Document:

THE PHOENIX COMPANIES, INC

EXHIBIT 10.33

THE
PHOENIX COMPANIES, INC.

EXECUTIVE SEVERANCE ALLOWANCE PLAN

As
amended and restated effective as of January 1, 2009

 

1

ARTICLE 1 - PURPOSE; AMENDMENT AND RESTATEMENT

The Phoenix Companies, Inc. adopted, effective as of January 1,
2005, this Executive Severance Allowance Plan to provide for benefits to certain
executives of Phoenix Life Insurance Company and other affiliates of the
Sponsor, who meet the eligibility requirements set forth in the Plan when their
employment is involuntarily terminated by the Employer.  

As of January 1, 2005 and thereafter, this Plan supersedes and
replaces all prior severance policies, plans, or practices maintained by the
Employer with respect to the “Executives” of Employer, as defined in Article 2,
except any individual agreements that may exist between the Employer, Sponsor or
Affiliated Employer and the Executive.

The Plan was amended effective January 1, 2005 and was further
amended effective January 1, 2008.  This amendment and restatement is
effective as of January 1, 2009.  

ARTICLE 2 - DEFINITIONS

For
purposes of this Plan, the following terms shall have the meanings set forth
below.

2.01

“Affiliate” means, as to any specified person, each other person
directly or indirectly controlling, controlled by or under direct or indirect
common control with that specified person.  For the purposes of this
definition, “control”, when used with respect to any specified person means the
power to direct the management and policies of such person, directly or
indirectly, whether through the ownership of voting securities, or by contract
or otherwise, and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.  Notwithstanding the foregoing, any
investment company registered under the Investment Company Act of 1940, as
amended, shall not be deemed an Affiliate of any specified person.

2.02

“Affiliated Employer” means any Affiliate of the Sponsor which has
been designated to participate in the Plan by action of the Plan
Administrator.

2.03

“Annual Incentive Award” means the compensation payable under the
Performance Incentive Plan, the Annual Incentive Plan, the Investment Incentive
Plan, and/or any successor incentive plan or such other incentive compensation
arrangements as the Employer may designate from time to time as approved by the
Committee or the Chief Executive Officer.

2.04

“Base Salary” means the Executive’s annual salary, determined as
of the last day of the month immediately preceding the Executive’s Separation
Date.  The following items shall not be included in determining Base
Salary:  overtime pay; distributions from a plan of deferred compensation;
commissions; bonuses and incentive compensation.  In determining this
annual salary, however, the following items shall be included:  any amount
contributed as deferred compensation to a cash or deferred arrangement
maintained by the Employer pursuant to Code section 401(k); any salary reduction
contributions made on behalf of the Executive to a plan maintained by the
Employer 

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under Code section 125 or Code section 132(f)(4) , and any amounts
deferred by the Executive under a nonqualified plan of deferred
compensation.

2.05

“Cause” means any conduct by the Executive which is detrimental to
the interests of the Employer or any of Affiliated Employer, including but not
limited to: (a) the Executive’s conviction or plea of nolo contendere to a
felony or to a lesser crime involving fraud or moral turpitude; (b) an act of
misconduct (including, without limitation, a  violation of the Sponsor’s
Code of Conduct or any code of ethics of any of its affiliates) on Executive’s
part with regard to the Employer or any Affiliated Employer; (v) unsatisfactory
performance; or (d) the Executive’s failure to attempt or refusal to perform
legal directives of the Board or executive officers of the Employer. "Cause" is
to be determined in the sole discretion of the Employer.

2.06

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act
of 1986, as amended, and the regulations and guidance published thereunder.

2.07

“Code” means the Internal Revenue Code of 1986, as amended, and
the regulations and guidance published thereunder.

2.08

“Committee” means the Compensation Committee of The Phoenix
Companies, Inc. Board of Directors.

2.09

“Effective Date” means January 1, 2009, the date that the
provisions of the Plan as contained in this document shall become effective.

2.10

“Employee” means any common law employee of the Employer who is
actively at work at the time of termination and is a regular (versus temporary)
full-time employee working at least 40 hours per week or part-time employee
working at least 19 1⁄4 hours per week.

