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EXHIBIT 10.9

 EXHIBIT 10.9 
 Amended and Restated People’s Bank 1998 Long-Term Incentive Plan 

 PEOPLE’S BANK 
 AMENDED AND RESTATED 1998 LONG-TERM INCENTIVE PLAN 
 §1. Purpose. The purpose of the Plan
is to promote the mutual interests of the Bank and its shareholders by enabling key employees of the Bank, or of the Parent or any Subsidiary of the Bank, to participate in the Bank’s future growth. The Plan is designed to give those employees
upon whose judgment, initiative and efforts the successful conduct of the Bank’s business depends, additional incentives to perform in a superior manner. The Plan also provides a means through which the Bank can attract, motivate and retain
people of experience and ability as employees. 
 §2. Definitions. For purposes of the Plan, the following terms shall have the
meanings set forth below: 
 “Award” means a grant of any Non-Statutory Stock Option, Incentive Stock Option, Stock Appreciation
Right, Restricted Stock Award, Performance Unit Award, or any combination of the foregoing, under the provisions of the Plan. 
 “Bank” means People’s Bank, a Connecticut state-chartered capital stock savings bank, and any successor thereto. 
 “Board” means the Board of Directors of the Bank. 
 “Change of Control” has the meaning set forth in
Section 12(a) hereof. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor
thereto. 
 “Committee” means the Human Resources Committee referred to in Section 3 hereof. 
 “Disability” (and terms substantially equivalent thereto) means permanent and total disability as determined under procedures established by the
Committee for purposes of the Plan. 
 “employment with the Bank” (and terms substantially equivalent thereto) means a subsisting
employer-employee relationship between the Bank and the employee and includes employment with the Parent or any Subsidiary. Employment shall be deemed to cease, for purposes of the Plan, at such time as (a) the employee is no longer actively
performing or no longer remains obligated to perform services for the Bank in exchange for which the Bank (or related employer) is obligated to pay compensation to such employee in the form of wages, or (b) in the case of an employee who is on
leave for any reason whatsoever, on the termination date specified by the Bank (or related employer) in a written communication advising the employee that his or her employment is being terminated. An employee shall be treated as remaining obligated
to perform services for the Bank within the 

 
meaning of subsection (a) for the duration of any scheduled time off which has been approved by the employee’s manager and for which the employee
is entitled to compensation pursuant to the Bank’s paid time off policy (as the same may be amended from time to time). 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute thereto. 
 “Fair Market
Value” means as of a particular date: 
 (i) if the Stock is not then listed or admitted to trading on a national securities exchange (as
that term is used in Section 6 of the Exchange Act), and prices of trades in Stock are regularly reported by NASDAQ, the mean between the high and low selling prices for Stock on such date as reported by NASDAQ, or, if no high or low selling
prices for Stock are reported by NASDAQ for such date, then the mean between the high and low selling prices for Stock reported by NASDAQ for the most recent day in respect of which both high and low selling prices are so reported; or 
 (ii) if the Stock is then listed or admitted to trading on one or more national securities exchanges, the mean between the high and low selling prices at
which Stock is traded on the principal securities exchange on which the Stock is traded on such date or, if Stock is not traded on such exchange on that date, the mean between the high and low selling prices at which Stock was traded on such
exchange on the most recent day on which Stock was so traded; or 
 (iii) if neither (i) nor (ii) is applicable, such amount as the
Committee shall determine on the basis of such factors as it deems relevant. 
 “FDIC” means the Federal Deposit Insurance
Corporation or any successor agency thereto. 
 “Incentive Stock Option” means any Stock Option intended to be and designated as an
“incentive stock option” within the meaning of Section 422 of the Code. 
 “NASDAQ” means the National Association of
Securities Dealers Automated Quotation System. 
 “Non-Employee Director” means a person who is a “Non-Employee Director”
within the meaning of Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the SEC or the FDIC, and an “outside director” for purposes of Section 162(m)(4) of the Code or any successor definition adopted by the
Internal Revenue Service. 

 “Non-Statutory Stock Option” means any Stock Option that is not an Incentive Stock Option.

 “Option Agreement” or “Stock Option Agreement” means the written agreement between the Bank and a Participant
confirming the Stock Option and setting forth the terms and conditions upon which it may be exercised, as described in Section 7(b) hereof. 
 “Option Price” means the price per share of Stock to be paid for the shares of Stock being purchased pursuant to an Option Agreement 
 “Parent” means People’s Mutual Holdings, a Connecticut state-chartered mutual holding company. 
 “Participant” means an eligible employee (as described in Section 5 hereof) who accepts an Award for a Stock Option, a Stock Appreciation Right, Restricted Stock, Performance Units, or any one or more of the foregoing (as
described in Sections 7,8,9 and 10 hereof). 
 “Performance Goals” means the objective criteria established by the Committee from
time to time in accordance with Section 11 hereof and upon which the performance of a Participant during a Performance Period is to be measured for purposes of determining the extent to which an Award has been earned. 
 “Performance Period” means the measuring period for determining whether Awards have been earned. 
 “Performance Unit Agreement” means the written agreement between the Bank and a Participant confirming the Performance Unit Award and setting
forth the terms and conditions of such Award. 
 “Performance Unit Award” means an Award under Section 10 hereof. 

“Plan” means the People’s Bank 1998 Long-Term Incentive Plan, as set forth herein and as hereinafter amended from time to time.

 “Predecessor Plan” means the People’s Bank 1988 Long-Term Incentive Plan. 
 “Restricted Stock Agreement” means the written agreement between the Bank and a Participant confirming the Restricted Stock Award and setting
forth the terms and conditions of such restrictions. 
 “Restricted Stock” means an Award under Section 9 hereof. 

“Restriction Period” means the period determined by the Committee during which restrictions shall be applicable to Restricted Stock.

 “Retirement” (and terms substantially equivalent thereto) means the termination of an
employee’s employment at or after age 65. 
 “SAR Agreement” means the written agreement between the Bank and a Participant
confirming the grant of Stock Appreciation Rights not granted in connection with Stock Options, and setting forth the terms and conditions upon which it may be exercised, as described in Section 8(b) hereof. 
 “SEC” means the Securities and Exchange Commission or any successor agency thereto. 
 “Stock” means the Common Stock of the Bank, having no par value. 
 “Stock Appreciation Right” means a right granted under Section 8 hereof. 
 “Stock
Option” or “Option” means an option granted under Section 7 hereof. 
 “Subsidiary” means any corporation in
which the Bank owns, directly or indirectly through one or more other Subsidiaries, at least 50% of the total combined voting power of all classes of stock. 
 “termination for Cause” (and terms substantially equivalent thereto) means a termination of employment by reason of an employee’s act of dishonesty, moral turpitude, insubordination, or an intentional
or grossly negligent act detrimental to the interests of the Bank, or of its Parent or any Subsidiary. 
 §3. Administration. The
Plan shall be administered by the Committee or such other committee of the Board that is designated and empowered to perform the functions of the Committee, and in either case, composed of not fewer than two Non-Employee Directors of the Bank. In
particular, the Committee shall have the authority, subject to the terms of the Plan, to select the officers and other key employees to whom Awards may from time to time be granted, to determine whether and to what extent Incentive Stock Options,
Non-Statutory Stock Options, Stock Appreciation Rights, Restricted Stock Awards, or Performance Unit Awards, or any combination thereof are to be granted, and to determine the terms and conditions of all such grants. The Committee shall supervise
and administer the Plan and shall have plenary powers and authority to adopt, amend and rescind such rules and regulations and establish such procedures as it deems appropriate for the administration of the Plan and the Awards, including rules with
respect to limiting the use of shares of Common Stock of the Bank in full or part payment of the Option Price of Stock Options and in full or part payment of any applicable withholding taxes, and generally to conduct and administer the Plan and to
make all determinations in connection therewith as may be necessary or advisable. Any questions of interpretation of the Plan, any Awards issued under it, or any such rules and regulations, shall be determined by the Committee, and such
determinations shall be binding and conclusive for all purposes and upon all persons. The Committee may delegate some or all of its 

