Document:

Form of Restricted Stock Agreement for Directors

 Exhibit 10.2 
 Director Grant 
 RESTRICTED SHARE AWARD AGREEMENT 

THIS RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”) is made and entered into as of the      day of
            , 20     (the “Grant Date”), between S1 Corporation, a Delaware corporation (the “Corporation”), and
                     (the “Grantee”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the
S1 Corporation 2003 Stock Incentive Plan (Amended and Restated Effective February 26, 2008), as amended (the “Plan”), or, if any such term is not defined in the Plan, in the Transaction Agreement by and among ACI Worldwide, Inc.
(“Parent”), Antelope Investment Co. LLC and the Corporation dated as of October 3, 2011 (the “Transaction Agreement”), as applicable. 
 WHEREAS, the Board of Directors of the Corporation (the “Board of Directors”) has duly adopted, and the stockholders of the Corporation have approved, the Plan, which authorizes the Corporation
to grant to eligible individuals restricted shares of the Corporation’s common stock, par value of $0.01 per share (the “Common Shares”); 
 WHEREAS, the Compensation Committee of the Board of Directors of the Corporation (the “Committee”) has determined that it is desirable and in the best interests of the Corporation and its
stockholders to grant the Grantee a certain number of restricted shares of the Corporation’s Common Shares in order to provide the Grantee with an incentive to advance the interests of the Corporation, all according to the terms and conditions
set forth herein and in the Plan; and 
 WHEREAS, the Committee is permitted pursuant to Section 6.1 of the Transaction
Agreement and Section 6.1 of the Corporation disclosure schedules to the Transaction Agreement (the “Corporation Disclosure Schedule”) to grant restricted shares of the Corporation’s Common Shares as specified on Section 6.1
of the Company Disclosure Schedule. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

1. Grant of Restricted Shares. 
 (a) The Corporation hereby grants to the Grantee an award (the “Award”) of          Common Shares (the “Shares” or the “Restricted
Shares”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. 
 (b) The
Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the dates on which the restrictions shall lapse in accordance with Sections 2 and 3 hereof. 

2. Terms and Rights as a Stockholder. 
 (a) Except as provided herein and subject to such other exceptions as may be determined by the Committee in its discretion, the Restricted Shares shall vest and the “Restricted Period” for such
Restricted Shares shall expire as to          Restricted Shares (25%) awarded hereunder on January 1, 2012 and as to          Restricted Shares (25%) on
each of April 1, 2012, July 1, 2012 and October 1, 2012 (in each case as such number may be adjusted in accordance with Section 8 hereof). 

 (b) The Grantee shall have all rights of a stockholder with respect to the Restricted
Shares, including the right to receive dividends and the right to vote such Shares, subject to the following restrictions: 
  

	 	(i)	the Grantee shall not be entitled to delivery of the stock certificate for any Shares until the expiration of the Restricted Period as to such Shares;

  

	 	(ii)	none of the Restricted Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during the Restricted Period as to such
Shares; and 

  

	 	(iii)	except as set forth in this Agreement or as otherwise determined by the Committee at or after the grant of the Award hereunder, if the Grantee’s Service with the
Corporation, an Affiliate or any Subsidiary is terminated at any time for any reason, any of the Restricted Shares as to which the Restricted Period has not expired shall be forfeited, and all rights of the Grantee to such Shares shall terminate,
without further obligation on the part of the Corporation and ownership of all such forfeited Restricted Shares shall be transferred back to the Corporation. 

 Any Shares, any other securities of the Corporation and any other property (except for cash dividends) distributed with respect to the Restricted Shares shall be subject to the same restrictions, terms
and conditions as such Restricted Shares. 
 In order to facilitate the transfer back to the Corporation of any Restricted
Shares that are forfeited and cancelled as described herein, including a transfer as payment of required withholding taxes as set forth in Section 10 of this Agreement or pursuant to Section 6 below, Grantee shall, upon the request of the
Corporation, provide a stock power or other instrument of assignment (including a power of attorney) endorsed in blank, with a guarantee of signature if deemed necessary or appropriate by the Corporation. 

(c) Notwithstanding the foregoing, the Restricted Shares shall vest and the Restricted Period shall automatically terminate as to all
Restricted Shares awarded hereunder (as to which such Restricted Period has not previously terminated): 
 (i) upon the
termination of the Grantee’s Service with the Corporation, an Affiliate or a Subsidiary which results from the Grantee’s death or disability (as defined in Section 22(e)(3) of the Code); 

(ii) upon the termination of the Grantee’s Service other than for Cause prior to the first anniversary of the Closing Date of the
Transactions contemplated by the Transaction Agreement; or 
 (iii) immediately prior to the occurrence of a Corporate
Transaction; provided, however, that, upon the occurrence of a Corporate Transaction, the Board may elect, in its sole discretion and in place of any accelerated vesting contemplated by this Section 2(c)(iii), to cancel the Award and pay or
deliver, or cause to be paid or delivered, to the Grantee an amount in cash or securities having a value (determined by the Board acting in good faith) equal to the product of the formula or fixed price per share paid to holders of shares of Common
Shares in such Corporate Transaction multiplied by the number of Restricted Shares cancelled pursuant to this Section 2(c)(iii). 

