schedule and such Commitment Schedule shall be deemed incorporated into this Joinder Agreement. 

In connection with each Additional Commitment Party’s Commitment under this Joinder Agreement, it is agreed that such Additional
Commitment Party (or such Additional Commitment Party’s applicable affiliate) will be granted the title or designation with respect to the Facility agreed to by the Borrower and the Arranger in writing and as set forth opposite such Additional
Commitment Party’s name on the Commitment Schedule. 
 Each Additional Commitment Party agrees that the syndication of the Facility
shall be managed by MSSF in its capacity as the Arranger on the terms set forth in the Commitment Letter. Each Additional Commitment Party acknowledges and agrees that it shall not engage, nor shall it authorize any person on its behalf to engage,
in any secondary selling or any solicitation of offers to purchase loans or commitments with respect to the Facility until the Funding Date (unless such secondary selling or such solicitation of offers to purchase loans or commitments is made in
accordance with the Commitment Letter). Furthermore, each Additional Commitment Party represents that its Commitment represents a commitment from such Additional Commitment Party only, and does not in any way include a commitment or other
arrangement from any other unaffiliated institution. 
 Each party hereto agrees that each Additional Commitment Party shall be bound by the
terms and conditions of the Commitment Letter, and shall have all the rights and obligations with respect to its Commitment, to the same extent as the same are applicable to the Initial Commitment Party, on a several and not joint basis;
provided, however, that this paragraph shall not apply to, and the Additional Commitment Parties shall not have any rights or benefits with respect to, (a) roles or titles assigned to MSSF pursuant to the Commitment Letter,
(b) the provisions of the Commitment Letter applicable to the Arranger and the Administrative Agent in their capacities as such and (c) any provisions of the Fee Letter. 

Each Commitment Party hereto is a full service financial institution engaged, either directly or through its affiliates, in a broad array of
activities, including commercial and investment banking, financial advisory, market making and trading, investment management (both public and private investing), investment research, principal investment, financial planning, benefits counseling,
risk management, hedging, financing, brokerage and other financial and non-financial activities and services globally. In the ordinary course of their various business activities, each Commitment Party and funds or other entities in which such
Commitment Party invests or with which it co-invests, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial
instruments for their own account and for the accounts of their customers. In addition, each Commitment Party may at any time communicate independent recommendations and/or publish or express independent research views in respect of such assets,
securities or instruments. Any of the aforementioned activities may involve or relate to assets, securities and/or instruments of the Borrower, the Target Business and/or other entities and persons which may (i) be involved in transactions
arising from or relating to the arrangement contemplated by this Joinder Agreement (except as otherwise expressly agreed in writing by the Borrower and the relevant Commitment Party (or their respective affiliates) or (ii) have other
relationships with the Borrower or its affiliates. 
 Each Commitment Party and/or its affiliates are, or may at any time be, a lender under
the Existing Credit Agreement (in such capacity, an “Existing Lender”). The Borrower acknowledges and agrees for itself and its subsidiaries that each Existing Lender (a) will be acting for its own account as

  
 2 

 
principal in connection with the Existing Credit Agreement, (b) will be under no obligation or duty as a result of such Commitment Party’s role in connection with the transactions
contemplated by this Joinder Agreement or otherwise to take any action or refrain from taking any action (including with respect to voting for or against any requested amendments), or exercising any rights or remedies, that such Existing Lender may
be entitled to take or exercise in respect of the Existing Credit Agreement and (c) may manage its exposure to the Existing Credit Agreement without regard to such Commitment Party’s role hereunder, except, in each case, to the extent
otherwise agreed by such Existing Lender. 
 This Joinder Agreement supersedes any commitment advice or similar letter executed by any
Additional Commitment Party on or prior to the date hereof in connection with the Facility, which commitment advice or similar letter shall in each case terminate upon the effectiveness of this Joinder Agreement. 

