Document:

Virtus Investment Partners, Inc. Omnibus Incentive and Equity Plan

 Exhibit 10.5 
 VIRTUS INVESTMENT PARTNERS, INC. 
 OMNIBUS INCENTIVE AND EQUITY PLAN 
 Effective as of December 31, 2008 

 VIRTUS INVESTMENT PARTNERS, INC. 
 OMNIBUS INCENTIVE AND EQUITY PLAN 
 SECTION 1 
 PURPOSE 
 The purpose of the Plan is to
foster and promote the long-term financial success of the Company and to materially increase shareholder value by (a) providing flexibility to the Company to implement annual and long term incentives that are consistent with the Company’s
goals, (b) encouraging and providing for the acquisition of an ownership interest in the Company by Employees, and (c) enabling the Company to attract and retain the services of high quality Employees, Directors and Consultants upon whose
judgment, interest and special effort the successful conduct of its operations is largely dependent. 
 All outstanding awards under The
Phoenix Companies, Inc. 2003 Restricted Stock, Restricted Stock Unit and Long-Term Incentive Plan and The Phoenix Companies, Inc. Stock Incentive Plan attributable to the Employees, as such awards have been or may be modified or equitably adjusted
in connection with the spin-off, immediately prior to the effective date of the spin-off are hereby incorporated into this Plan and shall accordingly be treated as Awards under this Plan. However, each such award shall continue to be governed solely
by the terms and conditions of the instrument(s) evidencing such grant or issuance, and, except as otherwise expressly provided herein or by the Committee, no provision of this Plan shall affect or otherwise modify the rights or obligations of
holders of such incorporated awards. For these awards, the name of the company will be changed to the Company and the shares or equivalents will be converted to or settled in Company shares or equivalents, or cash, as determined by the Committee.

 SECTION 2 
 DEFINITIONS

 2.1 Definitions. Whenever used herein, the following terms shall have the respective meanings set forth below: 
 (a) “Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto, and the applicable
rulings and regulations thereunder. 
  

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 (b) “Adjustment Event” means any stock dividend, stock split or share
combination of, or extraordinary cash dividend on, the Common Stock or recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock at a price
substantially below Fair Market Value, or other similar event affecting the Common Stock. 
 (c) “Annual Incentive
Award” means an Award made pursuant to Section 9 with a Performance Cycle of one year or less. 
 (d)
“Award” means any award made pursuant to the Plan, including but not limited to the award of an Annual Incentive Award, a Long-Term Incentive Award, an Option, a Stock Appreciation Right, a Restricted Stock Unit, Restricted Stock, or other
award under the Plan 
 (e) “Award Agreement” means the electronic or written document by which each Award is
evidenced, and which may, but need not be (as determined by the Committee), executed or acknowledged by a Participant as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to
Awards granted under the Plan to such Participant. Award Agreements shall be subject to the terms and conditions of the Plan, whether or not explicitly provided in the particular Award Agreement. 
 (f) “Beneficial Owner” means any “person”, as such term is used in Section 13(d) of the Act, who, directly or
indirectly, has or shares the right to vote or dispose of such securities or otherwise has “beneficial ownership” of such securities (within the meaning of Rule 13d-3 and Rule 13d-5 under the Act), including pursuant to any agreement,
arrangement or understanding (whether or not in writing). 
 (g) “Board” or “Board of Directors” means the
Board of Directors of the Company. 
 (h) “Cause” means: 
 (i) the willful failure by the Participant to perform substantially his duties as an Employee (other than due to physical or mental
illness) after reasonable notice to the Participant of such failure; 
  

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 (ii) the Participant’s engaging in serious misconduct that is injurious to the
Company or any Subsidiary in any way, including, but not limited to, by the way of damage to their respective reputations or standings in their respective industries; 
 (iii) the Participant’s having been convicted of, or having entered a plea of nolo contendere to, a crime that constitutes a felony;
or 
 (iv) the breach by the Participant of any written covenant or agreement with the Company or any Subsidiary not to
disclose or misuse any information pertaining to, or misuse any property of, the Company or any Subsidiary or not to compete or interfere with the Company or any Subsidiary. 
 (i) “Change in Control” means the first occurrence of: 
 (i) any person (other than the Company or employee benefit plan sponsored by the Company) 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 then still in office shall be deemed to be an Incumbent Director for purposes of this sub-clause 2.1(i)(ii); 
 (iii) the effective date of any merger, consolidation, share exchange, division, sale or other disposition of all or substantially all of
the assets of the Company which is consummated (a “Corporate Event”), if immediately following the consummation of such Corporate Event those Persons who were 

  

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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. 
 (j) “Change in Control Settlement Value” shall mean, with respect to a share of Common Stock, the excess of the Change in
Control Stock Value over the option price of the Option or the base price of the Stock Appreciation Right covering such share of Common Stock, provided that, (i) with respect to any Option which is an Incentive Stock Option, the
Change in Control Settlement Value shall not exceed the maximum amount permitted for such Option to continue to qualify as an Incentive Stock Option and (ii) in respect of that portion, if any, of any Option or Stock Appreciation Right that had
not become exercisable on or before December 31, 2004, the Change in Control Settlement Value shall not exceed the maximum amount permitted for such Option or Stock Appreciation Right to remain exempt from Section 409A. 
 (k) “Change in Control Stock Value” shall mean the value of a share of Common Stock determined as follows: 
 (i) if the Change in Control results from an event described in clause (iii) of the Change in Control definition, the highest per
share price paid for shares of Common Stock of the Company in the transaction resulting in the Change in Control; or 
 (ii)
if the Change in Control results from an event described in clause (i), (ii) (iv) or (v) of the Change in Control definition and no event 

  

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described in clause (iii) of the Change in Control definition has occurred in connection with such Change in Control, the highest sale price of a share
of Common Stock of the Company on any trading day during the 60 consecutive trading days immediately preceding and following the date of such Change in Control as reported on the New York Stock Exchange Composite Tape, or other national securities
exchange or nationally recognized automated quotation system, on which the Common Stock is then principally traded or listed. 
 (l) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the applicable rulings and regulations thereunder. 
 (m) “Committee” means the Compensation Committee of the Board (or such other committee of the Board that the Board shall
designate), which shall consist of two or more members, each of whom, serving at the pleasure of the Board, shall be a “non-employee director” within the meaning of Rule 16b-3 (or any successor rule thereto), as promulgated under the Act,
and an “outside director” within the meaning of Section 162(m) of the Code and the Treasury regulations, rules and guidance promulgated thereunder. Notwithstanding the foregoing, with respect to Awards granted to non-employee
Directors, the Committee shall mean the entire Board. 
 (n) “Common Stock” means the common stock of the Company.

 (o) “Company” means Virtus Investment Partners, Inc., a Delaware corporation, and any successor thereto.

 (p) “Consultant” means a person engaged to provide consulting or advisory services (other than as an Employee or
a Director) to the Company or its Subsidiaries. 
 (q) “Director” means any individual who is a member of the Board
of Directors. 
 (r) “Disability” has the meaning given in the Company’s long-term disability insurance policy
or program as in effect from time to time; provided that a Participant shall not be treated as having incurred a Disability unless he or she qualifies for disability benefits under such policy or program. 
  

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 (s) “Dividend Equivalents” means an amount equal to the cash dividends paid by
the Company upon one share of Common Stock for each share of Common Stock represented by an Award to a Participant in accordance with the Plan, credited at the discretion of the Committee or as otherwise provided for by the Plan or in an Award
Agreement. 
 (t) “Employee” means an individual who is paid on the payroll of the Company or one of its
Subsidiaries (as determined by the Committee in its sole discretion); provided, however, that with respect to Incentive Stock Options, “Employee” means any person who is considered an employee of the Company or any Subsidiary for purposes
of Treasury Regulation Section 1.421-1(h). 
 (u) “Executive Officer” means each person who is an officer of
the Company or any Subsidiary and who is subject to the reporting requirements under Section 16(a) of the Act. 
 (v)
“Fair Market Value” means, on any date: (i) the closing price reported for such day on the principal national securities exchange or nationally recognized automated quotation system on which the Common Stock is then listed for trading
or in the event that there are no Common Stock transactions reported on such exchange or system on such date, Fair Market Value shall mean the closing price on the immediately preceding date on which Common Stock transactions were so reported;
(ii) if the Common Stock is then principally listed in an over-the-counter market, the last sales price (or, if there is no last sales price reported, the average of the closing bid and asked prices) for the Common Stock on such date, or on the
immediately preceding date on which Common Stock transactions were so reported; or (iii) if the Common Stock is not listed on such an exchange, system or market, the price as determined in good faith by the Committee. 
 (w) “Family Member” means as to a Participant, any (i) child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, mother-in-law, father-in-law, son-in-law or daughter-in-law (including adoptive relationships), of such Participant, (ii) trusts for the exclusive benefit of one or more such persons and/or the Participant and (iii) other entity
owned solely by one or more such persons and/or the Participant. 
 (x) “Long-Term Incentive Award” means an Award
made pursuant to Section 9 with a Performance Cycle of more than one year. 
  

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 (y) “Net-Exercise” means a procedure based on such terms and conditions as the
Committee shall establish by which the Participant will be issued a number of whole shares of Common Stock upon the exercise of an Option determined in accordance with the following formula: 
 N = X(A-B)/A, where 
 “N” = the
number of shares of Common Stock to be issued to the Participant upon exercise of the Option; 
 “X” = the total number of shares
of Common Stock with respect to which the Participant has elected to exercise the Option; 
 “A” = the Fair Market Value of one
(1) share of Common Stock determined on the exercise date; and 
 “B” = the exercise price per share of Common Stock (as
defined in the Participant’s Award Agreement) 
 (z) “Option” means the right to purchase shares of Common
Stock at a stated price for a specified period of time. For purposes of the Plan, an Option may be either (i) an “Incentive Stock Option” with the meaning of Section 422 of the Code or (ii) an Option which is
not an Incentive Stock Option (a “Non-Qualified Stock Option”). 
 (aa) “Participant” means any Employee,
any non-employee Director of the Company, or Consultant designated by the Committee to receive an Award under the Plan, provided that non-employee Directors and Consultants shall not be eligible for Incentive Stock Options. 
 (bb) “Performance Cycle” means the period selected by the Committee during which the performance of the Company or any
Subsidiary or unit thereof or any individual is measured for the purpose of determining the extent to which an Award subject to Performance Goals has been earned. 
 (cc) “Performance Goals” means the objectives for the Company, any Subsidiary or business unit thereof or individual that may be
established by the Committee for a Performance Cycle with respect to any performance based Awards contingently awarded under the Plan. The Performance Goals for Awards that are intended to constitute “performance-based” compensation within
the meaning of Section 

  

