Document:

BOARD OF DIRECTORS

EXHIBIT 10.36

THE PHOENIX COMPANIES, INC.

EQUITY DEFERRAL PLAN

Effective as of January 1, 2009

ARTICLE I

PURPOSE AND EFFECTIVE DATE

1.01

Purpose
The Phoenix Companies, Inc. Equity Deferral Plan is intended to provide
Employees with a plan to defer receipt of equity awards and act as a repository
for deferrals of Restricted Stock Units.  The Phoenix Companies, Inc.
Equity Deferral Plan is intended to be an unfunded plan under the Employee
Retirement Income Security Act of 1974, as amended, that is maintained primarily
for the purpose of providing deferred compensation for a select group of
management or highly compensated employees.

1.02

Effective
Date The Phoenix Companies, Inc. Equity Deferral Plan is effective as of January 1, 2009. 

ARTICLE II

DEFINITIONS

2.01

"Adjustment
Event" means any stock dividend, stock split or share combination of, or
extraordinary cash dividend on, the Common Shares or recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination, exchange
of shares, warrants or rights offering to purchase Common Shares at a price
substantially below fair market value, or other similar event affecting the
Common Shares.

2.02

"Award"
means the award of a Restricted Stock Unit under 

The
Phoenix Companies, Inc. 2003 Restricted Stock, Restricted Stock Unit and
Long-Term Incentive Plan.

2.03

“Beneficiary”
means the person(s) or entity, including one or more trusts, last designated by
an Employee 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 Employee.  In the absence of any such designation, the Beneficiary
shall be (i) the Employee’s surviving spouse or domestic partner, (ii) if there
is no surviving spouse or domestic partner, the Employee’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 Employee’s
estate.  

2.04

“Board
of Directors” means the board of directors of the Company.

2.05

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

2.06

“Committee”
means the Compensation Committee of the Board of Directors or such other
committee of the Board of Directors as the Board of Directors shall designate
from time to time. 

2.07

“Common
Shares” means the common stock of the Company, par value $0.01 per share.

2.08

“Company”
means The Phoenix Companies, Inc. and any successor thereto.

2.09

“Crediting
Period” means August 1 of one calendar year to July 31 of the subsequent
calendar year (or, if earlier, the date on which final distribution is made
hereunder).

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2.10    
“Disability” means that a Participant is: 

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

(b)
by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a
period of not less than 3 months under an accident and health plan
covering Employees of the Company.

2.11

"Dividend
Equivalent" means an amount equal to the cash dividends paid by the Company on a
Common Share. 

2.12

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

2.13

“Equity
Account” means the account established for the deposit/delivery of RSUs deferred
under Section 4.01 (which RSUs will be converted to Common Shares pursuant to
Section 6.05), as well as any Dividend Equivalents credited under Section 6.03
and interest credited under Section 6.04.  

2.14

"Participant"
means any Employee designated by the Committee (or the Chief Executive Officer
pursuant to a delegation from the Committee) to participate in the Plan that
elects to defer RSUs pursuant the terms of the Plan.

2.15

“Plan” means The Phoenix Companies, Inc. Equity Deferral Plan as
is set forth in this document as it may be amended from time to time.

2.16

"Restricted
Period" means the period during which RSU awards are subject to forfeiture or
restrictions on transfer (if applicable) pursuant to The Phoenix Companies, Inc.
2003 Restricted Stock, Restricted Stock Unit and Long-Term Incentive Plan.

2.17

"Restricted
Stock Unit" or “RSU” means an Employee’s right to receive one Common Share at
the end of a specified period of time, which right is subject to forfeiture and
restrictions on transferability, in accordance with The Phoenix Companies, Inc.
2003 Restricted Stock, Restricted Stock Unit and Long-Term Incentive Plan.

2.18

“RSU
Deferral Date” means the date that an RSU would have converted into Common
Shares pursuant to The Phoenix Companies, Inc. 2003 Restricted Stock, Restricted
Stock Unit and Long-Term Incentive Plan had the receipt of such Common Shares
not been deferred pursuant to an election under Section 5.01. 

2.19

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

2.20

“Target
Compensation” means an active Employee’s salary, target annual bonus and target
long-term incentive for the applicable calendar year.

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ARTICLE III
PARTICIPATION

3.01

Eligibility
Unless otherwise determined by the Chief Executive Officer pursuant to a
delegation from the Committee, any active Employee with Target Compensation in
excess of the annual compensation limit set forth in Code section 401(a)(17)
shall be eligible to participate in this Plan. 

