Document:

Exhibit

Exhibit 4.12
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

As of December 31, 2019, Voya Financial, Inc. (“Voya”, “Company”, “we”, “us” or “our”) had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) Common Stock, $0.01 par value per share, and (ii) Depositary Shares (the “Depositary Shares”), each representing a 1/40th Interest in a Share of 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”).

DESCRIPTION OF CAPITAL STOCK
A brief summary of some of the provisions of our amended and restated certificate of incorporation, amended and restated by-laws, the material terms of our preferred stock and relevant sections of the Delaware General Corporation Law (“DGCL”) is set forth below. The description is qualified in its entirety by reference to our amended and restated certificate of incorporation, our amended and restated by-laws and the Certificate of Designations creating the Series B Preferred Stock that are incorporated by reference to Annual Report on Form 10-K of which this exhibit is a part. The following description of our capital stock and provisions of our amended and restated certificate of incorporation and our amended and restated by-laws is only a summary of such provisions and instruments, does not purport to be complete and may be supplemented from time to time.
Our authorized capital stock consists of 1,000,000,000 shares, including: (i) 900,000,000 shares of our common stock, $0.01 par value per share, and (ii) 100,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2019, we had outstanding 132,325,790 shares of our common stock and 625,000 shares of our preferred stock, which consisted of 325,000 of our 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and 300,000 shares of our Series B Preferred Stock. All of our outstanding capital stock is fully paid and non-assessable.
Common Stock
Holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders, including the election of directors. Our common stockholders are not entitled to cumulative voting in the election of directors. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of our common stock are entitled to receive ratably such dividends as may be declared by our Board of Directors out of funds legally available therefor if our Board of Directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that our Board of Directors may determine. Upon the liquidation, dissolution or winding-up of our Company, the holders of our common stock are entitled to receive their ratable share of the net assets of our Company available after payment of all debts and other liabilities, subject to the prior preferential rights and payment of liquidation preferences, if any, of any outstanding shares of preferred stock. Holders of our common stock have no preemptive, subscription or redemption rights. There are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of our outstanding preferred stock and any series of preferred stock that we may designate in the future.
Preferred Stock
Our Board of Directors has the authority, subject to the limitations imposed by Delaware law, without any further vote or action by our common or preferred stockholders (or holders of related Depositary Shares), to issue preferred stock in one or more series and to fix the designations, powers, preferences, limitations and rights of the shares of each series, including:
 
     •         dividend rates;
 

     •         terms of, and conditions upon, dividends payable to holders;
 
     •         conversion and exchange rights;
 
     •         voting rights;
 
     •         repurchase obligations of our Company;

     •         terms of redemption and liquidation preferences; and
 
     •         the number of shares constituting each series.
Satisfaction of any dividend preferences of outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of our common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of our liquidation, dissolution or winding-up before any payment is made to the holders of shares of our common stock.
Our Board of Directors may authorize the issuance of additional preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of our company and may adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock.
Series A Preferred Stock 
We have issued 325,000 shares of Series A Preferred Stock, with a liquidation preference of $1,000 per share. The Series A Preferred Stock is not convertible into, or exchangeable for, our common stock or any other class or series of our securities and is not subject to any sinking fund or other similar obligation for repurchase or retirement. Dividends on the Series A Preferred Stock, if declared, accrue and are payable semi-annually at a fixed rate per annum equal to 6.125% to, but excluding, September 15, 2023 and thereafter at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent reset dividend determination date plus 3.358% on the stated amount per share. Dividends on the shares of Series A Preferred Stock are non-cumulative. Shares of the Series A Preferred Stock have priority over our common stock with regard to the payment of dividends. The Series A Preferred Stock is redeemable at our option (a) in whole but not in part, at any time, within 90 days after the occurrence of a “rating agency event” at a redemption price equal to $1,020 per share, plus an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, the redemption date or (b) (i) in whole but not in part, at any time, within 90 days of a “regulatory capital event” or (ii) in whole or in part, from time to time, on September 15, 2023 or any subsequent reset date, in each case at a redemption price of $1,000 per share, plus an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date. The Series A Preferred Stock does not have any voting rights other than with respect to certain fundamental changes in the terms of the Series A Preferred Stock and as otherwise required by applicable law. The Series A Preferred Stock is parity stock as defined in the description of Series B Preferred Stock, but is not voting preferred stock as defined in the description of Series B Preferred Stock.
Series B Preferred Stock
General
We have issued 300,000 shares of Series B Preferred Stock, with a liquidation preference of $1,000 per share. The Series B Preferred Stock is fully paid and non-assessable, which means that holders have paid their purchase price in full and that we may not ask them to surrender additional funds with respect to such shares of Series B Preferred Stock. Holders of the Series B Preferred Stock do not have preemptive or subscription rights to acquire more stock of the Company.

The Series B Preferred Stock is not convertible into, or exchangeable for, shares of our common stock or any other class or series of stock or other securities of the Company. The Series B Preferred Stock has no stated maturity and is not subject to any sinking fund, retirement fund or purchase fund or other obligation of the Company to redeem, repurchase or retire the Series B Preferred Stock.
Ranking
With respect to the payment of dividends and distributions of assets upon any liquidation, dissolution or winding-up, the Series B Preferred Stock ranks:
 
     •         senior to our junior stock (as defined below); and
            
     •         equally with the Series A Preferred Stock and each other series of our preferred stock that we may issue (except for any senior series that may be issued with the requisite vote or consent of the holders of at least two thirds of the shares of the Series B Preferred Stock at the time outstanding and entitled to vote, voting together as a single class with the Series A Preferred Stock and any other series of preferred stock entitled to vote thereon (to the exclusion of all other series of preferred stock)), with respect to the payment of dividends and distributions of assets upon liquidation, dissolution or winding up.
In addition, we are generally able to pay dividends, any redemption price and distributions upon liquidation, dissolution or winding-up only out of lawfully available funds for such payment (i.e., after taking account of all existing and future indebtedness and other non-equity claims).
Dividends
Dividends on the Series B Preferred Stock are not mandatory. Holders of Series B Preferred Stock are entitled to receive, when, as and if declared by our board of directors (or a duly authorized committee of the board), out of funds legally available for the payment of dividends, under Delaware law, quarterly in arrears on the fifteenth day of March, June, September and December of each year, commencing on September 15, 2019, non-cumulative cash dividends that accrue for the relevant dividend period as follows:
 
     •         from the date of original issue, to, but excluding September 15, 2029 (the “First Call Date”) at a fixed rate per annum of 5.35% on the stated amount of $1,000 per share (equivalent to $25.00 per Depositary Share); and
            
      •         from the First Call Date, during each reset period (as defined below), at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined below) as of the most recent reset dividend determination date plus 3.21% on the stated amount of $1,000 per share (equivalent to $25.00 per Depositary Share).
If we issue additional Series B Preferred Stock after the original issue date, dividends on such shares will accrue from the original issue date if such shares are issued prior to the first dividend payment date and otherwise will accrue from the date on which such shares are issued (if it is a dividend payment date) or the dividend payment date next preceding the date they are issued.
Dividends are payable to holders of record of the Series B Preferred Stock as they appear on our books on the applicable record date, which shall be the fifteenth calendar day before that dividend payment date or such other record date fixed by our board of directors (or a duly authorized committee of the board) that is not more than 60 nor less than 10 days prior to such dividend payment date (each, a “dividend record date”). Dividend record dates will apply regardless of whether a particular dividend record date is a business day.
Dividends payable on the Series B Preferred Stock will be calculated on the basis of a 360-day year consisting of twelve 30-day months. If any dividend payment date is not a business day, then such date will nevertheless be a dividend payment date, but dividends on the Series B Preferred Stock, when, as and if declared, will be paid on the next succeeding business day (without adjustment in the amount of the dividend per share of Series B Preferred Stock). “Business day” means any day other than (i) a Saturday or Sunday or a legal holiday or (ii) a day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed.

 
A “dividend period” is the period from, and including, a dividend payment date to, but excluding, the next dividend payment date, except that the initial dividend period commenced on, and include, the original issue date of the Series B Preferred Stock and ended on, but excluded, the September 15, 2019 dividend payment date.
A “reset date” means the First Call Date and each date falling on the fifth anniversary of the preceding reset date. A “reset period” means the period from and including the First Call Date to, but excluding, the next following reset date and thereafter each period from and including each reset date to, but excluding, the next following reset date. A “reset dividend determination date” means, in respect of any reset period, the day falling two business days prior to the beginning of such reset period.
The “Five-year U.S. Treasury Rate” means, as of any reset dividend determination date, as applicable, (i) an interest rate (expressed as a decimal) determined to be the per annum rate equal to the weekly average yield to maturity for U.S. Treasury securities with a maturity of five years from the next reset date and trading in the public securities markets or (ii) if there is no such published U.S. Treasury security with a maturity of five years from the next reset date and trading in the public securities markets, then the rate will be determined by interpolation between the most recent weekly average yield to maturity for two series of U.S. Treasury securities trading in the public securities market, (A) one maturing as close as possible to, but earlier than, the reset date following the next succeeding reset dividend determination date, and (B) the other maturity as close as possible to, but later than, the reset date following the next succeeding reset dividend determination date, in each case as published in the most recent H.15 (519). If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described in clauses (i) or (ii) above, then the Five-year U.S. Treasury Rate will be the same interest rate determined for the prior reset dividend determination date.
“H.15 (519)” means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors of the United States Federal Reserve System, and “most recent H.15 (519)” means the H.15 (519) published closest in time but prior to the close of business on the second business day prior to the applicable reset date.
Unless we have validly called all shares of Series B Preferred Stock for redemption on the First Call Date, we will appoint a calculation agent with respect to the Series B Preferred Stock prior to the reset dividend determination date preceding the First Call Date. The applicable dividend rate for each reset period will be determined by the calculation agent, as of the applicable reset dividend determination date. Promptly upon such determination, the calculation agent will notify us of the dividend rate for the reset period. The calculation agent’s determination of any dividend rate, and its calculation of the amount of dividends for any dividend period beginning on or after the First Call Date will be on file at our principal offices, will be made available to any holder of Series B Preferred Stock upon request and will be final and binding in the absence of manifest error.
Dividends on the Series B Preferred Stock are not cumulative. Accordingly, if the Company’s board of directors (or a duly authorized committee of the board), does not declare a dividend on the Series B Preferred Stock payable in respect of any dividend period before the related dividend payment date, such dividend will not accrue, we will have no obligation to pay a dividend for that dividend period on the dividend payment date or at any future time, whether or not dividends on the Series B Preferred Stock are declared for any future dividend period, and no interest, or sum of money in lieu of interest, will be payable in respect of any dividend not so declared. References to the “accrual” of dividends in this description refer only to the determination of the amount of such dividend and do not imply that any right to a dividend arises prior to the date on which a dividend is declared.
 
So long as any Series B Preferred Stock remain outstanding for any dividend period, unless the full dividends for the latest completed dividend period on all outstanding Series B Preferred Stock have been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside), during a dividend period:
 
     •         no dividend shall be paid or declared on our common stock or any other shares of our junior stock, other than:
            

		
	o
	any dividend paid on junior stock in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or is other junior stock, or

		
	o
	any dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of rights, stock or other property under such plan, or the redemption or repurchase of any rights under such plan; and

            
      •         no common stock or other junior stock shall be purchased, redeemed or otherwise acquired for consideration by us, directly or indirectly, other than:
            
		
	o
	as a result of a reclassification of junior stock for or into other junior stock,

		
	o
	the exchange, redemption or conversion of one share of junior stock for or into another share of junior stock,

		
	o
	purchases, redemptions or other acquisitions of shares of junior stock in connection with (x) any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors, consultants or independent contractors, (y) a dividend reinvestment or stockholder stock purchase plan, or (z) the satisfaction of our obligations pursuant to any contract outstanding at the beginning of the applicable dividend period requiring such purchase, redemption or other acquisition,

		
	o
	the purchase of fractional interests in shares of junior stock pursuant to the conversion or exchange provisions of such securities or the security being converted or exchanged, or

		
	o
	through the use of the proceeds of a substantially contemporaneous sale of junior stock.