2.11

“Employer” means Phoenix Life Insurance Company and any other
Affiliated Employer that has adopted this Plan with the approval of the Plan
Administrator.

2.12

“ERISA” means the Employee Retirement Income Security Act of 1974,
as amended, and the regulations and guidance published thereunder.

2.13

“Executive” means (a) an Employee of the Employer who is a Senior
Vice President or above and (b) any other Employee (Vice Presidents or other key
personnel) the Chief Executive Officer of the Sponsor has determined to be
integral to the formulation or execution of the business strategy of the
Employer.

2.14

“Plan” means The Phoenix Companies, Inc. Executive Severance
Allowance Plan, as amended from time to time.

2.15

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

2.16

“Plan Year” means the calendar year.

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2.17

“Separation Date” means the last day of an Executive’s active
service with the Employer.

2.18

“Severance Agreement and Release” means an agreement to be signed
by the Executive in a form acceptable to the Employer containing a general
release and restrictive covenants, as well as any other clauses the Employer may
require.

2.19

“Severance Amount” means the benefit payable under the provisions
of Section 3.03.

2.20

“Severance Service” means the years of service used to determine
the Severance Amount 

in Section 3.03 based on an Executive’s Severance Tier and
based on the Executive’s full  years of employment with the Employer,
as adjusted for any applicable breaks-in-service, and considering full and
fractional years accumulated as of the Executive’s Separation Date,
rounded up to the next full year.

2.21 

“Severance Tier” means the applicable severance benefit level
under Severance Tier 1 or

Severance Tier 2, determined based on an Executive’s position
level and the Sponsor Chief Executive Officer’s discretion.  

2.22

“Severance Tier 1” means an Executive, who is a Senior Vice
President or higher on the

Separation Date, and any other Executive designated by the
Sponsor’s Chief Executive Officer, including all Executives as of
December 31, 2007, will be credited with at least nine years if the
Executive has fewer than nine years of Severance Service, but no more than
18, even if the Executive has more than 18 years of Severance Service.
 

2.23 

“Severance Tier 2” means any Executive that is not in Severance
Tier 1, who is a selected Vice President or other key employee and not a Senior
Vice President or higher on the Separation Date, will be credited with at least
six years if the Executive has fewer than six years of Severance Service,
but no more than 12, even if the Executive has more than 12 years of Severance
Service. 

2.24

“Sponsor” means The Phoenix Companies, Inc.

ARTICLE 3 - SEVERANCE ALLOWANCE BENEFIT

3.01

Qualification:  An Executive whose employment is (a)
involuntarily terminated by the Employer for any reason, including but not
limited to: reduction in force, facility closing, reorganization, consolidation,
elimination of position, or (b) terminated voluntarily or involuntarily by
resignation at the request of the Employer, shall be qualified for benefits
under this Plan, unless the termination is due to a disqualifying event
identified in Section 3.02.

3.02

Disqualifying Events:  An Executive who might
otherwise be qualified for benefits under this Plan shall be disqualified for
such benefits by any one of the following events and circumstances:

(a)

The Executive fails to continue in the employ of the Employer,
satisfactorily performing the Executive’s assigned duties, until the date
actually set for the Executive’s termination by the Employer.

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(b)

The Employee works for a division, sub-division, unit, subsidiary
or other identifiable entity that is sold or the assets of which are transferred
to an owner other than the Employer, if the Executive is offered employment by
the new owner that is substantially comparable to the employment engaged in by
the Executive immediately prior to the sale or transfer.

(c)

The Executive is terminated for Cause. 

(d)

The Executive’s employment is terminated by reason of early
retirement, resignation (not at the request of the Employer), death, or during
or at the conclusion of a leave of absence taken or granted on account of any
reason, including permanent or temporary disability.

(e)

The Executive refuses to accept a transfer to an assigned job or
location, provided the new position is within two pay grades or one band, as
applicable of the current position held by the Executive.

(f)

The Plan Administrator determines that under the facts and
circumstances relating to the Executive’s termination, or because of the
Executive’s conduct subsequent to termination, it would be inappropriate to
commence or continue severance payments.

