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EXHIBIT 10.9

THE PHOENIX COMPANIES, INC.
EXCESS BENEFIT PLAN

As
amended and restated effective January, 1, 2009

 

ARTICLE I

PURPOSE AND EFFECTIVE DATE

1.1

Purpose
  The Phoenix Companies, Inc. Excess Benefit Plan is maintained solely
for the purpose of providing benefits for certain participants in The Phoenix
Companies, Inc. Employee Pension Plan in excess of the limitations on
contributions and benefits imposed by Code section 415. 

1.2

Effective
Date   The Phoenix Companies, Inc. Excess Benefit Plan was
first effective January 1, 1976, was amended and restated effective as of
January 1, 2003, and further amended effective as of April 28, 2005.  This
amendment and restatement shall be effective as of January 1, 2009.

ARTICLE II

DEFINITIONS

Unless
the context otherwise indicates, words and phrases capitalized and not otherwise
defined herein are terms defined in the Pension Plan and have the same meaning
ascribed to them under the Pension Plan.

2.1

"Accrued
Benefit" means, as of the relevant date, the benefit accrued by a Participant in
accordance with the terms of this Plan as defined in the Pension Plan.

2.2

“Beneficiary”
means the Beneficiary designated under the Pension Plan, except that the
Participant may designate a Beneficiary hereunder by delivering to the Plan
Administrator a written designation of Beneficiary specifically made with
respect to this Plan on a form approved by the Plan Administrator.
 Notwithstanding the foregoing, if the Participant also has an accrued
benefit under The Phoenix Companies, Inc. Nonqualified Supplemental Executive
Retirement Plan or The Phoenix Companies, Inc. Nonqualified Supplemental
Executive Retirement Plan B, then the beneficiary designation under such plan,
if any, shall apply to this Plan.  

2.3

“Benefit
Plans Committee” means the committee, which shall be composed of the Chief
Executive Officer, the Chief Financial Officer and the Chief Investment Officer,
or any other person(s) designated by the Chief Executive Officer, to administer
and manage the Plan and its assets.

2.4

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

2.5

“Employer”
means Phoenix Life Insurance Company and any affiliated employer that adopts the
Plan with the consent of the Benefit Plans Committee.  

2.6

“Participant”
means an employee of the Employer who is participating in the Pension Plan and
whose benefit under the Pension Plan is reduced by reason of the application of
Code section 415.

 

2.7

"Participating
Employer" means each corporation that has adopted this Plan with the consent of
the Benefit Plans Committee in accordance with Article XI.

2.8

“Pension
Plan” means The Phoenix Companies, Inc. Employee Pension Plan, a defined benefit
pension plan maintained by the Employer, as it may be amended from time to
time.

2.9

“Plan”
means The Phoenix Companies, Inc. Excess Benefit Plan, as it may be amended from
time to time.

2.10

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

2.11

“Retirement”
means termination of service after having satisfied the age and/or service
criteria to retire in accordance with the terms of the Pension Plan.

2.12

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

 

ARTICLE III

ELIGIBILITY

To
receive a benefit under this Plan, a Participant or his Beneficiary must qualify
for a benefit under the Pension Plan, the amount of which is reduced by reason
of the application of the limitations set forth in Code section 415.
 Employees hired by Phoenix Equity Planning Corporation or Phoenix
Investment Counsel, Inc. after June 14, 1995 who were not employed by Phoenix
Life Insurance Company or its subsidiaries immediately prior to their date of
hire by Phoenix Equity Planning Corporation or Phoenix Investment Counsel, Inc.
shall not be eligible to participate in this Plan.  

ARTICLE IV

BENEFITS

4.1

Benefits
 The benefits under this Plan to which a Participant or the Participant’s
Beneficiary shall be entitled, shall be an amount equal to the difference, if
any, between (a) and (b) below:  

(a)

The
benefit to which the Participant would be entitled under the Pension Plan if
such benefit were computed without the restrictions or the limitations imposed
by Code section 415, as now or hereafter in effect;

			
	

 
	
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less

(b)

The
amount of benefit payable under the Pension Plan.

4.2

The
amount of benefit so determined shall be subject to such adjustments as the Plan
Administrator, from time to time, deems appropriate to reflect changes in the
application of the limitations imposed by said Code section 415, which would
cause a restriction or limitation of benefits with respect to the computation of
benefits under the Pension Plan.

4.3

Benefits
accrued under this Plan before March 1, 2003 are subject to cost of living
adjustments as described in the Pension Plan. 

4.4

To
the extent that this Section 4.1 requires the determination of the amount of
benefit payable under the Pension Plan, only the benefit payable with respect to
Service credited on and after January 1, 1993 shall be taken into account for
purposes of calculating the benefit payable under this Plan to a Former Home
Life Employee.

4.5

Any
benefit payable under the Pension Plan shall be solely in accordance with the
terms and provisions thereof, and nothing in this Plan shall operate or be
construed in any way to modify, amend or affect the terms and provisions of the
Pension Plan.   

  

ARTICLE V

VESTING

No
Participant under this Plan shall have a vested (non-forfeitable) interest under
this Plan until such Participant’s satisfaction of one of the following
conditions:  

(a)

the
Participant’s attainment of Early Retirement Age under the Pension Plan; 

(b)

the
Participant’s attainment of Normal Retirement Age under the Pension Plan; 

(c)

the
Participant’s becoming Disabled, within the meaning given under the Pension
Plan; or 

(d)

the
Participant’s death.  

Any
Participant who terminates employment with the Employer prior to having
satisfied one of the foregoing conditions shall have no right to benefits under
this Plan.

