Document:

EX-10.2

AMENDMENT NO. 2

TO THE

SUPPLEMENTAL RETIREMENT PLAN

FOR EMPLOYEES OF

WEBSTER BANK

The Supplemental Retirement Plan for Employees of Webster Bank, as amended and restated
effective as of January 1, 2003, is hereby amended as follows:

(1) Effective as of September 1, 2004, the third paragraph of the section of the Plan entitled
“General” is amended to read as follows:

The benefits provided by the Supplemental Plan are the following:

	 	(1)	 	a supplemental retirement income which equals the following:

	 	(A)	 	with respect to all eligible employees other than the Chairman
and Chief Executive Officer of the Bank and the President of the Bank who are
in office on January 1, 2004, the excess of: (i) a retirement benefit payable
in accordance with the terms of the Pension Plan, but determined: (A) without
regard to the limitations of Section 415 of the Internal Revenue Code of 1986,
as amended (the “Code”); (B) without regard to the limitations of Code Section
401(a)(17); and (C) based on the definition of compensation set forth in the
Pension Plan that is applicable to the period on and after September 1, 2004,
but applying such definition to the eligible employee’s entire period of
employment; over (ii) the retirement benefit actually provided by the Pension
Plan; and

	 	(B)	 	with respect to the Chairman and Chief Executive Officer of the
Bank and the President of the Bank who are in office on January 1, 2004, the
excess of: (i) a retirement benefit equal to 60% of his high five year average
compensation, pro rated for termination of employment prior to age 65 and
determined: (A) without regard to the limitations of Code Section 415; (B)
without regard to the limitations of Code Section 401(a)(17); and (C) based on
the definition of compensation set forth in the Pension Plan that is applicable
to the period on and after September 1, 2004, but applying such definition to
the eligible employee’s entire period of employment; over (ii) the sum of: (A)
the retirement benefit actually provided by the Pension Plan; (B) projected
Social Security retirement benefits commencing at age 65; and (C) any
retirement benefits payable under a prior employer’s defined benefit pension
plan;

and

(2) an amount of deferred compensation, based on the amount of matching contributions
which an employee would have been allocated under the 401(k) Plan, but determined: (i)
without regard to the limitations on annual elective deferrals imposed by Section 401(k) and
Section 402(g) of the Code; (ii) without regard to the limitations on matching contributions
imposed by Section 401(m) of the Code; (iii) without regard to the limitations of Section
415 of the Code; (iv) without regard to the limitations of Code Section 401(a)(17); and (v)
based on the definition of compensation set forth in the 401(k) Plan that is applicable to
the period on and after September 1, 2004.

(2) Effective as of April 21, 2004, Section 5 of Article I of the Plan is amended to read as
follows:

Section 5. “Change in Control” means the occurrence of any of the following events:

(a) Any person becomes the beneficial owner of twenty five percent (25%) or more of the total
number of voting shares of the Corporation;

(b) Any person becomes the beneficial owner of ten percent (10%) or more, but less than
twenty-five percent (25%), of the total number of voting shares of the Corporation, unless the
Federal Reserve Board (the “FRB”) has approved a rebuttal agreement filed by such person or such
person has filed a certification with the FRB;

(c) Any person (other than the persons named as proxies solicited on behalf of the board of
directors of the Corporation) holds revocable or irrevocable proxies, as to the election or removal
of two or more directors of the Corporation, for twenty-five percent (25%) or more of the total
number of voting shares of the Corporation;

(d) Any person has received the approval of the FRB under the Bank Holding Company Act, as
amended (the “Holding Company Act”), or regulations issued thereunder, to acquire control of the
Corporation;

(e) Any person has received approval of the FRB under the Federal Deposit Insurance Act, as
amended (the “Control Act”), or regulations issued thereunder, to acquire control of the
Corporation;

(f) Any person has commenced a tender or exchange offer, or entered into an agreement or
received an option, to acquire beneficial ownership of twenty-five percent (25%) or more of the
total number of voting shares of the Corporation, whether or not the requisite approval for such
acquisition has been received under the Holding Company Act, the Control Act, or the respective
regulations issued thereunder;

(g) As a result of, or in connection with, any cash tender offer or exchange offer, merger, or
other business combination, sale of assets or contested election, or any combination of the
foregoing transactions, the persons who were directors of the Corporation before such transaction
shall cease to constitute at least two-thirds of the board of directors of the Corporation or any
successor corporation; or

(h) The Corporation’s beneficial ownership of the total number of voting shares of the Bank is
reduced to less than fifty percent (50%).

