Document:

EX-10.42

 Exhibit 10.42 
 ING INSURANCE US 
 230 Park Avenue, 13th floor 
 New York, New York 10169 
 Thomas P. Waldron 

EVP, Human Resources and Communications 

April 5, 2011 
 Mr. Alain Karaoglan

 [home address] 
 Dear Alain,

 I am very pleased to extend an offer of employment with ING Insurance US. (herein referred to as the Company*)! The purpose of this letter is
to set forth the provisions of our offer for the position of EVP Finance, Insurance US. In this role you will report directly to Rodney Martin, CEO, Insurance US. Additionally, as soon as practicable, you will be elected to the board of directors of
ING America Insurance Holdings, Inc. (“AIH”). We ask that the provisions set forth below remain confidential and, unless otherwise directed, that any questions you have regarding these provisions be discussed with Rodney Martin or me.

 Start Date: Your start date will be mutually agreed upon, provided, however, that it not be later than April 25, 2011.

 Base Salary: Your annual base salary will be $650,000, payable semi-monthly in accordance with the Company’s regular
payroll practices. You will be scheduled for a performance review at our next common anniversary date of March 2012, and annually thereafter. The Company reserves the right to review and adjust compensation to reflect what is appropriate for each
position and consistent with your performance. 
 Incentive Compensation Plan: You will be eligible to participate in the
Incentive Compensation Plan (ICP). Your target incentive is 100% of your base salary. The ICP is designed to provide individual awards of up to 200% of target depending upon business and individual performance. You will be eligible for a full-year
award (i.e., not prorated) for 2011. ICP awards are typically paid in March of each year. 
 Please note that ING recently implemented an ICP
deferral arrangement, pursuant to which ICP awards above Euro 100,000 are subject to partial deferral. The deferral amounts start at 10% of the total award for ICP awards between Euro 100,000 and Euro 200,000. The deferral percentage increases by 10
percentage points on the incremental amount for each Euro 100,000 above Euro 200,000, up to a maximum of 50 percent for amounts above Euro 500,000. Deferred amounts are converted into ING Group stock and vest ratably over three years, subject to the
terms and conditions of the deferral plan. This deferral scheme is subject to change. 

  

					
		  		  	

 In the event of your termination without Cause, termination for Good Reason, Death or Disability (as defined
in the Transaction Incentive Award section below), you will be eligible for a prorated ICP award. Your “Prorated ICP Award” means your annual ICP target award for the year of your termination prorated based on the number of days you are
employed by the Company as an active employee through the date of your termination divided by 365. Your prorated target award will be adjusted based on actual business and individual performance for the year of your termination as determined by the
Company at the end of the year of your termination. The Company agrees that your prorated award will be adjusted by an amount that is no less than the overall ICP pool funding fevel for the Insurance US business. For these purposes, Funding Level
will be defined as the total Insurance US pool approved divided by the total insurance US pool at target in the year of your termination. 
 The
ICP is a discretionary plan and awards are not guaranteed. The Company reserves the right to modify or discontinue the plan at any time. 

Long-Term Sustainable Performance Plan (LSPP): You will be eligible to participate in the LSPP, which utilizes performance shares that vest
based on performance, with an annual target economic value of 100% of your base salary under the same terms and conditions as similarly situated employees. Grants under this plan are made annually, typically in March. Since we will be past the March
2011 grant when you join ING, ING will make your first grant at the full target amount during the next possible grant date, currently scheduled for September 2011. Your second LSPP grant is expected to be made in early 2012. ING LSPP grants are
reviewed each year and are not guaranteed; therefore, your ongoing participation is at the discretion of the Company. The LSPP is a discretionary plan and the Company reserves the right to modify or discontinue the plan at any time. 

Transaction Incentive Award: You will be eligible to receive a transaction incentive award in the aggregate amount of $2,000,000 (the
“Transaction Incentive Award”), contingent upon successful completion of an IPO or a Sale (as defined below) of the Company, provided that you are still employed with the Company upon completion of such IPO or Sale, as the case may be, at
each applicable payment and settlement date, as described below. The Transaction Incentive Award will be payable at the times and in the forms set forth below, unless applicable law or regulation requires payment in a different form or at a
different time. In no event shall the aggregate Transaction Incentive Award when measured by reference to cash and stock granted, exceed a total of $2,000,000. 
  

