Document:

Exhibit 10.7(a)

 Exhibit 10.7(a) 
  

 
 PERFORMANCE SHARE GRANT AGREEMENT 

 

			
	Employee Name:	  	[Participant Name]
		
	Number of Performance Shares Subject to Grant (Target):	  	[Shares Granted]
		
	Award Date:	  	[Grant Date]

 THIS PERFORMANCE SHARE GRANT AGREEMENT (this “Agreement”) is made as of the Award Date shown
above by People’s United Financial, Inc., a Delaware corporation, and its subsidiaries (the “Company”), and is hereby communicated to the employee named above (the “Employee”). Undefined capitalized terms used in this
Agreement shall have the meanings set forth in the Company’s 2014 Long-Term Incentive Plan as may be amended from time to time (the “Plan”); provided, that the term “Retirement” shall mean any “Retirement”
as defined in the Plan that occurs on or after the first anniversary of the Grant Date. 
 WHEREAS, the Company maintains the Plan.

 WHEREAS, pursuant to Section 5 of the Plan, the Committee may grant awards of Performance Shares to employees, representing
the right to receive Shares based on the extent specified performance goals are achieved. 
 WHEREAS, the Company desires to
compensate the Employee with a grant of Performance Shares for the Employee’s future services to the Company. 
 NOW, THEREFORE,
in consideration of the premises, the Company grants the Employee an Award of Performance Shares under the following terms and conditions: 
 1. Grant
of Performance Shares. 
 The Company hereby grants to the Employee a target Award of the number of Performance Shares identified
above (the “Grant”), which may be increased or decreased depending on attainment of the performance criteria identified in this Agreement (the “Performance Measure(s)”) to be issued in accordance with all of the terms and
conditions set forth in this Agreement and the Plan. Each Performance Share shall be equivalent to one Share until such time as Shares are issued in payment of Performance Shares in accordance with Section 6. All terms and conditions set forth
in the Plan are deemed to be incorporated herein in their entirety. 
 2. Book Entry. 

The number of Performance Shares granted pursuant to this Agreement shall be credited to the Employee and shall be maintained on the books of
the Company until Shares have been issued to the Employee (or the Employee’s beneficiaries if the Employee is deceased) in payment therefor in accordance with Section 6. No funds shall be set aside or earmarked for any Performance Shares,
which shall be purely a bookkeeping device. 
 3. Performance Period and Vesting Provisions. 

(a) The Performance Period is the period beginning on January 1,
                 and ending on December 31,                 . 

(b) Except as provided in this Agreement, the Employee’s Performance Shares will vest only upon the Employee’s continued employment
through March 1 following the end of the Performance Period, provided that the Committee certifies the Performance Measure(s) for the Performance Period have been achieved as set forth in Appendix A attached to this Agreement. Appendix A shall
set forth the applicable Performance Measures and payout percentages based on the attainment of “Threshold,” “Target,” and “Maximum” performance levels for each Performance Measure. 

  
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 (c) Notwithstanding any provision to the contrary, if at any time after the Award Date, and
before the date that Performance Shares are paid, the Employee’s employment or service with the Company terminates due to death, Disability or Retirement, the Employee shall vest in all of the Performance Shares granted pursuant to this
Agreement and related cash dividends, provided that payment of any Award becoming vested pursuant to this subsection (c), including the number of Shares to be issued in payment of the Award and determination of the time of payment, shall be made in
accordance with the provisions of Section 6(b). 
 4. Forfeiture Provisions. 

(a) If before the date that the Company pays the Performance Shares the Employee’s employment or service with the Company is terminated
for any reason other than death, Disability or Retirement, all of the Employee’s unvested Performance Shares and any unvested cash dividends shall be forfeited. 

