Document:

Exhibit 10.14

 Exhibit 10.14 
 THE PEOPLE’S UNITED BANK 
 ENHANCED SENIOR PENSION PLAN 
 FIRST AMENDMENT AND RESTATEMENT 
 People’s United Bank, a federally chartered savings bank (the “Bank”), hereby amends and restates the People’s United Bank Enhanced Senior Pension Plan (the “Plan”) as of January 1, 2008 except as
otherwise provided herein. 
 ARTICLE I 
 BACKGROUND 
 The Plan was established by the Bank (then called People’s Bank) as of January 1, 1997. As of
that date the Bank maintained a defined benefit retirement plan now known as The People’s United Bank Employees’ Retirement Plan (the “ERP”) which covered all employees of the Bank meeting certain eligibility requirements. In
addition, the Bank maintained a non-qualified defined benefit retirement plan now known as the First Amended and Restated People’s United Bank Cap Excess Plan (the “Cap Excess Plan”) which provided supplemental benefits to a select
group of employees. 
 The purpose of the Plan is to provide enhanced retirement and death benefits to a select group of management and highly paid employees
of the Bank who have attained age fifty (50) or older and former employees entitled to benefits under a predecessor Plan (the “SRP”). Benefits provided under this Plan are in addition to those available to Plan participants under the
ERP and/or the Cap Excess Plan. 
 Individuals initially employed by the Bank on or after August 14, 2006 are not eligible to participate in the ERP.
Consequently, such individuals are likewise not eligible to participate in the Plan. Individuals employed by the Bank prior to that date but who had not attained the Minimum Salary Grade (as defined herein) prior to March 1, 2008 are not
eligible to participate in the Plan. 
 ARTICLE II 
 DEFINITIONS 
 Unless specifically provided otherwise, the terms used in this document shall have the
same meaning as defined in the ERP. Further, the following terms shall have the following meanings for purposes of this document. 
 2.1. “Actuary” shall mean the actuary or actuarial firm retained by the Bank to perform actuarial valuations under this Plan or such other actuary who may pursuant to any provisions of the Trust Agreement be selected by the
Trustee or the Advisory Committee. 
  

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 2.2. “Advisory Committee” shall mean the Advisory Committee provided for by the
provisions of Article XIII hereof. 
 2.3. “Beneficiary” shall mean any person entitled to receive benefits under
this Plan as a result of a Participant’s death. 
 2.4. “Board” shall mean the Board of Directors of the Bank
or any similar body carrying out the functions such body carried out as of January 1, 2008. 
 2.5. “Cap Excess
Plan” shall mean the People’s United Bank Cap Excess Plan adopted by People’s Bank as of January 1, 1997, as it has been amended from time to time through January 1, 2008 and as it may be further amended on or after
January 1, 2008. 
 2.6. “CEO” shall mean the Chief Executive Officer of the Bank or such officer or other
person as may as of the time of reference have substantially the responsibilities and duties of the Chief Executive Officer of the Bank as of January 1, 2008. 
 2.6A “Change in Control Agreement” shall mean any agreement the consummation of which would result in the occurrence of a Change in Control. 
 2.7. “Change in Control” shall mean the occurrence of any of the following: 
 (a) The Board of Directors of the Bank or its Parent shall approve (i) a merger or consolidation (or series of mergers and consolidations) of the
Bank or the Parent with any other corporation other than (A) a merger or consolidation (or series of mergers and consolidations) which would result in the voting stock (as described in paragraph (b) of this section) of the Bank or its
Parent outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity) more than eighty percent (80%) of the combined voting power of the voting
stock of the Bank or its Parent (or such surviving entity) outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of the Bank or its Parent (or similar transaction)
in which no “person” (as defined in paragraph (b) of this section) acquires more than twenty percent (20%) of the combined voting power of the then outstanding securities of the Bank or its Parent, or (ii) any sale, lease,
exchange, or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Bank or its Parent, or (iii) the adoption of any plan or proposal for the liquidation or dissolution of the
Bank; 
 (b) Any person (as such term is defined in Section 3(a)(9) and Section 13(d)(3) of the Exchange Act, corporation, or other
entity (other than the Bank, its Parent, or any benefit plan, including, but not limited to, any employee stock ownership plan, sponsored by the Bank, its Parent, or any subsidiary) shall become the “beneficial owner” (as such term is
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing twenty percent (20%) or more of the combined voting power of the then outstanding securities of Bank or its Parent ordinarily (and apart from
rights accruing under special circumstances) having the right to vote in the election of directors (calculated as provided in paragraph (d) of such Rule 13d-3 in the case of rights to acquire such securities); or 
  

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 (c) During any period of two consecutive calendar years, individuals who at the beginning of such period
constitute the entire board of directors of the Bank or its Parent, and any new director (excluding a director designated by a person who has entered into an agreement with the Bank or its Parent to effect a transaction described in paragraph
(a) or (b) of this section) whose election by the board or nomination for election by the shareholders of the Bank or its Parent was approved by a vote of at least two-thirds of the directors then still in office who either were directors
at the beginning of the period or whose election or nomination for election was previously so approved, shall cease for any reason to constitute a majority thereof. 
 2.8. “Committee” shall mean the Human Resources Committee of the Board, or such other committee of the Board as may as of the
time of reference have substantially the responsibilities and duties of the Human Resources Committee as of January 1, 2008. 
 2.9. “Code” shall mean the Internal Revenue Code of 1986 as it has been, or hereafter from time to time may be amended, and all reference to it or any provision thereof shall include any law which in the future may supersede it or
such provision. 
 2.10. “Credited Service” shall mean Credited Service as computed in accordance with the
provisions of Article XIV. 
 2.11. “Effective Date” shall mean January 1, 1997 
 2.12. [intentionally omitted] 
 2.13. “ERP” shall mean the People’s United Bank Employees’ Retirement Plan as it has been or hereafter from time to time may be amended. 
 2.14. A Participant’s “ERP Benefit” shall mean such Participant’s vested Accrued Annual Benefit in the Single Life
Form calculated pursuant to Article V of the ERP, including the value of the Participant’s benefit assigned under a qualified domestic relations order described in Code Section 414(p), if applicable, provided, however, that there shall be
excluded the amount of the pension supplement provided by provisions of Section 5.8 of the ERP. 
 2.14A. “Exchange Act” shall
mean the Securities Exchange Act of 1934. 
 2.15. “Full Funding Amount” shall mean an amount which the Actuary
calculates based on the best information available (including, when necessary, estimates and forecasts) to him to be equal to the present value of the total amount of all vested and unpaid benefits of all Participants (and their Beneficiaries) and
all Beneficiaries of deceased Participants under this Plan and all vested and unpaid benefits under the Cap Excess Plan as of the valuation requirement date except those which, pursuant to the provisions of Section 5.2, are not payable from the
Trust. For purposes of this Section 2.15, the “valuation requirement date” refers to the date of an actual Change in Control or the date which is 

  

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reasonably selected during a Potential Change in Control Period by the Bank or the Trustee under the terms of the Trust as a likely date for an actual Change
in Control to occur or, if such calculation is not on or after a Change in Control or during a Potential Change in Control Period, any date which is reasonable and convenient. In computing such vested benefits and such present value during a
Potential Change in Control Period or after a Change in Control, there shall be included any Plan Benefits which would become vested by reason of any Change in Control or entry by Parent or Bank into a Change in Control Agreement. Calculations and
recalculations of the Full Funding Amount (as described in Article VII of this Plan) shall assume that each Participant terminated employment as of the valuation requirement date of such calculation or recalculation. Present values and liabilities
under the Plan shall be determined in a manner consistent with the assumptions applied in annual valuations of the ERP for purposes of funding requirements under the Act or if the ERP is no longer being so valued annually (by reason of its
termination or otherwise), such assumptions which the CEO determines on the basis of advice from the Actuary would be so applied if the ERP were to be so valued. In computing the Full Funding Amount, there shall be added an amount equal to an amount
calculated by the Trustee to be likely to be sufficient to provide for all expenses in administering and terminating the Trust and distributing benefits including any reasonable expenses of the Advisory Committee (if then existing), and any expenses
of litigation or other assertion of claims which the Trustee deems to have a higher degree of probability than extremely remote, including (but not limited to) any such litigation or other assertion of claims which the Trustee may institute or
assert against the Bank. 
 2.16. The Bank shall be considered “Insolvent” for purposes of this Plan if (i) the
Bank is unable to pay its debts as they become due, or (ii) the Bank is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) the Bank is determined to be insolvent by the Office of Thrift
Supervision, Federal Deposit Insurance Corporation, the Federal Reserve Bank, or any other federal or state authority having the power to act as or appoint a receiver or similar officer in the event it finds the Bank is insolvent. 
 2.17. “Interim Funding Amount” shall mean an amount which the Actuary calculates based on the best information available
(including, when necessary, estimates and forecasts) to him to be equal to the present value of the total amount of any vested and unpaid benefits of (i) all Participants who are as of the Interim Valuation Requirement Date requiring such
calculation either (A) no longer employees of the Bank or (B) attained age sixty-three (63) and three hundred twenty-five (325) days and Beneficiaries of such Participants and (ii) all Beneficiaries of deceased Participants.
The benefits of any Participant (and his Beneficiary) described in clause (i)(B) of the last preceding sentence shall be determined on the basis of the Actuary’s best estimate of such Participant’s benefit at the later of (1) age
sixty-five (65) or earlier date of termination of employment with the Bank indicated by such Participant or (2) such Interim Valuation Requirement Date. Present values and liabilities under the Plan shall be determined in a manner
consistent with the assumptions applied in annual valuations of the ERP for purposes of the funding requirements under the Act, or if the ERP is no longer being so valued annually (by reason of its termination or otherwise), such assumptions which
the CEO determines on the basis 

  

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of advice from the Actuary would be so applied if the ERP were to be so valued. Also, in computing the Interim Funding Amount, there shall be added an amount
equal to an amount estimated by Trustee to be likely to be sufficient to provide for all expenses in administering the Trust and distributing benefits for the sixty months following the relevant Interim Valuation Requirement Date, including
reasonable expenses of the Advisory Committee (if then in existence) and of any litigation or other assertion of claims which the Trustee deems to have a higher degree of probability than remote, including (but not limited to) any such litigation or
other assertion of claims which the Trustee may institute or assert against the Bank. For purposes of this Section 2.17 and of Section 2,15, the present values of the benefits of all Participants and Beneficiaries shall equal the sum of
the present values of the benefits of each Participant (and his Beneficiary) and each Beneficiary of a deceased Participant. 
 2.18. “Interim Valuation Requirement Date” means the last date of each fiscal year of the Bank. 
 2.18A. “Minimum
Salary Grade” means the salary grade identified as such on Appendix A hereto (as the same may be updated from time to time with the approval of the CEO or his designee), in each case as in effect during the “Effective Period”
designated in such Appendix A. 
 2.19. “Other Pension Benefits” shall mean any benefits the Participant is
entitled to receive or has received from any defined benefit plan as defined in Code Section 414(j) which met the qualification requirements of 401(a) of the Code, and is maintained by any former employer of the Participant, other than the
predecessor to People’s Bank which maintained the ERP. Such benefits shall exclude benefits payable pursuant to any plan which the Committee or its delegee finds has been funded primarily by contributions of the Participant, provided that such
benefits did not accrue under a plan maintained by the Bank or any corporate predecessor of the Bank. Any such benefit shall be converted to a monthly benefit payable in the form of a single life annuity payable at age sixty-five (65) (unless
such benefit is actually paid in such form) using the actuarial factors of the former employer’s plan or, if unavailable, the actuarial factors of the ERP and if applicable, shall include the value of the Participant’s benefit assigned
under any qualified domestic relations order described in Code Section 414(p). 
 2.20. “Parent” shall mean
People’s United Financial, Inc., a Delaware corporation, or its corporate successor or assigns; and the determination of whether any corporation or other entity is a successor or assign of said People’s United Financial, Inc., for purposes
of this Agreement shall be made by the CEO or, in the event there is no then acting CEO, by the Board of Directors of the Bank. 
 2.21. “Participant” shall mean an Employee or former Employee who meets the eligibility requirements of Article III. 
 2.22. The “Plan” shall mean this People’s United Bank Enhanced Senior Pension Plan as amended through the date hereof and as it may be amended from time to time hereafter. 
  

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 2.22A “Plan Benefit” shall have the meaning set forth in Article V hereof. 
 2.22B. “Plan Death Benefit” shall have the meaning set forth in Section 6.1 hereof. 
 2.22C. “Plan Voter” shall have the meaning set forth in Section 13.1 hereof. 
 2.23. “Potential Change in Control” shall be deemed to have occurred under this Plan if (1) the Bank or Parent enters into
any agreement the consummation of which would result in the occurrence of a Change in Control, or (2) the CEO declared in writing that, or the Board of Directors of the Bank or Parent adopts a resolution to the effect that, a Potential Change
in Control has occurred. 
 2.24. “Potential Change in Control Period” shall mean the period commencing on the date
that a Potential Change in Control occurs and ending upon the earlier to occur of the following: (i) the date of a Change in Control, or (ii) the date it is determined under the provisions of the Trust Agreement the Potential Change in
Control Period has ended without the occurrence of a Change in Control. 
 2.24A. “SRP” shall mean the People’s Bank
Supplemental Retirement Plan which was the predecessor to this Plan and to the Cap Excess Plan. 
 2.25. A Participant’s
“Target Amount” shall mean one-twelfth of the excess if any, of (a) fifty percent (50%) of such Participant’s Final Average Salary computed as hereinafter provided over (b) the monthly amount of the Participant’s
Other Pension Benefits. If such Participant has completed less than 15 Years of Credited Service the Target Amount shall be reduced at the rate of 1/15 for each Year of Credited Service less than 15 years, giving credit for each day which elapses
during the period from the commencement of such Participant’s Credited Service to the date of reference. A Participant’s Final Average Salary shall be computed by disregarding any dollar limitation thereon as required by
Section 401(a)(17) of the Code. 
 2.26. “Trust” shall mean the Trust established and maintained pursuant to
the terms of Section 7.1 hereof. 
 2.27. “Trustee” shall mean the entity then acting as Trustee under the
Trust Agreement. 
 2.28. “Trust Agreement” shall mean the trust agreement described in Section 7.1 hereof.

 2.29. “Vote” whether or not capitalized shall mean and include a vote in person or by proxy or execution of a
written consent or other document signed by a Participant or Beneficiary authorizing or approving any action (including one or more amendments of this Plan. 
  

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 ARTICLE III 
 ELIGIBILITY 
 3.1. Initial Participants. Each Employee or former Employee who
was a participant in the SRP on the day before the Effective Date became a Participant hereunder as of such date, provided he continued to be employed by the Bank on such date. 
 3.2. Subsequent Participants. Subject to the provisions of Section 3.4 hereof, each other Employee who is such on or after the
Effective Date shall become a Participant as of the date he meets both the following requirements: 
  

	 	(a)	has a salary grade equal to or higher than the Minimum Salary Grade; and 

  

	 	(b)	has attained age 50 or older. 