3.02

Commencement
of Participation Each eligible Employee shall become a Participant in
the Plan as of the date he or she meets the above requirement and elects to
defer RSUs as described in Section 4.01. 

3.03

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

ARTICLE IV
RESTRICTED STOCK UNITS

4.01

RSU
Deferrals An eligible Employee may elect to defer between 1% and 100% of
the RSUs that the Company has awarded to the Employee.  

4.02

Conversion
into Common Shares  RSUs are not convertible into Common Shares
until the Employee’s Separation from Service or the fixed date elected by the
Employee under Section 5.02(b), subject to the settlement rules provided in
Section 6.05. 

ARTICLE V

ELECTIONS TO DEFER 

5.01

Elections
to Defer Under Section 4.01

(a)
Performance-Based Awards.  Deferral elections made by Participants, who are
Employees at the beginning of the applicable performance period or the date that
the performance criteria are established, must be made by the earlier of: 

(i)
at least six (6) months prior to the end of the relevant performance period that
is applicable to the incentive compensation; or

(ii)
the date the amount to be paid becomes readily ascertainable.

All
deferral elections become irrevocable upon the earlier of (i) or (ii) above.

     

For
a Participant (including a newly eligible Participant) to be eligible to make a
deferral election in accordance with this subparagraph (a), the Participant must
have performed services continuously from the later of (A) the beginning of the
performance period for the performance-based compensation or (B) the date upon
which the performance criteria with respect to the performance-based
compensation are established, through the date on which the Participant makes
the deferral election.  In addition, in no event may a deferral election
under this subparagraph be made after the 

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performance-based
compensation has become readily ascertainable within the meaning of Treasury
Regulation § 1.409A-2(a)(8).   

(b)
Non-Performance Based Awards (time vested).  Deferral elections must be
made: 

(i)
 by the end of the Participant’s taxable year immediately preceding the
taxable year in which the services underlying the compensation are to be
performed; or

(ii)
 for certain forfeitable rights, if the Participant has a legally binding right
to a payment in a subsequent year that is subject to a condition requiring the service provider to provide
services for a period of at least 12 months from the date that the Participant
obtains the legally binding right to avoid forfeiture of the payment, on or
before the 30th day after the Participant obtains a legally binding
right to the compensation, provided that the election is made at least 12 months
in advance of the earliest date at which the forfeiture condition could lapse.
 

A
newly eligible Participant must make an election within 30 days of initial
eligibility (based on the plan aggregation rules) and such election applies only
to compensation on and after the election date.

(c)
Unless determined otherwise by the Committee, deferral elections will be carried
over from year to year until the Participant makes an affirmative election to
modify or terminate the election within the permitted time frames.

5.02

Time
and Form of Payment

(a)
The Participant has no election rights as to the form of payment of any Equity
Account.  The form of payment is a lump sum, as set forth in Section 6.05.
 

(b)
Except as provided in Section 5.03, any distribution from a Participant’s Equity
Account will always commence upon the earlier of:

(i)

The
six month anniversary of Separation from Service, or

(ii)

Fixed
date (“in-service withdrawal” date).

A
Participant has the right to elect whether he or she wants a distribution to be
made upon (i) the six month anniversary of Separation from Service or (ii) the
earlier of the six month anniversary of Separation from Service and a fixed
date.  A Participant who fails to make such an election shall be deemed to
have elected the six month anniversary of Separation from Service as the time of
payment.

A
Participant may make a different time of payment election for the deferrals on
each Award.  These elections must be made within the time frames set forth
in Section 5.01.  Initial elections will be carried over from year to year
until the Participant makes an affirmative election to modify or terminate the
election within the permitted time frames.

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5.03

Payment
on Death If any amounts are payable under the Employee’s RSU award after
the Employee dies, the Company will pay them to the Employee’s Beneficiary
within 90 days of the Director’s date of death.

5.04

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

ARTICLE VI
RIGHTS AND SETTLEMENT

6.01

Rights
as a Shareholder Except as provided in Section 6.07, the Employee’s RSUs
will not give the Employee any right to vote on any matter submitted to the
Company's stockholders.  The Employee will have voting rights with respect
to the Common Shares that underlie the Employee’s RSUs only after the shares
have actually been issued to the Employee.

6.02

Restrictions
on Transferability The Employee will not have any right to sell, assign,
transfer, pledge, hypothecate or otherwise encumber the Employee’s RSUs.
 The Employee will not have any right to reallocate or transfer the
Employee’s RSUs deferred under the terms of this Plan to different investment
options or funds.  Any attempt to affect any of the preceding in violation
of this Section 6.02, whether voluntary or involuntary, will be void.

