Document:

EX-10.1

 

EXHIBIT 10.1

THE PHOENIX COMPANIES, INC.

NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

as amended and restated effective July 1, 2007

 

 

ARTICLE I. PURPOSE AND EFFECTIVE DATE

     1.1 Purpose. The Phoenix Companies, Inc. Nonqualified Supplemental Executive
Retirement Plan (the “Supplemental Plan”) is intended to provide retirement benefits for certain
current and former employees which are not provided under the Employee Pension Plan (the “Employee
Pension Plan”) by reason of (a) the exclusion from the definition of Earnings of Incentive
Compensation under an Incentive Compensation plan designated in Section 2.11 hereof; (b) the
limitation on Earnings that may be taken into account under the Employee Pension Plan as set forth
in Section 401(a)(17) of the Internal Revenue Code; or (c) the exclusion from the definition of
Earnings of amounts deferred under any other deferred compensation program of the Employer. The
Supplemental Plan 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.

     1.2 Effective Date. The Supplemental Plan was first effective January 1, 1989, was
amended and restated on January 1, 2004, and was further amended effective as of April 28, 2005.
This amendment and restatement shall be effective as of July 1, 2007.

ARTICLE II. DEFINITIONS

     2.1 “Accrued Benefit” shall mean the benefit as defined in the Employee Pension Plan.

     2.2 “Beneficiary” shall mean the Beneficiary designated under the Employee Pension Plan.

     2.3 “Benefit Plans Committee” shall be 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” shall mean the Internal Revenue Code of 1986, as amended.

     2.5 “Earnings” shall mean earnings as defined in the Employee Pension Plan.

     2.6 “Employee Pension Plan” shall mean 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.

     2.7 “Employer” shall mean Phoenix Life Insurance Company.

     2.8 “Excess Benefit Plan” shall mean 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 Section 415 of the Internal Revenue Code.

     2.9 “Final Average Earnings” shall mean the average earnings as defined in the Employee
Pension Plan.

 

 

     2.10 “Grandfathered Participant” shall mean a Participant designated as a “Grandfathered
Participant” under the Employee Pension Plan.

     2.11 “Incentive Compensation” shall mean 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.

     2.12 “Participant” shall mean an employee who meets the eligibility requirements of Article
III under the Supplemental Plan.

     2.13 “Participating Employer” means each corporation that has adopted this Supplemental Plan
with the consent of the Benefit Plans Committee in accordance with Article X.

     2.14 “Pension Equity Benefits” shall mean the benefits provided under Appendix V of the
Employee Pension Plan.

     2.15 “Plan Administrator” shall mean the Benefit Plans Committee or the person designated as
such by the Benefit Plans Committee.

     2.16 “Rehired Participant” shall mean a Participant as defined in Section 4.3.

     2.17 “Supplemental Plan” shall mean The Phoenix Companies, Inc. Nonqualified Supplemental
Executive Retirement Plan as is set forth in this document as it may be amended from time to time.

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

ARTICLE III. ELIGIBILITY

     3.1 Prior to August 1, 2004, a Vice President or more senior officer of the Employer or any of
its subsidiaries that have adopted this Supplemental Plan or a Career Agency, Ordinary Brokerage or
Group Sales Manager employed by the Employer who is eligible for the Managers Deferred Compensation
Program, 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 on Earnings set forth in Section 401(a)(17) of the Code shall be
eligible for benefits under this Supplemental Plan. Employees of Phoenix Investment Partners, Ltd.
in grades 17 through 24 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 on Earnings set forth in Section 401(a)(17) of the Code
became eligible to participate in this Supplemental Plan effective November 1, 1995. Former Home
Life Employees became eligible to participate in this Supplemental Plan effective January 1, 1993,
except for certain Former Home Life Employees to whom a Plant Closing Benefit is payable pursuant
to Section 4.6 of this Supplemental Plan.