 3. Termination of Restrictions. 

(a) Upon the expiration or termination of the Restricted Period as to any portion of the Restricted Shares, or at such earlier time as
may be determined by the Committee, all restrictions set forth in this Agreement or in the Plan relating to such portion of the Restricted Shares shall lapse as to such portion of the Restricted Shares, and, subject to Section 4(e), a stock
certificate for the appropriate number of Shares, free of the restrictions and restrictive stock legend, shall be delivered to the Grantee or the Grantee’s beneficiary or estate, as the case may be, pursuant to the terms of this Agreement.

 (b) Notwithstanding the foregoing, the expiration or termination of the Restricted Period as to any portion of Restricted
Shares shall be delayed in the event the Corporation reasonably anticipates that the expiration or termination of the Restricted Period, or the delivery of unrestricted Shares would constitute a violation of federal securities laws or other
applicable law. If the expiration or termination of the Restricted Period, or the delivery of unrestricted Shares, is delayed by the provisions of this Section 3(b), such expiration, termination and/or delivery shall occur at the earliest date
at which the Corporation reasonably anticipates such expiration, termination or delivery will not cause a violation of federal securities laws or other applicable law. For purposes of this Section 3(b), the delivery of Shares that would cause
inclusion in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of applicable law. 
 4. Delivery of Shares. 
 (a) Subject to Section 4(e),
as of the date hereof, certificates representing the Restricted Shares shall be registered in the name of the Grantee and held by the Corporation or transferred to a custodian appointed by the Corporation for the account of the Grantee subject to
the terms and conditions of the Plan and shall remain in the custody of the Corporation or such custodian until their delivery to the Grantee or Grantee’s beneficiary or estate as set forth in Sections 4(b) and (c) hereof or their
reversion to the Corporation as set forth in Sections 2(b) and 6 hereof. 
 (b) Subject to Section 4(e), certificates
representing Restricted Shares in respect of which the Restricted Period has lapsed pursuant to this Agreement shall be delivered to the Grantee as soon as practicable following the date on which the restrictions on such Restricted Shares lapse
subject to Section 10 below. 
 (c) Subject to Section 4(e), certificates representing Restricted Shares in respect
of which the Restricted Period lapsed upon the Grantee’s death shall be delivered to the executors or administrators of the Grantee’s estate as soon as practicable following the receipt of proof of the Grantee’s death satisfactory to
the Corporation subject to Section 10 below. 
 (d) Each certificate representing Restricted Shares shall bear a legend in
substantially the following form: 
 THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND
CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN THE S1 CORPORATION 2003 STOCK INCENTIVE PLAN (AMENDED AND RESTATED EFFECTIVE FEBRUARY 26, 2008) (THE “PLAN”) AND THE RESTRICTED SHARE AWARD AGREEMENT (THE
“AGREEMENT”) BETWEEN THE OWNER OF THE RESTRICTED SHARES REPRESENTED HEREBY AND S1 CORPORATION (THE “CORPORATION”). THE RELEASE OF SUCH SHARES FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF
THE PLAN AND THE AGREEMENT, COPIES OF WHICH ARE ON FILE AT THE CORPORATION. 

 (e) Notwithstanding the other provisions of this Agreement, in lieu of the issuance of
stock certificates as described herein, the issuance of the Shares under this Award may be evidenced in such other manner as the Committee, in its discretion, deems appropriate, including, without limitation, book-entry or other recordation at the
Corporation’s transfer agent, with any unvested Shares bearing a legend with the appropriate restrictions imposed by this Agreement. As Grantee’s interest in the Shares vests as described herein, any such recordation of the Shares to
Grantee will be appropriately modified. 
 5. Effect of Lapse of Restrictions. To the extent that the Restricted
Period applicable to any Restricted Shares shall have lapsed, the Grantee may receive, hold, sell or otherwise dispose of such Shares free and clear of the restrictions imposed under the Plan and this Agreement subject to the rights of the
Corporation for recoupment set forth in Section 6 below. 
 6. Forfeiture and Right of Recoupment.
Notwithstanding anything contained herein to the contrary, by accepting this Award, Grantee understands and agrees that if (a) the Corporation is required to restate its consolidated financial statements because of material noncompliance due to
irregularities with the federal securities laws, which restatement is due, in whole or in part, to the misconduct of Grantee, or (b) it is determined that the Grantee has otherwise engaged in misconduct (whether or not such misconduct is
discovered by the Corporation prior to the termination of Grantee’s Service), the Board of Directors or a committee thereof (in each case, the “Board”) may take such action with respect to the Award as the Board, in its sole
discretion, deems necessary or appropriate and in the best interest of the Corporation and its stockholders. Such action may include, without limitation, causing the forfeiture of unvested Restricted Shares, requiring the transfer of ownership back
to the Corporation of unrestricted Shares issued hereunder and still held by the Grantee and the recoupment of any proceeds from the vesting of Restricted Shares or the sale of unrestricted Shares issued pursuant to this Agreement. For purposes of
this Section 6, “misconduct” shall mean a deliberate act or acts of dishonesty or misconduct which either (i) were intended to result in substantial personal enrichment to the Grantee at the expense of the Corporation or
(ii) have a material adverse effect on the Corporation. Any determination hereunder, including with respect to Grantee’s misconduct, shall be made by the Board in its sole discretion. Notwithstanding any provisions herein to the contrary,
Grantee expressly acknowledges and agrees that the rights of the Board set forth in this Section 6 shall continue after Grantee’s Service with the Corporation, an Affiliate or any Subsidiary is terminated, whether termination is voluntary
or involuntary, with or without cause, and shall be in addition to every other right or remedy at law or in equity that may otherwise be available to the Corporation. 
 7. Disclaimer of Rights. The grant of the Restricted Shares is discretionary and shall not be construed as giving Grantee the right to be retained in the Service of the Corporation, an
Affiliate or any Subsidiary and shall not be considered to be a part of the Grantee’s terms and conditions of Service or of the Grantee’s compensation and the Corporation, an Affiliate or any Subsidiary may at any time dismiss Grantee from
Service, free from any liability or any claim under the Plan. 
 8. Adjustments. In the event of any change in the
number of Shares by reason of a merger, consolidation, reorganization, recapitalization, or similar transaction, or in the event of a stock dividend, stock split, or distribution to stockholders (other than normal cash dividends), the Committee
shall adjust the number and class of shares subject to outstanding Restricted Shares and other value determinations applicable to outstanding Restricted Shares. No adjustment provided for in this Section 8 shall require the Corporation to issue
any fractional share. 
 9. Amendments. Subject to any restrictions contained in the Plan, the Committee may waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or 