This Joinder Agreement may not be assigned by any party hereto without the prior written consent of the Arranger and the Borrower (and any
purported assignment without such consent shall be null and void); provided, however, that a Commitment Party may assign its Commitment only to the extent permitted by, and in accordance with, the terms of the Commitment Letter. This
Joinder Agreement is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and each indemnified person of each
Additional Commitment Party. 
 This Joinder Agreement and the Commitment Letter (and any other letter agreement or undertaking concerning
the Facility, except as otherwise provided therein) may not be amended or waived except by an instrument in writing signed by the Borrower and Commitment Parties (other than Defaulting Commitment Parties (as defined below)) holding a majority of the
aggregate commitments (exclusive of the commitments of Defaulting Commitment Parties) to provide the Facility (the “Required Commitment Parties”); provided, however, (i) the Required Commitment Parties shall
include at least 2 Commitment Parties and (ii) no such amendment or waiver shall (a) increase or extend the Commitment of any Commitment Party or decrease or extend the date for payment of any fees of any Commitment Party without the prior
written consent of such Commitment Party, (b) except as provided in the immediately following sentence, extend the maturity date, any scheduled or mandatory prepayment, or waive any mandatory prepayment of the Loans or date for the payment of
any interest or fee on any Loan or commitment, or decrease the rate of interest or fee on any Loan or commitment (other than the rate of interest on overdue amounts), or postpone the date of any scheduled or mandatory reduction, or waive any
mandatory reduction, of commitments without the prior written consent of each Commitment Party, (c) modify the terms of this sentence or the section in the Term Sheet captioned “Voting”, or any provision that would require the
“pro rata” treatment of the Commitment Parties, without the prior written consent of each Commitment Party directly adversely affected thereby or (d) modify or otherwise affect the rights or duties of the Arranger or the
Administrative Agent without the prior written consent of the Arranger or the Administrative Agent, as applicable. Notwithstanding anything to the contrary herein or in the Commitment Letter or any other letter agreement or undertaking concerning
the Facility, (a) the Commitment of any Commitment Party may be increased solely with the written consent of such Commitment Party, Borrower and the Arranger (not to be unreasonably withheld or delayed) (without the consent of any other
Commitment Party), (b) the Commitment Parties (other than Defaulting Commitment Parties) holding in excess of two-thirds of the aggregate commitments (exclusive of the commitments of Defaulting Commitment Parties) to provide the Facility may,
without the consent of any other Commitment Party, increase the $75,000,000 cap referred to in clause (C) of the definition of Excluded Equity set forth in Exhibit A to the Commitment Letter, or waive or postpone any mandatory prepayment or
commitment reduction otherwise required from the proceeds of the issuance of equity or equity-linked securities, including mandatorily exchangeable or convertible securities, issued to fund any increase in the cash portion of the aggregate
consideration payable in connection with the Acquisition and 

  
 3 

 
(c) in the event any Commitment Party shall become and continue to be a Defaulting Commitment Party or shall fail to consent to an amendment, waiver or other modification to this Joinder
Agreement or the Commitment Letter that requires the consent specified in clauses (a) through (c) of the immediately preceding sentence and that has been consented to by the Required Commitment Parties (each, a “Non-Consenting
Lender”), the Borrower may, upon notice to such Commitment Party and the Arranger, either replace such Commitment Party by causing such Commitment Party to assign its rights and obligations hereunder (including the Commitment Letter) to one
or more assignees procured by the Borrower or terminate the Commitment of such Commitment Party, provided that the Borrower has paid all fees owing to such Commitment Party at the time of such assignment or termination and, so long as, in the case
of the assignment by a Non-Consenting Lender, the assignee lender provides the requisite consent. Each Commitment Party agrees that, if necessary to effectuate any assignment of such Commitment Party’s interest hereunder in the circumstances
contemplated by the preceding sentence, it shall promptly execute an assignment agreement in form reasonably satisfactory to it, the Borrower and the Arranger; provided that the failure of any such Commitment Party to execute any such assignment
shall not render such assignment invalid. For purposes hereof, “Defaulting Commitment Party” shall mean any Commitment Party that (a) has failed to fund all or any portion of its Commitment when required to do so in accordance
with the terms and conditions of the Commitment Letter, (b) has notified the Borrower or the Arranger in writing that it does not intend to comply with its funding obligations hereunder or under the Commitment Letter, or has made a public
statement to that effect, (c) has failed, within two business days after written request by the Arranger or the Borrower, to confirm in writing to the Arranger and the Borrower that it will comply with its prospective funding obligations
hereunder or under the Commitment Letter, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any law relating to liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debt relief law of any applicable jurisdiction from time to time in effect and affecting the rights of creditors generally, or (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged with reorganization or liquidation of its business or assets, including the United States Federal Deposit
Insurance Corporation or any other regulatory authority acting in such a capacity; provided that a Commitment Party shall not be a Defaulting Commitment Party solely by virtue of the ownership or acquisition of any equity interest in that Commitment
Party or any direct or indirect parent company thereof by a governmental authority so long as such ownership interest does not result in or provide such Commitment Party with immunity from the jurisdiction of courts within the United States or from
the enforcement of judgments or writs of attachment on its assets or permit such Commitment Party (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Commitment Party. 