Notwithstanding the foregoing, a Change in Control will not be deemed to have occurred under
Section 5(b), Section 5(c), Section 5(d), Section 5(e) or Section 5(f) of Article I if, within
thirty (30) days of such action, the board of directors of the Corporation (by a two-thirds
affirmative vote of the directors in office before such action occurred) makes a determination that
such action does not and is not likely to constitute a Change in Control of the Corporation. For
purposes of this Section 5 of Article I, a “person” includes an individual, corporation,
partnership, trust, association, joint venture, pool, syndicate, unincorporated organization,
joint-stock company or similar organization or group acting in concert. A person for these
purposes shall be deemed to be a beneficial owner as that term is used in Rule 13d-3 under the
Securities Exchange Act of 1934.

(3) Effective as of September 1, 2004, Section 2(b)(ii) of Article II of the Plan is amended
to read as follows:

(ii) For purposes of Section 2(b)(i)(A) of Article II, an Employee’s targeted monthly
retirement income is a monthly benefit commencing on the Employee’s normal retirement date
and payable as a single life annuity equal to: (A) 60%, multiplied by (B) the ratio (but not
greater than one) of the number of the Employee’s years of vesting service as of the date of
his termination of employment to the number of years of vesting service that the Employee
would have had if his termination of employment had occurred on his normal retirement date;
and multiplied further by (C) the Employee’s high five year average monthly compensation (as
determined under Section 2(b)(iii) of Article II). For purposes of this Section 2(b)(ii) of
Article II, years of vesting service and normal retirement date shall be determined under
the terms of the Pension Plan.

(4) Effective as of September 1, 2004, Section 2(c) of Article II of the Plan is amended to
read as follows:

(c) In computing an Employee’s adjusted monthly retirement income under Section 2(a) of
Article II and an Employee’s targeted monthly retirement income under Section 2(b) of Article II,
the Employee’s compensation shall be based on the definition of compensation set forth in the
Pension Plan that is applicable to the period on and after September 1, 2004, but applying such
definition to the eligible employee’s entire period of employment.

(5) Effective as of September 1, 2004, Section 2(d) of Article II of the Plan is amended to
read as follows:

(d) For purposes of calculating the monthly amount of an Employee’s Supplemental Retirement
Income pursuant to Section 2(a) of Article II, an Employee’s adjusted monthly retirement income as
determined under Section 2(a)(ii) of Article II and actual monthly retirement income under the
Pension Plan shall each be based upon the actuarially equivalent single life annuity form of
payment commencing at normal retirement date (as determined under the terms of the Pension Plan).

For purposes of calculating the monthly amount of an Employee’s Supplemental Retirement Income
pursuant to Section 2(b) of Article II, an Employee’s targeted monthly retirement income as
determined under Section 2(b)(ii) of Article II, actual monthly retirement income under the Pension
Plan and projected monthly Social Security retirement benefits commencing at age 65 shall each be
based upon the actuarially equivalent single life annuity form of payment commencing at normal
retirement date (as determined under the terms of the Pension Plan). However, the monthly
retirement benefits payable under any defined benefit pension plan maintained or previously
maintained by a prior employer of the Employee shall be used unadjusted in calculating the
Employee’s Supplemental Retirement Income, and shall not be actuarially adjusted to reflect a
single life annuity form of payment commencing at normal retirement date.

Actuarial equivalence shall be determined by applying the actuarial factors set forth in the
Pension Plan.

(6) Effective as of September 1, 2004, Section 2(c) of Article III of the Plan is amended to
read as follows:

(c) In computing an Employee’s adjusted matching contributions under Section 2(b) of Article
III, the Employee’s compensation shall be based on the definition of compensation set forth in the
401(k) Plan that is applicable to the period on and after September 1, 2004. Pursuant to such
definition, the Employee’s compensation: (i) shall include all of the Employee’s regular salary,
overtime, commissions, bonuses, and pre-tax contributions made to the 401(k) Plan, to an employee
benefit plan under an arrangement described in Section 125 of the Code or to a qualified
transportation fringe benefit plan described in Section 132(f)(4) of the Code; but (ii) shall
exclude taxable car benefits, taxable reimbursements (such as moving expenses), taxable fringe
benefits (such as the cost of excess group term life insurance), and any taxable income realized in
connection with the exercise of a nonqualified stock option, the disqualifying disposition of stock
received under an incentive stock option, or the grant or vesting of restricted property. In
addition, if an Employee elects to defer all or any portion of his or her compensation, such
deferred compensation shall be included in the Employee’s compensation during the calendar year in
which it would have been paid to the Employee but for the deferral election.

