Document:

THE PHOENIX COMPANIES, INC

EXHIBIT 10.18

THE PHOENIX COMPANIES, INC.
NONQUALIFIED SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN B 

As amended and restated effective January 1, 2008

 

ARTICLE
I.  PURPOSE AND EFFECTIVE DATE

1.1

Purpose
 The Phoenix Companies, Inc. Nonqualified Supplemental Executive Retirement
Plan B is intended to provide retirement benefits for certain employees which
are not provided under The Phoenix Companies, Inc. Employee Pension Plan by
reason of (a) the exclusion of Incentive Compensation under an Incentive
Compensation plan designated in Section 2.10 hereof from the definition of
Earnings; (b) the limitation on Earnings that may be taken into account under
The Phoenix Companies, Inc. Employee Pension Plan as set forth in Code section
401(a)(17); or (c) the exclusion of amounts deferred under any other deferred
compensation program of the Employer from the definition of Earnings.  The
Phoenix Companies, Inc. Nonqualified Supplemental Executive Retirement Plan B is
intended to be an unfunded plan maintained primarily for the purpose of
providing deferred compensation for a select group of management or highly
compensated employees (see Article IX).

1.2

Effective
Date  The Phoenix Companies, Inc. Nonqualified Supplemental
Executive Retirement Plan B was first effective August 1, 2004, was amended
effective as of April 28, 2005, and was amended and restated effective as of
July 1, 2007.  This amendment and restatement shall be effective as of
January 1, 2008.

ARTICLE
II.

DEFINITIONS

Unless
the context otherwise indicates, words and phrases capitalized and not otherwise
defined herein are terms defined in the Pension Plan and have the same meaning
ascribed to them under the Pension Plan.

2.1

"Accrued
Benefit" means, as of the relevant date, the benefit accrued by a Participant in
accordance with the terms of this Supplemental Plan B as defined in the Pension
Plan.

2.2

"Beneficiary"
means the Beneficiary designated under the Pension Plan, except that the
Participant may designate a Beneficiary hereunder by delivering to the Plan
Administrator a written designation of Beneficiary specifically made with
respect to this Plan on a form approved by the Plan Administrator.

2.3

"Benefit
Plans Committee" means the committee, which shall be composed of the Chief
Executive Officer, the Chief Financial Officer and the Chief Investment Officer,
or 
any other person(s) designated by the Chief Executive Officer, to
administer and manage the Plan.

2.4

"Code"
means the Internal Revenue Code of 1986, as amended.

2.5

"Earnings"
means earnings as defined in the Pension Plan.

2.6

"Employer"
means Phoenix Life Insurance Company and any affiliated employer that adopts the
Supplemental Plan B with the consent of the Benefit Plans Committee.

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2.7

"Excess
Benefit Plan" means The Phoenix Companies, Inc. Excess Benefit Plan, a plan
maintained by the Employer for the purpose of providing benefits for certain
Employees in excess of the limitations imposed by Code section 415.

2.8

"Final
Average Earnings" means the average earnings as defined in the Pension Plan.

2.9

"Grandfathered
Participant" means a Participant designated as a "Grandfathered Participant"
under the Pension Plan.

2.10

"Incentive
Compensation" means compensation payable under Performance Incentive Plan, the
Mutual Incentive Plan, the Annual Incentive Plan, the Investment Incentive Plan,
and/or any successor incentive plan or such other incentive compensation
arrangements as may be designated from time to time by the Compensation
Committee of the Board of Directors of The Phoenix Companies, Inc., the Chief
Executive Officer, or the Benefit Plans Committee.

2.11

"Participant"
means an employee who meets the eligibility requirements of Article III under
the Supplemental Plan B.

2.12

"Participating
Employer" means each corporation that has adopted this Supplemental Plan B with
the consent of the Benefit Plans Committee in accordance with 
Article
XII.

2.13

"Pension
Equity Benefits" means the benefits provided under Appendix V of the Pension
Plan.

2.14

"Pension
Plan" means The Phoenix Companies, Inc. Employee Pension Plan, a defined benefit
pension plan maintained by the Employer, as it may be amended from time to
time.

2.15

"Plan
Administrator" means the Benefit Plans Committee or the person designated as
such by the Benefit Plans Committee. 

2.16

"Rehired
Participant" has the meaning ascribed thereto in Section 4.2. 

2.17

“Retirement”
means termination of service after having satisfied the age and/or service
criteria to retire in accordance with the terms of the Pension Plan.

2.18

“Separation
from Service” shall have the meaning set forth and described in the final
regulations promulgated under Code section 409A.

2.19

"Supplemental
Plan B" means The Phoenix Companies, Inc. Nonqualified Supplemental Executive
Retirement Plan B as set forth in this document and as amended from time to
time.

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ARTICLE
III.

ELIGIBILITY

3.1

Individuals
who do not participate and are not eligible to participate in, or are no longer
eligible to participate in, The Phoenix Companies, Inc. Nonqualified
Supplemental Executive Retirement Plan, as amended and restated effective
January 1, 2008, will be eligible 
to participate in this Supplemental Plan B
in accordance with Section 3.2.

3.2

On
or after August 1, 2004, any Highly Compensated Employee, as defined under the
Pension Plan, of the Employer or any Participating Employer, that has been
approved by the Chief Executive Officer of the Employer, whose retirement
benefits under the Employee Pension Plan are limited by reason of the exclusion
of Incentive Compensation or deferred compensation amounts from the definition
of Earnings or the limitation set forth in Code section 401(a)(17) shall be
eligible for benefits under this Supplemental Plan B effective as of the date so
approved. 

ARTICLE
IV.

BENEFITS

4.1

Actively
At Work on or After August 1, 2004  The amount of benefits provided
under this Supplemental Plan B effective July 1, 2007 for Participants actively
at work on August 1, 2004 or thereafter shall be the excess of (a) over (b)
where:

(a)

is
the sum of:

(i)

the
amount of benefit that would have been provided under the Pension Plan,
excluding any Pension Equity Benefits, if the exclusion of Incentive
Compensation or deferred compensation amounts from the definition of Earnings
and the limitation set forth in Code section 401(a)(17) did not apply; provided,
however, that in determining the amount of a Participant’s Final Average
Earnings, the amount of Incentive Compensation which shall be taken into account
shall be equal to such annual Incentive Compensation received by the Participant
averaged over any three (3) years within the last seven (7) consecutive years
that produces the highest average; and 

(ii)

the
amount of Pension Equity Benefits, if any, that would have been provided under
the Pension Plan if the exclusion of deferred compensation from the calculation
of the Pension Equity Benefits, if applicable, and the limitation set forth in
Code section 401(a)(17) did not apply.

(b)

is
the amount of benefits payable under the Pension Plan, including any Pension
Equity Benefits.

4.2

Rehired
Participant  Notwithstanding Section 4.1 to the contrary, in the
event 
any Participant, including a Grandfathered Participant, terminates
employment with or is no longer employed by (i.e., transfers to a
non-Participating Employer) the Employer or a Participating Employer and is
rehired by the Employer or a Participating Employer following such termination
or transfer (a "Rehired Participant"), for purposes of Sections 4.1(a)(i),
the

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determination,
if applicable, of the Rehired Participant's Final Average Earnings, including
the amount of Incentive Compensation, shall be made as of the date of the
Rehired Participant's initial termination or transfer.  Any Rehired
Participant (including former Grandfathered Participants and former participants
in The Phoenix Companies, Inc. Nonqualified Supplemental Executive Retirement
Plan, as amended and restated effective January 1, 2008) who has been
re-nominated and re-approved pursuant to Section 3.2 shall accrue benefits on
and after his or her rehire date solely under Section 4.1(a)(ii).