	 	•	 	 IPO: Upon completion of an IPO and provided you are still employed by the Company upon the IPO (i.e., listing of the first tranche of the common
stock of the Company or, if applicable, the company whose common stock has been listed in the IPO (the “Listed Company”)), your Transaction Incentive Award will be payable as follows: (a) you will receive a lump sum taxable cash
payment in the amount of $666,667 as soon as practicable following the IPO, but in no event later than 30 business days thereafter; and (b) as soon as practicable following the IPO, you will receive an award of restricted common stock of the
Listed Company in the amount of $1,333,333 (based on the IPO price of the common stock of the 

  

					
		  	-2-	  	

	 	 
Listed Company) (your “RSA”), which shall vest as follows, provided that you are still employed by the Company on the applicable vesting date: 

 

	 	A.	Prior to December 31, 2014. If, following completion of an IPO but before December 31, 2014, the Listed Company completes an additional public offering of
common stock owned by the Group (or the Group otherwise disposes of such common stock), a number of shares underlying the RSA shall vest as of the date of completion of such additional public offering (or disposition) equal to (I) the total
number of shares underlying the original RSA multiplied by (II) the percentage of the Post-IPO Shares sold in such additional public offering (or disposition). The “Post-IPO Shares” are the shares of common stock of the Listed Company held
by the Group immediately after the IPO. For the avoidance of doubt, multiple vesting dates may occur under this paragraph if multiple additional public offerings or other dispositions of Post-IPO Shares occur prior to December 31, 2014.

  

	 	B.	On December 31, 2014. If, as of December 31, 2014, all of the shares underlying the RSA have not vested pursuant to clause (A) above, and the
Group owns less than 50% of the shares of common stock of the Listed Company which it held immediately prior to the IPO (such number of pre-IPO shares, the “Pre-IPO Shares”), an additional number of shares underlying the RSA shall vest as
of that date equal to (I) 50% multiplied by (II) the number of shares underlying the RSA that had not vested pursuant to clause (A) prior to December 31, 2014. If, on the other hand, as of December 31, 2014, the Group continues
to own 50% or more of the Pre-IPO Shares, no additional shares shall vest. Notwithstanding the foregoing, if after application of the preceding provisions of this clause (B) the aggregate number of shares underlying the RSA which have vested
pursuant clause (A) and such provisions of clause (B) is less than the quantity determined by multiplying (i) the number of shares underlying the RSA by (ii) a fraction, the numerator of which is the amount by which the
percentage of the Pre-IPO Shares no longer owned by the Group as of December 31, 2014 exceeds 33.33%, and the denominator of which is 66.67% (such quantity being the “Minimum RSA Shares”), an additional number of shares underlying the
RSA shall vest as of December 31, 2014 so that the total number of shares which have vested is not less than the Minimum RSA Shares. All unvested shares underlying the RSA that have not vested pursuant to this clause (B) or the foregoing
clause (A) by December 31, 2014 shall be forfeited. (Examples of hypothetical calculations are provided in Annex A.) 

 In the event of your termination without Cause, termination for Good Reason, death or Disability (as defined below) following an IPO but prior to a relevant payment or vesting date, any unpaid portion of
the Transaction Incentive Award will immediately vest and be paid, unless applicable law or regulation requires payment in a different form or at a different time. Except as provided in this Agreement, the restricted stock award described above will
be subject to the terms of the equity plan for executive officers of the Listed Company in effect at the time of the IPO and to the terms of your award agreement under it. 

  

					
		  	-3-	  	

	 	•	 	 Sale: Upon completion of a Sale and provided you are still employed by the Company upon such Sale, your Transaction Incentive Award will be
payable as follows: (a) you will receive a lump sum cash payment in the amount of $666,667 upon closing of the Sale; and (b) a lump sum cash payment in the amount of $1,333,333 on the first anniversary of the closing of the Sale, unless
the buyer elects to pay such amount in the form of a full-value equity-based award payable in stock on the first anniversary of the closing of the Sale and provided in either case that you are still employed by the Company as of the first
anniversary of the Sale. A “Sale” shall mean a transaction or series of transactions (none of which is an IPO) whereby (x) the Group no longer owns more than 50% of the voting securities of the Company or (y) all or substantially
all of the assets of the Company are sold. 

 In the event of your termination without Cause, termination for
Good Reason, Death or Disability following a Sale but prior to a relevant payment date, any unpaid portion of the Transaction Incentive Award will immediately vest and be paid within thirty (30) days thereafter, unless applicable law or
regulation requires payment in a different form or at a different time. For purposes of this Agreement, a “Sale” shall mean a transaction or series of transactions (none of which is an IPO) whereby (x) the Group no longer owns more
than 50% of the voting securities of the Company or (y) all or substantially all of the assets of the Company are sold. 

