Document:

Transition Services Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 TRANSITION SERVICES AGREEMENT 
 by and between 
 THE PHOENIX COMPANIES, INC.

 and 
 VIRTUS INVESTMENT
PARTNERS, INC. 
 Dated as of December 18, 2008 

 TRANSITION SERVICES AGREEMENT 
  

							
	 ARTICLE I DEFINITIONS
	  	1
				
		 	 Section 1.01.
	  	 Definitions
	  	1
		 	 Section 1.02.
	  	 Currency
	  	5
		
	 ARTICLE II TRANSITION SERVICE SCHEDULES
	  	5
		
	 ARTICLE III SERVICES
	  	5
				
		 	 Section 3.01.
	  	 Services Generally
	  	5
		 	 Section 3.02.
	  	 Service Levels
	  	6
		 	 Section 3.03.
	  	 Impracticability
	  	6
		 	 Section 3.04.
	  	 Additional Resources
	  	6
		
	 ARTICLE IV OPERATING COMMITTEE
	  	6
				
		 	 Section 4.01.
	  	 Organization
	  	6
		 	 Section 4.02.
	  	 Decision Making
	  	6
		 	 Section 4.03.
	  	 Meetings
	  	7
		
	 ARTICLE V TERM
	  	7
		
	 ARTICLE VI COMPENSATION
	  	7
				
		 	 Section 6.01.
	  	 Charges for Services
	  	7
		 	 Section 6.02.
	  	 Payment Terms
	  	7
		 	 Section 6.03.
	  	 Taxes
	  	8
		 	 Section 6.04.
	  	 Performance under Ancillary Agreements
	  	8
		 	 Section 6.05.
	  	 Error Correction; True-up; Accounting
	  	8
		
	 ARTICLE VII GENERAL OBLIGATIONS
	  	8
				
		 	 Section 7.01.
	  	 Performance Metrics
	  	8
		 	 Section 7.02.
	  	 Disclaimer of Warranties
	  	9
		 	 Section 7.03.
	  	 Transitional Nature of Services; Changes
	  	9
		 	 Section 7.04.
	  	 Responsibilities for Errors; Changes
	  	9
		 	 Section 7.05.
	  	 Cooperation and Consents
	  	9
		 	 Section 7.06.
	  	 Alternatives
	  	10
		 	 Section 7.07.
	  	 Personnel
	  	10
		 	 Section 7.08.
	  	 Insurance
	  	11
		
	 ARTICLE VIII TERMINATION
	  	11
				
		 	 Section 8.01.
	  	 Termination
	  	11
		 	 Section 8.02.
	  	 Survival
	  	12
		 	 Section 8.03.
	  	 Payment
	  	12

  

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		 	 Section 8.04.
	  	 User ID; Passwords
	  	12
		
	 ARTICLE IX RELATIONSHIP BETWEEN THE PARTIES
	  	13
		
	 ARTICLE X SUBCONTRACTORS
	  	13
				
		 	 Section 10.01.
	  	 Subcontractors
	  	13
		 	 Section 10.02.
	  	 Assignment
	  	13
		
	 ARTICLE XI INTELLECTUAL PROPERTY
	  	14
				
		 	 Section 11.01.
	  	 Allocation of Rights by Ancillary Agreements
	  	14
		 	 Section 11.02.
	  	 Existing Ownership Rights Unaffected
	  	14
		 	 Section 11.03.
	  	 Third Party Software
	  	14
		 	 Section 11.04.
	  	 Termination of Licenses
	  	14
		
	 ARTICLE XII NO OBLIGATION
	  	14
		
	 ARTICLE XIII CONFIDENTIALITY
	  	14
				
		 	 Section 13.01.
	  	 Confidentiality
	  	14
		 	 Section 13.02.
	  	 Confidential Information
	  	15
		 	 Section 13.03.
	  	 Permitted Purpose
	  	15
		 	 Section 13.04.
	  	 Disclosure
	  	15
		 	 Section 13.05.
	  	 Custody
	  	15
		 	 Section 13.06.
	  	 Expiration of Confidentiality Provisions
	  	15
		
	 ARTICLE XIV LIMITATION OF LIABILITY AND INDEMNIFICATION
	  	16
				
		 	 Section 14.01.
	  	 Indemnification
	  	16
		 	 Section 14.02.
	  	 Limitation of Liability
	  	17
		 	 Section 14.03.
	  	 Provisions Applicable with respect to Indemnification Obligations
	  	17
		 	 Section 14.04.
	  	 Survival
	  	17
		
	 ARTICLE XV DISPUTE RESOLUTION
	  	17
		
	 ARTICLE XVI ASSIGNMENT
	  	18
				
		 	 Section 16.01.
	  	 Prohibition of Assignment
	  	18
		 	 Section 16.02.
	  	 Assignment to the PNX Group
	  	18
		
	 ARTICLE XVII MISCELLANEOUS
	  	18
				
		 	 Section 17.01.
	  	 Notices
	  	18
		 	 Section 17.02.
	  	 Governing Law
	  	18
		 	 Section 17.03.
	  	 Judgment Currency
	  	18
		 	 Section 17.04.
	  	 Entire Agreement
	  	18

  

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		 	 Section 17.05.
	  	 Conflicts
	  	18
		 	 Section 17.06.
	  	 Force Majeure
	  	19
		 	 Section 17.07.
	  	 Amendment and Waiver
	  	19
		 	 Section 17.08.
	  	 Further Assurances
	  	19
		 	 Section 17.09.
	  	 Severability
	  	19
		 	 Section 17.10.
	  	 Counterparts
	  	20

  

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 TRANSITION SERVICES AGREEMENT 
 TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of December 18, 2008, by and between The Phoenix Companies, Inc., a
Delaware corporation (“PNX”), and Virtus Investment Partners, Inc., a Delaware corporation (“Spinco” and together with PNX, the “Parties”, and each individually, a “Party”).
Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Separation Agreement (as defined below). 
 RECITALS 
 WHEREAS, PNX and Spinco have entered into a Separation Agreement, Plan of Reorganization and Distribution, dated
December 18, 2008, pursuant to which the Parties set out the terms and conditions relating to the separation of the Spinco Business (such that the Spinco Business is to be held, as at the Effective Time, directly or indirectly, by Spinco (such
agreement, as amended, restated or modified from time to time, the “Separation Agreement”). 
 WHEREAS, in connection
therewith, PNX and the other members of the PNX Group, on the one hand, and Spinco and the other members of the Spinco Group, on the other hand, will provide certain transitional services to each other following the Distribution Date, subject to the
terms and conditions of this Agreement. 
 WHEREAS, Spinco has entered into an Investment and Contribution Agreement, dated as of
October 30, 2008, by and among Phoenix Investment Management Company (“PIMCO”), Spinco, Harris Bankcorp, Inc. (“Harris”) and PNX (the “Investment Agreement”), pursuant to which, among other
things, (i) PIMCO contributed all of the issued and outstanding shares of common stock, par value $0.01 per share, of Virtus Partners, Inc. (formerly known as Virtus Investment Partners, Inc.) that PIMCO held to Spinco in exchange for
(x) all of the outstanding shares of the common stock, par value $0.01 per share, of Spinco, (y) 9,783 shares of Series A Non-Voting Convertible Preferred Stock of Spinco (the “Series A Preferred Stock”), all of which was
sold to Harris subject to the terms and conditions of the Investment Agreement, and (z) 35,217 shares of Series B Voting Convertible Preferred Stock of Spinco (the “Series B Preferred Stock”) and (ii) PIMCO will, after
such contribution and immediately after the Distribution, subject to the terms and conditions of the Investment Agreement, sell to Harris all of the Series B Preferred Stock owned by PIMCO and exchange all shares of the Series A Preferred Stock
previously delivered to Harris with the same number of shares of the Series B Preferred Stock in a two-step transaction for an aggregate purchase price of $35 million. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements and covenants contained in this Agreement and other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. For the purposes of this Agreement, the following words
and expressions and variations thereof, unless a clearly inconsistent meaning is required under the context, shall have the meanings specified or referred to in this Section 1.01: 
 “Affiliate” of any Person means any other Person that, directly or indirectly, controls, is controlled by, or is under common control
with such first Person as of the date on which or at any time during the period for when such determination is being made. For purposes of this definition, “control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by contract or otherwise, and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 

 “Agreement” has the meaning set forth in the Preamble to this Agreement and in Article
II. 
 “Ancillary Agreement” has the meaning set forth in the Separation Agreement. 
 “Applicable Law” means any applicable law, statute, rule or regulation of any Governmental Authority or any outstanding order, judgment,
injunction, ruling or decree by any Governmental Authority. 
 “Business Concern” means any corporation, company, limited
liability company, partnership, joint venture, trust, unincorporated association or any other form of association. 
 “Business
Day” means any day excluding (i) Saturday, Sunday and any other day which, in Hartford, Connecticut, is a legal holiday or (ii) a day on which banks are authorized by Applicable Law to close in Hartford, Connecticut. 

“Chief Representative” has the meaning set forth in Section 7.07(c). 
 “Commercially Reasonable Efforts” means the efforts that a reasonable and prudent Person desirous of achieving a business result would
use in similar circumstances to ensure that such result is achieved as expeditiously as possible in the context of commercial relations of the type envisaged by this Agreement; provided, however, that an obligation to use
Commercially Reasonable Efforts under this Agreement does not require the Person subject to that obligation to assume any material obligations or pay any material amounts to a Third Party. 
 “Confidential Information” has the meaning set forth in Section 13.02. 
 “Consent” means any written approval, consent, ratification, waiver or other authorization. 
 “Contract” means any contract, agreement, lease, license, commitment, consensual obligation, promise or undertaking (whether written or
oral and whether express or implied) that is legally binding on any Person or any part of its property under Applicable Law. 
 “Distribution Date” has the meaning set forth in the Separation Agreement. 
 “Dollars” or
“$” means the lawful currency of the United States of America. 
 “Effective Time” has the meaning set
forth in the Separation Agreement. 
  

