Document:

EXHIBIT 10.14

THE PHOENIX COMPANIES, INC.
NON-QUALIFIED EXCESS INVESTMENT
PLAN

As
amended and restated to be effective as of January 1, 2009

THE PHOENIX COMPANIES, INC.
NON-QUALIFIED EXCESS INVESTMENT
PLAN

ARTICLE I
PURPOSE AND EFFECTIVE DATE 

1.01

Purpose.  The Phoenix
Companies, Inc. Non-Qualified Excess Investment Plan is intended to provide
Employees with contributions lost due to restrictions on defined contribution
plans under Code sections 401(a)(17), 401(k), 401(m), 402(g) and 415, which
primarily affect higher-paid Employees.  The intent is to provide Employees
with allocations that, when added to such Employee’s contributions under The
Phoenix Companies, Inc. Savings and Investment Plan, will be similar to
contributions other Employees can receive under such plan.   The
Phoenix Companies, Inc. Non-Qualified Excess Investment Plan is intended to be
an unfunded plan under the Employee Retirement Income Security Act of 1974, as
amended, that is maintained primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated
employees.

1.02

Effective Date.   The Phoenix
Companies, Inc. Non-Qualified Excess Investment Plan was first effective January
1, 1988, was amended and restated effective as of March 3, 2003, was amended and
restated effective as of January 1, 2004, was amended effective as of April 28,
2005, and was amended effective as of July 1, 2007.  This amendment and
restatement shall be effective as of January 1, 2009.

ARTICLE II
DEFINITIONS 

Wherever used in this Plan, unless the context clearly indicates
otherwise, the following terms shall have the following meanings:

2.01

“Beneficiary” means the person, persons or
entity, including one or more trusts, last designated by a Participant on a form
or electronic media and accepted by the Plan Administrator or its duly
authorized representative as a beneficiary, co-beneficiary, or contingent
beneficiary to receive benefits payable under the Plan in the event of the death
of the Participant.  In the absence of any such designation, the
Beneficiary shall be (a) the Participant’s surviving spouse or domestic partner,
(b) if there is no surviving spouse or domestic partner, the Participant’s
children (including stepchildren and adopted children) per stirpes, or (c) if
there is no surviving spouse or domestic partner and/or children per stirpes,
the Participant’s estate.

2.02

 “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 and its assets.

2.03

“Code” means the Internal Revenue Code of 1986, as amended.

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2.04

“Company” means Phoenix Life Insurance Company and any Participating
Employer.

2.05

“Contributions” shall have the meaning provided under
the Savings and Investment Plan.

2.06

“Disabled”  means that a Participant is: 

(a)

unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 

months;
or 

(b)

by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving income replacement
benefits for a period of not less than three months under an accident and health
plan covering Employees of the Participant’s employer.

2.07

“Earnings” shall have the meaning provided under the Savings and Investment
Plan; provided, however, that such Earnings shall not be subject to the limit
set forth in Code section 401(a)(17).

2.08

“Employee” means any person who is employed by the Company on an hourly or
salaried basis other than a Non-Benefits Employee, but shall not include leased
employees within the meaning of Code sections 414(n)(2) and
414(c)(2).

2.09

“ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.

2.10

“Excess Earnings”
means the excess of a Participant’s Earnings over the limit set forth in Code
section 401(a)(17).

2.11

 “Excess Investment Account” means the book account established on
behalf of a Participant under Article VII of this Plan.

2.12

“Excess Investment Benefit” means the amount determined in
accordance with the provisions of Article IV of this Plan.

2.13

“Excess Investment Credits” means the amounts determined in
accordance with the provisions of Section 4.02 of this Plan. 

2.14

"Excess Investment Plan Deferral Election" means a Participant's
election to defer a portion of Excess Earnings as set forth in Section 5.01.

2.15

“Excess Investment Plan Distribution Election” means a
Participant’s election regarding the form of payment of his or her Excess
Investment Benefit as set forth in Section 5.02.

