Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 130

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 130
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 and the limitations on remedies specified in “— Enforcement Events and Remedies” above. Modification and Waiver Any amendment or modification of the Indenture or the Securities shall be subject to the Issuer obtaining the prior written consent of the Competent Authority. The Indenture and the Securities may be modified as described under “Description of Capital Securities — Modifications of the Capital Securities Indenture” in the accompanying prospectus, providedthat the Issuer may not amend the Indenture to alter the subordination of any outstanding Securities without the consent of each holder of any Senior Instrument then outstanding who would be adversely affected. In addition, the Issuer may not modify the subordination provisions of the Indenture in a manner that would adversely affect the other capital securities of any one or more series then outstanding in any material respect, without the consent of the holders of a majority in aggregate principal amount of all affected series then outstanding, voting together as one class (and also of any affected series that by its terms is entitled to vote separately as a series). Undertakings For so long as any Security remains outstanding, the Issuer shall:

| (i) | not make any issue, grant or distribution or take or omit to take any other action if the effect thereof would               
 be that, on Conversion, ordinary shares could not, under any applicable law then in effect, be legally issued as fully paid; |

| (ii) | if any offer is made to all (or as nearly as may be practicable all) shareholders (or all (or as nearly as may                                                                                                                                            
 be practicable all) such shareholders other than the offeror and/or any associates of the offeror) to acquire all or a majority of the issued ordinary shares, or if a scheme is proposed with regard to such acquisition, give notice of such offer or   
 scheme to each holder of any Securities at the same time as any notice thereof is sent to the shareholders (or as soon as practicable thereafter) that details concerning such offer or scheme may be obtained from the specified offices of the trustee; |

| (iii) | use commercially reasonable efforts to ensure that the ordinary shares issued upon Conversion shall be admitted 
 to listing and trading on the Relevant Stock Exchange;                                                          |

| (iv) | maintain all corporate authorizations necessary to issue and allot at all times sufficient ordinary shares,         
 free from pre-emptive or other preferential rights, to enable Conversion of the Securities to be satisfied in full; |

S-96

| (v) | use commercially reasonable