Document:

Exhibit 4.9(a)

 Exhibit 4.9(a) 
 EXECUTION VERSION 
 PEOPLE’S UNITED FINANCIAL, INC, 

SMITHTOWN BANCORP, INC. 
 and 
 WILMINGTON TRUST COMPANY as Trustee 

 
  

FIRST SUPPLEMENTAL INDENTURE 
 Dated as of November 30, 2010 
 to 

INDENTURE 
 Dated
as of March 5, 2008 
  
  

FLOATING RATE JUNIOR SUBORDINATED DEBT SECURITIES DUE 2038 

 Exhibit 4.9(a) 
 THIS FIRST SUPPLEMENTAL INDENTURE dated as of November 30, 2010 (this “Supplemental Indenture”) is by and among Wilmington Trust Company, a Delaware banking corporation (herein, together
with its successors in interest, the “Trustee”), People’s United Financial, Inc., a savings and loan holding company incorporated in Delaware (the “Successor Company”), and Smithtown Bancorp, Inc., a bank holding company
incorporated in New York (the “Company”), under the Indenture referred to below. 
 NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the Trustee, the Company and the Successor Company hereby agree as follows: 

PRELIMINARY STATEMENTS 
 The Trustee and the Company are parties to that certain Indenture dated as of March 5, 2008 (the “Base Indenture”), pursuant to which the Company issued U.S. $20,619,000 of its Floating
Rate Junior Subordinated Debt Securities due 2038. 
 As permitted by the terms of the Base Indenture, the Company shall merge
(the “Merger”) with and into the Successor Company, with the Successor Company as the surviving entity, pursuant to an Agreement and Plan of Merger, dated as of July 15, 2010, between the Company and the Successor Company, and
simultaneously with the effectiveness of such Merger, this Supplemental Indenture shall become effective. The parties hereto are entering into this Supplemental Indenture pursuant to, and in accordance with, Articles IX and XI of the Base Indenture.

 SECTION 1. Definitions. All capitalized terms used herein that are defined in the Base Indenture, either directly or
by reference therein, shall have the respective meanings assigned them in the Base Indenture except as otherwise provided herein or unless the context otherwise requires. 
 SECTION 2. Interpretation. 
  

	 	(a)	In this Supplemental Indenture, unless a clear contrary intention appears: 

 

	 	(i)	the singular number includes the plural number and vice versa; 

  

	 	(ii)	reference to any gender includes the other gender; 

  

	 	(iii)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to
any particular Section or other subdivision; 

  

	 	(iv)	 reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by
this Supplemental Indenture or the Base Indenture, 

 Exhibit 4.9(a) 

 

	 	 
and reference to a Person in a particular capacity excludes such Person in any other capacity or individually provided that nothing in this clause (iv) is intended to authorize any
assignment not otherwise permitted by this Supplemental Indenture or the Base Indenture; 

  

	 	(v)	reference to any agreement, document or instrument means such agreement, document or instrument as amended, supplemented or modified and in effect from time to time in
accordance with the terms thereof and, if applicable, the terms hereof, as well as any substitution or replacement therefor and reference to any note includes modifications thereof and any note issued in extension or renewal thereof or in
substitution or replacement therefor; 

  

	 	(vi)	reference to any Section means such Section of this Supplemental Indenture; and 

 

	 	(vii)	the word “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such
term. 

  

	 	(b)	No provision in this Supplemental Indenture shall be interpreted or construed against any Person because that Person or its legal representative drafted such provision.

 SECTION 3. Assumption of Obligations. 

 

	 	(a)	Pursuant to, and in compliance and accordance with, Section 11.01 and Section 11.02 of the Base Indenture, the Successor Company hereby expressly assumes,
from and after the effectiveness of the Merger, the covenants, agreements and obligations of the Company, including (i) all of the obligations of the Company under the Debt Securities, the Base Indenture, the Capital Securities Guarantee and
the Declaration, and (ii) the due and punctual payment of the principal of and premium, if any, and interest on all of the Debt Securities and (iii) the due and punctual performance and observance of all of the covenants and conditions of the
Base Indenture to be performed or observed by the Company under the Base Indenture. 

