Document:

Employee Matters Agreement

 Exhibit 10.3 
 EXECUTION VERSION 
 EMPLOYEE MATTERS AGREEMENT 
 by and between 
 THE PHOENIX
COMPANIES, INC. 
 and 
 VIRTUS INVESTMENT PARTNERS, INC. 
 Dated December 18, 2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1 DEFINITIONS AND INTERPRETATION
	  	1
			
	 Section 1.1
	  	 Definitions
	  	1
	 Section 1.2
	  	 References; Interpretation
	  	5
		
	 ARTICLE 2 GENERAL PRINCIPLES
	  	5
			
	 Section 2.1
	  	 Transfer of Employees
	  	5
	 Section 2.2
	  	 Assumption and Retention of Liabilities
	  	6
	 Section 2.3
	  	 Spinco Employee Participation in PNX Benefit Plans
	  	6
	 Section 2.4
	  	 Service Credit
	  	6
	 Section 2.5
	  	 Approval of Spinco Plans by PNX as Majority Shareholder
	  	7
		
	 ARTICLE 3 RETIREMENT PLANS
	  	7
			
	 Section 3.1
	  	 PNX and Spinco 401(k) Plans
	  	7
	 Section 3.2
	  	 PNX Non-Qualified Deferred Compensation and Excess Investment Plan; Spinco Excess Investment Plan
	  	8
	 Section 3.3
	  	 PNX Defined Benefit Retirement Plans
	  	9
	 Section 3.4
	  	 Spinco Notice to PNX of Terminations of Employment
	  	10
		
	 ARTICLE 4 HEALTH AND WELFARE PLANS
	  	10
			
	 Section 4.1
	  	 Spinco Welfare Plans
	  	10
	 Section 4.2
	  	 Health and Dependent Care Reimbursement Plans
	  	11
	 Section 4.3
	  	 Retiree Welfare Benefits
	  	11
	 Section 4.4
	  	 COBRA and HIPAA
	  	12
	 Section 4.5
	  	 Liabilities
	  	12
	 Section 4.6
	  	 Vacation and Other Time-Off Benefits
	  	13
	 Section 4.7
	  	 Advancements or Reimbursements
	  	13
	 Section 4.8
	  	 Workers’ Compensation Liabilities
	  	13
		
	 ARTICLE 5 LONG-TERM INCENTIVE AWARDS
	  	13
			
	 Section 5.1
	  	 Treatment of Outstanding PNX Options
	  	13
	 Section 5.2
	  	 Treatment of Outstanding PNX Service-Vested RSUs
	  	14
	 Section 5.3
	  	 Treatment of Outstanding PNX Performance-Vested RSU and Spinco Performance-Vested RSU Awards
	  	15
	 Section 5.4
	  	 PNX ESPP
	  	15
	 Section 5.5
	  	 Cooperation
	  	16
	 Section 5.6
	  	 SEC Registration
	  	16
	 Section 5.7
	  	 Savings Clause
	  	16
		
	 ARTICLE 6 ADDITIONAL COMPENSATION MATTERS
	  	16
			
	 Section 6.1
	  	 Annual Incentive Awards
	  	16
	 Section 6.2
	  	 PNX Individual Arrangements
	  	17
	 Section 6.3
	  	 Severance Benefits
	  	17
	 Section 6.4
	  	 Relocation Expenses; Talent Acquisition/Retention Agency Fees
	  	18
	 Section 6.5
	  	 Tax Matters
	  	18

					
		
	 ARTICLE 7 INDEMNIFICATION
	  	19
		
	 ARTICLE 8 GENERAL AND ADMINISTRATIVE
	  	19
			
	 Section 8.1
	  	 Sharing of Information
	  	19
	 Section 8.2
	  	 Reasonable Efforts/Cooperation
	  	19
	 Section 8.3
	  	 Employer Rights
	  	20
	 Section 8.4
	  	 Effect on Employment
	  	20
	 Section 8.5
	  	 Consent of Third Parties
	  	20
	 Section 8.6
	  	 Beneficiary Designation/Release of Information/Right to Reimbursement
	  	20
	 Section 8.7
	  	 Not a Change in Control
	  	20
	 Section 8.8
	  	 Fiduciary Matter
	  	20
		
	 ARTICLE 9 MISCELLANEOUS
	  	21
			
	 Section 9.1
	  	 Effect if Distribution Does not Occur
	  	21
	 Section 9.2
	  	 Relationship of Parties
	  	21
	 Section 9.3
	  	 Affiliates
	  	21
	 Section 9.4
	  	 Notices
	  	21
	 Section 9.5
	  	 Entire Agreement
	  	22
	 Section 9.6
	  	 Waivers
	  	22
	 Section 9.7
	  	 Amendments
	  	22
	 Section 9.8
	  	 Termination
	  	22
	 Section 9.9
	  	 Governing Law
	  	23
	 Section 9.10
	  	 Dispute Resolution
	  	23
	 Section 9.11
	  	 Titles and Headings
	  	23
	 Section 9.12
	  	 Counterparts
	  	23
	 Section 9.13
	  	 Assignment
	  	23
	 Section 9.14
	  	 Severability
	  	23
	 Section 9.15
	  	 Exhibits and Schedules
	  	23
	 Section 9.16
	  	 Specific Performance
	  	23
	 Section 9.17
	  	 Waiver of Jury Trial
	  	24
	 Section 9.18
	  	 Authorization
	  	24
	 Section 9.19
	  	 No Third-Party Beneficiaries
	  	24
	 Section 9.20
	  	 Construction
	  	24

 EXHIBIT A 
  

 ii 

 EMPLOYEE MATTERS AGREEMENT 
 This EMPLOYEE MATTERS AGREEMENT (the “Agreement”) is entered into December 18, 2008, by and between The Phoenix
Companies, Inc., a Delaware corporation (“PNX”), and Virtus Investment Partners, Inc., a Delaware corporation (“Spinco”) (each a “Party” and together the “Parties”), to
be effective as of the Distribution Date. 
 RECITALS 
 WHEREAS, PNX, acting through its direct and indirect subsidiaries, currently conducts several businesses in the life and annuity and asset management industries; 
 WHEREAS, the Board of Directors of PNX has determined that it is appropriate, desirable and in the best interests of PNX and its shareholders to
separate PNX into two separate, independent, publicly traded companies by creating Spinco and distributing a portion of PNX’s asset management business to Spinco. The remainder of the PNX businesses will continue to be owned and conducted,
directly or indirectly, by PNX; 
 WHEREAS, to effectuate the distribution, the Parties entered into that certain Separation
Agreement, Plan of Reorganization and Distribution dated as of December 18, 2008 herewith (the “Separation Agreement”); and 
 WHEREAS, pursuant to the Separation Agreement, PNX and Spinco have agreed to enter into this Agreement for the purpose of allocating between and among them assets, liabilities and responsibilities with respect to employee
compensation and benefit plans and arrangements; 
 NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises
and covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
 ARTICLE 1 
 DEFINITIONS AND
INTERPRETATION 
 Section 1.1 Definitions. Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Separation Agreement. The following terms shall have the following meanings: 
 “Adjusted PNX
Performance-Vested RSU” shall have the meaning assigned thereto in Section 5.3(a) of this Agreement. 
 “Adjusted
Spinco Performance-Vested RSU” shall have the meaning assigned thereto in Section 5.3(b) of this Agreement. 
 “Agreement” shall have the meaning assigned thereto in the preamble to this Agreement. 

 “Benefit Plan” means, with respect to an entity, each plan, program, policy, on-going
arrangement, agreement, payroll practice, contract, trust, insurance policy or commitment that is an employment, consulting, non-competition or deferred compensation agreement, or an executive compensation, incentive bonus or other bonus, employee
pension, profit-sharing, savings, retirement, supplemental retirement, stock option, stock purchase, performance units, restricted stock, other equity-based compensation, severance pay, salary continuation, life, health, hospitalization, sick leave,
vacation pay, disability or accident insurance plan, corporate-owned or key-person life insurance or other employee benefit plan, program, arrangement, agreement or commitment that covers employees, including any “employee benefit plan”
(as defined in ERISA Section 3(3)) sponsored or maintained by such entity (or to which such entity contributes or is required to contribute). 
 “COBRA” means the continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B and
ERISA Sections 601 through 608, together with all regulations and other regulatory and legislative guidance in effect thereunder. 
 “Code” means the Internal Revenue Code of 1986, as amended, including any proposed, temporary or final regulation and other regulatory guidance in force under that provision. 
 “Distribution” means the distribution to the holders of PNX Common Stock of all of the outstanding shares of Spinco Common Stock.

 “Distribution Date” means the date upon which the Distribution shall be effective. 
 “DOL” means the United States Department of Labor. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, including any proposed, temporary or final regulation and other regulatory guidance in force under that provision.

 “HIPAA” means the health insurance portability and accountability requirements for “group health plans” under
the Health Insurance Portability and Accountability Act of 1996, as amended. 
 “IRS” means the United States Internal
Revenue Service. 
 “Parties” shall have the meaning assigned thereto in the preamble to this Agreement. 
 “PNX” shall have the meaning assigned thereto in the preamble to this Agreement. 
 “PNX 401(k) Plan” means the The Phoenix Companies, Inc. Savings and Investment Plan. 
 “PNX Annual Incentive Plan” means The Phoenix Companies, Inc. Performance Incentive Plan, comprised of the Corporate Component and the
Investment Component. 
 “PNX Benefit Plan” means any Benefit Plan sponsored, maintained or contributed to by any member of
the PNX Group as such Group is constituted on or after the Distribution Date. 
  

 2 

 “PNX Common Stock” means the outstanding shares of common stock, $0.01 par value, of
PNX. 
 “PNX Conversion Ratio” means the PNX Final Price divided by the opening price of PNX Common Stock immediately
following the Distribution, in each case as reported on the New York Stock Exchange. 
 “PNX Employee” means any individual
who, at the relevant time, is employed by or will be employed by PNX or any member of the PNX Group, including active employees and employees on vacation and approved leave of absence (including maternity, paternity, family, sick leave, qualified
military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, short- or long-term disability leave, leave under the Family Medical Leave Act and other approved leave). 
 “PNX ESPP” means The Phoenix Companies, Inc. Employee Stock Purchase Plan. 
 “PNX Excess Investment Plan” shall have the meaning assigned thereto in Section 3.2(a) of this Agreement. 
 “PNX Final Price” means the closing price of PNX Common Stock immediately prior to the Distribution as reported on the New York Stock
Exchange. 
 “PNX Health and Dependent Care Reimbursement Plans” means The Phoenix Companies, Inc. Health Care Reimbursement
Plan and The Phoenix Companies, Inc. Dependent Care Reimbursement Plan. 
 “PNX Option” means an option to purchase shares
of PNX Common Stock granted pursuant to one of the PNX Stock Plans. 
 “PNX Participant” means any individual who, following
the Distribution Date, is (i) a PNX Employee, (ii) a former PNX Employee who is not a Spinco Employee, or (iii) a beneficiary, dependent or alternate payee of any of the foregoing. 
 “PNX Performance-Vested RSU” means a unit granted by PNX or one of its Affiliates pursuant to one of the PNX Stock Plans representing a
general unsecured promise by PNX or one of its Affiliates to deliver a share of PNX Common Stock (or the cash equivalent) upon the satisfaction of one or more performance-based requirements. 
 “PNX Retiree Medical Coverage” shall have the meaning assigned thereto in Section 4.3 of this Agreement. 
 “PNX Service Programs/Policies” means, collectively, the PNX vacation program, short-term disability program and other PNX programs and
policies to the extent eligibility for or the level of benefits thereunder depends on length of service. 
 “PNX Service-Vested
RSU” means a unit granted by PNX or one of its Affiliates pursuant to one of the PNX Stock Plans representing a general unsecured promise by PNX or one of its Affiliates to deliver a share of PNX Common Stock (or the cash equivalent) upon
the satisfaction of time-based vesting requirements. 
  

 3 

 “PNX Stock Plans” means, collectively, The Phoenix Companies, Inc. Stock Incentive Plan,
The Phoenix Companies, Inc. Directors Stock Plan, The Phoenix Companies, Inc. 2003 Restricted Stock, Restricted Stock Unit and Long-Term Incentive Plan and any other stock option or stock incentive compensation plan or arrangement maintained before
the Distribution Date for employees, officers, or non-employee directors of PNX or its Affiliates, as amended. 
 “PNX Welfare
Plan” means The Phoenix Companies, Inc. Welfare Benefit Plan. 
 “Separation Agreement” shall have the meaning
assigned thereto in the recitals to this Agreement. 
 “Spinco” shall have the meaning assigned thereto in the preamble to
this Agreement. 
 “Spinco 401(k) Plan” shall have the meaning assigned thereto in Section 3.1(a) of this Agreement.

 “Spinco Annual Incentive Plan” means the Virtus Performance Incentive Plan, comprised of the Corporate Component and the
Investment Component. 
 “Spinco Benefit Plan” means any Benefit Plan sponsored, maintained or contributed to by any member
of the Spinco Group as such Group is constituted on or after the Distribution Date. 
 “Spinco Common Stock” means the
outstanding shares of common stock, $0.01 par value, of Spinco. 
 “Spinco Conversion Ratio” means the PNX Final Price
divided by the Spinco Initial Price. 
 “Spinco Employee” means any individual who, as of the Effective Time, is employed by
or will be employed by Spinco or any member of the Spinco Group, including active employees and employees on vacation and approved leave of absence (including maternity, paternity, family, sick leave, qualified military service under the Uniformed
Services Employment and Reemployment Rights Act of 1994, short- or long-term disability leave, leave under the Family Medical Leave Act and other approved leave). 
 “Spinco Excess Investment Plan” shall have the meaning assigned thereto in Section 3.2(b) of this Agreement. 
 “Spinco Health and Dependent Care Reimbursement Plans” means the Virtus Health Care Reimbursement Plan and the Virtus Dependent Care Reimbursement Plan. 
 “Spinco Initial Price” means the opening price of Spinco Common Stock immediately following the Distribution as reported on NASDAQ.