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Employees of Phoenix Equity Planning Corporation (“PEPCO”), Phoenix Investment Counsel, Inc.
(“PIC”) and Phoenix Investment Partners, Ltd. (“PXP”) who were hired by Phoenix Duff & Phelps
Corporation (now PXP) after December 31, 1996 became eligible to participate in this Supplemental
Plan as of January 1, 2000. Employees of Zweig/Glaser Advisers, LLC became eligible to participate
in this Supplemental Plan as of January 1, 2000. On and after July 1, 2007, an individual who was
a Participant in this Supplemental Plan and who has been rehired following his or her termination
or transfer shall not be eligible to re-commence participation in this Supplemental Plan.

ARTICLE IV. BENEFITS

     4.1 The amount of benefits provided under this Supplemental Plan effective July 1, 2007 for
Participants actively at work on August 1, 2004 and 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 Employee 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 Section 401(a)(17) of the Code 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 Employee Pension Plan if the
exclusion of deferred compensation from the calculation of the Pension
Equity Benefits, if applicable, and the limitation set forth in Section
401(a)(17) of the Code did not apply; and

	 	(b)	 	is the amount of benefits payable under the Employee Pension
Plan, including any Pension Equity Benefits.

     4.2 The amount of monthly benefit provided under this Supplemental Plan for Participants who
were not actively at work on August 1, 2004 and thereafter shall be the excess of (a) over (b)
where:

	 	(a)	 	is the amount of monthly benefit that would have been provided
under the Employee Pension Plan if the exclusion of Incentive Compensation or
deferred compensation amounts from the definition of Earnings, limitation of
benefits due to Section 415 and the limitation on Earnings set forth in Section
401(a)(17) of the Code did not apply; provided, however, that in determining
the amount of a Participant’s Final Average Earnings, the

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	 	 	 	amount of Incentive Compensation which shall be taken into account shall be
equal to such Annual Incentive Compensation is the amount of monthly benefit
payable under the Employee Pension Plan received by the Participant averaged
over any three (3) years within the last five (5) consecutive years that
produces the highest average; and
	 
	 	(b)	 	is the amount of monthly benefit payable under the Employee
Pension Plan.

     4.3 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 company) 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 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.

     4.4 Notwithstanding Section 4.1 or 4.2 to the contrary, the amount of benefits payable to a
Participant under this Supplemental Plan shall be reduced to the extent that the aggregate benefits
payable to the Participant under the Employee Pension Plan, the Excess Benefit Plan, The Phoenix
Companies, Inc. Nonqualified Supplemental Executive Retirement Plan B, as amended and restated
effective July 1, 2007 (and as may be further amended thereafter), and this Supplemental Plan
exceeds the amount of benefits that would have been provided under the Employee 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 Section 401(a)(17) of the Code and the
limitation imposed by Section 415 of the Code did not apply.

	 	 	 	 	 	 
	 	    4.5

	 	   (a)
	         	To the extent that Section 4.1 or 4.2 requires the determination of the
amount of benefits payable under the Employee 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 to
a Former Home Life Employee.
	 
	 	    

	 	   (b)
	         	The amount of benefits payable under Section 4.1 or 4.2 to an
Employee of PIC, PEPCO or PXP who was ineligible to participate in the Employee
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 Employee 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 Employee
Pension Plan for such period.

     4.6 In addition to the benefit payable pursuant to Section 4.1 or 4.2 and notwithstanding the
provisions of Section 4.5 to the contrary, this Supplemental Plan shall also pay to each Employee
Pension Plan Participant identified in Section 2.05 of the Employee Pension Plan as not being a
Plant Closing Eligible Employee, the Plant Closing Benefit that would have been payable to such
Employee Pension Plan Participant under Section 3.08 of the

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Employee Pension Plan had such Employee Pension Plan Participant not been excluded from the
definition of Plant Closing Eligible Employee.