(g)

The Executive receives or is entitled to receive from the Employer
benefits under any severance plan, any severance agreement, or any agreement
providing for the payment of severance benefits, including any Change in Control
Agreement between the Employer and the Executive, other than this Plan, on
account of the Executive’s termination of employment by the Employer. 

3.03

Severance Benefits:   With respect to any
Executive whose employment is terminated for a reason identified in Section
3.01, the following Severance Amount shall be payable, subject to the
disqualification provisions of Section 3.02 and Section 3.09, and not any other
benefit, except for outplacement services as provided in Section 3.10 and
certain employee welfare benefits as provided in Section 3.11:

The
Severance Amount equals Base Severance plus Pro-Rata Incentive, where:

Base
Severance  =  [S x ((a plus b)/12)], where: 

a
  = 

A
cash amount equal to the Executive’s annual Base
Salary
            as
of the Separation Date.  

b
  =

A
cash amount equal to the average of the Executive’s 

           
actually earned and paid (even if one or both is $0) Annual
            Incentive
Awards for the prior two (2) fiscal years. 

S
  =

Severance
Service, which is derived from the Severance 

           
Tier that the Executive qualifies for.   

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And

Pro-Rata Incentive  =  A cash amount equal to a pro-rata
portion of the Executive’s actually earned Annual Incentive Award for the fiscal
year in  which the Executive’s Separation Date occurs.  The
pro-rata portion of such Annual Incentive Award shall be determined by
multiplying the amount actually earned times a fraction, the numerator of
which is the number of days during the performance period applicable to
such award prior to the Separation Date and the denominator of which is the
number of days in the performance period applicable to such award.
 

 

3.04

Time and Form of Payment:   Except as otherwise
provided herein or in Article 5, the Executive will receive payment of the Base
Severance payable under this Plan either in a lump sum payment or approximately
equal periodic installments based on the Employer’s pay schedule commencing, as
soon as practicable after the Separation Date (but in no event earlier than
after the execution of, and the expiration of any revocation period related to,
any required release).  If the release is not executed within the
required execution period, the Severance Amount and any other benefits under
this Plan shall be forfeited.  In no event however, shall any lump sum
payment or any installment be paid later than March 15 in the year next
succeeding the year in which the involuntary termination occurred.  Any
Pro-Rata   Incentive for the fiscal year in which the Executive’s
Separation Date occurs will be   payable after the Pro-Rata Incentive
for that fiscal year is calculated and approved by the   Employer.
 In no event, however, shall any Pro-Rata Incentive payment be paid later
than March 15 in the year next succeeding the year in which the involuntary
termination occurred.  

3.05

Death:  If an Executive terminates employment and dies
before having received

the 

entire amount of benefits to which the Executive is entitled
under this Plan, the balance of such benefits will be paid to (a) the
Executive’s surviving spouse or domestic partner, (b) if there is no
surviving spouse or domestic partner, the Executive’s children (including
stepchildren and adopted children) per stirpes, or (iii) if there is no
surviving spouse or domestic partner and/or children per stirpes, the
Executive’s estate.

3.06

Reemployment by the Employer: In the event that an
Executive becomes reemployed

by the Employer after having received any benefit pursuant to
this Plan or any predecessor or successor to this Plan, such Executive will
be required to reimburse the Employer for any benefits received before the
Executive’s reemployment.  

3.07     Integration with Other
Benefits: To the extent that a federal, state or local law may require the
Employer to make a payment to an Executive because of that
Executive’s involuntary termination, the Severance Amount payable under
this Plan shall be applied towards any such payment and not paid in
addition to such required payment. Nothing in this Plan shall be used to
extend or modify benefits under this Plan because of payments under any
state unemployment insurance laws.

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3.08

Withholding:  The Employer shall have the right to
take such action as it deems necessary or appropriate to satisfy any requirement
under federal, state or other law to withhold or to make deductions from
any benefit payable under this Plan.

