Document:

Exhibit 10.10

 Exhibit 10.10 
 PEOPLE’S UNITED FINANCIAL, INC. 
 2008 LONG-TERM INCENTIVE PLAN 
 §1. Purpose. The purpose of the Plan is to promote the mutual interests of the Company and its shareholders by enabling key employees of the
Company or of any Subsidiary of the Company, to participate in the Company’s future growth. The Plan is designed to give those employees upon whose judgment, initiative and efforts the successful conduct of the Company’s business depends,
additional incentives to perform in a superior manner. The Plan also provides a means through which the Company can attract, motivate and retain people of experience and ability as employees. 
 §2. Definitions. For purposes of the Plan, the following terms shall have the meanings set forth below: 
 “Award” means a grant of any Non-Statutory Stock Option, Incentive Stock Option, Stock Appreciation Right, Restricted Stock
Award, Performance Unit Award, or any combination of the foregoing, under the provisions of the Plan. 
 “Board”
means the Board of Directors of the Company. 
 “Change of Control” has the meaning set forth in Section 12(a)
hereof. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

 “Committee” means the Compensation and Nominating Committee referred to in Section 3 hereof. 
 “Company” means People’s United Financial, Inc. and any successor thereto. 
 “Disability” (and terms substantially equivalent thereto) means permanent and total disability as determined under procedures
established by the Committee for purposes of the Plan. 
 “employment with the Company” (and terms substantially
equivalent thereto) means a subsisting employer-employee relationship between the Company and the employee and includes employment with any Subsidiary. Employment shall be deemed to cease, for purposes of the Plan, at such time as
(a) the employee is no longer actively performing or no longer remains obligated to perform services for the Company in 

 
exchange for which the Company (or related employer) is obligated to pay compensation to such employee in the form of wages, or (b) in the case of an
employee who is on leave for any reason whatsoever, on the termination date specified by the Company (or related employer) in a written communication advising the employee that his or her employment is being terminated. An employee shall be treated
as remaining obligated to perform services for the Company within the meaning of subsection (a) for the duration of any scheduled time off which has been approved by the employee’s manager and for which the employee is entitled to
compensation pursuant to the Company’s paid time off policy (as the same may be amended from time to time). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute thereto. 
 “Fair Market Value” means as of a particular date: 
 (i) if the Stock is not then
listed or admitted to trading on a national securities exchange (as that term is used in Section 6 of the Exchange Act), and prices of trades in Stock are regularly reported by NASDAQ, the mean between the high and low selling prices for Stock
on such date as reported by NASDAQ, or, if no high or low selling prices for Stock are reported by NASDAQ for such date, then the mean between the high and low selling prices for Stock reported by NASDAQ for the most recent day in respect of which
both high and low selling prices are so reported; or 
 (ii) if the Stock is then listed or admitted to trading on one or more
national securities exchanges, the mean between the high and low selling prices at which Stock is traded on the principal securities exchange on which the Stock is traded on such date or, if Stock is not traded on such exchange on that date, the
mean between the high and low selling prices at which Stock was traded on such exchange on the most recent day on which Stock was so traded; or 
 (iii) if neither (i) nor (ii) is applicable, such amount as the Committee shall determine on the basis of such factors as it deems relevant. 
 “FDIC” means the Federal Deposit Insurance Corporation or any successor agency thereto. 
  

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 “Incentive Stock Option” means any Stock Option intended to be and designated
as an “incentive stock option” within the meaning of Section 422 of the Code. 
 “NASDAQ” means the
NASDAQ Stock Market, or any successor thereto. 
 “Non-Employee Director” means a person who is a “Non-Employee
Director” within the meaning of Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the SEC, and an “outside director” for purposes of Section 162(m)(4) of the Code or any successor definition adopted by
the Internal Revenue Service. 
 “Non-Statutory Stock Option” means any Stock Option that is not an Incentive Stock
Option. 
 “Option Agreement” or “Stock Option Agreement” means the written agreement between the Company
and a Participant confirming the Stock Option and setting forth the terms and conditions upon which it may be exercised, as described in Section 7(b) hereof. 
 “Option Price” means the price per share of Stock to be paid for the shares of Stock being purchased pursuant to an Option
Agreement. 
 “Participant” means an eligible employee (as described in Section 5 hereof) who accepts an Award
for a Stock Option, a Stock Appreciation Right, Restricted Stock, Performance Units, or any one or more of the foregoing (as described in Sections 7, 8, 9 and 10 hereof). 
 “Performance Goals” means the objective criteria established by the Committee from time to time in accordance with
Section 11 hereof and upon which the performance of a Participant during a Performance Period is to be measured for purposes of determining the extent to which an Award has been earned. 
 “Performance Period” means the measuring period for determining whether Awards have been earned. 
 “Performance Unit Agreement” means the written agreement between the Company and a Participant confirming the Performance Unit
Award and setting forth the terms and conditions of such Award. 
 “Performance Unit Award” means an Award under
Section 10 hereof. 
 “Plan” means the People’s United Financial, Inc. 2008 Long-Term Incentive Plan, as
set forth herein and as hereinafter amended from time to time. 
  

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 “Restricted Stock Agreement” means the written agreement between the Company
and a Participant confirming the Restricted Stock Award and setting forth the terms and conditions of such restrictions. 
 “Restricted Stock” means an Award under Section 9 hereof. 
 “Restriction Period” means the
period determined by the Committee during which restrictions shall be applicable to Restricted Stock. 
 “Retirement” (and terms substantially equivalent thereto) means the termination of an employee’s employment at or after age 65. 
 “SAR Agreement” means the written agreement between the Company and a Participant confirming the grant of Stock Appreciation Rights not granted in connection with Stock Options, and setting forth the terms
and conditions upon which it may be exercised, as described in Section 8(b) hereof. 
 “SEC” means the
Securities and Exchange Commission or any successor agency thereto. 
 “Stock” means the Common Stock of the
Company, par value $0.01 per share. 
 “Stock Appreciation Right” means a right granted under Section 8 hereof.

 “Stock Option” or “Option” means an option granted under Section 7 hereof. 
 “Subsidiary” means any corporation or other legal entity in which the Company owns, directly or indirectly through one or more
other Subsidiaries, at least 50% of the total combined voting power of all classes of stock or other equity interests. 
 “termination for Cause” (and terms substantially equivalent thereto) means a termination of employment by reason of an employee’s act of dishonesty, moral turpitude, insubordination, or an intentional or grossly negligent act
detrimental to the interests of the Company, or of any Subsidiary. 
 §3. Administration. The Plan shall be administered by the
Committee or such other committee of the Board that is designated and empowered to perform the functions of the Committee, and in either case, composed of not fewer than two Non-Employee Directors of the Company. In particular, the Committee shall
have the authority, subject to the terms of the Plan, to select the officers and other key employees to whom Awards may from time to time be 

  

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granted, to determine whether and to what extent Incentive Stock Options, Non-Statutory Stock Options, Stock Appreciation Rights, Restricted Stock Awards, or
Performance Unit Awards, or any combination thereof are to be granted, and to determine the terms and conditions of all such grants. The Committee shall supervise and administer the Plan and shall have plenary powers and authority to adopt, amend
and rescind such rules and regulations and establish such procedures as it deems appropriate for the administration of the Plan and the Awards, including rules with respect to limiting the use of shares of Common Stock of the Company in full or part
payment of the Option Price of Stock Options and in full or part payment of any applicable withholding taxes, and generally to conduct and administer the Plan and to make all determinations in connection therewith as may be necessary or advisable.
Any questions of interpretation of the Plan, any Awards issued under it, or any such rules and regulations, shall be determined by the Committee, and such determinations shall be binding and conclusive for all purposes and upon all persons. The
Committee may delegate some or all of its authority under the Plan as the Committee deems appropriate; provided, however, that no such delegation may be made that would (i) cause Awards under the Plan to cease to be exempt from
Section 16(b) of the Exchange Act or (ii) cause any Award to cease to qualify for exemption from the deduction limitations under Section 162(m) of the Code. 
 §4. Types of Awards. The Committee shall have full and complete authority, in its discretion, subject to the provisions of the Plan, to grant
Awards consisting of any one or a combination of Incentive Stock Options (as provided in Section 7 hereof); Non-Statutory Stock Options (as provided in Section 7 hereof); Stock Appreciation Rights (as provided in Section 8 hereof);
Restricted Stock (as provided in Section 9 hereof); and Performance Units (as provided in Section 10 hereof). 
 §5.
Eligibility. Officers and other key employees of the Company and any Subsidiaries (but excluding members of the Committee and any person who serves only as a director of the Company and/or any one more of its Subsidiaries) are eligible to be
granted Awards under the Plan. The employees who shall receive Awards under the Plan shall be selected from time to time by the Committee in its sole discretion, from among those eligible, and the Committee shall 

  

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determine, in its sole discretion, the size and form of each Award to be granted to each such employee selected. 
 §6. Stock Subject to Plan. The total number of shares of Stock reserved and available for distribution pursuant to Awards under the Plan,
subject to adjustment as provided in Section 13 hereof, shall be ten million (10,000,000) shares. Subject to the foregoing and to adjustment as provided in Section 13 hereof, the maximum aggregate number of shares of Stock that may be
issued pursuant to awards of Restricted Stock and/or issued in payment of the value of Performance Units shall be four million (4,000,000). Shares reserved and available for distribution pursuant to Awards under the Plan may consist, in whole or in
part, of authorized and unissued shares or issued shares reacquired by the Company and currently or hereafter held as treasury shares, as the Committee may from time to time determine. Shares attributable to any Award made under the Plan in the form
of a Stock Option or Restricted Stock shall be unavailable for future grants so long as the Award remains outstanding, or following the exercise or deemed exercise of any Award made in the form of a Stock Option or the vesting of any Award made in
the form of Restricted Stock, to the extent of such exercise, deemed exercise, or vesting (as the case may be). If any Award made in the form of a Stock Option remains unexercised in whole or in part at the expiration thereof or is terminated
unexercised in whole or in part, or if any Award made in the form of Restricted Stock is forfeited in whole or in part prior to the vesting of such Award, then in each case the shares attributable to such Award shall be available for future grants
under the Plan to the extent such Award was not exercised or was forfeited (as the case may be). Notwithstanding the foregoing, if a Stock Appreciation Right granted in conjunction with a Stock Option is exercised, such Stock Option shall be deemed
to have been exercised for purposes of determining whether the shares attributable to such Stock Option shall be available for future grants under the Plan. The maximum number of shares that may be made the subject of all Awards to any Participant
in any calendar year, whether in the form of Stock Options, Stock Appreciation Rights, Restricted Stock, or any combination thereof, is two million five hundred thousand (2,500,000), subject to adjustment as provided in Section 13 hereof.