4.3

Benefits
Not to Exceed What Could Have been Paid Under Pension Plan But for
Limitations

(a)

Rehired
or Transferred Participants. Notwithstanding Section 4.1 to the contrary, the
amount of benefits payable to a Participant under this Supplemental Plan B
shall be reduced to the extent that the aggregate benefits
payable to the Participant under the Pension Plan, the Excess Benefit Plan, The
Phoenix Companies, Inc. Nonqualified Supplemental Executive Retirement Plan, as
amended and restated effective January 1, 2008, and this Supplemental Plan B
exceeds the amount of benefits that would have been provided under the Pension
Plan if the exclusion of Incentive Compensation and deferred compensation from
the definition for Earnings, to the extent applicable, the limitation set forth
in Code section 401(a)(17) and the limitation imposed by Code section 415
did not apply.

(b)

Newly
Eligible Grandfathered Participants After June 30, 2007. If a Grandfathered
Participant becomes a Participant in this Supplemental Plan B after
June 30, 2007, such Grandfathered Participant shall only accrue
Pension Equity Benefits under Section 4.1(a)(ii) of this Supplemental Plan
B.

4.4

Special
Rules for Subsidiary Employees  The following special rules apply
with respect to certain subsidiary employees:

(a)

To
the extent that Section 4.1 requires the determination of the amount of benefits
payable under the Pension Plan, only the benefit payable with respect to Service
credited on and after January 1, 1993 shall be taken into account for purposes
of calculating the benefit payable under this Supplemental Plan B to a Former
Home Life Employee.

(b)

The
amount of benefits payable under Section 4.1 to an Employee of PIC, PEPCO or PXP
who was ineligible to participate in the Pension Plan for the period January 1,
1997, through December 31, 1999, shall be computed to include an additional
amount equal to the difference between the benefit such officer actually accrued
under the Pension Plan as of his or her Annuity Commencement Date and the
benefit such officer would have accrued had he or she not been excluded from
participation in the Pension Plan for such period.

 

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4.5

Timing
of Inclusion of Incentive Compensation   For purposes of
Section 4.1(a)(i) above, Incentive Compensation shall be deemed Earnings with
respect to the year in which such Incentive Compensation is actually paid or
deferred.

4.6

No
Modification of Pension Plan   Any benefit payable under the
Pension Plan shall be solely in accordance with the terms and provisions
thereof, and nothing in this Supplemental Plan B shall operate or be construed
in a way to modify, amend or affect the 
terms and provisions of the Pension
Plan.

4.7

Death
Benefits  If the spouse or domestic partner of a Participant in the
Supplemental Plan B is entitled to a death benefit under the Pension Plan, said
spouse or domestic partner shall be entitled to receive from the Employer a
death benefit under this Supplemental Plan B equal to the difference between (a)
the death benefit that would be payable under the Pension Plan as of the date of
the Participant’s death if such benefit were calculated based on the benefit
described in this Article IV; and (b) the death benefit actually payable

under the Pension Plan as of the date of the Participant’s death, calculated
in accordance with the terms of the Pension Plan.  No death benefit other
than that set forth in this Section 4.7 shall 
be payable under this
Supplemental Plan B if a Participant dies prior to the commencement of benefit
payments under this Supplemental Plan B.  Following the commencement of
payments under this Supplemental Plan B, death benefits shall only be payable to
the extent the 
Participant is receiving benefits in the form of a survivor
benefit or an annuity or installments that has a period certain component and
the minimum payment period has not lapsed.

ARTICLE
V.

VESTING

Employees
eligible to participate in this Supplemental Plan B on or after August 1, 2004,
 shall have a vested interest in his or her Supplemental Plan B benefits
upon such Participant’s attainment of Normal Retirement Age under the Pension
Plan or on earlier termination of employment by death or disability as defined
in the Pension Plan.  Prior to any such occurrence, the Participant shall
have a vested interest in his or her benefits under this Supplemental Plan B in
accordance with the following schedule:  

Service
at selection

Vesting
Schedule

               
Full Vesting

into SERP

_________________________________________________________________________________________________________________________

 

Less
than 5 years

    0%
immediate, 50% cliff at 5 years, then 10% per year 

               
10 years for full vesting

5
years but less than 6

  10%
immediate, then 10% per year        

 9
years for full vesting

6
years but less than 7

  20%
immediate, then 10% per year        

 8
years for full vesting

7
years but less than 8

  30%
immediate, then 10% per year       

 7
years for full vesting

8
years but less than 9

  40%
immediate, then 10% per year        

 6
years for full vesting

9
years but less than 20

  50%
immediate, then 10% per year       

 5
years for full vesting

20
years or more

100%
immediate vesting

ARTICLE
VI.

DISTRIBUTIONS

6.1

Payments
in Accordance with Pension Plan  Except as otherwise expressly
provided in Section 6.7, with respect to any Participant whose benefits under
the Pension Plan

 

5

 

become
payable prior to December 31, 2008, payment of a Participant’s Accrued Benefit
shall be made in the same form and manner and at the same time as is applicable
or elected under the Employee Pension Plan.

6.2

Default
Provisions for Payments After 2008  With respect to any Participant
whose benefits under the Pension Plan do not become payable prior to December
31, 2008, unless a Participant otherwise elects in accordance with the
procedures set forth in this Article VI, payment of  a Participant’s
Accrued Benefit shall commence at the later of (i) the date the Participant
attains age 55 (or, with respect to a Participant who dies prior to age 55, the
date the Participant would have attained age 55) or (ii) the date the
Participant incurs a Separation from Service, and shall be made in the form of a
single life annuity.

6.3

Elections
of Payment Forms  A Participant who is not described in Section 6.1
may elect (i) at any time prior to December  31, 2008 for Participants in
this Supplemental Plan B prior to January 1, 2009, or (ii) within 30 days of the
date that the Participant first becomes eligible for this Supplemental Plan B
(or any other plans aggregated with this Supplemental Plan B in accordance with
Code section 409A) after December 31, 2008, to have payment of his or her
Accrued Benefit commence at  the first day of any month following the
Participant’s (x) satisfaction of Retirement criteria, or (y) death, with such
benefits to be payable in whichever of the following forms the Participant shall
elect:

(a)

Life
Annuity   The Participant may elect to receive payment in one
of the following actuarially equivalent optional forms of life annuities:
 straight life annuity; joint and 50%, 66 2/3%, 75% or 100% survivor
annuity, straight life annuity with 10 years certain, and joint and survivor
with 10 years certain;  or

(b)

Lump
Sum Short-Term Installments  The Participant may elect to receive
payment of his or her Accrued Benefit in a three-year certain annuity (that is,
in equal annual payments over a period of three calendar years, with the first
payment to be made as of commencement date elected by the Participant and the
second and third installments payable on the first and second anniversaries of
such commencement date).

6.4

Accrued
Benefit Distribution Provisions Notwithstanding any provision in
this Supplemental Plan B to the contrary, the commencement date of any benefit
that would otherwise have occurred prior to the six month anniversary of the
Participant’s Separation from Service shall be postponed until the earlier to
occur of (i) such six month anniversary and (ii) the first day of the month
following the Participant’s death, and the amount payable to the Participant
under the form of payment determined in accordance with this Article VI shall be
determined as of such postponed commencement date.

6.5

Change
in Form of Life Annuity  If a Participant’s Accrued Benefit is
payable in the form of a life annuity described in Section 6.3(a), whether
pursuant to Section 6.2 or 6.3, at any time prior to the date the Participant’s
Accrued Benefits would commence to be paid hereunder, the Participant may elect
on a form approved by the Benefit Plans Committee and received by the Benefit
Plans Committee prior to the commencement date or the date of the

 

6

 

Participant’s
death, to change the form of life annuity under which such Accrued Benefit is
payable.