 
authority under the Plan as the Committee deems appropriate; provided, however, that no such delegation may be made that would (i) cause Awards under
the Plan to cease to be exempt from Section 16(b) of the Exchange Act or (ii) cause any Award to cease to qualify for exemption from the deduction limitations under Section 162(m) of the Code. 
 §4. Types of Awards. The Committee shall have full and complete authority, in its discretion, subject to the provisions of the Plan,
to grant Awards consisting of any one or a combination of Incentive Stock Options (as provided in Section 7 hereof); Non-Statutory Stock Options (as provided in Section 7 hereof); Stock Appreciation Rights (as provided in Section 8
hereof); Restricted Stock (as provided in Section 9 hereof); and Performance Units (as provided in Section 10 hereof). 
 §5. Eligibility. Officers and other key employees of the Bank, its Parent and any Subsidiaries (but excluding members of the Committee and any person who serves only as a director of the Bank and/or any one more of its
Parent and any Subsidiaries) are eligible to be granted Awards under the Plan. The employees who shall receive Awards under the Plan shall be selected from time to time by the Committee in its sole discretion, from among those eligible, and the
Committee shall determine, in its sole discretion, the size and form of each Award to be granted to each such employee selected. 
 §6. Stock Subject to Plan. The total number of shares of Stock reserved and available for distribution pursuant to Awards under the Plan, subject to adjustment as provided in Section 13 hereof, shall be the sum of
(a) four million (4,000,000) shares, plus (b) that number of shares as would (but for the provisions of the following sentence) be or from time to time become available for distribution pursuant to awards under the Predecessor Plan.
Shares that are reserved and available for distribution pursuant to Awards under the Plan by reason of clause (b) of the foregoing sentence shall cease to be reserved or available for distribution as awards under the Predecessor Plan. Shares
reserved and available for distribution pursuant to Awards under the Plan may consist, in whole or in part, of authorized and unissued shares or issued shares reacquired by the Bank and currently or hereafter held as treasury shares, as the
Committee may from time to time determine. Shares attributable to any Award made under the Plan in the form of a Stock Option or Restricted Stock shall be unavailable for future grants so long as the Award remains outstanding, or following the
exercise or deemed exercise of any Award made in the form of a Stock Option or the vesting of any Award made in the form of Restricted Stock, to the extent of such exercise, deemed exercise, or vesting (as the case may be). If any Award made in the
form of a Stock Option remains unexercised in whole or in part at the expiration thereof or is terminated unexercised in whole or in part, or if any Award made in the form of Restricted Stock is forfeited in whole or in part prior to the vesting of
such Award, then in each case the shares attributable to such Award shall be available for future grants under the Plan to the extent such Award was not exercised or was forfeited (as the case may be). Notwithstanding the foregoing, if a Stock
Appreciation Right granted in conjunction with a Stock Option is exercised, such Stock Option shall be deemed to have been exercised for purposes of determining whether the shares attributable to such Stock Option shall be available for future
grants under the Plan. The maximum number of shares that may be made the subject of all Awards to any 

 
Participant in any calendar year in the form of Stock Options or Stock Appreciation Rights, or any combination thereof, is 100,000 shares. The maximum number
of shares that may be made the subject of all Awards to any Participant in any calendar year in the form of Restricted Stock is 30,000 shares. 
 §7. Stock Options. The Committee may, from time to time, grant Stock Options, alone or in addition to other Awards granted under the Plan. The two types of Stock Options that may be granted are Incentive Stock Options and
Non-Statutory Stock Options, which may be granted by the Committee to eligible employees (as described in Section 5 hereof) severally or together (in each case, with or without Stock Appreciation Rights). If any Stock Option does not qualify as
an Incentive Stock Option, it shall constitute a Non-Statutory Stock Option as provided in this Section 7. Stock Options granted under the Plan shall be subject to the following terms and conditions, and may contain such additional terms and
conditions as the Committee shall deem desirable. 
 (a) Grant Date. The grant of a Stock Option shall occur on the date the Committee,
by resolution, (i) selects an eligible employee as grantee, (ii) determines the number of Stock Options granted to such employee, and (iii) specifies the terms and conditions of the Option Agreement. In no event may the Committee
grant a Stock Option later than 10 years after the earlier of (x) the initial date of adoption of the Plan, and (y) the date the Plan is initially approved by the shareholders of the Bank. 
 (b) Option Agreement. Each Stock Option shall be evidenced by an Option Agreement, and the terms and provisions of each Option Agreement may
differ. Each Option Agreement shall indicate on its face whether it is an agreement for Incentive Stock Options or Non-Statutory Stock Options. If Stock Appreciation Rights are granted in connection with the grant of Stock Options, the Option
Agreement shall also evidence the grant of the related Stock Appreciation Rights. 
 (c) Interpretation. Notwithstanding any terms of
the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended or altered to disqualify the Plan under Section 422 of the Code. 
 (d) Price. The Option Price for each share of Stock purchasable under a Stock Option shall be an amount equal to the Fair Market Value of each
share of the Stock on the date of grant, or such higher price as the Committee shall determine on or prior to such date; however, the Option Price per share of Stock to an eligible employee who owns Stock possessing more than 10% of the total
combined voting power of all classes of stock of the Bank shall be an amount not less than 110% of the Fair Market Value of the Stock on the date the Incentive Stock Option is granted. 
 (e) Term. The term of each Stock Option shall be fixed by the Committee, but no Incentive Stock Option shall be exercisable more than 10 years
after the date the Stock Option is granted; however, no Incentive Stock Option granted to an 

 
eligible employee who owns Stock possessing more than 10% of the total combined voting power of all classes of stock of the Bank shall be exercisable more
than 5 years after the date the Stock Option is granted. 
 (f) Exercisability. Stock Options shall be exercisable at such time or
times and subject to such terms and conditions as shall be determined by the Committee; provided, however, that except as provided in Sections 7(i), 12,13,14 and 16 hereof and unless otherwise determined by the Committee, no Stock Option shall be
exercisable prior to the first anniversary date of the date of grant of such Stock Option. If the Committee provides that any Stock Option is exercisable only in installments, the Committee may at any time waive such installment exercise provisions,
in whole or in part, based on such factors as the Committee may determine, 
 (g) Method of Exercise. Subject to the provisions of this
Section 7, Stock Options may be exercised, in whole or in part, at any time during the Option term by the Participant’s giving written notice of exercise to the Bank specifying the number of shares to be purchased. If a Participant wishes
to exercise an Incentive Stock Option or to sell shares of Stock acquired upon the exercise of an Incentive Stock Option in a manner or within a time period that would make the Incentive Stock Option a Non-Statutory Stock Option, the Participant
shall specifically notify the Bank of that fact in such notice or when such transaction occurs. Such notice shall be accompanied by payment in full of the Option Price by cash, certified or bank check, or such other form of payment as may be lawful
consideration for capital stock and as the Bank may accept. With the consent of the Committee, payment in full or in part may also be made in the form of Stock already owned by the Participant or Restricted Stock (based on the Fair Market Value of
such Stock on the date the Stock Option is exercised), the share certificates for which shall be endorsed in blank or accompanied by duly executed stock powers with signatures guaranteed by a broker-dealer firm that is a member of a national
securities exchange or a commercial bank or trust company (unless such signature guaranty is waived by the Bank). The Committee may determine whether any restrictions shall be applicable to any shares received if payment of the Option Price for a
Stock Option is made, in whole or in part, in the form of Restricted Stock, and, if any restrictions are so imposed, the terms of such restrictions. With the consent of the Committee, a Participant may elect to pay the exercise price for a Stock
Option by authorizing a broker to sell shares of Stock (or a sufficient portion of the shares of Stock) acquired by the Participant upon exercise of the Option and to remit to the Bank a sufficient portion of the sale proceeds to pay the exercise
price for the Stock Option and satisfy all tax withholding obligations resulting from such exercise. The Bank shall have the authority to delay the issuance of any shares of Stock pursuant to the exercise of Stock Options until full payment therefor
has been made, which includes the satisfaction of any withholding tax obligations related thereto. 