Termination by the Company for Cause (for purposes of the Transaction Incentive Award). 

“Cause” means any of the following: 
  

	 	•	 	 Your willful failure to perform substantially your responsibilities to the Company under this Agreement, after demand for substantial
performance has been given by the Company that specifically identifies how you have not substantially performed your responsibilities. Cause does not, however, include failure resulting from your incapacity due to mental or physical illness or
injury or from any permitted leave required by law or any failure after the Company gives Termination Notice other than for Cause or Disability. 

  

	 	•	 	 Your engagement in illegal conduct or in gross negligence or willful misconduct, in any case, that is materially and demonstrably injurious to the
Company. 

  

	 	•	 	 For purposes of this definition, no act or failure to act on your part shall be considered “willful” unless it is done, or omitted to be
done, by you in bad faith or without reasonable belief that the action or omission was in the best interests of the Company. 

 To terminate your employment for Cause, both of the following must be satisfied: 
  

	 	•	 	 The Company must give you notice and a 30-day period to cure the first event constituting Cause. (For the avoidance of doubt, Cause above does not
require the Company to give you more than one cure-opportunity during your employment.) 

  

					
		  	-4-	  	

	 	•	 	 The Company must provide you with a Termination Notice that 1) states that you are being terminated for Cause, 2) indicates the subsection above that
the Company is relying on, and 3) provides reasonable detail of the facts providing the basis for that reliance. (The failure to include any fact in a Termination Notice that contributes to a showing of Cause does not preclude the Company from
asserting that fact in enforcing its rights under this Agreement.) 

 Termination by you for Good Reason
(for purposes of the Transaction Incentive Award). 
 “Good Reason” means a material breach by the Company of its
obligations to you under this Agreement, including but not limited to: 
  

	 	(A)	a reduction in your base salary or annual ICP award opportunity, 

  

	 	(B)	the relocation of your principal office more than 50 miles from the New York City metropolitan area, 

 

	 	(C)	within one year from your date of hire, you no longer report to the position of CEO, Insurance US, or 

 

	 	(D)	more than 50% of your responsibilities change and are not replaced with other responsibilities of generally similar significance. 

To terminate your employment for “Good Reason,’’ both of the following must be satisfied: 

 

	 	(A)	You must give the Company notice of your intent to terminate your employment for Good Reason and a 30-day cure period to cure the breach constituting Good Reason.

  

	 	(B)	You must provide the Company with a Termination Notice that (i) states that you are terminating your employment for Good Reason and (ii) provides reasonable
detail of the facts providing the basis for your Good Reason termination. (The failure to include any fact in a Termination Notice that contributes to a showing of Good Reason does not preclude you from asserting that fact in enforcing your rights
under this Agreement.) 

 Termination on Disability or Death (for purposes of the Transaction Incentive
Plan). 
 The term “Disability” has the same meaning as set forth in the Company’s long-term disability plan.
If the Company determines in good faith that your Disability has occurred, it may give you Termination Notice. If within 30 days of the Termination Notice you do not return to full-time performance of your responsibilities, your employment will
terminate. If you do return to full-time performance in that 30-day period, the Termination Notice will be cancelled for all purposes of this Agreement. 

  

					
		  	-5-	  	

 Your employment will terminate automatically on your death. 

Deferred Compensation Savings Plan: You will be eligible to participate in the Company’s Deferred Compensation Savings Plan (DCSP)
effective on your date of hire. If you would like to receive a copy of the plan details and enrollment materials please contact Paula Ward at (770) 933-3639. You must return your enrollment forms to the Executive Compensation Department within
30 days of your date of hire to participate in 2011. Deferrals start as soon as practical following the date of your election. 
 40l(k)
(ING Americas Savings Plan and ESOP (“Savings Plan”)): The Company’s Savings Plan matches 100% of the first 6% of pre-tax eligible compensation you contribute, subject to the IRS limit. You may enroll in the Savings Plan as
soon as the plan administrator receives your payroll data (usually within 1 week of your hire date). If you do not enroll within your first 60 days of employment, the Savings Plan does provide for automatic enrollment of 3% after 60 days of hire,
including an automatic 1% escalation in contribution rate each March until it reaches 6%. You may change the amount of contributions or stop deferrals to the Savings Plan and change investment elections at any time. You will receive enrollment
instructions with your other benefit information. The Savings Plan also accepts rollovers from any other qualified plan at any time. The Company match of eligible compensation begins upon your enrollment. 