2.16

"Grandfathered Participant" means a Participant designated as a
"Grandfathered Participant" under the Savings and Investment Plan.

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2.17

“Investment Funds” means the funds designated by the
Benefit Plans Committee as available investment options under the Plan, as the
same may, from time to time, be changed by action of the Benefit Plans
Committee.

2.18

“Matching Contributions” means the amount the Company
contributes to the Savings and Investment Plan in accordance with Section
3.01(b) of the Savings and Investment Plan.

2.19

“Non-Benefits Employee” means any Employee who has signed an
employment agreement, independent contractor agreement or other personal
services contract with the Company stating that he or she is not eligible to
participate in the Plan and any worker that the Employer treats as an
independent contractor, during the period that the worker is so treated,
regardless of whether such individual may be determined to be an Employee by
administrative, judicial or other decision.  A worker is treated as an
independent contractor if payment for his services is memorialized on a Form
1099, and not on a Form W-2.

2.20

“Participant” means an Employee who meets the
eligibility requirements of Article III and elects to participate in the Plan.

2.21

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

2.22

“Plan” means The Phoenix Companies, Inc. Non-Qualified Excess Investment
Plan, as it may be amended from time to time.

2.23

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

2.24

“Plan Year” means the calendar year.

2.25

“Savings and Investment Plan” means The Phoenix Companies, Inc.
Savings and Investment Plan, a tax-qualified retirement plan maintained by the
Company that includes a cash or deferred arrangement under Code section
401(k).

2.26

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

2.27

“Years of Service” means the number of Years of Service credited
to a Participant, as defined in the Savings and Investment Plan.

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ARTICLE III
PARTICIPATION 

3.01

Eligibility.  With respect to any
Plan Year, any Employee of the Company whose Contributions to the Savings and
Investment Plan for such Plan Year are expected to be limited by the maximum
amount of Earnings permitted to be taken into account under Code section
401(a)(17) shall be eligible to participate in this Plan. 

3.02

Commencement of Participation.
 Each eligible Employee shall become a Participant in the Plan as of the
January 1 or July 1 next following the date he or she meets the eligibility
requirements in Section 3.01 and completes an Excess Investment Plan Deferral
Election as described in Section 5.01. 

3.03

Termination of Participation. An individual shall cease
to be a Participant as of the date such individual ceases to meet all of the
requirements of Section 3.01 above; provided, however, that benefits accrued by
the individual as of such date shall not be reduced and shall be paid as
provided herein.

ARTICLE IV
EXCESS INVESTMENT BENEFIT 

4.01

Excess Investment Benefit.
A Participant’s Excess Investment Benefit shall be equal to the sum of (a) the
Participant’s accrued and vested account balance under the Plan as of December
31, 2004, (b) the Participant’s Excess Investment Credits determined pursuant to
Section 4.02, and (c) and any adjustments to the Participant’s Excess Investment
Account determined pursuant to Article VII.

4.02

Excess Investment Credits.
 A Participant’s Excess Investment Credits for any Plan Year shall consist
of the sum of the following amounts:

(a)

The percentage of the Participant’s Excess Earnings for such Plan
Year, from 1% to 60%, that the Participant has elected to defer; 

(b)

For periods prior to July 1, 2003, for each Plan Year with respect
to which a Participant has a deferral election in effect under this Plan, a
matching Company credit equal to, for Employees of the Company or any
Participating Employer other than Phoenix Investment Partners, Ltd., an amount
equal to 50% of their contributions which do not exceed 6% of their Excess
Earnings; and for Employees of Phoenix Investment Partners, Ltd. an amount equal
to 100% of their contributions which do not exceed 3% of their Excess Earnings;

(c)

For the period from July 1, 2003 through June 30, 2007, and
continuing thereafter for Grandfathered Participants only, for each Plan Year
with respect to which a Participant has a deferral election in effect under this
Plan, a matching Company credit equal to 100% of such Participant’s
contributions, to the extent that such

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contributions do not exceed 3% of Excess Earnings, plus 50% of
such Participant’s contributions, to the extent that such contributions exceed
3% but do not exceed 5% of Excess Earnings; and