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

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

 (i) Term. The term of each Stock Appreciation Right shall be fixed by the Committee, but no Stock
Appreciation Right shall be exercisable more than 10 years after it is granted. 
 (ii) Exercisability. Stock Appreciation Rights shall
be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. If the Committee provides that any Stock Appreciation Right Award is exercisable only in installments, the Committee may at any
time waive any such installment exercise provisions, in whole or in part, based on such factors as the Committee may determine. Subject to such terms and conditions, Stock Appreciation Rights may be exercised, in whole or in part, at any time during
their term by the Participant’s giving written notice of exercise to the Bank specifying the number of Stock Appreciation Rights to be exercised. Upon the exercise of a Stock Appreciation Right in accordance with its terms, a Participant shall
be entitled to receive an amount in cash or shares of Stock (or any combination of both), as determined by the Committee in its discretion, equal in value to (x) the excess of the Fair Market Value of one share of Stock on the exercise date,
over (y) the Fair Market Value of one share of Stock on the date of grant of the Stock Appreciation Right, multiplied by the number of shares of Stock in respect of which the Stock Appreciation Right shall have been exercised. The Committee may
determine the form of payment. Any shares of Stock issued upon the exercise of a Stock Appreciation Right shall be valued at their Fair Market Value on the date of exercise. 
 (iii) Transferability; Assignability. Except as otherwise provided by the Committee, Stock Appreciation Right shall not be transferable by the
Participant other than by will or by the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime only by the Participant for his or her individual account, or, in the event of his or her legal incapacity, by
his or her legal representative; or, in the event of his or her Disability, by the Participant or his or her legal representative (as the case may be). 
 §9. Restricted Stock Awards. The Committee may, from time to time, grant Restricted Stock Awards under the Plan, subject to the following terms and conditions and such other terms and conditions as
the Committee, in its discretion, may establish. 
 (a) Administration. Shares of Restricted Stock may be issued either alone or in
addition to other Awards granted under the Plan. The Committee shall select the officers and key employees to whom and the date or dates upon which grants of Restricted Stock will be made, the number of shares to be awarded, the time or times within
which such Awards may be subject to forfeiture, the events or conditions of forfeiture, and such other terms and conditions as the Committee shall determine. The Committee may, before or at the time of grant, designate 

 
certain Awards of Restricted Stock as “Performance-Based Awards”, in which case the Committee shall condition the grant of such Performance-Based
Restricted Stock upon the attainment of specified Performance Goals established by the Committee in writing, no later than the 90th day of the Performance Period to which the Performance Goals shall apply. Performance Periods shall not be shorter
than one year. Other terms, conditions and restrictions of such Awards shall be set forth in an agreement or agreements between the Bank and the Participant. The provisions of Restricted Stock Awards need not be the same with respect to each
recipient. Each Restricted Stock Award shall be evidenced by a Restricted Stock Agreement. 
 (b) Certificates. Each Participant
receiving a Restricted Stock Award shall be issued a certificate representing such shares of Restricted Stock. Such certificate shall be registered in the name of such Participant. The Committee may require that the certificates evidencing such
shares be held in custody by the Bank until the restrictions thereon shall have lapsed and that, as a condition of any Restricted Stock Award, the Participant shall have delivered to the Bank upon receipt of such Award, a duly executed stock power,
endorsed in blank, with signatures guaranteed by a broker-dealer firm that is a member of a national securities exchange or a commercial bank or trust company (unless such guaranty is waived by the Bank), relating to the Stock made the subject of
such Restricted Stock Award. 
 (c) Terms and Conditions. Each grant of a Restricted Stock Award shall be subject to the following
terms and conditions, in addition to such other terms and conditions as the Committee may determine: 
 (i) Subject to the provisions of the
Plan and the Restricted Stock Agreement, during the period determined by the Committee (the “Restriction Period”), except as otherwise provided by the Committee, the Participant shall not be permitted to sell, assign, transfer, pledge,
hypothecate or otherwise dispose of or encumber any shares of Restricted Stock. The Committee may provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service,
performance and such other factors or criteria as the Committee may determine. 
 (ii) Except as otherwise provided in this
Section 9(c)(ii) and Section 9(c)(i), the Participant shall have, with respect to his or her shares of Restricted Stock, all of the rights of a shareholder of the Bank, including the right to vote the shares and the right to receive any
cash dividends. Unless otherwise determined by the Committee, cash dividends shall be automatically deferred and reinvested in additional Restricted Stock and dividends payable in Stock shall be paid in the form of shares of Restricted Stock.

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

 
overlap and Participants may simultaneously participate with respect to Performance Unit Awards that are subject to different performance factors and
criteria. 
 (c) Terms and Conditions. Performance Unit Awards shall be subject to the following terms and conditions, in addition to
any other terms and conditions the Committee may determine: 
 (i) Not more than 90 days after the commencement of the Performance Period, the
Committee shall establish such performance targets and indicators as shall enable the Committee to calculate the percentage of a Performance Unit to be paid to a Participant based upon the extent to which such Performance Unit has been earned. The
Committee shall determine the value for each Performance Unit based upon the Bank’s audited financial statements for the year immediately preceding the year during which the Performance Units are to be paid out. Payment of the value of the
Performance Units shall be made in cash or whole shares of Stock, including Restricted Stock, or any combination thereof, and in a lump sum or in annual installments, as the Committee may determine. The Committee may adjust the performance targets
and indicators and measurements applicable to Performance Unit Awards to take into account changes in law, accounting and tax rules and to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary
or unusual items, events or circumstances. 
 (ii) Subject to the provisions of the Plan and the Performance Unit Award Agreement, except as
otherwise provided by the Committee, Performance Unit Awards may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of. 
 (iii) Based on such factors or criteria as the Committee may determine, the Committee may shorten the Performance Period or declare any Performance Units immediately payable in such amounts as the Committee may
determine whenever it decides in its absolute discretion that such action is in the interests of the Bank and equitable to the Participants, or in the event of hardship or other special circumstances of a Participant whose employment is terminated
(other than for Cause). 
 (iv) Each Performance Unit Award shall be confirmed by and be subject to the terms of a Performance Unit Award
Agreement. 
 (v) The maximum amount, including the Fair Market Value of any Stock, that may be paid to any Participant in any calendar year
with respect to Performance Unit Awards is $2 million. 

 §11. Performance Goals. Performance Goal(s) applicable to a Performance Period shall
identify one or more business criteria to be monitored during the Performance Period. Such business criteria shall be established on a Bank-specific basis or in comparison with peer group performance based on one or more of the following: earnings
before interest and taxes, net earnings, earnings per share, return on equity, return on assets, stock price appreciation and total return to stockholders. The Committee shall determine the level(s) of performance that must be achieved with respect
to each criterion that is identified in a Performance Goal in order for a Performance Goal to be treated as attained in whole or in part. The Committee may base Performance Goal(s) on one or more of the foregoing business criteria. If Performance
Goal(s) are based on more than one business criterion, the Committee may determine to make a grant of an Award upon attainment of the Performance Goal(s) relating to any one or more of the criteria. The Committee may not adjust Performance Goals or
Performance Periods established for any Award to the extent such adjustment would increase the amount of the Award; however, the Committee shall retain the discretion to decrease Awards. The Committee shall certify in writing before payment of the
amounts payable under the Restricted Stock Awards and Performance Unit Awards that the Performance Goals and any other material terms were in fact satisfied. Certification by the Committee is not required for amounts payable that are attributable
solely to the increase in the value of Stock. 
 §12. Change of Control. In the event of a Change of Control of the Bank
(as defined in Section 12(a) hereof), notwithstanding any provisions to the contrary in the Plan or in any agreements evidencing the grant of Awards, (i) any Stock Options and Stock Appreciation Rights outstanding on the date a Change of
Control is deemed to have occurred shall immediately become fully exercisable; (ii) the restrictions applicable to any Restricted Stock shall lapse and such Restricted Stock shall immediately become fully vested; and (iii) any outstanding
Performance Unit Awards shall be vested and paid out in accordance with the time ratio set forth in Section 14(f) hereof. All outstanding Stock Options, Stock Appreciation Rights, and Restricted Stock shall be redeemable for cash, unless
otherwise determined by the Committee on or after the date of grant, with the value of shares of Stock being deemed equivalent to their Fair Market Value determined as of the date specified in Section 12(b) hereof, as of the date of such Change
of Control, or as of such other date as the Committee may determine prior to the date of such Change of Control. 
 (a) Definition. A
Change of Control shall be deemed to have occurred at any time that a person (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) other than the Bank or its Parent or any Subsidiary becomes the “beneficial owner” (as
defined in the Exchange Act) directly or indirectly of securities of the Bank representing a majority of the total voting power of the Bank’s then outstanding voting securities. 
 (b) Valuation Date. Upon the occurrence of a Change of Control of the Bank, the valuation date to be used in determining the Fair Market Value of
shares of Stock shall be the date immediately preceding the date upon which such Change of Control shall have occurred. 