(b) Notwithstanding any provision of this Agreement to the contrary, the Committee may cause the Employee to forfeit all unvested Performance
Shares and require repayment of any amount previously paid under this Agreement in accordance with the terms of the Company’s Incentive Compensation Clawback Policy (“the Policy”), any other applicable policy of the Company, and any
other applicable laws and regulations. 
 (c) This Grant is subject to acceptance of all the terms, conditions and limitations of the Plan.
The Plan may be amended from time to time, including but not limited to provisions on tax withholding and forfeiture. This Grant is subject to such rules and regulations that the Committee may adopt for administration of the Plan, and to all
applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 5.
Change in Control. 
 In the event of a Change in Control of the Company defined in Section 2(j) of the Plan, the rights of
the Employee with respect to the Performance Shares shall be determined in accordance with the provisions of Section 17(b) of the Plan. 
 6.
Issuance of Stock. 
 (a) Except as provided in subsection (b), following completion of the Performance Period, the Committee
shall determine the extent to which applicable Performance Measure(s) have been attained and shall calculate the number of Shares to be issued in payment of each Performance Share in accordance with the provisions of Appendix A. The Company will
cause the number of Shares so calculated to be delivered to or for the account of the Employee within 60 days after the date the Performance Shares vest or as soon as administratively possible after such date (but in no event later than
December 31st of the year after the year in which the Performance Period expired), except as otherwise provided in Section 12 below. If the number of Shares so calculated is zero, the
Employee shall be deemed to have received payment in full for the Performance Shares made the subject of this Grant even though no Shares are delivered or deliverable. 

(b) In the event Performance Shares become vested on an accelerated basis pursuant to Section 3(c) due to the death or Disability of the
Employee, the Company will cause a number of Shares equal to the number of Performance Shares granted pursuant to this Agreement to be delivered to or for the account of the Employee as soon as administratively possible after the date such
Performance Shares became vested. In the event Performance Shares become vested on an accelerated basis pursuant to Section 3(c) due to the Retirement of the Employee, the number of Shares to be issued in payment of such Performance Shares
shall be calculated and such shares shall be delivered to or for the account of the Employee in the manner and at the time described in subsection (a); provided, however, that in the event of such Employee’s death prior to March 1
following the end of the Performance Period, the Company will cause a number of Shares equal to the number of Performance Shares granted pursuant to this Agreement to be delivered to or for the account of the Employee as soon as administratively
possible after the date of the Employee’s death. 

  
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 (c) Notwithstanding any provision to the contrary, if, in the reasonable determination of the
Company, an Employee is a “specified employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance promulgated thereunder (“Code Section 409A”), then, if necessary to avoid
the imposition on the Employee of excise tax and interest under Code Section 409A, the Company shall not deliver the Shares otherwise payable upon the Employee’s termination and separation of service until the date that is 30 days after 6
months following the Employee’s termination and separation of service from the Company. 
 (d) The delivery of the Shares shall be
subject to payment of the applicable withholding tax liability as set forth in Section 7. 
 (e) If the Employee dies before the
Company has distributed any portion of the vested Performance Shares, the Company will transfer any Shares payable with respect to the vested Performance Shares in accordance with the Employee’s written beneficiary designation or to the
Employee’s estate if no written beneficiary designation is provided. If the Employee did not have a will, any Shares payable with respect to the vested Performance Shares will be distributed in accordance with the laws of descent and
distribution. 
 7. Withholding Taxes. 

The Company shall have the power and the right to deduct or withhold, or require the Employee to remit to the Company, an amount sufficient to
satisfy any federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement. 

8. Non-transferability of Grant. 

During the Performance Period, the Employee shall have no right to transfer, sell, pledge, assign, or hypothecate, other than by will or the
laws of descent and distribution, any rights with respect to the Employee’s Award of Performance Shares. No Performance Shares shall be subject to execution, attachment, or similar process. 

9. No Voting Rights as Stockholder. 

The Employee shall not have any voting rights as a stockholder of the Company with respect to the Performance Shares, but shall have such
rights with respect to any Shares issued to the Employee in payment of such Performance Shares. 
 10. Dividends. 

