Document:

Amendment No. 2 to Chittenden Corporation Deferred Compensation Plan

 Exhibit 4.5 
 AMENDMENT NO. 2 
 TO THE 

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

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

  

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

  

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

 

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

  

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

  

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

 

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

  

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

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

 

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

 

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

  

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

  

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

  

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

  

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

 

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

  
 2 

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

  

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

  

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

 

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

  

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

  

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

 

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

  

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

  

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

  
 3 

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

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

As successor by merger to 
 Chittenden
Corporation 
  

			
	By:	 	     /s/David K. Norton

		 	David K. Norton
		 	Senior Executive Vice President

  
 4Amendment to Credit Agreement

 Exhibit 10.1 
 KeyBank National Association, as Agent 
 225 Franklin
Street, 18th Floor 

Boston, Massachusetts 02110 
 As
of June 30, 2011 
 TNP SRT Secured Holdings, LLC 
 1900 Main Street, Suite 700 
 Irvine, California 92614 

Attn: James Wolford 
 Dear Mr. Wolford:

 Reference is made to that certain Revolving Credit Agreement dated as of December 17, 2010, as amended, (“Credit
Agreement”) by and among KeyBank National Association, as agent for the Lenders named (and as defined) therein (the “Agent”) and TNP SRT Secured Holdings, LLC, a Delaware limited liability company and certain affiliated
entities as set forth in the Credit Agreement (collectively, the “Borrower”). The Credit Agreement is hereby amended as set forth below. Capitalized terms used herein without definition shall have the meaning assigned to such terms
in the Credit Agreement. 
 The Borrower has requested certain amendments to the Credit Agreement as set forth below, Agent has agreed to make
such modifications. Accordingly the parties hereto hereby agree as follows: 
 1. Incorporation by Reference. The
foregoing recitals are hereby incorporated by reference as if set forth at length herein. 
 2. Definition Amendment. The
definition of the “Tranche A Available Amount” in Section 1.01 is hereby amended, effective as of June 17, 2011, to read as follows: 
 “Tranche A Available Amount” means the lesser of (a) the Tranche A Commitment and (b) as adjusted from time to time pursuant to the terms hereof, the lesser of
(i) sixty-five percent (65%) of the Pool Value; or (ii) the Tranche A loan amount which would produce a Debt Yield of no less than twelve percent (12%).” 
 3. Borrowing Base Certificate. Effective as of June 17, 2011, the Borrowing Base Certificate attached as Exhibit G to the Credit Agreement is replaced in its entirety by the Borrowing
Base Certificate attached hereto as Attachment I. 
 4. Expiration of Temporary Increase. Sections 2.06 and
2.07(a)(i) (as amended in the Third Omnibus Amendment And Reaffirmation Of Loan Documents dated as of May 26, 2011 (the “Third Omnibus Amendment”)) are hereby amended to change the maturity date of the Temporary Increase from
July 26, 2011 to August 26, 2011. 

 5. Application of Net Proceeds. Agent acknowledges receipt of One Million and no/100
Dollars ($1,000,000) during the period from the Effective Date of the Third Omnibus Amendment until June 26, 2011. Effective as of June 26, 2011, Section 2.08(d) of the Credit Agreement is hereby amended and restated in its entirety
as follows: 
 “(d) Until such time as the outstanding principal balance of the Tranche A Loans has been
reduced to an amount equal to $35,000,000, Borrower shall apply one hundred percent (100%) of the Net Proceeds of the Equity Issuances by TNP REIT to repay the Tranche A Loans, subject to the exceptions set forth in Section 5.18. In
addition, except for (a) the Net Proceeds from the sale of the Popeyes pad site (605 West Craig Road, Pad D, North Las Vegas, Nevada) which is occurring on or about July 29, 2011 or (b) unless otherwise approved in writing by Agent,
Borrower and TNP REIT shall apply 100% of the Net Proceeds of the sale or refinancing of a Real Property to repay the amounts outstanding under the Temporary Increase. Any amounts repaid pursuant to this clause (d) may not be reborrowed.”

 6. New Commitments. Section 2.08(g) is hereby deleted in its entirety and replaced with the following:

 “(g) If any new Commitments are received from any Lender other than KeyBank at a time when there is any
amount of the Temporary Increase outstanding, then the proceeds of any Loans made from such Commitment shall be used first to reduce the amount of the KeyBank Commitment until the amounts outstanding under the Temporary Increase have been repaid in
full, such that the amount of the Temporary Increase required to be repaid by Borrower on August 26, 2011 is reduced by the amount of such Commitment; and such proceeds, if any are received at the same time as any Net Proceeds are received
pursuant to Section 2.08(d), shall be applied before any Net Proceeds are applied prsuant to Section 2.08(d).” 

