Document:

Exhibit 10.1

                                              MANDATORY DEFERRAL LTIP

                                         RESTRICTED STOCK UNITS AGREEMENT
                                         --------------------------------

         This RESTRICTED STOCK UNITS Agreement (the "Agreement") is entered into as of June 25, 2003 (the
"Effective Date"), by and between The Phoenix Companies, Inc., a Delaware corporation (the "Company") and
Executive.

                                                W I T N E S S E T H
                                                - - - - - - - - - -

         WHEREAS, the Company required Executive to defer receipt of Executive's Long Term Incentive Plan
Bonus from January 2001 until June 25, 2003;

         WHEREAS, the Company and the Executive desire to enter into this Agreement as to the terms of the
Restricted Stock Units Award by the Company; and

         WHEREAS, this Agreement shall supersede any prior oral or written agreement entered into between the
Executive and the Company prior to the Effective Date with respect to the subject matter hereof.

         NOW THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

                                                  ARTICLE I
                                            RESTRICTED STOCK UNITS

                Section 1.1.  Restricted Stock Unit. "Restricted Stock Unit" means the right to receive one
share of common stock of the Company, par value $0.01 per share ("Common Shares") subject to the terms of
this Agreement. Under the Agreement, the Company is awarding you a number of Restricted Stock Units that is
equal to your mandatory deferral balance at the end of the day on June 25, 2003 ($) divided by the closing
stock price at the end of the day of the Common Shares on June 25, 2003 ("Start Date") (the "Award"). The
date of your Award is June 26, 2003 (the "Grant Date"). The number of shares in your Award is set forth in
Schedule A, attached hereto.

                Section 1.2.  Conversion into Common Shares. Your Restricted Stock Units are not convertible
into Common Shares until the later of (a) the conclusion of the three-year period

commencing on the Start Date, or (b) the termination of your employment with the Company or retirement.

                Section 1.3.  No Common Shares Issued Until after June 25, 2006 and Termination of Employment.
The Common Shares that underlie your Restricted Stock Units will be issued on the later of (a) the 15th day
(or, if such day is not a business day, the next business day) after your termination of employment with the
Company and (b) June 26, 2006 (the period beginning on the Grant Date and ending on the later of (a) and (b)
is referred to in this Agreement as the "Restricted Period"). No Common Shares will be issued at the time your
Award is granted, and the Company will not be required to set aside a fund for the payment of your Award.

                                                  ARTICLE II
                                             RIGHTS AND SETTLEMENT

                Section 2.1.  Rights as a Shareholder. Your Restricted Stock Units will not give you any
right to vote on any matter submitted to the Company's stockholders. You will have voting rights with respect
to the Common Shares that underlie your Restricted Stock Units only after the shares have actually been
issued to you.

                Section 2.2.  Restrictions on Transferability. You will not have any right to sell, assign,
transfer, pledge, hypothecate or otherwise encumber your Restricted Stock Units. Any attempt to effect any of
the preceding in violation of this Section 2.2, whether voluntary or involuntary, will be void.

                Section 2.3.  Dividend Equivalents. The Company will credit each of your Restricted Stock
Units with Dividend Equivalents from the date your Award is granted to the end of the Restricted Period. A
"Dividend Equivalent" is, at the time the Company pays any cash dividend on its Common Shares, an amount
equal to the cash dividend per Common Share multiplied by the number of Common Shares then underlying each
Restricted Stock Unit.

                Section 2.4. Settlement of Your Restricted Stock Units.

                (a) Promptly after the end of the Restricted Period, the Company will deliver to you the
         number of Common Shares then underlying your vested Restricted Stock Units, together with any
         Dividend Equivalents credited to them with interest on such Dividend Equivalents at the short-term
         or mid-term Applicable Federal Rate, as applicable, for obligations running from the dividend
         payment date.