As used in this description, “junior stock” means our common stock and any other class or series of stock of the Company that ranks junior to the Series B Preferred Stock either as to the payment of dividends (whether such dividends are cumulative or non-cumulative) and/or as to the distribution of assets upon any liquidation, dissolution or winding-up of the Company.
When dividends are not paid (or declared and a sum sufficient for payment thereof set aside) in full on any dividend payment date (or, in the case of parity stock having dividend payment dates different from the dividend payment dates pertaining to the Series B Preferred Stock, on a dividend payment date falling within the related dividend period for the Series B Preferred Stock) upon the Series B Preferred Stock or any shares of parity stock, all dividends declared on the Series B Preferred Stock and all such parity stock and payable on such dividend payment date (or, in the case of parity stock having dividend payment dates different from the dividend payment dates pertaining to the Series B Preferred Stock, on a dividend payment date falling within the related dividend period for the Series B Preferred Stock) shall be declared pro rata so that the respective amounts of such dividends shall bear the same ratio to each other as all accrued but unpaid dividends per share of Series B Preferred Stock and all parity stock payable on such dividend payment date (or, in the case of parity stock having dividend payment dates different from the dividend payment dates pertaining to the Series B Preferred Stock, on a dividend payment date falling within the related dividend period for the Series B Preferred Stock) bear to each other. As used in this paragraph, payment of dividends “in full” means, as to any parity stock that bears dividends on a cumulative basis, the amount of dividends that would need to be declared and paid to bring such parity stock current in dividends, including undeclared dividends for past dividend periods. To the extent a dividend period with respect to the Series B Preferred Stock or any shares of parity stock (in either case, the “first series”) coincides with more than one dividend period with respect to another series as applicable (in either case, a “second series”), then, for purposes of this paragraph, our board of directors (or a duly authorized committee of the board) may, to the extent permitted by the terms of each affected series, treat such dividend period for the first series as two or more consecutive dividend periods, none of which coincides with more than one dividend period with respect to the second series, or may treat such dividend period(s) with respect to any parity stock and dividend period(s) with respect to the Series B Preferred 

Stock for purposes of this paragraph in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on such parity stock and the Series B Preferred Stock.
As used in this description, “parity stock” means any class or series of stock of the Company that ranks equally with the Series B Preferred Stock in the payment of dividends (whether such dividends are cumulative or non-cumulative) and in the distribution of assets on any liquidation, dissolution or winding-up of the Company, including the Series A Preferred Stock.
Subject to the foregoing, and not otherwise, such dividends (payable in cash, stock or otherwise) as may be determined by our board of directors (or a duly authorized committee of the board) may be declared and paid on our common stock and any other junior stock from time to time out of any funds legally available for such payment, and the Series B Preferred Stock shall not be entitled to participate in any such dividend.
Dividends on the Series B Preferred Stock will not be declared, paid or set aside for payment if we fail to comply, or if such act would cause us to fail to comply, with applicable laws, rules and regulations.
Liquidation Rights
Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Company, holders of the Series B Preferred Stock and any parity stock, including the Series A Preferred Stock, are entitled to receive out of assets of the Company available for distribution to stockholders, after satisfaction of liabilities to creditors and any required distributions to holders of any senior stock, if any, before any distribution of assets is made to holders of common stock and any other junior stock, a liquidating distribution equal to the stated amount of $1,000 per share (equivalent to $25.00 per Depositary Share) plus declared and unpaid dividends, without accumulation of any undeclared dividends. Holders of the Series B Preferred Stock will not be entitled to any other amounts from us after they have received their full liquidation preference.
In any such distribution, if the assets of the Company are not sufficient to pay the liquidation preferences in full to all holders of the Series B Preferred Stock and all holders of any parity stock, including the Series A Preferred Stock, the amounts paid to the holders of Series B Preferred Stock and to the holders of any parity stock will be paid pro rata in accordance with the respective aggregate liquidation preferences of those holders. In any such distribution, the “liquidation preference” of any holder of preferred stock means the amount payable to such holder in such distribution (assuming no limitation on our assets available for such distribution), including any declared but unpaid dividends (and any unpaid, accrued cumulative dividends in the case of any holder of stock (other than Series B Preferred Stock) on which dividends accrue on a cumulative basis). If the liquidation preference has been paid in full to all holders of the Series B Preferred Stock and any holders of parity stock, the holders of our junior stock shall be entitled to receive all remaining assets of the Company according to their respective rights and preferences.
For purposes of this section, the merger or consolidation of the Company with any other entity, including a merger or consolidation in which the holders of the Series B Preferred Stock receive cash, securities or other property for their shares, or the sale, lease or exchange of all or substantially all of the assets of the Company, for cash, securities or other property shall not constitute a liquidation, dissolution or winding-up of the Company.
Optional Redemption
The Series B Preferred Stock is perpetual and has no maturity date. The Series B Preferred Stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or other similar provisions.
We may redeem the Series B Preferred Stock at our option:
 
     •         in whole, but not in part, at any time, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $1,020 per share of Series B Preferred Stock (102% of the stated amount of $1,000 per share) (equivalent to $25.50 per Depositary Share), plus (except as provided below) an amount equal to any 

dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, the redemption date, or
            
      •         (i) in whole, but not in part, at any time, within 90 days after the occurrence of a “regulatory capital event,” or (ii) in whole or in part, from time to time, on the First Call Date or any subsequent reset date, in each case, at a redemption price equal to the stated amount of $1,000 per share of Series B Preferred Stock (equivalent to $25.00 per Depositary Share), plus (except as provided below) an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, the redemption date.
Any declared but unpaid dividends payable on a redemption date that occurs subsequent to the dividend record date for a dividend period will not constitute a part of or be paid to the holder entitled to receive the redemption price on the redemption date, but rather will be paid to the holder of record of the redeemed shares on the dividend record date relating to the dividend payment date.
Holders of the Series B Preferred Stock will have no right to require the redemption or repurchase of the Series B Preferred Stock.
“Rating agency event” means that any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) under the Exchange Act, that then publishes a rating for us (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series B Preferred Stock, which amendment, clarification or change results in:
 
     •         the shortening of the length of time the Series B Preferred Stock are assigned a particular level of equity credit by that rating agency as compared to the length of time they would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance of the Series B Preferred Stock; or
            
      •         the lowering of the equity credit (including up to a lesser amount) assigned to the Series B Preferred Stock by that rating agency as compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Series B Preferred Stock.
“Regulatory capital event” means that we become subject to capital adequacy supervision by a capital regulator and the capital adequacy guidelines that apply to us as a result of being so subject set forth criteria pursuant to which the liquidation preference amount of the Series B Preferred Stock would not qualify as capital under such capital adequacy guidelines, as we may determine at any time, in our sole discretion.
If the Series B Preferred Stock are to be redeemed, the notice of redemption shall be given by first class mail to the holders of record of the Series B Preferred Stock to be redeemed, mailed not less than 30 days nor more than 60 days prior to the date fixed for redemption thereof. Any notice mailed as provided in this paragraph shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Series B Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series B Preferred Stock. Notwithstanding the foregoing, if the Series B Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”) or any other similar facility, such notice of redemption may be given to the holders of Series B Preferred Stock at such time and in any manner permitted by such facility.
Each notice of redemption will include a statement setting forth:
 
     •         the redemption date;
            
      •         the number of shares of Series B Preferred Stock to be redeemed and, if less than all the shares of Series B Preferred Stock held by such holder are to be redeemed, the number of shares of such Series B Preferred Stock to be redeemed from such holder;
            
      •         the redemption price;

            
      •         if shares of Series B Preferred Stock are evidenced by definitive certificates, the place or places where holders may surrender certificates evidencing those shares of Series B Preferred Stock for payment of the redemption price; and
            
      •         that dividends will cease to accrue on the redemption date.
If notice of redemption of any Series B Preferred Stock has been given and if the funds necessary for such redemption have been set aside by us for the benefit of the holders of any Series B Preferred Stock so called for redemption, then, from and after the redemption date, dividends will cease to accrue on such Series B Preferred Stock, such Series B Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such Series B Preferred Stock will terminate, except the right to receive the redemption price, without interest. Any funds unclaimed at the end of two years from the redemption date, to the extent permitted by law, shall be released from the trust so established and may be commingled with our other funds, and after that time the holders of the shares so called for redemption shall look only to us for payment of the redemption price of such shares.
In case of any redemption of only part of the Series B Preferred Stock at the time outstanding, the Series B Preferred Stock to be redeemed shall be selected either pro rata, by lot or by such other method in accordance with the procedures of DTC.
Voting Rights
Except as provided below or as otherwise required by applicable law, the holders of the Series B Preferred Stock will have no voting rights.
Right to Elect Two Directors on Nonpayment of Dividends. Whenever dividends on any shares of Series B Preferred Stock shall have not been declared and paid for six or more dividend periods, whether or not for consecutive dividend periods (a “Nonpayment”), the holders of such shares of Series B Preferred Stock, voting together as a single class with holders of any and all other series of voting preferred stock (as defined below) then outstanding, will be entitled to vote for the election of a total of two additional members of our board of directors (the “Preferred Stock Directors”), provided that the election of any such directors shall not cause us to violate the corporate governance requirement of the New York Stock Exchange (or any other exchange on which our securities may be listed) that listed companies must have a majority of independent directors and provided further that our board of directors shall at no time include more than two preferred stock directors. In that event, the number of directors on our board of directors shall automatically increase by two, and the new directors shall be elected at a special meeting called at the request of the holders of record of at least 20% of the Series B Preferred Stock or of any other series of voting preferred stock (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders, in which event such election shall be held at such next annual or special meeting of stockholders), and at each subsequent annual meeting. These voting rights will continue until dividends on the shares of Series B Preferred Stock and any such series of voting preferred stock for at least four consecutive dividend periods (or the equivalent thereof, in the case of any other series of voting preferred stock) following the Nonpayment shall have been fully paid.
As used in this description, “voting preferred stock” means any other class or series of preferred stock of the Company ranking equally with the Series B Preferred Stock either as to the payment of dividends or the distribution of assets upon liquidation, dissolution or winding-up and upon which like voting rights have been conferred and are exercisable. Whether a plurality, majority or other portion of the Series B Preferred Stock and any other voting preferred stock have been voted in favor of any matter shall be determined by reference to the respective stated amounts of the Series B Preferred Stock and voting preferred stock voted.
If and when dividends for at least four consecutive dividend periods (or the equivalent thereof, in the case of any other series of voting preferred stock) following a Nonpayment have been paid in full, the holders of the Series B Preferred Stock shall be divested of the foregoing voting rights (subject to revesting in the event of each subsequent Nonpayment) and, if such voting rights for all other holders of voting preferred stock have terminated, 

the term of office of each Preferred Stock Director so elected shall immediately terminate and the number of directors on the board of directors shall automatically decrease by two. In determining whether dividends have been paid for at least four dividend periods following a Nonpayment, we may take account of any dividend we elect to pay for such a dividend period after the regular dividend date for that period has passed. Any Preferred Stock Director may be removed at any time without cause by the holders of record of a majority of the outstanding shares of Series B Preferred Stock and any other shares of voting preferred stock then outstanding (voting together as a class) when they have the voting rights described above. So long as a Nonpayment shall continue, any vacancy in the office of a Preferred Stock Director (other than prior to the initial election after a Nonpayment) may be filled by the written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding Series B Preferred Stock and any other shares of voting preferred stock then outstanding (voting together as a class) when they have the voting rights described above; provided that the filling of any such vacancy shall not cause us to violate the corporate governance requirement of the New York Stock Exchange (or any other exchange on which our securities may be listed) that listed companies must have a majority of independent directors. Any such vote to remove, or to fill a vacancy in the office of, a Preferred Stock Director may be taken only at a special meeting called at the request of the holders of record of at least 20% of the Series B Preferred Stock or of any other series of voting preferred stock (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders, in which event such election shall be held at such next annual or special meeting of stockholders). The Preferred Stock Directors shall each be entitled to one vote per director on any matter.
Other Voting Rights. So long as any shares of Series B Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required by law or by our amended and restated certificate of incorporation, the vote or consent of the holders of at least two thirds of the shares of Series B Preferred Stock at the time outstanding, voting together as a single class with any other series of preferred stock entitled to vote thereon (to the exclusion of all other series of preferred stock), given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, will be necessary for effecting or validating:
 
     •         Authorization of Senior Stock. Any amendment or alteration of our certificate of incorporation to authorize or create, or increase the authorized amount of, any shares of any class or series or any securities convertible into shares of any class or series of our capital stock ranking prior to Series B Preferred Stock in the payment of dividends or in the distribution of assets on any liquidation, dissolution or winding up of the Company;
            
      •         Amendment of Certificate of Incorporation, By-laws or Certificate of Designations. Any amendment, alteration or repeal of any provision of our certificate of incorporation (including the certificate of designations for the Series B Preferred Stock) or by-laws that would alter or change the voting powers, preferences or special rights of the Series B Preferred Stock so as to affect them adversely; provided, however, that the amendment of our certificate of incorporation so as to authorize or create, or to increase the authorized amount of, any class or series of stock that does not rank prior to the Series B Preferred Stock in either the payment of dividends (whether such dividends are cumulative or non-cumulative) or in the distribution of assets on any liquidation, dissolution or winding up of the Company shall not be deemed to affect adversely the voting powers, preferences or special rights of the Series B Preferred Stock; or

     •         Share Exchanges, Reclassifications, Mergers and Consolidations and Other Transactions. Any consummation of (x) a binding share exchange or reclassification involving the Series B Preferred Stock, (y) a merger or consolidation of the Company with another entity (whether or not a corporation) or (z) a conversion, transfer, domestication or continuance of the Company into another entity or an entity organized under the laws of another jurisdiction, unless in each case (A) the shares of Series B Preferred Stock remain outstanding or, in the case of any such merger or consolidation with respect to which we are not the surviving or resulting entity, or any such conversion, transfer, domestication or continuance, the shares of Series B Preferred Stock are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (B) such shares remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and restrictions and limitations thereof, of the Series B Preferred Stock immediately prior to such consummation, taken as a whole.