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162(m) of the Code shall be based on one or more of the following performance measures as specified by the Committee: (1) gross or net cash flow, free
cash flow, cash flow return on investment (discounted or otherwise), cash operating income, net cash provided by operations, or cash flow in excess of cost of capital; (2) sales; (3) revenues; (4) earnings per share, stock price or
stockholder return (on a gross or net basis), or any rating by a nationally recognized statistical rating organization; (5) net income; (6) return on assets (gross or net), return on investment, return on capital or return on equity (or
any combination); (7) economic value created; (8) operating income, earnings before or after taxes, interest, depreciation, amortization or extraordinary or special items (or any combination), which may be determined on a per share basis
(basic or diluted); (9) debt to capital ratio, or risk based capital ratio; (10) operating margin, gross margin or other financial margin; (11) assets under management, gross or net flows of assets under management, market
capitalization, or net assets; (12) segment income; or (13) dividend payout. Performance Goals may reflect absolute entity performance or a relative comparison of entity performance to the performance of a peer group or other external
measure. The targeted level or levels of performance with respect to Performance Goals may be established at such levels and in such terms as the Committee may determine, in its discretion, including absolute entity performance, as a goal relative
to performance in prior periods, or a relative comparison of entity performance to the performance of one or more third parties or other companies, a peer group or special index or other group selected for comparison, or other external measure. The
Committee may specify that any Performance Goals will be calculated before or after specific or identified items such as extraordinary or nonrecurring, special income, expense or other items, before or after changes in accounting principles or
standards, before or after capital charges, before or after revenues, operations, earnings or losses of discontinued operations or acquisitions, or before or after Awards under this Plan or other incentive compensation. 
 (dd) “Plan” means the Virtus Investment Partners, Inc. Omnibus Incentive and Equity Plan, as set forth herein and as the same
may be amended from time to time. 
 (ee) “Restricted Period” means the period during which Restricted Stock Units
or shares of Restricted Stock are subject to forfeiture or restrictions on transfer (if applicable) pursuant to Section 8 of the Plan. 
  

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 (ff) “Restricted Stock” means Common Stock awarded to a Participant pursuant to
the Plan which is subject to a Restricted Period in accordance with Section 8 of the Plan. 
 (gg) “Restricted Stock
Unit” means a Participant’s right to receive pursuant to the Plan one share of Common Stock at the end of a Restricted Period in accordance with Section 8 of the Plan. 
 (hh) “Retirement” means termination of a Participant’s employment or service on or after the Participant attains age 55
with 10 years of credited service with the Company and its Subsidiaries. For this purpose, “credited service” means service as an employee or service as a director. 
 (ii) “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor thereto, and the
applicable rulings and regulations thereunder. 
 (jj) “Stock Appreciation Right” means the right to receive a
payment from the Company, in cash or Common Stock, in an amount determined under Section 7 of the Plan. 
 (kk)
“Subsidiary” means any corporation, partnership or limited liability company in which the Company owns, directly or indirectly, 50% or more of the total combined voting power of all classes of stock of such corporation or of the capital
interest or profits interest of such partnership or limited liability company. 
 2.2 Construction. Captions and titles contained
herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, words in the masculine gender used in the Plan shall include the feminine gender, the
singular shall include the plural, and the plural shall include the singular. 
 SECTION 3 
 ELIGIBILITY AND PARTICIPATION 
 Participants
in the Plan shall be those Employees, non-employee Directors, and Consultants selected by the Committee to participate in the Plan. 
  

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 SECTION 4 
 ADMINISTRATION 
 4.1 Power to Grant and Establish Terms of Awards. The Committee shall have the
authority, subject to the terms of the Plan, to determine the Participants to whom Awards shall be granted, the Fair Market Value of shares of Common Stock or other property, and the terms, conditions and restrictions of any and all Awards,
including but not limited to the number of shares of Common Stock to be covered by each Award, the time or times at which Awards shall be granted, and the terms and provisions of the instruments by which Awards shall be evidenced; to designate
Options as Incentive Stock Options or Non-Qualified Stock Options; to determine the period of time during which restrictions on Restricted Stock or Restricted Stock Units shall remain in effect; to establish and administer any Performance Goals
applicable to Awards granted hereunder, as well as to determine the terms and conditions of any Annual Incentive and Long-Term Incentive Awards; to determine the method(s) for satisfaction of any tax withholding obligation arising in connection with
Awards, including by the withholding or delivery of shares of Common Stock; to determine whether an Award will be settled in shares of Common Stock, cash, or in any combination thereof; and to determine all other matters relating to Awards and the
Plan. The terms and conditions of each Award shall be determined by the Committee at the time of grant, and, except as provided in the Plan or any Award Agreement, such terms and conditions shall not be subsequently changed in a manner which would
be adverse to the Participant without the consent of the Participant to whom such Award has been granted. The Committee may establish different terms and conditions for different Participants receiving Awards and for the same Participant for each
Award such Participant may receive, whether or not granted at different times. The grant of any Award to any Participant shall neither entitle such Participant to, nor disqualify him from, the grant of any other Awards. 
 4.2 Administration. The Committee shall be responsible for the administration of the Plan. Any Award granted by the Committee may be subject to
such conditions, not inconsistent with the terms of the Plan, as the Committee shall determine. The Committee, by majority action thereof, is authorized to prescribe, amend and rescind rules and regulations relating to the Plan, any Award Agreement
or any other form of agreement or other document employed by the Company in the administration of the Plan or of any Award; to provide for conditions deemed necessary or advisable to protect the interests of the Company; to interpret the Plan, any
Award Agreement or any other form of agreement or other document employed by the Company in the administration of the Plan or of any Award; and to make all other determinations necessary or advisable for the administration and interpretation of the

  

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Plan, any Award Agreement or any other form of agreement or other document employed by the Company in the administration of the Plan or of any Award, to
carry out its provisions and purposes. Determinations, interpretations or other actions made or taken by the Committee pursuant to the provisions of the Plan, any Award Agreement or any other form of agreement or other document employed by the
Company in the administration of the Plan or of any Award, shall be final, binding and conclusive for all purposes and upon all persons. The Committee is authorized to correct any defect, supply any omission or reconcile any inconsistency in the
Plan or any Award Agreement and to make all other determinations and take such other actions with respect to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with the provisions of the Plan or applicable law.
The Committee and each member thereof, and any person acting pursuant to authority delegated by the Committee, shall be entitled, in good faith, to rely or act upon any report or other information furnished by any Executive Officer, other officer or
Employee of the Company or a Subsidiary or affiliate, the Company’s auditors, consultants, legal counsel, or any other agents assisting in the administration of the Plan. Members of the Committee, any person acting pursuant to authority
delegated by the Committee, and any officer or Employee of the Company or a Subsidiary or affiliate acting at the direction or on behalf of the Committee or a delegatee, shall not be personally liable for any action or determination taken or made or
omitted in good faith with respect to the Plan. 
 4.3 Delegation. Actions of the Committee may be taken by the vote of a majority of
its members. To the extent not inconsistent with applicable law and the applicable rules and regulations of the New York Stock Exchange and any other national securities exchange or nationally recognized automated quotation system on which shares of
Common Stock are then principally listed or traded, (a) the Committee may delegate any of its powers under the Plan to a subcommittee of the Committee or to one of its members, (b) the Committee may allocate among its members any of its
administrative responsibilities and (c) notwithstanding anything to the contrary contained herein, the Committee may delegate the determination of Awards to Employees who are not Executive Officers to one or more officers of the Company
designated by the Committee from time to time. 
 4.4 Restrictive Covenants and Other Conditions. The Committee may condition the
grant of any Award under the Plan upon the Participant to whom such Award would be granted agreeing in writing to certain conditions in addition to the provisions regarding exercisability of, the vesting or payment of any Award (such as restrictions
on the ability to 

  

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transfer the underlying shares of Common Stock) or covenants in favor of the Company and/or its Subsidiaries (including, without limitation, covenants not to
compete, not to solicit employees and customers that may have effect following the termination of the Participant’s employment and, whether before or after the Award has been exercised or has vested, as applicable, including, without
limitation, the requirement that the Participant disgorge any profit, gain or other benefit received in respect of the Award prior to any breach of any such covenant by the Participant). 
 4.5 409A Compliance. The Plan is intended to be administered in a manner consistent with the requirements, where applicable, of Section 409A
of the Code. Where reasonably possible and practicable, the Plan shall be administered in a manner to avoid the imposition on Participants of immediate tax recognition and additional taxes pursuant to such Section 409A. To that end, and without
limiting the generality of the foregoing, unless otherwise expressly provided herein or in any Award Agreement, any amount payable or shares distributable hereunder in connection with any Award (including upon the satisfaction of any applicable
performance criteria) shall be paid not later than two and one-half months (or such other time as is required to cause such amounts not to be treated as deferred compensation under Section 409A of the Code) following the end of the taxable year
of the Company or the Participant in which the Participant’s rights with respect to the corresponding Award (or portion thereof) ceased to be subject to a substantial risk of forfeiture. Notwithstanding the foregoing, neither the Company nor
the Committee shall have any liability to any person in the event such Section 409A applies to any such Award in a manner that results in adverse tax consequences for the Participant or any of his beneficiaries or transferees. 
 SECTION 5 
 STOCK SUBJECT TO PLAN 

5.1 Plan Award Limitation. Subject to the provisions of Section 5.2, 5.3 and 5.4, the number of shares of Common Stock available for
delivery in connection with Awards under the Plan shall be 1.8 million shares. 
 The total number of shares with respect to which
Incentive Stock Options may be granted shall not exceed 1.8 million shares. 
 The type and form of Awards under this Plan shall be in
the discretion of the Committee. 
  

