Document:

SEC Exhibit

 Exhibit 10.8.15

JACK IN THE BOX INC. 
NON EMPLOYEE DIRECTOR 
RESTRICTED STOCK UNIT AWARD 
UNDER THE 2004 STOCK INCENTIVE PLAN 
THIS AGREEMENT is made as of <<date>> between JACK IN THE BOX INC., a Delaware corporation (the “Company”), and «full name» (the “Awardee”).
RECITALS
The Compensation Committee (the “Committee”) of the Board of Directors of the Company which administers the Company’s 2004 Stock Incentive Plan (the “Plan”), has granted to the Awardee as of <<date>>,(the “Grant Date”), this award of Restricted Stock Units (RSUs), on the terms and conditions set forth herein.
AGREEMENT
In consideration of the foregoing and of the mutual covenants set forth herein and other good and valuable consideration, the parties hereto agree as follows: 
1.RESTRICTED STOCK UNIT AWARD.  The Committee hereby grants «NUMBER_OF_SHARES» shares of RSUs (the “Award”) to the Awardee on the terms and conditions set forth herein.  All of the RSUs are nonvested as of the Grant Date.  As of the Grant Date, the Company will credit to a bookkeeping account maintained by the Company for Awardee’s benefit the number of RSUs subject to the Award.  Upon vesting and settlement, a portion of the shares of Stock that are delivered to the Awardee’s brokerage account will be subject to an additional holding period requirement, as described in Section 4.
2.    VESTING.  Notwithstanding any other provision of the Plan to the contrary, and except as provided in Section 8 (Termination of Service) and Section 11 (Terminating Transactions) of this Agreement, this Award shall vest 100% on the first business day 12 months from the Grant Date (<<Vest Date>>).  No portion of this Award shall become vested prior to the first anniversary of the Grant Date except as provided in Section 8 or Section 11 of this Agreement. 
3.    DEFERRAL ELECTION.  An Awardee may elect to defer this Award until the earlier of his or her termination of Board service or a Change in Control, provided such election is made on a timely basis in compliance with the requirements of Internal Revenue Code Section 409A and the regulations and other guidance issued thereunder (collectively, “Code Section 409A”).  An Awardee’s election with respect to the deferral of an Award shall be submitted in writing and in a form reasonably acceptable to the Company within the time period established by the Company in accordance with the preceding sentence.  If an Awardee has made such an election, distribution of the Award shall be deferred until the earliest event specified in Section 6(b), as applicable.  An Awardee who fails to make an express election with respect to the deferral of an Award shall be deemed to have elected not to defer the Award.  
4.    HOLDING PERIOD REQUIREMENT.  As a condition to receipt of this Award, Awardee hereby acknowledges and agrees to be bound by applicable stock holding requirements that could require that the Awardee hold and not transfer under any circumstance until the Awardee’s termination of service to the Company, all or a portion of the total net shares of Stock (rounded to the nearest whole share) issued to Awardee pursuant to vesting of the RSU Award.
5.    CONSIDERATION.  This Award has been granted in consideration of the Awardee’s continued service as a Director and acceptance by the Awardee of the terms and conditions set forth in the Plan and in the Agreement.
6.    DISTRIBUTION.  An Award that has become vested in accordance with any Section of this Agreement shall be distributed to the Awardee in the form of one share of common stock of the Company (“Common Stock”) for each Restricted Stock Unit subject to the Award (including any additional Restricted Stock Units credited to the Award pursuant to Section 12, but with any fractional Restricted Stock Units rounded down to the nearest whole number) in a single lump sum in the form of book entry through a Company-designated brokerage firm.  Such distribution shall occur as follows:
(a)    if the Awardee has not made an election with respect to the deferral of the Award pursuant to Section 3, such distribution will occur on the earliest of the following:
		
	(i)
	upon the vesting of the Award in accordance with Section 2 (or within 30 days thereafter, as determined by the Company in its sole discretion);

		
	(ii)
	upon the Awardee’s termination of service as a Director for any reason in accordance with Section 8 (or within 30 days thereafter, as determined by the Company in its sole discretion), subject to any required delay under Code Section 409A as described in Section 8; and

		
	(iii)
	upon a Change in Control in accordance with Section 11 (or within 30 days thereafter, as determined by the Company in its sole discretion), provided that such Change in Control also constitutes a “change in control event” under Code Section 409A.

(b)    if the Awardee has made an election with respect to the deferral of the Award pursuant to Section 3, such distribution will occur on the earliest of the following:
		
	(i)
	upon the Awardee’s termination of service as a Director for any reason in accordance with Section 8 (or within 30 days thereafter, as determined by the Company in its sole discretion), subject to any required delay under Code Section 409A as described in Section 8; and

		
	(ii)
	upon a Change in Control in accordance with Section 11 (or within 30 days thereafter, as determined by the Company in its sole discretion), provided that such Change in Control also constitutes a “change in control event” under Code Section 409A.

