Document:

Administrative Agreement

EXHIBIT 10.1

SERVICES AGREEMENT

THIS SERVICES AGREEMENT, effective as of the 1st day of January, 1995, by
and between Phoenix Home Life Mutual Insurance Company ("PHLMIC"), a
New York mutual life insurance company, and each of its undersigned
subsidiaries.

R E C I T A L S:

PHLMIC owns directly, or through subsidiaries, a Controlling Interest in several
insurance companies, each referred to hereinafter as a "Subsidiary".
 Although each of such entities has its own officers and directors, each
entity obtains many services from PHLMIC or other Subsidiaries and, in some
instances, PHLMIC obtains services from certain of those entities.  In
order to formalize PHLMIC's existing methods of charging each Subsidiary for
such services, PHLMIC and many of its Subsidiaries are entering into this
Agreement. Charges for services provided by any of the Subsidiaries to
each other or to PHLMIC are covered by separate agreements.

NOW THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto do hereby agree as follows.

I.  DEFINITIONS

The following terms, when capitalized, shall have the meanings set forth
hereinafter, with singular and plural usages having the same meaning.

Agreement shall mean this Services Agreement.

Compensation shall mean and include an allocable share of the following
expenses incurred by PHLMIC: actual gross salaries paid (including federal
and state taxes withheld); cost of benefits; related payroll taxes and
assessments payable for workers' compensation; employee reimbursements; rent;
amortization charges for personalty such as furniture, hardware and equipment;
and all other out-of-pocket expenditures incurred by PHLMIC in connection with
the provision of services hereunder.

Controlling Interest shall mean possession of the right to cast at least
fifty-one percent (51%) of the votes eligible to be cast by equity owners,
whether as a result of a contractual right or as a result of the ownership of
fifty-one percent (51%) or more of the subject's issued and outstanding capital
stock or other equity interests.

Designated Rate shall mean the prime rate in effect at Chase Manhattan Bank,
N.A. as of the first day of the then current calendar quarter.

Employee Benefit Plans shall have the meaning set forth in Section IV
A1c.

Person shall mean an individual, corporation, partnership, association,
joint stock company, governmental entity, business trust, unincorporated
organization or other legal entity.

PHLMIC shall have the meaning set forth in the initial paragraph of this
Agreement.

Subsidiary shall have the meaning set forth in the Recitals.

II.  TERM

Subject to Article V below, this Agreement shall remain in full force and effect
as to each Subsidiary until that date which is five (5) years from the date
hereof.

III.  CONSIDERATION

A.

General.  The consideration payable to PHLMIC by each Subsidiary or by
any party to this Agreement to any other shall be as set forth in Schedule 3
hereto.  None of the parties of this Agreement intends that PHLMIC shall
earn a profit on the charges for services provided under this Agreement.
 Notwithstanding any other provision of this Agreement, the parties hereto
agree that amounts referred to in this Agreement as "fee(s)",
"compensation", "amounts due", "cost" or
"expenses", all of which amounts are referred to collectively in the
balance of this paragraph as "charge(s)", shall be computed in a
manner that will not result in the imposition of a sales tax under Connecticut
General Statutes Section 12-406 et. seq. or any successor provision.
 In the event of a final administrative determination by the Connecticut
Department of Revenue Services that a sales tax is due under Section 12-406
et. seq. or its successor because a taxable service was charged for a
profit, then such charge or charges, to the extent of the profit, shall be
deemed to have been in excess of an allowable charge as of the date of the
charge and shall be promptly refunded to the appropriate Subsidiary.  The
refund shall include interest on the amount of such refund from the date of the
charge at a rate of interest equal to the Designated Rate.

B.

Amendments.  The consideration payable in accordance with this Section
shall be re-evaluated each year with the parties' intent being to compensate
PHLMIC for its services hereunder without generating a profit for it.
 Based on such re-evaluation, the parties shall on or before
December 31 of each year affix a new Schedule 3 hereto to reflect all
changes, if any, they have agreed upon, or a confirmation that there will be no
charges in the prior year's schedule.

IV.  SERVICES

A.

Obligations of PHLMIC

1.

General.  To the extent provided in Schedule 3, as such is amended from
time to time, PHLMIC shall provide each Subsidiary with the following services:
 

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a.