			
	

 
	
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ARTICLE VI

DISTRIBUTIONS

6.1

Payments
in Accordance with Pension Plan   With respect to any
Participant whose benefits under the Pension Plan become payable prior to
December 31, 2008, payment of a Participant’s Accrued Benefit shall be made in
the same form and manner and at the same time as is applicable or elected under
the Pension Plan.

6.2

Default
Provisions for Payments After 2008  With respect to any Participant
whose benefits under the Pension Plan do not become payable prior to December
31, 2008, unless a Participant otherwise elects in accordance with the
procedures set forth in this Article VI, payment of  a Participant’s
Accrued Benefit shall commence at the later  of (i) the earlier of (A) the
date the Participant satisfies the age and/or service criteria for Retirement
under the Pension Plan, or (B) the date of the Participant’s death and (ii) the
Participant’s Separation from Service, and shall be made in the form of a single
life annuity.

6.3

Elections
of Payment Forms  A Participant who is not described in Section 6.1
may elect (i) at any time prior to December  31, 2008 for Participants in
this Plan prior to January 1, 2009, (ii)(1) within 30 days of the date that, or
(2) by the end of the year in which, the Participant first becomes eligible for
any aggregated plans for Employees who become Participants in this Plan after
December 31, 2008, or (iii) if the Participant becomes a participant in the
Company’s Supplemental Executive Retirement Plan B, pursuant to the elections
the Participant made under that plan, to have payment of his or her Accrued
Benefit commence at the first day of any month following the
Participant’s (x) satisfaction of Retirement criteria, or (y) death, with such
benefits to be payable in whichever of the following forms the Participant shall
elect:   

(a)

Life
Annuity   The Participant may elect to receive payment in one
of the following actuarially equivalent optional forms of life annuities:
 straight life annuity; joint and 50%, 66 2/3%, 75% or 100% survivor
annuity, straight life annuity with 10 years certain, and joint and survivor
with 10 years certain;  or

(b)

Lump
Sum Short-Term Installments   The Participant may elect to
receive payment of his or her Accrued Benefit in a three-year certain annuity
(that is, in equal annual payments over a period of three calendar years, with
the first payment to be made as of commencement date elected by the Participant
and the second and third installments payable on the first and second
anniversaries of such commencement date).

6.4

Accrued
Benefit Distribution Provisions  Notwithstanding any provision in
this Plan to the contrary, the commencement date of any benefit that would
otherwise have occurred prior to the six month anniversary of the Participant’s
Separation from Service shall be postponed until the earlier to occur of (i)
such six month anniversary and (ii) the first day of the month following the
Participant’s death, and the amount payable to the Participant under the 

			
	

 
	
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form
of payment determined in accordance with this Article VI shall be determined as
of such postponed commencement date.

6.5

Change
in Form of Life Annuity  If a Participant’s Accrued Benefit is
payable in the form of a life annuity described in Section 6.3(a), whether
pursuant to Section 6.2 or 6.3, at any time prior to the date the Participant’s
Accrued Benefits would commence to be paid hereunder, the Participant may elect
on a form approved by the Benefit Plans Committee and received by the Benefit
Plans Committee prior to the date of the Participant’s death, to change the form
of life annuity under which such Accrued Benefit is payable.  

6.6

Mandatory
Distributions of Small Accrued Benefits   If the Actuarial
Equivalent value of the Participant’s Accrued Benefit under this Plan is equal
to $25,000 or less  on his or her Separation from Service, then,
notwithstanding anything else contained herein to the contrary, including the
Participant’s elections, the Participant will receive a lump sum payment of his
or her Accrued Benefit within 90 days after his or her Separation from
Service.

6.7

Suspension
of Benefits   If a Participant who has incurred a Separation
of Service is re-employed or re-hired, any benefits which have commenced to be
paid prior to such re-employment or re-hire shall continue to be paid, and any
benefits that have not commenced to be paid shall still be paid at the time that
they would have been paid, without regard to the change in the Participant’s
employment status.

 

ARTICLE VII

CLAIMS FOR BENEFITS

7.1

Claims
Procedure  

Claims
for benefits under the Plan may be filed with the Plan Administrator on forms
supplied by the Plan Administrator.  Written or electronic notice of the
disposition of a claim shall be furnished to the claimant within ninety (90)
days after the application is filed (or within one hundred eighty (180) days if
special circumstances require an extension of time for processing the claim and
if written notice of such extension and circumstances are communicated to the
claimant within the initial ninety (90)-day period).  In the event the
claim is wholly or partially denied, the reasons for the denial shall be
specifically set forth in the notice in language calculated to be understood by
the claimant, pertinent provisions of the Plan on which the decision is based
shall be cited, and, where appropriate, a description of any additional material
or information necessary to perfect the claim, and an explanation of why such
material or information is necessary, will be provided.  In addition, the
claimant shall be furnished with an explanation of the Plan's claims review
procedure and the time limits applicable to such procedures, including a
statement of the claimant’s right to bring a civil action under ERISA section
502(a) following an adverse benefit determination on review.  A claimant
must request a review of a denied claim in accordance with the procedures
described in the following paragraph and exhaust all remedies under the Plan
before the claimant is permitted to bring a civil action for benefits.