If an amendment, alteration, repeal, share exchange, reclassification, merger or consolidation, or any conversion, transfer, domestication or continuance described above would materially and adversely affect one or more but not all series of preferred stock (including the Series B Preferred Stock for this purpose), then only the series materially and adversely affected and entitled to vote shall vote to the exclusion of all other series of preferred stock. If all series of preferred stock are not equally affected by the proposed amendment, alteration, repeal, share exchange, reclassification, merger or consolidation, or conversion, transfer, domestication or continuance, described above, there shall be required a two-thirds approval of each series that will have a diminished status.
To the fullest extent permitted by law, without the consent of the holders of the Series B Preferred Stock, so long as such action does not adversely affect the rights, preferences, privileges and voting powers of the Series B Preferred Stock, we may supplement any terms of the Series B Preferred Stock:
 
     •         to cure any ambiguity, or to cure, correct or supplement any provision contained in the Certificate of Designations that may be defective or inconsistent; or
            
     •         to make any provision with respect to matters or questions arising with respect to the Series B Preferred Stock that is not inconsistent with the provisions of the Certificate of Designations.
The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which the vote would otherwise be required shall be effected, all outstanding shares of the Series B Preferred Stock have been redeemed or called for redemption on proper notice and sufficient funds have been set aside by us for the benefit of the holders of the Series B Preferred Stock to effect the redemption unless in the case of a vote or consent required to authorize senior stock if all outstanding shares of Series B Preferred Stock are being redeemed with the proceeds from the sale of the stock to be authorized.
Under current provisions of the Delaware General Corporation Law, the holders of issued and outstanding preferred stock are entitled to vote as a class, with the consent of the majority of the class being required to approve an amendment to our amended and restated certificate of incorporation if the amendment would increase or decrease the aggregate number of authorized shares of such class or increase or decrease the par value of the shares of such class. 
Certain Anti-Takeover Provisions of our Amended and Restated Certificate of Incorporation, our Amended and Restated By-Laws and Applicable Law
Certain provisions of our amended and restated certificate of incorporation, amended and restated by-laws, Delaware law and insurance regulations applicable to our business may discourage or make more difficult a takeover attempt that a stockholder might consider in his or her best interest. These provisions may also adversely affect prevailing market prices for our common stock. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unsolicited proposal to acquire or restructure us and outweigh the disadvantage of discouraging those proposals because negotiation of the proposals could result in an improvement of their terms.
For example, our amended and restated certificate of incorporation and amended and restated by-laws prohibit stockholders from calling special meetings of our stockholders and from taking action by written consent. Also, to the extent that our stockholders seek to amend our amended and restated by-laws, our amended and restated certificate of incorporation requires the affirmative vote of not less than two-thirds of the outstanding shares entitled to vote on the matter.
Section 203 of the Delaware General Corporation Law
As a Delaware corporation, we are subject to Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger, 

asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation’s voting stock. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:
 
     •         before the stockholder became interested, the Board of Directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

     •         upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and officers; or

     •         at or after the time the stockholder became interested, the business combination was approved by the Board of Directors of the corporation and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.
A Delaware corporation may “opt out” of Section 203 with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or by-laws resulting from amendments approved by holders of at least a majority of the corporation’s outstanding voting shares. We have not elected to “opt out” of Section 203.
Board of Directors
Our amended and restated certificate of incorporation provides that the number of directors of the Company will be established from time to time pursuant to our amended and restated by-laws.
Exclusive Forum
Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or other employees to us or to our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL or (iv) any action asserting a claim governed by the internal affairs doctrine.
Insurance Regulations
The insurance laws and regulations of the various states in which our insurance subsidiaries are organized may delay or impede a business combination involving us or our subsidiaries. State insurance laws prohibit an entity from acquiring control of an insurance company without the prior approval of the domestic insurance regulator. Under most states’ statutes, an entity is presumed to have control of an insurance company if it owns, directly or indirectly, ten percent or more of the voting stock of that insurance company or its parent company. These regulatory restrictions may delay, deter or prevent a potential merger or sale of our Company, even if our Board of Directors decides that it is in the best interests of stockholders for us to merge or be sold. These restrictions also may delay sales by us or acquisitions by third parties of our subsidiaries.
Potential Business Opportunities
Our amended and restated certificate of incorporation provides that certain of our directors, who have also served or may serve as directors, officers, employees or agents of ING Group (“Overlap Directors”), are relieved of any obligation to refer potential business opportunities to the Company or to notify the Company of potential business opportunities of which they become aware, and they may instead refer such opportunities to ING Group at 

which time we will be deemed to have renounced any interest or right with respect to such potential business opportunity. The only exception to this waiver is in the case of a “Restricted Business Opportunity,” which is defined to mean a business opportunity (i) expressly presented or offered in writing to the Overlap Director solely in his or her capacity as a director of the Company and for the benefit of the Company; (ii) for which the Overlap Director believed that the Company possessed, or would reasonably be expected to be able to possess, the resources necessary to exploit; and (iii) substantially all of which, at the time it is presented to the Overlap Director, is, and is expected to remain, an opportunity relating to the retirement solutions, investment management and insurance solutions businesses actively engaged in by the Company in the United States as of April 30, 2013, provided, that the Company is still directly engaged in that business at the time the business opportunity is presented or offered to the Overlap Director.
Our amended and restated certificate of incorporation provides that any person purchasing or otherwise acquiring shares of our common stock, or any interest therein, is deemed to have notice of the provisions described under this “Potential Business Opportunities” caption and to have consented to such provisions.
Our amended and restated certificate of incorporation also provides that no contract, agreement, arrangement or transaction entered into between us and ING Group prior to the completion of our IPO shall be void or voidable or be considered unfair solely because ING Group is a party thereto or because any directors, officers or employees of ING Group were present at or participated in any meeting at which the contract, agreement, arrangement or transaction was authorized. To the extent permitted by law, no such contract, agreement, arrangement or transaction shall be considered to be contrary to any fiduciary duty of any Overlap Director and no Overlap Director shall have any fiduciary duty to us (or to any stockholder) to refrain from acting on behalf of the Company or ING Group in respect of any such contract, agreement, arrangement or transaction in accordance with its terms. Future contracts or transactions between the Company and ING Group shall not be void or voidable solely because a director or officer of ING Group is present at or participates in the meeting of the Company’s board of directors which authorizes the contract or transaction or because his or her votes are counted toward such authorization, provided that (i) the board of directors is aware of the material facts and the board or a committee in good faith authorizes the contract or transaction by a majority vote of the disinterested directors, (ii) the stockholders entitled to vote on such matter are aware of the material facts and specifically approve in good faith such contract or transaction, or (iii) the contract or transaction is fair to the Company at the time it is authorized, approved or ratified by the board of directors, a committee thereof, or the stockholders. 
Listing
Our common stock is listed on the NYSE under the symbol “VOYA”.
Transfer Agent and Registrar
The transfer agent and registrar for our common stock and preferred stock is Computershare Trust Company, N.A. The transfer agent’s address is 150 Royall Street, Canton, Massachusetts 02021.

DESCRIPTION OF THE DEPOSITARY SHARES
General
Each Depositary Share represents a 1/40th ownership interest in a share of the Series B Preferred Stock, and is evidenced by a depositary receipt. We have deposited the underlying shares of the Series B Preferred Stock represented by the Depositary Shares with a depositary pursuant to a deposit agreement among us, Computershare Inc. and its wholly-owned subsidiary Computershare Trust Company, N.A., jointly acting as depositary (the “Depositary”), and the holders from time to time of the depositary receipts. Subject to the terms of the deposit agreement, each holder of a Depositary Share is entitled to all the rights and preferences of the shares of Series B Preferred Stock (including dividend, voting, redemption and liquidation rights) in proportion to the applicable fraction of a share of Series B Preferred Stock represented by such Depositary Share.

Dividends and Other Distributions
Each dividend on a Depositary Share will be in an amount equal to 1/40th of the dividend declared on each share of the Series B Preferred Stock.
The Depositary will distribute all dividends and other cash distributions received on the Series B Preferred Stock to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder. In the event of a distribution other than in cash, the Depositary will distribute property received by it to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder, unless the Depositary determines that this distribution is not feasible, in which case the Depositary may adopt a method of distribution approved by the Company that the Depositary deems equitable and practicable, including the sale of the property and distribution of the net proceeds from that sale to the holders of the Depositary Shares.
Record dates for the payment of dividends and other matters relating to the Depositary Shares will be the same as the corresponding record dates for the Series B Preferred Stock.
The amounts distributed to holders of the Depositary Shares will be reduced by any amounts required to be withheld by the Depositary or by us on account of taxes or other governmental charges.
Charges of Depositary
We will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay associated charges of the Depositary in connection with the initial deposit of the Series B Preferred Stock and any redemption of the Series B Preferred Stock. Holders of the Depositary Shares will pay transfer, income and other taxes and governmental charges and such other charges as are expressly provided in the deposit agreement to be for their accounts. If these charges have not been paid by the holders of the Depositary Shares, the Depositary may refuse to transfer Depositary Shares, withhold dividends and distributions, and sell the Depositary Shares.
Redemption of the Depositary Shares
If we redeem the Series B Preferred Stock represented by the Depositary Shares, the Depositary Shares will be redeemed from the proceeds received by the Depositary resulting from the redemption of the Series B Preferred Stock held by the Depositary. Whenever we redeem shares of the Series B Preferred Stock held by the Depositary, the Depositary will redeem, as of the same redemption date, the number of the Depositary Shares representing shares of the Series B Preferred Stock so redeemed. The redemption price per Depositary Share will be equal to 1/40th of the redemption price per share payable with respect to the Series B Preferred Stock, plus any dividends payable thereon upon redemption as described under “Series B Preferred Stock — Optional Redemption.”
In case of any redemption of less than all of the outstanding Depositary Shares, the Depositary Shares to be redeemed will be selected either pro rata or by lot. In any case, the Depositary will redeem the Depositary Shares only in increments of 40 Depositary Shares and any integral multiple thereof. The Depositary will provide notice of redemption to record holders of the Depositary Shares not less than 30 and not more than 60 days prior to the date fixed for redemption of the Series B Preferred Stock and the related Depositary Shares.
Voting of the Series B Preferred Stock
Because each Depositary Share represents a 1/40th interest in a share of the Series B Preferred Stock, holders of Depositary Shares will be entitled to 1/40th of a vote per Depositary Share under those limited circumstances in which holders of the Series B Preferred Stock are entitled to a vote, as described above in “Series B Preferred Stock — Voting Rights.”
When the Depositary receives notice of any meeting at which the holders of the Series B Preferred Stock are entitled to vote, the Depositary will mail (or otherwise transmit by an authorized method) the information contained 