 3.3.
Termination of Participation. Any Employee who becomes a Participant hereunder shall remain such until his Credited Service is terminated and he is no longer entitled to a benefit hereunder. 
 3.4. Eligibility Freeze. (a) In no event shall any Employee not a Participant prior to, and not employed by the Bank on,
August 14, 2006 become a Participant except as provided in the next sentence. In the event any person who was an Employee prior to August 14, 2006 again becomes an Employee and becomes a Participant in, and accrues Credited Service under,
the ERP after August 14, 2006, such person shall become for the first time or again a Participant in this Plan upon attaining at least the Minimum Salary Grade (subject, however, to subsection (b) below), provided he is deemed to be in
Credited Service in accordance with the provisions of Section 14.1 and provided his Plan Benefit accrued prior to his rehire has not been distributed. 
 (b) In no event shall any Employee who had not attained the Minimum Salary Grade prior to March 1, 2008 become a Participant regardless of such Employee’s date of employment by the Bank. 
 ARTICLE IV 
 VESTING 

4.1. Cliff Vesting. A Participant shall become fully vested while in Credited Service in his Plan Benefit, as such term is
defined in Article V, upon the earlier of (A) or (B), where (A) is the later of (i) the attainment of age fifty-five (55) or (ii) his completion of 5 Years of Vesting Service, and (B) is his attainment of his Normal
Retirement Date. Except as otherwise provided by the provisions of Article VII relating to vesting in the event of a Change in Control or entry by the Bank or Parent into a Change in Control Agreement, in the event a Participant’s Credited
Service is terminated prior to his being so vested, his benefits under this Plan shall be forfeited (except in the case of his death to the extent provided pursuant to the provisions of Article VI); provided that, in the event of his rehire and his
subsequently becoming vested, his Plan Benefit shall be reinstated and he shall become vested therein. 
  

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 ARTICLE V 
 PLAN BENEFIT 
 5.1. Plan Benefit. A Participant who is vested under Article IV
or Article VII on or after the Effective Date and who is an Employee as of that date shall be entitled to receive under the Plan a supplemental benefit (the “Plan Benefit”). Subject to the provisions of the remaining sections of this
Article V, the Plan Benefit shall be based on a monthly amount payable in the Single Life Form equal to the excess of (i) over (ii) where: 
  

	 	(i)	is equal to such Participant’s Target Amount, and 

  

	 	(ii)	is equal to the sum of A. plus B. below, where 

 (A) is equal to the monthly amount of such Participant’s ERP Benefit; and 
 (B) is equal to the monthly amount
of such Participant’s Cap Excess Plan Benefit which for purposes of this Section 5.1 shall have the same meaning as “Plan Benefit” as defined in the Cap Excess Plan. 
 5.2. No Change in Payment of Plan Benefits in Pay Status prior to December 1, 2008. 
 Any Benefits under the SRP in pay status prior to January 1, 1995 shall be unaffected by this Article V and shall continue to be payable in
accordance with the provisions of the SRP as applicable to such benefits prior to January 1, 1995 and not payable from the Trust; provided, however, that the CEO may (but shall not be required to) either or both (i) cause such benefits to
be payable from the assets of the Trust or (ii) direct that the present value of the balance of such Participant’s unpaid benefits be calculated and that such amount be paid to such Participant in a lump sum instead of in accordance with
such prior provisions. Such lump sum present value shall be determined on the basis of the 1983 GAM Mortality Tables and an annual interest rate of one percent (1%) plus the average of the yields reported by the Federal Reserve Board in the
Wall Street Journal during the second month preceding such date of payment on 10 year U.S. Treasury notes, adjusted for constant maturity, provided no such payment shall be in excess of the accrued liability of the Bank with respect to such
benefits, computed in accordance with generally accepted accounting principles. 
 5.3. Distribution of Benefits to
Participants Commencing ERP Benefits Prior to January 1, 2009. 
 (a) If distribution of a Participant’s Plan Benefit is the
result of termination of Credited Service (other than as a result of his death) prior to December 1, 2008, and if the Participant begins receiving benefits under the ERP prior to January 1, 2009, then such Plan Benefit shall be payable in
the same form as benefits are payable to such Participant under the ERP, and Plan Benefit payments shall commence at the same time at which payment of such Participant’s ERP benefits begins. 
  

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 (b) In the event payment of a Participant’s Plan Benefit is payable otherwise than in the Single
Life Form commencing on his Normal Retirement Date, the amount of his benefit payments shall be actuarially adjusted by the same percentage reductions as are applied pursuant to the provisions of the ERP. 
 (c) In the event the Participant terminates his Credited Service prior to December 1, 2008
with a vested benefit hereunder and with vested benefits under the ERP prior to the time benefit payments may commence under the ERP, payment of his Plan Benefits shall commence on the first day of the month following the later of such
Participant’s fifty-fifth (55th) birthday or termination of Credited Service or if such termination is after October 3, 2004 the
first payroll payment date of the seventh month following termination of such Participant’s Credited Service. Such benefits shall be payable on the basis of the form of benefit payment in which he represents he presently intends having his ERP
benefit paid (and the Beneficiary he intends selecting). The amount of Plan Benefits shall be actuarially reduced in accordance with the provisions of the ERP which would be applicable to ERP benefit payments if payment of ERP benefits were allowed
to and did commence pursuant to the provisions of the ERP. Upon commencement of payment of his ERP benefits, the amount computed under Section 5.1 (ii)(A) hereof shall be the amount such payments would be if such intended form and Beneficiary
were the actual form and Beneficiary under in which and to whom his ERP benefits are payable regardless of the form in which and to whom his ERP benefits are actually payable regardless of whether such Beneficiary is then living. 
 5.4 Distribution of Benefits to Participants Terminating On or After December 1, 2008. Distribution of all other Plan Benefits (other than those payable
after a Participant’s death) shall be made in a lump sum on the first payroll payment date following the latest of (i) January 1, 2009; (ii) the seventh month after the date of termination of a Participant’s Credited
Service; or (iii) the month in which the Participant attains age fifty-five (55). Such lump sum shall be equal to the present value of the Plan Benefit computed in accordance with interest assumptions, mortality tables and all other actuarial
factors applied under the ERP for purposes of determining present values of ERP benefits under the ERP as of (A) the applicable payment date if the payment date is determined pursuant to clause (i) or (iii) of the preceding sentence,
and (B) the date of termination of the Participant’s Credited Service if the payment date is determined pursuant to clause (ii) of the preceding sentence. 
 ARTICLE VI 
 DEATH BENEFITS 
 6.1. Plan Benefits Commence Prior to January 1, 2009. In the event of the death of a Participant whose Plan benefit payments
commence prior to January 1, 2009, payment of death benefits under this Plan shall depend on whether benefits under the ERP are payable to such Participant’s Surviving Spouse or other Beneficiary. If no such benefits are payable under the
ERP, no death benefits shall be payable hereunder. If such death benefits are payable under the ERP, then death benefits (the “Plan Death Benefit”) shall be payable hereunder (for the same duration and with the same frequency as such ERP
death benefits) in an amount equal to the excess of the amount such ERP death benefits would 

  

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have been had the ERP benefit in the Single Life Form been equal to the sum of the actual ERP benefit in the Single Life Form plus the Plan Benefit hereunder
in the Single Life Form over the actual amount of the death benefits under the ERP. 
 6.2. Plan Benefit Payments to
Terminees Not Commenced Prior to January 1, 2009. 
 (a) In the event of the death of a Participant not described in Section 6.1
whose Credited Service has been terminated after his attainment of age fifty-five (55), but prior to payment of his Plan Benefit, an amount equal to that portion of the amount otherwise payable to him pursuant to the provisions of Section 5.2
shall be payable to his Beneficiary in a lump sum as of the first payroll payment date of the month following the month of the Participant’s death. 
 (b) In the event of the death of a Participant not described in Section 6.1 whose Credited Service terminates prior to his attainment of age fifty-five (55): 
 (i) If such Participant subsequently dies prior to attainment of age fifty-five (55), a death benefit shall be payable under this Plan to
his surviving spouse or his other Beneficiary only if death benefits are payable to his Surviving Spouse under the ERP. If such death benefits are payable under the ERP, then a death benefit shall be payable hereunder as of the later of (A) the
first payroll payment date of the month following the date of such Participant’s death, or (B) the earliest possible date the Participant could have received payments from the ERP. The amount of such death benefit shall be paid in a lump
sum, in an amount equal to the present value of the Plan Death Benefit computed in accordance with interest assumptions, mortality tables and all other actuarial factors applied for purposes of determining present values of ERP benefits as of such
payment date. 
 (ii) If such Participant subsequently dies on or after his attainment of age fifty-five (55), but prior to
distribution of his Plan Benefit, a death benefit shall be payable under this Plan to his surviving spouse or his other Beneficiary. Such death benefit shall be an amount equal to the amount otherwise payable to him pursuant to the provisions of
Section 5.2 and shall be paid as of the first payroll payment date of the month following the month of his death. 
 6.3. Death of Active Participants After December 31, 2008. 
 In the event of the death of a Participant after
December 31, 2008 and prior to termination of his Credited Service, a death benefit shall be payable under this Plan to his surviving spouse or his other Beneficiary only if a death benefit is payable to his Surviving Spouse under the ERP. If
such death benefits are payable under the ERP, then a death benefit shall be payable hereunder as of the later of (A) the first payroll payment date of the month following the date of such Participant’s death, or (B) the earliest
possible date the Participant could have received payments from the ERP. The amount of such death benefit shall be paid in a lump sum, in an amount equal to the present value of the Plan Death Benefit computed in accordance with interest
assumptions, mortality tables and all other actuarial factors applied for purposes of determining present values of ERP benefits as of such payment date. 
  

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 6.4. Beneficiaries. Any death benefit hereunder shall be payable to one or more
Beneficiaries designated by such Participant on a form authorized by the Committee, signed by such Participant and filed with Human Resources. A Participant may designate a Beneficiary other than a Surviving Spouse even if the only death benefits
paid under the ERP are paid as a result of such Participant being survived by a Surviving Spouse. In the absence of any designation of a Beneficiary other than a Surviving Spouse or beneficiary under the ERP, death benefits hereunder shall be paid
to the same person or persons entitled to contemporaneous payments under the ERP. In the event a Participant and his spouse or other designated Beneficiary (primary or contingent) die as a result of the same event (whether or not it is possible to
determine who was the first to die and die within thirty (30) days of each other), this Plan shall be administered as if the Participant survived his spouse or such other Beneficiary. 
 6.5. No Other Death Benefits. Except as provided in this Article VI, no benefits under this Plan shall be payable to a
Participant’s Beneficiary after such Participant’s death. 
 ARTICLE VII 
 TRUST; CHANGE IN CONTROL 
 7.1. Non-qualified Trust. The Bank has entered into a Trust Agreement with Morgan Guaranty Trust Company as Trustee establishing the Trust. The Trust is intended to provide for the funding of the Bank’s obligation to provide
benefits under the Plan and the Cap Excess Plan to the extent provided pursuant to the provisions of Article VII hereof. In the event of Insolvency of the Bank, assets held under the Trust shall be subject to the claims of the general creditors of
the Bank under federal and state law as set forth in the Trust Agreement. In the event of such Insolvency, any and all such assets will be available to satisfy the claims of general creditors of the Bank even if all Plan Benefits have not otherwise
been provided for and even if all Plan Benefits of Employees who have terminated their Credited Service have not been fully provided for. Nothing herein shall be deemed to prohibit Participants or Beneficiaries from asserting claims for Plan
Benefits as general creditors of the Bank. The Bank may cause, subject to and in accordance with, the terms of the Trust Agreement, Plan Benefits to be provided from the assets of the Trust, the general assets of the Bank, or a combination thereof
as the Bank may determine to be in the Bank’s best interests. No person eligible for, or entitled to, Plan Benefits hereunder shall have any property, equitable or security rights in any specific assets of the Bank or held as part of the Trust.
The obligation to pay all Plan Benefits shall be treated as an item of indebtedness by the Bank to the Participant or Beneficiary, and except as otherwise paid from the Trust, such payments shall be made from the general assets of the Bank. All
amounts as may be required to be withheld by any applicable federal, state or local law shall be withheld and remitted as required by any such law and payments made to the Participant or any Beneficiary shall be the net amount after withholding.

  

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 7.2. Discretionary Payments to Trust. The Bank, in the sole discretion of the CEO,
may at any time, or from time to time, make deposits (in addition to those required pursuant to Section 7.3), of cash or other property acceptable to the Trustee in trust with the Trustee to augment the principal of the Trust, such additions to
be held, administered and disposed of by the Trustee as provided in the agreement setting forth the terms of the Trust. Neither the Trustee nor any Participant or Beneficiary shall have any right to compel such additional deposits. 
 7.3. Mandatory Payments to Trust. Upon a Potential Change in Control or a Change in Control, the Bank shall, as soon as possible,
but in no event longer than thirty (30) days following such Potential Change in Control or Change in Control, make a contribution to the Trust of cash or other property acceptable to the Trustee equal in value to the Full Funding Amount. In the
event of a Potential Change in Control, the Full Funding Amount shall be recalculated in the event such Potential Change in Control Period extends beyond the required valuation date used in the first or other last subsequent computation made as a
result of such Potential Change in Control Period. In the event that the Trustee later determines that provision made in determining the Full Funding Amount for expenses was not adequate, the Bank shall make additional deposits to provide for such
expenses as determined by the Trustee from time to time. 
 (i) No more than sixty (60) days after the last day of each
fiscal year of the Bank, the Bank shall: 
  

	 	A.	Cause the Actuary to compute the Interim Funding Amount as of such last day and deliver to the Trustee the Actuary’s certification of such Interim Funding Amount; and

  

	 	B.	Pay to the Trustee an amount which when added to the value of the Trust Fund as of such last day would result in a sum equal to or greater than such Interim Funding Amount.