			
	

 
	
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Any
Employee, former Employee, or authorized representative or Beneficiary of
either, who has been denied a benefit, in whole or in part, by a decision of the
Plan Administrator shall be entitled to request the Plan Administrator to give
further consideration to his claim by filing with the Plan Administrator (on a
form which may be obtained from the Plan Administrator) a request for review.
 Such request, together with a written statement of the reasons why the
claimant believes his claim should be allowed, shall be filed with the Plan
Administrator no later than sixty (60) days after receipt of the notification
provided above.  If such request is so filed, the claimant or his
representative may submit written comments, documents, records and other
information relating to the claim to the Plan Administrator within sixty (60)
days after receipt of the notification provided above.  The claim for
review shall be given a full and fair review that takes into account all
comments, documents, records and other information submitted that relates to the
claim, without regard to whether such information was submitted or considered in
the initial benefit determination.  The Plan Administrator shall provide
the claimant or his representative with written or electronic notice of the
final decision as to the allowance of the claim within sixty (60) days of
receipt of the request for review (or within one hundred twenty (120) days if
special circumstances requires an extension of time for processing the request
and if written notice of such extension and circumstances is given to the
claimant or his representative within the initial sixty (60)-day period).
 Such communication shall be written in a manner calculated to be
understood by the claimant and shall include specific reasons for the decision,
specific references to the pertinent Plan provisions on which the decision is
based, a statement of the claimant or his representative’s right to bring a
civil action under ERISA section 502(a) and a statement that the claimant or his
beneficiary is entitled to receive, upon request and free of charge, reasonable
access to and copies of, all documents, records and other information relevant
to the claim for benefits.  A document is relevant to the claim for
benefits if it was relied upon in making the determination, was submitted,
considered or generated in the course of making the determination or
demonstrates that benefit determinations are made in accordance with the Plan
and that Plan provisions have been applied consistently with respect to
similarly situated claimants.

7.2

Full
Satisfaction, Release, Special Payment Rules   Any payment to
any Participant, or to such Participant’s legal representative or Beneficiary,
in accordance with the provisions of this Plan, shall be in full satisfaction of
all claims hereunder against the Employer. The Plan Administrator may require
such Participant, legal representative, or Beneficiary, as a condition precedent
to such payment, to execute a receipt and release therefor in such form as it
shall determine.  If the Plan Administrator shall receive evidence
satisfactory to the Plan Administrator that any payee under this Plan is a
minor, or is legally, physically, or mentally incompetent to receive and to give
valid release for any payment due him or her under this Plan, any such payment,
or any part thereof, may, unless claim therefor shall have been made to the Plan
Administrator by a duly appointed executor, administrator, guardian, committee,
or other legal representative of such payee, be paid by the Plan Administrator
to such payee’s spouse, child, parent or other blood relative, or to any person,
persons or institutions deemed by the Plan Administrator to have incurred
expense for or on behalf of such payee, and any payment so made shall, to the
extent thereof, be in full settlement of all liability in respect of such payee.
 If a dispute arises as to the proper recipient of any payments, the Plan
Administrator in its sole discretion may withhold or cause to be withheld such
payments until the dispute shall have been determined by a court of competent
jurisdiction or shall have been settled by the parties concerned.  Subject
to the immediately preceding sentence, if the responsible party/payee does 

			
	

 
	
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not
execute the receipt and release within 60 days of the distribution trigger date,
the Accrued Benefit shall be forfeited at the end of the sixtieth day and shall
not be eligible for reinstatement.

7.3

If
any benefits payable under this Plan to a Participant, or to such Participant’s
legal representative or Beneficiary, cannot be paid by reason that such person
cannot be located by the later of (i) the last day of the calendar year in which
the payment was due and (ii) the 15th day of the third calendar month
following the date specified under the Plan after reasonable efforts have been
made to locate such person, such benefits shall be forfeited and returned to the
Employer.   

ARTICLE VIII

AMENDMENT AND TERMINATION

8.1

Amendment
  The Benefit Plans Committee shall have the right to amend this Plan
at any time and from time to time, including a retroactive amendment, by
resolution adopted by it at a meeting duly called or by unanimous written
consent in accordance with the Employer’s Articles of Incorporation, Bylaws and
applicable law.  Any such amendment shall become effective upon the date
stated therein, and shall be binding on all Participants and Beneficiaries,
except as otherwise provided in such amendment; provided, however that, except
with respect to an amendment described in Article X, no amendment (i) shall
result in or cause an acceleration of payments or benefits under the Plan or
(ii) shall, without the express written consent of such Participant, reduce or
otherwise adversely affect the Participant Accrued Benefit as of the date of
such amendment.  

8.2

Termination
of the Plan  

The
Employer has established this Plan with the bona fide intention and expectation
that from year to year it will deem it advisable to continue it in effect.
 However, the Employer, in its sole discretion, reserves the right to
terminate the Plan in its entirety at any time without the consent of any
Participant; provided, however, that no such termination shall (i) result in or
cause an acceleration of payments or benefits under this Plan, unless the
termination satisfies the Code section 409A safe harbor summarized in the last
sentence of this Section 8.2, or (ii) without the express written consent of
such Participant, reduce or otherwise adversely affect the Participant’s Accrued
Benefit as of the date of such termination.  Any such termination shall be
accomplished by resolution of the Benefit Plans Committee adopted at a meeting
duly called or by unanimous written consent in accordance with the Employer’s
Articles of Incorporation, Bylaws and applicable law.  Payments under this
Plan may be accelerated upon plan termination only if: 

(i)

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

(ii)

all
payments to the Participants as a result of the Plan termination are not made
until at least twelve (12) months after action taken to terminate the Plan is

			
	

 
	
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taken,
that is, all payments must be made between 13 and 24 months after the date such
action is taken; and 

(iii)

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

ARTICLE IX

SOURCE OF BENEFIT PAYMENTS

No
special or separate fund shall be established by the Employer and no segregation
of assets shall be made to assure the payment of benefits under the Plan. No
Participant shall have any right, title, or interest whatsoever in any specific
asset of the Employer.  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 Employer 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 Employer.