                (b) For the purpose of assuring that you do not acquire beneficial ownership of any Common
         Shares within the meaning of Section 7312(w) of the New York Insurance Law, as in effect on the date
         of the demutualization that occurred on June 25, 2001 of Phoenix Home Life Mutual Insurance Company
         pursuant to a plan of reorganization approved by the New York State Superintendent of Insurance
         under Section 7312 of the New York Insurance Law (the "Demutualization"), notwithstanding anything
         in this Annex to the contrary, in no event will any Common Shares attributable

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         to the Restricted Stock Units granted to you be issued before the fifth anniversary of the
         Demutualization.

                Section 2.5.  Adjustment Due to Change in Capitalization. If any Adjustment Event occurs from
the date your Award is granted to the end of the Restricted Period, the number of Common Shares underlying
each Restricted Stock Unit will be proportionately adjusted to reflect, as deemed equitable and appropriate by
the Company,(the "Adjustment Event.") In any merger, consolidation, reorganization, liquidation, dissolution
or other similar transaction, each Restricted Stock Unit shall pertain to the securities and other property to
which a holder of the number of Common Shares underlying the Restricted Stock Unit would have been entitled to
receive in connection with such event. If, as a result of any Adjustment Event, your Restricted Stock Units
represent the right to receive cash in whole or in part (other than as a result of Dividend Equivalents), then
the Company will promptly pay you such cash on the later of (a) the date that such payment would not violate
any law or regulation, including Section 7312(w) of the New York Insurance Law and (b) the 15th day (or, if
such day is not a business day, the next business day) after your termination of employment with the Company.
An "Adjustment Event" means any stock dividend, stock split or share combination of, or extraordinary cash
dividend on, the Common Shares or recapitalization, reorganization, merger, consolidation, split-up, spin-off,
combination, exchange of shares, warrants or rights offering to purchase Common Shares at a price
substantially below fair market value, or other similar event affecting the Common Shares.

                                                 ARTICLE III
                                                ADMINISTRATION

                Section 3.1.  Administration. The Company is authorized to reasonably interpret in good faith
your Award and this Agreement and to make all other reasonable determinations in good faith necessary or
advisable for the administration and interpretation of your Award to carry out its provisions and purposes,
provided that such interpretation or determination shall be consistent with the interpretation or
determination made by the Company with respect to senior management under other similar equity compensation
plans. Determinations, interpretations or other actions made or taken by the Company pursuant to the
provisions of this Agreement shall be final, binding and conclusive for all purposes and upon all persons. The
Company may consult with legal counsel, who may be regular counsel to the Company, and shall not incur any
liability for any action taken in good faith in reliance upon the advice of counsel.

                                                  ARTICLE IV
                                                 MISCELLANEOUS

                Section 4.1.  Payment on Death. If any amounts are payable under your Award after you die,
the Company will pay them to your estate.

                Section 4.2.  Tax Withholding. The Company will have the power to withhold, or require you to
remit to the Company promptly upon notification of the amount due, an amount sufficient to satisfy Federal,
state and local withholding tax requirements with respect to your Award (or settlement thereof), and the
Company may defer payment of cash or issuance or

                                                      3

delivery of Common Shares until such requirements are satisfied. The Company may, in its discretion, permit
you to elect, subject to such conditions as the Company shall impose (a) to have Common Shares deliverable in
respect of your Award withheld by the Company or (b) to deliver to the Company previously acquired Common
Shares, in each case, having a fair market value sufficient to satisfy your statutory minimum Federal, state
and local tax obligation associated with the transaction.

                Section 4.3.  Common Shares Subject to this Award. The Common Shares to be delivered in
connection with your Award may consist, in whole or in part, of Common Shares held in treasury or authorized
but unissued Common Shares, not reserved for any other purpose.

                Section 4.4.  Successor. The Company will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of
the Company, if your Restricted Stock Units remain outstanding, to unconditionally assume the obligations of
the Company with respect to your Restricted Stock Units in writing and will provide a copy of the assumption
to you.

                Section 4.5.  Requirements of Law. The granting of your Award and the issuance of Common
Shares will be subject to all applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

                Section 4.6.  No Impact on Benefits. Your Award will not be compensation for purposes of
calculating your rights under any employee benefit plan.

