Document:

Exhibit 10.8

 Exhibit 10.8 
 RESTRICTED STOCK AGREEMENT 
 (Under the People’s United Financial,
Inc. 2008 Long-Term Incentive Plan) 
 Granted to: NUF_OptioneeName_First_MI_Last 

(“you” or the “Participant”) 
 In accordance with the terms of the People’s United Financial, Inc. 2008 Long-Term Incentive Plan (the “Plan”), People’s United is pleased to grant you an award (the “Award”)
of Granted shares of People’s United Financial, Inc. (the “Company”) Common Stock (the “Shares”). The Shares granted to you under this Agreement are subject to the restrictions set forth in Section 3 hereof and to the
other terms and conditions set forth in this Agreement and in the Plan. 
 You and the Company agree that the Award is subject
to the following terms and conditions: 
 1. Definitions. All of the terms and provisions of the Plan are deemed incorporated
into this Agreement by reference to the same purposes and effect as if the Plan were set forth in its entirety in this Agreement. All terms used in this Agreement and defined in the Plan shall, unless otherwise defined herein, have the same meanings
as in the Plan. The term “Common Stock” refers to the Company’s Common Stock, par value $.01 per share, and includes any class or series of securities into which such capital stock may be changed, as contemplated by Section 12 of
the Plan. The terms “person” and “security,” and any variations of such terms, shall have the broadest meanings assigned to them by the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934 (the “Exchange Act). 
 2. Grant Date. The Award is granted and made effective Grant_Date (the
“Grant Date”). Each Share has a Fair Market Value of $XX.XXXX on the Grant Date. 
 3. Restrictions on Shares. Subject
to the provisions of the Plan, you may not sell, assign, transfer, pledge, hypothecate or otherwise dispose of or encumber the Shares until they have vested in accordance with the vesting schedule set forth in Section 4 of this Agreement. The
Company will permit transfer of the Shares only in accordance with the terms of this Agreement. Any transfer of the Shares made in any manner contrary to this Agreement will be void and ineffective to constitute the transferee a shareholder of the
Company entitled to any rights, benefits or privileges as such. 
 4. Vesting. One-half (50%) of the Shares will vest on
the second anniversary of the Grant Date; one-quarter (25%) of the Shares will vest on the third anniversary of the Grant Date; and the remaining one-quarter (25%) of the Shares will vest on the fourth anniversary of the Grant Date.
Vesting will occur only if you have continuously been an employee of the Company (or one or more of its affiliates) from the Grant Date through the applicable vesting date; provided, however, that notwithstanding the foregoing, all Shares which are
unvested as of the date of your termination of employment with the Company (or one or more of its affliliates) by reason of your death, Disability or Retirement shall vest immediately upon such termination, and the Restriction Period applicable to
all such Shares shall expire. 
 5. Forfeiture. You will forfeit all unvested Shares upon the termination of your employment
with the Company (or one or more of its affiliates) for any reason (other than death, Disability or Retirement) during the applicable Restriction Period. 

 6. Voting. You will have the right to vote the Shares from the Grant Date. Your right to
vote the Shares will expire immediately upon forfeiture or revocation of the Award with respect to all Shares so forfeited or revoked. 
 7. Cash Dividends. Any cash dividends that may be paid with respect to the Shares will be paid to you as soon as practicable. Dividends will be paid to you, and will be taxable in the same manner as other
compensation paid to you, by the Company. In the case of any Shares which are forfeited by you, no cash dividends will be paid to you with respect to any forfeited Shares on or after the date such forfeiture occurs. 

8. Other Distributions. Any stock dividends that may be paid with respect to the Shares will be payable in the form of additional shares
of Restricted Stock which will be subject to the terms, conditions and restrictions set forth in this Agreement. If any warrants or rights are issued with respect to the Shares and are exercised, the shares issued with respect to such warrants or
rights shall also be Restricted Stock subject to the terms, conditions and restrictions set forth in this Agreement. The restrictions on such stock dividends will lapse when the restrictions on the Shares lapse. 