This Joinder Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken
together, shall constitute one agreement. Delivery of an executed signature page of this Joinder Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart hereof. This Joinder Agreement and the Commitment
Letter constitute the entire agreement among the parties hereto with respect to the Additional Commitment Parties’ respective Commitments and the fee compensation with respect thereto. No individual has been authorized by any Additional
Commitment Party or any of its respective affiliates to make any oral or written statements that are inconsistent with this Joinder Agreement. Following the execution and delivery of this Joinder Agreement by each of the parties hereto, the
Commitment Letter and this Joinder Agreement shall be construed as a single instrument to the extent necessary to give effect to the provisions hereof and thereof. Notwithstanding any provision hereof or of the Commitment Letter, it is agreed and
understood that all obligations of each of the Commitment Parties, whether pursuant hereto or pursuant to the Commitment Letter, shall be several and not joint obligations. 

  
 4 

 This Joinder Agreement shall be governed by, and construed in accordance with the law of the
State of New York (and each Additional Commitment Party hereby expressly acknowledges and agrees that it shall be subject to Section 6 of the Commitment Letter as a party thereto); provided that the foregoing shall not modify the
governing law provisions set forth in the Commitment Letter. Each party hereto hereby waives any right it may have to a trial by jury with respect to any claim, action, suit or proceeding arising out of or contemplated by this Joinder Agreement.
Each party hereto hereby submits to the exclusive jurisdiction of the federal and New York State courts located in the County of New York in connection with any dispute related to, contemplated by or arising out of this Joinder Agreement and agrees
that any service of process, summons, notice or document by registered mail addressed to such party at its address on the first page hereof or, in the case of any Additional Commitment Party, on its signature page hereto, shall be effective service
of process for any suit, action or proceeding relating to any such dispute. Each party hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and
agrees that any final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and may be enforced in other jurisdictions by suit upon the judgment or in any other manner provided by law. 

This Joinder Agreement (including all of the terms of the Commitment Letter) and the other terms and conditions contained herein shall be
subject to the same confidentiality provisions applicable to the Commitment Letter as provided in Section 8 of the Commitment Letter. 

Each Additional Commitment Party acknowledges that it has, independently and without any reliance upon MSSF or any of its affiliates, or any
of its officers, directors, employees, agents, advisors or representatives, and based on the financial statements of the Borrower and its consolidated subsidiaries and the Target Business and such other documents as it has deemed appropriate, made
its own credit analysis and decision to provide a Commitment and enter into this Joinder Agreement. 
 The compensation, reimbursement,
indemnification, confidentiality and syndication provisions contained herein or in the Commitment Letter shall remain in full force and effect regardless of whether the Credit Documentation shall be executed and delivered and notwithstanding the
termination of this Joinder Agreement, the Commitment Letter or each Commitment Party’s Commitment; provided, that the Borrower’s obligations hereunder or under the Commitment Letter, other than with respect to the compensation,
reimbursement, indemnification, confidentiality and syndication shall automatically terminate and be superseded by the provisions of the Credit Documentation upon the effectiveness thereof; provided, further, that, in the case of the
syndication provision, such provision shall terminate upon the later of the Funding Date and the Syndication Date. The Borrower may terminate the Commitment Parties’ commitments to the Facility hereunder at any time subject to the provisions of
the immediately preceding sentence. 
 All Commitments of the Additional Commitment Parties shall continue until the earliest to occur of
(i) the execution and delivery of the Credit Documentation for the Facility by all parties thereto, (ii) the Commitment Termination Date, if the applicable Credit Documentation shall not have been executed and delivered by all parties
thereto by such date, (iii) the abandonment or withdrawal of the Offer by the Borrower or lapse of the Offer (other than in connection with the execution of the Merger Agreement or the effectiveness of the Scheme), in each case when publicly
disclosed by the Borrower (A) pursuant to a public filing with the SEC or (B) in an official press release issued by the Borrower; and (iv) termination by the Borrower of its obligations under the Merger Agreement to consummate the
Merger when publicly disclosed by the Borrower (A) pursuant to a public filing with the SEC or (B) in an official press release issued by the Borrower. 