 “Spinco Option” shall have the meaning assigned thereto in Section 5.1(a) of this Agreement. 
  

 4 

 “Spinco Participant” means any individual who, following the Distribution Date, is a
Spinco Employee or a beneficiary, dependent or alternate payee of a Spinco Employee. 
 “Spinco Service Programs/Policies”
means, collectively, the Virtus vacation program, short-term disability program and other Virtus programs and policies to the extent eligibility for or the level of benefits thereunder depends on length of service. 
 “Spinco Service-Vested RSU” shall have the meaning assigned thereto in Section 5.2(a) of this Agreement. 
 “Spinco Stock Plan” means the Virtus Omnibus Incentive and Equity Plan. 
 “Spinco Welfare Plan” means the Virtus Welfare Benefit Plan. 
 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. Unless the context otherwise requires, 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, Annexes, Exhibits and Schedules shall be deemed to be references to Articles and Sections of, and Annexes, Exhibits and
Schedules to, this 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. 
 ARTICLE 2 
 GENERAL PRINCIPLES 
 Section 2.1 Transfer of Employees. For
the avoidance of doubt, effective as of the Distribution Date, only those PNX Employees associated with the Spinco business who are actively at work, including those Employees on vacation, on such date shall terminate with PNX and be transferred to
Spinco. PNX Employees associated with the Spinco business who are on an approved leave of absence (including maternity, paternity, family, sick leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of
1994, short-term or long-term disability leave, leave under the Family Medical Leave Act and other approved leave) as of the Distribution Date shall not terminate with PNX and become Spinco Employees unless and until they return to work or are able
to return to work. Such termination or transfer shall not be treated as a separation from service for purposes of any PNX Benefit Plan or agreement (or any benefit thereunder) which is subject to the provisions of Section 409A of the Code. Any
PNX Employee associated with the Spinco business who does not timely return to work following an approved leave of absence that began prior to the Distribution Date shall be terminated by PNX or the PNX Group and any Liabilities associated with such
termination shall be the responsibility of Spinco or the Spinco Group, including, but not limited to, the Liabilities set forth in Section 6.3. 
  

 5 

 Section 2.2 Assumption and Retention of Liabilities. 
 (a) As of the Effective Time, except as otherwise expressly provided for in this Agreement or any other agreement by and between
the Parties and/or their Affiliates, PNX shall, or shall cause one or more members of the PNX Group to, retain and PNX hereby agrees to pay, perform, fulfill and discharge, in due course in full: (i) all Liabilities under all PNX Benefit Plans;
and (ii) any other Liabilities or obligations expressly assigned to PNX or any of its Affiliates under this Agreement. 
 (b) As of the Effective Time, except as otherwise expressly provided for in this Agreement, or any other agreement by and between the Parties and/or their Affiliates, Spinco shall, or shall cause one or more members of the Spinco
Group to, assume sponsorship of the Spinco Benefit Plans and retain or assume and Spinco hereby agrees to pay, perform, fulfill and discharge, in due course in full: (i) all Liabilities under all Spinco Benefit Plans; and (ii) any other
Liabilities or obligations expressly assigned to Spinco or any of its Affiliates under this Agreement. 
 (c) From time
to time after the Distribution Date, Spinco shall promptly reimburse PNX, upon PNX’s reasonable request and the presentation by PNX of such substantiating documentation as Spinco shall reasonably request, for the cost of any obligations or
Liabilities satisfied or assumed by PNX or its Affiliates that are, or that have been made pursuant to this Agreement, the responsibility of Spinco or any of its Affiliates. Except as otherwise provided in this Agreement, any such request for
reimbursement must be made by PNX not later than the first anniversary of the Distribution Date, unless the obligations and Liabilities extend beyond the first anniversary. 
 (d) From time to time after the Distribution Date, PNX shall promptly reimburse Spinco, upon Spinco’s reasonable request and
the presentation by Spinco of such substantiating documentation as PNX shall reasonably request, for the cost of any obligations or Liabilities satisfied or assumed by Spinco or its Affiliates that are, or that have been made pursuant to this
Agreement, the responsibility of PNX or any of its Affiliates. Except as otherwise provided in this Agreement, any such request for reimbursement must be made by Spinco not later than the first anniversary of the Distribution Date, unless the
obligations and Liabilities extend beyond the first anniversary. 
 Section 2.3 Spinco Employee Participation in PNX Benefit
Plans. Except as otherwise expressly provided for in this Agreement or as otherwise expressly agreed to in writing between the Parties, effective on or before the Distribution Date each Spinco Employee and any other Spinco service provider
(including any individual who is an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker of any member of the Spinco
Group or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the Spinco Group) shall cease to actively participate in, be covered by, accrue benefits under, be eligible to contribute to or have any
rights as an active participant under any PNX Benefit Plan. 
 Section 2.4 Service Credit. Spinco (acting directly or
through its Affiliates) shall cause the Spinco Service Programs/Policies to provide each PNX Employee who becomes a 

  

 6 

 
Spinco Employee credit for purposes of eligibility, vesting, determination of benefit levels, and, to the extent applicable, benefit accruals under the
Spinco Service Programs/Policies for such Spinco Employee’s service with any member of the PNX Group to the same extent such service was recognized by the applicable PNX Service Programs/Policies; provided that such service shall not be
recognized to the extent that such recognition would result in the duplication of benefits. 
 Section 2.5 Approval of Spinco
Plans by PNX as Majority Shareholder. Effective as of the Distribution Date, Spinco shall adopt a Spinco plan which will permit the issuance of cash and equity awards. The Spinco Stock Plan shall be approved prior to the Distribution Date by PNX
as Spinco’s sole shareholder. 
 ARTICLE 3 
 RETIREMENT PLANS 
 Section 3.1 PNX and Spinco 401(k) Plans. 
 (a) Spinco 401(k) Plan. Effective on or before the Distribution Date, Spinco will have a defined contribution retirement
plan and trust for the benefit of Spinco Participants (the “Spinco 401(k) Plan”). Spinco shall be responsible for taking all necessary, reasonable and appropriate action to establish, maintain and administer the Spinco 401(k) Plan
so that it is qualified under Code Section 401(a) and the trust thereunder is exempt under Code Section 501(a). Spinco (acting directly or through its Affiliates) shall be responsible for any and all Liabilities and other obligations with
respect to the Spinco 401(k) Plan. 
 (b) Transfer of PNX 401(k) Plan Assets. Within a reasonable period of time
on or before the Distribution Date, PNX shall cause the accounts (including any outstanding loan balances and any qualified domestic relations orders (“QDROs”)) in the PNX 401(k) Plan attributable to Spinco Participants who are employed by
Spinco as of the transfer date and all of the assets in the PNX 401(k) Plan trust related thereto to be transferred (based on the investments, including PNX Common Stock, in place on or as soon as administratively practicable before the transfer
date) to the Spinco 401(k) Plan, and Spinco shall cause the Spinco 401(k) Plan and trust to accept such transfer of accounts and underlying assets, loans and QDROs and, effective as of the date of such transfer, to assume and to fully perform, pay
and discharge all obligations of the PNX 401(k) Plan relating to the accounts of Spinco Participants as of the transfer date, to the extent the assets, liabilities, loans and QDROs related to those accounts are actually transferred from the PNX
401(k) Plan to the Spinco 401(k) Plan and the Spinco 401(k) Plan shall satisfy all protected benefit requirements under the Code, ERISA and applicable law with respect to the transferred accounts. The transfer of assets shall be conducted in
accordance with Code Section 414(l), Treasury Regulation Section 1.414(1)-1, and ERISA Section 208. When the accounts and underlying assets have been (i) transferred from the PNX 401(k) Plan to the Spinco 401(k) Plan and
(ii) the Parties have reviewed and approved the transaction, which review and approval shall not be unreasonably withheld or delayed, the PNX 401(k) Plan shall be relieved of any responsibility and liability for the transferred accounts and
amounts. The PNX 401(k) 

  

 7 

 
Plan accounts of individuals who become Spinco Participants after the Spinco 401(k) Plan is established that are not transferred to the Spinco 401(k) Plan
pursuant to the procedure described above shall be governed by the terms of the PNX 401(k) Plan. 
 (c) Continuation
of Elections. The Spinco 401(k) Plan will recognize and maintain PNX 401(k) Plan elections or designations, including participant deferral elections (to the extent possible), investment elections, beneficiary designations, and the rights of
alternate payees under qualified domestic relations orders with respect to Spinco Participants, to the extent such elections or designations are available under the Spinco 401(k) Plan and continued pursuant to procedures adopted under the Spinco
401(k) Plan. With respect to Spinco Participant elections to invest in PNX Common Stock, the Spinco 401(k) Plan will invest new deferral amounts covered by such elections in the appropriate default fund under the Spinco 401(k) Plan and Spinco
Participants may change the investment of such amounts in accordance with Spinco 401(k) Plan procedures. The PNX Common Stock investment alternative shall remain available under the Spinco 401(k) Plan for sale purposes only for up to one year
(subject to further determination by the Spinco 401(k) Plan fiduciaries in their sole discretion) only with respect to accounts transferred from the PNX 401(k) Plan as described in paragraph (b) above and only to the extent that such accounts
are invested in PNX Common Stock at the time of the transfer. The Spinco Stock Fund under the PNX 401(k) Plan will accept the Spinco dividend on the Distribution Date; the Spinco Stock Fund under the Spinco 401(k) Plan will only be available for
additional purchases if and when activated by the Trustee in its sole discretion. Between the time when the assets are transferred from the PNX 401(k) Plan to the Spinco 401(k) Plan and the Spinco Stock Fund is activated, if at all, Participants may
only sell Spinco shares, if possible. 
 (d) Contributions through the Distribution Date. All contributions,
including employer matching contributions, payable to the PNX 401(k) Plan through the Distribution Date with respect to employee deferrals and contributions for PNX Employees who become Spinco Employees as of the Distribution Date, determined in
accordance with the terms and provisions of the PNX 401(k) Plan, ERISA and the Code, shall be paid by PNX (or its affiliate) to the PNX 401(k) Plan prior to the date of the asset transfer described in paragraph (b) above. 
 Section 3.2 PNX Non-Qualified Deferred Compensation and Excess Investment Plan; Spinco Excess Investment Plan. 
 (a) PNX Excess Investment Plan. Except as provided in Section 3.2(c) below, following the Distribution Date the PNX
Group shall retain all obligations and Liabilities under, or with respect to, The Phoenix Companies, Inc. Non-Qualified Deferred Compensation and Excess Investment Plan (the “PNX Excess Investment Plan”). 
 (b) Spinco Excess Investment Plan. Effective on or before the Distribution Date, Spinco will have its non-qualified excess
investment plan in effect to benefit, on a prospective basis, Spinco Participants who participated in the PNX Excess Investment Plan immediately prior to the Distribution Date and other eligible Spinco Employees (the “Spinco Excess
Investment Plan”). 
  

 8 

 (c) Transfer of PNX Excess Investment Plan Assetized Amounts. Within a
reasonable period of time on or before the Distribution Date, PNX shall cause the accounts in the PNX Excess Investment Plan attributable to Spinco Participants who are employed as of the transfer date and the assetized amounts in the PNX Excess
Investment Plan Rabbi trust related thereto to be transferred (based on the investments in place on or as soon as administratively practicable before the transfer date) to the Spinco Excess Investment Plan, and Spinco shall cause the Spinco Excess
Investment Plan and the Spinco Excess Investment Plan Rabbi trust to accept such transfer of accounts and associated assetized amounts and, effective as of the date of such transfer, to assume and to fully perform, pay and discharge all obligations
of the PNX Excess Investment Plan relating to the accounts of Spinco Participants as of the transfer date, to the extent the assetized amounts related to those accounts are actually transferred from the PNX Excess Investment Plan to the Spinco
Excess Investment Plan. For any PNX Employees or former PNX Employees who are hired by Spinco after the assetized amount transfer date, their account balances in the PNX Excess Investment Plan shall remain in the PNX Excess Investment Plan, if such
account balances are still in such Plan, and will be governed by the terms of the PNX Excess Investment Plan. When the accounts and associated assetized amounts have been (i) transferred from the PNX Excess Investment Plan to the Spinco Excess
Investment Plan and (ii) the Parties have reviewed and approved the transaction, which review and approval shall not be unreasonably withheld or delayed, the PNX Excess Investment Plan shall be relieved of any responsibility and liability for
the transferred accounts and assetized amounts. 
 (d) Continuation of Elections. The Spinco Excess Investment
Plan will recognize and maintain PNX Excess Investment Plan elections or designations, including participant deferral elections (to the extent possible), investment elections, beneficiary designations, and the rights of alternate payees under
accepted domestic relations orders with respect to Spinco Participants, to the extent such elections or designations are available under the Spinco Excess Investment Plan and continued pursuant to procedures adopted under the Spinco Excess
Investment Plan. 
 Section 3.3 PNX Defined Benefit Retirement Plans. Following the Distribution Date, the PNX Group shall
retain all obligations and Liabilities under, or with respect to, any PNX or PNX Group qualified or non-qualified defined benefit retirement plan. The accrued benefits of Spinco Employees under any PNX or PNX Group qualified or non-qualified defined
benefit retirement plan shall be fully vested, to the extent not already fully vested, on the earlier of the Distribution Date and December 31, 2008. Any rights of Spinco Employees earned under any such defined benefit retirement plan before
the Distribution Date or their later date of separation from service with the PNX Group shall remain with such defined benefit retirement plan and shall be governed by the terms and conditions of the applicable plan documents. Individuals, including
Spinco Employees, who separate from service with the PNX Group will become eligible for distribution of their benefits under the PNX Group qualified and non-qualified defined benefit retirement plans in accordance with the plan terms and
administrative procedures; however, for the nonqualified plans, the Spinco spin-off is not considered a separation from service under Section 409A of the Code and therefore, such individuals will not be eligible for a distribution of benefits
from any non-qualified defined benefit retirement plans, including but not limited to the PNX 