To the extent that cash dividends are paid on Shares after the Award Date and before the date the Employee receives Shares in payment for
Performance Shares subject to this Grant, the Employee shall receive credits of cash in a dividend bookkeeping account (the “Dividend Account”). Such cash credits shall be equal in value (based on the reported dividend rate on the date
dividends were paid) to the amount of dividends paid on the Shares delivered to or for the account of the Employee in payment for the Performance Shares. The Employee shall vest in the cash in the Dividend Account in accordance with Section 3
of the Agreement in the same manner that the Employee vests in the Performance Shares granted pursuant to this Agreement. A distribution of the cash in the Dividend Account will be paid to the Employee as soon as practicable following the date that
the Employee receives the applicable distribution of Shares, but in no event later than March 15 of the calendar year immediately following the applicable Share distribution date. 

  
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 11. Capital Adjustment Provisions. 

In the event of the occurrence of an event described in Section 17(a) of the Plan, the number of Performance Shares granted to the
Employee shall be adjusted in accordance with the provisions of Section 17(a) of the Plan. 
 12. Securities Law Compliance. 

The delivery of all or any of the Shares shall only be effective at such time that the issuance of such Shares will not violate any state or
federal securities or other laws. The Company is under no obligation to effect any registration of Shares under the Securities Act of 1933 or to effect any state registration or qualification of the Shares. The Company may, in its sole discretion,
delay the delivery of the Shares or place restrictive legends on such Shares in order to ensure that the issuance of any Shares will be in compliance with federal or state securities laws and the rules of the NASDAQ Global Select or any other
exchange upon which the Company’s common stock is traded. If the Company delays the delivery of the Shares in order to ensure compliance with any state or federal securities or other laws, the Company shall deliver the Shares at the earliest
date at which the Company reasonably believes that such delivery will not cause such violation, or at such other date that may be permitted under Code Section 409A. 

13. Plan Governs. 
 This Grant is
made under the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. A copy of the Plan is available upon request by contacting the Human
Resources Department at the Company’s executive offices. 
 14. No Right to Continued Employment. 

The Employee understands and agrees that this Agreement does not impact in any way the right of the Company to terminate or change the terms of
the employment of the Employee at any time for any reason whatsoever, with or without Cause, nor confer upon any right to continue in the employ of the Company. 

15. Addresses for Notices. 
 Any
notice to be given to the Company under the terms of this Agreement shall be addressed to the Company and directed to the attention of the Committee, care of People’s United Bank, N.A., 850 Main Street, Bridgeport, CT 06604, or at such other
address as the Company may hereafter designate in writing. Any notice to be given to the Employee shall be addressed to the Employee at the address maintained on the books and records of the Company. 

16. Captions. 
 Captions provided
herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 17. Severability.

 In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and
such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 
 18. Expenses.

 Costs of administration of the terms and conditions of this Agreement will be paid by the Company. 

  
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 19. Governing Law / Compliance with Applicable Law. 

The terms and conditions of this Agreement shall be governed by the laws of the State of Connecticut, except to the extent preempted by federal
law. 
 20. Entire Agreement; Amendment; Code Section 409A Provisions. 

This Agreement and the Plan contain the terms and conditions with respect to the subject matter hereof and supersede any previous agreements,
written or oral, relating to the subject matter hereof. This Agreement shall be interpreted in accordance with Code Section 409A. This Agreement shall be deemed to be modified to the maximum extent necessary to be in compliance with Code
Section 409A’s rules. If the Employee is unexpectedly required to include in the Employee’s current year’s income any amount of compensation relating to the Performance Shares because of a failure to meet the requirements of Code
Section 409A, then to the extent permitted by Code Section 409A, the Employee may receive a distribution of Shares or cash in an amount not to exceed the amount required to be included in income as a result of the failure to comply with
Code Section 409A. 
 21. Non-Solicitation. 

