Document:

Exhibit 10.14

 Exhibit 10.14 

PEOPLE’S UNITED FINANCIAL, INC. 

SECOND AMENDED AND RESTATED 

DIRECTORS’ EQUITY COMPENSATION PLAN 

ARTICLE 1 

Purposes and Definitions 

1.1 Purposes. The purposes of the Plan are (a) to assist the Company in attracting and retaining qualified individuals to serve as
Directors and (b) to more closely align the interests of Directors with the interests of the Company’s stockholders. 
 1.2
Definitions. Whenever used in the Plan, the following terms shall have the meaning set forth or referenced below: 
  

	 	(a)	“Award” has the meaning set forth in Section 2.2 hereof. 

  

	 	(b)	“Bank” means People’s United Bank, a federally chartered capital stock savings bank, and any successor thereto. 

  

	 	(c)	“Beneficiary” means any person (including corporations, unincorporated associations or trusts) entitled to receive certificates representing Compensation Shares pursuant to any provision of this Plan as a
result of a Participant’s death. 

  

	 	(d)	“Board” means the board of directors of the Company. 

  

	 	(e)	“Business Day” means any day other than a Saturday, Sunday or legal holiday. 

  

	 	(f)	“Change in Control” means a Change in Control as defined in Section 3.1(d)(ii). 

  

	 	(g)	“Committee” means the Compensation, Nominating and Governance Committee of the Board or any successor committee of the Board. 

 

	 	(h)	“Company” means People’s United Financial, Inc., a Delaware corporation, and any successor thereto. 

  

	 	(i)	“Compensation Shares” means shares of Stock issued to a Participant pursuant to this Plan and, where appropriate, includes any securities distributable to the Participant by reason of his or her ownership of
Compensation Shares; provided that any such securities shall, for purposes of Section 3.1, be treated as if they had been issued at the time the Compensation Shares giving rise to such distribution were first issued (or are deemed to have been
issued) to the Participant. 

  

	 	(j)	“Director” means any individual serving on the Board who is not an employee of the Company, the Bank, or any Subsidiary, but does not include an honorary, advisory or emeritus director. 

 

	 	(k)	“Effective Date” means April 16, 2007, and “Supplemental Effective Date” means April 17, 2014. 

  

	 	(l)	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute thereto. 

 

	 	(m)	“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 the Nasdaq
Stock Market, Inc. (“NASDAQ”), the mean between the high and low selling prices for Stock on such date as reported by NASDAQ or, in the event no high and low selling prices for Stock are reported by NASDAQ for such date, then the mean
between the high and low selling prices reported by NASDAQ for the most recent day for 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 so traded on such date or, if Stock is not so traded on such 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. 

 

	 	(n)	“Interim Award” has the meaning set forth in Section 6.3 hereof. 

  

	 	(o)	[Reserved] 

  

	 	(p)	“Participant” means a Director who is a participant in the Plan. 

  

	 	(q)	“Plan” means the People’s United Financial, Inc. Directors’ Equity Compensation Plan as set forth herein (as it may be amended from time to time). 

 

	 	(r)	“Plan Year” means the calendar year. 

  

	 	(s)	[Reserved] 

  

	 	(t)	“Stock” means the common stock of the Company, par value $0.01 per share, or in the case of a consolidation or merger of the Company with or into any other corporation, such equity securities for which shares
of common stock of the Company shall have been exchanged. 

  

	 	(u)	“Subsidiary” means any corporation 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.

  

	 	(v)	“Tax Election” means the written election filed at the option of a Director with the Internal Revenue Service, as described in Section 2.3. 

ARTICLE 2 

Participation in the Plan 

2.1 Eligibility All Directors shall be Participants in the Plan. 

2.2 Annual Grants. Immediately following each annual meeting of the Company’s stockholders, each Director shall receive a number
of Compensation Shares (an “Award”) determined by (a) dividing $95,000 by the Fair Market Value of a share of Stock on the last business day immediately prior to the date the Award is made, and (b) rounding the result so obtained
to the next-higher whole share. 
 2.3 Optional Tax Election. Each Director receiving an Award of Compensation Shares for a
particular Plan Year may, at his or her option, execute an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in his or her taxable income for such Plan Year the value (as of the Award date) of the
shares so awarded. The Tax Election must be filed with the Internal Revenue Service in accordance with applicable regulations as in effect from time to time. 

2.4 Shares Reserved. The total number of shares of Stock reserved and available for issuance pursuant to this Plan shall be One Million
One Hundred Ninety Two Thousand Five Hundred (1,192,500) shares, subject to adjustment pursuant to Section 2.7. 
 2.5 Method
of Issuance. Compensation Shares awarded to a Participant shall be represented by one or more certificates registered in the name of the Participant or if such shares are uncertificated, by appropriate entries made to a book-entry account
maintained in such Participant’s name by the Company’s transfer agent. Certificates representing Compensation Shares, if issued, shall be held in custody by the Company until delivered in accordance with Section 3.1. 

 2.6 Vesting and Holding Period. A Participant shall not sell, assign, transfer, pledge,
hypothecate or otherwise dispose of or encumber any Compensation Shares until (a) such shares have vested in accordance with the vesting schedule set forth in Section 2.7 of this Agreement, and (b) such time as the shares are
delivered to him or her in accordance with Section 3.1. 
 2.7 Vesting Schedule; Forfeiture. (a) All Compensation Shares
made the subject of an Award in any Plan Year prior to 2012 shall vest on the date the Award is made. 
 (b) All Compensation Shares made
the subject of an Award in any Plan Year subsequent to 2011 shall vest on the earliest of (i) the first anniversary of the grant date, or (ii) the date on which the annual meeting of the Company’s stockholders is held in the year
following the year in which the Award was made, or (iii) the date on which a Participant’s service as a Director ceases by reason of his or her death or disability, or (iv) the date on which a Change in Control occurs. Except as set
forth in the preceding sentence, all unvested Compensation Shares shall be forfeited on the date a Participant’s service as a Director of the Company ceases. 

2.8 Adjustments. The total number of shares of Stock reserved for issuance under the Plan shall be adjusted to reflect any stock split,
stock dividend, recapitalization, merger, consolidation, corporate reorganization, combination, exchange of shares of Stock or other similar events affecting the Stock. 

ARTICLE 3 

Distributions 

3.1 Distributions. 
 (a)
(i) Certificates representing Compensation Shares made the subject of an Award in any Plan Year prior to 2012 shall be delivered to the Participant as of the earlier of (X) the third anniversary of the date of the annual Award giving rise to
the issuance of the Compensation Shares (or, if not a Business Day, the first Business Day following such anniversary) or (Y) the first Business Day of the month following the month in which such Participant’s service as a Director ceases.

 (ii) Certificates representing Compensation Shares made the subject of an Award in any Plan Year subsequent to 2011 shall
be delivered to the Participant as promptly as practicable following the date on which such Compensation Shares become vested in accordance with the provisions of Section 2.7 hereof. 

(b) Any distribution payable with respect to Compensation Shares shall be paid directly to the Participant, except any securities issuable as a
distribution with respect to such shares shall be delivered to and held in custody by the Company as additional Compensation Shares. 
 (c)
(i) Upon the death of a Participant, and except to the extent unvested Compensation Shares were previously forfeited pursuant to Section 2.7, the Committee shall deliver stock certificates representing all Compensation Shares issued to
such Participant to such person or persons or the survivors thereof, including corporations, unincorporated associations or trusts, as the Participant may have designated. All such designations shall be made in writing and delivered to the
Committee. A Participant may from time to time revoke or change any such designation by written notice to the Committee. In the event of the death of a Participant either prior to designating a Beneficiary pursuant to this subsection or concurrent
with or after the death of such Beneficiary, or in the event of such Beneficiary’s death before delivery to him or her of certificates representing the Compensation Shares, such certificates shall be delivered to the estate of the later to die
of the Participant or his Beneficiary provided that in the event in the designation of his Beneficiary the Participant specified any survival period, no certificates shall be delivered to such Beneficiary’s estate unless he or she survives such
survival period; and further provided that in the event the Participant provides for a contingent Beneficiary, and such contingent Beneficiary is surviving at the time of the later of the death of the Participant or the expiration of any survival
period, but the primary Beneficiary is not then living, such certificates shall be delivered to such contingent Beneficiary. 