Office Space - at an appropriate location, in an amount and of a quality
to accommodate each Subsidiary's operations in a fashion consistent both with
the Subsidiary's past experience and with its current and future plans, as
approved by PHLMIC, along with all services reasonably ancillary thereto with
have been agreed upon by the parties or customarily provided, such as, without
limitation, cleaning and maintenance of the facilities, security, cafeteria
services, appropriate furniture and lighting, electricity, heat or air
conditioning (as needed), parking spaces for employees and other personnel,
including clients and other visitors and hot and cold running water, all of the
foregoing to be provided in a fashion consistent with the quality of the
facilities.

b.

Personnel.

(1)

General.  Except for any Subsidiary which hires its own employees,
all personnel required for a Subsidiary will be employees of PHLMIC, which will
charge the Subsidiary for the compensation attributable to those employees who
perform services for such subsidiary, whether full-time or part-time.  In
addition, PHLMIC shall make available to each Subsidiary those officers and
directors elected by the Board of Directors of such subsidiaries from among the
employees of PHLMIC authorized by PHLMIC to serve in such capacities.

(2)

Special.  To the extent any Subsidiary has need of any services of
the types described hereinafter which cannot reasonably be performed by its own
employees or by PHLMIC employees allocated to it, such subsidiary may access
appropriate employees of PHLMIC or any of its Subsidiaries to obtain the
following services.  It is understood that PHLMIC retains the discretion to
allocate its limited resources in the fashion it deems appropriate, even if that
means that a Subsidiary will have to wait for requested services, go elsewhere
(with the prior approval of PHLMIC) for such services (including the use of
outside vendors) or do without such services.  In each instance, as agreed
by the parties, the services may include any or all of the following:
 analysis, consultation and/or implementation.

(a)

Accounting - including, without limitation:  the maintenance of books
and records; the filing of required regulatory reports of a financial nature;
the preparation of periodic financial reports; the preparation of projections
needed for any business purpose; the preparation of, or assistance in the
preparation of, business plans; the preparation, or assistance in the
preparation, of reports or presentations required for any meeting of a business
purpose (such as with regulators, rating agencies, potential targets potential
clients, etc.); participation in regulatory examination, as needed; customer
billing; the reconciliation of all bank account statements; check writing;
establishment of internal audit controls; arranging for audits by third parties;
and any other matter requiring accounting input or assistance.

(b)

Legal - including, without limitation, the provision of:  assistance in structuring certain complex deals; legal analysis; drafting of legal documents; review of contracts and other legal documents; assistance in or the conduct of negotiations; applicable legal guidelines to follow; 

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the recommendation (from a legal standpoint) of a preferred course of action;
legal compliance assistance; and any other form of assistance requiring the
training or expertise of an attorney or paralegal.

(c)

Data Processing - including, without limitation:  system development,
modification and correction; mainframe computer functions such as CPU usage,
disk storage for data; printing; back-up and recovery of data and disaster
recovery; technical support for installation of new releases; Information Center
support as described in Clause (d); and establishing network connections.

(d)

Information Center - including, without limitation:  meeting with users
to configure systems they need, setting PC and LAN standards and equipment
ordering/receiving; dealing with vendors on pricing of hardware and software and
negotiating vendor contracts; PC installation and moves; PC hardware repairs;
software support and formal/informal classroom training; consulting on
developing applications using "shrink" wrapped software with PCs and
servers; operating the help desk for all PC/server hardware and software problem
calls; maintaining central file servers; providing current versions of software
on servers; and providing back-up and recovery support for files of central and
departmental servers.

(e)

Human Resources - including, without limitation:  assistance in all
aspects of personnel management such as hiring, firing, disciplining,
performance reviews and training; establishment, maintenance and administration
of benefit plans and programs; and establishment and implementation of personnel
policies and programs.

(f)

Actuarial - including, without limitation:  the provision of an
actuary's assistance in any matter requiring such expertise such as, without
limitation, product development; development and implementation of dividend
policy and practices; regulatory compliance matters (such as compliance with
certain standards); assistance in the development of company plans such as
business plans and projections; and assistance in financial reporting.