ARTICLE X

CODE SECTION 409A MISCELLANEOUS PROVISIONS

10.1

Interpretation
Consistent with Code Section 409A   The intent is that payments
and benefits under this 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 Participant to
incur any additional tax or interest under Code section 409A, the Benefit Plans
Committee, to the extent feasible, shall reform such provision to try to comply
with Code section 409A through good faith modifications to the minimum extent
reasonably appropriate to conform with Code section 409A.  To the extent
that any provision hereof is modified to comply with Code section 409A, such
modification shall be made in good faith and shall, to the extent reasonably
possible, maintain the original intent of the applicable provision of this Plan
without violating the provisions of Code section 409A.

ARTICLE
XI

GENERAL

11.1

Benefits
Non-Alienable   To the extent permitted by law, the right of
any Participant or Beneficiary to any benefit or payment hereunder shall not be
subject in any manner to attachment or other legal process, and no such benefit
or payment shall be subject to anticipation, alienation, sale, transfer,
assignment, or encumbrance.  

11.2

Plan
Administration   The Plan shall be operated and administered
by the Plan Administrator or its duly authorized representative.  The Plan
Administrator shall have sole discretionary authority to determine all questions
arising under the Plan, to interpret the provisions of the Plan and to construe
all of its terms, to adopt, amend and rescind rules and regulations for the
administration of the Plan to make all determinations in connection with the

			
	

 
	
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Plan
as may be necessary or advisable.  All such actions of the Plan
Administrator shall be conclusive and binding on all persons. 

11.3

Governing
Law   This Plan shall be governed by and construed in
accordance with the laws of the State of Connecticut other than and without
reference to any provisions of such laws regarding choice of laws or conflict of
laws, to the extent such laws are not pre-empted by the Employee Retirement
Income Security Act of 1974, as amended.

11.4

No
Right to Continued Employment   The establishment of this Plan
shall not be construed as giving to any Participant, employee or any person
whomsoever, any legal, equitable or other rights against the Employer, or its
officers, directors, agents or shareholders, or as giving to any Participant or
Beneficiary any interest in the assets or business of the Employer or giving any
employee the right to be retained in the employment of the Employer.  All
employees and Participants shall be subject to discharge to the same extent they
would have been if this Plan had never been adopted.  

11.5

Tax
Withholding   The Employer may withhold from a payment any
federal, state or local taxes required by law to be withheld with respect to
such payments and such sums as the Employer may reasonably estimate are
necessary to cover taxes for which the Employer may be liable and which may be
assessed with regard to such payment.

11.6

Severability
  The illegality of any particular provision of this document
shall not affect the other provisions and the document shall be construed in all
respects as if such invalid provision were omitted.

ARTICLE XII

PARTICIPATING EMPLOYERS

12.1

Adoption
of Plan by Other Employers  With the consent of the Benefit Plans
Committee, any other corporation may adopt the Plan and all of the provisions
hereof and participate herein as a Participating Employer by a properly executed
document evidencing said intent and will of such Participating Employer.

12.2

Requirements
of Participating Employers

(a)

Benefits
payable under the Plan to employees of the Participating Employer are funded
through the Participating Employer’s general assets. The Participating Employer
agrees to pay and assumes all liability with respect to all benefits payable
under the Plan to past, present and future employees of the Participating
Employer, their spouses and other dependents and beneficiaries in accordance
with the terms of the Plan. Notwithstanding the foregoing, Phoenix Life
Insurance Company and not Phoenix Equity Planning Corporation nor Phoenix
Investment Counsel, Inc. shall pay and assume liability for benefits payable
under the Plan to 

			
	

 
	
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Employees
of Phoenix Equity Planning Corporation and Phoenix Investment Counsel, Inc. with
respect to service completed before January 1, 1996.  

(b)

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

(c)

The
Participating Employer shall pay to Phoenix Life Insurance Company
 its proportionate share of any administrative expenses of the Plan
which are to be paid by the Employer.

12.3

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

12.4

Delegation
of Power to Amend   Each Participating Employer hereby
delegates to the Employer the right at any time to amend the Plan in accordance
with the terms of the Plan, provided that any such amendment could not affect
the Participating Employer’s share of the cost of the Plan.  If an
amendment could affect the Participating Employer’s share of the cost of the
Plan, then such amendment shall not be effective with respect to the
Participating Employer until approved by the Participating Employer.  

12.5

Withdrawal
of a Participating Employer  Subject to Section 8.2, a
Participating Employer may terminate its participation in the Plan by giving the
Benefit Plans Committee prior written notice specifying a termination date which
shall be the last day of a month at least 30 days subsequent to the date such
notice is delivered to the Benefit Plans Committee, unless such withdrawal is
not permitted under the law wherein such notice of withdrawal will not be
honored or the Benefit Plans Committee shall have waived its right to such
notice.  The Benefit Plans Committee may terminate a Participating
Employer’s participation in the Plan as of any termination date by giving the
Participating Employer prior written notice specifying a termination date which
shall be the last day of a month at least 30 days subsequent to the date such
notice is delivered to the Participating Employer, unless the Participating
Employer shall have waived its right to such notice.  Notwithstanding the
foregoing provisions of this Section 12.5, in no event shall the withdrawal by,
or the termination of the participation of, any such Participating Employer
result in an acceleration of the timing of distributions under this Plan, unless
(and solely to the extent) permitted under Code section 409A or the regulations
and interpretations thereunder.  