6.6

Mandatory
Distributions of Small Accrued Benefits   If the Actuarial

Equivalent value of the Participant’s Accrued Benefit under this
Supplemental Plan B is equal 
to $25,000 or less on his or her Separation
from Service, then, notwithstanding anything else contained herein to the
contrary, including the Participant’s elections, the Participant will

receive a lump sum payment of his or her Accrued Benefit within 90 days
after his or her Separation from Service.

6.7

Suspension
of Benefits   If a Participant who has incurred a Separation
of 
Service is re-employed or re-hired, any benefits which have commenced
payment prior to such re-employment or re-hire shall continue to be paid, and
any benefits that have not commenced to be paid shall still be paid at the time
that they would have been paid, without regard to the change in the
Participant’s employment status.

ARTICLE
VII. CLAIMS FOR BENEFITS

7.1

Claims
Procedure   Claims for benefits under the Supplemental Plan B
may be filed with the Plan Administrator on forms supplied by the Plan
Administrator.  Written or electronic notice of the disposition of a claim
shall be furnished to the claimant within ninety (90) days after the application
is filed (or within one hundred eighty (180) days if special circumstances
require an extension of time for processing the claim and if written notice of
such extension and circumstances are communicated to the claimant within the
initial ninety (90)-day period).  In the event the claim is wholly or
partially denied, the reasons for the denial shall be specifically set forth in
the notice in language calculated to be understood by the claimant, pertinent
provisions of the Supplemental Plan B on which the decision is based shall be
cited, and, where appropriate, a description of any additional material or
information necessary to perfect the claim, and an explanation of why such
material or information is necessary, will be provided.  In addition, the
claimant shall be furnished with an explanation of the Supplemental Plan B's
claims review procedure and the time limits applicable to such procedures,
including a statement of the claimant’s right to bring a civil action under
ERISA section 502(a) following an adverse benefit determination on review.
 A claimant must exhaust the claims procedure under this Supplemental Plan
B and request a review of a denied claim in accordance with the procedures
described in the following paragraph before the claimant is permitted to bring a
civil action for benefits.

Any
Employee, former Employee, or authorized representative or Beneficiary of
either, who has been denied a benefit, in whole or in part, by a decision of the
Plan Administrator shall be entitled to request the Plan Administrator to give
further consideration to his claim by filing with the Plan Administrator (on a
form which may be obtained from the Plan Administrator) a request for review.
 Such request, together with a written statement of the reasons why the
claimant believes his claim should be allowed, shall be filed with the Plan
Administrator no later than sixty (60) days after receipt of the notification
provided for above.  If such request is so filed, the claimant or his
representative may submit written comments, documents, records and

 

7

 

other
information relating to the claim to the Plan Administrator within sixty (60)
days after receipt of the notification provided for above.  The claim for
review shall be given a full and fair review that takes into account all
comments, documents, records and other information submitted that relates to the
claim, without regard to whether such information was submitted or considered in
the initial benefit determination.  The Plan Administrator shall provide
the claimant or his representative with written or electronic notice of the
final decision as to the allowance of the claim within sixty (60) days of
receipt of the request for review (or within one hundred twenty (120) days if
special circumstances requires an extension of time for processing the request
and if written notice of such extension and circumstances is given to the
claimant or his representative within the initial sixty (60)-day period).
 Such communication shall be written in a manner calculated to be
understood by the claimant and shall include specific reasons for the decision,
specific references to the pertinent Supplemental Plan B provisions on which the
decision is based, a statement of the claimant or his representative’s right to
bring a civil action under ERISA section 502(a) and a statement that the
claimant or his Beneficiary is entitled to receive, upon request and free of
charge, reasonable access to and copies of, all documents, records and other
information relevant to the claim for benefits.  A document is relevant to
the claim for benefits if it was relied upon in making the determination, was
submitted, considered or generated in the course of making the determination or
demonstrates that benefit determinations are made in accordance with the
Supplemental Plan B and that Supplemental Plan B provisions have been applied
consistently with respect to similarly situated claimants.

7.2

Full
Satisfaction, Release, Special Payment Rules   Any payment to
any Participant, or to such Participant’s legal representative or Beneficiary,
in accordance with the provisions of this Supplemental Plan B, shall be in full
satisfaction of all claims hereunder against the Employer.  The Plan
Administrator may require such Participant, legal representative, or
Beneficiary, as a condition precedent to such payment, to execute a receipt and
release therefor in such form as it shall determine.  If the Plan
Administrator shall receive evidence satisfactory to the Plan Administrator that
any payee under this Supplemental Plan B is a minor, or is legally, physically,
or mentally incompetent to receive and to give valid release for any payment due
him or her under this Supplemental Plan B, any such payment, or any part
thereof, may, unless claim therefor shall have been made to the Plan
Administrator by a duly appointed executor, administrator, guardian, committee,
or other legal representative of such payee, be paid by the Plan Administrator
to such payee’s spouse, child, parent or other blood relative, or to any person,
persons or institutions deemed by the Plan Administrator to have incurred
expense for or on behalf of such payee, and any payment so made shall, to the
extent thereof, be in full settlement of all liability in respect of such payee.
 If a dispute arises as to the proper recipient of any payments, the Plan
Administrator in its sole discretion may withhold or cause to be withheld such
payments until the dispute shall have been determined by a court of competent
jurisdiction or shall have been settled by the parties concerned.  Subject
to the immediately preceding sentence, if the responsible party/payee does not
execute the receipt and release within 60 days of the distribution trigger date,
the Accrued Benefit shall be forfeited at the end of the sixtieth day and shall
not be eligible for reinstatement.

7.3

If
any benefits payable under this Supplemental Plan B to a Participant, or to such
Participant’s legal representative or Beneficiary, cannot be paid by reason that
such person cannot be located by the later of (i) the last day of the calendar
year in which the payment was due and (ii) the 15th day of the third calendar
month following the date specified under the Plan

 

8

 

after
reasonable efforts have been made to locate such person, such benefits shall be
forfeited and returned to the Employer. 

ARTICLE
VIII. AMENDMENT AND TERMINATION

8.1

Amendment
  The Benefit Plans Committee shall have the right to amend this
Supplemental Plan B at any time and from time to time, including a retroactive
amendment, 
by resolution adopted by it at a meeting duly called or by
unanimous written consent in accordance with the Employer’s Articles of
Incorporation, Bylaws and applicable law.  Any 
such amendment shall
become effective upon the date stated therein, and shall be binding on 
all
Participants and Beneficiaries, except as otherwise provided in such amendment;
provided, however that, except with respect to an amendment described in Section
10.1, no amendment 
(i) shall result in or cause an acceleration of payments
or benefits under the Plan or (ii) shall, without the express written consent of
such Participant, reduce or otherwise adversely affect 
the Participant
Accrued Benefit as of the date of such amendment.

