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