3.09     Pre-conditions for Receipt of
Benefits:  The payment of any benefit under this Plan, including but
not limited to Sections 3.03, 3.10 and 3.11, is conditioned upon
the Executive complying with all of the following:

(a)  refraining from directly or indirectly interfering in
any manner with the operations, management or administration of any Employer
office, agent or employee and refraining from making any disparaging remarks
concerning the Employer, its representatives, agents and employees;

(b)   refraining from
encouraging, soliciting or suggesting to any and all employees, agents,
representatives and/or clients of the Employer that they terminate or alter
their current relationship with the Employer;

(c)    returning all Employer property
provided or developed during the course of employment including, but not limited
to: computers, software, cell phones, files, records, identification card,
credit cards and Employer manuals;

(d)  complying with a continuing obligation to
maintain the confidentiality of proprietary  information subsequent to
termination of employment;

(e)

executing a Severance Agreement and Release within the required
execution period.

Upon the failure of the Executive to comply with any of the
conditions set forth above and in this Plan, all payments hereunder shall
immediately cease and the Executive shall immediately reimburse the Employer for
all payments previously made hereunder.

3.10

Outplacement Services:   An Executive entitled to
payment of a Severance Amount as provided in Section 3.03 of this Plan shall be
eligible to receive and the Employer shall provide outplacement services, with a
firm chosen by the Employer, at a level commensurate with the Executive’s
position for a one-year   period beginning on the Separation Date, but
in no event later than December 31 of the second calendar year following the
calendar year in which the involuntary termination occurred. 

3.11

Continuation of Benefits: The Executive (and, to the extent
applicable, the Executive’s dependents) shall be entitled to continue
participation in all of the  employee plans providing medical and dental
benefits that the Executive participated in prior to the Separation Date in
accordance with COBRA; provided, however, that the Executive shall continue to
pay the active participant rate monthly for up to the first 12 months of the
COBRA period following the Executive’s Separation Date.    

ARTICLE 4 - ADMINISTRATION

4.01

The Plan Administrator: The Plan Administrator shall have
the sole discretionary authority to interpret the Plan and all questions
thereunder, including, without limitation, 

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all questions relating to eligibility to participate in and
receive benefits under the Plan. All such actions of the Plan Administrator
shall be conclusive and binding on all persons.

4.02

Notification to Executives: The Plan Administrator shall
notify an Executive when and if such Executive becomes eligible for benefits
under this Plan.

4.03

Claims by Executives: Claims for benefits under the Plan
may be filed with the Plan Administrator.  Written notice of the
disposition of a claim shall be furnished to the claimant within 90 days after
the application is filed.  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 reasonably calculated to be understood by the claimant, pertinent
provisions of the Plan shall be cited, and, where appropriate, an explanation as
to how the claimant can perfect the claim will be provided.  In addition,
the claimant shall be furnished with an explanation of the Plan’s claims review
procedures and the time limits applicable to such procedures, including a
statement that the claimant has a right to bring a civil action under ERISA
section 502(a) following an adverse benefit determination on review, if the
claimant has exhausted all remedies under the Plan.  If notice of the
denial of a claim is not furnished to an Executive in accordance with this
section within a reasonable period of time, such Executive’s claim shall be
deemed denied.  The Executive will then be permitted to proceed to the
review stage described in Section 4.04.

4.04

Claims Review Procedure: Any Executive, former Executive,
or authorized representative or beneficiary of either, who has been denied a
benefit either in whole or in part by a decision of the Plan Administrator
pursuant to Section 4.03 shall be entitled to request the Plan Administrator to
give further consideration to his claim by filing with the Plan Administrator a
written 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 written notification provided for in Section 4.03.  The claimant may
submit written comments, documents, records and other information relating to
the claim to the Plan Administrator. 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 with
written or electronic notice of the decision on review within 60 days after the
request for review is received by the Plan Administrator (or within 120 days if
special circumstances require an extension of time for processing the claim and
if notice of such extension and circumstances is provided to the claimant 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 that the claimant has a right to
bring a civil action under ERISA section 502(a) and that the claimant 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 

8

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

ARTICLE 5 - AMENDMENT AND TERMINATION

The Board of Directors of the Employer has delegated to the
Benefit Plans Committee the right at any time, whether in an individual case or
more generally, to amend this Plan from time to time without advance notice and
to terminate this Plan at any time.  No consent of any Executive is
required to terminate, modify, amend or change the Plan generally or in an
individual case.  Any such amendment or termination of this Plan generally
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.  Any
amendment or termination of this Plan on an individual basis shall be
accomplished by the written action of the Plan Administrator.  

