Document:

THE PHOENIX COMPANIES, INC

EXHIBIT 10.2

THE
PHOENIX COMPANIES, INC.

STOCK
INCENTIVE PLAN

As
amended and restated as of January 1, 2009

THE
PHOENIX COMPANIES, INC.

STOCK
INCENTIVE PLAN

ARTICLE
I.

PURPOSE

The
purpose of the The Phoenix Companies, Inc.  Stock Incentive Plan as it may
be amended from time to time (the “Plan”) is to foster and promote the long-term
financial success of the Company and materially increase shareholder value
by:

(a)
 motivating superior performance by means of performance-related
incentives,

(b)
 encouraging and providing for the acquisition of an ownership interest in
the Company by the Company's and its Subsidiaries’ employees and Agents, and

(c)
 enabling the Company to attract and retain the services of an outstanding
management team upon whose judgment, interest, and special effort the successful
conduct of its operations is largely dependent.

ARTICLE
II.

DEFINITIONS

2.1
Definitions.  Whenever used herein, the following terms shall
have the

respective meanings
set forth below:

(a)

“Act”
means the Securities Exchange Act of 1934, as amended.

(b)
“Agent” means an “insurance agent” as defined in Section 2101of the New

York
Insurance Law and who also is treated by the Company as a “statutory employee”
as defined under applicable provisions of the Code.

(c)
“Approved Retirement” means termination of a Participant's employment (i)

on
or after the normal retirement date or (ii) with the Committee’s approval, on
or

after
any early retirement date established under any retirement plan maintained by
the Company or a Subsidiary and in which the Participant participates; provided
that in each case, the Committee may require, as a condition to a Participant’s
retirement being an “Approved Retirement” for purpose of the Plan, that the
Participant enter into a general release of claims, non-solicitation and/or
non-competition agreement in form and substance satisfactory to the Company.

(d)
“Board” means the Board of Directors of the Company.

2

(e)

“Cause”
means

(i)

The
willful failure by the Participant to perform substantially his duties as an
Employee of the Company (other than due to physical or mental illness) after
reasonable notice to the Participant of such failure.

(ii)

The
Participant’s engaging in serious misconduct that is injurious to the Company or
any Subsidiary in any way, including, but not limited to, by the way of damage
to their respective reputations or standings in their respective industries.

(iii)

The
Participant’s having been convicted of, or having entered a plea of nolo
contendere to, a crime that constitutes a felony or;

(iv)

The
breach by the Participant of any written covenant or agreement with the Company
or any Subsidiary not to disclose or misuse any information pertaining to, or
misuse any property of, the Company or any Subsidiary or not to compete or
interfere with the Company or any Subsidiary.

(f)
“Change of Control” shall be deemed to have occurred upon the first occurrence
of any of the following events:

(i)

the
occurrence of such a change in control of the direction and administration of
the Company’s business as would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), as in effect on the date hereof
and any successor provision of the regulations under the Exchange Act, if the
Company were required at the time of such occurrence to report under such
provisions (whether or not the Company is subject to the reporting provisions of
Section 12 of the Exchange Act and to such reporting requirement); or

(ii)

if
the individuals who, at the beginning of the period commencing two (2) years
earlier, constituted the Company’s Board of Directors cease for any reason to
constitute at least a majority of the Company’s Board of Directors; provided,
however that any person who is a Continuing Director (as hereinafter defined)
for this purpose shall be deemed to have been a member of the Board of Directors
on the first day of such two (2) year period; or

(iii)

the
Company or Board of Directors shall approve a sale of all or substantially all
of the assets of the Company and such transaction shall have been consummated;
or

3

(iv) 

if
25% or more of the combined voting power of the Company’s securities are
acquired by an individual or entity other than the Company, any Subsidiary or
any employee benefit plan sponsored by the Company or a Subsidiary, or

(v)

at
any date after the date hereof, the Company is voluntarily or involuntarily
dissolved or liquidated or otherwise ceases business operation; or

(vi)

the
Company’s Board of Directors shall approve any merger, consolidation or like
business combination or reorganization of the Company as the case may be, such
transaction shall have been consummated and a majority of the individuals who
constituted directors of the Company on the day the Board of Directors approved
such transaction cease for any reason, at any time within two (2) years after
the consummation of such transaction, to constitute a majority of such Board of
Directors or, board of directors of any successor company resulting from such
merger, consolidation, or like business combination or reorganization. 

(g)
“Change of Control Price” means the highest price per share of Common Stock
offered in conjunction with any transaction resulting in a Change of Control (as
determined in good faith by the Committee if any part of the offered price is
payable other than in cash) or, in the case of a Change of Control occurring
solely by reason of a change in the composition of the Board, the highest Fair
Market Value of the Common Stock on any of the 30 trading days immediately
preceding the date on which a Change of Control occurs.

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

(i)
“Committee” means the Compensation Committee of the Board or such other
Committee of the Board as the Board shall designate from time to time, which
Committee shall consist of two or more members, each of whom shall be a
“Non-Employee Director” within the meaning of Rule 16b-3 (or any successor rule
thereto), as promulgated under the Act, and an “outside director” within the
meaning of section 162(m) of the Code and the Treasury Regulations promulgated
thereunder.

(j)
“Common Stock” means the common stock of the Company, par value 

$0.01
per share.

(k)
“Company” means The Phoenix Companies, Inc., a Delaware corporation, and any
successor thereto.