 
terminate, the Award, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination which would adversely affect
the rights of the Grantee or any holder or beneficiary of the Award shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto. The terms and conditions of this Agreement may not be modified, amended or waived, except by an instrument in writing signed by a duly authorized executive officer at the Corporation.
Notwithstanding the foregoing, effective as of the Closing, the Plan and this Agreement shall be amended to the extent necessary to conform to the terms of Parent’s 2005 Equity and Performance Incentive Plan to the extent not inconsistent with
the provisions of Sections 2(a), 2(c)(ii) or 2(c)(iii) of this Agreement, provided that no amendments requiring the approval of the Corporation’s stockholders shall be made. 

10. Withholding of Taxes. 
 (a) The Grantee shall be liable for any and all taxes, including withholding taxes, arising out of this grant or the vesting of Restricted Shares hereunder. In the event that the Corporation or the
Grantee’s Service Recipient (the “Service Recipient”) is required to withhold taxes as a result of the grant or vesting or subsequent sale of Shares hereunder, the Grantee shall at the election of the Corporation, in its sole
discretion, either (i) surrender a sufficient number of whole Shares for which the Restricted Period has expired or other Common Shares owned by the Grantee, having a fair market value, as determined by the Corporation on the last day of the
Restricted Period equal to the amount of such taxes, or (ii) make a cash payment, as necessary to cover all applicable required withholding taxes and required social security/insurance contributions at the time the restrictions on the
Restricted Shares lapse, unless the Corporation, in its sole discretion, has established alternative procedures for such payment. If the number of shares required to cover all applicable withholding taxes and required social security/insurance
contributions includes a fractional share, then Grantee shall deliver cash in lieu of such fractional share. All matters with respect to the total amount to be withheld shall be determined by the Corporation in its sole discretion. 

(b) Regardless of any action the Corporation or the Grantee’s Service Recipient takes with respect to any or all income tax, social
security/insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), the Grantee acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by him is and remains the
Grantee’s responsibility and that the Corporation and the Service Recipient (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of Restricted Shares,
including the grant, vesting or release, the subsequent sale of Shares and receipt of any dividends; and (ii) do not commit to structure the terms or any aspect of this grant of Restricted Shares to reduce or eliminate the Grantee’s
liability for Tax-Related Items. The Grantee shall pay the Corporation or the Service Recipient any amount of Tax-Related Items that the Corporation or the Service Recipient may be required to withhold as a result of the Grantee’s participation
in the Plan or the Grantee’s receipt of Restricted Shares that cannot be satisfied by the means previously described above in Section 10(a). The Corporation may refuse to deliver the Shares related thereto if the Grantee fails to comply
with the Grantee’s obligations in connection with the Tax-Related Items. 
 (c) Grantee will notify the Corporation in
writing if he or she files an election pursuant to Section 83(b) of the Code. The Grantee understands that he or she should consult with his or her tax advisor regarding the advisability of filing with the Internal Revenue Service an election
under 83(b) of the Code, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant to this Agreement, the Grant Date. This time period cannot be extended. The Grantee acknowledges that timely
filing of a Section 83(b) election is the Grantee’s sole responsibility. 

 11. Plan Governs and Entire Agreement. The Plan is incorporated herein by
reference. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and provisions thereof. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter
hereof. The terms of this Agreement are subject to, and governed by, in all respects the terms and conditions of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan
shall govern. For the avoidance of doubt, this Agreement shall not be subject to any existing agreement between the Corporation and the Grantee. 
 12. Severability. If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or the Award, or would
disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or, if it cannot be construed or deemed amended without, in the determination of
the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and Award shall remain in full force and effect. 