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 “Event of Default” has the meaning set forth in Section 8.01. 
 “Expiration Date” has the meaning set forth in Article V. 
 “Fair Market Value” means, in relation to the pricing of services under this Agreement, terms that would be agreed between non-affiliated third parties for comparable services on a comparable scale,
as initially proposed in the reasonable judgment of PNX and reasonably approved by Spinco. 
 “Force Majeure Event” has the
meaning set forth in Section 17.06. 
 “Governmental Authority” means any court, arbitration panel, governmental or
regulatory authority, agency, stock exchange, commission or body. 
 “Governmental Authorization” means any Consent,
license, certificate, franchise, registration or permit issued, granted, given or otherwise made available by, or under the authority of, any Governmental Authority or pursuant to any Applicable Law. 
 “Group” means the PNX Group or the Spinco Group, as the context requires. 
 “Harris” has the meaning set forth in the Recitals to this Agreement. 
 “Impracticability” has the meaning set forth in Section 3.03. 
 “Investment Agreement” has the meaning set forth in the Recitals to this Agreement. 
 “Liabilities” has the meaning set forth in the Separation Agreement. 
 “Operating Committee” has the meaning set forth in Section 4.01. 
 “Party” has the meaning set forth in the Preamble to this Agreement. 
 “PIMCO” has the meaning set forth in the Recitals to this Agreement. 
 “PNX” has the meaning set forth in the Preamble to this Agreement. 
 “PNX Group” means PNX, its Subsidiaries and Affiliates from time to time after the Effective Time. 
 “PNX Group Company” means any Person forming part of the PNX Group. 
 “PNX Indemnified Parties” has the meaning set forth in Section 14.01. 
 “Permitted Purpose” has the meaning set forth in Section 13.03. 
 “Person” means any individual, Business Concern or Governmental Authority. 
 “Prime Rate” means the rate of interest announced by Bloomberg from time to time as the “prime rate,” “prime lending
rate,” “base rate” or similar reference rate. In the event the 

  

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Prime Rate is discontinued as a standard, the holder hereof shall designate a comparable reference rate as a substitute therefor. For purposes hereof, the
Prime Rate as published by Bloomberg at www.Bloomberg.com under “Market Data: Rates & Bonds: Key Rates” at the close of business on each business day shall be the Prime Rate for that day and any immediately succeeding non-business
day or days. 
 “SEC” means the Securities and Exchange Commission. 
 “Sales Taxes” means any sales, use, consumption, goods and services, value added or similar tax, duty or charge imposed pursuant to
Applicable Law. 
 “Separation Agreement” has the meaning set forth in the Recitals to this Agreement. 
 “Series A Preferred Stock” has the meaning set forth in the Recitals to this Agreement. 
 “Series B Preferred Stock” has the meaning set forth in the Recitals to this Agreement. 
 “Service(s)” has the meaning set forth in Section 3.01(c). 
 “Service Manager” has the meaning set forth in Section 7.07(c). 
 “Service Provider” means PNX or a member of the PNX Group, or Spinco or a member of the Spinco Group, as the case may be, when it is
providing a Service to Spinco or a member of the Spinco Group, or PNX or a member of the PNX Group, as the case may be, hereunder in accordance with a Transition Service Schedule. 
 “Service Recipient” means PNX or a member of the PNX Group, or Spinco or a member of the Spinco Group, as the case may be, when it is
receiving a Service from Spinco or a member of the Spinco Group, or PNX or a member of the PNX Group, as the case may be, hereunder in accordance with a Transition Service Schedule. 
 “Spinco” has the meaning set forth in the Preamble to this Agreement. 
 “Spinco Group” means Spinco, its Subsidiaries and Affiliates from time to time after the Effective Time. 
 “Spinco Indemnified Parties” has the meaning set forth in Section 14.01. 
 “Subcontractor” has the meaning set forth in Section 10.01. 
 “Subsidiary” of any Person means any corporation, partnership, limited liability entity, joint venture or other organization, whether
incorporated or unincorporated, of which a majority of the total voting power of capital stock or other interests entitled (without the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by such Person. 
 “Term” has the meaning set forth in Article V. 

 

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 “Third Party” means a Person that is not a Party to this Agreement, other than a member
of the PNX Group or a member of the Spinco Group. 
 “Transition Service Schedule” has the meaning set forth in Article II.

 Section 1.02. Currency. Except as otherwise specified in a Transition Service Schedule, all references to currency herein are
to lawful money of the United States of America. 
 ARTICLE II 
 TRANSITION SERVICE SCHEDULES 
 This Agreement will govern individual transition Services as requested by
either Spinco or any other member of the Spinco Group, on the one hand, or PNX or any other member of the PNX Group, on the other hand, the details of which are set forth in the Transition Service Schedules attached to and forming part of this
Agreement. Each Service shall be covered by this Agreement upon execution of a transition service schedule in the form attached hereto (each transition service schedule, a “Transition Service Schedule”). 
 For each Service, the Parties shall set forth in a Transition Service Schedule substantially in the form of Schedule 1 hereto, among other things,
(i) the time period during which the Service will be provided if different from the Term of this Agreement, (ii) a summary of the Service to be provided and (iii) the method for determining the charge, if any, for the Service and any
other terms applicable thereto. Obligations regarding a Transition Service Schedule shall be effective upon the later of the Distribution Date or the date of execution of the applicable Transition Service Schedule. This Agreement and all the
Transition Service Schedules shall be defined as the “Agreement” and incorporated herein wherever reference to it is made. 
 ARTICLE III 
 SERVICES 
 Section 3.01. Services Generally. (a) Except as otherwise provided herein, for the Term hereof, PNX and other members of the PNX Group shall provide to Spinco and the other members of the Spinco Group, and shall cause the
other applicable members of the PNX Group to provide or cause to be provided to Spinco and the other members of the Spinco Group, the Services described in the Transition Service Schedule(s) attached hereto identified on such Schedules as Services
to be provided by members of the PNX Group. 
 (b) Except as otherwise provided herein, for the Term hereof, Spinco and other members of the
Spinco Group shall provide to PNX and the other members of the PNX Group, and shall cause the other applicable members of the Spinco Group to provide or cause to be provided to PNX and the other members of the PNX Group, the Services described in
the Transition Service Schedule(s) attached hereto identified on such Schedules as Services to be provided by members of the Spinco Group. 
 (c) The Service(s) described on a single Transition Service Schedule shall be referred to herein as a “Service.” Collectively, the services described on all the Transition Service Schedules shall be referred to herein as
the “Services.” PNX and Spinco shall cause the members of their respective Groups to, if applicable, comply with the terms and conditions set forth in this Agreement or in the Transition Services Schedules. 
  

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 Section 3.02. Service Levels. Except as otherwise provided in a Transition Service Schedule
for a specific service: (i) the Service Provider shall provide the Services only to the extent such Services are being provided immediately prior to the Distribution Date and at a level of service substantially similar to that provided
immediately prior to the Distribution Date and (ii) the Services will be available only for purposes of conducting the business of the Service Recipient substantially in the manner it was conducted prior to the Effective Time; provided,
however, that nothing in this Agreement will require a Party to favor the other Party over its other business operations. Except as otherwise provided in a Transition Service Schedule in respect of a specific Service, each Party will not be
entitled to any new service. 
 Section 3.03. Impracticability. A Service Provider shall not be required to provide any Service
to the extent the performance of such Service becomes impracticable as a result of a cause or causes outside the reasonable control of the Service Provider, including unfeasible technological requirements, or to the extent the performance of such
Services would require the Service Provider to violate any Applicable Law, or would result in the breach of any license, Governmental Authorization or Contract (an “Impracticability”). 
 Section 3.04. Additional Resources. In accordance with Section 7.07 below and except as specifically provided in a Transition Service
Schedule for a specific Service, in providing the Services, a Service Provider shall not be obligated to: (i) hire any additional employees; (ii) maintain the employment of any specific employee; (iii) purchase, lease or license any
additional facilities, equipment or software; or (iv) pay any costs related to the transfer or conversion of the Service Recipient’s data to the Service Provider or any alternate supplier of Services. 
 ARTICLE IV 
 OPERATING COMMITTEE 
 Section 4.01. Organization. The Parties shall create an operating committee (the “Operating Committee”) and shall each
appoint one (1) employee to the Operating Committee for the Term. The Operating Committee will oversee the implementation and application of this Agreement and shall at all times reasonably and in good faith attempt to resolve any dispute
between the Parties. Each of the Parties shall have the right to change its Operating Committee member at any time with employees of comparable knowledge, expertise and decision-making authority. 
 Section 4.02. Decision Making. All Operating Committee decisions shall be taken unanimously. If the Operating Committee fails to make a
decision, resolve a dispute, agree upon any necessary action, or if a Party so requests, in the event of a material breach of this Agreement, a senior officer of PNX and a senior officer of Spinco, neither of whom shall have any direct oversight or
responsibility for the subject matter in dispute, shall attempt within a period of fourteen (14) days to conclusively resolve any such unresolved issue. 
  

