Document:

Lease Dated May 31, 2011

 Exhibit 10.28 
 Addendum No. 2 to the Commercial Lease Agreement 
 with respect to
areas in the 
 property: Bad Homburger Stern 
 Zeppelinstrasse/2-4 Werner-Reimersstrasse, 61352 Bad Homburg 
 between 

ELINOR Grundstücksgesellschaft mbH & Co. Apollo KG, 

entered in the Trade Register at the District Court, Munich under No. HR A 90433, 

with its business premises at 49 Wolfratshauser Strasse, 82049 Pullach 

 

					
	Tax No.: 144/245/30515	 	 	Tax office: Munich I	  

 (hereinafter called “the Lessor”) 

and 
 The
company Linotype GmbH, entered in the Trade Register at the District Court, 
 Bad Homburg v. d. Höhe under No. HR B
10375, with its business premises at 
 2-4 Werner-Reimers-Strasse, 61352 Bad Homburg, 

represented by the Managing Director with sole powers of representation 

Mr Frank Wildenberg, born on December 11 1966 
 Tax No.: 32 381/8136 Tax office: Bad Homburg 
 VAT ID No.: DE250989136 

(hereinafter called “the Lessee”) 

 Contents 

					
	  	  	Page No	 
		
	 Article 1. Principles
	  	 	3	  
		
	 Article 2. Amendments/supplements to the Lease Agreement
	  	 	3	  
		
	 Article 3. Confirmation/annexes/no additional verbal agreements/statutory requirement for the written
form
	  	 	7	  

 Article 1 
 Principles 
 A Lease Agreement is in force between the parties with respect
to a property in accordance with article 1 of the Lease Agreement dated April 4-April 11 2008 in the premises “Bad Homburger Stern”, 2-4 Werner-Reimers -Strasse, building component A, in 61352 Bad Homburg as well as annexes in
conjunction with Addendum No. 1 dated 1 July-8 July 2009 (“the Lease Agreement”). This Lease Agreement is amended or supplemented by this Addendum No. 2. 

This Addendum No. 2 governs the early return of lease areas by the Lessee, here, the fourth floor in building component A and eight
parking spaces on 31 May 2011 with the respective amendments effective from 1 June 2011. 
 Article 2

 Amendments/supplements to the Lease Agreement 

 

	1.	 Relates to paragraph 1 of the Lease Agreement stated in article 1 (Principles) 

Article 1, paragraph 1.1, sub 1 of the Lease Agreement stated in article 1 (Principles) is amended to read as follows:

 approx. 497.8 m2 of office space on the first floor 

approx. 496.6 m2 of office space on the second floor 

approx. 496.9 m2 of office space on the third floor 

approx. 1,491.3 m2 of office space in total 

The office space on the fourth floor spanning approx. 384.0 m2 (including a roof terrace accounting for one third of the space) is
being returned with effect 31 May 2011, thus reducing the total office space from approx. 1,875.3 m2 to approx. 1.491.3 m2. 

 Article 1, paragraph 1.3, sub 1 of the Lease Agreement stated in article 1
(Principles) in conjunction with Addendum No. 1 is amended to read as follows: 
 “The Lessor shall
also lease to the Lessee the 42 parking spaces colored in on the enclosed plan (Appendix 2-1 and 2-2) of which 25 are to the east of the building (front, Appendix 2-1, framed in red) and 17 to the west of
the building (rear, Appendix 2-2 framed in green). The parking spaces in the Appendix 2-1 and 2-2 framed in blue are being returned”. 

 

	2.	 Relates to paragraph 3 of the Lease Agreement stated in article 1 (Principles) in conjunction with Addendum No. 1

 Article 3, paragraph 1 of the Lease Agreement stated in article 1 (Principles) in
conjunction with Addendum No. 1 is amended to read as follows: 
 “The Lease Agreement tenancy will
be concluded by 31 December 2017”. 
 Article 3, paragraph 2 of the Lease Agreement stated in
article 1 (Principles) in conjunction with Addendum No. 1 is deleted without replacement: “deleted without replacement”. 
  