     4.7 For purposes of Sections 4.1(a)(i) and 4.2 above, Incentive Compensation shall be deemed
Earnings with respect to the year in which such Incentive Compensation is actually paid or
deferred.

     4.8 The payment of benefits to which a Participant or Beneficiary shall be entitled under this
Supplemental Plan shall be made in the same form and manner and at the same time as is applicable
or elected under the Employee Pension Plan with respect to the Participant’s Accrued Benefit.
Notwithstanding the foregoing, the payment of benefits to a Participant, who has indicated in
writing, including email, to the Plan Administrator or the President after August 1, 2002 and
before January 1, 2003 such Participant’s intention to retire, shall be made in accordance with the
terms of the Supplemental Plan in effect on December 31, 2002.

     4.9 Benefits accrued under this Supplemental Plan before March 1, 2003 are subject to cost of
living adjustments as described in the Employee Pension Plan.

     4.10 The provisions of the Employee Pension Plan concerning suspension of benefits upon
re-employment are applicable to the benefits payable under this Supplemental Plan.

     4.11 Any benefit payable under the Employee Pension Plan shall be solely in accordance with
the terms and provisions thereof, and nothing in this Supplemental Plan shall operate or be
construed in a way to modify, amend or affect the terms and provisions of the Employee Pension
Plan.

     4.12 If the spouse or domestic partner of a Participant in the Supplemental Plan is entitled
to a death benefit under the Employee Pension Plan, said spouse or domestic partner shall be
entitled to receive from the Employer a death benefit under this Supplemental Plan equal to the
difference between (a) the death benefit that would be payable under the Employee 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 Employee Pension
Plan as of the date of the Participant’s death, calculated in accordance with the terms of the
Employee Pension Plan. No death benefit other than that set forth in this Section 4.12 shall be
payable under this Supplemental Plan if a Participant dies prior to the commencement of benefit
payments under this Supplemental Plan.

ARTICLE V. VESTING

     5.1 Employees eligible to participate in this Supplemental Plan on or before July 31, 2004,
and except for Employee Pension Plan Participants to whom a Plant Closing Benefit is payable under
Section 4.6 of this Supplemental Plan who shall be fully vested in said Plant Closing Benefit, and
except for Participants who are Employees of Phoenix American Life Insurance Company (“PAL”), a
participating Employer in this Supplemental Plan, whose failure to meet the conditions for payment
of benefits hereunder is by reason of PAL’s termination of participation in this Plan on account of
its sale by the Employer, a Participant shall have a vested, non-forfeitable interest in his or her
Supplemental Plan benefits upon such Participant’s attainment of Normal Retirement Age under the
Employee Pension Plan or on earlier termination

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of employment by death or disability as defined in the Employee Pension Plan. Otherwise, a
Participant shall be fully vested in his or her benefits under this Supplemental Plan upon
completion of five (5) Years of Vesting Service, as defined under the Employee Pension Plan.

ARTICLE VI. CLAIMS FOR BENEFITS

     6.1 Claims for benefits under the Supplemental Plan 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
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’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 Section 502(a) of ERISA following an adverse benefit determination on review. A
claimant must 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 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 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 provisions on which the decision is based, a statement of the
claimant or his representative’s right to bring a civil action under Section 502(a) of ERISA 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,

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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 and that Supplemental Plan provisions have been
applied consistently with respect to similarly situated claimants.

     6.2 Any payment to any Participant, or to such Participant’s legal representative or
Beneficiary, in accordance with the provisions of this Supplemental Plan, 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 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, 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.

     6.3 If any benefits payable under this Supplemental Plan to a Participant, or to such
Participant’s legal representative or Beneficiary, cannot be paid by reason that such person cannot
be located for three (3) years after reasonable efforts have been made to locate such person, the
Plan Administrator may declare such benefits forfeited and return such benefits to the Employer;
provided, however, that in the event such Participant, or such Participant’s legal representative
or Beneficiary, is subsequently located or files a claim for benefits, such amount plus interest
shall be reinstated to the Participant’s account for the benefit of such Participant, or such
Participant’s legal representative or Beneficiary, as the case may be.

