Document:

Exhibit 10.17(d)

 Exhibit 10.17(d) 
 PEOPLE’S UNITED FINANCIAL, INC. 
 2007 STOCK OPTION PLAN

 STOCK OPTION AGREEMENT 
 Granted to: NUF_Last Name, First Name 
 (“you” or the
“Participant”) 
 In accordance with the terms of the People’s United Financial, Inc. 2007 Stock Option Plan (the
“Plan”), People’s United Financial, Inc. (“People’s United”) is pleased to grant you a Non-Qualified Stock Option (the “Option”) to purchase Granted shares of People’s United Common Stock (the
“Optioned Shares”). The Option is exercisable at the times specified in Section 3 of this Agreement, and is subject to the other terms and conditions contained in this Agreement and in the Plan. 

You and People’s United agree that the Option 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
effect as if the Plan were set forth herein in its entirety. 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
Common Stock, par value $.01 per share, of People’s United Financial, Inc., and includes any stock or other securities into which such shares of Common Stock may be changed, as contemplated by Section 7.3 of the Plan. The terms
“affiliate”, “directors”, “person”, and “security”, or 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 Exchange Act. The terms “you” and “your” shall include, when the context requires, any persons entitled to exercise the Option by virtue of Section 6 of this Agreement. 

2. Grant Date; Term of Option; Option Price. The Option is granted and made effective Grant Date (the “Grant Date”) and
shall expire at the end of the Option Period as specified in Section 8 of this Agreement. The Exercise Price for the Option is Grant Price per share, which represents the Fair Market Value of the Common Stock on the Grant Date. 

3. Exercise of Option. (a) Provided that the Option has not sooner expired in accordance with the Plan or Section 8
hereof, the Option will be exercisable with respect to twenty percent (20%) of the Optioned Shares on each anniversary of the Grant Date beginning on the first anniversary (First Year Anniversary) and continuing through the fifth anniversary of
the Grant Date (Fifth Year Anniversary). The Option will only be exercisable if you have continuously been an employee of an Employer from the Grant Date through the exercise date. Notwithstanding anything to the contrary in the foregoing, all
Optioned Shares shall become fully exercisable upon the occurrence of a Change of Control if you are an employee of an Employer at the time a Change of Control occurs. 

 Once Optioned Shares have become available for purchase in accordance with the foregoing
schedule, any unpurchased Optioned Shares included in an installment or part of an installment of Optioned Shares shall remain subject to purchase on a cumulative basis until the Option expires in accordance with the Plan or Section 8 hereof.
The Option may not be exercised for fractional shares of Common Stock, and all fractional shares shall be rounded to the nearest whole number below the actual number of shares. 

People’s United will permit transfer of the Optioned Shares only in accordance with the terms of this Agreement. Any transfer of
Optioned Shares made in any manner contrary to this Agreement will be void and ineffective to constitute the transferee a shareholder of People’s United entitled to any rights, benefits or privileges as such. 

4. Method of Exercise. You (or such other person as is provided in Section 6 hereof) may exercise the Option only by
delivering written notice to People’s United setting forth your irrevocable election to purchase all or a designated part of any then exercisable installment or installments of Optioned Shares. Subject to Section 8 hereof, the notice of
exercise must be delivered to People’s United on or before the close of business on a date which is or precedes the last day of the Option Period, except that if the last day of the Option Period is a Saturday, Sunday or a day on which either
the corporate headquarters of People’s United or the markets for equity securities generally are closed, the notice shall be delivered before the close of business on the business day preceding the last day of the Option Period. 