12.6

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

			
	

 
	
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EXHIBIT 10.13

THE PHOENIX COMPANIES, INC.
NON-QUALIFIED DEFERRED
COMPENSATION PLAN

As
amended and restated effective as of January 1, 2009

 

THE PHOENIX COMPANIES, INC.
NON-QUALIFIED DEFERRED
COMPENSATION PLAN

ARTICLE I
PURPOSE AND EFFECTIVE
DATE

1.01

Purpose.  The Phoenix Companies, Inc. Non-Qualified
Deferred Compensation Plan is intended to provide Employees with a plan to defer
receipt of Annual Incentive and/or Long Term Incentive cash compensation.
  The Plan is intended to be an unfunded plan under the Employee
Retirement Income Security Act of 1974, as amended, that is maintained primarily
for the purpose of providing deferred compensation for a select group of
management or highly compensated employees.

1.02

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

ARTICLE II
DEFINITIONS

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

2.01

“Annual
Incentive” means an annual incentive award under The Phoenix Companies, Inc.
Performance Incentive Plan and/or any successor incentive plan or such other
annual incentive plans or arrangements as the Plan Administrator or Chief
Executive Officer may designate from time to time.

2.02

“Beneficiary”
means the person, persons or entity, including one or more trusts, last
designated by a Participant on a form or electronic media and accepted by the
Plan Administrator or its duly authorized representative as a beneficiary,
co-beneficiary, or contingent beneficiary to receive benefits payable under the
Plan in the event of the death of the Participant.  In the absence of any
such designation, the Beneficiary shall be (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.

2.03

"Benefit"
means the amount equal to the Participant's Deferred Compensation Benefit.

 

2.04

 “Benefit
Plans Committee” means the committee, which shall be composed of the
Chief Executive Officer, the Chief Financial Officer and the Chief Investment
Officer, or any other person(s) designated by the Chief Executive
Officer, to administer and manage the Plan and its assets.

2.05

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

2.06

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

2.07

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

2.08

Deferred
Compensation Investment Account means the book
account established on behalf of a Participant under Article VII of this
Plan.

2.09

“Deferred
Compensation Investment Account Balance” means a Participant’s Deferred
Compensation Investment Account Balance, if any, accrued and vested after
December 31, 2004.

2.10

"Deferred
Compensation Plan Deferral Election" means a Participant's election to defer a
portion of Annual Incentive and/or Long-Term Incentive Compensation as set forth
in Section 5.01.

2.11

"Deferred
Compensation Plan Distribution Election" means a Participant’s election
regarding the time and form of payment of his or her Benefit as set forth in
Section 5.02.

2.12

“Disabled”
 means that a Participant is: 

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

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

2.13

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

2.14

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

2.15

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

2

2.16

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

2.17

“Long-Term
Incentive” means a long-term incentive award payable in cash under The Phoenix
Companies, Inc. 2003 Restricted Stock, Restricted Stock Unit and Long-Term
Incentive Plan and/or any successor incentive plan or such other eligible
long-term incentive plans or arrangements as the Plan Administrator or Chief
Executive Officer may designate from time to time.

2.18

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

2.19

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

2.20

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

2.21

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

2.22

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

2.23

“Plan
Year” means the calendar year.

2.24

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

2.25

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

ARTICLE III
        
PARTICIPATION

3.01

Eligibility.  With respect to any Plan Year, 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

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 completes a
Deferred Compensation Plan Deferral Election as described in Section 5.01.

3.03

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

ARTICLE IV

DEFERRED COMPENSATION BENEFIT

4.01

Deferred
Compensation Benefit.  Participant’s Deferred Compensation Benefit
shall be equal to any cash amounts deferred by the Participant under Section
5.01 and credited to a Deferred Compensation Investment Account established for
such Participant.  

ARTICLE V

 DEFERRAL AND DISTRIBUTION ELECTIONS

5.01

Deferral
Elections.  Each Annual Incentive and/or Long-Term Incentive award will
be treated separately for purposes of making Deferred Compensation Deferral
Elections.  

(a)

Time
and Amount of Deferral Election. 

(i)

Performance-Based
Awards.  

(A)

A
Participant may elect to defer between 1% and 100% of his or her Annual
Incentive and/or Long-Term Incentive for a Plan Year, which is a
performance-based award, by making a Deferred Compensation Plan Deferral
Election.  A Participant’s Deferred Compensation Plan Deferral Election for
a Plan Year must be made by the earlier of: 

(1)

at
least six months prior to the end of the relevant performance period that is
applicable to the Annual Incentive and/or Long-Term Incentive award; or 

(2)

the
date the amount to be paid becomes readily ascertainable.  

All
deferral elections become irrevocable upon the earlier of (1) or (2).

 

4

 

(B)

For
a Participant (including a newly eligible Participant) to be eligible to make a
deferral election in accordance with this subparagraph (i), the Participant must
have performed services continuously from the later of:

(1)

the
beginning of the performance period for the performance-based compensation; or

(2)

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

(ii)

Non-Performance-Based
Awards (time vested or guaranteed incentives/bonuses).  

(A)

A
Participant may elect to defer between 1% and 100% of his or her Annual
Incentive and/or Long-Term Incentive for a Plan Year, which is not a
performance-based award, by making a Deferred Compensation Plan Deferral
Election.  A Participant’s Deferred Compensation Plan Deferral Election
must be made by:  

 

(1)

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

(2)

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.  

(B)

To
the extent later than the time an election is required under Section
5.01(a)(ii)(A), a newly eligible Participant must make an election within 30
days of initial eligibility (based on the plan 

 

5

 

 

aggregation
rules) and such election applies only to compensation on and after the election
date.

(b)

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

(c)       Carryover of
Deferral Elections.  Unless otherwise determined by the
Plan
Administrator, a Participant’s initial Deferred Compensation Plan
Deferral Election with respect to an Annual Incentive or a Long-Term Incentive
will be carried over in respect of the same type of award from year to year
unless the Participant makes an affirmative election to modify or terminate the
election, as described in Section 5.01(e). 