(l)
 “Continuing Directors” mean (i) the directors of the Company in office on
the date hereof (ii) any successor to any such directors, and (iii) any
additional directors, who (A) after the date hereof were nominated or selected
by a majority of the Continuing Directors in office at the time of their
nomination or selection (other than any such 

4

nomination or selection of an individual as a director of
the Company or any successor to the Company who were so nominated or selected in
connection with the settlement of a threatened or actual proxy contest, a
proposed or consummated merger, consolidation or like business combination or
reorganization of the Company.

(m)
“Demutualization” means the demutualization 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.

(n)
“Directors Plan” means the Company's Directors Stock Plan, as the same may be
amended from time to time.

(o)
“Disability” has the meaning given in the Company's long-term disability
insurance policy or program as in effect from time to time.

(p)
“Employee” means any officer or other employee of the Company,

Phoenix
Life Insurance Company or any Subsidiary (as determined by the Committee in its
sole discretion); provided, however, that with respect to Incentive Stock
Options, "Employee" means any person who is considered an employee of the
Company or any Subsidiary for purposes of Treasury Regulation Section
1.421-7(h).

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

 (r)
“Family Member” means, as to a Participant, any (i) child, stepchild,

grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including
adoptive relationships), of such Participant, (ii) trust for the exclusive
benefit of any of such persons and (iii) other entity owned solely by such
persons.

(s)
“Initial Public Offering” means the first day as of which sales of Common Stock
are made to the public pursuant to the first underwritten public offering of the
Common Stock.

(t)
“Option” means the right to purchase Common Stock at a stated price for a
specified period of time.  For purposes of the Plan, an Option may be
either (i) an “Incentive Stock Option” (ISO) within the meaning of Section 422
of the Code or (ii) an option which is not an Incentive Stock Option (a
"Nonstatutory Stock Option"(NSO).

(u)
“Participant” means any Employee or Agent designated by the Committee to
participate in the Plan.

5

(v) “Subsidiary” means any corporation or partnership in
which the Company owns, directly or indirectly, 50% or more of the total
combined voting power of all classes of stock of such corporation or of the
capital interest or profits interest of such partnership.

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

ARTICLE
III.

ELIGIBILITY AND PARTICIPATION

Participants
in the Plan shall be those Employees or Agents selected by the Committee to be
granted Options pursuant to Article VI.

ARTICLE
IV.

POWERS
OF THE COMMITTEE

4.1
Power to Grant.   The Committee shall determine the
Participants to whom Options shall be granted and the terms and conditions of
any and all such Options.   The Committee may establish different
terms and conditions for different Participants and for the same Participant for
each Option such Participant may receive, whether or not granted at different
times.  

4.2
Certain Rules Relating to Grants.

(a)

Maximum
Individual Grants.  During any consecutive five-year period, no individual
Participant may be granted Options to acquire more than 5% of the total shares
available under the Plan.

(b)
 Repricing or Substitution of Options.   The Committee shall not
have the right to 

reprice
outstanding Options or to grant new Options under the Plan in substitution for
   

or
upon the cancellation of Options previously granted.

4.3
Administration.

(a)
Rules, Interpretations and Determinations.   The Plan shall be
administered by the Committee.  The Committee shall have full authority to
interpret and administer the Plan, to adopt, amend, and rescind rules
relating to the Plan, to provide for conditions deemed necessary or advisable to
protect the interests of the Company, to construe the respective option
agreements and to make all other determinations necessary or advisable for the
administration and interpretation of the Plan in order to carry out its
provisions and purposes.   Determinations, interpretations, or other
actions made or taken by the Committee shall be final, binding, and conclusive
for all purposes and upon all persons.   

(b)
Agents and Expenses.   The Committee may appoint agents (who may be
officers or employees of the Company) to assist in the administration of the
Plan and may grant authority to such persons to execute agreements or other
documents on its behalf.   The Committee may employ such legal
counsel, consultants and agents as it may deem 

6

desirable for the administration of the Plan and may rely
upon any opinion received from any such counsel or consultant and any
computation received from any such consultant or agent.   All expenses
incurred in the administration of the Plan, including, without limitation, for
the engagement of any counsel, consultant or agent, shall be paid by the
Company.

4.4
Delegation of Authority.   The Committee may delegate
its duties, powers and authorities under the Plan to the Company’s Chief
Executive Officer with respect to individuals who are below the position of
Senior Vice President (or analogous title), pursuant to such conditions or
limitations as the Committee may establish; provided that only the Committee or
the Board may select, and grant Options to, Participants who are subject to
Section 16 of the Act. Notwithstanding the foregoing, in no event shall the
Chief Executive Officer grant (i) Options which, in the aggregate, represent
more than 1.5% of the total number of shares authorized for issuance under the
Plan or (ii) to any single Participant in any twelve-month period more than 5%
of the total number of shares that the Chief Executive Officer is authorized to
grant.  The Chief Executive Officer shall report periodically to the
Committee regarding the nature and scope of the Options granted pursuant to the
authority granted to him or her under this Section 4.4.

ARTICLE
V.

