Document:

EX-10.40

 Exhibit 10.40 
 ING INVESTMENT MANAGEMENT RETENTION PARTICIPATION PLAN (RPP) 
 RPP
AGREEMENT 
  

			
	 Name of Participant:
	  	Mr. J.T. Becker
		
	Address of Participant:	  	[home address]
		
	Grant Date:	  	30 March 2010

 This RPP agreement (the “Agreement”) is entered into between the individual whose name appears above
(the “Participant”) and ING Investment Management Holdings N.V. (the “Company”) and is connected to the ING Investment Management Retention Participation Plan (the “Plan”), as attached hereto as
Schedule 1, and the Investment Regulations, as defined in the Plan and attached hereto as Schedule 2. 
  

	1.	Interpretation 

  

	1.1	The provisions of the Plan and the Investment Regulations are hereby incorporated into this Agreement by reference. 

 

	1.2	All capitalized terms used, but not otherwise defined, herein are used as they are defined or used in the Plan. 

 

	1.3	The Participant hereby confirms and acknowledges that he has carefully reviewed the provisions of the Plan and the Investment Regulations, and hereby agrees to the
terms and conditions of the Plan and the Investment Regulations, which shall form an integral part of this Agreement. 

  

	2.	Investment 

  

	2.1	The Participant is offered by this Agreement a Retention Bonus in the amount of USD 600,000. The Retention Bonus does not entitle the Participant to any payment in cash
on the Grant Date, but the amount of the Retention Bonus shall be virtually invested in full by the Company in securities of such Related Funds as designated by the Participant in accordance with the Investment Regulations (the
“Investment”). The Investment will not cause any purchase and/or trade of securities in Related Funds by the Company, but will solely be used as a measurement mechanism for determining the cash amount to be paid under any Investment
Entitlement. 

  

	2.2	In accordance with the Investment Regulations, the Participant may request the Company to virtually trade in the securities in Related Funds comprising the Investment.
In case of a Listing or Change in Control, as described in article 7 of the Plan, the Participant shall no longer be entitled to request the Company to virtually trade in any securities comprising the Investment. 

 

  

 

 
  

	2.3	Notwithstanding article 2.5 of the Plan, any dividend or other distribution virtually paid out on the Investment shall, after all deductions on such distribution have
been made, be directly and virtually invested in securities in the Related Fund virtually generating the aforementioned distribution. 

  

	2.4	Subject to the vesting principles and forfeiture of rights as set forth in Article 3 of the Plan, the Participant shall become entitled to receive a payment in cash
equal to the value of an Investment Entitlement. For the avoidance of doubt, under the Plan the Participant shall not receive any legal ownership of the securities whatsoever underlying the Investment or an Investment Entitlement.

  

	3.	Tax / Social Security 

The Participant hereby agrees that any ING Group company shall be entitled to withhold, and the Participant shall be obliged to pay, the
amount of the Tax-Related Items due in connection with the Retention Bonus, any Deposited Fund Distributions, the Investment and/or the Investment Entitlement. Any ING Group company may deduct from any amounts to be paid to the Participant pursuant
to the Plan and/or this Agreement, such Tax-Related Items. Without limitation to the above, any ING Group company may establish other procedures to withhold Tax-Related Items, for instance (i) by way of deduction from salary or bonuses, or any
other payment payable to the Participant, at any time on, or after the date the liability arises, (ii) by way of payment directly from the Participant in cleared funds, or (iii) such other method as established by a ING Group company.

  

	4.	Certain Acknowledgments of the Participant 

 The Participant hereby represents, warrants, acknowledges, agrees and undertakes to the Company or any other ING Group company that: 

 

	 	(a)	nothing in this Agreement, or the Plan, shall confer upon the Participant any right to continue in employment, or to interfere in any way with the right of the Company
or any other ING Group company to terminate the Participant’s employment at any time; 

  

	 	(b)	 neither the grant of the Retention Bonus, any Deposited Fund Distributions, the Investment, the Investment Entitlement, nor this Agreement, confers
upon the Participant any right to continue to be an employee or to provide services to any ING Group company or interferes in any way with the right of any ING Group company to terminate the employment or services of the Participant at any time. The
Retention Bonus, any Deposited Fund Distributions, the Investment or the Investment Entitlement will not be reinstated if the Participant is subsequently reinstated as an employee of any ING Group company. The Participant will have no entitlement to
compensation or damages in consequence of the termination or other cessation of the Participant’s employment or services with any ING Group company for any reason whatsoever