Employment Benefits: The Company offers flexible benefits that you can use to build a benefits package that meets your needs (i.e.,
medical, dental, vision, life insurance, etc.). Benefits information will be mailed to you at your home address. These benefits are available immediately upon receipt of enrollment materials at the benefits service center. 

Paid Time-Off (PTO) Bank: Under current Company policy, you will receive an annual allotment of 33 days of PTO, prorated upon date of hire.
The PTO Bank can be used for absences for vacation, personal time, family illness and individual sick days. 
 Changes to Benefit
Programs: The benefit programs described on ING’s onboarding site may be changed by the Company, in whole or in part, at any time, with or without notice to you. Your participation in any benefit programs does not ensure your continued
employment or the right to any benefits, except as specifically provided in any Company benefit plan. 
 Confidentiality of
Information: In the performance of your duties on behalf of the Company, you will have access to, receive and be entrusted with confidential information regarding the Company, its affiliates and their clients. All such confidential
information is to be held in strictest confidence and, except in the performance of your duties on behalf of the Company; you shall not directly or indirectly disclose or use any such confidential information. This information shall be and remain
the Company’s sole and exclusive property. Upon termination of your employment, or whenever requested by the Company, you shall promptly deliver to the Company any and all confidential information or other Company property in your possession or
under your control. 
 Contingencies: This offer is contingent upon successful completion of a reference and background check, a
U-4 Application (if applicable) and verification that you are legally entitled to work in the United States. Federal law requires all new employees to demonstrate their entitlement to work in this country. Please be prepared to present valid
identification as listed on the I-9 Employment Eligibility Verification list of acceptable documents. 

  

					
		  	-6-	  	

 Employment at Will: This letter is not intended to create an employment contract, and the
terms and conditions of your employment may be changed at the Company’s discretion. Employment with the Company is on an at-will basis. This means that you are not employed for any set period of time, and you or the Company may terminate your
employment at any time, for any reason. 

  

					
		  	-7-	  	

 ANNEX A 
 Assumptions: 
  

	 	•	 	 No change in the number of shares of Listed Company common stock at any relevant time 

 

	 	•	 	 References to vesting of a certain portion of the RSA by dollar value mean the dollar value of the shares that vest based on the original grant date
value 

  

			
	 Example 1
	  	
		
	 Event
	  	Effect on Transaction Incentive Award
	 IPO: Group sells 25% of its Pre-IPO Shares.
	  	$666,667 in cash payable. $1,333,333 in restricted stock (by grant date value based on IPO price) granted.
		
	Follow-On Offering Prior to December 31, 2014: Group sells an additional 20% of Pre-IPO Shares.	  	20%/75%*$1,333,333 = $355,555 of RSA vests.
		
	 December 31, 2014
	  	Group has sold less than 50% of Pre-IPO Shares, so no additional vesting on this basis.
		
	 Minimum RSA Shares Check
	  	(45%-33.33%)/66.67% = 17.5%.
17.5%*$1,333,333—$233,333. More than this has already vested, so no additional vesting on this basis.
		
	 Example 2
	  	
		
	 Event
	  	Effect on Transaction Incentive Award
	 IPO: Group sells 45% of its Pre-IPO Shares.
	  	$666,667 in cash payable. $1,333,333 in restricted stock
(by grant date value based on IPO price) granted.
		
	 Follow-On Offering Prior to December 31, 2014: None.
	  	N/A
		
	 December 31, 2014
	  	Group has sold less than 50% of Pre-IPO Shares, so no additional vesting on this basis.
		
	 Minimum RSA Shares Check
	  	(45%-33.33%)/66.67% = 17.5%.
17.5%*$1,333,333—$233,333. This amount has not previously vested, so it vests as of December 31, 2014.

  

					
		  	-8-	  	

			
	 Example 3

		
	 Event
	  	Effect on Transaction Incentive Award
	 IPO: Group sells 30% of its Pre-IPO Shares.
	  	$666,667 in cash payable. $1,333,333 in restricted stock (by grant date value based on IPO price) granted.
		
	Follow-On Offering Prior to December 31, 2014: Group sells an additional 35% of Pre-IPO Shares.	  	33%/70%*$1,333,333 = $666,667 of RSA vests.
		
	 December 31, 2014
	  	Group has sold more than 50% of Pre-IPO Shares. $666,666 of RSA has not previously vested. Therefore 50%*$666,666
= $333,333 of RSA vests as of December 31,
2014.
		
	 Minimum RSA Shares Check
	  	(65%-33.33%)/66.67% = 47.5%.
47.5%*$1,333,333—$633,333. More than this has already vested, so no additional vesting on this basis.