  

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 §7. Stock Options. The Committee may, from time to time, grant Stock Options, alone or in
addition to other Awards granted under the Plan. The two types of Stock Options that may be granted are Incentive Stock Options and Non-Statutory Stock Options, which may be granted by the Committee to eligible employees (as described in
Section 5 hereof) severally or together (in each case, with or without Stock Appreciation Rights). If any Stock Option does not qualify as an Incentive Stock Option, it shall constitute a Non-Statutory Stock Option as provided in this
Section 7. Stock Options granted under the Plan shall be subject to the following terms and conditions, and may contain such additional terms and conditions as the Committee shall deem desirable. 
 (a) Grant Date. The grant of a Stock Option shall occur on the date the Committee, by resolution, (i) selects an eligible
employee as grantee, (ii) determines the number of Stock Options granted to such employee, and (iii) specifies the terms and conditions of the Option Agreement. In no event may the Committee grant a Stock Option later than 10 years after
the earlier of (x) the initial date of adoption of the Plan, and (y) the date the Plan is initially approved by the shareholders of the Company. 
 (b) Option Agreement. Each Stock Option shall be evidenced by an Option Agreement, and the terms and provisions of each Option Agreement may differ. Each Option Agreement shall indicate on its face whether it
is an agreement for Incentive Stock Options or Non-Statutory Stock Options. If Stock Appreciation Rights are granted in connection with the grant of Stock Options, the Option Agreement shall also evidence the grant of the related Stock Appreciation
Rights. 
 (c) Interpretation. Notwithstanding any terms of the Plan to the contrary, no term of the Plan relating to
Incentive Stock Options shall be interpreted, amended or altered to disqualify the Plan under Section 422 of the Code. 
 (d) Price. The Option Price for each share of Stock purchasable under a Stock Option shall be an amount equal to the Fair Market Value of each share of the Stock on the date of grant, or such higher price as the Committee shall
determine on or prior to such date; however, the Option Price per share of Stock to an eligible employee who owns Stock possessing more than 10% of the total combined voting power of all classes of stock of the Company shall be an amount not less
than 110% of the Fair Market Value of 

  

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the Stock on the date the Incentive Stock Option is granted. Except as provided in Section 13, without the affirmative vote of holders of a majority of
the Stock cast in person or by proxy at a meeting of shareholders of the Company at which a quorum representing a majority of all outstanding Stock is present or represented by proxy, neither the Committee nor the Board shall approve a program
providing for either (a) the cancellation of outstanding Stock Options and the grant in substitution therefor of any new awards, including specifically any new Stock Options having a lower Option Price, or (b) the amendment of outstanding
Stock Options to reduce the Option Price thereof. 
 (e) Term. The term of each Stock Option shall be fixed by the
Committee, but no Stock Option (whether an Incentive Stock Option or a Non-Statutory Stock Option) shall be exercisable more than 10 years after the date the Stock Option is granted; however, no Incentive Stock Option granted to an eligible employee
who owns Stock possessing more than 10% of the total combined voting power of all classes of stock of the Company shall be exercisable more than 5 years after the date the Stock Option is granted. 
 (f) Exercisability. Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be
determined by the Committee; provided, however, that except as provided in Sections 7(i), 12, 13, 14 and 16 hereof and unless otherwise determined by the Committee, no Stock Option shall be exercisable prior to the first anniversary date of the date
of grant of such Stock Option. If the Committee provides that any Stock Option is exercisable only in installments, the Committee may at any time waive such installment exercise provisions, in whole or in part, based on such factors as the Committee
may determine. 
 (g) Method of Exercise. Subject to the provisions of this Section 7, Stock Options may be
exercised, in whole or in part, at any time during the Option term by the Participant’s giving written notice of exercise to the Company specifying the number of shares to be purchased. If a Participant wishes to exercise an Incentive Stock
Option or to sell shares of Stock acquired upon the exercise of an Incentive Stock Option in a manner or within a time period that would make the Incentive Stock Option a Non-Statutory Stock Option, the Participant shall specifically notify the
Company of that fact in such notice or when such transaction occurs. Such notice shall be accompanied by payment in 

  

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full of the Option Price by cash, certified or bank check, or such other form of payment as may be lawful consideration for capital stock and as the Company
may accept. With the consent of the Committee, payment in full or in part may also be made in the form of Stock already owned by the Participant or Restricted Stock (based on the Fair Market Value of such Stock on the date the Stock Option is
exercised), the share certificates for which shall be endorsed in blank or accompanied by duly executed stock powers with signatures guaranteed by a broker-dealer firm that is a member of a national securities exchange or a commercial bank or trust
company (unless such signature guaranty is waived by the Company). The Committee may determine whether any restrictions shall be applicable to any shares received if payment of the Option Price for a Stock Option is made, in whole or in part, in the
form of Restricted Stock, and, if any restrictions are so imposed, the terms of such restrictions. With the consent of the Committee, a Participant may elect to pay the exercise price for a Stock Option by authorizing a broker to sell shares of
Stock (or a sufficient portion of the shares of Stock) acquired by the Participant upon exercise of the Option and to remit to the Company a sufficient portion of the sale proceeds to pay the exercise price for the Stock Option and satisfy all tax
withholding obligations resulting from such exercise. The Company shall have the authority to delay the issuance of any shares of Stock pursuant to the exercise of Stock Options until full payment therefor has been made, which includes the
satisfaction of any withholding tax obligations related thereto. 
 (h) Transferability, Assignability. Except as
otherwise provided by the Committee, Stock Options shall not be transferable by the Participant other than by will or by the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime only by the Participant
for his or her individual account; or, in the event of his or her legal incapacity, by his or her legal representative; or, in the event of his or her Disability, by the Participant or his or her legal representative (as the case may be).

 (i) Incentive Stock Option Limitations. To the extent required for “incentive stock option” status under
Section 422 of the Code, the Committee is authorized to limit the aggregate Fair Market Value of the Stock (determined as of the date of grant) with respect to which Incentive Stock Options are exercisable for the first time by a Participant

  

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during any calendar year under the Plan and any other stock option plan of any subsidiary or parent corporation (within the meaning of Section 424 of
the Code). The Committee is authorized to provide at grant that, to the extent permitted under Section 422 of the Code, if an employee’s employment with the Company is terminated by reason of death, Disability or Retirement and the portion
of any Incentive Stock Option that is otherwise exercisable during the post-termination period specified in Section 14 hereof applied without regard to this Section 7, is greater than the portion of such Option that is exercisable as an
“incentive stock option” during such post-termination period under Section 422, such post-termination period shall automatically be extended (but not beyond the original option term) to the extent necessary to permit the Participant
to exercise such Incentive Stock Option (either as an Incentive Stock Option or, if exercised after the expiration periods that apply for the purposes of Section 422, as a Non-Statutory Stock Option). 
 §8. Stock Appreciation Rights. The Committee may, from time to time and on such terms and conditions as it deems appropriate, grant Stock
Appreciation Rights in connection with all or any part of a Stock Option granted under this Plan or in a separate Award. The grant of a Stock Appreciation Right shall occur on the date the Committee, by resolution, (i) selects an eligible
employee or grantee, (ii) determines the number of Stock Appreciation Rights granted to such employee, and (iii) specifies the terms and conditions of the Award. In no event may the Committee grant a Stock Appreciation Right later than 10
years after the earlier of (x) the initial date of adoption of the Plan, and (y) the date the Plan is initially approved by the shareholders of the Company. 
 (a) Granted in Connection with Options. The following provisions apply to all Stock Appreciation Rights that are granted in
connection with Stock Options: 
 (i) Grant and Exercise. Stock Appreciation Rights may be granted in conjunction with
all or part of any Stock Option granted under the Plan. In the case of a Non-Statutory Stock Option, such rights may be granted either at or after the time of grant of such Stock Option. In the case of an Incentive Stock Option, such rights may be
granted only at the time of grant of such Stock Option. A Stock 

  