(g)

Tax Accounting - including, without limitation:  the preparation and
maintenance of tax books and records and all supporting documentation therefor;
the preparation and filing of all tax reports and returns, as well as the
tax-related portion of other reports and returns provided to them; development
and implementation of appropriate tax plans and postures; analysis and
ramifications of product or project proposals from a tax perspective;
interfacing with corporate tax counsel on any or all of the above, as well as on
other projects upon request as needed; and interfacing with state and federal
tax authorities as appropriate, including during the conduct of an audit.

(h)

Banking - including, without limitation:  the establishment and
maintenance of banking contracts and relations; the opening, 

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maintenance and closing of accounts as needed for general or special banking purposes; the review of all records
with respect thereto, including reconciliations; the establishment of borrowing facilities and administration
of borrowed funds; the arranging of fund transfers; the management of cash to maximize the volume of invested
funds subject to needs for liquidity; the establishment and administration of lock-box facilities; and the
tracking and investment of retained asset accounts;

(i)

Investment - for those Subsidiaries which are not insurance companies, the
management, in cooperation with PHLMIC's banking personnel, of a Subsidiary's
cash available for investment upon terms and conditions appropriate for the
Subsidiary in light of the nature of its business and its cash flow needs, its
historical needs and goals and the direction, if any, provided by the
Subsidiary's Board of Directors or management; and, for those Subsidiaries which
are insurance companies and whose investment portfolios are not managed by a
PHLMIC Subsidiary, management of such portfolios.

(j)

Marketing - for each of those Subsidiaries which is an insurance company,
PHLMIC shall provide a sales force for selling the Subsidiary's products, as
well as administrative and managerial support for the sales force;

(k)

Communications/Creative Services - including, without limitation, the
following, whether done internally or obtained from vendors:  the
development and implementation of public relations programs, including media
placements and special events and sponsorships; and the design, printing and/or
distribution of materials for advertising, regulatory compliance, presentations,
awards and incentives, advertising specialties or other reasonable business
purpose.

(l)

Travel/Convention - including, without limitation:  scheduling trips;
securing room, transportation and meal reservations; planning itineraries; and
arranging conventions or other large meetings;

(m)

Payroll - including, without limitation:  the issuance of payroll
checks or the arranging of direct deposits for all employees of PHLMIC or any of
its Subsidiaries electing such service; the preparation and maintenance of all
records reasonably or statutorily required to support such payments; the
effecting of appropriate amounts of withholding for taxes and authorized
expenditures for each participating individual; the preparation and filing of
all reports required by any regulatory authority; and compliance with all proper
wage executions.

(n)

Purchasing - including, without limitation:  the purchasing of
equipment, furniture, supplies, building materials and other personalty required
for the operation of PHLMIC or any of its Subsidiaries; the contracting with
suppliers for any of the foregoing, as well as for services, such as cleaning
services, construction services, remodeling or architectural or 

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interior design services, and landscaping services; and preparation of requests for bid for any of the foregoing.

(o)

Telecommunications - including, without limitation:  the selection,
acquisition and installation of telephone equipment, including related hardware
and software; the installation and maintenance of telephone lines for both oral
communication and data transmission; the establishment of methods for video
conferencing and other technological advances; and contracting for all of the
foregoing, as well as handling the bidding process therefor.

(p)

Mail and Related Services - including, without limitation:  handling
the internal pick-up and delivery of all mail and other deliveries transmitted
through the United States Postal Service or any private carriers; preparation of
materials for mailings; and contracting with private carriers for any of the
foregoing services.

(q)

General Management - including, without limitation, all services routinely
provided by PHLMIC, such as:  internal consulting, work-flow measurements
and productivity measurements through the Operations Resources Department or its
successor; analysis and related tasks associated with risk management; provision
of a business resumption plan; and general business advice and guidance from
certain senior executives.

c.

Benefit Programs.  To the extent PHLMIC maintains certain employee
benefit plans, fringe benefit programs and other similar arrangements
(collectively, the "Employee Benefit Plans") for the benefit of its
employees, as well as for the employees of such of its Subsidiaries as PHLMIC's
Board of Directors or Benefit Plans Committee has approved for participation in
the Employee Benefit Plans, the charges therefor shall be borne by the
Subsidiaries in accordance with Schedule 3 hereto.

2.

Special.  PHLMIC shall provide a Subsidiary with such additional
services as the parties agree upon from time to time in a writing which is
attached to and forms a part of Schedule 3.

3.