STOCK
SUBJECT TO PLAN

5.1
Number.

(a)
Subject to the provisions of Section 5.3 hereof, with respect to any person who
on April 17, 2000 was, or at any time thereafter became or becomes, an officer,
director, employee or Agent of the Company and/or any of its Subsidiaries other
than Phoenix Investment Partners, Ltd.  (“PXP”)(including, without
limitation, any such officer, director, employee or Agent who on April 17, 2000
was also, or at any time thereafter also became or becomes an officer, director
or employee of PXP), the aggregate number of shares of Common Stock that are or
may be subject to Options under the Plan, when added to the aggregate number of
shares of Common Stock that are or may be subject to options or other grants
under the Directors Plan, shall not exceed 5% of the total number of shares of
Common Stock outstanding immediately after the Initial Public Offering.

(b)
Subject to the provisions of Section 5.3 hereof, with respect to any officer or
employee of PXP (excluding any such person included in paragraph (a) of this
Section 5.1), the aggregate number of shares of Common Stock issuable under the
Plan shall not exceed 1% of the total number of Shares outstanding immediately
after the Initial Public Offering.   For the avoidance of doubt, no
non-employee director of PXP may receive any shares of Common Stock or options
under the Plan or the Directors Plan as a consequence of his or her position as
a non-employee director of PXP.

7

(c) Without limitation of paragraphs (a) and (b) of this
Section 5.1, the terms and conditions of equity compensation granted to officers
and employees of PXP under the Plan shall be no more favorable than the terms
and conditions of equity compensation previously granted to officers and
employees of PXP in the year 2000.

(d)
The shares to be delivered under the Plan may consist, in whole or in part, of
treasury Common Stock or authorized but unissued Common Stock, not reserved for
any other purpose.

5.2
Canceled, Terminated, or Forfeited Options.  Any shares of
Common

Stock subject to an
Option which for any reason is canceled, terminated or otherwise settled without
the issuance of any Common Stock (including, but not limited to, shares

tendered to exercise
outstanding Options or shares tendered or withheld for taxes) shall

again be available
for Options under the Plan.

5.3
Adjustment in Capitalization.   In the event of any
Common Stock dividend or Common Stock split, recapitalization (including, but
not limited, to the payment of an extraordinary dividend), merger,
consolidation, combination, spin-off, distribution of assets to stockholders
(other than ordinary cash dividends), exchange of shares, or other similar
corporate change, the aggregate number of shares of Common Stock available for
Options under Section 5.1 or subject to outstanding Options and the respective
exercise prices applicable to outstanding Options shall be appropriately
adjusted by the Committee and the Committee’s determination shall be
conclusive, unless such determination is inconsistent with or contrary to
any determination by the New York State Insurance Department in accordance with
this Plan, in which case the Committee’s determination shall be void as of the
date of the Department’s determination.   It is hereby provided that,
prior to any such determination by the New York State Insurance Department, the
Company will be provided with written notice thereof and a reasonable
opportunity to respond to such determination by the Department.   It
is hereby further provided, however, that no adjustment shall occur by
reason of the issuance of Common Stock in accordance with the Demutualization
and that any fractional shares resulting from any such adjustment shall be
disregarded.

ARTICLE
VI.

STOCK
OPTIONS

6.1
Grant of Options.   Subject to the provisions of Section
4.1, Options may be granted to Participants at such time or times as shall be
determined by the Committee.   Options granted under the Plan may be
of two types:  (a) Incentive Stock Options and (b) Nonstatutory Stock
Options.  Except as otherwise provided herein, the Committee shall have
complete discretion in determining the number of Options, if any, to be granted
to a Participant.  Each Option shall be evidenced by an Option agreement
that shall specify the type of Option granted, the exercise price, the duration
of the Option, the number of shares of Common Stock to which the Option
pertains, and such other terms and conditions as the Committee shall determine
which are not inconsistent with the provisions of the Plan.
 Notwithstanding the foregoing, any Options granted 

8

to a Participant who is an Agent shall comply with the
provisions of Section 4228 of the New York Insurance Law and any regulations
thereunder.   

6.2
Option Price.   Nonstatutory Stock Options and Incentive
Stock Options granted pursuant to the Plan shall have an exercise price no less
than the Fair Market Value of a share of Common Stock on the date the Option is
granted.   

6.3
Exercise of Options.   One third of each Nonstatutory
Stock Option or Incentive Stock Option granted pursuant to the Plan shall become
exercisable on each of the first three (3) anniversaries of the date such Option
is granted; provided that the Committee may at the time of grant establish
longer periods of service for Options to become exercisable and may establish
performance-based criteria for exercisability.  Subject to the provisions
of Article VII, once any portion of any Option has become exercisable it shall
remain exercisable for its full term.  The Committee shall determine the
term of each Nonstatutory Stock Option or Incentive Stock Option granted, but in
no event shall any such Option be exercisable for more than ten (10) years after
the date on which it is granted.

6.4
Payment.   The Committee shall establish procedures
governing the exercise of Options.   No shares shall be delivered
pursuant to any exercise of an Option unless arrangements satisfactory to the
Committee have been made to assure full payment of the Option price therefor.
 Without limiting the generality of the foregoing, payment of the Option
price may be made (a) in cash or its equivalent, (b) by exchanging shares of
Common Stock owned by the optionee which are not the subject of any pledge or
other security interest, (c) through an arrangement with a broker approved by
the Company whereby payment of the exercise price is accomplished with the
proceeds of the sale of Common Stock or (d) by any combination of the foregoing;
provided that the combined value of all cash and cash equivalents paid and the
Fair Market Value of any such Common Stock so tendered to the Company, valued as
of the date of such tender, is at least equal to such Option price.  