 (ii) Any distribution under this subsection (c) shall be made as soon as
practicable following the end of the month in which the Committee is notified of the Participant’s death or is satisfied as to the identity of the appropriate distributee or payee, whichever is later. 

(d) (i) In the event of a Change in Control, notwithstanding any other provision of this Plan, the Committee shall, as soon as practicable
after such Change in Control but in no event later than five (5) Business Days thereafter, deliver certificates representing all Compensation Shares to the Participant in whose name such certificates are registered. 

(ii) A Change in Control shall mean the occurrence of any of the following: 

(1) Consummation of (A) a merger or consolidation (or series of mergers and consolidations) of the Bank or the Company
with any other entity other than (1) a merger or consolidation (or series of mergers and consolidations) which would result in the voting stock (as described in paragraph (2) of this subsection) of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity) more than 51% percent of the combined voting power of the voting stock of the Company (or such surviving entity)
outstanding immediately after such merger or consolidation or (2) a merger or consolidation effected to implement a recapitalization of the Bank or the Company (or similar transaction) in which no “person” (as defined in paragraph
(2) of this subsection) acquires more than 49% of the combined voting power of the then outstanding securities of the Bank or the Company, or (B) any sale, lease, exchange, or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, of the assets of the Bank or the Company, or (C) any plan or proposal for the liquidation or dissolution of the Bank or the Company; 

(2) Any person (as such term is defined in Section 3(a)(9) and Section 13(d)(3) of the Exchange Act), corporation, or
other entity (other than the Bank, the Company, or any benefit plan, including, but not limited to; any employee stock ownership plan, sponsored by the Bank, the Company, or any Subsidiary) shall become the “beneficial owner” (as such term
is defined in Rule l3d-3 under the Exchange Act), directly or indirectly, of securities representing 25%or more of the combined voting power of the then outstanding securities of the Company ordinarily (and
apart from rights accruing under special circumstances) having the right to vote in the election of directors (calculated as provided in paragraph (d) of such Rule l3d-3 in the case of rights to acquire
such securities); or 
 (3) During any period of two consecutive calendar years, individuals who at the beginning of such
period constitute the entire board of directors of the Company, and any new director (excluding a director designated by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (1) or
(2) of this subsection) whose election by the board or nomination for election by the stockholders of the Company was approved by a vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved, shall cease for any reason to constitute a majority thereof. 

ARTICLE 4 
 The
Committee 
 4.1 Authority. The Committee shall have full power and authority to administer the Plan, including the power to
(i) promulgate forms to be used with respect to the Plan and authorize payments, (ii) promulgate rules of Plan administration, (iii) settle any disputes as to rights or benefits arising from the Plan, (iv) interpret the terms of
the Plan, (v) make such decisions or take such action as the Committee, in its sole discretion, deems necessary or advisable to aid in the proper administration of the Plan; and (vi) engage counsel and consultants in order to fulfill its
responsibilities and rely on advice of same. 

 4.2 Elections and Notices. All elections and notices required to be provided to the
Committee under the Plan must be in such form or forms prescribed by, and contain such information as is required by, the Committee. 

4.3 Allocation of Responsibilities. The Committee may, in its discretion, allocate responsibilities hereunder among one or more of its
members and may delegate responsibilities to any person or persons being selected by it. 
 4.4 Binding Effect of Decisions. The
decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and binding upon
all persons having any interest in the Plan. 
 ARTICLE 5 

Miscellaneous 

5.1 Non-alienation of Benefits. No benefit under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. No such benefit, prior to receipt thereof pursuant to the provisions of the Plan, shall be in any manner liable for or
subject to the debts, contracts liabilities, engagements or torts of the Participant or his Beneficiary. 
 5.2 Book-Entry Shares. In
the event the Committee authorizes the issuance pursuant to this Plan of shares of 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 Stock owned by each person to whom shares are issued pursuant to this Plan, the restrictions applicable to such shares of Stock and the duration thereof, and other relevant information.
Upon expiration of any applicable restrictions for any reason, the transfer agent shall effect delivery of such shares of Stock by adjusting its records to reflect the expiration of such restrictions, and by notifying the person in whose name such
shares were issued (or his or her Beneficiaries, if applicable) that such restrictions have lapsed. 
 5.3 Interim Award. In the
event an individual becomes a Director otherwise than by election at an annual meeting of the Company’s stockholders, the Committee may, in its discretion, grant to such individual an award (an “Interim Award”) pursuant to this Plan.
For purposes of Sections 2.7 and 3.1(a) hereof, an Interim Award shall be treated as if it had been made on the date of the last annual meeting of the Company’s stockholders held prior to the date such individual became a Director. The
Committee shall have the discretion to determine the number of Compensation Shares comprising an Interim Award, but in no event shall the number of Compensation Shares exceed the number of Compensation Shares that would have been awarded as an
annual Award pursuant to Section 2.2 hereof follwing the most recent annual meeting of the Company’s stockholders. In making such determination, the Committee shall take into consideration the number of months elapsed between the date of
the last annual meeting of the Company’s stockholders held prior to the date such individual became a Director and the date such individual became a Director, and such other factors as the Committee may deem appropriate. 

5.4 Invalidity. If any term or provision contained herein is to any extent invalid or unenforceable, such term or provision will be
reformed so that it is valid, and such invalidity or unenforceability will not affect any other provision or part hereof. 
 5.5
Governing Law. This Plan shall be governed by the laws of the State of Connecticut, without regard to the conflict of law provisions thereof, to the extent not preempted by federal law. 

5.6 Amendment, Modification and Termination of the Plan. 

(a) Subject to the terms of subsection (b) hereof, the Board at any time may terminate and in any respect amend or modify the Plan;
provided, however, that no such termination, amendment or modification shall adversely affect the rights of any Participant or Beneficiary, including his rights with respect to Compensation Shares issued prior to such termination, amendment or
without his or her consent. Upon termination of the Plan, the Committee, as soon as is practicable thereafter, shall deliver certificates representing all Compensation Shares issued to each Participant. 

 (b) Notwithstanding the terms of subsection (a) of this Section 5.6, an amendment to or
modification of Section 3.1(d) hereof shall become effective only with the approval of 65% of the Participants and Beneficiaries of deceased Participants who have undistributed Compensation Shares hereunder, provided, however, that in the event
there is more than one such Beneficiary with respect to any individual deceased Participant, such Beneficiaries shall have a single vote which shall be cast as determined by a majority in interest of all Beneficiaries of such deceased Participant.

 5.7 Successors and Heirs. The Plan and any properly executed elections hereunder shall be binding upon the Company and
Participants, and upon any assignee or successor in interest to the Company and upon the heirs, legal representatives and beneficiaries of any Participant. 

5.8 Status as Stockholders. Compensation Shares (other than Compensation Shares forfeited pursuant to Section 2.7) are shares of
Stock, and each Participant in whose name Compensation Shares have been issued shall have all of the rights of a stockholder, including voting rights, except to the extent specifically limited by this Plan. 

5.9 Rights. Participation in this Plan shall not give any Director the right to continue to serve as a member of the Board or any
rights or interests other than as herein provided. 
 5.10 Withholding Taxes. The Company shall deduct from all distributions under
the Plan any taxes required to be withheld by federal, state, or local governments. 
 5.11 Compliance with Laws. This Plan and the
payments hereunder are subject to compliance with all applicable federal and state laws, rules and regulations and to such approvals by any regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or
advisable in connection therewith. 
 5.12 Plan Construction. 