  
 5 

 If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms
hereof by returning to us an executed counterpart hereof. 
 Very truly yours, 

  
 6 

 JPMorgan Chase Bank, N.A., as an Additional Commitment Party 

 

					
	 By:
	 	/s/ Melvin Jackson
		 	Name:	 	Melvin Jackson
		 	Title:	 	Executive Director

 Maximum Commitment Amount: $150,000,000 

Address for notices: 
 383 Madison Avenue, Floor 23 

New York, NY 10179 
 [Signature Page to Project
Sail Joinder Agreement] 

 Wells Fargo Bank, National Association, as an Additional Commitment Party 

 

					
	 By:
	 	/s/ Grainne M. Pergolini
		 	Name:	 	Grainne M. Pergolini
		 	Title:	 	Director

 Maximum Commitment Amount: $150,000,000 

Address for notices: 
 MAC Y1375-080 

8th Floor 

One South Broad Street 
 Philadelphia, PA 19107 

  
 8 

 Bank of Montreal, Chicago Branch, as an Additional Commitment Party 

 

					
	 By:
	 	/s/ Debra Basler
		 	Name:	 	Debra Basler
		 	Title:	 	Managing Director

 Maximum Commitment Amount: $100,000,000 

Address for notices: 
 115 South LaSalle Street 25th Floor West 
 Chicago, IL 60603 

  
 9 

 Lloyds Bank plc, as an Additional Commitment Party 

 

					
	 By:
	 	/s/ Stephen Giacolone
		 	Name:	 	Stephen Giacolone
		 	Title:	 	Assistant Vice President G011

  

					
	 By:
	 	/s/ Craig Meisner
		 	Name:	 	Craig Meisner
		 	Title:	 	Managing Director – Head of Loan Markets

 Maximum Commitment Amount: $50,000,000 

Address for notices: 
 Lloyds Bank plc, New York 

1095 Avenue of the Americas, 35th Floor 

New York, New York 10036  

NewYorkOperations@lbusa.com 

  
 10 

 ING Bank N.V., as an Additional Commitment Party 

 

					
	 By:
	 	/s/ M Riordan
		 	Name:	 	M Riordan
		 	Title:	 	Authorised Signatory
		
	 By:
	 	/s/ G Kelly
		 	Name:	 	G Kelly
		 	Title:	 	Authorised Signatory

 Maximum Commitment Amount: $50,000,000 

Address for notices: 
 ING Bank N.V. 

60 London Wall 
 London 

EC2M 5TQ 
 United Kingdom 

 

	Attn:	N J Marchant 

 Director 

  
 11 

 Accepted and agreed to as of 

the date first written above by: 
 MORGAN STANLEY SENIOR FUNDING,
INC. 
  

					
	 By:
	 	/s/ Subha Lakshmi Ghosh-Kohl
		 	Name:	 	Subha Lakshmi Ghosh-Kohli
		 	Title:	 	Authorized Signatory

 ENDURANCE SPECIALTY HOLDINGS LTD. 
  

					
	 By:
	 	/s/ John V. Del Col
		 	Name:	 	John V. Del Col
		 	Title:	 	General Counsel

 [Signature Page to Project Sail Joinder Agreement] 

 Schedule I 

to Joinder Agreement to Commitment Letter 

Commitment Schedule 
  

					
	 Commitment Party
	  	Commitment	 
	 Morgan Stanley Senior Funding, Inc.
	  	$	500,000,000.00	  
	 JPMorgan Chase Bank, N.A.
	  	$	150,000,000.00	  
	 Wells Fargo Bank, National Association
	  	$	150,000,000.00	  
	 Bank of Montreal, Chicago Branch
	  	$	100,000,000.00	  
	 Lloyds Bank plc
	  	$	50,000,000.00	  
	 ING Bank N.V.
	  	$	50,000,000.00	  
		  	  
	  
	 
		  	Total: $	1,000,000,000	  
		  	  
	  
	 

 Titles 
  

			
	 Commitment Party
	  	 Title(s)

	 Morgan Stanley Senior Funding, Inc.
	  	Sole Lead Arranger, Sole Bookrunner and Administrative Agent
	 JPMorgan Chase Bank, N.A.
	  	Documentation Agent
	 Wells Fargo Bank, National Association
	  	Documentation Agent
	 Bank of Montreal, Chicago Branch
	  	Managing Agent
	 Lloyds Bank plc
	  	Participant
	 ING Bank N.V.
	  	Participant

  
 2

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