Recordkeeping.  All records necessary, proper and customary for
services performed by PHLMIC under this Agreement shall be properly maintained
by PHLMIC for and on behalf of each Subsidiary and shall be the property of the
Subsidiary which is the subject of the records in question.  The records
pertaining to each Subsidiary shall be available, upon reasonable notice, for
inspection, audit and other reasonable use by authorized representatives of such
subsidiary.

4.  Premium Collections.  In the event that at any time or from time to time PHLMIC provides premium collection services for any Subsidiary, PHLMIC shall hold such premiums in a fiduciary capacity and pay them over to the appropriate Subsidiary immediately following collection.

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B.

Obligations of Subsidiary.  Except as set forth in this Agreement or
otherwise expressly agreed upon in writing, PHLMIC subsidiaries shall have no
obligations to each other or to PHLMIC other than for the following.

1.

General.  Each subsidiary shall cooperate with PHLMIC as long as such
are not contrary to such subsidiary's best interests, inconsistent with the
fiduciary or other legal or contractual obligations of such subsidiary or
inappropriate in light of such subsidiary's own business plans.

2.

Payment.  Each Subsidiary shall be obligated to promptly pay PHLMIC for
all sums due and payable under this Agreement.  Except as set forth
hereinafter or in Schedule 3, as amended from time to time, no Subsidiary shall
have any obligation to pay for services received from PHLMIC.

3.

Subsidiary Services.

a.

Investment Subsidiaries.  Upon request by PHLMIC, any investment
Subsidiary shall provide investment advice to PHLMIC or any of its affiliates or
clients upon such terms and conditions as the parties agree.

b.

Brokerage Subsidiaries.  Upon request by PHLMIC, any brokerage
Subsidiary shall market products of PHLMIC or any of its insurance company
affiliates upon such terms and conditions as the parties agree.

V.  STANDARD OF CARE

In carrying out their respective obligations hereunder, each of the parties
hereto shall use its best efforts to abide in all material respects with all
applicable Laws.  In addition, they shall take all reasonable efforts to
preserve the confidential and proprietary information of each of the parties
hereto.

VI.  TERMINATION

A.

General.  Upon the termination of a Subsidiary's status as a Person
controlled by PHLMIC, as to such subsidiary, this Agreement shall terminate
immediately and automatically.  For purposes of this provision, control
shall be deemed to have ceased when all of the following have occurred:
 (1) PHLMIC, directly or indirectly, owns less than fifty-one percent (51%)
of the Subsidiary's issued and outstanding capital stock; (2) fewer than half of
the members of the Subsidiary's Board of Directors are employees or directors of
PHLMIC or otherwise designated by PHLMIC to sit on such board; and (3) no voting
agreement exists between PHLMIC and such subsidiary.

B.

By PHLMIC.  PHLMIC shall have the right to terminate this Agreement at
any time, with or without notice.

C.

By a Subsidiary.  Any Subsidiary may terminate this Agreement as
provided in Section III B2.

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VII.  MISCELLANEOUS

A.

Governing Law.  It is agreed that for all purposes, this Agreement
shall be deemed to have been executed in Connecticut but governed in all
instances by the laws of New York, except those laws governing choice of
law.

B.

Notice.  Any communications, transmittals, notices, audits and
accounting shall be in writing and shall be effective when received by:

1.

the Subsidiary at its principal office in care of its President; and

2.

PHLMIC in care of its General Counsel.

C.

Entire Agreement.  This writing, together with the Schedules and
Exhibits hereto, constitutes the entire agreement of the parties with respect to
the subject matter hereof, supersedes all prior agreement and understandings of
the parties with respect to the subject matter hereof and, except as provided in
clause K below, may not be modified, amended or terminated except by a written
agreement specifically referring to this Agreement and signed by all parties
hereto; provided, however, that any Schedule or portion of any Schedule hereto
pertaining only to one Subsidiary may be amended by agreement in writing of only
that Subsidiary and PHLMIC.  No party hereto has made any representation,
warranty or covenant in connection with the matters set forth herein except as
expressly stated herein, including the Schedules hereto.

D.

Schedules.  The Schedules referred to herein and delivered pursuant
hereto shall be deemed part of this Agreement as fully and effectively as if set
forth at length herein.  The terms used in such Schedules shall have the
same meanings as such terms have in this Agreement unless a contrary intention
is clearly manifested therein.

E.