13. Successors in Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the
Corporation. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Corporation under this Agreement shall be binding upon the Grantee’s
heirs, executors, administrators and successors. 
 14. Non-Assignability. The Restricted Shares are personal to
the Grantee and may not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of by the Grantee until the Restricted Period expires or terminates as provided in this Agreement; provided, however, that the
Grantee’s rights with respect to such Restricted Shares may be transferred by will or pursuant to the laws of descent and distribution. Any purported transfer or encumbrance in violation of the provisions of this Section 14, shall be void,
and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Shares. 

15. Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the
Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Grantee. 
 16. Miscellaneous. 
 (a) The interpretation and construction by the
Board of Directors and/or the Committee of any provision of the Plan or this Agreement shall be final and conclusive upon the Grantee, the Grantee’s estate, executor, administrator, beneficiaries, personal representative and guardian and the
Corporation and its successors and assigns. 
 (b) This Agreement and its validity, interpretation, performance and enforcement
shall be governed by the laws of the State of Delaware other than the conflict of laws provisions of such laws. 
 (c) If the
Grantee has received this or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control. 

(d) No rule of strict construction shall be implied against the Corporation, the Committee or any other person in the interpretation of
any of the terms of the Plan, this Agreement or any rule or procedure established by the Committee. 

 (e) Wherever the word “Grantee” is used in any provision of this Agreement under
circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Restricted Shares may be transferred by will or the laws of descent and distribution, the word
“Grantee” shall be deemed to include such person or persons. 
 (f) Grantee agrees, upon demand of the Corporation or
the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Corporation or the Committee, as the case may be, to implement the provisions and purposes of
this Agreement and the Plan. 
 (g) All notices under this Agreement to the Corporation must be delivered personally or mailed
to the Corporation at its principal office, addressed to the attention of Stock Plan Administration. The Corporation’s address may be changed at any time by written notice of such change to the Grantee. Also, all notices under this Agreement to
the Grantee will be delivered personally or mailed to the Grantee at his or her address as shown from time to time in the Corporation’s records. 
 17. Resolution of Disputes. Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation, construction or application of this Agreement
shall be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Corporation for all purposes. 
 18. Consent To Transfer Personal Data. By accepting this Award, Grantee voluntarily acknowledges and consents to the collection, use, processing and transfer of personal data as described in
this Section 18. Grantee is not obliged to consent to such collection, use, processing and transfer of personal data. However, failure to provide the consent may affect Grantee’s ability to participate in the Plan. The Corporation and its
Affiliates and Subsidiaries hold certain personal information about Grantee, that may include Grantee’s name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job
title, any shares of stock held in the Corporation, or details of any entitlement to shares of stock awarded, canceled, purchased, vested, or unvested, for the purpose of implementing, managing and administering the Plan (“Data”). The
Corporation and/or its Affiliates or Subsidiaries will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of Grantee’s participation in the Plan, and the Corporation and/or any of its
Affiliates or Subsidiaries may each further transfer Data to any third parties assisting the Corporation in the implementation, administration and management of the Plan. These recipients may be located throughout the world, including the United
States. Grantee authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purpose of implementing, administering and managing Grantee’s participation in the Plan, including any requisite
transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on Grantee’s behalf by a broker or other third party with whom Grantee or the Corporation may elect to deposit any
shares of stock acquired pursuant to the Plan. Grantee may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Corporation; however, withdrawing consent may affect
Grantee’s ability to participate in the Plan. 
 [SIGNATURE PAGE FOLLOWS] 

 SIGNATURE PAGE 

IN WITNESS WHEREOF, the parties hereto have duly executed this Restricted Share Award Agreement, or caused this Restricted Share Award
Agreement to be duly executed on their behalf, as of the day and year first above written. 
  

									
	S1 Corporation	 		 	Grantee:
					
	By:	 	  
	 		 	By:	 	  

		 	Sandy Fountain	 		 		 	<NAME>
		 	Vice President, Human Resources	 		 		 	

  

							
	ADDRESS FOR NOTICE TO GRANTEE:
		
		 	  

		 	Number	 	Street	 	Apt.
		
		 	  

		 	City	 	State      Zip Code
		
		 	  

		 	SS#	 	Hire Date	 	

 After completing this page, please make a copy for your records and return it to Stock Plan Administration, S1
Corporation 705 Westech Drive, Norcross, Georgia 30092 
 S1 Corporation 2003 Stock Incentive Plan (Amended and Restated Effective
February 26, 2008), as amended 
  

			
	         Restricted Shares	  	<Date>EX-4.01

 Exhibit 4.01 
 EXECUTION VERSION 
 CONVERSION AND VOTING AGREEMENT 

THIS CONVERSION AND VOTING AGREEMENT, dated as of October 27, 2011 (this “Agreement”), is entered into
between BMO Bankcorp, Inc. (f/k/a Harris Bankcorp, Inc.), a Delaware corporation (the “Investor”), and Virtus Investment Partners, Inc., a Delaware corporation (the “Company”). 

