Document:

exv10w1

 

EXHIBIT 10.1

DESCRIPTION OF AMERICAN DEPOSITARY RECEIPTS

American Depositary Receipts

     The Bank of New York will be the Depositary for our ADS program and will
issue the ADRs. Each ADR is a certificate evidencing a specified number of
ADSs. Each ADS will represent ownership interests in shares or the right to
receive shares. The shares will be deposited with The Fuji Bank, Limited, The
Bank of New York’s custodian in Tokyo, Japan. Each ADS will also represent
securities, cash or other property deposited with The Bank of New York, but not
distributed to ADS holders. The Bank of New York’s Corporate Trust office is
located at 101 Barclay Street, New York, NY 10286.

     You may hold ADSs either directly (by having an ADR registered in your
name) or indirectly through your broker or other financial institution. If you
hold ADSs directly, you are an ADR holder. This description assumes you hold
your ADSs directly. If you hold the ADSs indirectly, you must rely on the
procedures of your broker or other financial institution to assert the rights
of ADR holders described in this section. You should consult with your broker
or financial institution to find out what those procedures are.

     As an ADR holder, you will not be treated as one of our shareholders and
you will not have shareholder rights which are governed by Japanese law. The
Bank of New York will be the legal owner of the shares underlying your ADRs,
and you must rely on it to exercise the rights of a shareholder. You will have
ADR holder rights. Those rights and the obligations of The Bank of New York
are set out in an agreement among us, The Bank of New York and you, as an ADR
holder. The agreement and the ADRs are generally governed by New York law.

     The following describes the material terms of the agreement. For more
complete information, you should read the entire agreement and the ADR.
Directions on how to obtain copies of these are provided in the section
entitled “Where You Can Find Additional Information.”

Share Dividends and Other Distributions

     How Will You Receive Dividends and Other Distributions on the Shares?

 

 

      The Bank of New York has agreed to pay to you the cash dividends or any of
other distributions it or any of the custodians receives on shares or other
deposited securities after deducting its fees and expenses. You will receive
these distributions in proportion to the number of shares your ADRs represent.

     Cash. The Bank of New York will convert any cash dividend or other cash
distribution we pay on the shares into U.S. dollars, if it can do so on a
reasonable basis and can transfer the U.S. dollars to the United States. If
that is not possible or if any approval from the Japanese government is needed
and cannot be obtained, the agreement allows The Bank of New York to distribute
the Japanese yen only to those ADR holders to whom it is possible to do so. It
will hold the Japanese yen it cannot convert for the account of the ADR holders
who have not been paid. It will not invest the Japanese yen and it will not be
liable for any interest.

     Before making a distribution, the relevant custodian will deduct any
withholding taxes that must be paid under Japanese law. See “Tax
Considerations-Japanese Taxation.” It will distribute only whole U.S. dollars
and cents and will round fractional cents to the nearest whole cent. If the
exchange rates fluctuate during a time when The Bank of New York cannot convert
the Japanese yen currency, you may lose some or all of the value of the
distribution, in U.S. dollar terms.

     Shares. The Bank of New York may distribute new ADSs representing any
shares we may distribute as a dividend or free distribution, if we furnish it
promptly with satisfactory evidence that it is legal to do so. The Bank of New
York will only distribute whole ADSs. It will sell shares which would require
it to use a fractional ADS and distribute the new proceeds in the same way as
it does with cash. If the Bank of New York does not distribute additional
ADSs, each outstanding ADS will also represent the new shares.

     Rights to Receive Additional Shares. If we offer holders of our shares
any rights to subscribe for additional shares or any other rights, The Bank of
New York may make these rights available to you. We must first instruct The
Bank of New York to do so and furnish it with satisfactory evidence that it is
legal to do so. If we don’t furnish this evidence and/or give these
instructions, and The Bank of New York decides it is practical to sell the
rights, The Bank of New York will sell the rights and distribute the proceeds
in the same way as it does with cash. The Bank of New York may allow rights
that are not distributed or sold to lapse. In that case, you will receive no
value for them.

     If The Bank of New York makes rights available to you, it will exercise
the rights and purchase the shares on your behalf. The Bank of New York will
then deposit the shares and issue additional ADRs to you. It will only
exercise rights if you pay it the exercise price and any other charges the
rights require

 

 

you to pay.

     U.S. securities laws restrict the sale, deposit, cancellation and transfer
of the ADSs issued after exercise of rights. For example, you may not be able
to trade the ADSs freely in the United States. In this case, The Bank of New
York may issue the ADSs under a separate restricted deposit agreement which
will contain the same provisions as the agreement, except for the changes
needed to put the restrictions in place.

     Other Distributions. The Bank of New York will send to you anything else
we distribute on deposited securities by any means it thinks is legal, fair and
practical. If it cannot make the distribution in that way, The Bank of New
York has a choice. It may decide to sell what we distributed and distribute
the net proceeds in the same way as it does with cash. Or it may decide to
hold what we distributed, in which case the outstanding ADSs will also
represent the newly distributed property.