in the notice to the record holders of the Depositary Shares relating to the Series B Preferred Stock. Each record holder of the Depositary Shares on the record date, which will be the same date as the record date for the Series B Preferred Stock, may instruct the depositary to vote the amount of the Series B Preferred Stock represented by the holder’s Depositary Shares. To the extent possible, the Depositary will vote the amount of the Series B Preferred Stock represented by the Depositary Shares in accordance with the instructions it receives. We will agree to take all reasonable actions that the Depositary determines are necessary to enable the Depositary to vote as instructed. The Depositary will vote the maximum number of whole shares of Series B Preferred Stock in accordance with the instructions it receives; however, any remaining votes of holders of the Depositary Shares will not be voted.
Listing
The Depositary Shares are listed on the NYSE under the symbol “VOYAPrB”.
Form and Notices 
The Series B Preferred Stock were issued in registered form to the Depositary, and the Depositary Shares were issued in book-entry only form through DTC, as described below in “Book-Entry, Delivery and Form of Depositary Shares.” The Depositary will forward to the holders of the Depositary Shares all reports, notices and communications from us that are delivered to the Depositary and that we are required to furnish to the holders of the Series B Preferred Stock.
Depositary
Computershare Inc. and Computershare Trust Company, N.A. are the joint Depositary for the Depositary Shares as of the original issue date. We may terminate such appointment and may appoint a successor depositary at any time and from time to time, provided that we will use our best efforts to ensure that there is, at all relevant times when the Series B Preferred Stock is outstanding, a person or entity appointed and serving as such depositary.
Book-Entry, Delivery and Form of Depositary Shares
The Series B Preferred Stock was issued in registered form to the Depositary, and the Depositary Shares were issued in book-entry only form through DTC. DTC will act as securities depositary for the global depositary receipts. This means that we will not issue actual depositary receipts to each holder of Depositary Shares, except in limited circumstances. Instead, the Depositary Shares will be in the form of a single global depositary receipt deposited with and held in the name of DTC, or its nominee. The Depositary Shares were accepted for clearance by DTC. Beneficial interests in the Depositary Shares are shown on, and transfers thereof will be effected only through, the book-entry records maintained by DTC and its direct and indirect participants, including Euroclear and Clearstream.
Owners of beneficial interests in Depositary Shares will receive all payments relating to their shares in U.S. dollars. Under a book-entry format, holders may experience some delay in their receipt of payments, as such payments will be forwarded by the Depositary to Cede & Co., as nominee for DTC. DTC will forward the payments to its participants, who will then forward them to indirect participants or holders.
If we elect to issue certificates for the Depositary Shares held through DTC, we will replace the global depositary receipt with depositary receipts in certificated form registered in the names of the beneficial owners. Once depositary receipts in certificated form are issued, the underlying shares of the Series B Preferred Stock may be withdrawn from the depositary arrangement upon surrender of depositary receipts at the corporate trust office of the Depositary and upon payment of the taxes, charges, and fees provided for in the deposit agreement. Upon such surrender and payments and subject to the deposit agreement, the holders of depositary receipts will receive the appropriate number of shares of Series B Preferred Stock and any money or property represented by the Depositary Shares.

Only whole shares of the Series B Preferred Stock may be withdrawn. If a holder holds an amount other than a whole multiple of 40 Depositary Shares, the Depositary will deliver, along with the withdrawn shares of the Series B Preferred Stock, a new depositary receipt evidencing the excess number of Depositary Shares. Holders of withdrawn shares of the Series B Preferred Stock will not be entitled to redeposit those shares or to receive Depositary Shares representing such withdrawn shares of Series B Preferred Stock.
The laws of some jurisdictions may require that some purchasers of securities take physical delivery of securities in definitive form. These laws may impair the ability to transfer beneficial interests in the Depositary Shares held through DTC.
DTC has advised us that it is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities deposited with it by its participants, and it facilitates the settlement among direct participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between direct participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. Access to DTC’s system is also available to others such as both U.S. and non-U.S. securities brokers and dealers (including agents), banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly. The DTC rules applicable to its participants are on file with the SEC.
Purchases of Depositary Shares under the DTC system must be made by or through direct participants, which will receive a credit for the Depositary Shares on DTC’s records. The ownership interest of each beneficial owner of Depositary Shares will be recorded on the direct or indirect participants’ records. Beneficial owners will not receive written confirmation from DTC of their purchase. Beneficial owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the direct or indirect participant through which the beneficial owner entered into the transaction. Beneficial owners of Depositary Shares other than DTC or its nominees will not be recognized by the registrar and transfer agent as registered holders of Depositary Shares entitled to the rights of holders thereof. Beneficial owners that are not participants will be permitted to exercise their rights only indirectly through and according to the procedures of participants and, if applicable, indirect participants.
To facilitate subsequent transfers, all Depositary Shares deposited by direct participants with DTC are registered in the name of DTC’s nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Depositary Shares with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not affect any change in beneficial ownership. DTC has no knowledge of the actual beneficial owners of the Depositary Shares; DTC’s records reflect only the identity of the direct participants to whose accounts the Depositary Shares are credited, which may or may not be the beneficial owners. The direct and indirect participants will remain responsible for keeping account of their holdings on behalf of their customers.
Any notices required to be delivered to beneficial owners will be given by the Depositary to DTC for communication to its participants. Conveyance of notices and other communications by DTC to direct participants, by direct participants to indirect participants, and by direct and indirect participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. If the depositary receipts are issued in certificated form, notices to holders also will be given by mail to the addresses of the holders as they appear on the security register.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Depositary Shares unless authorized by a direct participant in accordance with DTC’s procedures. Under its usual procedures, DTC mails an omnibus proxy to the issuer as soon as possible after the record date. The omnibus proxy assigns Cede & Co.’s consenting or voting rights to those direct participants to whose accounts Depositary Shares are credited on the record date (identified in a listing attached to the omnibus proxy).
DTC may discontinue providing its services as securities depositary with respect to the Depositary Shares at any time by giving reasonable notice to the issuer or its agent. Under these circumstances, or (i) if DTC ceases to be 

registered as a clearing agency under the Exchange Act, in the event that a successor securities depositary is not obtained within 90 days, or (ii) if we elect to issue certificates for the Depositary Shares as discussed above, we will print and deliver certificates for the Depositary Shares.
As long as DTC or its nominee is the registered owner of the global depositary receipts representing the Depositary Shares, DTC or its nominee, as the case may be, will be considered the sole owner and holder of all global depositary receipts and all Depositary Shares represented by those receipts for all purposes under the instruments governing the rights and obligations of holders of Depositary Shares. Except in the limited circumstances referred to above, owners of beneficial interests in the Depositary Shares:
		
	•
	will not be entitled to have such global depositary receipts or the Depositary Shares represented by those receipts registered in their names;

		
	•
	will not receive or be entitled to receive physical delivery of securities certificates in exchange for beneficial interests in the Depositary Shares; and

		
	•
	will not be considered to be owners or holders of the global depositary receipts or the Depositary Shares represented by those receipts for any purpose under the instruments governing the rights and obligations of holders of Depositary Shares.

We will make payments, including dividends, if any, on the Series B Preferred Stock represented by global depositary receipts in respect of the Depositary Shares to the Depositary. In turn, the Depositary will deliver the payments to DTC or its nominee, as the case may be, as the registered holder of Depositary Shares in accordance with the arrangements then in place between the Depositary and DTC. DTC’s practice is to credit direct participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the issuer or its agent, on the payable date in accordance with their respective holdings shown on DTC’s records. Payments by participants to beneficial owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of that participant and not of DTC, the Depositary, the issuer or any of their agents, subject to any statutory or regulatory requirements as may be in effect from time to time. Payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) are the responsibility of the issuer or its agent, disbursement of such payments to direct participants will be the responsibility of DTC, and disbursement of such payments to the beneficial owners will be the responsibility of direct and indirect participants.
As long as the Depositary Shares are represented by global depositary receipts, we will make all dividend payments in immediately available funds. In the event depositary receipts are issued in certificated form, dividends generally will be paid by check mailed to the holders of the depositary receipts on the applicable record date at the address appearing on the security register.
Ownership of beneficial interests in the Depositary Shares will be limited to participants or persons that may hold beneficial interests through institutions that have accounts with DTC or its nominee. Ownership of beneficial interests in the Depositary Shares will be shown only on, and the transfer of those ownership interests will be effected only through, records maintained by DTC or its nominee, with respect to participants’ interests, or any participant, with respect to interests of persons held by the participant on their behalf. Payments, transfers, deliveries, exchanges, and other matters relating to beneficial interests in the Depositary Shares may be subject to various policies and procedures adopted by DTC from time to time. Neither we nor any agent for us will have any responsibility or liability for any aspect of DTC’s or any direct or indirect participant’s records relating to, or for payments made on account of, beneficial interests in the Depositary Shares, or for maintaining, supervising or reviewing any of DTC’s records or any direct or indirect participant’s records relating to these beneficial ownership interests.
Although DTC has agreed to the foregoing procedures in order to facilitate transfer of interests in the Depositary Shares among participants, DTC is under no obligation to perform or continue to perform these procedures, and these procedures may be discontinued at any time. We will not have any responsibility for the performance by DTC or its direct or indirect participants under the rules and procedures governing DTC.

Because DTC can act only on behalf of direct participants, who in turn act only on behalf of direct or indirect participants, and certain banks, trust companies and other persons approved by it, the ability of a beneficial owner of Depositary Shares to pledge the Depositary Shares to persons or entities that do not participate in the DTC system may be limited due to the unavailability of physical certificates for the Depositary Shares.
DTC has advised us that it will take any action permitted to be taken by a registered holder of Depositary Shares only at the direction of one or more participants to whose accounts with DTC the Depositary Shares are credited.
The information in this section concerning DTC and its book-entry system has been obtained from sources that we believe to be accurate, but we assume no responsibility for the accuracy thereof.
Euroclear and Clearstream will hold interests on behalf of their participants through customers’ securities accounts in Euroclear’s and Clearstream’s names on the books of their respective depositaries (the “U.S. Depositaries”), which in turn will hold interests in customers’ securities accounts in the depositaries’ names on the books of DTC. 
Distributions with respect to the Depositary Shares held beneficially through Euroclear or Clearstream will be credited to cash accounts of their participants in accordance with Euroclear’s or Clearstream’s rules and procedures, to the extent received by the applicable U.S. Depositary.
Cross-market transfers between DTC’s participating organizations, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected through DTC in accordance with DTC’s rules on behalf of Euroclear or Clearstream, as the case may be, by its U.S. Depositary; however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the Depositary Shares in DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement applicable to DTC. Euroclear and Clearstream participants may not deliver instructions directly to their respective U.S. Depositaries.
Due to time zone differences, the securities accounts of a Euroclear or Clearstream participant purchasing an interest in the Depositary Shares from a DTC participant in DTC will be credited, and any such crediting will be reported to the relevant Euroclear or Clearstream participant, during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in Depositary Shares by or through a Euroclear or Clearstream participant to a DTC participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC’s settlement date.
The information in this section concerning Euroclear and Clearstream and their book-entry systems has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy of that information.
None of us or the Depositary will have any responsibility for the performance by Euroclear or Clearstream or their respective participants of their respective obligations under the rules and procedures governing their operations.
Although DTC, Euroclear and Clearstream have agreed to the foregoing procedures in order to facilitate transfers of securities among participants of DTC, Euroclear and Clearstream, they are under no obligation to perform or continue to perform such procedures and they may discontinue the procedures at any time.Exhibit

Exhibit 10.43

VOYA
DEFERRED COMPENSATION SAVINGS PLAN
Amended and Restated Effective as of January 1, 2020

GLG-676432.6

TABLE OF CONTENTS

	
				
	ARTICLE 1.
	ESTABLISHMENT AND PURPOSE
	1
	

	1.1
	Purpose of the Plan
	1
	

	1.2
	Applicability of the Plan
	1
	

	 
	 
	 

	ARTICLE 2.
	DEFINITIONS
	2
	

	2.1
	Account
	2
	

	2.2
	Affiliate
	2
	

	2.3
	Beneficiary
	2
	

	2.4
	Code
	2
	

	2.5
	Company
	3
	

	2.6
	Compensation
	3
	

	2.7
	Compensation Threshold
	3
	

	2.8
	Distribution Election
	3
	

	2.9
	Employee
	3
	

	2.10
	Employer
	3
	

	2.11
	Enrollment Process
	3
	

	2.12
	ERISA
	3
	

	2.13
	401(k) Savings Plan
	4
	

	2.14
	Grandfathered Plan
	4
	

	2.15
	Investment Fund or Investment Funds
	4
	

	2.16
	Participant
	4
	

	2.17
	Plan
	4
	

	2.18
	Plan Administrator
	4
	

	2.19
	Plan Year
	4
	

	2.20
	Restoration Match Contribution
	4
	

	2.21
	Salary
	5
	

	2.22
	Specified Employee
	5
	

	2.23
	Spillover Match Contribution
	5
	

	2.24
	Termination of Employment
	5
	

	2.25
	Valuation Date
	5
	

	2.26
	Variable Compensation
	5
	

	2.27
	Years of Service
	6
	

	 
	 