(d)

Effective July 1, 2007, for each Plan Year (including, for 2007,
only the period from July 1, 2007 through December 31, 2007) with respect to
which a Participant, other than a Grandfathered Participant, has a deferral
election in effect under this Plan, a matching Company credit equal to the
amounts set forth below:

	
Years
of Service (determined in whole years as of January 1 of each Plan
Year)
	
Percentage
Match on First 3% of Excess Earnings Deferred by a Participant (i.e.,
1%-3%) 
	
Percentage
Match on Next 3% of Excess Earnings Deferred by a Participant 
(i.e.,
4%-6%)

	
0-4
	
100%
	
50%

	
5-9
	
100%
	
100%

	
10-14
	
100%
	
150%

	
15+
	
150%
	
150%

ARTICLE
V

DEFERRAL AND DISTRIBUTION ELECTIONS

5.01

Deferral
Elections.  

(a)

Time and Amount of Election.  Prior to the end of each
Plan Year, a Participant may make an Excess Investment Plan Deferral Election to
defer between 1% and 60% of his or her Excess Earnings attributable to services
that will be performed in the following Plan Year.

(b)

Newly Eligible Participants.  Notwithstanding Section
5.01(a), for the Plan Year in which an individual first becomes an eligible
Participant, such Participant may make an Excess Investment Plan Deferral
Election within 30 days of initial eligibility (based on the plan aggregation
rules) and such election applies only to compensation paid on and after the
later of (i) the election date, or (ii) the applicable participation
commencement date as described in Section 3.02.

(c)

Effective Date of Deferral Elections.  A Participant’s
Excess Investment Plan Deferral Election shall become effective on the January
1st immediately following the receipt of the Excess Investment Plan
Deferral Election by the Plan Administrator (and, in the case of a newly
eligible Participant, on the later of the

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election date and the applicable participation commencement date
as described in Section 3.02); provided, however, that such election shall not
have retroactive effect.  

(d)

Carryover of Deferral Elections.  Unless otherwise
determined by the Plan Administrator, a Participant’s initial Excess Investment
Plan Deferral Election will be carried over from year to year unless the
Participant makes an affirmative election to modify or terminate the election as
described in Section 5.01(e). 

(e)

Modification/Termination of Deferral Elections.  A
Participant may modify or terminate an Excess Investment Plan Deferral Election
effective as of the first day of the Plan Year immediately following the Plan
Administrator’s receipt of such modification or termination.  Any
modification or termination of an Excess Investment Plan Deferral Election shall
not have retroactive effect and shall remain in force until modified or
revoked.

(f)

Irrevocability of Deferral Elections.  All Excess
Investment Deferral Plan Elections become irrevocable as of (i) the first day of
the Plan Year to which the election applies, or (ii) in the case of newly
eligible Participant, on the later of the election date and the applicable
participation commencement date as described in Section 3.02.  

5.02

Distribution
Elections.

(a)

Form of Distribution Election.  Prior to
commencing participation under the Plan, each Participant may make an Excess
Investment Plan Distribution Election in respect of any amounts to be credited
to the Participant’s Excess Investment Account and elect to receive such portion
of his or her Excess Investment Benefit in either a lump sum payment or in
annual installment payments over a period not to exceed 10 years.  In the
event a Participant fails to make an Excess Investment Plan Distribution
Election, his or her Excess Investment Benefit will be paid in the form of a
lump sum.

(b)

Effective Date of Distribution Elections.  A
Participant’s Excess Investment Plan Distribution Election shall become
effective immediately following the receipt of the Excess Investment Plan
Distribution Election by the Plan Administrator; provided, however, that such
election shall not have retroactive effect.  

(c)

Irrevocability of Distribution Elections.  All Excess
Investment Distribution Elections become irrevocable as of the first day of the
Plan Year to which the election applies.