8.2

Termination
  The Employer has established this Supplemental Plan B with the bona
fide intention and expectation that from year to year it will deem it advisable
to continue 
it in effect.  However, the Employer, in its sole
discretion, reserves the right to terminate the Supplemental Plan B in its
entirety at any time without the consent of any Participant; 
provided,
however, that no such termination shall (i) result in or cause an acceleration
of payments or benefits under this Supplemental Plan B, unless the termination
satisfies the 
Code section 409A safe harbor summarized in the last sentence
of this Section 8.2, or (ii) 
without the express written consent of such
Participant, reduce or otherwise adversely affect 
the Participant’s Accrued
Benefit as of the date of such termination.  Any such termination shall be
accomplished by resolution of the Benefit Plans Committee adopted at a meeting
duly called or by unanimous written consent in accordance with the Employer’s
Articles of Incorporation, Bylaws and applicable law.  Payments under this
Supplemental Plan B may be accelerated upon plan termination only if:

(i)

the
Employer is terminating an entire category of aggregated plans, that is, all
other plans of a similar type (i.e., that are required to be aggregated with the
terminating plan under the Code section 409A final regulations);

(ii)     
all payments to the Directors as a result of the plan termination are not made
until at least twelve (12) months after action taken to terminate the plan is
taken, that is, all payments must be made between 13 and 24 months after the
date such action is taken; and

 

 

 

(iii)    
no similar successor plan can be established within three (3) years following
the date the action to terminate the plan was taken.

 

 

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ARTICLE
IX. SOURCE OF BENEFIT PAYMENTS

9.1

Unfunded
Plan  No special or separate fund shall be established by the

Employer and no segregation of assets shall be made to assure the payment of
benefits under the Supplemental Plan B. No Participant shall have any right,
title, or interest whatsoever in any specific asset of the Employer.
 Nothing contained in this Supplemental Plan B and no action taken pursuant
to its provisions shall create or be construed to create a trust of any kind, or
a fiduciary relationship, between the Employer and a Participant or any other
person.  To the extent that any person acquires a right to receive payments
under this Supplemental Plan B, 
such right shall be no greater than the
right of an unsecured general creditor of the Employer.

ARTICLE
X. CODE SECTION 409A MISCELLANEOUS PROVISIONS

10.1

Interpretation
Consistent with Code Section 409A The intent is that payments and
benefits under this Supplemental Plan B comply with Code section 409A and,
accordingly, to the maximum extent permitted, this Supplemental Plan B shall be
interpreted to be in compliance therewith.  If any provision of this
Supplemental Plan B would cause the Participant to incur any additional tax or
interest under Code section 409A, the Benefit Plans Committee, to the extent
feasible, shall reform such provision to try to comply with Code section 409A
through good faith modifications to the minimum extent reasonably appropriate to
conform with Code section 409A.  To the extent that any provision hereof is
modified to comply with Code section 409A, such modification shall be made in
good faith and shall, to the maximum extent reasonably possible, maintain the
original intent of the applicable provision of this Supplemental Plan B without
violating the provisions of Code section 409A.  

ARTICLE
XI. GENERAL

11.1

Benefits
Non-Alienable   To the extent permitted by law, the right of
any Participant or Beneficiary to any benefit or payment hereunder shall not be
subject in any manner to attachment or other legal process, and no such benefit
or payment shall be subject to anticipation, alienation, sale, transfer,
assignment, or encumbrance.

11.2

Plan
Administration   The Supplemental Plan B shall be operated and
administered by the Plan Administrator or its duly authorized representative.
 The Plan Administrator shall have sole discretionary authority to
determine all questions arising in connection with the Supplemental Plan B, to
interpret the provisions of the Supplemental Plan 
B and to construe all of
its terms, to adopt, amend and rescind rules and regulations for the
administration of the Supplemental Plan B and to make all determination in
connection with the Supplemental Plan B as may be necessary or advisable. All
such actions of the Plan Administrator shall be conclusive and binding on all
persons.

11.3

Governing
Law   This Supplemental Plan B shall be governed by and
construed in accordance with the laws of the State of Connecticut other than and
without reference to any provisions of such laws regarding choice of laws or
conflict of laws, to the extent such laws are not pre-empted by the Employee
Retirement Income Security Act of 1974, as amended.

11.4

No
Right to Continued Employment   The establishment of this
Supplemental Plan B shall not be construed as giving to any Participant,
Employee or any person

 

10

 

whomsoever,
any legal, equitable or other rights against the Employer, or its officers,
directors, agents or shareholders, or as giving to any Participant or
Beneficiary any interest in the assets or business of the Employer or giving any
Employee the right to be retained in the employment of the Employer.  All
Employees and Participants shall be subject to discharge to the same extent they
would have been if this Supplemental Plan B had never been adopted.

11.5

Tax
Withholding   The Employer may withhold from a payment any
federal, 
state or local taxes required by law to be withheld with respect to
such payments and such sums as the Employer may reasonably estimate are
necessary to cover taxes for which the Employer may be liable and which may be
assessed with regard to such payment.

11.6

Severability
  The illegality of any particular provision of this document shall
not affect the other provisions and the document shall be construed in all
respects as if such invalid provision were omitted.

ARTICLE
XII. PARTICIPATING EMPLOYERS

12.1

Adoption
of Supplemental Plan B by Other Employers  With the consent of the
Benefit Plans Committee, any other corporation may adopt the Supplemental Plan B
and all of the provisions hereof and participate herein as a Participating
Employer by a properly executed document evidencing said intent and will of such
Participating Employer.

12.2

Requirements
of Participating Employers

(a)

Benefits
payable under the Supplemental Plan B to employees of the Participating Employer
are funded through the Participating Employer’s general assets.  The
Participating Employer agrees to pay and assumes all liability with respect to
all benefits payable under the Supplemental Plan B to past, present and future
employees of the Participating Employer, their spouses and other dependents and
beneficiaries in accordance with the terms of the Supplemental Plan B.
 Notwithstanding the foregoing, Phoenix Life Insurance Company and not
Phoenix Equity Planning Corporation nor Phoenix Investment Counsel, Inc. shall
pay and assume liability for benefits payable under the Supplemental Plan B to
Employees of Phoenix Equity Planning Corporation and Phoenix Investment Counsel,
Inc. with respect to service completed before January 1, 1996.

(b)

The
Plan Administrator shall keep separate books and records concerning the
contributions and benefits payable under the Supplemental Plan B with respect to
the Participating Employer and the employees of the Participating Employer.

(c)

The
Participating Employer shall pay to Phoenix Life Insurance Company its
proportionate share of any administrative expenses of the Supplemental Plan B
which are to be paid by the Employer.

11

12.3

Designation
of Agent   Each Participating Employer shall be deemed to have
designated irrevocably the Benefit Plans Committee and the Plan Administrator as
its agents.

12.4

Delegation
of Power to Amend   Each Participating Employer hereby
delegates to the Employer the right at any time to amend the Supplemental Plan B
in accordance with the terms of the Supplemental Plan B, provided that any such
amendment could not affect the Participating Employer’s share of the cost of the
Supplemental Plan B.  If an amendment could significantly affect the
Participating Employer’s share of the cost of the Supplemental Plan B, then such
amendment shall not be effective with respect to the Participating Employer
until approved by the Participating Employer.

12.5

Withdrawal
of a Participating Employer  Subject to Section 8.2, a
Participating Employer may terminate its participation in the Supplemental Plan
B by giving the Benefit 
Plans Committee prior written notice specifying a
termination date which shall be the last day 
of a month at least 30 days
subsequent to the date such notice is delivered to the Benefit Plans Committee,
unless such withdrawal is not permitted under the law wherein such notice of
withdrawal will not be honored or the Benefit Plans Committee shall have waived
its right to such notice.  The Benefit Plans Committee may terminate a
Participating Employer’s participation in this Supplemental Plan B as of any
termination date by giving the Participating Employer prior written notice
specifying a termination date which shall be the last day of a month at least 30
days subsequent to the date such notice is delivered to the Participating
Employer, unless the Participating Employer shall have waived its right to such
notice.  Notwithstanding the foregoing provisions of this Section 12.5, in
no event shall the withdrawal by, or the termination of the participation of,
any such Participating Employer result in an acceleration of the timing of
distributions under this Plan, unless (and solely to the extent) permitted under
Code section 409A or the regulations and interpretations thereunder.

