People's United Financial, Inc.
EXHIBIT 10.28(A)
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.28(a) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">AMENDMENT NUMBER 1 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">TO THE </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">THE CHITTENDEN CORPORATION DEFERRED COMPENSATION PLAN </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Amendment No.&nbsp;1 to the Chittenden Corporation Deferred
Compensation Plan effective January&nbsp;1, 2007 (the &#147;Plan&#148;) hereby further amends the Plan as described below pursuant to authority granted by the Board. This Amendment No.1 shall be effective as of December&nbsp;1, 2005 except as
otherwise specifically provided herein. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amounts credited to the Chittenden Stock Equivalent Account described in Section&nbsp;5.1 of the Plan as of December&nbsp;31, 2007 were converted into cash equivalents at the
per-share &#147;Cash Consideration&#148; amount determined pursuant to the Agreement and Plan of Merger dated as of June&nbsp;26, 2007 between People&#146;s United Financial, Inc. and Chittenden Corporation effective January&nbsp;1, 2008. Effective
January&nbsp;1, 2008, the Chittenden Stock Equivalent Account as referenced under Section&nbsp;5.1 is eliminated under the Plan and all credits converted into cash equivalents as noted above, as well as all other deferrals under the Plan on and
after January&nbsp;1, 2008, shall be credited to the Cash With Interest Account as described in Section&nbsp;5.1 notwithstanding Participant elections to the contrary. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Effective December&nbsp;31, 2008 the Plan shall be frozen, subject to the following: (a)&nbsp;there shall be no new Participants under the Plan; (b)&nbsp;there shall be no further
Voluntary Deferrals under Section&nbsp;3.1 of the Plan; and (c)&nbsp;except as otherwise provided herein, investment credits shall continue to apply to Participants&#146; outstanding Accounts until distribution of the entire balance of such Accounts
in accordance with Plan terms. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By adding Section&nbsp;1.16 <B>Separation from Service </B>as follows: </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>&#147;Separation from Service </B>means the date the Participant experiences a &#147;separation from service&#148; (as that term is defined at Section&nbsp;1.409A-1(h)&nbsp;of the Treasury Regulations) from the
Employer and from all other corporations and trades or businesses, if any, that would be treated as a single &#147;service recipient&#148; with the Employer under Section&nbsp;1.409A-1(h)(3) of the Treasury Regulations.&#148; </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By capitalizing the reference to &#147;separation from service&#148; under Section&nbsp;6.1(a)(i). </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.2 (a)&nbsp;<B>Accounts Attributable to Deferrals on and after January&nbsp;1, 2005 </B>is amended by deleting the reference to &#147;and the participant remains an
Eligible Executive or Eligible Director during such one year period&#148; under sub-clause (i)&nbsp;of said sub-section (a). </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.2(b) is amended by replacing the last paragraph with the following: </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">&#147;Notwithstanding the foregoing, a Participant who has previously made a distribution election (time and/or form of payment election) relative to deferrals covered by this subsection may change such election
without regard to the above restrictions in accordance election materials delivered to a Participant on behalf of the Committee, provided such election changes are made in accordance with applicable regulations under Code Section&nbsp;409A,
including IRS Notices 2006-79 and 2007-78, including that such elections be irrevocably made prior to December&nbsp;31, 2006, 2007 or 2008, as applicable, and further provided that such elections do not apply to amounts that would otherwise have
been payable to the Participant in 2006, 2007 or 2008, as applicable, or cause a payment to be accelerated to 2006, 2007 or 2008, as applicable.&#148; </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.4 <B>Delay in Distributions </B>is amended by replacing the entire provision with the following: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#147;A scheduled payment shall normally be paid within 30 days of the scheduled payment date, but
under no circumstances shall a scheduled payment be made later than the end of the calendar year in which the scheduled payment date falls, or if later, by the 15</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> day of the third calendar month following the scheduled payment date. Further, the Committee may direct that a scheduled payment be made up to 30 days before the designated payment date. Under no circumstances,
however, shall a Participant or Beneficiary be permitted, directly or indirectly, to designate the taxable year of the payment under this paragraph.&#148; </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.2 <B>Distribution Upon a Change in Control Event </B>is amended by replacing the first sentence of said section with the following: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;A Participant may be permitted to make a one-time election on the Participant&#146;s initial Election Form (or as part of a transition election that
is made available under Section&nbsp;6.2(b)) to have his or her Account distributed at a different time and/or in a different form upon the occurrence of a Change in Control Event in accordance with the provisions of an Election Form made available
to the Participant by the Committee; provided, however, that no such election may be made after December&nbsp;31, 2007. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In WITNESS WHEREOF, the Corporation has caused this Amendment Number 1 to the Chittenden Corporation
Deferred Compensation Plan to be executed by its officer duly authorized. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">People&#146;s United Financial, Inc. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">as successor by merger to </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Chittenden Corporation </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Robert E. Trautmann</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Robert E. Trautmann</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">12/29/08</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>

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