(d)

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

(e)

Irrevocability
of Deferral Elections.  Subject to Section 5.01(a)(i), all Deferred
Compensation Plan Deferral Elections become irrevocable as of the first day of
the next applicable period to which the election applies. 

5.02

Distribution
Elections.  Each Annual Incentive and/or Long-Term Incentive award is
treated as a “class year award,” which means awards that, absent a deferral
election, would be paid in different calendar years will be treated separately
for purposes of making Deferred Compensation Distribution Elections as provided
under Section 5.02(a) and (b).  For the purpose of a distribution election,
deferrals from January 1, 2005 through December 31, 2008 will be treated as one
class year award.

(a)

Date
of Distribution.

(i)

Election
of Fixed Payment Date.

For
each deferral class year, a Participant may elect a fixed date to commence
payment of any Annual Incentive or Long-Term Incentive credited to a class year
under his or her Deferred Compensation Investment Account Balance by making a
Deferred Compensation Plan Distribution Election.  A Participant’s Deferred
Compensation Plan Distribution Election must be made in accordance with the
procedures established by the Plan Administrator and within the time frames set
forth in Section 5.01(a)(i) or (ii), as applicable.

 

6

(ii)

Separation
from Service.  

For
each deferral class year, a Participant may elect to commence payment of his or
her Deferred Compensation Investment Account Balance after Separation from
Service by making a Deferred Compensation Plan Distribution Election in
accordance with the procedures established by the Plan Administrator and within
the time frames set forth in Section 5.01(a)(i) or (ii), as applicable.
 

If
a Participant fails to make a distribution election for any deferral class year,
he or she shall be deemed to have elected Separation from Service as the date of
distribution for account balances attributable to such class year.
  

 (b)

Form
of Distribution.  For each deferral class year, each Participant may
make a Deferred Compensation Plan Distribution Election in respect of Annual
Incentive or Long-Term Incentive for any class year and elect to receive the
amount allocable to such compensation for such class year in either a lump sum
payment or in annual installment payment over a period not to exceed 10 years.
 In the event a Participant fails to make a Deferred Compensation Plan
Distribution Election, the Participant shall be deemed to have elected a lump
sum distribution of his or her Benefit for account balances attributable to such
class year.

(a)

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

5.03

Distribution
of Account Balances.

(a)

Date
of Distribution.

(i)

If
a Participant elects a fixed payment date under Section 5.02(a)(i) as to an
identified class year, the payment will commence on the earlier of (1) such
fixed payment date, and (2) within 90 days after the date six months following
Separation from Service.

(ii)

If
a Participant elects Separation from Service for any deferral class year, the
payment for account balances attributable to such class year will commence
within 90 days of the date six months following Separation from Service.

(iii)

Notwithstanding
Sections 5.03(a)(ii) and (iii), if payment for any deferral class year has not
commenced as of the date of the Participant’s death, payment of the account
balance attributable to such class year will commence on the first day of the
month following the Participant’s death.

(b)

Form
of Distribution.

 

7

 

(i)

Subject
to Sections 5.03(b)(iii), a Participant’s account balance will be distributed in
the form(s) elected by the Participant for any deferral class year pursuant to
Section 5.02.

(ii)

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

(iii)

If
the value of the Participant’s account balances under this Plan are equal to
$25,000 or less on his or her Separation from Service, then, notwithstanding
anything else contained herein to the contrary, including the Participant’s
elections, the Participant will receive a lump sum payment of his or her account
balances within 90 days after his or her Separation from Service. 

(c)

Amount
of Distribution.

(i)

The
amount of each lump sum distribution payable under this Plan in respect of any
class year shall be equal to the single sum cash value of the Participant’s
subaccount corresponding to such class year under the Deferred Compensation
Investment Account as of the date of determination.

(ii)

The
amount of each installment distribution in respect of any class year shall be
equal to the balance of the Participant’s subaccount corresponding to such class
year under the Deferred Compensation Investment Account as of the determination
date, multiplied by a fraction, the numerator of which is one and the
denominator of which is the number of years remaining over which installments
are to be paid.

(d)

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

(e)

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

8

5.04

Hardship
Withdrawals. 

(a)

Eligibility.
 A Participant may request a withdrawal from his or her Deferred
Compensation Investment Account at any time of the amount necessary to satisfy
an unforeseeable emergency (within the meaning of Code section 409A, including
taxes assessed on this withdrawal, and taking into account the cancellation of
the Participant’s Deferral Election under Section 5.04(c).  Such an
unforeseeable emergency withdrawal shall only be available upon a determination
by the Plan Administrator based on the relevant facts and circumstances of each
case that the Participant has suffered a severe financial hardship resulting
from a sudden and unexpected illness or accident of the Participant or the
Participant’s spouse, beneficiary, or dependent, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control
of the Participant, including the loss of the Participant’s property due to
casualty.  The purchase of a home or the payment of tuition or other
education expenses does not constitute an unforeseeable emergency under this
Section 5.04.  A Participant who desires to receive such a withdrawal must
submit a written request to the Plan Administrator in such form as it may
specify.

(b)

Repayment.
 Any withdrawals under this Section 5.04 cannot be repaid to the Plan. 

