On February 9, 2020, James R. Baio notified Virtus Investment Partners, Inc. and Mark C. Treanor, Chairman of the Company’s Board of Directors (the “Board”), of his decision to resign as a member of the Board effective February 21, 2020 in order to focus on personal affairs. Mr. Baio’s resignation is not the result of a disagreement with the Company. Mr. Baio has served as a member of the Board since 2009 and is a member of the Company’s Audit Committee and the Risk and Finance Committee.