6.03

Dividend
Equivalents Unless otherwise determined by the Committee, the Company
will credit each of the Employee’s RSUs with Dividend Equivalents, either in
cash or in kind, from the RSU Deferral Date to the date RSUs are converted into
Common Shares pursuant to Section 4.02 of this Plan.  Dividend Equivalents
shall be credited to a book entry account on the Employee’s behalf at the time
the Company pays any cash dividend on its Common Shares.

6.04

Interest
Credits  Unless otherwise determined by the Committee, interest
will be credited on such Dividend Equivalents credited in cash for each
Crediting Period during the period from the RSU Deferral Date for each such
grant of RSUs until distribution hereunder at the mid-term Applicable Federal
Rate (as determined under Code section 1274(d)), in effect on the first day of
such Crediting Period, provided that interest shall be credited with respect to
each Dividend Equivalent only from the date it is first credited hereunder. 

6.05

Settlement
of RSUs/Conversion to Shares  Subject to Section 5.03, within 90
days after the six month anniversary of the Participant’s Separation from
Service or the date elected by the Participant under Section 5.02(b) the Company
will deliver to the Participant his or her Equity Account.

6.06

Adjustment
Due to Change in Capitalization If any Adjustment Event occurs before
the Employee’s RSUs are distributed in accordance with Section 6.05, the number
of Common Shares underlying each RSU will be proportionately adjusted
accordingly, as deemed equitable and appropriate by the Board of Directors.
 In any merger, consolidation, reorganization, liquidation, dissolution or
other similar transaction, each RSU shall pertain to the securities and other
property to which a holder of the number of Common Shares underlying the RSU
would have been entitled to receive in connection with such event.  If, as
a result of any Adjustment Event, the Employee’s RSUs represent the right to
receive cash 

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in
whole or in part (other than as a result of Dividend Equivalents and interest
credits), then the Company will   promptly pay the Employee such cash
on the date specified in Section 6.05. 

6.07

Funding.
 The Company shall be under no obligation to maintain a special or separate
fund or segregate assets or actually make any investment of any kind to assure
the payment of benefits under the Plan. Reference to any such investment shall
be solely for the purpose of aiding the Company in measuring and meeting its
liabilities under the terms of this Plan.  In the event any such
investments are made by the Company, unless otherwise determined by the
Committee, the Company shall be named the sole owner and shall have all of the
rights and privileges conferred by any instrument evidencing such investments.
 Unless otherwise determined by the Committee, such investments shall not
be segregated, set aside or held in trust or escrow and shall at all times
remain the unrestricted assets of the Company subject to the claim of its
general creditors. 

ARTICLE VII
ADMINISTRATION

7.01

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

7.02

Amendment
and Termination  

(a)
The Plan may be amended, modified or terminated at any time by the Company,
subject to Section 7.02(b) below and except that, without the consent of any
Employee or Beneficiary, if applicable, no such amendment, modification or
termination shall reduce or diminish the Equity Account of any Employee accrued
prior to the date of such amendment, modification or termination.  However
no amendment, modification or termination shall result or cause an acceleration
of payments or benefits under the Plan, unless the termination satisfies the
Code section 409A safe harbor summarized in Section 7.02(b).  Further, at
its sole discretion, the Company may elect, upon termination of this Plan to
deliver to the Employee or any Beneficiary, as the case may be, the number of
Common Shares then underlying the Employee’s RSUs.  Notwithstanding the
foregoing to the contrary, the Company may amend this Plan as it deems necessary
or desirable to comply with the requirements of Code section 409A, as amended,
and the regulations and pronouncements thereunder, regardless of whether any
such amendment shall cause a reduction or cessation of the Equity Account prior
to the adoption of such amendment.

(b)
Plan Termination under Code section 409A.  Generally, payments may be
accelerated upon Plan termination only if: 

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(i)
 the Employer is terminating an entire category of aggregated plans, that
is, all other plans of a similar type (i.e., that are required to be aggregated
with the terminating plan under the Code section 409A final regulations);

(ii)
all payments to the Employees as a result of the Plan termination are not made
until at least twelve (12) months after action taken to terminate the Plan is
taken, that is, all payments must be made between 13 and 24 months after the
date such action is taken; and 

(iii)
no similar successor plan can be established within three (3) years following
the date the action to terminate the Plan was taken.  