Anything in this Plan to the contrary notwithstanding, it is the intent of the Company that all transactions under the Plan satisfy the
applicable requirements of Rule 16b-3 promulgated under the Exchange Act so that a Director will be entitled to the benefits of Rule 16b-3 or other exemptive rules under
Section 16 of the Exchange Act, as amended, and will not be subjected to avoidable liability thereunder. 
 5.13 Headings; Use of
Terms. Headings and subheadings in the Plan are inserted for reference only and are not to be considered in the construction of the Plan. The masculine includes the feminine and the plural includes the singular, unless the context clearly
indicates otherwise. 
 5.14 Approval; Effective Date. This Plan was approved by the Board and by the stockholders of the Bank, and
became effective on the Effective Date. 
 5.15 Expiration Date. No further Awards shall be made pursuant to this Plan after the
tenth anniversary of the Supplemental Effective Date, unless on or prior to such tenth anniversary the stockholders of the Company have approved an extension of this Plan to a later date. 

- - - o o o 0 0 0 o o o - - -Exhibit 10.22

 Exhibit 10.22 

PEOPLE’S UNITED FINANCIAL, INC. 

2014 LONG-TERM INCENTIVE PLAN 

1. Purpose and Effective Date. 

(a) Purpose. The People’s United Financial, Inc. 2014 Long-Term Incentive Plan has two complementary purposes: (i) to attract
and retain outstanding individuals to serve as directors, officers and employees and (ii) to increase shareholder value. This Plan will provide participants incentives to increase shareholder value by offering the opportunity to acquire shares
of the Company’s common stock, or receive monetary payments, on the terms that this Plan provides. 
 (b) Effective Date. This
Plan will become effective on April 17, 2014 (the “Effective Date”). Awards may be granted under this Plan on and after the Effective Date. 

(c) Prior Plans. If the Company’s shareholders approve this Plan, then the People’s United Financial, Inc. 2008 Long-Term
Incentive Plan, the People’s United Financial, Inc. 2007 Recognition and Retention Plan, and the 2007 People’s United Financial, Inc. Stock Option Plan (collectively, the “Prior Plans”) will terminate on the date of such
shareholder approval, and no new awards will be granted under the Prior Plans after their termination date; provided that the Prior Plans will continue to govern awards outstanding as of the date of the Prior Plans’ termination and such awards
shall continue in force and effect until fully distributed or terminated pursuant to their terms. 
 2. Definitions. Capitalized
terms used in this Plan have the meanings given below. Additional defined terms are set forth in other sections of this Plan. 
 (a)
“10% Shareholder” means an Eligible Employee who, as of the date an ISO is granted to such individual, owns more than ten percent (10%) of the total combined voting power of all classes of Stock then issued by the Company or a
Subsidiary corporation. 
 (b) “Administrator” means the Committee. 

(c) “Affiliate” means any entity that, directly or through one or more intermediaries, is controlled by, controls, or is under
common control with the Company within the meaning of Code Sections 414(b) or (c), provided that, in applying such provisions, the phrase “at least 50 percent” shall be used in place of “at least 80 percent” each place it appears
therein. 
 (d) “Affiliated Company” or “Affiliated Companies” shall include any company or companies controlled by,
controlling or under common control with the Company; provided that when determining when a Participant has experienced a separation from service for purposes of the Plan, control shall be determined pursuant to Code Sections 414(b) or (c), except
that the phrase “at least 50 percent” shall be used in place of the phrase “at least 80 percent” in each place it appears in the regulations thereunder. 

(e) “Award” means a grant of Options, Stock Appreciation Rights, Performance Shares, Performance Units, Restricted Stock, Restricted
Stock Units, Deferred Stock Rights, Dividend Equivalent Units, a Long-Term Incentive Award, or any other type of award permitted under the Plan. 

(f) “Bank” means People’s United Bank, a federally chartered savings bank, or any successor thereto. 

(g) “Beneficial Ownership” (or derivatives thereof) shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules
and Regulations under the Exchange Act. 
 (h) “Board” means the Board of Directors of the Company. 

(i) “Cause” means (1) if the Participant is subject to an employment agreement with the Company or an Affiliate that contains a
definition of “cause”, such definition, or (2) otherwise, except as otherwise determined by the Administrator and set forth in an Award agreement, any of the following as determined by the Administrator: (A) violation of the
provisions of any employment agreement, non-competition agreement, confidentiality agreement, or similar agreement with the Company or an Affiliate, or the Company’s or an Affiliate’s code of ethics, as then in effect, (B) conduct
rising to the level of gross 

 
negligence or willful misconduct in the course of employment with the Company or an Affiliate, (C) commission of an act of dishonesty or disloyalty involving the Company or an Affiliate,
(D) violation of any federal, state or local law in connection with the Participant’s employment or service, or (E) breach of any fiduciary duty to the Company or an Affiliate. 

(j) “Change in Control” means the first to occur of the following events: 

(1) the consummation of a reorganization, merger or consolidation of the Company with one or more other Persons, other than a
transaction following which: 
 (A) 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 
 (B) 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; 
 (2) 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; 

(3) a complete liquidation or dissolution of the Company; 

(4) the occurrence of any event if, immediately following such event, at least 50% of the members of the Board do not belong to
any of the following groups: 
 (A) individuals who were members of the Board on the Effective Date; or 

(B) individuals who first became members of the Board after the Effective Date either: 

(i) upon election to serve as a member of the Board by affirmative vote of at least two-thirds of the members of such board, or of a
nominating committee thereof, in office at the time of such first election; or 
 (ii) 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 two-thirds of the members of the Board, 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 threatened solicitation of proxies or consents other than by or on behalf of the board; 

 (5) any event which would be described in section 2(j)(1), (2), (3), or
(4) if the term “Bank” were substituted for the term “Company” and the term “board of directors of the Bank” were substituted for the term “Board” therein. 

In no event, however, shall a Change in 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. 

Notwithstanding the foregoing, for purposes of an Award (1) that provides for the payment of deferred compensation that is subject to Code
Section 409A or (2) with respect to which the Company permits a deferral election, the definition of Change in Control herein shall be deemed amended to conform to the requirements of Code Section 409A to the extent necessary for the
Award and deferral election to comply with Code Section 409A. 
 (k) “Code” means the Internal Revenue Code of 1986, as
amended. Any reference to a specific provision of the Code includes any successor provision and the regulations promulgated under such provision. 

(l) “Commission” means the United States Securities and Exchange Commission or any successor agency. 

(m) “Committee” means the Compensation, Nominating and Governance Committee of the Board (or a successor committee with the same or
similar authority with respect to the Plan), or such other committee of the Board designated by the Board to administer the Plan and composed of no fewer than two directors, each of whom is a “non-employee director” within the meaning of
Rule 16b-3 and an “outside director” within the meaning of Code Section 162(m)(4)(C); provided that if no such committee shall be in existence at any time, the functions of the Committee shall be carried out by the Board. 

(n) “Common Stock” means the Company’s common stock, par value $0.01 per share. 

(o) “Company” means People’s United Financial, Inc., a Delaware corporation, or any successor thereto. 

(p) “Deferred Stock Right” means the right to receive Stock or Restricted Stock at some future time. 

(q) “Director” means a member of the Board, and “Non-Employee Director” means a Director who is not also an officer or an
employee of the Company or an Affiliate. 
 (r) “Disability” means, except as otherwise determined by the Administrator and set
forth in an Award agreement, any physical or mental impairment which qualifies Participant for disability benefits under the applicable long-term disability plan maintained by the Company or, if no such plan applies, which would qualify Participant
for disability benefits under the Federal Social Security System. 
 (s) “Dividend Equivalent Unit” means the right to receive a
payment, in cash or property, equal to the cash dividends or other distributions paid with respect to a Share. 
 (t) “Eligible
Director” means a Non-Employee Director. 
 (u) “Eligible Employee” means any officer or other employee of the Company or of
any Affiliate, or any individual that the Company or an Affiliate has engaged to become an officer or employee. 
 (v) “Exchange
Act” means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of the Exchange Act includes any successor provision and the regulations and rules promulgated under such provision. 