  

 9 

 
SERPS and the PNX Excess Benefit Plan, until they separate from service from the Spinco Group. The PNX Group shall be responsible for any notices, forms and
filings that are required to be furnished to a governmental agency as a result of the Distribution. 
 Section 3.4 Spinco
Notice to PNX of Terminations of Employment. For purposes of PNX benefits administration for the nonqualified PNX plans affected by Code Section 409A, the Spinco Group agrees to provide each affected Spinco Employee written notice that
(i) upon the termination of the employment of any Spinco Employee, such employee must promptly notify the PNX Human Resources Department of any such termination; and (ii) any failure to do so could result in substantial penalties to the
employee under Code Section 409A, similar state laws or any other laws that may affect such distributions. The notice package shall include a written acknowledgement of receipt of such notice that must be executed by the employee and returned
to Spinco. Spinco shall maintain a copy of each such notice and executed acknowledgement in its Human Resources/Benefits records and shall make them available to the PNX Group upon request. 
 ARTICLE 4 
 HEALTH AND WELFARE PLANS 
 Section 4.1 Spinco Welfare Plans. 
 (a) Establishment of Spinco Welfare Plans. Effective on or before the Distribution Date, Spinco will have health and welfare benefit plans for the benefit of eligible Spinco Participants (the
“Spinco Welfare Plans”), who immediately prior to the Distribution Date are participants in the PNX health and welfare benefit plans (the “PNX Welfare Plans”). 
 (b) Terms of Participation in Spinco Welfare Plans. All Spinco Welfare Plans will (i) waive all limitations as to
preexisting conditions, exclusions, and service conditions with respect to participation and coverage requirements applicable to Spinco Employees, other than limitations that were in effect with respect to participants as of the Distribution Date
under the PNX Welfare Plans, (ii) waive any waiting period limitation or evidence of insurability requirement that would otherwise be applicable to a Spinco Employee following the Distribution Date to the extent such Spinco Participant had
satisfied any similar limitation under the analogous PNX Welfare Plan, and (iii) honor any deductibles, out-of-pocket maximums and co-payments incurred by Spinco Employees under the corresponding PNX Welfare Plan in satisfying the applicable
deductibles, out-of-pocket expenses or co-payments under such PNX Welfare Plan for calendar year 2008. 
 (c)
Immediately after the Distribution Date, all Liabilities in respect of or relating to Spinco Employees under the PNX Welfare Plans shall cease to be Liabilities of any member of the PNX Group or the PNX Welfare Plans and any and all such
Liabilities shall be assumed by Spinco and the Spinco Welfare Plans. 
 (d) Except for the account balances described
in Section 4.2, nothing in this Agreement shall require PNX, any PNX Group member or any PNX Welfare Plan to transfer assets or reserves with respect to the PNX Welfare Plans to Spinco, any Spinco Group member or the Spinco Welfare Plans.

  

 10 

 Section 4.2 Health and Dependent Care Reimbursement Plans. 
 (a) Spinco Health and Dependent Care Reimbursement Plans. Effective on or before the Distribution Date, Spinco will have
health and dependent care reimbursement account plans (the “Spinco Health and Dependent Care Reimbursement Plans”). The Spinco Health Care Reimbursement Plan shall reimburse medical expenses incurred by the Spinco Employees at any
time during the PNX Health Care Reimbursement Plan’s plan year (including claims incurred prior to the Distribution Date but unpaid prior to the Distribution Date), up to the amount of the PNX Health Care Reimbursement Plan Participants’
election and reduced by amounts previously reimbursed by the PNX Health Care Reimbursement Plan. The debit and credit account balances, if any, under the PNX Health and Dependent Care Reimbursement Plans of any Spinco Employee who transfers to
employment with the Spinco Group directly from employment with the PNX Group on or before the Distribution Date shall be transferred within a reasonable period to the Spinco Health and Dependent Care Reimbursement Plans on behalf of that Participant
and shall thereafter be administered in accordance with the terms of the Spinco Health and Dependent Care Reimbursement Plans. If a Spinco Employee whose health reimbursement account is transferred to the Spinco Health and Dependent Care
Reimbursement Plans has received health reimbursements that exceed the amount he or she has contributed to the PNX health reimbursement account as of the transfer date, Spinco (or its affiliate) shall collect that Spinco Employee’s payroll
contributions in accordance with the Spinco Health and Dependent Care Reimbursement Plans procedures and remit them on a monthly basis to PNX until PNX has recouped the total health reimbursements paid to or for that PNX Participant under the PNX
Health and Dependent Care Reimbursement Plans for the year; provided that such contributions and remittances will cease upon the Spinco Employee’s cessation of participation in the Spinco Health and Dependent Care Reimbursement Plans. The PNX
Health and Dependent Care Reimbursement Plans balances of any PNX Participant who transfers to employment with the Spinco Group after the Distribution Date will not be transferred to Spinco and will be handled in accordance with the terms and
procedures of the PNX Health and Dependent Care Reimbursement Plans. 
 (b) PNX Health and Dependent Care
Reimbursement Plan. PNX shall retain the Liability for administering under the PNX Reimbursement Account Plan all reimbursement claims of PNX Participants (including PNX Participants who participate in the PNX Reimbursement Account Plan before
becoming Spinco Employees) incurred through the Distribution Date, subject to the terms of transfer set forth in Section 4.2(a) above. 
 Section 4.3 Retiree Welfare Benefits. 
 (a) Retiree Medical Coverage. Effective on
October 31, 2008, Spinco Employees who are eligible for a retiree medical coverage under the PNX Welfare Plan (“PNX Retiree Medical Coverage”) and are actively employed and not on long-term disability leave will retain their
eligibility for such coverage under the PNX Welfare 

  

 11 

 
Benefit Plan, on the same terms and conditions that exist from time to time for participants eligible for retiree coverage. Any Spinco Employee who is not
eligible for PNX Retiree Medical Coverage on October 31, 2008 is not eligible for nor entitled to PNX Retiree Medical Coverage. 
 (b) PNX Retiree Medical Coverage. PNX shall retain all obligations and Liabilities under, or with respect to, the PNX Retiree Medical Coverage for Spinco Employees covered by paragraph (a) above. Any rights such qualified
Spinco Employees has under the PNX Retiree Medical Coverage before November 1, 2008 shall remain subject to and shall be governed by the terms and conditions of the PNX Retiree Medical Coverage. 
 Section 4.4 COBRA and HIPAA. Effective on or before the Distribution Date, the Spinco Welfare Plans will assume responsibility for
compliance with the health care continuation coverage requirements of COBRA with respect to Spinco Employees who, prior to the Distribution Date, were covered under a PNX Welfare Plan pursuant to COBRA. PNX (acting directly or through its
Affiliates) shall be responsible for administering compliance with any certificate of creditable coverage requirements of HIPAA or Medicare applicable to the PNX Welfare Plans with respect to Spinco Employees incurred while they were participants in
the PNX Welfare Plans. The Parties hereto agree that neither the Distribution nor any transfers of employment directly from the PNX Group to the Spinco Group that occur on or before the Distribution Date shall constitute a COBRA qualifying event for
purposes of COBRA. 
 Section 4.5 Liabilities. 
 (a) Insured Benefits. With respect to employee welfare and fringe benefits that are provided through the purchase of
insurance, (i) PNX (acting directly or through its Affiliates) shall cause the PNX Welfare Plan, through the appropriate insurers, to fully perform, pay and discharge, within the timeframes applicable under the relevant plan, all claims that
are incurred under the PNX Welfare Plan through the Distribution Date, and (ii) Spinco (acting directly or through its Affiliates) shall cause the Spinco Welfare Plan, through the appropriate insurers, to fully perform, pay and discharge,
within the timeframes applicable under the relevant plan, all claims that are incurred under the Spinco Welfare Plan from and after the Distribution Date. 
 (b) Self-Insured Benefits. With respect to employee welfare benefits that are provided on a self-insured basis, (i) PNX (acting directly or through its Affiliates) shall fully perform, pay and
discharge, within the timeframes applicable under the PNX Welfare Plan, all claims that are incurred under the PNX Welfare Plan through the Distribution Date, and (ii) Spinco (acting directly or through its Affiliates) shall fully perform, pay
and discharge, within the timeframes applicable under the relevant Spinco Welfare Plan, all claims that are incurred under the Spinco Welfare Plans from and after the Distribution Date. 
 (c) Incurred Claim Definition. For purposes of this Section 4.5, a claim or Liability is deemed to be incurred
(i) with respect to medical, dental, vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim 

  

 12 

 
or Liability; (ii) with respect to disability benefits, upon the date of an individual’s disability, as determined by the disability benefit
insurance carrier or claim administrator, giving rise to such claim or Liability; and (iii) with respect to a period of continuous hospitalization, upon the date of admission to the hospital. 
 Section 4.6 Vacation and Other Time-Off Benefits. Spinco (or its Affiliate) shall credit each individual who becomes a Spinco Employee
on or before the Distribution Date with the amount of accrued but unused vacation time (including banked vacation time) and other time-off benefits as such Spinco Employee had with the PNX Group on or before the Distribution Date or, if later, his
or her date of transfer from the PNX Group to the Spinco Group. The Spinco Employees for whom Spinco (or its Affiliate) provides vacation and other time-off credits as described above shall not have a right to a cash payment for their accrued but
unused vacation time (including banked vacation time) or other time-off benefits upon their transfer from the PNX Group to the Spinco Group as a result of the Distribution. 
 Section 4.7 Advancements or Reimbursements. If a Spinco Employee was provided with any advancements or reimbursements from PNX or any
of its Affiliates under any PNX policy such as the Financial Assistance Program for Continuing Education and Professional Designations while a PNX Employee after June 30, 2008 but prior to transferring to Spinco, then Spinco shall reimburse PNX
for the amount of such advancements and reimbursements pursuant to Section 2.2(c). 
 Section 4.8 Workers’
Compensation Liabilities. Spinco Liabilities shall include, but not be limited to, any Liabilities relating to, arising out of, or resulting from any worker’s compensation claims made by a Spinco Employee, regardless of when said claims
were made, incurred or become manifest. Pursuant to Section 2.2(c), Spinco shall reimburse PNX for a commutation amount, mutually agreed upon by the Parties in good faith, intended to represent the present value as of the Distribution Date of
any Liabilities that resulted from an accident or from an occupational disease which was incurred or becomes manifest, as the case may be, before the Distribution Date for a Spinco Employee. PNX, each PNX Group member, Spinco and each Spinco Group
member shall cooperate with respect to any notification to appropriate governmental agencies of the disposition and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and claims handling contracts.

 ARTICLE 5 
 LONG-TERM
INCENTIVE AWARDS 
 Section 5.1 Treatment of Outstanding PNX Options. 
 (a) Adjustment of All PNX Options of Spinco Employees. Except as otherwise provided herein or otherwise agreed in writing by
the Parties, each PNX Option held by a Spinco Employee that is outstanding immediately prior to the Distribution Date shall, be converted into an option to purchase shares of Spinco Common Stock (a “Spinco Option”) in a manner
intended to preserve the relative value of each such option in accordance with the applicable tax law requirements, and that generally preserves the remaining terms of such options. The Spinco Options will be 

  

 13 

 
adjusted based on a formula determined by the PNX Compensation Committee in accordance with the pertinent terms of the applicable PNX Stock Plan and
described in Exhibit A attached hereto. Such adjustment may involve an adjustment of the PNX Option exercise price, the number of underlying shares, and/or other adjustments permitted by the applicable PNX Stock Plan. Those PNX Employees who remain
employed with PNX will continue to maintain their PNX Options subject to an adjustment of the PNX Option exercise price, the number of underlying shares, and/or other adjustments permitted by the applicable PNX Stock Plan. Effective as of the
Distribution Date, Spinco Options shall become subject to the terms and conditions of the Spinco Stock Plan, which shall incorporate such options, and the individual agreements associated with such awards. 
 (b) Vesting of Spinco Options. Spinco Options held by Spinco Employees that have not fully vested or have not been exercised
or forfeited shall remain in effect and continue to vest following the Distribution Date based on the optionee’s service with the Spinco Group. 
 (c) Exercise of Spinco Options. Upon the exercise of a Spinco Option, regardless of the holder thereof, the exercise price shall be paid in accordance with the terms of the Spinco Option. Spinco shall
administer the Spinco Stock Plan and award agreements in accordance with their terms and, to the extent that any tax withholding or reporting is required, Spinco shall collect the withholding amount and remit it and the pertinent information to the
entity with the withholding and reporting obligation. 
 Section 5.2 Treatment of Outstanding PNX Service-Vested RSUs.