(c)

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

ARTICLE VI

INVESTMENT AND FUNDING

6.01

Investment
Accounts. All compensation deferred under Section 5.01 shall be
credited to the Participant’s Deferred Compensation Investment Account on the
date that the Annual Incentive and/or Long-Term Incentive would have otherwise
been received by the Participant.   Such deferred compensation shall
be deemed to be invested in the Investment Fund(s) designated by the Participant
in such manner as may be specified by the Plan Administrator, or, if no such
designation is made, in the  default Investment Fund designated from time
to time by the Benefit Plans Committee. Each Participant’s Deferred Compensation
Investment Account will be adjusted on a daily basis by an amount equal to the
amount of any adjustment that would have been made had the Participant’s
deferred compensation been allocated and invested as herein
provided; reduced, however, at the Company’s discretion, by an
amount equal to the estimated

9

income taxes, if any, payable by the Company on such
adjustment, based on the Company’s highest tax rate on its net taxable income
for the Plan Year in which such adjustment is made. The Company reserves
the right to reduce the interest or earnings on deferred compensation amounts
for any federal or state taxes which it may incur as a result of interest or
earnings on amounts held under this Plan.

6.02

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

6.03

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

ARTICLE III
CLAIMS FOR
BENEFITS

7.01

Claims
Procedure.  Claims for
benefits under the Plan may be filed with the Plan Administrator on forms
supplied by the Plan Administrator.  Written or electronic notice of the
disposition of a claim shall be furnished to the claimant within 90 days after
the application is filed (or within 180 days if special
circumstances require an extension of time for processing the claim and if
written notice of such extension and circumstances are communicated to the
claimant within the initial 90 day period).  In the event the claim is
wholly or partially denied, the reasons for the denial shall be specifically set
forth in the notice in language calculated to be understood by the claimant,
pertinent provisions of the Plan on which the decision is based shall be cited,
and, where appropriate, a description of any additional material or information
necessary to perfect the claim, and an explanation of why such material or
information is necessary, will be provided.  In addition, the claimant
shall be furnished with an explanation of the Plan's claims review procedure and
the time limits applicable to such procedures, including a statement of the
claimant’s right to bring a civil action under ERISA section 

10

502(a) following an adverse benefit determination on
review.  A claimant must request a review of a denied claim in accordance
with Section 8.02 and exhaust all remedies under the Plan before the claimant is
permitted to bring a civil action for benefits.

7.02

Claims
Review Procedure.  Any Employee,
former Employee, or authorized representative or Beneficiary of either, who has
been denied either in whole or in part a benefit by a decision of the Plan
Administrator pursuant to Section 7.01 shall be entitled to request the Plan
Administrator to give further consideration to his claim by filing with the Plan
Administrator (on a form which may be obtained from the Plan Administrator) a
request for review.  Such request, together with a written statement of the
reasons why the claimant believes his claim should be allowed, shall be filed
with the Plan Administrator no later than 60 days after receipt of the
notification provided for in Section 7.01.  If such request is so filed,
the claimant or his representative may submit written comments, documents,
records and other information relating to the claim to the Plan Administrator
within 60 days after receipt of the notification provided for in Section 7.01.
 The claim for review shall be given a full and fair review that takes into
account all comments, documents, records and other information submitted that
relates to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination.  The Plan Administrator
shall provide the claimant or his representative with written or electronic
notice of the final decision as to the allowance of the claim within 60 days of
receipt of the request for review (or within 120 days if special circumstances
require an extension of time for processing the request and if written notice
of such extension and circumstances is given to the claimant or his
representative within the initial 60 day period).  Such communication shall
be written in a manner calculated to be understood by the claimant and shall
include specific reasons for the decision, specific references to the pertinent
Plan provisions on which the decision is based, a statement of the claimant or
his representative’s right to bring a civil action under ERISA section 502(a)
and a statement that the claimant or his beneficiary is entitled to receive,
upon request and free of charge, reasonable access to and copies of, all
documents, records and other information relevant to the claim for benefits.
 A document is relevant to the claim for benefits if it was relied upon in
making the determination, was submitted, considered or generated in the course
of making the determination or demonstrates that benefit determinations are made
in accordance with the Plan and that Plan provisions have been applied
consistently with respect to similarly situated claimants. 

7.03

Receipt
and Release for Payments.  Any payment to
any Participant, or to such Participant’s legal representative or Beneficiary,
in accordance with the provisions of this Plan, shall be in full satisfaction of
all claims hereunder against the Company.  The Plan Administrator may
require such Participant, legal representative, or Beneficiary, as a condition
precedent to such payment, to execute a receipt and release therefor in such
form as the Plan Administrator shall determine.  If the Plan Administrator
shall receive evidence satisfactory to the Plan Administrator that any payee
under this Plan is a minor, or is legally, physically, or mentally incompetent
to receive and to give valid release for any payment due him or her under this
Plan, any such payment, or any part thereof, may, unless claim therefor shall
have been made to the Plan Administrator by a duly appointed 

11

executor, administrator, guardian, committee, or other
legal representative of such payee, be paid by the Plan Administrator to such
payee’s spouse, child, parent or other blood relative, or to any person, persons
or institutions deemed by the Plan Administrator to have incurred expense for or
on behalf of such payee, and any payment so made shall, to the extent thereof,
be in full settlement of all liability in respect of such payee.  If a
dispute arises as to the proper recipient of any payments, the Plan
Administrator in its sole discretion may withhold or cause to be withheld such
payments until the dispute shall have been determined by a court of competent
jurisdiction or shall have been settled by the parties concerned.  Subject
to the immediately preceding sentence, if the responsible party/payee does not
execute the receipt and release within 60 days of the distribution trigger date,
the Deferred Compensation Benefit shall be forfeited at the end of the sixtieth
day and shall not be eligible for reinstatement.

7.04

Lost
or Unknown Participants.  If any benefits
payable under this Plan to a Participant, or to such Participant’s legal
representative or Beneficiary, cannot be paid by reason that such person cannot
be located by the later of (a) the last day of the calendar year in which the
payment was due and (b) the 15th day of
the third calendar month following the date specified under the Plan, after
reasonable efforts have been made to locate such person, such benefits shall be
forfeited and returned to the Company. 