     The Bank of New York is not responsible if it decides that it is unlawful
or impractical to make a distribution available to any ADR holders. We have no
obligation to register ADSs, shares, rights or other securities under the
Securities Act. We also have no obligation to take any other action to permit
the distribution of ADRs, shares, rights or anything else to ADR holders.

     This means that you may not receive the distributions we make on our
shares or any value for them if it is illegal or impractical for us to make
them available to you.

Deposit, Withdrawal and Cancellation

     How Are ADRs Issued?

     The Bank of New York will issue ADSs if you or your broker deposit shares
or evidence of rights to receive shares with the custodian. Upon payment of
its fees and expenses and of any taxes or charges, such as stamp taxes or stock
transfer taxes or fees, The Bank of New York will register the appropriate
number of ADRs in the names you request and will deliver the ADRs at its office
to the persons you request.

     How do ADR Holders Cancel an ADR and Obtain Shares?

     You may turn in your ADRs at The Bank of New York’s office. Upon payment
of its fees and expenses and any taxes or charges, such as stamp taxes or stock
transfer taxes or fees, The Bank of New

 

 

York will deliver (1) the underlying shares to an account designated by you and
(2) any other deposited securities underlying the ADR at the office of the
custodian. Or, at your request, risk and expense, The Bank of New York will
deliver the deposited securities at its office.

Voting Rights

     You may instruct The Bank of New York to vote the shares underlying your
ADRs but only if we ask The Bank of New York to ask for your instructions.
Otherwise, you won’t be able to exercise your right to vote unless you cancel
your ADRs and withdraw the shares. However, you may not know about the meeting
far enough in advance to withdraw the shares.

     If we ask for your instructions, The Bank of New York will notify you of
the upcoming vote and arrange to deliver our voting materials to you. The
materials will (1) describe the matters to be voted on and (2) explain how you,
on a certain date, may instruct The Bank of New York to vote the shares or
other deposited securities underlying your ADSs as you direct. For
instructions to be valid, The Bank of New York must receive them on or before
the date specified. The Bank of New York will try, as far as practical,
subject to Japanese law and the provisions of our articles of incorporation, to
vote or to have its agents vote the shares or other deposited securities as you
instruct. If you do not validly instruct The Bank of New York, it will deem
that you have instructed them to give a discretionary proxy to a person
designated by us to vote such deposited securities, unless substantial
opposition exists or the matter materially and adversely affects your rights.
No votes will be cast as to fractional shares, which shall be rounded down to
the nearest whole share.

     We and The Bank of New York cannot assure you that you will receive the
voting materials in time to ensure that you can instruct The Bank of New York
to vote your shares. In addition, The Bank of New York and its agents are not
responsible for failing to carry out voting instructions or for the manner of
carrying out voting instructions. This means that you may not be able to
exercise your rights to vote and there may be nothing you can do if your shares
are not voted as you requested.

Fees and Expenses

	 	 	 
	ADR holders must pay:	 	
For:
	$5.00 (or less) per 100 ADSs	 	
Each issuance of an ADR, including as a
result of a distribution of shares or
rights or other property

Each cancellation of an ADR, including if

 

 

	 	 	 
	 	 	
the agreement terminates
	 
	$.02 (or less) per ADS	 	Any cash payment

	 
	Registration or Transfer Fees	 	Transfer and registration of shares on
the share register of a custodian from
your name to the name of The Bank of New
York or its agent when you deposit or
withdraw shares

	 
	Expenses of The Bank of New York	 	Conversion of Japanese yen to U.S. dollars
Cable, telex and facsimile transmission
expenses

	 
	Taxes and other governmental
charges The Bank of New York or
the custodian have to pay on
any ADR or share underlying an
ADR, for example, stock
transfer taxes, stamp duty or
withholding taxes	 	As necessary

	 
	Any charges payable for The
Bank of New York or its agents
in connection with servicing
the deposited securities	 	
As incurred

Payment of Taxes

     The Bank of New York may deduct the amount of any taxes owed from any
payments to you. It may also sell deposited securities, by public or private
sale, to pay any taxes owed. You will remain liable if the proceeds of the
sale are not enough to pay the taxes. If The Bank of New York sells deposited
securities, it will, if appropriate, reduce the number of ADRs to reflect the
sale and pay to you any proceeds, or send to you any property, remaining after
it has paid the taxes.