(d)

409A Transition Relief Provision.  Notwithstanding any
other provision to the contrary in this Plan, Participants may be permitted to
make elections prior to January 1, 2009 in accordance with the transition rules
in effect under Code section 409A.

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(e)

One-Time Changes to Distribution Elections. Notwithstanding
Sections 5.02(c) and (d), a Participant may make a one-time election to change
his or her Excess Investment Plan Distribution Election, provided that: 

(i)

the Participant’s subsequent Excess Investment Plan Distribution
Election pursuant to this Section 5.02(e) election must not take effect until at
least 12 months after the date on which subsequent Excess Investment Plan
Distribution Election is made; and

(ii)

the payment with respect to which the Participant’s subsequent
Excess Investment Plan Distribution Election is made must be deferred for a
period of not less than five years from the date such payment was initially to
be paid pursuant to the Participant’s initial Excess Investment Plan
Distribution Election.

ARTICLE VI
DISTRIBUTIONS AND WITHDRAWALS

6.01

Distribution
of Account Balances.

(a)

Eligibility
for Distribution.  A Participant is eligible to receive a distribution
of his or her Excess Investment Benefit upon the Participant’s Separation from
Service.  

(b)

Date
of Distribution.

(i)

Prior to January 1, 2009, if a lump sum payment is elected as to
an identified portion of the Participant’s Excess Investment Account, the lump
sum payment will be paid within 90 days of the Participant’s Separation from
Service.

(ii)

Prior to January 1, 2009, if the annual installment method is
elected as to an identified portion of the Participant’s Excess Investment
Account, installment payments will be made on a fixed schedule as specified in
the Participant’s election, with the first installment to be paid within 90 days
of the Participant’s Separation from Service.  

(iii)

Effective January 1, 2009, distributions will commence within the
90-day period following the earlier to occur of (A) the six month anniversary of
the Participant’s Separation from Service and (B) the first day of the month
following the Participant’s death.  Upon the expiration of the six-month
period, all payments and benefits delayed pursuant to this Section (whether they
would have otherwise been payable in a lump sum or in installments in the
absence of such delay) will be paid or reimbursed to the Participant in a lump
sum, and any remaining payments and benefits due

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under this Plan will be paid or provided in accordance with the
normal payment dates specified for them herein.

(c)

Form
of Distribution.  

(i)

Subject to Sections 6.01(b)(iii), a Participant’s Excess
Investment Benefit will be distributed in the form elected by the Participant
pursuant to Section 5.02.

(ii)

If the annual installment method is elected, the Company, in its
sole discretion, may elect that all amounts notionally held in the Excess
Investment Account be withdrawn therefrom up to thirty 30 days prior to the
first installment payment date and be deemed applied to purchase a period
certain annuity in the name of the Company, and the amount payable to the
Participant will be equivalent to the amounts payable under such annuity and in
accordance with the installment payment schedule elected.

(iii)

If the value of the Participant’s Excess Investment Account is
equal to or less than $25,000 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 Excess Investment Account within 90 days after such distribution
date.

(iv)

If the value of the Participant’s account balance under this Plan
is equal to $25,000 or less on his or her distribution date, 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 account balance within 90 days after such distribution date.  

(d)

Amount of Distribution.

(i)

The amount of each lump sum distribution payable under this Plan
shall be equal to the single sum cash value of the Participant’s Excess
Investment Benefit as of the date of determination that is distributable in such
form.

(ii)

The amount of each installment distribution shall be equal to the
balance of the Participant’s Excess Investment Benefit as of the determination
date that is distributable in such form, multiplied by a fraction, the numerator
of which is one and the denominator of which is the number of years remaining
over which installments are to be paid.

(e)

Suspension of Benefits upon Reemployment. Upon reemployment
or rehire, the benefits payable under this Plan cannot be suspended pursuant to
Code section 409A, the regulations and guidance promulgated thereunder.

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(f)

Death Benefit. Within 90 days following the death of a Participant, the
value of the Participant’s Excess Investment Benefit, determined as of the date
of distribution, will be distributed to the Participant’s Beneficiary in the
manner specified in the Participant’s Excess Investment Plan Distribution
Election.