	 

	Article 3.
	ELIGIBILITY AND PARTICIPATION
	6
	

	3.1
	Eligibility
	6
	

	3.2
	Participation
	6
	

- i -
GLG-676432.6

	
				
	ARTICLE 4.
	DEFERRALS AND COMPANY MATCH
	8
	

	4.1
	Amount of Deferral
	8
	

	4.2
	Restoration Match Contribution and Spillover Match Contribution
	9
	

	4.3
	Vesting
	9
	

	4.4
	Length of Deferral Period
	10
	

	4.5
	Form of Payment
	10
	

	4.6
	No Revocation of Deferral Election
	11
	

	 
	 
	 

	ARTICLE 5.
	PARTICIPANT ACCOUNTS
	12
	

	5.1
	Investment Elections
	12
	

	5.2
	Valuation of Participant Accounts
	13
	

	 
	 
	 

	ARTICLE 6.
	PAYMENT OF ACCOUNTS
	14
	

	6.1
	Payments to a Participant
	14
	

	6.2
	Payments to a Beneficiary
	15
	

	6.3
	Financial Hardship Withdrawal
	15
	

	6.4
	Payments to Specified Employees
	16
	

	 
	 
	 

	ARTICLE 7.
	ADMINISTRATION
	16
	

	7.1
	Administration
	16
	

	7.2
	Appeal from a Claim Denial
	16
	

	7.3
	Tax Withholding
	17
	

	7.4
	Expenses
	18
	

	7.5
	Account Corrections
	18
	

	 
	 
	 

	ARTICLE 8.
	ADOPTION OF THE PLAN BY AN AFFILIATE; AMENDMENT AND TERMINATION OF THE PLAN
	18
	

	8.1
	Adoption of the Plan by an Affiliate
	18
	

	8.2
	Amendment and Termination
	18
	

	 
	 
	 

	ARTICLE 9.
	MISCELLANEOUS PROVISIONS
	19
	

	9.1
	No Contract of Employment
	19
	

	9.2
	Financing
	19
	

	9.3
	Unsecured Interest
	19
	

	9.4
	Nontransferability
	19
	

	9.5
	Severability
	20
	

	9.6
	Compliance with Code Section 409A
	20
	

	9.7
	Applicable Law
	20
	

	9.8
	Lost Distributees
	20
	

	9.9
	Historical Plan Provisions
	20
	

- ii -
GLG-676432.6

VOYA
DEFERRED COMPENSATION SAVINGS PLAN
Amended and Restated Effective as of January 1, 2020

ARTICLE 1.
ESTABLISHMENT AND PURPOSE
		
	1.1
	Purpose of the Plan

Effective January 1, 2005, Voya Services Company (formerly known as ING North America Insurance Corporation) (the “Company”) amended, restated and renamed the ING Americas Deferred Compensation Savings Plan (“Grandfathered Plan”) as the ING Insurance Americas 409A Deferred Compensation Plan (the “Plan”).  On September 11, 2013, the Plan was renamed the “ING U.S. 409A Deferred Compensation Savings Plan,” and again on July 17, 2014, the Plan was renamed the “Voya Deferred Compensation Savings Plan.”  The Plan is now amended and restated in its entirety effective January 1, 2020.

The Plan is a nonqualified deferred compensation plan that is comprised of two separate components.  One component provides benefits attributable solely to the benefits that would have been provided to employees under the Voya 401(k) Savings Plan but for the application of Code Sections 401(a)(17) or 402(g) (as increased for cost of living), which is sometimes referred to as a “spillover plan” or “mirror plan”.  The other component provides for deferrals and a matching contribution on certain deferrals made under the Plan.  

The Plan shall be maintained as an unfunded plan of deferred compensation for a select group of management or highly compensated employees.  The Plan is intended to be a “top hat” plan that is exempt from the participation, vesting, funding, and fiduciary requirements of Title I of ERISA. 

The Plan applies to deferrals and contributions made on or after January 1, 2005.  For amounts deferred to the Plan or attributable to Plan participation on or after January 1, 2005, the Plan, as amended and restated, is intended to reflect the provisions of Code Section 409A and the transition rules contained in Notice 2005-1 and subsequent Notices and releases.  Amounts deferred and vested in the Grandfathered Plan prior to January 1, 2005, shall continue to be governed by the Grandfathered Plan as in effect on December 31, 2004 and shall be treated as “grandfathered” for purposes of Code Section 409A. 

		
	1.2
	Applicability of the Plan

The provisions of the Plan, as set forth herein, are applicable only to Employees who are employed by an Employer on or after January 1, 2005 and who elect to participate in the Plan on and after that date and with respect to the portion of their Account attributable to deferrals and participation on and after January 1, 2005.  The terms of the Grandfathered 

GLG-676432.6

Plan, as in effect on December 31, 2004, shall continue to apply to all former employees and Participants who had or have an account under the Grandfathered Plan, including a Participant with a “prior plan account” under the Grandfathered Plan.  These amounts shall be treated as “grandfathered” accounts for purposes of Code Section 409A.  

ARTICLE 2.
DEFINITIONS
Whenever used in the Plan, the following terms shall have the meanings set forth below unless otherwise expressly provided.  When the defined meaning is intended, the term is capitalized herein.  The definition of any term in the singular shall also include the plural, whichever is appropriate in the context.

		
	2.1
	Account

Account means the bookkeeping account maintained for each Participant that represents the Participant’s total interest under the Plan as of any Valuation Date.  An Account may consist of one or more sub-accounts, including but not limited to, the Spillover Sub-Account, the Deferral Sub-Account, and the Restoration Match Sub-Account.  

		
	2.2
	Affiliate

Affiliate means any corporation, association, joint venture, proprietorship, or partnership while it is connected with the Company through stock ownership, common control, membership in an affiliated service group, or otherwise within the meaning of Code Sections 414(b), (c), (m), and (o).

		
	2.3
	Beneficiary

Beneficiary means the person or persons designated by the Participant to receive any benefits payable from the Participant’s Account as a result of his or her death.  Each Participant shall designate his or her Beneficiary (or change this designation) at a time and in a manner specified by the Plan Administrator.  To be effective, a properly completed beneficiary designation form must be on file with the Plan Administrator at the time of the Participant’s death.  If no person is designated as a Beneficiary, if a designation is revoked, if a designation is ineffective for any reason, or if no designated Beneficiary survives the Participant, the Beneficiary shall be the Participant’s estate.

		
	2.4
	Code

Code means the Internal Revenue Code of 1986, as amended, or as it may be amended from time to time.  A reference to a particular Section of the Code shall also include the regulations promulgated under such Section.

- 2 -
GLG-676432.6

		
	2.5
	Company

Company means Voya Services Company or any successor thereto that adopts and continues the Plan.  Prior to September 1, 2014, the name of the Company was ING North America Insurance Corporation.

		
	2.6
	Compensation

Compensation means the Participant’s “compensation” for purposes of the 401(k) Savings Plan determined without regard to the limitations of Code Section 401(a)(17), as increased for cost of living.  

		
	2.7
	Compensation Threshold

Compensation Threshold means an amount determined by the Company in its sole discretion for purposes of determining an Employee’s eligibility to participate in the Plan under Section 3.1 for a Plan Year.
		
	2.8
	Distribution Election

Distribution Election means the date and form a Participant elects to have payments of his or her Account made pursuant to Section 4.5, as in effect from time to time.
 
		
	2.9
	Employee

Employee means any person employed by an Employer. 

		
	2.10
	Employer

Employer means the Company, the Affiliates listed on Attachment A and any other Affiliate that adopts the Plan with the approval of the Company. 

		
	2.11
	Enrollment Process

Enrollment Process means the process established by the Plan Administrator for use by a Participant in electing to participate in the Plan for a Plan Year pursuant to Section 3.2, with such process requiring the Participant to specify the type and amount to be deferred and duration of that deferral.   

		
	2.12
	ERISA

ERISA means the Employee Retirement Income Security Act of 1974, as amended or as it may be amended from time to time.  A reference to a particular Section of ERISA shall also include the regulations promulgated under such Section.

- 3 -
GLG-676432.6

		
	2.13
	401(k) Savings Plan

401(k) Savings Plan means the Voya 401(k) Savings Plan, as in effect from time to time.

		
	2.14
	Grandfathered Plan

Grandfathered Plan means the ING Americas Deferred Compensation Savings Plan, as in effect on December 31, 2004.

		
	2.15
	Investment Fund or Investment Funds

Investment Fund or Investment Funds means any fund or funds designated by the Plan Administrator as investment benchmark options available to the Participants in the Plan for purposes of determining the hypothetical investment gains or losses credited to Participant Accounts.  The Plan Administrator shall have the sole and absolute discretion to establish and terminate Investment Funds at any time as it may deem appropriate or necessary. 

		
	2.16
	Participant

Participant means an Employee who has satisfied the participation requirements described in Section 3.2.

		
	2.17
	Plan

Plan means the Voya Deferred Compensation Savings Plan, as amended and restated effective January 1, 2020, as it may be amended from time to time.

		
	2.18
	Plan Administrator

Plan Administrator means the Company or its delegate that is responsible for the administration and operation of the Plan.

		
	2.19
	Plan Year

Plan Year means the calendar year.

		
	2.20
	Restoration Match Contribution

Restoration Match Contribution means the amount the Company contributes to the Plan which equals the product of (i) and (ii), where (i) is the percentage limit on “compensation” for purposes of the “matching contribution” under Section 4.4 of the 401(k) Savings Plan, and (ii) is the amount a Participant defers to the Plan under Sections 4.1(a), (b), or (c). 

- 4 -
GLG-676432.6

		
	2.21
	Salary

Salary means the Employee’s regular base salary from the Employer, exclusive of any Variable Compensation, and determined before reduction for amounts deferred pursuant to a nonqualified deferred compensation plan, including but not limited to the Plan, and before reduction for any contributions made on the Participant’s behalf under a plan maintained by the Company or an Affiliate under Code Sections 125, 132(f) or 401(k). 

		
	2.22
	Specified Employee

Specified Employee means those key employees (as that term is defined in Code Section 416(i)(1)) identified pursuant to the procedures established by the Company, which shall be based on Compensation determined as of December 31 of each calendar year and determined and documented no later than March 31 of the immediately following calendar year.

		
	2.23
	Spillover Match Contribution

Spillover Match Contribution means the amount the Company contributes to the Plan pursuant to Section 4.2(b), or such other amount as determined by the Company.

		
	2.24
	Termination of Employment

Termination of Employment means the date a Participant has a termination of employment.  For these purposes, a termination of employment shall be deemed to occur if the level of bona fide services the Participant is reasonably anticipated to perform is permanently decreased to no more than 20% of the level of services provided over the immediately preceding 36-month period (or the full period of service the Participant provided to his or her Employer), with such 36-month period beginning on the date immediately preceding the date on which such change in the level of services occurs.  For purposes of determining whether a termination of employment has occurred, services provided as an independent contractor shall be considered services as an employee, as shall any service to any Affiliate.  For the avoidance of doubt, a Participant shall not be considered to have incurred a Termination of Employment unless such Termination of Employment constitutes a “separation from service” as that term is defined in Code Section 409A. 

		
	2.25
	Valuation Date

Valuation Date means each day on which the New York Stock Exchange is open for business.

		
	2.26
	Variable Compensation

Variable Compensation means any short-term incentive plan award (including but not limited to incentive compensation, commission-based compensation and/or bonus but 

- 5 -
GLG-676432.6

excluding sign-on bonuses, expense reimbursements or any similar type payments made by the Employer) payable to a Participant on account of services performed by the Participant.  

		
	2.27
	Years of Service

Years of Service means a Participant’s years of employment with the Company or an Affiliate measured from his or her hire date and anniversaries of that date. 

ARTICLE 3.
ELIGIBILITY AND PARTICIPATION

		
	3.1
	Eligibility

An Employee shall be eligible to participate in the Plan for a Plan Year if he or she:

		
	a.
	has annual Salary equal to or greater than the applicable Compensation Threshold for the Plan Year, as indicated on the Employer’s payroll records as of the first day of May of the preceding Plan Year; or  

		
	b.
	participates in a commission compensation plan and the sum of his or her actual Salary plus actual commission earnings are equal to or greater than the applicable Compensation Threshold for the Plan Year, as indicated in the payroll records of the Employer during the 12-month period beginning on May 1 and ending on the following April 30 immediately preceding the Plan Year; or

		
	c.
	is hired during a Plan Year with an annual Salary equal to or greater than the applicable Compensation Threshold for the Plan Year, as indicated on the Employer’s payroll records, provided that such an Employee shall not become eligible to participate in the Plan until the first day of the month following the month in which the Employee is hired. 