 (a) PNX Service-Vested RSUs of Spinco Employees. PNX Service-Vested RSUs held by Spinco Employees that have
not fully vested, have not converted to shares pursuant to a deferral election or have not been forfeited by the Distribution Date shall remain in effect and continue to vest or be deferred following the Distribution Date based on the holder’s
service with the Spinco Group. Each such outstanding award will be converted to service-vested RSUs that will be payable in Spinco Common Stock (“Spinco Service-Vested RSUs”). The Spinco Service-Vested RSUs will be adjusted in a
manner intended to preserve the economic value of the restricted stock units based on a formula determined by the PNX Compensation Committee in accordance with the pertinent terms of the applicable PNX Stock Plan and described in Exhibit A attached
hereto. 
 (b) Settlement of Spinco Service-Vested RSU Awards. Upon the vesting of Spinco Service-Vested RSUs,
Spinco shall be responsible for the settlement of such Spinco Service-Vested RSUs. Spinco shall administer the applicable Spinco Stock Plan and award agreements in accordance with their terms and, to the extent that any tax withholding or reporting
is required, Spinco shall collect the withholding amount and remit it and the pertinent information to the entity with the withholding and reporting obligation. 
  

 14 

 Section 5.3 Treatment of Outstanding PNX Performance-Vested RSU and Spinco
Performance-Vested RSU Awards. 
 (a) Adjustment of all PNX Performance-Vested RSU Awards. Each PNX
Performance-Vested RSU that is contingent on a PNX performance metric and is outstanding immediately prior to the Distribution Date shall be converted, into an adjusted PNX Performance-Vested RSU (an “Adjusted PNX Performance-Vested
RSU”) in a manner intended to preserve the economic value of the restricted stock units based on a formula determined by the PNX Compensation Committee in accordance with the pertinent terms of the applicable PNX Stock Plan and described in
Exhibit A attached hereto. Each such PNX Adjusted Performance-Vested RSU will be pro-rated as of the Distribution Date and such adjusted award will remain outstanding and will, subject to achievement of the applicable performance criteria, continue
to be payable in shares of PNX Common Stock or cash as determined by PNX’s Compensation Committee in accordance with the applicable PNX Stock Plan, except as provided in Section 5.3(c). 
 (b) Outstanding awards that are contingent on a Spinco performance metric will (i) continue to remain outstanding,
(ii) be adjusted (“Adjusted Spinco Performance-Vested RSU”) in a manner intended to preserve the economic value of the restricted stock units based on a formula determined by the PNX Compensation Committee in accordance with
the pertinent terms of the applicable Spinco Stock Plan and described in Exhibit A attached hereto and be converted into Spinco RSUs, and (iii) subject to achievement of the applicable performance criteria, be payable in shares of Spinco Common
Stock. Each such RSU award will continue to vest based on such Employee’s continued employment by Spinco and the satisfaction of applicable performance criteria, subject to the terms and conditions of the applicable Spinco Stock Plan and award
agreements as in effect immediately prior to the Distribution Date. 
 (c) Settlement of Adjusted PNX
Performance-Vested RSU and Adjusted Spinco Performance-Vested RSU Awards for Spinco Employees. Upon the vesting and payment of the Adjusted PNX Performance-Vested RSUs and Adjusted Spinco Performance-Vested RSUs, Spinco shall be responsible for the
settlement of all such awards. The settlement of Adjusted PNX Performance-Vested RSU Awards shall be made in cash, based upon the applicable PNX metrics. Spinco shall administer the Adjusted Spinco Performance-Vested RSU Awards under the applicable
Spinco Stock Plan and award agreement in accordance with their terms and, to the extent that any tax withholding or reporting is required, Spinco shall collect the withholding amount and remit it and the pertinent information to the entity with the
withholding and reporting obligation. Spinco may exclusively rely on PNX for the administration of the Adjusted PNX Performance-Vested RSU Awards and reporting to Spinco, as appropriate, for Spinco’s settlement of such awards. 
 Section 5.4 PNX ESPP. A PNX Participant who (a) is contributing to the PNX ESPP for the offering period in effect on the
Distribution Date and (b) terminates employment with PNX and transfers directly to employment with Spinco in connection with the Distribution shall be permitted to purchase shares during that offering period with the cash credited to his or her
PNX ESPP option account as of his or her employment termination date. The payroll deductions of PNX Participants covered by this provision shall continue through the last day on which such individuals are on the PNX payroll. 
  

 15 

 Section 5.5 Cooperation. Spinco shall establish an appropriate administration system
to handle, in an orderly manner, exercises of Spinco Options and the settlement of Spinco Service-Vested RSUs and Adjusted Performance-Vested RSUs. The Parties will work together to unify and consolidate all indicative data and payroll and
employment information on regular timetables and make certain that each applicable entity’s data and records in respect of such awards are correct and updated on a timely basis. The foregoing shall include employment status and information
required for tax withholding/remittance, compliance with trading windows and compliance with the requirements of the Exchange Act and other applicable Laws. 
 Section 5.6 SEC Registration. The Parties mutually agree to use commercially reasonable efforts to maintain effective registration statements with the SEC with respect to the long-term incentive
awards described in this Article 5, to the extent any such registration statement is required by applicable Law. To the extent that a registration requirement applies to a PNX Stock Plan, PNX shall be responsible for SEC rule compliance. To the
extent that a registration requirement applies to a Spinco Stock Plan on or after the Distribution Date, Spinco shall be responsible for SEC rule compliance. 
 Section 5.7 Savings Clause. The Parties hereby acknowledge that the provisions of this Article 5 are intended to achieve certain tax, legal and accounting objectives and, in the event such
objectives are not achieved, the Parties agree to negotiate in good faith regarding such other actions that may be necessary or appropriate to achieve such objectives. 
 ARTICLE 6 
 ADDITIONAL COMPENSATION MATTERS 
 Section 6.1 Annual Incentive Awards. 
 (a) PNX Employees directly associated with the Spinco business who become Spinco Employees on the Distribution Date shall receive their annual incentive awards for the full 2008 calendar year from either the
Spinco Stock Plan or the Spinco Annual Incentive Plan, as applicable. 
 (b) Annual Incentive Liability. Except
as otherwise provided in this Section 6.1, including but not limited to Section 6.1(a), PNX shall retain responsibility for all Liabilities to the Distribution Date, when such obligations become due, relating to any 2008 annual incentive
awards under any PNX Annual Incentive Plan for PNX Employees who are not directly associated with the Spinco business prior to the Distribution Date and who transfer to Spinco on the Distribution Date. 
 The Spinco Group shall be responsible for and pay the 2008 annual incentive awards of PNX Employees who are not directly associated with
the Spinco business prior to the Distribution Date and who become Spinco Employees on the Distribution Date. PNX shall reimburse Spinco for PNX’s portion of the 2008 annual incentive, if earned, pursuant to Section 2.2(d). 
  

 16 

 For the avoidance of doubt and by way of example, Section 6.1(b) would apply to a
PNX Employee who worked in the PNX law department to the Distribution Date (assumed to be October 31, 2008) and transferred to Spinco on the Distribution Date. PNX would be responsible for 10/12 or approximately 83% of the employee’s 2008
incentive award, if earned, and Spinco would be responsible for 2/12 or approximately 17% of the employee’s 2008 annual incentive award, if earned. 
 If a Spinco Employee transfers to PNX on the Distribution Date and thereby becomes a PNX Employee, PNX shall be responsible for and pay the 2008 annual incentive award, if earned, of such employee under the PNX Annual
Incentive Plan or the PNX Annual Incentive Plan for Executive Officers. Spinco shall reimburse PNX, pursuant to Section 2.2(c), for Spinco’s portion of the 2008 annual incentive award (January 1 through the Distribution Date), if earned,
calculated consistent with the above example. 
 (c) Establishment of Spinco Annual Incentive Plan. Effective on
the Distribution Date, Spinco (or its affiliate) will have an annual incentive plan for the 2008 fiscal year that permits the issuance of annual incentive awards on terms and conditions substantially comparable to those under the PNX Annual
Incentive Plan, provided that the payment amounts and individual performance criteria shall be established in the discretion of the Spinco Board of Directors or the Compensation Committee thereof. 
 Section 6.2 PNX Individual Arrangements. PNX acknowledges and agrees that, except as otherwise provided herein, PNX (or its affiliate)
shall have full responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to any employment, consulting, non-competition, retention or other compensatory arrangement previously
provided by any member of the PNX Group to any PNX Participant, including life insurance policies not held in any trust and covering any PNX Participant. The Parties shall transfer or assign, and shall use commercially reasonable efforts to
cause their respective employees to consent to the transfer or assignment, to Spinco or the Spinco Group the rights and Liabilities arising under any agreements entered into prior to the Distribution Date between PNX and Spinco Employees that do not
terminate on or before the Distribution Date. 
 Section 6.3 Severance Benefits. PNX and Spinco acknowledge and agree that
the transactions contemplated by the Separation Agreement will not constitute a termination of employment for purposes of any policy, plan, program or agreement of PNX or any member of the PNX Group that provides for the payment of severance,
separation pay, salary continuation or similar benefits in the event of a termination of employment, including, but not limited to, The Phoenix Companies, Inc. Executive Severance Allowance Plan, The Phoenix Companies, Inc. Severance Allowance Plan,
any SCM Advisors, LLC employment agreements, any other partner employment agreements, and any change in control agreement between PNX and a Spinco Employee. Spinco Liabilities shall include, but not be limited to, any Liabilities under applicable
PNX Benefit Plans related to the termination of any PNX employees primarily associated with the Spinco business. Following the Distribution Date, Spinco shall reimburse PNX monthly for any such Liabilities as provided in Section 2.2(c). Such
termination Liabilities shall include, but are not limited to, severance, COBRA and outplacement. 
  

 17 

 (a) PNX shall continue to provide the COBRA coverage and any other associated termination
benefits (such as outplacement) under the applicable PNX Benefit Plan; 
 (b) Spinco shall provide the severance payments
remaining as of the Distribution Date under the Virtus Investment Partners, Inc. Severance Allowance Plan or the Virtus Investment Partners, Inc. Executive Severance Allowance Plan, as applicable; 
 (c) Spinco shall reimburse PNX monthly for any termination Liabilities associated with the coverages or benefits provided in
Section 6.3(a), as provided in Section 2.2(c). Such termination Liabilities shall include, but are not limited to, COBRA (any subsidized amounts) and outplacement costs. The outplacement costs would relate to any employee working in the
asset management or related business before the Effective Time who is terminated prior to or as of the Effective Time, but elects outplacement coverage on or after the Effective Time. 
 Section 6.4 Relocation Expenses; Talent Acquisition/Retention Agency Fees. Following the Distribution Date, Spinco shall reimburse PNX
periodically, as invoices are received from PNX’s relocation vendor or talent acquisition/retention vendor, for any (a) relocation expenses (including home sale/purchase program expenses) provided under the applicable relocation
policy/program and any individual agreement/offer letter that addressed any aspect of relocation and (b) talent acquisition/retention agency fees, both as related to any employees who, as of the Distribution Date, are Spinco Employees or PNX
Employees associated with the Spinco business.  
 Section 6.5 Tax Matters. 
 (a) Tax Deductions in General. Subject to the provisions of Section 6.4(b), the Parties agree to take the actions that
are necessary or desirable to enable the Party responsible for any payment under this Agreement to receive, to the extent possible, the benefit of any tax deduction related to such payment. If one party receives a tax benefit as a result of any
payment or benefit funded by the other party under this Agreement, the first party shall reimburse the other party for that tax benefit at the time and to the extent that such tax benefit is realized. If the reimbursement to the other party is
considered taxable income to the other party, the first party shall gross-up the reimbursement amount to the other party for taxes. 
 (b) Equity-Based Compensation Deductions. Notwithstanding the provisions of Section 6.4(a), the Parties agree that, to the extent permitted by law, tax deductions for equity-based compensation described in Sections 5.1,
5.2, and 5.3 shall be allocated to and claimed by the entity or entities within the respective PNX Group or Spinco Group that employed the individual receiving the compensation during the relevant vesting period based on the number of months of such
individual’s employment with such entity or entities. The entity claiming the deduction shall be responsible for any tax reporting obligations, including but not limited to the filing of any required form W-2, and payment 

  

 18 

 
of any taxes imposed upon the employer in respect of the corresponding amounts, in proportion to the amount claimed as a deduction. The Party in control of
the payment of any such amounts shall be responsible for effecting the withholding of any applicable income and employment tax withholding required to be effected from any such payment. The Parties shall cooperate with each other to facilitate any
required tax reporting obligations, including sharing, as relevant, information regarding amounts withheld from the payments to the employees. To the extent deductions cannot be claimed in the manner referenced in this Section 6.4(b), or are
disallowed or adjusted on audit, the entity that receives the tax benefit shall reimburse the entity that would have received such tax benefit pursuant to the preceding sentence as and when realized. To the extent such reimbursement is treated as
taxable income, the reimbursing party shall gross-up the reimbursement amount for taxes. 
 (c) Code
Section 409A. Notwithstanding anything in this Agreement to the contrary, the Parties agree to cooperate to minimize the loss of deductions and to utilize commercially reasonable best efforts to have the applicable plans, programs and
arrangements comply with Section 409A of the Code. 
 ARTICLE 7 
 INDEMNIFICATION 
 Any claim for indemnification under this Agreement shall be
governed by, and be subject to, the provisions of Article VI of the Separation Agreement, which provisions are hereby incorporated by reference into this Agreement, and any references to “Agreement” in such Article VI as incorporated
herein shall be deemed to be references to this Agreement. 
 ARTICLE 8 
 GENERAL AND ADMINISTRATIVE 
 Section 8.1 Sharing of
Information. PNX and Spinco (acting directly or through their respective Affiliates) shall provide to the other and their respective agents and vendors all Information as the other may reasonably request to enable the requesting Party to
administer efficiently and accurately each of its Benefit Plans and to determine the scope of, as well as fulfill, its obligations under this Agreement. Such information shall, to the extent reasonably practicable, be provided in the format and at
the times and places requested, but in no event shall the Party providing such information be obligated to incur any out-of-pocket expenses not reimbursed by the Party making such request or make such Information available outside of its normal
business hours and premises. Any Information shared or exchanged pursuant to this Agreement shall be subject to the confidentiality requirements set forth in Article XI of the Separation Agreement. With respect to personal health information
(“PHI”) as defined in the Privacy Rule under HIPAA, the Parties agree to comply with the regulations under the Privacy Rule and the Security Standards, including, but not limited to, entering into any business associate agreements that may
be required for the sharing of PHI. 
 Section 8.2 Reasonable Efforts/Cooperation. Each of the Parties hereto will use its
commercially reasonable efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and regulations to consummate the transactions contemplated by this
Agreement, including adopting 

