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EXHIBIT 10.7
SECOND AMENDMENT TO THE
PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
EXCESS BENEFIT PLAN
(as amended and restated effective January 1, 1988)
BY THIS AGREEMENT, the Phoenix Home Life Mutual Insurance Company
Excess Benefit Plan (the "Plan"), as amended and restated effective January 1,
1988, is amended by this Second Amendment, effective as provided herein.
1. Effective January 1, 1988, Section 4.3 of the Plan is amended
in its entirety to read as follows:
"No Participant under this Excess Benefit Plan shall have a vested,
non-forfeitable interest under this Excess Benefit Plan until such
Participant's satisfaction of one of the following conditions: the
Participant's attainment of Early Retirement Age under the Employee
Pension Plan; the Participant's attainment of Normal Retirement Age
under the Employee Pension Plan; the Participant's becoming Disabled,
within the meaning given under the Employee Pension Plan; or 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 Excess Benefit Plan.
2. Effective January 1, 1997, Section 9.4 of the Plan is amended
in its entirety to read as follows:
(a) Subject to the provisions of paragraph (b) hereof, the
Participating Employer hereby delegates to the Named Fiduciary 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.
(b) No amendment to the Plan shall be effective with respect
to the Participating Employer until 45 days after a copy of the
amendment shall have
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been delivered to the Participating Employer, unless the Participating
Employer shall have waived its right to receive such advance copy of
the amendment."
IN WITNESS WHEREOF, this Second Amendment has been executed this
13th day of December, 1996.
Phoenix Home Life Mutual Insurance Company
Benefit Plans Committee
/s/ Xxx X. Xxxxx /s/ Xxxx X. Xxxxxxxx
___________________ __________________________________________
Xxx X. Xxxxx Xxxx X. Xxxxxxxx
Witness Secretary
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