6.5
Incentive Stock Options.   Notwithstanding anything in
the Plan to the contrary, no Option that is intended to be an Incentive Stock
Option may be granted after the tenth anniversary of the effective date of the
Plan and no term of this Plan relating to Incentive Stock Options shall be
interpreted, amended or altered, nor shall any discretion or authority granted
under the Plan be exercised, so as to disqualify the Plan under Section 422 of
the Code, or, without the consent of any Participant affected thereby, to
disqualify any Incentive Stock Option under such Section 422.

ARTICLE
VII.

TERMINATION OF EMPLOYMENT

7.1
Termination of Employment Due to Death.   In the event a
Participant’s employment terminates by reason of death, any Options granted to
such Participant shall become immediately exercisable in full and may be
exercised by the Participant’s designated beneficiary, and if none is named, in
accordance with Section 10.2, at any time prior to the expiration of the term of
the Options or within five (5) years (or such shorter period as the Committee
shall determine at the time of grant) following the Participant’s death,
whichever period is shorter.

9

7.2 Termination of Employment Due to
Disability or Approved Retirement.   In the event a
Participant’s employment terminates by reason of Disability or Approved
Retirement, any Options granted to such Participant which are then outstanding
shall continue to become exercisable in accordance with Section 6.3
notwithstanding such termination of employment and may be exercised by the
Participant or the Participant’s designated beneficiary, and if none is named,
in accordance with Section 10.2, at any time prior to the expiration date of the
term of the Options or within five (5) years (or such shorter period as the
Committee shall determine at the time of grant) following the Participant's
termination of employment, whichever period is shorter.

7.3
Certain Divestitures, etc.   In the event that a
Participant’s employment is terminated in connection with a sale, divestiture,
spin-off or other similar transaction involving a Subsidiary, division or
business segment or unit, the Committee may provide at the time of grant or
otherwise that all or any portion of any Options granted to such Participant
which are then outstanding shall become exercisable in accordance with Section
6.3 notwithstanding such termination of employment and may be exercised by the
Participant or the Participant’s designated beneficiary, and if none is named,
in accordance with Section 10.2, at any time prior to the expiration date of the
term of the Options or within three (3) years (or such shorter period as the
Committee shall determine at or following the time of grant) following the
Participant’s termination of employment, whichever period is shorter.

7.4
Termination of Employment for Cause.   In the event a
Participant’s employment is terminated for Cause, any Options granted to such
Participant that are then not yet exercised shall be forfeited.

7.5
Termination of Employment for Any Other Reason.  
 Unless otherwise determined by the Committee at or following the time of
grant, in the event the employment of the Participant shall terminate for any
reason other than one described in Section 7.1, 7.2, 7.3 or 7.4, any Options
granted to such Participant which are exercisable at the date of the
Participant’s termination of employment may be exercised at any time prior to
the expiration of the term of the Options or the thirtieth day following the
Participant’s termination of employment, whichever period is shorter, and any
Options that are not exercisable at the time of termination of employment shall
be forfeited.

ARTICLE
VIII.

CHANGE
OF CONTROL

8.1
Accelerated Vesting and Payment.   Subject to the
provisions of Section 8.2, in the event of a Change of Control each Option shall
be fully exercisable regardless of the exercise schedule otherwise applicable to
such Option and, in connection with such a Change of Control, the Committee may,
in its discretion, provide that each Option shall, upon the occurrence of such
Change of Control, be canceled in exchange for a payment in an amount equal to
the excess, if any, of the Change of Control Price over the exercise price for
such Option.

10

8.2 Alternative Awards.
  Notwithstanding Section 8.1, no cancellation, acceleration
of exercisability, vesting, cash settlement or other payment shall occur with
respect to any Option if the Committee reasonably determines in good faith prior
to the occurrence of a Change of Control that such Option shall be honored or
assumed, or new rights substituted therefor (such honored, assumed or
substituted award hereinafter called an “Alternative Award”), by a Participant’s
employer (or the parent or an affiliate of such employer) immediately following
the Change of Control; provided that any such Alternative Award must:

(a)
be based on stock which is traded on an established securities market, or that
the Committee reasonably believes will be so traded within 60 days after the
Change of Control;

(b)
provide such Participant with rights and entitlements substantially equivalent
to or better than the rights, terms and conditions applicable under such Option,
including, but not limited to, an identical or better exercise or vesting
schedule and identical or better timing and methods of payment;

(c)
have substantially equivalent economic value to such Option (determined at the
time of the Change of Control); and

(d)
have terms and conditions which provide that in the event that the Participant's
employment is involuntarily terminated or constructively terminated, any
conditions on a Participant's rights under, or any restrictions on transfer or
exercisability applicable to, each such Alternative Award shall be waived or
shall lapse, as the case may be.

For
this purpose, a constructive termination shall mean a termination of employment
by a

Participant following
a material reduction in the Participant's base salary or a Participant’s
incentive compensation opportunity or a material reduction in the Participant’s
responsibilities, in either case without the Participant’s written consent.

ARTICLE
IX.

AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN

The
Board at any time may terminate the Plan, and from time to time may amend or
modify the Plan; provided, however, that any amendment which would (a) increase
the number of shares available for issuance under the Plan, (b) lower the
minimum exercise price at which an Option may be granted or (c) extend the
maximum term for Options granted hereunder shall be subject to the approval of
the Company’s shareholders.   No amendment, modification, or
termination of the Plan shall in any manner adversely affect any Option
theretofore granted under the Plan, without the consent of the Participant.