9. Return of Certain Dividends and Distributions. If this Award is subsequently revoked pursuant to Section 19 of this Agreement,
and if prior to the date of such revocation you received or became eligible to receive any dividends or other distributions with respect to this Award, you will be required to repay or return all such dividends or distributions to the Company within
five (5) business days following the later of (a) the date your Award is revoked or (b) the date such dividends are paid or such distribution is made to you. In the event you fail to do so, the Company may withhold the amount to be
repaid or returned by you from any subsequent payments (including salary, bonus or other compensation) payable to you by the Company or any of its affiliates as a result of your employment. 

10. Absence of Share Certificates. The Shares will be registered in your name on the Company’s stock transfer records but will be
issued in book-entry form and will not be represented by certificates. 
 11. Delivery of Certificates. If the Company issues
certificates representing the Shares, it may postpone the delivery of the certificates for the Shares for such time as it deems necessary or desirable to enable it to comply with the requirements of the Securities Act or the Exchange Act, any rules
or regulations of the SEC promulgated thereunder, or the requirements of applicable state laws relating to the authorization, issuance or sale of securities generally. 
 12. Adjustments in Shares. In the event of any changes in the Company’s capital structure during the term of this Agreement, the provisions of Section 13 of the Plan shall apply. 

13. Corporate Law Status of Shares. The Shares granted pursuant to this Agreement constitute validly issued and outstanding Shares of the
capital stock of the Company and are fully paid and nonassessable. 
 14. Modification and Waiver. No modification or waiver of
any of the provisions of this Agreement shall be binding upon either the Company or you unless it is made in writing, signed by you and countersigned on behalf of the Company by an executive officer thereof (other than you). 

15. Binding Effect. Except as provided in Section 3 hereof, this Agreement shall be binding upon and inure to the benefit of the
parties hereto, their heirs, personal representatives, successors and assigns. 

  
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 16. Resolution of Controversies. Any dispute or disagreement that may arise under, or in any
way may relate to, the interpretation, construction or application of this Agreement shall be subject to determination by the Committee after appropriate notice to the affected parties and reasonable opportunity to be heard by the Committee. Any
determination made by the Committee shall be final, binding and conclusive for all purposes. 
 17. Notices. All notices,
requests, demands, or other communications required, permitted or contemplated by this Agreement shall be deemed effectively served, delivered or otherwise made (a) upon receipt if manually delivered, or (b) upon the delivery date shown on
the returned receipt (or if delivery is refused, on the date presented for delivery) if mailed by United States registered or certified mail, postage prepaid, return receipt requested, and if intended for the Company, directed to the
Committee’s attention, in care of People’s United Bank, 850 Main Street, Bridgeport, Connecticut 06604; or if intended for you, directed to you at the address set forth below immediately following your signature. Either party may, by
notice delivered in accordance with this Section, notify the other party of a different address for all future notices, which will be effective upon delivery to the other party. 

18. Non-Solicitation. During the period of your employment with the Company or any of its affiliates, and for a period of 12 months after
the cessation of your employment for any reason, whether with or without cause, you will not, directly or indirectly , on your own behalf or on behalf of any other person, and whether through your own efforts or through the efforts or employing the
assistance of any other person (including without limitation any consultant or any person employed by or associated with any person with whom you become employed or associated): 

 

	 	a)	call on or solicit in any manner any customer of the Company or any of its affiliates for the purpose of doing business of the type done by the Company or any of its
affiliates with such customer. For purposes of this Agreement, “customer” means any individual, firm, partnership, corporation, or other entity or person (i) currently doing business or who has done business with the Company or any of
its affiliates in the 12 months prior to the cessation of your employment, or (ii) any prospective customer that you know to be a prospective customer of the Company or any of its affiliates and with whom the Company or any of its affiliates
reasonably expects to do business; or 

  

	 	b)	Solicit or otherwise induce any employee of the Company or any of its affiliates to leave the employ of the Company or any of its affiliates. 

By accepting and agreeing to the terms of this Agreement, you acknowledge that your receipt of the grant of the Award evidenced by this Agreement
represents adequate consideration for the undertaking set forth in this Section 18. 
 19. Revocation
of Grant. No later than forty-five (45) days after the Grant Date (the “Acceptance Date”), you must formally accept and agree to the terms and conditions of the Award as set forth in this Agreement. You must do so
(a) electronically, if you are directed to do so at the time your Award is formally communicated to you and you receive a copy of this Agreement, or (b) by returning a signed copy of this Agreement to the Manager of Executive Rewards in
the Human Resources Department, 850 Main Street, BC-03, Bridgeport, CT 06604 so that it is received no later than the close of business on the Acceptance Date. If you do not accept and agree to the terms and conditions of the Award as
set forth in this Agreement by the Acceptance Date, the Award evidenced hereby shall be null and void, and shall be deemed to have been revoked, on the first business day following the Acceptance Date. If the 45th day after the Grant Date is not a business day, the Acceptance Date
will be the first business day after such 45th day. A
business day is any day other than a Saturday, a Sunday, or a day on which the Company’s banking offices in Connecticut are not scheduled to be open for business. 