During the period of the Employee’s employment with the Company, and for a period of
                 months after the cessation of such employment for any reason, whether with or without Cause, the Employee will not, directly or indirectly, on
his or her own behalf or on behalf of any other person, and whether through his or her own efforts or through the efforts or employing the assistance of any other person (including without limitation any consultant or any person employed by or
associated with any person with whom the Employee become employed or associated): 
  

	 	a)	call on or solicit in any manner any customer of the Company for the purpose of doing business of the type done by the Company with such customer. For purposes of this Agreement, “customer” means any
individual, firm, partnership, corporation, or other entity or person (i) currently doing business or who has done business with the Company in the 12 months prior to the cessation of the Employee’s employment, or (ii) any prospective
customer that the Employee knows to be a prospective customer of the Company and with whom the Company is in discussion with and reasonably expects to do business; or 

 

	 	b)	Solicit or otherwise induce any employee of the Company to leave the employ of the Company. 

 By accepting and
agreeing to the terms of this Agreement, the Employee acknowledges that his or her receipt of the grant of the Award evidenced by this Agreement represents adequate consideration for the undertaking set forth in this Section 21. 

22. Acceptance of Grant; Revocation. 

No later than forty-five (45) days after the date of this Award (the “Acceptance Date”), the Employee must formally accept and
agree to the terms of the Award as set forth in this Agreement. The Employee must do so (a) electronically if the Employee is directed to do so at the time the Award is formally communicated to him or her and the Employee receives a copy of
this Agreement, or (b) by returning a signed copy of this Agreement to the Executive Rewards Manager in the Human Resources Department, 850 Main Street, BC-03, Bridgeport, CT 06604 so that it is actually received no later than the
close of business on the Acceptance Date. If the Employee does not accept and agree to the terms and conditions of the Award as set forth in this Agreement by the Acceptance Date, the Award evidenced hereby shall be null and void, and shall be
deemed to have been revoked, on the first business day following the Acceptance Date. If the 45th day after the date of this Award is not a business day, the Acceptance Date will be the first
business day after such 45th day. A business day is any day other than a Saturday, a Sunday or a day on which the Company’s banking offices in Connecticut are not scheduled to be open for
business. 

  
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 Approval and Acceptance 

The Award evidenced by this Agreement was approved by the Board of Directors (or by a duly authorized committee of the Board, or by the Chief Executive
Officer acting pursuant to delegated authority) of the Company on the Award Date. The Employee’s acceptance of the Award evidenced by this Agreement, whether electronically, by email or in such other form as is permitted by the Company, also
evidenced the Employee’s intent to be legally bound by the terms of this Agreement effective as of the Award Date, regardless of the date of the Employee’s acceptance. 

  
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 Appendix A 

Performance Measures and Measurement 
 The
Performance Measures for the 2017-2019 Performance Period are: 
  

			
	 Performance Measure
	  	 Explanation

	Change in Net Income	  	Average annual percentage change in net income over performance period vs. designated target percentage
		
	Return on Average Tangible Common Equity (ROATCE)	  	Average annual return on average tangible common equity over performance period vs. designated target percentage
		
	Relative Total Shareholder Return (RTSR)	  	The Company’s total shareholder return (TSR) relative to the TSR for a peer group of financial institutions selected by the Committee prior to or within 90 days following commencement of the Performance Period

 Following completion of the Performance Period, the Committee will evaluate and certify the level of attainment for each
Performance Measure compared to performance targets approved by the Committee within 90 days following commencement of the Performance Period for each Performance Measure. The level of attainment compared to target will determine the level of
payouts as follows: 
  

			
	Performance below Threshold:	  	zero payout
	Performance at Threshold:	  	50% payout
	Performance at Target:	  	100% payout
	Performance at or above Maximum:	  	150% payout

 If the Performance Measures are achieved at a level that either is between Threshold and Target, or between Target and
Maximum, the amount of Performance Shares that will be paid will be equal to an amount that is linearly interpolated between the applicable payout percentages. Linear interpolation means that an increase in a goal above one specified level but below
another level will result in a similar incremental increase in the payout percentage. 
 One-third of the payout depends on the results for each Performance
Measure, independent of the other two measures. For example, in the case of a grant of 1,500 Performance Shares where the payout percentage is 50% at Threshold, the methodology described results in a payout of 250 Shares if one Performance Measure
is at Threshold and the other two measures are below Threshold. 