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 The shares to be delivered under the Plan may consist, in whole or in part, of Common Stock held in
treasury or authorized but unissued Common Stock, not reserved for any other purpose, or any combination thereof. 
 5.2 Share Counting
Rules. Each share of Common Stock underlying an Award shall count as one share of Common Stock for purposes of determining the number of shares of Common Stock granted pursuant to the limits set forth in Sections 5.1 and 5.5 of the Plan.
If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of shares of Common Stock owned by the Participant, or by means of a Net-Exercise, the number of shares available for issuance under the Plan shall
be reduced by the gross number of shares for which the Option is exercised. Shares withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to Section 13.6 shall not again be available for issuance under the
Plan. With respect to Stock Appreciation Rights, the number of shares remaining for issuance under the Plan shall be determined as though the full number of shares corresponding to the portion of a Stock Appreciation Right exercised had been issued.
Shares of Common Stock issued in connection with awards that are assumed, converted or substituted as a result of the Company’s acquisition of another company (including by way of merger, combination or similar transaction) will not count
against the number of shares that may be issued under the Plan, but shall be available under the Plan by virtue of the Company’s assumption of the plan(s), arrangement(s) or agreement(s) of the acquired company or business. 
 5.3 Cancelled, Terminated, or Forfeited Awards. Any shares of Common Stock subject to an Award issued under this Plan, including those Phoenix
awards assumed by the Plan as explained in Section 1, which for any reason expires, or is canceled, terminated or otherwise settled without the issuance of any consideration, whether in cash, Common Stock or other property (including, without
limitation, any shares issued in connection with a Restricted Stock Award that are subsequently forfeited) shall again be available under the Plan. 
 5.4 Adjustment Due to Change in Capitalization. In the event of any Adjustment Event, (i) the aggregate number of shares of Common Stock available for Awards under Section 5.1(including the sub-limits identified in
Section 5.1), (ii) the individual limitations on the number of shares that may be awarded to any particular Participant in any particular period under Section 5.5 and (iii) the aggregate number of shares subject to outstanding
Awards and the respective prices and/or vesting and other applicable criteria applicable to outstanding Awards shall be proportionately adjusted to reflect, as deemed equitable and 

  

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appropriate by the Committee, such Adjustment Event. To the extent deemed equitable and appropriate by the Committee, subject to any required action by
stockholders, in any merger, consolidation, reorganization, liquidation, dissolution, or other similar transaction, any Award granted under the Plan shall pertain to the securities and other property, including cash, to which a holder of the number
of shares of Common Stock covered by the Award would have been entitled to receive in connection with such event. 
 Any shares of stock
(whether Common Stock, shares of stock into which shares of Common Stock are converted or for which shares of Common Stock are exchanged or shares of stock distributed with respect to Common Stock) or cash or other property received with respect to
any Award granted under the Plan as a result of any Adjustment Event-or any distribution of property shall, except as provided in Section 11 or as otherwise provided by the Committee at or after the date an Award is made by the Committee, be
subject to the same terms and conditions, including restrictions on transfer, as are applicable to such shares of the original underlying Award and any stock certificate(s) representing or evidencing any shares of stock so received shall be legended
in such manner as the Company deems appropriate. 
 5.5 Individual Award Limitations. Subject to Section 5.4: 
 (a) the total number of shares of Common Stock subject to Options and Stock Appreciation Rights that may be awarded to any Participant
during a calendar year shall not exceed 250,000 shares, plus any unused shares pursuant to this subsection (a) as of the close of the prior calendar year under this Plan; 
 (b) the total number of shares of Common Stock subject to any Restricted Stock subject to Performance Goals or Restricted Stock Units
subject to Performance Goals that may be awarded to any Participant during a calendar year shall not exceed 250,000 shares or units, as the case may be, plus any unused shares or units pursuant to this subsection (b) as of the close of the
prior calendar year under this Plan; 
 (c) the total amount of any Annual Incentive Award paid to any Participant during a
calendar year shall not exceed $5 million, plus any unused amounts pursuant to this subsection (c) as of the close of the prior calendar year under this Plan; and 
 (d) the total amount of any Long-Term Incentive Award paid to any Participant during a calendar year shall not exceed $7 million, plus any
unused amounts pursuant to this subsection (d) as of the close of the prior calendar year under this Plan. 
  

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 SECTION 6 
 STOCK OPTIONS 
 6.1 Grant of Options. Options may be granted to Participants at such time or times as
shall be determined by the Committee; provided that, in no event shall the Committee be permitted to grant Options conditioned on the surrender or cancellation of previously granted Options. Options granted to non-employee Directors shall be in such
amounts and intervals as determined by the Board from time to time. Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Non-Qualified Stock Options. The date of grant of an Option under
the Plan will be the date on which the Option is awarded by the Committee or, if so determined by the Committee, the date on which occurs any event the occurrence of which is an express condition precedent to the grant of the Option. Subject to
Section 5.5, the Committee shall determine the number of Options, if any, to be granted to the Participant. Each Option Award shall be evidenced by an Award Agreement that shall specify the type of Option granted, the exercise price, the
duration of the Option, the number of shares of Common Stock to which the Option pertains, and such other terms and conditions not inconsistent with the Plan as the Committee shall determine. 
 6.2 Option Price. Non-Qualified Stock Options and Incentive Stock Options granted pursuant to the Plan shall have an exercise price that is not
less than the Fair Market Value on the date the Option is granted. Except in the event of an Adjustment Event, the Committee shall not have the power or authority to reduce the exercise price of any outstanding Option, whether through amendment,
through the cancellation of existing grants and the issuance of new grants with lower exercise prices or by any other means. The Committee shall not have the right to re-price outstanding Options or to grant new Options under the Plan in
substitution for or upon the cancellation of Options previously granted. Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend,
recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of outstanding Awards may not be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding
Options or SARS in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs without stockholder approval. 
  

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 6.3 Exercise of Options. Options awarded to a Participant under the Plan shall be exercisable at
such times and shall be subject to such restrictions and conditions including the performance of a minimum period of service or the satisfaction of Performance Goals, as the Committee may impose either at or after the time of grant of such Options,
subject to the Committee’s right to accelerate the exercisability of such Option in its discretion. Notwithstanding the foregoing, unless otherwise determined by the Committee at grant, Options shall become exercisable in three substantially
equal installments on each of the first three anniversaries of the date of grant. Except as may be provided in any provision approved by the Committee pursuant to this Section 6.3, after becoming exercisable each installment shall remain
exercisable until expiration, termination or cancellation of the Option. An Option may be exercised from time to time, in whole or in part, up to the total number of shares of Common Stock with respect to which it is then exercisable.
Notwithstanding the foregoing, no Option shall be exercisable for more than 10 years after the date on which it is granted. 
 6.4 Payment
and Settlement. The Committee shall establish procedures governing the exercise of Options. No shares shall be delivered pursuant to any exercise of an Option unless arrangements satisfactory to the Committee have been made to assure full
payment of the exercise price. Without limiting the generality of the foregoing, the Committee may direct that payment of the exercise price may be made (i) in cash or cash equivalents, (ii) by exchanging shares of Common
Stock (either by delivery or attestation) which have been owned by the Participant at the time of exercise (or owned for a stated period of time prior to the time of exercise as the Committee may determine), (iii) by issuing a lesser number of
shares of Common Stock pursuant to a Net Exercise transaction having a Fair Market Value on the date of exercise equal to the amount, if any, by which the aggregate Fair Market Value of the shares of Common Stock as to which the Option is being
exercised exceeds the aggregate exercise price for such shares, based on such terms and conditions as the Committee shall establish, (iv) by any combination of the foregoing; provided that the combined value of all cash and cash equivalents
paid and the Fair Market Value of any such Common Stock so tendered to the Company, valued as of the date of such tender, is at least equal to the exercise price, (v) through an arrangement with a broker approved by the Company whereby
payment of the exercise price is accomplished with the proceeds of the sale of Common Stock, or (vi) through such other procedures as the Committee may determine. As soon as administratively practicable after receipt of a written exercise
notice and payment of the exercise price in accordance with this Section 6.4, the Company shall deliver to the Participant a certificate or certificates representing the acquired shares of Common Stock or shall deposit the acquired 

  

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shares of Common Stock to the Participant’s brokerage account associated with this Plan. For the avoidance of doubt, in any case above in this Section,
the number of shares remaining for issuance under the Plan shall be determined as though the full number of shares corresponding to the portion of such Option settled or net-exercised pursuant to this Section 6.4 had been issued. 
 6.5 Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall
be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent of any Participant affected thereby, to cause
any Incentive Stock Option previously granted to fail to qualify for the Federal income tax treatment afforded under Section 421 of the Code. 
 6.6 Termination of Employment or Service Due to Disability or Retirement. Unless otherwise determined by the Committee at the time of grant, in the event a Participant’s employment or service with the Company or a Subsidiary
terminates by reason of Disability or Retirement, any such Options granted to such Participant shall continue to become exercisable in accordance with Section 6.3 notwithstanding such Participant’s termination of employment or service and
may be exercised by the Participant or the Participant’s designated beneficiary, and if none is named, in accordance with Section 13.2, at any time during the remaining term of such Option or three (3) years (or such shorter period as
the Committee shall determine at the time of grant) following the Participant’s termination of employment or service, whichever period is shorter. 
 6.7 Termination of Employment or Service Due to Death. Unless otherwise determined by the Committee at the time of grant, in the event a Participant’s employment or service with the Company or a
Subsidiary terminates by reason of death, any such Options granted to such Participant shall become immediately exercisable in full at the date of such Participant’s death and may be exercised by the Participant’s designated beneficiary,
and if none is named, in accordance with Section 13.2, at any time during the remaining term of such Option or three (3) years (or such shorter period as the Committee shall determine at the time of grant) following the Participant’s
death, whichever period is shorter. 
 6.8 Certain Divestitures, etc. In the event that a Participant’s employment or service is
terminated in connection with a sale, divestiture, spin-off or other similar transaction involving a Subsidiary, division or business segment or unit, the Committee may provide at the 

  

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time of grant or otherwise that all or any portion of any Options granted to such Participant which are then outstanding shall become exercisable in
accordance with Section 6.3 notwithstanding such termination of employment or service and may be exercised by the Participant or the Participant’s designated beneficiary, and if none is named, in accordance with Section 13.2, at any
time during the remaining term of the Option or three (3) years (or such shorter period as the Committee shall determine at or following the time of grant) following the Participant’s termination of employment or service, whichever period
is shorter. 
 6.9 Termination of Employment or Service for Cause. Unless otherwise determined by the Committee at the time of
grant, in the event a Participant’s employment or service with the Company or a Subsidiary is terminated for Cause as determined in good faith by the Company, all Options granted to such Participant which are then outstanding (whether or not
exercisable prior to the date of such termination) shall be immediately forfeited. 
 6.10 Termination of Employment or Service for
Any Other Reason. Unless otherwise determined by the Committee at or after the time of grant, in the event a Participant’s employment or service with the Company or a Subsidiary terminates for any reason other than one described in
Section 6.6, 6.7, 6.8 or 6.9, any Options granted to such Participant which are exercisable at the date of such Participant’s termination of employment or service shall be exercisable at any time prior to 90 days following such
Participant’s termination of employment or service or the remaining term of such Option, whichever period is shorter. 
 6.11
Extension of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option following the Optionholder’s termination of employment or service (other than upon the Optionholder’s death or
Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier of (i) the expiration of the
term of the Option or (ii) the expiration of a period of 90 days following the Optionholder’s termination of employment or service during which the exercise of the Option would not be in violation of such registration requirements.

  

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 SECTION 7 
 STOCK APPRECIATION RIGHTS 
 7.1 Grant of Stock Appreciation Rights. Stock Appreciation Rights may be
granted to any Participants, all Participants or any class of Participants at such time or times as shall be determined by the Committee. Stock Appreciation Rights may be granted in tandem with an Option, or may be granted on a freestanding basis,
not related to any Option. A grant of a Stock Appreciation Right shall be evidenced by an Award Agreement, whether as part of the agreement governing the terms of the Option, if any, to which such Stock Appreciation Rights relate or pursuant to a
separate written agreement with respect to freestanding Stock Appreciation Rights, in each case containing such provisions not inconsistent with the Plan as the Committee shall approve. 
 7.2 Terms and Conditions of Stock Appreciation Rights. The terms and conditions (including, without limitation, the exercise period of the Stock
Appreciation Right, the vesting schedule applicable thereto and the impact of any termination of service on the Participant’s rights with respect to the Stock Appreciation Right) applicable with respect to (i) Stock Appreciation
Rights granted in tandem with an Option shall be substantially identical (to the extent possible taking into account the differences related to the character of the Stock Appreciation Right) to the terms and conditions applicable to the tandem
Options and (ii) freestanding Stock Appreciation Rights shall be substantially identical (to the extent possible taking into account the differences related to the character of the Stock Appreciation Right) to the terms and conditions
that would have been applicable under Section 6 above were the grant of the Stock Appreciation Rights a grant of an Option. In no event shall the term of a Stock Appreciation Right exceed a period of ten years from the date of grant.