7.    NONTRANSFERABILITY OF AWARD.  This Award is not transferable otherwise than by will or the laws of descent and distribution.  This Award shall not be otherwise transferred, assigned, pledged, hypothecated or otherwise disposed of in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process.  Upon any attempt to transfer this Award otherwise than by will or the laws of descent and distribution or to assign, pledge, hypothecate or otherwise dispose of this Award, or upon the levy of any execution, attachment or similar process upon this Award, this Award shall immediately terminate and become null and void.
8.    TERMINATION OF SERVICE.  If the Awardee’s service as a Director terminates for any reason, then this Award shall be considered 100% vested on such termination of service and distributed to the Awardee in the form and within the applicable time period described in Section 6, or to the person or persons to whom Awardee’s rights under the Award have passed by will or by applicable laws of descent and distribution; provided, however, that (i) for purposes of this Agreement, the term “termination of service” shall have the same meaning as the term “separation from service” under Code Section 409A and (ii) if the Awardee is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) at the time of such termination of service, then the Award shall be distributed in the form described in Section 6 on the date that is six (6) months and one (1) day following the date of such termination of service or, if earlier, the date of the Awardee’s death.
9.    LEGALITY.  The Company is not required to issue any shares of Common Stock subject to this Award until all applicable requirements of the Securities and Exchange Commission (the “SEC”), the California Department of Corporations or other regulatory agencies having jurisdiction with respect to such issuance, and any exchanges upon which the Common Stock may be listed, shall have been fully complied with. If shares of Common Stock subject to this Award are being distributed subject to restrictions or if the rules and interpretations of the SEC so require, such shares may be issued only if the Awardee represents and warrants in writing to the Company that the shares are being acquired for investment and not with a view to the distribution thereof, and any certificates issued upon distribution of the shares shall bear appropriate legends setting forth the restrictions on transfer of such shares.  Such legends may not be removed until the Company so requests, based on the opinion of the Company’s Counsel that the restrictions are no longer applicable.
10.    ADJUSTMENTS IN STOCK.  Subject to the provisions of the Plan, if the outstanding shares of the Company of the class subject to this Award are increased or decreased, or are changed into or exchanged for a different number or kind of shares or securities as a result of one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends and the like, appropriate adjustments, to be conclusively determined by the Committee, shall be made in the number and/or type of shares or securities subject to this Award consistent with any and all changes stipulated above, and any fractional shares resulting from adjustments will be rounded down to the nearest whole number.
11.    TERMINATING TRANSACTIONS.  Upon the dissolution or liquidation of the Company prior to the Award becoming 100% vested, this Award shall terminate.  Upon the occurrence of a Change in Control, this Award shall be considered 100% vested as of the date of the Change in Control and distribution will be made in the form and within the applicable time period described in Section 6; provided, however, that a distribution will only be made pursuant to this Section 11 if such Change in Control also constitutes a “change in control event” under Code Section 409A.
12.    DIVIDENDS.  If the Awardee has made an election with respect to the deferral of the Award pursuant to Section 3 and the Award has become vested, then the Award shall be credited with additional Restricted Stock Units (and any fractions thereof) with respect to the vested deferred Restricted Stock Units (and any fractions thereof) subject to the Award as dividend equivalents at such time(s), if any, that cash dividends are paid on the Common Stock.  The number of additional Restricted Stock Units (and any fractions thereof) to be credited shall be determined by multiplying the number of vested Restricted Stock Units (and fractions thereof) deferred by the Awardee (which shall include any Restricted Stock Units (and fractions thereof) credited to the Award in connection with dividends under this Section 12), times the dollar amount of the cash dividend per share of Common Stock, then dividing by the Market Value (as defined below) of a share of Common Stock on the dividend payment date, and then rounding to the nearest hundredth.  Any additional Restricted Stock Units (and any fractions thereof) credited to an Award under this Section 12 shall be vested immediately upon the time of such crediting.
For purposes of this Section 12, “Market Value” shall mean the average of the closing prices of the Common Stock as quoted on the NASDAQ Global Select Market during the ten (10) trading days immediately preceding the date in question, or, if the Common Stock is not quoted on such market, on the principal national securities market or exchange in the United States registered under the Securities Exchange Act of 1934, as amended, on which the Common Stock is listed, or, if the Common Stock is not then reported thereon, any similar system then in use, as selected by the Board, or if no such quotations are available, the fair market value on the date in question of a share of the Common Stock as determined by a majority of the Directors in good faith.   
13.    PLAN CONTROLS.  The Award and all terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of the Plan as may be amended from time to time, (but no amendment shall adversely affect the Awardee’s rights under this Award) and any rules and regulations promulgated by the Committee, which shall be controlling.  All constructions, interpretations, rule determinations or other actions taken by the Committee shall be final, binding and conclusive on all interested parties, including the Company and its subsidiaries and all former, present and future employees of the Company or its subsidiaries.  Capitalized terms that are not defined herein shall have the definition given to them in the Plan.