  
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 20. Entire Agreement. This Agreement and the Plan contain all understandings between you,
the Company, and any of its affiliates regarding the Shares. No other communications regarding the Shares are to be considered binding upon you and the Company unless they are identified as amendments to this Agreement, are in writing and are signed
by you and the Company as provided in this Agreement. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed on its behalf by its Senior Executive Vice President, and the Participant has executed this Agreement, intending to be legally bound hereby, effective the Grant_Date@Date day of Grant_Date 

 

					
		 	PEOPLE’S UNITED FINANCIAL, INC.
			
		 	 By:
	 	  

	
	 Its Senior Executive Vice President

 

		 	  
 Your
Signature

		
		 	 Your Mailing Address:

		
		 	  

		
		 	  

		
		 	  

		
		 	 Employee SS#:     -    -    

		
		 	 Employee ID#:

  
 4Exhibit 10.9(a)

 Exhibit 10.9(a) 
 FIRST AMENDMENT TO THE 
 FIRST AMENDED AND RESTATED PEOPLE’S UNITED
BANK CAP EXCESS PLAN 
 WHEREAS, People’s United Bank, a federally chartered savings bank (the
“Bank”), maintains the First Amended and Restated People’s United Bank Cap Excess Plan (the “Plan”) for a select group of management or highly compensated employees who meet certain qualifications; and 

WHEREAS, the Bank, by action of the Human Resources Committee has reserved the right to make amendments from time to time to the
Plan pursuant to Article XI thereof; and 
 WHEREAS, the Committee on July 6, 2011, determined to amend the Plan to:
(i) provide that no Plan Participant’s compensation paid after December 31, 2011, or service performed after such date shall be taken into account under the Plan in determining such Participant’s benefit thereunder;
(ii) notwithstanding the above, to provide that each Plan Participant’s service after December 31, 2011, nonetheless shall be taken into account under the Plan for purposes of determining such Participant’s vesting in benefits
accrued under the Plan accrued as of December 31, 2011, and eligibility to receive an early retirement benefit under the Plan; and (iii) to provide that any Employee who has not become a Participant in the Plan before January 1, 2012,
shall not be eligible to become a Participant in the Plan on or after such date; and 
 WHEREAS, the Committee on
December 15, 2011, determined to amend the Plan to provide for an early payment for each Participant in an amount sufficient to pay the Participant’s portion of the FICA withholding taxes attributable to the ascertainable benefit amount
under the Plan and an additional amount estimated to pay the applicable state and federal income withholding taxes and FICA withholding taxes relating to such payment and any related “gross-up” payment; and, further, to provide for an
offset against the Plan Benefit payable following such Participant’s termination of employment to reflect such early payment; and 
 WHEREAS, the undersigned officer has been duly authorized by the Bank to execute such amendments. 
 NOW, THEREFORE, the Bank hereby amends the Plan, as follows, effective December 31, 2011, or as otherwise provided herein: 

1. There is hereby added after the last paragraph of ARTICLE 1 a new paragraph, to read as follows: 

“Benefits under the Plan and the ERP have been frozen effective December 31, 2011, and no increases shall be
made to a Participant’s Plan Benefit determined as of December 31, 2011, as a result of service performed by or compensation earned or paid to the Participant for periods after December 31, 2011. No employee who was initially employed
by the Bank before August 14, 2006, who had not become a Participant in the Plan by December 31, 2011, shall be eligible to become a Participant in the Plan after December 31, 2011. Notwithstanding the above, to allow Participants to
continue to vest in their benefit in the Plan determined as of December 31, 2011, a Participant’s Years of Vesting Service after December 31, 2011 (up to his termination of employment with the Bank) shall continue to be taken into
account under the Plan solely for purposes of determining such Participant’s vesting in his Plan Benefit as of December 31, 2011.” 