Eligibility for participation in the Plan does not guarantee actual participation.  Notwithstanding the foregoing, the Company may establish eligibility criteria that takes into account compensation payable by an Affiliate for an Employee who is assigned by an Employer to an Affiliate located outside of the U.S.

		
	3.2
	Participation

		
	a.
	Election to Participate in the Plan.  An eligible Employee may elect, in the manner and using the Enrollment Process established by the Plan Administrator, to participate in the Plan for a Plan Year by properly completing the Enrollment Process.  The Enrollment Process is an on-line process which requires the eligible 

- 6 -
GLG-676432.6

Employee to make certain elections and to complete certain forms maintained electronically.  To commence participation, an eligible Employee must timely complete the Enrollment Process and provide and/or return any other documents required by the Plan Administrator for participation.  To be timely, a Participant must complete the Enrollment Process no later than the enrollment period cutoff date established by the Plan Administrator, which cutoff date with respect to a Plan Year cannot be later than December 31 of the immediately preceding Plan Year with respect to participation in the immediately following Plan Year.  Notwithstanding the foregoing: (A) with respect to deferrals of amounts earned in a Plan Year which constitute “performance-based compensation” under Code Section 409A, the cutoff date cannot be later than June 30 of such Plan Year, provided that the Employee has performed services continuously from the date the respective performance criteria for such amounts are established through the date the Employee completes the Enrollment Process; and (B) for an Employee who is a new hire during a Plan Year, the cutoff date cannot be later than 30 days after the first date such Employee becomes eligible to participate in the Plan under Section 3.1(c), provided that any such Employee’s election shall apply only with respect to compensation for services performed subsequent to such election.  After the end of the applicable enrollment period, an election to participate may not be changed or revoked, although the timing and form of distribution may be changed in accordance with the provisions of Section 4.4.  For clarification purposes only, sales-based commission compensation is treated as earned in the Plan Year in which the customer remits the payment to which the sales-based commission compensation relates, and investment commission compensation is treated as earned over the 12 months preceding the date as of which the overall value of the assets or asset accounts is determined for purposes of calculating such commission.  The cutoff date for a Participant’s election to defer a portion of such commission compensation cannot be later than December 31 of the Plan Year immediately preceding the Plan Year in which commission compensation is earned.

		
	b.
	 Changes in Elections to Participate in the Plan.  Notwithstanding anything herein to the contrary, the Plan Administrator may provide for changes in elections to participate, and amounts to be deferred to the Plan, that are in addition to the annual Enrollment Process, provided such ability to change elections is made available to all eligible Employees and such election changes comply with all provisions of the Code, including but not limited to, Code Section 409A.  To be effective, an eligible Employee must complete the process of changing an election to participate or deferral amount within the time period established for such election changes.

		
	c.
	Commencement of Participation.  Participation for a Plan Year shall commence as of the first day of the Plan Year to which the Enrollment Process applies, or in the case of a new hire during the Plan Year, as soon as practicable after he or she completes the Enrollment Process for such Plan Year.    

- 7 -
GLG-676432.6

		
	d.
	Duration of Participation.  A Participant must elect to participate in the Plan annually; provided, however, the Plan Administrator may establish rules that permit an election under Sections 3.2(a), 3.2(b) and 3.2(c) to remain in effect for subsequent Plan Years.  In the absence of any such rules, an election to participate for a Plan Year shall not apply with respect to any subsequent Plan Year.  An eligible Employee who elects not to participate in the Plan for a Plan Year will not be enrolled in any subsequent Plan Year unless he or she affirmatively elects participation for such subsequent Plan Year in accordance with Section 3.2(a).  A Participant who fails to meet the eligibility requirements under Section 3.1 for a Plan Year shall not be eligible to defer compensation under the Plan for such Plan Year.  A Participant who transfers to an Affiliate who has not adopted the Plan shall not be eligible to defer compensation under the Plan for any future Plan Year during which he or she is not employed by an Employer.  For the avoidance of doubt, a Participant’s failure to meet the eligibility requirements of Section 3.1 during a Plan Year shall not result in the cancellation of such Participant’s irrevocable deferral election in effect for such Plan Year.  A Participant who is not eligible to defer compensation under the Plan for a Plan Year shall retain all the rights described under the Plan, except the right to have additional deferrals or matching contributions credited to his or her Account as provided for in Section 4.1.  

ARTICLE 4.
DEFERRALS AND COMPANY MATCH
		
	4.1
	Amount of Deferral

For each Plan Year, in accordance with rules established by the Plan Administrator, a Participant may elect to defer (in whole percentages):

		
	a.
	Salary Deferrals.  Up to 50 percent (50%) or a specified dollar amount (in whole dollars that does not exceed 50 percent (50%) of Salary) of the Salary that would otherwise be payable to the Participant during the Plan Year;

		
	b.
	Commission Compensation.  A Participant may defer up to 50% of his or her commission compensation earned by the Participant in the Plan Year; and/or 

		
	c.
	Short-Term Variable Compensation.  Up to 100 percent (100%) in whole percentages of the Variable Compensation consisting of short-term incentive payments, excluding commission payments (which deferral shall be limited as specified in Section 4.1(b)); and/or 

		
	d.
	Spillover Deferrals.  An amount between 1 percent (1%) and 20 percent (20%) in whole percentages of Compensation.  Spillover deferrals will commence upon a 

- 8 -
GLG-676432.6

Participant reaching the maximum deferral amount under Code Section 402(g) (as increased for cost of living) or having reached the compensation limit under Code Section 401(a)(17) (as adjusted for cost of living) in the 401(k) Savings Plan, such that the Participant is no longer permitted to make deferral contributions to the 401(k) Savings Plan.  For this purpose, catch-up and rollover contributions made by the Participant to the 401(k) Savings Plan are not taken into account.  For the avoidance of doubt, the amount of a spillover deferral for any pay period shall be determined without regard to a reduction to the Participant’s Compensation for such pay period as a result of deferrals made under this Section 4.1(d).

Each deferral made under this Section 4.1 shall be credited to the Participant’s Account as soon as administratively practicable after the date on which the amount deferred would have been paid to the Participant.  

		
	4.2
	Restoration Match Contribution and Spillover Match Contribution 

		
	a.
	Restoration Match Contribution.  For each Plan Year, each Participant who has elected deferrals pursuant to Sections 4.1(a), (b) and (c) shall have credited to his or her Account a Restoration Match Contribution.  

		
	b.
	Spillover Match Contribution.  For each Plan Year, each Participant who has elected deferrals pursuant to Section 4.1(d) shall have credited to his or her Account a Spillover Match Contribution in the amount, if any, that would have been credited to the Participant’s matching account under the 401(k) Savings Plan as if (i) the Plan Section 4.1(d) deferrals had been credited to the 401(k) Savings Plan instead, (ii) “compensation” as defined in the 401(k) Savings Plan included deferrals pursuant to Section 4.1(d), and (iii) the limitation on compensation under Code Section 401(a)(17) and the limit on contributions under Code Section 402(g) (each as in effect for the Plan Year) were not applicable.  For the avoidance of doubt, the amount of a Spillover Match Contribution for any pay period shall not exceed the amount, if any, equal to the difference between: (A) the product of the percentage limit on “compensation” for purposes of the “matching contribution” under Section 4.4 of the 401(k) Savings Plan, times the Participant’s Compensation for such pay period; minus (B) the “matching contribution” actually contributed to the 401(k) Savings Plan for such pay period.

		
	c.
	Credit to Accounts.  Restoration Match Contributions and Spillover Match Contributions shall be credited to the Participant’s Account as soon as administratively practicable after the date on which the contributions under Sections 4.1(a), (b), (c) and (d) have been credited to the Participant’s Account.

		
	d.
	Annual Match Limit.  Notwithstanding anything in this Plan to the contrary, the Restoration Match Contributions and Spillover Match Contributions credited to a Participant’s Account in a Plan Year shall not exceed the amount which equals the product of (i) and (ii), where (i) is the percentage limit on “compensation” for 

- 9 -
GLG-676432.6

purposes of the “matching contribution” under Section 4.4 of the 401(k) Savings Plan, and (ii) is the amount equal to two (2) times the Code Section 401(a)(17) limit in effect for the Plan Year. 

		
	4.3
	Vesting

A Participant shall, at all times, be one hundred percent (100%) vested in his or her Account.

		
	4.4
	Length of Deferral Period

		
	a.
	General Rule.  Except as provided in Subsection 4.4(b) and Section 6.1 below, payment of a Participant’s Account shall begin as soon as administratively practicable (on a regularly scheduled payroll date of the Company) following the Participant’s Termination of Employment.  Payment shall be made in the form elected by the Participant under Section 4.5; but in no event later than sixty (60) days from the date payment is required to be made.  Consent of the Participant to such payment shall not be required.

		
	b.
	In-Service Distribution Election.  At the time a Participant completes the Enrollment Process,  he or she  may specify a deferral period that will end as of a specified date that is at least two (2) years after the date on which the deferral election takes effect, but may not be later than the date on which the Participant attains age 65.  If the Participant makes an election under this Section 4.4(b), the portion of the balance allocated to the Participant’s Account as a result of the deferral election with respect to which the Participant elected an in-service distribution date shall be distributed to the Participant on this stated distribution date, provided such Participant has not incurred a Termination of Employment prior to such elected distribution date.  Notwithstanding the foregoing provisions of this Section 4.4(b), a Participant’s Account shall be distributed to him or her on his or her Termination of Employment if such date occurs prior to the in-service distribution date elected by the Participant or as subsequently changed pursuant to Subsection 4.4(c).  A Participant may elect a different distribution date for each Plan Year.  

		
	c.
	Revised Distribution Election.  A Participant may elect to change a deferral period previously elected under Subsection 4.4(b) above and subject to Code Section 409A, by filing with the Plan Administrator, or a person designated by the Plan Administrator to accept such election, the form provided for this purpose by the Plan Administrator (which may be an electronic form), with such form specifying the revised deferral period which must be no less than five (5) calendar years from the distribution date as most recently in effect.  This election to change the deferral period must be made no later than at least one year and one day before the original payment date in his or her Distribution Election, or if applicable, the Participant’s revised Distribution Election, and to be effective, the 

- 10 -
GLG-676432.6

Participant must be employed by the Company or an Affiliate on the revised payment date.  If an election for a revised payment date is ineffective for any reason, the Participant’s most recent Distribution Election that was timely made and was effective shall govern the distribution.  A Participant shall not be permitted to accelerate his or her time of distribution under this Section 4.5.   

		
	4.5
	Form of Payment

		
	a.
	Distribution Election.  At the time a Participant elects to participate in the Plan, he or she shall elect the form in which his or her Account shall be distributed at Termination of Employment or at the date specified for an in-service distribution.  The Participant may elect either:

		
	(1)
	a lump sum payment, payable as soon as administratively practicable on a Company regularly scheduled payroll date following the applicable distribution date under Section 4.4; or

		
	(2)
	monthly or annual installments over a period of 5 or 10 years, as elected by the Participant, commencing as soon as administratively practicable on a Company regularly scheduled payroll date following the applicable distribution date under Section 4.4.

The form of payment is subject to the provisions of Section 6.1.  If a Participant fails to make an election or his or her election is for any reason invalid or ineffective, and he or she does not have a prior valid election under the Plan, his or her Account shall be distributed in a lump sum cash payment.

		
	b.
	No Acceleration of Payment.  A Participant shall not be permitted to accelerate his or her distribution under this Section 4.5; provided, however, that if the Plan Administrator so determines, in its sole and absolute discretion, that such acceleration is permitted under Code Section 409A, then such acceleration shall be permitted.

		
	4.6
	No Revocation of Deferral Election

After the end of the later of (a) the annual enrollment period, or (b) for a new hire, the date a newly hired Employee timely elects to participate in the Plan, a Participant may not increase, decrease, or terminate his or her Deferral Election for that Plan Year.  Notwithstanding anything herein to the contrary, the Plan Administrator may provide for changes in deferral elections, provided such ability to change deferral elections is made available to all eligible Employees and such election changes comply with all provisions of the Code, including but not limited to, Code Section 409A.  By way of example only, the Plan Administrator may provide for eligible Employees to change the amount of Salary to be deferred in a Plan Year provided such election is made available to all 

- 11 -
GLG-676432.6

eligible Employees with the election period ending no later than December 31 of the Plan Year immediate preceding the Plan Year in which the Salary is to be deferred.