(w) “Excluded Items” means any gains or losses from the sale of assets outside the ordinary course of business; any gains or losses
from discontinued operations; any extraordinary gains or losses; the effects of accounting changes; any unusual, nonrecurring, transition, one-time or similar items or charges; the diluted impact of goodwill on acquisitions; and any other items
specified by the Administrator; provided that, for 

 
Awards intended to qualify as performance-based compensation under Code Section 162(m), the Administrator shall specify the Excluded Items in writing at the time the Award is made unless,
after application of the Excluded Items, the amount payable under the Award is reduced. 
 (x) “Fair Market Value” means, per
Share on a particular date: (i) the mean between the high and low selling prices at which Shares 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 were traded on such exchange on the most recent day on which Shares were so traded; (ii) if the Shares are not
listed or admitted to trading on any such exchange, and prices of trades in Shares 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 are reported by such system for such date, then the mean between the high and low selling prices for Shares reported by such system for the most recent day in
respect of which both high and low selling prices are quoted; or (iii) if neither subsection (i) or (ii) is applicable, the price determined by the Administrator. The Administrator also shall establish the Fair Market Value of any
other property. If an actual sale of a Share occurs on the market, then the Company may consider the sale price to be the Fair Market Value of such Share. 

(y) “Incentive Award” means the right to receive a cash payment to the extent Performance Goals are achieved, and shall include
“Long-Term Incentive Awards” as described in Section 10. 
 (z) “Incentive Stock Option” or “ISO” mean an
Option that meets the requirements of Code Section 422. 
 (aa) “Option” means the right to purchase Shares at a stated price
for a specified period of time. 
 (bb) “Participant” means an individual selected by the Administrator to receive an Award. 

(cc) “Performance Awards” means a Performance Share and Performance Unit, and any Award of Restricted Stock, Restricted Stock Units
or Deferred Stock Rights the payment or vesting of which is contingent on the attainment of one or more Performance Goals. 
 (dd)
“Performance Goals” means the following categories (in all cases after taking into account any Excluded Items, as applicable), including in each case any measure based on such category: 

 

	 	(i)	Earnings per share. 

  

	 	(ii)	Core earnings per share. 

  

	 	(iii)	Return on assets. 

  

	 	(iv)	Return on equity. 

  

	 	(v)	Price earnings ratio. 

  

	 	(vi)	Total shareholder return. 

  

	 	(vii)	Book value. 

  

	 	(viii)	Stock price performance. 

  

	 	(ix)	Net income. 

  

	 	(x)	Operating income. 

  

	 	(xi)	Efficiency ratio. 

  

	 	(xii)	Loan growth. 

  

	 	(xiii)	Deposit growth. 

  

	 	(xiv)	Core deposit growth. 

  

	 	(xv)	Asset quality. 

  

	 	(xvi)	Net interest margin. 

  

	 	(xvii)	Non-interest income. 

  

	 	(xviii)	Non-interest expense. 

  

	 	(xix)	Expenses as a percentage of assets. 

 The Performance Goals may be measured (A) for the Company on a
consolidated basis, (B) for any one or more Affiliates or divisions of the Company and/or (C) for any other business unit or units of the Company or an Affiliate as defined by the Administrator at the time of selection. 

 In addition, the Administrator may designate other categories, including categories involving individual
performance and subjective targets, not listed above (A) with respect to Awards that are not intended to qualify as performance-based compensation within the meaning of Code Section 162(m) or (B) to the extent that the application of
such categories results in a reduction of the maximum amount otherwise payable under the Award. 
 Where applicable, the Performance Goals may be expressed,
without limitation, in terms of attaining a specified level of the particular criterion or the attainment of an increase or decrease (expressed as absolute numbers, averages and/or percentages) in the particular criterion or achievement in relation
to a peer group or other index. The Performance Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be paid (or specified vesting
will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). 

(ee) “Performance Shares” means the right to receive Shares (including Restricted Stock) to the extent Performance Goals are
achieved. 
 (ff) “Performance Unit” means the right to receive a payment valued in relation to a unit that has a designated
dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance Goals are achieved. 

(gg) “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act).

 (hh) “Plan” means this People’s United Financial, Inc. 2014 Long-Term Incentive Plan, as may be amended from time to time.

 (ii) “Restriction Period” means the length of time established relative to an Award during which the Participant cannot sell,
assign, transfer, pledge or otherwise encumber the Stock or Stock Units subject to such Award and at the end of which the Participant obtains an unrestricted right to such Stock or Stock Units. 

(jj) “Restricted Stock” means a Share that is subject to a risk of forfeiture or a Restriction Period, or both a risk of forfeiture
and a Restriction Period. 
 (kk) “Restricted Stock Unit” means the right to receive a payment equal to the Fair Market Value of
one Share that is subject to a risk of forfeiture or restrictions on transfer, or both a risk of forfeiture and restrictions on transfer. 

(ll) “Retirement” means, except as otherwise determined by the Administrator and set forth in an Award agreement, (1) in the
case of an Eligible Employee, termination of all service for the Company and its Affiliates as an employee at or after age 65, and (b) in the case of an Eligible Director, termination of all service for the Company and its Affiliates as a
voting member of the Board after the attainment of the latest age at which such Eligible Director is eligible for election or appointment as a voting member of the Board under the Company’s Certificate of Incorporation or Bylaws. In the case of
any individual who comes within the scope of both subsections (1) and (2) of the foregoing sentence, Retirement will be deemed to have occurred at the earliest possible date. 

(mm) “Rule 16b-3” means Rule 16b-3 promulgated by the Commission under the Exchange Act, or any successor rule or regulation
thereto. 
 (nn) “Section 16 Participants” means Participants who are subject to the provisions of Section 16 of the Exchange
Act. 
 (oo) “Share” means a share of Stock. 

(pp) “Stock” means the Common Stock of the Company. 

 (qq) “Stock Appreciation Right” or “SAR” means the right to receive a payment
equal to the appreciation of the Fair Market Value of a Share during a specified period of time. 
 (rr) “Stock Unit” means a
right to receive a payment equal to the Fair Market Value of one Share. 
 (ss) “Subsidiary” means any corporation, limited
liability company or other limited liability entity in an unbroken chain of entities beginning with the Company if each of the entities (other than the last entity in the chain) owns the stock or equity interest possessing more than fifty percent
(50%) of the total combined voting power of all classes of stock or other equity interests in one of the other entities in the chain. 

(tt) “Unrestricted Shares” means Shares issued under the Plan that are not subject to either a risk of forfeiture or a Restriction
Period. 
 3. Administration. 

(a) Administration. The Administrator shall administer this Plan. In addition to the authority specifically granted to the Administrator
in this Plan, the Administrator has full discretionary authority to administer this Plan and all Awards, including but not limited to the authority to: (i) interpret the provisions of this Plan and any Award agreement; (ii) prescribe,
amend and rescind rules and regulations relating to this Plan; (iii) correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award or agreement covering an Award in the manner and to the extent it deems
desirable to carry this Plan or such Award into effect; and (iv) make all other determinations necessary or advisable for the administration of this Plan. All Administrator determinations shall be made in the sole discretion of the
Administrator and are final and binding on all interested parties. 
 Notwithstanding the above statement or any other provision of the Plan, the Committee
shall have no discretion to increase the amount, once established, of compensation payable under an Award that is intended to be performance-based compensation under Code Section 162(m), although the Committee may decrease the amount of
compensation a Participant may earn under such an Award. 
 (b) Delegation to Other Committees or Officers. To the extent applicable
law permits, the Board may delegate to another committee of the Board or to one or more officers of the Company, or the Committee may delegate to one or more officers of the Company, any or all of their respective authority and responsibility as an
Administrator of the Plan; provided that no such delegation is permitted with respect to Stock-based Awards made to Section 16 Participants or Awards made to Participants subject to Code Section 162(m) at the time any such delegated
authority or responsibility is exercised unless the delegation is to another committee of the Board consisting entirely of directors who are “non-employee directors” within the meaning of Rule 16b-3 and “outside directors” within
the meaning of Code Section 162(m)(4)(C); and provided further that any authority delegated to an officer of the Company shall be limited to the authority to approve the grant of an Award. If the Board or the Committee has made such a
delegation, then all references to the Administrator in this Plan include such other committee or one or more officers to the extent of such delegation. 