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 Section 4.03. Meetings. During the Term, the Operating Committee members shall meet, in
person or via teleconference, at least once in each week during the first six (6) months and thereafter on a monthly basis, or less frequently if agreed by the members of the Operating Committee. In addition, the Operating Committee shall meet
as often as necessary in order to promptly resolve any disputes submitted to it by any representative of either Party. 
 ARTICLE V

 TERM 
 The term of this
Agreement shall commence on the Distribution Date and end twelve (12) months following the Distribution Date, unless earlier terminated under Article VIII or extended as hereinafter provided (the “Term”). Each Party shall have
the right to extend the term of the agreement for a renewal term of three months upon written notice to the other Party no later than thirty (30) days prior to the expiration of the initial term (the last day of the initial term or renewal
term, as applicable, the “Expiration Date”). Under certain circumstances and for certain Services, as specified in the applicable Transition Service Schedule, each Party shall have the right to extend the term of the agreement for a
second renewal term of three (3) additional months. The Parties may agree on an earlier expiration date respecting a specific Service by specifying such date on the Transition Service Schedule for that Service. Services shall be provided up to
and including the date set forth in the applicable Transition Service Schedule, subject to earlier termination as provided in Article VIII. It shall be the sole responsibility of the Service Recipient, upon and after expiration or early termination
of this Agreement with respect to a specific Service, to perform, render and provide for itself (or to make arrangements with one or more Third Party service providers to perform, render and provide) such Service, and to do all necessary planning
and make all necessary preparations in connection therewith. 
 ARTICLE VI 
 COMPENSATION 
 Section 6.01. Charges for Services. The Service Recipient
shall pay the Service Provider the charges, if any, set forth on the Transition Service Schedules for each of the Services listed therein as adjusted, from time to time, in accordance with the processes and procedures established under
Section 7.01 hereof, or, if no such charges are specifically indicated otherwise on a Transition Service Schedule, the Fair Market Value of the Services. If there is any inconsistency between the Transition Service Schedule and this
Section 6.01, the terms of the Transition Service Schedule shall govern. The Parties also intend, having regard to the reciprocal and transitional nature of this Agreement and other factors, for charges to be easy to administer and justify;
and, therefore, they hereby acknowledge that it may be counterproductive to try to recover every cost, charge or expense, particularly those that are insignificant or de minimis. 
 Section 6.02. Payment Terms. Except as otherwise specified in a Transition Service Schedule, the Service Provider shall invoice the Service
Recipient monthly (or on such other basis as the Parties may mutually determine) for all charges pursuant to this Agreement. Such invoices shall specify the Services provided to the Service Recipient during the preceding month and identifying the
Service fee applicable to each Service so specified, and shall be accompanied by reasonable documentation or other reasonable explanations supporting such 

  

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charges. Except as otherwise specified in a Transition Service Schedule, the Service Recipient shall pay, net of applicable withholding tax, if any, the
Service Provider for all Services provided hereunder within thirty (30) days after receipt of an invoice therefor by wire transfer of immediately available funds to the account designated by the Service Provider for this purpose. Late payments
shall bear interest at a rate per annum equal to the Prime Rate plus 2.0%, calculated for the actual number of days elapsed, accrued from and excluding the date on which such payment was due up to and including the date of payment. 
 Section 6.03. Taxes. The fees and charges payable by the Service Recipient under this Agreement and set forth on the Transition Service
Schedules shall be exclusive of any Sales Taxes or excise taxes or any customs or import charges or duties or any similar charges or duties which may be imposed by any Governmental Authority in connection with the purchase or delivery of the
Services or materials to the Service Recipient. The Service Recipient shall remit to the Service Provider any Sales Taxes properly payable to the Service Provider pursuant to this Agreement. Applicable Sales Taxes shall be indicated by the Service
Provider separately on all of the Service Provider’s invoices. The Parties shall co-operate with each other to minimize any applicable Sales Taxes and each shall provide the other with any reasonable certificates or documents which are useful
for such purpose. 
 Section 6.04. Performance under Ancillary Agreements. Notwithstanding anything to the contrary contained
herein, the Service Recipient shall not be charged under this Agreement for any obligations that are specifically required to be performed under the Separation Agreement or any other Ancillary Agreement; and any such other obligations shall be
performed and charged for (if applicable) in accordance with the terms of the Separation Agreement or such other Ancillary Agreement. 
 Section 6.05. Error Correction; True-up; Accounting. The Parties shall agree to develop, through the Operating Committee or otherwise, mutually acceptable reasonable processes and procedures for conducting internal audits and
making adjustments to charges as a result of the movement of employees and functions between the Parties, the discovery of errors or omissions in charges, as well as a true-up of amounts owed. In no event shall such processes and procedures extend
beyond eighteen (18) months after completion of a Service. 
 ARTICLE VII 
 GENERAL OBLIGATIONS 
 Section 7.01. Performance Metrics. Subject to
Sections 3.02 to 3.04 and any other terms and conditions of this Agreement, each Party shall maintain, and shall cause the relevant other members of its respective Group to maintain, sufficient resources to perform their obligations hereunder.
Specific performance metrics for each Party for a specific Service may be set forth in the corresponding Transition Service Schedule. Where none is set forth, each Party and the other relevant members of its respective Group shall use Commercially
Reasonable Efforts to provide Services, or to cause the Services to be provided, in accordance with the policies, procedures, service levels and practices in effect before the Distribution Date and shall exercise the same care and skill as each
Party exercises in performing similar services for itself or for the other members of its respective Group. To the extent within the possession and control of a Service Recipient, such Service Recipient shall provide, and shall cause the other
relevant 

  

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members of its respective Group to provide, the Service Provider with information and documentation sufficient for the Service Provider and the other
relevant members of its respective Group to perform the Services they are obligated to perform hereunder as they were performed before the Distribution Date and shall make available, as reasonably requested by the Service Provider, sufficient
resources and timely decisions, approvals and acceptances in order that the Service Provider may perform its obligations hereunder in a timely manner. 
 Section 7.02. Disclaimer of Warranties. Except as expressly provided in this Agreement, no Party makes any warranties or conditions, express, implied, conventional or statutory, including but not limited
to, the implied warranties or conditions of merchantability, of quality or fitness for a particular purpose, with respect to the Services or other items or deliverables provided by it or any other member of its respective Group hereunder or any
transactions contemplated herein. 
 Section 7.03. Transitional Nature of Services; Changes. The Parties acknowledge the
transitional nature of the Services and that a Service Provider may make changes from time to time in the manner of performing the Services if the Service Provider is making similar changes in performing similar services for itself and if the
Service Provider provides to the Service Recipient reasonable notice of the circumstances regarding such changes. 
 Section 7.04.
Responsibilities for Errors; Changes. Except as set forth in Article XIV and in the case of Service Provider’s gross negligence, bad faith or willful misconduct, the Service Provider’s sole responsibility to the Service Recipient:

 (a) for material errors or omissions in Services, shall be to furnish correct information, payment and/or adjustment in the Services, at no
additional cost or expense to the Service Recipient; provided that the Service Provider must promptly advise the Service Recipient of any such material error or omission of which it becomes aware; and 
 (b) for failure to deliver any Service because of Impracticability, shall be to use Commercially Reasonable Efforts, subject to Section 3.03, to
make the Services available or to resume performing the Services as promptly as reasonably practicable. 
 Section 7.05. Cooperation
and Consents. The Parties shall, and shall cause the other relevant members of their respective Groups to, cooperate with each other in all matters relating to the provision and receipt of Services. Such cooperation shall include exchanging
information, performing true-ups and adjustments, and obtaining all Third Party Consents, licenses or sublicenses necessary to permit each Party to perform its obligations hereunder (including by way of example, not by way of limitation, rights to
use Third Party software needed for the performance of Services). Pursuant to Section 11.03, the costs of obtaining such Third Party Consents, licenses or sublicenses shall be borne by the Service Recipient. The Parties shall maintain, and
shall cause the other relevant members of their respective Groups to maintain, in accordance with its standard document retention procedures, documentation supporting the information relevant to cost calculations contained in the Transition Service
Schedules. 
  

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 With respect to those Services that, in the reasonable opinion of a Service Recipient, relate to matters
of internal control over financial reporting and with respect to which such Service Recipient reasonably believes testing of certain key controls maintained by the Service Provider is necessary in order to permit such Service Recipient’s
management to perform an adequate assessment of internal control over financial reporting (and to permit its auditors or internal auditors to audit its internal control over financial reporting), upon request by such Service Recipient no later than
sixty (60) days before the end of a calendar year where such management assessment and related audit of its internal control over financial reporting is actually required for SEC reporting, the Service Provider and such Service Recipient shall
jointly identify key controls over financial reporting maintained by the Service Provider. The Service Provider will provide such Service Recipient’s external and internal auditors access to information, systems and those individuals
responsible for execution of any key controls maintained by the Service Provider so as to enable the independent auditors or internal auditors to determine such controls over the practices and procedures relating to the Service Provider’s
performance of such Services under this Agreement are in effect. The Service Provider will, and will use Commercially Reasonable Efforts to cause its external and internal auditors to, provide information to such Service Recipient and the Service
Recipient’s external and internal auditors in order to allow such Service Recipient or the Service Recipient’s internal and external auditors to perform procedures with respect to key controls which must be tested as part of such Service
Recipient’s management assessment process and required by generally accepted auditing standards, including, without limitation, PCAOB auditing standards, and by Section 404 of the Sarbanes-Oxley Act of 2002 and the rules promulgated and
guidance issued thereunder. All expenditures incurred by a Service Provider in performing its obligations under this paragraph shall be payable by the Service Recipient. 
 Section 7.06. Alternatives. If the Service Provider reasonably believes it is unable to provide any Service because of a failure to obtain necessary Consents, licenses or sublicenses pursuant to
Section 7.05 or because of Impracticability, the Parties shall reasonably and in good faith cooperate to determine the best alternative approach. Until such alternative approach is found or the problem otherwise resolved to the reasonable
satisfaction of the Parties, the Service Provider shall use Commercially Reasonable Efforts subject to Sections 3.02, 3.03 and 3.04, to continue providing the Service. To the extent an agreed upon alternative approach requires the occurrence of
costs or expenditures above and beyond that which is included in the Service Provider’s charge for the Service in question, such additional costs and expenditures shall be discussed between the Parties and, unless otherwise agreed, be borne by
the Service Recipient. 
 Section 7.07. Personnel. 
 (a) Right to designate and change personnel. The Service Provider will have the right to designate which personnel it will assign to perform the Services. The Service Provider also will have the right to remove
and replace any such personnel at any time or designate any of its Affiliates or a Subcontractor at any time to perform the Services, subject to the provisions of Article X; provided, however, that the Service Provider will use
Commercially Reasonable Efforts to limit the disruption to the Service Recipient in the transition of the Services to different personnel or to a Subcontractor. In the event that personnel with the designated level of experience are not then
employed by the Service Provider, the Service 

  

 10 

 
Provider will use Commercially Reasonable Efforts to provide such personnel or Subcontractor personnel having an adequate level of experience;
provided, however, that the Service Provider will have no obligation to retain any individual employee for the sole purpose of providing the applicable Services. 
 (b) Financial Responsibility. The Service Provider will pay for all personnel expenses, including wages, of its employees performing the Services.