 § 13. Reorganizations and Recapitalizations of the Bank. Unless the Committee, in its
discretion, shall otherwise provide to the contrary in any agreement, the following terms apply to adjustments, reorganizations, recapitalizations, and other changes in the structure of the Bank: 
 (a) The existence of the Plan and Awards granted thereunder shall not affect in any way the right or power of the Bank or its shareholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Bank’s capital structure or its business, or any merger or consolidation of the Bank, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 (b) The shares with respect to which
Options or Stock Appreciation Rights (or both) may be granted hereunder are shares of Stock as currently constituted, but if, and whenever, prior to the delivery by the Bank of all of the shares of Stock that are the subject of Stock Options or
Stock Appreciation Rights (or both) granted pursuant to the Plan, the Bank shall effect a subdivision or combination of shares or other capital adjustment, the payment of a stock dividend or other increase or reduction in the number of shares of
Stock outstanding without receiving consideration therefor in money, services or property, the number of shares of Stock available under the Plan and the number of shares of Stock with respect to which Stock Options or Stock Appreciation Rights (or
both) granted hereunder may thereafter be exercised shall (i) in the event of an increase in the number of shares of Stock, be proportionately increased, and the Option Price payable per share shall be proportionately reduced; and (ii) in
the event of a reduction in the number of shares of Stock, be proportionately reduced, and the Option Price payable per share shall be proportionately increased. 
 (c) If the Bank is reorganized, or merged into or consolidated with another corporation, or if the Bank sells or otherwise disposes of substantially all of its assets to another corporation, or if 20% or more of all
classes of outstanding capital stock of the Bank ordinarily entitled to vote in the election of directors is acquired by another corporation in exchange for stock or other securities of such other corporation and while unexercised Options remain
outstanding under the Plan, subject to the provisions of Section 12 hereof, the Committee may authorize an agreement between the Bank and such other corporation providing that there shall be substituted for the shares subject to the unexercised
portions of such outstanding Options an appropriate number of shares, if any, of each class of stock or other securities of the reorganized, merged, consolidated or acquiring corporation that were distributed or issued to the shareholders of the
Bank in respect of their shares of Stock; and in the case of any merger or consolidation in which the Bank is not the surviving corporation, or any sale or other disposition of substantially all of the assets of the Bank to another corporation, or
the acquisition of 20% or more of all classes of the outstanding capital stock of the Bank ordinarily entitled to vote in the election of directors by another corporation 

 
and in exchange for stock or other securities of such other corporation, the Committee may accelerate unmatured installments of Stock Options or Stock
Appreciation Rights (or both). 
 § 14. Termination of Employment. Subject to the provisions of Sections 7, 8, 9 and 10,
the following terms shall apply to Awards with respect to a Participant’s termination of employment. 
 (a) Termination by Death.
If a Participant’s employment terminates by reason of his or her death, any Stock Option or Stock Appreciation Right held by such Participant may thereafter be exercised, to the extent then exercisable or on such accelerated basis as the
Committee may determine, until the expiration of the stated term of such Stock Option or Stock Appreciation Right, or for such period following the Participant’s death as may be specified in the applicable Option Agreement or SAR Agreement,
whichever period is shorter. 
 (b) Termination by Reason of Disability. If a Participant’s employment terminates by reason of his
or her Disability, any Stock Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time of termination or on such accelerated basis as the Committee may
determine, until the expiration of the stated term of such Stock Option or Stock Appreciation Right, or for such period following termination of employment by reason of the Participant’s Disability as may be specified in the applicable Option
Agreement or SAR Agreement, whichever period is shorter. The period during which the Stock Option or Stock Appreciation Right may be exercised following termination by reason of Disability pursuant to this subsection (b) shall not be affected
by the subsequent death of the Participant. In the event of termination of employment by reason of Disability, if an Incentive Stock Option is exercised after the expiration of the exercise periods that apply for purposes of Section 422 of the
Code, such Stock Option shall thereafter be treated as a Non-Statutory Stock Option. 
 (c) Termination by Reason of Retirement. If a
Participant’s employment terminates by reason of Retirement, any Stock Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time of such Retirement
or on such accelerated basis as the Committee may determine, until the expiration of the stated term of such Stock Option or Stock Appreciation Right, or for such period following termination of employment by reason of the Participant’s
Retirement as may be specified in the applicable Option Agreement or SAR Agreement, whichever period is shorter. The period during which the Stock Option or Stock Appreciation Right may be exercised following termination by reason of Retirement
pursuant to this subsection (c) shall not be affected by the subsequent death of the Participant. In the event of termination of employment by reason of Retirement, if an Incentive Stock Option is exercised after the expiration of the exercise
periods that apply for purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a Non-Statutory Stock Option. 

 (d) Other Termination. Unless otherwise determined by the Committee, if a Participant’s
employment terminates for any reason other than death, Disability, or Retirement, each Stock Option and Stock Appreciation Right shall immediately terminate, except that such Stock Option or Stock Appreciation Right, to the extent then exercisable,
may be exercised for the lesser of 3 months or the balance of its term if the Participant’s employment is terminated for reasons other than for Cause by the Bank, or its Parent or a Subsidiary (whichever is then the Participant’s
employer). 
 (e) Effect of Termination of Employment on Restricted Stock Awards. Except to the extent otherwise provided in the
applicable Restricted Stock Agreement and Section 9(c)(i) hereof, upon termination of a Participant’s employment for any reason during the Restriction Period, all shares of Restricted Stock still subject to restriction shall be forfeited
by the Participant. In the event of hardship or other special circumstances affecting a Participant whose employment is involuntarily terminated (other than for Cause), the Committee may waive in whole or in part any or all remaining restrictions
with respect to such Participant’s shares of Restricted Stock. 
 (f) Effect of Termination of Employment on Performance Unit Awards.
Except to the extent otherwise provided in Section 10(c)(iii) hereof, Performance Units shall have no value if the Participant is not an employee of the Bank at the end of the Performance Period for which the Performance Unit was granted.
In the event of the death, Disability, Retirement, or termination of the Participant’s employment for reasons other than Cause, the Committee may, at its discretion, direct prorated payments based upon (x) the number of full calendar
months between the date of grant of the Award and the date of termination of employment, divided by, (y) the total number of months in the Performance Period. 
 §15. Withholding Taxes. No later than the date as of which an amount first becomes includible in the gross income for federal income tax purposes of a Participant with respect to any Award under the
Plan, such Participant shall pay to the Bank, or make arrangements satisfactory to the Bank regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless otherwise
determined by the Bank, withholding obligations may be settled with Stock, including Stock that is part of the Award giving rise to the withholding requirement. Such Stock shall be valued at its Fair Market Value on the date when taxes otherwise
would be withheld in cash. The obligations of the Bank under the Plan may be conditioned on such payment or arrangements, and the Bank, its Parent and any Subsidiary shall, to the extent permitted by law, have the right to deduct any such taxes from
any payment otherwise due to the Participant. Until such taxes have been paid or arrangements satisfactory to the Bank for their payment have been made, no share certificates shall be issued or cash shall be paid with respect to an Award.

 §16. Amendments and Termination. The Board may amend, alter, or discontinue the Plan,
but no amendment, alteration or discontinuation shall be made that would impair the rights of a Participant under a Stock Option, a Stock Appreciation Right Agreement, or an agreement for a Restricted Stock Award or Performance Unit Award
theretofore granted, without such Participant’s consent or which, without the approval of the Bank’s shareholders, would: 
 (a)
except as expressly provided in the Plan, increase the total number of shares reserved for the purpose of the Plan; 
 (b) except as expressly
provided in the Plan, decrease the Option Price of any Stock Option to less than the Fair Market Value on the date of grant; 
 (c) change the
class of employees eligible to participate in the Plan; or 
 (d) extend the maximum option period with respect to Incentive Stock Options
under Section 7(e) or the maximum exercise period under Section 7(f) hereof. 
 The Committee may amend the terms of any Stock Option or other
Award theretofore granted, prospectively or retroactively, but no such amendment shall impair the rights of a Participant without such Participant’s consent. The Committee may also substitute new Stock Options for previously granted Stock
Options, including previously granted Stock Options having higher Option Prices. Subject to the provisions set forth in this Section 16, the Board shall have authority to amend the Plan to take into account changes in law and tax and accounting
rules, to make Awards comply as “performance-based compensation” as defined in Section 162(m) of the Code, to comply with rules exempting certain transactions under the Plan from Section 16(b) of the Exchange Act, and to take
into account other developments. 
 §17. Effective Date. The Plan shall be effective and Awards may be granted thereunder,
immediately upon its adoption by the Board. If, however, the Plan shall not have received approval by the holders of a majority of the total voting power represented by the voting securities of the Bank within 12 months after its adoption by the
Board, the Plan and all Awards thereunder shall be terminated and shall be of no further effect. 
 §18. General
Provisions. The following general provisions shall apply to the Plan: 
 (a) The Plan and all Awards granted and all actions taken
thereunder shall be governed by and construed in accordance with the laws of the State of Connecticut. 

