Document:

EXHIBIT 4.5

 EXHIBIT 4.5 
 Form of Global Notes, registered in the name of the nominee of 
 The Depository Trust Company (November 16,
2000) 
  

 GLOBAL CERTIFICATE 
 THE NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF DEPOSITORS AND THE CLAIMS OF GENERAL AND
SECURED CREDITORS OF THE BANK, IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE BANK AND IS NOT SECURED. 
 THIS 9.875% SUBORDINATED NOTE DUE NOVEMBER 15, 2010
(THIS “NOTE”) IS REGISTERED IN THE NAME OF CEDE & CO., THE NOMINEE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”), 55 WATER STREET, NEW YORK, NEW YORK, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE NOMINEE OF
THE DEPOSITORY TO ANOTHER NOMINEE OF THE DEPOSITORY OR TO THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR
NOTES IN DEFINITIVE FORM. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO BANKERS TRUST COMPANY, AS FISCAL AND PAYING AGENT OR ANY DULY APPOINTED SUCCESSOR FISCAL AND PAYING AGENT (THE “FISCAL AND
PAYING AGENT”), FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED IN WRITING BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED IN WRITING BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL,
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

					
	Registered	  	Principal Amount:	  	$150,000,000
	No. 1	  	CUSIP:	  	710198 HE 5

 PEOPLE’S BANK 
 9.875% Subordinated Note due 2010 
 1. Payment. 
 (a) PEOPLE’S BANK, a Connecticut state-chartered capital stock savings bank (the “Bank”), for value received, hereby promises to pay to
Cede & Co., or its registered assigns, the principal sum of ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) on November 15, 2010 (the “Date of Maturity”) and to pay interest thereon at the rate of 9.875% per annum
(computed on the basis of a 360-day year of twelve 30-day months) from November 16, 2000, or from the most recent Interest Payment Date to which interest has been paid or duly provided, on March 1 and September 1 of each year (an
“Interest Payment Date”), commencing March 1, 2001, until the principal hereof is paid or made available for payment. 

 (b) Any payment of principal of or interest on this Note that would otherwise become due and payable on a
day which is not a Business Day shall become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal or interest, and no interest shall accrue in respect of such
payment for the period after such day. The term “Business Day” means any day that is not a Saturday or Sunday and that is not a day on which banks in the City of New York, New York or the State of Connecticut are generally authorized or
required by law or executive order to be closed. 
 (c) Unless the certificate of authentication hereon has been executed by the Fiscal and
Paying Agent by the manual signature of one of its authorized signatories, this Note shall not be valid or obligatory for any purpose. 
 2.
Subordinated Notes; Noteholders; Fiscal and Paying Agency Agreement. 
 This Note is one of a duly authorized issue of notes of the
Bank designated as 9.875% Subordinated Notes due November 15, 2010 (herein called the “Subordinated Notes”), limited in aggregate principal amount to $150,000,000. The Bank, for the benefit of the holders from time to time of the
Subordinated Notes (collectively, the “Noteholders”), has entered into a Fiscal and Paying Agency Agreement, dated as of November 16, 2000 (as the same may be amended, supplemented or otherwise modified from time to time, the
“Fiscal and Paying Agency Agreement”), between the Bank and the Fiscal and Paying Agent. Reference is hereby made to the Fiscal and Paying Agency Agreement (copies of which are on file and available for inspection during normal business
hours at the offices of the Fiscal and Paying Agent at Four Albany Street, Fourth Floor, New York. New York 10006, Attention: Corporate Trust and Agency Services, or at such other place or places as the Fiscal and Paying Agent shall designate
by notice to the holder in whose name this Note is registered on the Security Register (as defined in Section 11 of this Note)), for a statement of the further rights of the Noteholders and the further rights, limitations of rights, duties and
indemnities thereunder of the Bank and the Fiscal and Paying Agent and of the terms upon which the Subordinated Notes are, and are to be, authenticated and delivered. 
 3. Redemption. This Note is not subject to redemption prior to maturity and is not subject to any sinking fund. 
 4. Subordination. The indebtedness of the Bank evidenced by the Subordinated Notes, including the principal and interest on this Note, shall be subordinate and junior in right of payment to the Bank’s
obligations to its depositors, its obligations under bankers’ acceptances and letters of credit, and its obligations to its other creditors, including its obligations to the Federal Reserve Bank, the Federal Deposit Insurance Corporation (the
“FDIC”) and any rights acquired by the FDIC as a result of loans made by the FDIC to the Bank or the purchase or guarantee of any of its assets by the FDIC, pursuant to the provisions of 12 U.S.C. 1823 (c), (d), (e), (f) or (k),
whether such obligations are outstanding at this date or are hereafter incurred (except any other obligations which rank on a parity with or subordinate to the Subordinated Notes). In case of any insolvency proceeding, receivership, conservatorship,
reorganization, readjustment of debts, marshalling of assets and liabilities or similar proceedings or any liquidation or winding up of or relating to the Bank, whether voluntary or involuntary, all obligations of the Bank (except any other
obligations which rank on a parity with or subordinate 

  

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to the Subordinated Notes) shall be entitled to be paid in full before any payment shall be made on account of the principal of or interest on the
Subordinated Notes, including this Note. In the event of any such proceeding, after payment in full of all sums owing with respect to such prior obligations, the Noteholders, together with the holders of any obligations of the Bank ranking on a
parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Bank the unpaid principal, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be
made on account of any capital stock or any obligations of the Bank ranking junior to the Subordinated Notes. Nothing herein shall impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and interest on this
Note in accordance with its terms. 
 5. Consolidation, Merger and Sale of Assets. The Bank shall not consolidate with or merge into
another entity or convey, transfer or lease its properties and assets substantially as an entirety to any person, unless: 
 (1) the continuing entity formed by such consolidation or into which the Bank is merged or the person which acquires by conveyance or transfer or which leases the properties and assets of the Bank substantially as an entirety shall be a
corporation, association or general partnership organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly shall assume, by a supplemental agreement executed and delivered to
the Fiscal and Paying Agent in form satisfactory to the Fiscal and Paying Agent the due and punctual payment of the principal of and any premium and interest on the subordinated Notes according to their terms, and the due and punctual performance of
all covenants and conditions hereof on the part of the Bank to be performed or observed; 
 (2) immediately after giving
effect to such transaction, no Event of Default (as defined below), and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 
 (3) the Bank shall have delivered to the Fiscal and Paying Agent an Officer’s Certificate stating that such consolidation, merger,
conveyance, transfer or lease and supplemental agreement comply with this Section 5 and that all conditions precedent provided for in this Note relating to such transaction have been complied with. 
 6. Events of Default Acceleration; Compliance Certificate. If any of the following events shall occur and be continuing (each an “Event of
Default”): 
 (a) the Bank shall consent to the appointment of a receiver, liquidator, trustee or other similar official
in any liquidation, insolvency or similar proceeding with respect to the Bank or all or substantially all of its property; or 
 (b) a court or other governmental agency or body having jurisdiction on the premises shall enter a decree or order for the appointment of a receiver, liquidator, trustee or other similar official in any liquidation, insolvency or similar
proceeding with respect to the Bank or all or substantially all of the property of the Bank, or for the winding up of the affairs or business of the Bank; 
  