 7.3 Exercise of Tandem Stock Appreciation Rights. Stock Appreciation Rights which are granted in tandem with an Option may only be
exercised upon the surrender of the right to exercise such Option for an equivalent number of shares and may be exercised only with respect to the shares of Common Stock for which the related Option is then exercisable. 
 7.4 Exercise Price. Each Stock Appreciation Right will be denominated in shares of Common Stock equivalents. The exercise price of each Stock
Appreciation Right shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock equivalents subject to the Stock Appreciation Right on the date of grant. 
 7.5 Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive payment, in
cash, in shares of Common Stock or in a combination thereof, as determined by the Committee, of an amount 

  

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determined by multiplying the excess, if any, of the Fair Market Value of a share of Common Stock at the date of exercise over the exercise price of the
Stock Appreciation Right determined by the Committee at the time of grant, by the number of shares of Common Stock with respect to which the Stock Appreciation Rights are then being exercised. 
 SECTION 8 
 RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
 8.1 Grant of Restricted Stock and Restricted Stock Units. Except as otherwise delegated as provided in Section 4.3, the Committee may make
awards in the form of Restricted Stock or Restricted Stock Units. Any Award made hereunder in the form of Restricted Stock or Restricted Stock Units shall be subject to the terms and conditions of the Plan and to any other terms and conditions not
inconsistent with the Plan (including, but not limited to, requiring the Participant to pay the Company an amount equal to the par value per share for each share of Restricted Stock awarded) as shall be prescribed by the Committee in its sole
discretion. As determined by the Committee, with respect to an Award of Restricted Stock, the Company shall either (i) transfer or issue to each Participant to whom an Award of Restricted Stock has been made the number of shares of
Restricted Stock specified by the Committee or (ii) hold such shares of Restricted Stock for the benefit of the Participant for the Restricted Period. In the case of an Award of Restricted Stock Units, no shares of Common Stock shall be
issued at the time an Award is made, and the Company shall not be required to set aside a fund for the payment of such Award. 
 8.2
Restrictions on Transferability. Restricted Stock Units and shares of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered by the Participant during the Restricted Period, except as
hereinafter provided. Notwithstanding the foregoing, the Committee may permit (on such terms and conditions as it shall establish) Restricted Stock Units and shares of Restricted Stock to be transferred during the Restricted Period pursuant to
Section 13.1, provided that any Restricted Stock Units and shares of Restricted Stock so transferred shall remain subject to the provisions of this Section 8. 
 8.3 Rights as a Shareholder. Except for the restrictions set forth herein and unless otherwise determined by the Committee, the Participant shall have all the rights of a shareholder with respect to such shares
of Restricted Stock, including but not limited to, the right to vote and the right to receive dividends. A Participant shall not have any right, in respect 

  

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of Restricted Stock Units awarded pursuant to the Plan, to vote on any matter submitted to the Company’s stockholders or to dispose of the shares of
Common Stock underlying such Restricted Stock Units, nor shall a Participant have any beneficial ownership in respect of any shares of Common Stock underlying Restricted Stock Units, until such time as the shares of Common Stock attributable to such
Restricted Stock Units have been issued (including, at the discretion of the Committee, issuance to a trust for purposes of hedging or funding Restricted Stock Unit obligations). At the discretion of the Committee, a Participant’s Restricted
Stock Unit account may be credited with Dividend Equivalents during the Restricted Period. 
 8.4 Restricted Period. Unless the
Committee shall otherwise determine at or after the date an Award of Restricted Stock or Restricted Stock Units is made to the Participant by the Committee, the Restricted Period shall commence upon the date of grant and shall lapse with respect to
the shares of Restricted Stock or Restricted Stock Units in three approximately equal installments on each of the first three anniversaries of the date of grant, unless sooner terminated as otherwise provided herein. Without limiting the generality
of the foregoing, the Committee may provide for termination of the Restricted Period upon the achievement by the Participant of Performance Goals specified by the Committee at the date of grant. The determination of whether the Participant has
achieved such Performance Goals shall be made by the Committee in its sole discretion. 
 8.5 Legend. Each certificate issued to a
Participant in respect of shares of Restricted Stock awarded under the Plan shall be registered in the name of the Participant and shall be legended in such manner as the Company deems appropriate. 
 8.6 Death, Disability or Retirement. Unless the Committee shall otherwise determine at the date of grant or otherwise, if a Participant
ceases to be employed or service is terminated by the Company or any Subsidiary by reason of death, Disability or Retirement, the Restricted Period will lapse as to a pro rated portion of the shares of Restricted Stock and Restricted Stock Units
transferred or issued to such Participant under the Plan based on the number of days the Participant actually worked since the date the shares of Restricted Stock or Restricted Stock Units were granted (or in the case of an Award which becomes
vested in installments, since the date, if any, on which the last installment of such Restricted Stock or Restricted Stock Units became vested); provided that, in the case of an Award with respect to which the restrictions will lapse,
if at all, based on the attainment of Performance Goals or targets, such vesting shall be deferred until the end of the applicable performance period and such prorated portion will be determined based on that number of shares of Restricted Stock or

  

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Restricted Stock Units, if any, that would have been earned based on the attainment or partial attainment of such Performance Goals or targets. Except as
otherwise expressly determined by the Committee or provided in an Award Agreement, any shares of Restricted Stock or Restricted Stock Units as to which the Restricted Period has not lapsed at the date of a Participant’s termination of
employment by reason of death, Disability or Retirement (or which do not become vested after such date under the preceding sentence) shall automatically be cancelled upon such Participant’s termination of employment. 
 8.7 Termination of Employment or Service. Unless the Committee shall otherwise determine at or after the date of grant, if a Participant ceases to
be employed by or terminates service with the Company or any Subsidiary for any reason other than those specified in Section 8.6 at any time prior to the date when the Restricted Period lapses, all shares of Restricted Stock held by the
Participant shall revert back to the Company and all Restricted Stock Units and any corresponding Dividend Equivalents credited but not yet paid to such Participant shall be forfeited upon the Participant’s termination of employment or service.

 8.8 Issuance of New Certificates; Settlement of Restricted Stock Units. Upon the lapse of the Restricted Period with respect to any
shares of Restricted Stock, such shares shall no longer be subject to the restrictions imposed under Section 8.2 and the Company shall issue or have issued new share certificates without the legend described in Section 8.5 in exchange for
those previously issued. Upon the lapse of the Restricted Period with respect to any Restricted Stock Units, the Company shall deliver to the Participant, or the Participant’s designated beneficiary, and if none is named, in accordance with
Section 13.2, one share of Common Stock for each Restricted Stock Unit as to which restrictions have lapsed and any Dividend Equivalents credited with respect to such Restricted Stock Units. The Committee may, in its sole discretion, elect to
pay cash or part cash and part Common Stock in lieu of delivering only Common Stock for Restricted Stock Units. If a cash payment is made in lieu of delivering Common Stock, the amount of such cash payment for each share of Common Stock to which a
Participant is entitled shall be equal to the Fair Market Value of the Common Stock on the date on which the Restricted Period lapsed with respect to the related Restricted Stock Unit. 
 8.9 Performance Related Awards. Notwithstanding anything else contained in the Plan to the contrary and unless the Committee shall otherwise
determine at the time of grant, to the extent required to ensure that the grant of an Award of Restricted Shares or Restricted Stock Units to an Executive Officer (other than an Award which will vest solely on the basis of the passage of time) is
deductible by the Company or such Subsidiary pursuant to 

  

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Section 162(m) of the Code, any such Award shall become vested, if at all, upon the determination by the Committee that Performance Goals established by
the Committee have been attained, in whole or in part. 
 SECTION 9 
 ANNUAL AND LONG-TERM INCENTIVE AWARDS 
 9.1 Annual Incentive Awards. Unless
determined otherwise by the Committee at or after the date of grant, Annual Incentive Awards shall be payable in cash. If a Participant terminates employment before the end of a Performance Cycle due to death, Disability or Retirement, such
Participant or the Participant’s designated beneficiary, and if none is named, in accordance with Section 13.2, shall be eligible to receive a prorated Annual Incentive Award based on the actual achievement of the Performance Goals for
such Performance Cycle, in each case prorated for the portion of the Performance Cycle coming before the Participant’s termination of employment. Unless determined otherwise by the Committee at or, in the case of any Participant who is not an
Executive Officer, after the date of grant, if a Participant terminates employment before payment of an Annual Incentive Award is authorized by the Committee for any reason other than death, Disability or Retirement, the Participant shall forfeit
all rights to such Annual Incentive Award. 
 9.2 Long-Term Incentive Awards. Unless determined otherwise by the Committee at or after
the date of grant, Long-Term Incentive Awards shall be payable in cash. If a Participant terminates employment before the end of a Performance Cycle due to death, Disability or Retirement, such Participant or the Participant’s designated
beneficiary, and if none is named, in accordance with Section 13.2, shall be eligible to receive a prorated Long-Term Incentive Award based on the actual achievement of the Performance Goals for such Performance Cycle, in each case prorated for
the portion of the Performance Cycle coming before the Participant’s termination of employment. Unless determined otherwise by the Committee at, or, in the case of a Participant who is not an Executive Officer, after the date of grant, if a
Participant terminates employment before payment of a Long-Term Incentive Award is authorized by the Committee for any reason other than death, Disability or Retirement, the Participant shall forfeit all rights to such Long-Term Incentive Award.