12.6

Plan
Administrator’s Authority   The Plan Administrator shall have
all of the duties and responsibilities authorized by this Supplemental Plan B
and shall have the authority to make any and all rules, regulations and
decisions necessary or appropriate to effectuate the 
terms of this
Supplemental Plan B, which shall be binding upon each Participating Employer

and all Participants.

12THE PHOENIX COMPANIES, INC

EXHIBIT 10.22

THE
PHOENIX COMPANIES, INC.

2003
RESTRICTED STOCK, RESTRICTED STOCK UNIT

AND

LONG-TERM INCENTIVE PLAN

As
amended and restated effective as of January 1, 2009

 

THE PHOENIX COMPANIES, INC.

2003
RESTRICTED STOCK, RESTRICTED STOCK UNIT

AND

LONG-TERM INCENTIVE PLAN

ARTICLE
I.  PURPOSES

Section
1.1 General Purpose.  The purpose of THE PHOENIX COMPANIES,
INC. 2003 RESTRICTED STOCK, RESTRICTED STOCK UNIT AND LONG-TERM INCENTIVE PLAN
is to foster and promote the long-term financial success of the Company by: (a)
motivating superior performance by means of performance-related incentives; (b)
enabling the Company to attract and retain the services of an outstanding
management team upon whose judgment, interest, and special effort the successful
conduct of its operations is largely dependent; and (c) encouraging and
providing for the acquisition of a long-term ownership interest in the Company
by the Company's and its Subsidiaries' Employees and non-employee directors.

ARTICLE
II.  DEFINITIONS

Section
2.1 Definitions.  Whenever used herein, the following terms
shall have the respective meanings set forth below:

(a)

"Adjustment
Event" means any stock dividend, stock split or share combination of, or
extraordinary cash dividend on, the Common Stock or recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination, exchange
of shares, warrants or rights offering to purchase Common Stock at a price
substantially below Fair Market Value, or other similar event affecting the
Common Stock of the Company.

(b)

"Agent"
means an "insurance agent" as defined in Section 2101 of the New York Insurance
Law and who also is treated by the Company as a "statutory employee" as defined
under applicable provisions of the Code.

(c)

"Approved
Retirement" means termination of a Participant's employment (i) on or after
normal retirement age (age 65 or age 62 with 10 years of service) or (ii) with
the Committee's approval, on or after any early retirement date established
under any retirement plan or other special retirement programs or arrangements
maintained by the Company or a Subsidiary and in which the Participant
participates; provided that in each case, the Committee may require, as a
condition to a Participant's retirement being an "Approved Retirement" for
purpose of the Plan, that the Participant enter into a general release of
claims, non-solicitation and/or non-competition agreement in form and substance
satisfactory to the Company.

(d)

"Award"
means the award of a Restricted Unit, Restricted Stock, or Long-Term Performance
Unit under the Plan.

(e)

"Board"
means the Board of Directors of the Company.

(f)

"Change
of Control" means the first occurrence of any of the following events:

 

1

 (i)
any person acquires "beneficial ownership" (within the meaning of Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing 25% or more of the combined Voting Power of the Company's
securities;

(ii)
within any 24-month period, the persons who were directors of the Company at the
beginning of such period (the "Incumbent Directors") shall cease to constitute
at least a majority of the Board or the board of directors of any successor to
the Company; provided that any director elected or nominated for election
to the Board by a majority of the Incumbent Directors then still in office shall
be deemed to be an Incumbent Director for purposes of this subclause
2(f)(ii);

(iii)
the effective date of any merger, consolidation, share exchange, division, sale
or other disposition of all or substantially all of the assets of the Company
which is consummated (a "Corporate Event"), if immediately following the
consummation of such Corporate Event the stockholders of the Company immediately
prior to such Corporate Event do not hold, directly or indirectly, a majority of
the Voting Power, in substantially the same proportion as prior to such
Corporate Event, of (x) in the case of a merger or consolidation, the surviving
or resulting corporation or (y) in the case of a division or a sale or other
disposition of assets, each surviving, resulting or acquiring corporation which,
immediately following the relevant Corporate Event, holds more than 25% of the
consolidated assets of the Company immediately prior to such Corporate Event;

(iv)
the approval by stockholders of the Company of a plan of liquidation with
respect to the Company; or 

(v)
any other event occurs which the Board declares to be a Change of Control.

(g)

"Code"
means the Internal Revenue Code of 1986, as amended.

(h)

"Committee"
means the Compensation Committee of the Board or such other Committee of the
Board as the Board shall designate from time to time.

(i)

"Common
Stock" means the common stock of the Company, par value $0.01 per share.

(j)

"Company"
means The Phoenix Companies, Inc., a Delaware corporation, and any successor
thereto.

(k)

"Disability"
has the meaning given in the Company's long-term disability insurance policy or
program as in effect from time to time; provided that a Participant shall not be
treated as having incurred a Disability unless he qualifies for disability
benefits under such policy or program.

2

(l)

"Dividend
Equivalents" means an amount equal to the cash dividends paid by the Company on
one share of Common Stock for each Restricted Unit awarded to a Participant in
accordance with the Plan.

(m)

"Effective
Date" means the date this Plan is approved by the stockholders of 
the
Company in accordance with the requirements, if any, of applicable law.

(n)

"Employee"
means any officer or other employee of the Company or any Subsidiary (as
determined by the Committee in its sole discretion).

(o)

"Exchange
Act" means the Securities Exchange Act of 1934, as amended.

(p)

"Fair
Market Value" means, on any date, the closing price of the Common Stock as
reported in the principal consolidated transaction reporting system for the New
York Stock Exchange (or on such other recognized quotation system on which the
trading prices of the Common Stock are quoted at the relevant time) on such
date. In the event that there are no Common Stock transactions reported on such
tape (or such other system) on such date, Fair Market Value shall mean the
closing price on the immediately preceding date on which Common Stock
transactions were so reported.

(q)

"Long-Term
Performance Unit" means the unit of measurement for an Award under the Plan
subject to achievement of Performance Goals during a Performance Cycle, which,
at any given time, shall be equal in value to the current Fair Market Value of
one share of Common Stock.

(r)

"Participant"
means any Employee, Agent or non-employee director designated by the Committee
to participate in the Plan. 

(s)

"Performance
Cycle" means the period(s) selected by the Committee during which the
performance of the Company or any Subsidiary or unit thereof or any individual
is measured for the purpose of determining the extent to which an Award of
Long-Term Performance Units subject to achievement of Performance Goals has been
earned.  Unless otherwise determined by the Committee, a Performance Cycle
shall be three years and may consist of one or more calendar year segments.

(t)

"Performance
Goals" means the objectives for the Company, any Subsidiary or unit or business
segment thereof or individual established by the Committee for a Performance
Cycle with respect to any performance-based Awards contingently awarded under
the Plan. The Performance Goals for Awards that are intended to constitute
"performance-based" compensation within the meaning of Section 162(m) of the
Code shall be based on one or more of the following measures: sales, revenues,
earnings per share, net income, operating income, cash flow, stock price, return
on equity, cash operating income, risk-based capital ratio, debt to capital
ratio, operating margin, assets under management, claims paying ability or debt
rating. Performance Goals may reflect absolute entity performance or a relative
comparison of entity performance to the performance of a peer group or other
external measure.

3

(u)

"Plan"
means The Phoenix Companies, Inc. 2003 Restricted Stock, Restricted Stock Unit
and Long-Term Incentive Plan, as set forth herein and as the same may be amended
from time to time.

(v)

"Restricted
Period" means the period during which Awards are subject to forfeiture or
restrictions on transfer (if applicable) pursuant to the Plan.