14.    ARBITRATION.  Any dispute or claim concerning any Award granted (or not granted) pursuant to the Plan and this agreement and any other disputes or claims relating to or arising out of the Plan and this Agreement shall be fully, finally and exclusively resolved by binding arbitration conducted in San Diego, California, by either (i) the American Arbitration Association in accordance with its rules and procedures, or (ii) by any party mutually agreed upon by the Committee and the claimant.  By accepting an Award, the Awardee and the Company waive their respective rights to have any disputes or claims tried by a judge or jury.
15.    RIGHTS AS A SHAREHOLDER.  Nothing in the Plan or in this Agreement shall confer upon the Awardee any rights as a stockholder with respect to any Award Shares prior to the date of the distribution of Award Shares to the Awardee, except as specified herein.
16.    LAWS APPLICABLE TO CONSTRUCTION.  This Agreement shall be deemed to be a contract under the laws of the State of Delaware and for all purposes shall be construed and enforced in accordance with the internal laws of the State of Delaware without regard to the principles of conflicts of law.
17.    RECEIPT OF PROSPECTUS.  The Awardee hereby acknowledges that he or she has received a copy of the prospectus relating to the Award and the shares covered thereby and the Plan.
18.    GENERAL.  The Company shall at all times during the term of this Award reserve and keep available such numbers of shares of Common Stock as will be sufficient to satisfy the requirements of this Award, shall pay all fees and expenses necessarily incurred by the Company in connection therewith, and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable thereto.
19.    ANNUAL REPORTS.  The Company shall during the term of this Award provide to Awardee an annual report regarding the Company.
20.    NOTICES.  All notices or other communications under this Agreement shall be given in writing and shall be deemed duly given and received on the third full business day following the day of the mailing thereof by registered or certified mail, return receipt requested, or when delivered personally as follows: 
(a)    If to the Company, at its principal executive offices at the time of the giving of such notice, or at such other place as the Company shall have designated by notice as herein provided to each of the Awardees; 
(b)    If to Awardee, at the address as it appears below Awardee’s signature to this Agreement, or at such other place as Awardee shall have designated by notice as herein provided to the Company; and 
(c)    If to any other holder, at such holder’s last address appearing in the Company’s records.
It shall be the responsibility of the Awardee to notify the Company of any changes in address.
21.    MISCELLANEOUS.
(a)    This writing constitutes the entire agreement of the parties with respect to the subject matter hereof and may not be modified or amended except by a written agreement signed by Awardee and the Company, other than as provided in paragraph (g) below.  Anything in this Agreement to the contrary notwithstanding, any modification or amendment of this Agreement by a written agreement signed by, or binding upon, Awardee shall be valid and binding upon any and all persons or entities who may, at any time, have or claim any rights under or pursuant to this Agreement (including all Awardees hereunder) in respect of the Award granted to the Awardee.
(b)    No waiver of any breach or default hereunder shall be considered valid unless in writing and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar nature.  Anything in this Agreement to the contrary notwithstanding, any waiver, consent or other instrument under or pursuant to this Agreement signed by, or binding upon, Awardee shall be valid and binding upon any and all persons or entities (other than the Company) who may, at any time, have or claim any rights under or pursuant to this Agreement (including all Awardees hereunder) in respect of the Award originally granted to Awardee.
(c)    Except as otherwise expressly provided herein, this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and Awardee and his heirs, personal representatives, successors and assigns; provided, however, that nothing contained herein shall be construed as granting Awardee the right to transfer any of his Award except in accordance with this Agreement.
(d)    If any provision of this Agreement shall be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained herein.
(e)    The section headings contained herein are for the purposes of convenience only and are not intended to define or limit the contents of said sections.
(f)    Each party hereto shall cooperate and shall take such further action and shall execute and deliver such further documents as may be reasonably requested by any other party in order to carry out the provisions and purposes of this Agreement.
(g)    This Agreement is intended to comply with Code Section 409A and shall be administered in a manner consistent with Code Section 409A.  Should any provision of this Agreement be found not to comply with the provisions of Code Section 409A, it shall be modified and given effect, in the sole discretion of the Committee and without requiring Awardee’s consent (notwithstanding the provisions of Section 13 or paragraph (a) above), in such manner as the Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Code Section 409A.
(h)    Whenever the pronouns “he” or “his” are used herein they shall also be deemed to mean “she” or “hers” or “it” or “its” whenever applicable.  Words in the singular shall be read and construed as though in the plural and words in the plural shall be read and construed as though in the singular in all cases where they would so apply.
(i)    This Agreement may be executed in counterparts, all of which taken together shall be deemed one original.