  

 19 

 
plans or plan amendments. Each of the Parties hereto shall provide reasonable cooperation on any issue relating to the transactions contemplated by this
Agreement for which the other Party seeks a determination letter or private letter ruling from the IRS, an advisory opinion from the DOL or any other filing, consent or approval with respect to or by a Governmental Entity. 
 Section 8.3 Employer Rights. Nothing in this Agreement shall prohibit Spinco or any of its Affiliates from amending, modifying or
terminating any Spinco Benefit Plan at any time within its sole discretion after the Distribution Date. In addition, other than as expressly provided in Article 3, Article 4, Article 5, or Article 6, nothing in this Agreement shall prohibit PNX or
any PNX affiliate from amending, modifying or terminating any PNX Benefit Plan at any time within its sole discretion. 
 Section 8.4
Effect on Employment. Except as expressly provided in this Agreement, the occurrence of the Distribution alone shall not cause any employee to be deemed to have incurred a termination of employment that entitles such individual to the
commencement of benefits under any of the PNX Benefit Plans. Furthermore, nothing in this Agreement is intended to confer upon any employee or former employee of PNX, Spinco or any of their respective Affiliates any right to continued employment, or
any recall or similar rights to an individual on layoff or any type of approved leave. 
 Section 8.5 Consent of Third
Parties. If any provision of this Agreement depends on the consent of any third party and such consent is withheld, the Parties shall use commercially reasonable efforts to implement the applicable provisions of this Agreement to the fullest
extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties shall negotiate in good faith to implement the provision in a mutually satisfactory manner. 
 Section 8.6 Beneficiary Designation/Release of Information/Right to Reimbursement. To the extent permitted by applicable Law and
except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of information and rights to reimbursement made by or relating to Spinco Employees under PNX Benefit Plans shall be transferred to and
be in full force and effect under the corresponding Spinco Benefit Plans until such beneficiary designations, authorizations or rights are replaced or revoked by, or no longer apply to, the relevant Spinco Employee. 
 Section 8.7 Not a Change in Control. The Parties hereto acknowledge and agree that the transactions contemplated by the Separation
Agreement and this Agreement do not constitute a “change in control” for purposes of any PNX Benefit Plan, PNX Stock Plan, Spinco Stock Plan or Spinco Benefit Plan. 
 Section 8.8 Fiduciary Matter. PNX and Spinco each acknowledge that the transfer of account balances and assets from the PNX Savings
and Investment Plan to the Spinco Savings and Investment Plan will be subject to fiduciary duties or standards of conduct under ERISA or other applicable law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply
with any provisions hereof based upon its good faith determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such
actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities. 
  

 20 

 ARTICLE 9 
 MISCELLANEOUS 
 Section 9.1 Effect if Distribution Does not Occur. Notwithstanding
anything in this Agreement to the contrary, if the Separation Agreement is not executed or if it terminates prior to the Effective Time, then all actions and events that are, under this Agreement, to be taken or occur effective prior to, as of or
following the Distribution Date, or otherwise in connection with the distribution, shall not be taken or occur except to the extent specifically agreed to in writing by PNX and Spinco and neither Party shall have any Liability or further obligation
to the other Party under this Agreement. 
 Section 9.2 Relationship of Parties. Nothing in this Agreement shall be deemed
or construed by the Parties or any third party as creating the relationship of principal and agent, partnership or joint venture between the Parties, it being understood and agreed that no provision contained herein, and no act of the Parties, shall
be deemed to create any relationship between the Parties other than the relationship set forth herein. 
 Section 9.3
Affiliates. Each of PNX and Spinco shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by each of their Affiliates, respectively.

 Section 9.4 Notices. All notices and communications under this Agreement shall be in writing and shall be deemed to
have been given (a) when received, if such notice or communication is delivered by facsimile, hand delivery or overnight courier, or (b) three (3) business days after mailing if such notice or communication is sent by United States
registered or certified mail, return receipt requested, first class postage prepaid. All notices and communications, to be effective, must be properly addressed to the party to whom they are directed at its address as follows: 
 To PNX: 
 The Phoenix Companies, Inc. 
 One American Row 
 Hartford, CT 06102-5056

 Attn: General Counsel 
 Facsimile: (860) 403-7899 
 With a copy to: 
 The Phoenix Companies, Inc. 
 One American Row 
 Hartford, CT 06102-5056 
 Attn: Head of Human
Resources 
 Facsimile: (860) 403-7269 
  

 21 

 To Spinco: 
 Virtus Investment Partners, Inc. 
 100 Pearl Street, 9th Floor 
 Hartford, CT 06103 
 Attn: Kevin J. Carr 
 Facsimile:
(860) 241-1028 
 With a copy to: 
 Virtus
Investment Partners, Inc. 
 100 Pearl Street, 9th Floor 
 Hartford, CT 06103 
 Attn: Head of Human Resources 
 Facsimile:
(860) 241-1028 
 Either Party may, by written notice delivered to the other Party in accordance with this Section 9.4, change the address to which
delivery of any notice shall thereafter be made. 
 Section 9.5 Entire Agreement. This Agreement, the Separation
Agreement, and each other Ancillary Agreement, including any Annexes, Schedules and Exhibits hereto and thereto, as well as any other agreements and documents referred to herein and therein, 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. In the event of any inconsistency between this Agreement and any Exhibit or Schedule hereto, the
Exhibit or Schedule shall prevail. 
 Section 9.6 Waivers. 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 9.7 Amendments. Subject to the terms of
Section 9.8 of this Agreement, this Agreement may not be modified or amended except by an instrument in writing signed by both of the Parties. 
 Section 9.8 Termination. If permitted by the Separation Agreement, this Agreement (including Article 7 hereof (Indemnification)) may be terminated and abandoned at any time prior to the Distribution Date by and in the
sole discretion of PNX without the approval of Spinco or the shareholders of PNX, and it shall be deemed terminated if and when the Separation Agreement is terminated. In the event of such termination, neither Party shall have any liability of any
kind to the other Party or any other Person. After the Distribution Date, this Agreement may not be terminated except by an agreement in writing signed by both Parties; provided, however, that Article 7 shall not be terminated after the Distribution
Date in respect of any PNX Indemnitee or Spinco Indemnitee without the consent of such Person. 
  

 22 

 Section 9.9 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal Laws of the State of Connecticut, without regard to the conflicts of law rules of such state. 
 Section 9.10 Dispute Resolution. The dispute resolution provisions in Section 15.15 of the Separation Agreement shall apply to this Agreement, except for any disputes regarding the Benefit Plans which are governed by
the Plans’ claim procedures. 
 Section 9.11 Titles 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 9.12 Counterparts. This Agreement may be executed in more than one counterpart, each of which shall be deemed an original instrument and all of which together shall be considered one and the same agreement, and
shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Parties. 
 Section 9.13 Assignment. Neither of the Parties hereto may assign its rights or delegate any of its duties under this Agreement without the prior written consent of the other Party or as otherwise provided in the
Separation Agreement. This Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respective successors and permitted assigns. Nothing contained in this Agreement, express or implied, is intended to confer any
benefits, rights or remedies upon any Person other than members of the PNX Group and the Spinco Group. 
 Section 9.14
Severability. In the event that any one or more of the provisions contained in this Agreement is 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. 
 Section 9.15 Exhibits and Schedules. The Exhibits
and Schedules 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. 
 Section 9.16 Specific Performance. The Parties agree that irreparable damage would occur in the event that the provisions of this Agreement were not performed in accordance with their specific
terms. Accordingly, it is hereby agreed that the Parties shall be entitled to (a) an injunction or injunctions to enforce specifically the terms and provisions hereof in any arbitration in accordance with Section 9.10 of this Agreement,
(b) provisional or temporary injunctive relief in accordance therewith in any court of the United States, and (c) enforcement of any such award of an arbitral tribunal or any court of the United States, or any other any other tribunal
sitting in any state of the United States or in any foreign country that has jurisdiction, this being in addition to any other remedy or relief to which they may be entitled. 
  

 23 

 Section 9.17 Waiver of Jury Trial. SUBJECT TO SECTION 9.10 AND SECTION 9.16 OF THIS
AGREEMENT, EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.17. 
 Section 9.18 Authorization. Each of the Parties hereby
represents and warrants that it has the power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such Party, that this Agreement constitutes a
legal, valid and binding obligation of each such Party and that the execution, delivery and performance of this Agreement by such Party does not contravene or conflict with any provision of law or of its charter or bylaws or any material agreement,
instrument or order binding on such Party. 
 Section 9.19 No Third-Party Beneficiaries. This Agreement is solely for the
benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 
 Section 9.20 Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. This Agreement
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 
 [SIGNATURE PAGE FOLLOWS] 
  

 24 

 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 – Employee Matters Agreement] 

 EXHIBIT A 
 EQUITY CONVERSION 
 PNX Options for Spinco Employees 
 PNX and Spinco shall take any and all action as shall be necessary or appropriate, so that each award of PNX Options issued and currently outstanding under any PNX Stock
Plan held at the close of business on the Distribution Date by a Spinco Employee shall be adjusted, pursuant to the terms of the PNX Stock Plans and the PNX Options, by converting such options into Spinco Options. Such adjustment shall be effected
by replacing such PNX Options with substitute Spinco Options in a manner such that immediately following the Distribution, (i) each such holder of a PNX Option will receive a number of substitute Spinco Options equal to the Spinco Conversion
Ratio multiplied by the number of PNX Options held by such holder, and (ii) the per share option exercise price of each such Spinco Option will be determined by dividing the exercise price of the original PNX Option by the Spinco Conversion
Ratio, and such adjustment shall be effected in a manner intended to satisfy requirements of Code Section 424 and avoid treatment of the Spinco Options as non-qualified deferred compensation subject to Code Section 409A. Such substituted
Spinco Options will in the sole and absolute judgment of the PNX Compensation Committee preserve the aggregate intrinsic value of the original PNX Options for which they are substituted and the ratio in the original option of the exercise price to
the fair market value of the stock by adjusting the number of shares purchasable and the exercise price, based on a comparison of the PNX Final Price and the Spinco Initial Price. Such substitute Spinco Options will take into account all employment
with both PNX and Spinco, and their respective subsidiaries and affiliates, for purposes of determining when the Spinco Options will become exercisable and/or vest. All of the calculations described above shall be applied using the rounding
conventions determined in the sole discretion of PNX to carry out the purposes of this Exhibit A. 
 PNX Service-Vested RSUs for Spinco Employees 

 PNX and Spinco shall take any and all action as shall be necessary or appropriate so that Spinco Employees who hold PNX Service-Vested RSUs will have each
of their awards of PNX Service-Vested RSUs adjusted pursuant to the terms of the PNX Stock Plans and PNX Service-Vested RSUs, by converting such PNX Service-Vested RSUs into Spinco Service-Vested RSUs. Such adjustment shall be effected by replacing
such PNX Service-Vested RSUs with substitute Spinco Service-Vested RSUs in a manner such that immediately following the Distribution each such holder of a PNX Service-Vested RSU will receive a number of substituted Spinco Service-Vested RSUs equal
to the Spinco Conversion Ratio multiplied by the number of PNX Service-Vested RSUs held by such holder. Such substituted Spinco Service-Vested RSUs will take into account all employment with both PNX and Spinco, and their respective subsidiaries and
affiliates, for purposes of determining when the Spinco Service-Vested RSUs will vest and/or be paid. Such adjustment and replacement shall be conducted in a manner intended not to modify the treatment of the Spinco Service-Vested RSU under Code
Section 409A from the treatment that would otherwise apply with respect to the corresponding PNX Service-Vested RSU. The calculation described above shall be applied using the rounding conventions determined in the sole discretion of PNX to
carry out the purposes of this Exhibit A. 