  

	 	(b)	Pursuant to, and in compliance and accordance with, Section 11.02 of the Base Indenture, the Successor Company, from and after the effectiveness of the Merger,
succeeds to and is substituted for the Company, with the same effect as if the Successor Company had originally been named in the Base Indenture as the Company. 

  
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 Exhibit 4.9(a) 

 

	 	(c)	From and after the effectiveness of the Merger, the Successor Company also succeeds to and is substituted for the Company with the same effect as if the Successor
Company had originally been named in (i) the Declaration as Sponsor (as defined in the Declaration), and (ii) the Capital Securities Guarantee as Guarantor (as defined in the Capital Securities Guarantee). 

SECTION 4. Representations and Warranties. The Successor Company represents and warrants that (a) it has all necessary power
and authority to execute and deliver this Supplemental Indenture and to perform the Base Indenture, (b) that it is the successor of the Company pursuant to the Merger effected in accordance with applicable law, (c) that it is a corporation
organized and existing under the laws of the State of Delaware, (d) that after giving effect to the Merger and this Supplemental Indenture, no Default or Event of Default has occurred and is continuing and (e) that this Supplemental
Indenture is executed and delivered pursuant to Section 9,01 (a) and Article XI of the Base Indenture and does not require the consent of the Securityholders. 
 SECTION 5. Conditions of Effectiveness. This Supplemental Indenture shall become effective simultaneously with the effectiveness of the Merger, provided, however, that: 

 

	 	(a)	the Trustee shall have executed a counterpart of this Supplemental Indenture and shall have received one or more counterparts of this Supplemental Indenture executed by
the Successor Company and the Company; 

  

	 	(b)	the Trustee shall have received an Officers’ Certificate stating, among other things, that (i) this Supplemental Indenture complies with the requirements of
Article IX of the Base Indenture; and (ii) in the opinion of the signers, all conditions precedent, if any, provided for in the Base Indenture relating to the Merger and this Supplemental Indenture have been complied with;

  

	 	(c)	the Trustee shall have received an Opinion of Counsel to the effect that (i) this Supplemental Indenture is authorized or permitted by, and conforms to, the terms
of Article IX of the Base Indenture; (ii) it is proper for the Trustee, under the provisions of Article IX of the Base Indenture, to join in the execution of this Supplemental Indenture; (iii) the Merger and the assumption by the Successor
Company under this Supplemental Indenture comply with the provisions of Article XI of the Base Indenture; and (iv) all conditions precedent provided for in the Base Indenture relating to the Merger and this Supplemental Indenture have been
complied with; and 

  

	 	(d)	 the Successor Company and the Company shall have duly executed and filed with the Secretary of the State of the State of Delaware and the

  
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 Exhibit 4.9(a) 

 

	 	 
Department of State of the State of New York all certificates required to effect the Merger. 

 SECTION 6. Reference to the Base Indenture. 
  

	 	(a)	Upon the effectiveness of this Supplemental Indenture, each reference in the Base Indenture to “this Indenture,” “hereunder,” “herein” or
words of like import shall mean and be a reference to the Base Indenture, as affected, amended and supplemented hereby. 

  

	 	(b)	Upon the effectiveness of this Supplemental Indenture, each reference in the Debt Securities to the Base Indenture including each term defined by reference to the Base
Indenture shall mean and be a reference to the Base Indenture or such term, as the case may be, as affected, amended and supplemented hereby. 

  

	 	(c)	The Base Indenture, as amended and supplemented hereby shall remain in full force and effect and is hereby ratified and confirmed. 