  

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 SECTION 10 
 OTHER STOCK-BASED AWARDS 
 The Committee may grant other types of equity-based or equity-related Awards
(including the grant or offer for sale of unrestricted shares of Common Stock) in such amounts and subject to such terms and conditions as the Committee may determine. Such Awards may entail the transfer of actual shares of Common Stock to Award
recipients and may include Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 
 SECTION 11 
 CHANGE IN CONTROL 
 11.1 Accelerated Vesting and Payment. Subject to the provisions of Section 11.2 below, in the event of a Change in Control, each Option and Stock Appreciation Right then outstanding shall be fully
exercisable regardless of the exercise schedule otherwise applicable to such Option and/or Stock Appreciation Right and the Restricted Period shall lapse as to each share of Restricted Stock and each Restricted Stock Unit then outstanding. In
connection with such a Change in Control, the Committee may, in its discretion, provide that each Option and/or Stock Appreciation Right (regardless of whether any such Option or Stock Appreciation Right is then “in the money”, including
if as of the date on which the Change in Control Settlement Value is determined, the Fair Market Value of the shares subject to such Option, Stock Appreciation Right or similar other stock-based Award is less than the exercise price or base price of
such Option or Stock Appreciation Right) shall, upon the occurrence of such Change in Control, be canceled in exchange for a cash payment, if any is then due, by the Company of the Change in Control Settlement Value per share. 
 11.2 Alternative Awards. Notwithstanding Section 11.1, no cancellation, acceleration of exercisability, vesting, cash settlement or other
payment shall occur with respect to any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or any other stock-based Award if the Committee reasonably determines in good faith prior to the occurrence of a Change in Control that
such Award shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award hereinafter called an “Alternative Award”), by a Participant’s employer (or the parent or an affiliate of such
employer) immediately following the Change in Control; provided that any such Alternative Award must: 
 (i) be based on stock which is traded
on an established securities market, or that the Committee reasonably believes will be so traded within 60 days after the Change of Control; 
  

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 (ii) provide such Participant with rights and entitlements substantially equivalent to or better than the
rights, terms and conditions applicable under such award, including, but not limited to, an identical or better exercise or vesting schedule and identical or better timing and methods of payment; 
 (iii) have substantially equivalent economic value to such award (determined at the time of the Change in Control in accordance with principles applicable
under Section 424 of the Code); and 
 (iv) have terms and conditions which provide that in the event that the Participant’s
employment or service is involuntarily terminated for any reason (including, but not limited to a termination due to death, Disability or not for Cause) or Constructively Terminated (as defined below), all of such Participant’s Option and/or
Stock Appreciation Rights shall be deemed immediately and fully exercisable, the Restricted Period shall lapse as to each of the Participant’s outstanding Restricted Stock or Restricted Stock Unit Awards, and each such Alternative Award shall
be settled for a payment per each share of stock subject to the Alternative Award in cash, in immediately transferable, publicly traded securities or in a combination thereof, in an amount equal to, in the case of an Option or Stock Appreciation
Right, the excess of the Fair Market Value of such stock on the date of the Participant’s termination over the corresponding exercise or base price per share and, in the case of any Restricted Stock or Restricted Stock Unit Award, the Fair
Market Value of the number of shares of Common Stock subject or related thereto. 
 For this purpose, a Participant’s employment or service shall be
deemed to have been Constructively Terminated if, without the Participant’s written consent, the Participant terminates employment or service within 90 calendar days following either (x) a material reduction in the Participant’s base
salary or a Participant’s incentive compensation opportunity, or (y) the relocation of the Participant’s principal place of employment or service to a location more than 35 miles away from the Participant’s immediately prior
principal place of employment or service. 
  

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 11.3 Annual Incentive and Long-Term Incentive Awards. Unless otherwise determined by the
Committee, in the event of a termination of employment after or related to a Change in Control (other than for Cause and other than a voluntary resignation not constituting being Constructively Terminated), (i) any Annual or Long-Term Incentive
Awards relating to Performance Cycles ending prior to the Change in Control which have been earned but not paid shall become immediately payable, (ii) any Performance Cycle for which Annual Incentive Awards are outstanding shall end, the
Participant shall earn a pro rata Award equal to the product of (a) such Participant’s earned Award for the Performance Cycle in question and (b) a fraction, the numerator of which is the number of completed months that have elapsed
since the beginning of such Performance Cycle to the date of such employment termination and the denominator of which is twelve, the Company shall pay all such Annual Incentive Awards, if earned, by the March 15 following the end of the
Performance Cycle after the Committee has made its determination, and (iii) all then in progress Performance Cycles for Long-Term Incentive Awards that are outstanding shall end, the Participant shall earn a pro rata Award equal to the product
of (a) such Participant’s earned Award for the Performance Cycle in question and (b) a fraction, the numerator of which is the number of completed months that have elapsed since the beginning of such Performance Cycle to the date of
such employment termination, the denominator of which is the total number of months in such Performance Cycle, the Company shall pay all such Long-Term Incentive Awards, if earned, by the March 15 following the end of the Performance Cycle
after the Committee has made its determination. 
 11.4 Termination of Employment or Service Prior to Change in Control. In the event
that prior to the date of a Change in Control, the Participant’s termination of employment or service with the Company or any of its affiliates will be deemed to be in connection with a Change in Control (other than for Cause and other than a
voluntary resignation not constituting being Constructively Terminated) and either (a) such termination is within 90 days prior to the date of a Change in Control, or (b) such termination occurs on or after the date, if any, on which the
shareholders of the Company approve such Change in Control transaction, but prior to the consummation thereof. Such Participant shall be entitled to receive the applicable benefits provided under this Section 11, but only to the extent that
such benefits are in excess of those previously received by the Participant as a result of the Participant’s prior termination of employment or service. 
 11.5 Distribution of Amounts Subject to Section 409A. Notwithstanding anything in the Plan to the contrary, if any amount that is subject to Section 409A of the Code is 

  

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to be paid or distributed solely on account of a Change in Control (as opposed to being paid or distributed on account of termination of employment or within
a reasonable time following the lapse of any substantial risk of forfeiture with respect to the corresponding Award), solely for purposes of determining whether such distribution or payment shall be made in connection with a Change in Control, the
term Change in Control shall be deemed to be defined in the manner provided in Section 409A of the Code and the regulations thereunder. If any such distribution or payment cannot be made because an event that constitutes a Change in Control
under the Plan is not a change in control as defined under Section 409A, then such distribution or payment shall be distributed or paid at the next event, occurrence or date at which such distribution or payment could be made in compliance with
the requirements of Section 409A of the Code. 
 SECTION 12 
 AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN 
 The Board may at any time terminate or suspend the Plan,
and from time to time may amend or modify the Plan; provided, however, that any amendment which would (a) increase the number of shares available for issuance under the Plan, (b) lower the minimum exercise price at which an Option or
stock-settled Stock Appreciation Right may be granted or (c) extend the maximum term for Options or stock-settled Stock Appreciation Rights granted hereunder shall be subject to the approval of the Company’s shareholders. Except as
otherwise provided in this Plan or in any Award Agreement, no action of the Board may, without the consent of a Participant, alter or impair his or her rights under any previously granted Award, except as expressly provided in the Plan or in the
applicable Award Agreement. 
 SECTION 13 
 MISCELLANEOUS PROVISIONS 
 13.1 Transferability of Awards. No Award granted under the Plan may be sold, transferred, pledged
or assigned, or otherwise alienated or hypothecated, other than in accordance with Section 13.2 below, by will or by laws of descent and distribution; provided that, the Committee may permit transfers of Non-Qualified Stock Options, Stock
Appreciation Rights, Restricted Stock Units or Restricted Shares to Family Members (including, without limitation, transfers affected by a domestic relations order) subject to such terms and conditions as the Committee shall determine. 

 

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 13.2 Beneficiary Designation. Each Participant under the Plan may from time to time name any
beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case of his death. Each designation will revoke all prior
designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the Committee during his lifetime. In the absence of any such designation, benefits
remaining unpaid or Awards outstanding at the Participant’s death shall be paid to or exercised by (a) the Participant’s surviving spouse or domestic partner, (b) if there is no surviving spouse or domestic partner, the
Participant’s children (including stepchildren and adopted children) per stirpes, or (c) if there is no surviving spouse or domestic partner and/or children per stirpes, the Participant’s estate. 
 13.3 Committee Discretion. Notwithstanding anything else to the contrary, the Committee may permit all or any portion of any Award to be exercised
following a Participant’s termination of employment for any reason on such terms and subject to such conditions as the Committee shall determine for a period up to and including, but not beyond, the expiration of the term of such Award. The
Committee shall have the power to accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time
at which it may first be exercised or the time during which it will vest. 
 13.4 Interpretation. Notwithstanding anything contained
in the Plan to the contrary, to the extent required to so qualify any Award intended to be qualified as other performance-based compensation within the meaning of Section 162(m)(4)(c) of the Code, the Committee shall not be entitled to exercise
any discretion otherwise authorized under the Plan (such as the right to authorize payout at a level above that dictated by the achievement of the relevant Performance Goals) with respect to such Award if the ability to exercise discretion (as
opposed to the exercise of such discretion) would cause such Award to fail to qualify as other performance-based compensation. 
 13.5 No
Guarantee of Employment. Nothing in the Plan shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment or service at any time, nor confer upon any Participant any right to
continue in the employ or service of the Company or any Subsidiary or affiliate. 
  

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 13.6 Tax Withholding. The Company or any Subsidiary shall have the power to withhold, or require a
Participant to remit to the Company or such Subsidiary promptly upon notification of the amount due, an amount, which may include shares of Common Stock, sufficient to satisfy Federal, state and local, including foreign, withholding tax requirements
with respect to any Award (including payments made pursuant to Section 9), and the Company may defer payment of cash or issuance or delivery of Common Stock until such requirements are satisfied. The Committee may, in its discretion, permit a
Participant to elect, subject to such conditions as the Committee shall impose (i) to have Common Stock otherwise issuable or deliverable under the Plan withheld by the Company or (ii) to deliver to the Company previously
acquired shares of Common Stock, in each case, having a Fair Market Value sufficient to satisfy not more than the Participant’s statutory minimum Federal, state and local tax obligations associated with the transaction. 
 13.7 Indemnification. Each person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by
the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit, or proceeding to which he may be made a party or in which he may
be involved by reason of any action taken or failure to act under the Plan, provided he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The
foregoing right of indemnification shall not be exclusive and shall be independent of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or By-laws, by contract, as a matter
of law, or otherwise. 
 13.8 No Limitation on Compensation. Nothing in the Plan shall be construed to limit the right of the Company
to establish other plans or to pay compensation to its employees in cash or property, in a manner which is not expressly authorized under the Plan. 
 13.9 Requirements of Law. The granting of Awards and the issuance of shares of Common Stock shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities
exchanges or national automated quotation systems as may be required. 
 13.10 Governing Law. The Plan, and all Awards made and
actions taken thereunder, shall be construed in accordance with and governed by the laws of the State of Connecticut. 
  

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 13.11 Impact on Benefits. Unless otherwise determined by the Committee, Awards granted under the
Plan are not compensation for purposes of calculating an Employee’s rights under any employee benefit program or arrangement, including any severance arrangement. 
 13.12 Securities Law Compliance. Instruments evidencing Awards may contain such other provisions, not inconsistent with the Plan, as the Committee deems advisable, including a requirement that the Participant
represent to the Company in writing, when an Award is granted or when he receives shares with respect to such Award (or at such other time as the Committee deems appropriate) that he is accepting such Award, or receiving or acquiring such shares
(unless they are then covered by a Securities Act of 1933 registration statement), for his own account for investment only and with no present intention to transfer, sell or otherwise dispose of such shares except such disposition by a legal
representative as shall be required by will or the laws of any jurisdiction in winding up the estate of the Participant. Such shares shall be transferable, or may be sold or otherwise disposed of only if the proposed transfer, sale or other
disposition shall be permissible pursuant to the Plan and if, in the opinion of counsel satisfactory to the Company, such transfer, sale or other disposition at such time will be in compliance with applicable securities laws. 
  