 PNX Performance-Vested RSUs subject to PNX Performance Metric for Spinco Employees 
 PNX and Spinco shall take any and all action as shall be necessary or appropriate so that Spinco Employees who hold PNX Performance-Vested RSUs that are contingent on a
PNX Performance metric will have each of their awards adjusted pursuant to the terms of the PNX Stock Plans and PNX Performance-Vested RSUs, by (1) pro-rating each such award based on a factor equal to the number of months between the beginning
of the performance period for each award and the Distribution Date (counting partial months as whole months) divided by thirty-six months, and (2) converting such pro-rated PNX Performance-Vested RSUs into Adjusted PNX Performance-Vested RSUs
by replacing such pro-rated PNX Performance-Vested RSUs with substitute Adjusted PNX Performance-Vested RSUs in a manner such that immediately following the Distribution each such holder of a pro-rated PNX Performance-Vested RSU will receive a
number of substituted Adjusted PNX Performance-Vested RSUs equal to the PNX Conversion Ratio multiplied by the number of pro-rated PNX Performance-Vested RSUs held by such holder. Such substituted Adjusted PNX Performance-Vested RSUs will take into
account all employment with both PNX and Spinco, and their respective subsidiaries and affiliates, for purposes of determining when the cash equivalent of the Adjusted PNX Performance-Vested RSUs will vest and/or be paid, and the determination of
applicable performance results shall be made with respect to the results of the original, full, and non-pro-rated performance period. Such adjustment and replacement shall be conducted in a manner intended not to modify the treatment of the Adjusted
PNX Performance-Vested RSUs under Code Section 409A from the treatment that would otherwise apply with respect to the corresponding PNX Performance-Vested RSU award. All of the calculations described above shall be applied using the rounding
conventions determined in the sole discretion of PNX to carry out the purposes of this Exhibit A. 
 PNX Performance-Vested RSUs subject to Spinco
Performance Metric for Spinco Employees. 
 PNX and Spinco shall take any and all action as shall be necessary or appropriate so that Spinco Employees who
hold PNX Performance-Vested RSUs that are contingent on a Spinco Performance metric will have each of their awards adjusted pursuant to the terms of the PNX Stock Plans and PNX Performance-Vested RSUs, by converting such PNX Performance-Vested RSUs
into Adjusted Spinco Performance-Vested RSUs. Such adjustment shall be effected by replacing such PNX Performance-Vested RSUs with substitute Adjusted Spinco Performance-Vested RSUs in a manner such that immediately following the Distribution each
such holder of a PNX Performance-Vested RSU will receive a number of substituted Adjusted Spinco Performance-Vested RSUs equal to the Spinco Conversion Ratio multiplied by the number of PNX Performance-Vested RSUs held by such holder. Such
substituted Adjusted Spinco Performance-Vested RSUs will take into account all employment with both PNX and Spinco, and their respective subsidiaries and affiliates, for purposes of determining when the Adjusted Spinco Performance-Vested RSUs will
vest and/or be paid. Such adjustment and replacement shall be conducted in a manner intended not to modify the treatment of the Adjusted Spinco Performance-Vested RSUs under Code Section 409A from the treatment that would otherwise apply with
respect to the corresponding PNX Performance-Vested RSU award. The calculation described above shall be applied using the rounding conventions determined in the sole discretion of PNX to carry out the purposes of this Exhibit A. 

 Approval and Terms of Equity Awards. 
 PNX, acting as the sponsor of the PNX Stock Plans and as majority shareholder of Spinco shall, and shall cause Spinco to, take such actions and give or obtain such approvals as are necessary or desirable to ensure
that the issuance of the Spinco awards provided for in this Exhibit A shall comply with all applicable tax, securities law and stock exchange requirements. The parties intend that each Spinco Option and Spinco Service-Vested RSU and Adjusted Spinco
Performance-Vested RSU (each, a “Spinco Adjustment Award”) shall be (i) granted pursuant to governing plan terms of a Spinco Stock Plan which are substantially similar to the plan terms of the relevant PNX Stock Plan under which the
relevant predecessor award was granted and (ii) subject to the terms of the applicable award agreement under which the relevant predecessor award was granted (as such plan and award documents may have been duly amended from time to time),
except to the extent that the terms of such Spinco Adjustment Award shall be varied pursuant to the terms of this Agreement or by any action of Spinco.Change in Control Agreement

 Exhibit 10.4 
 CHANGE IN CONTROL AGREEMENT 
 This Change in Control Agreement (this
“Agreement”), effective as of the Distribution Date (as defined in the Separation Agreement, Plan of Reorganization and Distribution by and between The Phoenix Companies, Inc. and Virtus Investment Partners, Inc.), is between
Virtus Investment Partners, Inc., a Delaware corporation (the “Company”), and George R. Aylward, Jr. (the “Executive”). 
 RECITALS 
 The Company or one of its Affiliates (as defined below) has employed the Executive in an
officer position and has determined that the Executive holds a critical position with the Company and/or such Affiliate. 
 The Company
believes that, in the event it is confronted with a situation that could result in a change in ownership or control of the Company, continuity of management will be essential to its ability to evaluate and respond to such situation in the best
interests of its shareholders. 
 The Company understands that any such situation will present significant concerns for the Executive with
respect to the Executive’s financial and job security. The Company desires to assure the Company and its Affiliates of the Executive’s services during the period in which it is confronting such a situation, and to provide the Executive
certain financial assurances to enable the Executive to perform the responsibilities of the Executive’s position without undue distraction and to exercise the Executive’s judgment without bias due to the Executive’s personal
circumstances. To achieve these objectives, the Company and the Executive desire to enter into an agreement providing the Company and its Affiliates and the Executive with certain rights and obligations upon the occurrence of a Change in Control (as
defined below). 
 The Company and the Executive therefore agree as follows: 
 1. Operation of Agreement. 
 (a) Term. The initial term of this Agreement shall commence on the date of this Agreement and continue through the second anniversary of the effective date of this Agreement, as set forth in the first
paragraph above, unless terminated earlier as provided in Section 5. Upon the expiration of the initial or any renewal term, this Agreement shall automatically renew for successive one-year terms, subject to earlier termination as provided in
Section 5, unless either party provides the other party with a written notice at least sixty (60) days prior to the end of the initial term or any renewal term that the Company or the Executive does not want the term to be so extended.
Notwithstanding anything to the contrary in this Agreement, the term of this Agreement shall in all events expire (regardless of when the term would otherwise have expired) on the second 

  

 1 

 
anniversary of a Change in Control; provided that any payment obligations hereunder resulting from the Executive’s termination of employment prior to
the expiration of the term shall continue in full force and effect following the expiration of the term. 
 (b)
Effective Date. If a Change in Control occurs during the term of this Agreement, this Agreement shall govern the terms and conditions of the Executive’s employment and the benefits and compensation to be provided to the Executive
commencing on the date on which a Change in Control occurs (the “Effective Date”) and ending on the second anniversary of the Effective Date; provided that if the Executive is not employed by the Company or one of its
Affiliates on the Effective Date, this Agreement shall be void and without effect, and shall not constitute a contract of employment or a guarantee of employment for any period of time. Notwithstanding the preceding sentence, in the event that prior
to the Effective Date, the Executive’s employment with the Company or any of its Affiliates is terminated in connection with a Change in Control (which shall in all events be deemed the case if such termination is within 90 days prior to the
Effective Date and deemed not to be the case if such termination is more than 180 days before the Effective Date) without Cause or for Good Reason (as such terms are defined in Sections 5(b) and 5(c) below, but without regard to the requirement
under Section 5(c) that such termination occur after the Effective Date), the Executive shall be entitled to receive the benefits provided under Section 6(b), but only to the extent that such benefits are in excess of those previously
received by the Executive as a result of the Executive’s prior termination. 
 2. Definitions. 
 (a) “Affiliate” means any corporation, partnership, limited liability company, trust or other entity which
directly, or indirectly through one or more intermediaries, controls, is under common control with, or is controlled by, the Company. 
 (b) “Change in Control” means the first occurrence of: 
 (i) any
Person acquires “beneficial ownership” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of securities of the Company representing
25% or more of the combined Voting Power of the Company’s securities; 
 (ii) within any 24-month period, the persons who
were directors of the Company at the beginning of such period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board of Directors (the “Board”) or the board of directors
of any successor to the Company; provided that any director elected or nominated for election to the Board by a majority of the Incumbent Directors still in office shall be deemed to be an Incumbent Director for purposes of this subclause
2(b)(ii); 
  

 2 

 (iii) the effective date of the consummation of any merger, consolidation, share
exchange, division, sale or other disposition of all or substantially all of the assets of the Company (a “Corporate Event”), if immediately following the consummation of such Corporate Event those Persons who were
stockholders of the Company immediately prior to such Corporate Event do not hold, directly or indirectly, a majority of the Voting Power, in substantially the same proportion as prior to such Corporate Event, of (x) in the case of a merger or
consolidation, the surviving or resulting corporation or (y) in the case of a division or a sale or other disposition of assets, each surviving, resulting or acquiring corporation which, immediately following the relevant Corporate Event, holds
more than 25% of the consolidated assets of the Company immediately prior to such Corporate Event; 
 (iv) the approval by
stockholders of the Company of a plan of liquidation with respect to the Company; or 
 (v) the occurrence of any other event
occurs which the Board declares to be a Change in Control. 
 (c) “Code” means the
Internal Revenue Code of 1986, as amended. 
 (d) “Delay Period” means for a Specified
Employee, that period of time between the Specified Employee’s date of Separation from Service and the earlier of (i) six months from the Separation from Service date, and (ii) the Specified Employee’s date of death. 

(e) “Employment Period” means the period during which the Executive remains employed with the Company or any
Affiliate following the Effective Date through the expiration of the term of this Agreement. 
 (f)
“Person” shall have the same meaning as ascribed to such term in Section 3(a)(9) of the Exchange Act, as supplemented by Section 13(d)(3) of the Exchange Act, and shall include any group (within the meaning of Rule
13d-5(b) under the Exchange Act); provided that Person shall not include (i) the Company or any of its Affiliates, or (ii) any employee benefit plan (including an employee stock ownership plan) sponsored by the Company or any of its
Affiliates. 
 (g) “PIP” means the Company’s Performance Incentive Plan (or any successor plan)
or similar annual incentive plan applicable to the Executive. 
 (h) “Separation from Service” shall
have the meaning set forth and described in the final regulations promulgated under Code section 409A. 
  

 3 

 (i) “Specified Employee” means an employee who, as
of the date of the employee’s separation from service, is a key employee of the Company, whose stock is publicly traded on an established securities market or otherwise. An employee is a key employee if the employee meets the requirements of
Code section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding Code section 416(i)(5)) (generally a key employee will be one of the top 50 officers having annual compensation greater than
$150,000 in 2008) at any time during the 12-month period ending on a Specified Employee identification date. If an employee is a key employee as of a Specified Employee identification date, the employee is treated as a key employee (and therefore a
Specified Employee) for the entire 12-month period beginning on the Specified Employee effective date. For any nonqualified deferred compensation plan or arrangement of the Company that is subject to Code section 409A, the Specified Employee
identification date is December 31 of the preceding calendar year, and the Specified Employee effective date is April 1 of the current calendar year. 
 (j) “Voting Power” means such number of Voting Securities as shall enable the holders thereof to cast all the
votes which could be cast in an annual election of directors of a company. 
 (k) “Voting Securities”
means all securities entitling the holders thereof to vote in an annual election of directors of a company. 
 3. Business
Time. During the Employment Period, the Executive shall devote substantially the Executive’s full business time and efforts to the performance of the Executive’s duties on behalf of the Company and its Affiliates, except for
periods of vacation and sick leave or other leave period required by law. So long as the following activities do not (individually or in the aggregate) materially interfere with the performance of the Executive’s duties with the Company and its
Affiliates and are conducted in compliance with the Company’s Code of Conduct (as in effect from time to time), the Executive may: (a) participate in charitable, civic, educational, professional, community or industry affairs or serve on
the boards of directors or advisory boards of not for profit companies; and (b) manage his or her and his or her family’s personal financial and legal affairs. The Executive may serve on the boards of directors or similar governing bodies
of any for profit entity only with the prior written consent of the Board and only as long as such service is not in violation of the Company’s Code of Conduct. It is expressly understood and agreed that the Executive’s continuing to serve
to the same extent and in the same manner on any boards and committees on which the Executive is serving or with which the Executive is otherwise associated immediately preceding the Effective Date shall not be deemed to interfere with the
performance of the Executive’s services to the Company and its Affiliates. 
 4. Compensation. 
 (a) Base Salary. During the Employment Period, the Executive shall 

  

 4 

 
receive a base salary at a monthly rate at least equal to the monthly salary paid to the Executive immediately prior to the Effective Date. The base salary
may be increased (but not decreased) at any time and from time to time by action of the Board or any committee thereof, the board of directors of any Affiliate or any committee thereof in the event the Executive is employed by an Affiliate, and any
individual having authority to take such action in accordance with the Company’s or any Affiliate’s regular practices. The Executive’s base salary, as it may be increased from time to time, shall hereafter be referred to as the
“Base Salary.” 
 (b) Total Incentive Compensation. During the Employment Period, the total incentive
compensation opportunities made available to the Executive in each year in the form of short-term incentive compensation and long-term incentive compensation (“Total Incentive Compensation”), whether in equity or cash, shall
not be less than the Total Incentive Compensation made available to the Executive immediately prior to the Effective Date. For purposes of this Section 4(b), the amount of Total Incentive Compensation made available to the Executive, whether
prior to or after a Change in Control, shall be conclusively determined by an independent compensation consultant selected by the Company prior to the occurrence of a Change in Control (or, if that entity is no longer able to serve or declines to
serve in such capacity, such other independent compensation consultant that has no existing client relationship with the Company and its Affiliates as shall be selected by the designated consultant and reasonably acceptable to the Board (either such
consultant hereinafter referred to as the “Compensation Consultant”)), using methods of valuation and comparison commonly used in competitive compensation practices, which shall be consistently applied. The Company shall
provide the Compensation Consultant with any and all data that the consultant shall reasonably request in order to make its evaluations hereunder. 
 5. Termination. 
 (a) Death, Disability, or Voluntary Resignation. This Agreement shall
terminate automatically upon the Executive’s termination due to death, termination due to “Disability” (as defined below), voluntary retirement (other than for Good Reason, as defined below) under any of the retirement plans of the
Company or its Affiliates applicable to the Executive as in effect from time to time, or Executive’s voluntary resignation for any reason (other than for Good Reason). For purposes of this Agreement, “Disability” shall
mean the Executive’s inability to perform his or her material duties for six consecutive months due to a physical or mental incapacity. 
 (b) Cause. The Company and each of its Affiliates that employ the Executive may terminate the Executive’s employment for Cause. For purposes of this Agreement, “Cause” means:
(i) the Executive’s conviction of or plea of nolo contendere to, a felony (other than with respect to a traffic violation or an incident of vicarious liability); (ii) an act of willful misconduct on Executive’s part with
regard to the Company or its Affiliates having a material adverse impact on the Company or its Affiliates (including, without limitation, a willful violation of the 

  

 5 

 
Company’s Code of Conduct); or (iii) the Executive’s failure in good faith to attempt or refusal to perform legal directives of the Board or
executive officers of the Company, as applicable, which directives are consistent with the scope and nature of the Executive’s employment duties and responsibilities and which failure or refusal is not remedied by the Executive within thirty
(30) days after notice of such non-performance is given to the Executive. The Executive shall be provided an opportunity, together with his or her counsel, to be heard before the Board prior to termination and after such notice. If the majority
of the members of the Board do not confirm, through a duly-adopted resolution following such opportunity, that the Company had grounds for a “Cause” termination, the Executive shall have the option to treat his or her employment as not
having terminated or as having been terminated pursuant to a termination without Cause. No event shall constitute grounds for a “Cause” termination in the event that the Company fails to take action within 90 days after the Company’s
Chairman or the Chairman of the Company’s Audit Committee obtains actual knowledge of the occurrence of such event. Additionally, for purposes of clause (ii) of this definition, no act, or failure to act, on the Executive’s part shall
be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the Executive’s act, or failure to act, was in the best interest of the Company and its subsidiaries.