(w)

"Restricted
Stock" means Common Stock awarded to a Participant which is subject to
forfeiture and restrictions on transferability in accordance with Article VI of
the Plan.

(x)

"Restricted
Unit" means a Participant's right to receive one share of Common Stock at the
end of a specified period of time, which right is subject to forfeiture and
restrictions on transferability in accordance with the Plan.

(y)

"Subsidiary"
means any corporation or partnership in which the Company 
owns, directly or
indirectly, equity interests entitling the Company to exercise 50% or more of
the total combined Voting Power of all classes of stock of such corporation or
to receive 50% or more of the capital interest or profits interest of such
partnership.

(z)

"Voting
Power" means such number of Voting Securities as shall enable the holders
thereof to cast all the votes which could be cast in an annual election of
directors of a company.

(aa)

"Voting
Securities" means all securities entitling the holders thereof to vote in an
annual election of directors of a company.

Section
2.2 Gender and Number.  Except when otherwise indicated by
the context, words in the masculine gender used in the Plan shall include the
feminine gender, the singular shall include the plural, and the plural shall
include the singular.

ARTICLE
III.  ELIGIBILITY AND PARTICIPATION

Participants
in the Plan shall be those Employees and non-employee directors selected by the
Committee to participate in the Plan.  

ARTICLE
IV.  ADMINISTRATION

Section
4.1 Power to Grant and Establish Terms of Awards.  The
Committee shall have the authority, subject to the terms of the Plan, to
determine the Participants to whom Awards shall be granted and the terms and
conditions of any and all Awards, including, but not limited to, the number of
shares of Common Stock to be covered by such Awards, the time or times at which
Awards shall be granted, the terms and provisions of the instruments by which
Awards shall be evidenced, the period of time during which restrictions on
Awards shall remain in effect, and the Performance Goals applicable to such
Awards. The terms and conditions of each Award shall be determined by the
Committee at the time of grant, and such terms and conditions shall not be
subsequently changed in a manner which would be adverse to the

 

4

 

Participant without
the consent of the Participant to whom such Award has been granted.  The
Committee may establish different terms and conditions for different
Participants and for the same Participant for each Award such Participant may
receive, whether or not granted at different times. The grant of any Award to
any Participant shall neither entitle such Participant to, nor disqualify him
from, the grant of any other Award.

Section
4.2 Administration.  The Committee shall be responsible for
the administration of the Plan.  Any Award granted by the Committee may be
subject to such conditions, not inconsistent with the terms of the Plan, as the
Committee shall determine.  The Committee, by majority action thereof, is
authorized to prescribe, amend and rescind rules and regulations relating to the
Plan, to provide for conditions deemed necessary or advisable to protect the
interests of the Company, to interpret the Plan and to make all other
determinations necessary or advisable for the administration and interpretation
of the Plan to carry out its provisions and purposes.  Determinations,
interpretations or other actions made or taken by the Committee pursuant to the
provisions of the Plan shall be final, binding and conclusive for all purposes
and upon all persons.  The Committee may consult with legal counsel, who
may be counsel to the Company, and shall not incur any liability for any action
taken in good faith in reliance upon the advice of counsel.

Section
4.3 Delegation by the Committee.  Notwithstanding anything
else contained in the Plan to the contrary, the Committee may delegate, subject
to such terms and conditions or guidelines as it shall determine, to any officer
of the Company or to a committee of officers of the Company any portion of its
authority and powers under the Plan in respect of Participants who are not
subject to the reporting requirements of Section 16(a) of the Exchange Act.

ARTICLE
V.  STOCK SUBJECT TO PLAN

Section
5.1 Number.  Subject to the provisions of Section 5.3, the
number of shares of Common Stock available for issuance pursuant to Awards under
the Plan shall be 6,000,000. The shares to be delivered under the Plan may
consist, in whole or in part, of Common Stock held in treasury or authorized but
unissued Common Stock, not reserved for any other purpose.

Section
5.2 Canceled, Terminated, or Forfeited Awards.  Any shares of
Common Stock subject to an Award which for any reason expires, or is canceled,
terminated or otherwise settled without the issuance of any Common Stock shall
again be available under the Plan.

Section 5.3 Adjustment Due to Change in Capitalization.
 In the event of any Adjustment Event, the aggregate number of shares of
Common Stock available for Awards to be granted under this Plan or subject to
outstanding Restricted Units or Long-Term Performance Units and any performance
vesting criteria applicable to outstanding Restricted Stock, Restricted Units or
Long-Term Performance Units shall be proportionately adjusted to reflect, as
deemed equitable and appropriate by the Committee, such Adjustment Event.
 To the extent deemed equitable and appropriate by the Committee, subject
to any required action by stockholders, in any merger, consolidation,
reorganization, liquidation, dissolution, or other similar transaction, any
Restricted Unit granted under the Plan shall pertain to the securities and other
property to which a holder of the number of shares of Common Stock covered by
the Restricted Unit would

5

 

have been entitled to
receive in connection with such event.  Any shares of stock (whether Common
Stock, shares of stock into which shares of Common Stock are converted or for
which shares of Common Stock are exchanged or shares of stock distributed with
respect to Common Stock) or cash or other property received with respect to any
Award granted under the Plan as a result of any Adjustment Event or any
distribution of property or other similar transaction
shall, except as otherwise provided by the Committee at or after the date an
Award is made by the Committee, be subject to the same terms and conditions,
including restrictions on transfer, as are applicable to such Award.

ARTICLE
VI.  RESTRICTED STOCK AND RESTRICTED UNITS

Section
6.1 Grant of Awards.  Except as otherwise delegated as
provided in Section 4.3, the Committee may make awards in the form of Restricted
Stock or Restricted Units.  Any Award made hereunder shall be subject to
the terms and conditions of the Plan and to any other terms and conditions not
inconsistent with the Plan as shall be prescribed by the Committee in its sole
discretion (including in the case of an Award of Restricted Stock, requiring the
Participant to pay the Company an amount equal to the par value per share for
each share of Restricted Stock awarded).  As determined by the Committee,
with respect to an award of Restricted Stock, the Company shall either (a)
transfer or issue to each Participant to whom an award of Restricted Stock has
been made the number of shares of Restricted Stock specified by the Committee or
(b) hold such shares of Restricted Stock for the benefit of the Participant for
the Restricted Period. In the case of Restricted Units, no shares of
Common Stock shall be issued to Participants at the time an Award of Restricted
Units is made, and the Company shall not be required to set aside a fund for the
payment of such Award. 

Section
6.2 Restrictions on Transferability.  Restricted Units and
shares of Restricted Stock may not be sold, assigned, transferred, pledged,
hypothecated or otherwise encumbered by the Participant during the Restricted
Period, except as hereinafter provided.  Notwithstanding the foregoing, the
Committee may permit (on such terms and conditions as it shall establish)
Restricted Units and shares of Restricted Stock to be transferred during the
Restricted Period by the Participant to a member of the Participant's immediate
family or to a trust or similar vehicle for the benefit of such immediate family
members, provided that any Restricted Units or shares of Restricted Stock so
transferred shall remain subject to the provisions of this Article VI.

Section
6.3 Rights as a Shareholder.  Except for the restrictions set
forth herein and unless otherwise determined by the Committee, the Participant
shall have all the rights of a shareholder with respect to such shares of
Restricted Stock, including but not limited to, the right to vote and the right
to receive dividends.  In respect of Restricted Units, a Participant shall
not have any right to vote on any matter submitted to the Company's stockholders
or to dispose of the shares of Common Stock underlying such Restricted Units,
nor shall a Participant have any beneficial ownership in respect of any shares
of Common Stock underlying Restricted Units, until such time as the shares of
Common Stock underlying such Restricted Units have been issued (including, at
the discretion of the Committee, issuance to a trust for purposes of hedging or
funding Restricted Unit obligations).  At the discretion of the Committee,
a Participant's Restricted Unit account may be credited with Dividend
Equivalents during the Restricted Period.