Notwithstanding the above, for the period prior to January 1, 2004, the Employee’s
compensation: (i) included all of the Employee’s regular salary, overtime, commissions, bonuses,
pre-tax contributions made to the 401(k) Plan, to an employee benefit plan under an arrangement
described in Section 125 of the Code or to a qualified transportation fringe benefit plan described
in Section 132(f)(4) of the Code, taxable reimbursements (such as moving expenses), taxable fringe
benefits (such as the cost of excess group term life insurance), and any taxable income realized in
connection with the exercise of a nonqualified stock option, the disqualifying disposition of stock
received under an incentive stock option, or the grant or vesting of restricted property; but (ii)
excluded taxable car benefits. In addition, if an Employee elected to defer all or any portion of
his or her compensation, such deferred compensation was included in the Employee’s compensation
during the calendar year in which it would have been paid to the Employee but for the deferral
election.

(7) Effective as of September 1, 2004, Section 4 of Article IV of the Plan is amended to read
as follows:

Section 4. The Bank may amend or terminate the Supplemental Plan at any time;
provided, however, that any such amendment or termination shall not adversely affect the rights of
any former Employee (or the survivor of any former Employee) then receiving benefits; and provided
further, that the vested benefits which any Employee had accrued immediately prior to the effective
date of such amendment or termination shall not be reduced.

(8) Effective as of September 1, 2004, Section 2(c) of Annex I of the Plan is amended to read
as follows:

(c) the eligible Employee’s adjusted monthly retirement income and actual monthly
retirement income shall each be actuarially adjusted to the equivalent single life annuity
form of payment.

(9) All section numbers and cross references thereto are appropriately amended to effectuate
the intention of the foregoing amendments.

Dated at Waterbury, Connecticut the            day of      , 20 .

	 	 	 
	ATTEST:

	 	WEBSTER BANK
	 
	 	 
	     

	 	By     
	 
	 	 
	Its Secretary

	 	Title:EX-10.3

AMENDMENT NO. 3

TO THE

SUPPLEMENTAL RETIREMENT PLAN

FOR EMPLOYEES OF

WEBSTER BANK

The Supplemental Retirement Plan for Employees of Webster Bank, as amended and restated
effective as of January 1, 2003, is hereby amended as follows:

(1) Effective as of January 1, 2007, the first paragraph of the “General” section of the Plan
is deleted and the following is substituted in lieu thereof:

This is a non-qualified supplemental retirement plan (the “Supplemental Plan”) for certain
employees of Webster Bank, National Association (the “Bank”) and its affiliates who are also
participants in the Webster Bank Pension Plan (the “Pension Plan”) or the Webster Bank Retirement
Savings Plan (the “401(k) Plan”).

(2) Effective as of January 1, 2007, two new paragraphs are added at the end of the “General”
section of the Plan to read as follows:

Effective as of January 1, 2007, benefit accruals under the Pension Plan will cease for all
employees who are first hired or are rehired on or after January 1, 2007. Effective as of January
1, 2008, benefit accruals under the Pension Plan will cease for all other employees. Therefore:
(a) all employees who are first hired on or after January 1, 2007 will receive no supplemental
retirement income under the Plan; (b) all employees who are rehired on or after January 1, 2007
will receive no additional accrual of supplemental retirement income on or after January 1, 2007,
and the amount of their supplemental retirement income will not exceed the amount of their
supplemental retirement income determined as of the date of their prior termination of employment;
and (c) all other employees will accrue no additional supplemental retirement income on or after
January 1, 2008, and the amount of their supplemental retirement income will not exceed the amount
of their supplemental retirement income determined as of the close of business on December 31,
2007.

In addition: (a) effective as of January 1, 2007, all employees who are first hired on or
after January 1, 2007 will be eligible to receive both matching contributions and nonelective
contributions under the 401(k) Plan; (b) effective as of April 1, 2007, all employees who are
rehired on or after January 1, 2007 will be eligible to receive both matching contributions and
nonelective contributions under the 401(k) Plan; and (c) effective as of January 1, 2008, all other
employees will be eligible to receive (i) both matching contributions and nonelective contributions
under the 401(k) Plan, and (ii) if the employees are employed on December 31, 2006 and are active
participants in the Pension Plan on December 31, 2007, transition contributions under the 401(k)
Plan. Therefore, under the Plan, the supplemental matching contributions of each eligible employee
will be determined by reference to the matching contribution formula, nonelective contribution
formula, and transition contribution formula applicable to the employee under the 401(k) Plan.