Binding Effect.  This Agreement shall be binding upon and inure to the
benefit of each party hereto and its successors and assigns.  Except as
hereafter provided, this Agreement shall not be assigned by any party hereto
without the prior written consent of all other parties, which consent shall not
be unreasonably withheld, and, absent any such consent, any attempted assignment
shall be void.

F.

Captions.  The article and section headings contained herein are for
the purpose of convenience only and are not intended to define or limit the
contents of said articles or sections.

G.

Cooperation.  Each party hereto shall cooperate, shall take such
further action and shall execute and deliver such further documents as may be
reasonably requested by any other party in order to carry out the provisions and
purposes of this Agreement.

H.

Several Counterparts.  This Agreement may be executed simultaneously in
several counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

I.

Severability.  Any provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall be ineffective to the extent such
invalidity or unenforceability without invalidating or rendering unenforceable
the remaining provisions hereof, and any such 

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invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date set forth above.

	

AMERICAN PHOENIX LIFE AND REASSURANCE

By:
 /s/ Fred Sawyer

Its:
 President

PHOENIX AMERICAN LIFE INSURANCE COMPANY

By:
 /s/ David W. Searfoss

Its:
 Executive Vice President

PHOENIX LIFE INSURANCE COMPANY

By:
 /s/ Fred Sawyer

Its:  President 

	

PHL VARIABLE INSURANCE COMPANY

By:
 /s/ Richard H. Booth

Its:
 Executive Vice President

PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY

By:
 /s/ Philip R. McLoughlin

Its:
 Executive Vice President

cam\agrmt\0129.001INVESTMENT MANAGEMENT AGREEMENT

EXHIBIT 10.2

INVESTMENT MANAGEMENT AGREEMENT

THIS AGREEMENT, effective as of the first day of January, 1995 (the "Effective Date"), by and between the undersigned PHL VARIABLE INSURANCE COMPANY (the "Client") and PHOENIX INVESTMENT COUNSEL, INC. (the "Manager") a corporation organized pursuant to the laws of the Commonwealth of Massachusetts, with its home office at One American Row, Hartford, Connecticut.

In consideration of the mutual covenants contained herein, the parties hereto agree as follows:

1.

Appointment of Manager

Client hereby engages the Manager and, subject to the oversight of Client's
Board of Directors, delegates to the Manager the power to manage (including the
power to acquire or dispose of), in accordance with the terms and conditions of
this Agreement, the assets of the Account. The "Account" shall mean the assets
of the Client which are acceptable to the Manager and which by notice given or
caused to be given by the Client to the Manager are placed in the control of the
Manager pursuant to this Agreement, and the investments and reinvestments of,
and all income earned by, or distributions received with respect to, any assets
in the Account, subject to the provisions of Section 3 of this Agreement. The
Client may make any addition to or withdrawal from the Account at any time and
in any amount that the Client determines, so long as the Client promptly
notifies the Manager in writing of any addition to the Account and the amount of
the addition, and so long as the Client makes no withdrawal from the Account
without first delivering to the Manager within a reasonable time prior to the
withdrawal, written notice of the intended withdrawal and the amount of the
withdrawal.

2.

Acceptance by Manager

The Manager hereby acknowledges and agrees to the engagement provided for in Section 1 hereof, and represents and warrants that it is duly registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940.

3.

Investment Direction

(a)

The Client's fundamental investment policies and any applicable investment guidelines and procedures are set forth in Schedule 3 attached hereto and made a part hereof. Schedule 3 may be amended in a writing delivered to Manager by Client and shall be effective upon receipt by Manager. The Client hereby directs the Manager to select investments for the Account in compliance with such policies and in accordance with such guidelines and procedures.

(b) 

Unless and until notice in writing to the contrary is given or caused to be given by the Client to the Manager, all interest payments and other distributions with respect to any security or other property in the Account shall be reinvested.

(c) 

Upon receiving written notice from the Client that a specified cash amount is required from the Account, the Manager shall liquidate such portion of the Account as may be necessary to provide the specified cash amount. The Manager shall in its sole discretion select the assets of the Account to be liquidated in such event, provided that the investment guidelines

set forth in Schedule 3 shall be complied with to the extent possible after giving effect to such liquidation. The directions contained herein may be modified at any time by the Client by notice in writing to the Manager.

4.