	3.	 Relates to paragraph 4, sub 2 of the Lease Agreement stated in article 1 (Principles) in conjunction with Addendum No. 1

 Article 4, paragraph 2 of the Lease Agreement stated in article 1 (Principles) in
conjunction with Addendum No. 1 is amended to read as follows: 
 “The net monthly rental for the
leased property under article 1 shall, from 1 July 2011 be as follows (in EUR)” 
  

					
	 Net rental to 31 May 2011
	  	 	26,232.37	  
	 Reduced by net rental for fourth floor
	  	 	-4,774.19	  
	 Reduced by net rental for eight parking spaces
	  	 	-399.52	  
		
	 Total net rental price per month
	  	 	21,058.66	  
	 Plus statutory value added tax at 19%
	  	 	-4,001.15	  
	 Total gross monthly rental (without ancillary expenses)

(twenty-five thousand and fifty-nine euros and eighty-one cents)
	  	 	25,059.81	  

	4.	 Relates to paragraph 4, sub 3 of the Lease Agreement stated in article 1 (Principles) in conjunction with Addendum No. 1

 Article 4, paragraph 3 of the Lease Agreement stated in article 1 (Principles) is amended
to read as follows: 
 With effect from 1 June 2011, the advance monthly payment of the ancillary
expenses for the leased property pursuant to article 1 shall be (EUR): 
 3.1 For the
leased area in accordance with article 1.1.1: EUR
3.10/m2 
  

					
	 Advance payment of ancillary expenses to 31 May 2011
	  	 	5,813.43	  
	 Reduced by payment of ancillary expenses for fourth floor
(EUR 3.10/m2 x 384 m2 office space on the fourth floor)
	  	 	-1,190.40	  
	 TOTAL monthly advance payment of ancillary expenses
	  	 	4,623.03	  
	 Plus statutory value added tax at 19%
	  	 	878.38	  
	Advance gross payment of ancillary expenses
(five thousand, five hundred and one euros and forty-one cents)	  	 	5,501.41	  

  

	5.	 Relates to paragraph 5 of the Lease Agreement stated in article 1 (Principles) in conjunction with Addendum No. 1

 Article 5, paragraph 1 of the Lease Agreement stated in article 1 (Principles) in
conjunction with Addendum No. 1 is amended to read as follows: 
 The agreed monthly net rent
according to § 4 clause 2 increases according to the following schedule (in EUR): 
  

	 	•	 	 On 1 January 2012, from 21,058.67 by 2% (421.17) to 21,479.84 

 

	 	•	 	 On 1 January 2013, from 21,479.84 by 2% (429.60) to 21,909.44 

 

	 	•	 	 On 1 January 2014, from 21,909.44 by 2% (438.19) to 22,347.63 

 

	 	•	 	 On 1 January 2015, from 22,347.63 by 2% (446.95) to 22,794.58 

 

	 	•	 	 On 1 January 2016, from 22,794.58 by 2% (455.89) to 23,250.47 

 

	 	•	 	 On 1 January 2017, from 23,250.47 by 2% (465.01) to 23,715.48 

As well as the above net rental, the agreed net advance payment of the ancillary expenses and statutory value added
tax in accordance with paragraph 4, sub 3 shall be payable. 

	6.	 Relates to paragraph 7 of the Lease Agreement stated in article 1 in conjunction with Addendum No. 1 

Article 7, paragraph 1 of the Lease Agreement stated in article 1 (Principles) in conjunction with Addendum No. 1 is
amended to read as follows: 
 “The Lessee shall provide the Lessor with security for the settlement of
all, including future claims by the Lessor under this Lease Agreement including any subsidiary claims and/or claims for compensation on whatever legal ground. The security provision shall be limited to three times the initial monthly rent plus
advance payment of ancillary expenses and value added tax. This amounts to EUR 91,683.66 (ninety-one thousand, six hundred and eighty-three euros and sixty-six cents). If the total of the monthly rent plus the advance payment of the ancillary
expenses and value added tax varies by more than 10 percent, the contractual parties shall be entitled to request a corresponding adjustment to the security provision, which shall take place promptly but no later than six weeks after receipt of an
authorized adjustment request. 
  

	7.	 Relates to paragraph 12 of the Lease Agreement stated in article 1 in conjunction with Addendum No. 1 

On article 12, paragraph 2 of the Lease Agreement stated in article 1 (Principles) in conjunction with Addendum
No. 1, the following paragraph 2 shall apply: 
 “The Lessor shall agree to the
Lessee returning the office space on the fourth floor with approx. 384.0 m2 (including a roof terrace accounting for one third of the space) early and unrenovated with effect from 31 May 2011. The Lessor shall bear the costs of any necessary technical changes for the desired
subsequent leasing of the common area on the fourth floor (e.g., the access system — doors and lift). The EDV cabling shall remain operational and free of charge in the lease unit”. 
  

