Document:

Form of Non-Qualified Stock Option Agreement

 Exhibit 10.4 
 VIRTUS INVESTMENT PARTNERS, INC. 
 NON-QUALIFIED STOCK OPTION
AGREEMENT 
 Virtus Investment Partners, Inc. (the “Company”) hereby grants to the Optionee named below an option
(“Option”) to purchase, in accordance with and subject to the terms and restrictions of the Virtus Investment Partners, Inc. Omnibus Incentive and Equity Plan (the “Plan”), which is incorporated by reference and is made a
part of this Agreement, the number of shares of common stock, par value of $ .01 per share (the “Common Shares”) of the Company at the option price per share set forth below. This page is the first page of the Virtus Investment
Partners, Inc. Non-Qualified Stock Option Agreement (the “Agreement”) which describes in detail your rights with respect to this Option being granted to you and which constitutes a legal agreement between you and the Company: 

 

	 	1.	Optionee Name: 

  

	 	2.	Type of Option:          

  

	 	3.	Grant Date: 

 Number of Common Shares: 
 Option Price per Share: 
  

	 	4.	Expiration Date: 

 IN WITNESS WHEREOF, Virtus
Investment Partners, Inc. and the Optionee agree to be bound by the terms and provisions of this Agreement, as of the date noted below. 
  

			
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	
	Title:	 	
	Date:	 	
		
	RECIPIENT:	 	  

	(Please sign and keep this page for your records)

  

 1 

 A. Definition of Certain Terms 
 Capitalized terms not defined in this Agreement have the meaning set forth in the Plan. 
 B. Terms and Conditions for
Exercising Option 
 The Option granted under this Agreement may not be exercised for less than ten whole Common Shares, and no fractional
shares will be issued at any time. Except as provided below, this Option shall vest and become exercisable as follows: 
 100% vested and exercisable
following the completion of three years of continuous company service through April 20, 2012. 
 C. Duration of Option 
 (i) The Option granted under this Agreement shall become immediately and fully exercisable upon the Optionee’s death and be exercisable as provided
in the Plan at any time prior to the Expiration Date or within three (3) years, whichever period is shorter. 
 (ii) Upon the
Optionee’s “Retirement” or “Disability” as defined in the Plan, the Option granted shall continue to vest and be exercisable at any time prior to the Expiration Date or within three (3) years, whichever period is
shorter. 
 (iii) Upon termination of the Optionee’s employment in the event of certain sales or divestitures as defined in the Plan,
the Committee may provide that the Option shall continue to vest and be exercisable at any time prior to the Expiration Date or within three (3) years, whichever period is shorter. 
 (iv) Upon termination of the Optionee’s employment for Cause (as defined in the Plan) or upon a violation of the Company’s established policy
on Insider Trading, each as determined in good faith by the Company, this Option (whether or not then vested or exercisable at the time of such determination) shall immediately terminate and no longer be exercisable. 
 (v) Upon termination of employment or contractual relationship with the Company or participating Subsidiary for any other reason, the unvested portion of
this Option shall immediately terminate and the Optionee shall have a right to exercise any vested portion of the Option prior to the Expiration Date or within one hundred and twenty (120) days, whichever period is shorter. 
 D. Change of Control of the Company 
 Upon a Change in
Control as defined in the Plan, the Option shall be immediately and fully exercisable. In the case of a Change in Control, the Option may be cancelled in exchange for a cash payment or Alternative Award as determined in accordance with the Plan.

 E. Exercising the Option 
 This Option
may be exercised for the number of Common Shares specified by giving notice to the Company and to the Company’s selected stock option broker (the “broker”). 
 The notice should refer to this Option (by the date of grant), and the notice should include the following information: 
 1. The number of Common Shares for which the Option is being exercised. 
 2. The name or names of the
persons in whose names the stock certificate for the Common Shares should be registered. 
 3. The address to which the stock certificate
should be sent. 
 In addition to your notice, you must indicate the method by which you will pay the exercise price. Payment of the exercise
price may be made: 
 1. In cash; 
 2. By exchanging shares of Common Shares owned by the Optionee (which are not the subject of any pledge or other security interest); 
 3. Through an arrangement with a broker approved by the Company whereby payment of the exercise price is accomplished with the proceeds of the sale of Common Shares (that is, a “cashless exercise” procedure); or 
  