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then, and in each such case, unless the principal of this Note already shall have become due and payable, the holder of this Note, by notice in writing to
the Bank and to the Fiscal and Paying Agent, may declare the principal amount of this Note to be due and payable immediately and, upon any such declaration the same shall become and shall be immediately due and payable. The Bank waives demand,
presentment for payment, notice of nonpayment, notice of protest, and all other notices. 
 The Fiscal and Paying Agent, promptly after the
receipt of notice from the Bank or any other source of the occurrence of an Event of Default with respect to this Note, shall mail to all Noteholders, at their addresses shown on the Security Register, notice of such Event of Default, unless such
Event of Default shall have been cured or waived before the giving of such notice. The Fiscal and Paying Agency Agreement provides that, prior to any acceleration of this Note, the Noteholders holding 66 2/3% in aggregate principal amount of the outstanding Subordinated Notes may waive any past Event of Default. In addition, the Fiscal and Paying Agency
Agreement provides that the Noteholders holding 66 2/3% in aggregate principal amount of the outstanding
Subordinated Notes may rescind a declaration of acceleration of this Note before any judgment has been obtained if (i) the Bank pays the Fiscal and Paying Agent certain amounts due the Fiscal and Paying Agent plus all matured installments of
principal of and interest on this Note (other than installments due by reason of acceleration) and interest on the overdue installments and (ii) all other Events of Default with respect to this Note have been cured or waived.

 The Bank will deliver to the Fiscal and Paying Agent, within 120 days after the end of each calendar year commencing with
the first calendar year following the issuance of the Subordinated Notes, a written certificate of the principal executive officer, the principal financial officer or the principal accounting officer of the Bank, covering the period from the date of
issuance of such Subordinated Notes to the end of the calendar year in which such Subordinated Notes were issued, stating, as to each signer of such certificate, that: 
 (1) a review of the activities of the Bank during the year and of performance under the Fiscal and Paying Agency Agreement has been made
under bis supervision; and 
 (2) to the best of his knowledge, based on such review, the Bank has fulfilled all its
conditions and covenants under the Fiscal and Paying Agency Agreement throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant, specifying each such default known to him and the nature and status of
such default. 
 ANYTHING TO THE CONTRARY HEREIN NOTWITHSTANDING, NO PAYMENT PRIOR TO MATURITY, OR AT RETIREMENT, INCLUDING, BUT NOT LIMITED
TO, A PAYMENT PURSUANT TO ACCELERATION OF MATURITY IN THE EVENT OF DEFAULT OR OTHERWISE, OF THE INDEBTEDNESS EVIDENCED BY THIS NOTE MAY BE MADE WITHOUT THE PRIOR WRITTEN APPROVAL OF THE FEDERAL DEPOSIT INSURANCE CORPORATION. 
  

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 IF THE HOLDER OF THIS NOTE IS A DEPOSITORY INSTITUTION, SUCH HOLDER SPECIFICALLY WAIVES, FOR SO LONG AS
IT IS A NOTEHOLDER, ANY RIGHT TO OFFSET WITH RESPECT TO THE OBLIGATION EVIDENCED BY THIS NOTE AGAINST ANY FUNDS, PROPERTY OR OTHER ASSETS OF THE BANK. 
 7. Transfer at FDIC Direction. Notwithstanding any other provision of this Note, it is expressly understood and agreed that the FDIC, acting as receiver or conservator of the Bank or in its corporate capacity,
shall have the right, in the performance of its legal duties and as part of any transaction or plan of reorganization or liquidation designed to protect or further the continued existence of the Bank or the rights of any parties or agencies with an
interest in, or claim against, the Bank or its assets, to transfer or direct the transfer of the obligations of this Note to any FDIC-insured depository institution or the holding company thereof which shall expressly assume the obligation of the
due and punctual payment of the unpaid principal, interest, and premium, if any, on this Note and the due and punctual performance of all covenants and conditions hereof; and that the completion of such transfer and assumption shall serve to
supersede and void any Event of Default acceleration or subordination which may have occurred, or which may occur due or related to such transaction, plan, transfer or assumption pursuant to the provisions of this Note, and shall serve to return the
holder to the same position, other than for substitution of the obligor, it would have occupied had no Event of Default, acceleration or subordination occurred, except that any interest and principal previously due, other than by reason of
acceleration, and not paid shall, in the absence of a contrary agreement by the holder, be deemed to be immediately due and payable as of the date of such transfer and assumption, together with interest from its original due date at the rate
provided for in Section 8 herein. 
 8. Failure to Make Payment. In the event of failure by the Bank to make any payment of
principal of or interest on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 days), the Bank will, upon demand of the holder, pay to the holder the whole amount then due and payable on this Note for
principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Bank fails to pay such amount upon such demand, the holder may,
among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Bank and collect the amounts adjudged or decreed to
be payable in the manner provided by law out of the property of the Bank. 
 9. Payment Procedures. Payment of the principal and
interest payable on the Date of Maturity will be made by wire transfer in immediately available funds to a bank account in the United States designated by the holder of this Note, upon presentation and surrender of this Note at the office of the
Fiscal and Paying Agent in New York, New York or at such other place or places as the Fiscal and Paying Agent shall designate by notice to the Noteholders, provided that this Note is presented to the Fiscal and Paying Agent in time for the Fiscal
and Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Date of Maturity) shall be made by check mailed to the person entitled thereto, as such
person’s address appears on the Security Register. Interest payable on any Interest Payment Date shall be payable to the holder in whose name this Note is registered at the close of business on February 15 or August 15, as the case
may be 
  

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(whether or not a Business Day), next preceding such Interest Payment Date (such date being referred to herein as the “Regular Record Date”) for
such Interest Payment Date, except that interest not so punctually paid or duly made available to the Fiscal and Paying Agent for payment, if any, will be paid to the holder in whose name this Note is registered at the close of business an a Special
Record Date fixed by the Bank (a “Special Record Date”) notice of which shall be given to the holder not less than ten calendar days prior to such Special Record Date. (The Regular Record Date and Special Record Date are referred to herein
collectively as the “Record Date”). To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal of or interest on this Note not paid when
due. All payments on this Note shall be applied first to accrued interest and then the balance, if any, to principal. 
 10. Form of
Payment; Maintenance of Payment Office. Payments of principal of and interest on this Note shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and
private debts. Until the date on which all of the Subordinated Notes shall have been surrendered or delivered to the Fiscal and Paying Agent for cancellation or destruction, or become due and payable and a sum sufficient to pay the principal of and
interest on all of the Subordinated Notes shall have been made available for payment and either paid or returned to the Bank as provided herein and in the Fiscal and Paying Agency Agreement, the Fiscal and Paying Agent shall at all times maintain an
office or agency in the City of New York, New York where Subordinated Notes may be presented or surrendered for payment. 
 11.
Registration of Transfer; Security Register. Except as otherwise provided on the first page hereof, this Note is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of Subordinated Notes of other
authorized denominations, by the holder in person, or by his attorney duly authorized in writing, at the office of the Fiscal and Paying Agent in the City of New York, New York. The Fiscal and Paying Agent shall maintain a register providing for the
registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Note for exchange or registration of transfer, the Bank shall execute and the Fiscal and Paying
Agent shall authenticate and deliver in exchange therefor a Note or Notes of like aggregate principal amount, each in a denomination of $100,000 or any amount in excess thereof which is an integral multiple of $1,000 and is or are registered in such
name or names requested by the holder. Any Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Fiscal and Paying Agent) be duly endorsed, or accompanied by a written instrument of transfer with
such evidence of due authorization and guarantee of signature as may reasonably be required by the Fiscal and Paying Agent in form satisfactory to the Fiscal and Paying Agent, duly executed by the holder or his attorney duly authorized in writing,
and with such tax identification number or other information for each person in whose name a Note is to be issued as the Fiscal and Paying Agent may reasonably request to comply with applicable law. No exchange or registration of transfer of this
Note shall be made on or after the fifteenth day immediately preceding the Date of Maturity. 
 12. Charges and Transfer Taxes. No
service charge (other than any cost of delivery) shall be imposed for any exchange or registration of transfer of this Note, but the Bank or the Fiscal and Paying Agent may require the payment of a sum sufficient to cover any stamp or other tax or
governmental charge that may be imposed in connection therewith (or presentation of evidence that such tax or charge has been paid). 
  