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Appreciation Right, or the applicable portion thereof granted with respect to a Stock Option, shall terminate and no longer be exercisable upon the
termination or exercise of the related Stock Option. Unless otherwise determined by the Committee at the time of grant, a Stock Appreciation Right granted with respect to less than the full number of shares the subject of a related Stock Option
shall not be reduced until the number of shares the subject of an exercise or termination of the related Stock Option exceeds the number of shares that are not the subject of the Stock Appreciation Right. A Stock Appreciation Right may be exercised
by a Participant by his or her surrendering the applicable portion of the related Stock Option in accordance with procedures established by the Committee. Upon such exercise and surrender, the Participant shall be entitled to receive an amount
determined in the manner prescribed in Section 8(a)(ii) hereof. Stock Options which have been so surrendered shall no longer be exercisable to the extent the related Stock Appreciation Rights have been exercised. 
 (ii) Terms and Conditions. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined by the
Committee. Upon the exercise of a Stock Appreciation Right, a Participant shall be entitled to receive an amount in cash or shares of Stock (or any combination of both), as determined by the Committee in its discretion, equal in value to the excess
of (x) the Fair Market Value of one share of Stock on the exercise date, over (y) the Option Price specified in the related Stock Option, multiplied by the number of shares in respect of which the Stock Appreciation Right shall have been
exercised. The Committee may determine the form of payment. A Stock Appreciation Right may only be exercised when the Fair Market Value of Stock exceeds the Option Price specified in the related Stock Option. Stock Appreciation Rights shall be
transferable only when and to the extent that the underlying Stock Option would be transferable under the Plan. Upon the exercise of a Stock Appreciation Right, the Stock Option or part thereof to which such Stock Appreciation Right is related shall
be deemed to have been exercised for the purpose of the limitation set forth in Section 6 hereof on the number of shares issued under the Stock Appreciation Right at the 

  

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time of exercise, based on the value of the Stock Appreciation Right at the time of exercise. Upon the termination of the Participant’s employment for
any reason, he or she may exercise any Stock Appreciation Rights held by him or her on the same terms and conditions as the related Option. 
 (b) Not Granted in Connection with Options. All Stock Appreciation Rights that are not granted in connection with Stock Options shall be evidenced by a SAR Agreement, and the terms and provisions of each SAR
Agreement may differ. In addition, the following provisions apply to all Stock Appreciation Rights that are not granted in connection with Stock Options: 
 (i) Term. The term of each Stock Appreciation Right shall be fixed by the Committee, but no Stock Appreciation Right shall be exercisable more than 10 years after it is granted. 
 (ii) Exercisability. Stock Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions
as shall be determined by the Committee. If the Committee provides that any Stock Appreciation Right Award is exercisable only in installments, the Committee may at any time waive any such installment exercise provisions, in whole or in part, based
on such factors as the Committee may determine. Subject to such terms and conditions, Stock Appreciation Rights may be exercised, in whole or in part, at any time during their term by the Participant’s giving written notice of exercise to the
Company specifying the number of Stock Appreciation Rights to be exercised. Upon the exercise of a Stock Appreciation Right in accordance with its terms, a Participant shall be entitled to receive an amount in cash or shares of Stock (or any
combination of both), as determined by the Committee in its discretion, equal in value to (x) the excess of the Fair Market Value of one share of Stock on the exercise date, over (y) the Fair Market Value of one share of Stock on the date
of grant of the Stock Appreciation Right, multiplied by the number of shares of Stock in respect of which the Stock Appreciation Right shall have been exercised. The Committee may determine the form of payment. Any shares of Stock issued upon

  

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the exercise of a Stock Appreciation Right shall be valued at their Fair Market Value on the date of exercise. 
 (iii) Transferability; Assignability. Except as otherwise provided by the Committee, Stock Appreciation Right shall not be
transferable by the Participant other than by will or by the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime only by the Participant for his or her individual account, or, in the event of his or her
legal incapacity, by his or her legal representative; or, in the event of his or her Disability, by the Participant or his or her legal representative (as the case may be). 
 §9. Restricted Stock Awards. The Committee may, from time to time, grant Restricted Stock Awards under the Plan, subject to the following
terms and conditions and such other terms and conditions as the Committee, in its discretion, may establish. 
 (a)
Administration. Shares of Restricted Stock may be issued either alone or in addition to other Awards granted under the Plan. The Committee shall select the officers and key employees to whom and the date or dates upon which grants of
Restricted Stock will be made, the number of shares to be awarded, the time or times within which such Awards may be subject to forfeiture, the events or conditions of forfeiture, and such other terms and conditions as the Committee shall determine.
The Committee may, before or at the time of grant, designate certain Awards of Restricted Stock as “Performance-Based Awards”, in which case the Committee shall condition the grant of such Performance-Based Restricted Stock upon the
attainment of specified Performance Goals established by the Committee in writing, no later than the 90th day of the Performance Period to which the Performance Goals shall apply. Performance Periods shall not be shorter than one year. Other terms,
conditions and restrictions of such Awards shall be set forth in an agreement or agreements between the Company and the Participant. The provisions of Restricted Stock Awards need not be the same with respect to each recipient. Each Restricted Stock
Award shall be evidenced by a Restricted Stock Agreement. 
  

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 (b) Certificates. Each Participant receiving a Restricted Stock Award shall be
issued a certificate representing such shares of Restricted Stock. Such certificate shall be registered in the name of such Participant. The Committee may require that the certificates evidencing such shares be held in custody by the Company until
the restrictions thereon shall have lapsed and that, as a condition of any Restricted Stock Award, the Participant shall have delivered to the Company upon receipt of such Award, a duly executed stock power, endorsed in blank, with signatures
guaranteed by a broker-dealer firm that is a member of a national securities exchange or a commercial bank or trust company (unless such guaranty is waived by the Company), relating to the Stock made the subject of such Restricted Stock Award.

 (c) Terms and Conditions. Each grant of a Restricted Stock Award shall be subject to the following terms and
conditions, in addition to such other terms and conditions as the Committee may determine: 
 (i) Subject to the provisions of
the Plan and the Restricted Stock Agreement, during the period determined by the Committee (the “Restriction Period”), except as otherwise provided by the Committee, the Participant shall not be permitted to sell, assign, transfer, pledge,
hypothecate or otherwise dispose of or encumber any shares of Restricted Stock. The Committee may provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service,
performance and such other factors or criteria as the Committee may determine. 
 (ii) Except as otherwise provided in this
Section 9(c)(ii) and Section 9(c)(i), the Participant shall have, with respect to his or her shares of Restricted Stock, all of the rights of a shareholder of the Company, including the right to vote the shares and the right to receive any
cash dividends. Unless otherwise determined by the Committee, cash dividends shall be automatically deferred and reinvested in additional Restricted Stock and dividends payable in Stock shall be paid in the form of shares of Restricted Stock.

 (d) Performance-Based Restricted Stock Award. Restricted Stock Awards may be designated as Performance-Based by the
Committee before or at the time of grant based 

  

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upon the Committee’s determination that (i) the recipient is or may be a “covered employee” within the meaning of Section 162(m)(3)
of the Code in the fiscal year in which the Company would expect to be able to claim a tax deduction with respect to such Award, and (ii) the Committee wishes the Restricted Stock Award to qualify for the exemption from the limitation on
deductibility imposed by Section 162(m) of the Code. 
 (e) Book-Entry Shares. In the event the Committee
authorizes the issuance pursuant to this Plan of shares of Restricted Stock in book-entry (uncertificated) form, all references herein to the delivery of stock certificates shall be inapplicable. The Company’s transfer agent shall keep
appropriate records indicating the number of shares of Restricted Stock owned by each person to whom shares are issued pursuant to this Plan, the restrictions applicable to such shares of Restricted Stock and the duration thereof, and other relevant
information. Upon the lapse of all restrictions applicable to shares of Restricted Stock, the transfer agent shall effect delivery of such shares by adjusting its records to reflect the lapse of such restrictions, and by notifying the Participant in
whose name such shares were issued that such restrictions have lapsed. 
 §10. Performance Unit Awards. The Committee shall, from
time to time, in its discretion, set Performance Goals and grant Awards to eligible employees (as defined in Section 5 hereof) in the form of Performance Units, provided that the Performance Goals are established in writing, no later than the
90th day of the Performance Period to which the Performance Goals shall apply. The extent to which an Award has been earned shall be determined following completion of the applicable Performance Period, based upon the attainment of the Performance
Goals set with respect to that Award. Performance Periods shall not be shorter than one year. 
 (a) Administration.
Performance Units may be awarded either alone or in addition to other Awards granted under the Plan. The Committee shall select the officers and key employees to whom and the time or times at which Performance Units shall be awarded and any other
terms and conditions of the Award. The Committee shall determine the nature, duration, and starting date of the Performance Period and shall determine the performance objectives to be used in valuing Performance Units and determining the extent to
which Performance Units have been earned. The provisions of Performance 

  

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Units Awards need not be the same with respect to each recipient, and Performance Goals may vary among Participants and groups of Participants. 