6.02

Hardship
Withdrawals. 

(a)

Eligibility.
 A Participant may request a withdrawal from his or her Excess
Investment Account at any time of the amount necessary to satisfy an
unforeseeable emergency within the meaning of Code section 409A, including taxes
assessed on this withdrawal, and taking into account the cancellation of the
Participant’s Excess Investment Plan Deferral Election under Section 6.02(c).
 A hardship withdrawal shall only be available upon a determination by the
Plan Administrator based on the relevant facts and circumstances of each case
that the Participant has suffered a severe financial hardship resulting from a
sudden and unexpected illness or accident of the Participant or the
Participant’s spouse, beneficiary, or dependent, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control
of the Participant, including the loss of the Participant’s property due to
casualty.  The purchase of a home or the payment of tuition or other
education expenses does not constitute an unforeseeable emergency under this
Section 6.02.  A Participant who desires to receive such a hardship
withdrawal must submit a written request to the Plan Administrator in such form
as it may specify.

(b)

Repayment.  Any withdrawals under this Section 6.02
cannot be repaid to the Plan. 

(c)

Cancellation of Deferral Election.  No further
deferrals shall be made to the Plan following the date of the Plan
Administrator’s approval of a hardship withdrawal and each Excess Investment
Plan Deferral Election to which the Participant is then a party shall be of no
further effect.  To the extent permitted under Code section 409A, such
Participant may enter into a new Excess Investment Plan Deferral Election in any
Plan Year following the Plan Year in which the Participant received the hardship
withdrawal.  

 

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ARTICLE VII
INVESTMENT AND
FUNDING 

7.01

Investment Accounts. All Excess Investment Credits under
Section 4.02 shall be credited to the Participant’s Excess Investment Account as
of the end of each payroll period. Such Excess Investment Credits shall be
deemed to be invested in the Investment Fund(s) designated by the Participant in
such manner as may be specified by the Plan Administrator, or, if no such
designation is made, in the default Investment Fund designated from time to time
by the Benefit Plans Committee. Each Participant’s Excess Investment Account
will be adjusted on a daily basis by an amount equal to the amount of any
adjustment that would have been made had the Participant’s credits been
allocated and invested as herein provided; reduced, however, at the Company’s
discretion, by an amount equal to the estimated income taxes, if any, payable by
the Company on such adjustment, based on the Company’s highest tax rate on its
net taxable income for the Plan Year in which such adjustment is made.
  The Company reserves the right to reduce the interest or earnings on
deferred compensation amounts for any federal or state taxes which it may incur
as a result of interest or earnings on amounts held under this Plan.

7.02

Company Retains Control of Deemed Investments.  The
election to designate deemed investments, as described above, shall be subject
to restrictions as to minimum and maximum amounts as announced from time to time
by the Benefit Plans Committee.  Both initial and subsequent investment
allocations must be made in 1% increments.  The Company shall have the
right at any time to add new deemed investment options, cease to offer any or
all of the deemed investment options, and alter or adjust the basis or method of
calculating any interest or earnings for any of the investment options outlined
above. The Company shall be under no obligation to actually make any investment
as described above. Reference to any such investment shall be solely for the
purpose of aiding the Company in measuring and meeting its liabilities under the
terms of this Plan. In any event, if any investments are made, the Company shall
be named the sole owner and shall have all of the rights and privileges
conferred by any instrument evidencing such investments. 

7.03

Funding.  No special or separate
fund shall be established by the Company and no segregation of assets shall be
made to assure the payment of benefits under the Plan. No Participant shall have
any right, title, or interest whatsoever in any specific asset of the Company.
 Nothing contained in this 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 Company and a Participant or any other
person.  To the extent that any person acquires a right to receive payments
under this Plan, such right shall be no greater than the right of an unsecured
general creditor of the Company.