 (c) Service Managers and Chief Representatives. During the Term of this Agreement, each Party will appoint (i) one of its
employees (the “Service Manager”) who will have overall responsibility for managing and coordinating the delivery of the Services and who shall serve as such Party’s representative on the Operating Committee and (ii) one
of its employees for each service as indicated in each Transition Service Schedule (the “Chief Representative”). The Service Manager and the Chief Representatives will coordinate and consult with the Service Recipient. The Service
Provider may, at its discretion, select other individuals to serve in these capacities during the Term of this Agreement upon providing notice to the other Party. For greater certainty, a Chief Representative may serve as such in respect of one or
more Transition Service Schedules. 
 Section 7.08. Insurance. Each Party shall obtain and maintain at its own expense insurance
of the type generally maintained in the ordinary course of its business. Except as otherwise specified in a Transition Service Schedule, the Service Provider shall not be required to obtain and maintain any particular insurance in relation to
providing any Service. 
 ARTICLE VIII 
 TERMINATION 
 Section 8.01. Termination. The Service Recipient may terminate any Service, with or without cause, at any
time upon at least sixty (60) days prior notice to the Service Provider. As soon as reasonably practicable following receipt of any such notice, the Service Provider shall advise the Service Recipient as to whether termination of such Service
will (a) require the termination or partial termination of, or otherwise affect the provision of, certain other Services, or (b) result in any early termination costs, including those related to Subcontractors. In the event that such
termination is expected by the Service Provider to result in any early termination costs, the Service Provider will provide to the Service Recipient such information as it has reasonably available regarding the estimated amount of such costs, which
in the case of a Subcontractor may be based upon information provided by such Subcontractor. Any early termination costs shall be borne by the Service Recipient as set forth in Section 8.03. If either will be the case, the Service Recipient may
withdraw its termination notice within five (5) Business Days. If the Service Recipient does not withdraw the termination notice within such period, such termination will occur in accordance with the original notice. 
 In addition, the Parties agree that either Party may terminate this Agreement (and the corresponding Transition Service Schedule) with respect to a
specific Service upon providing notice to the other Party in the event that an Event of Default occurs in relation to such other Party, and such termination shall take effect immediately upon the non-defaulting Party providing such notice to the
other (except as otherwise specified in clause (d) below). 
  

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 For the purposes of this Agreement, each of the following shall individually and collectively constitute
an “Event of Default”: 
 (a) in relation to the Service Recipient, if the Service Recipient defaults in payment to the
Service Provider of any payments which are due and payable by it to the Service Provider pursuant to this Agreement, and such default is not cured within thirty (30) days following receipt by the Service Recipient of notice of such default;

 (b) in relation to the Service Provider, if the Service Provider defaults in payment to the Service Recipient of any payments which are
due and payable by it to the Service Recipient pursuant to this Agreement (if any), and such default is not cured within thirty (30) days following receipt by the Service Provider of notice of such default; 
 (c) either Party breaches any of its material obligations to the other Party pursuant to this Agreement (other than as set out in paragraphs (a) and
(b) above), and fails to cure it within thirty (30) days after receipt of notice from the non-defaulting Party specifying the default in reasonable detail and demanding that it be rectified, provided that if such breach is not
capable of being cured within thirty (30) days after receipt of such notice and the Party in default has diligently pursued efforts to cure the default within the thirty (30) day period, no Event of Default under this paragraph
(c) shall occur; 
 (d) either Party (i) is bankrupt or insolvent or takes the benefit of any statute in force for bankrupt or
insolvent debtors, or (ii) files a proposal or takes any action or proceeding before any court of competent jurisdiction for its dissolution, winding-up or liquidation, or for the liquidation of its assets, or a receiver is appointed in respect
of its assets, which order, filing or appointment is not rescinded within sixty (60) days. 
 Section 8.02. Survival.
Notwithstanding the foregoing, in the event of any termination or expiration with respect to one or more Services, but less than all Services, this Agreement shall continue in full force and effect with respect to any Services not terminated or
expired. 
 Section 8.03. Payment. Immediately following the Expiration Date, the Service Provider shall cease, or cause the
other members of the Group to which it belongs, or its Subcontractors to cease, providing the Services, and the Service Recipient shall promptly pay or cause the other members of the Group to which it belongs, to promptly pay all fees accrued
pursuant to Article VI but unpaid to the Service Provider; provided, however, that in case of earlier termination without cause, the Service Recipient shall in accordance with Section 8.01 above reimburse the Service Provider only
to the extent of the reasonable termination costs actually incurred by the Service Provider resulting from the Service Recipient’s early termination of such Services, including those owed to Subcontractors. The Service Provider will use
Commercially Reasonable Efforts to mitigate any such termination costs. 
 Section 8.04. User ID; Passwords. The Parties shall
use Commercially Reasonable Efforts upon the termination or expiration of this Agreement or of any specific Service hereto to ensure that access by one Party to the other Party’s systems is cancelled. 
  

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 ARTICLE IX 
 RELATIONSHIP BETWEEN THE PARTIES 
 The Service Provider is and will remain at all times an independent
contractor in the performance of all Services hereunder. In all matters relating to this Agreement, the Service Provider will be solely responsible for the acts of its employees and agents, and employees or agents of the Service Provider shall not
be considered employees or agents of the Service Recipient. Except as otherwise provided herein, the Service Provider will not have any right, power or authority to create any obligation, express or implied, on behalf of the Service Recipient nor
shall the Service Provider act or represent or hold itself out as having authority to act as an agent or partner of the Service Recipient, or in any way bind or commit the Service Recipient to any obligations. Nothing in this Agreement is intended
to create or constitute a joint venture, partnership, agency, trust or other association of any kind between the Parties or Persons referred to herein, and each Party shall be responsible only for its respective obligations as set forth in this
Agreement. Neither the Service Provider nor its employees shall be considered an employee or agent of the Service Recipient for any purpose, except as expressly agreed by the Parties. The Service Provider shall have sole responsibility for the
supervision, daily direction and control, payment of salary (including withholding of income taxes and deductions at source), worker’s compensation, disability benefits and the like of its employees. 
 ARTICLE X 
 SUBCONTRACTORS 
 Section 10.01. Subcontractors. The Service Provider may, subject to Section 10.02, engage a “Subcontractor” to perform all or
any portion of the Service Provider’s duties under this Agreement, provided that any such Subcontractor agrees in writing to be bound by confidentiality obligations at least as protective as the terms of Section 11.04 of the
Separation Agreement regarding confidentiality and non-use of information, and provided further that the Service Provider remains responsible for the performance of such Subcontractor and for paying the Subcontractor. As used in this
Agreement, “Subcontractor” will mean any Person or entity engaged to perform hereunder, other than employees of the Service Provider or its Affiliates. 
 Section 10.02. Assignment. In the event of any subcontracting by the Service Provider to a non-Affiliate of the Service Provider of all or any portion of the Service Provider’s duties under this
Agreement, the Service Provider shall assign and transfer to the Service Recipient the full benefit of all such non-Affiliate subcontractor’s performance covenants, guarantees, warranties or indemnities (if any), to the extent same are
transferable or assignable, in respect of the portion of the Services provided to the Service Recipient pursuant to such subcontracting; and if any such guarantees, warranties, indemnities and benefits are not assignable, the Service Provider shall
use Commercially Reasonable Efforts to procure the benefit of same for the Service Recipient through other legal permissible means. The Service Provider will also reasonably endeavor to permit the assignment of any Subcontractor engagement to a
Service Recipient or its Affiliates at the request of the Service Recipient upon termination of Service hereunder. 
  

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 ARTICLE XI 
 INTELLECTUAL PROPERTY 
 Section 11.01. Allocation of Rights by Ancillary Agreements. This
Agreement and the performance of this Agreement will not affect the ownership of any patent, trademark or copyright or other intellectual property rights allocated in the Separation Agreement or any of the Ancillary Agreements. 
 Section 11.02. Existing Ownership Rights Unaffected. Neither Party will gain, by virtue of this Agreement, any rights of ownership of
copyrights, patents, trade secrets, trademarks or any other intellectual property rights owned by the other. 
 The Service Recipient agrees
to reimburse the Service Provider for any reasonable out-of-pocket expenses arising out of the obligations under this Section 11.02. The Service Provider hereby waives, and shall cause its employees to waive, the whole of its and their rights
to any copyright material developed under this Agreement. 
 Section 11.03. Third Party Software. In addition to the
consideration set forth elsewhere in this Agreement, the Service Recipient shall also pay any amounts (and applicable Sales Taxes) that are required to be paid to any licensors of software that is used by the Service Provider (other than as a part
of its normal operations), to the extent that such software is used in connection with the provision of any Service hereunder, and any amounts (and applicable Sales Taxes) that are required to be paid by the Service Provider to any such licensors to
obtain the Consent of such licensors to allow the Service Provider to provide any of the Services hereunder. Subject to the immediately preceding sentence and to the terms of the Separation Agreement, the Service Provider will use Commercially
Reasonable Efforts to obtain any Consent that may be required from such licensors in order to provide any of the transition Services hereunder. 
 Section 11.04. Termination of Licenses. Any license granted hereunder by the Service Provider shall terminate ipso facto upon the expiration or early termination of this Agreement. 
 ARTICLE XII 
 NO OBLIGATION 
 Neither Party assumes any responsibility or obligation whatsoever, other than the responsibilities and obligations expressly set forth in this Agreement
(including the exhibits and schedules hereto), in the Separation Agreement or in a separate written agreement between the Parties. 
 ARTICLE
XIII 
 CONFIDENTIALITY 
 Section 13.01. Confidentiality. The terms of the Confidentiality provisions set forth in Article XI of the Separation Agreement shall apply to all confidential information disclosed in the course of the Parties’
interactions under this Agreement. This Article XIII of the Agreement sets out additional requirements regarding confidential information for the purposes of this Agreement. 
  