ARTICLE VII. AMENDMENT AND TERMINATION

     7.1 The Benefit Plans Committee shall have the right to amend this Supplemental Plan 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 said amendment shall not adversely affect
benefits payable to a Participant or Beneficiary where the cause giving rise to such benefit (e.g.,
retirement) has already occurred.

     7.2 The Employer has established this Supplemental Plan with the bona fide intention and
expectation that from year to year it will deem it advisable to continue it in effect. However,

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the Employer, in its sole discretion, reserves the right to terminate the Supplemental Plan in
its entirety at any time without the consent of any Participant; provided, however, that in such
event, benefits shall not be affected where the cause giving rise to such benefit (e.g. retirement)
has already occurred. All other benefits accrued hereunder shall immediately be forfeited. 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.

ARTICLE VIII. SOURCE OF BENEFIT PAYMENTS

     8.1 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. No Participant
shall have any right, title, or interest whatsoever in any specific asset of the Employer. Nothing
contained in this Supplemental Plan 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, such right shall be no greater than the right of an
unsecured general creditor of the Employer.

ARTICLE IX. GENERAL

     9.1 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.

     9.2 The Supplemental Plan 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, to interpret the
provisions of the Supplemental Plan and to construe all of its terms, to adopt, amend and rescind
rules and regulations for the administration of the Supplemental Plan and to make all determination
in connection with the Supplemental Plan as may be necessary or advisable. All such actions of the
Plan Administrator shall be conclusive and binding on all persons.

     9.3 This Supplemental Plan 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.

     9.4 The establishment of this Supplemental Plan shall not be construed as giving to any
Participant, Employee or any person 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 had never been
adopted.

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     9.5 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.

     9.6 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 X. PARTICIPATING EMPLOYERS

     10.1 Adoption of Supplemental Plan by Other Employers. With the consent of the
Benefit Plans Committee, any other corporation may adopt the Supplemental Plan 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.

     10.2 Requirements of Participating Employers.

	 	(a)	 	Benefits payable under the Supplemental Plan 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 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. [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 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
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 which are to be paid by the Employer.

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

     10.4 Plan Amendment.

	 	(a)	 	Subject to the provisions of paragraph (b) hereof, each
Participating Employer hereby delegates to the Employer the right at any time
to amend the Supplemental Plan in accordance with the terms of the Supplemental

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	 	 	 	Plan, provided that any such amendment could not affect the Participating
Employer’s share of the cost of the Supplemental Plan. If an amendment
could significantly affect the Participating Employer’s share of the cost of
the Supplemental Plan, then such amendment shall not be effective with
respect to the Participating Employer until approved by the Participating
Employer. Any such amendment shall be adopted by the Participating
Employer’s Benefit Plans Committee unless such amendment could significantly
affect the Participating Employer’s share of the cost of the Supplemental
Plan, as determined by the Participating Employer’s Benefit Plans Committee,
in which case such amendment shall be adopted by the Participating
Employer’s Board of Directors in accordance with the Participating
Employer’s Articles of Incorporation, Bylaws and applicable law and shall
become effective as provided therein upon its execution.
	 
	 	(b)	 	No amendment to the Supplemental Plan shall be effective with
respect to the Participating Employer until 45 days after a copy of the
amendment shall have been delivered to the Participating Employer, unless the
Participating Employer shall have waived its right to receive such advance copy
of the amendment.

     10.5 Withdrawal of a Participating Employer. A Participating Employer may terminate
its participation in the Supplemental Plan 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 the Benefit
Plans Committee shall have waived its right to such notice. The Benefit Plans Committee may
terminate a Participating Employer’s participation in the Supplemental Plan 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.