                Section 4.7.  Instrument and Securities Law Compliance. The Company shall have the authority
to determine the instruments by which your Award shall be evidenced. Instruments evidencing your Award may
contain such other provisions, not inconsistent with this Annex, as the Company deems advisable. In addition,
any Common Shares issued in connection with your Award shall be registered with the SEC at the expense of the
Company for resale on or before the first day on which you may transfer the shares under the Award (or such
later date as you request) unless such shares are eligible for sale by you pursuant to Rule 144 (k) of the
Securities Act of 1933 (or any successor provision) in the opinion of your counsel, which registration shall
be in a form reasonably acceptable to you, shall be subject to your reasonable prior review and comments,
shall remain effective until all Common Shares subject to the Award have been sold (but need not be effective
for more than 365 days after first day on which you may transfer the Common Shares subject to your Award or,
if applicable, such later date as to which you shall have requested effectiveness) and the Company and you
shall, prior to the effectiveness of the registration, enter into a customary registration rights which will
contain provisions, among other things, requiring the Company to indemnify you and any third persons
reasonably requested by you in connection with the sale of any Common Shares and reimburse you for your
reasonable out-of-pocket expenses (other than underwriting discounts) in connection therewith and will
contain customary black-out periods. In the event of your death, or other permitted private transfer of the
Common Shares, all of your rights in this Section 4.7 shall be transferred to your estate or other
transferee.

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                Section 4.8.  Governing Law. The validity, interpretation, construction and performance of
this Agreement and your Award shall be governed by the laws of the State of Connecticut.

                                                      5

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

                                                       THE PHOENIX COMPANIES, INC.

                                                       By:                 /s/ Bonnie Malley
                                                                -----------------------------------------

                                                       Title:                      SVP
                                                                  ---------------------------------------

                                                                       /s/ Dona D. Young
                                                       --------------------------------------------------
                                                       Executive

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                                                    Schedule A

                           to Restricted Stock Unit Agreement dated as of June 25, 2003

1)   The Closing price of The Phoenix Companies, Inc. stock on the New York Stock Exchange on June 25, 2003
     was $9.07 (Nine Dollars and Seven Cents).

2)   Total value of your Mandatory Long Term Incentive deferral account at the end of the day on June 25, 2003
     was $746,655.63 (Seven Hundred and Forty Six Thousand, Six Hundred Fifty Five Dollars and Sixty Three
     Cents).

3)   Total number of restricted stock units granted was:

                      $746,655.63                  82,321.46
                ----------------------    =
                         $9.07

                                                      7Exhibit 10.2

April 14, 2003

Mr. Daniel T. Geraci
10 Stonemeadow Drive
Westwood, MA  02099

Dear Dan:

We have enjoyed getting to know you over the last several months. Dona and our senior management are excited
about you joining us and leading the effort to build a preeminent investment management business. I am pleased
to confirm our offer of employment for the position of Executive Vice President, Asset Management, The Phoenix
Companies, Inc. (PNX) responsible for the investment management business. You will have the additional title
of President and Chief Executive Officer of Phoenix Investment Partners, Ltd. The position will report to the
Chairman and Chief Executive Officer of PNX and will be based in Hartford. The structure of your compensation
package is as follows:

Base Salary:                     $700,000, payable on a bi-weekly basis in the amount of $26,923.08.

Annual Incentive:                You will participate in PNX's annual Performance Incentive Plan. Your target
                                 will be $1,400,000. Your maximum annual incentive potential will be
                                 $2,800,000. If the threshold performance target is met you will receive
                                 $700,000.

Guarantee:                       You will be guaranteed your annual incentive plan target payment of
                                 $1,400,000 for 2003. The actual award may exceed $1,400,000 if the
                                 performance results in a higher payment as determined as in accordance with
                                 the terms of the Performance Incentive Plan. This amount will be payable at
                                 the same time as other awards payable under the plan. You are not eligible to
                                 receive this guaranteed payment if you voluntarily terminate your employment
                                 for any reason prior to one year from the date you commence employment with
                                 PNX.