(3) Effective as of January 1, 2007, Article I of the Plan is amended by deleting Section 9
and substituting the following in lieu thereof:

Section 9. “401(k) Plan” means the Webster Bank Retirement Savings Plan and any
subsequent amendments thereto. For the period prior to January 1, 2007, 401(k) Plan meant the
Webster Bank Employee Investment Plan.

(4) Effective as of January 1, 2007, a new Section 2(h) is added to Article II of the Plan to
read as follows:

(h) Effective as of January 1, 2007, benefit accruals under the Pension Plan will cease for
all Employees who are first hired or are rehired on or after January 1, 2007. Effective as of
January 1, 2008, benefit accruals under the Pension Plan will cease for all other Employees
(including but not limited to the Chairman and Chief Executive Officer of the Bank and the
President of the Bank who were in office on January 1, 2004). Therefore, notwithstanding anything
else in this Article II to the contrary:

(i) all Employees who are first hired on or after January 1, 2007 will receive no
Supplemental Retirement Income under the Plan;

(ii) all Employees who are rehired on or after January 1, 2007 will receive no
additional accrual of Supplemental Retirement Income on or after January 1, 2007, and the
amount of their Supplemental Retirement Income will not exceed the amount of their
Supplemental Retirement Income determined as of the date of their prior termination of
employment; and

(iii) all other Employees (including but not limited to the Chairman and Chief
Executive Officer of the Bank and the President of the Bank who were in office on January 1,
2004) will accrue no additional Supplemental Retirement Income on or after January 1, 2008,
and the amount of their Supplemental Retirement Income will not exceed the amount of their
Supplemental Retirement Income determined as of the close of business on December 31, 2007.

(5) Effective as of January 1, 2007, Section 2(a) of Article III of the Plan is amended to
read as follows:

(a) As of the last day of each calendar year, the amount of an eligible Employee’s
Supplemental Matching Contributions will be determined. The amount of such Supplemental Matching
Contributions for a calendar year will equal the sum of the following:

(i) the excess, if any, of: (A) the Employee’s adjusted matching contributions, as
determined under Section 2(b) of Article III, for such calendar year; over (B) the maximum
amount of matching contributions which would have been allocated for the benefit of the
Employee under the 401(k) Plan for such calendar year if he or she had actually made the
maximum elective deferrals permitted by the terms of the 401(k) Plan (determined in
accordance with the limitations set forth in the 401(k) Plan and in Code Sections 401(k),
401(m), 402(g), 415 and 401(a)(17));

(ii) if the eligible Employee is entitled to receive nonelective contributions under
the 401(k) Plan, the excess, if any, of: (A) the Employee’s adjusted nonelective
contributions, as determined under Section 2(b) of Article III, for such calendar year; over
(B) the actual nonelective contributions received by the Employee during the calendar year
(determined in accordance with the limitations set forth in the 401(k) Plan and in Code
Section 415 and 401(a)(17));

(iii) if the eligible Employee is entitled to receive transition contributions under
the 401(k) Plan, the excess, if any, of: (A) the Employee’s adjusted transition
contributions, as determined under Section 2(b) of Article III, for such calendar year; over
(B) the actual transition contributions received by the Employee during the calendar year
(determined in accordance with the limitations set forth in the 401(k) Plan and in Code
Section 415 and 401(a)(17)); and

(iv) with respect to the Chairman and Chief Executive Officer of the Bank and the
President of the Bank who were in office on January 1, 2004, if the Employee is entitled to
receive transition contributions under the 401(k) Plan, an additional supplemental
transition contribution.

(6) Effective as of January 1, 2007, Section 2(b) of Article III of the Plan is amended to
read as follows:

(b) For purposes of Section 2(a)(i)(A) of Article III, an Employee’s adjusted matching
contributions shall equal the Matching Percentage of the Employee’s elective deferrals under the
401(k) Plan to the extent they do not exceed the Minimum Percentage of the Employee’s compensation,
except that:

(i) it shall be assumed that the Employee elected to contribute at least the Minimum
Percentage of his or her compensation as elective deferrals under the 401(k) Plan;

(ii) adjusted matching contributions shall be determined without regard to the
limitations on elective deferrals under Section 401(k) and Section 402(g) of the Code;

(iii) adjusted matching contributions shall be determined without regard to the
limitations on matching contributions under Section 401(m) of the Code;

(iv) adjusted matching contributions shall be determined without regard to the
limitations on contributions under Section 415 of the Code;

(v) adjusted matching contributions shall be determined without regard to the
limitations on compensation under Section 401(a)(17) of the Code; and

(vi) adjusted matching contributions shall be determined by reference to the definition
of compensation set forth in Section 2(c) of Article III.