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 13. Ownership. Prior to due presentment of this Note for registration of transfer, the Bank and
the Fiscal and Paying Agent may treat the holder in whose name this Note is registered in the Security Register as the absolute owner of this Note for the purpose of receiving payments of principal of and interest on this Note and for all other
purposes whatsoever, whether or not this Note be overdue, and the Bank and the Fiscal and Paying Agent shall not be affected by any notice to the contrary. 
 14. Priority. The Subordinated Notes rank pari passu among themselves and pari passu, in the event of any insolvency proceeding, receivership, conservatorship, reorganization, readjustment of debt, marshaling
of assets and liabilities or similar proceeding or any liquidation or winding up of the Bank, with all other present or future unsecured subordinated debt obligations of the Bank, except any unsecured subordinated debt which may be expressly stated
to be senior to or subordinate to the Subordinated Notes. 
 15. Notices. All notices to the Bank under this Note shall be in writing
and addressed to the Bank at 850 Main Street, Bridgeport, Connecticut 06604, Attention: George W. Morriss, Executive Vice President (Financial Group) and Chief Financial Officer, or to such other address as the Bank may notify to the holder. All
notices to the Fiscal and Paying Agent shall be in writing and addressed to the Fiscal and Paying Agent at the office of the Fiscal and Paying Agent at Four Albany Street, Fourth Floor, New York, New York 10006, Attention: Corporate Trust and
Agency Services. All notices to the Noteholders shall be in writing and sent by first-class mail to each Noteholder at his or its address as set forth in the Security Register. 
 16. Fiscal and Paying Agent. In acting under the Fiscal and Paying Agency Agreement, the Fiscal and Paying Agent is acting solely as the agent of
the Bank and does not assume any obligation or relationship of agency or trust with the holder of this Note except that money deposited with the Fiscal and Paying Agent will be held in trust for the benefit of the Noteholders until disbursed to the
Noteholders, except as provided by the Fiscal and Paying Agency Agreement. Under the terms of the Fiscal and Paying Agency Agreement, the Bank may remove any Fiscal and Paying Agent and appoint a new Fiscal and Paying Agent in respect of the
Subordinated Notes, or may remove any Fiscal and Paying Agent and undertake to perform at the Bank any or all of the functions of the Fiscal and Paying Agent under the Fiscal and Paying Agency Agreement. The Bank shall notify, or cause the Fiscal
and Paying Agent to notify, the holder of this Note of the appointment of any successor Fiscal and Paying Agent or the undertaking of the Bank to perform at the Bank the functions of the Fiscal and Paying Agent. 
 17. Denominations. The Subordinated Notes are issuable only as fully registered Notes without interest coupons in denominations of $100,000 or any
amount in excess thereof which is a whole multiple of $1,000. 
 18. Modification. The Fiscal and Paying Agency Agreement permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Bank and the rights of the holders under the Fiscal and Paying Agency Agreement at any time by the Bank with the consent of
the Noteholders holding 66 2/3% in 
  

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aggregate principal amount of the Subordinated Notes at the time outstanding. The Fiscal and Paying Agency Agreement also contains provisions permitting
Noteholders holding 66 2/3% in aggregate principal amount of the Subordinated Notes at the time outstanding, on
behalf of all Noteholders, to waive compliance by the Bank with certain provisions of the Fiscal and Paying Agency Agreement and past Events of Default under the Fiscal and Paying Agency Agreement and their consequences. The Fiscal and Paying Agency
Agreement also provides that the Fiscal and Paying Agent and the Bank shall not enter into any agreement for the purpose of changing the Date of Maturity or the terms of subordination of any Note unless the FDIC has consented to such agreement.

 19. Absolute and Unconditional Obligation of the Bank. No reference herein to the Fiscal and Paying Agency Agreement and no
provisions of this Note or of the Fiscal and Paying Agency Agreement shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the
coin or currency, herein prescribed. 
 20. Waiver and Consent. (a) Any consent or waiver given by the holder of this Note shall
be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Note. 
 (b) No delay or omission of the holder to exercise any right or remedy accruing upon any Event of Default shall impair
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. 
 21. Governing Law. This Note
shall be governed by and construed in accordance with applicable federal law and the laws of the State of New York. 
  

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 IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and its corporate seal to be
hereunto affixed and attested. 
  

			
	PEOPLE’S BANK
		
	By:	 	 

	Name:	 	Dennis J.ColWell
	Title:	 	Senior Vice President

  

			
	ATTEST:
	
	 

	Name:	 	Michael J. Ciborowski
	Title:	 	Vice President and Authorized Representative
	
	(Corporate seal)
	
	This is one of the Subordinated Notes referred to in the within mentioned Fiscal and Paying Agency Agreement:
	
	 BANKERS TRUST COMPANY,
 as Fiscal and Paying
Agent

		
	By:	 	 

	Name:	 	Susan Johnson
	Title	 	Vice President
	
	Dated: November 16, 2000

  

 9EXHIBIT 10.1

 EXHIBIT 10.1 
 Executive Employment Agreement, dated effective June 1,1999, between 
 People’s Bank and John A.
Klein 
  

 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is made effective as of June 1,1999 (the “Effective Date”), between PEOPLE’S BANK,
(“Company”), a Connecticut capital stock savings bank, and JOHN A. KLEIN (“Executive”) of Trumbull, Connecticut. 
 NOW, THEREFORE, in consideration of the foregoing and of the following mutual promises, Company and Executive, each intending legally to be bound, agree as follows: 
 Section 1. Background. Executive has been an employee of Company for more than twenty-five years and has served in a variety of
positions, most recently that of Executive Vice President. On May 20, 1999, the Board of Directors (the “Board”) elected Executive to the position of President effective June 1, 1999, and further provided that Executive shall
become Chief Executive Officer effective October 1, 1999, and become Chairman of the Board as well effective January 1,2000. Executive and Company have had no written employment contract prior hereto, but Executive and Company have prior
hereto entered into an agreement dealing with change in control of Company. The Board has authorized an Employment Agreement with Executive, the terms of which are incorporated herein. 
 Section 2. Contract of Employment. Company employs Executive and Executive accepts his employment as an officer of Company, the
functions, responsibilities, authority and other incidents of which are described in Section 4 hereof. 
 Section 3.
Employment Period. 
 (a) General. The term of Executive’s employment (the “Employment Period”) shall
commence on the Effective Date and shall continue until the earliest to occur of: 
 (i) termination of the
Executive’s employment in accordance with any provisions of Section 8 hereof; 
 (ii) December 31, 2002
or any later December 31 if prior to such December 31 and in accordance with Subsection 3b Company shall have notified Executive or Executive shall have notified Company of its or his election to terminate the Employment Period;