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 Section 13.02. Confidential Information. The term “Confidential Information”
means all business or operational information concerning a Service Recipient (including (i) earnings reports and forecasts, (ii) macro-economic reports and forecasts, (iii) business and strategic plans, (iv) general market
evaluations and surveys, (v) litigation presentations and risk assessments, (vi) budgets, (vii) financing and credit-related information, (viii) specifications, ideas and concepts for products and services, (ix) quality
assurance policies, procedures and specifications, (x) customer information, (xi) Software, (xii) training materials and information, and (xiii) all other know-how, methodology, procedures, techniques and trade secrets related to
design, development and operational processes) which, prior to or following the Effective Time, has been disclosed by such Service Recipient to the Service Provider, in written, oral (including by recording), electronic, or visual form to, or
otherwise has come into the possession of, the Service Provider (except to the extent that such information can be shown to have been (i) in the public domain through no action of the Service Provider, (ii) lawfully acquired from other
sources by the Service Provider to which it was furnished or (iii) independently developed by the Service Provider; provided, however, in the case of clause (ii) that, to the knowledge of the Service Provider, such sources
did not provide such information in breach of any confidentiality obligations). 
 Section 13.03. Permitted Purpose. The term
“Permitted Purpose” means the provision of a Service by the Service Provider to the Service Recipient under this Agreement. 
 Section 13.04. Disclosure. The Service Provider may use Confidential Information in connection with a Permitted Purpose, provided that for purposes of this Agreement, Confidential Information shall not be used by the
Service Provider for any purpose other than a Permitted Purpose or in any way that is detrimental to the Service Recipient. In particular, 
 (a) the Service Provider shall not disclose any Confidential Information to any employee of the Service Provider who does not have a need to know such Confidential Information in order to perform the Permitted Purpose; and 
 (b) the Service Provider shall not use the Confidential Information other than for such purposes as shall be expressly permitted under this Agreement.

 Section 13.05. Custody. The Confidential Information, including any derivative documents prepared by the Service Provider,
will be held in safe custody and kept confidential on the terms set forth in this Agreement. Each employee of the Service Provider who is authorized to have or be aware of Confidential Information will store that information in his possession in
separate paper and/or electronic files. 
 Section 13.06. Expiration of Confidentiality Provisions. The obligations of the
Parties under this Article XIII shall survive the expiration or earlier termination of this Agreement; provided, however, that in any event, the obligations of the Parties under this Article XIII shall expire on the fifth anniversary
of the expiration or earlier termination of this Agreement. 
  

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 ARTICLE XIV 
 LIMITATION OF LIABILITY AND INDEMNIFICATION 
 Section 14.01. Indemnification. PNX shall
indemnify, defend and hold harmless Spinco, each other member of the Spinco Group and each of their respective directors, officers and employees, and each of the heirs, executors, trustees, administrators, successors and assignors of any of the
foregoing (collectively, the “Spinco Indemnified Parties”), from and against any and all Liabilities of the Spinco Indemnified Parties incurred by, borne by or asserted against any of them relating to, arising out of or resulting
from any of the following items (without duplication): 
 (a) the breach or the failure of performance by PNX of any of the covenants,
promises, undertakings or agreements which it is obligated to perform under this Agreement; 
 (b) death of or injury of any person
whomsoever, including but not limited to directors, officers, employees, servants or agents of Spinco, of another member of the Spinco Group or contractors, resulting from the acts or omissions of PNX or its Affiliates under or in connection with
this Agreement, to the extent that such Liabilities are not covered by worker’s compensation; 
 (c) loss of, or damage to, or
destruction of any property whatsoever, including without limitation, property of Spinco or of another member of the Spinco Group, resulting from the acts or omissions of PNX or its Affiliates under or in connection with this Agreement, to the
extent such liabilities are not covered by insurance; or 
 (d) any claim or assertion that the execution or performance by Spinco of its
obligations under this Agreement violates or interferes with any contractual or other right or obligation or relationship of PNX to or with any other Person, 
 caused by, arising out of, or in any way related to this Agreement, but subject however to the limitations of liability provided in Section 14.02 of this Agreement. 
 Spinco shall indemnify, defend and hold harmless PNX, each other member of the PNX Group and each of their respective directors, officers and employees,
and each of the heirs, executors, trustees, administrators, successors and assignors of any of the foregoing (collectively, the “PNX Indemnified Parties”), from and against any and all Liabilities of the PNX Indemnified Parties
incurred by, borne by or asserted against any of them relating to, arising out of or resulting from any of the following items (without duplication): 
 (a) the breach or the failure of performance by Spinco of any of the covenants, promises, undertakings or agreements which it is obligated to perform under this Agreement; 
 (b) death of or injury of any person whomsoever, including but not limited to directors, officers, employees, servants or agents of PNX, of another
member of the PNX Group or contractors, resulting from the acts or omissions of Spinco or its Affiliates under or in connection with this Agreement, to the extent that such Liabilities are not covered by worker’s compensation; 
  

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 (c) loss of, or damage to, or destruction of any property whatsoever, including without limitation,
property of PNX or of another member of the PNX Group, resulting from the acts or omissions of Spinco or its Affiliates under or in connection with this Agreement, to the extent such liabilities are not covered by insurance; or 
 (d) any claim or assertion that the execution or performance by PNX of its obligations under this Agreement violates or interferes with any contractual
or other right or obligation or relationship of Spinco to or with any other Person, 
 caused by, arising out of, or in any way related to this Agreement,
but subject however to the limitations of liability provided in Section 14.02 of this Agreement. 
 Section 14.02. Limitation of
Liability. Notwithstanding the provisions of Section 14.01, the total aggregate liability of a Party to the other Party for all events, acts or omissions of such Party under or in connection with this Agreement or the Services provided by
such Party hereunder, whether based on an action or claim in contract, warranty, equity, negligence, tort or otherwise, shall not exceed an amount equal to the value of the Services payable by such Party to the other Party under this Agreement;
provided that the foregoing limit shall not apply with respect to any liability arising out of or relating to such Party’s gross negligence or willful misconduct or the gross negligence or willful misconduct of its personnel,
contractors, subcontractors or agents or other Persons for which it is responsible under Applicable Law. 
 In no event shall any member of
the PNX Group or the Spinco Group be liable to any member of the other Group for any special, consequential, indirect, collateral, incidental or punitive damages, lost profits, or failure to realize expected savings, or other commercial or economic
loss of any kind, however caused and on any theory of liability (including negligence), arising in any way out of this Agreement, whether or not such Person has been advised for the possibility of any such damages; provided, however,
that the foregoing limitations shall not limit either Party’s indemnification obligations for liabilities to with respect to Third Party Claims as set forth in Article VI of the Separation Agreement. 
 Section 14.03. Provisions Applicable with respect to Indemnification Obligations. Article VI of the Separation Agreement shall apply
mutatis mutandis with respect to any Liability subject to indemnification or reimbursement pursuant to Article XIV of this Agreement. 
 Section 14.04. Survival. The rights and obligations of the Parties under this Article XIV shall survive the expiration or earlier termination of this Agreement. 
 ARTICLE XV 
 DISPUTE RESOLUTION 
 The Separation Agreement with respect to Dispute Resolution, effective as of the Effective Time, among the Parties and other parties thereto shall govern
all disputes, controversies or claims (whether arising in contract, delict, tort or otherwise) between the Parties that may arise out of, or relate to, or arise under or in connection with, this Agreement or the transactions contemplated hereby
(including all actions taken in furtherance of the transactions contemplated hereby), or the commercial or economic relationship of the Parties relating hereto or thereto. 
  

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 ARTICLE XVI 
 ASSIGNMENT 
 Section 16.01. Prohibition of Assignment. Neither Party shall assign or transfer
this Agreement, in whole or in part, or any interest or obligation arising under this Agreement except as permitted by Section 7.07(a), Article X and Section 16.02, without the prior written consent of the other Party. 
 Section 16.02. Assignment to the PNX Group. PNX may elect to have one or more of the members of the PNX Group assume the rights and
obligations of PNX under this Agreement. 
 ARTICLE XVII 
 MISCELLANEOUS 
 Section 17.01. Notices. All notices and other communications hereunder shall be
given in the manner set forth in Section 13.02 of the Separation Agreement. 
 Section 17.02. Governing Law. This Agreement
shall be construed in accordance with, and governed by, the laws of the State of Connecticut, without regard to the conflicts of law rules of such state. 
 Section 17.03. Judgment Currency. The obligations of a Party to make payments hereunder shall not be discharged by an amount paid in any currency other than Dollars, whether pursuant to a court order or
judgment or arbitral award or otherwise, to the extent that the amount so paid upon conversion to Dollars and transferred to an account indicated by the Party to receive such funds under normal banking procedures does not yield the amount of Dollars
due; and each Party hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify each other Party against, and to pay to such Party on demand, in Dollars, any difference between the sum originally due in Dollars and
the amount of Dollars received upon any such conversion and transfer. 
 Section 17.04. Entire Agreement. This Agreement, the
other Ancillary Agreements, the Separation Agreement and exhibits, schedules and appendices hereto, including the Transition Services Schedules, and thereto and the specific agreements contemplated herein or thereby, contain the entire agreement
between the Parties with respect to the subject matter hereof and supersedes all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter. No agreements or
understandings exist between the Parties other than those set forth or referred to herein or therein. 
 Section 17.05.
Conflicts. In case of any conflict or inconsistency between this Agreement and the Separation Agreement, this Agreement shall prevail. In case of any conflict or inconsistency between the terms and conditions of this Agreement (excluding, for
the purpose of this Section 17.05, any Transition Service Schedule thereto) and the terms of any Transition Service Schedule, the provisions of the Transition Service Schedule shall prevail. 
  