The notice shall contain specific reference to this Agreement and the Plan and must be signed by you (or by such other person as is provided in
Section 6 hereof). The notice shall be accompanied by payment in full of the Exercise Price by cash, certified or bank check or, if the Committee consents, payment in full or in part may also be made in the form of Common Stock already owned by
you, as provided in Section 6.1 of the Plan. Payment for any Optioned Shares to be purchased upon exercise of the Option may also be made by delivering a properly executed exercise notice to People’s United, together with a copy of
irrevocable instructions to a broker to deliver promptly to People’s United the amount of sale or loan proceeds to pay the purchase price. If at any time this Agreement is in effect, you are or potentially could be subject to Section 16 of
the Exchange Act, an election to make payment in full or in part in the form of Common Stock shall be subject to compliance with the provisions of Section 16 of the Exchange Act and the rules and regulations of the Securities and Exchange
Commission (the “SEC”) promulgated thereunder, as interpreted by the Committee. No Optioned Shares shall be issued until full payment therefor has been made or the Committee has approved alternative arrangements for payment. 

5. Withholding Taxes. Upon exercise of the Option in accordance with the terms of Section 4 hereof, People’s United will
be entitled to deduct from all amounts paid to you with respect to the Option the amount that is required to be withheld for federal, state, local or foreign 

  
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withholding tax purposes. Where you are entitled to receive Optioned Shares pursuant to the exercise of the Option, you will be required to pay People’s United the amount of any tax which
People’s United is required to withhold with respect to such Optioned Shared or, at its option, People’s United may retain or sell a sufficient number of Optioned Shares to cover the minimum amount required to be withheld under applicable
law. If at any time this Agreement is in effect, you are or potentially could be subject to Section 16 of the Exchange Act, the method for settling withholding obligations described herein shall be subject to compliance with the provisions of
Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder, as interpreted by the Committee. 
 6. Persons Entitled to Exercise. The Option, to the extent then exercisable, may be exercised prior to the expiration of the Option Period: 

(a) except as provided below or in the Plan, only by you during your lifetime; 

(b) in the event of your death while in the employment of an Employer, by the executor or other legal representative of your estate; and

 (c) in the event of your Disability, by you or by your legal representative. 

Any exercise of the Option by your legal representative or by the executor or other legal representative of your estate shall be subject to all of the
terms and conditions of this Agreement and of the Plan and shall entitle such representative to no greater part of the Optioned Shares than you could have acquired if you had exercised the Option at the time of termination of employment with an
Employer by reason of your death or Disability. 
 7. Delivery of Certificates. People’s United may postpone the
time of delivery of certificates for the Optioned Shares for such time as it deems necessary or desirable to enable it to comply with the listing requirements of any securities exchange or stock quotation system upon which the Common Stock may be
listed or quoted, 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. Until certificates representing Optioned Shares are delivered to you or transfer is effected by book entry on the stock transfer records of People’s United, you will have no right to vote or receive dividends with respect to the
Optioned Shares. 
 8. Option Period. The Option shall lapse and terminate (i) on the date of termination of your
employment (or, if sooner, the expiration date of the ten-year period commencing on the Grant Date), as to all of the Optioned Shares that either (A) are not yet exercisable on the date of such termination or (B) do not become exercisable
at the time of such termination pursuant to the terms of this Agreement, and (ii) as to all of the Optioned Shares that are exercisable (but unexercised) on the date of termination of your employment, on the first to occur of the events listed
in (a) through (d) below: 

  
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 (a) The last day of the ten-year period commencing on the Grant Date; or 