RECITALS: 

WHEREAS, immediately prior to the execution of this Agreement, the Investor is the record and beneficial owner of 35,217 shares of
Series B Voting Convertible Preferred Stock, par value $0.01 per share, of the Company (the “Series B Preferred Stock”), which constitutes all of the outstanding shares of the Series B Preferred Stock; and 

WHEREAS, the Company and the Investor desire the conversion (the “Conversion”) of all the shares of the Series B
Preferred Stock into shares of common stock of the Company, par value $0.01 per share (the “Common Stock”), and that the Board of Directors of the Company (the “Company Board”) declare and pay a final dividend in
respect of the Series B Preferred Stock out of funds of the Company lawfully available therefor, each on the terms and subject to the conditions set forth in this Agreement; and 

WHEREAS, the disinterested members of the Company Board (excluding any designees or nominees of the Investor on the Company
Board), having determined that the transactions provided for in this Agreement are advisable and fair to the Company and its stockholders, have approved the transactions provided for in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the representations, warranties and agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as set forth in this Agreement. 

ARTICLE I 

DEFINITIONS 
 Section 1.1. Certain Definitions. Initially capitalized terms used and not defined herein have the respective meanings ascribed to them in the Certificate of Designations. In addition, for purposes
of this Agreement, the following terms have the meanings ascribed to them in this Section 1.1 when used in this Agreement with initial capital letters. 
 (a) “Certificate of Designations” means the Certificate of Designations of Series A Non-Voting Convertible Preferred Stock and Series B Voting Convertible Preferred Stock of the Company.

 (b) “Excess Securities” means any shares of Common Stock or other voting securities of the Company held by
the Investor or any of its Affiliates that represent in excess of 24.0% of the total voting power of the Common Stock Outstanding, solely to the extent that such excess arises as a result of any redemption or repurchase of shares of Common Stock or
other voting securities by the Company. 

 (c) “Investment Agreement” means the Investment and Contribution Agreement,
dated as of October 30, 2008, by and among the Company, Phoenix Investment Management Company, the Investor and, for limited purposes, The Phoenix Companies, Inc. 
 ARTICLE II 
 DIVIDEND; CONVERSION OF SHARES 

Section 2.1. Dividend; Conversion of Series B Preferred Stock. 

(a) Dividend. Notwithstanding anything to the contrary contained in the Certificate of Designations, the Company has declared,
subject only to the execution and delivery of this Agreement, a cash dividend (the “Special Dividend”) in respect of all outstanding shares of Series B Preferred Stock, payable on October 31, 2011, in the aggregate amount of
$8,072,937 (which the parties hereby agree is the sum of (x) $939,120 accrued but unpaid Dividends payable in respect of the Series B Preferred Stock under the Certificate of Designations through (and including) October 31, 2011, plus
(y) $7,133,817 in respect of the net present value of all Dividends that would otherwise have been due and payable in respect of the Series B Preferred Stock from (and including) November 1, 2011 until October 31, 2014, which is the
first date on which the Series B Preferred Stock would have been redeemable by the Company under the Certificate of Designations if not earlier converted into shares of Common Stock). The Special Dividend shall be paid by wire transfer of
immediately available funds during normal business hours on October 31, 2011 to the bank account designated by the Investor to the Company in writing prior to October 29, 2011. 

(b) Conversion. Subject only to the Investor’s receipt of the Special Dividend from the Company on or prior to
October 31, 2011, the Investor hereby irrevocably exercises its right to convert all of the shares of Series B Preferred Stock into shares of Common Stock in accordance with the terms of Section 7(a) of the Certificate of Designations,
with such Conversion to be effective upon the later of (i) November 1, 2011, or (ii) the date of expiration (or earlier termination) of the applicable waiting period in respect of the HSR Filings (“HSR Approval”)
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) (and the Conversion shall be deemed to have automatically occurred upon the later of such date described in clause (i) or clause (ii) without
any need for further action on the part of the Investor). 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 Section 3.1. Representations and Warranties of the Company. The Company hereby represents and warrants to the Investor the accuracy of each of the statements set forth in this
Section 3.1. 
 (a) Organization; Authorization. The Company is duly incorporated, validly existing and in
good standing under the laws of the State of Delaware and has all requisite corporate power and authority to execute and deliver this Agreement and perform its obligations hereunder. The Company has the power and authority to execute, deliver and
perform the terms and provisions of this Agreement and has taken all action necessary to authorize the execution, 

  
 2 

 
delivery and performance by it of this Agreement and to consummate the Transactions. No other corporate proceeding on the part of the Company or its stockholders is necessary for such
authorization, execution, delivery and consummation of the Transactions. The Company has duly executed and delivered this Agreement and, assuming the due authorization, execution and delivery by the Investor, this Agreement constitutes a legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws
of general applicability relating to or affecting creditor’s rights, and to general equitable principles). 
 (b) Common
Stock. An adequate number of shares of Common Stock to effect the conversion of Series B Preferred Stock into Common Stock as contemplated herein have been duly authorized and adequately reserved. The shares of Common Stock, when issued and
delivered in accordance with the terms of this Agreement and the Certificate of Designations, will have been duly and validly issued and will be fully paid and nonassessable and the issuance thereof will not have been subject to any preemptive or
similar rights or made in violation of any applicable law. 
 (c) No Violation; Consents. The execution, delivery and
performance by the Company of this Agreement and the consummation by the Company of the Transactions do not and will not violate, conflict with, result in a breach of or contravene in any material respect any applicable law. The execution, delivery
and performance by the Company of this Agreement and the consummation of the Transactions will not (i)(A) violate, conflict with, result in a breach of or constitute (with or without due notice or lapse of time or both) a default (or give rise to
any right of termination, cancellation or acceleration) under any contract or agreement to which the Company is a party or by which the Company is bound or to which any of its assets is subject, or (B) result in the right of termination,
acceleration of or creation or imposition of any mortgage, pledge, lien, security interest, claim, restriction, charge or encumbrance of any kind (a “Lien”) upon any of its properties or assets, except for any such violations,
conflicts, breaches, defaults or Liens that would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of it to timely perform its obligations under this Agreement and (ii) conflict with
or violate any provision of the certificate of incorporation or bylaws or other governing documents of the Company. 
 Section
3.2. Representations and Warranties of the Investor. The Investor hereby represents and warrants to the Company the accuracy of each of the statements set forth in this Section 3.2. 