Long Term Incentive:             You will participate in PNX's Long Term Incentive Plan beginning with the
                                 2003-2005 performance cycle. This plan is a performance share plan that pays
                                 out in restricted stock units (RSUs) if PNX meets its ROE target for the
                                 three year cycle. Your target will be $700,000 of performance shares. The
                                 maximum performance shares available under

                                 this plan is $1,400,000. If the threshold performance target is met, you will
                                 receive $350,000 of performance shares. The target number of performance
                                 shares available is determined based upon the stock price at the beginning of
                                 the cycle. The RSUs convert to PNX common stock in June of 2006 and you will
                                 be able to sell 50% of the award and will be required to hold the remaining
                                 50% for five years.

Signing Bonus:                   You will receive a one-time signing bonus of $700,000 with your first PNX
                                 paycheck. You will be required to repay this amount if you voluntarily
                                 terminate your employment within one year. PNX reserves the right to offset
                                 this obligation against any amounts which may be due to you from PNX at the
                                 time of your termination.

Option Grant:                    We will grant you 50,000 of PNX options valued at the closing price on your
                                 start date. These options vest over three years with a ten year duration.
                                 These options are governed by the term of PNX's Stock Option Plan.

Restricted                       You will receive RSUs representing $2,000,000 of PNX's common stock valued
Stock Units:                     using the average closing price over the 10 trading day prior to your start
                                 date. These restricted stock units will vest at the end of three years from
                                 your start date. You will be able to sell 50% of the award and be required to
                                 hold 50% of the award for five years. You will receive a PNX change in
                                 control agreement, substantially the same as those provided to other
                                 executive vice presidents, which will be amended to add a special provision
                                 regarding vesting of restricted stock units in the event of a "change of
                                 control". Pursuant to this provision, your $2,000,000 award of RSUs will
                                 vest immediately in the event of a "change in control" and a termination by
                                 you for "good reason" or a termination of you by PNX, or its successor,
                                 "other than for cause". These terms are defined in the change of control
                                 agreement.

Performance                      You will also be eligible to receive an additional $3 million of restricted
Based Restricted                 stock units based upon achieving certain performance criteria for the
Stock Units:                     investment management business measured at the end of a three year period.
                                 The performance targets will be benchmarked against peer data where
                                 applicable and will include:

                                 o  Margin improvement
                                 o  Increased EBITDA
                                 o  Product performance improvement

                                 We will work with you to develop the criteria. However, these criteria are
                                 subject to the approval to the PNX Board of Directors. Your ability to sell
                                 the performance RSUs and holding period will be the same as the RSUs
                                 described above. The initial pricing on the performance RSUs

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                                 will be the same as the RSUs described above.

Vacation:                        You will receive 22 days annually with three floating holidays.

You are also eligible to participate in a wide variety of benefits including The Phoenix Companies, Inc.
Savings and Investment Plan, the Employee Pension Plan and Supplemental Retirement Plan, and certain welfare
benefit plans immediately following employment. The welfare benefits include health, life, accidental death,
and long term disability coverage. Details and information regarding these benefits are enclosed.

You are also eligible to participate in the company's relocation program and we have enclosed details on this
program as well. The normal one year limit on the availability of the relocation program benefits will be
extended to two years as part of this offer. However, the terms of the three month temporary housing allowance
is not amended by this offer.

Dan, we hope you will join our management team. If you accept the terms outlined in this letter, please sign
the acknowledgement below and return this letter to me and keep a copy for your records. If you have any
questions, please feel free to contact me at (860) 403-5941 or Sam Weinhoff at (860) 403-6106.

Sincerely,

/s/ Bonnie J. Malley

by Tracy L. Rich

Bonnie J. Malley

Acknowledged:

                /s/ Daniel T. Geraci                                            April 14, 2003
------------------------------------------------------              ---------------------------------------
                  Daniel T. Geraci                                                  Dated

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