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 Section 17.06. Force Majeure. No Party shall be deemed in default of this Agreement to the
extent that any delay or failure in the performance of its obligations under this Agreement results from superior force (“Force Majeure”) or any act, occurrence or omission beyond its reasonable control and without its fault or
negligence, such as fires, explosions, accidents, strikes, lockouts or labor disturbances, floods, droughts, earthquakes, epidemics, seizures of cargo, wars (whether or not declared), civil commotion, acts of God or the public enemy, action of any
government, legislature, court or other Governmental Authority, action by any authority, representative or organization exercising or claiming to exercise powers of a government or Governmental Authority, compliance with Applicable Law, blockades,
power failures or curtailments, inadequacy or shortages or curtailments or cessation of supplies of raw materials or other supplies, failure or breakdown of equipment of facilities or, in the case of computer systems, any failure in electrical or
air conditioning equipment (a “Force Majeure Event”). If a Force Majeure Event has occurred and its effects are continuing, then, upon notice by the Party who is delayed or prevented from performing its obligations to the other
Party, (i) the affected provisions or other requirements of this Agreement shall be suspended to the extent necessary during the period of such disability, (ii) the Party which is delayed or prevented from performing its obligations by a
Force Majeure Event shall have the right to apportion its Services in an equitable manner to all users and (iii) such Party shall have no liability to the other Party or any other Person in connection therewith. The Party which is delayed or
prevented from performing its obligations by the Force Majeure Event shall resume full performance of this Agreement as soon as reasonably practicable following the cessation of the Force Majeure Event (or the consequences thereof). 
 Section 17.07. Amendment and Waiver. This Agreement may not be altered or amended, nor may any rights hereunder be waived, except by an
instrument in writing executed by the Parties. No waiver of any terms, provision or condition of or failure to exercise or delay in exercising any rights or remedies under this Agreement, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such term, provision, condition, right or remedy or as a waiver of any other term, provision or condition of this Agreement. 
 Section 17.08. Further Assurances. Each Party agrees to use Commercially Reasonable Efforts to execute any and all documents and to perform
such other acts as may be necessary or expedient to further the purposes of this Agreement and the relations contemplated hereby. Without limiting the foregoing and the provisions of the Separation Agreement, each Party shall make available during
normal business hours for inspection and copying by the other Party and such other Persons as the other Party shall designate in writing, all books and records in the possession which relate to the Services and which are necessary to confirm the
said Party’s compliance with its obligations under this Agreement. 
 Section 17.09. Severability. The provisions of this
Agreement are severable and should any provision hereof be void, voidable or unenforceable under any applicable law, such provision shall not affect or invalidate any other provision of this Agreement, which shall continue to govern the relative
rights and duties of the Parties as though such void, voidable or unenforceable provision were not a part hereof. 
  

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 Section 17.10. Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original instrument, but all of which together shall constitute but one and the same Agreement. 
 [Signatures
appear on following page.] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year
first above written. 
  

			
	THE PHOENIX COMPANIES, INC.
		
	By:	 	 /s/ Peter A. Hofmann

	Name:	 	Peter A. Hofmann
	Title:	 	Chief Financial Officer
	
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	 /s/ George R. Aylward, Jr.

	Name:	 	George R. Aylward, Jr.
	Title	 	President

 [Signature Page – Transition Services Agreement]Tax Separation Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 TAX SEPARATION AGREEMENT 
 This TAX SEPARATION AGREEMENT is dated as of December 18, 2008, by and between The Phoenix Companies, Inc. (“PNX”), a Delaware
corporation, and Virtus Investment Partners, Inc. (“Spinco”), a Delaware corporation. 
 WHEREAS, as of the date hereof, PNX
is the common parent of an affiliated group of domestic corporations within the meaning of Section 1504(a) of the Code, and the members of the affiliated group have heretofore joined in filing consolidated federal income Tax returns (the
“Affiliated Group”); 
 WHEREAS, Phoenix Investment Management Company (“PIMCO”), a Delaware corporation,
is a direct wholly-owned subsidiary of PNX; 
 WHEREAS, Spinco has entered into an Investment Agreement (as defined herein), pursuant to
which, among other things, (i) PIMCO contributed (the “Contribution”) all of the issued and outstanding shares of common stock, par value $0.01 per share, of Virtus Partners, Inc. (formerly known as Virtus Investment Partners,
Inc.) that PIMCO held to Spinco in exchange for (x) all of the shares of common stock, par value $0.01, of Spinco (the “Spinco Common Stock”), (y) 9,783 shares of Series A Non-Voting Convertible Preferred Stock of Spinco
(the “Series A Preferred Stock”), all of which was sold to the Investor (as defined herein) subject to the terms and conditions of the Investment Agreement, and (z) 35,217 shares of Series B Voting Convertible Preferred Stock
of Spinco (the “Series B Preferred Stock”) and (ii) PIMCO will, after such Contribution and immediately after the Distribution (as defined herein), subject to the terms and conditions of the Investment Agreement, sell to the
Investor all of the Series B Preferred Stock owned by PIMCO and exchange all shares of the Series A Preferred Stock previously delivered to Harris with the same number of shares of the Series B Preferred Stock in a two-step transaction for an
aggregate purchase price of $35 million. 
 WHEREAS, for United States federal income tax purposes, it is intended that the Contribution and
the issuance and sale of the Spinco Common Stock, Series A Preferred Stock and Series B Preferred Stock will not qualify as tax-free under Section 351 of the Code; 
 WHEREAS, PNX and Virtus have entered into a Separation Agreement (as defined herein) whereby, subject to the terms and conditions thereof, PNX will, after the contribution by PIMCO of all of the outstanding shares of
Spinco to PNX in accordance with the Separation Agreement, including the transfer of all the assets and liabilities of the Spinco Business (as defined herein) and subject to the terms and conditions of the Separation Agreement, distribute (the
“Distribution”) to PNX’s stockholders all the shares of Spinco Common Stock; 
 WHEREAS, prior to the Distribution, PNX
intends to cause Spinco to distribute Goodwin Capital Advisers, Inc. to PNX (the “Internal Distribution”). For all purposes of this Tax Separation Agreement, Goodwin Capital Advisers, Inc. shall be treated as a subsidiary of PNX,
and not a subsidiary of Spinco; and 
 WHEREAS, as a result of the Distribution, the Parties desire to enter into this Tax Separation
Agreement to provide for certain Tax matters, including the assignment of responsibility for the preparation and filing of Tax Returns, the payment of and indemnification for Taxes, entitlement to refunds of Taxes, and the prosecution and defense of
any Tax controversies; 

 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this
Agreement, the Parties hereby agree as follows: 
 ARTICLE I. DEFINITIONS 
 SECTION 1.1. General. Capitalized terms used in this Agreement and not defined herein shall have the meanings that such terms have in the
Separation Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 “Affiliated
Group” shall have the meaning specified in the preamble hereof. 
 “Agreement” shall mean this Tax
Separation Agreement. 
 “Business Day” or “Business Days” shall mean a day which is not a
Saturday, Sunday or a day on which banks in New York City are authorized or required by law to close. 
 “Closing of
the Books Method” shall mean the apportionment of items between portions of a taxable period based on a closing of the books and records on the Distribution Date (as if the Distribution Date was the end of the taxable period),
provided that any items not susceptible to such apportionment (such as real or personal property taxes imposed on a periodic basis) shall be apportioned on the basis of elapsed days during the relevant portion of the taxable period.

 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Confidentiality Agreement” shall mean any agreement pursuant to which the parties named therein have agreed to terms
under which they were permitted to review certain financial information relating to Spinco or the Spinco Business. 
 “Combined Group” shall mean a combined, unitary, or consolidated tax group that includes PNX or any of its subsidiaries, not including Spinco or any of its subsidiaries, on the one hand, and Spinco or any of its
subsidiaries. 
 “Consolidated Return” shall mean any Tax Return relating to Income Taxes filed pursuant to
Section 1502 of the Code, or any comparable combined, consolidated, or unitary group Tax Return relating to Income Taxes filed under state or local tax law which, in each case, includes PNX and at least one subsidiary. 
 “Contribution” shall have the meaning set forth in the preamble hereof. 
 “Distribution” shall have the meaning specified in the Separation Agreement. 
 “Distribution Date” shall mean the Business Day on which the Distribution is effected. 
  

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 “Final Determination” shall mean the final resolution of liability for
any Tax for any taxable period, including any related interest or penalties, by or as a result of: (i) a final and unappealable decision, judgment, decree or other order by any court of competent jurisdiction; (ii) a closing agreement or
accepted offer in compromise under Section 7121 or 7122 of the Code, or comparable agreement under the laws of other jurisdictions which resolves the entire Tax liability for any taxable period; or (iii) any allowance of a refund or credit
in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund may be recovered by the jurisdiction imposing the Tax. 
 “Income Tax” shall mean any income, franchise or similar Taxes imposed on (or measured by) net income or net profits.

 “Income Tax Returns” shall mean all Tax Returns relating to Income Taxes. 
 “Indemnification Tax Benefit” shall have the meaning specified in Section 2.4(b). 
 “Indemnified Tax” shall have the meaning specified in Section 2.4(b). 
 “Internal Distribution” shall have the meaning set forth in the preamble hereof. 
 “Investment Agreement” shall mean the agreement entitled “Investment and Contribution Agreement,” entered into
by and among PIMCO, Spinco, the Investor and PNX, dated as of October 30, 2008. 
 “Investor” shall mean
Harris Bankcorp, Inc. 
 “IRS” shall mean the Internal Revenue Service. 
 “Other Tax” shall mean any Tax other than an Income Tax. 
 “Party” shall mean either PNX or Spinco, as the case maybe. 
 “Payment Period” shall have the meaning specified in Section 2.4(c). 
 “PIMCO” shall have the meaning set forth in the preamble hereof. 
 “PNX” shall have the meaning specified in the preamble hereof. 
 “Preferred Stock” shall have the meaning set forth in the preamble hereof. 
 “Proceeding” shall mean any audit, examination or other proceeding brought by a Taxing Authority with respect to Taxes.

 “Refund” shall have the meaning specified in Section 2.2. 
 “Retained Liabilities” shall have the meaning specified in the Separation Agreement. 
  

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 “Retained Liability Payment” shall have the meaning specified in
Section 2.5. 
 “Retained Liability Tax Benefit” shall have the meaning specified in Section 2.5.