  
 7Exhibit 10.7(b)

 Exhibit 10.7(b) 
  

 
 STOCK OPTION AGREEMENT 

(Under the People’s United Financial, Inc. 2014 Long-Term Incentive Plan) 

Granted To: (“you” or the “Participant”) 

In accordance with the terms of the People’s United Financial, Inc. 2014 Long-Term Incentive Plan (the “Plan”), People’s
United Financial, Inc. (the “Company”) is pleased to grant you a non-statutory stock option (the “Option”) to purchase granted shares of the Company’s Common Stock (the “Optioned Shares”) at an Option price of
$             per share, representing the Fair Market Value of the Common Stock on              (grant date). The
Option is exercisable at the times specified in Section 3 of this Agreement, and is subject to the other terms and conditions contained in this Agreement and in the Plan. 

You and the Company agree that the Option is subject to the following terms and conditions: 

1. Definitions. All of the terms and provisions of the Plan are incorporated into this Agreement by reference to the same effect as if the Plan
were set forth herein in its entirety. All terms used in this Agreement and defined in the Plan shall, unless otherwise defined herein, have the same meanings as in the Plan. The term “Common Stock” refers to the Company’s Common
Stock, par value $.01 per share, and includes any class or series of securities into which such capital stock may be changed, as contemplated by Section 17 of the Plan. The terms “affiliate”, “directors”, “person”,
and “security”, or any variations of such terms, shall have the broadest meanings assigned to them by the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934 (the “Exchange
Act”). The term “Retirement” shall mean any “Retirement” as defined in the Plan that occurs on or after the first anniversary of the Grant Date. The terms “you” and “your” shall include, when the context
requires, any persons entitled to exercise this Option by virtue of Section 6 of this Agreement. 
 2. Term of Option. The Option is
granted and made effective on              (the “Grant Date”) and shall terminate, expire and no longer be exercisable, to the extent not previously exercised or
surrendered, on the tenth anniversary of the Grant Date, or at such earlier time as may be specified in the Plan or in Section 8 of this Agreement (the “Option Period”). 

  
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 3. Exercise of Option. Provided that the Option has not sooner expired and terminated in
accordance with the Plan or Section 8 hereof, the Option shall be exercisable commencing on the earlier of (a) the first day of the month following your Retirement, as to 100% of the Optioned Shares, or (b) the date of termination of
your employment by reason of your death or Disability, as to 100% of the Optioned Shares, or (c) the first day of the month following the anniversary of the Grant Date, in the following percentage installments: 

 

			
	 Date Option

Becomes Exercisable
	  	 Percentage of Optioned
 Shares as to
which the
 Option Becomes Exercisable

	 (a)  Commencing on

                   
 (vest date)
	  	33 1/3% of Optioned Shares
	 (b)  Commencing on

                   
 (vest date)
	  	33 1/3% of Optioned Shares
	 (c)  Commencing on

                   
 (vest date)
	  	33 1/3% of Optioned Shares

 Once Optioned Shares have become available for purchase in accordance with the foregoing schedule, any
unpurchased shares included in an installment or part of an installment of the Optioned Shares shall remain subject to purchase on a cumulative basis until the Option expires or terminates in accordance with the Plan or Section 8 hereof. The
Option may not be exercised for fractional shares of Common Stock; all fractional shares shall be rounded to the nearest whole number below the actual number of shares. 

4. Method of Exercise. You (or such other person as is provided in Section 6 hereof) may exercise the Option only by delivering written
notice to the Company setting forth your irrevocable election to purchase all or a designated part of any then matured installment or installments of the Optioned Shares. Subject to Section 8 hereof, the notice of exercise must be delivered to
the Company on or before the close of business on a date which is or precedes the last day of the Option Period, except that if the last day of the Option Period is a Saturday, Sunday or a day on which either the Company’s corporate
headquarters or the markets for equity securities generally are closed, the notice shall be delivered before the close of business on the business day preceding the last day of the Option Period. 