  

					
	RPP Agreement US – 29 March 2010	  	2

 

 
  

	 	
and whether or not in breach of contract, insofar as such entitlement arises or may arise from the Participant ceasing to have the Retention Bonus, any Deposited Fund Distributions, the
Investment or the Investment Entitlement under the Plan, or to be entitled to any Retention Bonus, any Deposited Fund Distributions, the Investment or Investment Entitlement as a result of such termination or from the loss or diminution in value of
the same; 

  

	 	(c)	the Plan and the benefits offered under the Plan are provided by the Company on an entirely discretionary basis, and the Plan creates no vested rights in the
Participant. Neither the grant of the Retention Bonus, any Deposited Fund Distributions, the Investment, the Investment Entitlement, nor this Agreement confers upon the Participant any benefit other than as specifically set forth in this Agreement
and the Plan. The Participant understands and agrees that receipt of the Retention Bonus, any Deposited Fund Distributions, the Investment or the Investment Entitlement does not entitle the Participant to any future benefits under the Plan or any
other plan or program of the Company or any other ING Group company; 

  

	 	(d)	the amount of any compensation deemed to be received by an Employee as a result of participation in the Plan shall not constitute compensation with respect to which any
other employee benefits of such Employee are determined, including, without limitation, any end of service benefits or other benefits under any bonus, pension, profit sharing, life insurance or salary continuation plan, except as otherwise
specifically determined by the Board or provided by the terms of such plan; 

  

	 	(e)	the Retention Bonus, any Deposited Fund Distributions, the Investment or an Investment Entitlement shall be personal to the Participant and may not, save as otherwise
specifically provided under this Agreement or the Plan, be transferred, assigned or charged. 

  

	5.	Data Privacy 

 By signing
this Agreement, the Participant acknowledges that the Company and any other ING Group company may, for the purpose of implementation, execution, administration and management of the Participant’s participation in the Plan, collect, use,
process, and transfer personal data of the Participants as described in this paragraph. The Participant understands that the Company and any other ING Group company may process relevant personal information about the Participant, including (without
limitation) the Participant’s name, home address and telephone number, date of birth, details of the Retention Bonuses, Deposited Fund Distributions, Investments or Investment Entitlements granted, outstanding or paid in the Participant’s
favour (the “Data”). 

  

					
	RPP Agreement US – 29 March 2010	  	3

 

 
  

 For the abovementioned purpose and to comply with its statutory obligations, the Company
may also (further) transfer—in electronic or any other form—the Data to any other ING Group company and/or to third parties. The Participant understands that these recipients may be located in the European Economic Area, or elsewhere, and
that the recipient’s country may have different data privacy laws and protections as applicable in the Participant’s country. Where necessary, the Company shall request the relevant permits and make the applicable notifications with the
concerned authorities. 
 The Company shall process the Data in an adequate and careful manner. Moreover, the Company shall take
appropriate technical and organisational measures to safeguard the Data and to ensure the confidentiality of the Data of the Participant, whether the processing shall take place in the European Union, the United States or somewhere else. 

The Participant further acknowledges that the Company and/or any other ING Group company may retain the Data in the Participant’s
personnel or equivalent file. In accordance with the Dutch Data Protection Act, the Company shall not keep the personal data of the Participant longer than necessary for achieving the purposes for which they were processed. 

 

	6.	Confidentiality 

 In
consideration of a Retention Bonus, any Deposited Fund Distributions, the Investment or the Investment Entitlement, the Participant agrees not to disclose (directly or indirectly) to any party the existence or contents of the Plan, this Agreement or
the level of a Retention Bonus granted to the Participant except to the Participant’s professional advisers, the Participant’s spouse or registered civil partner (on the basis that each of the foregoing persons agrees to keep the same
confidential). The Participant acknowledges and agrees that a Retention Bonus, any Deposited Fund Distributions, the Investment and/or the Investment Entitlement is subject to the Participant’s compliance and observance with the terms of this
Article 6. However, nothing in this Article 6 shall prevent the Participant from disclosing the existence or contents of the Plan, supplying a copy of this Agreement or disclosing the level of a Retention Bonus, any Deposited Fund Distributions, the
Investment or the Investment Entitlement to any revenue authority or any court or tribunal of competent jurisdiction, or as otherwise required by law. 
  

