FBNK First Connecticut Bancorp, Inc. (delisted)

On October 1, 2018, pursuant to the terms and conditions of the Merger Agreement, the Merger was consummated. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “ Effective Time ”), holders of Company common stock, par value $0.01 per share (“ First Connecticut Common Stock ”), became entitled to receive 1.725 shares (the “ Exchange Ratio ”) of People’s United common stock, par value $0.01 per share (“ People’s United Common Stock ”), for each share of First Connecticut Common Stock issued and outstanding immediately prior to the Effective Time (other than shares held in treasury by the Company or otherwise owned by the Company or People’s United (with limited exceptions)), with cash payable in lieu of any fractional shares.

At the Effective Time, each option granted by the Company to purchase shares of First Connecticut Common Stock under the Company stock incentive plans that was outstanding and unexercised immediately prior to the Effective Time (the “ First Connecticut Options ”) that vested on or prior to the Effective Time (a “ Vested First Connecticut Option ”), was cancelled and converted automatically into the right to receive a number of shares of People’s United Common Stock equal to the quotient of (i) the product of (A) the number of shares of First Connecticut Common Stock subject to such First Connecticut Option multiplied by (B) the excess, if any, of (1) the product of (x) the Exchange Ratio and (y) the People’s United Share Closing Price (as defined below) over (2) the exercise price per share of First Connecticut Common Stock of such First Connecticut Option, divided by (ii) $17.30, which is the average closing-sale price of the People’s United Common Stock for the five full trading days ending on the trading day immediately preceding October 1, 2018 (the “ People’s United Share Closing Price ”), net of applicable tax withholdings, with cash payable in lieu of any fractional shares. At the Effective Time, each First Connecticut Option that was not a Vested First Connecticut Option that was outstanding and unexercised immediately prior to the Effective Time (an “ Unvested First Connecticut Option ”) was cancelled, and in consideration of such cancellation, People’s United granted the holder of such Unvested First Connecticut Option a substitute option (a “ Substitute Stock Option ”) to acquire a number of shares of People’s United Common Stock (rounded down to the nearest whole share) equal to the product of (i) the number of shares of First Connecticut Common Stock subject to such Unvested First Connecticut Option immediately prior to the Effective Time multiplied by (ii) the Exchange Ratio at an exercise price per share of People’s United Common Stock (rounded up to the nearest whole cent) equal to (A) the per share exercise price for the shares of First Connecticut Common Stock purchasable pursuant to such First Connecticut Option divided by (B) the Exchange Ratio, and having the same vesting and exercise conditions as applicable, prior to the Effective Time, to such Unvested First Connecticut Option to which such Substitute Stock Option relates. In addition, at the Effective Time, each performance-based restricted stock unit that was granted by the Company under the Company stock incentive plans that was outstanding immediately prior to the Effective Time (the “ First Connecticut PSUs ”), whether or not then vested or free of conditions to payment, automatically and without any action on the part of the holder thereof, was cancelled and converted automatically into the right to receive a number of shares of People’s United Common Stock equal to the product of (i) the number of shares of First Connecticut Common Stock subject to such First Connecticut PSU at the target level of performance applicable to such First Connecticut PSU, as determined in accordance with the applicable award agreement pursuant to which such First Connecticut PSU was granted, multiplied by (ii) the Exchange Ratio, net of applicable tax withholdings, with cash payable in lieu of any fractional shares.