  

					
		  	-9-	  	

 Please indicate your acceptance of this offer by signing below, scanning/emailing a copy to me and returning
one signed original to me at the address above. Please contact me directly if you have any questions. 
 Sincerely, 

/s/ Tom Waldron 
 Tom Waldron 

EVP, Human Resources and Communications 
  

					
	Agreed to by:	 		 	
			
	/s/ Alain Karaoglan            	 		 	4/6/11
	Signature	 		 	Date

  

	*	Please note that “ING Insurance U.S.” is not a legal entity and does not constitute your employer. You will be employed by a U.S. legal entity that is
affiliated with the ING brand. 

  

					
		  	-10-EX-10.43

 Exhibit 10.43 
 ING [logo] 
 EMPLOYMENT CONTRACT 

The undersigned: 
 ING Personnel VOF,
hereinafter referred to as the “Company,” situated in Amsterdam, duly represented here by Mr. H. van der Noordaa and Mr. D. Laman Trip; 
 And 
 Mr. E.L. Steenbergen AAG residing at ‘s-Gravenhage; 

This employment contract replaces the earlier employment contracts concluded between Mr. E.L. Steenbergen and the business units of ING Group. Any
specific arrangements are included in an appendix. 
 Declare to have agreed as follows: 

 

	 	1.	Function / working hours 

December 1, 1993 is used as date of entry into service for this employment contract. As of June 1, 2004, you have been appointed
as director of the Retail Division of ING Nederland, with RVS as focus area. 
 You will be available to work full-time during
the work week for the Company. 
  

	 	2.	Term of the contract 

This contract is concluded for an indefinite term and may be cancelled by either of the parties at the end of a calendar month. In such a
case, you need to respect a term of notice of 3 months, and the Company a term of notice of 6 months. 
 The employment contract
automatically ends on the first day of the month when you reach retirement age. 
  

	 	3.	Fixed salary 

 You are
paid according to salary group II. 
 Your total fixed annual income amounts to € 155, 000 on June 1, 2004. This amount
includes 8% leave pay and a thirteenth cheque. 
 The total fixed salary will be paid in 12 monthly payments. 

 

	 	4.	Bonus 

 Apart from the
fixed annual income, the Board of Directors of the ING Group may annually award a discretionary bonus to you, depending on the goals achieved, which will be set in consultation with you. 

The bonus will be paid within a reasonable term after it has been awarded, but at least six months after the end of the particular
calendar year. 

 ING [logo] 

 

 You may transfer (a part of) the bonus to your pension, providing that the pension
scheme or the (fiscal) legislation allows this. 
 Apart from any bonus, the Board of Directors of the ING Group could offer you
the opportunity to participate in the Long Term Equity Ownership (LEO) Plan of the ING Group. This LEO Plan currently consists of a number of options, to be determined, to acquire (certificates of) shares and “performance shares.”

  

	 	5.	Leave 

 You are entitled
to 30 leave days per calendar year. In the year that you turn 55, this number is increased to 35 days. 
  

	 	6.	Pension scheme 

 You will
join the Pension scheme for ING Board members from June 1, 2004, which is insured with Nationale-Nederlanden, upon transfer of the accrued pension to this pension scheme (basic pension scheme and available premium scheme). 

Retirement starts on the first day of the month when the employee reaches the age of 62. Apart from this, you will receive a temporary
pension for the period between the start date of the retirement and the first of the month when the employee turns 65. The temporary pension is meant to (partially) compensate employees who are not yet entitled to a AOW benefit (old age pension).
The fact that insurance premiums (AOW/ANW/AWBZ) are still payable is also compensated. 
 The pension basis for the calculation
of the old age pension equals the gross total fixed annual income less AOW deductible. This AOW deductible is adjusted annually in accordance with the applicable Board pension scheme. For every membership year, the old age pension amounts to 1.89%
of the last pension basis specified before the retirement date. The maximum is 70% with 37 membership years. The partner pension and the orphan pension amounts to 70% or 14% of the final old age pension. 

If you are or become entitled to a benefit in accordance with the health act or the WAO, this benefit will be deducted from the old age
pension, the temporary old age pension and when applicable from the price compensation for the AOW/ANW/AWBZ premium. 
 The start
pension will be adjusted according to the development of the consumer price index (CPI-all households, derived), published by the Central Statistics Bureau, though not more than 3% per annum, unless a different decision is taken. 