(a) Organization; Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization and has all requisite corporate power and authority to execute and deliver this Agreement and perform its obligations hereunder. The Investor has the power and authority to execute, deliver and perform the terms and
provisions of this Agreement, and has taken all action necessary to authorize the execution, delivery and performance by it of this Agreement and to consummate the Transactions. No other corporate proceeding on the part of the Investor or its
stockholders is necessary for such authorization, execution, delivery and consummation of the Transactions. The 

  
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Investor has duly executed and delivered this Agreement and, assuming the due authorization, execution and delivery by the Company, this Agreement constitutes a legal, valid and binding
obligation of the Investor, enforceable against the Investor in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general
applicability relating to or affecting creditor’s rights, and to general equitable principles). 
 (b) No Violation;
Consents. The execution, delivery and performance by the Investor of this Agreement and the consummation by the Investor of the Transactions do not and will not violate, conflict with, result in a breach of or contravene in any material respect
any applicable law. The execution, delivery and performance by the Investor of this Agreement and the consummation of the Transactions will not (i)(A) violate, conflict with, result in a breach of or constitute (with or without due notice or lapse
of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under any contract or agreement to which the Investor is a party or by which the Investor is bound or to which any of its assets is subject, or
(B) result in the right of termination, acceleration of or creation or imposition of any Lien upon any of its properties or assets, except for any such violations, conflicts, breaches, defaults or Liens that would not, individually or in the
aggregate, reasonably be expected to have a material adverse effect on the ability of it to timely perform its obligations under this Agreement and (ii) conflict with or violate any provision of the certificate of incorporation or bylaws or
other governing documents of the Investor. 
 (c) Non-Reliance. The Investor acknowledges that (i) the Company has
not given it any investment advice or opinion on whether the Transactions are prudent and (ii) it has, or has access to, such information as it deems appropriate under the circumstances concerning, among other things, the Company’s
business and financial condition to make an informed decision regarding the Transactions. 
 ARTICLE IV 

VOTING 

Section 4.1. Irrevocable Proxy. (a) The Investor hereby irrevocably constitutes and appoints the duly-appointed Secretary of
the Company from time to time (the “Proxy Holder”) as the sole and exclusive proxy for the Investor, with full power of substitution, resubstitution and revocation, to attend all meetings of stockholders of the Company, to cast all
votes that the undersigned is entitled to cast with respect to the Excess Securities, and to otherwise represent the undersigned with respect to the Excess Securities with all powers that the undersigned would have if personally present at any
meeting of stockholders of the Company, in each case, in a manner that is proportionate to the manner in which all holders of shares of voting securities vote in respect of any given matter (other than those shares of voting securities held by the
Investor or any of its Affiliates). The Investor irrevocably appoints the Proxy Holder, with full power of substitution, appointment and revocation, in its name, place and stead, as the undersigned’s true and lawful representative,
attorney-in-fact and agent, to make, execute, sign, acknowledge, verify, swear to and deliver any consent of stockholders of the Company with respect to the Excess Securities and to do and perform each and every act and thing as fully as the
undersigned might or could do as a holder of the Excess Securities, in each case, in a manner that is 

  
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proportionate to the manner in which all holders of shares of voting securities vote in respect of any given matter (other than those shares of voting securities held by the Investor or any of
its Affiliates). This proxy and power-of-attorney are expressly limited to the Excess Shares, and no rights are granted with respect to any shares other than the Excess Shares. 
 (b) The Investor affirms that the foregoing proxy and power-of-attorney are given in connection with the Transactions and that the proxy and power-of-attorney are each coupled with an interest. Such proxy
and power of attorney each will be irrevocable and be effective for so long as permitted under the laws of the State of Delaware. 
 Section 4.2. Notification. (a) From and after the date of the Conversion, and for so long as the Investor has the right to nominate the Investor Designate (as such term is defined in the
Investment Agreement) in accordance with the terms of the Investment Agreement, the Company shall provide not less than five Business Days prior notice to the Investor of its intention to redeem or repurchase shares of Common Stock or other voting
securities by the Company if, to the knowledge of the Company, such redemption or repurchase could result in the Investor and its Affiliates holding shares of Common Stock or other voting securities of the Company representing in excess of 24.0% of
the total voting power of the Common Stock Outstanding. 
 (b) From and after the date of the Conversion, and for so long as the
Investor has the right to nominate the Investor Designate in accordance with the terms of the Investment Agreement, the Investor shall provide not less than five Business Days prior notice to the Company of its or any of its Affiliates’
intention to acquire any shares of Common Stock or other voting securities of the Company if, to the knowledge of the Investor, such acquisition could result in the Investor and its Affiliates holding shares of Common Stock or other voting
securities of the Company representing in excess of 24.0% of the total voting power of the Common Stock Outstanding; provided, however, that the foregoing requirement shall not require the Investor to provide notice of its or any of
its Affiliates’ intention to acquire any shares of Common Stock or other voting securities of the Company on behalf of any entity that is not the Investor or an Affiliate of the Investor and so long as neither the Investor nor any of its
Affiliates will have beneficial ownership of, or the discretion to vote, such shares for regulatory purposes. Such notice shall set forth the aggregate number of shares of Common Stock or voting securities of the Company to be acquired by the
Investor or its Affiliates and the aggregate number of shares of Common Stock or other voting securities of the Company held by the Investor and its Affiliates after giving effect to such acquisition. 