 (ii) Any Actuary’s certification delivered pursuant to this Section 7.3 may rely on the
Trustee’s estimate of expenses to be included in the computation of such Interim Funding Amount 
 7.4 Full
Vesting. Upon entry by Bank or Parent into a Change in Control Agreement or upon a Change in Control, all Plan Benefits of Participants not previously vested shall become fully vested subject to the following provisions of this Section 7.4.
In the event of a Change in Control, determination of such Participant’s vested benefits will be made in accordance with Article IV as if such Change had not occurred if such Participant remains in Credited Service at least three years after
such Change in Control. In the event of entry into a Change in Control Agreement which does not result in a Change in Control occurring, determination of a Participant’s vested interest shall be made in accordance with the provisions of Article
IV, without reference to such Change in Control Agreement unless such Participant 

  

 12 

 
terminates his Credited Service before the earliest of: (a) termination of such Change in Control Agreement by its terms or by agreement of the parties
thereto; (b) announcement by Bank or Parent is of its determination, whether or not legally justified, that such Change in Control Agreement is terminated or that even if such Change in Control Agreement is not terminated it has determined not
to proceed to consummate such Change in Control Agreement; or (c) announcement by any other party to such Change in Control Agreement of its determination, whether or not legally justified, that such Change in Control Agreement is terminated or
that it has determined not to proceed to consummate such Change in Control Agreement. 
 ARTICLE VIII 
 NONASSIGNABILITY 
 The Plan is designed
to provide payment of Plan Benefits solely for the support of the Participant and, to the extent of any death benefits, such Participant’s beneficiary. No person eligible for or entitled to a Plan Benefit payable hereunder shall have any right,
power or authority to assign, sell, transfer, pledge or otherwise encumber, whether by voluntary action or by operation of law, the right to receive such Plan Benefit payment. 
 ARTICLE IX 
 ADMINISTRATION 
 9.1. The Committee. The Plan shall be administered by the Committee. The Committee may delegate its administrative authority to
officers or other employees of the Bank, provided that no such delegate shall determine his own benefits hereunder. The Committee shall have complete and discretionary authority to determine eligibility and the amount of benefits payable under the
Plan and to otherwise construe, interpret and apply the provisions of the Plan and its determinations shall be conclusive on the Bank, its employees and any other person claiming any benefit under the Plan. Notwithstanding the foregoing provisions
of this Section 9.1, any determination made by the Committee upon or after a Change in Control or during a Potential Change in Control Period shall be binding only if accepted by the Participant or Beneficiary of a deceased Participant; and to
the extent not so accepted, such determination of the Committee shall be of no effect and given no weight and such Participant or Beneficiary shall have his rights determined in accordance with the procedures of any of the provisions of the Trust
Agreement, and the Bank shall pay to the Trustee any funds necessary to provide such benefits as so determined. 
 ARTICLE X

 CLAIMS PROCEDURE 
 10.1. General. 
 (a) If a Participant or Beneficiary disagrees with the computation of the benefits to
which he is entitled under the Plan and wishes to claim benefits or additional benefits, he must file his claim in writing or electronically with the Committee. The Committee may act as the Claims Officer as hereinafter provided or may designate a
member of the Committee or 

  

 13 

 
one or more other individuals who may (but shall not be required to) be a Participant or other Employee. If no claim is received by the Committee within 60
days after the claimant receives notice of his benefits, no claim will be permitted and the Claims Officer’s determination shall be final. 
 The claimant may designate any other person, at his own expense, to act on his behalf in pursuing a benefit claim or appealing the denial of a benefit claim. The term “claimant” as used in this claims procedure includes any other
person he designates to represent him as well as after his death, his beneficiary. 
 When a claim for benefits is made under the Plan, the
Claims Officer is required to notify the claimant within 90 days after the claim is received if the claim for benefits has been denied. In special cases where the Claims Officer needs more time to decide, the Claims Officer may notify the claimant
in writing or electronically prior to the end of the initial 90 day period and may take up to 90 additional days. 
 (b) If the claim is
denied in whole or in part, the Claims Officer will send to the claimant a written or electronic notice including: 
 (i) one
or more specific reasons for the denial; 
 (ii) specific reference to the Plan provisions on which the denial is based;

 (iii) a description of any additional material or information that would be necessary to perfect the claim and an
explanation of why such material or information is necessary; 
 (iv) information regarding what steps should be taken if the
claimant wants to submit a request for review; and 
 (v) a description of the Plan’s review procedures and the time
limits applicable to the procedures including a statement of the claimant’s rights to bring a civil action under Section 502(a) of ERISA following a determination upon completion of claimant’s appeal adverse to claimant’s
position. 
 (c) If the claim for benefits is denied, the claimant may file an appeal in writing or electronically with the Committee.

 (i) the written claim for review must be filed with 60 days after the claimant has received the notice described above that
the claim was denied. If a written claim for review is not filed within 60 days after the claimant receives the notice that the claim was denied, the claimant is deemed to have accepted the Claims Officer’s decision. 
 (ii) The claimant may submit written comments, documents, records and other information relating to claimant’s claim for benefits.

  

 14 

 (iii) The claimant will be provided upon request and free of charge reasonable access to,
and copies of, all documents, records, and other information relevant to claimant’s claim. 
 (iv) The Committee will
take into account all comments, documents, records and other information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 (d) After receiving a request for review, the Committee will review the claim within 60 days and will give the claimant a written or electronic notice of
its decision, which is final. In special cases where the Committee needs more time to decide, the Committee will notify the claimant in writing prior to the end of the initial 60 day period and may take up to 60 additional days. If the Committee
denies the claim, the notice will include: 
 (i) one or more specific reasons for the denial; 
 (ii) specific reference to the Plan provisions on which the denial is based; 
 (iii) a statement that the claimant is entitled to receive upon request and free of charge reasonable access to, and copies of, all
documents, records, and other information relevant to claimant’s claim for benefits; and 
 (iv) a statement of the
claimant’s right to bring a civil action under Section 502(a) of ERISA. 
 (e) Notwithstanding any other provisions of this Plan to
the contrary, the terms of Subsections (a), (b) and (c) of this Section 10.1 shall apply until such time as the Committee shall adopt revised claims procedures; provided, however, that the Committee may make any such revisions in such
procedures as it deems necessary to assure compliance with the applicable provisions of Section 503 of the Act and the regulations thereunder. 
 (f) any person whose claim has been denied in whole or in part must exhaust the administrative review procedures provided in this Section 10.1, including any revisions made in accordance with subsection (d) hereof prior to
initiating any claim for judicial review. 
 (g) Any action taken or omitted by any fiduciary with respect to the Plan, including any
decision, interpretation, claim denial or review on appeal, shall be conclusive and binding on all interested parties and shall be subject to judicial modification or reversal only to the extent it is determined by a court of competent jurisdiction
that such action or omission was arbitrary and capricious and contrary to the terms of the Plan. 
 10.2. Change in
Control. During a Potential Change in Control Period or upon or after a Change in Control, a Participant or Beneficiary at his election may determine at any time not to follow or to cease following the procedures set forth in this Article X, and
to assert and enforce any claims under the Plan without regard to the provisions of this Article X, including enforcing any remedies in accordance with the provisions of the Trust Agreement. 
  

 15 

 ARTICLE XI 
 AMENDMENT AND TERMINATION 
 11.1. General. The Committee may amend the Plan
from time to time; provided, however, that no such amendment shall have the effect of reducing any vested benefit under the Plan. 
 11.2. Minimum Benefit. Further, no Participant who was a participant in the SRP as of the day before the Effective Date shall receive a Plan Benefit which, when added to the plan benefit to which he is entitled under the Cap
Excess Plan is of lesser actuarial value than the Plan Benefits such Participant would have received under the SRP had the SRP Plan not been amended as of the Effective Date based on the lesser of his Final Average Salary as of the earlier of the
date of termination of his Credited Service or the Effective Date or her or his actual Final Average Salary. 
 11.3.
Change in Control. Notwithstanding the provisions of Section 11.1, an amendment to Section 7.3 hereof or the definitions of Change in Control, Potential Change in Control or Potential Change in Control Period or eliminating or
reducing the rights or authority of the Advisory Committee provided by Article XIII hereof may be made only in the event it is approved by the vote then required for amendment to Change in Control provision pursuant to Section 14 of the Trust
Agreement and an amendment changing the definition of Interim Funding Amount or Interim Valuation Requirement Date may be made only in the event it is approved by the vote of sixty-five percent (65%) of all Participants not employed by the Bank
at the time of such vote. 
 11.4. Termination. The Bank reserves the right to terminate the Plan at any time with the
approval of all Participants. Further, the Bank may cease all further benefit accruals. However, except as may be required pursuant to any applicable federal, state or local law, or as approved in writing by all Participants and Beneficiaries of
deceased Participants with unpaid Plan Benefits, any Plan Benefit then accrued shall remain payable in accordance with the terms of the Plan to the extent then accrued, and the Bank’s obligations under Article VII and the Trust Agreement shall
remain in full force and effect with respect to all Plan Benefits accrued as of such date. 
 ARTICLE XII 
 CONSTRUCTION 
 12.1.
Governing Law. The Plan shall be administered in accordance with the laws of Connecticut, to the extent applicable, and not preempted by any other applicable federal law. 
  

 16 

 12.2. No Employment Contract. Nothing in the Plan shall be construed to confer
upon any person any legal right to be continued as an employee of the Bank. The Bank expressly reserves the right to discharge any employee whenever the interest of the Bank in its sole judgment may so require without any liability on the part of
the Bank. The Bank shall be the Plan Administrator of the Plan. 
 12.3. FDIC Restrictions. It is intended that the
Plan be and remain a bona fide deferred compensation plan for purposes of Section 18(k) of the Federal Deposit Insurance Act and Part 359 of Federal Deposit Insurance Corporation (“FDIC”) regulations, including FDIC Reg §
359.1(d) and the terms of the Plan shall be so construed in the event of any ambiguity. 
 12.4. Other Contracts. The
benefits payable under the Plan shall not be limited by the provisions of any other agreement entered into by the Bank and any Participant prior to the Effective Date relating to payments in the event of Change in Control; but benefits under such
other agreement may, if any such other agreement so provides, be reduced as a result of benefits payable under the Plan. 
 12.5. Successors and Assigns. The provisions of this Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns, and references to the Bank herein shall include its successors and assigns.
References to Parent shall include its successors and assigns. 
 12.6. Pronouns. Unless the context clearly indicates
otherwise, pronouns of one gender or number may refer to subjects or objects of a different gender or number. 
 12.7. Code
Section 409A. From and after October 4, 2004 this Plan is intended to meet the requirements of Section 409A of the Code and shall be construed whenever possible in a manner which will result in the Plan being and the Trust being
in compliance therewith and which will not subject any Participant to any additional taxes or penalties pursuant to such Section 409A. 
 12.8. Headings. The headings of Articles and Sections are included solely for convenience of reference. If there is any conflict between such headings and the text of the Plan, the text shall control.

 ARTICLE XIII 
 ADVISORY COMMITTEE 
 13.1. Advisory Committee. During a Potential Change in Control Period or upon or
after a Change in Control, a majority of Plan Voters at any time, and from time to time, may appoint an Advisory Committee to monitor and represent the interests of the Plan Voters and the Beneficiary of any deceased Participant with respect to the
Plan, the Cap Excess Plan and the Trust. The Advisory Committee shall be composed of one to three individuals, some or all of whom may (but none of whom shall be required to) be Plan 

  

 17 

 
Voters. The Advisory Committee shall act by majority vote unless it unanimously agrees otherwise and shall otherwise adopt its own procedures which may
include authorizing one member thereof to act for the Advisory Committee. Any member of the Advisory Committee may resign by giving written notice to the other members thereof, or, if he is the sole member, to a majority or all of the then Plan
Voters. Any member may be removed by action of a majority of Plan Voters, and additional members, including replacement of any resigned, removed or deceased member may be designated by action of a majority of Plan Voters. All actions by any
Participant shall be in a writing signed by such Participant. A Participant may sign a single writing effectuating removal and replacement. For purposes of this Section 13, the term “Plan Voters” shall mean each individual who is a
Participant in this Plan or a participant in the Cap Excess Plan (as determined in accordance with the provisions of the Cap Excess Plan) exclusive of any such person whose benefits are not included in the computation of the Full Funding Amount; and
each such individual shall for purposes of this Section 13 have one vote even if he is a Participant in both such plans, but excluding (a) after a Change in Control any person who was not a Plan Voter prior to the earlier of such Change in
Control or the beginning of the Potential Change in Control Period ending with such Change in Control and (b) during a Potential Change in Control Period any person not a Plan Voter prior to the beginning thereof. 
 13.2. Purpose and Duties. The purpose of the Advisory Committee shall be to disseminate information concerning the Plan, the Cap
Excess Plan and the Trust to Plan Voters and Beneficiaries of deceased Plan Voters, to gather information and data concerning, and otherwise investigate, inquiries, controversies, or disputes deemed reasonable by the Advisory Committee and raised by
any Participant or any such Beneficiary, to discuss such matters with the CEO of the Bank or members of the Board, or of the Human Resources Committee of the Board, the Actuary or the Trustee, and to take any action authorized under the Trust
Agreement with respect to any such inquiries, controversy or dispute which it, in its discretion, deems reasonable to protect the legitimate interest of any Participant or Beneficiary, and monitor and report to Plan Voters and Beneficiaries of
deceased Plan Voters with respect to litigation or arbitration proceedings under the Plan. The Advisory Committee may (but shall not be required to) negotiate on behalf of any Plan Voter or Beneficiary of a deceased Plan Voter; provided, however,
that in no event shall the Advisory Committee be deemed authorized to institute any legal or arbitration proceedings hereunder or enter into any agreement purporting to settle or limit the rights of any Participant or Beneficiary under the Plan or
in or to the Trust or its assets. Nothing herein shall prohibit a Participant or Beneficiary of a deceased Participant individually or with others (whether or not as a class action) from instituting legal or arbitration proceedings to enforce his
own rights under the Plan while the Advisory Committee is negotiating pursuant to the provisions of this Section whether or not such Participant or Beneficiary is a member of the Advisory Committee. 
 13.3. Rights. Without request or demand the Advisory Committee shall be entitled to all reports, information, and data to which the
Bank is entitled (without request or demand) under the Trust Agreement and any other reports, information, or data received by the Bank from the Trustee or the Actuary. The Bank shall give the following written notices to the Advisory Committee
(which the Advisory Committee may waive if deemed in the 

  

 18 

 
best interest of Plan Voters): (i) twenty (20) days prior to the payment of any benefits or other sums from the Trust, other than monthly benefit
payments and Trustee fees and expenses in operations of the Plan or the Cap Excess Plan, the amount to be so paid, the computation thereof, and the amount of any benefits under the Plan or the Cap Excess Plan and Trustee fees and expenses to be paid
from the Bank’s general assets; (ii) no later than five (5) days after making any contribution to the Trust, the amount of such contribution and the Actuary’s certification and detailed computations on the basis of which the
determination of such amount was made; (iii) any amendments proposed to be made to the Trust Agreement twenty (20) days prior to the Bank’s requesting from Participants a Qualified Vote or a Super Qualified Vote (as those terms are
defined therein); (iv) within five (5) days after any substitution of Trust assets by the Bank; (v) at least twenty (20) days before any change in investment policy is made by the Committee or other authorized body under the
Trust Agreement; and (vi) twenty (20) days after the close of each calendar quarter, a report of all contributions to and payments from, the Trust Fund during such quarter. The Advisory Committee, or a person designated by it, may vote on
behalf of any Participant who so authorizes it or a delegate chosen by it to vote on behalf of such Participant pursuant to any provision of the Trust Agreement. Acquiescence or inaction by the Advisory Committee shall not be deemed to be approval
or consent and in any event shall in no way bind or limit the rights of Participants or Beneficiaries of deceased Participants. 
 ARTICLE
XIV 
 CREDITED SERVICE AND ADOPTION BY AFFILIATES 
 14.1. Credited Service. 
 For purposes of applying the provisions of this Plan “Credited Service” shall have the same meaning as under the ERP subject to the modifications provided in this Article XIV. 
 (a) The Credited Service of a Participant shall terminate upon his termination of service with the Bank (except as provided in Section 16.3), but
such termination of service shall be determined in accordance with the following rules: A period of a leave of absence for military leave, or sick leave or other bona fide leave of absence shall constitute Credited Service for only a period of six
(6) months or, if longer, as long as such Participant’s right to reemployment is guaranteed by statute or contract, and unless such Participant returns to actual Credited Service upon the expiration of such six (6) month or longer
period such Participant’s Credited Service shall terminate upon such expiration or his earlier death or resignation. In order to constitute a bona fide leave of absence, there must be a reasonable expectation that the Participant will return to
perform services for the Bank. 
 (b) A Participant shall be deemed to have a termination of Credited Service in the event his hours of
service as an employee or independent contractor are permanently reduced to less than 50% of his average hours of service during the preceding 36 months (or if employed as an employee or independent contractor by the Bank or any member of an
affiliated group less than 36 months, during such shorter period) 
  