ARTICLE
X.

MISCELLANEOUS PROVISIONS

10.1
Transferability of Options.   No Options granted under
the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by 

11

the laws of descent and distribution; provided that the
Committee may, in the Option agreement or otherwise, permit transfers of
Nonstatutory Stock Options by gift or a domestic relations order to Family
Members.

10.2
Beneficiary Designation.   Each Participant under the
Plan may from time to time name any beneficiary or beneficiaries (who may be
named contingently or successively) to whom any benefit under the Plan is to be
paid or by whom any right under the Plan is to be exercised in case of his
death.   Each designation will revoke all prior designations by the
same Participant, shall be in a form prescribed by the Committee, and will be
effective only when received by the Committee in writing during his lifetime.
  In the absence of any such effective designation, benefits remaining
unpaid or unexercised at the Participant's death shall be paid to or
exercised by (i) the Participant’s surviving spouse or domestic partner, (ii) if
there is no surviving spouse or domestic partner, the Participant’s children
(including stepchildren and adopted children) per stirpes, or (iii) if there is
no surviving spouse or domestic partner and/or children per stirpes, the
Participant’s estate.

10.3
No Guarantee of Employment or Participation.    Nothing
in the Plan shall interfere with or limit in any way the right of the Company or
any Subsidiary to terminate any Participant's employment or service at any time,
nor confer upon any Participant any right to continue in the employ of the
Company or any Subsidiary or any other affiliate of the Company. No
Employee shall have a right to be selected as a Participant, or, having been so
selected, to receive any future Options.

10.4
Tax Withholding.   The Company shall have the power to
withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy Federal, state, and local withholding tax requirements on any Option
under the Plan, and the Company may defer issuance of Common Stock until such
requirements are satisfied.   The Committee may, in its discretion,
permit a Participant to elect, subject to such conditions as the Committee shall
impose, (a) to have shares of Common Stock otherwise issuable under the Plan
withheld by the Company or (b) to deliver to the Company previously acquired
shares of Common Stock having a Fair Market Value sufficient to satisfy such
withholding tax obligation associated with the transaction.

10.5
Indemnification.   Each person who is or shall have been
a member of the Committee or of the Board shall be indemnified and held harmless
by the Company against and from any loss, cost, liability, or expense that may
be imposed upon or reasonably incurred by him in connection with or resulting
from any claim, action, suit, or proceeding to which he may be made a party or
in which he may be involved by reason of any action taken or failure to act
under the Plan (in the absence of bad faith) and against and from any and all
amounts paid by him in settlement thereof, with the Company's approval, or paid
by him in satisfaction of any judgment in any such action, suit, or proceeding
against him; provided that he or she shall give the Company an opportunity, at
its own expense, to handle and defend the same before he undertakes to handle
and defend it on his own behalf.  The foregoing right of indemnification
shall not be exclusive and shall be independent of any other rights of
indemnification to which such person may be entitled under the Company’s
Certificate of Incorporation or By-Laws, by contract, as a matter of law, or
otherwise.

12

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

10.7
Term of Plan.   The Plan shall continue in effect,
unless sooner terminated pursuant to Article IX, until no more shares of Common
Stock are available for issuance under the Plan.

10.8
Governing Law.   The Plan, and all agreements hereunder,
shall be construed in accordance with and governed by the laws of the State of
New York.  

10.9
No Impact on Benefits.   Except as may otherwise be
specifically stated under any employee benefit plan, policy or program, Options
shall not be treated as compensation for purposes of calculating an Employee's
right under any such plan, policy or program.

10.10
No Constraint on Corporate Action.   Nothing in this
Plan shall be construed (a) to

limit, impair or
otherwise affect the Company’s right or power to make adjustments,
reclassifications, reorganizations or changes of its capital or business
structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer
all or any part of its business or assets or (b) except as provided in Article
IX, to limit the right or power of the Company or any of its Subsidiaries to
take any action which such entity deems to be necessary or appropriate.
 

13Exhibit 10

EXHIBIT 10.6 

THE PHOENIX COMPANIES, INC.

DIRECTORS STOCK PLAN

As
amended and restated as of January 1, 2009

 

THE
PHOENIX COMPANIES, INC.

DIRECTORS STOCK PLAN

ARTICLE
I.

PURPOSE

         The
purpose of The Phoenix Companies, Inc. Directors Stock Plan is to enable the
Company to attract, retain and motivate well qualified non-employee directors
and to enhance a long-term mutuality of interests between the non-employee
directors and stockholders of the Company by granting stock and stock options as
provided herein.

ARTICLE
II.

DEFINITIONS

         2.1
Definitions.   Whenever used herein, the following terms
shall have

the respective
meanings set forth below:

         (a)
"Award" means any Option or Share Award.

(b)
“Beneficiary” means the person(s) or entity,
including one or more trusts, last designated by a Participant on a form or
electronic media and accepted by the Committee 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 (i) the Participant’s surviving spouse or domestic partner, (ii) if there is
no surviving spouse or domestic partner, the Participant’s children (including
stepchildren and adopted children) per stirpes, or (iii) if there is no
surviving spouse or domestic partner and/or children per stirpes, the
Participant’s estate.

         (c)
"Board" means the Board of Directors of the Company.

(d)
"Cash Fees" means the amount of any fees that would, absent an election to
receive an Elective Share Award pursuant to the terms of the Plan, be payable by
the Company in cash to a Participant for any services to be performed by the
Participant.