(b) Performance Period. Except as provided in Section 10(c)(iii) hereof, a Participant shall be entitled to payment of
Performance Units pursuant to Section 10 hereof only if the Participant is employed with the Company for a period of time to be determined by the Committee, but such period of time in no event shall be less than one year from the date of grant
of the Award. Performance Periods may overlap and Participants may simultaneously participate with respect to Performance Unit Awards that are subject to different performance factors and criteria. 
 (c) Terms and Conditions. Performance Unit Awards shall be subject to the following terms and conditions, in addition to any other
terms and conditions the Committee may determine: 
 (i) Not more than 90 days after the commencement of the Performance
Period, the Committee shall establish such performance targets and indicators as shall enable the Committee to calculate the percentage of a Performance Unit to be paid to a Participant based upon the extent to which such Performance Unit has been
earned. The Committee shall determine the value for each Performance Unit based upon the Company’s audited financial statements for the year immediately preceding the year during which the Performance Units are to be paid out. Payment of the
value of the Performance Units shall be made in cash or whole shares of Stock, including Restricted Stock, or any combination thereof, and in a lump sum or in annual installments, as the Committee may determine. The Committee may adjust the
performance targets and indicators and measurements applicable to Performance Unit Awards to take into account changes in law, accounting and tax rules and to make such adjustments as the Committee deems necessary or appropriate to reflect the
impact of extraordinary or unusual items, events or circumstances. 
 (ii) Subject to the provisions of the Plan and the
Performance Unit Award Agreement, except as otherwise provided by the Committee, Performance Unit 

  

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Awards may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of. 
 (iii) Based on such factors or criteria as the Committee may determine, the Committee may shorten the Performance Period or declare any
Performance Units immediately payable in such amounts as the Committee may determine whenever it decides in its absolute discretion that such action is in the interests of the Company and equitable to the Participants, or in the event of hardship or
other special circumstances of a Participant whose employment is terminated (other than for Cause). 
 (iv) Each Performance
Unit Award shall be confirmed by and be subject to the terms of a Performance Unit Award Agreement. 
 (v) The maximum amount,
including the Fair Market Value of any Stock, that may be paid to any Participant in any calendar year with respect to Performance Unit Awards is $5 million. 
 §11. Performance Goals. Performance Goal(s) applicable to a Performance Period shall identify one or more business criteria to be monitored during the Performance Period. Such business criteria shall be
established on a Company-specific basis or in comparison with peer group performance based on one or more of the following: earnings before interest and taxes, net earnings, earnings per share, return on equity, return on assets, stock price
appreciation and total return to stockholders. The Committee shall determine the level(s) of performance that must be achieved with respect to each criterion that is identified in a Performance Goal in order for a Performance Goal to be treated as
attained in whole or in part. The Committee may base Performance Goal(s) on one or more of the foregoing business criteria. If Performance Goal(s) are based on more than one business criterion, the Committee may determine to make a grant of an Award
upon attainment of the Performance Goal(s) relating to any one or more of the criteria. The Committee may not adjust Performance Goals or Performance Periods established for any Award to the extent such adjustment would increase the amount of the
Award; however, the Committee shall retain the discretion to decrease Awards. The Committee shall certify in writing before payment of the amounts payable under the Restricted Stock Awards and Performance Unit 

  

 17 

 
Awards that the Performance Goals and any other material terms were in fact satisfied. Certification by the Committee is not required for amounts payable
that are attributable solely to the increase in the value of Stock. 
 §12. Change of Control. In the event of a Change of
Control of the Company (as defined in Section 12(a) hereof), notwithstanding any provisions to the contrary in the Plan or in any agreements evidencing the grant of Awards, (i) any Stock Options and Stock Appreciation Rights outstanding on
the date a Change of Control is deemed to have occurred shall immediately become fully exercisable; (ii) the restrictions applicable to any Restricted Stock shall lapse and such Restricted Stock shall immediately become fully vested; and
(iii) any outstanding Performance Unit Awards shall be vested and paid out in accordance with the time ratio set forth in Section 14(f) hereof. All outstanding Stock Options, Stock Appreciation Rights, and Restricted Stock shall be
redeemable for cash, unless otherwise determined by the Committee on or after the date of grant, with the value of shares of Stock being deemed equivalent to their Fair Market Value determined as of the date specified in Section 12(b) hereof,
as of the date of such Change of Control, or as of such other date as the Committee may determine prior to the date of such Change of Control. 
 (a) Definition. A Change of Control shall be deemed to have occurred at any time that a person (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) other than the Company or any Subsidiary
becomes the “beneficial owner” (as defined in the Exchange Act) directly or indirectly of securities of the Company representing a majority of the total voting power of the Company’s then outstanding voting securities. 
 (b) Valuation Date. Upon the occurrence of a Change of Control of the Company, the valuation date to be used in determining the
Fair Market Value of shares of Stock shall be the date immediately preceding the date upon which such Change of Control shall have occurred. 
 § 13. Reorganizations and Recapitalizations of the Company. Unless the Committee, in its discretion, shall otherwise provide to the contrary in any agreement, the following terms 

  

 18 

 
apply to adjustments, reorganizations, recapitalizations, and other changes in the structure of the Company: 
 (a) The existence of the Plan and Awards granted thereunder shall not affect in any way the right or power of the Company or its
shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 (b) The shares with respect to which Options or Stock Appreciation Rights (or both) may be granted hereunder are shares of Stock as currently constituted, but if, and whenever, prior to the delivery by the Company of all of the shares of
Stock that are the subject of Stock Options or Stock Appreciation Rights (or both) granted pursuant to the Plan, the Company shall effect a subdivision or combination of shares or other capital adjustment, the payment of a stock dividend or other
increase or reduction in the number of shares of Stock outstanding without receiving consideration therefor in money, services or property, the number of shares of Stock available under the Plan and the number of shares of Stock with respect to
which Stock Options or Stock Appreciation Rights (or both) granted hereunder may thereafter be exercised shall (i) in the event of an increase in the number of shares of Stock, be proportionately increased, and the Option Price payable per
share shall be proportionately reduced; and (ii) in the event of a reduction in the number of shares of Stock, be proportionately reduced, and the Option Price payable per share shall be proportionately increased. The restrictions set forth in
Section 6 hereof on the number of shares that may be made the subject of an Award to a Participant in a single calendar year shall likewise be proportionately increased or decreased (as the case may be) upon the occurrence of any event of a
type described in this subsection (b). 
 (c) If the Company is reorganized, or merged into or consolidated with another
corporation, or if the Company sells or otherwise disposes of substantially all of its assets to another corporation, or if 20% or more of all classes of outstanding capital stock of the Company ordinarily entitled to vote in the election of
directors is acquired by another corporation in exchange for stock or other securities of such other corporation and while 

  

 19 

 
unexercised Options remain outstanding under the Plan, subject to the provisions of Section 12 hereof, the Committee may authorize an agreement between
the Company and such other corporation providing that there shall be substituted for the shares subject to the unexercised portions of such outstanding Options an appropriate number of shares, if any, of each class of stock or other securities of
the reorganized, merged, consolidated or acquiring corporation that were distributed or issued to the shareholders of the Company in respect of their shares of Stock; and in the case of any merger or consolidation in which the Company is not the
surviving corporation, or any sale or other disposition of substantially all of the assets of the Company to another corporation, or the acquisition of 20% or more of all classes of the outstanding capital stock of the Company ordinarily entitled to
vote in the election of directors by another corporation and in exchange for stock or other securities of such other corporation, the Committee may accelerate unmatured installments of Stock Options or Stock Appreciation Rights (or both).

 § 14. Termination of Employment. Subject to the provisions of Sections 7, 8, 9 and 10, the following terms shall apply to
Awards with respect to a Participant’s termination of employment. 
 (a) Termination by Death. If a
Participant’s employment terminates by reason of his or her death, any Stock Option or Stock Appreciation Right held by such Participant may thereafter be exercised, to the extent then exercisable or on such accelerated basis as the Committee
may determine, until the expiration of the stated term of such Stock Option or Stock Appreciation Right, or for such period following the Participant’s death as may be specified in the applicable Option Agreement or SAR Agreement, whichever
period is shorter. 
 (b) Termination by Reason of Disability. If a Participant’s employment terminates by reason
of his or her Disability, any Stock Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time of termination or on such accelerated basis as the Committee
may determine, until the expiration of the stated term of such Stock Option or Stock Appreciation Right, or for such period following termination of employment by reason of 

  

 20 

 
the Participant’s Disability as may be specified in the applicable Option Agreement or SAR Agreement, whichever period is shorter. The period during
which the Stock Option or Stock Appreciation Right may be exercised following termination by reason of Disability pursuant to this subsection (b) shall not be affected by the subsequent death of the Participant. In the event of termination of
employment by reason of Disability, if an Incentive Stock Option is exercised after the expiration of the exercise periods that apply for purposes of Section 422 of the Code, such Stock Option shall thereafter be treated as a Non-Statutory
Stock Option. 
 (c) Termination by Reason of Retirement. If a Participant’s employment terminates by reason of
Retirement, any Stock Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time of such Retirement or on such accelerated basis as the Committee may
determine, until the expiration of the stated term of such Stock Option or Stock Appreciation Right, or for such period following termination of employment by reason of the Participant’s Retirement as may be specified in the applicable Option
Agreement or SAR Agreement, whichever period is shorter. The period during which the Stock Option or Stock Appreciation Right may be exercised following termination by reason of Retirement pursuant to this subsection (c) shall not be affected
by the subsequent death of the Participant. In the event of termination of employment by reason of Retirement, if an Incentive Stock Option is exercised after the expiration of the exercise periods that apply for purposes of Section 422 of the
Code, such Stock Option will thereafter be treated as a Non-Statutory Stock Option. 
 (d) Other Termination. Unless
otherwise determined by the Committee, if a Participant’s employment terminates for any reason other than death, Disability, or Retirement, each Stock Option and Stock Appreciation Right shall immediately terminate, except that such Stock
Option or Stock Appreciation Right, to the extent then exercisable, may be exercised for the lesser of 3 months or the balance of its term if the Participant’s employment is terminated for reasons other than for Cause by the Company or a
Subsidiary (whichever is then the Participant’s employer). 
  