 19 

 (c) A Participant shall not be deemed to have had a termination of Credited Service if he is employed by
the Bank or any member of an affiliated group as an employee or independent contractor 50% or more of his average hours of service during the preceding 36 months (or if employed as an employee or independent contractor by the Bank or any member of
an affiliated group less than 36 months, during such shorter period). 
 (i) Absence for military service under leave of
absence granted by the Bank or when required by law, provided he returns to service as an employee of the Bank or an affiliated employer described in Section 14.2 within ninety (90) days of his release from active military duty or any
longer period during which his right to re-employment is protected by law. 
 (ii) Lay off not in excess of two (2) years
until employment is terminated either by the employee or the Bank or an affiliated employer described in Section 14.2. 
 (d) Credited
Service shall not be deemed terminated by the first twenty-four (24) consecutive months of a maternity or paternity leave of absence. For purposes of this paragraph, a “maternity or paternity leave of absence” means an absence
(i) by reason of the pregnancy; (ii) by reason of the birth of a child of an employee; (iii) by reason of the placement of a child with the an employee in connection with the adoption of the child by such employee; or (iv) for
purposes of caring for such child for a period beginning immediately following such birth or placement. The Committee may, in its discretion reasonably require an employee to furnish timely information to establish that an absence from work is a
maternity or paternity absence and the number of days for which there was such an absence. 
 14.2. Employment in
Affiliated Group. 
 Once a person is actually an employee of the Bank (without reference to the provisions of this Section), employment
by any member of an affiliated group shall be deemed employment by the Bank for purposes of determining whether he remains in Credited Service. The term “member of an affiliated group” shall include each and all of the following:
(i) any corporation which is a member of a controlled group of corporations (as defined in Section 414(b) of the Code), which group includes the Bank; (ii) any trade or business (whether or not incorporated) which is under common
control (as defined in Section 414(c) of the Code) with the Bank; (iii) any organization (whether incorporated or not) which is a member of affiliated service group (as defined in Section 414(m) of the Code) which includes the Bank;
and (iv) any other entity required to be aggregated with the Bank pursuant to Regulations under Section 414(o) of the Code. 
 14.3 Adoption By Affiliates 
 (a) With the consent of the committee and upon recommendation of the
Administrative Committee, this Plan may be adopted by any corporations or trade or businesses or other organizations or entities included in the definition of “member of an affiliated group” set forth in Section 14.2. Separate
accounts shall be maintained with respect to all contributions made by such adopting employer. Such adopting employer shall be solely responsible for any 

  

 20 

 
contributions required with respect to compensation paid by such adopting employer unless otherwise agreed by the Bank. In the event that any such amounts
are paid by the adopting employer to fund its obligations into any trust described in Article VII such amounts shall be subject to the claims of creditors of the Bank in accordance with the terms of Section 7.1 and with respect to such amounts
so paid by such adopting employer, the terms of Section 7.1 shall be construed as if the term “the Bank” refers to “either the Bank or such adopting employer”. Further the provisions of Section 7.2 and 7.3 shall with
respect to the adopting employer be construed as if the terms “the Bank” were referring to such adopting employer. In the event that the Bank and/or one or more adopting employers shares in payment of compensation to any Participant, the
contributions shall be required hereunder shall be allocated by them in proportion to the total compensation paid by all of them to such Participant unless the Bank and such other payors otherwise agree. 
 (b) Notwithstanding any other provision of the Plan only individuals who are employed by the Bank (determined without reference to the provisions of this
Article XIV) shall be deemed to be employees of the Bank for purposes of determining who is a Plan Voter, and no Participant who has never been an employee of the Bank shall be taken into account in determining whether there is a sufficient
Participant approval to make any amendment for which Participant approval is required pursuant to Section 11.3 or 11.4. 
 (c) Any
adopting employer may withdraw from the Plan or terminate the Plan as to its employees and shall do so upon 60 days notice so to do from the Bank, and to the extent permissible any amounts in such Trust attributable to contributions by such adopting
employer shall be paid to such adopting employer or its designee. No distributions from such Trust (a) to pay for Plan benefits earned from an adopting employer shall be paid except to the extent such funds are attributable to the contributions
of such adopting employer and no Trust funds so applicable shall be used to pay for benefits not attributable to service to such affiliated employer. 
 (d) Unless specifically provided in a writing signed by the Bank, service to such affiliated employer prior to the time of the adoption of the Plan by such affiliated employer shall not be counted for purposes of
eligibility, vesting or benefit accrual notwithstanding any other provisions of this Plan. 
 IN WITNESS WHEREOF, the Bank acting by its
undersigned officer, duly authorized, hereby executes this First Amended and Restated People’s United Bank Enhanced Senior Pension Plan effective as of January 1, 2008. 
  

			
	PEOPLE’S UNITED BANK
		
	By:	 	  

		 	Robert E. Trautmann
		 	Executive Vice President and
		 	General Counsel

  

 21 

 Appendix A 
 to 
 People’s United Bank Enhanced Senior Pension Plan 
  

					
	 	  	Effective Period
	 Minimum Salary Grade
	  	Began	  	Ended
	 Grade 10
	  	Effective Date	  	15-Feb-2004
	 Grade 65O
	  	16-Feb-2004	  	26-Oct-2008
	 Grade 65
	  	27-Oct-2008	  	N/A

  

 22Exhibit 10.16

 Exhibit 10.16 
 PEOPLE’S UNITED BANK NONQUALIFIED SAVINGS AND RETIREMENT PLAN 
 January 1, 2008 

 PEOPLE’S UNITED BANK NONQUALIFIED SAVINGS AND RETIREMENT PLAN 
 January 1, 2008 
 People’s United
Bank, a federally chartered savings bank (the “Bank”), hereby amends and restates the People’s United Bank Supplemental Savings Plan (the “Plan”) as of January 1, 2008 except as otherwise provided herein. Effective as
of October 1, 2008, the Plan shall be known as the People’s United Bank Nonqualified Savings and Retirement Plan. 
 ARTICLE I

 PRELIMINARY BACKGROUND 
 The Plan was initially established and maintained for many years to enable designated employees of the Bank (formerly known as People’s Bank) who were adversely impacted by Code restrictions applicable to tax-qualified plans and
corresponding provisions of the 401(k) Plan to elect to obtain additional benefits equal to those not available under the 401(k) Plan because of such restrictions. The Plan is not qualified under the provisions of the Code and benefits are provided
on an unfunded basis for purposes of the Code. Plan benefits accruing as a result of compensation earned prior to January 1, 2005, were calculated on the basis of deferral elections made under the 401(k) Plan. As a result of the enactment of
Section 409A of the Code, separate Plan deferral elections were required to be made by Participants with respect to compensation earned after December 31, 2004, and the method for distribution of Plan benefits was revised. Effective as of
August 14, 2006, the Bank added new employer contribution credit provisions with respect to certain eligible Plan Participants. Finally, the Bank has elected to revise the method by which earnings credits are made to Participants’ Accounts
under the Plan. 
 ARTICLE II 
 DEFINITIONS 
 Unless the context clearly otherwise requires, as used in the Plan, the following terms shall have the
references and meanings set forth in this Section 2. 
 2.1. “Account” shall refer to the total of any Participant’s
Grandfathered Account, Current Plan Account and Deferral Account of each Participant. The Grandfathered Account and Current Plan Account of each Participant whose Credited Service has not terminated prior to December 1, 2008 shall merge into a
single Deferral Account. 
 2.2. “Administrative Committee” shall mean the Administrative Committee appointed from time to time
pursuant to Section 13.1 of the 401(k) Plan. 

 2.3. “Annual Valuation Date” shall mean December 31 of any year during which any Plan
benefits are in pay status provided that in the event the Bank changes its fiscal year, the Bank may change the date of subsequent Annual Valuation Dates, but in no event shall more than twelve months elapse without an Annual Valuation Date other
than by reason of there being no Plan benefits in pay status. 
 2.4. “Bank” shall mean People’s United Bank, which is a
federally chartered savings bank, and any successor to People’s United Bank. 
 2.5. “Beneficiary” shall mean any person who
is entitled to benefits accrued to a deceased Participant pursuant to the terms of the Plan or who would be so entitled in the event of the death of a Participant. 
 2.6. “Board” shall mean the Board of Directors of the Bank or any similar body carrying out the functions such body carried out as of January 1, 2008. 
 2.7. “CEO” shall mean the Chief Executive Officer of the Bank or such officer or other person as may as of the time of reference have
substantially the responsibilities and duties of the Chief Executive Officer of the Bank as of January 1, 2008. 
 2.8. “Change in
Control” shall mean the occurrence of any of the following: 
 (a) The Board of Directors of the Bank or Parent, shall
approve (A) a merger or consolidation (or series of mergers and consolidations) of the Bank or Parent with any other corporation other than (1) a merger or consolidation (or series of mergers and consolidations) which would result in the
voting stock (as described in Subsection (b) of this Section) of the Bank or Parent outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity)
more than 80% of the combined voting power of the voting stock of the Bank or Parent (or such surviving entity) outstanding immediately after such merger or consolidation, or (2) a merger or consolidation effected to implement a
recapitalization of the Bank or Parent (or similar transaction) in which no “person” (as defined in Subsection (b) of this Section) acquires more than 20 percent of the combined voting power of the then outstanding securities of the
Bank or Parent, or (B) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Bank or Parent, or (C) the adoption of any plan or proposal for
the liquidation or dissolution of the Bank; 
 (b) Any person (as such term is defined in Section 3(a)(9) and
Section 13(d)(3) of the Exchange Act), corporation, or other entity (other than the Bank, Parent, or any benefit plan, including, but not limited to, any employee stock ownership plan, sponsored by the Bank, Parent, or any subsidiary) shall
become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing 20 percent or more of the combined voting power of the then outstanding 

  

 2 

 
securities of the Bank or Parent ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of
directors (calculated as provided in paragraph (d) of such Rule 13d-3 in the case of rights to acquire such securities); or 
 (c) During any period of two consecutive calendar years, individuals who at the beginning of such period constitute the entire Board of Directors of the Bank or Parent, and any new director (excluding a director designated by a person who
has entered into an agreement with the Bank or Parent to effect a transaction described in Subsection (a) or (b) of this Section) whose election by the Board of Directors or nomination for election by the shareholders of the Bank or Parent
was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved (“Incumbent Board”), shall
cease for any reason to constitute a majority thereof. 
 2.9. “Code” shall mean the Internal Revenue Code of 1986 as it has been,
or hereafter from time to time may be amended, and all reference to it or any provision thereof shall include any law which in the future may supersede it or such provision. 
 2.10. “Committee” shall mean the Human Resources Committee of the Board or such other committee of the Board as may as of the time of reference
have substantially the responsibilities and duties of the Human Resources Committee as of January 1, 2008. 
 2.11. [intentionally
omitted] 
 2.12. “Credited Service” shall mean the period of an employee’s employment as an employee, subject to the terms
and conditions set forth in Article XVI hereof. 
 2.13. “Current Plan Account” shall refer to the Account established for a
Participant to which all contributions made or credited on behalf of such Participant pursuant to the Plan after December 31, 2004 and before December 1, 2008 (as adjusted pursuant to Article VI hereof) have been or may be credited.

 2.14. “Deferral Account” shall refer to the account to which all Participant Contributions, Bank matching contributions (as
provided for in Section 4.5), Enhanced Benefit Contributions and Restoration Benefit Contributions are allocated on or after December 1, 2008, plus any amount resulting from the merger of the Grandfathered Account and Current Plan Account,
as adjusted in accordance with Article VI. 
 2.15. “Election Compensation” shall mean and include the sum of (i) and
(ii) where (i) is the total amount of salary, wages or compensation paid to Participant by the Bank during the Plan Year for services rendered as an employee of the Bank including overtime pay, commissions, and bonuses, but excluding any
equity based compensation and earnings thereon, incentive payments with an accrual or vesting period longer than one year (and such exclusion shall apply to the year of deferral and the year of payment), and furthermore excluding any fees, credits
or benefits under this Plan, the 401(k) Plan, the Retirement Plan, the People’s United 

  

 3 

 
Financial, Inc. Employee Stock Ownership Plan, the People’s United Bank Cap Excess Plan, the People’s United Bank Enhanced Senior Pension Plan, or
any other benefits under plans (whether or not qualified under the Code) providing for deferral of income, severance pay, payments for reimbursement of business expenses incurred by the Participant, tuition reimbursement, insurance premiums paid by
the Bank or other special emoluments; and (ii) is the total amount of salary reduction contributions made by the Bank on behalf of a Participant during the Plan Year under this Plan or the 401(k) Plan and any salary reductions agreed to by the
Participant pursuant to salary reduction agreements under a plan which meets the requirements of Section 125 of the Code. Election Compensation for any Plan Year beginning after December 31, 2004 shall include any STIP bonus based on
service during such Plan Year and payable in the next subsequent year and shall exclude any STIP bonus paid during such Plan Year but based on service for any prior Plan Year. In the event an individual becomes a Participant after the first day of a
Plan Year because he first became eligible to participate in the Plan during such Plan Year, Election Compensation for such Plan Year shall apply only to otherwise Election Compensation which is both (x) earned with respect to services rendered
after the end of the payroll period during which such Participant makes a contribution election pursuant to Section 4.4 and (y) paid on or after the first payroll date on which contributions may be withheld in accordance with the
Bank’s payroll practices; provided that any STIP Bonus or other compensation based on services for a Plan Year or other specified period earned for performance during such Plan Year and included in his Election Compensation for such Plan Year
shall equal a portion of such STIP Bonus or such other compensation for such Plan Year multiplied by the ratio of the number of full calendar months remaining in such performance period beginning with the first day of the second calendar month after
such election over the total number of full calendar months in the performance period. 
 2.16. “Election Match Compensation” shall
mean for any Plan Year a Participant’s Election Compensation for such Plan Year adjusted so as to substitute the STIP payment actually received during such Plan Year for the STIP bonus earned for such Plan Year but paid in a subsequent Plan
Year. 
 2.17. “Eligible Voters” shall mean (i) Participants employed by the Bank after May 1, 1998 who have unpaid
benefits under the Plan and (ii) Beneficiaries of such deceased Participants who have unpaid benefits under the Plan; but excluding (A) after a Change in Control any person who was not a Participant or a Beneficiary sixty-five
(65) days prior to the earlier of such Change in Control or the beginning of the Potential Change in Control Period ending with such Change in Control and (B) during a Potential Change in Control Period any person not a Participant or
Beneficiary prior to the beginning thereof; provided, however, that in the event there is more than one such Beneficiary with respect to any individual deceased Participant, such Beneficiaries shall have a single vote which shall be cast as
determined by a majority in interests of all Beneficiaries of such deceased Participant. 
 2.18. “Enhanced Benefit Contribution”
shall mean with respect to an eligible Participant four percent (4%) of such Participant’s Election Compensation. 
  