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

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EXHIBIT 10.2

THE PHOENIX COMPANIES, INC.

NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN B

as amended and restated effective July 1, 2007

 

 

ARTICLE I. PURPOSE AND EFFECTIVE DATE

     1.1 Purpose. The Phoenix Companies, Inc. Nonqualified Supplemental Executive
Retirement Plan B (the “Supplemental Plan”) is intended to provide retirement benefits for certain
current and former employees which are not provided under the Employee Pension Plan (the “Employee
Pension Plan”) by reason of (a) the exclusion from the definition of Earnings of Incentive
Compensation under an Incentive Compensation plan designated in Section 2.11 hereof; (b) the
limitation on Earnings that may be taken into account under the Employee Pension Plan as set forth
in Section 401(a)(17) of the Internal Revenue Code; or (c) the exclusion from the definition of
Earnings of amounts deferred under any other deferred compensation program of the Employer. The
Supplemental Plan 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.

     1.2 Effective Date. The Supplemental Plan was first effective August 1, 2004 and was
amended effective as of April 28, 2005. This amendment and restatement shall be effective as of
July 1, 2007.

ARTICLE II. DEFINITIONS

     2.1 “Accrued Benefit” shall mean the benefit as defined in the Employee Pension Plan.

     2.2 “Beneficiary” shall mean the Beneficiary designated under the Employee Pension Plan.

     2.3 “Benefit Plans Committee” shall be 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” shall mean the Internal Revenue Code of 1986, as amended.

     2.5 “Earnings” shall mean earnings as defined in the Employee Pension Plan.

     2.6 “Employee Pension Plan” shall mean 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.

     2.7 “Employer” shall mean Phoenix Life Insurance Company.

     2.8 “Excess Benefit Plan” shall mean 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 Section 415 of the Internal Revenue Code.

     2.9 “Final Average Earnings” shall mean the average earnings as defined in the Employee
Pension Plan.

 

 

     2.10 “Grandfathered Participant” shall mean a Participant designated as a “Grandfathered
Participant” under the Employee Pension Plan.

     2.11 “Incentive Compensation” shall mean 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.

     2.12 “Participant” shall mean an employee who meets the eligibility requirements of Article
III under the Supplemental Plan.

     2.13 “Participating Employer” means each corporation that has adopted this Supplemental Plan
with the consent of the Benefit Plans Committee in accordance with Article X.

     2.14 “Pension Equity Benefits” shall mean the benefits provided under Appendix V of the
Employee Pension Plan.

     2.15 “Plan Administrator” shall mean the Benefit Plans Committee or the person designated as
such by the Benefit Plans Committee.

     2.16 “Rehired Participant” shall mean a Participant as defined in Section 4.2.

     2.17 “Supplemental Plan” shall mean The Phoenix Companies, Inc. Nonqualified Supplemental
Executive Retirement Plan B as is set forth in this document as it may be amended from time to
time.

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

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 July 1, 2007, will be eligible to participate in
this Supplemental Plan in accordance with Section 3.2.

     3.2 On or after August 1, 2004, any Highly Compensated Employee, as defined under the Employee
Pension Plan, of the Employer or any Participating Employer, that has been nominated to participate
in this Supplemental Plan by his or her supervisor and 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 Section 401(a)(17) of the Code shall be eligible for
benefits under this Supplemental Plan effective as of the date so approved.

-2-

 

ARTICLE IV. BENEFITS

     4.1 The amount of benefits provided under this Supplemental Plan 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 Employee 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 Section 401(a)(17) of the Code 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 Employee Pension Plan if the
exclusion of deferred compensation from the calculation of the Pension
Equity Benefits, if applicable, and the limitation set forth in Section
401(a)(17) of the Code did not apply; and

	 	(b)	 	is the amount of benefits payable under the Employee Pension
Plan, including any Pension Equity Benefits.