	7.	Notices 

 Any notice or
communication to be given by the Company to the Participant may be personally delivered or sent by fax or by ordinary post to (if the Participant is still employed by an ING Group company) his business address or by email or any other form of
electronic communication specified by the Board for the purposes of the Plan or (if the Participant is no longer employed by an ING Group company) his last known address or email address. Where a notice is delivered personally or by facsimile or by
email or other form of electronic communication, it shall be deemed to have been received immediately. Where a notice or communication is sent by post, it shall be deemed to have been received 72 hours after the same was put into the post properly
addressed and stamped. 

  

					
	RPP Agreement US – 29 March 2010	  	4

 

 
  

 
This Agreement, and other communications sent by post, email or any other form of electronic communication, will be sent at the risk of the Participant and the Company shall have no liability to
any such persons in respect of any notification, document, this Agreement, or other communication so given, sent or made. 
 Any
notice to be given to the Company shall be emailed, faxed, delivered or sent to the Plan Administrator, as specified by the Company from time to time and shall be effective upon receipt by the Plan Administrator. 

 

	8.	Construction and Interpretation 

 In the event of a conflict or ambiguity between any term or provision contained in this Agreement and a term or provision of the Plan, this Agreement will govern and prevail. 

 

	9.	United States Participants 

In addition to the terms of the Plan, the Investment Regulations and this Agreement, any award under the Plan to an Employee subject to
taxation in respect of their remuneration in the United States is subject to the following terms and conditions as set forth below. 
 (i) Investment 
 The amount of a Retention Bonus shall be virtually invested by the
Company. A Participant shall not have any interest in the Investment or earnings credited to his account other than as an unsecured general creditor of the Company. All amounts deferred or otherwise held for the account of a Participant under the
Plan shall remain the sole property of the Company. Nothing contained in the Plan shall be deemed to create a trust of any kind or create any fiduciary relationship. 
 (ii) Good Leaver 
 “Good Leaver” means a Participant who becomes a
Leaver as described in Article 1.7 of the Plan and who has a “separation from service” (as described under Section 409A of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the
guidance and Treasury regulations issued thereunder) with the employer and all members of the ING Group. 
 (iii) Six Month Delay

 The time of payment of a Participant’s Investment Entitlement under the Plan shall be determined pursuant to Article 3 of
the Plan, provided that in the event a Participant becomes a Good Leaver for reasons other than death, payment of the Participant’s Investment Entitlement at such time can be characterized as a “short-term deferral” for purposes of
Code Section 409A or as otherwise exempt from the provisions of Code Section 409A, or if any portion of the payment cannot be so characterized, and such Participant is a “specified employee” for purposes of Code
Section 409A, payment of the Participant’s Investment Entitlement shall be made as soon as reasonably practicable following the earlier to occur of: (i) the Participant’s death or (ii) the date that is six months and one day
following the Participant’s termination of employment with his employer and all members of the ING Group. 

  

					
	RPP Agreement US – 29 March 2010	  	5

 

 
  

 (iv) Prohibition on Acceleration of Payments 

The time or schedule of any payment or amount scheduled to be paid pursuant to the terms of the Plan may not be accelerated except as
otherwise permitted under Code Section 409A and the guidance and Treasury regulations issued there under. 
 (v) Code
Section 409A 
 The Plan, this Agreement and the benefits provided in accordance with this Article 9, are intended to comply
with Code Section 409A and the guidance and Treasury regulations issued thereunder, to the extent applicable thereto. Notwithstanding any provision of the Plan and this Agreement to the contrary, the Plan and this Agreement shall be interpreted
and construed consistent with this intent. Notwithstanding the foregoing, the Company shall not be required to assume any increased economic burden in connection therewith. Although the Company and the Plan Administrator intend to administer the
Plan and this Agreement so that they will comply with the requirements of Code Section 409A, neither the Company nor the Plan Administrator represents or warrants that the Plan or this Agreement will comply with Code Section 409A or any
other provision of federal, state, local, or non-United States law. Neither the Company, any member of the ING Group, nor their respective directors, officers, employees or advisers shall be liable to the Participant (or any other individual
claiming a benefit through the Participant) for any tax, interest, or penalties the Participant might owe as a result of participation in the Plan, and the Company and the members of the ING Group shall have no obligation to indemnify or otherwise
protect the Participant from the obligation to pay any taxes pursuant to Code Section 409A. 
  