 4 

 2.19. “401(k) Plan” shall mean the People’s Bank 401(k) Employee Savings Plan as it may be
amended from time to time. 
 2.20. “401(k) Maximum Basic Employer Contribution” for a Plan Year shall mean with respect to any
Participant four percent (4%) of such Participant’s 401(k) Election Compensation for such Plan Year regardless of the amount of any contributions actually made with respect to such Participant under the 401(k) Plan. 
 2.21. “401(k) Maximum Discretionary Employer Contribution” shall mean with respect to a Participant one percent (1%) or such other percent
as the Bank may determine to make for such Plan Year as a discretionary contribution under the 401(k) Plan multiplied by a Participant’s 401(k) Election Compensation regardless of the amount of any contributions made with respect to such
Participant under the 401(k) Plan. 
 2.22. “401(k) Election Compensation” shall mean for a Participant for a Plan Year the total
salary for such Plan Year as defined by the 401(k) Plan with respect to which a Participant would be able to elect to make employee contributions under the terms of the 401(k) Plan for such Plan Year without regard to maximum contribution
limitations thereunder, but taking into account the limitations under Section 401(a)(17) of the Code as reflected in the 401(k) Plan for such Plan Year. 
 2.23. “Full Funding Amount” shall mean an amount which the Recordkeeper calculates based on the best information available to it, to be equal to the total amount of any vested and unpaid benefits of all
Participants who are employees of the Bank after May 1, 1998 (and their Beneficiaries) and Beneficiaries of any such deceased Participants as of the valuation requirement date. For purposes of this Section 2.23, the “valuation
requirement date” refers to (1) the date of an actual Change in Control or (2) the date which is reasonably selected during a Potential Change in Control Period by the Bank or the Trustee, or (3) if such calculation is not on or
after a Change in Control or during a Potential Change in Control Period any date which is reasonable and convenient. Calculations and recalculations of the Full Funding Amount (as described in Article IX hereof) shall assume that each Participant
terminated employment as of the valuation requirement date of such calculation or recalculation. In computing the Full Funding Amount, there shall be added an amount equal to an amount calculated by the Trustee to be likely to be sufficient to
provide for all expenses in administering and terminating the Trust and distributing benefits, including reasonable expenses of the Committee (if then in existence) and of any litigation or other assertion of claims which the Trustee deems to have a
higher degree of probability than extremely remote, including (but not limited to) any such litigation or other assertion of claims which the Trustee may institute or assert against the Bank. 
 2.24. “Grandfathered Account” shall refer to the Account established for each Participant who was such prior to January 1, 2005 to which
all contributions made on behalf of such Participant prior to January 1, 2005 (as adjusted pursuant to Article VI hereof) have been credited. 
  

 5 

 2.25. The Bank shall be considered “Insolvent” and the Bank shall be deemed subject to
insolvency for purposes of this Trust Agreement if (i) the Bank is unable to pay its debts as they become due, or (ii) the Bank is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) the Bank
is determined to be insolvent by the Office of Thrift Supervision, Federal Deposit Insurance Corporation, the Federal Reserve Bank, or any other federal or state authority having the power to act as or to appoint a receiver or similar officer in the
event it finds the Bank is insolvent. 
 2.26. “Interest Credit Date” shall mean November 1, 2008. 
 2.27. “Interim Funding Amount” shall mean an amount which the Recordkeeper calculates based on the best information available to him to be
equal to the total amount of any vested and unpaid benefits of (i) all Participants who are employees of the Bank after May 1, 1998, and who as of the Interim Valuation Requirement Date requiring such calculation either (A) are no
longer employees of the Bank or (B) have attained age sixty-three (63) and three hundred twenty-five (325) days and (ii) all Beneficiaries of deceased Participants entitled to benefits under the Plan as a result of such deceased
Participants’ death. In computing the Interim Funding Amount, there shall be added an amount equal to an amount estimated by the Trustee to be likely to be sufficient to provide for all expenses in administering the Trust and distributing
benefits for the sixty (60) months following the relevant Interim Valuation Requirement Date, including reasonable expenses of the Committee (if then in existence) and of any litigation or other assertion of claims which the Trustee deems to
have a higher degree of probability than remote, including (but not limited to) any such litigation or other assertion of claims which the Trustee may institute or assert against the Bank. 
 2.28. “Interim Valuation Requirement Date” shall mean the last date of each fiscal year of the Bank. 
 2.29. The terms “Interim 2005 Procedures” and “Interim 2006 Procedures” shall mean the Procedures described as such respectively in
Exhibit A adopted by the Bank to govern certain aspects of plan operations from October 4, 2004 through December 31, 2006 in a good faith attempt to conform with US Treasury Proposed Regulations, Revenue rulings and Guidance pursuant to
Section 409A of the Code. 
 2.29A. “Minimum Salary Grade” means the salary grade identified as such on Appendix A hereto (as
the same may be updated from time to time with the approval of the CEO or his designee), in each case as in effect during the “Effective Period” designated in such Appendix A. 
 2.30. “Parent” shall mean People’s United Financial, Inc., a Delaware corporation, or its corporate successor or assigns; and the
determination of whether any corporation or other entity is a successor or assign of said People’s United Financial, Inc., for purposes of this Agreement shall be made by the CEO or, in the event there is no then acting CEO, by the Board of
Directors of the Bank. 
  

 6 

 2.31. “Participant” shall mean, any employee of the Bank who is covered by the Plan and any
former employee of the Bank for whom amounts have been credited pursuant to the provisions of this Plan and who has not yet received her or his full vested benefit hereunder. 
 2.32. “Participant Contributions” shall mean amounts contributed for the benefit of a Participant pursuant to an election by a Participant
described in the provisions of Section 4.1, 4.2, 4.3 or 4.4. 
 2.33. The “Plan” shall mean this People’s United Bank
Nonqualified Savings and Retirement Plan as amended through the date hereof and as it may be amended from time to time hereafter. The Plan was formerly known as the People’s Bank Supplemental Savings Plan and as the People’s United Bank
Supplemental Savings Plan. 
 2.34. “Plan Interest” shall mean interest computed at the nominal annual rate, compounded monthly, as
will result in an annual percentage yield (APY) at the rate set forth on Appendix B hereto for the applicable Plan Years (or partial Plan Year for 2008) specified in such Appendix B. Upon recommendation of the Administrative Committee, the Committee
may (but shall not be required to) increase or decrease the annual percentage yield rate for a Plan Year prior to the beginning of such Plan Year. 
 2.35. “Plan Year” shall mean the twelve (12) month period beginning each January 1 and ending each December 31. 
 2.36. A “Potential Change in Control” shall be deemed to have occurred under this Agreement if (i) the Bank or Parent enters into any agreement the consummation of which would result in the occurrence of a Change in Control,
or (ii) the CEO declares in writing that, or the Board of Directors of the Bank or Parent adopts a resolution to the effect that, a Potential Change in Control has occurred. 
 2.37. “Potential Change in Control Period” shall mean the period commencing on the date that a Potential Change in Control occurs and ending
upon the earlier to occur of the following: (i) the date of a Change in Control, or (ii) the date such Potential Change in Control Period ends in accordance with the provisions of the Trust Agreement. 
 2.38. “Qualified Vote” shall mean the Vote of at least sixty-five (65%) percent of the total number of Eligible Voters. 
 2.39. “Recordkeeper” shall mean Putnam Fiduciary Trust Company, or after December 31, 2004, its assignee acting pursuant to the Service
Agreement, or such other individual or entity as the Bank may retain consistent with the terms of this Plan and the Trust Agreement to maintain records of Participant Accounts pursuant to the terms of the Plan or any other person as the Trustee may
select to make computations pursuant to any provision of the Trust Agreement. 
 2.40. “Restoration Benefit Contribution” shall
mean with respect to an eligible Participant for a Plan Year three percent (3%) of such Participant’s Election Compensation earned in excess of the limitations under Section 401(a)(17) of the Code as reflected in the 401(k) Plan for
such Plan Year. 
  

 7 

 2.41. “Service Agreement” shall mean the agreement entered into between the Bank and Putnam
Fiduciary Trust Company effective as of October 3, 1994 entitled “PEOPLE’S BANK SUPPLEMENTAL SAVINGS PLAN Service Agreement” as such agreement may have been and may hereafter be amended, restated or replaced by a superseding
agreement between the parties thereto. 
 2.42. “STIP bonus” shall refer to payments made pursuant to the Bank’s Short-Term
Incentive Plan and any plan or program which the Committee may determine is a replacement for such incentive plan and in no event shall STIP bonus include any payments under the Long-Term Incentive Plans presently maintained by the Bank or any
replacement therefor. 
 2.43. “Super Qualified Vote” shall mean the Vote of at least eighty-five (85%) percent of the total
number of Eligible Voters. 
 2.44. “Trust” shall mean the Trust established and maintained pursuant to the terms of Article IX
hereof. 
 2.45. “Trustee” shall mean the entity then acting as Trustee under the Trust Agreement. 
 2.46. “Trust Agreement” shall mean the trust agreement described in Section 9.1 hereof. 
 2.47. “Vote” shall mean and include a vote in person or by proxy or execution of a written consent signed by a Participant or Beneficiary
authorizing or approving any action (including one or more amendments of this Plan). 
 ARTICLE III  
 PARTICIPATION 
 3.1. Prior to
January 1, 2005. Any person who was a Participant on or prior to October 4, 2004 shall remain a Participant. No person shall become a Participant after October 4, 2004 and prior to January 1, 2005. 
 3.2. Between January 1, 2005 and December 31, 2006. Any person who was not a Participant as of October 4, 2004, and who prior to
December 31, 2006 was an employee of the Bank, had a salary grade equal to or higher than the Minimum Salary Grade, and in accordance with Interim Procedures 2005 or Interim Procedures 2006 elected to have salary deferrals made under the Plan
of Election Compensation earned during 2005 or 2006 shall become a Participant as of the date of his first such deferral. 
 3.3. After
December 31, 2006. On and after December 31, 2006 an employee of the Bank with a salary grade equal to or higher than the Minimum Salary Grade shall become a Participant: (a) for any Plan Year provided prior to the beginning of
such Plan Year he has 

  

 8 

 
elected to make Participant Contributions of Election Compensation earned for such Plan Year; or (b) if he becomes an employee of the Bank with a salary
grade equal to or higher than the Minimum Salary Grade during such Plan Year elects to make contributions from his Election Compensation earned during such Plan Year within thirty (30) days of his becoming an employee of the Bank with a salary
grade equal to or higher than the Minimum Salary Grade. 
 3.4. Participation With Respect to Restoration Benefit Contributions. On or
after August 14, 2006, an employee of the Bank with a salary grade equal to or higher than the Minimum Salary Grade who is not entitled after August 13, 2006 to accrue credited service under the Retirement Plan shall become a Participant
with respect to, or, if the employee is already a Participant in the Plan, shall become eligible to receive, Restoration Benefit Contributions in accordance with Section 4.6. For the avoidance of doubt, this provision is to be interpreted so
that a Participant who is eligible to accrue a benefit under the Retirement Plan and who continues to accrue credited service thereunder will not be eligible to receive Restoration Benefit Contributions under this Plan. 
 3.5. Participation With Respect to Enhanced Benefit Contributions. On or after August 14, 2006, an employee of the Bank with a salary grade
equal to or higher than the Minimum Salary Grade who either (i) was hired by the Bank after August 13, 2006 or (ii) first attained a salary grade equal to or higher than the Minimum Salary Grade after March 1, 2008 shall become a
Participant with respect to, or, if the employee is already a Participant in the Plan, shall become eligible to receive, Enhanced Benefit Contributions in accordance with Section 4.7. For the avoidance of doubt, this provision is to be
interpreted so that a Participant who is eligible to accrue a benefit under the People’s United Bank Enhanced Senior Pension Plan will not be eligible to receive Enhanced Benefit Contributions under this Plan. 
 3.6. Termination of Participation. A Participant shall remain such until all of his benefits under the Plan have been distributed to him or, if
earlier, his death. 
 ARTICLE IV 
 CONTRIBUTIONS 
 4.1. Participant Contributions from Compensation Prior to January 1, 2005 
 Any Participant who was such at any time prior to January 1, 2005 was entitled to elect to contribute as of each payroll date up to a total of 15% of
his Election Compensation on such payroll date (less his employee contributions to the 401(k) Plan made on such date) provided such election was made in accordance with procedures then in effect under the Plan and the 401(k) Plan. 
 4.2. Participant Contributions from Compensation Earned or Paid During 2005 or 2006. 
 (a) Any Participant who was such at any time during 2005 may elect to contribute as of each payroll date during such Plan Year up to a
total of 15% of his Election Compensation payable on such payroll date (less his employee contributions to the 401(k) Plan made on such date) provided such election was made in accordance with the Interim 2005 Procedures. 
  