	8.	 Relates to paragraph 19 of the Lease Agreement stated in article 1 (Principles) 

Article 19, paragraph 5 of the Lease Agreement stated in article 1 (Principles) is amended to read as follows: 

“The office space on the fourth floor of building component A with approx. 384 m2 (including a roof terrace accounting for one third of the space)
shall be leased to KAIZEN Institute Germany GmbH & Co. KG, 2-4 Werner-Reimers-Strasse, 61352 Bad Homburg with effect from 1 June 2011. The subsequent Lessee, KAIZEN Institute Germany GmbH & Co. KG shall be contractually
entitled to exercise the right of early termination before 31 December 2013 upon giving 12 months’ notice”. 
 In the event that KAIZEN Institute Germany GmbH & Co. KG exercises the right of early termination relating to the space returned by the Lessee prematurely, the Lessee shall pay the Lessor a
one-off special penalty of EUR 10,000.00 plus VAT, currently 19 percent (EUR 1,900.00) totaling EUR 11,900.00 gross to be received by the Lessor no later than 31 December 2013. 

The Lessor shall inform the Lessee after 31 December 2012 whether KAIZEN Institute Germany GmbH & Co. KG
has exercised the right of early termination”. 
 Article 3 

Confirmation/Appendixes/no additional verbal agreements/statutory 

requirement for the written form 
  

	1.	All other provisions and elements of the Lease Agreement in accordance with article 1 are hereby confirmed and shall remain valid, in full. 

 

	2.	The Appendixes shall constitute significant parts of this Addendum: 

Appendixes to this Addendum are: 

Appendix 2-1: layout of the car parking spaces to the front 

Appendix 2-2: layout of the car parking spaces to the rear 

	3.	No verbal agreements have been made. The Lessee and the Lessor are aware of the statutory requirement for the written form of articles 578, 550 and 126 of the Civil
Code. The Lessee and the Lessor shall be obliged to attach this Addendum following signature, without delay to their respective copies of their Lease Agreements including all other addenda. They shall also be obliged, on request from the other
respective party to carry out all actions and provide all explanations that are necessary or that appear necessary to one of the parties in order to satisfy the statutory requirement for the written form. This shall apply not only to this Lease
Agreement, being the Lease Agreement with its addenda as described in article 1 including this Addendum but all future addenda, annexes or other contractual amendments. 

 

			
	 Pullach, [handwritten:] 31 May 2011
	  	 Bad Homburg, [handwritten:] 30 May 2011

		
	 [signature]

 
	  	 [signature]

 

	 Lessor
	  	 Lessee

		
	 ELINOR Grundstücksgesellschaft mbH & Co. Apollo KG,
 represented by its personally liable partner, ELINOR
 Verwaltungsgesellschaft GmbH, itself
represented by its
 jointly authorized Managing Director Klaus Steixner and
 Marc-Oliver Bucksch, itself in turn represented by
 Mandate by Kira Weissbach and Doris
Siegmann
	  	 Linotype GmbH

represented by:
 Mr Frank Wildenberg
 Managing
DirectorAmendment No. 3 and Waiver No. 1

 Exhibit 10.30 
 AMENDMENT NO. 3 and WAIVER NO. 1 
 TO 

CREDIT AGREEMENT 
 AMENDMENT NO. 3 and WAIVER NO. 1 TO CREDIT AGREEMENT, dated as of October 27, 2011 (this “Amendment and Waiver”) to the Credit Agreement, dated as of September 1, 2009, among
Virtus Investment Partners, Inc. (the “Borrower”), the Lenders party thereto, and The Bank of New York Mellon, as Administrative Agent and as Issuing Bank, as amended by Amendment No. 1, dated as of July 8, 2010 and as
amended by Amendment No. 2 dated as of August 2, 2010 (as the same may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

RECITALS 

I. Capitalized terms used herein and not herein defined shall have the meanings set forth in the Credit Agreement. 

II. The Borrower desires (i) to amend the Credit Agreement and (ii) a waiver under the Credit Agreement upon the terms and
conditions herein contained, and the Credit Parties have agreed thereto upon the terms and conditions herein contained. 