 (b) Nothing contained in the Plan shall prevent the Bank, its Parent or any Subsidiary from adopting
other or additional compensation arrangements for its employees. 
 (c) Adoption of the Plan shall not confer upon any employee any right to
continued employment nor shall it interfere in any way with the right of the Bank, its Parent or any Subsidiary, to terminate the employment of any of its employees at any time. 
 (d) The reinvestment of dividends in additional Restricted Stock at the time of any dividend payment shall only be permissible if sufficient shares of
Stock are available under Section 6 hereof for such reinvestment (taking into account then outstanding Stock Options and other Awards). 
 (e) The Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event of such Participant’s death are to be paid. 
 ---ooOOOoo---EXHIBIT 10.13

 EXHIBIT 10.13 
 People’s Bank Cap Excess Plan 

 THE PEOPLE’S BANK 
 CAP EXCESS PLAN 
 WHEREAS, People’s Bank (the “Bank”) a Connecticut chartered capital stock savings
bank, has maintained a Supplemental Retirement Plan (the “SRP”) the initial purpose of which was to provide unfunded benefits to eligible employees who were Participants in the People’s Bank Employees’ Retirement Plan (the
“ERP”) and whose benefits were affected by limitations imposed pursuant to the Internal Revenue Code of 1986, as amended (the “Code”) and applicable regulations thereunder; and 
 WHEREAS, the SRP was amended and restated in its entirety to provide for certain changes in eligibility for participation in the SRP and expanded retirement and death
benefits provided under the SRP; and 
 WHEREAS, the Bank has retained the power to further amend the SRP from time to time in accordance with
Section 12 of the SRP as amended and restated; and 
 WHEREAS, the Bank has determined further to amend the SRP so as to take the form of two separate
plans: one of such plans to be known as “The People’s Bank Cap Excess Plan”, and the other of such plans to be known as “The People’s Bank Enhanced Senior Pension Plan” (the “Enhanced Plan”); and 

WHEREAS, the purpose of The People’s Bank Cap Excess Plan is similar to the initial purpose of the SRP; and 
 WHEREAS, the purpose of the Enhanced Plan is to continue to provide unfunded enhanced retirement and death benefits to a select group of management and highly paid
employees of the Bank who have attained age fifty (50) or older and former employees entitled to benefits under the SRP and to provide for accelerated vesting of such benefits upon a Change in Control of the Bank or its parent company,
People’s Mutual Holdings, a mutual holding company organized pursuant to the Banking Law of Connecticut (the “Parent”), or entry into an Agreement by either, consummation of which would result in a Change in Control. 
 NOW, THEREFORE, the SRP is hereby amended and restated in the form of two separate plans effective as of the first day of January, 1997, and the terms of one of such
plans, The People’s Bank Cap Excess Plan (the “Plan”) are as follows: 

	1.	Purpose of the Plan 

 The purpose of the Plan
is to establish a written document which sets forth the program for providing unfunded retirement benefits for a select group of management and highly compensated employees of the Bank who are Participants under the ERP and whose benefits payable
thereunder may be limited by various limitations imposed by the Code and applicable regulations. 
  

	2.	Definitions 

 Unless specifically provided
otherwise, the terms used in this document shall have the same meaning as defined in the ERP. Further, the following terms shall have the following meanings for purposes of this document. 
  

	 	(a)	“Actuary” shall mean the actuary or actuarial firm retained by the Bank to perform actuarial valuations under the Enhanced Plan or such other actuary who may pursuant to
any provisions of the Trust Agreement be selected by the Trustee or the Advisory Committee. 

  

	 	(b)	“Advisory Committee” shall mean the Advisory Committee provided for by the provisions of Section 13 hereof. 

  

	 	(c)	“Beneficiary” shall mean any person entitled to receive benefits under this Plan as a result of a Participant’s death. 

  

	 	(d)	“CEO” shall mean the Chief Executive Officer of the Bank or such officer or other person as may as of the time of reference have substantially the responsibilities and
duties of the Chief Executive Officer of the Bank as of the Effective Date. 

  

	 	(e)	“Change in Control” shall mean the occurrence of any of the following: 

  

	 	(i)	 The Board of Directors of the Bank or its Parent shall approve (A) a merger or consolidation (or series of mergers and consolidations) of the Bank or the
Parent with any other corporation other than (1) a merger or consolidation (or series of mergers and consolidations) which would result in the voting stock (as described in paragraph (ii) of this subsection) of the Bank or its Parent
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity) more than eighty percent (80%) of the combined voting power of the voting stock of
the Bank or its Parent (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 its Parent (or similar transaction) in which
no “person” (as defined 

  

 2 

	 	 
in paragraph (ii) of this subsection) acquires more than twenty percent (20%) of the combined voting power of the then outstanding securities of
the Bank or its Parent, 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 its Parent, or (C) the adoption of any plan or
proposal for the liquidation or dissolution of the Bank; 

  

	 	(ii)	Any person (as such term is defined in Section 3(a)(9) and Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), corporation,
or other entity (other than the Bank, its Parent, or any benefit plan, including, but not limited to, any employee stock ownership plan, sponsored by the Bank, its Parent, or any subsidiary) shall become the “beneficial owner” (as such
term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing twenty percent (20%) or more of the combined voting power of the then outstanding securities of Bank or its Parent 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 13d-3 in the case of rights to acquire such securities); or 

 

	 	(iii)	During any period of two consecutive calendar years, individuals who at the beginning of such period constitute the entire board of directors of the Bank or its Parent, and any new
director (excluding a director designated by a person who has entered into an agreement with the Bank or its Parent to effect a transaction described in paragraph (i) or (ii) of this subsection) whose election by the board or nomination
for election by the shareholders of the Bank or its Parent 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. 

  

	 	(f)	“Committee” shall mean the Human Resources Committee of the Board of Directors of the Bank, or such other committee of such Board as may as of the time of reference have
substantially the responsibilities and duties of the Human Resources Committee as of the Effective Date. 

  

	 	(g)	“Credit Rating Reduction” shall mean the first issuance of a rating of long term deposits with Bank of less than either (i) “Baa3” by Moody’s
Investment Service, Inc., or (ii) “BBB” by Standard and Poor’s Ratings Group. 

  

	 	(h)	“Effective Date” shall mean the first day of January, 1997. 

  

 3 

	 	(i)	A Participant’s “ERP Benefit” shall mean such Participant’s vested Accrued Annual Benefit in the Single Life Form calculated pursuant to Article V of the ERP,
including the value of the Participant’s benefit assigned under a qualified domestic relations order described in Code Section 414(p), if applicable, provided, however, that there shall be excluded the amount of the pension supplement
provided by provisions added to the ERP by Post-Erisa Amendment No. 12 thereto. 

  

	 	(j)	“Full Funding Amount” shall mean an amount which the Actuary calculates based on the best information available (including, when necessary, estimates and forecasts) to him
to be equal to the present value of the total amount of all vested and unpaid Plan benefits under this Plan of all Participants (and their Beneficiaries) and all Beneficiaries of deceased Participants and all vested and unpaid benefits under the
Enhanced Plan (exclusive of any benefits under the SRP in pay status prior to January 1,1995, and not at the time of reference payable from the Trust) as of the valuation requirement date. For purposes of this (j), the “valuation
requirement date” refers to the date of an actual Change in Control or the date which is reasonably selected during a Potential Change in Control Period by the Bank or the Trustee under the terms of the Trust as a likely date for an actual
Change in Control to occur or, if such calculation is not on or after a Change in Control or during a Potential Change in Control Period, any date which is reasonable and convenient. Calculations and recalculations of the Full Funding Amount (as
described in Section 7 of this Plan) shall assume that each Participant terminated employment as of the valuation requirement date of such calculation or recalculation. Present values and liabilities under the Plan shall be determined in a
manner consistent with the assumptions applied in annual valuations of the ERP for purposes of funding requirements under the Act, or if the ERP is no longer being so valued annually (by reason of its termination or otherwise), such assumptions
which the CEO determines on the basis of advice from the Actuary would be so applied if the ERP were to be so valued. In computing the Full Funding Amount, there shall be added an amount equal to an amount calculated by the Trustee to be likely to
be sufficient to provide for all expenses, including reasonable expenses of the Advisory Committee (if then existing), in administering or terminating the Trust and distributing benefits including expenses of any litigation or other assertion of
claims which the Trustee deems to have-a higher degree of probability than extremely remote, including (but not
limited to) any such litigation or other assertion of claims which the Trustee may institute or assert against the Bank. 