(b) Immediately, upon Termination for Cause; or 
 (c) The close of business on the last day of the three-month period commencing on the date of termination of your employment with an Employer for any reason other than death, Disability, or Termination
for Cause; or 
 (d) The close of business on the last day of the one-year period commencing on the date of termination of your
employment with an Employer due to death or Disability. 
 The Option Period may be suspended in connection with a possible Termination for
Cause under the circumstances set forth and as described in Section 5.5(c) of the Plan. 
 Upon expiration of the Option Period, this
Agreement shall be of no further validity or effect, except with respect to Optioned Shares previously purchased. 
 9.
Reservation of Shares. During the Option Period, People’s United will reserve from its authorized and unissued Common Stock, or from its treasury stock (or from both), a sufficient number of shares to provide for the delivery of the
Optioned Shares upon exercise of the Option in accordance herewith and subject to the provisions of Section 7 hereof. If the Option should expire, lapse or otherwise become unexercisable for any reason specified in or contemplated by this
Agreement or the Plan, to the extent that the Option shall not have been exercised as to the full number of the Optioned Shares subject thereto, the unpurchased Optioned Shares shall be deemed freed automatically from any such reservation and shall
become immediately available for issuance and delivery pursuant to other option agreements under the Plan. 
 10. Corporate
Law Status of Shares. The shares of Common Stock issuable upon exercise of the Option in accordance herewith, upon issuance, delivery and payment for such shares in accordance with this Agreement, shall constitute validly issued and outstanding
shares of capital stock of People’s United. When so paid for, such shares will be fully paid and non-assessable. Throughout the Option Period (subject to the shortening thereof under Section 8 hereof), People’s United will have full
legal right and authority to issue and deliver the Optioned Shares as contemplated by this Agreement. 
 11. Adjustments in
Optioned Shares. In the event of any changes in the capital structure or reorganization of People’s United during the term of this Agreement, the provisions of Section 7.3 of the Plan shall apply. 

12. Restrictions on Transferability of Option. Except as provided in Section 6 hereof, neither the Option nor any of your
rights, interests or benefits thereunder or hereunder shall be subject to voluntary or involuntary assignment, transfer, pledge, hypothecation or other form of absolute or conditional alienation or disposition, directly or indirectly. The Option
shall be unexercisable during any period in which there is in effect, and may be terminated in all respects by the Committee in the event of, a purported assignment of the Option or of any such rights, interests or benefits thereunder or under this
Agreement, except as provided in Section 6 hereof. 

  
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 13. Modification and Waiver. No modification or waiver of any of the provisions of
this Agreement shall be binding upon either People’s United or you unless made in writing and signed by you and countersigned on behalf of People’s United by an executive officer thereof (other than you, if you should be or become such an
officer). 
 14. Binding Effect. Except as provided in Section 12 hereof, this Agreement shall be binding upon and
inure to the benefit of the parties hereto, their heirs, personal representatives, successors and assigns. 
 15. 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. 
 16. 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 the United States registered or certified mail, postage
prepaid, return receipt requested, and if intended for People’s United, directed to the Committee’s attention at 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. 
 17. Non-Solicitation. During the period of your employment with People’s United 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 People’s United or any of its affiliates for the purpose of doing business of the type done by People’s
United 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
People’s United 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 People’s United or any of its affiliates and with whom
People’s United or any of its affiliates reasonably expects to do business; or 

  
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	 	b)	Solicit or otherwise induce any employee of People’s United or any of its affiliates to leave the employ of People’s United 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 Option
evidenced by this Agreement represents adequate consideration for the undertaking set forth in this Section 17. 
 18. 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 Option
as set forth in this Agreement. You must do so (a) electronically, if you are directed to do so at the time your Option 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 Option as set forth in this Agreement by the Acceptance Date, the Option 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. 

19. Severability. In case any covenant, condition, term or provision contained in this Agreement shall be held to be invalid,
illegal or unenforceable in any respect, in whole or in part, by a judgment, order or decree of any court of competent jurisdiction, from which judgment, order or decree no further appeal or petition for review is available, the validity of the
remaining covenants, conditions, terms and provisions contained in this Agreement, and the validity of the remaining part of any term or provision held to be partially invalid, illegal or unenforceable, shall in no way be affected, prejudiced or
disturbed thereby. 
 20. Entire Agreement. This Agreement and the Plan contain all understandings between you and
People’s United regarding the Option and Optioned Shares. No other communications regarding the Option or Optioned Shares are to be considered binding upon you and People’s United unless they are identified as amendments to this Agreement,
are in writing and are signed by you and People’s United as provided in this Agreement. 
 IN WITNESS WHEREOF, People’s United has
caused this Agreement to be executed on its behalf by its Senior Executive Vice President, and you have executed this Agreement, intending to be legally bound hereby, effective as of this Date day of Month, Year. 

  
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		 	PEOPLE’S UNITED FINANCIAL, INC.
			