 21 

 (e) Effect of Termination of Employment on Restricted Stock Awards. Except to the
extent otherwise provided in the applicable Restricted Stock Agreement and Section 9(c)(i) hereof, upon termination of a Participant’s employment for any reason during the Restriction Period, all shares of Restricted Stock still subject to
restriction shall be forfeited by the Participant. In the event of hardship or other special circumstances affecting a Participant whose employment is involuntarily terminated (other than for Cause), the Committee may waive in whole or in part any
or all remaining restrictions with respect to such Participant’s shares of Restricted Stock. 
 (f) Effect of
Termination of Employment on Performance Unit Awards. Except to the extent otherwise provided in Section 10(c)(iii) hereof, Performance Units shall have no value if the Participant is not an employee of the Company at the end of the
Performance Period for which the Performance Unit was granted. In the event of the death, Disability, Retirement, or termination of the Participant’s employment for reasons other than Cause, the Committee may, at its discretion, direct prorated
payments based upon (x) the number of full calendar months between the date of grant of the Award and the date of termination of employment, divided by, (y) the total number of months in the Performance Period. 
 §15. Withholding Taxes. No later than the date as of which an amount first becomes includible in the gross income for federal income tax
purposes of a Participant with respect to any Award under the Plan, such Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required
by law to be withheld with respect to such amount. Unless otherwise determined by the Company, withholding obligations may be settled with Stock, including Stock that is part of the Award giving rise to the withholding requirement. Such Stock shall
be valued at its Fair Market Value on the date when taxes otherwise would be withheld in cash. The obligations of the Company under the Plan may be conditioned on such payment or arrangements, and the Company and any Subsidiary shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant. Until such taxes have been paid or arrangements satisfactory to the Company for their payment have been made, no share certificates shall be
issued or cash shall be paid with respect to an Award. 
  

 22 

 §16. Amendments and Termination. The Board may amend, alter, or discontinue the Plan, but no
amendment, alteration or discontinuation shall be made that would impair the rights of a Participant under a Stock Option, a Stock Appreciation Right Agreement, or an agreement for a Restricted Stock Award or Performance Unit Award theretofore
granted, without such Participant’s consent or which, without the approval of the Company’s shareholders, would: 
 (a) except as expressly provided in the Plan, increase the total number of shares reserved for the purpose of the Plan; 
 (b) except as expressly provided in the Plan, decrease the Option Price of any Stock Option to less than the Fair Market Value on the date of grant; 
 (c) change the class of employees eligible to participate in the Plan; or 
 (d) extend the maximum option period with respect to Incentive Stock Options under Section 7(e) or the maximum exercise period under
Section 7(f) hereof. 
 The Committee may amend the terms of any Stock Option or other Award theretofore granted, prospectively or
retroactively, but no such amendment shall impair the rights of a Participant without such Participant’s consent. Subject to the restrictions contained in Section 7(d), the Committee may also substitute new Stock Options for previously
granted Stock Options, including previously granted Stock Options having higher Option Prices. Subject to the provisions set forth in this Section 16, the Board shall have authority to amend the Plan to take into account changes in law and tax
and accounting rules, to make Awards comply as “performance-based compensation” as defined in Section 162(m) of the Code, to comply with rules exempting certain transactions under the Plan from Section 16(b) of the Exchange Act,
and to take into account other developments. 
 §17. Effective Date. The Plan shall be effective and Awards may be granted
thereunder, immediately upon its approval by the shareholders of the Company in accordance with the provisions of applicable law and the Certificate of Incorporation and Bylaws of the Company. 
 §18. General Provisions. The following general provisions shall apply to the Plan: 
  

 23 

 (a) The Plan and all Awards granted and all actions taken thereunder shall be governed by
and construed in accordance with the laws of the State of Connecticut. 
 (b) Nothing contained in the Plan shall prevent the
Company or any Subsidiary from adopting other or additional compensation arrangements for its employees. 
 (c) Adoption of
the Plan shall not confer upon any employee any right to continued employment nor shall it interfere in any way with the right of the Company or any Subsidiary, to terminate the employment of any of its employees at any time. 
 (d) The reinvestment of dividends in additional Restricted Stock at the time of any dividend payment shall only be permissible if
sufficient shares of Stock are available under Section 6 hereof for such reinvestment (taking into account then outstanding Stock Options and other Awards). 
 (e) The Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts
payable in the event of such Participant’s death are to be paid. 
 -ooo00ooo- 
  

 24Exhibit 10.26

 Exhibit 10.26 
 PEOPLE’S UNITED FINANCIAL, INC. 
 2007 RECOGNITION AND RETENTION PLAN 
  
  
 Effective as of
October 18, 2007 
 (as amended April 17, 2008) 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	ARTICLE I
	
	PURPOSE
			
	 Section 1.1
	  	General Purpose of the Plan	  	1
	
	ARTICLE II
	
	DEFINITIONS
	 Section 2.1
	  	Award	  	1
	 Section 2.2
	  	Award Notice	  	1
	 Section 2.3
	  	Bank	  	1
	 Section 2.4
	  	Beneficiary	  	1
	 Section 2.5
	  	Board	  	1
	 Section 2.6
	  	Change of Control	  	1
	 Section 2.7
	  	Code	  	3
	 Section 2.8
	  	Committee	  	3
	 Section 2.9
	  	Company	  	3
	 Section 2.10
	  	Disability	  	3
	 Section 2.11
	  	Disinterested Board Member	  	3
	 Section 2.12
	  	Effective Date	  	3
	 Section 2.13
	  	Eligible Director	  	3
	 Section 2.14
	  	Eligible Employee	  	3
	 Section 2.15
	  	Employer	  	4
	 Section 2.16
	  	Exchange Act	  	4
	 Section 2.17
	  	OTS Regulation	  	4
	 Section 2.18
	  	Fund	  	4
	 Section 2.19
	  	Funding Agent	  	4
	 Section 2.20
	  	Funding Agreement	  	4
	 Section 2.21
	  	Person	  	4
	 Section 2.22
	  	Plan	  	4
	 Section 2.23
	  	Retirement	  	4
	 Section 2.24
	  	Service	  	5
	 Section 2.25
	  	Share	  	5
	
	ARTICLE III
	
	SHARES AVAILABLE UNDER PLAN
	 Section 3.1
	  	Shares Available Under Plan	  	5

  

 i 

					
	ARTICLE IV
	
	ADMINISTRATION
	 Section 4.1
	  	Committee	  	5
	 Section 4.2
	  	Committee Action	  	5
	 Section 4.3
	  	Committee Responsibilities	  	6
	
	ARTICLE V
	
	THE FUND
	 Section 5.1
	  	Contributions	  	6
	 Section 5.2
	  	The Fund	  	6
	 Section 5.3
	  	Investments	  	6
	
	ARTICLE VI
	
	AWARDS
	 Section 6.1
	  	To Eligible Directors	  	7
	 Section 6.2
	  	To Eligible Employees	  	7
	 Section 6.3
	  	Awards in General	  	7
	 Section 6.4
	  	Share Allocations	  	7
	 Section 6.5
	  	Dividend Rights	  	8
	 Section 6.6
	  	Voting Rights	  	8
	 Section 6.7
	  	Tender Offers	  	9
	 Section 6.8
	  	Limitations on Awards	  	9
	
	ARTICLE VII
	
	VESTING
	 Section 7.1
	  	Vesting of Awards	  	10
	 Section 7.2
	  	Designation of Beneficiary	  	11
	 Section 7.3
	  	Manner of Distribution	  	11
	 Section 7.4
	  	Taxes	  	12
	
	ARTICLE VIII
	
	AMENDMENT AND TERMINATION
	 Section 8.1
	  	Termination	  	12
	 Section 8.2
	  	Amendment	  	12
	 Section 8.3
	  	Adjustments in the Event of a Business Reorganization	  	12

  

 ii 

					
	ARTICLE IX
	
	MISCELLANEOUS
	 Section 9.1
	  	Status as an Employee Benefit Plan	  	13
	 Section 9.2
	  	No Right to Continued Employment	  	13
	 Section 9.3
	  	Construction of Language	  	13
	 Section 9.4
	  	Governing Law	  	13
	 Section 9.5
	  	Headings	  	14
	 Section 9.6
	  	Non-Alienation of Benefits	  	14
	 Section 9.7
	  	Notices	  	14
	 Section 9.8
	  	Required Regulatory Provisions	  	14
	 Section 9.9
	  	Approval of Shareholders	  	14

  

 iii 

 PEOPLE’S UNITED FINANCIAL, INC. 
 2007 RECOGNITION AND RETENTION PLAN 
 ARTICLE I 
 PURPOSE 
 Section 1.1
General Purpose of the Plan. 
 The purpose of the Plan is to promote the growth and profitability of People’s United
Financial, Inc. and its affiliated companies and to provide eligible directors, certain key officers and employees of People’s United Financial, Inc. and its affiliated companies with an incentive to achieve corporate objectives, to attract and
retain directors, key officers and employees of outstanding competence, to recognize the contributions of directors, key officers and employees in achieving business objectives, and to provide such directors, officers and employees with an equity
interest in People’s United Financial, Inc. and its affiliated companies. 
 ARTICLE II 
 DEFINITIONS 
 The following
definitions shall apply for the purposes of this Plan, unless a different meaning is plainly indicated by the context: 
 Section 2.1 Award means a grant of Shares to an Eligible Director or Eligible Employee pursuant to section 6.1 or 6.2. 
 Section 2.2 Award Notice means, with respect to a particular Award, a written instrument signed by the Company and the Awards recipient evidencing the granting of the Award and establishing
the terms and conditions thereof. 
 Section 2.3 Bank means People’s United Bank and any successor thereto.