 - 31 -Loan Agreement

 Exhibit 10.9 
 LOAN AGREEMENT 
 THIS LOAN AGREEMENT
(this “Agreement”) is made as of the 30th day of December 2005, by and between PHOENIX LIFE INSURANCE COMPANY,
(“Lender”) a New York domiciled insurance company with a mailing address of One American Row, Hartford, Connecticut 06115 and PHOENIX INVESTMENT PARTNERS, LTD (“Borrower”), a Delaware corporation with a mailing
address of 56 Prospect Street, Hartford, Connecticut 06115. 
  

	1.	GENERAL DEFINITIONS. 

 1.1 Defined
Terms. When used herein, the following terms shall have the following meanings: 
 Agreement - has the meaning assigned
to such term in the first paragraph hereof. 
 Assets Under Management - means all assets, other than general account assets of
Phoenix Life Insurance Company and PHL Variable Insurance Company, subject to investment management services provided by the Borrower and its subsidiaries and reported in Form 10Q and Form 10K for the asset management segment of The Phoenix
Companies, Inc. 
 Interest Rate - has the meaning assigned to such term in Section 2.3 of this Agreement. 
 Borrower - has the meaning assigned to such term in the first paragraph of this Agreement. 
 Business Day - means any day other than a Saturday, Sunday or other day on which commercial banks in New York City or Hartford, Connecticut
are authorized or required by law to close. 
 Closing Date - has the meaning assigned to such term in Section 2.1 of this
Agreement. 
 Default - an event or condition the occurrence of which would, with a lapse of time or the giving of notice or
both, become an Event of Default. 
 EBITDA - means, as of the end of any fiscal quarter of the Borrower, earnings of the
Borrower and its subsidiaries before Interest Expense, taxes, depreciation and amortization for the four fiscal quarters then ending, determined on a consolidated basis in accordance with GAAP, as reported in Form 10Q and Form 10K for the asset
management segment of The Phoenix Companies, Inc. 
 EBITDA to Senior Interest Expense Ratio - means the ratio, as determined
at the end of each fiscal quarter of the Borrower of (a) EBITDA, determined for the four fiscal quarters of the Borrower ending as of such quarter’s end to (b) total Interest Expense on Senior Debt, determined for the four fiscal
quarters of the Borrower ending as of such quarter’s end. 

 EBITDA to Total Interest Expense Ratio - means the ratio, as determined at the end of each
fiscal quarter of the Borrower of (a) EBITDA, determined for the four fiscal quarters of the Borrower ending as of such quarter’s end to (b) total Interest Expense, determined for the four fiscal quarters of the Borrower ending as of
such quarter’s end. 
 Event of Default - has the meaning assigned to such term in Section 7.1 of this Agreement.

 GAAP - has the meaning assigned to such term in Section 1.2 of this Agreement. 
 Highest Lawful Rate - means the maximum rate of interest, if any, that at any time or from time to time may be contracted for, taken,
charged or received by the Lender on the obligations owed to it under the laws applicable to the Lender and this transaction. 
 Indebtedness - means, with respect to any person and without duplication, (a) all indebtedness for borrowed money; (b) all obligations issued, undertaken or assumed as the deferred purchase price of property or
services (other than trade payables entered into in the ordinary course of business on ordinary terms); (c) all non-contingent reimbursement or payment obligations with respect to any letters of credit (including standby and commercial),
banker’s acceptances, bank guaranties, surety bonds and similar instruments; (d) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses; (e) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to property acquired by such person (even though the
rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property); (f) all obligations with respect to capital leases (g) all net obligations with respect to any
agreement (including any master agreement and any agreement, whether or not in writing, relating to any single transaction) that is an interest rate swap agreement, basis swap, forward rate agreement, commodity swap, commodity option, equity or
equity index swap or option, bond option, interest rate option, forward foreign exchange agreement, rate cap, collar or floor agreement, currency swap agreement, cross-currency rate swap agreement, currency option or any other, similar agreement
(including any option to enter into any of the foregoing); (h) all indebtedness referred to in clauses (a) through (g) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to
be secured by) any lien upon or in property (including accounts and contracts rights) owned by such person, even though such person has not assumed or become liable for the payment of such Indebtedness; and (i) all obligations in respect of
guaranteeing, purchasing or otherwise discharging indebtedness or obligations of others of the kinds referred to in clauses (a) through (g) above. 
 Interest Expense - means, with respect to any fiscal period of the Borrower, interest expense of the Borrower and its subsidiaries for such period, determined on a consolidated basis in accordance with
GAAP. 
 Interest Payment Date - has the meaning assigned to such term in Section 2.3 of this Agreement. 
 Interest Period - means the period in which interest under the Loan shall be
calculated, which date shall commence, with respect to the first Interest Period, on the Closing Date and, with respect to all subsequent Interest Periods, on the first (1st) day of each successive calendar quarter after the Closing 

  

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Date and ending, with respect to the first Interest Period, on the last day of the calendar quarter in which the Closing Date falls, and, with respect to all
other Interest Periods, on the last date of the calendar quarter in which such commencement date fell; provided that no Interest Period shall extend beyond the Maturity Date. For the avoidance of doubt, the first Interest Period shall
commence on the Closing Date and end on March 31, 2006 and the second Interest Period shall commence on April 1, 2006 and end on June 30, 2006. 
 Lender - has the meaning assigned to such term in the first paragraph of this Agreement. 
 Loan - has the meaning assigned to such term in Section 2.1 of this Agreement. 
 Maturity Date -
has the meaning assigned to such term in Section 2.2 of this Agreement. 
 Note - has the meaning assigned to such term in
Section 2.1 of this Agreement. 
 Senior Debt - means all Indebtedness of the Borrower other than subordinated debt.

 Senior Debt to EBITDA Ratio - means the ratio, as determined at the end of each fiscal quarter of the Borrower, of
(a) Senior Debt, determined as of such quarter’s end, to (b) EBITDA, determined for the four fiscal quarters of the Borrower ending as of such quarter’s end. 
 Shareholders Equity - means the shareholders’ equity of the Borrower and its subsidiaries determined on a consolidated basis in
accordance with GAAP. 
 1.2 Accounting Terms. Any accounting terms used in this Agreement which are not specifically
defined shall have the meanings customarily given them in accordance with generally accepted accounting principles (“GAAP”) at the time in effect. 
  

	2.	LOAN 

 2.1 The Loan. Subject to
the terms and conditions of this Agreement, and in exchange for a payment of $3,000,000 and a Subordinated Note of the Borrower owned by the Lender as of the date of this Agreement (the “Closing Date”), Lender agrees to accept from
Borrower on the Closing Date a senior note in the principal amount of $66,018,833 (the “Note”), substantially in the form of Exhibit A hereto. The indebtedness of the Borrower evidenced by the Note is hereinafter referred to as the
“Loan”. The Note shall be a registered note and the Borrower shall maintain a registry showing, at all times, the holder of such Note. As a condition precedent to the making of the Loan, Borrower shall have delivered to Lender on the
Closing Date a certificate of its secretary or an assistant secretary as to (a) resolutions of the Board of Directors of the Borrower then in full force and effect authorizing the execution, delivery and performance of this Agreement and the
Note and (b) the incumbency and signatures of those officers of the Borrower authorized to act with respect to this Agreement and the Note. 
 2.2 Principal Payments of the Loan. The Borrower shall pay $3,000,000 of the principal amount of the Loan on each Interest Payment Date (together with accrued and unpaid interest thereon.) 

  

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Any outstanding principal amount (together with accrued and unpaid interest therein) shall be paid on December 30, 2010 (the “Maturity Date”).
Payments of principal shall be made by the Borrower as set forth below in the Lender’s signature block hereto or as otherwise directed in writing by the Lender. 
 2.3 Interest. The Loan shall bear interest on the principal amount thereof outstanding from and after the Closing Date at a rate per annum equal to 6.55% (the “Interest Rate”).
Anything contained herein to the contrary notwithstanding, after the Maturity Date, after the date on which the Loan shall have become due and payable pursuant to Section 7 or in any period during which a Default shall exist, the Loan shall
bear interest at a rate per annum equal to the Interest Rate plus 2.0% and such interest shall be due and payable on demand. Except as set forth in the immediately preceding sentence, interest on the Loan shall be due and payable in arrears on the
last day of each Interest Period (and if such day is not a Business Day, then on the next Business Day) (the “Interest Payment Date”). Interest shall also be paid on the date of any prepayment of Loans under Section 2.4 for the
portion of the Loan so prepaid. At no time shall the interest rate payable on the Loan exceed the Highest Lawful Rate applicable to the Lender. All interest shall be determined on a year of 360-days and the actual number of days elapsed. 

2.4 Optional Prepayments. The Borrower may, at any time or from time to time on any Interest Payment Date (or such other date to
which the Lender shall have consented in writing), upon not less than 4 Business Days’ irrevocable notice to the Lender, prepay the Loan in whole or in part, in minimum amounts of $2,000,000 or any multiple of $1,000,000 in excess thereof. Such
notice of prepayment shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date
specified therein, together with accrued interest to each such date on the amount prepaid. No prepayment premium shall be payable in connection with any such prepayment. 
  