6

Section
6.4 Restricted Period.  Unless the Committee shall otherwise
determine at or after the date an Award is made to the Participant by the
Committee, the Restricted Period shall commence upon the date of grant and shall
lapse with respect to the Award in three approximately equal installments on
each of the first three anniversaries of the date of grant, unless sooner
terminated as otherwise provided herein.

Section
6.5 Legend.  Each certificate issued to a Participant in
respect of shares of Restricted Stock shall be registered in the name of the
Participant and shall bear the following (or similar) legend: "The shares of
stock represented by this certificate are subject to the terms and conditions
contained in The Phoenix Companies, Inc. 2003 Restricted Stock, Restricted Stock
Unit and Long-Term Incentive Plan and may not be sold, pledged, transferred,
assigned, hypothecated or otherwise encumbered in any manner (except as provided
in Section 6.2 of the Plan) until _________."

Section
6.6 Death, Disability or Approved Retirement.  Unless the
Committee shall otherwise determine at the date of grant, if a Participant
ceases to be employed by the Company or any Subsidiary by reason of death,
Disability or Approved Retirement, the Restricted Period will lapse as to a pro
rated portion of the shares of Restricted Stock and Restricted Units transferred
or issued to such Participant under the Plan based on the number of days the
Participant actually worked since the date the Awards were granted (or in the
case of Awards which becomes vested in installments, since the date, if any, on
which the last installment of such Awards became vested). Any Awards as to which
the Restricted Period has not lapsed at the date of a Participant's termination
of employment by reason of death, Disability or Approved Retirement shall
automatically be cancelled upon such Participant's termination of
employment.

Section
6.7 Termination of Employment.  Unless the Committee shall
otherwise determine at or after the date of grant, if a Participant ceases to be
employed by the Company or any Subsidiary for any reason other than those
specified in Section 6.6 at any time prior to the date when the Restricted
Period lapses, all Restricted Stock held by the Participant shall revert back to the Company and all Restricted Units and
any Dividend Equivalents credited to such Participant shall be forfeited upon
the Participant's termination of employment.

Section
6.8 Issuance of New Certificates; Settlement of Restricted Units.
 Upon the lapse of the Restricted Period with respect to any shares
of Restricted Stock, such shares shall no longer be subject to the restrictions
imposed under Section 6.2 and the Company shall issue or have issued new share
certificates without the legend described in Section 6.5 in exchange for those
previously issued.  Upon the lapse of the Restricted Period with respect to
any Restricted Units, the Company shall deliver, not later than 60 days after
the lapse, to the Participant, or the Participant's beneficiary, as provided in
Section 9.1, one share of Common Stock for each Restricted Unit as to which
restrictions have lapsed and any Dividend Equivalents credited with respect to
such Restricted Units and any interest thereon.  The Committee may, in its
sole discretion, elect to pay cash or part cash and part Common Stock in lieu of
delivering only Common Stock for Restricted Units.  If a cash payment is
made in lieu of delivering Common Stock, the amount of such cash payment for
each share of Common Stock to which a Participant is entitled shall be equal to
the Fair Market Value of the Common Stock on the date on which the Restricted
Period lapsed with respect to the related Restricted Unit.

 

7

Section
6.9 Accelerated Vesting and Payment.  In the event of a
Change of Control, the Restricted Period with respect to each Award shall lapse
on the date of such Change of Control.

ARTICLE VII.  LONG-TERM PERFORMANCE UNITS

Section
7.1 Eligibility.  Except as otherwise delegated as provided
in Section 4.3, the Committee in its sole discretion shall select those
Participants to receive Long-Term Performance Units under the Plan.
 Long-Term Performance Units shall relate to pre-established Performance
Goals over a Performance Cycle, as determined by the Committee.  A
Participant may be selected to receive Long-Term Performance Units in respect of
more than one Performance Cycle.

Section
7.2 Grant of Long-Term Performance Units.  Prior to the
beginning of the first year of a Performance Cycle (or such later date selected
by the Committee consistent with the requirements of Section 162(m) of the
Code), the Committee shall allocate a target number of Long-Term Performance
Units ("Target Units") to any Participant designated by the Committee to be
eligible to earn such Award in respect of such Performance Cycle.  An
allocation of Target Units shall be evidenced by such documentation deemed
appropriate by the Committee.  Such documentation may contain terms and
conditions relating to the Award, including, without limitation, the number of
Target Units and the threshold and maximum number of Long-Term Performance Units
that may be earned pursuant to the Award or any portion thereof, the Performance
Goals applicable in respect of such Award, and such other terms and conditions,
not inconsistent with this Plan, as the Committee may in its sole discretion
determine.  Long-Term Performance Units may not be sold, assigned,
transferred, pledged, hypothecated or otherwise encumbered by the Participant
during the Performance Cycle.

Section
7.3 Performance Goals.  Prior to the beginning of the
Performance Cycle or the beginning of each segment in such Performance Cycle (or
such later date selected by the Committee consistent with the requirements of
Section 162(m) of the Code), the Committee shall determine the Performance Goals
applicable to the Long-Term Performance Units that may be earned by the
Participant for such Performance Cycle or segment thereof.  The Committee
shall specify the formula for determining the percentages of the Performance
Goals that must be achieved for the Participant to earn the Target Units or less
than or more than the target number of Long-Term Performance Units allocated to
the Participant if actual performance is equal to, less than or greater than the
target Performance Goals.  The Committee may, in its sole discretion,
provide that Long-Term Performance Units shall be earned by a Participant in
respect of achievement of Performance Goals in each segment of the Performance
Cycle and/or on a cumulative basis for the Performance Cycle.  The
Committee may, in its sole discretion, provide that no Long-Term Performance
Units shall be earned by a Participant in respect of a Performance Cycle unless
a threshold level of the Performance Goals is satisfied.  The Committee
may, at any time and from time to time, adjust the Performance Goals applicable
to Long-Term Performance Units; provided that no such adjustment shall be made
in the case of Long-Term Performance Units that may be earned by a Participant
who is a Covered Employee (within the meaning of Section 162(m) of Code) at any
time during the Performance Cycle, 

8

unless
such adjustment can be made without causing the Award to cease to qualify as
other performance-based compensation under Section 162(m) of the Code. Following
the end of each Performance Cycle, the Committee shall determine the number of
Long-Term Performance Units actually earned by a Participant for such
Performance Cycle calculated in accordance with the Performance Goals applicable
to such Performance Cycle.  Participants shall not receive any payment with
respect to Long-Term Performance Units until the Committee certifies the results
of the Performance Goals.  Notwithstanding anything else in this Plan to
the contrary, subject to Section 5.3, the maximum number of Long-Term
Performance Units that may be earned by a Participant (and the maximum number of
shares that may be issued pursuant to such earned Long-Term Performance Units)
in a Performance Cycle shall not exceed 600,000.

Section
7.4 Distribution of Awards.  In the Committee's sole
discretion, the Participant shall be entitled to receive one share of Common
Stock or Restricted Unit in exchange for each earned Long-Term Performance Unit.
 Any shares of Common Stock or Restricted Units granted in exchange for
earned Long-Term Performance Units shall be granted as soon as reasonably
practicable after the end of the Performance Cycle for which the Long-Term
Performance Units were earned, but no later than the March 15 of the calendar
year following the end of the Performance Cycle.  Restricted Units shall be
subject to the terms and conditions applicable to Restricted Units granted under
Article VI; provided that the Committee may not elect to pay cash or part cash
and part Common Stock in lieu of delivering only Common Stock for Restricted
Units.  If the Participant is offered the opportunity to defer
receipt/conversion of his or her Restricted Units, such deferral shall be
governed  and covered by either The Phoenix Companies, Inc. Equity Deferral
Plan or The Phoenix Companies, Inc. Directors Equity Deferral Plan.
  