  

	 	(k)	 The Bank shall be considered “Insolvent” for purposes of this Plan if (i) the Bank is unable to pay its debts as they become due, or (ii) the
Bank is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) the Bank is determined to be insolvent by the Banking Commissioner, Federal 

  

 4 

	 	 
Deposit Insurance Corporation, the Federal Reserve Bank or any other federal or state authority having the power to act as or appoint a receiver or similar
officer in the event it finds the Bank is insolvent. 

  

	 	(l)	“Interim Funding Amount” shall mean an amount which the Actuary calculates based on the best information available (including, when necessary, estimates and forecasts) to
him to be equal to the present value of the total amount of any vested and unpaid benefits of (i) all Participants who are as of the Interim Valuation Requirement Date requiring such calculation either (A) no longer employees of the Bank
or (B) attained age sixty-three (63) and three hundred twenty-five (325) days and Beneficiaries of such Participants and (ii) all Beneficiaries of deceased Participants. The benefits of any Participant (and his Beneficiary)
described in clause (i)(B) of the last preceding sentence shall be determined on the basis of the Actuary’s best estimate of such Participant’s benefit at the later of (1) age sixty-five (65) or earlier date of termination of
employment with the Bank indicated by such Participant or (2) such Interim Valuation Requirement Date. Present values and liabilities under the Plans shall be determined in a manner consistent with the assumptions applied in annual valuations
of the ERP for purposes of the funding requirements under the Act, or if the ERP is no longer being so valued annually (by reason of its termination or otherwise), such assumptions which the CEO determines on the basis of advice from the Actuary
would be so applied if the ERP were to be so valued. Also, in computing the Interim Funding Amount, there shall be added an amount equal to an amount estimated by Trustee to be likely to be sufficient to provide for all expenses in administering the
Trust and distributing benefits for the sixty months following the relevant Interim Valuation Requirement Date, including reasonable expenses of the Advisory Committee (if then in existence) and of any litigation or other assertion of claims which
the Trustee deems to have a higher degree of probability than remote, including (but not limited to) any such litigation or other assertion of claims which the Trustee may institute or assert against the Bank. For purposes of this (l) and of
subsection (j) of this Section 2, the present values of the benefits of all Participants and Beneficiaries shall equal the sum of the present values of the benefits of each Participant (and his Beneficiary) and each Beneficiary of a deceased
Participant. 

  

	 	(m)	“Interim Valuation Requirement Date” means the last date of each fiscal year of the Bank and each date of a Credit Rating Reduction. 

  

	 	(n)	“Participant” shall mean an Employee who meets the eligibility requirements of Section 3. 

  

	 	(o)	The “Plan” shall mean the People’s Bank Cap Excess Plan as set forth herein as such plan may be amended from time to time. 

  

 5 

	 	(p)	“Potential Change in Control” shall be deemed to have occurred under this Plan if (1) the Bank or Parent enters into any agreement the consummation of which would
result in the occurrence of a Change in Control, or (2) the CEO declared in writing that, or the Board of Directors of the Bank or Parent adopts a resolution to the effect that, a Potential Change in Control has occurred.

  

	 	(q)	“Potential Change in Control Period” shall mean the period commencing on the date that a Potential Change in Control occurs and ending upon the earlier to occur of the
following: (i) the date of a Change in Control, or (ii) the date it is determined under the provisions of the Trust Agreement the Potential Change in Control Period has ended without the occurrence of a Change in Control.

  

	 	(r)	“Trust” shall mean the Trust established and maintained pursuant to the terms of subsection (a) of Section 7 hereof. 

  

	 	(s)	“Trustee” shall mean the entity then acting as Trustee under the Trust Agreement. 

  

	 	(t)	“Trust Agreement” shall mean the trust agreement described in subsection (a) of Section 8 hereof. 

  

	3.	Eligibility 

  

	 	(a)	Each Employee who was a participant in The People’s Bank Supplemental Retirement Plan on the day before the Effective Date shall be a Participant hereunder as of the Effective
Date, provided he continues to be employed by the Bank on such date. 

  

	 	(b)	Each other Employee who is such on or after the Effective Date, shall become a Participant as of the date he first becomes a Member in the ERP and meets both the following
requirements: 

  

	 	(i)	has a salary grade of ten (10) or higher; and 

  

	 	(ii)	is limited by any of the requirements of the Sections 401(a)(17) or 415 of the Code included in the ERP for purposes of complying with the applicable requirements of the Code.

  

	 	(c)	Any Employee who becomes a Participant hereunder shall remain such until he is no longer an Employee and is no longer entitled to a benefit hereunder. 

  

 6 

	4.	Vesting 

 A Participant shall be vested in
his Plan Benefit as of the date on which he becomes vested under the ERP. In the event a Participant’s Credited Service is terminated prior to his being so vested, his benefits under this Plan shall be forfeited (except in the case of his death
to the extent provided pursuant to the provisions of Section 6); provided that, in the event of his rehire and his subsequently becoming vested, his Plan Benefit shall be reinstated and he shall become vested therein. 
  

	5.	Plan Benefit 

 Any Participant who is such on
or after the Effective Date and who is an Employee as of that date shall be entitled to receive under the Plan a supplemental benefit (the “Plan Benefit”). The Plan Benefit shall be a monthly amount payable in the Single Life Form or other
form in effect under the ERP equal to the excess of A. over B. where: 
  

	 	A.	is equal to the monthly benefit such Participant would have received (for each month under the ERP) if the applicable limitations imposed by Sections 401(a)(17) or 415 or both of
the Code and regulations thereunder had not been included therein; and 

  

	 	B.	is equal to the monthly amount of the Participant’s ERP Benefit. 

 Notwithstanding the provisions of this Section 5 or of Section 6, in the event of a Credit Rating Reduction, the balance of any benefits payable under this Plan to any Participant no longer employed by the
Bank at the time of such Credit Rating Reduction or to any Beneficiary of any then deceased Participant shall be paid in a lump sum equal to the lump sum present value of benefit payments pursuant to subsection (b) hereof or Section 6 (as
the case may be); provided that, unless otherwise determined by the Bank, no such benefits shall be so paid in any year in an amount which would exceed any dollar limitation applicable to compensation including payments pursuant to the Plan paid by
the Bank to such Participant or Beneficiary on deductibility of compensation for purposes of computing the Bank’s Federal income tax liability. Such lump sum present value shall be determined on the basis of the 1983 GAM Mortality Tables and an
annual interest rate of one percent (1%) plus the average of the yields reported by the Federal Reserve Board in the Wall Street Journal during the second month preceding such date of payment on 10 year U.S. Treasury notes, adjusted for
constant maturity, provided no such payment shall be in excess of the accrued liability of the Bank with respect to such benefits, computed in accordance with generally accepted accounting principles. Upon such payment to a Participant (except to
the extent provided in the next sentence), all liability of the Bank or any person or of the Plan to any Participant shall terminate, and the rights of any and all Beneficiaries hereunder shall be subject to loss by payment to a Participant or prior
Beneficiary pursuant to the provisions of this Section 5. To the extent that as a result of 

  

 7 

 
the limitations of this Section 5 an amount equal to the entire lump sum present value cannot be distributed to a Participant, the balance of such sum
(with interest computed at such annual rate) shall be distributed to such Participant or Beneficiary as rapidly as allowable without violation of such limitation, and in the event of the death of a Participant prior to such full payment, the balance
of such lump sum shall be distributed to his Beneficiary. 
  

	6.	Death Benefits 

  

	 	(a)	In the event of the death of a Participant after termination of his Credited Service and while his Plan Benefits are in pay status or after his Normal Retirement Date, payment of
death benefits under this Plan shall depend on whether benefits under the ERP are payable to such Participant’s Surviving Spouse or other Beneficiary. If no such benefits are payable under the ERP, no death benefits shall be payable hereunder.
If such death benefits are payable under the ERP, then benefits shall be payable hereunder (for the same duration and with the same frequency as such ERP death benefits) equal in the amount of the excess of the amount such ERP death benefits would
have been had the applicable limits imposed by Sections 40l(a)(17) or 415 or both of the Code and regulations thereunder not been included in the ERP over the amount of the actual amount of such ERP death benefits. 

  

	 	(b)	In the event of the death of a Participant after termination of his Credited Service, but prior to commencement of payment of his Plan Benefits and prior to his Normal Retirement
Date, no death benefits shall be payable hereunder unless death benefits are payable to his Surviving Spouse under the ERP. If death benefits are so payable under the ERP, then benefits shall be payable hereunder (for the same duration and with the
same frequency as such ERP death benefits) equal in the amount of the excess of the amount such ERP death benefits would have been had the applicable limits imposed by Sections 401(a)(17) or 415 or both of the Code and regulations thereunder not
been included in the ERP over the amount of the actual amount of such ERP death benefits. 