 Section 2.4 Beneficiary means the Person designated by an Eligible Director or Eligible Employee pursuant to
section 7.2 to receive distribution of any Shares available for distribution to such Eligible Director or Eligible Employee, in the event such Eligible Director or Eligible Employee dies prior to receiving distribution of such Shares. 
 Section 2.5 Board means the Board of Directors of the Company. 
 Section 2.6 Change of Control means any of the following events: 
 (a) the consummation of a reorganization, merger or consolidation of the Company with one or more other persons, other than a transaction
following which: 

 (i) at least 51% of the equity ownership interests of the entity resulting from such
transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 
 (ii) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in
substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in
the election of directors of the Company; 
 (b) the acquisition of all or substantially all of the assets of the Company or
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of the outstanding securities of the Company entitled to vote generally in the election of directors by any person or by any persons acting in
concert; 
 (c) a complete liquidation or dissolution of the Company; 
 (d) the occurrence of any event if, immediately following such event, at least 50% of the members of the board of directors of the Company
do not belong to any of the following groups: 
 (i) individuals who were members of the board of directors of the Company on
the Effective Date; or 
 (ii) individuals who first became members of the board of directors of the Company after the
Effective Date either: 
 (A) upon election to serve as a member of the board of Directors of the Company by affirmative vote
of at least three-quarters of the members of such board, or of a nominating committee thereof, in office at the time of such first election; or 
 (B) upon election by the shareholders of the Company to serve as a member of such board, but only if nominated for election by affirmative vote of at least three-quarters of the members of the board of directors of
the Company, or of a nominating committee thereof, in office at the time of such first nomination; 
 provided, however, that
such individual’s election or nomination did not result from an actual or threatened election contest or other actual or 

  

 2 

 
threatened solicitation of proxies or consents other than by or on behalf of the board of directors of the Company; 
 (e) approval by the stockholders of the Company of any agreement, plan or arrangement for the consummation of a transaction which, if
consummated, would result in the occurrence of an event described in section 2.6(a), (b), (c) or (d); or 
 (f) any event
which would be described in section 2.6(a), (b), (c), (d) or (e) if the term “Bank” were substituted for the term “Company” therein. 
 In no event, however, shall a Change of Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank, or any subsidiary of
either of them, or by any employee benefit plan maintained by any of them. For purposes of this section 2.6, the term “person” shall have the meaning assigned to it under sections 13(d)(3) or 14(d)(2) of the Exchange Act. 
 Section 2.7 Code means the Internal Revenue Code of 1986 (including the corresponding provisions of any succeeding law).

 Section 2.8 Committee means the Committee described in section 4.1. 
 Section 2.9 Company means People’s United Financial, Inc., a Delaware corporation, and any successor thereto. 

Section 2.10 Disability means a condition of total incapacity, mental or physical, for further performance of duty with an
Employer which the Committee shall have determined, on the basis of competent medical evidence, is likely to be permanent. 
 Section 2.11 Disinterested Board Member means a member of the Board who (a) is not a current employee of the Company or a subsidiary, (b) does not receive remuneration from the Company or a subsidiary,
either directly or indirectly, in any capacity other than as a director, except in an amount for which disclosure would not be required pursuant to Item 404(a) of the proxy solicitation rules of the Securities and Exchange Commission and
(c) does not possess an interest in any other transaction, and is not engaged in a business relationship, for which disclosure would be required pursuant to Item 404(a) or (b) of the proxy solicitation rules of the Securities and
Exchange Commission. The term Disinterested Board Member shall be interpreted in such manner as shall be necessary to conform to the requirements of section 162(m) of the Code and Rule 16b-3 promulgated under the Exchange Act. 
 Section 2.12 Effective Date means October 18, 2007. 
 Section 2.13 Eligible Director means a member of the board of directors or an advisory board of an Employer who is not also an
employee of any Employer. 
 Section 2.14 Eligible Employee means any employee whom the Committee may determine to
be a key officer or employee of the Employer and selects to receive an Award pursuant to the Plan. 
  

 3 

 Section 2.15 Employer means the Company, the Bank and any
successor thereto and, with the prior approval of the Board of Directors of the Company, and subject to such terms and conditions as may be imposed by the Board, any other savings bank, savings and loan association, bank, corporation, financial
institution or other business organization or institution. With respect to any Eligible Employee or Eligible Director, the Employer shall mean the entity which employs such person or upon whose board of directors or advisory board such person
serves. 
 Section 2.16 Exchange Act means the Securities and Exchange Act of 1934, as amended. 
 Section 2.17 OTS Regulations means the rules and regulations of the Office of Thrift Supervision. 
 Section 2.18 Fund means the corpus (consisting of contributions paid over to the Funding Agent, and investments thereof), and
all earnings, appreciations or additions thereof and thereto, held by the Funding Agent under the Funding Agreement in accordance with the Plan, less any depreciation thereof and any payments made therefrom pursuant to the Plan. 
 Section 2.19 Funding Agent means the trustee or custodian of the Fund from time to time in office. The Funding Agent shall
serve as Funding Agent until it is removed or resigns from office and is replaced by a successor Funding Agent or Funding Agents appointed by People’s United Financial, Inc. 
 Section 2.20 Funding Agreement means the agreement between People’s United Financial, Inc. and the Funding Agent therein
named or its successor pursuant to which the Fund shall be held in trust or custody. 
 Section 2.21 Person means
an individual, a corporation, a bank, a savings bank, a savings and loan association, a financial institution, a partnership, an association, a joint-stock company, a trust, an estate, an unincorporated organization and any other business
organization or institution. 
 Section 2.22 Plan means the People’s United Financial, Inc. 2007 Recognition
and Retention Plan as amended from time to time. 
 Section 2.23 Retirement means (a) in the case of an
Eligible Employee, termination of all service for all Employers as an employee at or after age 65, and (b) in the case of an Eligible Director who is a member of an Employer’s board of directors, termination of all service for all
Employers as a voting member of the Employer’s board of directors after the attainment of the latest age at which the Eligible Director is eligible for election or appointment as a voting member of the Employer’s board of directors under
the Employer’s charter or by-laws, and (c) in the case of an Eligible Director who is a member of an advisory board of an Employer but is not a member of an Employer’s board of directors, termination of service as a member of the
Employer’s advisory board. In the case of any individual who comes within the scope of more than one of subsections (a) through (c) of the foregoing sentence, Retirement shall be deemed to have occurred at the earliest possible date.

  

 4 

 Section 2.24 Service means service for an Employer as an employee
in any capacity, and service as a director or emeritus director or advisory director of an Employer. 
 Section 2.25
Share means a share of common stock of People’s United Financial, Inc., par value $.01 per share. 
 ARTICLE III 

 SHARES AVAILABLE UNDER PLAN 
 Section 3.1 Shares Available Under Plan. 
 (a)
The maximum number of Shares available for Awards under the Plan shall be 6,969,050, subject to adjustment pursuant to section 8.3. 
 (b) An aggregate maximum of 2,090,715 Shares (subject to adjustment pursuant to section 8.3) may be granted as Awards to Eligible Directors, and a maximum of 348,452 Shares (subject to adjustment pursuant to section 8.3) may be granted as
Awards to any one Eligible Director. 
 (c) An aggregate maximum of 6,969,050 Shares (subject to adjustment pursuant to
section 8.3) may be granted as Awards to Eligible Employees, and a maximum of 1,742,262 Shares (subject to adjustment pursuant to section 8.3) may be granted as Awards to any one Eligible Employee. 
 ARTICLE IV 
 ADMINISTRATION 

 Section 4.1 Committee. 
 The Plan shall be administered by the Compensation and Nominating Committee (the “Committee”) or such other committee of the Board that is designated and empowered to perform the functions of the Committee,
and shall be composed of not fewer than two Disinterested Board Members. 
 Section 4.2 Committee Action.

 The Committee shall hold such meetings, and may make such administrative rules and regulations, as it may deem proper. A majority of the
members of the Committee shall constitute a quorum, and the action of a majority of the members of the Committee present at a meeting at which a quorum is present, as well as actions taken pursuant to the unanimous written consent of all of the
members of the Committee without holding a meeting, shall be deemed to be actions of the Committee. Subject to the terms and conditions of the Plan and such limitations as may be imposed by the Board, all actions of the Committee shall be final and
conclusive and shall be binding upon the Company and all other interested parties. Any Person dealing with the Committee shall be fully protected in relying upon any written notice, instruction, direction or other communication signed by the Chair
of the Committee and one member of the Committee, 

  

 5 

 
by two members of the Committee or by a representative of the Committee authorized to sign the same in its behalf. 
 Section 4.3 Committee Responsibilities. 
 Subject to the terms and conditions of the Plan and such limitations as may be imposed by the Board, the Committee shall be responsible for the overall management and administration of the Plan and shall have such
authority as shall be necessary or appropriate in order to carry out its responsibilities, including, without limitation, the authority: 
 (a) to interpret and construe the Plan, and to determine all questions that may arise under the Plan as to eligibility for Awards under the Plan, the amount of Shares, if any, to be granted pursuant to an Award, and
the terms and conditions of such Award; 
 (b) to adopt rules and regulations and to prescribe forms for the operation and
administration of the Plan; and 
 (c) to take any other action not inconsistent with the provisions of the Plan that it may
deem necessary or appropriate. 
 ARTICLE V 
 THE FUND 
 Section 5.1 Contributions. 
 The Company shall contribute, or cause to be contributed, to the Fund, from time to time, such amounts of money or property as shall be determined by the
Board, in its discretion. No contributions by Eligible Directors or Eligible Employees shall be permitted. 
 Section 5.2 The
Fund. 
 The Fund shall be held and invested under the Funding Agreement with the Funding Agent. The provisions of the Funding
Agreement shall include provisions conferring powers on the Funding Agent as to investment, control and disbursement of the Fund, and such other provisions not inconsistent with the Plan as may be prescribed by or under the authority of the Board.
No bond or security shall be required of any Funding Agent at any time in office. 
 Section 5.3 Investments.