(a)
Death, Disability or Approved Retirement.  Unless the Committee shall
otherwise determine at the date of grant, if a Participant ceases to be employed
by the Company or any Subsidiary by reason of death, Disability or Approved
Retirement during a Performance Cycle, the Participant shall be entitled to a
pro-rated number of Long-Term Performance Units determined by prorating the
percentage of the award actually earned based on the applicable Performance
Goals according to the number of months the Participant was actively at work
during the Performance Cycle.  Any Long-Term Performance Units earned by
such Participant shall be paid at the same time as those for active Participants
of the Plan, but no later than the March 15 of the calendar year following the
end of the Performance Cycle.  Unless otherwise determined by the
Committee, any Long-Term Performance Units that are not earned in accordance
with this Section 7.4(a) at the date of a Participant's termination of
employment by reason of death, Disability or Approved Retirement shall
automatically be cancelled upon such Participant's termination of
employment.

(b)
Termination of Employment.  Unless the Committee shall otherwise determine
at or after the date of grant, if a Participant ceases to be employed by the
Company or any Subsidiary for any reason other than those specified in Section
7.4(a) at any time during a Performance Cycle, such Participant shall not
receive any payment in respect of any Long-Term Performance Units outstanding as
of the Participant's termination of employment.

9

(c)
Accelerated Vesting and Payment.  In the event of a Change of Control, the
Participant shall earn a prorated number of Long-Term Performance Units in
respect of each outstanding Performance Cycle determined by prorating the
percentage of the award earned according to the number of completed months prior
to the Change of Control.  Any Long-Term Performance Units that are not
earned in accordance with this Section 7.4(c) at the date of the Change of
Control shall automatically be cancelled upon such Change of Control.  

ARTICLE
VIII.  AMENDMENT, MODIFICATION, 

AND
TERMINATION OF PLAN

The
Board at any time may terminate the Plan, and from time to time may amend or
modify the Plan.  No amendment, modification, or termination of the Plan
shall in any manner adversely affect any Award theretofore granted under the
Plan, without the consent of the Participant.

ARTICLE
IX.  MISCELLANEOUS PROVISIONS

Section
9.1 Beneficiary Designation.  Each Participant under the Plan
may from time to time name any beneficiary or beneficiaries (who may be named
contingently or successively) to whom any benefit under the Plan is to be paid
or by whom any right under the Plan is to be exercised in case of his death.
 Each designation will revoke all prior designations by the same
Participant, shall be in a form prescribed by the Committee, and will be
effective only when filed by the Participant in writing with the Committee
during his lifetime.  In the absence of any such designation, Restricted
Units outstanding at the Participant's death shall be paid to  (i) the
Participant’s surviving spouse or domestic partner, (ii) if there is no
surviving spouse or domestic partner, the Participant’s children (including
stepchildren and adopted children) per stirpes, or (iii) if there is no
surviving spouse or domestic partner and/or children per stirpes, the
Participant’s estate.

Section
9.2 No Guarantee of Employment or Participation.  Nothing in
the Plan shall interfere with or limit in any way the right of the Company or
any Subsidiary to terminate any Participant's employment or services at any
time, nor confer upon any Participant any right to continue in the employ or
services of the Company or any Subsidiary or affiliate. No Employee, Agent, or
non-employee director shall have a right to be selected as a Participant, or,
having been so selected, to receive any future Awards.

Section
9.3 Tax Withholding.  The Company shall have the power to
withhold, or require a Participant to remit to the Company promptly upon
notification of the amount due, an amount sufficient to satisfy federal, state
and local withholding tax requirements with respect to any Award (or settlement
thereof), and the Company may defer payment of cash or issuance or delivery of
Common Stock until such requirements are satisfied. The Committee may, in its
discretion, permit a Participant to elect, subject to such conditions as the
Committee shall impose (a) to have Common Stock otherwise issuable or
deliverable under the Plan withheld by the Company or (b) to deliver to the
Company previously acquired shares of Common Stock, in each case, having a Fair
Market Value sufficient (either alone or with the application of any cash 

10

withheld)
to satisfy not more than the Participant's statutory minimum federal, state and
local tax obligation associated with the transaction.

Section
9.4 Indemnification.  Each person who is or shall have been a
member of the Committee or of the Board shall be indemnified and held harmless
by the Company against and from any loss, cost, liability, or expense that may
be imposed upon or reasonably incurred by him in connection with or resulting
from any claim, action, suit, or proceeding to which he may be made a party or
in which he may be involved by reason of any action taken or failure to act
under the Plan (in the absence of bad faith) and against and from any and all
amounts paid by him in settlement thereof, with the Company's approval, or paid
by him in satisfaction of any judgment in any such action, suit, or proceeding
against him; provided that he shall give the Company an opportunity, at its own
expense, to handle and defend the same before he undertakes to handle and defend
it on his own behalf. The foregoing right of indemnification shall not be
exclusive and shall be independent of any other rights of indemnification to
which such person may be entitled under the Company's Certificate of
Incorporation or By-Laws, by contract, as a matter of law, or otherwise. 

Section
9.5 No Limitation on Compensation.  Nothing in the Plan shall
be construed to limit the right of the Company to establish other plans or to
pay compensation to its employees in cash or property, in a manner which is not
expressly authorized under the Plan.

Section
9.6 Requirements of Law.  The granting of Awards and the
issuance of shares of Common Stock shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required.

Section
9.7 Governing Law.  The Plan, and all Awards made and actions
taken thereunder, shall be construed in accordance with and governed by the laws
of the State of New York, without giving effect to the conflicts of law
provisions thereof.

Section
9.8 Impact On Benefits.  Unless otherwise determined by the
Committee, awards granted under the Plan are not compensation for purposes of
calculating an Employee's rights under any employee benefit plan.

Section
9.9 Securities Law Compliance  Instruments evidencing Awards
may contain such other provisions, not inconsistent with the Plan, as the
Committee deems advisable, including a requirement that the Participant
represent to the Company in writing, when an Award is granted or when he
receives shares with respect to such Award (or at such other time as the
Committee deems appropriate) that he is accepting such Award, or receiving or
acquiring such shares (unless they are then covered by a Securities Act of 1933
registration statement), for his own account for investment only and with no
present intention to transfer, sell or otherwise dispose of such shares except
such disposition by a legal representative as shall be required by will or the
laws of any jurisdiction in winding up the estate of the Participant. Such
shares shall be transferable only if the proposed transfer shall be permissible
pursuant to the Plan and if, in the opinion of counsel satisfactory to the
Company, such transfer at such time will be in compliance with applicable
securities laws.

11

Section
9.10 Term of Plan.  The Plan shall be effective upon approval
by the Board and by the stockholders of the Company.  The Plan shall
continue in effect, unless sooner terminated pursuant to Article VIII, until no
more shares of Common Stock are available for issuance under the Plan.

Section
9.11 No Constraint on Corporate Action.  Nothing in this Plan
shall be construed (a) to limit, impair or otherwise affect the Company's right
or power to make adjustments, reclassifications, reorganizations or changes of
its capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell, or transfer all or any part of its business or assets, or (b)
except as provided in Section 4.1 or Article VIII, to limit the right or power
of the Company or any of its Subsidiaries to take any action which such entity
deems to be necessary or appropriate.

12

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