(c) Indemnification. The Company will indemnify and hold harmless each member of the Board and the Committee, and each officer or
member of any other committee to whom a delegation under Section 3(b) has been made, as to any acts or omissions with respect to this Plan or any Award to the maximum extent that the law and the Company’s certificate of incorporation and
by-laws permit. 
 4. Eligibility. The Administrator (to the extent of its authority) may designate any of the following as a
Participant from time to time: any officer or other employee of the Company or its Affiliates or any individual that the Company or an Affiliate has engaged to become an officer or employee; and any Eligible Director. The Administrator’s
designation of a Participant in any year will not require the Administrator to designate such person to receive an Award in any other year. No individual shall have any right to be granted an Award, even if an Award was granted to such individual at
any prior time, or if a similarly-situated individual is or was granted an Award under similar circumstances. 

 5. Types of Awards. Subject to the terms of this Plan, the Administrator may grant any
type of Award to any Participant it selects, but only employees of the Company or a Subsidiary may receive grants of Incentive Stock Options. Awards may be granted alone or in addition to, in tandem with, or (subject to the prohibition on repricing
set forth in Section 16(e)) in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate). 

6. Shares Reserved under this Plan. 

(a) Plan Reserve. Subject to adjustment as provided in Section 17, an aggregate of 34,000,000 Shares are reserved for issuance
under this Plan. The Shares reserved for issuance may be either authorized and unissued Shares or Shares reacquired at any time and now or hereafter held as treasury stock. The aggregate number of Shares reserved under this Section 6(a) shall
be depleted by one Share for each Share subject to an Option or SAR (that will be settled in Shares), and the aggregate number of Shares reserved under this Section 6(a) shall be depleted by 5.32 Shares for each Share subject to an Award other
than an Option or SAR. For purposes of determining the aggregate number of Shares reserved for issuance under this Plan, any fractional Share shall be rounded to the next highest full Share. 

(b) [Reserved]. 
 (c)
Replenishment of Shares Under this Plan. If (i) an Award lapses, expires, terminates or is cancelled without the issuance of Shares (or payment of cash in lieu of the issuance of Shares, in the case of SARs) under the Award (whether due
currently or on a deferred basis), (ii) it is determined during or at the conclusion of the term of an Award that all or some portion of the Shares with respect to which the Award was granted will not be issuable on the basis that the
conditions for such issuance will not be satisfied, (iii) Shares are forfeited under an Award or (iv) Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the
Shares, then such Shares shall be recredited to the Plan’s reserve (in the same number as they depleted the reserve) and may again be used for new Awards under this Plan, but Shares recredited to the Plan’s reserve pursuant to clause
(iv) may not be issued pursuant to Incentive Stock Options. Notwithstanding the foregoing, in no event shall the following Shares be recredited to the Plan’s reserve: Shares tendered in payment of the exercise price of an Option; Shares
withheld to satisfy federal, state or local tax withholding obligations; Shares purchased by the Company using proceeds from Option exercises; and in the case of Stock Appreciation Rights that were settled in cash, Shares that would (but for the
payment of cash) have been issued in settlement of such Stock Appreciation Rights. 
 (d) Participant Limitations. Subject to
adjustment as provided in Section 17, no Participant may be granted Awards that could result in such Participant: 
 (i)
receiving Options for, and/or Stock Appreciation Rights with respect to, more than 1,000,000 Shares during any fiscal year of the Company; 

(ii) receiving Awards of Restricted Stock (including any dividends paid thereon) and/or Restricted Stock Units (including any
associated Dividend Equivalent Units) and/or Deferred Stock Rights (including any associated Dividend Equivalent Units) relating to more than 500,000 Shares during any fiscal year of the Company; 

(iii) receiving Awards of Performance Shares, and/or Awards of Performance Units the value of which is based on the Fair Market
Value of Shares, for more than 500,000 Shares during any fiscal year of the Company; 
 (iv) receiving Awards of Performance
Units the value of which is not based on the Fair Market Value of Shares that would pay more than $5,000,000 during any fiscal year of the Company; 

(v) receiving other Stock-based Awards pursuant to Section 12 relating to more than 500,000 Shares during any fiscal year
of the Company; or 
 (vi) receiving a Long-Term Incentive Award in any fiscal year of the Company that would pay more than
$5,000,000. 
 In all cases, determinations under this Section 6(d) should be made in a manner that is consistent with the exemption for
performance-based compensation that Code Section 162(m) provides. 

 7. Options. Subject to the terms of this Plan, the Administrator will determine all terms
and conditions of each Option, including but not limited to: 
 (a) Whether the Option is an Incentive Stock Option or a “nonqualified
stock option” which does not meet the requirements of Code Section 422; 
 (b) The number of Shares subject to the Option; 

(c) The date of grant, which may not be prior to the date of the Administrator’s approval of the grant; 

(d) The exercise price, which may not be less than the Fair Market Value of the Shares subject to the Option as determined on the date of
grant; provided that an Incentive Stock Option granted to a 10% Shareholder must have an exercise price at least equal to 110% of the Fair Market Value of the Shares subject to the Option as determined on the date of grant; 

(e) The terms and conditions of exercise, including the manner and form of payment of the exercise price; provided that if the aggregate Fair
Market Value of the Shares subject to all ISOs granted to a Participant (as determined on the date of grant of each such Option) that become exercisable during a calendar year exceeds the dollar limitation set forth in Code Section 422(d), then
such ISOs shall be treated as nonqualified stock options to the extent such limitation is exceeded; and 
 (f) The term; provided that each
Option must terminate no later than ten (10) years after the date of grant and each Incentive Stock Option granted to a 10% Shareholder must terminate no later than five (5) years after the date of grant. 

In all other respects, the terms of any Incentive Stock Option should comply with the provisions of Code Section 422 except to the extent the
Administrator determines otherwise. If an Option that is intended to be an Incentive Stock Option fails to meet the requirements thereof, the Option shall automatically be treated as a nonqualified stock option to the extent of such failure. 

8. Stock Appreciation Rights. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each SAR,
including but not limited to: 
 (a) Whether the SAR is granted independently of an Option or relates to an Option; 

(b) The number of Shares to which the SAR relates; 

(c) The date of grant, which may not be prior to the date of the Administrator’s approval of the grant; 

(d) The grant price, provided that the grant price shall not be less than the Fair Market Value of the Shares subject to the SAR as determined
on the date of grant; 
 (e) The terms and conditions of exercise or maturity; 

(f) The term, provided that each SAR must terminate no later than ten (10) years after the date of grant; and 

(g) Whether the SAR will be settled in cash, Shares or a combination thereof. 