Reclassifications, Recapitalizations and Mergers

	 	 	 
	If Crayfish:	 	
Then:
	Changes the nominal or par value of its shares
	 	
The cash, shares or
other securities
received by The Bank of
New York will become
deposited securities
	 
	Reclassifies, splits up or consolidates any of
the deposited securities
	 	
Each ADR will
automatically represent
its equal share of the
new deposited
securities

	 
	
Distributes securities on the shares that are	 	
The Bank of New York may, and will if

 

 

	 	 	 
	not distributed to you

Recapitalizes, reorganizes,
merges, liquidates, sells all or substantially all of its assets, or
takes any similar action	 	Crayfish asks it to, distribute some or
all of the cash, shares or other securities it received. It may also issue new ADRs or
ask you to surrender your outstanding ADRs in exchange for new ADRs, identifying the
new deposited securities.

Amendment and Termination

     How May the Deposit Agreement Be Amended?

     We may agree with The Bank of New York to amend the agreement and the ADRs
without your consent for any reason. If the amendment adds or increases fees
or charges, except for taxes and other governmental charges or certain expenses
of The Bank of New York, or prejudices an important right of ADR holders, it
will only become effective 30 days after The Bank of New York notifies you of
the amendment. At the time an amendment becomes effective, you are considered,
by continuing to hold your ADR, to agree to the amendment and to be bound by
the ADRs and the agreement as amended.

     How May the Deposit Agreement Be Terminated?

     The Bank of New York will terminate the agreement if we ask it to do so.
The Bank of New York may also terminate the agreement if The Bank of New York
has told us that it would like to resign and Crayfish has not appointed a new
depositary bank within 90 days. In both cases, The Bank of New York must
notify you at least 90 days before termination.

     After termination, The Bank of New York and its agents will be required to
do only the following under the agreement: (1) advise you that the agreement
is terminated, and (2) collect distributions on the deposited securities and
deliver shares and other deposited securities upon cancellation of ADRs. One
year after termination, The Bank of New York may, if practical, sell any
remaining deposited securities by public or private sale. After that, The Bank
of New York will hold the proceeds of the sale, as well as any other cash it is
holding under the agreement, for the pro rata benefit of the ADR holders that
have not surrendered their ADRs. It will not invest the money and will have no
liability for interest. The Bank of New York’s only obligations will be to
account for the proceeds of the sale and other cash. After termination, our
only obligation will be with respect to indemnification and to pay certain
amounts to The Bank of New York.

 

 

Limitations on Obligations and Liability to ADR Holders

     Limits on Our Obligations and the Obligations of the Depositary; Limits on
the Liability to Holders of ADRs

     The agreement expressly limits our obligations and the obligations of The
Bank of New York, and it limits our liability and the liability of The Bank of
New York. We and The Bank of New York:

	 	•	 	are only obligated to take the actions specifically set forth in
the agreement without negligence or bad faith;
	 
	 	•	 	are not liable if either is prevented or delayed by law or
circumstances beyond their control from performing their obligations
under the agreement;
	 
	 	•	 	are not liable if either exercises discretion permitted under the
agreement;
	 
	 	•	 	have no obligations to become involved in an lawsuit or other
proceeding related to the ADRs or the agreement on your behalf or on
behalf of any other party; and
	 
	 	•	 	may rely upon any documents they believe in good faith to be
genuine and to have been signed or presented by the proper party.
	 
	 	 	 	In the agreement, we and The Bank of New York agree to indemnify each
other under certain circumstances.

Requirements for Depository Actions

     Before The Bank of New York will issue or register transfer of an ADR,
make a distribution on an ADR, or permit withdrawal of shares, The Bank of New
York may require;

	 	•	 	payment of stock transfer or other governmental charges and
transfer or registration fees charged by third parties for the transfer
of any shares or other deposited securities;
	 
	 	•	 	production of satisfactory proof of the identity and genuineness of
any signature or other information it deems necessary; and

 

 

	 	•	 	 compliance with regulations it may establish, from time to time,
consistent with the agreement, including presentation of transfer
documents.

    
     The Bank of New York may refuse to deliver, transfer, or register
transfers of ADRs generally when the transfer books of The Bank of New York or
we are closed, or at any time if The Bank of New York or we think it is
advisable to do so.

     Your Right to Receive the Shares Underlying Your ADRs

     You have the right to cancel your ADRs and withdraw the underlying shares
at any time except:

	 	•	 	when temporary delays arise because (1) we or The Bank of New York
has closed its transfer books; (2) the transfer of shares is blocked to
permit voting at a shareholders’ meeting; or (3) we are paying a
dividend on the shares;
	 
	 	•	 	when you or other ADR holders seeking to withdraw shares owe money
to pay fees, taxes and similar charges; or
	 
	 	•	 	when it is necessary to prohibit withdrawals in order to comply
with any laws or governmental regulations that apply to ADRs or to the
withdrawal of shares or other deposited securities.

     This right of withdrawal may not be limited by any other provision of the
agreement.

     Before November 21, 2000, the ADS/share ratio was 5,000/1. On November
21, 2000, the ADS/share ratio changed to 500/1. As the ADS/share ratio is
500/1, and The Bank of New York will not accept for surrender any number of
ADSs which would require the delivery of fractional shares, you will need to
have 500 ADSs or any integral multiple thereof in order to withdraw any shares.