ARTICLE 6 - SEVERANCE PAY PLAN LIMITATIONS UNDER ERISA

The Employer intends that this Plan constitute a “severance pay
plan” under ERISA and any ambiguities in this Plan shall be construed to effect
that intent.  As a severance pay plan, notwithstanding any other provision
of this Plan: payments hereunder shall not be contingent directly or indirectly,
upon the retirement of any Executive or offset by any retirement benefit
payable; the total amount of severance payments made and the value of other
benefits provided under this Plan to any Executive shall not exceed twice the
Executive’s annual compensation during the year immediately preceding the
termination of such Executive’s service; and all payments to an Employee under
this Plan shall be paid within 24 months after the termination of the
Executive’s service.

ARTICLE 7 - MISCELLANEOUS

7.01

Right to Terminate Employment:   The fact that a
former Executive has failed to qualify for a benefit under this Plan shall not
rescind or otherwise affect in any manner whatsoever the Executive’s termination
of employment from the Employer, and such failure to qualify for a benefit shall
not establish any right of any kind whatsoever (a) to a continuation or to a
reinstatement of employment with the Employer or (b) to receive any payment from
the Employer in lieu of such benefit.

7.02

Source of Benefits:   All benefits paid to a
terminated Executive under this Plan shall be paid from the general assets of
the Employer, and the status of the claim of a person to any benefit shall be
the same as the status of a claim against the Employer by any general unsecured
creditor.  No person shall look to, or have any claim against, any officer,
director, employee or agent of the Employer in his individual capacity for the
payment of any benefits under this Plan.

7.03

No Assignment; Binding Effect:   No interest of
any Executive eligible to receive benefits under this Plan shall be subject in
any manner to sale, transfer, assignment, pledge, attachment, garnishment, or
other alienation or encumbrance of any kind; nor may such interest or right to
receive a benefit be taken, either voluntarily or involuntarily, 

9

for the satisfaction of the debts of, or other obligations or
claims against, such person, including claims for alimony, support, separate
maintenance and claims in bankruptcy proceedings.  The provisions of this
Plan shall be binding on each Executive (and on each person who claims a benefit
under such person) and on the Employer, their successors and assigns.

7.04

Indebtedness:   Indebtedness or obligations of
the Executive to the Employer existing at the time of termination or arising
during the one year period beginning on the Separation Date shall be set off
against any benefit payable under this Plan.

7.05

Construction:   This Plan shall be construed in
accordance with the law of the State of Connecticut to the extent not preempted
by federal laws.  Headings and subheadings have been added only for
convenience of reference and have no substantive effect whatsoever. All
references to sections shall mean sections of this Plan.

7.06

Usage:   Whenever applicable, the singular shall
include the plural, the masculine shall include the feminine and vice versa when
used in this Plan.

10Exhibit C

EXHIBIT 10.35

THE
PHOENIX COMPANIES, INC.

ANNUAL INCENTIVE PLAN FOR EXECUTIVE OFFICERS

As
amended and restated effective as of January 1, 2009

THE PHOENIX COMPANIES, INC.

ANNUAL INCENTIVE PLAN FOR EXECUTIVE OFFICERS

ARTICLE
1.  INTRODUCTION

   The
purposes of The Phoenix Companies, Inc. Annual Incentive Plan for Executive
Officers (the "Plan") are (a) to foster and promote the financial success
of The Phoenix Companies, Inc. (the " Company") and its majority-owned
subsidiaries (each, a "Subsidiary" and collectively, the
"Subsidiaries") by motivating superior performance through use of
performance-related annual incentives and (b) to enable the Company and its
Subsidiaries to attract, motivate and retain the services of talented
individuals whose efforts will make a significant contribution to the success of
the Company and its Subsidiaries.  This Plan is hereby amended and restated
effective as of January 1, 2009. 

