Document:

CHANGING VOICEMAIL GREETINGS

AMENDMENT NO. 1

TO THE

WEBSTER BANK

DEFERRED COMPENSATION PLAN

FOR DIRECTORS AND OFFICERS

 

The Webster Bank Deferred Compensation Plan for Directors and Officers, as amended and restated on October 22, 2007 effective as of January 1, 2005, is hereby amended as follows:

(1)Effective as of the date of adoption of this amendment, Article IV of the Plan is amended by adding a new Section 4.4(c) thereto to read as follows:

(c)Notwithstanding the above, if a Vesting Change in Control occurs and the employment of a Participant is terminated other than for Cause or Disability, or the Participant terminates his or her employment for Good Reason, during the two year period following the Vesting Change in Control, then the Participant shall become vested and shall have a nonforfeitable right to receive his or her entire Supplemental Contributions Account under the Plan.

For purposes of this Section 4.4(c):

(i)"Cause" shall mean:

(A)the willful and continued failure of the Participant to perform substantially the Participant's duties with the Corporation or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness or following the Participant's delivery of a notice of termination for Good Reason), after a written demand for substantial performance is delivered to the Participant by the Board of Directors or the Chief Executive Officer of the Corporation that specifically identifies the manner in which the Board of Directors or the Chief Executive Officer believes that the Participant has not substantially performed the Participant's duties; or

(B)the willful engaging by the Participant in illegal conduct or gross misconduct that is materially and demonstrably injurious to the Corporation.

For purposes of this subsection (c)(i), no act, or failure to act, on the part of the Participant shall be considered "willful" unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant's action or omission was in the best interests of the Corporation.  Any act, or failure to act, based upon authority (A) given pursuant to a resolution duly adopted by the Board of Directors or, if the Corporation is not the ultimate parent corporation of its affiliated companies and is not publicly-traded, the board of directors of the ultimate parent of the Corporation (the "Applicable Board"); (B) upon the instructions of the Chief Executive Officer of the Corporation or a senior officer of the Corporation; or (C) based upon the advice of counsel for the Corporation, shall be conclusively presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of the Corporation.  The cessation of employment of the Participant shall not be deemed to be for Cause unless and until there shall have been delivered to the Participant a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Applicable Board at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Participant and the Participant is given an opportunity, together with counsel for the Participant, to be heard before the Applicable Board), finding that, in the good faith opinion of the Applicable Board, the Executive is guilty of the conduct described in subsection (c)(i)(A) or subsection (c)(i)(B) above, and specifying the particulars thereof in detail.

(ii)"Disability" shall mean the absence of the Participant from the Participant's duties with the Corporation on a full-time basis for one hundred eighty (180) consecutive business days as a result of incapacity due to mental or physical illness that is determined to be total and permanent by a physician selected by the Corporation or its insurers and acceptable to the Participant or the Participant's legal representative.

(iii)"Good Reason" shall mean:

(A)the assignment to the Participant of any duties inconsistent in any respect with the Participant's position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by any agreement between the Corporation and the Participant, or any other action by the Corporation which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Corporation promptly after receipt of notice thereof given by the Participant;

(B)any failure by the Corporation to provide the Participant the compensation or benefits required by any agreement between the Corporation and the Participant, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and that is remedied by the Corporation promptly after receipt of notice thereof given by the Participant;

(C)the Corporation's requiring the Participant to be based at any office or location other than as provided in any agreement between the Corporation and the Participant, or the Corporation's requiring the Participant to travel on Corporation business to a substantially greater extent than required immediately prior to the Vesting Change in Control;

(D)any purported termination by the Corporation of the Participant's employment otherwise than as expressly permitted by any agreement between the Corporation and the Participant; or

(E)any failure by the Corporation to cause any successor to all or substantially all of its business and/or assets to assume expressly and agree to perform the obligations of the Corporation under any agreement between the Corporation and the Participant.

For purposes of this subsection (c)(iii), any good faith determination of "Good Reason" made by the Participant shall be conclusive.  The Participant's mental or physical incapacity following the occurrence of an event described above in subsections (c)(iii)(A) through (c)(iii)(E) shall not affect the Participant's ability to terminate employment for Good Reason.

(iv)"Vesting Change in Control" shall mean:

(A)Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (I) the then outstanding shares of common stock of the Corporation (the "Outstanding Corporation Common Stock") or (II) the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the "Outstanding Corporation Voting Securities"); provided, however, that for purposes of this subsection (c)(iv)(A), the following acquisitions shall not constitute a Change in Control: (I) any acquisition directly from the Corporation, (II) any acquisition by the Corporation, (III) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any affiliated company, or (IV) any acquisition pursuant to a transaction which complies with clauses (I), (II) and (III) of subsection (c)(iv)(C); or

(B)Any time at which individuals who, as of the date of the amendment and restatement of this Plan, constituted the Board of Directors of the Corporation (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to such date whose election, or nomination for election by the Corporation's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors; or

(C)Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Corporation or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its subsidiaries (each a "Business Combination"), in each case, unless, following such Business Combination: (I) all or substantially all of the individuals and entities that were the beneficial owners, respectively, of the Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction owns the Corporation or all or substantially all of the Corporation's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities, as the case may be; (II) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination; and (III) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination; or

(D)Approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation.