 “Separation Agreement” shall mean the agreement entitled “Separation Agreement, Plan of
Reorganization and Distribution,” entered into by and between PNX and Spinco, dated as of December 18, 2008. 
 “Series A Preferred Stock” shall have the meaning set forth in the preamble hereof. 
 “Series B Preferred Stock” shall have the meaning set forth in the preamble hereof. 
 “Spinco” shall have the meaning set forth in the preamble hereof. 
 “Spinco
Business” shall have the same meaning as “Spinco Business” as defined in the Separation Agreement. 
 “Spinco Common Stock” shall have the meaning set forth in the preamble hereof. 
 “Straddle
Period” shall mean any taxable period commencing prior to, and ending after, the Distribution Date. 
 “Tax” or “Taxes” shall mean any federal, state, local or foreign income, gross receipts, property, sales, use, license, excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad
valorem, transfer or excise tax, or any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, imposed by any Taxing Authority. 
 “Taxing Authority” shall mean any governmental authority (whether United States or non-United States, and including, any
state, municipality, political subdivision or governmental agency) responsible for the imposition of any Tax. 
 “Tax
Returns” shall mean all reports or returns (including information returns and amended returns) required to be filed or that may be filed for any period with any Taxing Authority in connection with any Tax or Taxes (whether domestic or
foreign). 
 SECTION 1.2. References; Interpretation. References in this Agreement to any gender include references to all
genders, and references to the singular include references to the plural and vice versa. The words “include,” “includes” and “including” when used in this Agreement shall be deemed to be followed by the phrase
“without limitation.” Unless the context otherwise requires, references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, such Agreement.
Unless the context otherwise requires, the words “hereof,” “hereby” and “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular Article,
Section or provision of this Agreement. 
  

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 ARTICLE II. ALLOCATION OF TAX LIABILITIES 
 SECTION 2.1. Indemnity. (a) Without duplication, PNX shall indemnify Spinco from all liability for (i) Income Taxes of Spinco or
any of its subsidiaries or relating to the Spinco Business with respect to taxable periods ending on or before the Distribution Date, (ii) Income Taxes of Spinco or any of its subsidiaries or relating to the Spinco Business for any Straddle
Period, but only to the extent attributable to the portion of the Straddle Period ending on or before the Distribution Date, (iii) Income Taxes of any member of the Affiliated Group or any Combined Group, other than Spinco or any of its
subsidiaries, for any taxable period, and (iv) Income Taxes resulting from the Internal Distribution. Taxes for a Straddle Period shall be apportioned in accordance with the Closing of the Books Method. 
 (b) Spinco shall indemnify PNX from all liability for (i) Other Taxes (excluding any such Taxes covered by Section 2.6) of Spinco or
relating to the Spinco Business for any taxable period, (ii) any Income Taxes of Spinco or its subsidiaries or relating to the Spinco Business accruing after the Distribution Date under the Closing of the Books Method, including the portion of
any Straddle Period beginning on the Distribution Date. 
 SECTION 2.2. Refunds. (a) Subject to Section 3.5, if a Party
receives a refund, offset, credit, or other benefit (including interest received thereon) (a “Refund”) of Tax which the other Party would have been obligated to indemnify had the Refund been a payment, then the Party receiving the
Refund shall promptly pay the amount of the Refund to the other Party, less reasonable costs and expenses incurred in connection with such Refund, including any Taxes on such Refund or interest thereon (net of any tax benefit actually realized for
paying over such Refund). 
 (b) Each Party shall, if reasonably requested by the other Party, cause the relevant entity to file for and
use its reasonable best efforts to obtain and expedite the receipt of any Refund to which such requesting Party is entitled under this Section 2.2. 
 SECTION 2.3. Contests. 
 (a) In the case of any Proceeding that relates to Taxes for which
PNX is responsible under Section 2.1 hereof, PNX shall have the right to control, in its sole discretion, the conduct of such Proceeding. Subject to the foregoing, Spinco shall have the right to participate jointly in any Proceeding if the
consequences of the resolution of such Proceeding could reasonably be expected to affect the tax liability of Spinco for any tax period to the extent such tax liability of Spinco is not subject to an indemnification by PNX hereinunder. 

(b) In the case of any Proceeding that relates to Taxes for which Spinco is responsible under Section 2.1 hereof, Spinco shall have the sole
right to control the conduct of such Proceeding. Subject to the foregoing, PNX shall have the right to participate jointly in any Proceeding if the consequences of the resolution of such Proceeding could reasonably be expected to affect the tax
liability of PNX for any tax period to the extent such tax liability of PNX is not subject to an indemnification by Spinco hereinunder. 
  

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 (c) In the case of any Proceeding that relates to a Straddle Period of Spinco or the Spinco
Business, the parties shall use reasonable efforts to cause such Proceeding to be bifurcated between the period ending on the Distribution Date and the period beginning after the Distribution Date. If the parties are able to cause the audit to be so
bifurcated, then Sections 2.3(a) and (b) hereof shall govern the control of such Proceedings. To the extent that the parties are unable to cause such bifurcation, PNX and Spinco shall jointly control such Proceeding. 
 (d) After the Distribution Date, each Party shall promptly notify the other Party in writing upon receipt of written notice of the commencement of
any Proceeding or of any demand or claim upon it, which, if determined adversely, would be grounds for indemnification from such other Party pursuant to Section 2.1 or could reasonably be expected to have an adverse Tax effect on the other
Party. The failure of one Party to promptly forward such notification in accordance with the immediately preceding sentence shall not relieve the other Party of any obligation under this Agreement, except to the extent that the failure to promptly
forward such notification actually prejudices the ability of the other Party to contest such Proceeding. Each Party shall, on a timely basis, keep the other Party informed of all developments in the Proceeding and provide such other Party with
copies of all pleadings, briefs, orders, and other correspondence pertaining thereto. 
 SECTION 2.4. Treatment of Payments; After
Tax Basis. 
 (a) PNX and Spinco agree to treat any indemnification payments (other than payments of interest pursuant to
Section 2.4(c)) pursuant to this Agreement, including any payments made pursuant to Section 2.5, as either a capital contribution or a distribution, as the case may be, between PNX and Spinco occurring immediately prior to the
Distribution, and to challenge in good faith any other characterization of such payments by any Taxing Authority. If, notwithstanding such good faith efforts, the receipt or accrual of any such payment (other than payments of interest pursuant to
Section 2.4(c)) results in taxable income to the indemnified Party, such payment shall be increased so that, after the payment of any Taxes with respect to the payment, the indemnified Party shall have realized the same net amount it would have
realized had the payment not resulted in taxable income. 
 (b) To the extent that any liability for Taxes that is subject to
indemnification under Section 2.1 (an “Indemnified Tax”) gives rise to an Indemnification Tax Benefit to the indemnified Party in any taxable period, the indemnified Party will promptly remit to the indemnifying Party the
amount of any such Indemnification Tax Benefit actually realized. For purposes of this Agreement, “Indemnification Tax Benefit” means a reduction in the amount of Taxes that are required to be paid or increase in refund due, whether
resulting from a deduction, from reduced gain or increased loss from disposition of an asset, or otherwise. For purposes of this Agreement, an indemnified Party will be deemed to have actually realized an Indemnification Tax Benefit at the time the
amount of Taxes such indemnified Party is required to pay is reduced or the amount of any refund due is increased. The amount of any Indemnification Tax Benefit in this Section 2.4(b) shall be calculated by comparing (i) the indemnified
Party’s actual Tax liability taking into account any Indemnified Tax with (ii) what the indemnified Party’s Tax liability would have been without taking into account any Indemnified Tax. If, pursuant to this Agreement, the indemnified
Party makes a remittance to the indemnifying Party of any Indemnification Tax Benefit and all or part of such 

  

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Indemnification Tax Benefit is subsequently disallowed, the indemnifying Party will promptly pay to the indemnified Party that portion of such remittance
equal to the portion of the Indemnification Tax Benefit that is disallowed. 
 (c) Payments made pursuant to this Agreement that are not
made within the period prescribed in this Agreement or, if no period is prescribed, within thirty (30) days after demand for payment is made (the “Payment Period”) shall bear interest for the period from and including the date
immediately following the last date of the Payment Period through and including the date of payment at a rate equal to the monthly average of the “prime rate” as published in the Wall Street Journal, compounded semi-annually. Such interest
will be payable at the same time as the payment to which it relates and shall be calculated on the basis of a year of 365 days and the actual number of days for which due; provided, however, that this provision for interest shall not
be construed to give the Party responsible for such payment the right to defer payment beyond the due date hereunder. 
 SECTION
2.5. Retained Liabilities. To the extent that any payments made by PNX in respect of the Retained Liabilities (a “Retained Liability Payment”) gives rise to a Retained Liability Tax Benefit to Spinco in any taxable
period, Spinco will promptly remit to PNX the amount of any such Retained Liability Tax Benefit actually realized. For purposes of this Agreement, “Retained Liability Tax Benefit” means a reduction in the amount of Taxes that are
required to be paid or increase in refund due, whether resulting from a deduction, credit, increased basis, or otherwise. For purposes of this Agreement, Spinco will be deemed to have actually realized a Retained Liability Tax Benefit at the time
the amount of Taxes Spinco is required to pay is reduced or the amount of any refund due is increased. The amount of any Retained Liability Tax Benefit in this Section 2.5 shall be calculated by comparing (i) Spinco’s actual Tax
liability taking into account any Retained Liability Payment with (ii) what Spinco’s Tax liability would have been without taking into account any Retained Liability Payment. If, pursuant to this Agreement, Spinco makes a remittance to PNX
of any Retained Liability Tax Benefit and all or part of such Retained Liability Tax Benefit is subsequently disallowed, PNX will promptly pay to Spinco that portion of such remittance equal to the portion of the Retained Liability Tax Benefit that
is disallowed. 
 SECTION 2.6. Transfer Taxes. Notwithstanding anything to the contrary herein, PNX shall bear any and all stamp,
duty, transfer, sales and use or similar Taxes incurred in connection with the Distribution and Internal Distribution. 
 ARTICLE
III. RETURNS AND TAXES ATTRIBUTABLE TO SPINCO 
 SECTION 3.1. PNX’s Responsibility for the Preparation of Tax Returns and
for the Payment of Taxes. 
 (a) PNX shall prepare and file or cause to be prepared and filed all Tax Returns of Spinco or any of its
subsidiaries or relating to the Spinco Business that are due on or before the Distribution Date (taking into account any valid extensions thereof), all Income Tax Returns relating to taxable periods ending on or before the Distribution Date and all
Income Tax Returns of the Affiliated Group or any Combined Group. 
  