     4.2 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 company) 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 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 July 1, 2007) 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 Notwithstanding Section 4.1 to the contrary, the amount of benefits payable to a
Participant under this Supplemental Plan shall be reduced to the extent that the aggregate benefits
payable to the Participant under the Employee Pension Plan, the Excess Benefit Plan, The Phoenix
Companies, Inc. Nonqualified Supplemental Executive Retirement Plan, as amended and restated
effective July 1, 2007 (and as may be further amended thereafter), and this Supplemental Plan
exceeds the amount of benefits that would have been provided under the

-3-

 

Employee 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 Section
401(a)(17) of the Code and the limitation imposed by Section 415 of the Code did not apply.

	 	 	 	 	 	 
	 	4.4	 	(a)	 	To the extent that Section 4.1 requires the determination of the amount of
benefits payable under the Employee 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 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 Employee 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 Employee 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 Employee
Pension Plan for such period.

     4.5 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 The payment of benefits to which a Participant or Beneficiary shall be entitled under this
Supplemental Plan shall be made in the same form and manner and at the same time as is applicable
or elected under the Employee Pension Plan with respect to the Participant’s Accrued Benefit.

     4.7 The provisions of the Employee Pension Plan concerning suspension of benefits upon
re-employment are applicable to the benefits payable under this Supplemental Plan.

     4.8 Any benefit payable under the Employee Pension Plan shall be solely in accordance with the
terms and provisions thereof, and nothing in this Supplemental Plan shall operate or be construed
in a way to modify, amend or affect the terms and provisions of the Employee Pension Plan.

     4.9 If the spouse or domestic partner of a Participant in the Supplemental Plan is entitled to
a death benefit under the Employee Pension Plan, said spouse or domestic partner shall be entitled
to receive from the Employer a death benefit under this Supplemental Plan equal to the difference
between (a) the death benefit that would be payable under the Employee 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 Employee Pension Plan as of the
date of the Participant’s death, calculated in accordance with the terms of the Employee Pension
Plan. No death benefit other than that set forth in this Section 4.9 shall be payable under this
Supplemental Plan if a Participant dies prior to the commencement of benefit payments under this
Supplemental Plan.

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ARTICLE V. VESTING

     5.1 Employees eligible to participate in this Supplemental Plan on or after August 1, 2004,
shall have a vested, non-forfeitable interest in his or her Supplemental Plan benefits upon such
Participant’s attainment of Normal Retirement Age under the Employee Pension Plan or on earlier
termination of employment by death or disability as defined in the Employee Pension Plan.
Otherwise, a Participant shall be fully vested in his or her benefits under this Supplemental Plan
in the following manner:

	 	 	 	 	 
	Service at selection	 	 	 	 
	into SERP	 	Vesting Schedule	 	Full Vesting
	 	 	 	 	 
	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. CLAIMS FOR BENEFITS

     6.1 Claims for benefits under the Supplemental Plan 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
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’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 Section 502(a) of ERISA following an adverse benefit determination on review. A
claimant must 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 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

-5-

 

or his representative may submit written comments, documents, records and 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 provisions on which the decision is based, a
statement of the claimant or his representative’s right to bring a civil action under Section
502(a) of ERISA 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 and that Supplemental Plan provisions have been applied
consistently with respect to similarly situated claimants.

     6.2 Any payment to any Participant, or to such Participant’s legal representative or
Beneficiary, in accordance with the provisions of this Supplemental Plan, 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 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, 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.

     6.3 If any benefits payable under this Supplemental Plan to a Participant, or to such
Participant’s legal representative or Beneficiary, cannot be paid by reason that such person cannot
be located for three (3) years after reasonable efforts have been made to locate such person, the
Plan Administrator may declare such benefits forfeited and return such benefits to the Employer;
provided, however, that in the event such Participant, or such Participant’s legal representative
or Beneficiary, is subsequently located or files a claim for benefits, such amount

-6-

 

plus interest shall be reinstated to the Participant’s account for the benefit of such
Participant, or such Participant’s legal representative or Beneficiary, as the case may be.