	3.	REPRESENTATIONS AND WARRANTIES 

 As an inducement to
Lender to make the Loan, Borrower warrants and represents to Lender that: 
 3.1 Organization and Qualification. Borrower
is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 
 3.2 Corporate
Powers. Borrower has the right and power and is duly authorized and empowered to enter into, execute, deliver and perform this Agreement and the Note. This Agreement and the Note have each been duly authorized and approved by the
shareholders and Board of Directors of Borrower, and are the legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms. 
 3.3 Compliance with Laws, Other Instruments, etc. Neither the execution, delivery and performance by the Borrower of this Agreement and the
Note will (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any lien in respect of any property of the Borrower or any subsidiary under, any indenture, mortgage, deed of trust, loan, purchase
or credit agreement, lease, corporate charter or by-laws, or any other agreement or instrument to which the Borrower or any subsidiary is bound or by which the Borrower or any subsidiary or any of their respective properties may be bound or 

  

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affected other than in respect of those certain indentures, mortgages, deeds of trust, loans, purchase or credit agreements or leases, or any other
agreements or instruments for which written consents shall have been obtained either prior to, or contemporaneously with, the closing of this Agreement; (b) conflict with or result in a breach of any of the terms, conditions or provisions of
any order, judgment, decree, or ruling of any court, arbitrator or governmental authority applicable to the Borrower or any subsidiary, or (c) violate any provision of any statute or other rule or regulation of any governmental authority
applicable to the Borrower or any subsidiary). 
 3.4 Governmental Authorizations, etc. No consent, approval or
authorization of, or registration, filing or declaration with, any governmental authority is required in connection with the execution, delivery or performance by the Borrower of this Agreement or the Note. 
 3.5 Litigation: Observance of Agreements, Statutes and Orders. There are no actions, suits or proceedings pending or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or any subsidiary or any property of the Borrower or any subsidiary in any court or before any arbitrator of any kind or before or by any governmental authority that,
individually or in the aggregate, could reasonably be expected to have a material adverse effect on the business, financial position or prospects of the Borrower. Neither the Borrower nor any subsidiary is in default under any term of any agreement
or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or governmental authority or is in violation of any applicable law, ordinance, rule or regulation of any governmental
authority. 
 3.6 Taxes. The Borrower and its subsidiaries have filed all tax returns that are required to have been filed in
any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due
and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not individually or in the aggregate material or (b) the amount, applicability or validity of which is currently being
contested in good faith by appropriate proceedings and with respect to which the Borrower or a subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The Borrower knows of no basis for any other tax or assessment
that could reasonably be expected to have a material adverse effect on its business, financial position or prospects. The charges, accruals and reserves on the books of the Borrower and its subsidiaries in respect of federal, state or other taxes
for all fiscal periods are adequate. 
 3.7 Title to Property: Leases. The Borrower and its subsidiaries have good and
sufficient title to the properties that the Borrower and the subsidiaries own or purport to own that individually or in the aggregate are material (except as sold or otherwise disposed of in the ordinary course of business), in each case free and
clear of liens prohibited by this Agreement. All leases that individually or in the aggregate are material are valid and subsisting and are in full force and effect in all material respects. 
 3.8 Licenses, Permits, etc. The Borrower and its subsidiaries own or possess all licenses, permits, franchises, authorizations,
patents, copyrights, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are material, without known material conflict with the rights of others. To the best knowledge of the Borrower, no product of
the Borrower infringes in any material respect any license, permit, franchise, authorization, patent, copyright, service mark, trademark, 

  

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trade name or other right owned by any other person. To the best knowledge of the Borrower, there is no material violation by any person of any right of the
Borrower or any of its subsidiaries with respect to any patent, copyright, service mark, trademark, trade name or other right owned or used by the Borrower or any of its subsidiaries. 
  

	4.	AFFIRMATIVE COVENANTS. 

 4.1 Affirmative
Covenants. Borrower covenants that, unless otherwise consented to by Lender in writing, it will: (a) preserve and maintain its corporate existence and all rights, privileges and franchises in connection therewith; (b) file
all federal, state and local tax returns and other reports that the Borrower is required by law to file, maintain adequate reserves for the payment of all taxes, assessments, governmental charges and levies imposed upon it, its income or its
profits, or upon any property belonging to it, and pay and discharge all such taxes, assessments, governmental charges and levies prior to the date on which penalties attach thereto, except where the same are being contested in good faith by
appropriate proceedings and provided that in such event adequate book reserves have been established with respect to each such claim being contested; (c) maintain its property in good condition and make all necessary renewals, repairs,
replacements, additions and improvements thereto; (d) not be in violation of any federal, state, or local laws, ordinances, governmental rules and regulations to which it is subject, and not fail to obtain any licenses, permits, franchises or
other governmental authorizations necessary to the ownership of its properties or to the conduct of its business, which violation or failure to obtain might materially and adversely affect the business, prospects, profits, properties or condition
(financial or otherwise) of Borrower; (e) keep adequate records and books of account with respect to its business activities in which proper entries are made in accordance with GAAP reflecting all its financial transactions. 
  

	5.	NEGATIVE COVENANTS. 

 5.1 Negative
Covenants. The Borrower covenants that, unless otherwise consented to by the Lender in writing, it: (a) will not, and will not permit any of its subsidiaries to, consolidate or merge with or into any other person or convey, transfer or
lease all or substantially all of its assets in a single transaction or series of transactions to any person (except that any subsidiary may consolidate or merge with or into, or convey, transfer or lease all or substantially all of its assets in a
single transaction or series of transactions to, the Borrower (provided the Borrower is the surviving person) or any subsidiary or any person that, contemporaneously with the consummation of any such event, becomes a subsidiary), provided that the
foregoing restrictions do not apply to the consolidation or merger of the Borrower with or into, or the conveyance, transfer or lease of all or substantially all of the assets of the Borrower in a single transaction or series of transactions to, any
person so long as (i) the successor formed by such consolidation or the survivor of such merger or the person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Borrower as an entirety, as the case may
be (the “Successor Company”), shall be a solvent corporation organized and existing under the laws of the United States of America or any State thereof (including the District of Columbia); (ii) if the Borrower is not the
Successor Company, such Successor Company shall have executed and delivered to the Lender its assumption of the due and punctual payment of the principal of and premium, if any, and interest on the Loan and the Note, according to its tenor, and the
due and punctual performance and observance of each covenant and condition of this 

  

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Agreement and the Note and shall have caused to be delivered to the Lender an opinion of nationally recognized independent counsel or other independent
counsel, reasonably satisfactory to the Lender, to the effect that all agreements or instruments effecting such assumption have been duly authorized, executed and delivered and are enforceable in accordance with their terms and comply with the terms
hereof; (iii) immediately before and after giving effect to such transaction no Default or Event of Default shall have occurred and be continuing. No such conveyance, transfer or lease of substantially all of the assets of the Borrower shall
have the effect of releasing the Borrower or any Successor Company from its liability under this Agreement or the Note; (b) the Borrower will not and will not permit any subsidiary to engage in any business if, as a result, the general nature
of the businesses in which the Borrower and the subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the businesses of the Borrower and the subsidiaries on the date of this Loan Agreement;
(c) the Borrower will not and will not permit any of its subsidiaries to directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any lien on or with respect to any property or asset of
the Borrower or such subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom or assign or otherwise convey any right to receive such income or profits, provided that the foregoing restrictions and limitations
shall not apply to: (i) liens for taxes, assessments or other governmental charges the payment of which is not yet due and payable or the payment of which is not at the time required by Section 4.1 (b) hereof, (ii) liens arising
from judicial attachments and judgments, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 60 days after the
expiration of any such stay, (iii) statutory liens of landlords and liens of carriers, warehousemen, mechanics, materialmen, inventory suppliers and other similar Liens, in each case, incurred in the ordinary course of business for sums not yet
due, (iv) leases or subleases granted to others, licenses, easements, rights-of-way, restrictions, zoning restrictions, governmental restrictions in respect of any property or property right or franchise of the Borrower or any subsidiary, minor
survey exceptions and other similar charges or encumbrances, in each case incidental to, and not interfering with, the ordinary conduct of the business of the Borrower and the subsidiaries, taken as a whole, provided that such charges and
encumbrances do not, in the aggregate, materially detract from the value or utility of such property, (v) liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other types of social security or retirement benefits, or to secure (or to obtain letters of credit that secure) the performance of tenders, statutory obligations, surety bonds, appeal bonds, bids, leases, performance bonds, purchase,
construction or sales contracts, leases and other similar obligations, in each case not incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property, and
which liens do not, in the aggregate, materially impair the use of the property subject thereto in the operation of the business of the Borrower and the subsidiaries or the value of such property for the purposes of such business, (vi) liens
existing on the Closing Date; (vii) liens created to secure all or any part of the purchase price, or to secure Indebtedness incurred or assumed to pay all or any part of the purchase price or cost of construction, of property (or any
improvement thereon) acquired or constructed by the Borrower or any subsidiary, (viii) liens existing on property of a person immediately prior to its being consolidated or merged into the Borrower or any subsidiary or its becoming a
subsidiary, or any lien existing on any property acquired by the Borrower or any subsidiary at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have been assumed), and (ix) liens renewing, extending
or replacing liens permitted by this subclause (c). 
  

 7 

	6.	FINANCIAL COVENANTS 

 6.1 Financial
Covenants. (a) The Borrower shall maintain an EBITDA to Total Interest Expense Ratio of 1.05 to 1.00 during 2006, 1.15 to 1.00 during 2007, and 1.25 to 1.00 thereafter; (b) the Borrower shall maintain an EBITDA to Senior Interest
Expense Ratio of 3.00 to 1.00; (c) the Borrower shall maintain Shareholder Equity of at least $115,000,000, (d) the Borrower shall maintain Assets Under Management of at least $19,000,000,000 and (e) the Borrower shall at all times
maintain a Senior Debt to EBITDA Ratio of not more than 5.0 to 1.0 during 2006 and not more than 2.75 to 1.0 thereafter. 
  

	7.	EVENTS OF DEFAULT; RIGHTS AND REMEDIES ON DEFAULT 

 7.1 Events of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default”: (a) (i) the failure to make any payment of principal on the Note when due as
provided for herein or in the Note or (ii) the failure to make any payment of interest on the Note within 5 Business Days after the due date thereof as provided for herein or in the Note; (b) any warranty, representation or other statement
made or furnished to Lender by or on behalf of Borrower or in any instrument furnished in compliance with or in reference to this Agreement proves to have been false or misleading in any material respect when made or furnished; (c) Borrower
fails or neglects to perform, keep or observe any other term, provision, condition or covenant contained in this Agreement, which is required to be performed, kept or observed by Borrower and the same is not cured to Lender’s satisfaction
within 30 days after such occurrence becomes known to any officer of Borrower; (d) the occurrence of any default or event of default or failure of performance on the part of Borrower or any subsidiary (including specifically, but without
limitation, due to nonpayment) under any agreement, document or instrument to which Borrower or such subsidiary is a party or by which Borrower or such subsidiary is bound, creating or relating to any other Indebtedness of Borrower or such
subsidiary; and (e) dissolution, termination of existence, insolvency (failure of Borrower or any subsidiary to pay its debts as they mature), appointment of a receiver, trustee, custodian or similar fiduciary, assignment for the benefit of
creditors or the commencement of any proceedings under the Bankruptcy Code by or against Borrower or any subsidiary (if against Borrower or a subsidiary, the continuation of such proceeding for more than 60 days). 
 7.2 Acceleration of the Obligations. Upon the occurrence of an Event of Default as above provided, all or any portion of the Loan
due or to become due from Borrower to Lender, whether under this Agreement, the Note or otherwise, shall, at the option of Lender, and without notice or demand by Lender, become at once due and payable together with all accrued and unpaid interest
thereon; Borrower will thereafter forthwith pay to Lender, in addition to any and all sums and charges due, the entire principal of and interest accrued on the Loan. 
 7.3 Remedies. Upon and after the occurrence of an Event of Default, Lender shall have any and all rights and remedies available to Lender at law or in equity. 
 7.4 Remedies Cumulative. All covenants, conditions, provisions, warranties, guaranties, indemnities and other undertakings of Borrower
contained in this Agreement, or in any document referred to herein or contained in any agreement supplementary hereto, or in any schedule or contained in any 