ARTICLE 5.
PARTICIPANT ACCOUNTS
		
	5.1
	Investment Elections

		
	a.
	Deemed Investment of Accounts.  The Plan Administrator may from time to time select a fixed interest rate that shall be credited to Participants’ Accounts or Investment Funds that shall serve as hypothetical investment options for an Account.  The Plan Administrator may establish limits on the portion of an Account that may be hypothetically invested in any Investment Fund or in any combination of Investment Funds.  To the extent the Plan Administrator permits Participants to select from Investment Funds, each Participant may elect to deem amounts credited to his or her Account to be invested in any one or more of the Investment Funds in 1 percent (1%) increments, as specified by the Participant.  A Participant shall make this election at a time, and in a manner, specified by the Plan Administrator.  There is no requirement that the Company or Plan Administrator actually invest funds in any Investment Fund or other investment.  In the event the Company determines, in its sole and absolute discretion, to invest funds in one or more investments in connection with the Plan, the assets shall remain the sole property of the Company.

		
	b.
	Changes of Deemed Investment Funds.  To the extent the Plan Administrator permits Participants to select among Investment Funds, each Participant may elect, no more frequently than each calendar quarter (or such other time period as established by the Plan Administrator), to change the amounts deemed invested in any Investment Fund to any one or more of the other Investment Funds in 1 percent (1%) increments, or in whole dollar increments, at any time by giving notice of such transfer to the Plan Administrator (or its designee) at a time, and in a manner, specified by the Plan Administrator.  This transfer shall be effective as soon as administratively feasible following the end of the quarter in which the transfer election is properly made by the Participant.

		
	c.
	Deemed Investment In Voya Stock.  Notwithstanding anything in this Section 5.1 to the contrary, the following rules apply to hypothetical investments in Voya Stock.  A Participant’s Accounts may be hypothetically invested in Voya Stock or in other investment options, as directed by the Participant, provided, however, that a Participant’s hypothetical investments may not exceed the limitations described herein.  A Participant may elect to direct the hypothetical investment of no more than twenty percent (20%) of the value of each Plan credit to such Participant’s Account in Voya Stock.  Further, a Participant may not direct hypothetical investment transfers into the Voya Stock fund if, as a result of such hypothetical 

- 12 -
GLG-676432.6

investment transfer, more than twenty percent (20%) of the value of the Participant’s Account would be deemed to be invested in the Voya Stock fund.  Changes in investment performance that result in the value of the Participant's deemed investment in the Voya Stock fund exceeding twenty percent (20%) of the value of such Participant’s Account shall not be deemed to exceed Voya Stock investment limitations as described herein.

For purposes of this Plan, “Voya Stock” means shares of the common stock of Voya Financial, Inc., a Delaware corporation, and any successor thereof. 

		
	d.
	Deemed Investment In ING Groep Stock.  Notwithstanding anything in this Section 5.1 to the contrary, as of September 6, 2014, no additional hypothetical investments in ING Groep Stock may be made under the Plan, either through hypothetical investment transfers or from hypothetical new Plan credits.  Hypothetical investments in ING Groep Stock fund made prior to September 6, 2014, shall be grandfathered.  From September 1, 2013 to September 5, 2014, the following rules applied to the hypothetical investments in ING Groep Stock fund.  A Participant could elect to direct the hypothetical investment of no more than twenty percent (20%) of the value of each Plan credit to such Participant's Account in the ING Groep Stock fund.  Further, a Participant could not direct hypothetical investment transfers into the ING Groep Stock fund if, as a result of such hypothetical investment transfer, more than twenty percent (20%) of the value of the Participant's Account would be deemed to be invested in the ING Groep Stock fund.  Hypothetical investment of a Participant's Account in the ING Groep Stock fund in excess of twenty percent (20%) of the value of a Participant’s Account, with respect to deemed investments made on or prior to September 30, 2013, were grandfathered.  Changes in investment performance that result in the value of the Participant’s deemed investment in the ING Groep Stock fund exceeding twenty percent (20%) of the value of such Participant’s Account shall not be deemed to exceed the investment limitations as described herein.

For purposes of this Plan, “ING Groep Stock” means American Depository Shares of ING Groep N.V., a Netherlands corporation, and any successor thereof, each of which represents one ordinary share of common stock.

		
	5.2
	Valuation of Participant Accounts

As of each Valuation Date, the Plan Administrator (or its designee) shall value all Accounts under the Plan, and allocate gains and losses among the Accounts, and process additions and withdrawals to and from the Accounts, in the following manner:

		
	a.
	Accounting for Deemed Investment Gains or Losses.  The Plan Administrator (or its designee) shall first credit the Account with the deemed fixed interest rate selected by the Plan Administrator for such Plan Year.  If the Plan Administrator has permitted the Participants to select from Investment Funds, each Account 

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GLG-676432.6

shall be adjusted each Valuation Date by applying the closing market price of the Investment Funds on the current Valuation Date to the share/unit balance of the Investment Funds as of the close of business on the current Valuation Date.

		
	b.
	Accounting for Contributions and Distributions.  The Plan Administrator (or its designee) shall then account for any contributions or distributions made to or from the Account.

ARTICLE 6.
PAYMENT OF ACCOUNTS
		
	6.1
	Payments to a Participant

		
	a.
	General Rule.  Except as otherwise provided in Subsection 6.1(c) and Section 6.4, the Participant’s Account shall be distributed in the form and at the time elected by the Participant under Article 4.

		
	b.
	Cash Payments Only.  All Plan payments shall be made exclusively in cash; no in-kind distributions shall be permitted. 

		
	c.
	Exception.  Regardless of any election made under Article 4, and without requiring Participant consent:

		
	(1)
	if a Participant has fewer than five (5) Years of Service at the time the Participant incurs a Termination of Employment, or the value of a Participant’s Account is less than $50,000, the Participant’s Account shall be paid to him or her in a single lump sum distribution as soon as practicable, but in no event more than 60 days, following the Participant’s Termination of Employment date; or

		
	(2)
	if a Participant has at least five (5) Years of Service at the time the Participant incurs a Termination of Employment, and the value of the Participant’s Account is equal to or greater than $50,000, his or her Account shall be paid in accordance with his or her current and effective Distribution Election, with such payment being made no later than 60 days following the distribution date.

Notwithstanding the foregoing, with respect to any election made under Article 4 prior to May 29, 2018 by a Participant who (i) had at least five (5) Years of Service but less than ten (10) Years of Service at the time such election became effective, (ii) has fewer than ten (10) Years of Service at the time the Participant incurs a Termination of Employment, and (iii) the value of the Participant’s Account is equal to or greater than $50,000, the portion of his or her Account attributable to such election shall be paid as soon as practicable, but in no event 

- 14 -
GLG-676432.6

more than 60 days following the Participant’s Termination of Employment date, in the form previously elected by the Participant, over a period not to exceed five (5) years.

		
	d.
	Transfer to a Non-Participating Affiliate or to Independent Contractor or Career Agent Status.  In the event a Participant leaves the employment of a participating Employer, and becomes employed by an Affiliate that has not adopted the Plan, or changes from Employee to Independent Contractor or Career Agent status, such Participant shall not be considered to have incurred a Termination of Employment unless such transfer or change in status constitutes a “separation from service” as that term is defined in Code Section 409A. 

		
	6.2
	Payments to a Beneficiary

If a Participant dies before his or her Account has been completely distributed to him or her, the remaining balance shall be distributed to the Participant’s Beneficiary in a single lump sum cash payment as soon as administratively practicable following the date of the Participant’s death, but in no event later than the last day of the Plan Year commencing after the Plan Year in which the Participant’s death occurs.  The lump sum payment shall include the pro rata interest or earnings amount which has accrued since the last Valuation Date.

		
	6.3
	Financial Hardship Withdrawal

		
	a.
	Financial Hardship.  Generally, a Participant may not receive a distribution from the Plan prior to the applicable distribution date under Section 4.5.  However, the Plan Administrator may, in its sole and absolute discretion, allow a Participant to withdraw all or part of his or her Account in the event of an unforeseen financial hardship, as defined in Section 6.3(b).  The amount withdrawn may not exceed the amount needed to satisfy the financial hardship, including all applicable income taxes payable on such amount.  A Participant must exhaust all other potential sources of funds to the extent required by Code Section 409A.

		
	b.
	Definition of Financial Hardship.  For purposes of the Plan, a “financial hardship” is an unforeseeable financial emergency resulting from a sudden and unexpected illness of the Participant, his or her spouse or dependent (as defined in Code Section 152(a)), loss of the Participant’s or his or her beneficiary’s property due to a casualty, or other similar circumstances arising from events that are beyond the Participant’s control, as determined in the sole discretion of the Plan Administrator, taking into account the requirements of Code Section 409A.  In applying the provisions of this Section 6.3, there is no requirement that the Plan Administrator treat all Participants equally or that a hardship distribution be approved by the Plan Administrator.

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GLG-676432.6

		
	6.4
	Payments to Specified Employees

Notwithstanding any provision in this Plan to the contrary, payments to a Specified Employee upon a Termination of Employment shall not be made until the expiration of six (6) calendar months from the date of his or her Termination of Employment date (or, if earlier, the date of his or her death), and the value of such Participant’s Account shall be adjusted to reflect investment earnings during this period.  Payments that would otherwise be made or commence during this period of delay shall be paid or commence on the first day of the seventh month following the Participant’s Termination of Employment (or, if earlier, the date of the Participant’s death).

ARTICLE 7.
ADMINISTRATION
		
	7.1
	Administration

The Plan shall be administered by the Plan Administrator.  The Plan Administrator shall have all powers necessary or appropriate to carry out the provisions of the Plan.  It may, from time to time, establish rules and procedures for the administration of the Plan and the transaction of the Plan’s business.  The Plan Administrator shall have the exclusive authority and discretion to make any finding of fact necessary or appropriate for any purpose under the Plan including, but not limited to, the determination of eligibility for and amount of any benefit.  The Plan Administrator or anyone duly appointed by the Plan Administrator, shall have the exclusive right to interpret the terms and provisions of the Plan and to determine any and all questions arising under the Plan or in connection with its administration, including, without limitation, the right to remedy or resolve possible ambiguities, inconsistencies, or omissions by general rule or particular decision, all in its sole and absolute discretion.  All findings of fact, determinations, interpretations, and decisions of the Plan Administrator shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan, and shall be given the maximum possible deference allowed by law.  The Plan Administrator may provide for the use of electronic means for transmittal of information, transmission of elections and similar purposes and an electronic signature shall be considered a “wet” signature for all purposes of the Plan.

		
	7.2
	Appeal from a Claim Denial

If any claim for benefits under the Plan is wholly or partially denied, the claimant shall be given written notice of the denial.  This notice shall be furnished in writing or electronically, within a reasonable period of time after receipt of the claim for benefits by the Plan Administrator.  This period shall not exceed 90 days after receipt of the claim, except that if special circumstances require an extension of time, written notice of the extension (which shall not exceed 90 days) shall be furnished to the claimant.

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GLG-676432.6

This notice shall be written in a manner calculated to be understood by the claimant and shall set forth the following information:

		
	a.
	the specific reasons for the denial;

		
	b.
	specific reference to the Plan provisions on which the denial is based;

		
	c.
	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why this material or information is necessary;

		
	d.
	an explanation that a full and fair review by the Plan Administrator of the decision denying the claim may be requested by the claimant or an authorized representative by filing with the Plan Administrator, within 60 days after the notice has been received, a written request for the review;

		
	e.
	an explanation that if an appeal is requested, the claimant or an authorized representative may review pertinent documents and submit issues and comments in writing within the same 60-day period specified in subsection (d);

		
	f.
	statement of the claimant’s right to bring suit under ERISA; and 

		
	g.
	such other information as may be required under ERISA.