The notice shall contain specific reference to this Agreement and the Plan and must be signed by you (or by such other person as is provided
in Section 6 hereof). The notice shall be accompanied by payment in full of the Option Price by cash, certified or bank check or, if the Committee consents, payment in full or in part may also be made in the form of Common Stock already owned
by you. If at any time this Agreement is in effect, you are or potentially could be subject to Section 16(b) of the Exchange Act, an election to make payment in full or in part in the form of Common Stock shall be subject to compliance with the
provisions of Section 16 of the Exchange Act and the Rules and Regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, as interpreted by the Committee. No Optioned Shares shall be issued until full
payment therefore has been made, including payment of all applicable withholding taxes, or the Committee has approved arrangements for payment. 

If you (or such other person as is provided in Section 6 hereof) effect an option exercise electronically using a system designated by
the Company, you (or such other person) will be deemed to have satisfied the requirements for providing signed, written notice to the Company in connection with such exercise as required by this Section. 

  
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 5. Withholding. With the express written consent of the Committee, upon the exercise of the
Option in accordance with the terms of Section 4 hereof, the Company, on behalf of the Company affiliate by which you are employed, will withhold the amount that it is required to withhold for any federal, state, local or foreign withholding
tax purposes. In that event, withholding obligations will be settled by withholding from distribution to you a number of Optioned Shares having a Fair Market Value on the date that the amount of tax to be withheld otherwise would be withheld in cash
(the “Tax Date”), equal in value to the amount required to be withheld. If, at any time this Agreement is in effect, you are or potentially could be subject to Section 16(b) of the Exchange Act, the method for settling withholding
obligations described herein shall be subject to compliance with the provisions of Section 16 of the Exchange Act and the Rules and Regulations of the SEC promulgated thereunder, as interpreted by the Committee. 

6. Persons Entitled to Exercise. The Option may be exercised: 

(a) except as provided below or in the Plan, only by you during your lifetime; 

(b) in the event of your death while in the employment of the Company (or one or more of its affiliates) (or following termination of your
employment by reason of your Retirement) by your legal representative or by the legal representative of your estate; and 
 (c) in the event
of your permanent Disability, by you or by your legal representative (as the case may be). 
 In the event of your death while you are in
the employment of the Company (or one or more of its affiliates), all Options remaining unexercised as of the date of death may be exercised by the personal representative of your estate, including the executor under your will or an administrator
with the will annexed, or the administrator of your estate in the event you should die intestate; provided that such installments must be exercised, if at all, prior to the expiration of the Option Period. In the event of termination of your
employment by reason of your permanent and total Disability, as that term is defined in Section 22(e)(3) of the Code, all Options remaining unexercised at the time of termination of employment may be exercised by you or your legal
representative (as the case may be), provided that such installments must be exercised, if at all, prior to the expiration of the Option Period. Exercise of the Option by your representative or fiduciary or your estate shall be subject to all of the
terms and conditions of this Agreement and of the Plan and shall entitle such representative or fiduciary to no greater part of the Optioned Shares than you could have acquired if you had exercised the Option at the time of your death or termination
of employment by reason of permanent Disability. To the extent that any such representative or fiduciary shall be entitled to exercise the Option in accordance with the provisions of Section 6 and the other sections of this Agreement, the terms
“you” and “your” shall include such representative or fiduciary for purposes of this Agreement. 

  
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 7. Delivery of Certificates. The Company may postpone the time of delivery of certificates for
the Optioned Shares for such time as the Company deems necessary or desirable to enable it to comply with the listing requirements of any securities exchange or stock quotation system upon which the Common Stock may be listed or quoted, the
requirements of the Securities Act or the Exchange Act, any rules or regulations of the Securities and Exchange Commission promulgated thereunder, or the requirements of applicable state laws relating to the authorization, issuance or sale of
securities generally or bank securities specifically. Until certificates representing Optioned Shares are delivered to you or transfer is effected by book entry on the stock transfer records of the Company, you will have no right to vote or receive
dividends with respect to the Optioned Shares. 
 8. Termination of Option Period. The Option shall lapse and terminate (i) on the date
of termination of your employment (or, if sooner, the expiration date of the Option Period), as to all of the Optioned Shares that either (A) are not yet exercisable on the date of such termination or (B) do not become exercisable at the
time of such termination pursuant to the terms of this Agreement, and (ii) as to all of the Optioned Shares that are exercisable (but unexercised) on the date of termination of your employment, on the first to occur of the events listed in
(a) through (d) below: 
 (a) Expiration of the Option Period; or 