Custody of Securities

The Client will establish and maintain a custody account with a custodian ("Custodian") acceptable to the Manager for all assets in the Account. The Custodian shall be such entity as the Client may designate from time to time by notice given or caused to be given in writing to the Manager. The Client agrees to give the Manager at least thirty days' written notice of any change of Custodian. The Client shall cause the Custodian to inform the Manager promptly of all assets placed in such Account by the Client and to establish reporting and accounting arrangements such that the Manager will be kept advised as to the value of the investments (including cash and cash equivalents) held in the Account.

5.

Manager's Authority

(a) 

Subject to the provisions of Sections 1 and 3 and Schedule 3 of this Agreement, the Manager is authorized by the Client to invest, sell and reinvest the assets of the Account as it deems appropriate. The Manager is not authorized to take physical possession of the assets of the Account; and the Custodian shall have sole responsibility for holding and safekeeping the assets. The Custodian shall make settlement of purchases and sales of such assets upon orders placed by the Manager pursuant to the Custodian's established operating procedures. The Manager shall promptly notify the Custodian in writing of any purchase or sale made for the Account.

(b) 

The Manager shall select brokers and dealers for any purchase or sale of assets of the Account. The Manager may, in the allocation of portfolio brokerage business and the payment of brokerage commissions, consider the brokerage and research services furnished the Manager by brokers and dealers, in accordance with the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended.

(c) 

The Manager will not be required to take any action, or render any advice, with respect to the voting of any of the securities in the Account and Client agrees to be solely responsible for the voting of any such securities and for any required recordkeeping with respect thereto.

6.

Documentation to be Furnished

(a) 

The Manager shall keep accurate and detailed accounts of any investments, receipts and disbursements, and other transactions hereunder, and all such accounts and the books and records relating thereto shall be open to inspection at all reasonable times by the Client, Client's representatives or designees, and by any other person entitled by law to inspect such records.

(b) 

Upon written request, the Manager shall make available to the Client any information in the Manager's possession which may be required by the Client in fulfilling any reporting, disclosure, or recordkeeping obligation imposed on the Client by applicable law.

7.

Appraisal; Determinations of Value

The Manager shall provide the Client with an appraisal of the Account as of the last day of each calendar month on which the New York Stock Exchange is open (the "Appraisal Date") during the term of this Agreement. Such appraisal shall include a written statement of each 

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individual asset held in the Account on the Appraisal Date. Common stock, preferred stock, voting trust certificates, rights, warrants and other similar securities for which market quotations are readily available shall be valued at market value, which is determined using the last reported sale price, or, if no sales are reported, the last reported bid price. Bonds, debentures, notes and other fixed income securities of similar nature, whether or not traded on a national securities exchange, shall be valued in accordance with any reasonable valuation method selected by the Manager and approved by the Client which is based on sales prices of the same or comparable securities on or reasonably preceding the Appraisal Date. Venture capital participations, oil and gas partnerships and leveraged leases shall be valued at book value determined in accordance
with generally accepted accounting principles. Other securities and all other
assets shall be valued at fair market value as determined in good faith by the
Manager and approved by the Client.

8.

Compensation to Manager

The Manager, as full compensation for services rendered under this Agreement, shall be paid a fee as specified in Schedule 8, as such schedule may be amended by the Manager upon at least thirty (30) days' written notice to the Client. For purposes of the calculation of the fee, the value of the securities in the Account shall be based upon monthly Average Assets Under Management. Average Assets Under Management shall be calculated for each asset class as set forth in Schedule 8 hereto, as the simple average of:

(a) 

the value of the assets in the Account as of the last Appraisal Date in the current calendar month; and

(b) 

the value of the assets in the Account as of the last Appraisal Date in the previous calendar month.

If the Manager serves for less than the whole of any calendar month, its
compensation shall be determined as provided above on the basis of the value of
the assets in the Account on the date of termination and shall be payable on a
pro rata basis for the period of the calendar month for which it has served as
Manager hereunder. The compensation of the Manager shall be paid by the Client
upon receipt of the Manager's statement for such compensation.

9.

Assignment

No assignment (as the term is defined in the Investment Adviser's Act of 1940) of this Agreement shall be made by the Manager without the written consent of the Client.

10.