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 4. By any combination of the foregoing. 
 The combined value of all cash paid and the Fair Market Value of any such Common Shares so tendered to the Company, valued as of the date of such tender,
must be at least equal to such Option Exercise Price required to be paid for the Common Shares being exercised. 
 If payment is to be made
in whole or part in cash, you must include a check payable to the Company or to the broker, as determined by the Company. 
 F. Tax Payments and
Withholding 
 Whenever Common Shares are to be issued or cash paid pursuant to the exercise of a Stock Option under this Agreement, the
Company shall have the power to withhold, or require the Optionee to remit, an amount sufficient to satisfy Federal, state, and local withholding tax requirements relating to such transaction, and the Company may defer payment of cash or the
issuance of Common Shares until such requirements are satisfied. The Optionee has the discretion: 
 1. To have Common Shares otherwise
issuable upon the exercise of an Option withheld by the Company, or 
 2. To deliver to the Company previously acquired shares of Common
Shares having a Fair Market Value as of the date of exercise equal to all or part of the Optionee’s Federal, state, and local tax obligation associated with the transaction and cash equal to the balance of such tax obligation. 
 G. Adjustment of Option Due to Adjustment Event 
 In
the event of an Adjustment Event (as defined in the Plan), the aggregate number of Common Shares subject to this Option and the exercise price applicable to this Option may be appropriately and equitably adjusted as provided in the Plan. 

H. Delivery of Shares of Common Stock 
 Upon the
exercise of this Option, in whole or in part, the Company shall deliver to the Optionee’s brokerage account shares in street name for the benefit of the employee. In the event that the Company shall determine that any certificate issued
pursuant to this Paragraph H must bear a legend restricting the transfer of such Common Shares, such certificate shall bear the appropriate legend. 
 I.
Non-transferability of Option During Lifetime 
 This Option may not be sold, transferred, assigned or otherwise alienated or hypothecated
other than by will or by operation of the laws of descent and distribution or as otherwise provided in the Plan and is subject to termination as provided in the Plan. 
 J. Trading Black Out Periods. 
 By entering into this Agreement you expressly agree that:
(i) during all periods of your employment with the Company or its affiliates, or while you are otherwise maintained on the payroll of the Company or its affiliates, you agree to abide by all trading “black out” periods with respect to
purchases or sales of Company stock or exercises of stock options for the Company’s stock established from time to time by the Company (“Trading Black Out Periods”) and (ii) upon any cessation or termination of your employment
with the Company and its affiliates for any reason, you agree that for a period of three (3) months following the effective date of any such termination or cessation of your employment or, if later, for a period of three (3) months
following the date as of which you are no longer on the payroll of the Company and its affiliates, you agree to continue to abide by all such Trading Black Out Periods established from time to time by the Company. 
 K. Miscellaneous 
 This Agreement is binding on you
and your executors, administrators, heirs and personal and legal representatives and on the Company and its successors or assigns. 
 This
Agreement, including the Cover Page and the Plan, contains the entire Agreement and all terms between you and the Company with respect to the Option, and there are no other understandings, warranties or representations with respect to the Option.

 The Optionee shall have no right, in respect to the Option granted, to vote on any matter submitted to Company stockholders. 

 

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 You understand that the Company has filed with the Securities and Exchange Commission a Form S-8
registration statement under the Securities Act of 1933 with respect to the Plan and the shares covered by this Agreement. You agree that any sales by you of Common Shares covered by this Agreement will be affected by means of a broker’s
transaction using the facilities of the stock exchange where the Common Shares are then listed. The Company will endeavor to keep such registration statement effective to permit such sale, but in the event the Company notifies you that such
registration statement is not then effective, you agree to refrain from sales of Common Shares until such time as the Company advises you that such registration statement has become effective. 
 Nothing in this Agreement gives you the right to continue working for or with the Company or any of its subsidiaries nor changes the right which the
Company has to terminate your employment at any time. 
 This Agreement and your Award shall be governed by the laws of the State of
Connecticut (other than its conflict of law principles). 
 L. Plan Prevails 
 Any determination or interpretation by the Committee under or pursuant to this Agreement shall be final, binding and conclusive for all purposes and upon
all persons affected hereby. In the event of a conflict between any term of this Agreement and the terms of the Plan, the terms of the Plan shall control. 
  

 4Form of Restricted Stock Units Agreement

 Exhibit 10.5 
 VIRTUS INVESTMENT PARTNERS, INC. 
 RESTRICTED STOCK UNITS
AGREEMENT 
 Virtus Investment Partners, Inc. (the “Company”) hereby grants to the Participant named below a Restricted
Stock Unit award (“Award”), each Restricted Stock Unit (“Restricted Stock Unit” or “RSU”) representing the right to receive one share of common stock of the Company, par value $0.01 per share (“Common Shares”)
in accordance with and subject to the terms and restrictions of this Agreement (the “Agreement”) and the Virtus Investment Partners, Inc. Omnibus Incentive and Equity Plan (the “Plan”), which is incorporated by reference and made
a part of this Agreement. This is the first page of the Agreement, which describes in detail your rights with respect to the Restricted Stock Units granted to you hereby and which constitutes a legal agreement between you and the Company.