ARTICLE V 

ADDITIONAL AGREEMENTS OF THE PARTIES 
 Section 5.1. Filings. 
 (a) The Investor shall use its reasonable best
efforts to promptly (i) obtain any consents, approvals or other authorizations, and make any filings and notifications required in connection with the Transactions under the HSR Act, (ii) make any other submissions required in connection
with the Transactions under the HSR Act and (iii) take or cause to be taken all other actions necessary, proper or advisable consistent with this Section 5.1 to cause the 

  
 5 

 
expiration of the applicable waiting periods as soon as practicable. The Company shall use reasonable best efforts to cooperate with the Investor in connection with the making of all such filings
and notifications, including making any filings required of it. 
 (b) The Investor agrees to make, or cause to be made, an
appropriate filing of a Notification and Report Form pursuant to the HSR Act with respect to the Transactions (the “HSR Filing”) as promptly as practicable. The Investor shall pay, or cause to be paid, all filing or other fees
incurred in connection with the HSR Filing. 
 Section 5.2. Disclosure. All public announcements or public disclosures
relating to the Transactions shall be made only if mutually agreed upon by the Company and the Investor, except to the extent such disclosure is, in the opinion of counsel, required by law or by stock exchange regulation. 

Section 5.3. Restriction on Transfer. 
 (a) During the period commencing upon the execution of this Agreement and continuing until the first to occur of (i) the occurrence of the Conversion or (ii) the filing of the CoD Amendment by
the Company, the Investor shall not, directly or indirectly, transfer, sell, assign or otherwise dispose of (“Transfer”) any shares of Series B Preferred Stock to any transferee (including without limitation an Affiliate of the
Investor), other than to a transferee that first agrees in a written agreement with the Company, in form and substance reasonably acceptable to the Company, to be bound by all of the obligations of the Investor set forth in this Agreement and to
expressly make all of the waivers of the Investor set forth in this Agreement. Notwithstanding the foregoing, if HSR Approval is not received by the Investor on or prior to the 35th day following the date hereof, the Investor shall thereafter be
permitted to Transfer all or any portion of the Common Stock underlying the Series B Preferred Stock pursuant to the terms of an underwritten registered offering of Common Stock, or one or more sales effected pursuant to Rule 144 of the Securities
Act of 1933, as amended, in each case, in connection with which the Investor delivers shares of Series B Preferred Stock to the participating underwriter(s) or dealer(s) to be converted into Common Stock in connection with the closing of such
offering or settlement of such sales (and such shares of Series B Preferred Stock are actually converted into Common Stock on or prior to such closing). For the avoidance of doubt, any restrictions on Transfer contained in this
Section 5.4(a) shall be in addition to (and not in lieu of) any other restrictions on Transfer in respect of the Series B Preferred Stock contained in the Investment Agreement. 

(b) Stop Transfer; Legend. The Investor agrees that it will promptly after the date hereof surrender to the Company all
certificates representing the Series B Preferred Stock, and the Company will place the following legend on such certificates in addition to any other legend required thereon: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND CONVERSION AS SET FORTH IN A CONVERSION AND VOTING AGREEMENT, DATED AS OF OCTOBER 27, 2011, AS IT MAY
BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY. NO 

  
 6 

 
REGISTRATION OF TRANSFER OF SUCH SECURITIES WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH. ANY TRANSFER NOT IN COMPLIANCE WITH SUCH
AGREEMENT SHALL BE VOID.” 
 Section 5.4. Waivers and Modification of Rights Under Certificate of Designations.