 (iii) December 31,2014; or 
 (iv) the date of Executive’s death. 
 (b) Annual Extensions. After December 31, 2002 and until termination in accordance with the provisions of either Section 3a(iii) or Section 8 hereof, or Executive’s death, the
Employment Period shall automatically continue for successive calendar year periods commencing on January 1, 2003 and January 1 of each year thereafter and ending on December 31st of such year, unless either Company or Executive shall
have notified the other party of its or his election to terminate the Employment Period in a written notice delivered no later than June 30th 

 
of 2002 or prior to the June 30th of any later year to which the Employment Period is automatically extended under this Subsection 3b in which event the
Employment Period shall terminate upon December 31st of the year in which such written statement is so delivered. 
 Section 4. Position, Title and Duties. 
 (a) Duties and Reporting. During the entire Employment
Period Executive shall serve as President and commencing on October 1, 1999 he shall act as Chief Executive Officer. From October 1, 1999 and through the completion of the Employment Period, Executive shall have principal executive
authority in the management and operations of Company’s entire business and affairs and shall exercise general leadership and supervision of such business and affairs and of Company’s officers and employees subject to the overall control
and direction of the Board. Until October 1, 1999 Executive shall report to the Chief Executive Officer, and thereafter during the Employment Period he shall report to the Board. 
 (b) Titles. From the Effective Date through September 30, 1999, Executive shall have the title of President, during the remainder of
1999 he shall have the titles of President and Chief Executive Officer, and from January 1,2000 through the end of the Employment Period, he shall have the titles of President, Chairman of the Board and Chief Executive Officer. 
 (c) Board Member. Company shall employ all reasonable efforts to cause Executive to serve as a member of the Board, as a member of its
Executive Committee, and as a member of the Board of Trustees of Company’s parent and any Executive Committee thereof. 
 (d)
Powers. Executive shall have all executive, managerial and administrative powers which may be incident to or necessary for the effective exercise of such executive authority, subject only to supervision and policy directions of the Chief
Executive Officer, and the Board or any committee thereof through September 30,1999, and the supervision and policy directions of the Board or any committee thereof from October 1, 1999 through the end of the Employment Period. Executive
also shall have and may exercise such other powers and authority, and shall assume, carry out and discharge such other managerial duties or responsibilities, as from time to time may be conferred upon and assigned or delegated to him by the Board,
provided that such additional duties and responsibilities are fair and reasonable under all relevant circumstances, and are not inconsistent with or inappropriate to his position at such time. 
 (e) Full Time and Best Efforts. During the Employment Period, Executive shall devote substantially his entire time, attention, energies,
skill, abilities, and best efforts during usual business hours or additional times as his duties and responsibilities may reasonably necessitate in carrying out such duties and responsibilities. In fulfilling his responsibilities under this
Agreement, Executive will perform, observe and comply with all ethical standards, rules and restrictions which are presently imposed, or from time to time hereafter may be imposed by Company upon its Senior Officers. 
 Section 5. Fair Dealing, Protection of Confidential Information and Associated Matters. 
 (a) Exclusivity of Employment. Without limiting the provisions of Subsection 4e during the Employment Period Executive shall not:

  

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	 	(i)	directly or indirectly engage in, provide or commit himself to provide any personal services to or for the benefit of, or have any comparable involvement with, any business
or commercial activity other than the business of Company, whether or not such other activity is pursued for gain or profit except as is consistent with general Board policies as they may be communicated to Executive from time to time.

  

	 	(ii)	acquire control of, or become associated with any person or persons who may be in a control relationship with, or either acquire or retain a material financial interest in, any
organization or activity that in any manner competes or is known to have planned to compete, directly or indirectly, with Company or any of its subsidiaries or that is or may reasonably be expected to become a supplier to or customer of Company.

 For purposes of this Agreement: 
  

	 	(iii)	the term “associate”, and any variation thereof, when used in reference to another person or organization, refers to the acquisition or retention of or engaging in any
significant personal service, financial or business relationship with such other person or organization; and 

  

	 	(iv)	the term “control”, and any variation thereof, means the power to control, dominate, or materially influence the management or policies of a person or organization.

 (b) Protection of Non-public Information. Except in performance of his duties hereunder on Company’s
behalf, Executive shall neither use for himself or for persons other than Company, nor publish or otherwise disclose to any person not under a legal obligation of trust or confidence to Company, any confidential information (defined below) that has
been or may be developed by or for, or disclosed to Company, or in which property rights have been or will be assigned or otherwise provided to Company and which is non-public information that has or is expected to have actual or potential economic
value to Company or its customers. Nothing contained in this Subsection 5b, however, shall be construed as imposing restraints upon Executive’s use of any information which is or is made publicly available by Company or is or has been
rightfully obtained by Executive from persons other than Company where such persons are under no obligation of trust or confidence to Company. 
 (c) Use and Return of Materials. At the termination of his employment Executive shall return to the Company the originals and all copies of correspondence, memoranda, records and other materials that he has in his possession
or otherwise controls and that relate to any of the matters encompassed by this Section 5. At no time will Executive copy or otherwise duplicate for his personal use, or remove from the offices of Company, any such correspondence, memoranda,
records, or other materials except as such duplication or removal may relate to the carrying out of his duties as set forth herein. 
  

 3 

 (d) Non-solicitation. Both during the Employment Period and during the twenty-four
(24) successive months that begin on termination of the Employment Period (the “Restriction Period”), Executive shall not directly or indirectly solicit or otherwise attempt to induce or encourage any employee, customer, or supplier
of Company to terminate his, her or its relationship with Company. 
 (e) Competitive Restrictions. During the Restriction
Period, Executive shall not directly or indirectly engage in, or have any financial interest in, any organization or activity which directly or indirectly competes with Company and which seeks to obtain as customers, persons or organizations
(i) which have been customers of Company within the twelve month period preceding such termination; or (ii) Executive knows or should know Company has solicited or plans within the twelve months after the date of termination plans to
solicit for orders of goods and services. During the Restriction Period, Executive shall not solicit, induce or encourage any of Company’s other employees to engage in any activity which, were it done by Executive, would violate any provision
of this Agreement. The foregoing restrictions shall apply whether Executive is acting or intends to act solely for his own account, as a member of a partnership, syndicate or joint venture, as an employee, agent, or representative of or distributor
far any person, as an officer, director, advisor, consultant or shareholder of any corporation, company or association, as a member of any business trust or unincorporated organization, or otherwise. Notwithstanding the foregoing, Executive may
invest in shares of stocks issued by any such entity which is publicly owned and whose shares are regularly traded on a public exchange, provided Executive’s total interest therein is less than 1/2% of the total of any class of such shares.

 (f) Non-disparagement. Except as may be otherwise required pursuant to judicial process or governmental investigation during
the Employment Period and the Restriction Period, Executive shall avoid releasing any information or making any oral or written statement which disparages Company, its public-spiritedness, its business, its management or its general reputation.

 (g) Company’s Rights to Injunctive Relief. Company and Executive agree that the provisions of this Section 5 in
the aggregate and each of them individually are fair and reasonable to protect the legitimate interests of Company without unduly restricting Executive’s activities after termination of his employment hereunder and without unreasonably
depriving society of the contributions Executive may make to it. Further Executive agrees that violation of such restrictions by him would cause irreparable injury to Company for which money damages would be an inadequate remedy. Therefore Executive
and Company agree that in order to protect Company’s interests recognized in this Section 5, Company needs and shall be entitled to seek equitable and injunctive relief to enforce the provisions of this Section 5 and prevent any
breach thereof by Executive. This right to seek equitable and injunctive relief is in addition to all other rights and remedies Company has and shall not be defeated or limited by Executive’s option under Section 11 to elect arbitration as
to any dispute or controversy not pertaining to equitable or injunctive relief. 
 (h) Inclusion of Affiliates. References to
Company in paragraphs a through g hereof shall include Company, People’s Mutual Holdings, Inc., and any other corporation or other entity which controls Company, or which is controlled by Company, or which is under common control with Company
and any such other corporation or entity may enforce the provisions of this Section 5 including the obtaining of injunctive relief. 
  