ARTICLE VIII
MISCELLANEOUS

8.01

Interpretation
Consistent with Code Section 409A The intent of the parties is that
payments and benefits under this Plan comply with Code section 409A and,
accordingly, to the maximum extent permitted, this Plan shall be interpreted to
be in compliance therewith.  If any provision of this Plan would cause the
Employee to incur any additional tax or interest under Code section 409A, the
Company, to the extent feasible, shall reform such provision to try to comply
with Code section 409A through good faith modifications to the minimum extent
reasonably appropriate to conform with Code section 409A.  To the extent
that any provision hereof is modified to comply with Code section 409A, such
modification shall, to the extent reasonably possible, maintain the original
intent of the applicable provision of this Plan without violating the provisions
of Code section 409A.

8.02

Tax
Withholding If, and solely to the extent required by applicable law, the
Company will have the power to withhold, or require the Employee to remit to the
Company promptly upon notification of the amount due, an amount sufficient to
satisfy Federal, state and local withholding tax requirements with respect to
the Employee’s award (or settlement thereof), and the Company may defer payment
of cash or issuance or delivery of Common Shares until such requirements are
satisfied.  The Company may, in its discretion, permit the Employee to
elect, subject to such conditions as the Company shall impose (a) to have Common
Shares deliverable in respect of the Employee’s RSU award withheld by the
Company or (b) to deliver to the Company previously acquired Common Shares, in
each case, having a fair market value sufficient to satisfy the Employee’s
statutory minimum Federal, state and local tax obligation associated with the
transaction.

8.03

Common
Shares Subject to an Award The Common Shares to be delivered in
connection with the Employee’s award may consist, in whole or in part, of Common
Shares held in treasury or authorized but unissued Common Shares, not reserved
for any other purpose.

8.04

Successor
The Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company, if the Employee’s RSUs remain outstanding, to
unconditionally assume the obligations of the Company with respect to the
Employee’s RSUs in writing and will provide a copy of the assumption to the
Employee.

8.05

Requirements
of Law The granting and deferral of the Employee’s RSU award and the
issuance of Common Shares will be subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

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8.06

Instrument
and Securities Law Compliance The Company shall have the authority to
determine the instruments by which the Employee’s award shall be evidenced.
 Instruments evidencing the Employee’s RSU award may contain such other
provisions as the Company deems advisable.  In addition, any Common Shares
issued in connection with the Employee’s RSU award shall be registered with the
United States Securities and Exchange Commission at the expense of the Company
for resale on or before the first day on which the Employee may transfer the
shares under the RSU award (or such later date as the Employee requests that is
in compliance with the law and permissible under the applicable Company plan)
unless such shares are eligible for sale by the Employee pursuant to Rule 144
(k) of the Securities Act of 1933 (or any successor provision) in the opinion of
the Employee’s counsel, which registration shall be in   a form
reasonably acceptable to the Employee, shall be subject to the Employee’s
reasonable prior review   and comments, shall remain effective until
all Common Shares subject to the RSU award have been sold (but need not be
effective for more than 365 days after first day on which the Employee may
transfer the Common Shares subject to the Employee’s RSU award or, if
applicable, such later date as to which the   Employee shall have
requested effectiveness) and the Company and the Employee shall, prior to the
effectiveness of the registration, enter into a customary registration rights
which will contain provisions, among other things, requiring the Company to
indemnify the Employee and any third persons reasonably requested by the
Employee in connection with the sale of any Common Shares and reimburse the
Employee   for the Employee’s reasonable out-of-pocket expenses (other
than underwriting discounts) in connection therewith and will contain customary
black-out periods.  In the event of the Employee’s death, or other
permitted private transfer of the Common Shares, all of the Employee’s rights
under this Section 8.06 shall be transferred to the Employee’s Beneficiary. 

8.07

Governing
Law The validity, interpretation, construction and performance of this
Plan and the Employee’s RSU award shall be governed by the laws of the State of
Connecticut.

8BOARD OF DIRECTORS

 EXHIBIT 10.37

THE PHOENIX COMPANIES, INC.

DIRECTORS EQUITY DEFERRAL PLAN

Effective as of January 1, 2009

ARTICLE I

PURPOSE AND EFFECTIVE DATE

1.01

Purpose.
 The Phoenix Companies, Inc. Directors Equity Deferral Plan is
intended to provide current, duly-elected non-employee members of The Phoenix
Companies, Inc. Board of Directors with a plan to act as a repository for all
mandatory deferrals of Restricted Stock Units and for the voluntary deferral of
all or a portion of the Director’s Compensation into Restricted Stock Units in
lieu of cash.  It is the Company’s desire to have the benefit of the
Director’s continued loyalty, service and counsel and also to assist the
Director in planning for retirement and certain other contingencies.
  The Phoenix Companies, Inc. Directors Equity Deferral Plan is
intended to be an unfunded plan under the Employee Retirement Income Security
Act of 1974, as amended.