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

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

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

(h)
"Date of Issuance" means (i) the first day of the calendar quarter with respect

to
which the Cash Fees would otherwise have been payable to the 

1

Participant
in cash for Fee Share Awards, and (ii) for Elective Share Awards, in respect of
any Cash Fees which are part of the Participant's annual retainer fees or
meeting fees shall be the first day of the calendar quarter with respect to
which the related Cash Fees would otherwise have been payable to the
Participant, and in respect of any other Cash Fees, unless otherwise determined
by the Board, as of the first day of the calendar quarter following the quarter
with respect to which such Cash Fees would otherwise have been payable to the
Participant.  Notwithstanding the foregoing, if the Date of Issuance
determined in the preceding sentence is not a business day, the grant of Shares
shall be made on the next following business day.  In no event, however,
shall the Date of Issuance and actual issuance be later than March 15 of the
calendar year following the calendar year in which the service as a director to
which the Cash Fees or the Share Award applies is rendered.
    

(i)
"Elective Share Award" means any award of Shares made by reason of the 

         election
of a Participant to receive Shares in lieu of Cash Fees.

         

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

(k)
"Family Member" means, as to a Participant, any (i) child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
(including adoptive relationships), of such Participant, (ii) trust for the
exclusive benefit of any of such persons and (iii) other entity owned solely by
any such persons.

(l)
"Fee Share Award" means any award of Shares made at the direction of the 

        
Board in lieu of Cash Fees.         

(m)
"Initial Public Offering" means the first day as of which sales of Common Stock
are made to the public pursuant to the first underwritten public offering of the
Common Stock.

(n)
"Option" means the right to purchase one (1) Share at a stated purchase price on
the terms specified in Article V of the Plan.  The Options are nonstatutory
stock options not intended to qualify under Code section 422.

(o)
"Participant" means a member of the Board who is not an officer or employee of
the Company or any entity controlling, controlled by, or under common control
with the Company, and is not the beneficial owner of a controlling interest in
the voting stock of the Company or of any entity that holds a controlling
interest in the Company's voting stock.

2

(p)
"Plan" means The Phoenix Companies, Inc. Directors Stock Plan, as set forth 

        
herein and as amended from time to time.   

         (q)
"Share" means a share of Common Stock.

         (r)
"Share Award" means any Elective Share Award or Fee Share Award.
    

(s)
"Stock Incentive Plan" means The Phoenix Companies, Inc. Stock Incentive Plan,
as the same may be amended from time to time.

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

ARTICLE
III.

ADMINISTRATION

         3.1
Rules, Interpretation and Determinations.   The Plan
shall be administered by the Board.  The Board shall have full authority to
interpret and administer the Plan, to establish, amend and rescind rules for
carrying out the Plan, to construe the respective option agreements and to make
all other determinations and to take all other actions that it deems necessary
or advisable for administering the Plan.  Each determination,
interpretation or other action made or taken by the Board shall be final and
binding for all purposes and upon all persons. 

         3.2
Agents and Expenses.   The Board may appoint agents (who
may be officers or employees of the Company) to assist in the administration of
the Plan and may grant authority to such persons to execute agreements or other
documents on its behalf.  The Board may employ such legal counsel,
consultants and agents as it may deem desirable for the administration of the
Plan and may rely upon any opinion from any such counsel or consultant and any
computation received from any such consultant or agent.  All expenses
incurred in the administration of the Plan, including, without limitation, for
the engagement of any counsel, consultant or agent, shall be paid by the
Company.

ARTICLE
IV.

SHARES;
ADJUSTMENT UPON CERTAIN EVENTS

         4.1
Source of Shares.   Shares to be issued under the Plan
may consist, in whole or in part, of treasury shares or authorized but unissued
Shares not reserved for any other purpose.

         4.2
Number of Share Awards.    Subject to the
provisions of Section 4.5 hereof, the aggregate number of Shares that may be
issued under the Plan as Share Awards under Article VI shall not exceed 500,000
Shares.

         4.3
Number of Options.  Subject to the provisions of Section 4.5
hereof, the 

3

aggregate
number of Shares issuable under the Plan pursuant to Options shall not exceed
0.5% of the total number of Shares outstanding immediately after the Initial
Public Offering.

         4.4
Canceled, Terminated, or Forfeited Options.   In the
event Options are for any reason canceled, terminated or otherwise settled
without the issuance of any Common Stock (including, but not limited to, shares
tendered to exercise outstanding Options or shares tendered or withheld for
taxes), the Shares subject to such Options shall again be available for the
granting of Options under the Plan and the Stock Incentive Plan.

         4.5
Adjustment in Capitalization.  In the event of any Share
dividend or Common Stock split, recapitalization (including, but not limited to,
the payment of an extra ordinary dividend), merger, consolidation, combination,
spin-off, distribution of assets to stockholders (other than ordinary cash
dividends), exchange of shares, or other similar corporate change, the aggregate
number of shares of Common Stock available for Awards pursuant to either Section
4.2 or Section 4.3, or subject to outstanding Options, and the respective
exercise prices applicable to outstanding Options shall be appropriately
adjusted by the Board and the Board's determination shall be conclusive, unless
such determination is inconsistent with or contrary to any determination by the
New York State Insurance Department in accordance with this Plan, in which case
the Board’s determination shall be void as of the date of the Department’s
determination.  It is hereby provided that, prior to any such determination
by the New York State Insurance Department, the Company will be provided with
written notice thereof and a reasonable opportunity to respond to such
determination by the Department.  It is hereby further provided however,
that any fractional shares resulting from any such adjustment shall be
disregarded.