Information About the Company

     We are subject to the periodic reporting requirements of the Securities
Exchange Act of 1934 and, accordingly, file certain reports with the SEC.

     The Bank of New York will make available for inspection by you at its
Corporate Trust Office any reports and communications, including any proxy
soliciting material, received from us. The Bank of New York will also, upon
written request, send you copies of any reports furnished by us pursuant to the

 

 

deposit agreement. These reports and communications, including any such proxy
soliciting material, furnished to The Bank of New York by us will be furnished
in English to the extent such materials are required to be translated into
English pursuant to any regulations of the SEC.

Disclosure of Interests

     We may from time to time request you to provide information as to the
capacity in which you own or owned ADRs and regarding the identity of any other
persons then or previously interested in such ADRs and the nature of such
interest.

     You agree to provide any information requested by us or The Bank of New
York pursuant to the deposit agreement. The Bank of New York has agreed to
comply with reasonable written instructions received from us requesting that
The Bank of New York forward any such requests to you and to forward to us any
such response to such requests received by The Bank of New York.

Pre-Release of ADRs

     In certain circumstances, subject to the provisions of the agreement, The
Bank of New York may issue ADRs before deposit of the underlying shares. This
is called a pre-release of the ADR. The Bank of New York may also deliver
shares upon cancellation of pre-released ADRs, even if the ADRs are canceled
before the pre-release transaction has been closed out. A pre-release is
closed out as soon as the underlying shares are delivered to The Bank of New
York. The Bank of New York may receive ADRs instead of shares to close out a
pre-release. The Bank of New York may pre-release ADRs only under the
following conditions: (1) before or at the time of the pre-release, the person
to whom, the pre-release is being made must represent to The Bank of New York
in writing that it or its customer (i) owns the shares or ADRs to be deposited,
(ii) assigns all beneficial rights, title and interest in such shares or ADRs
to The Bank of New York for the benefit of the ADR holders and (iii) will not
take any action with respect to such shares or ADRs that is inconsistent with
the transfer of beneficial ownership; (2) the pre-release must be fully
collateralized with cash or other collateral that The Bank of New York
considers appropriate; and (3) The Bank of New York must be able to close out
the pre-release on not more than five business days’ notice. In addition, the
Bank of New York will limit the number of ADRs that may be outstanding at any
time as a result of pre-release, although the Bank of New York may disregard
the limit from time to time, if it thinks it is appropriate to do so.exv4w1

 

EXHIBIT 4.1

EMPLOYMENT CONTRACT

The undersigned,

	a.	 	ING BANK N.V., established at Amsterdam, duly represented by the
shareholders in the person of the Chairman and Vice-Chairman/Chairmen of
the Board of Supervisory Directors of the ING Group, Mr C.A.J. Herkströter
RA, domiciled at Wassenaar, and Mr G. Verhagen RA, domiciled at Wassenaar,
duly authorised by the Board of Supervisory Directors of the ING Bank,
hereinafter referred to as the Company,
	 
	 	 	and
	 
	b.	 	Mr
........................................., domiciled at
........................ hereinafter referred to as Mr ......................,

whereas,

	 	 	as of ..................1999, Mr .................... has been appointed as
member of the Board of Directors of the Company, and as from the same date
has been appointed as member of the Board of Directors of the ING Group;
	 
	 	 	agreement has been reached with regard to the conditions of employment as
laid down by the shareholder pursuant to article 14 paragraph 1 of the
statutes, and which they herewith wish to record in writing.

declare to have agreed as follows:

	1.	 	as of ...................1999, Mr ............................ shall act
as member of the Board of Directors with the Company, and also as member
of the Board of Directors of the ING Group.
	 
	2.	 	Mr ........................, as member of the Board of Directors, has all
rights and obligations as respectively granted to and imposed on a member
of the Board of Directors by law and by virtue of the statutes.
	 
	 	 	The working method of the Board of Directors and the Board of Supervisory
Directors of the Company, and the relationship between both bodies, as
well as the relationship and working method with the ING Group is
described in the memorandum “Consultative and management structure within
the ING Group”, dated January 1996, and the management regulations
contained therein, with which Mr ..................... declares himself
to be in agreement, as well as with the amendments and additions to be
made to it from time to time.

 

 

	3.	 	Term of the contract
	 
	 	 	This contract is entered into for an indefinite period, and may be
terminated by either party in writing towards the end of a calendar month,
with due regard for the statutory period of notice. This period of notice
however may not be shorter than six months, notwithstanding the provisions
as laid down in the statutes and the employment contract with regard to
suspension and dismissal of a member of the Board of Directors.
	 
	4.	 	Remuneration
	 
	 	 	At the time of entering into
this contract, the regular annual income as of ............. 1999 amounts to Fl. ........... gross.
	 