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

Dated this             day of                         , 20     .

Witness:WEBSTER BANK, NATIONAL ASSOCIATION

 

_______________________By__________________________

    Itsex10-5.htm

    
      

    

    Exhibit
      10.5

     

    
      FORM
        OF

      SPLIT-DOLLAR
        AGREEMENT

      

      THIS
        AGREEMENT made this _____ day of
        ________, by and between PRUDENTIAL SAVINGS BANK, PaSA, a Pennsylvania
        corporation (hereinafter called the "Company"); and ______________________,
        (hereinafter called the "Director");

      

      WITNESSETH:

      

      WHEREAS,
        the Director is a valuable and
        experienced member of the Company's Board of Directors and has been for several
        years; and

      

      WHEREAS,
        the Company desires that the
        Director continue to render services to the Company; and

      

      WHEREAS,
        the parties desire to
        establish a split-dollar life insurance plan in order to provide insurance
        protection for the benefit of the Director;

      

      NOW
        THEREFORE, in consideration of the
        services heretofore rendered and to be rendered by the Director and of the
        mutual covenants considered herein, the parties hereby agree as
        follows:

      

      1.
        PURCHASE OF POLICY. The Director
        shall apply to Provident Mutual Life Insurance Company (hereinafter called
        the
        "Insurer") for a life insurance policy on the life of the Director and his
        spouse in the face amount of $200,000.

      

      2.
        OWNERSHIP OF THE POLICY. The
        Director shall be the owner of the insurance policy on the Director's life
        and
        the life of his spouse identified in Exhibit "A", attached hereto and made
        a
        part hereof, and may exercise all rights of ownership with respect to the
        policy
        except as otherwise hereinafter provided.

      

      3.
        PAYMENT OF PREMIUMS ON POLICY. The
        Company agrees to remit to the Insurer the entire annual premium due in a
        timely
        manner at the beginning of each policy year.

      

      4.
        ELECTION OF DIVIDEND OPTION. All
        dividends hereafter declared by insurer on the policy shall be applied as
        elected by the Company.

      

      5.
        COLLATERAL ASSIGNMENT FOR BENEFIT OF
        COMPANY. The Director shall execute and cause to be filed with the Insurer
        a
        collateral assignment of the policy to the Company as security for the payment
        of any indebtedness of the Director to the Company as hereinafter set forth
        in
        Paragraphs Six and Seven. Such collateral assignment shall be attached and
        made
        a part of this agreement and referred to as Exhibit "B".

      

      6.
        DISPOSITION OF POLICY PROCEEDS.
        Notwithstanding any beneficiary designation made on the policy, the Company
        shall be entitled to the following amounts from the policy:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (a)           
        Death of Director and Spouse - At the death of the Director and his spouse
        the
        Company shall be entitled to an amount equal to the total premiums paid by
        the
        Company under Paragraph 3 diminished by any indebtedness to the Insurer on
        the
        policy.

      

      (b)           
        Termination of Agreement - In the event of the termination of this agreement,
        the Company shall be entitled to receive an amount equal to the premiums
        paid by
        the Company under Paragraph 3 at the time of the termination of the agreement,
        diminished by any indebtedness to the Insurer on the policy.

      

      7.
        TERMINATION OF AGREEMENT. Either
        party hereto, with the consent of the other, may terminate this agreement
        by
        giving notice of termination in writing. In the event of termination of this
        agreement by any means, the Director shall for 60 days from the date of said
        notice have the right to purchase the policy from the Company. The purchase
        price of such policy shall be an amount equal to that which would have been
        payable to the Company under Section 6(b) hereof had the Director's death
        occurred on the date said payment is made. In the event of purchase by the
        Director, the Company agrees to execute such documents as may be necessary
        to
        transfer sole and complete ownership to the Director.

      

      8.
        INCLUDABLE INCOME. The Director
        shall be responsible for determining the amount, if any, includable in his
        gross
        income for Federal income tax purposes as the result of this
        agreement.

      

      9.
        LIABILITY OF LIFE INSURANCE COMPANY.
        It is understood by the parties hereto that in issuing policies of insurance
        pursuant to this agreement, the Insurer shall have no liability except that
        set
        forth in the policy. The insurer shall not be bound to inquire into or take
        notice of any of the covenants herein contained as to such policies of
        insurance, or as to the application of the proceeds of such policy. Upon
        the
        death of the insured, the Insurer shall be discharged from all liability
        on
        payment of the proceeds in accordance with the policy provisions without
        regard
        to this agreement or any amendment hereto.

      

      10.
        AMENDMENTS. Amendments may be made
        to this agreement by a writing signed by each of the parties and attached
        hereto. Additional policies of insurance on the life of the Director may
        be
        purchased under this agreement by amendment of Paragraph 1 hereof.

      

      IN
        WITNESS WHEREOF, the parties have
        set their hands and seals, the Company by its duly authorized officer, on
        the
        day and year above written.

      

      
        	
                WITNESS:

              	
                _____________________________

              
	 	 
	
                _______________________________

              	 
	 	 
	
                _______________________________

              	 
	 	
                PRUDENTIAL
                  SAVINGS BANK PaSA

              
	 	 
	 	
                By:
                  ____________________________

              
	 	
                Title:
                  ___________________________

              

      

       

       

      2

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