The Board of Directors is at all times entitled, when you retire before the age of 62, to ask you to return to work and, in consultation
with you, to apply your expertise and experience in all areas. This transfer shall take place at the time desired by the Company and this will not influence the conditions of employment specified in this employment contract. 

  
 2 

 ING [logo] 

 

 The Board of Directors is at all times entitled to, when applicable, request you to
leave the service of the Company before the age of 62. In that case, the retirement regulation referred to under E in the board regulation shall be applicable. 
  

	 	7.	Reimbursement of expenses 

  

	 	a.	Representation fees 

 You
will be reimbursed for representation fees incurred. This representation fee is intended for matters as indicated in the attached appendix. These expenses can then also not be declared separately. This fee, which will be paid in 12 monthly
instalments, amounts to € 4,600 gross annually, of which € 1,000 is tax free. 
 The other business expenses incurred
may be declared. 
  

	 	b.	Telephone—and fax fees 

 Given the extent of the business use of the private telephone and fax connections, the Company shall pay for the business calls made. 

You will receive a fee of € 70 gross per month for the business use of the telephone. The amount after tax will be enough to pay the
cost of the business calls during the calendar month. If the cost of the business expenses is higher, you may declare these extra business calls upon presentation of the specified note. 

 

	 	c.	Mobile phone 

 The company
will give you a mobile phone. In accordance with the current fiscal regulation, more than 90% of the calls made from the mobile phone must be business calls. The tax department may have your mobile phone verified according to the standards set by
it. 
  

	 	d.	Reimbursement of expenses during long-term sickness 

 In case of long-term sickness, the representation fees and the telephone and fax payments are suspended for the duration of the sickness. In this regard, sickness refers to a sickness that continues at
the end of the month, following on the month when the sickness period started. 
  

	 	8.	Lease vehicle 

 As of
June 1, 2004, you are entitled to a lease vehicle, with a maximum monthly lease price of € 1,855.00, including VAT and fuel expenses. This amount also includes the lease expenses of accessories to a maximum of 10% of the monthly lease
price. This maximum lease amount shall be adjusted periodically based on the development of cost. 
 If you want to use this
opportunity, the regulation concerning the acquisition and use of a lease vehicle applicable at the time will be given to you. 
  

	 	9.	Collective health insurance 

 You remain a member of the ING Group scheme. 

  
 3 

 ING [logo] 

 

	 	10.	Supplementary scheme with sickness / disability to work 

 The following rules will be applicable if you become sick / disabled to work: 
  

	 	•	 	 As long as you are employed by the Company, you will receive 100% of your fixed annual salary for the first 52 weeks of the occupational disability;

  

	 	•	 	 After these 52 weeks, you may be entitled to a WAO benefit. The amount of the WAO benefit depends on the extent of the occupational disability, the age
and the amount of the last gross fixed annual income insofar as this income does not exceed the maximum WAO payment basis. However, during the second year of the occupational disability (the first year of the WAO), the Company will supplement the
benefit to 100% of the gross fixed annual income; 

  

	 	•	 	 If and insofar as the occupational disability lasts for 80% or more thereafter, an occupational disability pension will be awarded after the
termination of the employment contract due to the occupational disability, which will serve as a pension benefit until retirement age. The occupational disability benefit amounts to 70% of the positive difference between the fixed annual income and
261 times the maximum WAO day wage, regardless of the term of the employment and regardless whether the employment has been disrupted or not; 

  

	 	•	 	 If and as soon as the occupational disability is less than 80%, the occupational disability benefit is adjusted and the conditions of employment are
once again specified; 

  

	 	•	 	 If the first day of sickness is after the age of 56.5, the adjustment will be made to 80% of the gross total fixed annual income until the employee
reaches retirement age. 

  

	 	11.	Regulation concerning financing and insurance 

 You may take out a mortgage with one of the enterprises that form part of the ING Group. There will be a 25% discount, on a maximum of € 500,000 on the mortgage interest payable, if the mortgage
concerns a residence occupied by you. In case of a savings mortgage, the interest on the accrued savings is calculated based on the applicable market rate. 
 In accordance with the applicable guidelines, you will be entitled to a staff discount on the banking and insurance products offered by the different branches of the ING Group. 

In addition to this, you may use a blank credit facility at staff terms and conditions at ING Bank (Bank Office Staff) to a maximum of
€ 25,000. This facility will expire, barring in case of retirement or utilisation of the retirement regulation referred to in the Board regulation, upon termination of the employment, regardless of the cause thereof. 