 4 

 Section 6. Disability. Executive shall not be deemed to have breached his obligations
under this Agreement as a result of any temporary inability to render services by reason of ill health, disease, accident or other similar cause beyond his reasonable control and he shall be entitled to full basic compensation during any such
period. Any such inability shall be deemed temporary for any period of up to twelve months and, in the event of any such disability, his right to compensation and benefits hereunder shall continue for twelve months even if at the outset it appears
likely that such disability will continue for more than twelve months. 
 Section 7. Compensation. 
 (a) Basic Compensation. Executive shall be entitled to basic compensation of $400,000 per annum during the Employment Period payable in
installments in accordance with Company’s general practice of payment of Senior Officers’ compensation. Effective January 1, 2000 Executive’s basic compensation shall be reviewed by the Human Resources Committee of the Board for
such increase as it deems appropriate to reflect the increases in Executive’s responsibilities and changes in offices from the Effective Date. Thereafter, such basic compensation shall be subject to adjustment from time to time by the Human
Resources Committee as approved by the Board. 
 (b) Bonus and Incentive Plans. During the Employment Period, Executive shall
be eligible to participate in any bonus or incentive compensation plan or plans with respect to Company’s Senior Officers presently maintained by Company (as long as so maintained) and any such plan adopted hereafter. Any bonus or incentive
compensation payable to Executive under any such plan shall be determined in accordance with the evaluation process and any other procedures in effect at such time with respect to participation therein by other Senior Officers modified as deemed
appropriate by Company. 
 (c) Options. On May 20, 1999, Executive was granted options expiring May 19, 2009 (except
as hereinafter provided), to purchase 50,000 shares of Company’s Common Stock at $31.046875 per share. As provided by the terms of the stock option grant, Executive shall forfeit all of such options in the event his employment with Company
shall terminate for any reason prior to May 20, 2000, and Executive shall forfeit one-half of such options in the event his employment with Company shall terminate for any reason on or after May 20, 2000 and prior to May 20, 2001.
Executive’s rights to exercise such options, to the extent such rights have not been forfeited as a result of termination of Executive’s employment prior to May 20, 2001, shall be subject to the terms of Company’s 1998 Long Term
Incentive Plan as amended (the “1998 LTIP”), except that in the event the Executive’s employment terminates at any time and not as a result of Good Cause as defined in Subsection 8b hereof, or his disability, such options, to the
extent not forfeited as a result of termination prior to May 20, 2001, shall be exercisable until May 19, 2009. If the Executive’s employment by Company terminates as a result of his disability, such options, to the extent not
forfeited as a result of termination of Executive’s employment prior to May 20, 2001, shall be exercisable for a period of three years after such termination (but not beyond May 19, 2009), provided that in the event of
Executive’s death within such three year period, a period ending 12 months after death shall be substituted for such three year period. 
  

 5 

 (d) 401k and Supplemental Savings Plans. During the Employment Period, as long as Executive
otherwise meets the requirements of participation under the People’s Bank 401k Employee Savings Plan (the “401k Plan”), and the People’s Bank Supplemental Savings Plan (the “Supplemental Savings Plan”), a non-qualified
deferred compensation plan, Executive shall be entitled to participate therein in accordance with any election made by him thereunder with respect to employee salary reduction contributions and his salary reduction contributions shall be matched in
accordance with the provisions of the 401k Plan and the Supplemental Savings Plan. Any such amounts of salary reduction (but not Bank) contributions so elected shall nevertheless be included in determining whether or not the Bank has satisfied the
requirements for compensation set forth in Subsection 7a hereof. 
 (e) Defined Benefit Plans 
 (i) During the Employment Period, Executive shall continue to be a participant under the People’s Bank Employees’ Retirement Plan (the
“Retirement Plan”) and the People’s Bank CAP Excess Plan and The People’s Bank Senior Enhanced Pension Plan (the two of which are collectively herein referred to as the “SERP”) as long as he meets the respective
requirements of participation of the Retirement Plan and the SERP. 
 (ii) In the event the Employment Period terminates after
December 31, 2009 and prior to Executive attaining age sixty-five and such termination is not by Company for Good Cause hereof (whether or not if by Executive and not for Good Reason hereof), Executive shall be entitled to receive monthly
payments commencing immediately in the amount of his full monthly accrued pension benefit under the Retirement Plan and the SERP without actuarial reduction for early commencement of benefit payments; 
 (iii) In the event Executive’s employment is terminated after May 31, 2005 either (a) by Company other than for Good Cause or
(b) by Executive for Good Reason, Executive shall be entitled to receive monthly payments immediately at any time on or after such date in the amount of his full monthly accrued pension benefit under the Retirement Plan and the SERP, provided
however, that if Executive so elects to receive monthly benefits such pension benefits shall be calculated by multiplying the actuarial reduction factors for early commencement of benefits that would otherwise be applicable by the percentages stated
in the following provisions of this (iii). If such termination described in the last preceding sentence is during a period shown in Column A then the percentage of applicable actual actuarial reduction for early commencement of retirement benefits
provided pursuant to this Paragraph e shall be the percentage indicated in Column B opposite such period: 
  

			
	Column A	  	Column B
		
	If such termination is during the period set forth below:	  	Percentage of otherwise applicable actuarial reduction
		
	After May 31,2005, and prior to June 1,2006	  	80%
		
	After May 31,2006, and prior to June 1,2007	  	60%
		
	After May 31,2007, and prior to June 1,2008	  	40%
		
	After May 31,2008, and prior to June 1,2009	  	20%
		
	After May 31,2009	  	0

  

 6 

 Notwithstanding the foregoing, in the event that the Executive commences his pension benefits under the Retirement Plan
during the period he is receiving severance under Section 8(f)(i), the less severe early retirement reduction provided in this Section 7(e)(iii) shall not apply to either the calculation of the pension or SERP benefits until after the
Benefit Term, as defined in Section 8(f)(i). 
 (iv) In the event any benefits described in subparagraphs (ii) or
(iii) become payable in a form other than a single life annuity payable monthly over Executive’s lifetime, they shall be actuarially adjusted to reflect such form. To the extent such amounts are not paid from funds held under the
Retirement Plan or any Trust Fund established in connection with the SERP, they shall be paid directly by Company. Further, to the extent a period of disability described in Section 6 hereof is not included for benefit computation purposes
under the Retirement Plan or the SERP or both, Executive and his beneficiary (if any) shall be entitled to additional payments (if any) which would have been payable had the portion of such period of disability and compensation paid for such period
not so included been included in computing his accrued Retirement Plan and SERP benefits. 
 (f) Other Benefits. Executive
shall be entitled to the following benefits during the Employment Period on a basis similar to that generally provided to other Senior Officers of Company: 
  

	 	(i)	Hospitalization, major medical, surgical and dental insurance coverage; 

  

	 	(ii)	Life insurance coverage including Company’s split-dollar insurance program; 

  

	 	(iii)	Any other employee benefit plan presently provided or hereafter adopted generally for Company’s Senior Officers; and 

  

	 	(iv)	Any other program or perquisite generally offered Company’s Senior Officers including, but not limited to, automobile availability, financial planning, and similar
programs. 

