Common use of Settlement of Your Restricted Stock Units Clause in Contracts

Settlement of Your Restricted Stock Units. (a) Promptly after the end of the Restricted Period, the Company will deliver to you the number of Common Shares then underlying your vested Restricted Stock Units, together with any Dividend Equivalents credited to them, with interest on such Dividend Equivalents for each “Crediting Period” during the Restricted Period at the mid-term Applicable Federal Rate (as determined under Section 1274(d) of the Code, in effect on the first day of such Crediting Period. A Crediting Period shall mean August 1 of one calendar year to July 31 of the subsequent calendar year (or, if earlier, the date on which final distribution is made hereunder in respect of the Restricted Stock Units), provided that interest shall be credited with respect to each Dividend Equivalent only from the date it is first credited hereunder. (b) For the purpose of assuring that you do not acquire beneficial ownership of any Common Shares within the meaning of Section 7312(w) of the New York Insurance Law, as in effect on the date of the demutualization that occurred on June 25, 2001 of Phoenix Home Life Mutual Insurance Company pursuant to a plan of reorganization approved by the New York State Superintendent of Insurance under Section 7312 of the New York Insurance Law (the “Demutualization”), notwithstanding anything in this Annex to the contrary, in no event will any Common Shares attributable to the Restricted Stock Units granted to you be issued before the fifth anniversary of the Demutualization.

Settlement of Your Restricted Stock Units. (a) Promptly after the end of the Restricted Period, the Company will deliver to you the number of Common Shares then underlying your vested Restricted Stock Units, together with any Dividend Equivalents credited to them, them with interest on such Dividend Equivalents for each “Crediting Period” during the Restricted Period at the short-term or mid-term Applicable Federal Rate (Rate, as determined under Section 1274(d) applicable, for obligations running from the dividend payment date. You will be able to sell 50% of the Code, in effect on Award at any time thereafter and you will be required to hold the first day of such Crediting Period. A Crediting Period shall mean August 1 of one calendar year to July 31 balance of the subsequent calendar year (orAward for a period of five years beginning on June 26, if earlier2006 and ending on June 26, the date on which final distribution is made hereunder in respect of the 2011. You may retain your Restricted Stock Units)Units and not convert them to Common Stock by electing, provided that interest shall be credited with respect on or before December 31, 2005, to each Dividend Equivalent only from the date it is first credited hereunderretain your Restricted Stock Units until retirement, termination or other agreed upon period ending on or after June 26, 2006. (b) For the purpose of assuring that you do not acquire beneficial ownership of any Common Shares within the meaning of Section 7312(w) of the New York Insurance Law, as in effect on the date of the demutualization that occurred on June 25, 2001 of Phoenix Home Life Mutual Insurance Company pursuant to a plan of reorganization approved by the New York State Superintendent of Insurance under Section 7312 of the New York Insurance Law (the “"Demutualization”"), notwithstanding anything in this Annex to the contrary, in no event will any Common Shares attributable to the Restricted Stock Units granted to you be issued before the fifth anniversary of the Demutualization.