 

	 	12.	Company savings scheme 

You are entitled to the current profit sharing benefit. 
 You may make an arrangement with the Company that means that you become a member of the current savings scheme of ING. 

  
 4 

 ING [logo] 

 

	 	13.	Business relocation 

 If
you have to relocate on request of the Company, an appropriate payment to reimburse the costs involved with this will be determined. 
  

	 	14.	Insurance with (business) travel 

 The Company concludes 24 hour continuous travel insurance for all countries in the world for you and your partner and any children living at home or studying who are younger than 27 years. 

 

	 	15.	Arrangements in case of accidents 

 You and your partner enjoy 24 hour accident insurance cover for both business and private activities and are applicable in all the countries in the world. In case of death, a benefit to the amount of 1.5
times the gross total fixed annual salary will be paid. In case of permanent disability, a benefit will be paid in proportion to the extent of the occupational disability. This benefit is a maximum of 3 times the total gross fixed annual income.
Apart from you, the following parties may act as beneficiaries: your partner, your children or the Company. 
  

	 	16.	Gratification for long-term service 

 You will receive a long-term bonus upon 10, 25 or 40 years of employment, which amounts to 0.25 of the gross, 1 or 2 of the net monthly salaries. 

 

	 	17.	Payment upon termination of employment 

 Upon termination of employment due to occupational disability, participation in the retrenchment scheme or due to retirement, you will receive 3 times your last fixed monthly salary. 

N.B.: 

The long-term service bonus could be paid out tax free if a period of 25 or 40 years has been reached and if the respective long-term
service exemptions were not used before. 
  

	 	18.	Death benefit 

 If you die
before retirement date, your partner will receive a once-off payment equalling 4 times the last fixed monthly salary. 
 Your
orphans will receive the following benefits: 
  

	 	•	 	 A quarter monthly salary if the child is younger than 21 years old; 

 

	 	•	 	 Half of your monthly salary if the child studies at the time and is older than 21 but younger than 27. 

General: Arrangements sub 7. to 18. 
 The Company at all times reserves the right to, if and at the time it deems this necessary, change the arrangements specified above in sub 7. to 18. according to the circumstances. When it concerns
important changes, the Advisory board will be given the opportunity to give its opinion before the Board of Directors make a decision about the change. 

  
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 ING [logo] 

 

	 	19.	Special leave 

 In special
circumstances (wedding anniversary, death of a family member, etc.) you may take special leave for a maximum of five days in consultation with the sponsor. 
  

	 	20.	Periodic occupational health check-up 

 You are obliged to undergo an occupational health check-up every two years, on invitation of the occupational health and safety service. 

 

	 	21.	Gifts 

 You are not
allowed to – due to or in the execution of your duties – accept or negotiate, directly or indirectly, any provision, favour or payment in whatever form, or gifts from third parties while employed, without the prior consent of the Company.

 The aforementioned stipulation is not applicable to standard corporate gifts. 

 

	 	22.	Other positions 

 You are
not allowed to perform any advisory function or work from third parties, or work for your own account or as agent for third parties, without the prior written consent of the Board of Directors. 

Before accepting or fulfilling any advisory functions, or other position, or before accepting any fees, you must ask the Board of
Directors to consent to this. 
 The Board of Directors reserves the right to – for example, due to the time it will take
– request that some or all of the payment goes to the Company before consenting to this. 
  

	 	23.	Code of conduct 

  

	 	a.	General Code of Conduct and confidentiality clause 

 ING Group has a General Code of Conduct. This code is available at (Work@ING) and serves as a guideline for the behaviour of all ING’s employees. This code, among others, obliges you to keep
everything you learn about the operations of ING and its relations confidential. By signing this contract, you also declare your agreement with the content of the General Code of Conduct, as well as the obligations resulting from it. You will find
the General Code of Conduct attached to this. 
  

	 	b.	Internet Code of Conduct 

The stipulations above concerning the General Code of Conduct are also applicable to the Internet Code of Conduct of the ING Group. If you
have an internet connection to perform your duties, this Code of Conduct is also applicable to you. 
  

	 	c.	Compliance arrangements 

ING has the following compliance arrangements concerning inside information: 

 

	 	•	 	 The Regulation concerning Inside information (RiV) 

  

	 	•	 	 The Insider regulation (IR) 

  
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 ING [logo] 

 

 The insider regulation is applicable to your position. (Apart from this, you also have a
reporting obligation in accordance with the Regulation concerning Inside information). The Compliance Bureau Nederland will give you more information in this regard. 
  

	 	d.	Business Principles 

There are “Business Principles” applicable within ING. These principles are determining for the actions of ING in all its
business transactions. For ING, these principles form fundamental values and standards, which is central to everything that ING and its employees do. It is thus very important that you take note of these “Business Principles.” You will
find these “Business Principles” on the Intranet under “Corporate Guidelines.” ING expects you to comply with these standards and values. 
  