1.02

Effective
Date.  The Phoenix Companies, Inc. Directors Equity Deferral Plan
is effective as of January 1, 2009. 

ARTICLE II

DEFINITIONS

2.01

"Adjustment
Event" means any stock dividend, stock split or share combination of, or
extraordinary cash dividend on, the Common Shares or recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination, exchange
of shares, warrants or rights offering to purchase Common Shares at a price
substantially below fair market value, or other similar event affecting the
Common Shares.

2.02

“Beneficiary” means the person(s) or entity, including one or
more trusts, last designated by a Director 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 Director.  In the
absence of any such designation, the Beneficiary shall be (i) the Director’s
surviving spouse or domestic partner, (ii) if there is no surviving spouse or
domestic partner, the Director’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 Director’s estate.  

2.03

“Board
of Directors” means the board of directors of the Company.

2.04

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

2.05

“Committee”
means the Compensation Committee of the Board of Directors of the Company. 

2.06

“Common
Shares” means the common stock of the Company, par value $0.01 per share.

2.07

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

           
thereto.

2.08

“Compensation”
means the cash portion of the Director’s annual cash retainer, committee fees,
meeting fees and any other cash payments that a Director may receive
attributable to service as a member of the Board of Directors.

1

2.09

“Crediting
Period” means August 1 of one calendar year to July 31 of the subsequent
calendar 
           
year (or, if earlier, the date on which final distribution is made
hereunder).

2.10

"Deferred
Share" means a contractual right to receive one (1) Common Share (which was
originally awarded as a Share Award) on a deferred basis in accordance with the
terms of this Plan.

2.11

“Director”
means a member of the Board of Directors of the Company or any of its
subsidiaries.

2.12

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

2.13

"Dividend
Equivalent" means an amount equal to the cash dividend payable per Common

           
Share.

2.14

“Equity
Account” means the account established for the deposit and delivery of RSUs
under Section 3.01 (Mandatory RSUs), Section 3.02 (Voluntary RSUs) and/or
Deferred Shares under Section 3.03 (which RSUs and/or Deferred Shares will be
converted to Common Shares pursuant to Section 5.05 upon a Director’s Separation
from Service), as well as any Dividend Equivalents credited under Section 5.03
and interest credited under Section 5.04.  

2.15

“Plan” means The Phoenix Companies, Inc. Directors Equity
Deferral Plan as is set forth in this document as it may be amended from time to
time.

2.16

"Restricted
Period" means the period during which RSU awards are subject to forfeiture or
restrictions on transfer (if applicable) pursuant to The Phoenix Companies, Inc.
2003 Restricted Stock, Restricted Stock Unit and Long-Term Incentive Plan.

2.17

"Restricted
Stock Unit" or “RSU” means the right to receive one Common Share, subject to The
Phoenix Companies, Inc. 2003 Restricted Stock, Restricted Stock Unit and
Long-Term Incentive Plan.

2.18

“RSU Award Date” means the first day of each calendar
quarter (for retainers applicable for such calendar quarter and for fees earned
during the immediately preceding calendar quarter), or such other day or dates
as may be established by the Board of Directors, on which Mandatory or Voluntary
RSUs are granted.  For a Director’s initial quarter, the RSU Award Date
shall be established by the Board of Directors.

2.19

“Mandatory
RSUs” means the number of RSUs attributable to the portion of a Director’s
annual retainer, committee fees, meeting fees and any other payments that a
Director may receive attributable to service as a member of the Board of
Directors that is required to be awarded by the Company in RSUs.  This
required portion is determined and communicated periodically by the Board of
Directors.

2.20

“Retirement”
means mandatory retirement from the Board of Directors pursuant to the Company’s
mandatory retirement policy for Directors.    

2

2.21

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

2.22

"Share
Award" means any Elective Share Award or Fee Share Award under The Phoenix
Companies, Inc. Directors Stock Plan, where:

(a)
 "Elective Share Award" means any award of Shares made by reason of the
election of a 
Director to receive Shares in lieu of cash fees; and

(b)
 "Fee Share Award" means any award of Shares made at the direction of the
Board of Directors in  lieu of cash fees.