 9 

 (b) Any Participant who was such at any time during 2006 may elect to contribute as of
each payroll date during such Plan Year up to a total of 15% of his Election Compensation payable on such payroll date (less his employee contributions to the 401(k) Plan made on such date) provided such election was made in accordance with the
Interim 2006 Procedures. 
 4.3. Participant Contributions From Election Compensation After 2006. 
 (a) A Participant may elect to contribute to the Plan up to twenty percent (20%) of his Election Compensation for any Plan Year
beginning after December 31, 2006 and prior to January 1, 2009, provided he does so by filing an irrevocable written election during designated periods of the prior Plan Year in accordance with instructions authorized by the Committee.
Such election may designate separate percentages with respect to STIP bonuses and other Election Compensation, but neither such election shall exceed twenty percent (20%). 
 (b) A Participant may elect to contribute to the Plan up to fifty percent (50%) of his Election Compensation for any Plan Year
beginning after December 31, 2008, provided he does so by filing an irrevocable written election during designated periods of the prior Plan Year in accordance with instructions authorized by the Committee. Such election may designate separate
percentages with respect to STIP bonuses and the other Election Compensation, but neither such election shall exceed fifty percent (50%). 
 4.4. Contributions by New Participants; Special Rule for First Day of Plan Year. 
 (a) Any employee of the Bank who first
becomes eligible to be a Participant during a Plan Year and who becomes a Participant in accordance with the provisions of Section 3.3 for a partial Plan Year may elect to contribute to the Plan up to (i) if such Plan Year is 2007 or 2008,
twenty percent (20%) of his Election Compensation for such Plan Year provided such election is made prior to the end of thirty (30) days after he becomes eligible to become a Participant and (ii) if such Plan Year is 2009 or later,
fifty percent (50%) of his Election Compensation for such Plan Year provided such election is made prior to the end of thirty (30) days after he becomes eligible to become a Participant. 
 (b) Beginning with the 2009 Plan Year, any employee of an affiliate of the Bank who is expected to become eligible to be a Participant on the first day
of a Plan Year may elect to contribute to the Plan up to fifty percent (50%) of his Election Compensation for such Plan Year provided such election is made prior to the end of the preceding Plan Year. An election made pursuant to this
subsection (b) shall not take effect and shall be disregarded for all purposes if the individual making such election does not, in fact, become eligible to be a Participant in the Plan as of the first day of the Plan Year for which such
election was made. 
  

 10 

 4.5. Bank Matching Contributions. 
 (a) As soon as practicable at or after the end of each Plan Year the Bank shall determine for such Plan Year for each Participant his
Election Match Compensation, his 401(k) Maximum Basic Employer Contribution, and, if the Bank has made a discretionary contribution under the 401(k) Plan for such Plan Year, his 401(k) Maximum Discretionary Contribution. In the case of a Participant
whose employment terminates prior to the end of a Plan Year, the Bank shall determine the Election Match Compensation and the 401(k) Maximum Basic Employer Contribution for such Participant for that portion of the Plan Year during which the
Participant was employed, as soon as practicable at or after the date the Participant’s employment was terminated. 
 (b)
Within a reasonable time after such determination the Bank shall credit to the (i) Current Plan Account in the case of Plan Years ending after December 31, 2003 and prior to December 1, 2008 and (ii) Deferral Account in the case
of Plan Years ending on or after December 1, 2008 of each Participant a matching contribution equal to the result obtained by subtracting such Participant’s 401(k) Maximum Basic Employer Contribution from the lesser of (A) four
percent (4%) of such Participant’s Election Match Compensation for such Plan Year or (B) such Participant’s Participant Contributions pursuant to this Article IV for such Plan Year; provided that such matching contribution shall
not be less than zero. 
 (c) In the event the Bank determines to make a discretionary contribution, as soon as practical
after both completing the computations pursuant to subsection (a) of this Section and determining to make a discretionary contribution, the Bank shall credit to the (i) Current Plan Account in the case of Plan Years ending after
December 31, 2003 and prior to December 1, 2008 and (ii) Deferral Account in the case of Plan Years ending on or after December 1, 2008 of each Participant who has deferred any Election Match Compensation hereunder during such
Plan Year an amount equal to up to one hundred percent (100%) of such Participant’s contribution for such Plan Year pursuant to this Article IV to the extent that such Participant’s Participant Contributions exceeded four percent
(4%) of his Election Match Compensation but did not exceed five percent (5%) of his Election Match Compensation for such Plan Year reduced by such Participant’s 401(k) Maximum Discretionary Employer Contribution for such Plan Year;
provided that such matching contribution shall not be less than zero; and further provided that such matching contribution shall be made only if the Participant is actively employed by the Bank at the end of the Plan Year with respect to which such
matching contribution would otherwise be made. 
 4.6. Restoration Benefit Contributions 
 (a) On and after August 14, 2006, the Bank shall credit to the Deferral Account of each eligible Participant who is actively employed by the Bank at
the end of the applicable Plan Year a Restoration Benefit Contribution as soon as 

  

 11 

 
practicable following the end of the Plan Year with respect to which such contribution is to be made. In order to be eligible to begin receiving Restoration
Benefit Contributions, a Participant must have completed one “Year of Employer Retirement Contribution Eligibility Service” as defined under the 401(k) Plan. 
 (b) A Participant shall become vested in his or her Restoration Benefit Contributions according to the following vesting schedule 
  

				
	 Years of Credited Service
	  	Vested Percentage	 
	 Less than 2
	  	None	 
	 2
	  	25	%
	 3
	  	50	%
	 4
	  	75	%
	 5 or more
	  	100	%

 Notwithstanding the foregoing, the Participant shall become fully vested in his Restoration
Benefit Contributions upon the earlier of his death or attainment of his Normal Retirement Date. 
 4.7. Enhanced Benefit
Contributions 
 (a) On and after August 14, 2006, the Bank shall credit to the Deferral Account of each eligible Participant who is
actively employed by the Bank at the end of the applicable Plan Year an Enhanced Benefit Contribution as soon as practicable following the end of the Plan Year with respect to which such contribution is to be made. In order to be eligible to begin
receiving Enhanced Benefit Contributions, a Participant must have completed one “Year of Employer Retirement Contribution Eligibility Service” as defined under the 401(k) Plan. 
 (b) A Participant shall become fully vested while in Credited Service in his Enhanced Benefit Contributions upon the earlier of (A) or (B), where
(A) is the later of (i) the attainment of age fifty-five (55), (ii) his completion of 5 Years of Vesting Service, or (iii) the Participant’s death, and (B) is his attainment of his Normal Retirement Date. In the event a
Participant’s Credited Service is terminated prior to his being so vested, his Enhanced Benefit Contributions under this Plan shall be forfeited; provided that, in the event of his rehire and his subsequently becoming vested, his Enhanced
Benefit Contributions shall be reinstated and he shall become vested therein. 
  

 12 

 4.8. Operating Rules 
 For purposes of this Article IV 
 (a) any compensation earned during the Bank’s payroll period (as
described in Section 3401(b) of the Code) which includes the last day of such Plan Year payable after the end of such Plan Year in accordance with arrangements by which the Bank normally pays its employees shall be considered Election
Compensation for the Plan Year in which it is payable; and 
 (b) any other compensation earned during a Plan Year and paid in a subsequent
Plan Year shall be considered Election Compensation during the Plan Year in which it is earned; and 
 (c) each election percentage shall be
a whole number. 
 ARTICLE V 
 ACCOUNTS 
 5.1. Grandfathered Accounts. As of December 31, 2004 the balances of the accounts of all Participants
were determined and each such account shall be maintained from such date through November 30, 2008 as a separate Grandfathered Account and all investment results from such date allocable thereto in accordance with the provisions of Article VI
shall be credited thereto. 
 5.2. Current Plan Accounts. The Bank shall maintain for each Participant who is such on or after
January 1, 2005 and prior to December 1, 2008 a Current Plan Account to which all such Participant’s (i) Participant Contributions made on or after January 1, 2005 and prior to December 1, 2008, (ii) Bank matching
contributions (as provided for in Section 4.5) made on or after January 1, 2005 and prior to December 1, 2008, (iii) Restoration Benefit Contributions made on or after January 1, 2008 and prior to December 1, 2008 and
(iv) Enhanced Benefit Contributions made on or after January 1, 2008 and prior to December 1, 2008, and all investment results from the applicable dates allocable thereto in accordance with the provisions of Article VI shall be
credited. 
 5.3. Time of Crediting Contributions. After December 31, 2004 and prior to December 1, 2008, all Participant
Contributions shall be withheld from such Participant’s pay for each payroll date and shall be credited to such Participant’s Current Plan Account as of or as soon as practicable after such date. On and after December 1, 2008, all
Participant Contributions shall instead be allocated to such Participant’s Deferral Account. All Bank matching contributions (as provided for in Section 4.5) allocable after January 1, 2005 and prior to December 1, 2008 shall be
allocated to the Participant’s Current Plan Account as of the date provided for in accordance with the terms and administrative procedures of this Plan in effect from time to time during such period. All Bank matching contributions (as provided
for in Section 4.5) allocable on and after December 1, 2008 shall be credited as of the date determined in accordance with the provisions of Section 4.5. Restoration Benefit Contributions and Enhanced Benefit Contributions shall be
credited as of the date determined in accordance with the provisions of Sections 4.6 and 4.7, respectively. 
  

 13 

 ARTICLE VI 
 HYPOTHETICAL INVESTMENT 
 6.1. Adjustments Prior to the Interest Credit Date to Pre-June 1,
2008 Accounts. Except as provided by Section 6.2, to the extent practicable under procedures available to the Bank, all amounts credited to an Account of a Participant who became such on or before June 1, 2008, shall be increased or
decreased prior to the Interest Credit Date in accordance with such Participant’s investment election under the 401(k) Plan to reflect the value such amount would have if actually so invested as such elections change from time to time prior to
June 1, 2008, but not as changed on or after such date. In the event such Participant has different elections under the 401(k) Plan with respect to a balance accumulated as of a certain time on the one hand and contributions received thereafter
on the other, to the extent practicable under procedures available to the Bank, such Participant’s Account shall be deemed to be invested (a) with respect to the balance as of the date of the accumulation described in this sentence in
accordance with the investment instructions for such accumulated balance and (b) with respect to amounts credited to his Account after such date in accordance with the investment instructions for such contributions. Notwithstanding the
foregoing, in the event the Participant has any loan balances outstanding with respect to his account under the 401(k) Plan, the amount of such loans shall not be taken into account in determining the proportions in which his Account is deemed to be
invested. 
 6.2. Investment Selections for Accounts on and After June 1, 2008 and Prior to the Interest Credit Date. 

(a) All amounts credited to any Account of a Participant who first becomes such on and after June 1, 2008, and all amounts credited to any Account
of a Participant who became such before June 1, 2008 and who chooses to make an investment election pursuant to this subsection (a) prior to the Interest Credit Date shall in accordance with procedures made available to him by the Bank be
increased or decreased in accordance with such Participant’s investment election under this Plan to reflect the value such amount would have if actually invested in accordance with such election. Such Participant’s election under the Plan
shall be limited to investment selections available to Participants under the 401(k) Plan at the time of such election. Such Participants shall be able to make separate elections with respect to accumulated Account balances and amounts to be
credited to such Accounts after such election. To the extent any portion (including all) of the Account of any Participant who becomes such on or after June 1, 2008 and prior to the Interest Credit Date, is not the subject of an investment
election, such portion of such Account shall be increased or decreased as if it were actually invested in the T. Rowe Price Retirement Fund available under the Plan that under procedures established by the Plan’s third party administrator most
closely matches the date on which the Participant is projected to attain his Normal Retirement Date or where provided under such procedures, to the T. Rowe Price Retirement Income Fund. Investment selections in effect for Account balances and
amounts to be credited in the future to such Accounts as of June 1, 2008 or any time thereafter and 

  

 14 

 
prior to the Interest Credit Date shall remain in effect until such Participant expressly otherwise directs and regardless of any change in investment
directions such Participant makes with respect to his 401(k) accounts. 
 (b) On and after June 1, 2008 and prior to the Interest Credit
Date, all amounts credited to an Account of a Participant who became such before June 1, 2008, shall be increased or decreased in accordance with such Participant’s investment election under the 401(k) Plan as of May 31, 2008 or as
otherwise provided pursuant to the provisions of the Plan as of May 31, 2008, to reflect the value such amount would have if actually invested in accordance with that election except to the extent such Participant elects different hypothetical
investments in accordance with the provisions of subsection (a) of this Section. No change in investment directions under the 401(k) Plan becoming effective on or after June 1, 2008, shall have any effect on adjustments to a
Participant’s Account under this Plan. 
 6.3. Adjustments on or After the Interest Credit Date. 
 (a) All Accounts of any Participant who becomes such on or after the Interest Credit Date, and that portion of a Participant’s Account which is
attributable to contributions made by on or on behalf of a Participant on or after the Interest Credit Date, shall not be adjusted in accordance with the provisions of Section 6.1 or 6.2, but instead shall be credited with Plan Interest
monthly. 
 (b) Accounts of all Participants who are such as of the Interest Credit Date shall continue to be adjusted in accordance with the
provisions of Section 6.2 based in all respects upon such Participants’ investment elections and any other applicable provisions of Section 6.2 as in effect on the Interest Credit Date provided that (a) except as provided below
in this Section, no Participant shall after the Interest Credit Date have the right to change investment elections and (b) any Participant may at any time in a manner provided by the Bank elect to have all (but not less than all) balances of
such Participant’s Account credited with Plan Interest after the date of such election in lieu of any amounts otherwise determinable under Section 6.2. Any such election shall become effective at such time as the Bank shall determine to be
administratively convenient. Notwithstanding the foregoing, in the event that any time after January 1, 2009 any part of a Participant’s Account is deemed to be hypothetically invested in shares of Parent stock, any hypothetical dividend
paid with respect to such stock to such Account shall be deemed invested in the Putnam Stable Value Fund or in such other manner as the CEO may determine upon recommendation of the Administrative Committee. Notwithstanding the foregoing provisions
of this Section 6.3, any Participant whose Credited Service is terminated prior to December 1, 2008 and who has not made an election pursuant to clause (b) of this Section 6.3 may continue to change hypothetical investments in
accordance with the provisions of Section 6.2. 
  

 15 

 ARTICLE VII 
 DEATH BENEFITS 
 7.1. Beneficiaries. In the event the death of a Participant whether during or
after termination of his Credited Service, prior to payment of such Participant’s full vested Account balance benefit in accordance with the provisions of Article VIII, the unpaid vested amount shall be paid to such Participant’s
Beneficiary designated in a form provided by, and filed with, the Committee. If no such form has been filed, such benefits shall be payable to such Participant’s spouse and if no spouse is then living, to the legal representative of such
Participant’s estate. All benefits payable pursuant to this Article VII shall be payable in accordance with the provisions of Article VIII. In the event a Participant and his spouse or other designated Beneficiary (primary or contingent) die as
a result of the same event (whether or not it is possible to determine who was the first to die) and die within thirty (30) days of each other, this Plan shall be administered as if the Participant survived his spouse or such other Beneficiary.