7. Partial Release Price. Section 5.14(h) is hereby amended to read as follows: 

“(h) If the Release Tract is a portion of a Mortgaged Property, Agent shall have the right, in its sole discretion
and at the Borrower’s expense, to require an updated Appraisal of the Mortgaged Property without the Release Tract, and Agent shall be satisfied, in its reasonable discretion, that the remaining portion of the subject Property will continue to
qualify as a Mortgaged Property. Alternatively, Agent shall use the sale price as set forth in a purchase and sale agreement and related closing statement which have been delivered to and approved by Agent.” 

8. Tranche B Maturity Date. The parties hereto acknowledge that the Tranche B Maturity Date occurred on June 30, 2011.
The sum of $1,967,763.00, which was the remaining balance of outstanding Tranche B Loans as of the Tranche B Maturity Date are hereby deemed to be Tranche A Loans. 

  
 - 2 -

 9. Release of Tranche B Guarantors and Tranche B Collateral. The parties further
acknowledge that, pursuant to Section 2.06(a) of the Credit Agreement and Section 1 of the Guaranty: (i) the Tranche B Guarantors are automatically released from the Guaranty effective as of June 30, 2011; and (ii) the Liens
and security interests of the Agent and Lenders in the Tranche B Collateral are automatically terminated effective as of June 30, 2011. 
 10. Deletion of Tranche B References. All references in the Credit Agreement and other Loan Documents (including, without limitation, Exhibit B to the Credit Agreement) to Tranche B are hereby
deleted. Only the Tranche A Commitment remains in effect. 
 11. Ratification. Each Credit Party hereby ratifies, affirms
and confirms the Loan Documents (as modified by this letter agreement), and acknowledges and agrees that the Loan Documents (as modified by this letter agreement) remain in full force and effect and are enforceable against such Credit Party and
against the Collateral described therein in accordance with their respective terms. Each Credit Party hereby further acknowledges and agrees that the Loan Documents, as amended by this letter agreement, are not subject to any defenses, rights of
setoff, claims or counterclaims that might limit the enforceability thereof, the obligations created and evidenced thereby or the terms and provisions thereof. 
 12. Miscellaneous. This letter agreement may be executed in any number of counterparts, all of which when taken together shall constitute one agreement binding on the parties hereto,
notwithstanding that all parties are not signatories to the same counterpart. Delivery of an executed signature page of this letter agreement by facsimile transmission or by means of electronic mail (in so-called “pdf”, “TIF” or
any similar format) shall be effective as an in-hand delivery of an original executed counterpart hereof. Please acknowledge your agreement with the foregoing by executing a copy of this letter agreement and returning the same to my attention at the
above listed address. 
 [Signatures on next page.] 

  
 - 3 -

 
							
	 Very truly yours,

	
	 BORROWER:

	
	 TNP SRT SECURED HOLDINGS, LLC,

a Delaware limited liability company

		
	 By:
	 	TNP Strategic Retail Operating Partnership, L.P., its sole member
			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its
 general partner

				
		 		 	By:	 	 /s/ Jack Maurer

		 		 		 	      Print Name: Jack Maurer
		 		 		 	       Title: Vice Chairman,
       President

	
	 TNP SRT SAN JACINTO, LLC,

a Delaware limited liability company

		
	By:	 	TNP SRT Secured Holdings, LLC, its sole member
		
	By:	 	TNP Strategic Retail Operating Partnership, L.P., its sole member
			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its
 general partner

				
		 		 	By:	 	 /s/ Jack Maurer

		 		 		 	      Print Name: Jack Maurer
		 		 		 	       Title: Vice Chairman,
       President

 (Signatures continue on the next page) 

 
							
	 TNP SRT MORENO MARKETPLACE, LLC,
 a Delaware limited liability company

		
	By:	 	TNP SRT Secured Holdings, LLC, its sole member
		
	By:	 	TNP Strategic Retail Operating Partnership, L.P., its sole member
			
		 	By:	 	 TNP Strategic Retail Trust, Inc., its
 general partner

				
		 		 	By:	 	 /s/ Jack Maurer

		 		 		 	      Print Name: Jack Maurer
		 		 		 	       Title: Vice Chairman,
       President

	
	 TNP SRT CRAIG PROMENADE, LLC,
 a Delaware limited liability company

		
	By:	 	 TNP SRT Secured Holdings, LLC,
 a Delaware limited liability company, its Sole
 Member

			
		 	By:	 	 TNP Strategic Retail Trust, Inc., a
 Maryland corporation, its General
 Partner

				
		 		 	By:	 	 /s/ Jack Maurer

		 		 		 	      Print Name: Jack Maurer
		 		 		 	       Title: Vice Chairman,
       President

 (Signatures continue on the next page) 

 
									
	 TNP SRT NORTHGATE PLAZA TUCSON, LLC, a
 Delaware limited liability company

		
	By	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
					
		 		 		 	By:	 	 /s/ Jack Maurer

		 		 		 		 	      Print Name: Jack Maurer
		 		 		 		 	      Title: Vice Chairman, President
	
	TNP SRT PINEHURST EAST, LLC, a Delaware limited
liability company
		
	By	 	TNP SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member
			
		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership, its Sole Member
				
		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
					
		 		 		 	By:	 	 /s/ Jack Maurer

		 		 		 		 	      Print Name: Jack Maurer
		 		 		 		 	      Title: Vice Chairman, President

 (Signatures continue on the next page) 

 
			
	LENDER AND AGENT:
	
	 KEYBANK NATIONAL ASSOCIATION, as
 Agent and Lender

		
	By:	 	/s/ Christopher T. Neil
		 	Christopher T. Neil
		 	Senior Relationship Manager

 The Guarantor joins in the execution of this Agreement to evidence its agreement to the provisions
contained herein. 
  