The adjustments for determining adjusted matching contributions which are described in this Section
2(b) of Article III shall apply to all calendar years in which the Employee was eligible to
participate in the Supplemental Plan, including any calendar years prior to the effective date of
any amendment to the Supplemental Plan.

For purposes of Section 2(a)(ii)(A) of Article III, an Employee’s adjusted nonelective
contributions shall equal the nonelective contributions that the Employee would receive under the
401(k) Plan, except that:

(i) adjusted nonelective contributions shall be determined without regard to the
limitations on contributions under Section 415 of the Code;

(ii) adjusted nonelective contributions shall be determined without regard to the
limitations on compensation under Section 401(a)(17) of the Code; and

(iii) adjusted nonelective contributions shall be determined by reference to the
definition of compensation set forth in Section 2(c) of Article III.

For purposes of Section 2(a)(iii)(A) of Article III, an Employee’s adjusted transition
contributions shall equal the transition contributions that the Employee would receive under the
401(k) Plan, except that:

(i) adjusted transition contributions shall be determined without regard to the
limitations on contributions under Section 415 of the Code;

(ii) adjusted transition contributions shall be determined without regard to the
limitations on compensation under Section 401(a)(17) of the Code; and

(iii) adjusted transition contributions shall be determined by reference to the
definition of compensation set forth in Section 2(c) of Article III.

For purposes of Section 2(a)(iv) of Article III, an additional supplemental transition
contribution shall be determined as follows:

(i) the additional supplemental transition contribution for the Chairman and Chief
Executive Officer of the Bank who was in office on January 1, 2004 shall equal twenty-five
and five-tenths percent (25.5%) of his additional supplemental transition contribution
compensation; provided, however, that such Employee shall not receive an additional
supplemental transition contribution for any period following the date on which he
terminates employment or the date on which he reaches age 65 (whichever occurs first);

(ii) the additional supplemental transition contribution for the President of the Bank
who was in office on January 1, 2004 shall equal forty-five and four-tenths percent (45.4%)
of his additional supplemental transition contribution compensation; provided, however, that
such Employee shall not receive an additional supplemental transition contribution for any
period following the date on which he terminates employment or December 31 of the calendar
year in which he reaches age 65 (whichever occurs first); and

(iii) for purposes of determining an Employee’s additional supplemental transition
contribution, his additional supplemental transition contribution compensation shall equal
his base pay and any bonuses earned during the applicable period (whether or not paid during
the applicable period).

(7) Effective as of January 1, 2007, Section 3 of Article III of the Plan is amended to read
as follows:

Section 3. Vesting of Supplemental Matching Contributions. Subject to Section
3 of Article IV, an eligible Employee will become vested and will have a nonforfeitable right to
receive the amount credited to his or her Supplemental Matching Contributions Account as follows:

(a) With respect to an eligible Employee’s supplemental matching contributions as described
in Section 2(a)(i) of Article III, in the same manner and to the same extent as the amount
credited to the Employee’s matching contributions account under the 401(k) Plan;

(b) With respect to an eligible Employee’s supplemental nonelective contributions as
described in Section 2(a)(ii) of Article III, in the same manner and to the same extent as
the amount credited to the Employee’s nonelective contributions account under the 401(k)
Plan; and

(c) With respect to an eligible Employee’s supplemental transition contributions as
described in Section 2(a)(iii) of Article III and additional supplemental transition
contributions as described in Section 2(a)(iv) of Article III, in the same manner and to the
same extent as the amount credited to the Employee’s transition contributions account under
the 401(k) Plan.

(8) All section numbers and cross references thereto are appropriately amended to effectuate
the intention of the foregoing amendments.

Dated at Waterbury, Connecticut the            day of      , 20 .

	 	 	 
	ATTEST:

	 	WEBSTER BANK, NATIONAL ASSOCIATION
	 
	 	 
	     

	 	By     
	 
	 	 
	Its Secretary

	 	Title:

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