IN WITNESS WHEREOF, the Company has caused this Award to be granted on its behalf by its President or one of its Vice Presidents and Awardee has hereunto set his hand on the day and year first above written.
	
		
	JACK IN THE BOX INC.   
By:________________________________
<<Name>>

	AWARDEE
__________________________________________
<<Name>>
___________________________________
Signature
___________________________________
Name
___________________________________
Street Address
___________________________________
City and State

1.
 
111017141 v7SEC Exhibit

Exhibit 10.1

RECIPROCAL LOAN AGREEMENT

This RECIPROCAL LOAN AGREEMENT (this “Agreement”), dated as of April 1, 2016, between Voya Retirement Insurance and Annuity Company, a Connecticut life insurance company (“VRIAC” or “Company”), located at One Orange Way, Windsor, Connecticut 06095 and Voya Financial, Inc., a Delaware corporation (“Voya Financial” or “Company”), located at 230 Park Avenue, New York, New York 10169 (collectively referred to as the "Companies").

WITNESSETH: 

WHEREAS, each of the Companies may have, from time to time, a need to borrow funds on a revolving basis; and 

WHEREAS, each of the Companies may have, from time to time, excess cash available to lend to the other on a revolving basis; and 

WHEREAS, the Companies are affiliated entities and as such are willing to extend financing to, and borrow from each other as provided herein; and 

WHEREAS, each of the Companies desires to enter into this Agreement providing for, among other things, the making of such Loans by and among each other;

NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Companies agree as follows: 

ARTICLE 1

DEFINITIONS

Section 1.1.    Defined Terms.  For purposes of this Agreement: 

“Agreement” shall have the meaning set forth in the preamble hereto. 

“Authorized Person” shall mean the CFO, Treasurer, Treasury Officer, or Treasury Manager of the Borrowing Company,  or a person so designated. 

“Borrowing Company” shall mean each of the Companies to which a Loan is outstanding or is to be made pursuant to a Request for Borrowing. 

“Business Day” shall mean a day on which U.S. financial markets are open for the transaction of business required for this Agreement. 

“Companies” shall have the meaning set forth in the preamble hereto. 

“Company” shall have the meaning set forth in the preamble hereto. 

“Default” shall mean any of the events specified in Section 6.1, regardless of whether there shall have occurred any passage of time or giving of notice, or both, that would be necessary in order to constitute such an Event of Default. 

“Event of Default” shall mean any of the events specified in Section 6.1. 

“Voya Financial” shall have the meaning set forth in the preamble hereto. 

“Interest Period” shall mean the number of days or months that a particular interest rate applies to a particular Loan advanced hereunder. 

“Lending Company” shall mean each of the Companies that has made, or is obligated to make, in accordance with a Request for Borrowing one or more Loans hereunder. 

“Loans” shall mean the amounts advanced by a Lending Company to a Borrowing Company under this Agreement. 

“Notice of Borrowing” shall have the meaning set forth in Section 2.2(b) of this Agreement. 

“Obligations” shall mean all payment and performance obligations of every kind, nature and description of each Borrowing Company to the Lending Company, or either of them, under this Agreement (including any interest, fees and other charges on the Loans or otherwise), whether such obligations are direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, now existing or hereafter arising. 

“Corporate Treasury Office” ("CTO") shall mean the Treasurer's office of ING North America Insurance Corporation. 

“Request for Borrowing” shall have the meaning set forth in Section 2.2(a) of this Agreement. 

“Revolving Loan Commitment” shall mean the maximum outstanding amount to be funded by the Lending Company to the Borrowing Company. The aggregate sum which the Lending Company may loan to the Borrowing Company under this Agreement shall not exceed three percent of VRIAC’s admitted assets as of the thirty-first day of December next preceding.

“Termination Date” shall mean April 1, 2021, or such earlier date as payment of the Obligations shall be due (whether by acceleration or otherwise). 

Section 1.2.    Terminology.  Each definition of a document in this Article 1 shall include such document as amended, modified, or supplemented from time to time, and, except where the context otherwise requires, definitions imparting the singular shall include the plural and visa versa. Except where specifically restricted, reference to a party shall include that party and its successors and assigns.  All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender, shall include all other genders. Titles of articles and sections in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement, and all references in this Agreement to articles, sections, subsections, paragraphs, clauses, subclauses or exhibits shall refer to the corresponding article, section, subsection, paragraph, clause, subclause of, or exhibit attached to, this Agreement, unless otherwise provided. 

Section 1.3.    Accounting Terms.  Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted in accordance with customary insurance accounting practices consistently applied. 

ARTICLE 2

TERMS OF THE LOANS

Section 2.1.    Revolving Credit. 

(a)    Subject to and upon the terms and conditions set forth in this Agreement, each Lending Company agrees to advance Loans to the Borrowing Company, from time to time prior to the Termination Date.  Loans advanced under the Revolving Loan Commitment shall be repaid in accordance with Section 2.4 and may be reborrowed from time to time on a revolving basis.  

(b)    Each Borrowing Company's obligation to pay to the Lending Company the principal of and interest on the Loans shall be evidenced by the records of the CTO in lieu of a promissory note or notes.

Section 2.2.    Notice and Manner of Borrowing. 

(a)    Whenever the Borrowing Company desires to borrow money hereunder, it shall give the CTO a written or facsimile request (or verbal request promptly confirmed in writing or by facsimile) of such borrowing or reborrowing (a “Request for Borrowing”).  Such Request for Borrowing shall be given by an Authorized Person to the CTO prior to 10:00 a.m. (New York, New York time).  Any Request for Borrowing received after 10:00 a.m. shall be deemed received on the next Business Day. 