					
	TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:	 	TNP Strategic Retail Trust, Inc., its general
partner
			
		 	By:	 	 /s/ Jack Maurer

		 		 	      Print Name: Jack Maurer
		 		 	      Title: Vice Chairman, President
	
	TNP STRATEGIC RETAIL TRUST, INC., a
Maryland corporation
			
		 	By:	 	 /s/ Jack Maurer

		 		 	      Print Name: Jack Maurer
		 		 	      Title: Vice Chairman, President
	
	 THOMPSON NATIONAL PROPERTIES, LLC,
 a Delaware limited liability company

			
		 	By:	 	 /s/ Jack Maurer

		 		 	      Print Name: Jack Maurer
		 		 	      Title: Vice Chairman, President

 (Signatures continue on the next page) 

 
					
	AWT FAMILY, LIMITED PARTNERSHIP, a
California limited partnership
		
	 By:
	 	West Coast Health Insurance Services, Inc., a
California corporation, its General Partner
			
		 	 By:
	 	 /s/ Anthony W. Thompson

		 	 Print Name: Anthony W. Thompson

		 	 Title: President

	
	 /s/ Anthony W. Thompson

	 Anthony W. Thompson

 Attachment I 

EXHIBIT G 
 BORROWING BASE CERTIFICATE 
  

			
	 To:   
	  	KeyBank National Association, as Agent
		  	225 Franklin Street, 18th Floor
		  	Boston, Massachusetts 02110
		  	Attention: Christopher T. Neil

 Re: TNP SRT Secured Holdings, LLC – Borrowing Base Certificate 

This Borrowing Base Certificate (the “Certificate”) is furnished pursuant to that certain Credit Agreement dated as of
December 17, 2010, by and among TNP SRT SECURED HOLDINGS, LLC, a Delaware limited liability company, the other Borrowers thereunder, (the “Borrower”), the Lenders party thereto, KEYBANK NATIONAL ASSOCIATION, a national banking
association, as lender and agent (the “Agent”) for the Lenders, and KEYBANC CAPITAL MARKETS, INC., as Sole Lead Arranger (such Credit Agreement as it may be amended, modified, supplemented, extended, renewed, or restated from time
to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. This Certificate is made by the undersigned in its role as Lead
Borrower on behalf of Borrower. 
 The Borrower hereby CERTIFIES to Agent and the Lenders as follows: 

The information set forth in Schedule 1 hereto is in all material respects true, correct and complete, and has been prepared
in accordance with the requirements of the Credit Agreement. 
 The Mortgaged Properties identified on, and the calculation of
Borrowing Base Availability shown on, Schedule 1 hereto comply with all applicable conditions, terms, warranties, representations and covenants set forth in the Credit Agreement. 

As of the date hereof, the representations and warranties of the Borrowers contained in the Credit Agreement and the other Loan Documents
are true and correct in all material respects. 
 As of the date hereof, no Default or Event of Default exists. 

 

							
	TNP SRT SECURED HOLDINGS, LLC, a
	Delaware limited liability company
		
	By:	 	TNP Strategic Retail Operating Partnership,
L.P., its sole member
			
		 	By:	 	TNP Strategic Retail Trust, Inc., its
general partner
				
		 		 	By:	 	  

		 		 		 	Print Name:
		 		 		 	Title:

 Tranche A Availability equals the lesser of (a) sixty-five percent (65%) of the
Pool Value; or (b) the Tranche A loan amount which would produce a Debt Yield of no less than twelve percent (12%). 
  

	 	(a)	Pool Value* $             

 

					
	 Name of Borrower
	  	 Value
	  	 Location
of
Mortgaged
Property

			
		  		  	
			
		  		  	
			
		  		  	
		  		  	

  

	 	*	from and after the date which is nine (9) months after the Effective Date, there shall be at least four (4) separate Mortgaged Properties in the Pool, and
(ii) no single Mortgaged Property in the Pool shall have a Pool Value equal to or greater than 35% of the aggregate Pool Value, unless the outstanding Loans total less than fifty percent of the aggregate Pool Value. 

 

	 	(i)	Pool Value x 65% $         

  

	 	(b)	Debt Yield 

  

	 	(i)	Current Quarter Net Operating Income $         

 

	 	(ii)	Debt Yield Loan Amount ((b)(i) divided by .12) $         

 

	 	(c)	Tranche A Availability (lesser of (a)(i) and (b)(ii) above) $

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