 The Funding Agent shall invest the Fund in Shares and in such other investments as may be permitted under the Funding Agreement, including
savings accounts, time or other interest bearing deposits in or other interest bearing obligations of the Company, in such proportions as shall be determined by the Committee; provided, however, that in no event shall the Fund be used
to purchase more than 6,969,050 Shares (subject to adjustment pursuant to section 8.3). Notwithstanding the immediately preceding sentence, the Funding Agent may temporarily invest the Fund in short-term obligations of, or guaranteed by, the U.S.
Government 

  

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or an agency thereof, or the Funding Agent may retain the Fund uninvested or may sell assets of the Fund to provide amounts required for purposes of the
Plan. 
 ARTICLE VI 
 AWARDS 
 Section 6.1 To Eligible Directors. 
 Subject to the limitations of the Plan and such limitations as the Board may from time to time impose, the number of Shares as to which an Eligible
Director may be granted an Award shall be determined by the Committee in its discretion; provided, however, that in no event shall the number of Shares allocated to an Eligible Director in an Award exceed the number of Shares reserved
to the Plan and not allocated in connection with other Awards. 
 Section 6.2 To Eligible Employees. 
 Subject to the limitations of the Plan and such limitations as the Board may from time to time impose, the number of Shares as to which an Eligible
Employee may be granted an Award shall be determined by the Committee in its discretion; provided, however, that in no event shall the number of Shares allocated to an Eligible Employee in an Award exceed the number of Shares reserved
to the Plan and not allocated in connection with other Awards. 
 Section 6.3 Awards in General. 
 Each Award shall be evidenced by an Award Notice issued by the Committee to the Eligible Director or Eligible Employee, which notice shall: 
 (a) specify the number of Shares covered by the Award; 
 (b) specify the date of grant of the Award; 
 (c) specify the dates on which such Shares shall become vested; and 
 (d) contain such other
terms and conditions not inconsistent with the Plan as the Board or Committee may, in its discretion, prescribe. 
 Section 6.4
Share Allocations. 
 Upon the grant of an Award to an Eligible Director or Eligible Employee, the Committee shall notify the
Funding Agent of the Award and of the number of Shares subject to the Award. Thereafter, until such time as the Shares subject to such Award become vested or are forfeited, the books and records of the Funding Agent shall reflect that such number of
Shares have been awarded to such Award recipient. 
  

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 Section 6.5 Dividend Rights. 
 (a) Unless the Committee determines otherwise with respect to any Award and specifies such determination in the relevant Award Notice, any cash dividends
or distributions declared and paid with respect to Shares subject to the Award that are, as of the record date for such dividend, allocated to an Eligible Director or Eligible Employee in connection with such Award shall be promptly paid to and
retained by such Eligible Director or Eligible Employee. Any cash dividends declared and paid with respect to Shares that are not, as of the record date for such dividend, allocated to any Eligible Director or Eligible Employee in connection with
any Award shall, at the direction of the Committee, be held in the Trust or used to pay the administrative expenses of the Plan, including any compensation due to the Funding Agent. 
 (b) Unless the Committee determines otherwise with respect to any Award and specifies such determination in the relevant Award Notice, any dividends or
distributions declared and paid in property other than cash with respect to Shares shall be subject to the same vesting and other restrictions as the Shares to which the Award relates. Any such dividends declared and paid with respect to Shares that
are not, as of the record date for such dividend, allocated to any Eligible Director or Eligible Employee in connection with any Award shall, at the direction of the Committee, be held in the Trust or used to pay the administrative expenses of the
Plan, including any compensation due to the Funding Agent or, in the case of a stock dividend, used for future Awards. 
 Section 6.6 Voting Rights. 
 (a) Each Eligible Director or Eligible Employee to whom an Award has been
made that is not fully vested shall have the right to exercise, or direct the exercise of, all voting rights appurtenant to unvested Shares related to such Award. Such a direction for any Shares as to which the Eligible Director or Eligible Employee
is not the record owner shall be given by completing and filing, with the inspector of elections, the Funding Agent or such other person who shall be independent of the Company as the Committee shall designate in the direction, a written direction
in the form and manner prescribed by the Committee. If no such direction is given by an Eligible Director or Eligible Employee, then the voting rights appurtenant to the Shares allocated to him shall not be exercised. 
 (b) To the extent that the Fund contains Shares that are not allocated in connection with an Award, all voting rights appurtenant to such Shares shall be
exercised by the Funding Agent in such manner as the Committee shall direct to reflect the voting directions given by Eligible Directors or Eligible Employees with respect to Shares allocated in connection with their Awards. 
 (c) The Committee shall furnish, or cause to be furnished, to each Eligible Director or Eligible Employee who is not the record holder of the Shares
relating to his or her Award all annual reports, proxy materials and other information furnished by the Company, or by any proxy solicitor, to the holders of Shares. 
  

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 Section 6.7 Tender Offers. 
 (a) Each Eligible Director or Eligible Employee to whom an Award has been made that is not fully vested shall have the right to respond, or to direct the
response, with respect to the Shares related to such Award, to any tender offer, exchange offer or other offer made to the holders of Shares. Such a direction for any Shares as to which the Eligible Director or Eligible Employee is not the record
owner shall be given by completing and filing, with the inspector of elections, the Funding Agent or such other person who shall be independent of the Company as the Committee shall designate in the direction, a written direction in the form and
manner prescribed by the Committee. If no such direction is given by an Eligible Director or Eligible Employee, then the Shares shall not be tendered or exchanged. 
 (b) To the extent that the Fund contains Shares that are not allocated in connection with an Award, all responses to tender, exchange and other offers appurtenant to such Shares shall be given by the Funding Agent in
such manner as the Committee shall direct to reflect the responses given by Eligible Directors or Eligible Employees with respect to Shares allocated in connection with their Awards. 
 (c) The Committee shall furnish, or cause to be furnished, to each Eligible Director or Eligible Employee, all information furnished by the offeror to
the holders of Shares. 
 Section 6.8 Limitations on Awards. 
 (a) No Award shall be granted under the Plan prior to the later of the date on which the Plan is approved by shareholders pursuant to section 9.9 or
October 16, 2007; 
 (b) No Award granted under the Plan shall become vested more rapidly than under the following schedule unless,
subject to restrictions contained in the OTS Regulations, a different vesting schedule is established by the Committee and specified in the agreement evidencing the Award: 
 (i) prior to the first anniversary of the grant date, no part of any Award shall be vested in the absence of the death, Retirement or
Disability of the Award recipient or upon a Change of Control; 
 (ii) on and after the first anniversary of the grant date
and prior to the second anniversary of the grant date, an Award will be vested as to a maximum of twenty percent (20%) of the Shares subject to the Award when granted in the absence of the death, Retirement or Disability of the Award recipient
or upon a Change of Control; 
 (iii) on and after the second anniversary of the grant date and prior to the third anniversary
of the grant date, an Award may be vested as to a maximum of forty percent (40%) of the Shares subject to the Award when granted in the absence of the death, Retirement or Disability of the Award recipient or upon a Change of Control;

  

 9 

 (iv) on and after the third anniversary of the grant date and prior to the fourth
anniversary of the grant date, an Award may be vested as to a maximum of sixty percent (60%) of the Shares subject to the Award when granted in the absence of the death, Retirement or Disability of the Award recipient or upon a Change of
Control; 
 (v) on and after the fourth anniversary of the grant date and prior to the fifth anniversary of the grant date, an
Award may be vested as to a maximum of eighty percent (80%) of the Shares subject to the Award when granted in the absence of the death, Retirement or Disability of the Award recipient or upon a Change of Control; and 
 (vi) on and after the fifth anniversary of the grant date, the Award may be vested as to one hundred percent (100%) of the Shares
subject to the Award when granted; and 
 (vii) an Award may become fully vested on the date of the Award holder’s death,
Retirement, Disability or upon a Change of Control without regard to the time expired from and after the Effective Date and the grant date. 
 (c) An Award by its terms shall not be transferable by the Eligible Director or Eligible Employee other than by will or by the laws of descent and distribution, and the Shares granted pursuant to such Award and held in the Fund shall be
distributable, during the lifetime of the Recipient, only to the Recipient. 
 ARTICLE VII 
 VESTING 
 Section 7.1
Vesting of Awards. 
 Subject to the terms and conditions of the Plan, unless otherwise determined by the Committee and
specified in the Award Notice relating to an Award, Shares subject to each Award granted to an Eligible Director or Eligible Employee under the Plan shall become vested as follows: (i) twenty percent (20%) of such Shares shall become
vested on the first anniversary of the date of grant; (ii) an additional twenty percent (20%) of such Shares shall become vested on the second anniversary of the date of grant; (iii) an additional twenty percent (20%) of such
Shares shall become vested on the third anniversary of the date of grant; (iv) an additional twenty percent (20%) of such Shares shall become vested on the fourth anniversary of the date of grant; (v) an additional twenty percent
(20%) of such Shares shall become vested on the fifth anniversary of the date of grant; provided that to the extent that any Award shall not have become vested prior to the date on which the Award holder terminates Service with an Employer such
Award shall not thereafter become vested and provided, further, an Award shall become 100% vested upon the Award recipient’s death, Retirement, Disability or upon the occurrence of a Change of Control while in the Service of an Employer.