SECTION 7. Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument, 

SECTION 8. Governing Law; Binding Effect. This Supplemental Indenture shall be governed by and construed in accordance with the
laws of the State of New York and shall be binding upon the parties hereto and their respective successors and assigns. 

SECTION 9. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or the due execution thereof by the Company or the Successor Company. The recitals of fact contained herein shall be taken as the statements solely of the Company or the Successor Company, and the Trustee
assumes no responsibility for the correctness thereof. 
 [Signatures on following page] 

  
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 Exhibit 4.9(a) 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed as of the day and year first written above. 
  

			
	SMITHTOWN BANCORP, INC.
		
	By:	 	  

		 	Name: Bradley E. Rock
		 	Title:   Chairman and Chief Executive Officer

  

			
	PEOPLE’S UNITED FINANCIAL, INC.
		
	By:	 	
 

		 	Name: Paul D. Burner
		 	 Title:   Senior Executive Vice President and
             Chief Financial Officer

 

			
	WILMINGTON TRUST COMPANY, not in its
individual capacity, but solely as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page for First
Supplemental Indenture to the March 5, 2008 Indenture] 

  

 Exhibit 4.9(a) 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed as of the day and year first written above. 
  

			
	SMITHTOWN BANCORP, INC.
		
	By:	 	
 

		 	Name: Bradley E. Rock
		 	Title:   Chairman and Chief Executive Officer
	
	PEOPLE’S UNITED FINANCIAL, INC.
		
	By:	 	  

		 	Name: Paul D. Burner
		 	 Title:   Senior Executive Vice President and
             Chief Financial Officer

 

			
	WILMINGTON TRUST COMPANY, not in its
individual capacity, but solely as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page for First
Supplemental Indenture to the March 5, 2008 Indenture] 

  

 Exhibit 4.9(a) 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed as of the day and year first written above. 
  

			
	SMITHTOWN BANCORP, INC.
		
	By:	 	  

		 	Name: Bradley E. Rock
		 	Title:   Chairman and Chief Executive Officer
	
	PEOPLE’S UNTIED FINANCIAL, INC.
		
	By:	 	  

		 	Name: Paul D. Burner
		 	 Title:   Senior Executive Vice President and
             Chief Financial Officer

	
	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Trustee
		
	By:	 	
 

		 	Name: Geoffrey J. Lewis
		 	Title: Assistant Vice President

[Signature Page for First Supplemental Indenture to the March 5, 2008 Indenture]Exhibit 10.3

 Exhibit 10.3 

 

 

 

 

 2011 SHORT TERM INCENTIVE PLAN (STIP) 
 People’s United Bank is committed to offering compensation programs that reinforce what is at the core of our compensation philosophy - to attract, retain and reward talented employees. 

Variable pay or incentive plans are part of the total compensation package at People’s United. Every member of the People’s United team plays
an important role in our success. As a result, all employees are eligible for a market-based variable pay opportunity under our compensation programs. These incentive plans are designed to strengthen the link between pay and performance while
ensuring People’s United remains competitive in its employment markets. 

 

 What is STIP? 
 The People’s United Bank Short Term Incentive Plan, STIP, is a variable pay plan that is designed to promote pay for performance and reward eligible employees for achievement of Company-wide,
division, and individual performance on a short term, or annual basis. 
 Who is eligible to participate in STIP? 

All level 45 and above employees that are not eligible for any Subsidiary, Division or Sales Incentive Plan. These employees are typically in support
(non-sales and non-branch) positions. 
 How does STIP work? 
 The Short Term Incentive Plan is based on two components: 
  

	 	•	 	 Company Performance: The pool for the Plan is funded based on the Company’s achievement of financial results as determined by the Board of
Directors. The funding of the plan will be adjusted up, down or remain at 100% based on the Company’s results. 