  

	 	(c)	In the event of the death of a Participant prior to termination of his Credited Service, a death benefit shall be payable under this Plan to his Surviving Spouse or his other
Beneficiary only if a Surviving Spouse benefit is payable under the ERP. In such event, if such Surviving Spouse Benefits are payable under the ERP, then benefits shall be payable hereunder (for the same duration and with the same frequency as such
ERP death benefits) equal in the amount of the excess of the amount such ERP death benefits would have been had the applicable limits imposed by Sections 401(a)(17) or 415 or both of the Code and regulations thereunder not been included in the ERP
over the amount of the actual amount of such ERP death benefits. 

  

 8 

	 	(d)	Any death benefit hereunder shall be payable to one or more Beneficiaries designated by such Participant on a form authorized by the Committee, signed by such Participant and filed
with the Bank. A Participant may designate a Beneficiary other than a Surviving Spouse even if the only death benefits paid under the ERP are paid as a result of such Participant being survived by a Surviving Spouse. In the absence of any
designation of a Beneficiary other than a Surviving Spouse or beneficiary under the ERP, death benefits hereunder shall be paid to the same person or persons entitled to contemporaneous payments under the ERP. 

  

	 	(e)	Except as provided in this Section 6, no benefits under this Plan shall be payable to a Participant’s Beneficiary after such Participant’s death.

  

	7.	Trust; Change In Control; Credit Rating Reduction 

  

	 	(a)	The Bank has or will within ninety (90) days after the effective date hereof enter into a Trust Agreement with Morgan Guaranty Trust Company as Trustee establishing the Trust.
The Trust is intended to provide for the funding of the Bank’s obligation to provide benefits under the Plan and the Enhanced Plan to the extent provided pursuant to the provisions of (b), (c) and (d) of this Section 7. The
substantial form of such Trust Agreement has been approved by the Board of Directors of the Bank on August 15,1996. In the event of Insolvency of the Bank, assets held under the Trust shall be subject to the claims of the general creditors of
the Bank under federal and state law as set forth in the Trust Agreement. In the event of such Insolvency, any and all such assets will be available to satisfy the claims of general creditors of the Bank even if all Plan Benefits have not otherwise
been provided for and even if all Plan Benefits of Employees who have terminated their Credited Service have not been fully provided for. Nothing herein shall be deemed to prohibit Participants or Beneficiaries from asserting claims for Plan
Benefits as general creditors of the Bank. The Bank may cause, subject to and in accordance with, the terms of the Trust Agreement, Plan Benefits to be provided from the assets of the Trust, the general assets of the Bank, or a combination thereof
as the Bank may determine to be in the Bank’s best interests. No person eligible for, or entitled to, Plan Benefits hereunder shall have any property, equitable or security rights in any specific assets of the Bank or held as part of the Trust.
The obligation to pay all Plan Benefits shall be treated as an item of indebtedness by the Bank to the Participant or Beneficiary, and except as otherwise paid from the Trust, such payments shall be made from the general assets of the Bank. All
amounts as may be required to be withheld by any applicable federal, state or local law shall be withheld and remitted as required by any such law and payments made to the Participant or any Beneficiary shall be the net amount after withholding.

  

 9 

	 	(b)	The Bank, in the sole discretion of the CEO, may at any time, or from time to time, make deposits (in addition to those required pursuant to subsections (c) and (d) of
this Section 7), of cash or other property acceptable to the Trustee in trust with the Trustee to augment the principal of the Trust, such additions to be held, administered and disposed of by the Trustee as provided in the agreement setting
forth the terms of the Trust. Neither the Trustee nor any Participant or Beneficiary shall have any right to compel such additional deposits. 

  

	 	(c)	Upon a Potential Change in Control or a Change in Control, the Bank shall, as soon as possible, but in no event longer than thirty (30) days following such Potential Change in
Control or Change in Control, make a contribution to the Trust of cash or other property acceptable to the Trustee equal in value to the Full Funding Amount. In the event of a Potential Change in Control, the Full Funding Amount shall be
recalculated in the event such Potential Change in Control Period extends beyond the required valuation date used in the first or other last subsequent computation made as a result of such Potential Change in Control Period. In the event that the
Trustee later determines that provision made in determining the Full Funding Amount for expenses was not adequate, the Bank shall make additional deposits to provide for such expenses as determined by the Trustee from time to time.

  

	 	(d)	(i)            No more than thirty (30) days after the date of a Credit Rating Reduction, the Bank shall:

  

	 	A.	Cause the Actuary to compute the Interim Funding Amount as of a date reasonably selected by the Actuary which shall be no more than thirty (30) days prior to such Interim
Valuation Requirement Date and deliver to the Trustee the Actuary’s certification of such Interim Funding Amount; and 

  

	 	B.	Pay to the Trustee an amount which when added to the value of the Trust Fund as of a date selected by the Bank (no more than ten (10) days prior to the date of such payment)
would result in a sum equal to or greater than such Interim Funding Amount. 

  

	 	(ii)	No more than sixty (60) days after the last day of each fiscal year, the Bank shall: 

  

	 	A.	Cause the Actuary to compute the Interim Funding Amount as of such last day and deliver to the Trustee the Actuary’s certification of such Interim Funding Amount; and

  

 10 

	 	B.	Pay to the Trustee an amount which when added to the value of the Trust Fund as of such last day would result in a sum equal to or greater than such Interim Funding Amount.

  

	 	(iii)	Any Actuary’s certification delivered pursuant to this subsection (d) may rely on Trustee’s estimate of expenses to be included in the computation of such Interim
Funding Amount. 

  

	8.	Nonassignability 

 The Plan is designed to
provide payment of Plan Benefits solely for the support of the Participant and, to the extent of any death benefits, such Participant’s beneficiary. No person eligible for or entitled to a Plan Benefit payable hereunder shall have any right,
power or authority to assign, sell, transfer, pledge or otherwise encumber, whether by voluntary action or by operation of law, the right to receive such Plan Benefit payment. 
  

	9.	Administration 

 The Plan shall be
administered by the Committee. The Committee may delegate its administrative authority to officers or other employees of the Bank, provided that no such delegate shall determine his own benefits hereunder. The Committee shall have complete and
discretionary authority to determine eligibility and the amount of benefits payable under the Plan and to otherwise construe, interpret and apply the provisions of the Plan and its determinations shall be conclusive on the Bank, its employees and
any other person claiming any benefit under the Plan. Notwithstanding the foregoing provisions of this Section 9, any determination made by the Committee upon or after a Change in Control or during a Potential Change in Control Period shall be
binding only if accepted by the Participant or Beneficiary of a deceased Participant; and to the extent not so accepted, such determination of the Committee shall be of no effect and given no weight and such Participant or Beneficiary shall have his
rights determined in accordance with the procedures of any of the provisions of the Trust Agreement, and the Bank shall pay to the Trustee any funds necessary to provide such benefits as so determined. 
  

	10.	Claims Procedure 

  

	 	(a)	 The Committee from time to time may, and upon reasonable written request from a Participant or after his death a Beneficiary shall, provide information to each
Participant, or if applicable, such Participant’s beneficiary, as to the amount of benefits to which such person is entitled. If a claimant disagrees with the Committee’s computation, such person shall file with the Committee, in writing
and sent by registered or certified mail, such claim for benefit or additional benefits. If no claim is received by the Committee within the later of thirty (30) days after the Participant retires or otherwise terminates service with the Bank
or 

  

 11 

	 	 
sixty (60) days after such claimant receives written notification of benefits from the Committee, no such claim shall be permitted and the
Committee’s computation will be final. In the event any such claim is filed, the Committee shall exercise its best efforts to act upon such claim within sixty (60) days after its receipt. If such claim is denied, in whole or in part, the
Committee shall give notice in writing, by mail, of such denial to the claimant, setting forth (i) the specific reasons for such denial; (ii) specific reference to pertinent Plan provisions on which the denial is based; (iii) a description
of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) advice to the effect that the claimant may request a full review of such
claim by filing with the Committee, within sixty (60) days after such notice has been mailed, a request for such review. In the event such request is submitted, the Committee shall review the claim within sixty (60) days and the claimant
shall be given written notice of the result of such review. Such notice shall include specific reason for the decision and shall be final. 

  

	 	(b)	During a Potential Change in Control Period or upon or after a Change in Control, a Participant or Beneficiary at his election may determine at any time not to follow or to cease
following the procedures set forth in this Section 10, and to assert and enforce any claims under the Plan without regard to the provisions of this Section 10, including enforcing any remedies in accordance with the provisions of the Trust
Agreement. 