 2. Section 2.14 of the Plan is amended in its entirety to read as follows: 

 

	 	“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, as of December 31, 2011, without recognition of the Participant’s Credited Service or Annual Salary paid or accrued after December 31, 2011, 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, if any, provided by Section 5.8 of the ERP.” 

3. Section 3.4 of the Plan is amended in its entirety to read as follows: 

 

	 	“3.4.	August 14. 2006 Cutoff. 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. For Employees rehired before January 1, 2012, 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, 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. Employees rehired on and after January 1, 2012, shall not be eligible to participate in the Plan.”

 4. Section 5.1 is hereby amended to read in its entirety as follows: 

“5.1 Amount of Plan Benefit. Any vested Participant shall be entitled to receive under the Plan a benefit (the
“Plan Benefit”). The Plan Benefit shall be a benefit based on a monthly amount payable in the Single Life Form to the Participant equal to the excess of A. over B. where: 

 

	 	A.	is equal to the monthly benefit such Participant would have received for each month under the ERP based on the benefit accrued thereunder as of December 31, 2011,
if the applicable limitations imposed by Sections 401(a)(17) or 415 or both of the Code and regulations thereunder (as then applicable) had not been included in the ERP; and 

 

	 	B.	is equal to the monthly amount of the Participant’s ERP Benefit based on the accrued benefit thereunder as of December 31,2011. 

The form and timing of payments shall be determined in accordance with the provisions of Section 5.2.” 

  
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 5. Section 5.3 is added to the Plan, effective December 15, 2011, to read as
follows: 
 “5.3 Withholding Taxes. The Bank shall pay such amounts as come due under any Federal,
state or local laws or regulations such as the provisions of Sections 3121 (v) and 3401 (a) of the Code to the proper governmental agencies (i) with respect to the employee’s share of FICA taxes attributable to his benefits under
the Plan; (ii) income tax withholding on the amount of the such taxes, and (iii) any withholding taxes attributable to the amounts of such withholding described in (i) and (ii) so that the Participant’s out of pocket payment
of taxes is not increased for a year in which no distribution of Plan benefits is made (such payments described in (iii) being sometimes known as “gross-ups”). Further, with respect to actual distribution of Plan benefits (other than
those provided for in the immediately preceding sentence) the Bank shall make such provisions and take such action as it may deem necessary or appropriate for the withholding of any taxes which the Bank is required by any law or regulation of any
governmental authority, whether Federal, state or local, to withhold in connection with such payment. Any amounts paid by the Bank pursuant to any provision of this Section shall be subtracted from the payment to such Participant or his Beneficiary
of his Plan Benefit or death benefit,” 
 6. The second sentence of Section 11.4 of the Plan is amended to read as
follows: 
 “Further, the Bank may cease all further benefit accruals, and has done so, effective December 31,
2011.” 
 7. The first sentence of Section 14.1(a) of the Plan prior to the colon is modified to read as follows:

 “(a) The Credited Service of a Participant shall terminate upon his termination of service with the Bank
(except as provided in Section 14.3) or December 31, 2011, if earlier, but such termination of service shall be determined in accordance with the following rules, provided that no service after December 31, 2011 is recognized:”

 8. Section 14.1(g) is added to the Plan to read as follows: 

(g) Notwithstanding any provision of this Article XIV to the contrary, a Participant’s Credited Service performed
after December 31, 2011, shall not be considered under the Plan in determining his Plan Benefit hereunder. Nonrecognition of a Participant’s Credited Service performed after December 31, 2011, shall not be deemed a termination of the
Participant’s Credited Service for purposes of allowing a distribution under the Plan. Notwithstanding the above, Years of Vesting Service performed after December 31, 2011, will be recognized by the Plan solely for purposes of satisfying
the vesting requirements under Article IV of the Plan.” 

  
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 IN WITNESS WHEREOF, the Committee and the Bank, acting by the Bank’s duly
authorized officer, hereby executes this amendment to be effective as herein provided. 
  

			
	PEOPLE’S UNITED BANK
		
	By:	 	 /s/ Robert E. Trautmann

		 	Robert E. Trautmann
		 	Senior Executive Vice President and General Counsel
		
	Date:	 	 12/23/11

  
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