  

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 Section 7.2 Designation of Beneficiary. 
 An Eligible Director or Eligible Employee who has received an Award may designate a Beneficiary to receive any undistributed Shares that are, or become,
available for distribution on, or after, the date of his death. Such designation (and any change or revocation of such designation) shall be made in writing in the form and manner prescribed by the Committee. In the event that the Beneficiary
designated by an Eligible Director or Eligible Employee dies prior to the Eligible Director or Eligible Employee, or in the event that no Beneficiary has been designated, any undistributed Shares that are, or become, available for distribution on,
or after, the Eligible Director’s or Eligible Employee’s death shall be paid to the executor or administrator of the Eligible Director’s or Eligible Employee’s estate, or if no such executor or administrator is appointed within
such time as the Committee, in its sole discretion, shall deem reasonable, to such one or more of the spouse and descendants and blood relatives of such deceased person as the Committee may select. 
 Section 7.3 Manner of Distribution. 
 (a) Except as provided in section 7.3(b), as soon as practicable following the date any Shares granted pursuant to an Award become vested pursuant to sections 7.1, the Committee shall take such actions as are
necessary to cause the transfer of record ownership of the Shares that have become vested from the Funding Agent to the Award holder and shall cause the Funding Agent to distribute to the Award holder all property other than Shares then being held
in connection with the Shares being distributed. 
 (b) The Committee may, in its discretion, cause the transfer to an Award recipient of
record ownership of the Shares subject to such Award that have not yet vested. Any such Shares shall be held in certificated form only, and the certificate therefor shall bear the following or a substantially similar legend: 
 The securities evidenced hereby are subject to the terms of an Award Notice dated [date] between the issuer and [name of Award recipient]
pursuant to the People’s United Financial, Inc. 2007 Recognition and Retention Plan, a copy of which is on file with the issuer and may be inspected at the issuer’s executive offices at 850 Main Street, Bridgeport, Connecticut 06604. No
sale, transfer, hypothecation or other disposition of these securities may be made except in compliance with the terms of such Award Notice and the terms of the Plan. 
 (c) The Company’s obligation to deliver Shares with respect to an Award shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the Eligible
Director or Eligible Employee or Beneficiary to whom such Shares are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of applicable federal, state or local law. It may be
provided that any such representation shall become inoperative upon a registration of the Shares or upon the occurrence of any other event eliminating the necessity of such representation. The Company shall not be required to deliver any Shares
under the Plan prior to (i) the admission of 

  

 11 

 
such Shares to listing on any stock exchange on which Shares may then be listed, or (ii) the completion of such registration or other qualification
under any state or federal law, rule or regulation as the Committee shall determine to be necessary or advisable. 
 Section 7.4
Taxes. 
 The Company, the Committee or the Funding Agent shall have the right to require any person entitled to receive Shares
pursuant to an Award to pay the amount of any tax which is required to be withheld with respect to such Shares, or, in lieu thereof, to retain, or to sell without notice, a sufficient number of Shares to cover the amount required to be withheld.

 ARTICLE VIII 
 AMENDMENT AND TERMINATION 
 Section 8.1 Termination. 
 The Board may suspend or terminate the Plan in whole or in part at any time by giving written notice of such suspension or termination to the Committee;
provided, however, that the Plan may not be terminated while there are outstanding Awards that may thereafter become vested. Upon the termination of the Plan, the Funding Agent shall make distributions from the Fund in such amounts and
to such persons as the Committee may direct and shall return the remaining assets of the Fund, if any, to the Company. 
 Section 8.2 Amendment. 
 The Board may amend or revise the Plan in whole or in part at any time, but no
amendment shall be made that would impair the rights of an Eligible Director or Eligible Employee under an Award theretofore granted, without such Eligible Director’s or Eligible Employee’s consent. 
 Section 8.3 Adjustments in the Event of a Business Reorganization. 
 (a) In the event of any merger, consolidation, or other business reorganization (including but not limited to a Change of Control) in which People’s
United Financial, Inc. is the surviving entity, and in the event of any stock split, stock dividend or other event generally affecting the number of Shares held by each person who is then a holder of record of Shares, the number of Shares held or
permitted to be held in the Fund, the number of Shares covered by outstanding Awards, and the number of Shares available as Awards in total or to particular individuals or groups shall be adjusted to account for such event. Such adjustment shall be
effected by multiplying such number of Shares by an amount equal to the number of Shares that would be owned after such event by a person who, immediately prior to such event, was the holder of record of one Share, unless the Committee, in its
discretion, establishes another appropriate method of adjustment. 
  

 12 

 (b) In the event of any merger, consolidation, or other business reorganization (including but not
limited to a Change of Control) in which People’s United Financial, Inc. is not the surviving entity, the Funding Agent shall hold in the Fund any money, stock, securities or other property received by holders of record of Shares in connection
with such merger, consolidation, or other business reorganization. Any Award with respect to which Shares had been allocated to an Eligible Director or Eligible Employee shall be adjusted by allocating to the Eligible Director or Eligible Employee
receiving such Award the amount of money, stock, securities or other property received by the Funding Agent for the Shares allocated to such Eligible Director or Eligible Employee, and such money, stock, securities or other property shall be subject
to the same terms and conditions of the Award that applied to the Shares for which it has been exchanged. 
 ARTICLE IX 
 MISCELLANEOUS 
 Section 9.1
Status as an Employee Benefit Plan. 
 This Plan is not intended to satisfy the requirements for qualification under section
401(a) of the Code or to satisfy the definitional requirements for an “employee benefit plan” under section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. It is intended to be a non-qualified incentive
compensation program that is exempt from the regulatory requirements of the Employee Retirement Income Security Act of 1974, as amended. The Plan shall be construed and administered so as to effectuate this intent. 
 Section 9.2 No Right to Continued Employment. 
 Neither the establishment of the Plan nor any provisions of the Plan nor any action of the Board or the Committee with respect to the Plan shall be held or construed to confer upon any Eligible Director or Eligible
Employee any right to continue in the service of any Employer. The Employers reserve the right to remove any Eligible Director or dismiss any Eligible Employee or otherwise deal with any Eligible Director or Eligible Employee to the same extent as
though the Plan had not been adopted. 
 Section 9.3 Construction of Language. 
 Whenever appropriate in the Plan, words used in the singular may be read in the plural, words used in the plural may be read in the singular, and words
importing the masculine gender may be read as referring equally to the feminine or the neuter. Any reference to an Article or section number shall refer to an Article or section of this Plan unless otherwise indicated. 
 Section 9.4 Governing Law. 
 The Plan shall be construed and enforced in accordance with the laws of the State of Delaware without giving effect to the conflict of laws principles thereof, except to the extent that such laws are preempted by the federal laws of the
United States of America. The Plan shall be construed to comply with applicable OTS Regulations. 
  

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 Section 9.5 Headings. 
 The headings of Articles and sections are included solely for convenience of reference. If there is any conflict between such headings and the text of the
Plan, the text shall control. 
 Section 9.6 Non-Alienation of Benefits. 
 The right to receive a benefit under the Plan shall not be subject in any manner to anticipation, alienation or assignment, nor shall such right be liable
for or subject to debts, contracts, liabilities, engagements or torts; provided, however, that any recipient of an Award who makes an election pursuant to section 83(b) of the Code to include the value of the Shares subject to such
Award in gross income for federal income purposes when granted rather than when vested shall have the right to margin such Shares to finance the payment of taxes. Any Shares so margined shall nevertheless remain subject to the forfeiture provisions
and other terms and conditions of the Award. 
 Section 9.7 Notices. 
 Any communication required or permitted to be given under the Plan, including any notice, direction, designation, comment, instruction, objection or
waiver, shall be in writing and shall be deemed to have been given at such time as it is personally delivered or 5 days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at
the address listed below, or at such other address as one such party may by written notice specify to the other: 
 (a) If to the Committee:

  

	
	 People’s United Financial, Inc.
 850 Main Street

 Bridgeport, Connecticut 06604
  
 Attention: Corporate Secretary

 (b) If to an Eligible Director or Eligible Employee, to the Eligible Director’s or Eligible
Employee’s address as shown in the Employer’s records. 
 Section 9.8 Required Regulatory Provisions.

 The making and payment of Awards under this Plan shall be conditioned upon and subject to compliance with section 18(k) of the Federal
Deposit Insurance Act, 12 U.S.C. 1828(k), and the rules and regulations promulgated thereunder. 
 Section 9.9 Approval of
Shareholders. 
 The Plan shall not be effective or implemented unless approved by the holders of a majority of the total votes
eligible to be cast at any duly called annual or special meeting of the Company in which case the Plan shall be effective as of the later of (a) October 16, 2007 or (b) 

  

 14 

 
the date of such approval. No Award shall be made prior to the date on which the Plan becomes effective. 
 -ooo00ooo- 
  

 15

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