		 	 By:
	 	  

		
		 	     Its Senior Executive Vice President

 

		 	  
 Your
Signature

		
		 	 Your Mailing Address

		
		 	  

		
		 	  

		
		 	  

		
		 	 Employee ID #:            

  
 7Exhibit 10.18(b)

 Exhibit 10.18(b) 
 AMENDMENT NO. 2 
 TO THE 

CHITTENDEN CORPORATION DEFERRED COMPENSATION PLAN 
 This Amendment No. 2 to the Chittenden Corporation Deferred Compensation Plan (the “Plan”) hereby further amends the Plan as described below pursuant to authority granted by the Board. This
Amendment No. 2 shall be effective as of August 8, 2011. 
 1. Section 5.1 of the Plan is hereby amended by deleting the sentence
immediately prior to subsection (a) thereof, and replacing it with the following: 
 A Participant shall not be permitted to
change the investment of his or her existing Account at any time, except as otherwise permitted by Section 5.3 hereof. 
 2. The Plan is
hereby amended by adding a new Section 5.3 to read as follows: 
 5.3 Conversion Election. Subject to the provisions
of this Section 5.3, a Qualifying Participant may submit a written Conversion Election directing that a specified percentage of his or her Account balance as of the Conversion Date be deemed invested in the Company Stock Account rather than in
the Cash with Interest Account. 
  

	 	(a)	Definitions. For purposes of this Section 5.3: 

  

	 	i.	“Company” means People’s United Financial, Inc. 

  

	 	ii.	“Company Stock” means shares of the Company’s common stock, par value $0.01 per share. 

 

	 	iii.	“Company Stock Account” means the account established for the benefit of a Qualifying Participant who makes a Conversion Election in accordance with the
provision of this Section 5.3. 

  

	 	iv.	The “Conversion Date” shall be September 8, 2011; provided, however, that the Conversion Date may be postponed to such later date as may be designated by
the General Counsel of the Company if on September 8, 2011 directors of the Company are precluded from purchasing or selling Company stock because they are privy to material, non-public information about the Company at that time.

  

	 	v.	“Conversion Election” means the written directive contemplated by this Section 5.3. 

 

	 	vi.	“Converted Balance” means the balance in a Qualifying Participant’s Account multiplied by the percentage specified by such Qualifying Participant in a
Conversion Election form. 

  

	 	vii.	“Crediting Price” means the Fair Market Value of the Company Stock on the Conversion Date (in the case of credits to be made pursuant to section (d)(ii)
below) or on the date dividends are paid on shares of the Company Stock (in the case of credits to be made pursuant to section (e)(i) below). 

  
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	 	viii.	“Election Deadline” means 5:00 p.m. Eastern time on September 2, 2011. 

 

	 	ix.	“Fair Market Value” means, with respect to a share of Company Stock on a specified date: 

 

	 	(A)	If the Company establishes a grantor trust in connection with the adoption of Amendment No. 2 to the Plan and directs the trustee of such trust to purchase shares
of Company Stock to cover the Company’s liability to deliver shares of Company Stock as a result of Conversion Elections made by Qualifying Participants, the average price (exclusive of all commissions and similar charges) of all shares of
Company Stock acquired by the trustee on such date or within a reasonable time thereafter; 

  

	 	(B)	if subsection (A) is not applicable, 

  

	 	1.	the mean between the high and low selling prices at which shares of Company Stock are traded on the principal securities exchange (as that term is used in
Section 6 of the Exchange Act) on which the shares are traded on such date or, if shares are not traded on such exchange on that date, the mean between the high and low selling prices at which shares of Company Stock were traded on such
exchange on the most recent day on which shares were so traded; or 

  

	 	2.	if the shares of Company Stock are not listed or admitted to trading on any such exchange, and prices of trades in shares of Company Stock are regularly reported by the
National Association of Securities Dealers Automated Quotations System, the mean between the high and low selling prices for shares on such date as reported by such system, or, if no high or low selling prices for shares of Company Stock are
reported by such system for such date, then the mean between the high and low selling prices for shares of Company Stock reported by such system for the most recent day in respect of which both high and low selling prices are quoted; or

  

	 	(C)	if subsections (A) and (B) are not applicable, the fair market value of a share of Company Stock as the Committee may determine. 