 (g) Right to Terminate Plans. 
  

	 	(i)	 Company reserves the right to terminate or change the terms or conditions of any fringe benefit welfare plan or pension plan, including the Savings Plan, the
Supplemental Savings Plan, the Retirement Plan or the SERP or any other perquisite at any time, and from time to time. Except as provided in clause (ii) of this Subsection 7g, the provisions of this Section 7 are intended merely to protect
Executive’s rights to participate in any such plans or 

  

 7 

	 	 
programs in accordance with the provisions otherwise applicable to Senior Officers and are not intended as, and shall not constitute, a guaranty or
undertaking by Company to maintain such plans during the Employment Period; and 

  

	 	(ii)	Notwithstanding the provisions of clause (i) of this Subsection 7g, in the event of termination of, or change in the terms or conditions of, the Retirement Plan or SERP
or both, Executive shall be entitled nevertheless to receive benefits in accordance with Subsection 7e and clause (iii) of Subsection 8f hereof computed as if both the Retirement Plan and the SERP had continued unchanged in their respective
terms and conditions in the event such benefits would be of greater value than the benefits so payable computed in accordance with the actual terms and conditions of the Retirement Plan and the SERP. 

 (h) Proration of Payments. If the Employment Period ends on a day that precedes the last accounting day of a fiscal or compensation period,
any amounts payable to Executive under this Section 7 for that period shall be reduced in accordance with a fraction of which the numerator shall be the number of days of the period during which the Employment Period was in effect and the
denominator shall be the number of days comprising the entirety of such fiscal or compensation period. 
 (i) Expenses. Company
shall reimburse Executive for all ordinary, necessary and reasonable expenses he incurs in connection with his office hereunder, provided that such expenses are accounted for in accordance with the policies and procedures established by Company from
time to time. 
 (j) Vacations and Holidays. During the Employment Period, Executive shall be entitled to vacation in each
calendar year in accordance with Company’s established vacation policies for its Senior Officers (which are subject to change from time to time). Executive shall also be entitled to all paid holidays afforded by Company to its executives.

 Section 8. Termination. The parties hereto agree that the following provisions exclusively shall govern the termination
of Executive’s employment prior to the end of the Employment Period: 
 (a) Company’s Right of Termination Without Good
Cause. Company shall have the right to terminate Executive’s employment and his obligations under this Agreement (except his obligations specified in Subsections 5b, 5c, 5d, 5e, and 5f hereof), and Company’s obligations (except its
obligations specified hereinafter in the following subsections of this Section 8), without Good Cause, or without other reason for termination, effective as of the day next following delivery of a written notice from Company to Executive,
setting forth its election to terminate Executive’s employment under this Subsection 8a or any later day selected by Company. 
 (b) Termination for Good Cause. Company may terminate Executive’s employment at any time for “Good Cause”, and Executive shall not be entitled to any payments 

  

 8 

 
other than those provided by Subsection 8e hereof. Such termination shall be evidenced by written notice delivered to Executive, unequivocally stating
Company’s decision to terminate Executive’s employment under this Subsection 8b and specifying the Good Cause for such termination. Such termination shall be effective upon such delivery. For purposes hereof, subject to the provisions of
Section 9 hereof, the term “Good Cause” means one or more of the following: 
  

	 	(i)	Subject to the provisions of (vi) of this Section 8b Executive’s indictment or the institution of other legal proceedings directed to obtaining his conviction
for a crime involving moral turpitude; 

  

	 	(ii)	The issuance of a court order, judgment or decree enjoining or having the effect of preventing Executive from engaging in any conduct or activity that forms a material part
of his duties hereunder as a result of Executive’s action or failure to act which the Board determines Executive knew to be unlawful; 

  

	 	(iii)	The Board finding a substantial and material failure by Executive to perform any duty he has agreed in this Agreement to perform or to comply with any other provision of this
Agreement, after Executive has been notified that in the opinion of the Board or any committee of the Board there has been such a failure and has been given an opportunity to appear before the Board, it being recognized business conditions may
require suspension by the Executive Committee before notice and appearance before the Board by the Executive; 

  

	 	(iv)	Executive’s commission of an act of fraud, deception or dishonesty when acting for Company, or under circumstances in which Executive knows his act is wrongful, and such
act materially harms or may reasonably be expected to harm materially Company or its businesses in some materially determinable respect; 

  

	 	(v)	Executive’s inability to perform his duties hereunder by reason of ill health, disease, accident or other similar cause beyond his control for a period of twelve months
during an elapsed period of time of twelve to twenty-four months; or 

  

	 	(vi)	In the event of Executive’s indictment or the institution of other legal proceedings described in (i) hereof, the Board may suspend Executive from office and excuse
him from some or all of his duties hereunder, but in all events his payment of compensation shall continue hereunder for one year or, if earlier, (A) his conviction, or (B) entry of a plea of nolo contendere or similar plea, or
(C) the grant of pre-trial diversion such as the grant of accelerated rehabilitation; provided, however, upon any such conviction in Court and regardless of any later decision of any Appellate Court or other plea, Executive shall return and
repay all compensation paid to him from the date of such indictment or institution of such other legal proceedings. 

  

 9 

 (c) Executive’s Right of Termination Without Good Reason. Executive shall have the
right to terminate his employment and his obligations under this Agreement (except his obligations specified in Subsections 5b, 5c, 5d, 5e, and 5f hereof) without Good Reason or without other reason for termination, effective as of the 180th day
next following delivery of a written notice from Executive to Company, setting forth his election to terminate employment under Subsection 8a or any later day selected by Executive and agreed to by Company. 
 (d) Termination for Good Reason. Executive may terminate his employment and his obligations under this Agreement (except his obligations
under Subsections 5b, 5c, 5d, 5e, and 5f hereof) at any time for “Good Reason”. Such termination shall be evidenced by written notice of Executive’s election to terminate, delivered to Company and specifying the Good Reason for such
termination. Such termination shall be effective on the thirtieth (30th) day after such delivery. For purposes of this Agreement, subject to the provisions of Section 9 hereof, the term “Good Reason” means: 
  

	 	(i)	any act or omission by Company that constitutes a material breach of this Agreement and is not under Executive’s control, unless Company shall have ceased, and, if
practicable and reasonable, corrected and cured all adverse effects of such breach within thirty (30) days after Executive delivers written notice to Company describing the facts constituting such breach; or 

  

	 	(ii)	any purported termination of Executive’s employment by Company that is not effected in accordance with whichever of Subsections 8a or 8b hereof is applicable.

 (e) Compensation Following Termination for Good Cause or Without Good Reason. If Executive’s employment
with Company is terminated for Good Cause as defined in Subsection 8b hereof or by Executive without Good Reason, Company shall pay Executive only the amounts set forth in (i) through (iv) below: 
  

	 	(i)	On or before the executive payroll date next following the day on which such termination becomes effective (the “Termination Date”), an amount equal to that
proportion of Executive’s annual basic compensation, at the rate then in effect, determinable under Subsection 7a hereof which is accrued and unpaid as of the Termination Date; 

  

	 	(ii)	With reasonable promptness following the Termination Date, reimbursement for all expenses subject to reimbursement under Subsection 7i hereof, 

  

	 	(iii)	 With reasonable promptness following the Termination Date, the amount allocable to unused vacation days earned by Executive under 

  

 10 

	 	 
Subsection 7j hereof, computed in accordance with Company policy generally applicable to unused vacation pay of its Senior Officers; and

  

	 	(iv)	Any payments payable under the Supplemental Savings Plan and the SERP and only in the event termination is not by Company for Good Cause, any supplemental payment provided
for in Subsection 7e(ii). 