  

	 	1.	Participant Name: 

  

	 	2.	Award Date: 

  

	 	3.	Number of Restricted Stock Units 

  

	 	4.	Vesting Date(s): 

 IN WITNESS WHEREOF, Virtus
Investment Partners, Inc. and the Participant agree to be bound by the terms and provisions of this Agreement, as of the date noted below. 
  

			
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	
	Title:	 	
	Date:	 	
		
	RECIPIENT:	 	  

	        (Please sign and return this page)

  

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 ARTICLE I 
 RESTRICTED STOCK UNITS 
 Section 1.1. Restricted Stock Unit. “Restricted Stock
Unit” means the right to receive one share of common stock of the Company, par value $0.01 per share (“Common Shares”) subject to the terms of this Agreement. 
 Section 1.2. Vesting. Subject to the terms and conditions of this Award, your Restricted Stock Units will vest on the conclusion of each
vesting period ending on the vesting date(s) indicated on page one of this Agreement, provided that you remain employed by the Company until each respective vesting date(s). 
 Section 1.3. Termination of Employment. If your employment with the Company terminates due to: 
 (a) death, Disability, Retirement (as these terms are defined in the Plan) or an involuntary termination that qualifies you for severance pay and
severance benefits under a Company approved severance plan, arrangement or agreement with the Company, all as conclusively determined by the Company, a portion of your non-vested Restricted Stock Units will vest in an amount equal to (X) minus
(Y), rounded up to the nearest whole share, where: 
  

	 	(X)	equals the product of the number of Restricted Stock Units awarded multiplied by the ratio of (1) the number of days that you were actively employed by the Company since the
Award Date divided by (2) the number of days between the Award Date and the final scheduled vesting date for the Restriction Stock Units covered by this Agreement; and 

  

	 	(Y)	equals the number of Restricted Stock Units that have already vested in accordance with Section 1.2 as of your termination date; 

 (b) any reason other than those identified in paragraph (a) above, any Restricted Stock Units that have not vested in accordance with
Section 1.2 as of your termination date shall be forfeited and you shall have no rights thereunder or hereunder. 
 Section 1.4
Change in Control. Subject to Section 11.2 of the Plan, in the event of a Change in Control (as defined in the Plan), your Restricted Stock Units under this Agreement will automatically vest to the extent not then vested. 
 ARTICLE II 
 RIGHTS AND SETTLEMENT

 Section 2.1. Rights as a Shareholder. Your Restricted Stock Units will not give you any right to vote on any matter
submitted to the Company’s stockholders. You will have voting rights with respect to the Common Shares that underlie your Restricted Stock Units only after the shares have actually been issued to you. 
 Section 2.2. Restrictions on Transferability. You will not have any right to sell, assign, transfer, pledge, hypothecate or otherwise
encumber your Restricted Stock Units. Any attempt to affect any of the preceding in violation of this Section 2.2, whether voluntary or involuntary, will be void. 
 Section 2.3. Dividend Equivalents. The Company will credit each of your Restricted Stock Units with Dividend Equivalents from the date your award is granted to the end of the Restricted Period (as
defined in the Plan) which shall be determined pursuant to section 1.2 of the Agreement. A “Dividend Equivalent” is an amount equal to the cash dividend payable per Common Share multiplied by the number of Common Shares then underlying
each Restricted Stock Unit. Such amount shall be credited to a book entry account on your behalf at the time the Company pays any cash dividend on its Common Shares. Dividend Equivalents shall vest at the same time as the underlying Restricted Stock
Units, and shall be distributed at the same time as the underlying Restricted Stock Units convert to Common Shares. 
 Section 2.4. Interest Credits. Interest will be credited on such Dividend Equivalents for each “Crediting Period” during the period from the Award Date until distribution hereunder at, unless otherwise determined by
the Committee, the mid-term Applicable Federal Rate (as determined under Section 1274(d) of the Internal Revenue Code of 1986, as amended), 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 distribution is made hereunder), provided that interest shall be credited with respect to each Dividend Equivalent only from the date such Divided
Equivalent is first credited hereunder. Interest Credits shall vest at the same time as the underlying Restricted Stock Units and Dividend Equivalents, and shall be distributed at the same time as the underlying Dividend Equivalents. 
  