2.23

“Specified
Employee” means, for a non-employee Director who becomes an officer of the
Company, a Director who, as of the date of the Director’s Separation from
Service, is a key employee of the Company whose stock is publicly traded on an
established securities market or otherwise.  A Director is a key employee
if the Director meets the requirements of Code section 416(i)(1)(A)(i), (ii), or
(iii) (applied in accordance with the regulations thereunder and disregarding
Code section 416(i)(5)) at any time during the 12-month period ending on a
Specified Employee identification date.  If a Director is a key employee as
of a Specified Employee identification date, the Director is treated as a key
employee (and therefore a Specified Employee) for the entire 12-month period
beginning on the Specified Employee effective date.  For any nonqualified
deferred compensation plan of the Company that is subject to Code section 409A,
the Specified Employee identification date is December 31 of the preceding
calendar year, and the Specified Employee effective date is April 1 of the
current calendar year.

2.24

“Voluntary
RSUs” means the number of RSUs attributable to the amount of Compensation, if
any, that the Director voluntarily elects to have awarded by the Company instead
of cash.

ARTICLE III
RESTRICTED STOCK UNITS AND DEFERRED
SHARES

3.01

Annual
Retainer Paid in RSUs.  Annually, the Company shall award a
Director Mandatory RSUs, which are immediately vested, but the conversion of
which are required to be deferred until the Director incurs a Separation from
Service from the Company as a Director .  The Mandatory RSUs will be
granted on the designated RSU Award Date and determined in accordance with the
following procedure:   

Quarterly
                    
Pro-Rata

          

     

       
RSUs

     

 
           
Compensation     X      
Factor*          =
      Earmarked
        ÷     Stock
      =      for
   
           
Earmarked
                  
(if
applicable)          Compensation          Price**             Quarter

for
RSUs                                                                                                                 
(share 

                                                                                                                                            
units)

*
  Pro-rata factor equals (1) number of
days of service in quarter, based on effective date of Board of Director
appointment, divided by (2) number of days in quarter.

3

**
 Stock Price equals the closing stock price of Common Shares on the New
York Stock Exchange (1) on the RSU Award Date, or (2) if a new member of the
Board, on the effective date of Board of Director appointment.

3.02

Voluntary
RSU Deferrals  If a Director so elects, the Company shall award the
Director Voluntary RSUs, which are immediately vested, but the conversion of
which is required to be deferred until the Director has a Separation from
Service.  The Voluntary RSUs will be granted on the designated RSU Award
Date and determined in accordance with the procedures set forth in
Section 3.01. 

3.03

Deferred
Shares  A Director may elect to defer receipt of any Common Shares
issuable to the Director in respect of any Share Award under The Phoenix
Companies, Inc. Directors Stock Plan or any other Director plan until the
Director’s Separation from Service.

3.04

Conversion
into Common Shares   RSUs and/or Deferred Shares are not
convertible into Common Shares until the Director’s Separation from Service or
death, subject to the settlement rules provided in Section 5.05. 

ARTICLE IV

VOLUNTARY ELECTIONS TO DEFER 

AND

ELECTION AS TO TIME AND FORM OF PAYMENT

4.01

Elections
to Defer Under Sections 3.02 and 3.03.

(a)
Deferral elections must be made by the end of the Director’s taxable year
immediately

                
preceding the taxable year in which the services underlying the
Compensation are to be

                
performed. A newly eligible Director must make an election within 30 days
of
initial 
                 eligibility
(based on the plan aggregation rules) and such election applies only to

                
Compensation on and after the
election date.

            (b)
Deferral elections will be carried over from year to year until the Director
makes
an
                 
affirmative election to modify or terminate the election within the
permitted time frames.

4.02

Time
and Form of Payment.  The Director has no election rights as to the
time and form of payment of his or her Equity Account balance.  Subject to
Section 4.03, a distribution will always be made within 90 days of the
Director’s Separation from Service.  All payments and benefits shall be
paid or reimbursed to the Director in a lump sum.

4.03

Equity
Account Distribution Provisions.  Notwithstanding any provision to
the contrary in this Plan, for a Director who is a Specified Employee, the
commencement date of any benefit that would otherwise have occurred prior to the
six month anniversary of the Director’s Separation from Service shall be
postponed until the earlier to occur of (i) such six month anniversary and (ii)
within 90 days of the Director’s death.  Upon the expiration of the
six-month period, all payments and benefits shall be paid or reimbursed to the
Director in a lump sum.

4

4.04

Payment
on Death.  If any amounts are payable under the Director’s Equity
Account after the Director dies, the Company will pay them to the Director’s
Beneficiary within 90 days of the Director’s date of death.

4.05

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

ARTICLE V
RIGHTS AND SETTLEMENT

5.01

Rights
as a Shareholder.   Except as provided in Section 5.07, the
Director’s RSUs and/or Deferred Shares will not give the Director any right to
vote on any matter submitted to the Company's stockholders.  The Director
will have voting rights with respect to the Common Shares that underlie the
Director’s RSUs and/or Deferred Shares only after the shares have actually been
issued to the Director. 