 (f) Other Terminations by Company or Executive. (i) In the event
Executive’s employment is terminated pursuant to this Section 8 by Company without Good Cause or by Executive for Good Reason, or (ii) in the event Company serves notice of termination pursuant to Subsection 3b hereof, Executive shall
be entitled to the amounts described in clauses (i), (ii), (iii) and (iv) of Subsection 8e hereof and in addition thereto compensation and benefits described in this Subsection 8f as follows: 
  

	 	(i)	Company shall pay Executive following the Termination Date and during the Benefit Term Executive’s annual basic compensation at the rate then in effect in accordance
with its pay practices plus his annual short term incentive pay at a rate which assumes he would meet the target that was last in effect. The “Benefit Term” is a period beginning with the Termination Date and ending on the earliest of
(a) the day immediately preceding the third anniversary of the Termination Date or (b) December 31,2014 or (c) Executive’s death. 

  

	 	(ii)	Company shall further pay Executive during the Benefit Term an amount equal to 150% of the amounts which the total Company matching contributions to the 401K Plan plus matching
contributions to the Supplemental Savings Plan would be with respect to the amounts described in clause (i) of this Subsection 8f if such amounts qualified as compensation from which employee deferrals could be made into such Plans and if Executive
continued to make such elections in accordance with such elections last made by the Executive. 

  

	 	(iii)	 From and after the end of the Benefit Term, Company shall further make payments (collectively, the “Pension Supplement”) to Executive and his Beneficiary
(if any) each time a payment is made to either pursuant to the Retirement Plan or the SERP, and each Pension Supplement payment will equal the excess of the amount such payment would have been had Executive continued in Company’s employ during
the Benefit Term and received basic compensation and short term incentive pay during such period as an employee of Company in the amounts determined under clause (i) of this Subsection 8f over (A) the actual amount of such payments, or if
greater (B) the amounts that such payments would have been had Executive not commenced those payments until the end of the Benefit Term. In calculating the Pension Supplement, the percentage 

  

 11 

	 	 
adjustments to the actuarial reductions provided for in Subsection 7(e) shall apply, but those percentage adjustments shall not apply to any Retirement Plan
payments or SERP payments made to the Executive during the Benefit Term. In addition, if the Executive commences his Retirement Plan and SERP payments during the Benefit Term, the inclusion of basic compensation and short term incentive pay
(provided for in clause (i) above) in the calculation of the Pension Supplement shall only occur after the expiration of the Benefit Term. 

  

	 	(iv)	Executive shall not be required to mitigate the amount of any payments provided for by this Agreement by seeking employment or otherwise, nor shall the amount of any payment
or benefit provided for in this Agreement be reduced by any compensation or benefit earned by Executive after termination of his employment. 

  

	 	(v)	Payments pursuant to the provisions of clauses (i) through (iv) of this Subsection 8f shall cease in the event Executive substantially and materially breaches any
of the provisions of Subsections 5b, 5c, 5d, 5e or 5f hereof; but nothing in this (v) shall limit any other legal or equitable remedies Company may have. 

  

	 	(vi)	For purposes of the provisions of this Section 8f only and not for purposes of any other provisions hereof, Executive shall be deemed to have substantially breached any of the
provisions of Subsection 5d, or 5e hereof only if Company notifies Executive in writing of the action or course of actions or failure to act or course of failures to act it deems to be a breach of any one or more of such provisions, and if Executive
fails to comply with such provisions within fifteen (15) days of receipt of such notice or within such fifteen (15) day period fails to cease fully such actions or course of actions which constitute any and all such breaches; provided in
all events Executive shall be subject to injunctive relief and monetary damages as a result of any such conduct to the same extent as he would be without regard to the provisions of this (vi). 

  

	 	(vii)	Executive shall not be entitled to any payments or benefits pursuant to this Subsection 8f, unless he first duly executes a release in the form attached hereto as Exhibit A
and the revocation period therein expires without its being revoked. 

 Section 9. Change in Control.

 (a) General Option. Executive and Company have entered into an agreement dated the 17th day of February, 1994 and entitled
“Agreement for Compensation on Discharge Subsequent to a Change in Control” (the “Change in Control Agreement”) the term of which has been extended to February 17, 2004. It is agreed that in the event there is a termination
of the 

  

 12 

 
employment of Executive with Company and as a result of such termination Executive would but for any election pursuant to the provisions of this
Section 9, become entitled to payment under the Change in Control Agreement, he shall within ninety (90) days of such termination elect to receive either (a) all of the payments and other benefits provided for by the terms of this
Agreement or (b) all of the payments and other benefits provided for by the provisions of the Change in Control Agreement; but in no event shall he be entitled to benefits under this Agreement and any provision of the Change in Control
Agreement. Further, in the event Executive elects to receive payments and benefits under this Agreement or under the Change in Control Agreement, he shall be entitled to no other payments or damages for termination of employment. It is further
agreed that notice by Company that its election to terminate this Agreement as provided in Subsection 3b hereof shall be deemed a discharge for purposes of applying the provisions of the Change in Control Agreement. In the event, Executive elects to
receive payments and benefits pursuant to the provisions of the Change in Control Agreement and it is subsequently determined that he is not entitled to benefits thereunder but there is no determination that he was discharged for cause for purposes
of the Change in Control Agreement, Executive shall be entitled to payments and benefits pursuant to the provisions of this Agreement if and to the extent that but for such election he would have been so entitled. 
 (b) Change in Definitions Hereunder. In the event of a Change in Control as defined by the present provisions of the Change in Control
Agreement, then for purposes of applying this Agreement, Executive shall be deemed discharged for Good Cause hereunder if, and only if he is deemed to have been discharged “for cause” for purposes of applying the present provisions of the
Change in Control Agreement whether or not such present Change in Control Agreement has been amended or revoked; and he shall be deemed to have terminated his employment for Good Reason, if, and only if such termination is (or would be) deemed for
“good reason” pursuant to the present provisions of the Change in Control Agreement. It is the intent of the provisions of this Section 9(b) that after a Change in Control as so defined, Executive’s rights upon termination be
governed by the same standards and procedures as is provided by the present provisions of the Change-in-Control Agreement regardless of any amendment or termination thereof. 
 Section 10. Payment of Attorney’s Fees, Interest, and Cost. If Company fails to make any payment required under this Agreement,
Executive shall be entitled to receive in addition to the payments hereunder (i) interest on all such payments at the prime rate announced by Company or its successor as of January 1 of each calendar year in which the payment under
Section 8 hereof is due plus one percent per annum from the date such payments were due; (ii) costs of any arbitration or legal proceeding; and (iii) reasonable attorney’s fees and disbursements incurred by Executive with respect
to the enforcement of this Agreement, whether or not any fees are contingent in nature. 
 Section 11. Arbitration.
Subject to the provisions of Subsection 5g, any dispute or controversy arising under or in connection with this Agreement shall, at the option of Executive, be settled exclusively by arbitration in Bridgeport, Connecticut, in accordance with the
Rules of the American Arbitration Association then in effect. Any arbitration proceeding shall be delayed or stayed until there is a final decision in any equitable proceeding instituted in a court of competent jurisdiction in accordance with the
provisions of Subsection 5g. Further no arbitration proceedings may be instituted pursuant to this Section 11 more than sixty (60) days after institution by Company of any judicial action other than any such action in which the remedies
sought are limited solely to injunctive and similar relief. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
  