	 	 	This income includes a
13th month and 8% holiday allowance.
	 
	 	 	Payment of the said annual income shall be made in 12 equal monthly
instalments.
	 
	 	 	The system to be followed in respect of adjustments to the annual income as
well as representation expenses as referred to under point 7, shall be
determined by the Board of Supervisory Directors or by the Remuneration and
Appointments Committee of this Board on the latter’s behalf, after
consultation with the Board of Directors of the Company.
	 
	5.	 	Variable remuneration
	 
	 	 	An annual variable remuneration shall be paid in addition to the regular
income. This remuneration shall be awarded on the basis of performance
delivered in the past year, as well as on the basis of the contribution to
the final result of the ING Group. In calculating the variable remuneration,
the guideline adopted for the cash component shall be: for each percent
increase in the profit per share, the variable remuneration shall be 3% of
the regular annual income, up to a maximum of 30% of the annual income. If
desired, this payment or part thereof may be used at the request of
Mr .............. for building up the pension, insofar permitted by the pension
scheme and statutory legislation.
	 
	 	 	Each year, 25,000 stock options shall be allocated to Mr ...............,
for which only tax is required to be paid.
	 
	 	 	In view of the fact that stock option rights are intended to promote present
and future ties with the company, the Board of Supervisory Directors has
decided that no stock option rights shall be allocated in the year of
retirement. Allocation is only made in the last full year in which the
person concerned was active with the company.
	 
	6.	 	Holiday
	 
	 	 	Mr .................. is entitled to 35 days holiday per annum.

 

 

	7.	 	Representation allowance
	 
	 	 	An allowance shall be granted each year for representation costs that
require no further specification (see Appendix A). This allowance shall be
paid out without deductions in January of each year.
	 
	 	 	Further expenses for business purposes may be claimed according to the
applicable guidelines.
	 
	8.	 	Car transport
	 
	 	 	The Company shall make car transport available to Mr ................ (see
Appendix A), for which a chauffeur shall also be available.
	 
	 	 	The car may be used for private purposes. The fiscal consequences of private
use are for the account of Mr ..................
	 
	9.	 	Telephone and fax allowance
	 
	 	 	In view of the frequent business use of private telephone and fax
connections, a portion of the line rental and call charges shall be for the
account of the Company (see Appendix A).
	 
	10.	 	Pension scheme
	 
	 	 	With reference to the relevant
pension scheme herewith attached, as of ...........1999 Mr ............... is included as a participant in the
pension scheme for members of the Board of Directors of the Company.
	 
	 	 	This pension scheme is with NN-Leven, Rotterdam.
	 
	 	 	The Board of Supervisory Directors has decided to link the pension date to
the reference date of June 1st. This means that persons shall retire shortly
after the General Meeting of Shareholders, in which the annual report and
accounts of the previous calendar year have been adopted.
	 
	 	 	Contrary to the previous paragraph, in consultation with the Chairman of the
Board of Directors and (after permission from the Remuneration and
Appointments Committee) the Board of Supervisory Directors, persons may
choose to retire at the age of 60, 61, or 62 years, on June 1st of a
calendar year.
	 
	11.	 	Payment at the end of employment in connection with retirement/death
	 
	 	 	Upon termination of employment due to retirement, Mr .............. shall
receive a single net payment equal to one month’s gross salary. Any fiscal
consequences shall be for the account of the Company.
	 
	 	 	Should Mr ............. die before the retirement date, his partner shall be
paid the same amount, after deduction of any statutory payments.

 

 

	12.	 	Insurance scheme for accidents and business travel
	 
	 	 	The prevailing scheme with regard to benefit in the case of accident, as
contained in Appendix A, is applicable to Mr .................
	 
	 	 	A continuous insurance policy is to be concluded by the Company at its own
expense on behalf of Mr .................
	 
	13.	 	Collective health insurance
	 
	 	 	Mr .................... may be included in the (collective) health insurance
policy taken out by the Company, the applicable conditions and suchlike
being contained in Appendix A.
	 
	 	 	Should Mr ................. participate in this insurance, he shall qualify
for a contribution to the payable premium.
	 
	14.	 	Supplementary scheme in the case of disability for work
	 
	 	 	The schemes for supplementing benefit in the case of illness and disability,
as contained in Appendix A, shall apply to Mr .................
	 
	15.	 	Financing and insurance schemes

	 	 	Mr ................... has the option of availing himself of financing and
insurance products of the ING Group, as described in Appendix A.

	 	 	Mr ........... may not hold a current overdraft account with the subsidiary
companies of the ING Group, other than for primary security. An exception to
this shall be an overdraft of up to a maximum of one quarter of the regular
annual income.
	 
	 	 	Mr ..................... may exceed this maximum under additional conditions
to be determined, provided written permission has been obtained from the
Chairman and Vice-Chairman/Chairmen of the Board of Supervisory Directors of
the ING Group, and provided the latter are kept informed of the matter.
	 