Initial Term, Renewal and Termination

The initial term of the Agreement shall be for one year from the Effective Date.
This Agreement shall be renewed automatically each year for another year
commencing on the anniversary of the Effective Date unless it is sooner
terminated. This Agreement may be terminated either by the Client or by the
Manager, by written notice given to the other party hereto, effective thirty
(30) days after receipt of such notice. Such termination shall be without
the payment of any penalty and without liability of any party to the others,
except that the party required to pay compensation under Section 8 shall remain
liable for any accrued but unpaid compensation due the Manager as of the date of
termination. In addition, the Client may terminate this Agreement without
advance notice to the Manager if Client pays a termination fee determined as if
the Manager had continued to provide services under this Agreement for a period
of thirty (30) days after the termination date. In such case, the
termination date shall be the Appraisal Date for purposes of computing the
termination fee. Termination by either party

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shall not have the effect of canceling orders to deposit or invest cash or to
purchase or sell securities or other property placed prior to the effectiveness
of termination. Termination of this Agreement for any reason shall not relieve
the Manager of liability or responsibility under this Agreement with respect to
the period prior to the effectiveness of the termination.

11.

Liability of Manager

Client specifically acknowledges and agrees that except for loss resulting from gross negligence, willful misfeasance, bad faith or reckless disregard on the part of the Manager in performance of its duties hereunder, neither the Manager nor any of the Manager's officers, directors, shareholders, agents or employees shall be liable hereunder for any action taken or not taken in providing services hereunder.

12.

Other Agreements and Obligations

(a) 

It is understood that the Manager may have advisory or other contracts with
other persons, firms, or organizations (some of which may have investment
policies similar to those of the Account) and may have other interests and
businesses. In these connections the Manager may acquire information of a
confidential nature. The Client agrees that the Manager shall not be required to
provide investment advice or take any other action on behalf of the Account with
respect to any particular investment if such action by the Manager would involve
a violation of law. All information and advice furnished by either party to this
Agreement shall be treated as confidential and shall not be disclosed to third
parties except as required by law.

(b) 

The Manager may act as investment adviser to other clients and may give advice,
and take action, with respect to any of those clients that may differ from the
advice given, or the timing or nature of action taken, with respect to the
Account. The Manager shall have no obligation to purchase or sell for Client, or
to recommend for purchase or sale by Client, any security that the Manager, its
principals, affiliates or employees may purchase for themselves or for
any other clients.

13.

Notices

All notices and instructions with respect to any matters contemplated by this
Agreement shall be deemed duly given when delivered in writing to the addresses
below or when deposited by first­-class mail addressed as follows:

(a)

To Client:

Charles J. Paydos, President

PHL VARIABLE INSURANCE COMPANY 

One American Row

Hartford, CT 06115

(b)

To Manager:

Patricia A Bannan, President

PHOENIX INVESTMENT COUNSEL, INC. 

One American Row

Hartford, CT 06115

14.

Authority to Perform

Each of the parties to this Agreement hereby represents that it is duly
authorized and empowered to execute, deliver, and perform this Agreement and the
transactions contemplated

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hereby, that such action does not conflict with or violate any provision of law,
regulation, or contract, deed of trust, agreement, or other instrument to which
it is a party or by which it is bound or to which it is subject and that no
consent of any person or government regulatory agency to such party's performing
its obligation under this Agreement is required which has not been obtained, and
that this Agreement is a valid and binding obligation upon that party,
enforceable in accordance with its terms.

15.

Governing Law

The laws of the State of Connecticut shall control all matters relating to this
Agreement and shall apply to the extent not preempted by Federal law.

16.

Miscellaneous

(a) 

The Client acknowledges receipt of Part II of the Manager's Form ADV as required
by Rule 204-3 under the Investment Adviser's Act of 1940, as amended, more than
forty-eight (48) hours prior to the date of execution of this Agreement.

(b) 

This Agreement, including the schedules, constitutes the entire agreement
between the parties with respect to management of the assets in the Account and
supersedes all prior agreements between the parties relating to the matters
contained herein. Subject to the terms of Section 3 and 8, this Agreement may
not be amended except by a writing signed by the parties.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above.

PHOENIX INVESTMENT COUNSEL, INC.

By:

  /s/ Martin J. Gavin

Executive Vice President

PHL VARIABLE INSURANCE COMPANY

By:

  /s/ Charles J. Paydos

President

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