  

	11.	Amendment and Termination 

  

	 	(a)	The Committee may amend the Plan from time to time; provided, however, that no such amendment shall have the effect of reducing any vested benefit under the Plan.

  

	 	(b)	Further, no Participant who was a participant in the SRP as of the day before the Effective Date shall receive a Plan Benefit which, when added to the plan benefit to which he is
entitled under the Enhanced Plan is of lesser actuarial value than the Plan Benefits such Participant would have received under the SRP had the SRP Plan not been amended as of the Effective Date based on the lesser of his Final Average Salary as of
the earlier of the date of termination of his Credited Service or the Effective Date or her or his actual Final Average Salary. 

  

	 	(c)	 Notwithstanding the provisions of subsection (a) of this Section 11, an amendment to subsection (c) of Section 7 hereof or the definitions of
Change in Control, Potential Change in Control or Potential Change in Control Period or eliminating or reducing the rights or authority of the Advisory Committee provided by Section 13 hereof may be made only in the event it is approved by the
vote then required for amendment to Change in Control provision pursuant to Section 14 of the Trust 

  

 12 

	 	 
Agreement and an amendment to reduce the funding requirements pursuant to Section 7(d) or changing the definition of Interim Funding Amount or Interim
Valuation Requirement Date may be made only in the event it is approved by the vote of sixty-five percent (65%) of all Participants not employed by the Bank at the time of such vote. 

  

	 	(d)	The Bank reserves the right to terminate the Plan at any time with the approval of all Participants. Further, the Bank may cease all further benefit accruals. However, except as may
be required pursuant to any applicable federal, state or local law, or as approved in writing by all Participants and Beneficiaries of deceased Participants with unpaid Plan Benefits, any Plan Benefit then accrued shall remain payable in accordance
with the terms of the PIan to the extent then accrued, and the Bank’s obligations under Section 7 and the Trust Agreement shall remain in full force and effect with respect to all Plan Benefits accrued as of such date.

  

	12.	Construction 

  

	 	(a)	The Plan shall be administered in accordance with the laws of Connecticut, to the extent applicable, and not preempted by any other applicable federal law. 

 

	 	(b)	Nothing in the Plan shall be construed to confer upon any person any legal right to be continued as an employee of the Bank. The Bank expressly reserves the right to discharge any
employee whenever the interest of the Bank in its sole judgment may so require without any liability on the part of the Bank. The Bank shall be the Plan Administrator of the Plan. 

  

	 	(c)	It is intended that the Plan be and remain a bona fide deferred compensation .plan for purposes of Part 359 of Federal Deposit Insurance Corporation (“FDIC”) as defined by
me provisions of FDIC Reg § 359. l(d) and the terms of the Plan shall be so construed in the event of any ambiguity. 

  

	 	(d)	The benefits payable under the Plan shall not be limited by the provisions of any other agreement entered into by the Bank and-any Participant prior to the Effective Date relating
to payments in the event of Change in Control; but benefits under such other agreement may, if any such other agreement so provides, be reduced as a result of benefits payable under the Plan. 

  

	 	(e)	The provisions of this Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns, and references to the Bank herein shall include its successors
and assigns. References to Parent shall include its successors and assigns. 

  

 13 

	 	(f)	Unless the context clearly indicates otherwise, pronouns of one gender or number may refer to subjects or objects of a different gender or number. 

  

	13.	Advisory Committee 

  

	 	(a)	During a Potential Change in Control Period or upon or after a Change in Control, a majority of Plan Voters at any time, and from time to time, may appoint an Advisory Committee to
monitor and represent the interests of the Plan Voters and the Beneficiary of any deceased Participant with respect to the Plan, the Enhanced Plan and the Trust. The Advisory Committee shall be composed of one to three individuals, some or all of
whom may (but none of whom shall be required to) be Plan Voters. The Advisory Committee shall act by majority vote unless it unanimously agrees otherwise and shall otherwise adopt its own procedures which may include authorizing one member thereof
to act for the Advisory Committee. Any member of the Advisory Committee may resign by giving written notice to the other members thereof, or, if he is the sole member, to a majority or all of the then Plan Voters. Any member may be removed by action
of a majority of Plan Voters, and additional members, including replacement of any resigned, removed or deceased member may be designated by action of a majority of Plan Voters. All actions by any Participant shall be in a writing signed by such
Participant. A Participant may sign a single writing effectuating removal and replacement. For purposes of this Section 13, the term “Plan Voters” shall mean each individual who is a Participant in this Plan or a participant in the
Enhanced Plan (as determined in accordance with the provisions of the Enhanced Plan) exclusive of any such person whose benefits are not included in the computation of the Full Funding Amount; and each such individual shall for purposes of this
Section 13 have one vote even if he is a Participant in both such plans, but excluding (a) after a Change in Control any person who was not a Plan Voter prior to the earlier of such Change in Control or the beginning of the Potential
Change in Control Period ending with such Change in Control and (b) during a Potential Change in Control Period any person not a Plan Voter prior to the beginning thereof. 

  

	 	(b)	 The purpose of the Advisory Committee shall be to disseminate information concerning the Plan, the Enhanced Plan and the Trust to Plan Voters and Beneficiaries of
deceased Plan Voters, to gather information and data concerning, and otherwise investigate, inquiries, controversies, or disputes deemed reasonable by the Advisory Committee and raised by any Participant or any such Beneficiary, to discuss such
matters with the CEO of the Bank or members of the Board, or of the Human Resources Committee of the Board, the Actuary or the Trustee, and to take any action authorized under the Trust Agreement with respect to any such inquiries, controversy or
dispute which it, in its discretion; deems reasonable to protect the legitimate interest of any Participant or Beneficiary, and monitor and report to Plan Voters and Beneficiaries of deceased Plan Voters with respect to 

  

 14 

	 	 
litigation or arbitration proceedings under the Plan. The Advisory Committee may (but shall not be required to) negotiate on behalf of any Plan Voter or
Beneficiary of a deceased Plan Voter; provided, however, that in no event shall the Advisory Committee be deemed authorized to institute any legal or arbitration proceedings hereunder or enter into any agreement purporting to settle or limit the
rights of any Participant or Beneficiary under the Plan or in or to the Trust or its assets. Nothing herein shall prohibit a Participant or Beneficiary of a deceased Participant individually or with others (whether or not as a class action) from
instituting legal or arbitration proceedings to enforce his own rights under the Plan while the Advisory Committee is negotiating pursuant to the provisions of this Section whether or not such Participant or Beneficiary is a member of the Advisory
Committee. 

  

	 	(c)	Without request or demand the Advisory Committee shall be entitled to all reports, information, and data to which the Bank is entitled (without request or demand) under the Trust
Agreement and any other reports, information, or data received by the Bank from the Trustee or the Actuary. The Bank shall give the following written notices to the Advisory Committee (which the Advisory Committee may waive if deemed in the best
interest of Plan Voters): (i) twenty (20) days prior to the payment of any benefits or other sums from the Trust, other than monthly benefit payments and Trustee fees and expenses in operations of the Plan or the Enhanced Plan, the amount
to be so paid, the computation thereof, and the amount of any benefits under the Plan or the Enhanced Plan and Trustee fees and expenses to be paid from the Bank’s general assets; (ii) no later than five (5) days after making any
contribution to the Trust, the amount of such contribution and the Actuary’s certification and detailed computations on the basis of which the determination of such amount was made; (iii) any amendments proposed to be made to the Trust
Agreement twenty (20) days prior to the Bank’s requesting from Participants a Qualified Vote or a Super Qualified Vote (as those terms are defined therein); (iv) within five (5) days after any substitution of.Trust assets by the
Bank; (v) at least twenty (20) days before any change in investment policy is made by the Committee or other authorized body under the Trust Agreement; and (vi) twenty (20) days after the close of each calendar quarter, a report
of all contributions to and payments from, the Trust Fund during such quarter. The Advisory Committee, or a person designated by it, may vote on behalf of any Participant who so authorizes it or a delegate chosen by it to vote on behalf of such
Participant pursuant to any provision of the Trust Agreement. Acquiescence or inaction by the Advisory Committee shall not be deemed to be approval or consent and in any event shall in no way bind or limit the rights of Participants or Beneficiaries
of deceased Participants. 

  

 15 

 IN WITNESS WHEREOF, the Bank, acting by its undersigned officer, duly authorized, hereby executes the Plan to be
effective as herein provided. 
  

			
	PEOPLE’S BANK
		
	By:	 	 

  

 16

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