ARTICLE VIII
MISCELLANEOUS

8.01

Non-Guarantee
of Employment.  Nothing contained in this Plan shall be construed
as a contract of employment between the Company and any Participant or Employee,
or as a right of any such Participant or Employee to be continued in the
employment of the Company, or as a limitation on the right of the Company to
deal with any Participant or Employee, as to their hiring, discharge, layoff,
compensation, and all other conditions of employment in all respects as though
this Plan did not exist. Furthermore, this Plan does not guarantee any Annual
Incentive or Long-Term Incentive award to the Participant or in any way obligate
the Company to grant such incentive awards.  Any amounts deferred hereunder
shall be contingent on the actual granting of such incentive awards.

8.02

Amendment
and Termination.   

(a)

Amendment/Modification/Termination.
 The Plan may be amended, modified or terminated at any time by the
Company, subject to Section 8.02(b) below and except that, without the consent
of any Participant or Beneficiary, if applicable, no such amendment,
modification or termination shall reduce or diminish the Benefit of any
Participant accrued prior to the date of such amendment, modification or
termination.  However no amendment, modification or termination shall
result or cause an acceleration of payments or benefits under the Plan, unless
the termination satisfies the Code section 409A safe harbor summarized in
Section 8.02(b).  Further, at its sole discretion, the Company may elect,
upon termination of this Plan to distribute in one lump sum to the 

 

12

 

 

Participant
or any beneficiary, as the case may be, the value of the Benefit or the commuted
value of any remaining installment payments.

 

(b)

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

(i)

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

(ii)

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

(iii)

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

8.03

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

8.04

Plan
Administration.  The Plan shall be operated and administered by
the Plan Administrator or its duly authorized representative.  The Plan
Administrator shall have sole discretionary authority to determine all questions
arising in connection with the Plan, to interpret the provisions of the Plan and
to construe all of its terms, to adopt, amend and rescind rules and regulations
for the administration of the Plan and to make all determination in connection
with the Plan as may be necessary or advisable. All such actions of the Plan
Administrator shall be conclusive and binding on all persons.

8.05

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.

13

8.06

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

8.07

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

8.08

Tax
Withholding.  The
Company may withhold from a payment any federal, state or local taxes required
by law to be withheld with respect to such payments and such sums as the Company
may reasonably estimate are necessary to cover taxes for which the Company may
be liable and which may be assessed with regard to such payment.

8.09

Illegality
of Particular Provision.  The illegality of any particular provision of this
document shall not affect the other provisions and the document shall be
construed in all respects as if such invalid provision were omitted.

ARTICLE IX
PARTICIPATING EMPLOYERS

9.01

Adoption
of Plan by Other Employers.  With the consent
of the Benefit Plans Committee, any other affiliated corporation may adopt the
Plan and all of the provisions hereof and participate herein as a Participating
Employer by a properly executed document evidencing said intent and will of such
Participating Employer. 

9.02

Requirements
of Participating Employers.

(a)

Funding
and Liability.  Benefits payable under the Plan to employees of the
Participating Employer are funded through the Participating Employer’s general
assets.  The Participating Employer agrees to pay and assumes all liability
with respect to all benefits payable under the Plan to past, present and future
employees of the Participating Employer, their spouses and other dependents and
beneficiaries in accordance with the terms of the Plan.  Notwithstanding
the foregoing, Phoenix Life Insurance Company and not Phoenix Equity Planning
Corporation nor Phoenix Investment Counsel, Inc. shall pay and assume liability
for benefits payable under the Plan to Employees of Phoenix Equity Planning
Corporation and Phoenix Investment Counsel, Inc. with respect to service
completed before January 1, 1996.

(b)

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

14

 

(c)

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

9.03

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

9.04

Plan
Amendment.

(d)

Company’s
Right to Amend.  Subject to the provisions of paragraph (b) hereof,
each Participating Employer hereby delegates to the Company the right at any
time to amend the Plan in accordance with the terms of the Plan, provided that
any such amendment could not affect the Participating Employer’s share of the
cost of the Plan.  If an amendment could affect the Participating
Employer’s share of the cost of the Plan, then such amendment shall not be
effective with respect to the Participating Employer until approved by the
Participating Employer.  Any such amendment shall be adopted by the
Participating Employer’s Benefit Plans Committee unless such amendment could
significantly affect the Participating Employer’s share of the cost of the Plan,
as determined by the Participating Employer’s Benefit Plans Committee, in which
case such amendment shall be adopted by the Participating Employer’s Board of
Directors in accordance with the Participating Employer’s Articles of
Incorporation, Bylaws and applicable law and shall become effective as provided
therein upon its execution.

(e)

Effective
Date of Amendment.  No amendment to the Plan shall be effective with
respect to a Participating Employer until 45 days after a copy of the amendment
shall have been delivered to the Participating Employer, unless the
Participating Employer shall have waived its right to receive such advance copy
of the amendment. 

9.05

Withdrawal
of a Participating Employer.  Subject to
Section 8.02, a Participating Employer may terminate its participation in the
Plan by giving the Benefit Plans Committee prior written notice specifying a
termination date which shall be the last day of a month at least 30 days
subsequent to the date such notice is delivered to the Benefit Plans Committee,
unless the Benefit Plans Committee shall have waived its right to such notice.
 The Benefit Plans Committee may terminate a Participating Employer’s
participation in the Plan as of any termination date by giving the Participating
Employer prior written notice specifying a termination date which shall be the
last day of a month at least 30 days subsequent to the date such notice is
delivered to the Participating Employer, unless the Participating Employer shall
have waived its right to such notice.

9.06

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

15

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