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 Section 2.5. Settlement of Your Restricted Stock Units. Promptly after the date(s), if any,
your Restricted Stock Units vest pursuant to Section 1.2, the Company will deliver to you the number of Common Shares then underlying your vested Restricted Stock Units. 
 Section 2.6. Adjustment Due to Change in Capitalization. If any Adjustment Event occurs before all of the Restricted Stock Units are
settled pursuant to Section 2.5, the number of Common Shares underlying each remaining Restricted Stock Unit may be appropriately and equitably adjusted as provided in the Plan. 
 ARTICLE III 
 ADMINISTRATION 
 Section 3.1. Administration. The Committee is authorized to interpret your Award and this Agreement and to make all other
determinations necessary or advisable for the administration and interpretation of your Award to carry out its provisions and purposes. Determinations, interpretations or other actions made or taken by the Committee pursuant to the provisions of
this Agreement shall be final, binding and conclusive for all purposes and upon all persons. The Committee may consult with legal counsel, who may be regular counsel to the Committee, and shall not incur any liability for any action taken in good
faith in reliance upon the advice of counsel.  
 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.1. Tax Withholding. The Company will have
the power to withhold, or require you to remit to the Company promptly upon notification of the amount due, an amount sufficient to satisfy Federal, state and local withholding tax requirements with respect to your Award (or settlement thereof), and
delivery of Common Shares shall not occur until such requirements are satisfied. You shall have the right to elect (a) to have Common Shares deliverable in respect of your Award withheld by the Company or (b) to deliver to the Company
previously acquired Common Shares, in each case, having a fair market value sufficient to satisfy your statutory minimum Federal, state and local tax obligation associated with the transaction. 
 Section 4.2 IRC Section 409A. Notwithstanding anything in this Agreement to the contrary, it is the intention of the parties that
this agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and all regulations or other guidance issued thereunder, and this agreement and the payments of any benefits hereunder will be
operated and administered accordingly. However, neither the Company nor the Committee shall have any liability to any person in the event Code Section 409A applies to this award or any payments hereunder in a transaction that result in adverse
tax consequences to the award holder or any beneficiaries or transferees. 
 Section 4.3. Requirements of Law. The granting of
your Award and the issuance of Common Shares will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 Section 4.4. No Impact on Benefits. Your Award will not be compensation for purposes of calculating your rights under any employee benefit
plan. 
 Section 4.5. Securities Law Compliance. The Company shall have the authority to determine the instruments by
which your Award shall be evidenced. Instruments evidencing your Award may contain such other provisions as the Company deems advisable. The undersigned understands that the Company has filed with the Securities and Exchange Commission a Form S-8
registration statement under the Securities Act of 1933 with respect to the Plan and the shares covered by this Agreement. The Company will endeavor to keep such registration statement effective, but in the event the Company notifies you that such
registration statement is not then effective, you agree to refrain from sales of Common Shares until such time as the Company advises you that such registration statement has become effective.  
 Section 4.6 Trading Black Out Periods. By entering into this Agreement you expressly agree that: (i) during all periods of
your employment with the Company or its affiliates, or while you are otherwise maintained on the payroll of the Company or its affiliates, you agree to abide by all trading “black out” periods with respect to purchases or sales of Company
stock or exercises of stock options for the Company’s stock established from time to time by the Company (“Trading Black Out Periods”) and (ii) upon any cessation or termination of your employment with the Company and its
affiliates for any reason, you agree that for a period of three (3) months following the effective date of any such termination or cessation of your employment or, if later, for a period of three (3) months following the date as of which
you are no longer on the payroll of the Company and its affiliates, you agree to continue to abide by all such Trading Black Out Periods established from time to time by the Company. 
  

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 Section 4.7 Other. This Agreement is binding on you and your executors,
administrators, heirs and personal and legal representatives and on the Company and its successors or assigns. 
 This Agreement, including
the Cover Page and the Plan, contains the entire Agreement and all terms between you and the Company with respect to this Award, and there are no other understandings, warranties or representations with respect to this Award. 
 Nothing in this Agreement gives you the right to continue working for or with the Company nor changes the right which the Company has to terminate your
employment at any time. 
 This Agreement and your Award shall be governed by the laws of the State of Connecticut (other than its conflict
of law principles). 
 Any determination or interpretation by the Committee under or pursuant to this Agreement shall be final, binding and
conclusive for all purposes and upon all persons affected hereby. In the event of a conflict between any term of this Agreement and the terms of the Plan, the terms of the Plan shall control. 
  

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