ARTICLE VIII
CLAIMS FOR BENEFITS 

8.01

Claims Procedure.  Claims for benefits under
the Plan may be filed with the Plan Administrator on forms supplied by the Plan
Administrator.  Written or electronic notice

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of the disposition of a claim shall be furnished to the claimant
within 90 days after the application is filed (or within one 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 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 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 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 ERISA section 502(a) following an
adverse benefit determination on review.  A claimant must request a review
of a denied claim in accordance with Section 8.02 and exhaust all remedies under
the Plan before the claimant is permitted to bring a civil action for
benefits. 

8.02

Claims Review Procedure.  Any Employee, former
Employee, or authorized representative or Beneficiary of either, who has been
denied either in whole or in part a benefit by a decision of the Plan
Administrator pursuant to Section 8.01 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 60 days after receipt of the
notification provided for in Section 8.01.  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 60 days after receipt of the notification provided for in Section 8.01.
 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 60 days of
receipt of the request for review (or within 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 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
Plan 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 Plan and that Plan provisions have been applied
consistently with respect to similarly situated claimants. 

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8.03

Receipt and Release for Payments.  Any payment to any
Participant, or to such Participant’s legal representative or Beneficiary, in
accordance with the provisions of this Plan, shall be in full satisfaction of
all claims hereunder against the Company.  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 the Plan Administrator shall determine.  If the Plan Administrator
shall receive evidence satisfactory to the Plan Administrator that any payee
under this 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
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.  Subject to the immediately preceding sentence and
Section 6.01, if the responsible party/payee does not execute the receipt and
release within 60 days of the distribution trigger date, the Excess Investment
Benefit shall be forfeited at the end of the 60th day and
shall not be eligible for reinstatement.

8.04

Lost or Unknown Participants.  If any benefits payable
under this Plan 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 (a) the last day of the calendar year in which the payment was due
and (b) the 15th day of the third calendar month following the
date specified under the Plan, after reasonable efforts have been made to locate
such person, such benefits shall be forfeited and returned to the Company.

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ARTICLE IX
MISCELLANEOUS 

9.01

Non-Guarantee of Employment.  Nothing contained in this
Plan shall be construed as a contract of employment between the Company and any
Participant or Employee, or as a right of any such Participant or Employee to be
continued in the employment of the Company, or as a limitation on the right of
the Company to deal with any Participant or Employee, as to their hiring,
discharge, layoff, compensation, and all other conditions of employment in all
respects as though this Plan did not exist. 

9.02

Rights Under Savings and Investment Plan.
 Nothing in this Plan shall be construed to limit, broaden, restrict, or
grant any right to a Participant, Employee, surviving spouse, domestic partner
or any Beneficiary thereof under the Savings and Investment Plan, nor to grant
any additional rights to any such Participant, Employee, surviving spouse,
domestic partner or Beneficiary thereof under the Savings and Investment Plan,
nor in any way to limit, modify, repeal or otherwise affect the Company’s right
to amend or modify the Savings and Investment Plan.

9.03

Amendment
and Termination.  

 

(a) 

Amendment/Modification/Termination.  The Plan may be
amended, modified or terminated at any time by the Company, subject to Section
9.03(b) below and except that, without the consent of any Participant or
Beneficiary, if applicable, no such amendment, modification or termination shall
reduce or diminish the Excess Investment Benefit of any Participant accrued
prior to the date of such amendment, modification or termination.  However
no amendment, modification or termination shall result or cause an acceleration
of payments or benefits under the Plan, unless the termination satisfies the
Code section 409A safe harbor summarized in Section 9.03(b).  Further, at
its sole discretion, the Company may elect, upon termination of this Plan to
distribute in one lump sum to the Participant or any beneficiary, as the case
may be, the value of the Benefit or the commuted value of any remaining
installment payments.

(b)

Plan
Termination under Code section 409A. Generally, payments 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 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 

13

(iii) 

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

9.04

Nonassignability.  The benefits payable under
this Plan shall not be subject to alienation, assignment, garnishment, execution
or levy of any kind and any attempt to cause any benefits to be so subjected
shall not be recognized, except to the extent required by applicable law;
provided, however, that a Participant or Beneficiary may assign his or her
entire interest in their Excess Investment Benefit to the Participant’s or
Beneficiary’s spouse or former spouse, as the case may be, under a divorce or
separation instrument described in subparagraph (A) of Code section
71(b)(2).

