Document:

<PAGE>   1
Phoenix Home Life               One American Row         Phone 860 403-5000 or
Mutual Insurance Company        PO Box 5056              860 253-1000
                                Hartford CT 06102-5056   Internet www.phl.com

                                                                   Exhibit 10.60

[Phoenix Logo]

                                                               December 20, 2000

David W. Searfoss
Hartford, Connecticut

     This letter (the Contract) sets forth the commitment of Phoenix Home Life
Mutual Insurance Company to you in order to encourage you to remain in the
Company's employment. The initial term of this contract shall extend from
January 1, 2001 through January 1, 2004. The contract will be automatically
extended for an additional twelve (12) months on January 2, 2004, and on each
January 2 thereafter, unless the Company has given notice not later than
September 30 of the preceding year, that it does not wish to so extend this
Contract.

If the Company terminates your employment for reasons other than for "Cause" or
you terminate your employment for "Good Reason," as defined in the Change in
Control Agreement (the Agreement) dated November 6, 2000; the Company shall pay
you the same severance and other termination benefits that would be payable to
you under the provisions of Sections 3 and 4 of the Agreement, assuming for
this purpose that a Change in Control (as defined therein) had occurred on the
date immediately preceding the date of your termination; provided that the
benefits under the Contract shall be reduced by any duplicate benefits payable
under the Agreement. Further, the calculation of benefits under Section
4(a)(i)(B) of the Agreement is hereby amended to include an amount equal to the
highest of the last three (3) award payments under the Company's Long Term
Incentive Plan (or any successor plan), or similar long term incentive plan
applicable to the executive.

Payment of any severance or termination benefits hereunder shall be subject to
all of the other provisions of the Agreement. This Contract and the Agreement
constitute the entire agreement between the parties with respect to the matters
referred to herein. No other agreement relating to the terms of your employment
by the Company, oral or otherwise, shall be binding between the parties unless
it is in writing and signed by the party against whom enforcement is sought.
There are no promises, representations, inducements or statements between the
parties other than those that are expressly contained herein. This Contact may
not be altered, modified or amended except by a written instrument signed by
each of the parties hereto. The Company shall require any successor before or
after demutualization (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company or the Holding Company, by written agreement to assume
expressly and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such
succession had taken place. This Contract shall also inure to the benefit of
your heirs, executors, administrators and legal representatives.

If this letter properly sets forth our understanding regarding the above
matters, please sign both copies of this letter, return one to me and keep one
for your records.

Agreed:                       PHOENIX MUTUAL LIFE INSURANCE COMPANY
/s/ David W. Searfoss         By:  /s/ Carl T. Chadburn
---------------------              --------------------
David W. Searfoss             Carl T. Chadburn, Executive Vice President<PAGE>   1
                         [PHOENIX HOME LIFE LETTERHEAD]

                                                                   Exhibit 10.61

[PHOENIX LOGO]

                                                                February 1, 2001

Philip R. McLoughlin
Hartford, Connecticut

     This letter (the Contract) sets forth the commitment of Phoenix Home Life
Mutual Insurance Company to you in order to encourage you to remain in the
Company's employment. The initial term of this contract shall extend from
January 1, 2001 through January 1, 2004. The contract will be automatically
extended for an additional twelve (12) months on January 2, 2004, and on each
January 2 thereafter, unless the Company has given notice not later than
September 30 of the preceding year, that it does not wish to so extend this
Contract.

If the Company terminates your employment for reasons other than for "Cause"
or you terminate your employment for "Good Reason," as defined in the Change
in Control Agreement (the Agreement) dated February 1, 2001; the Company shall
pay you the same severance and other termination benefits that would be payable
to you under the provisions of Sections 3 and 4 of the Agreement, assuming for
this purpose that a Change in Control (as defined therein) had occurred on the
date immediately preceding the date of your termination; provided that the
benefits under the Contract shall be reduced by any duplicate benefits payable
under the Agreement. Further, the calculation of benefits under Section
4(a)(i)(B) of the Agreement is hereby amended to include an amount equal to the
highest of the last three (3) award payments under the Company's Long Term
Incentive Plan (or any successor plan), or similar long term incentive plan
applicable to the executive.

Payment of any severance or termination benefits hereunder shall be subject to
all of the other provisions of the Agreement. This Contract and the Agreement
constitute the entire agreement between the parties with respect to the matters
referred to herein. No other agreement relating to the terms of your employment
by the Company, oral or otherwise, shall be binding between the parties unless
it is in writing and signed by the party against whom enforcement is sought.
There are no promises, representations, inducements or statements between the
parties other than those that are expressly contained herein. This Contact may
not be altered, modified or amended except by a written instrument signed by
each of the parties hereto. The Company shall require any successor before or
after demutualization (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company or the Holding Company, by written agreement to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. This Contract shall also inure to the benefit of your heirs,
executors, administrators and legal representatives.

If this letter properly sets forth our understanding regarding the above
matters, please sign both copies of this letter, return one to me and keep one
for your records.