(b)    The CTO, upon receipt of a Request for Borrowing, shall determine if the requested funds are available and the interest rates in accordance with Section 2.3(a) of this Agreement (and related Interest Periods, if any) at which the Borrowing Company can borrow money in a principal amount equal to, and on the date of, the proposed borrowing or reborrowing described in each such Request for Borrowing, and shall notify the Lending Company of such interest rates and the related Interest Periods, if any, and the principal amount of the proposed borrowing or reborrowing (a “Notice 

of Borrowing”) by telephone (confirmed in writing) or by facsimile no later than 12 p.m. (New York, New York time) on the Business Day of the requested borrowing or reborrowing.  The CTO shall promptly convey to the Borrowing Company the information contained in the Notice of Borrowing by telephone (confirmed in writing) or by facsimile.    

(c)    On the date of each borrowing, the Lending Company will make available the amount of such borrowing or reborrowing in immediately available funds to the Borrowing Company by depositing such amount in the account of the Borrowing Company by wire transfer via electronic funds transfer (EFT). 

(d)    The CTO shall maintain on its books a control account for each Company in which shall be recorded (i) the amount and payment terms of each Loan made hereunder to each such Company, (ii) the interest rate applicable with respect to each Loan, (iii) the amount of any principal, interest or fees due or to become due from each Borrowing Company with respect to the Loans, (iv) the payment dates for any principal, interest or fees due or to become due from each Borrowing Company with respect to each Loan made hereunder, and (v) the amount of any sum received by each Lending Company hereunder in respect of any such principal, interest or fees due on such Loans.  The entries made in the CTO's control accounts shall be prima facie evidence, in the absence of manifest error, of the existence and amounts of Obligations therein recorded and any payments thereon.  Accordingly, the Companies acknowledge and agree that the payment terms and due dates set out in the CTO’s control accounts with respect to each Loan made hereunder shall be deemed incorporated herein by this reference and shall govern as the payment terms and due dates for each such Loan made hereunder. 

(e)    The CTO shall account to each Company on a quarterly basis with a statement of borrowings, interest rates, charges and payments made pursuant to this Agreement with respect to the Loans and Revolving Loan Commitment.  An Authorized Person of the Companies shall review each quarterly accounting for accuracy within thirty days of receipt thereof from the CTO.  Each such account rendered by the CTO shall be deemed final, binding and conclusive unless the CTO is notified by the Lending Company or the Borrowing Company within thirty days after the date the account is so rendered that either the Lending Company or the Borrowing Company disputes any item thereof.  Disputes for which the CTO receives notice in accordance with this Section 2.2(e) will be settled in accordance with Section 7.5 only if an amicable understanding cannot be reached by the parties within sixty (60) days of receipt of the notice of dispute.

(f)    The CTO shall be justified in assuming, for purposes of carrying out its duties and obligations under this Agreement, including, without limitation, its obligation to maintain accounts and provide accountings of the Loans pursuant to Section 2.2(d) and (e) above, that (1) Loans are disbursed by the Lending Company to the Borrowing Company in accordance with the terms of the Notice of Borrowing, (2) payments on the Loans are made to the Lending Company when due, and (3) no prepayments of any Loans prior to the date that they are due and payable under Section 2.4(a) have occurred, unless the CTO is otherwise notified by either Company within seven Business Days of any such delayed disbursement, overdue payment, or receipt of a prepayment. 

Section 2.3.    Interest. 

(a)    The Borrowing Company agrees to pay interest in respect of all unpaid principal amounts of the Loans from the respective dates such principal amounts were advanced until the respective dates such principal amounts are repaid at a rate per annum as determined by the CTO and agreed upon by the Companies pursuant to Section 2.2(b) of this Agreement.  The Borrowing Company shall pay interest on each Loan at a per annum rate which is based on the prevailing market rate for similar borrowings or securities with a similar credit quality and with a similar duration.  The interest rate shall be determined by the CTO in accordance with its usual practices.  In the event that there is no market for similar borrowings or securities, or the market for such borrowings is limited, the CTO shall determine the interest rate for a Loan by performing a relative analysis of other borrowings or securities that are not materially dissimilar to the Loan in order to infer the prevailing market rate for such Loan.  

(b)    Overdue principal and, to the extent not prohibited by applicable law, overdue interest in respect of any of the Loans and all other overdue amounts owing hereunder shall bear interest from each date that such amounts are overdue at the rate otherwise applicable to such underlying Loans plus an additional 2% per annum.  Interest on each Loan shall accrue from and including the date of such Loan to, but excluding, the date of any repayment thereof; provided, however, that if a Loan is repaid on the same day it is made, one day's interest shall be paid on such Loan.  Interest shall be computed on the basis of a year of 360 days for the actual number of days elapsed. 

(c)    The Companies hereby agree that the only charges imposed or to be imposed by the Lending Company hereunder for the use of money in connection with the Loans is and will be the interest required to be paid under the provisions of Sections 2.2(b).  In no event shall the amount of interest due and payable under this Agreement or any other documents 

executed in connection herewith exceed the maximum rate of interest allowed by applicable law and, in the event any such payment is made by the Borrowing Company or received by the Lending Company, such excess sum shall be credited as a payment of principal.  It is the express intent hereof that the Borrowing Company not pay and the Lending Company not receive, directly or indirectly in any manner, interest in excess of that which may be lawfully paid under applicable law. 