  

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other agreement between Lender and Borrower, heretofore, concurrently or hereafter entered into, shall be deemed cumulative to and not in derogation or
substitution of any of the terms, covenants, conditions or agreements of Borrower herein contained. 
 8. GUARANTY OF LOAN – The Loan shall be
guaranteed by The Phoenix Companies, Inc. on substantially the terms set forth in Exhibit B attached hereto. 
 9. MISCELLANEOUS 
 9.1 Transaction Expenses. In addition to a restructuring fee of $99,028 payable by the Borrower to Lender on the Closing Date, the Borrower
will pay all costs and expenses (including reasonable attorneys’ fees) incurred in connection with the Loan and in connection with any amendments, waivers or consents under or in respect of this Agreement or the Note (whether or not such
amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or the Note or in
responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement or the Note, or by reason of being the Lender, and (b) the costs and expenses, including financial advisors’ fees,
incurred in connection with the insolvency or bankruptcy of the Borrower or any subsidiary or in connection with any work-out or restructuring (whether or not such work-out or restructuring becomes effective) of the transactions contemplated hereby
and by the Note. The Borrower will also pay the reasonable attorneys’ fees and disbursements of counsel to the Lender incurred in connection with enforcing or defending (or determining whether or how to enforce or defend) any rights under this
Agreement or the Note, responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement or the Note, the insolvency or bankruptcy of the Borrower or any subsidiary or any work-out or
restructuring (whether or not such work-out or restructuring becomes effective) of the transactions contemplated hereby and by the Note. 
 9.2 Survival of Representations and Warranties. All warranties and representations shall survive the making of the Loan. 
 9.3 Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns, whether so
expressed or not. 
 9.4 Payments Due on Non-Business Days. Anything in this Agreement or the Note to the contrary
notwithstanding, any payment of principal of or interest on the Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest
payable on such next succeeding Business Day. 
 9.5 Construction. Each covenant contained herein shall be construed (absent
express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.
Where any provision herein refers to action to be taken by 

  

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any person, or which such person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such
person. The headings in this Agreement and in any related agreement, document or instrument are for purposes of reference and shall not limit or otherwise affect the meaning hereof or thereof. 
 9.6 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. 
 9.7 Modification of Agreement. This Agreement and the Note may not
be modified, altered or amended, except by an agreement in writing signed by Borrower and Lender. 
 9.8 Governing Law. THIS
AGREEMENT HAS BEEN NEGOTIATED, EXECUTED AND DELIVERED AT AND SHALL BE DEEMED TO HAVE BEEN MADE AT HARTFORD, CONNECTICUT. THE LOAN PROVIDED FOR HEREIN IS TO BE FUNDED AND REPAID AT AND THIS AGREEMENT IS OTHERWISE TO BE PERFORMED AT HARTFORD,
CONNECTICUT AND THIS AGREEMENT SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE OF CONNECTICUT. 
 9.9 Notices. Except as otherwise provided herein, any notice required hereunder shall be in writing, and shall be deemed to have been
validly served, given or delivered upon deposit in the United States mails, with proper postage prepaid, and addressed to the party to be notified as set forth in the first paragraph of this Agreement or to such other address as each party may
designate for itself by like notice given in accordance with this Section. 
 IN WITNESS WHEREOF, this Agreement has been duly executed as of
the day and year specified at the beginning hereof. 
  

			
	 PHOENIX INVESTMENT PARTNERS, LTD.

		
	 By:
	 	 /s/ Glenn H. Pease

	 Name:
	 	 Glenn H. Pease

	 Title:
	 	 Vice President, Finance

	
	 PHOENIX LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ Christopher Wilkos

	 Name:
	 	 Christopher Wilkos

	 Title:
	 	 Sr. Vice President

 Payments of interest and principal shall be made by the Borrower as follows: 
  

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 EXHIBIT A 
 [FORM OF NOTE] 
 PHOENIX INVESTMENT PARTNERS, LTD. 
 Senior Note Due December 30, 2010 
  

			
	$66,018,833	 	December 30, 2005
	Registration No.     	 	Hartford, Connecticut

 FOR VALUE RECEIVED, the undersigned, PHOENIX INVESTMENT PARTNERS, LTD., a Delaware
corporation (herein called the “Borrower”), hereby promises to pay to PHOENIX LIFE INSURANCE COMPANY, or registered assigns, the principal sum of SIXTY SIX MILLION EIGHTEEN THOUSAND EIGHT HUNDRED and THIRTY THREE DOLLARS
($66,018,833) with interest (computed on the basis of a 360-day year and the actual number of days elapsed) (a) on the unpaid balance thereof at a rate equal to the Interest Rate as defined and in that certain Loan Agreement between the
Borrower and Phoenix Life Insurance Company dated as of December 30, 2005, as amended from time to time (the “Loan Agreement”), from the date hereof, as provided in the Loan Agreement, and (b) to the extent permitted by
law, on any overdue payment or prepayment of principal and any overdue payment of interest, at a rate per annum from time to time equal to Interest Rate plus 2.0% per annum, payable on demand. Commencing on March 31, 2006 and in accordance
with the Loan Agreement on every Interest Payment Date thereafter though September 30, 2010, the Borrower shall pay all quarterly interest and a principal payment of $3,000,000 and on December 30, 2010 the Borrower shall pay all remaining
principal and accrued interest. 
 Payments of principal of and interest with respect to this Note are to be made in lawful money of the
United States of America at Hartford, Connecticut or at such other place as the Borrower shall have designated by written notice to the holder of this Note as provided in the Loan Agreements. 
 This Note is the sole senior promissory note issued pursuant to the Loan Agreement. 
 This Note is a registered Note and, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Senior Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due
presentment for registration of transfer, the Borrower may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Borrower will not be affected by any
notice to the contrary. Presentment of this Note for payment is hereby waived. 
 This Note is subject to prepayment, in whole or from time
to time in part, at the times and on the terms specified in the Loan Agreement, but not otherwise. 
 If an Event of Default, as defined in
the Loan Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner and with the effect provided in the Loan Agreement. 
  

 11 

 THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAW OF THE STATE OF CONNECTICUT,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
  

			
	 PHOENIX INVESTMENT PARTNERS, LTD.

		
	 By
	 	  

		
	 Its
	 	  

 EXHIBIT B 
 GUARANTY AGREEMENT 
 THIS GUARANTY AGREEMENT, executed as of
the 30th day of December 2005, by and between Phoenix Investment Partners, Ltd., a Delaware corporation (“PXP”) and The Phoenix Companies,
Inc., a Delaware corporation (“Parent”). 
 RECITALS 
 PXP wishes to refinance its existing indebtedness to Phoenix Life Insurance Company (“Phoenix Life”) pursuant to a Loan Agreement dated as of February 26, 2001. To effect that refinancing, Phoenix Life
and PXP have entered into a a Loan Agreement dated as of December 30, 2005 (“Loan Agreement”) pursuant to which PXP has issued a Note in the amount of $66,018,833 payable to Phoenix Life (“Senior Note”), which Note will be
guaranteed by the Parent. As Parent believes this arrangement to be in the best interest of both PXP and Phoenix Life, it has agreed to enter into this Guaranty Agreement. 
 NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows. 
 Section 1. Guaranty. Parent hereby unconditionally and irrevocably guarantees the full and punctual payment (whether at stated maturity, upon acceleration or
otherwise) of the principal of and interest on the Senior Note issued by PXP and the full and punctual payment of all obligations of PXP under the Loan Agreement. Upon failure by PXP to pay punctually any such amount, the Parent shall forthwith on
demand pay the amount not so paid at the place and in the manner specified in the Loan Agreement. 
 Section 2. Guaranty Unconditional. The
obligations of the Parent under this Guaranty Agreement shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
  

	 	(i)	any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of PXP under the Loan Agreement or the Senior Note, by operation of law or otherwise;

  

	 	(ii)	any modification or amendment of or supplement to the Loan Agreement or Senior Note; 

  

	 	(iii)	any release, impairment, non-perfection or invalidity of any direct or indirect security for any obligation of PXP under the Loan Agreement or the Senior Note;

  

	 	(iv)	any change in the corporate existence, structure or ownership of PXP or any insolvency, bankruptcy, reorganization or other similar proceeding affecting PXP or its assets or any
resulting release or discharge of any obligation of PXP contained in the Loan Agreement or the Senior Note; 

  

 13 

	 	(v)	the existence of any claim, set-off or other right which the Parent may have at any time against PXP, or any other person, whether in connection with the Loan Agreement or any
unrelated transaction, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 

  

	 	(vi)	any validity or unenforceability relating to or against PXP for any reason of the Loan Agreement or the Senior Note, or any provision of applicable law or regulation purporting to
prohibit the payment by PXP of the principal of or interest on the Senior Note or any other amount payable by PXP under the Loan Agreement; or 

  

	 	(vii)	any other act or omission to act or delay of any kind by PXP or any other person, or any other circumstance whatsoever which might, but for the provisions of this paragraph,
constitute a legal or equitable discharge of PXP or of the Parent’s obligations as guarantor hereunder. 

 Section 3. Discharge
Only Upon Payment in Full; Reinstatement in Certain Circumstances. The Parent’s obligations as guarantor hereunder shall remain in full force and effect until all obligations of PXP pursuant to the Loan Agreement and the Senior Note shall
have been indefeasibly paid in full. If at any time any payment of principal, interest or any other amount payable by PXP under the Loan Agreement or the Senior Note is rescinded or must be otherwise restored or returned upon the insolvency,
bankruptcy or reorganization of PXP or otherwise, the Parent’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 
 Section 4. Waiver by the Parent. The Parent irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as
well as any requirement that at any time any action be taken by any person against PXP or any other person. 
 Section 5. Subrogation.
Notwithstanding any payment made by or for the account of the Parent pursuant to this Guaranty Agreement, the Parent shall not be subrogated to any right of Phoenix Life until such time as Phoenix Life shall have received final payment in cash
of the full amount of all obligations pursuant to the Loan Agreement and the Senior Note. 
 Section 6. Stay of Acceleration. If acceleration of
the time for payment of any amount payable by PXP under the Loan Agreement or the Senior Note is stayed upon the insolvency, bankruptcy or reorganization of PXP, all such amounts otherwise subject to acceleration under the terms of the Loan
Agreement shall nonetheless be payable by the Parent under this Guaranty Agreement forthwith on demand by Phoenix Life. 
 Section 7. Governing Law.
This Guaranty Agreement shall be construed in accordance with and governed by the laws of the State of Connecticut. 
 IN WITNESS WHEREOF, the parties hereto
have executed this Agreement by their undersigned duly authorized officers. 
  

 14 

			
	THE PHOENIX COMPANIES, INC.
		
	By	 	  

	Its	 	  

	
	PHOENIX LIFE INSURANCE COMPANY
		
	By	 	  

	Its	 	  

  

 15

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