Nancy McAllister - 01 Apr 2022 Form 4 Insider Report for People's United Financial, Inc.

Role: Director
Signature: /s/ Kristy Berner, attorney-in-fact
Issuer symbol: N/A
Transactions as of: 01 Apr 2022
Net transactions value: $0
Form type: 4
Filing time: 04 Apr 2022, 11:08:12 UTC
Previous filing: 01 Mar 2022
Next filing: 02 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PBCT	Common Stock	Disposed to Issuer		-58,624	-100%		0	01 Apr 2022	Direct	F1
transaction	PBCT	Series A Nonconvertible Perpetual Preferred Stock	Disposed to Issuer		-8,000	-100%		0	01 Apr 2022	Direct	F1, F2

* 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	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.

Content

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").

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.