9.05

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

9.06

Interpretation Consistent with Code Section 409A.
  The intent of the parties is that payments and benefits under this
Plan comply with Code section 409A and, accordingly, to the maximum extent
permitted, this Plan shall be interpreted to be in compliance therewith. If any
provision of this Plan would cause the Employee to incur any additional tax or
interest under Code section 409A, the Company, 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, to the extent reasonably
possible, maintain the original intent of the applicable provision of this Plan
without violating the provisions of Code section 409A.

9.07

Successor Company.  In the event of the
dissolution, merger, consolidation or reorganization of the Company, provision
may be made by which a successor to all or a major portion of the Company’s
property or business shall continue the Plan, and the successor shall have all
of the power, duties and responsibilities of the Company under the
Plan.

9.08

Governing Law.  This Plan shall be
construed and enforced in accordance with, and governed by, the laws of the
State of Connecticut, without giving effect to the conflict of law provisions
thereof.

9.09

Tax Withholding.  The Company 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 Company may reasonably estimate are necessary to cover taxes
for which the Company may be liable and which may be assessed with regard to
such payment.

14

9.10

Illegality of Particular Provision.  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 

10.01

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

10.02

Requirements
of Participating Employers.

(a)

Funding and Liability.  Benefits payable under the
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
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 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 Plan to Employees
of Phoenix Equity Planning Corporation and Phoenix Investment Counsel, Inc. with
respect to service completed before January 1, 1996.

(b)

Books and Records.  The Plan Administrator shall keep
separate books and records concerning the contributions and benefits payable
under the Plan with respect to the Participating Employer and the Employees of
the Participating Employer.

(c)

Expenses. Each Participating Employer shall pay to the
Company its proportionate share of any administrative expenses of the Plan which
are to be paid by such employer.

10.03

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

10.04

Plan Amendment.

(a)

Company’s Right to Amend Plan.  Subject to the
provisions of paragraph (b) hereof, each Participating Employer hereby delegates
to the Company the right at any time to amend the Plan in accordance with the
terms of the Plan, provided that any such amendment could not affect the
Participating Employer’s share of the cost of the Plan.  If an amendment
could affect the Participating Employer’s share of the cost of the 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

15

Employer’s benefit plans committee unless such amendment could
significantly affect the Participating Employer’s share of the cost of the 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)

Effective Date of Amendment.  No amendment to the Plan
shall be effective with respect to a 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.

10.05

Withdrawal of a Participating Employer.
 Subject to Section 9.03, a Participating Employer may terminate its
participation in the 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 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.

10.06

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

16THE PHOENIX COMPANIES, INC

EXHIBIT 10.16

THE PHOENIX COMPANIES, INC.
NONQUALIFIED SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

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 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 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 was first effective January 1, 1989, was amended and
restated effective as of January 1, 2004, was further 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 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 the Phoenix Life Insurance Company and any affiliated employer that adopts
the Plan with the consent of the Benefit Plans Committee.

1

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
this Supplemental Plan.

2.12

"Participating
Employer" means each corporation that has adopted this Supplemental Plan 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 4.3.

2.17

“Retirement”
means termination of service after having satisfied the age and/or service
criteria to be entitled 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" means The Phoenix Companies, Inc. Nonqualified Supplemental Executive
Retirement Plan, as set forth in this document and as amended from time to
time.

2

ARTICLE
III.  ELIGIBILITY

Eligibility
for this Supplement Plan is limited to persons who were Participants under this
Plan on August 1, 2004.  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

Actively
At Work on or After August 1, 2004  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 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

Not
Actively At Work on or After August 1, 2004  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 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 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

3

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 Pension Plan.

