Exhibit 10.14(c)
AMENDMENT THREE TO THE PEOPLE’S BANK
ENHANCED SENIOR PENSION PLAN
This Amendment to the People’s Bank Enhanced Senior Pension Plan (the “Plan”) is made as of October 4, 2004, except as otherwise hereinafter specifically provided, by People’s United Bank (the “Bank”).
WHEREAS, the Bank adopted the Plan as of January 1, 1997 for the benefit of certain senior executives meeting certain eligibility requirements; and
WHEREAS, Section 11(a) of the Plan provides that the Human Resources Committee of Bank may amend the Plan from time to time subject to certain limitations; and
WHEREAS, the American Jobs Creation Act of 2004 added Section 409A to the Internal Revenue Code of 1986, as amended; and
WHEREAS, Bank has been advised that in order to comply with the provisions of Section 409A, amendments to the Plan are necessary or advisable to remove the requirements that the Bank transfer funds to the Trustee (as defined in the Plan) in the event of a Credit Rating Reduction as heretofore defined in the Plan and that certain other amendments are so necessary or advisable, but may be made in 2008; and
WHEREAS, Section 11(c) may be construed to provide that certain participant and beneficiary votes be obtained before changing such provisions and such votes have been obtained; and
WHEREAS, the Bank previously changed (the “Grade Change”) its salary grade designations and those equivalent to grade 10 and above are grade 65O and above; and
WHEREAS, Peoples United Bank a federally chartered savings bank is the corporate successor to People’s Bank, a Connecticut chartered capital stock savings bank; and
WHEREAS, the Human Resources Committee has determined that other amendments should be made to reflect changes in the corporate structure of the Bank and its parent and in the name of the Bank.
NOW, THEREFORE, the Plan is hereby amended as follows, effective as of October 4, 2004 except as otherwise specifically provided herein:
1. There is hereby added to the end of Section 1 the following sentences, effective as of June 7, 2007.
“Benefits under this Plan are intended to supplement benefits to the ERP and the Cap Plan. ‘ERP’ shall refer to the plan which prior June 7, 2007 was known as the People’s Bank Employees’ Retirement Plan, and on and after June 7, 2007 has been known as the People’s United Bank Employees’ Retirement Plan. ‘Cap Plan’ shall refer to the plan which prior to June 7, 2007 was known as the People’s Bank Cap Excess Plan, and on and after June 7, 2007 has been known as the People’s United Bank Cap Excess Plan”.
2. Section 2 (i) is hereby deleted in its entirety and intentionally left blank.
3. Section 2(o) is hereby amended to read in its entirety as follows:
“Interim Valuation Requirement Date” shall mean the last date of each fiscal year of the Bank.”
4. Section 2(q) is hereby amended to read in its entirety as follows as of April 16, 2007:
“ ‘Parent’ shall mean People’s United Financial, Inc., a Delaware corporation, or its corporate successor or assigns; and the determination of whether any corporation or other entity is a successor or assign of said People’s United Financial, Inc., for purposes of this Agreement shall be made by the CEO or, in the event there is no then acting CEO, by the Board of Directors of the Bank.”
5. Section 2(s) is hereby amended effective June 7, 2007, to read as follows:
“The ‘Plan’ shall mean this People’s United Bank Enhanced Senior Pension Plan as amended through the date hereof and as it may be amended from time to time hereafter. The Plan until on or about June 7, 2007 was known as the People’s Bank Enhanced Senior Pension Plan.”
6. Subsection (b) of Section 3 is hereby amended to read in its entirety as follows:
“(b) Each other Employee who is such on or after the Effective Date and prior to August 14, 2006 shall become a Participant as of the date he meets the following requirements:
(i) has a salary grade of 65O or higher; or prior to the Grade Change had a salary grade of 10 or higher; and
(ii) has attained age fifty (50) or older.
The term “Grade Change” shall refer to the time the Bank changed its salary grading system making grades 10 and above equivalent to grades 65O and above.”
7. Section 5 (d) is hereby deleted in its entirety.
8. Section 7 is hereby amended by (a) changing its title to read in its entirety as “Trust and Change in Control”, and (b) amending subsection (e) thereof to read in its entirety as follows:
“(e) (i) No more than sixty (60) days after the last day of each fiscal year of the Bank, 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 |
| 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. |
(ii) Any Actuary’s certification delivered pursuant to this subsection (e) may rely on the Trustee’s estimate of expenses to be included in the computation of such Interim Funding Amount.”
IN WITNESS WHEREOF, People’s United Bank, corporate successor to People’s Bank hereby executes this Amendment to be effective as of the dates above provided.
PEOPLE’S UNITED BANK | ||
By | /s/ Philip R. Sherringham | |
| Philip R. Sherringham | ||
| Its Acting President and CEO | ||