(b) Immediately, upon the termination of your employment for Cause; or 

(c) Expiration of three months after termination of your employment with the Company (or one or more of its affiliates) for any reason other
than death, Disability, Retirement or Cause; and this Agreement shall be of no further validity or effect, except with respect to Optioned Shares previously purchased; or 

(d) Expiration of one year after termination of your employment with the Company (or one or more of its affiliates) by reason of death,
Disability or Retirement; and this Agreement shall be of no further validity or effect, except with respect to Optioned Shares previously purchased. 

9. Reservation of Shares. During the Option Period, the Company will reserve from its authorized and unissued Common Stock, or from its
treasury stock (or part from both), a sufficient number of shares to provide for the delivery of the Optioned Shares upon exercise of the Option in accordance herewith and subject to the provisions of Section 7 hereof. If the Option should
expire, lapse or otherwise become unexercisable for any reason specified in or contemplated by this Agreement or the Plan, to the extent that the Option shall not have been exercised as to the full number of the Optioned Shares subject thereto, the
unpurchased Optioned Shares shall be deemed freed automatically from any such reservation and shall become immediately available for issuance and delivery pursuant to other option agreements under the Plan. 

10. Corporate Law Status of Shares. The shares of Common Stock issuable upon exercise of the Option in accordance herewith, upon issuance,
delivery and payment for such shares in accordance with Section 7 of this Agreement, shall constitute validly issued and outstanding shares of capital stock of the Company. When so paid for, such shares will be fully

  
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paid and non-assessable. Throughout the Option Period (subject to the foreshortening thereof under Section 8 hereof), the Company will have full legal right and authority to issue and
deliver the Optioned Shares as contemplated by this Agreement. You shall have none of the rights of a shareholder until the Optioned Shares are in fact issued and delivered to you. 

11. Adjustments in Optioned Shares. In the event of any changes in the capital structure or reorganization of the Company during the term of
this Agreement, the provisions of Section 17(a) of the Plan shall apply. 
 12. Restrictions on Transferability. Except as provided in
Section 6 hereof, neither the Option nor any of your rights, interests or benefits thereunder or hereunder shall be subject to voluntary or involuntary assignment, transfer, pledge, hypothecation or other form of absolute or conditional
alienation or disposition, directly or indirectly. The Option shall be unexercisable during any period in which there is in effect, and may be terminated in all respects by the Company in the event of, a purported assignment of the Option or of any
such rights, interests or benefits thereunder or under this Agreement, except as provided in Section 6 hereof. 
 13. Modification and
Waiver. No modification or waiver of any of the provisions of this Agreement shall be binding upon either the Company or you unless made in writing and signed by you and countersigned on behalf of the Company by an executive officer thereof (other
than you, if you should be or become such an officer). 
 14. Binding Effect. Except as provided in Section 12 hereof, this Agreement
shall be binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives, successors and assigns. 
 15.
Resolution of Controversies. Any dispute or disagreement that may arise under, or in any way may relate to, the interpretation, construction or application of this Agreement shall be subject to determination by the Committee after appropriate notice
to the affected parties and reasonable opportunity to be heard by the Committee. Any determination made by the Committee shall be final, binding and conclusive for all purposes. 

16. Notices. All notices, requests, demands, or other communications required, permitted or contemplated by this Agreement shall be deemed
effectively served, delivered or otherwise made (a) upon receipt if manually delivered, or (b) upon the delivery date shown on the returned receipt (or if delivery is refused on the date presented for delivery) if mailed by the United
States registered or certified mail, postage prepaid, return receipt requested, and if intended for the Company, directed to the Committee’s attention in care of People’s United Bank, 850 Main Street, Bridgeport, Connecticut 06604; or if
intended for you, directed to you at the address set forth below immediately following your signature. Either party may, by notice delivered in accordance with this Section, notify the other party of a different address for all future notices, which
will be effective upon delivery to the other party. 