	 	24.	Confidentiality clause / company property 

 You are not allowed to disclose anything about the ING Group, its components or the companies affiliated to it, insofar as this is not in contradiction with the legal obligation to disclose the
information in Court. This confidentiality obligation is also applicable after the termination of the employment, regardless of the cause thereof. 
 Upon termination of the employment, all company property, including documents and similar items, which are in the broadest sense related to ING and your position, will be returned to the Company.

  

	 	25.	Final conclusions 

 ING
CAO is not applicable to this contract. 
 The Board regulation forms an integral part of this employment contract. 

This contract is governed by Dutch law. 
  

 
 Signed as such in Amsterdam, on May 19, 2004 

 

					
	[signature]	 		 	[signature]
	Mr. H. van der Noordaa	 		 	Mr. D. Laman Trip

  

											
	In agreement	  	:	  	Mr. E.L. Steenbergen AAG
	Date	  	:	  	[handwritten:] June 1, 2004
	Signature	  	:	  	[Signature]

  
 7 

 ING [logo] 

 

 Appendices: 
  

	 	•	 	 Management regulations 

  

	 	•	 	 Representation costs payment 

  

	 	•	 	 Reporting sick procedure 

  

	 	•	 	 General Code of Conduct ING Group 

  

	 	•	 	 Directors’ pension scheme (to be sent later) 

  
 8 

 ING [logo] 

 

 The Netherlands 
 Dr. D Laman Trip 
 Chairperson Management ING The Netherlands 

Dr. E.L. Steenbergen AAG 
 [home
address] 
 Date 
 May 19, 2004

 Subject 
 Employment contract
+ appendices 
 Dear Mr. Steenbergen, 
 With regard to your appointment, from June 1, 2004, as director of the Retail division ING Nederland, with attention area RVS, I am pleased to herewith offer you a new Employment contract, subject to
the approval of the Pension and Insurance Chamber. You also receive a copy of the Management regulations that form part of your Employment contract. 
 The position of Director of the division ING Nederland, with attention area RVS, has been weighted and grouped in salary group II. 
 Salary group II has a minimum of € 155,000,— and a maximum of € 190,000,—. 

Your fixed annual income, effective June 1, 2004, is set at € 155,000,— gross. This annual income, which will be paid in twelve monthly
installments, includes 8% holiday bonus, as well as a thirteenth check. 
 You also, due to your transfer to Ede, come into consideration for
the following relocation expenses. 
 1. Transport costs, including packing and unpacking. 

2. Fit-out costs, 1 monthly salary (€ 12,917,—) (net to € 5,445,—, any more will be provided gross). 

3. Transfer tax for, at most, the sale price of the current residence. 
 4. Mortgage loan costs, including handling fees and costs of the mortgage deed, including cadastral rights, taxation costs and administration costs (gross); 

5. Reasonably incurred broker’s charges, once-off, in respect of either buying or selling a residence. 

6. Notarial charges in respect of purchasing the residence (deed of transfer or transfer of title) 

 

							
	 Amstelveenseweg 500, Amsterdam
	  	    E-mail: d.laman.trip@ing.com
	 P.O.Box 810, 1000 AV Amsterdam
	  	    www.ing.com	  		  	
	 Telephone (020) 541 54 06
	  		  		  	
	 Fax (020) 541 54 97
	  		  		  	

  
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	ING [logo]	  	Page 2

  

 7. Should the employment contract be terminated, at your request, within a period of three years, the
relocation costs should be reimbursed, to be calculated from the date that the payment of the relocation costs had taken place. At the same time it also applies that, for every year the employment lasted, after paying the relocation costs, a third
of the total amount, paid out, need not be reimbursed. 
 The costs, stipulated under 4, are deductible, those mentioned under 3, 5 and 6 not.
In that regard these costs will be “grossed up.” 
 Please return one dated and signed (for your agreement) copy of this employment
contract to Talent Management & Graduate Recruitment Nederland/Directie Aangelegenheden, Mrs. M.S. Massée, Location code WT 16.04, P.O.Box 810, 1000 AV AMSTERDAM. 
 I wish you every success in this new position and trust that you will continue making an important contribution to ING Group in this role. 
 Yours sincerely, 
 [signature] 

  
 10

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