Section 2.4.    Repayment of Principal and Interest. 

(a)    The entire outstanding principal balance of the Loans shall be due and payable by no later than 5:00 p.m. (Eastern time) on the Business Day on which the Loan is due, together with all remaining accrued and unpaid interest thereon, unless an extension of no more than three additional days is authorized by the Lending Company.  The maximum term of any Loan shall be 270 days.  

(b)    Any of the Loans may be prepaid in whole or in part at any time without premium or penalty.  Any such prepayment made on any Loan shall be applied, first, to interest accrued thereon through the date thereof and then to the principal balance thereof. 

(c)    Each payment and prepayment of principal of any Loan and each payment of interest on any Loan shall be made to the Lending Company and applied to outstanding Loan balances in the following order; first, toward any Loan or Loans then due and payable; and, second, towards the Loan or Loans which are next due and payable at the time of such prepayment. 
    
ARTICLE 3

REPRESENTATIONS AND WARRANTIES

Section 3.1.    Representations and Warranties.  In order to induce the Lending Company to enter into this Agreement, the Borrowing Company hereby represents and warrants as set forth below: 

(a)    Organization; Power; Qualification.  The Borrowing Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, has the power and authority to own or lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing as a foreign corporation, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business require such qualification or authorization. 

(b)    Authorization; Enforceability.  The Borrowing Company has the power and has taken all necessary action to authorize it to execute, deliver and perform this Agreement in accordance with the terms hereof and to consummate the transactions contemplated hereby.  This Agreement has been duly executed and delivered by the Borrowing Company and is a legal, valid and binding obligation of the Borrowing Company, enforceable in accordance with its respective terms, (i) subject to limitations imposed by general principles of equity and (ii) subject to applicable bankruptcy, reorganization, insolvency and other similar laws affecting creditors' rights generally and to moratorium laws from time to time in effect. 

(c)    No Conflict.  The execution, delivery and performance of this Agreement in accordance with its terms and the consummation of the transactions contemplated hereby do not and will not (i) violate any applicable law or regulation, (ii) conflict with, result in a breach of, or constitute a default under the articles or certificate of  incorporation or by-laws of the Borrowing Company or under any indenture, agreement or other instrument to which the Borrowing Company is a party or by which it or any of its properties may be bound, or (iii) result in or require the creation or imposition of any lien upon or with respect to any property now owned or hereafter acquired by the Borrowing Company. 

(d)    Compliance with Law; Absence of Default.  The Borrowing Company is in compliance with all applicable laws the failure to comply with which has or could reasonably be expected to have a materially adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company, and no event has occurred or has failed to occur which has not been remedied or waived, the occurrence or non‐occurrence of which constitutes a Default. 

Section 3.2.    Survival of Representations and Warranties.  All representations and warranties made under this Agreement shall be deemed to be made, and shall be true and correct, as of the date hereof and as of the date of each Loan. 

ARTICLE 4

AFFIRMATIVE COVENANTS
So long as this Agreement is in effect:

Section 4.1.    Preservation of Existence.  The Borrowing Company will (a) preserve and maintain its existence, rights, franchises, licenses and privileges in its jurisdiction of organization and (b) qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization. 

Section 4.2.    Compliance with Applicable Laws and Regulations.  The Borrowing Company will comply with the requirements of all applicable laws and regulations the failure with which to comply could have a materially adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company. 

Section 4.3.    Visits and Inspections. 

(a)    Upon reasonable advance notice from the Lending Company, the Borrowing Company will permit representatives of the Lending Company to (a) visit and inspect the properties of the Borrowing Company during normal business hours, (b) inspect and make extracts from and copies of its books and records, and (c) discuss with its principal officers its businesses, assets, liabilities, financial positions and results of operations. 

(b)    Each Company agrees that upon reasonable advance notice from an auditor of either Company or any regulatory official employed by the Department of Insurance of any state in which either Company is engaged in business, each Company will prepare and deliver to such auditor or regulatory official, within a reasonable time following such request, a written verification of all Loans made to and by the relevant Company.  Upon reasonable advance notice to each Company, the books and records of the CTO and each Company relating to the subject matter of this Agreement shall be available for inspection by any auditor of either Company or any regulatory official during normal business hours, and the CTO and each Company will cooperate with said auditor or regulatory official in making any audit which requires inspection of said books and records.

ARTICLE 5

NEGATIVE COVENANTS
So long as this Agreement is in effect:

Section 5.1.    Liquidation; Merger; Sale of Assets; Change of Business.  The Borrowing Company shall not at any  time, without proper notice to the Lending Company: 

(a)    Liquidate or dissolve itself (or suffer any liquidation or dissolution) or otherwise wind up; 

(b)    Merge or consolidate with any other person or entity; 

(c)    Sell, lease, abandon or otherwise dispose of or transfer all or substantially all of its assets other than in the ordinary course of business; or 

(d)    Make any substantial change in the type of business conducted by the Borrowing Company as of the date hereof without the prior written consent of the Lending Company if such action would have a material adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company. 