The decision of the Plan Administrator upon review shall be made promptly and not later than 60 days after the Plan Administrator’s receipt of the request for review, unless special circumstances require an extension of time for processing.  In this case the claimant shall be so notified, and a decision shall be rendered as soon as possible, but not later than 120 days after receipt of the request for review.  If the claim is denied, wholly or in part, the claimant shall be given a copy of the decision promptly.  The decision shall be communicated in writing or electronically, shall include specific reasons for the denial, shall include specific references to the pertinent Plan provisions on which the denial is based, a statement that the claimant is entitled to receive pertinent documents and information, a statement that the claimant may bring suit under ERISA, and such other information as may be required under ERISA.  The decision shall be written in a manner calculated to be understood by the claimant.  The Participant or his delegate shall not institute any legal proceedings until he or she has exhausted his or her administrative appeal rights under the Plan.  Suit must be brought within one calendar year of the date of the written decision of the Plan Administrator or the Participant shall be deemed to waive his or her right to bring suit under ERISA.

		
	7.3
	Tax Withholding

The amount deferred by a Participant under Article 4 shall not be subject to applicable Federal, State or local income taxes, but shall be subject to applicable FICA taxes, to the 

- 17 -
GLG-676432.6

extent permitted by applicable Federal, State or local law.  All payments made from the Plan shall be subject to applicable Federal, State, local and/or foreign income tax withholding, or if applicable, to an amount reasonably determined by the Plan Administrator, the Company or the Employer, as the case may be, to be necessary to cover any Federal, State, local and/or foreign income taxes for which such Participant may be liable and/or that may be assessed with regard to the Plan payment.  

		
	7.4
	Expenses

All expenses incurred in the administration of the Plan shall be paid by the Company.

		
	7.5
	Account Corrections

If an error or omission is discovered in the crediting of contributions to or otherwise in connection with any Account, an appropriate adjustment or correction shall be made to such Account, as determined by the Plan Administrator in its sole and absolute discretion, such that the error or omission is corrected.  Such correction may be prospective or retroactive and no Participant consent shall be required with respect to any such correction made by the Plan Administrator.

ARTICLE 8.
ADOPTION OF THE PLAN BY AN AFFILIATE; 
AMENDMENT AND TERMINATION OF THE PLAN
		
	8.1
	Adoption of the Plan by an Affiliate

An Affiliate may adopt the Plan by appropriate action of its board of directors or authorized officers or representatives, subject to the approval of the Company’s board of directors or its delegate.  A list of participating Employers is attached as Attachment A. 

		
	8.2
	Amendment and Termination

The Company hereby reserves the right to amend, modify, or terminate the Plan at any time, and for any reason or no reason, by appropriate action of its board of directors or its delegate.  No amendment or termination shall adversely affect benefits accrued prior to the date of the amendment or termination without the prior written consent of the affected Participant.  Notwithstanding anything herein to the contrary, on termination of the Plan, subject to the provisions of Code Section 409A, the Company in its sole and absolute discretion shall determine if distributions of Accounts shall be made and the form of such payments and no Participant consent shall be required with respect to such distribution.

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GLG-676432.6

ARTICLE 9.
MISCELLANEOUS PROVISIONS
		
	9.1
	No Contract of Employment

Nothing contained in the Plan shall be construed to give any Participant the right to be retained in the service of an Employer or Affiliate or to interfere with the right of an Employer or Affiliate to discharge a Participant at any time.  A Participant shall, at all times, remain an “at will” employee of the Employer.

		
	9.2
	Financing

The benefits under the Plan shall be paid solely out of the general assets of the Company, except to the extent they are paid by the Employer employing the Participant.  There is no requirement, expressed or implied, that the Company or an Employer set aside any funds to meet benefit payment obligations associated with the Plan.  To the extent any such funds are set aside, they shall, at all times, remain the exclusive property of the Company or the Employer, as the case may be. 

		
	9.3
	Unsecured Interest

No Participant shall have any interest whatsoever in any specific asset of the Company, his or her Employer or an Affiliate.  To the extent that any person acquires a right to receive payments under this Plan, this right shall be no greater than the right of any unsecured general creditor of the Company or the Participant’s Employer, as the case may be.

		
	9.4
	Nontransferability

In no event shall the Company or an Employer make any payments under the Plan to any assignee or creditor of a Participant or Beneficiary.  Prior to the time of payment hereunder, no Participant or Beneficiary shall have any right by way of anticipation or otherwise to assign or otherwise dispose of any interest under the Plan, and any attempt to do so shall be null and void and of no effect.  Notwithstanding the foregoing, amounts payable by the Plan may be used to offset amounts owed to the Company or an Employer by the Participant in accordance with Code Section 409A.  Consent of the Participant or Beneficiary is not required before the Company or an Employer recovers amounts payable to it under this Section 9.4. 

Notwithstanding anything in this Section 9.4 to the contrary and to the extent administratively practicable as determined by the Plan Administrator, the Plan will comply with any court order purporting to divide the benefits payable under this Plan pursuant to a state’s domestic relations laws to the extent permitted by Code Section 409A.

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GLG-676432.6

		
	9.5
	Severability

If any provision of the Plan shall be held illegal or invalid, the illegality or invalidity shall not affect its remaining parts.  The Plan shall be construed and enforced as if it did not contain the illegal or invalid provision.

		
	9.6
	Compliance with Code Section 409A

The Plan is intended to comply with the provisions of Code Section 409A, but in no event does the Company guarantee such compliance.  The Plan Administrator has the discretion to interpret and administer the Plan in such a way as to ensure compliance with Code Section 409A irrespective of any election or direction provided by a Participant.  

		
	9.7
	Applicable Law

Except to the extent preempted by applicable federal law, the Plan shall be governed by and construed in accordance with the laws of the State of Georgia.

		
	9.8
	Lost Distributees

Any benefit payable under the Plan shall be forfeited if the distributee to whom payment is due cannot be located; provided, however, that such benefit shall be paid if a claim is made by the distributee within two (2) years of the date the benefit first became payable and before the Plan is terminated.  Any claim made after the expiration of the two (2) year period or after the Plan is terminated and final distributions made, shall be forfeited.
		
	9.9
	Historical Plan Provisions

Certain historical Plan provisions are included in Attachment B for reference purposes.

**********

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GLG-676432.6

IN WITNESS WHEREOF, Voya Services Company has caused this instrument to be executed by its duly authorized officer effective as of the date specified above.

VOYA SERVICES COMPANY

By:  /s/ Howard Greene            
Howard Greene
		
	Title:  
	Senior Vice President of Compensation, Benefits, Human Resources Operations and Employee Relations

Date:      11/25         , 2019

By:  /s/ Kim Shattuck                
Kim Shattuck
Title:      Vice President, Employee Benefits
Date:      11/26        , 2019    

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GLG-676432.6

ATTACHMENT A
LIST OF PARTICIPATING EMPLOYERS
FROM JANUARY 1, 2005 FORWARD
	
			
	 
	 
	 

	PARTICIPATING EMPLOYER
	 
	DATES OF PARTICIPATION

	Voya Financial Advisors, Inc. (formerly known as Washington Square Securities, Inc. and ING Financial Partners, Inc.)

	 
	January 1, 2005 to present

	Voya Institutional Plan Services, LLC (formerly known as CitiStreet LLC and as ING Institutional Plan Services, LLC)

	 
	January 1, 2005 to present

	Voya Investment Management LLC (formerly known as ING Investment Management LLC)

	 
	January 1, 2005 to present

	Voya Retirement Insurance and Annuity Company (formerly known as Aetna Life Insurance and Annuity Company and as ING Life Insurance and Annuity Company)

	 
	January 1, 2005 to present

	Voya Institutional Trust Company (formerly known as ING National Trust)

	 
	January 1, 2005 to present

	Voya Services Company (formerly known as ING North America Insurance Corporation)

	 
	January 1, 2005 to present

	ReliaStar Life Insurance Company

	 
	January 1, 2005 to present

	ReliaStar Life Insurance Company of New York

	 
	January 1, 2005 to present

	Security Life of Denver Insurance Company
	 
	January 1, 2005 to present

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GLG-676432.6

ATTACHMENT B
HISTORICAL PLAN PROVISIONS

The following provisions are included for historical reference purposes, and all cross-references and capitalized terms not otherwise defined in this Attachment B shall refer to, and have the same meanings as, respectively, the sections and defined terms used in the Plan in effect on January 1, 2020.

		
	1.
	Special Additional Spillover Match Contribution effective for the Plan Year beginning January 1, 2010.  Notwithstanding the provisions of Section 4.2(b), effective for the Plan Year beginning January 1, 2010, with respect to any Participant who, based on (i) the Participant’s annualized rate of Salary in effect on the date on which the Participant receives payment of a cash bonus under the Company’s Incentive Compensation Plan, (ii) the amount of the cash bonus paid to the Participant under the Company’s Incentive Compensation Plan, and (iii) the Participant’s deferral percentage election in effect under the 401(k) Savings Plan on the date on which the Participant receives payment of a cash bonus under the Company’s Incentive Compensation Plan, would not have earned “compensation” for purposes of the 401(k) Savings Plan at least equal to the amount in effect under Code Section 401(a)(17) for the Plan Year or would not have deferred an amount equal to the limit in effect under Code Section 402(g) if the Participant had remained employed by an Employer throughout the Plan Year, the Employer made an additional Spillover Match Contribution to the Participant’s Account. The amount of this additional Spillover Match Contribution was equal to the additional amount that would have been deferred by the Participant under the 401(k) Savings Plan, subject to the limitations of Code Sections 401(a)(17) and 402(g) if the Participant’s deferral percentage election in effect on the date on which the Participant received payment of a cash bonus under the Company’s Incentive Compensation Plan (or, if less, six percent (6%)) had been applied to that portion of bonus under the Company’s Incentive Compensation Plan that would have been paid to the Participant in cash but, instead, was paid in the form of restricted stock units.

		
	2.
	Special Additional Spillover Match Contribution effective for the Plan Year beginning January 1, 2011. Notwithstanding the provisions of Section 4.2(b), effective for the Plan Year beginning January 1, 2011, with respect to any Participant who, based on (i) the Participant’s annualized rate of Salary in effect on the date on which the Participant receives payment of a cash bonus under the ING Insurance US Long Term Sustainable Performance Plan, (ii) the amount of the cash bonus paid to the Participant under the ING Insurance US Long Term Sustainable Performance Plan, and (iii) the Participant’s deferral percentage election in effect under the 401(k) Savings Plan on the date on which the Participant receives payment of a cash bonus under the ING Insurance US Long Term Sustainable Performance Plan, would not have earned “compensation” for purposes of the 401(k) Savings Plan at least equal to the amount in effect under Code Section 401(a)(17) for the Plan Year or would not have deferred an amount equal to the limit in effect under Code Section 402(g) if the Participant had remained employed by an Employer throughout the Plan Year, the Employer made an additional Spillover Match 

- 23 -
GLG-676432.6

Contribution to the Participant’s Account. The amount of this additional Spillover Match Contribution was equal to the additional amount that would have been deferred by the Participant under the 401(k) Savings Plan, subject to the limitations of Code Sections 401(a)(17) and 402(g) if the Participant’s deferral percentage election in effect on the date on which the Participant received payment of a cash bonus under the ING Insurance US Long Term Sustainable Performance Plan that would have been paid to the Participant in cash but, instead, was paid in the form of Deferred Shares.

		
	3.
	Revised Distribution Election Opportunity.  Notwithstanding anything in the Plan to the contrary, certain Participants were given an opportunity to change their distribution elections for deferrals made in the 2005, 2006 and/or 2007 Plan Years, under the transitional guidance issued by the IRS under Code Section 409A.  Participants made their distribution election changes during a period of time established by the Plan Administrator for this purpose.  All such changes in deferral elections prohibited the acceleration of any payments into the current calendar year and were not subject to the one year and five year requirements provided for in Section 4.4(c).

		
	4.
	Liabilities Assumed by the Venerable Deferred Compensation Savings Plan.  In connection with the Master Transaction Agreement by and among Voya Financial, Inc., VA Capital Company LLC (“Buyer Parent”) and Athene Holding Ltd., dated as of December 20, 2017 (the “MTA”), and Buyer Parent’s obligation under the MTA to establish a deferred compensation plan for the purpose of assuming all liabilities under the Plan for certain employees and former employees of the Company or the Affiliate who ceased to participate in the Plan, effective as of the Closing (as such term is defined in the MTA), the liabilities for these participants’ benefits were assumed by the deferred compensation plan established by the Buyer Parent (to be named the “Venerable Deferred Compensation Savings Plan”).  On and after the Closing, the Company, the Plan, any directors, officers, or employees of the Company, and any successors thereto, shall have no further obligation or liability to any such participant with respect to any benefit, amount, or right due under the Plan.

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GLG-676432.6

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