 (a) Dividends. Subject only to its receipt of the Special Dividend on or prior to October 31, 2011, the Investor
hereby irrevocably waives (the “Dividend Waiver”), on its own behalf and on behalf of any transferee of the Series B Preferred Stock, all rights to Dividends otherwise payable on or in respect of the Series B Preferred Stock
pursuant to the Certificate of Designations (other than with respect to Participating Dividends, and other than the Special Dividend), and the Investor hereby acknowledges and agrees that Dividends shall cease to accrue from (and including)
November 1, 2011, and that, notwithstanding anything contained in the Certificate of Designations to the contrary, no holder of Series B Preferred Stock shall hereafter be entitled to receive, and the Company shall not be obligated to pay, any
Dividends in respect of the Series B Preferred Stock (other than the Special Dividend and the Participating Dividends). 
 (b)
Voting. Subject only to its receipt of the Special Dividend on or prior to October 31, 2011, the Investor hereby irrevocably waives (the “Voting Waiver”), on its own behalf and on behalf of any transferee, commencing on
(and including) November 1, 2011, any and all voting rights of the holders of Series B Preferred Stock set forth in Sections 6(c), 6(d)(iii) and 6(e) of the Certificate of Designations. 

(c) Series B Director. Subject only to its receipt of the Special Dividend on or prior to October 31, 2011, the Investor
hereby irrevocably agrees to cause the Series B Director to resign from the Company Board, effective as of the close of business on October 31, 2011, and hereby irrevocably waives, on its own behalf and on behalf of any transferee, any right to
appoint a Series B Director, commencing on (and including) November 1, 2011 (such waiver, together with the Dividend Waiver and the Voting Waiver, the “Waived Terms”). Immediately upon the resignation of the Series B Director,
the number of directors constituting the Company Board shall be decreased by one, and thereafter, the holders of the Series B Preferred Stock shall not be entitled to nominate the Series B Director or any substitute nominee under the Certificate of
Designations. 
 (d) Amendment to Certificate of Designations. In the event that the Conversion has for any reason not
occurred by March 31, 2012, the Investor hereby irrevocably consents and agrees, on its own behalf and on behalf of any transferee, to the adoption, execution and filing by the Company of an amendment to the Certificate of Designations to
remove the Waived Terms from the terms of the Series B Preferred Stock contained therein (the “CoD Amendment”). 

ARTICLE VI 

MISCELLANEOUS 
 Section 6.1. Entire Agreement; Effect on Investment Agreement. This Agreement (including all agreements entered into pursuant hereto and thereto and all certificates and

  
 7 

 
instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written, with respect to the subject matter hereof. For the avoidance of doubt, except as expressly set forth herein, the provisions of
the Investment Agreement, including the registration rights set forth on Annex A thereto, are and shall remain in full force and effect in accordance with the terms thereof. 
 Section 6.2. Modifications and Amendments. No amendment, modification or termination of this Agreement shall be binding upon any other party unless executed in writing by each of the parties
hereto. 
 Section 6.3. Waiver and Extensions. Any party to this Agreement may waive any condition, right, breach or
default that such party has the right to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. 

Section 6.4. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same instrument. 
 Section 6.5. GOVERNING LAW. THIS AGREEMENT SHALL BE
GOVERNED BY, INTERPRETED UNDER, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

Section 6.6. WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.6. 
 Section 6.7. Notices. All notices,
demands, requests, consents, approvals or other communications required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served, delivered by reputable air courier
service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given on
the date of service or transmission if personally served or transmitted by facsimile. Notice otherwise sent as provided herein shall be deemed given on the next business day following delivery of such notice to a reputable air courier service.

  
 8 

 To the Company: 
 Virtus Investment Partners, Inc. 
 100 Pearl St., 9th Floor 

Hartford, Connecticut 06103 
 Attention: Mark Flynn 
 Telephone: (860) 263-4795 

Fax: (860) 246-7965 
 with copies to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New York, New York 10019 
 Attn: Robert Goldbaum 

Telephone: (212) 373-3000 
 Fax: (212) 757-3990 
 To the Investor: 

BMO Bankcorp, Inc. 
 111 W. Monroe Street 
 Chicago, Illinois 60603 

Attn: Linda VanDenburgh 
 Telephone: (312) 461-5920 
 Fax: (312) 765-8106 

with a copy to: 

Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, New York 10004 

Attn: Robert Buckholz 
 Telephone: (212) 558-4000 
 Fax: (212) 291-9018 

or to such other address or addresses as shall be designated in writing. All notices shall be effective when received. 

Section 6.8. Assignment; No Third-Party Beneficiaries. This Agreement and the rights, duties and obligations hereunder may not be
assigned or delegated by the Company without the prior written consent of the Investor, and may not be assigned or delegated by the Investor without the Company’s prior written consent. Except as set forth above, any assignment

  
 9 

 
or delegation of rights, duties or obligations hereunder made in violation of this Section 6.8 shall be void and of no effect. This Agreement and the provisions hereof shall be
binding upon and shall inure to the benefit of each of the parties and their respective successors and permitted assigns. This Agreement is not intended to confer any rights or benefits on any Persons other than as expressly set forth in this
Section 6.8. 
 Section 6.9. Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Section 6.10. Specific Performance. The parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that the parties shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they
are entitled at law or equity. 
 (Signatures are on the following pages) 

  
 10 

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

  

			
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By	 	/s/ George R. Alyward
		 	Name: George R. Alyward
		 	Title:   President and CEO

 [Signature Page to Conversion and Voting Agreement] 

 
			
	BMO BANKCORP, INC.
		
	By	 	/s/ Pamela C. Piarowski
		 	Name: Pamela C. Piarowski
		 	Title:   SVP and CFO

 [Signature Page to Conversion and Voting Agreement]

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