|
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 Peopl
| 