ARTICLE
II.  ELIGIBILITY AND PARTICIPATION

   The
Board of Directors of the Company (the "Board "), the Compensation
Committee or such other committee(s) consisting of two or more members of the
Board meeting the standard for "outside directors " under Section 162(m)
of the Internal Revenue Code of 1986, as amended (the "Code") as may be
appointed by the Board to administer this Plan (the "Committee") shall
determine which officers of the Company are subject to the reporting
requirements of Section 16(a) of the Securities Exchange Act of 1934, as amended
(each, an "Executive Officer " and collectively, the "Executive
Officers") shall participate in the Plan.

ARTICLE
III.  ADMINISTRATION

   Section
3.1.  Powers of the Committee.  The Committee shall have
the authority, subject to the terms of this Plan, to determine the terms and
conditions of any and all incentive compensation opportunities made available
under the Plan including, but not limited to, (a) the target and maximum amount
that may become payable, (b) the applicable performance goals and (c) any
additional restrictions that must be satisfied prior to an employee having a
right to receive payment of any such incentive compensation.  The Committee
may establish different terms and conditions for different Executive Officers
and for the same Executive Officer for each opportunity such Executive Officer
may receive hereunder.  The opportunities made available hereunder shall be
evidenced by documentation deemed appropriate by the Committee, which may
contain such terms and conditions as the Committee may determine.

   Section
3.2.  Interpretation of the Plan.  The Committee is
authorized to prescribe, amend and rescind rules and regulations relating to the
Plan, to provide for conditions deemed necessary or advisable to protect the
interests of the Company, to interpret the provisions of the Plan and to make
all other determinations necessary or advisable for the administration and
interpretation of the Plan to carry out its provisions and purposes.  

1

Determinations,
interpretations or other actions made or taken by the Committee shall be final,
binding and conclusive for all purposes and upon all persons.

   Section
3.3.  Limitation of Changing Terms and Conditions.  The
terms and conditions of any incentive compensation opportunity made available to
an Executive Officer shall be determined by the Committee at the time the
applicable performance criteria are established, and such terms and conditions
shall not be subsequently changed in a manner which would (a) be adverse to the
Executive Officer without the consent of the Executive Officer to whom such
incentive compensation opportunity has been made available or (b) increase,
directly or indirectly, the amount payable in respect of any incentive
compensation opportunity for any Executive Officer.

ARTICLE
IV.  EXECUTIVE OFFICERS' INCENTIVES

   Section
4.1.  Executive Officers' Incentives.  The incentive
compensation opportunities made available to Executive Officers under this Plan
(each, an "Executive Officer's Incentive ") are intended to qualify as
performance-based compensation under Section 162(m) of the Code, and shall be
administered in a manner consistent with that intention. By such date as is
determined pursuant to Section 162(m) of the Code and the regulations
promulgated thereunder, the Committee shall establish the performance goals upon
which such an Executive Officer's Incentive shall be payable, if at all, with
respect to such fiscal year's performance.  Any Executive Officer's
Incentive shall be earned based upon the Company's performance relative to a
pre-established targeted level of return on equity, which if specified by the
Committee at the time that the award is made, may be determined based on such
adjustments as the Committee shall determine and specify; provided, however, the
Committee may select one or more different (or additional) criteria from among
those listed in the next succeeding sentence as to all or any portion of the
incentive opportunity made available hereunder to any Executive Officer. Should
the Committee wish to employ different or additional performance criteria with
respect to all or any portion of the incentive opportunity made available to any
Executive Officer, such criteria shall be based on measures relating to one or
more of the following: sales; revenues; earnings per share; net income;
operating income; cash flow; stock price; cash operating income; risk-based
capital ratio; debt to capital ratio; operating margin; assets under management;
market capitalization; net assets; or any rating by a nationally recognized
statistical rating organization. The performance criteria applicable to any
Executive Officer's Incentive may relate to the performance of the Company, any
Subsidiary , or any unit or business segment of the Company or any Subsidiary
and may be measured by absolute performance or a relative comparison of entity
performance to the performance of a peer group or other external measure.
 At the time the performance criteria applicable to any Executive Officer's
Incentive are established, the Committee shall specify the formula for
determining the amount of compensation that may be earned if actual performance
is less than, equal to or greater than the applicable targeted level of
performance.