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 (b) To the extent that Spinco or any of its subsidiaries or the Spinco Business is included in any
Consolidated Return for a taxable period that includes the Distribution Date, PNX shall include in such Consolidated Return the results of Spinco and the Spinco Business on the basis of the Closing of the Books Method. To the extent permitted by law
or administrative practice with respect to other Income Tax Returns, the taxable period relating to Spinco or the Spinco Business shall be treated as ending on the Distribution Date, and if the taxable period does not, in fact, end on the
Distribution Date, the Parties shall apportion all tax items between the portions of the taxable period before and after the Distribution Date on the Closing of the Books Method. 
 SECTION 3.2. Spinco’s Responsibility for the Preparation of Tax Returns and for the Payment of Taxes. Spinco shall prepare and file or
cause to be prepared and filed all Tax Returns relating to Other Taxes of Spinco or any of its subsidiaries or the Spinco Business that have not been filed before the Distribution Date. Spinco shall prepare and file or cause to be prepared and filed
all Income Tax Returns relating to taxable periods of Spinco and its subsidiaries after the Distribution Date, except for Income Tax Returns of the Affiliated Group or any Combined Group and Income Tax Returns of Spinco for any Straddle Period as
described in Sections 3.1 and 3.3. 
 SECTION 3.3. Responsibility for the Preparation of Straddle Period Income Tax Returns and for
the Payment of Straddle Period Income Taxes. PNX shall prepare and file or cause to be prepared and filed all Income Tax Returns of Spinco for any Straddle Period. All such Income Tax Returns that are to be prepared and filed by PNX pursuant to
this paragraph shall be submitted to Spinco not later than thirty (30) days prior to the due date for filing of such Tax Returns (or if such due date is within 45 days following the Distribution Date, as promptly as practicable following the
Distribution Date). Spinco shall have the right to review such Tax Returns and to review all work papers and procedures used to prepare any such Tax Return. If Spinco, within ten (10) business days after delivery of any such Tax Return,
notifies PNX in writing that it objects to any of the items in such Tax Return, PNX and Spinco shall attempt in good faith to resolve the dispute and, if they are unable to do so, the disputed items shall be resolved (within a reasonable time,
taking into account the deadline for filing such Tax Return) by an internationally recognized independent accounting firm chosen by both PNX and Spinco. Upon resolution of all such items, the relevant Straddle Period Tax Return shall be filed on
that basis. The costs, fees and expenses of such accounting firm shall be borne equally by PNX and Spinco. 
 SECTION 3.4. Manner of
Preparation. All Income Tax Returns filed on or after the Distribution Date shall be prepared and filed on a timely basis (including pursuant to extensions) by the Party responsible for such filing under this Agreement. In the absence of a Final
Determination to the contrary, a controlling change in law or circumstances, or accounting method changes pursuant to applications that are approved by the Internal Revenue Service, all Income Tax Returns of Spinco for tax periods commencing prior
to the Distribution Date shall be prepared on a basis consistent with the elections, accounting methods, conventions, assumptions and principles of taxation used with respect to the Spinco Business for the most recent taxable periods for which Tax
Returns of the Affiliated Group have been filed. 
  

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 SECTION 3.5. Carrybacks. Spinco agrees and will cause its subsidiaries not to carry back any
net operating losses, capital losses or credits for any taxable period ending after the Distribution Date to a taxable period, or portion thereof, ending on or before the Distribution Date. To the extent that Spinco or any of its subsidiaries is
required by applicable law to carry back any such net operating losses, capital losses or credits, any refund of Taxes attributable to such carryback shall be for PNX’s account. 
 SECTION 3.6. Retention of Records; Cooperation; Access. 
 (a) PNX and Spinco shall, and shall cause each of their subsidiaries to retain adequate records, documents, accounting data and other information (including computer data) necessary for the preparation and filing
of all Tax Returns required to be filed by PNX or Spinco and for any Tax matter covered by this Agreement, including any Proceeding relating to such Tax Returns or to any Taxes payable by PNX or Spinco or any of their subsidiaries. 
 (b) Subject to the provisions of Section 3.8, PNX and Spinco shall reasonably cooperate with one another in a timely manner with respect to any
Tax matter covered by this Agreement, including any Proceeding described in Section 2.3. PNX and Spinco shall, and shall cause each of their subsidiaries to cooperate and provide reasonable access to (i) all records, documents, accounting
data and other information (including computer data) necessary for the preparation and filing of all Tax Returns required to be filed by PNX or Spinco and for any Proceeding relating to such Tax Returns or to any Taxes payable by PNX or Spinco and
(ii) its personnel and premises, for the purpose of the preparation, review or audit of such Tax Returns, or in connection with any Tax matter covered by this Agreement, including any Proceeding described in Section 2.3 as reasonably
requested by either PNX or Spinco. The Party requesting or otherwise entitled to any books, records, information, officers or employees pursuant to this Section 3.6(b) shall bear all reasonable out-of-pocket costs and expenses (except
reimbursement of salaries, employee benefits and general overhead) incurred in connection with providing such books, records, information, officers or employees; provided, however, that any costs (including but not limited to
attorneys’ fees and expenses) arising from the requested Party’s failure to cooperate under this Section 3.6(b) shall be payable by such Party. 
 (c) The obligations set forth above in Sections 3.6(a) and 3.6(b) shall continue until the longer of (i) the time of a Final Determination or (ii) expiration of all applicable statutes of limitations,
to which the records and information relate. For purposes of the preceding sentence, each Party shall assume that no applicable statute of limitations has expired unless such Party has received notification or otherwise has actual knowledge that
such statute of limitations has expired. 
 SECTION 3.7. Tax Treatment. Notwithstanding anything to the contrary in this Agreement, the
Parties hereto acknowledge that PIMCO intends to treat the Contribution and the issuance and sale of the Spinco Common Stock, Series A Preferred Stock and Series B Preferred Stock as not qualifying as a transfer to a controlled
corporation under Section 351(a) or (b) of the Code, and Investor agrees not to take any position for United Stated federal income tax purposes that is inconsistent with that treatment. 
  

 9 

 SECTION 3.8. Confidentiality; Ownership of Information; Privileged Information. The
provisions of Article XI of the Separation Agreement relating to confidentiality of information, ownership of information, privileged information and related matters shall apply with equal force to any records and information prepared and/or shared
by and among the Parties in carrying out the intent of this Agreement. 
 ARTICLE IV. MISCELLANEOUS 
 SECTION 4.1. Complete Agreement; Construction. This Agreement shall constitute the entire agreement between the Parties with respect to the
subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter, including, without limitation, any tax sharing agreement previously entered into by the Parties. 
 SECTION 4.2. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have been signed by both Parties. 
 SECTION 4.3. Survival
of Agreements. Except as otherwise contemplated by this Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date. 
 SECTION 4.4. Notices. All notices and other communications hereunder shall be in writing and hand delivered or mailed by registered or
certified mail (return receipt requested) or sent by any means of electronic message transmission with delivery confirmed (by voice or otherwise) to the Parties at the following addresses (or at such other addresses for a Party as shall be specified
by like notice) and will be deemed given on the date on which such notice is received: 
 To PNX: 
 The Phoenix Companies, Inc. 
 One American Row

 Hartford, Connecticut 06102 
 Attention: General Counsel 
 Fax: (860) 403-7899 
 With copies to: 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, New York
10017 
 Attention: Gary I. Horowitz 
 Fax: (212) 455-2502 
  

 10 

 To Spinco: 
 Virtus Investment Partners, Inc. 
 100 Pearl Street, 9
th Floor 
 Hartford, Connecticut 06103

 Attention: Kevin J. Carr 
 Fax:
(860) 241-1028 
 With copies to: 
 Day Pitney LLP 
 200 Campus Drive 
 Florham Park, New Jersey 07932 
 Attention: Warren J. Casey 
 Fax: (973) 966-1015 
 SECTION
4.5. Waivers. The failure of any Party to require strict performance by the other Party of any provision in this Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other
provision hereof. 
 SECTION 4.6. Amendments. This Agreement may not be modified or amended except by an agreement in writing
signed by the Parties hereto. 
 SECTION 4.7. Assignment. This Agreement shall not be assignable, in whole or in part, directly
or indirectly, by any Party hereto without the prior written consent of the other Party hereto, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void. 
 SECTION 4.8. Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of and be enforceable by
the Parties and their respective successors and permitted assigns. 
 SECTION 4.9. Additional Members. Any new members of the
Affiliated Group shall automatically become a Party to this Agreement upon becoming members. 
 SECTION 4.10. Third Party
Beneficiaries. This Agreement is solely for the benefit of the Parties hereto and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without
reference to this Agreement. 
 SECTION 4.11. Title and Headings. Titles and headings to sections herein are inserted for the
convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 SECTION
4.12. Exhibits. The Exhibits to this Agreement shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. 
  

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 SECTION 4.13. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ITS CONFLICTS OF LAW RULES. 
 SECTION 4.14. Consent to Jurisdiction.
The Parties hereto hereby agree that the appropriate forum and venue for any disputes between any of the Parties hereto arising out of this Agreement shall be any state or federal court sitting in New York, New York and each of the Parties hereto
hereby submits to the personal jurisdiction of any such court. The foregoing shall not limit the rights of any Party to obtain execution of judgment in any other jurisdiction. 
 SECTION 4.15. Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year
first above written. 
  

			
	THE PHOENIX COMPANIES, INC.
		
	By:	 	 /s/ Peter A. Hofmann

	Name:	 	Peter A. Hofmann
	Title:	 	Chief Financial Officer
	
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	 /s/ George R. Aylward, Jr.

	Name:	 	George R. Aylward, Jr.
	Title:	 	President

 [Signature Page – Tax Separation Agreement]

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