 7.2. No Other Death Benefits. Except as provided in this Article VII, no benefits under this Plan shall be payable to a
Participant’s Beneficiary after such Participant’s death. 
 ARTICLE VIII 
 METHOD OF PAYMENT 
 8.1. Distribution of Current Plan Account Relating to Participant Contributions and Bank
Matching Contributions. The portion of a Participant’s Current Plan Account relating to Participant Contributions and/or Bank matching contributions (as provided for in Section 4.5) shall be distributed to such Participant as follows.
The balance of such portion of the Participant’s Current Plan Account shall be determined as of the end of the month preceding his last full month of Credited Service. An amount equal to ten percent of such account balance shall be distributed
in twelve equal monthly installments commencing on the first payroll payment date of the 7th month following such termination and of each of the
next 11 months. As of the first payroll date of the twelfth month following such commencement of payments, the portion of the full balance of such Participant’s account (determined as of the most recent available valuation date under the 401(k)
Plan preceding such payment date) shall be distributed to such Participant or in the event of her or his death, to her or his Beneficiary. 
 8.2. Distribution of Current Plan Account Relating to Restoration Benefit Contributions and Enhanced Benefit Contributions. On and after January 1, 2008, the vested portion of a Participant’s Current Plan Account relating
to Restoration Benefit Contributions and/or Enhanced Benefit Contributions shall be distributed to such Participant in a single lump sum payment on the first payroll payment date of the 7th month following the Participant’s termination of
Credited Service with the Bank. 
 8.3. Distributions of Grandfathered Accounts to Participants. A Participant’s Grandfathered
Account shall be valued and distributed in the same manner as the portion of the Participant’s Current Plan Account relating to Participant Contributions and Bank matching 

  

 16 

 
contributions (as provided for in Section 4.5), except that installment payments shall commence as of the first payroll date of the month next following
such Participant’s termination of Credited Service and continue for an additional 11 months. As of the first payroll date of the twelfth month following such commencement of payments, the full balance of such Participant’s account
(determined as of the most recent available valuation date under the 401(k) Plan preceding such payment date) shall be distributed to such Participant or in the event of her or his death, to her or his Beneficiary. 
 8.4. Distribution of Accounts After December 1, 2008. The foregoing provisions of this Article VIII shall not apply to any distributions made
to any Participant who terminates his Credited Service at any time on or after December 1, 2008. The total Account balance of any Participant who terminates his Credited Service on or after December 1, 2008 shall be distributed to him in a
single lump sum on the first payroll payment date of the seventh month following such termination, provided he is then living, and if he is not then living, such total Account balance shall be distributed to his Beneficiary in a single lump sum on
the first payroll payment date following such Participant’s death. Amounts distributable pursuant to this Section 8.4 shall be determined as of the close of business of the last business day preceding such payroll payment day of
distribution. 
 ARTICLE IX 
 TRUST; CHANGE IN CONTROL 
 9.1. Non-Qualified Trust. The Bank has entered into a Trust Agreement with Morgan Guaranty
Trust Company as the Trustee establishing the Trust. The Trust is intended to provide for the funding of the Bank’s obligation to provide benefits under the Plan to the extent provided pursuant to the provisions of Sections 9.2 and 9.3. In the
event of Insolvency of the Bank, assets held under the Trust shall be subject to the claims of the general creditors of the Bank under federal and state law as set forth in the Trust Agreement. In the event of such Insolvency, any and all such
assets will be available to satisfy the claims of general creditors of the Bank even if all benefits under the Plan have not otherwise been provided for and even if all such benefits of Participants who have terminated their Credited Service have
not been fully provided for. Nothing herein shall be deemed to prohibit Participants or Beneficiaries from asserting claims for Plan benefits as general creditors of the Bank. The Bank may cause, subject to, and in accordance with, the terms of the
Trust Agreement, Plan benefits to be provided from the assets of the Trust, the general assets of the Bank, or a combination thereof, as the Bank may determine to be in the Bank’s best interests. No person eligible for, or entitled to, Plan
benefits hereunder shall have any property, equitable or security rights in any specific assets of the Bank or held as part of the Trust. The Plan constitutes a mere promise by the Bank to make benefit payments in the future. It is intended that
this Plan be unfunded for federal income tax purposes and Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligation to pay all Plan benefits shall be treated as an item of indebtedness by the Bank to the Participant
or Beneficiary, and except as otherwise paid from the Trust, such payments shall be made from the general assets of the Bank. All amounts as may be required to be withheld by any applicable federal, state or local law shall be withheld and remitted
as required by any such law and payments made to the Participant or any Beneficiary shall be the net amount after withholding. 
  

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 9.2. Discretionary Payments to Trust. The Bank, in the sole discretion of the CEO, may at any
time, or from time to time, make deposits (in addition to those required pursuant to Section 9.3) of cash or other property acceptable to the Trustee in trust with the Trustee to augment the principal of the Trust, such additions to be held,
administered and disposed of by the Trustee as provided in the agreement setting forth the terms of the Trust. Neither the Trustee nor any Participant or Beneficiary shall have any right to compel such additional deposits. 
 9.3. Mandatory Payments to Trust. 
 (a) Upon a Potential Change in Control or a Change in Control, the Bank shall, as soon as possible, but in no event longer than thirty (30) days following such Potential Change in Control or Change in Control,
make a contribution to the Trust of cash or other property acceptable to the Trustee which when added to the total value of the Trust Fund would equal the Full Funding Amount. In the event of a Potential Change in Control, the Full Funding Amount
shall be recalculated in the event such Potential Change in Control Period extends beyond the required valuation date used in the first or other last subsequent computation made as a result of such Potential Change in Control Period. In the event
that the Trustee later determines that provision made in determining the Full Funding Amount for expenses was not adequate, the Bank shall make additional deposits to provide for such expenses as determined by the Trustee from time to time.

 (b) No more than sixty (60) days after the last day of each fiscal year of the Bank, the Bank shall: 
 (i) Cause the Recordkeeper to compute the Interim Funding Amount as of such last day and deliver to the Trustee the Recordkeeper’s
certification or other written statement satisfactory to the Trustee of such Interim Funding Amount; and 
 (ii) Pay to the
Trustee an amount which when added to the value of the Trust Fund as of such last day would result in a sum equal to or greater than such Interim Funding Amount. 
 ARTICLE X 
 NONASSIGNABILITY 
 10.1. No Assignment. The Plan is designed to provide payment of benefits solely for the support of the Participant and, to the extent of any death
benefits, such Participant’s beneficiary. No person eligible for or entitled to a benefit payable hereunder shall have any right, power or authority to anticipate, assign, sell, transfer, pledge or otherwise encumber, whether by voluntary
action or by operation of law, the right to receive such benefit payment nor shall such right otherwise be subject to encumbrance, attachment or garnishment by creditors of the Participant or the Participant’s Beneficiary. 
  

 18 

 ARTICLE XI 
 ADMINISTRATION 
 11.1. The Committee. The Plan shall be administered by the Committee. The
Committee may delegate its administrative authority to officers or other employees of the Bank, provided that no such delegate shall determine his own benefits hereunder. The Committee shall have complete and discretionary authority to determine
eligibility, the amount of benefits payable under the Plan and to otherwise construe, interpret and apply the provisions of the Plan and its determinations shall be conclusive on the Bank, its employees and any other person claiming any benefit
under the Plan. Notwithstanding the foregoing provisions of this Article XI, any determination made by the Committee upon or after a Change in Control or during a Potential Change in Control Period shall be binding only if accepted by the
Participant or Beneficiary and, to the extent not so accepted, such determination of the Committee shall be of no effect and given no weight and such Participant or Beneficiary shall have his rights determined in accordance with the procedures of
any of the provisions of the Trust Agreement, and the Bank shall pay to the Trustee any funds necessary to provide such benefits as so determined. 
 ARTICLE XII 
 CLAIMS PROCEDURE 
 12.1 General. 
 (a) If a Participant, Former Participant or Beneficiary disagrees with the computation
of the benefits to which he is entitled under the Plan and wishes to claim benefits or additional benefits, he must file his claim in writing or electronically with the Committee. The Committee may act as the Claims Officer as hereinafter provided
or may designate a member of the Committee or one or more other individuals who may (but shall not be required to) be a Participant or other Employee. If no claim is received by the Committee within 60 days after the claimant receives notice of his
benefits, no claim will be permitted and the Claims Officer’s determination shall be final. 
 The claimant may designate any other
person, at his own expense, to act on his behalf in pursuing a benefit claim or appealing the denial of a benefit claim. The term “claimant” as used in this claims procedure includes any other person he designates to represent him as well
as after his death, his beneficiary. 
 When a claim for benefits is made under Plan, the Claims Officer is required to notify the claimant
within 90 days after the claim is received if the claim for benefits has been denied. In special cases where the Claims Officer needs more time to decide, the Claims Officer may notify the claimant in writing or electronically prior to the end of
the initial 90 day period and may take up to 90 additional days. 
 (b) If the claim is denied in whole or in part, the Claims Officer will
send to the claimant a written or electronic notice including: 
 (i) one or more specific reasons for the denial; 

 

 19 

 (ii) specific reference to the Plan provisions on which the denial is based; 

(iii) a description of any additional material or information that would be necessary to perfect the claim and an explanation of why
such material or information is necessary; 
 (iv) information regarding what steps should be taken if the claimant wants to
submit a request for review; and 
 (v) a description of the Plan’s review procedures and the time limits applicable to
the procedures including a statement of the claimant’s rights to bring a civil action under Section 502(a) of ERISA following a determination upon completion of claimant’s appeal adverse to claimant’s position. 
 (c) If the claim for benefits is denied, the claimant may file an appeal in writing or electronically with the Committee. 
 (i) The written claim for review must be filed within 60 days after the claimant has received the notice described above that the claim
was denied. If a written claim for review is not filed within 60 days after the claimant receives the notice that the claim was denied, the claimant is deemed to have accepted the Claims Officer’s decision. 
 (ii) The claimant may submit written comments, documents, records and other information relating to claimant’s claim for benefits.

 (iii) The claimant will be provided upon request and free of charge reasonable access to, and copies of, all documents,
records, and other information relevant to claimant’s claim. 
 (iv) The Committee will take into account all comments,
documents, records and other information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 (d) After receiving a request for review, the Committee will review the claim within 60 days and will give the claimant a written or electronic notice of
its decision, which is final. In special cases where the Committee needs more time to decide, the Committee will notify the claimant in writing prior to the end of the initial 60 day period and may take up to 60 additional days. If the Committee
denies the claim, the notice will include: 
 (i) one or more specific reasons for the denial; 
  

 20 

 (ii) specific reference to the Plan provisions on which the denial is based; 

(iii) a statement that the claimant is entitled to receive upon request and free of charge reasonable access to, and copies of, all
documents, records, and other information relevant to claimant’s claim for benefits; and 
 (iv) a statement of the
claimant’s right to bring a civil action under Section 502(a) of ERISA. 
 (e) Notwithstanding any other provisions of this Plan to
the contrary, the terms of Subsections (a), (b) and (c) of this Section 12.1 shall apply until such time as the Committee shall adopt revised claims procedures; provided, however, that the Committee may make any such revisions in such
procedures as it deems necessary to assure compliance with the applicable provisions of Section 503 of the Act and the regulations thereunder. 
 (f) Any person whose claim has been denied in whole or in part must exhaust the administrative review procedures provided in this Section 12.1, including any revisions made in accordance with subsection (d) hereof prior to
initiating any claim for judicial review. 
 (g) Any action taken or omitted by any fiduciary with respect to the Plan, including any
decision, interpretation, claim denial or review on appeal, shall be conclusive and binding on all interested parties and shall be subject to judicial modification or reversal only to the extent it is determined by a court of competent jurisdiction
that such action or omission was arbitrary and capricious and contrary to the terms of the Plan. 
 12.2. Change in Control. During a
Potential Change in Control Period or upon or after a Change in Control, a Participant or Beneficiary at his election may determine at any time not to follow or to cease following the procedures set forth in this Article XII, and to assert and
enforce any claims under the Plan without regard to the provisions of this Article XII, including enforcing any remedies in accordance with the provisions of the Trust Agreement. 
 ARTICLE XIII 
 AMENDMENT AND TERMINATION 
 13.1. General. The Committee may amend the Plan from time to time; provided, however, that no such amendment shall have the effect of reducing any
vested benefit under the Plan. 
 13.2. Change in Control. Notwithstanding the provisions of Section 13.1, (a) an amendment
to Section 9.3(a) hereof, or to the definitions of Change in Control, Potential Change in Control, Potential Change in Control Period or Change in Control Agreement, or eliminating or reducing the rights or authority of the Advisory Committee
provided by Article XV hereof may be made only in the event it is approved by a Qualified Vote and (b) an amendment to reduce the funding requirements pursuant to Section 9.3(b) or changing the definition of Interim Funding Amount or
Interim Valuation Requirement Date may be made only in the event it is approved by the vote of sixty-five percent (65%) of all Participants who are employed by the Bank after May 1, 1998, and not employed by the Bank at the time of such
vote. 
  

 21 

 13.3. Termination. The Bank reserves the right to terminate the Plan or to cease benefit accruals
under the Plan at any time. However, except as may be required pursuant to any applicable federal, state or local law, any Plan benefit then accrued and vested shall remain payable in accordance with the terms of the Plan to the extent then accrued.

 ARTICLE XIV 
 CONSTRUCTION 
 14.1. Governing Law. The Plan shall be administered in accordance with the laws of Connecticut, to the
extent applicable, and not preempted by any other applicable federal law. 
 14.2. No Contract. Nothing in the Plan shall be construed
to confer upon any person any legal right to be continued as an employee of the Bank. The Bank expressly reserves the right to discharge any employee whenever the interest of the Bank in its sole judgment may so require without any liability on the
part of the Bank. The Bank shall be the Plan Administrator of the Plan. 
 14.3. FDIC Restrictions. It is intended that the Plan be
and remain a bona fide deferred compensation plan for purposes of Section 18(k) of the Federal Deposit Insurance Act and Part 359 of Federal Deposit Insurance Corporation (“FDIC”) regulations, including FDIC Reg § 359.1(d) and
the terms of the Plan shall be so construed in the event of any ambiguity. 
 14.4. Other Contracts. The benefits payable under the
Plan shall not be limited by the provisions of any other agreement entered into by the Bank and any Participant prior to January 1, 2009 relating to payments in the event of Change in Control; but benefits under any such other agreement may, if
such other agreement so provides, be reduced as a result of benefits payable under the Plan. 
 14.5. Successors and Assigns. The
provisions of this Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns, and references to the Bank herein shall include its successors and assigns. References to Parent shall include its successors and
assigns. 
 14.6. Pronouns. Unless the context clearly indicates otherwise, pronouns of one gender or number may refer to subjects or
objects of a different gender or number. 
 14.7. Code Section 409A. From and after October 4, 2004 this Plan is intended to
meet the requirements of Section 409A of the Code and shall be construed whenever possible in a manner which will result in the Plan being and the Trust being in compliance therewith and which will not subject any Participant to any additional
taxes or penalties pursuant to such Section 409A. 
  

