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

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, 04:31 PM
Previous filing
Mar 3, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PBCT Common Stock Disposed to Issuer -39.2K -100% 0 Apr 1, 2022 Direct F1, F2, F3
transaction PBCT Common Stock Award $0 +20.6K $0.00 20.6K Apr 1, 2022 Direct F1, F4
transaction PBCT Common Stock Disposed to Issuer -20.6K -100% 0 Apr 1, 2022 Direct F1, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PBCT Employee Option To Buy Disposed to Issuer -23K -100% 0 Apr 1, 2022 Common Stock 23K $19.17 Direct F5, F6
transaction PBCT Employee Option to Buy Disposed to Issuer -21.5K -100% 0 Apr 1, 2022 Common Stock 21.5K $19.71 Direct F5, F7
transaction PBCT Employee Option to Buy Disposed to Issuer -28.7K -100% 0 Apr 1, 2022 Common Stock 28.7K $17.63 Direct F5, F8
transaction PBCT Employee Option to Buy Disposed to Issuer -34.6K -100% 0 Apr 1, 2022 Common Stock 34.6K $16.22 Direct F5, F9
transaction PBCT Employee Option to Buy Disposed to Issuer -21.7K -100% 0 Apr 1, 2022 Common Stock 21.7K $15.29 Direct F5, F10
transaction PBCT Employee Option to Buy Disposed to Issuer -12K -100% 0 Apr 1, 2022 Common Stock 12K $20.93 Direct F5, F11
* 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 was converted into the right to receive 0.118 of a share of M&T (the "exchange ratio").
F10 These options vest in annual increments on 3/1/22 (33 1/3%); 3/1/23 (33 1/3%); and 3/1/24 (33 1/3%).
F11 These options vest in annual increments on 3/1/23 (33 1/3%); 3/1/24 (33 1/3%); and 3/1/25 (33 1/3%).
F2 Includes 27,362 shares of People's United restricted stock subject to time-based vesting conditions. Pursuant to the Merger Agreement, at the effective time of the Merger, such People's United restricted shares were converted into restricted shares of M&T common stock equal to the number of People's United restricted shares multiplied by the exchange ratio (rounded up or down to the nearest whole share). Except as provided in the Merger Agreement, all shares of M&T common stock received in respect of such shares of People's United restricted stock will remain subject to the same time-based vesting conditions applicable to the original award.
F3 Includes 1,374 shares owned indirectly through the People's United Financial, Inc. Employee Stock Ownership Plan (including 12 shares acquired through dividend reinvestment). Information is based on 3/31/22 Plan statement.
F4 The reporting person was previously granted People's United performance share units which provided for delivery of shares of People's United's common stock upon the achievement of specified performance criteria. Pursuant to the Merger Agreement, at the effective time of the Merger, the People's United outstanding performance share units were deemed earned based on the greater of target and actual level of performance through the effective time of the Merger (as reasonably determined by the compensation committee of the People's United board of directors), and each such performance share unit was cancelled and the reporting person became entitled to receive time-vesting restricted share units denominated in shares of M&T common stock, as set forth in the Merger Agreement, in an amount calculated by multiplying the number of earned performance share units (including any applicable dividend equivalents) by the exchange ratio (rounded up or down to the nearest whole number).
F5 At the effective time of the Merger, each outstanding option to purchase shares of People's United common stock (a "People's United Option") ceased to represent an option to purchase shares of People's United common stock and was converted into an option to purchase a number of shares of M&T common stock (an "M&T Option") equal to the product (rounded down to the nearest whole number) of (1) the number of shares of People's United common stock subject to such People's United Option immediately prior to the effective time of the Merger and (2) the exchange ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (a) the exercise price per share of People's United common stock of such People's United Option immediately prior to the effective time of the Merger divided by (b) the exchange ratio.
F6 These options vest in annual increments on 3/1/18 (33 1/3%); 3/1/19 (33 1/3%); and 3/1/20 (33 1/3%).
F7 These options vest in annual increments on 3/1/19 (33 1/3%); 3/1/20 (33 1/3%); and 3/1/21 (33 1/3%).
F8 These options vest in annual increments on 3/1/20 (33 1/3%); 3/1/21 (33 1/3%); and 3/1/22 (33 1/3%).
F9 These options vest in annual increments on 3/1/21 (33 1/3%); 3/1/22 (33 1/3%); and 3/1/23 (33 1/3%).