	16.	 	Relocation (if applicable)
	 
	 	 	If Mr ...................... is required to relocate in the interests of the
Company, as determined by the Chairman and Vice-Chairman/Chairmen of the
Board of Supervisory Directors of the ING Group and the Chairman of the
Board of Directors, an allowance towards the costs of relocation shall be
determined by mutual consultation.

General: schemes sub 7, 8, 9 and 12 to 16 inclusive

In consultation with the Chairman of the Board of Directors of the ING Group,
the Board of Supervisory Directors shall periodically determine whether — and
to what extent — these schemes require adjustment.

 

 

	17.	 	Additional functions
	 
	 	 	In accepting additional functions, whether paid or not, such as supervisory
directorships and advisory functions during his employment with the Company,
Mr ................ is required to seek prior written permission from the
Chairman and Vice-Chairman/Chairmen of the Board of Supervisory Directors of
the ING Group.
	 
	 	 	Conducting another business of pursuing an occupation as a self-employed
person shall also be deemed an additional function, for which the said
permission will also be required. Any remuneration for these additional
functions shall fall to the Company.
	 
	18.	 	Indemnification against liability as director
	 
	 	 	The Company indemnifies ....................... in respect of his liability
as director and for his additional functions as approved by the Chairman and
Vice-Chairman/Chairmen of the Board of Supervisory Directors (see Appendix
A).
	 
	19.	 	Confidentiality clause
	 
	 	 	Mr ................. shall observe the strictest secrecy in respect of all
he may come to know about in respect of the business operations of the
Company, the ING Group and its affiliated companies, insofar not in conflict
with the statutory obligation to divulge such information in court.
	 
	 	 	Upon termination of employment with the Company, all documentation  — in the
broadest sense of the word — concerning the Company, the ING Group and its
affiliated companies, as well as the position(s) relinquished, shall be
returned.
	 
	20.	 	Scheme with regard to private investment transactions by insiders
	 
	 	 	The Company has a scheme with regard to private investment transactions by
insiders. This scheme is applicable to Mr ................... (see Appendix
IV).
	 
	21.	 	Gifts
	 
	 	 	Mr ........................ is not permitted to accept or demand, either
directly or indirectly, any form of commission, compensation or fee in any
form whatsoever or gifts from third parties in connection with the
fulfilment of his function during the period of his employment with the
Company, without prior permission from the Chairman and
Vice-Chairman/Chairmen of the Board of Supervisory Directors of the ING
Group.
	 
	 	 	The provisions of the previous sentence do not apply insofar it concerns the
usual promotional gifts.
	 
	22.	 	CAO
	 
	 	 	Pursuant to article 1, paragraph 2 of the Collective Labour Agreement (CAO)
for the Banking Industry, this is not applicable to the directors of the
company and the highest officials who are directly involved in determining
company policy.
	 
	 	 	The CAO is therefore not applicable to Mr ......................
	 
	23.	 	Resignation
	 
	 	 	In the event of premature resignation from the function, the schemes as
contained in Appendix I and II to this contract shall apply and are deemed
an integral part of it.
	 
	24.	 	Settlement of disputes
	 
	 	 	Notwithstanding article 1639.W of the Netherlands Civil Code, all disputes,
both legal and factual, of any nature whatsoever, that may arise from or in
connection with this contract

 

 

	 	 	between parties, their heirs or successors, even if such disputes are only
recognised as such by one of the parties, their heirs or successors, shall
be laid before a tribunal of three arbiters whose judgement shall be a
binding advice.
	 
	 	 	At either party’s request, made known to the other party by registered
letter, each of the parties shall nominate within two weeks one member of
the arbitration tribunal, who has declared himself/herself willing in
writing to fulfil the envisaged task.
	 
	 	 	At the request of both parties or either party and made known to both
members appointed to the tribunal, these members shall appoint within two
weeks a third member, who shall have declared himself/herself willing in
writing to act as such and shall also act as Chairman of the tribunal and is
acceptable to both parties for this function.
	 
	 	 	If the tribunal has not been properly convened in the manner stated
hereinabove within six weeks of the initial request being made to the
opposite party, the entire tribunal of three members shall only be lawfully
appointed by the subdistrict court of Amsterdam at the request of either
party. The subdistrict court shall also decide which member shall act as
Chairman of the tribunal. An existing member of the Board of Directors or
the Board of Supervisory Directors of the Company and/or the ING Group may
not be appointed to the arbitration tribunal.
	 
	 	 	The remuneration for the members of the arbitration tribunal shall be
established by this tribunal and shall be borne equally by the parties, each
for 50%.
	 
	 	 	This scheme does not exclude the right of the parties, in urgent
matters, to apply to the president of the court in interim injunction
proceedings, and to proceed with seizure of property before judgement,
and the means to maintain them.
	 