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 14.8. Headings. The headings of Articles and Sections are included solely for convenience of
reference. If there is any conflict between such headings and the text of the Plan, the text shall control. 
 ARTICLE XV 

ADVISORY COMMITTEE 
 15.1.
Advisory Committee. During a Potential Change in Control Period or upon or after a Change in Control, a majority of Plan Voters at any time, and from time to time, may appoint an Advisory Committee to monitor and represent the interests of
the Plan Voters and the Beneficiary of any deceased Participant with respect to the Plan, and the Trust. The Advisory Committee shall be composed of one to three individuals, some or all of whom may (but none of whom shall be required to) be Plan
Voters. The Advisory Committee shall act by majority vote unless it unanimously agrees otherwise and shall otherwise adopt its own procedures which may include authorizing one member thereof to act for the Advisory Committee. Any member of the
Advisory Committee may resign by giving written notice to the other members thereof, or, if he is the sole member, to a majority or all of the then Plan Voters. Any member may be removed by action of a majority of Plan Voters, and additional
members, including replacement of any resigned, removed or deceased member may be designated by action of a majority of Plan Voters. All actions by any Participant shall be in a writing signed by such Participant. A Participant may sign a single
writing effectuating removal and replacement. For purposes of this Article XV, the term “Plan Voters” shall mean each individual who is an employee of the Bank after May 1, 1998 and who is a Participant in this Plan; but excluding
(a) after a Change in Control any person who was not a Plan Voter prior to the earlier of such Change in Control or the beginning of the Potential Change in Control Period ending with such Change in Control and (b) during a Potential
Change in Control Period any person not a Plan Voter prior to the beginning thereof. For purposes of this Article XV, the term “Plan Voter” shall mean at anytime all individuals who were employed at the Bank after January 1, 2009 and
who are Participants exclusive of (i) after a Change in Control any person who was not a Plan Voter prior to the earlier of such Change in Control or the beginning of the Potential Change in Control Period ending with such Change in Control and
(ii) during a Potential Change in Control Period any person not a Plan Voter prior to the beginning thereof. 
 15.2. Purpose and
Duties. The purpose of the Advisory Committee shall be to disseminate information concerning the Plan, and the Trust to Plan Voters and Beneficiaries of deceased Plan Voters, to gather information and data concerning, and otherwise investigate,
inquiries, controversies, or disputes deemed reasonable by the Advisory Committee and raised by any Participant or any such Beneficiary, to discuss such matters with the CEO of the Bank or members of the Board, or of the Human Resources Committee of
the Board, the Actuary or the Trustee, and to take any action authorized under the Trust Agreement with respect to any such inquiries, controversy or dispute which it, in its discretion, deems reasonable to protect the legitimate interest of any
Participant or Beneficiary, and monitor and report to Plan Voters and Beneficiaries of deceased Plan Voter with respect to litigation or arbitration proceedings under the 

  

 23 

 
Plan. The Advisory Committee may (but shall not be required to) negotiate on behalf of any Plan Voter or Beneficiary of a deceased Plan Voter; provided,
however, that in no event shall the Advisory Committee be deemed authorized to institute any legal or arbitration proceedings hereunder or enter into any agreement purporting to settle or limit the rights of any Participant or Beneficiary under the
Plan or in or to the Trust or its assets. Nothing herein shall prohibit a Participant or Beneficiary of a deceased Participant individually or with others (whether or not as a class action) from instituting legal or arbitration proceedings to
enforce his own rights under the Plan while the Advisory Committee is negotiating pursuant to the provisions of this Section whether or not such Participant or Beneficiary is a member of the Advisory Committee. 
 15.3. Rights. Without request or demand, the Advisory Committee shall be entitled to all reports, information, and data to which the Bank is
entitled (without request or demand) under the Trust Agreement and any other reports, information, or data received by the Bank from the Trustee or the Actuary. The Bank shall give the following written notices to the Advisory Committee (which the
Advisory Committee may waive if deemed in the best interest of Plan Voters): (i) twenty (20) days prior to the payment of any benefits or other sums from the Trust other than Trustee’s fees and expenses in the operations of the Plan,
the amount to be so paid, the computation thereof, and the amount of any benefits under the Plan and Trustee’s fees and expenses to be paid from the Bank’s general assets; (ii) no later than five (5) days after making any
contribution to the Trust, the amount of such contribution and the Recordkeeper’s certification and detailed computations on the basis of which the determination of such amount was made; (iii) any amendments proposed to be made to the
Trust Agreement twenty (20) days prior to the Bank’s requesting from Participants a Qualified Vote or a Super Qualified Vote; (iv) within five (5) days after any substitution of Trust assets by the Bank; (v) at least twenty
(20) days before any change in investment policy is made by the Committee or other authorized body under the Trust Agreement; (vi) twenty (20) days after the close of each calendar quarter, a report of all contributions to and
payments from, the Trust Fund during such quarter; (vii) five (5) days prior to any change of Recordkeeper, the name and address of the proposed new Recordkeeper and a brief description of its relevant experience and controlling
shareholders, and the reasons for such change; (viii) five (5) days prior to any change in the Service Agreement, a full description of, or a copy of such changes; (ix) within five (5) days of any change in any member of the
Human Resources Committee of the Board of Directors of the Bank or of any individual to whom it delegates any authority with respect to the Plan or any change in authority previously so delegated to an individual, the name of any new member of the
Committee, the name of any person no longer serving as such a member, the name of any additional person to whom such authority has been granted, the name of any person from whom such authority has been taken and a description of any change in any
such authority granted to any person; and (x) within five (5) days of any change in the 401(k) Review Committee, the name of any new person and the name of any person no longer serving as such a member. The Advisory Committee, or a person
designated by it, may vote on behalf of any Participant who so authorizes it or a delegate chosen by it to vote on behalf of such Participant pursuant to any provision of the Trust Agreement. Acquiescence or inaction by the Advisory Committee shall
not be deemed to be approval or consent and in any event shall in no way bind or limit the rights of Participants or Beneficiaries of deceased Participants. 
  

 24 

 ARTICLE XVI 
 CREDITED SERVICE AND ADOPTION BY AFFILIATES 
 16.1. Computation of Credited Service For Purposes of Article IV and
Article VIII. 
 For purposes of applying the provisions of Articles IV and VIII: 
 (a) The Credited Service of a Participant shall terminate upon his termination of service with the Bank (except as provided in
Section 16.3), but such termination of service shall be determined in accordance with the following rules: A period of a leave of absence for military leave, or sick leave or other bona fide leave of absence shall constitute Credited Service
for only a period of six (6) months or, if longer, as long as such Participant’s right to reemployment is guaranteed by statute or contract, and unless such Participant returns to actual Credited Service upon the expiration of such six
(6) month or longer period such Participant’s Credited Service shall terminate upon such expiration or his earlier death or resignation. In order to constitute a bona fide leave of absence, there must be a reasonable expectation that the
Participant will return to perform services for the Bank. 
 (b) A Participant shall be deemed to have a termination of
Credited Service in the event his hours of service as an employee or independent contractor are permanently reduced to less than 50% of his average hours of service during the preceding 36 months (or if employed as an employee or independent
contractor by the Bank or any member of an affiliated group less than 36 months, during such shorter period) 
 (c) A
Participant shall not be deemed to have had a termination of Credited Service if he is employed by the Bank or any member of an affiliated group as an employee or independent contractor 50% or more of his average hours of service during the
preceding 36 months (or if employed as an employee or independent contractor by the Bank or any member of an affiliated group less than 36 months, during such shorter period). 
 16.2. Computation of Credited Service For Purposes of Section 8.2. 
 For purposes of applying the
provisions of Section 8.2: 
 (a) The Credited Service of a Participant shall terminate upon his disability, retirement
or termination of service with the Bank (except as provided in Section 16.3) for any reason; and the following types of absences shall not be deemed to terminate the Credited Service of a Participant: 
 (i) Leave of absence granted for sickness, injury, disability, government, civic or charitable service or any other specific reason, for
not more than two (2) years. 
  

 25 

 (ii) Absence for military service under leave of absence granted by the Bank or when
required by law, provided he returns to service as an employee of the Bank or an affiliated employer described in Section 16.3 within ninety (90) days of his release from active military duty or any longer period during which his right to
re-employment is protected by law. 
 (iii) Lay off not in excess of two (2) years until employment is terminated either
by the employee or the Bank or an affiliated employer described in Section 16.3. 
 (b) Credited Service shall not be
deemed terminated by the first twenty-four (24) consecutive months of a maternity or paternity leave of absence. For purposes of this paragraph, a “maternity or paternity leave of absence” means an absence (i) by reason of the
pregnancy; (ii) by reason of the birth of a child of an employee; (iii) by reason of the placement of a child with the an employee in connection with the adoption of the child by such employee; or (iv) for purposes of caring for such
child for a period beginning immediately following such birth or placement. The Committee may, in its discretion reasonably require an employee to furnish timely information to establish that an absence from work is a maternity or paternity absence
and the number of days for which there was such an absence. 
 16.3. Employment in Affiliated Group. 
 Once a person is actually an employee of the Bank (without reference to the provisions of this Section), employment by any member of an affiliated group
shall be deemed employment by the Bank for purposes of determining whether he remains in Credited Service. The term “member of an affiliated group” shall include each and all of the following: (i) any corporation which is a member of
a controlled group of corporations (as defined in Section 414(b) of the Code), which group includes the Bank; (ii) any trade or business (whether or not incorporated) which is under common control (as defined in Section 414(c) of the
Code) with the Bank; (iii) any organization (whether incorporated or not) which is a member of affiliated service group (as defined in Section 414(m) of the Code) which includes the Bank; and (iv) any other entity required to be
aggregated with the Bank pursuant to Regulations under Section 414(o) of the Code. 
 16.4. Adoption by Affiliates 
 (a) With the consent of the Committee and upon recommendation of the Administrative Committee, this Plan may be adopted by any
corporations or trade or businesses or other organizations or entities included in the definition of “member of an affiliated group” set forth in Section 16.3. Separate accounts shall be maintained with respect to all contributions
made by such adopting employer. Such adopting employer shall be solely responsible for any contributions required with respect to compensation paid by such adopting employer unless otherwise agreed by the Bank. In the event that 

  

 26 

 
any such amounts are paid by the adopting employer to fund its obligations into any trust described in Article IX such amounts shall be subject to the claims
of creditors of the Bank in accordance with the terms of Section 9.1 and with respect to such amounts so paid by such adopting employer, the terms of Section 9.1 shall be construed as if the term “the Bank” refers to “either
the Bank or such adopting employer’”. Further the provisions of Section 9.2 and 9.3 shall with respect to the adopting employer be construed as if the terms “the Bank” were referring to such adopting employer. In the event
that the Bank and/or one or more adopting employers shares in payment of compensation to any Participant, the contributions shall be required hereunder shall be allocated by them in proportion to the total compensation paid by all of them to such
Participant unless the Bank and such other payors otherwise agree. 
 (b) Any adopting employer may withdraw from the Plan or
terminate the Plan as to its employees and shall do so upon 60 days notice so to do from the Bank, and to the extent permissible any amounts in such Trust attributable to contributions by such adopting employer shall be paid to such adopting
employer or its designee. No distributions from such Trust to pay for Plan benefits earned from an adopting employer shall be paid except to the extent such funds are attributable to the contributions of such adopting employer and no Trust funds so
applicable shall be used to pay for benefits not attributable to service to such affiliated employer. 
 (c) Unless
specifically provided in a writing signed by the Bank, service to such affiliated employer prior to the time of the adoption of the Plan by such affiliated employer shall not be counted for purposes of eligibility, vesting or benefit accrual
notwithstanding any other provisions of this Plan. 
 16.5. Special Rule for 2009 Bank Consolidations. For those Participants who, as of
December 31, 2008, were employees of one of the banks being merged with and into the Bank effective as of January 1, 2009 (the “Subsidiary Banks”), service prior to January 1, 2009 recognized for purposes of eligibility and
vesting under the Chittenden Corporation Incentive Savings and Profit Sharing Plan for the Subsidiary Bank employees who were participants in (or eligible to participate in) such plan as of December 31, 2008 will also be recognized for such
employees solely for purposes of eligibility and vesting (but not benefit accrual) under the Plan. 
 IN WITNESS WHEREOF, the Bank,
acting by its undersigned officer, duly authorized, hereby executes the Plan to be effective as herein provided. 
  

			
	PEOPLE’S UNITED BANK
		
	By:	 	  

		 	Robert E. Trautmann
		 	 Its Executive Vice President and
 General
Counsel

  

 27 

 EXHIBIT A 
 Amended and Restated People’s United Bank Supplemental Savings Plan 
 Effective October 4, 2004

  

	I.	The Interim 2005 Procedures are described as follows: 

 Prior to December 31, 2004 Participants were required to elect irrevocably the total percentage of their Election Compensation for 2005 and STIP bonus earned in 2004 and payable in 2005 to be deferred as contributions to the 401(k)
Plan and this Plan. However, Participants were able to change their elections with respect to contributions to the 401(k) Plan. Contributions to this Plan in 2005 commenced only after a Participant ceased being able to make 401(k) deferrals because
of application of Sections 402(g), 401(a)(17) and 415 of the Code. In February, 2005 the Interim 2005 Procedures were changed to provide that for purposes of determining Participant Contributions under this Plan with respect to such compensation,
the Participant’s 401(k) contribution percentage elections in effect as of the first payroll date in March of 2005 would be applied regardless of any change made in such election thereafter. In June, 2005 the Interim 2005 Procedures were
changed to provide Plan Participants an opportunity to elect a separate percentage deferral rate for the STIP bonus based on service during 2005 and payable in 2006 which differed from that applicable to other Election Compensation for 2005 and
provided that they made such election on or prior to June 30, 2005. 
  

	II.	The Interim 2006 Procedures are described as follows: 

 Prior to December 31, 2005 Participants were required to elect irrevocably the total percentage of their Election Compensation for 2006 to be deferred as contributions to the 401(k) Plan and this Plan. Participants were allowed to
change their 401(k) Plan deferrals during 2006, but no such changes did or would affect the amount of contributions with respect to 2006 Election Compensation under this Plan. Contributions to this Plan with respect to Election Compensation for 2006
(including contributions with respect to STIP bonuses earned in 2006 and paid in 2007) commenced only after a Participant would have ceased being able to make 401(k) deferrals because of application of Sections 402(g), 401(a)(17) and 415 of the Code
if the application of those Sections had been determined by reference to such Participant’s 401(k) Plan percentage deferral elections last elected prior to December 31, 2006 (regardless of any change actually made in such
Participant’s 401(k) Plan deferral election). The Interim 2006 Procedures allowed for separate elections applicable to (a) the STIP bonus based on service in 2006 and payable in 2007 and (b) to all other Election Compensation for
2006. 
  

 28 

 Appendix B 
 to 
 People’s United Bank Non-Qualified Savings and Retirement Plan 
  

					
	 	  	Effective Period
	 Minimum Salary Grade
	  	Began	  	Ended
	Grade 10	  	Effective Date	  	15-Feb-2004
	Grade 65O	  	16-Feb-2004	  	26-Oct-2008
	Grade 65	  	27-Oct-2008	  	N/A

  

 29 

 Appendix C 
 to 
 People’s United Bank Non-Qualified Savings and Retirement Plan 
  

					
	 APY
	  	 Nominal Rate
	  	 Effective for Plan Year(s)

	 8%
	  	7.721%	  	20081
	 8%
	  	7.721%	  	2009 and thereafter until changed

  

	 1
	 Effective for partial Plan Year beginning November 1, 2008 and ending December 31, 2008.

  

 30

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