  

	 	•	 	 Individual Performance: Individual employee STIP targets are target payout amounts which are expressed as a percentage of the participant’s
base salary for the plan year. There are a range of targets

 How does STIP work? (continued) 

based on level. STIP targets are determined at the start of each performance year and an employee’s target can vary from one
performance year to the next. 
 Managers and employees set annual business and competency priorities for each STIP participant at the beginning
of the plan year and document them on the Performance and Development Form. Annual business priorities should support the Company’s and the employee’s division’s strategic business objectives for that year. Competency priorities set
for the plan year should represent the behaviors and skills the employee must demonstrate in order to attain successful achievement of the business priorities. 
 Who sets the performance measures and determines if the Company met those measures? 
 The
Compensation Nominating and Governance Committee, ‘CNGC’, establishes one or more prospective Company-wide performance targets for use in making funding determinations that affect payment of STIP Bonuses. Performance targets can vary by
Division. Actual Company performance is evaluated against the target performance measures after the close of the year to which the measures apply. The results of that comparison are used to calculate the level of funding available to pay STIP
Bonuses. If the Company-wide and division performance measures do not meet minimal performance 

 

 
 Who sets the performance measures and determines if the Company met those measures? (continued)

 thresholds then it is possible for there to be no funding for any STIP payout. Conversely, the amount available for the payment of STIP
awards is capped, currently at 150%, once the Company’s performance exceeds a specified level compared to the performance measure. If actual performance falls below the targeted level but is at least 70% of the targeted level, STIP Bonuses may
be paid on a reduced basis. The performance measures, minimum performance level, and cap level are determined by the CNGC on an annual basis. 

The CNGC approves the final Company-wide and division results in early January, which determines the overall funding of the STIP. These funding decisions
establish the overall pool for payouts. The overall STIP payout Company-wide can not exceed this funding amount. 

 

 

 How is my STIP bonus calculated and when does it get paid? 
 Your incentive award will be determined by your manager based on your Overall Performance Rating (i.e. your annual business and competency priorities as well as how you performed the responsibilities of
your overall job function) for the year and in consideration of overall Company performance. 
 The minimum level of overall individual
performance that any participant must achieve to receive a payout is Mostly Met Expectations. The maximum payout that any individual can receive under the STIP is 200% of target. 
 Incentive awards will be pro-rated based on the number of months in a STIP eligible position during the plan year. Reasons for a pro-rated incentive award include: 

 

	 	•	 	 New hires or newly eligible are prorated based on the hire or promotion/job change date. If the hire/promotion date is the 15th of the month or earlier, the employee will

 How is my STIP bonus calculated and when does it get paid? (continued)

 begin eligibility in the month of hire/promotion; if the
hire/promotion date is the 16th of the month or later,
eligibility begins the next month. If the new hire joins anytime on or after September 16th, they must wait until the next performance year to be eligible for a STIP award. 
  

	 	•	 	 Normal retirement, early retirement, death/disability and involuntary termination without cause unless otherwise stated in a formal agreement are
prorated based on the date of the of the event. If the termination date is before the 15th of the month, the termination month will not be included in the proration calculation. If the termination date is after the 15th of the month, the termination month will be included in the proration calculation. In these termination cases the
prorated STIP award is paid out in the next payroll following the termination date. 

  

	 	•	 	 Leave of Absences (LOA) during the plan year are prorated based on the length of the LOA. If the LOA is less than 90 consecutive days, no pro-ration is
made to the incentive award. If the LOA is over 90 consecutive days, the incentive award is pro-rated to reflect the time on leave in excess of 90 days. 

 The STIP payout calculation for all employees is as follows: 
 Base salary x STIP
target x proration factor (if applicable)/12 x individual performance factor = STIP payout 
 The payouts are approved at the CNGC/Board of
Directors meeting in late February following the close of the plan year. STIP bonus payments are made in March. 
 Who can I contact if I
have questions? 
 If you have any questions regarding the Short Term Incentive Plan, please speak with your manager or HR Manager.

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