Accordingly, in consideration of the Recitals and the covenants, conditions and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
The Borrower acknowledges and agrees that Defaults have occurred and are continuing under the Credit Agreement as of a result of its failure to notify the Administrative Agent of the name change of one of the Subsidiary Guarantors (the
“Agreement Defaults”). The Credit Parties hereby waive the Agreement Defaults. 
 2. The defined terms
“D&P Closed-end Funds”, “Free Cash Flow” and “Virtus Short-term Bond Fund contained in Section 1.1 of the Credit Agreement are each hereby amended and restated in their entirety, respectively,
as follows: 
 “D&P Closed-end Funds” means each of DNP Select Income Fund, DTF Tax-Free
Income, Inc., Duff & Phelps Utility and Corporate Bond Trust, and Duff & Phelps Global Utility Income Fund, in each case so long as (i) it constitutes a Virtus Fund, (ii) it constitutes a closed-end fund within the
meaning of the Investment Company Act of 1940, as amended, (iii) the shares thereof trade on a nationally-recognized securities exchange, and (iv) the investment manager therefor is Duff & Phelps Investment Management Company.

 “Free Cash Flow” means, for any fiscal quarter of the Borrower, (a) EBITDA for such
fiscal quarter, plus (b) amounts paid to underwriters as up front structuring fees in connection with the initial public offering of shares of a closed-

 
end management investment company as to which a Subsidiary is the investment advisor, pursuant to a registration statement that is declared effective by the SEC, minus (c) the sum of
the following for the Borrower on a Consolidated basis for such fiscal quarter: (i) interest costs paid or required to be paid in cash, (ii) income and franchise taxes paid or required to be paid in cash, (iii) capital expenditures
paid in cash, and (iv) severance obligations paid or required to be paid in cash. 
 “Virtus
Short-term Bond Fund” means any Virtus Fund that is a short-term investment grade bond fund. 
 3. Subsection
(f) of the defined term “Permitted Investments” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

(f) investments in Virtus Funds, provided that (i) the aggregate outstanding amount of all such investments in
any single Virtus Short-term Bond Fund shall not exceed $7,500,000 at any one time, (ii) the aggregate outstanding amount of all such investments in any other single Virtus Fund shall not exceed $2,000,000 at any one time, and (iii) the
aggregate outstanding amount of all such investments in Virtus Funds shall not exceed $20,000,000 at any one time. 
 4.
Subsection 6.1(d) of the Credit Agreement is hereby deleted and replaced in its entirety with the following: 

(d) [THIS SUBSECTION INTENTIONALLY DELETED]; 
 5. Section 7.8 of the Credit Agreement is hereby amended by deleting the period at the end of subsection (f) thereof, inserting “, and” in place of such period and adding a new
subsection (g) following subsection (f) which shall read in full as follows: 
 (g) during the period
from October 1, 2011 to December 31, 2011, the Borrower may make one or more Restricted Payments in an aggregate amount not in excess of $3,000,000, provided that immediately before and after each such Restricted Payment, no Event
of Default shall exist or would occur. 
 6. Paragraphs 1 through 5 of this Amendment and Waiver shall not be effective unless
and until the following conditions precedent shall have been satisfied (the “Amendment Effective Date”): 
 (a) The Administrative Agent (or its counsel) shall have received from the Borrower, each Subsidiary Guarantor and all Lenders either (i) a counterpart of this Amendment and Waiver signed on behalf
of each such Person, or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile transmission of a signed signature page of this Amendment and Waiver) that each such Person has signed a counterpart of this
Amendment and Waiver. 

  
 2 

 (b) The Administrative Agent shall have received a certificate of the
President or a Vice President and the Secretary or Assistant Secretary of each Loan Party, dated as of the Amendment Effective Date: 
 (i) attaching (A) a true, correct and complete copy of its charter documents, or providing a certification that the charter documents have not been amended since September 1, 2009, all of which
shall in all respects be reasonably satisfactory to the Administrative Agent, and (B) a true, correct and complete copy of its by laws, operating agreement or other analogous agreement, or providing a certification that such have not been
amended since September 1, 2009, all of which shall in all respects be reasonably satisfactory to the Administrative Agent, 
 (ii) certifying, if applicable, as to the incumbency of its officer or officers who may sign this Amendment and Waiver, including therein a signature specimen of such officer or officers, and 

(iii) either (A) attaching copies of all consents, licenses and approvals required in connection with the execution,
delivery and performance by such Loan Party, and the validity against such Loan Party, of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such
consents, licenses or approvals are so required. 
 (c) The Administrative Agent shall have received for the
account of each Lender that shall have executed and delivered this Amendment and Waiver at or before 5:00 p.m., New York City time, on the date hereof, an amendment fee equal to $5,000. 