	 	 	Agreed at Amsterdam on .............................. 1999.
	 
	 	 	for: the shareholder/ING Bank N.V.
	 
	 	 	chairman, Mr C.A.J. Herkströter RA                      Mr ...................
	 
	 	 	vice-chairman, Mr G. Verhagen RA

 

 

Appendices

APPENDIX 1

Appendix to the employment contract

(scheme for termination of employment between the ages of 57 and 60 years)

This appendix forms an integral part of the employment contract.

	1.	 	The Company may request, for
its own reasons, the resignation of Mr ........................... before he reaches his 60th birthday, however
not before he has reached the age of 57 years.
	 
	2.	 	If the Company thus requests Mr ...................... to resign, stating
its reasons and after consulting with him, he shall comply with the
request and tender his resignation at the moment desired and indicated by
the Company: a period of at least six months shall elapse from the moment
the Company makes its request known and the resignation.
	 
	3.	 	As from the moment of resignation as referred to under point 2 of this
appendix, Mr .................. shall be able to make a claim under the
scheme as set out in Appendix A.
	 
	 	 	This resignation scheme does not apply if the Company terminates or could
terminate the employment of Mr ............... for urgent reasons notified
immediately to him, as referred to in article 1639.p of the Netherlands
Civil Code. Should there be a difference of opinion on the matter, the
arbitration tribunal as referred to in article 24 of the employment contract
shall decide as the court of last resort.
	 
	4.	 	Mr ................... shall not accept a directorship or a supervisory
directorship with a bank or insurance company after resigning his
position, without consulting the Chairman of the Board of Directors of the
Company. Should such a position be accepted without the consent of the
Company, the latter shall be entitled to cease its payments to Mr ....................... or, in the case of a single payment, to demand
compensation or apply any form of set-off.
	 
	5.	 	Should Mr........................ become ill after having resigned, he is
obliged to report this to the company. Should Mr ................ be able
to appeal to the BW (Netherlands Civil Code) or claim WAO (occupational
disability) benefit on these grounds, he shall exercise this right.
	 
	 	 	In such circumstances, benefit based on the resignation scheme shall be of
an additional character and shall be adjusted in such a way that the
combination of this benefit and the social benefit as stated does not lead
to a higher benefit than that stated in the resignation scheme.

 

 

	6.	 	With regard to the other conditions, the following shall apply insofar not
explicitly agreed otherwise:

	 	a.	 	for the entire period in which a claim to the said benefit exists,
participation in the pension scheme entered into shall be continued,
whereby the Company shall pay the pension premiums over the annual
income that Mr .................. last received as member of the Board
of Directors.
	 
	 	b.	 	upon resignation of the position, the employee’s insurance premiums
(for occupational disability benefit and unemployment benefit) are no
longer payable. These premiums shall therefore no longer be deducted.
	 
	 	c.	 	resignation of the position does not affect the obligation to
deduct national insurance premiums. The AWBZ (Exceptional Medical
Expenses), AKW (General Child Benefit) and AAW (General Invalidity
Benefit) premiums shall remain for the account of the Company, and the
AOW (General Old Age Pension) and AWW (General Widows’ and Orphans’
Benefits) premiums shall be deducted from the monthly benefit.
	 
	 	d.	 	the car must be returned to the Company within six months of
resigning from the position, or taken over from the Company at the
prevailing market price.
	 
	 	e.	 	all expense allowances, such as representation costs and the
telephone and fax allowance shall cease upon resignation of the
position.
	 
	 	f.	 	during this period, the existing health insurance may be continued,
whereby the employer’s contribution — insofar already applicable -
shall remain in force.
	 
	 	g.	 	the claim to the scheme in respect of benefit in the case of
accidents shall be cancelled.
	 
	 	h.	 	life assurance shall be continued by the Company at its own expense
up to the age of 60 years.
	 
	 	i.	 	the claim to the financing and insurance schemes as contained in
article 15 of the employment contract shall remain intact. Any
uncovered overdraft falling within the financing scheme may only be
continued if and as long as a life insurance policy is in place and
ceded to the Company.

Agreed at Amsterdam on ..................1999

for: the shareholder/ING Bank N.V.

	 	 	 
	Chairman, Mr C.A.J. Herkströter RA	 	
Mr ................

Vice-chairman, Mr G. Verhagen RA

 

 

Appendix A.

This appendix forms an integral part of the employment contract.

	ad. point 7.	 	Representation costs
—
The annual allowance amounts to ƒ 20,000.-.
	 
	ad. point 8.	 	Car transport
—
The catalogue value of the car is ƒ 214,000.-.
	 
	ad. point 9.	 	Telephone and fax allowance
—
	 
	 	 	For the year 1995, line rental and call charges may be claimed,
deducting ƒ44.50 per month, this being the normative average cost
of a private telephone.

	ad. point 12.	 	Benefit scheme for accident and business travel
	 
	 	 	A continuous travel insurance
shall be taken out for Mr ..............., with 24-hour cover for all countries of the world.