Agreed:                               PHOENIX MUTUAL LIFE INSURANCE COMPANY

/s/ Philip R. McLoughlin              By Carl T. Chadburn
-----------------------------------      ---------------------------------------
Philip R. McLoughlin                  Carl T. Chadburn, Executive Vice President<PAGE>   1
                                                                   Exhibit 10.62

                             FIFTH AMENDMENT TO THE
              NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
                            FOR CERTAIN EMPLOYEES OF
                   PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY

     BY THIS AGREEMENT, the Nonqualified Supplemental Executive Retirement Plan
for Certain Employees of Phoenix Home Life Mutual Insurance Company (the
"Plan"), as amended and restated effective January 1, 1989, is amended by this
Fifth Amendment, effective January 1, 2001.

     1.   Section 3.1 of the Plan is amended by deleting the last sentence
thereof and by substituting in lieu thereof the following:

          "Employees of Phoenix Equity Planning Corporation ("PEPCO"), Phoenix
          Investment Counsel, Inc. ("PIC") and Phoenix Investment Partners, Ltd.
          ("PXP") who were hired by Phoenix Duff & Phelps Corporation (now PXP)
          after December 31, 1996, shall become eligible to participate in this
          Supplemental Plan as of January 1, 2000, but shall not be eligible to
          participate prior to such date. In addition, Employees of Zweig/Glaser
          Advisers, LLC shall become eligible to participate in this
          Supplemental Plan as of January 1, 2000."

     2.   Section 4.1 of the Plan is amended in its entirety to read as follows:

          "The amount of monthly benefit provided under this Supplemental Plan
          shall be the excess of (a) over (b) where:

          (a)  is the amount of monthly benefit that would have been provided
               under the Employee Pension Plan if the exclusion of Incentive
               Compensation or deferred compensation amounts from the definition
               of Earnings and the limitation on Earnings set forth in Section
               401(a)(17) of the Code did not apply, provided, however, that in
               determining the amount of a Participant's Final Average Earnings,
               the amount of Incentive Compensation derived from the Mutual
               Incentive Plan which shall be taken into account shall be equal
               to such annual Incentive Compensation received by the Participant
               averaged over any three (3) full calendar years within the last
               five (5) consecutive full calendar years that produces the
               highest average; and

          (b)  is the amount of monthly benefit payable under the Employee
               Pension Plan."
<PAGE>   2
     3.   Section 4.3 of the Plan is hereby amended, by designating the text
therein as subsection (a) and by adding new subsection (b), to read as follows:

          "(b)  The amount of monthly benefit payable under Section 4.1 to an
          Employee of PIC, PEPCO or PXP who was ineligible to participate in
          the Employee Pension Plan for the period January 1, 1997, through
          December 31, 1999, shall be computed to include an additional amount
          equal to the difference between the benefit such officer actually
          accrued under the Employee Pension Plan as of his or her Annuity
          Commencement Date and the benefit such officer would have accrued had
          he or she not been excluded from participation in the Employee
          Pension Plan for such period."

     4.   Section 4.6 of the Plan is hereby amended in its entirety to read as
follows:

          "(a)  The payment of benefits to which a Participant or Beneficiary
          shall be entitled under this Supplemental Plan shall be made in the
          same form and manner and at the same time as is applicable or elected
          under the Employee Pension Plan.

          (b)   In addition to the benefit forms available under the Employee
          Pension Plan, a Participant or Beneficiary may elect to receive
          payment of his benefits in a single lump sum, the present value of
          which shall be determined based upon the factors for Actuarial
          Equivalence set forth in the Employee Pension Plan, provided,
          however, that with respect to a Participant, such election shall
          become effective only if all of the following conditions are
          satisfied: (i) such Participant remains in the employment of the
          Employer for the full twelve (12) calendar months immediately
          following the date of such election (the "Election Date"), except in
          the case of the death of such Participant or such Participant's
          becoming Disabled (in which case Section 4.6(c) shall apply), and
          (ii) such Participant complies with the administrative procedures set
          forth by the Administrator with respect to the making of such lump
          sum election.

          (c)   In the event a Participant who has made a lump sum election
          pursuant to Section 4.6(b) dies or becomes Disabled while employed by
          the Employer during the 12-month period immediately following the
          Election Date, the 12-month condition shall be deemed satisfied with
          respect to such Participant."

     5.   Section 5.1 of the Plan is hereby amended in its entirety, to read as
follows:

          "Except for Employee Pension Plan Participants to whom a Plant
          Closing Benefit is payable under Section 4.4 of this Supplemental
          Plan who shall be fully vested in said Plant Closing Benefit, and
          except for Participants who are Employees of Phoenix American Life
          Insurance Company

                                      -2-
<PAGE>   3
               ("PAL"), a participating Employer in this Plan, whose failure to
               meet the conditions for payment of benefits hereunder is by
               reason of PAL's termination of participation in this Plan on
               account of its sale by the Employer, a Participant shall have a
               vested, non-forfeitable interest in his or her Supplemental Plan
               benefits upon such Participant's attainment of Normal Retirement
               Age under the Employee Pension Plan or on earlier termination of
               employment by death. Otherwise, a Participant shall be fully
               vested in his or her benefits under this Supplemental Plan upon
               completion of five (5) Years of Vesting Service, as defined
               under the Employee Pension Plan."

     IN WITNESS WHEREOF, this Fifth Amendment has been executed this 22nd day
of December, 2000.

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}]]