(d) The Borrower shall have paid (i) all fees and expenses of the Administrative Agent in connection with the
preparation, negotiation, execution and delivery of this Amendment and Waiver and the other matters contemplated hereby, including, without limitation, the reasonable fees and expenses of the Administrative Agent’s counsel, and (ii) fees
payable under a separate fee letter, if any. 
 7. The Borrower and each Subsidiary Guarantor hereby (i) reaffirms and
admits the validity and enforceability of each Loan Document to which it is a party and its obligations thereunder, and agrees and admits that (a) it has no defense to any such obligation, (b) it shall not exercise any setoff or offset to
any such obligation, and (c) to its knowledge, it does not have any claim against any Credit Party arising out of the transactions contemplated by the Loan Documents, and (ii) represents and warrants that no Default or Event of Default
(other than the Agreement Defaults) has occurred and is continuing and that all of the representations and warranties made by it in the Loan Documents are true and correct in all material respects, both immediately before (exclusive of any violation
arising solely as a result of the Agreement Defaults) and after giving effect to this Amendment and Waiver. 

  
 3 

 8. By signing below, each Subsidiary Guarantor consents to this Amendment and Waiver.

 9. This Amendment and Waiver may be executed in any number of counterparts, each of which shall be an original and all of
which shall constitute one agreement. It shall not be necessary in making proof of this Amendment and Waiver to produce or account for more than one counterpart signed by the party to be charged. 

10. The Credit Agreement and the other Loan Documents shall in all other respects remain in full force and effect, and no amendment
herein in respect of any term or condition of any Loan Document shall be deemed to be an amendment or other modification in respect of any other term or condition of any Loan Document. 

11. This Amendment and Waiver shall be governed by, and construed in accordance with, the laws of the State of New York, without regard
to conflict of laws principles that would require the application of the laws of another jurisdiction. 
 [Remainder of page
intentionally left blank] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 and Waiver
No. 1 to Credit Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 

 

			
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Executive Vice President & Chief Financial Officer
	
	 THE BANK OF NEW YORK MELLON, individually, as Issuing Bank and as the Administrative
Agent

 
			
		
	By:	 	 /s/ Richard G. Shaw

			
	Name: Richard G. Shaw
	Title: Vice President
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Cara Gentile

	Name: Cara Gentile
	Title: Vice President

 Each of the Subsidiary Guarantors, 
 by signing below, hereby 
 acknowledges and agrees to the 

Amendment and Waiver: 
  

			
	DUFF & PHELPS INVESTMENT MANAGEMENT CO.
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Executive Vice President & Treasurer

 Virtus Investment Partners, Inc. Amendment No. 3 and Waiver No. 1 

  

			
	EUCLID ADVISORS LLC
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Executive Vice President & Treasurer
	
	KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT, LLC

			
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Senior Vice President & Chief Financial Officer
	
	RUTHERFORD FINANCIAL CORPORATION

			
		
	By:	 	 /s/ David Hanley

			
	Name:	 	David Hanley
	Title:	 	Vice President & Treasurer
	
	NEWFLEET ASSET MANAGEMENT LLC (f/k/a SCM ADVISORS LLC)

			
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Senior Vice President & Chief Financial Officer
	
	VIRTUS INVESTMENT ADVISERS, INC.

			
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Executive Vice President & Chief Financial Officer
	
	VIRTUS PARTNERS, INC.

			
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Executive Vice President, Chief Financial Officer

 Virtus Investment Partners, Inc. Amendment No. 3 and Waiver No. 1 

  

			
	ZWEIG ADVISERS, LLC
		
	By:	 	 /s/ Michael A. Angerthal

			
	Name:	 	Michael A. Angerthal
	Title:	 	Executive Vice President & Chief Financial Officer

 Virtus Investment Partners, Inc. Amendment No. 3 and Waiver No. 1

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