 13 

 Section 12. Binding Effect. 
 (a) Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all
of its business and/or assets to expressly assume and agree to perform this Agreement. 
 (b) This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors, assigns, heirs, executors, and administrators. 
 Section 13. Sole Remedy. In the event of termination of the employment of Executive by Company without Good Cause or by Executive with Good Reason, the payments and other benefits provided for by this Agreement, by any
stock option or other agreement between Company and Executive in effect at the time, and by the ERP, the SERP, the 401k Plan, the Supplemental Savings Plan and any other applicable plan of Company shall constitute the entire obligation of Company to
Executive and shall also constitute full settlement of any claim under law or in equity that Executive might otherwise assert against Company or any of its employees on account of such discharge. 
 Section 14. Governing Law. The validity, interpretation and enforcement of this Agreement shall be governed by the laws of the State
of Connecticut. 
 Section 15. Severability. 
 (a) If any provision of this Agreement is declared void or unenforceable for any reason, such provision shall be deemed severed from this Agreement, which shall otherwise remain in full force and effect.

 (b) If any provision of this Agreement is unenforceable solely on account of any regulatory restriction, an amount equal to the
value of the unpaid benefits shall be due and payable within 30 days of the first date on which Company may legally make such payment. Interest shall be paid on the amounts due in accordance with the formula set forth in clause (i) of
Section 10 hereof. Company agrees to use its best efforts to receive the regulator(s)’ permission to make payments due this Agreement to Executive under this Agreement. Company’s obligation to make such application for permission to
make such payments shall continue for a period of six (6) years subsequent to the termination of Executive’s employment with Company. 
 Section 16. Notice. Whenever any writing is required or permitted to be given hereunder by one party to the other, it shall be deemed given or delivered when physically delivered directly to such other party or at the end
of the business day on which the records of the United States Postal Service, Federal Express, DHL, or Airborne Express (or any successor of any of them) indicate it is delivered to the address set forth hereafter provided it is addressed, if to
Executive, to Executive’s home address as it then appears on the books of Company and, if to Company, to the Chief Executive Officer of Company at Company’s principal office if Executive is not Chief Executive Officer of Company and, if
Executive is then Chief Executive Officer, to the address of the Chairman of the Human Resource Committee of Company’s Board of Directors at such 

  

 14 

 
Chairman’s address as it appears on Company’s books at the time of such notice. Either party hereto may change the addressee and/or address to
which notice intended for such party is to be given or addressed by giving notice of such change to the other party hereto in accordance with the provisions of this Section. 
 Section 17. Entire Agreement. This writing together with the Change in Control Agreement and any Option Agreement executed by
Executive and Company pursuant to the provisions of Section 7(b) of the 1998 LTIP or any counterpart thereof of Company’s 1987 Long Term Incentive Plan, represents the entire agreement and understanding of the parties with respect to the
subject matter of the Agreement and it may not be altered or amended except by an agreement in writing signed by or on behalf of Company and Executive. 
 IN WITNESS WHEREOF the parties have executed this Agreement as of the date written above. 
  

	
	 

	John A. Klein

  

							
		 		 	PEOPLE’S BANK
				
	Attest:	 	 

	 	BY:	 	 

		 		 		 	 David E.A. Carson
 Its Chief Executive
Officer

  

 15 

 Exhibit A  
 GENERAL RELEASE 
 I, John A. Klein, as a material inducement to the People’s Bank,
a Connecticut capital stock savings bank, (“Company”) to make certain payments described in Sections 8f (i) through (iv) of a certain agreement entitled “Executive Employment Agreement” (the “Agreement”)
between Company and me and effective as of June 1, 1999, do for myself, my heirs, executors, administrators, successors and assigns, hereby fully release, discharge and acquit Company, its affiliated and related entities, parent and subsidiary
corporations, and their respective present and former officers and directors, employees, agents, representatives, predecessors, successors, attorneys, and assigns, from any and all claims, charges, demands, sums of money, actions, rights, causes of
action, obligations and liabilities of any kind or nature whatsoever, at law or in equity, which I may have had, claim to have had, now have, or claim to have, or may claim to have in the future, whether presently known or unknown, which are or may
be based upon facts, acts, conduct, representations, omissions, contracts, claims, events, causes, matters or things of any conceivable kind or character existing on or occurring at any time on or before the date hereof including but not limited to
all claims arising under the Employment Retirement Income Security Act, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, as amended, as further amended by the Civil Rights Act of 1991, the Americans with
Disabilities Act, the Connecticut Fair Employment Practices Act, or any similar Federal or State laws enacted after June 1, 1999 or any claims which I may have under federal, state or local statute or ordinances or common law, including but not
limited to claims for personal injury or wrongful discharge, and any claims for adjusted compensation relating to my employment (other than rights which may be available to me under the workers compensation laws) provided however that I retain for
myself and my designated beneficiaries all of my and their right to in, to, under or pursuant to the following: 
 A. Section 8f of the
Agreement, including any provisions of Sections 9 through 16 of the Agreement insofar as any such provisions relate to my rights pursuant to said Section 8f or in the case of Section 10 of the Agreement to any of my rights covered thereby
under the Change-in-Control Agreement or the 1998 LTIP; 
 B. Benefits accrued and unpaid to the date of termination of my employment with
Company under The People’s Bank Employee’s Retirement Plan, and the People’s Bank 401k Employee’s Savings Plan and any other plan qualified under Section 401(a) of the Internal Revenue Code and maintained by Company, and
under the People’s Bank Cap Excess Plan, the People’s Bank Senior Enhanced Pension Plan and the People’s Bank Supplemental Savings Plan, the People’s Bank Executive Split Dollar Plan or any other plan or program described in
Subsection 7f of the Agreement; 
 C. Any rights to exercise any unexercised stock options granted to me; 
 D. Any reimbursement of expenses reimbursable under the Agreement; 
 E. Any rights to continued medical coverage provided pursuant to COBRA; and 

 F. Any rights I may have as the holder of any securities issued by Company, any deposits I may have with
Company, or any rights under any decedent’s estate or any Trust executed by any individual (but not on behalf of Company) administered by the Trust Department of Company. 
 I acknowledge that I have been given a period of at least 21 days
to review and consider this Release before signing it. I further understand that I have had the ability to use as much of this 21 day period as I wish prior to the execution of this Release. I acknowledge that I have carefully read and fully
understood all of the provisions of this Release, that I have had the opportunity to discuss all aspects of this Release with my private attorney and that I am voluntarily entering into the execution of this Release. 
 I may revoke this Release within 7 days of my signing it. Revocation can be made by delivering a written notice of revocation to most senior officer of
Company other than me. For this revocation to be effective, it must be received not later than the close of the seventh day after I sign this Release. If I revoke this Release, this Release shall not be effective and enforceable and I will not
receive the benefits described in clauses (i) through (iv) of Section 8f of the Agreement. 
 IN WITNESS WHEREOF I
execute this Release this day      of                     ,
            . 
  

	
	  

	John A. Klein

 ACKNOWLEDGEMENT 
  

					
	STATE OF	    	)	  	
		    	)	  	ss:
	COUNTY OF	    	)	  	

 On this, the      day of
                    ,                 , before me,
                    , the undersigned officer, personally appeared JOHN A. KLEIN, known to me (or satisfactorily proven) to be the person
whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. 
  

	
	  

	Notary Public
	My Commission Expires:

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