If an SAR is granted in relation to an Option, then, unless otherwise determined by the Administrator, the SAR shall be exercisable or shall mature at the
same time or times, on the same conditions and to the extent and in the proportion, that the related Option is exercisable and may be exercised or mature for all or part of the Shares subject to the related Option. Upon exercise of any number of
SARs, the number of Shares subject to the related Option shall be reduced accordingly and such Option may not be exercised with respect to that number of Shares. The exercise of any number of Options that relate to an SAR shall likewise result in an
equivalent reduction in the number of Shares covered by the related SAR. 
 9. Performance and Stock Awards. Subject to the terms of
this Plan, the Administrator will determine all terms and conditions of each award of Restricted Stock, Restricted Stock Units, Deferred Stock Rights, Performance Shares or Performance Units, including but not limited to: 

(a) The number of Shares and/or units to which such Award relates; 

 (b) Whether, as a condition for the Participant to realize all or a portion of the benefit
provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; 
 (c) The
Restriction Period with respect to Restricted Stock or Restricted Stock Units and the period of deferral for Deferred Stock Rights; 
 (d)
The performance period for Performance Awards; 
 (e) With respect to Performance Units, whether to measure the value of each unit in
relation to a designated dollar value or the Fair Market Value of one or more Shares; and 
 (f) With respect to Restricted Stock Units and
Performance Units, whether to settle such Awards in cash, in Shares, or a combination thereof. 
 Except as otherwise provided in the Plan, at such time as
all restrictions applicable to an Award of Restricted Stock, Deferred Stock Rights or Restricted Stock Units are met and the Restriction Period expires, ownership of the Stock subject to such restrictions shall be transferred to the Participant free
of all restrictions except those that may be imposed by applicable law; provided that if Restricted Stock Units are paid in cash, then the payment shall be made to the Participant after all applicable restrictions lapse and the Restriction Period
expires. 
 10. Long-Term Incentive Awards. Subject to the terms of this Plan, the Administrator will determine all terms and
conditions of a Long-Term Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount payable, and the timing of payment, subject to the following: (a) the Administrator must require that
payment of all or any portion of the amount subject to the Long-Term Incentive Award is contingent on the achievement of one or more Performance Goals during the period the Administrator specifies, although the Administrator may specify that all or
a portion of the Performance Goals subject to an Award are deemed achieved upon a Participant’s death, Disability or (for Awards not intended to qualify as performance-based compensation within the meaning of Code Section 162(m))
Retirement, or such other circumstances as the Administrator may specify; and (b) the performance period must relate to a period of more than one fiscal year of the Company. 

11. Dividend Equivalent Units. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each
award of Dividend Equivalent Units, including but not limited to whether: (a) such Award will be granted in tandem with another Award; (b) payment of the Award be made currently or credited to an account for the Participant that provides
for the deferral of such amounts until a stated time; provided that Dividend Equivalent Units that relate to Performance Awards that are contingent on the achievement of a Performance Goal at the time the cash dividend or other distribution is paid
with respect to a Share shall also be contingent on the achievement of such Performance Goal and shall not be paid until such Performance Goal is achieved; and (c) the Award will be settled in cash or Shares; provided that Dividend Equivalent
Units may be granted only in connection with a “full-value Award.” For this purpose, a “full-value Award” includes Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units (valued in relation to a Share),
Deferred Stock Rights and any other similar Award under which the value of the Award is measured as the full value of a Share, rather than the increase in the value of a Share (i.e., Awards other than Options or SARs). 

12. Other Stock-Based Awards. Subject to the terms of this Plan, the Administrator may grant to Participants other types of Awards,
which shall be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, Shares, either alone or in addition to or in conjunction with other Awards, and payable in Stock or cash. Without limitation, such Award may
include the issuance of Unrestricted Shares (which may be awarded in lieu of cash compensation to which a Participant is otherwise entitled, in exchange for cancellation of a compensation right, as a bonus, upon the attainment of Performance Goals
or otherwise) or rights to acquire Stock from the Company. The Administrator shall determine all terms and conditions of the Award, including but not limited to, the time or times at which such Awards shall be made, and the number of Shares to be
granted pursuant to such Awards or to which such Award shall relate; provided that any Award that provides for purchase rights shall be priced at 100% of Fair Market Value on the date of grant of the Award; and provided further that the date of
grant cannot be prior to the date the Administrator takes action to approve the Award. 

 13. Effect of Termination on Awards. The Administrator shall have the discretion to
determine, at the time an Award is made to a Participant or any time thereafter, the effect of the Participant’s termination of employment or service with the Company and its Affiliates on the Award. 

14. Transferability.  

(a) Restrictions on Transfer. No Award (other than Unrestricted Shares), and no right under any such Award, shall be assignable,
alienable, saleable, or transferable by a Participant otherwise than by will or by the laws of descent and distribution, unless and to the extent the Administrator allows a Participant to: (i) designate in writing a beneficiary to exercise the
Award after the Participant’s death; or (ii) transfer an Award. 
 (b) Restrictions on Exercisability. Each Award, and each
right under any Award, shall be exercisable during the lifetime of the Participant only by such individual or, if permissible under applicable law, by such individual’s guardian or legal representative. 

15. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards. 

(a) Term of Plan. Unless the Board or Committee earlier terminates this Plan pursuant to Section 15(b), this Plan will terminate
on the date all Shares reserved for issuance have been issued. If the term of this Plan extends beyond ten (10) years from the Effective Date, no Incentive Stock Options may be granted after such time unless the shareholders of the Company have
approved an extension of this Plan for such purpose. 
 (b) Termination and Amendment. The Board or the Committee may amend, alter,
suspend, discontinue or terminate this Plan at any time, subject to the following limitations: 
 (i) the Board must approve
any amendment of this Plan to the extent the Company determines such approval is required by: (A) prior action of the Board, (B) applicable corporate law, or (C) any other applicable law; 

(ii) shareholders must approve any amendment of this Plan to the extent the Company determines such approval is required by:
(A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded, or (D) any other applicable law; and 

(iii) shareholders must approve any of the following Plan amendments: (A) an amendment to materially increase any number
of Shares specified in Section 6(a) or 6(b) or the limits set forth in Section 6(d) (except as permitted by Section 17), (B) an amendment to materially expand the group of individuals that may become Participants, or (C) an
amendment that would diminish the protections afforded by Section 15(e). 
 (c) Amendment, Modification, Cancellation and
Disgorgement of Awards.  
 (i) Subject to the requirements of the Plan, including the limitations of
Section 15(e), the Administrator may modify, amend or cancel any Award or waive any restrictions or conditions applicable to any Award or the exercise of the Award, provided that any modification or amendment that materially diminishes the
rights of the Participant, or the cancellation of the Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have an interest in the Award, but the Administrator need not obtain Participant (or other
interested party) consent for the modification, amendment or cancellation of an Award pursuant to the provisions of Section 17 or as follows: (A) to the extent the Administrator deems such action necessary to comply with any applicable law
or the listing requirements of any principal securities exchange or market on which the Shares are then traded; (B) to the extent the Administrator deems necessary to preserve favorable accounting or tax treatment of any Award for the Company;
or (C) to the extent the Administrator 

 
determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Participant or any other person(s) as may
then have an interest in the Award. Notwithstanding the foregoing, unless determined otherwise by the Administrator, any such amendment shall be made in a manner that will enable an Award intended to be exempt from Code Section 409A to continue
to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply. 
 (ii) Any
Awards granted pursuant to this Plan, and any Stock issued or cash paid pursuant to an Award, shall be subject to (A) any recoupment, clawback, equity holding, stock ownership or similar policies adopted by the Company from time to time and
(B) any recoupment, clawback, equity holding, stock ownership or similar requirements made applicable by law, regulation or listing standards to the Company from time to time. 

(iii) Unless the Award agreement specifies otherwise, the Administrator may cancel any Award at any time if the Participant is
not in compliance with all applicable provisions of the Award agreement and the Plan. 
 (d) Survival of Authority and Awards.
Notwithstanding the foregoing, the authority of the Board and the Administrator under this Section 15 and to otherwise administer the Plan will extend beyond the date of this Plan’s termination. In addition, termination of this Plan will
not affect the rights of Participants with respect to Awards previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and
conditions. 
 (e) Repricing, Substitution and Backdating Prohibited. Notwithstanding anything in this Plan to the contrary, and
except for the adjustments provided in Section 17, neither the Administrator nor any other person may (i) amend the terms of outstanding Options or SARs to reduce the exercise price of such outstanding Options or SARs; (ii) cancel
outstanding Options or SARs in exchange for Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs, or otherwise substitute Options or SARs for outstanding Options or SARs if the substitute
Options or SARs would have an exercise price that is less than the exercise price of the original Options or SARs; or (iii) cancel outstanding Options or SARs with an exercise price above the current Share price in exchange for cash or other
securities. In addition, the Administrator may not make a grant of an Option or SAR with a grant date that is effective prior to the date the Administrator takes action to approve such Award. 