 (c) Good Reason. After the Effective Date, the Executive may resign from employment at any time for Good
Reason. For purposes of this Agreement, “Good Reason” means the occurrence after the Effective Date of any of the following, without the express written consent of the Executive and which occurrence is not remedied by the
Company within thirty (30) days after written notice of such occurrence is given to the Company): 
 (i) the material
reduction in the Executive’s title, position, duties or responsibilities from the title, position, duties or responsibilities held or exercised by the Executive prior to the Effective Date; 
 (ii) any requirement by the Company that the geographic location where the Executive regularly provides services to the Company is
materially changed to a location that is more than 35 miles from where the Executive provides services to the Company immediately prior to the Effective Date; 
 (iii) a material diminution/reduction by the Company of the Executive’s Base Salary or Total Incentive Compensation opportunity or a
reduction in the employee benefits provided to the Executive under the Company’s employee benefit plans (unless the Executive is provided with substantially equivalent replacement benefits); or 
 (iv) any failure to obtain the assumption and agreement to perform this Agreement by a successor as contemplated by Section 12(b).

  

 6 

 (d) Notice of Termination. Any termination of the Executive’s
employment after the Effective Date by the Company and/or its Affiliates for Cause or by the Executive for Good Reason shall be communicated by Notice of Termination to the other party hereto in accordance with Section 14(e). For purposes of
this Agreement, a “Notice of Termination” means a written notice given: (i) in the case of a termination for Cause, within 10 business days of the Company or any Affiliate that employs the Executive having actual
knowledge of the events giving rise to such termination; or (ii) in the case of a termination for Good Reason, within 10 business days of the Executive’s having actual knowledge of the events giving rise to such termination, but in no
event later than 90 calendar days after the actual event. Any such Notice of Termination shall (x) indicate the specific termination provision in this Agreement relied upon, (y) set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (z) if the termination date is other than the date of receipt of such notice, specify the termination date of this Agreement
(which date shall be not more than 15 days after the giving of such notice). 
 (e) Date of Termination. For the
purpose of this Agreement, the term “Date of Termination” means: (i) in the case of a termination for which a Notice of Termination is required, the date of receipt of such Notice of Termination or, if later, the date
specified therein, as the case may be, and (ii) in all other cases, the actual date on which the Executive’s Separation from Service occurs during the Employment Period. 
 6. Obligations of the Company or an Affiliate upon Termination. 
 (a) Death, Disability, Retirement, Voluntary Resignation and Termination for Cause. If the Executive’s employment is
terminated during the Employment Period by reason of the Executive’s death, Disability, termination for Cause, or voluntary termination due to his or her retirement or other resignation (other than on account of Good Reason) this Agreement
shall terminate without further obligations to the Executive or the Executive’s legal representatives under this Agreement other than those obligations accrued hereunder at the Date of Termination, and the Company or the Affiliate that employs
the Executive shall pay to the Executive (or the Executive’s beneficiary or estate), at the times determined below: (i) the Executive’s full Base Salary through the Date of Termination (the “Earned
Salary”), (ii) any vested amounts or benefits owing to the Executive under and in accordance with the terms and conditions of any otherwise applicable employee benefit plans, agreements and programs and any accrued vacation
pay not yet paid (the “Accrued Obligations”), and (iii) any other benefits payable in such situation under the plans, agreements, policies or programs of the Company and its Affiliates and in accordance with the
terms of such plans, policies and programs (the “Additional Benefits”). Any Earned Salary shall be paid in cash in a single lump sum as soon as practicable, but in no 

  

 7 

 
event more than 30 days (or at such earlier or later date required by law), following the Date of Termination. Accrued Obligations and Additional Benefits
shall be paid in accordance with the terms of the applicable plan, program or arrangement. 
 (b) Termination Without
Cause or for Good Reason. If, during the Employment Period, the Company or the Affiliate that employs the Executive terminates the Executive’s employment other than for Cause or the Executive terminates his or her employment for Good
Reason: 
 (i) Additional Lump Sum Payments. In lieu of (and not in addition to) any severance benefits payable
to the Executive under any other plan, policy or program of the Company or any Affiliate (each, a “Severance Policy”) or under any written agreement between the Executive and the Company (each, a “Prior
Agreement”), the Company shall pay to the Executive (or cause the Executive to be paid), at the times determined below, the following amounts: 
 (A) the Executive’s Earned Salary; 
 (B) a cash amount (the “Severance Amount”) equal to 2.5 times the sum of (x) the Executive’s annual rate of Base Salary as then in effect and (y) the target
applicable to the Executive under the PIP for the year in which the Executive’s employment terminates; and 
 (C) the
Accrued Obligations and Additional Benefits. 
 The Earned Salary shall be paid in cash in a single lump sum as soon as
practicable, but in no event more than 30 days (or at such earlier or later date required by law), following the Date of Termination. The Severance Amount shall be paid in a single lump sum as soon as practicable, but no later than 60 days,
following the Date of Termination. The Accrued Obligations and Additional Benefits shall be paid in accordance with the terms of the applicable plan, program or arrangement. Notwithstanding the foregoing, but subject to Section 13(b), the
Executive may elect in writing to receive the benefits payable under any Severance Policy that would otherwise be available to him or her, or the termination benefits under any Prior Agreement to which he or she is a party, in each case in lieu of
receiving the benefits payable hereunder; provided, however, that such benefits shall be paid in a lump sum at the same times as in the preceding sentences of this paragraph. 
 (ii) Continuation of Benefits. The Executive (and, to 

  

 8 

 
the extent applicable, the Executive’s dependents) shall be entitled, after the Date of Termination until 2.5 years from the Date of Termination (the
“End Date”), to continue participation in all of the employee and executive plans providing medical, dental and long-term disability benefits that the Executive participated in prior to the Date of Termination (collectively,
the “Continuing Benefit Plans”); provided that coverage with regard to medical and dental benefits for the period after the end of the eighteen (18)-month period following the Date of Termination shall be deemed to be
monthly, in-kind payments of the premiums and will be taxable income to the Executive; and provided further that the participation by the Executive (and, to the extent applicable, the Executive’s dependents) in any Continuing Benefit Plan shall
cease on the date, if any, prior to the End Date on which the Executive becomes eligible for comparable benefits under a similar plan, policy or program of a subsequent employer (“Prior Date”). The Executive agrees to notify
the Company promptly if and when Executive begins employment with another employer and if and when Executive becomes eligible to participate in any benefit or other welfare plans, programs or arrangements of another employer. The Executive’s
participation in the Continuing Benefit Plans will be on the same terms and conditions that would have applied had the Executive continued to be employed by the Company or the Affiliate that employs the Executive through the End Date or the Prior
Date. To the extent any such benefits cannot be provided under the terms of the applicable plan, policy or program, the Company shall provide (or shall cause to be provided) comparable benefits under another plan or from its general assets. To the
extent any medical or dental plan is a “self-insured medical reimbursement plan” under Code section 105(h) and such coverage would be discriminatory thereunder, the premiums (both during and after the eighteen (18)-month period) shall be
taxable income to the Executive and the Company or its Affiliates shall pay the Executive promptly after the provision of such benefits additional cash payments to the extent necessary for the Executive to receive the same net after-tax benefits
that the Executive would have received under such plans if the Executive had continued to receive such plan benefits while employed with the Company; provided that any such additional cash payment that would be paid within the Delay Period (as
defined in Section 2(d) hereof) shall not be paid during such period, but shall be paid immediately thereafter. 
 (iii)
Deemed Vesting for Certain Benefits. The Executive shall be deemed to have met all service and other requirements for full vesting of benefits under all stock option or other stock or equity compensation plans of the Company in which
the Executive participates and the stock options held by the Executive shall remain exercisable for the lesser of 2 years or the duration of their normal terms. 
  

 9 

 (iv) Pro-Rata Payment of PIP and Long-Term Incentive Award. The Company
shall pay to the Executive a cash amount equal to a pro rata portion of (i) the higher of the Executive’s target or actually earned annual incentive award under the PIP for the fiscal year in which the Executive’s Date of
Termination occurs and (ii) any awards made to the Executive under the Company’s long-term incentive plan (or any successor plan) determined as if the targets applicable to such awards were achieved. The PIP amount and the long-term
incentive awards amount shall be paid no later than March 15 of the year following the end of the applicable performance period; provided that any PIP amount and long-term incentive awards amount that are higher than the actual earned amount
shall not be paid prior to six (6) months following the Executive’s Date of Termination. The pro-rata portion of each award shall be determined by multiplying the value of the award times a fraction, the numerator of which is the number of
days during the performance period applicable to each such award prior to the Date of Termination and the denominator of which is the number of days in the performance period applicable to each such award. Notwithstanding the foregoing, any amount
payable under this subparagraph in respect of the annual incentive award or in respect of any long-term incentive plan shall be inclusive of the amounts, if any, otherwise payable to the Executive under the PIP and long-term incentive plans for the
year in which the Date of Termination occurs. 
 (v) Savings and Investment Plans. If and to the extent the
Executive is a participant in the Savings and Investment Plan or any successor plan thereto (“SIP”) and/or the Non-Qualified Deferred Compensation and Excess Investment Plan or any successor plan thereto
(“EIP”), the Company shall pay the Executive, as soon as practicable, but no later than 60 days, after the Executive’s Date of Termination, on a nonqualified basis, a lump sum equal to the amount that the Company would
have contributed to the SIP and/or credited to the EIP, over the 2.5 years following the Executive’s Date of Termination assuming that the Executive was contributing to each such plan during such period at the rate in effect immediately prior
to the Date of Termination (or, if greater, at the rate in effect immediately prior to the Change in Control). 
 (vi)
Outplacement. The Company shall provide the Executive with reasonable outplacement services at a level commensurate with the Executive’s position for up to twelve (12) consecutive months after the Executive’s Date of
Termination. 
 (c) Discharge of the Company’s and its Affiliates’ Obligations. Except as expressly
provided in the last sentence of this Section 6(c), the amounts payable to the Executive pursuant to this Section 6 following termination of the Executive’s employment shall be in full and complete satisfaction of the 

  

 10 

 
Executive’s rights under this Agreement and any other claims the Executive may have in respect of the Executive’s employment by the Company and its
Affiliates. Such amounts shall constitute liquidated damages with respect to any and all such rights and claims and, upon the Executive’s receipt of such amounts, the Company and its Affiliates shall be released and discharged from any and all
liability to the Executive in connection with this Agreement or otherwise in connection with the Executive’s employment by the Company and its Affiliates. Notwithstanding the foregoing: (i) the Executive shall retain all rights with
respect to the Company’s continuing obligations to indemnify the Executive as a former officer and/or director of the Company or its Affiliates, and to provide directors and officers liability insurance, to the fullest extent permitted under
the Company’s certificate of incorporation and by-laws or any other arrangement and (ii) to the extent the Executive is entitled to greater rights with respect to any category of severance payments or benefits in any similar situation
under any other arrangement with the Company, the Executive shall be entitled to such greater rights. 
 (d)
Modification of Payments by the Company and its Affiliates. 
 (i) Application of
Section 6(d). In the event that any amount or benefit paid or distributed to, or on behalf of, the Executive pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to, or on behalf of, the
Executive by the Company, its Affiliates and their successors, including any acquiror of the Company or its Affiliates (or any person or entity required to be aggregated with the Company or its Affiliates for purposes of Code section 280G under any
other plan, agreement, or arrangement (collectively, the “Covered Payments”), would be an “excess parachute payment” as defined in Code section 280G, and would thereby subject the Executive to the tax (the
“Excise Tax”) imposed under Code section 4999 (or any similar tax that may hereafter be imposed), the Company shall pay (or cause to be paid) to the Executive at the time specified in Section 6(d)(iv) below an additional
amount (the “Tax Reimbursement Payment”) such that the net amount retained by the Executive with respect to such Covered Payments, after deduction of any Excise Tax on the Covered Payments and any Federal, state and local
(including foreign) income tax, payroll tax and Excise Tax on the Tax Reimbursement Payment provided for by this Section 6(d), but before deduction for any Federal, state or local (including foreign) income or employment tax withholding on such
Covered Payments, shall be equal to the amount of the Covered Payments; provided that if the aggregate value of all Covered Payments exceeds the maximum amount which can be paid to the Executive without the Executive incurring an Excise Tax
(the “Cap Amount”) by less than 10% (ten per cent) of the Cap Amount, the amounts payable to the Executive under this Section 6 shall be reduced (but not below zero) to the maximum amount which may be paid hereunder
without the Executive becoming subject to such an Excise Tax as a result of all Covered Payments (such reduced payments to be referred 

  