	 	 	In the case of death, a lump sum benefit amounting to 11/2 times
the annual income shall be paid; in the case of permanent
invalidity, a lump sum benefit amounting to 3 times the annual
income shall be paid. Besides Mr .................., the only
persons who may be the beneficiaries are his partner, his children
or the Company.
	 
	ad. point 13.	 	Collective health insurance
	 
	 	 	Participation in the collective health insurance with the
‘Stichting Medisch Fonds’ at Nationale-Nederlanden is possible. The
‘Stichting’s’ prevailing rules and conditions are applicable.
	 
	 	 	If this collective health insurance is participated in, the Company
shall contribute 60% of the payable premium.
	 
	ad. point 14.	 	Supplementary schemes in the case of disability for work
	 
	 	 	Should Mr ...................... become disabled for work, the
following scheme shall apply.
	 
	 	 	During the first two years of disability, benefit on the grounds of
the BW (Netherlands Civil Code) and the WAO (Occupational
Disability Benefits Act) respectively shall be supplemented to 100%
of the gross salary.
	 
	 	 	During this period, the representation allowance and the
availability of car transport shall be continued. Any fiscal
consequences of this shall be for the account of Mr ..................
	 
	 	 	Should disability for work continue for longer than the said period
of two years, Mr ................... shall be entitled to claim an
occupational disability pension by virtue of the prevailing pension
scheme.
	 
	 	 	The scheme included for this shall end upon Mr .................
being declared fully fit for work, or at any rate upon reaching the
age of retirement as stated under point 10 of the contract.

 

 

	ad. point 15.	 	Financing and insurance scheme
	 
	 	 	Mr ....................... may take out a mortgage loan with one of
the companies belonging to the ING Group. A discount of 25% on the
mortgage interest rate shall be granted over a sum up to a maximum
of ƒ 1.5 million.
	 
	 	 	According to the current
scheme, Mr ....................... qualifies
for a personnel discount on bank and insurance products carried by
companies of the ING Group.
	 	 	Furthermore, use may be made of an unsecured credit facility
according to the terms for ING Bank personnel, up to a maximum of
25% of the regular annual income.
	 
	ad. point 18.	 	Indemnification against liability as director

	 	18.1	 	Mr ....................... shall be indemnified
against claims from third parties lodged against him in
connection with his acting as member of the Board of Directors
of the ING Group or as a member of any body of a subsidiary of
the ING Group. This indemnity does not apply insofar a claim
to it is in conflict with a mandatory rule of Dutch law.
	 
	 	18.2	 	In addition to the indemnity as referred to under
point 18.1, Mr ................. shall be reimbursed all
reasonable costs he is required to incur in his defence both
in and out of court against claims which are to be or threaten
to be lodged by third parties in connection with his acting as
member of the Board of Directors of the ING Group or as a
member of any body of a subsidiary of the ING Group. Mr ................... shall be reimbursed the said costs upon
submission of the receipts and invoices concerned.
	 
	 	 	 	The costs already reimbursed to Mr ......................
may be reclaimed from him, and further reimbursement may be
stopped, if it is proved that the costs are or will be made
in defending claims against which an appeal to indemnity
does not apply on the grounds of that stated in the final
sentence of point 18.1.
	 
	 	18.3	 	Mr ......................... is required to
inform the Chairman of the Board of Directors of the Company
immediately in writing of claims from third parties which are
to be or threaten to be lodged against Mr ....................., and to inform them on each occasion
beforehand with regard to the measures Mr ...................
is to take in his defence. Furthermore, Mr ............... is
obliged not to come to any settlement with regard to claims
where Mr ................ invokes or wishes to invoke the said
indemnity, without obtaining prior written approval from the
Chairman of the Board of Directors of the Company.

 

 

	 	18.4	 	This indemnity is not applicable if and insofar
the liability arising from the claims from third parties as
referred to in point 18.1, and/or the costs as stated in point
18.2, are covered or could be covered by any form of insurance
or other provision if the indemnity would not have existed.
	 
	 	18.5	 	That provided for in this article remains in
force after Mr ............ has resigned as a member of the
Board of Directors or as a member of any body of a subsidiary
of the ING Group.
	 
	 	18.6	 	Dutch law is applicable to this indemnity. The
District Court of Amsterdam shall have jurisdiction in the
first instance to hear disputes, to the exclusion of all other
courts.

ad. Appendix I. point 3 (resignation scheme: 60 to 62 years of age)

Benefits with regard to the resignation scheme are as follows:

	 	-	 	at 57 years of age: 90% of the gross annual salary as on the date of
resignation.
	 
	 	-	 	at 58 years of age: 75% of the gross annual salary as on the date of
resignation.
	 
	 	-	 	at 59 years of age: 60% of the gross annual salary as on the date of
resignation.

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