(f) Code Section 409A. The provisions of Code Section 409A are incorporated herein by reference to the extent necessary for
any Award that is subject to Code Section 409A to comply therewith. 
 16. Taxes. 

(a) Withholding. In the event the Company or an Affiliate of the Company is required to withhold any Federal, state or local taxes or
other amounts in respect of any income recognized by a Participant as a result of the grant, vesting, payment or settlement of an Award or disposition of any Shares acquired under an Award, the Company may deduct (or require an Affiliate to deduct)
from any payments of any kind otherwise due the Participant cash, or with the consent of the Committee, Shares otherwise deliverable or vesting under an Award, to satisfy such tax obligations. Alternatively, the Company may require such Participant
to pay to the Company, in cash, promptly on demand, or make other arrangements satisfactory to the Company regarding the payment to the Company of the aggregate amount of any such taxes and other amounts. If Shares are deliverable upon exercise or
payment of an Award, the Committee may permit a Participant to satisfy all or a portion of the Federal, state and local withholding tax obligations arising in connection with such Award by electing to (a) have the Company withhold Shares
otherwise issuable under the Award, (b) tender back Shares received in connection with such Award or (c) deliver other previously owned Shares; provided that the amount to be withheld may not exceed the total minimum federal, state and
local tax withholding obligations associated with the transaction to the extent needed for the Company to avoid an accounting charge. If an election is provided, the election must be made on or before the date as of which the amount of tax to be
withheld is determined and otherwise as the Committee requires. In any case, the Company may defer making payment or delivery under any Award if any such tax may be pending unless and until indemnified to its satisfaction. 

 (b) No Guarantee of Tax Treatment. Notwithstanding any provisions of the Plan, the Company
does not guarantee to any Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code Section 409A shall be so exempt, (ii) any Award intended to comply with Code Section 409A
or Code Section 422 shall so comply, (iii) any Award shall otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any Affiliate indemnify, defend or hold harmless any
individual with respect to the tax consequences of any Award. 
 (c) Participant Responsibilities. If a Participant shall dispose of
Stock acquired through exercise of an ISO within either (i) two (2) years after the date the Option is granted or (ii) one (1) year after the date the Option is exercised (i.e., in a disqualifying disposition), such Participant
shall notify the Company within seven (7) days of the date of such disqualifying disposition. In addition, if a Participant elects, under Code Section 83, to be taxed at the time an Award of Restricted Stock (or other property subject to
such Code section) is made, rather than at the time the Award vests, such Participant shall notify the Company within seven (7) days of the date the Participant makes such an election. 

17. Adjustment Provisions; Change in Control. 

(a) Adjustment of Shares. If: (i) the Company shall at any time be involved in a merger or other transaction in which the Shares
are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable in Shares, other securities or other property; (iii) the Company shall effect a cash dividend the amount of
which, on a per Share basis, exceeds ten percent (10%) of the Fair Market Value of a Share at the time the dividend is declared, or the Company shall effect any other dividend or other distribution on the Shares in the form of cash, or a
repurchase of Shares, that the Board determines by resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization involving the Shares; or
(iv) any other event shall occur, which, in the case of this clause (iv), in the judgment of the Board or Committee necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under this Plan, then the Administrator shall, in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, adjust as applicable:
(A) the number and type of Shares subject to this Plan (including the number and type of Shares described in Section 6) and which may after the event be made the subject of Awards; (B) the number and type of Shares subject to
outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) to the extent such discretion does not cause an Award that is intended to qualify as performance-based compensation under Code
Section 162(m) to lose its status as such, the Performance Goals of an Award. In any such case, the Administrator may also (or in lieu of the foregoing) make provision for a cash payment to the holder of an outstanding Award in exchange for the
cancellation of all or a portion of the Award (without the consent of the holder of an Award) in an amount determined by the Administrator effective at such time as the Administrator specifies (which may be the time such transaction or event is
effective). However, in each case, with respect to Awards of Incentive Stock Options, no such adjustment may be authorized to the extent that such authority would cause this Plan to violate Code Section 422(b). Further, the number of Shares
subject to any Award payable or denominated in Shares must always be a whole number. In any event, previously granted Options or SARs are subject only to such adjustments as are necessary to maintain the relative proportionate interest the Options
and SARs represented immediately prior to any such event and to preserve, without exceeding, the value of such Options or SARs. 
 Without limitation, in
the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether or not constituting a Change in Control (other than any such transaction in which the Company is the continuing corporation
and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other property, or any combination thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for
each Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will be entitled in
respect of each Share pursuant to the transaction. 

 Notwithstanding the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of
an ordinary cash dividend) or subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Administrator, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically
be made as of the date of such stock dividend or subdivision or combination of the Shares. 
 (b) Change in Control. If the
Participant has in effect an employment, retention, change in control, severance or similar agreement with the Company or any Affiliate that discusses the effect of a Change in Control on the Participant’s Awards, then such agreement shall
control. In all other cases, unless provided otherwise in an Award agreement or by the Administrator prior to the date of the Change in Control, in the event of a Change in Control, then immediately prior to the date of the Change in Control: 

(i) Each Option or SAR that is then held by a Participant who is employed by or in the service of the Company or an Affiliate
shall become immediately and fully vested, and, unless otherwise determined by the Board or Committee, all Options and SARs shall be cancelled on the date of the Change in Control in exchange for a cash payment equal to the excess of the Change in
Control price of the Shares covered by the Option or SAR that is so cancelled over the purchase or grant price of such Shares under the Award. 

(ii) Restricted Stock, Restricted Stock Units and Deferred Stock Rights (that are not Performance Awards) that are not then
vested shall vest. 
 (iii) All Performance Awards and Annual and Long-Term Incentive Awards that are earned but not yet paid
shall be paid upon the Change in Control, and all Performance Awards and Annual and Long-Term Incentive Awards for which the performance period has not expired shall be cancelled in exchange for a cash payment to be made within thirty (30) days
after the Change in Control equal to the product of (1) the target value payable to the Participant under his Award and (2) a fraction, the numerator of which is the number of days after the first day of the performance period on which the
Change in Control occurs and the denominator of which is the number of days in the performance period. 
 (iv) All Dividend
Equivalent Units that are not vested shall vest and be paid in cash, and all other Awards that are not vested shall vest and if an amount is payable under such vested Award, such amount shall be paid in cash based on the value of the Award. 

Notwithstanding anything to the contrary in the foregoing, the Participant has a deferral election in effect with respect to any amount payable under this
Section 17(b), such amount shall be deferred pursuant to such election and shall not be paid in a lump sum as provided herein; provided that, with respect to amounts payable to a Participant (or the Participant’s beneficiary or estate) who
is entitled to a payment hereunder because the Participant’s employment terminated as a result of death or Disability, or payable to a Participant who has met the requirements for Retirement (without regard to whether the Participant has
terminated employment), no payment shall be made unless the Change in Control also constitutes a change of control within the meaning of Code Section 409A. 

If the value of an Award is based on the Fair Market Value of a Share, Fair Market Value shall be deemed to mean the per share Change in Control price. The
Administrator shall determine the per share Change in Control price paid or deemed paid in the Change in Control transaction. 
 (c)
Application of Limits on Payments. Except as otherwise expressly provided in any agreement between a Participant and the Company or an Affiliate, if the receipt of any payment by a Participant under the circumstances described above would
result in the payment by the Participant of any excise tax provided for in Section 280G and Section 4999 of the Code, then the amount of such payment shall be reduced to the extent required to prevent the imposition of such excise tax.