         4.6
Certain Limitations and Restrictions.  The aggregate number
of Shares available under Sections 4.2 and 4.3 shall reduce, on a Share for
Share basis, the number of Shares available under the Stock Incentive Plan.
 Subject to the provisions of Section 4.5 hereof and Section 5.3 of the
Stock Incentive Plan, the total number of Shares available under the Plan and
the Stock Incentive Plan is as follows: (i) with respect to any person who on
April 17, 2000 was, or at any time thereafter became or becomes, an officer,
director, employee or agent of the Company and/or any of its Subsidiaries other
than Phoenix Investment Partners, Ltd. ("PXP")(including, without limitation,
any such officer, director, employee or agent who on April 17, 2000 also was, or
at any time thereafter became or becomes an officer, director or employee of
PXP), the aggregate number of Shares that are or may be subject to options under
the Stock Incentive Plan, when added to the aggregate
number of Shares that are or may be subject to Options or other grants under the
Plan, shall not exceed 5% of the total number of Shares outstanding immediately
after the Initial Public Offering and (ii) with respect to any officer or
employee of PXP (excluding any such person included in clause (i) of this
Section 4.6), the aggregate number of Shares issuable under the Stock Incentive
Plan shall not exceed 1% of the total number of Shares outstanding immediately
after the Initial Public Offering. In addition, for the avoidance of doubt, no
non-employee director of PXP may receive any Shares or Options under the Plan or
any options under the Stock 

4

Incentive
Plan as a consequence of his or her position as a non-employee director of
PXP.

ARTICLE
V.

AWARDS
AND TERMS OF OPTIONS

         5.1
Grant.  The Board shall determine the Participants to whom
Options shall be granted and, subject to Section 5.2, the terms and conditions
of any and all Options granted to Participants. In making such determination,
the Board shall give due consideration to such factors as it deems appropriate,
including, but not limited to, the performance of the Company. 

         5.2
Option Agreement.  Options shall be evidenced by a written
option agreement embodying the following terms:

(a)
Exercise Price.  The exercise price per Share of an Option shall be not
less than the Fair Market Value on the date such Option is granted.

(b)
Period of Exercisability.  Each Option granted hereunder shall be 

  
immediately exercisable.  Each Option shall, if not previously exercised in
   
   accordance with the terms of the Plan, in all
events expire upon the tenth (10th) 
   anniversary of the
date of the grant thereof.  If a Participant shall cease
to   
   provide services to the Company, such
Participant or, in the case of death, the 
   Participant's
Beneficiary, may exercise any Option held by the Participant at
the
   date his or her service terminates until the earlier of (A)
three (3) years from the
   date the Participant ceased to provide
services to the Company and (B) the tenth
   anniversary of the
date the Option was granted.

(c)
Procedure for Exercise.  A Participant electing to exercise one (1) or more
Options shall give written notice to the Secretary of the Company (or provide
such other notice, electronic or otherwise, in a form satisfactory to the Board)
of such election and of the number of Shares he or she has elected to purchase.
 No shares shall be delivered pursuant to any exercise of an Option unless
arrangements satisfactory to the Board have been made to assure full payment of
the option price therefor.  Without limiting the generality of the
foregoing, payment of the Option price may be made (i) in cash or its
equivalent, (ii) by exchanging shares of Common Stock owned by the optionee
(which are not the subject of any pledge or other security interest), (iii)
through an arrangement with a broker approved by the Company whereby payment of
the exercise price is accomplished with the proceeds of the sale of Common Stock
or (iv) by any combination of the foregoing; provided that the combined value of
all cash and cash equivalents paid and the Fair Market Value of any such Common
Stock so tendered to the Company, valued as of the date of such tender, is at
least equal to such Option price. The Company may not make a loan to a
Participant to facilitate such Participant's exercise of any of his or her
Options.

5

ARTICLE
VI.

SHARE
AWARDS

         6.1
Fee Share Awards.  With respect to fees payable for services
rendered by a Participant as a member of the Board, the Board may require that
up to one-half of the Cash Fees otherwise payable to a Participant be payable in
Shares, issuable as of the Date of Issuance.  The number of Shares to be
issued as a Fee Share Award as of each Date of Issuance shall equal the greatest
number of whole Shares derived from the quotient of (i) the dollar amount of the
Cash Fees the Board has determined to pay in Shares and (ii) the Fair Market
Value on the Date of Issuance.  If, after the application of the preceding
formula as of any Date of Issuance, there is a cash remainder, the Company shall
pay the Participant the amount of such cash remainder as soon as practicable
following such Date of Issuance. 

         6.2
Elective Share Awards.  With respect to Cash Fees payable for
services rendered by a Participant as a member of the Board, a Participant may
elect to have any portion of the fees that would otherwise have been payable to
the Participant in cash for services as a director (less any amounts paid as Fee
Share Awards) paid in Shares.  The number of Shares
to be issued as an Elective Share Award as of each Date of Issuance shall equal
the greatest number of whole Shares derived from the quotient of (i) the dollar
amount of the Cash Fees elected to be paid in Shares at such Date of Issuance in
accordance with the second preceding sentence and (ii) the Fair Market Value on
the Date of Issuance. If, after the application of the preceding formula as of
any Date of Issuance, there is a cash remainder, the Company shall pay the
Participant the amount of such cash remainder as soon as practicable following
such Date of Issuance.