  
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 17. Non-Solicitation. During the period of your employment with the Company or any of its
affiliates, and for a period of              months after the cessation of your employment for any reason, whether with or without Cause, you will not, directly or indirectly, on
your own behalf or on behalf of any other person, and whether through your own efforts or through the efforts or employing the assistance of any other person (including without limitation any consultant or any person employed by or associated with
any person with whom you become employed or associated): 
  

	 	a)	call on or solicit in any manner any customer of the Company or any of its affiliates for the purpose of doing business of the type done by the Company or any of its affiliates with such customer. For purposes of this
Agreement, “customer” means any individual, firm, partnership, corporation, or other entity or person (i) currently doing business or who has done business with the Company or any of its affiliates in the 12 months prior to the
cessation of your employment, or (ii) any prospective customer that you know to be a prospective customer of the Company or any of its affiliates and with whom the Company or any of its affiliates is in discussion with and reasonably expects to
do business; or 

  

	 	b)	Solicit or otherwise induce any employee of the Company or any of its affiliates to leave the employ of the Company or any of its affiliates. 

To the extent the terms of this Section 17 are less restrictive (from your perspective) than comparable non-solicitation restrictions
agreed to by you pursuant to any Option agreement or Restricted Stock agreement dated prior to the date hereof (collectively, the “Prior Agreements”), the terms of this Section 17 shall supersede and replace the comparable
non-solicitation provisions in each such Prior Agreement. 
 By accepting and agreeing to the terms of this Agreement, you acknowledge that
your receipt of the grant of the Award evidenced by this Agreement represents adequate consideration for the undertaking set forth in this Section 17. 

18. Revocation of Grant. No later than forty-five (45) days after the Grant Date (the “Acceptance Date”), you must
formally accept and agree to the terms and conditions of the Option as set forth in this Agreement. You must do so (a) electronically, if you are directed to do so at the time your Option is formally communicated to you and you receive a copy
of this Agreement, or (b) by returning a signed copy of this Agreement to the Manager of Executive Rewards in the Human Resources Department, 850 Main Street, BC-03, Bridgeport, CT 06604 so that it is received no later than the
close of business on the Acceptance Date. If you do not accept and agree to the terms and conditions of the Option as set forth in this Agreement by the Acceptance Date, the Option evidenced hereby shall be null and void, and shall be deemed to have
been revoked, on the first business day following the Acceptance Date. If the 45th day after the Grant Date is not a business day, the Acceptance Date will be the first business day after such 45th day. A business day is any day other than a Saturday, a Sunday, or a day on which the Company’s banking offices in Connecticut are not scheduled to be open for business. 

19. Severability. In case any covenant, condition, term or provision contained in this Agreement shall be held to be invalid, illegal or
unenforceable in any respect, in whole or in part, by a judgment, order or decree of any court of competent jurisdiction, from which judgment, order or decree no further appeal or petition for review is available, the validity of the remaining
covenants, conditions, terms and provisions contained in this Agreement, and the validity of the remaining part of any term or provision held to be partially invalid, illegal or unenforceable, shall in no way be affected, prejudiced or disturbed
thereby. 

  
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 20. Entire Agreement. This Agreement and the Plan contain all understandings between you and the
Company and any of its affiliates regarding the Optioned Shares. No other communications regarding the Optioned Shares are to be considered binding upon you and the Company unless they are identified as amendments to this Agreement, are in writing
and are signed by you and the Company as provided in this Agreement. 
 Approval and Acceptance 

The Award evidenced by this Agreement was approved by the Board of Directors (or by a duly authorized committee of the Board, or by the Chief Executive
Officer acting pursuant to delegated authority) of the Company on the Grant Date. Your acceptance of the Award evidenced by this Agreement, whether electronically, by email or in such other form as is permitted by the Company, also evidences your
intent to be legally bound by the terms of this Agreement effective as of the Grant Date, regardless of the date of your acceptance. 

  
 7

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