4.3

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
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

Benefits
Not to Exceed What Could Have been Paid Under Pension Plan But for
Limitations  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 Pension Plan, the Excess Benefit Plan, The Phoenix
Companies, Inc. Nonqualified Supplemental Executive Retirement Plan B, as
amended and restated effective January 1, 2008 (and as may be further amended
thereafter), and this Supplemental Plan 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.

4.5

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

(a)

To
the extent that Section 4.1 or 4.2 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 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 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 Employee
actually accrued under the Pension Plan as of his or her Annuity Commencement
Date and the benefit such Employee would have accrued had he or she not been
excluded from participation in the Pension Plan for such period.

4.6

Plant
Closing Benefits  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 Pension Plan Participant
identified in Section 2.05 of the Pension Plan as not being a Plant Closing
Eligible Employee, the Plant Closing Benefit that would have been payable to
such Pension Plan Participant under Section 3.08 of the Pension
Plan

4

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

4.7

Timing
of Inclusion of Incentive Compensation   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

Cost
of Living Adjustment for Pre- March 1, 2003 Benefits Benefits accrued
under this Supplemental Plan before March 1, 2003 are subject to cost of living
adjustments as described in the Pension Plan.

4.9

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 shall operate or be construed in a way to modify,
amend or affect the terms and provisions of the Pension Plan.

4.10

Death
Benefits  If the spouse or domestic partner of a Participant in the
Supplemental Plan 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 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 4.10 shall be payable under this Supplemental
Plan if a Participant dies prior to the commencement of benefit payments under
this Supplemental Plan.  Following the commencement of payments under this
Supplemental Plan, 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 on or before July 31, 2004,
and except for 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
Supplemental Plan on account of its sale by the Employer, a Participant shall
have a vested interest in his or her Supplemental Plan benefits upon the
earliest to occur of (i) such Participant’s attainment of Normal Retirement Age
under the Pension Plan, (ii) termination of the Participant’s employment by
death or disability as defined in the Pension Plan or (iii) upon
completion of five (5) Years of Vesting Service, as defined under the Pension
Plan.

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 Prior to 2009  A Participant who is not described
in Section 6.1 may elect at any time prior to December  31, 2008 to have
payment of his or her Accrued Benefit commence at  the first day of any
month following the later of the Participant’s (i) Separation from Service
 (including a Separation from Service after a disability or plant closing),
and (ii) having attained age 55, 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 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 date of the Participant’s death, to change the form
of life annuity under which such Accrued Benefit is payable.

6

6.6

Mandatory
Distributions of Small Accrued Benefits   If the Actuarial
Equivalent value of the Participant’s Accrued Benefit under this Supplemental
Plan 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
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
ERISA section 502(a) following an adverse benefit determination on review.
 A claimant must exhaust the claims procedure under this Supplemental Plan
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 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 

7

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

8

ARTICLE
VIII.

AMENDMENT
AND TERMINATION

8.1

Amendment
  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, 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 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 no such
termination shall (i) result in or cause an acceleration of payments or benefits
under this Supplemental Plan, 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 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.

 

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.  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

9

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
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 comply with Code section 409A
and, accordingly, to the maximum extent permitted, this Supplemental Plan shall
be interpreted to be in compliance therewith.  If any provision of this
Supplemental Plan 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 extent reasonably possible, maintain the original
intent of the applicable provision of this Supplemental Plan 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 shall be operated and
administered by the Benefits Plans Committee.  The Benefits Plan Committee
may delegate any or all of its administrative authority to any officer or
employee or committee of officers or employees as it shall designate.  The
Benefits Plans Committee or such other committee as it shall designate shall be
the Plan Administrator.  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.

11.3

Governing
Law   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.

11.4

No
Right to Continued Employment   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

 

10

 

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.

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 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.

12.2

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.

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 Benefit Plans Committee 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.
 

12.5

Withdrawal
of a Participating Employer   Subject to Section 8.2, 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 (or
such lesser period as the Benefits Plans Committee shall specify) subsequent to
the date such notice is delivered to the Benefit Plans Committee. 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.  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 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.

 

12

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