5.02

Restrictions
on Transferability.  The Director will not have any right to sell,
assign, transfer, pledge, hypothecate or otherwise encumber the Director’s RSUs
and/or Deferred Shares.  The Director will not have any right to reallocate
or transfer the Director’s RSUs and/or Deferred Shares under this Plan to
different investment options or funds.  Any attempt to effect any of the
preceding in violation of this Section 5.02, whether voluntary or involuntary,
will be void.

5.03

Dividend
Equivalents.  Unless otherwise determined by the Committee, the
Committee will credit each of the Director’s RSUs and Deferred Shares with
Dividend Equivalents, either in cash or in kind or in RSUs or such other
security as the Committee determines, from the date the Director’s award is
granted to the date RSUs and Deferred Shares are converted into Common Shares
pursuant to Section 3.04 of this Plan.  Dividend Equivalents shall be
credited to a book entry account on the Director’s behalf at the time the
Company pays any cash dividend on its Common Shares.

5.04

Interest
Credits.  Unless otherwise determined by the Committee, interest
will be credited on such Dividend Equivalents credited in cash for each
Crediting Period during the period from the RSU Award Date for each such grant
of RSUs and the Deferred Share award date until distribution hereunder at the
mid-term Applicable Federal Rate (as determined under Code section 1274(d)), in
effect on the first day of such Crediting Period, provided that interest shall
be credited with respect to each Dividend Equivalent only from the date it is
first credited hereunder. 

5.05

Settlement
of RSUs and Deferred Shares  Subject to Section 4.03, within 90
days after the date the Director has a Separation from Service, the Company will
deliver to the Director his or her Equity Account.

5.06

Adjustment
Due to Change in Capitalization  If any Adjustment Event occurs
before the Director’s RSUs and/or Deferred Shares are distributed in accordance
with Section 5.05, the number of Common Shares underlying each RSU and/or
Deferred Share will be proportionately adjusted accordingly, as deemed equitable
and appropriate by the Board of Directors.  In any

5

merger, consolidation, reorganization,
liquidation, dissolution or other similar transaction, each RSU and/or Deferred
Share shall pertain to the securities and other property (including cash) to
which a holder of the number of Common Shares underlying the RSU and/or Deferred
Share would have been entitled to receive in connection with such event.
 If, as a result of any Adjustment Event, the Director’s RSUs and/or
Deferred Shares represent the right to receive cash in whole or in part (other
than as a result of Dividend Equivalents and interest credits), then the Company
will promptly pay the Director such cash on the date specified in Section 5.05.

5.07

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

ARTICLE VI
ADMINISTRATION

6.0.1

Administration.
 The Committee is authorized to reasonably interpret in good faith the
Director’s RSU award and this Plan and to make all other reasonable
determinations in good faith necessary or advisable for the administration and
interpretation of the Director’s RSU award and/or Deferred Share award to carry
out its provisions and purposes, provided that such interpretation or
determination shall be consistent with the interpretation or determination made
by the Company.  Determinations, interpretations or other actions made or
taken by the Committee pursuant to the provisions of this Plan shall be final,
binding and conclusive for all purposes and upon all persons.  The Company
or the Committee may consult with legal counsel, who may be regular counsel to
the Company, and shall not incur any liability for any action taken in good
faith in reliance upon the advice of counsel.  

6.02

Amendment
and Termination.  

(a)
The Plan may be amended, modified or terminated at any time by the Company,
subject to Section 6.02(b) below and except that, without the consent of any
Director or Beneficiary, if applicable, no such amendment, modification or
termination shall reduce or diminish the Equity Account of any Director accrued
prior to the date of such amendment, modification or termination.  However
no amendment, modification or termination shall result or cause an acceleration
of payments or benefits under the Plan, unless such action complies with the
Code section 409A.  Further, at its sole discretion, the Company may elect,
upon termination of this Plan to deliver to the Director or any Beneficiary, as
the case may be, the number of Common Shares then underlying the Director’s RSUs
and/or Deferred Shares. Notwithstanding the foregoing to the contrary, the
Company may amend this Plan as it deems necessary or desirable to comply with
the requirements of Code section 409A, as amended, and the regulations and
pronouncements thereunder, regardless of whether any such amendment shall cause
a reduction or cessation of the Equity Account prior to the adoption of such
amendment.