Any corporation into which either Company may be merged, converted or with which either Company may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which either Company shall be a party, shall succeed to all either Company's rights, obligations and immunities hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

ARTICLE 6

DEFAULT

Section 6.1.    Events of Default. Each of the following shall constitute an Event of Default: 

(a)    Any representation or warranty made by the Borrowing Company under this Agreement shall prove incorrect or misleading in any material respect when made; 

(b)    The Borrowing Company shall default in the payment of (i) any interest payable under this Agreement within five days of when due, or (ii) any principal payable under this Agreement within three days of when due; 

(c)    The Borrowing Company shall default in the performance or observance of any agreement or covenant contained in this Agreement, and such Default shall not be cured within a period of 30 days from the occurrence of such Default; 

(d)    The Borrowing Company shall default under any other agreement or instrument evidencing or relating to any indebtedness which Default shall not have been cured within any applicable grace period set forth therein; 

(e)    There shall be entered a decree or order by a court having jurisdiction in the premises constituting an order for relief in respect of the Borrowing Company under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or similar official of the Borrowing Company or of any substantial part of its properties, or ordering the winding-up or liquidation of the affairs of the Borrowing Company and any such decree or order shall continue in effect for a period of sixty consecutive days; 

(f)    The Borrowing Company shall file a petition, answer or consent seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or the Borrowing Company shall consent to the institution of proceedings thereunder or to the filing of any such petition or to the appointment or taking of possession of a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrowing Company or of any substantial part of its properties, or the Borrowing Company shall fail generally to pay its debts as such debts become due, or the Borrowing Company shall take any corporate action in furtherance of any such action; or 

(g)    This Agreement or any provision hereof shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be commenced by the Borrowing Company or any other person or entity seeking to establish the invalidity or unenforceability thereof, or the Borrowing Company shall deny that it has any liability or any obligation for the payment of principal or interest purported to be created under this Agreement. 

Section 6.2.    Remedies.  If an Event of Default shall have occurred and shall be continuing, 

(a)    The obligation of the Lending Company to make Loans hereunder shall immediately cease; 

(b)    With the exception of an Event of Default specified in Section 6.1(e) or (f), the Lending Company, shall declare the principal of and interest on the Loans and all other amounts owed under this Agreement to be forthwith due and payable, whereupon all such amounts shall immediately become absolute and due and payable, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, anything in this Agreement to the contrary notwithstanding, and whereupon all such amounts shall be immediately due and payable; 

(c)    Upon the occurrence and continuance of an Event of Default specified in Section 6.1(e) or (f), such principal, interest and other amounts shall thereupon and concurrently therewith become absolute and due and payable, all without any action by the Lending Company, all of which are hereby expressly waived, anything in this Agreement to the contrary notwithstanding; 

(d)    The Lending Company shall have the right and option to exercise all of the post‐default rights granted to them hereunder; and 

(e)    The Lending Company shall have the right and option to exercise all rights and remedies available to them at law or in equity.

ARTICLE 7

MISCELLANEOUS

Section 7.1.    Notices.  Except as otherwise provided herein, all notices and other communications required or permitted under this Agreement shall be in writing and, if mailed, shall be deemed to have been received on the earlier of the date shown on the receipt or three Business Days after the postmarked date thereof and, if sent by facsimile, shall be followed forthwith by letter and shall be deemed to have been received on the next Business Day following dispatch and acknowledgment of receipt by the recipient's facsimile machine.  In addition, notices hereunder may be delivered by hand or overnight courier, in which event the notice shall be deemed effective when delivered.  All notices and other communications under this Agreement shall be given to the parties at the address or facsimile number listed below such party's signature line hereto, or such other address or facsimile number as may be specified by any party in a writing addressed to the other parties hereto. 

Section 7.2.    Indemnification.  

(a)    VRIAC shall indemnify and hold harmless Voya Financial against any and all losses, claims, damages, liabilities, or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action, or suit arising out of, or in connection with (i) VRIAC’s failure to perform its duties and responsibilities under this Agreement; or (ii) the breach of any representation or warranty under this Agreement by VRIAC.

(b)    Voya Financial shall indemnify and hold harmless VRIAC against any and all losses, claims, damages, liabilities, or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action, or suit arising out of, or in connection with (i) Voya Financial’s failure to perform its duties and responsibilities under this Agreement; or (ii) the breach of any representation or warranty under this Agreement by Voya Financial.    

