Mark W. Richards - Apr 1, 2022 Form 4 Insider Report for People's United Financial, Inc. (PBCT)

Role
Director
Signature
/s/ Kristy Berner, attorney-in-fact
Stock symbol
PBCT
Transactions as of
Apr 1, 2022
Transactions value $
$0
Form type
4
Date filed
4/4/2022, 11:07 AM
Previous filing
Dec 14, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PBCT Common Stock Disposed to Issuer -259K -100% 0 Apr 1, 2022 Direct F1, F2
transaction PBCT Common Stock Disposed to Issuer -67.1K -100% 0 Apr 1, 2022 Held by M. Richards Irrevocable Trust F1
transaction PBCT Common Stock Disposed to Issuer -4.77K -100% 0 Apr 1, 2022 Held by daughter F1
transaction PBCT Series A Nonconvertible Perpetual Preferred Stock Disposed to Issuer -8K -100% 0 Apr 1, 2022 Held by M. Richards Irrevocable Trust F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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, including each restricted share award held by non-employee directors, was converted into the right to receive 0.118 of a share of M&T (the "exchange ratio").
F2 Includes 66,356 investment units accrued under the Chittenden Corporation Deferred Compensation Plan (including 569 units accrued due to the deemed reinvestment of dividend equivalents and reflecting settlement of 19,816 investment units by delivery of equal number of shares of common stock on January 21, 2022). Each investment unit corresponds to one share of common stock.
F3 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.