 11 

 
to as the “Payment Cap”). In the event that Executive receives reduced payments and benefits hereunder, Executive shall have the
right to designate which of the payments and benefits otherwise provided for in this Agreement that the Executive will receive in connection with the application of the Payment Cap, but may not change the time of payment thereof. 
 (ii) Application of Section 280G. For purposes of determining whether any of the Covered Payments will be subject to
the Excise Tax and the amount of such Excise Tax, 
 (A) such Covered Payments will be treated as “parachute
payments” within the meaning of Code section 280G, and all “parachute payments” in excess of the “base amount” (as defined under Code section 280G(b)(3)) shall be treated as subject to the Excise Tax, unless, and except to
the extent that, in the good faith judgment of the Company’s independent certified public accountants appointed prior to the Effective Date or tax counsel selected by such accountants (the “Accountants”), it is more
likely than not that such Covered Payments (in whole or in part) either do not constitute “parachute payments” or represent reasonable compensation for personal services actually rendered (within the meaning of Code section 280G(b)(4)(B))
in excess of the portion of the “base amount allocable to such Covered Payments,” or such “parachute payments” are otherwise not subject to such Excise Tax, and 
 (B) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the
principles of Code section 280G. 
 (iii) Adjustments in Respect of the Payment Cap. If the Executive receives
reduced payments and benefits under this Section 6(d) (or this Section 6(d) is determined not to be applicable to the Executive because the Accountants conclude that Executive is not subject to any Excise Tax) and it is established
pursuant to a final determination of a court or an Internal Revenue Service proceeding (a “Final Determination”) that, notwithstanding the good faith of the Executive and the Company in applying the terms of this Agreement,
the aggregate “parachute payments” within the meaning of Code section 280G paid to the Executive or for the Executive’s benefit are in an amount that would result in the Executive being subject to an Excise Tax, then the Accountants
shall determine whether the Executive should have received the Tax Reimbursement Payment described in Section 6(d)(i), or whether the amounts payable to the Executive hereunder would still have been reduced pursuant to Section 6(d)(i). If
the Tax Reimbursement Payment 

  

 12 

 
would have been due, the Accountants shall determine the amount of any interest and penalties that may be imposed on the Executive by reason of having failed
to have timely paid any Excise Tax (the “Penalty Amount”), and the amount of the Tax Reimbursement Payment due, treating the Penalty Amount as a Covered Payment. In the event a Tax Reimbursement Payment is due, the Company
shall promptly (but in no event later than 10 business days after the Accountants have determined and informed the Company) pay the Executive such Tax Reimbursement Payment (as calculated in accordance with the immediately preceding sentence) and
the Penalty Amount. If the Executive would still be subject to a reduction in the Covered Payments due hereunder, the Accountants shall determine the amount by which the Covered Payments exceeded the Cap Amount and the Executive shall have an
obligation (to the extent permitted under applicable law) to repay such excess to the Company on demand, together with interest on such amount at the applicable Federal rate (as defined in Code section 1274(d)) from the date of the payment hereunder
to the date of repayment by the Executive. It is expressly understood that such excess is not in the nature of a personal loan to the Executive, but rather a payment made to the Executive as a “mistake in fact.” If the Executive receives
reduced payments and benefits by reason of this Section 6(d) and it is established pursuant to a Final Determination that the Executive could have received a greater amount without exceeding the Cap Amount, then the Company shall promptly
thereafter pay the Executive the aggregate additional amount which could have been paid without exceeding the Cap Amount, together with interest on such amount at the applicable Federal rate (as defined in Code section 1274(d)) from the original
payment due date to the date of actual payment by the Company. For greater clarity, if the Executive receives a Tax Reimbursement Payment under Section 6(d)(i), then this Section 6(d)(iii) shall not apply. 
 (iv) Timing. 
 (A) The Tax Reimbursement Payment (or portion thereof) provided for in Section 6(d)(i) above shall be paid to the Executive not later than ten (10) business days following the payment of the Covered
Payments; provided that if the amount of such Tax Reimbursement Payment (or portion thereof) cannot be finally determined on or before the date on which payment is due, the Company shall pay to the Executive by such date an amount estimated in good
faith by the Accountants to be the minimum amount of such Tax Reimbursement Payment and shall pay the remainder of such Tax Reimbursement Payment (together with interest at the rate provided in Code section 1274(b)(2)(B)) as soon as the amount
thereof can be determined, but in no event later than 45 calendar days after payment of the related Covered Payment. In 

  

 13 

 
the event that the amount of the estimated Tax Reimbursement Payment exceeds the amount subsequently determined to have been due, the Executive shall repay
such excess to the Company (to the extent permitted under applicable law), payable as of the fifth business day after written demand by the Company for payment (together with interest at the rate provided in Code section 1274(b)(2)(B)). It is
expressly understood that such excess is not in the nature of a personal loan to the Executive. 
 (B) Without extending any
time period set forth under this Section 6(d), (1) the Tax Reimbursement Payment due hereunder shall in no event be made later than the end of the calendar year next following the calendar year in which the Executive pays the related tax,
and (2) the reimbursement of expenses incurred due to a tax audit or litigation addressing the existence or amount of a tax liability shall in no event be made later than the end of the calendar year following the calendar year in which the
taxes that are the subject of the audit or litigation are remitted to the taxing authority (or if no taxes are remitted as a result of such audit or litigation, the end of the calendar year next following the calendar year in which the audit is
completed or there is a final and nonappealable settlement or other resolution of the litigation). 
 (v)
Survival. The provisions of this Section 6(d) of the Agreement shall survive the termination of the Executive’s employment hereunder and the termination of this Agreement with regard to any event that occurred prior thereto.

 7. Non-Solicitation Restrictions. During the Employment Period, and for a period of 2.5 years after the Employment Period,
the Executive agrees not to induce, encourage, or solicit, either directly or indirectly, any customer, client, employee, officer, director, agent, broker, registered representative or independent contractor to either: (i) terminate their
respective relationship or contracts with the Company or its Affiliates; or (ii) not place business with the Company or its Affiliates. The Executive agrees the restrictions in this paragraph apply whether the Executive voluntarily terminates
his or her employment or is involuntarily terminated with or without Cause or for Good Reason during the Employment Period. 
 8.
Non-Exclusivity of Rights. Except as expressly provided herein, nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided
by the Company or any of its Affiliates and for which the Executive may qualify, nor shall anything herein limit or otherwise prejudice such rights as the Executive may have under any other agreements with the Company or any of its Affiliates,
including employment agreements, stock option agreements, and other stock or equity compensation agreements. Amounts 

  

 14 

 
which are vested benefits or which the Executive is otherwise entitled to receive under any plan or program of the Company or any Affiliate at or subsequent
to the Date of Termination shall be payable in accordance with such plan or program. 
 9. No Offset. Except as expressly
provided in this Agreement, the obligation of the Company to make the payments provided for in this Agreement or any of its Affiliates to make the payments provided for in this Agreement and otherwise to perform the obligations hereunder shall not
be diminished or otherwise affected by any circumstances, including, but not limited to, any set-off, counterclaim, recoupment, defense or other right which the Company or any of its Affiliates may have against the Executive or others, whether by
reason of the subsequent employment of the Executive or otherwise. 
 10. Legal Fees and Expenses. If the Executive asserts any
claim in any contest (whether initiated by the Executive or by the Company or any of its Affiliates) as to the validity, enforceability or interpretation of any provision of this Agreement or to enforce and/or collect any payment or benefit payable
hereunder, the Company shall pay the Executive’s legal expenses (or cause such expenses to be paid) including, but not limited to, the Executive’s reasonable attorneys fees, on a quarterly basis, promptly upon presentation of proof of such
expenses in a form acceptable to the Company, which submission shall be made within forty-five (45) days after the end of such quarter; provided that the Executive shall reimburse the Company for such amounts (to the extent permitted
under applicable law), plus simple interest thereon at the 90-day United States Treasury Bill rate as in effect from time to time, compounded annually, if the arbitrator determines that the Executive’s claims were substantially frivolous or
brought in bad faith. 
 11. Surviving Agreements. This Agreement provides for certain payments and benefits to the Executive
to be determined by the employee benefit plans and programs, incentive plans, stock option, and other stock or equity compensation plans of the Company and its Affiliates. To the extent so provided, such programs and plans constitute part of the
agreement and understanding between the Executive and the Company and are incorporated herein and made a part hereof. The Executive and the Company hereby reaffirm their respective commitments under such programs and plans, and again agree to be
bound by each of the covenants contained therein for the benefit of the Company in consideration of the benefits made available to the Executive hereby. 
 12. Successors. 
 (a) This Agreement is personal to the Executive and, without
the prior written consent of the Company, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal
representatives and his or her estate. 
 (b) This Agreement shall inure to the benefit of and be binding upon 

  

 15 

 
the Company and shall be assignable, in writing, by the Company only to the acquiror of all or substantially all, of the assets of the Company. The Company
shall require any successor to all or substantially all of the business and/or assets of the Company, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place. 
 13.
Section 409A. 
 (a) The intent is that payments and benefits under this Agreement comply with Code section 409A
and accordingly this Agreement shall be interpreted to be in compliance therewith. The Company may from time to time amend this Agreement, without obtaining the consent of the Executive, as the Company deems necessary or desirable to comply with the
requirements of Code section 409A and the regulations and guidance provided thereunder, regardless of whether any such amendment would cause a reduction or cessation of a benefit accrued prior to the adoption of such amendment. To the extent that
this Agreement is modified to comply with Code section 409A, such modification shall, to the extent reasonably possible, maintain the original intent of the applicable provision of this Agreement without violating the provisions of Code section
409A. 
 (b) It is intended that the payments under this Agreement, to the extent applicable, comply with the short-term
deferral rule under Code section 409A. 
 14. Miscellaneous. 
 (a) Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Connecticut, applied without reference to principles of conflict of laws. 
 (b) Arbitration. Any dispute or
controversy arising under or in connection with this Agreement shall be resolved by binding arbitration. The arbitration shall be held in Hartford, Connecticut and except to the extent inconsistent with this Agreement, shall be conducted in
accordance with the Expedited Employment Arbitration Rules of the American Arbitration Association then in effect at the time of the arbitration (or such other rules as the parties may agree to in writing), and otherwise in accordance with
principles which would be applied by a court of law or equity. The arbitrator shall be acceptable to both the Company and the Executive. If the parties cannot agree on an acceptable arbitrator, the dispute shall be heard by a panel of three
arbitrators, one appointed by each of the parties within 30 days of notice of such non-agreement and the third appointed by the other two arbitrators. The cost and expenses of the arbitration shall be paid by the Company. 
 (c) Amendments. Except as provided in Section 13(a), this 

  

 16 

 
Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal
representatives. 
 (d) Entire Agreement. This Agreement constitutes the entire agreement between the parties
hereto with respect to the matters referred to herein, and completely supersedes and replaces any prior agreement between the Executive and the Company or any of its Affiliates concerning the subject matter herein. No subsequent agreement concerning
the subject matter herein, oral or otherwise, shall be binding between the parties unless it is in writing and signed by the party against whom enforcement is sought. Except as expressly provided herein, nothing in this Agreement shall be construed
or interpreted to enhance, increase, reduce or diminish any rights, duties or obligations of the Executive under any agreement between the Executive and the Company or any of its Affiliates, or under any employee benefit plan program (as further set
forth in Section 11) or procedure established by the Company or any of its Affiliates with respect to any subject matter herein. There are no promises, representations, inducements or statements between the parties other than those that are
expressly contained herein. The Executive acknowledges that the Executive is entering into this Agreement of the Executive’s own free will and accord, and with no duress, that the Executive has read this Agreement and that the Executive
understands it and its legal consequences. 
 (e) Notices. All notices and other communications hereunder shall
be in writing and shall be given by hand-delivery to the other party, overnight mail, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Executive:	  	Home address of the Executive noted on the records of the Company
		
	If to the Company:	  	Virtus Investment Partners, Inc.
		  	100 Pearl Street, 9th Floor
		  	Hartford, CT 06103
		  	Attn.: Kevin Carr

 or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee. 
 (f) Tax
Withholding. The Company shall withhold (or cause such withholding) from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 (g) Severability; Reformation. In the event that one or more of the 

  

 17 

 
provisions of this Agreement shall become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby. 
 (h) Waiver. Waiver by any party hereto of any
breach or default by the other party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this Agreement
shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert its or the Executive’s rights hereunder on any occasion or series of occasions. 
 (i) Confidentiality. In further consideration for entering into this Agreement, the Executive, after termination of the
Executive’s employment, shall retain in confidence any confidential or proprietary information known to the Executive concerning the Company and its Affiliates and their business so long as such information is not publicly disclosed and shall
not use such information in any way injurious to the Company or its Affiliates except for any disclosure to which an authorized officer of the Company or such Affiliate has consented or any disclosure or use required by any order of any governmental
body or court (including legal process). If requested, the Executive shall return to the Company and its Affiliates any memoranda, documents or other materials possessed by the Executive and containing confidential or proprietary information of the
Company and its Affiliates. Notwithstanding the preceding sentence, the Executive shall not be required to return to the Company or its Affiliates, any memoranda, documents or other materials containing confidential or proprietary information of the
Company or its Affiliates, if such materials were provided to the Executive in his or her capacity as a director of the Company or its Affiliates. 
 (j) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 (k) Captions. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.

  

 18 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and the Company has caused this Agreement to
be executed in its name on its behalf, and its corporate seal to be hereunto affixed and attested by its Secretary, all as of the day and year first above written. 
  

			
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	 /s/ Kevin J. Carr

	Name:	 	Kevin J. Carr
	Title:	 	Vice President, Counsel and Secretary

  

	
	EXECUTIVE:
	
	 /s/ George R. Aylward, Jr.

	George R. Aylward, Jr.

  

 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]