6

(b)
Plan Termination under Code section 409A. Generally, payments may be accelerated
upon Plan termination only if: 

   
(i)

the
Company is terminating an entire category of aggregated plans, that is, all
other plans of a similar type (i.e., that are required to be aggregated with the
terminating plan under the Code section 409A final regulations);

 

(ii)

all
payments to the Directors as a result of the Plan termination are not made until
at least twelve (12) months after action taken to terminate the Plan is taken,
that is, all payments must be made between 13 and 24 months after the date such
action is taken; and 

(iii)

no
similar successor plan can be established within three (3) years following the
date the action to terminate the Plan was taken.  

ARTICLE VII
MISCELLANEOUS

7.01

Interpretation
Consistent with Code Section 409A.  The intent is that payments and
benefits under this Plan comply with Code section 409A and, accordingly, to the
maximum extent permitted, this Plan shall be interpreted to be in compliance
therewith.  If any provision of this Plan would cause the Director to incur
any additional tax or interest under Code section 409A, the Company, to the
extent feasible, shall reform such provision to try to comply with Code section
409A through good faith modifications to the minimum extent reasonably
appropriate to conform with Code section 409A.  To the extent that any
provision hereof is modified to comply with Code section 409A, such modification
shall be made in good faith and shall, to the extent reasonably possible,
maintain the original intent of the applicable provision of this Plan without
violating the provisions of Code section 409A.

7.02

Tax
Withholding.  If, and solely to the extent required by applicable
law, the Company will have the power to withhold, or require the Director to
remit to the Company promptly upon notification of the amount due, an amount
sufficient to satisfy Federal, state and local withholding tax requirements with
respect to the Director’s award (or settlement thereof), and the Company may
defer payment of cash or issuance or delivery of Common Shares until such
requirements are satisfied.  The Company may, in its discretion, permit the
Director to elect, subject to such conditions as the Company shall impose (a) to
have Common Shares deliverable in respect of the Director’s RSU award and/or
Deferred Share award withheld by the Company or   (b) to deliver to
the Company previously acquired Common Shares, in each case, having a fair
market value sufficient to satisfy the Director’s statutory minimum Federal,
state and local tax obligation associated with the transaction.

7.03

Common
Shares Subject to an Award.  The Common Shares to be delivered in
connection with the Director’s award may consist, in whole or in part, of Common
Shares held in treasury or authorized but unissued Common Shares, not reserved
for any other purpose.

7

7.04

Successor.
 The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company, if the Director’s RSUs and/or Deferred
Shares remain outstanding, to unconditionally assume the obligations of the
Company with respect to the Director’s RSUs and/or Deferred Shares in writing
and will provide a copy of the assumption to the Director.

7.05

Requirements
of Law.  The granting of the Director’s RSU award and/or Deferred
Share award and the issuance of Common Shares will be subject to all
applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

7.06

Instrument
and Securities Law Compliance.  The Company shall have the
authority to determine the instruments by which the Director’s award shall be
evidenced.  Instruments evidencing the Director’s RSU award and/or Deferred
Share award may contain such other provisions as the Company deems advisable.
 In addition, any Common Shares issued in connection with the Director’s
RSU award and/or Deferred Share award shall be registered with the United States
Securities and Exchange Commission at the expense of the Company for resale on
or before the first day on which the Director may transfer the shares under the
RSU award and/or Deferred Share award (or such later date as the Director
requests that is in compliance with the law and permissible under the applicable
Company plan) unless such shares are eligible for sale by the Director pursuant
to Rule 144 (k) of the Securities Act of 1933 (or any successor provision) in
the opinion of the Director’s counsel, which registration shall be in a form
reasonably acceptable to the Director, shall be subject to the Director’s
reasonable prior review and comments, shall remain effective until all Common
Shares subject to the RSU award and/or Deferred Share award have been sold
(but need not be effective for more than 365 days after first day on
which the Director may transfer the Common Shares subject to the
Director’s RSU award and/or Deferred Share award or, if applicable, such later
date as to which the Director shall have requested effectiveness) and the
Company and the Director shall, prior to the effectiveness of the registration,
enter into a customary registration rights which will contain provisions, among
other things, requiring the Company to indemnify the Director and any third
persons reasonably requested by the Director in connection with the sale of any
Common Shares and reimburse the Director for the Director’s reasonable
out-of-pocket expenses (other than underwriting discounts) in connection
therewith and will contain customary black-out periods.  In the event of
the Director’s death, or other permitted private transfer of the Common Shares,
all of the Director’s rights under this Section 7.06 shall be transferred to the
Director’s Beneficiary. 

7.07

Governing
Law.  The validity, interpretation, construction and performance of
this Plan and the Director’s RSU award and/or Deferred Share award shall be
governed by the laws of the State of Connecticut.

 

8

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