 

	 	x.	“Qualifying Participant” shall mean a Participant having an Account balance equal to or greater than $200,000 on June 30, 2011 and who (A) has not
commenced receiving any distribution of benefits pursuant to the Plan as of such date and (B) is not scheduled to begin receiving any distribution of benefits pursuant to the Plan prior to October 1, 2011. 

  
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	 	(b)	Making a Conversion Election. A Qualifying Participant who wishes to have all or a portion of his Account balance invested in the Company Stock Account must
complete, sign and return a Conversion Election form to the Company no later than the Election Deadline. The Conversion Election form will allow the Qualifying Participant to designate between 50% and 100% (in 10% increments) of his or her Account
balance for investment in this manner. 

  

	 	(c)	Conversion Irrevocable. A Conversion Election shall be irrevocable at and after the Election Deadline with respect to the percentage of the Participant’s
Account balance as is designated in his or her Conversion Election form. 

  

	 	(d)	Effect of Conversion Election. In the event a Qualifying Participant makes a Conversion Election, then on the Conversion Date: 

 

	 	i.	the Cash With Interest Account of such Qualifying Participant shall be reduced by an amount equal to his or her Converted Balance, as determined immediately prior to
the adjustment contemplated by this provision; and 

  

	 	ii.	the Company Stock Account of such Qualifying Participant shall be credited with the number of shares (including fractional interests in shares) of Company Stock which
could have been purchased with cash in an amount equal to his or her Converted Balance at the Crediting Price on the Conversion Date. 

  

	 	(e)	Earnings on Company Stock Account. As of each date of payment of dividends on Company Stock there shall be credited, with respect to the equivalent shares of
Company Stock credited to the Participant’s Company Stock Account on the record date of such dividend, the equivalent of such additional shares (including fractional interests therein) of Company Stock as follows: 

 

	 	i.	In the case of cash dividends, the number of shares that could be purchased at the Crediting Price as of such payment date with the dividends which would have been
payable on the credited shares as if they had been outstanding; and 

  

	 	ii.	In the case of dividends payable in Company Stock, the equivalent number of shares that would have been payable on the equivalent shares as if they had been
outstanding. 

  

	 	(f)	Adjustments. The total number of equivalent shares of Company Stock credited to Company Stock Accounts of Participants shall be proportionately adjusted from
time to time, as determined by the Committee, for any increase or decrease in the number of outstanding shares of Company Stock resulting from a subdivision or combination of shares of Company Stock, a dividend payable in Company Stock (to the
extent credits have not already been made with respect thereto pursuant to paragraph (e)(ii)), a reorganization or recapitalization or similar change in the Company Stock or for any other change in the capital structure of Company Stock.

  
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 3. Section 6.1(b) of the Plan is hereby amended by deleting the second and third sentences thereof, and
replacing them with the following: 
 Participants with a Cash With Interest Account only shall have their Accounts paid in the
form of cash. Participants who made a Conversion Election shall have their Accounts paid in the form of cash to the extent they have Plan balances in a Cash With Interest Account on any distribution date, and in the form of Company Stock or other
property to the extent they have Plan balances held in a Company Stock Account on any distribution date, except that cash shall be paid in lieu of any fractional shares of Company Stock credited to the Participant’s Company Stock Account.

 IN WITNESS WHEREOF, the Company has caused this Amendment No. 2 to the Chittenden Corporation Deferred Compensation Plan to be executed
by its officer duly authorized on this 8th day of August, 2011. 
 PEOPLE’S UNITED FINANCIAL, INC.

 As successor by merger to

Chittenden Corporation 
  

			
	 By:
	 	 /s/ David K. Norton

		 	 David K. Norton

		 	Senior Executive Vice President

  
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