ARTICLE VII. AMENDMENT AND TERMINATION

     7.1 The Benefit Plans Committee shall have the right to amend this Supplemental Plan 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 said amendment shall not adversely affect
benefits payable to a Participant or Beneficiary where the cause giving rise to such benefit (e.g.,
retirement) has already occurred.

     7.2 The Employer has established this Supplemental Plan 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 in its
entirety at any time without the consent of any Participant; provided, however, that in such event,
benefits shall not be affected where the cause giving rise to such benefit (e.g. retirement) has
already occurred. All other benefits accrued hereunder shall immediately be forfeited. 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.

ARTICLE VIII. SOURCE OF BENEFIT PAYMENTS

     8.1 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. No Participant
shall have any right, title, or interest whatsoever in any specific asset of the Employer. Nothing
contained in this Supplemental Plan 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, such right shall be no greater than the right of an
unsecured general creditor of the Employer.

ARTICLE IX. GENERAL

     9.1 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.

     9.2 The Supplemental Plan 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, to interpret the
provisions of the Supplemental Plan and to construe all of its terms, to adopt, amend and rescind
rules and regulations for the administration of the Supplemental Plan and to make all determination
in connection with the Supplemental Plan as may be necessary or

-7-

 

advisable. All such actions of the Plan Administrator shall be conclusive and binding on all
persons.

     9.3 This Supplemental Plan 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.

     9.4 The establishment of this Supplemental Plan shall not be construed as giving to any
Participant, Employee or any person 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 had never been
adopted.

     9.5 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.

     9.6 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 X. PARTICIPATING EMPLOYERS

     10.1 Adoption of Supplemental Plan by Other Employers. With the consent of the
Benefit Plans Committee, any other corporation may adopt the Supplemental Plan 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.

     10.2 Requirements of Participating Employers.

	 	(a)	 	Benefits payable under the Supplemental Plan 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 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. [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 to Employees of Phoenix Equity Planning Corporation and
Phoenix Investment Counsel, Inc. with respect to service completed before
January 1, 1996.]

-8-

 

	 	(b)	 	The Plan Administrator shall keep separate books and records
concerning the contributions and benefits payable under the Supplemental Plan
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 which are to be paid by the Employer.

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

     10.4 Plan Amendment.

	 	(a)	 	Subject to the provisions of paragraph (b) hereof, each
Participating Employer hereby delegates to the Employer the right at any time
to amend the Supplemental Plan in accordance with the terms of the Supplemental
Plan, provided that any such amendment could not affect the Participating
Employer’s share of the cost of the Supplemental Plan. If an amendment could
significantly affect the Participating Employer’s share of the cost of the
Supplemental Plan, then such amendment shall not be effective with respect to
the Participating Employer until approved by the Participating Employer. Any
such amendment shall be adopted by the Participating Employer’s Benefit Plans
Committee unless such amendment could significantly affect the Participating
Employer’s share of the cost of the Supplemental Plan, as determined by the
Participating Employer’s Benefit Plans Committee, in which case such amendment
shall be adopted by the Participating Employer’s Board of Directors in
accordance with the Participating Employer’s Articles of Incorporation, Bylaws
and applicable law and shall become effective as provided therein upon its
execution.
	 
	 	(b)	 	No amendment to the Supplemental Plan shall be effective with
respect to the Participating Employer until 45 days after a copy of the
amendment shall have been delivered to the Participating Employer, unless the
Participating Employer shall have waived its right to receive such advance copy
of the amendment.

     10.5 Withdrawal of a Participating Employer. A Participating Employer may terminate
its participation in the Supplemental Plan 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 the Benefit
Plans Committee shall have waived its right to such notice. The Benefit Plans Committee may
terminate a Participating Employer’s participation in the Supplemental Plan 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.

-9-

 

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

-10-

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