6.3
Deferral of Share Awards.  If the Participant is offered the
opportunity to defer receipt/conversion of his or her Share Awards, such
deferral shall be governed and covered by The Phoenix Companies, Inc. Directors
Equity Deferral Plan.  Any deferred Share Awards credited under the Plan on
or before May 2, 2008 shall be credited to an account established for the
Participant under the Directors Equity Deferral Plan   

ARTICLE
VII.

TRANSFERABILITY OF AWARDS

         No
Award shall be transferable by the Participant otherwise than by will or under
the applicable laws of descent and distribution; provided that the Board may, in
the Option agreement or otherwise, permit transfers of Options by gift or a
domestic relations order to Family Members.  In addition, no Award shall be
assigned, negotiated, pledged or hypothecated in any way (whether by operation
of law or otherwise), and no Award shall be subject to execution, attachment or
similar process.  Upon any attempt to transfer, assign, negotiate, pledge
or hypothecate any Award, or in the event of any levy upon any Award by reason
of any attachment or similar process contrary to the provisions hereof, such
Award shall immediately become null and void.

6

ARTICLE VIII.

TERMINATION, MODIFICATION AND AMENDMENT

         The
Board at any time may terminate the Plan, and from time to time may amend or
modify the Plan; provided, however, that any amendment which would (a) increase
the number of shares available for issuance under the Plan, (b) lower the
minimum exercise price at which an Option may be granted or (c) extend the
maximum term for Options granted hereunder shall be subject to the approval of
the Company's shareholders.  No amendment, modification, or termination of
the Plan shall in any manner adversely affect any Option theretofore granted
under the Plan, without the consent of the Participant.

ARTICLE
IX.

GENERAL
PROVISIONS

         9.1
No Right to Remain as a Director.  The Plan shall not impose
any obligations on the Company to retain any Participant as a director nor shall
it impose any obligation on the part of any Participant to remain in service to
the Company. 

         9.2
Investment Representation; Registration.  If the Board
determines that the law so requires, the holder of an Option granted hereunder
or the recipient of Shares in respect of any Share Award shall execute and
deliver to the Company a written statement, in form satisfactory to the Company,
representing and warranting that he is purchasing or accepting the Shares then
acquired for his own account and not with a view to the resale or distribution
thereof, that any subsequent offer for sale or sale of any such Shares shall be
made either pursuant to (a) a registration statement on an appropriate form
under the Securities Act of 1933, as amended, which Registration Statement shall
have become effective and shall be current with respect to the Shares being
offered and sold, or (b) a specific exemption from the registration requirements
of the Securities Act, and that in claiming such
exemption the holder will, prior to any offer for sale or sale of such Shares,
obtain a favorable written opinion from counsel approved by the Company as to
the availability of such exemption. If at any time the Board shall determine in
its discretion that the listing, registration or qualification of the Shares
covered by the Plan upon any national securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of, or in connection with, the sale of
Shares under the Plan, no Shares will be delivered unless and until such
listing, registration, qualification, consent or approval shall have been
effected or obtained, or otherwise provided for, free of any conditions not
acceptable to the Company.

         9.3
No Right to Specific Assets.  Nothing contained in the Plan
and no action taken pursuant to the Plan (including, without limitation, the
grant of any Award hereunder) shall create or be construed to create a trust of
any kind or any fiduciary relationship between the Company and any Participant,
the executor, administrator or other personal representative or designated
beneficiary of such Participant, or any other persons. To the extent that any
Participant or his executor, administrator, or other personal representative, as
the case may be, acquires a right to receive any payment from the Company
pursuant 

7

to
the Plan, such right shall be no greater than the right of an unsecured general
creditor of the Company.

         9.4
Rights as a Stockholder.  A Participant shall have no rights
as a stockholder with respect to any Shares covered by his Option until he shall
have become the holder of record of such Shares.

         9.5
Headings and Captions.  The headings and captions herein are
provided for reference and convenience only, shall not be considered part of the
Plan, and shall not be employed in the construction of the Plan.

         9.6
Controlling Law.  The Plan shall be construed and enforced
according to the laws of the State of New York.

         9.7
Indemnification.  Each person who is or shall have been a
member of the Board shall be indemnified and held harmless by the Company
against and from any loss, cost, liability, or expense that may be imposed upon
or reasonably incurred by him in connection with or resulting from any claim,
action, suit, or proceeding to which he may be made a party or in which he may
be involved by reason of any action taken or failure to act under the Plan (in
the absence of bad faith) and against and from any and all amounts paid by him
in settlement thereof, with the Company's approval, or paid by him in
satisfaction of any judgment in any such action, suit, or proceeding against
him; provided that he shall give prior written consent to the Company and an
opportunity, at its own expense, to handle and defend the same before he
undertakes to handle and defend it on his own behalf. The foregoing right of
indemnification shall not be exclusive and shall be independent of any other
rights of indemnification to which such person may be entitled under the
Company's Certificate of Incorporation or By-Laws, by contract, as a matter of
law, or otherwise.

9.8
Term of Plan.  The Plan shall continue in effect, unless
sooner terminated pursuant to Article VIII, until no more shares are available
for issuance under the Plan.

                                  

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]