 18. Miscellaneous. 

(a) Other Terms and Conditions. The grant of any Award may also be subject to other provisions (whether or not applicable to the Award
granted to any other Participant) as the Administrator determines appropriate, including, without limitation, provisions for: 

(i) the payment of the purchase price of Options by delivery of cash or other Shares or other securities of the Company
(including by attestation) having a then Fair Market Value equal to the purchase price of such Shares, or by delivery (including by fax) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable
instructions to a broker-dealer to sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly to the Company to pay for the exercise price; 

(ii) one or more means to enable Participants to defer the delivery of Shares or recognition of taxable income relating to
Awards or cash payments derived from the Awards on such terms and conditions as the Administrator determines, including, by way of example, the form and manner of the deferral election, the treatment of dividends paid on the Shares during the
deferral period or a means for providing a return to a Participant on amounts deferred, and the permitted distribution dates or events (provided that no such deferral means may result in an increase in the number of Shares issuable under this Plan);

 (iii) restrictions on resale or other disposition of Shares; and 

(iv) compliance with federal or state securities laws and stock exchange requirements. 

(b) Employment and Service. The issuance of an Award shall not confer upon a Participant any right with respect to continued employment
or service with the Company or any Affiliate. Unless determined otherwise by the Administrator, for purposes of the Plan and all Awards, the following rules shall apply: 

(i) a Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be
considered to have terminated employment; and 
 (ii) a Participant employed by an Affiliate will be considered to have
terminated employment when such entity ceases to be an Affiliate. 
 Notwithstanding the foregoing, for purposes of an Award that is subject to Code
Section 409A, if a Participant’s termination of employment or service triggers the payment of compensation under such Award, then the Participant will be deemed to have terminated employment or service upon his or her “separation from
service” within the meaning of Code Section 409A. Notwithstanding any other provision in this Plan or an Award to the contrary, if any Participant is a “specified employee” within the meaning of Code Section 409A as of the
date of his or her “separation from service” within the meaning of Code Section 409A, then, to the extent required by Code Section 409A, any payment made to the Participant on account of such separation from service shall not be
made before a date that is six months after the date of the separation from service. 
 (c) No Fractional Shares. No fractional
Shares or other securities may be issued or delivered pursuant to this Plan, and the Administrator may determine whether cash, other securities or other property will be paid or transferred in lieu of any fractional Shares or other securities, or
whether such fractional Shares or other securities or any rights to fractional Shares or other securities will be canceled, terminated or otherwise eliminated. 

(d) Offset. The Company shall have the right to offset, from any amount payable or stock deliverable hereunder, any amount that the
Participant owes to the Company or any Affiliate without the consent of the Participant or any individual with a right to the Participant’s Award. 

(e) Unfunded Plan. This Plan is unfunded and does not create, and should not be construed to create, a trust or separate fund with
respect to this Plan’s benefits. This Plan does not establish any fiduciary relationship between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an Award granted under this Plan, such
rights are no greater than the rights of the Company’s general unsecured creditors. Income recognized by a Participant pursuant to an Award shall not 

 
be included in the determination of benefits under any employee pension benefit plan (as such term is defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as
amended) or group insurance or other benefit plans applicable to the Participant which are maintained by the Company or any Affiliate, except as may be provided under the terms of such plans or determined by resolution of the Board. 

(f) Requirements of Law and Securities Exchange. The granting of Awards and the issuance of Shares in connection with an Award are
subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any other provision of this Plan or any Award agreement, the Company has no
liability to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable requirements of any securities exchange or similar entity, and unless and until the
Participant has taken all actions required by the Company in connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company determines necessary or desirable to comply with all applicable laws,
rules and regulations or the requirements of any national securities exchange. 
 (g) Restrictive Legends; Representations. All
Shares delivered (whether in certificated or book entry form) pursuant to any Award or the exercise thereof shall bear such legends or be subject to such stop transfer orders as the Administrator may deem advisable under the Plan or under applicable
laws, rules or regulations or the requirements of any national securities exchange. The Administrator may require each Participant or other Person who acquires Shares under the Plan by means of an Award to represent to the Company in writing that
such Participant or other Person is acquiring the Shares without a view to the distribution thereof. 
 (h) Governing Law. This Plan,
and all Awards hereunder, and all determinations made and actions taken pursuant to this Plan, shall be governed by the internal laws of the State of Connecticut (without reference to conflict of law principles thereof) and construed in accordance
therewith, to the extent not otherwise governed by the laws of the United States or as otherwise provided hereinafter. Notwithstanding anything to the contrary herein, if any individual (other than the Company) brings a claim involving the Company
or an Affiliate, regardless of the basis of the claim (including but not limited to claims relating to wrongful discharge, Title VII discrimination, the Participant’s employment or service with the Company or its Affiliates or the termination
thereof, benefits under this Plan or other matters), such claim shall be settled by final binding arbitration in accordance with the rules of the American Arbitration Association (“AAA”) and the following provisions, and judgment upon the
award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 
 (i) Initiation of Action.
Arbitration must be initiated by serving or mailing a written notice of the complaint to the other party. Normally, such written notice should be provided to the other party within one year (365 days) after the day the complaining party first knew
or should have known of the events giving rise to the complaint. However, this time frame may be extended if the applicable statute of limitation provides for a longer period of time. If the complaint is not properly submitted within the appropriate
time frame, all rights and claims that the complaining party has or may have against the other party shall be waived and void. Any notice sent to the Company shall be delivered to: 

Office of General Counsel 

People’s United Financial, Inc. 

850 Main Street, 16th Floor 

Bridgeport, CT 06604 
 The notice
must identify and describe the nature of all complaints asserted and the facts upon which such complaints are based. Notice will be deemed given according to the date of any postmark or the date of time of any personal delivery. 

 (ii) Compliance with Personnel Policies. Before proceeding to arbitration
on a complaint, the claimant must initiate and participate in any complaint resolution procedure identified in the personnel policies of the Company or an Affiliate, as applicable. If the claimant has not initiated the complaint resolution procedure
before initiating arbitration on a complaint, the initiation of the arbitration shall be deemed to begin the complaint resolution procedure. No arbitration hearing shall be held on a complaint until any complaint resolution procedure of the Company
or an Affiliate, as applicable, has been completed. 
 (iii) Rules of Arbitration. All arbitration will be conducted
by a single arbitrator according to the Employment Dispute Arbitration Rules of the AAA. The arbitrator will have authority to award any remedy or relief that a court of competent jurisdiction could order or grant including, without limitation,
specific performance of any obligation created under the award or policy, the awarding of punitive damages, the issuance of any injunction, costs and attorney’s fees to the extent permitted by law, or the imposition of sanctions for abuse of
the arbitration process. The arbitrator’s award must be rendered in a writing that sets forth the essential findings and conclusions on which the arbitrator’s award is based. 

(iv) Representation and Costs. Each party may be represented in the arbitration by an attorney or other representative
selected by the party. The Company or Affiliate shall be responsible for its own costs, the AAA filing fee and all other fees, costs and expenses of the arbitrator and AAA for administering the arbitration. The claimant shall be responsible for his
attorney’s or representative’s fees, if any. However, if any party prevails on a statutory claim which allows the prevailing party costs and/or attorneys’ fees, the arbitrator may award costs and reasonable attorneys’ fees as
provided by such statute. 
 (v) Discovery; Location; Rules of Evidence. Discovery will be allowed to the same extent
afforded under the Federal Rules of Civil Procedure. Arbitration will be held at a location selected by the Company. AAA rules notwithstanding, the admissibility of evidence offered at the arbitration shall be determined by the arbitrator who shall
be the judge of its materiality and relevance. Legal rules of evidence will not be controlling, and the standard for admissibility of evidence will generally be whether it is the type of information that responsible people rely upon in making
important decisions. 
 (vi) Confidentiality. The existence, content or results of any arbitration may not be
disclosed by a party or arbitrator without the prior written consent of both parties. Witnesses who are not a party to the arbitration shall be excluded from the hearing except to testify. 

(i) Construction. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine
in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though they were used in the plural or singular, as the case may be, in all cases where they would so apply. Titles of
sections are for general information only, and this Plan is not to be construed with reference to such titles. 
 (j) Severability.
If any provision of this Plan or any Award agreement or any Award (a) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (b) would disqualify this Plan, any Award
agreement or any Award under any law the Administrator deems applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the
Administrator, materially altering the intent of this Plan, Award agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such Award agreement and such Award will remain in
full force and effect. 
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