Section 7.3.    Waivers.  The rights and remedies of the Lending Company under this Agreement shall be cumulative and not exclusive of any rights or remedies which they would otherwise have.  No failure or delay by the Lending Company in exercising any right shall operate as a waiver of it.  The Lending Company expressly reserves the right to require strict compliance with the terms of this Agreement.  In the event the Lending Company decides to fund a request for a Loan at a time when the Borrowing Company is not in strict compliance with the terms of this Agreement, such decision by the Lending Company shall not be deemed to constitute an undertaking by the Lending Company to fund any further requests for Loans or precluding the Lending Company from exercising any rights available to it under the Agreement or at law or equity with respect to the Borrowing Company.  Any waiver or indulgence granted by the Lending Company shall not constitute a modification of this Agreement, except to the extent expressly provided in such waiver or indulgence, or constitute a course of dealing by the Lending Company at variance with the terms of this Agreement such as to require further notice by the Lending Company of its intent to require strict adherence to the terms of this Agreement in the future.  Any such actions shall not in any way affect the ability of the Lending Company, in their respective sole discretion, to exercise any of their respective rights under this Agreement or under any other agreement. 

Section 7.4.    Assignment; Successors. 

(a)    The Borrowing Company may not assign or transfer any of its rights or obligations hereunder without notice to the Lending Company.  Assignment by the Borrowing Company of all or a portion of its rights or obligations under this Agreement to any affiliate shall be undertaken in accordance with the Connecticut insurance holding company act notice and/or approval provisions.  An assignee of the Borrowing Company shall be required to assume and agree to perform and discharge the obligations of the Borrowing Company hereunder that are outstanding as of the date of such assignment and those arising after such assignment.  

(b)    The Lending Company may not at any time assign or participate its interest under this Agreement without notice to the Borrowing Company.  Assignment by the Lending Company of all or a portion of its rights or obligations under this Agreement to any affiliate shall be undertaken in accordance with the Connecticut insurance holding company act notice and/or approval requirements.  An assignee of the Lending Company shall be required to assume and agree to perform and discharge the obligations of the Lending Company hereunder that are outstanding as of the date of such assignment and those arising after such assignment.  Any holder of a participation in, and any assignee or transferee of, all or any portion of any amount owed by the Borrowing Company under this Agreement may exercise any and all rights provided in this Agreement with respect to any and all amounts owed by the Borrowing Company to such assignee, transferee or holder as fully as if such assignee, transferee or holder had made the Loans in the amount of the obligation in which its holds a participation or which is assigned or transferred to it. 

(c)    This Agreement shall be binding upon, and inure to the benefit of, the Borrowing Company, the Lending 

Company, and the permitted successors and assigns of each party hereto. 

Section 7.5    Arbitration.

(a)    Any dispute or difference with respect to the operation or interpretation of this Agreement on which an amicable understanding cannot be reached shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association and the Expedited Procedures thereof. 

(b)    The arbitration shall be held in New York, New York, or such other place as may be mutually agreed between the parties, and the arbitration panel shall consist of three arbitrators.  VRIAC shall appoint one arbitrator and Voya Financial the second.  Such arbitrators shall then select the third arbitrator before the arbitration commences.  Should one of the parties decline to appoint an arbitrator or should the two arbitrators be unable to agree upon the choice of a third, such appointment shall be left to the American Arbitration Association.

(c)    Decisions of the arbitrators shall be by majority vote.  The award rendered by the arbitrators shall be final and binding upon the parties, and the judgment upon the award rendered by the arbitrators may be entered in any Court having jurisdiction thereof.  Each party shall bear its own costs of the arbitration, except that the fees of the arbitrators shall be borne equally by the parties. 

Section 7.6.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 7.7.    Severability.  Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction. 

Section 7.8.    Entire Agreement; Amendments.  This Agreement represents the entire agreement among the parties hereto with respect to the subject matter of this transaction. No amendment or modification of the terms and provisions of this Agreement shall be effective unless such amendment or modification is:  (i) in writing and signed by both Companies and (ii) undertaken in accordance with the Connecticut insurance holding company act notice and/or approval provisions. 

Section 7.9.    Payment on Non‐Business Days.  Whenever any payment to be made hereunder shall be stated to be due on a non‐Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest hereunder. 

Section 7.10.    Termination.  This Agreement may be terminated with respect to any party hereto by such party upon its giving the other parties thirty days notice of its intent to terminate.  In the event of termination as provided in this paragraph, the Lending Company's obligation to make Loans to the Borrowing Company shall cease; provided, however, that the Borrowing Company shall continue to be obligated to make all repayments of Loans and all other amounts due and payable by it as provided under this Agreement. 

Section 7.11.    Governing Law.  This Agreement shall be construed in accordance with and governed by the laws of Delaware and Connecticut, without regard to the conflict of laws rules thereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused it to be executed by their duly  authorized officers, all as of the day and year first above written. 

Voya Retirement Insurance and Annuity Company

By:  /s/Matthew K. Duffy                                
 Name: Matthew K. Duffy
Title:   Vice President
Dated:  March 17, 2016 
    
Address for notices:
5780 Powers Ferry Road
Suite P1
Atlanta, Georgia  30327
Attention: Treasurer

Voya Financial, Inc.

By:  /s/Spencer T. Shell                                  
Name:  Spencer T. Shell    
Title:    Vice President and Assistant Treasurer
Dated:   March 17, 2016

Address for notices:
5780 Powers Ferry Road N.W.
Suite 300
Atlanta, Georgia  30327
Attention: Treasurer

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