People's United Financial Form 4 / R David Rosato ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Rosato R David

(Last)

(First)

(Middle)

PEOPLE'S UNITED BANK, N.A.

850 MAIN STREET

(Street)

BRIDGEPORT

06604

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
People's United Financial, Inc. [ PBCT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Sr EVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/01/2022		D⁽¹⁾⁽²⁾		169,490⁽²⁾⁽³⁾	D	⁽¹⁾⁽²⁾	0.00	D
Common Stock	04/01/2022		A⁽¹⁾⁽⁴⁾		50,664⁽⁴⁾	A	$0.00	50,664	D
Common Stock	04/01/2022		D⁽¹⁾⁽⁴⁾		50,664⁽⁴⁾	D	⁽¹⁾⁽⁴⁾	0.00	D
Common Stock	04/01/2022		D⁽¹⁾		355⁽¹⁾	D	⁽¹⁾	0.00	I	IRA f/b/o Dana Rosato
Common Stock	04/01/2022		D⁽¹⁾		120⁽¹⁾	D	⁽¹⁾	0.00	I	IRA f/b/o Kevin Rosato
Series A Nonconvertible Perpetual Preferred Stock	04/01/2022		D⁽¹⁾⁽⁵⁾		3,232	D	⁽¹⁾⁽⁵⁾	0.00	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Option to Buy	$14.12	04/01/2022		D⁽⁶⁾			80,157	⁽⁷⁾	05/15/2024	Common Stock	80,157	⁽⁶⁾	0.00	D
Employee Option to Buy	$14.85	04/01/2022		D⁽⁶⁾			169,521	⁽⁸⁾	02/19/2025	Common Stock	169,521	⁽⁶⁾	0.00	D
Employee Option to Buy	$14.565	04/01/2022		D⁽⁶⁾			99,390	⁽⁹⁾	02/18/2026	Common Stock	99,390	⁽⁶⁾	0.00	D
Employee Option To Buy	$19.165	04/01/2022		D⁽⁶⁾			66,366	⁽¹⁰⁾	02/16/2027	Common Stock	66,366	⁽⁶⁾	0.00	D
Employee Option to Buy	$19.707	04/01/2022		D⁽⁶⁾			63,464	⁽¹¹⁾	02/15/2028	Common Stock	63,464	⁽⁶⁾	0.00	D
Employee Option to Buy	$17.6275	04/01/2022		D⁽⁶⁾			70,721	⁽¹²⁾	02/21/2029	Common Stock	70,721	⁽⁶⁾	0.00	D
Employee Option to Buy	$16.215	04/01/2022		D⁽⁶⁾			85,153	⁽¹³⁾	02/20/2030	Common Stock	85,153	⁽⁶⁾	0.00	D
Employee Option to Buy	$15.285	04/01/2022		D⁽⁶⁾			53,464	⁽¹⁴⁾	02/18/2031	Common Stock	53,464	⁽⁶⁾	0.00	D
Employee Option to Buy	$20.9325	04/01/2022		D⁽⁶⁾			29,493	⁽¹⁵⁾	02/17/2032	Common Stock	29,493	⁽⁶⁾	0.00	D

Explanation of Responses:

1. On April 1, 2022, pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), Bridge Merger Corp. ("Merger Sub"), a direct, wholly owned subsidiary of M&T Bank Corporation ("M&T"), merged with and into People's United Financial, Inc., a Delaware corporation ("People's United") with People's United as the surviving entity (the "Merger") and People's United then merged with and into M&T, with M&T as the surviving entity. Pursuant to the Merger Agreement, each issued and outstanding share of People's United common stock was converted into the right to receive 0.118 of a share of M&T (the "exchange ratio").

2. Includes 30,449 shares of People's United restricted stock subject to time-based vesting conditions. Pursuant to the Merger Agreement, at the effective time of the Merger, such People's United restricted shares were converted into restricted shares of M&T common stock equal to the number of People's United restricted shares multiplied by the exchange ratio (rounded up or down to the nearest whole share). Except as provided in the Merger Agreement, all shares of M&T common stock received in respect of such shares of People's United restricted stock will remain subject to the same time-based vesting conditions applicable to the original award.

3. Includes 5,324 shares owned indirectly through the People's United Financial, Inc. Employee Stock Ownership Plan (including 46 shares acquired through dividend reinvestment). Information is based on 3/31/2022 Plan statement.

4. The reporting person was previously granted People's United performance share units which provided for delivery of shares of People's United's common stock upon the achievement of specified performance criteria. Pursuant to the Merger Agreement, at the effective time of the Merger, the People's United outstanding performance share units were deemed earned based on the greater of target and actual level of performance through the effective time of the Merger (as reasonably determined by the compensation committee of the People's United board of directors), and each such performance share unit was cancelled and the reporting person became entitled to receive time-vesting restricted share units denominated in shares of M&T common stock, as set forth in the Merger Agreement, in an amount calculated by multiplying the number of earned performance share units (including any applicable dividend equivalents) by the exchange ratio (rounded up or down to the nearest whole number).

5. Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, of People's United, was converted into the right to receive a share of M&T's Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H.

6. At the effective time of the Merger, each outstanding option to purchase shares of People's United common stock (a "People's United Option") ceased to represent an option to purchase shares of People's United common stock and was converted into an option to purchase a number of shares of M&T common stock (an "M&T Option") equal to the product (rounded down to the nearest whole number) of (1) the number of shares of People's United common stock subject to such People's United Option immediately prior to the effective time of the Merger and (2) the exchange ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (a) the exercise price per share of People's United common stock of such People's United Option immediately prior to the effective time of the Merger divided by (b) the exchange ratio.

7. These options vest in annual increments on 6/1/15 (33 1/3%); 6/1/16 (33 1/3%); and 6/1/17 (33 1/3%).

8. These options vest in annual increments on 3/1/16 (33 1/3%); 3/1/17 (33 1/3%); and 3/1/18 (33 1/3%).

9. These options vest in annual increments on 3/1/17 (33 1/3%); 3/1/18 (33 1/3%); and 3/1/19 (33 1/3%).

10. These options vest in annual increments on 3/1/18 (33 1/3%); 3/1/19 (33 1/3%); and 3/1/20 (33 1/3%).

11. These options vest in annual increments on 3/1/19 (33 1/3%); 3/1/20 (33 1/3%); and 3/1/21 (33 1/3%).

12. These options vest in annual increments on 3/1/20 (33 1/3%); 3/1/21 (33 1/3%); and 3/1/22 (33 1/3%).

13. These options vest in annual increments on 3/1/21 (33 1/3%); 3/1/22 (33 1/3%); and 3/1/23 (33 1/3%).

14. These options vest in annual increments on 3/1/22 (33 1/3%); 3/1/23 (33 1/3%); and 3/1/24 (33 1/3%).

15. These options vest in annual increments on 3/1/23 (33 1/3%); 3/1/24 (33 1/3%); and 3/1/25 (33 1/3%).

Remarks:

	/s/ R. David Rosato	04/01/2022
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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People's United Financial (PBCT) Form 4People's United Financial / R David Rosato ownership change