   Section
4.2.  Maximum Amount Payable.  The maximum amount
payable to any Executive Officer in respect of an Executive Officer's Incentive
shall be established by 

2

the
Committee at the time at which the performance targets are established under
Section 4.1, provided that in no event shall such amount exceed $5,000,000.
 Notwithstanding the preceding sentence, nothing in this Section 4.2 or
elsewhere in the Plan shall preclude the Committee from exercising discretion to
lower the amounts payable under any Executive Officer's Incentive from the
amount allowed to be paid hereunder, on any bases determined by the
Committee.

ARTICLE
V. GENERALLY APPLICABLE PROVISIONS

   Section
5.1.  Termination of Employment.  Payment of any
incentive compensation under the Plan shall be conditioned on the continuous
employment of the Executive Officer by the Company and/or one of its
Subsidiaries through the date such compensation is paid, unless otherwise
determined by the Committee or as specified in accordance with any applicable
termination plan, policy, practice or contract of the Company or any Subsidiary.

   Section
5.2.  Payment.  If, following the end of a fiscal year,
the Committee determines that the relevant performance criteria for such fiscal
year have been satisfied, in whole or in part, and certifies that result, the
Company shall make payment to each Executive Officer of the amount specified for
such Executive Officer pursuant to the formula established with respect to such
Executive Officer's Incentive (or such lesser amount as the Committee shall
determine to be appropriate) no later than March 15 of the year following the
end of such fiscal year
.. Payment of any amount earned under the Plan shall
be made in cash, unless the Committee directs that such obligation be satisfied,
in whole or in part, in the form of a grant of an equity award under another
plan maintained by the Company (subject to applicable law and the approval of
the administrator of the applicable equity plan), but, unless the terms of such
equity component are set at the time a Participant is afforded a legally binding
right (within the meaning of Code section 409A) to participate in an Executive
Officer Incentive under the Plan for a given fiscal year, no such equity award
may be in a form that constitutes deferred compensation under Code section
409A.

   Section
5.3.  Term; Termination and Amendment.  This Plan shall
be effective upon approval by the Board, provided that no amount may be paid to
an Executive Officer unless the stockholders of the Company approve the Plan.
 Except as expressly provided herein, the Board may terminate or amend the
Plan in any respect at any time, provided that, solely to the extent required to
continue to qualify Executive Officer's Incentives as other performance-based
compensation for purposes of Section 162(m) of the Code, any amendment to the
Plan shall be subject to the approval of the stockholders of the Company.

   Section
5.4.  No Limitation to Corporate Action.  Nothing in
this Plan shall preclude the Committee, as it shall deem necessary or
appropriate, from authorizing the payment to any Executive Officer of
compensation outside the parameters of this Plan, including, without limitation,
base salaries, awards under any other plan of the Company and/or its
Subsidiaries (whether or not approved by stockholders), any other bonuses
(whether or 

3

not
based on the attainment of performance objectives) and retention or other
special payments.

   Section
5.5.  Tax Withholding.  The Company and any of its
Subsidiaries (as appropriate) shall have the power to withhold an amount
sufficient to satisfy Federal, state and local withholding tax requirements on
any award under this Plan, and the Company, or any of its Subsidiaries, as
appropriate, may defer the payment of any such award until such requirements are
satisfied.

   Section
5.6.  Inalienability of Interests.  No Executive
Officer's interests under this Plan shall 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. This Plan is an unfunded
plan and participants in this Plan shall have the status of unsecured creditors
of the Company with respect to this Plan.

   Section
5.7.  Limited Effect.  Neither the establishment of this
Plan nor participation in this Plan shall give an Executive Officer the right to
remain in the employ of the Company or any of its Subsidiaries.  The
adoption of this Plan shall have no effect on awards made or to be made or
compensation paid or to be paid pursuant to other plans, policies, practices or
contracts covering employees of the Company or its Subsidiaries.

   Section
5.8.  Governing Law.  All questions pertaining to the
construction, validity and effect of this Plan, or to the rights of any person
under this Plan, shall be determined in accordance with the laws of the State of
New York, without giving effect to the conflicts of law provisions thereof.

   

4

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