	10.	Governing Law and Jurisdiction 

 This Agreement shall be governed by and must be interpreted according to the laws of the Netherlands. Any dispute under or in connection with this Agreement shall be submitted to the exclusive
jurisdiction of the competent court in The Hague, the Netherlands, subject to appeal (hoger beroep) and appeal to the Supreme Court (cassatie). 

  

					
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	11.	Counterparts 

 This
Agreement shall be executed in two original copies to be kept with each of the Participant and the Company. 
 THUS duly signed by and
between: 
  

							
	ING Investment Management Holdings N.V.	 		  	Mr. J.T. Becker	  	
				
	/s/ Gilbert van Hassel	 		  	 /s/ Jeffrey Becker
	  	
	 Gilbert van Hassel 
	 		  		  	
				
	Date: 1 April, 2010	 		  	 Date: April 7, 2010
	  	

  

					
	RPP Agreement US – 29 March 2010	  	7EX-10.41

 Exhibit 10.41 
 Newco Deal Incentive Award Agreement 
 This Newco Deal Incentive Award Agreement
(the “Agreement”) evidences the terms of the agreement dated July __, 2011 by and among ING Groep, N.V. (“ING”), ING America Insurance Holdings. Inc. (“AIH”) and Jeffrey Becker (“Recipient”) with respect to a
deal incentive award to be granted or paid by ING or one of its designated affiliates to the Recipient on the terms and conditions set forth below. ING, AIH and the Recipient agree as follows: 

 

	 	1.	Award Value. Recipient will receive a special one-time deal incentive award with an aggregate value in the amount of $800,000 (the “Deal Incentive
Award”). 

  

	 	2.	IPO. Subject to the terms and conditions of this Agreement, on the closing date of the first tranche of the registered initial public offering of a
portion of the shares of common stock of the ING US Insurance/IIM businesses (collectively. together with its successors, “ING US” or “Newco”) on a national market or national securities exchange after which there is an active
trading market in such shares of common stock (the “IPO”), 100% of the amount of the Deal Incentive Award will be granted to Recipient in the form of shares of Newco restricted common stock. 

The number of shares of Newco restricted common stock to be granted to Recipient will be determined on the date of IPO by dividing
$800,000 by the Newco IPO price to the public (as specified on the cover of the final IPO-related prospectus). 
 Subject to the
terms and conditions of this Agreement, fifty percent (50%) of the shares of Newco restricted common stock granted to Recipient upon the date of the IPO will fully vest at the end of the lock-up period to be specified in the underwriting
agreement related to the IPO of Newco (the “IPO Lock-up Period”). Subject to the terms and conditions of this Agreement, the remaining 50% of the shares of Newco restricted common stock granted to Recipient on the date of IPO will fully
vest at the earlier of (i) the end of the lock-up period (the “Secondary Lock-up Period”) to be specified in the underwriting agreement related to the second registered sale of Newco common stock to the public by ING (the
“Secondary”), (ii) the end of the lock-up period to be specified in the underwriting agreement relating to the registered sale of substantially all of ING’s shares of Newco (other than any Newco shares that it may hold on behalf
of third party customers), and (iii) the date of closing of any post-IPO merger or acquisition of Newco (the “Closing”), with vesting of the second 50% of Recipient’s restricted Newco common shares to occur, in the case of clause
(iii) immediately prior to such Closing, but only if ING shall have disposed of substantially all of its shares in Newco by or at such Closing, other than any Newco shares that it may hold on behalf of third party customers. 

 

	 	3.	Termination. Except as otherwise provided below, if Recipient is not employed by ING US on the date of the IPO, then the Deal Incentive Award shall be
forfeited and no amount of the Deal Incentive Award shall be granted or paid to Recipient. If Recipient is employed by ING US on the date of the IPO but is not employed by Newco on the date of the Secondary or, except as explicitly provided below,
on the date of the Closing, as applicable, then the second 50% of the restricted common shares of Newco that were granted to Recipient upon the IPO shall not vest and shall be forfeited by Recipient upon termination of employment.

  

					
		  		  	

 If, however, Recipient is involuntarily terminated other than for Cause by Newco after the
date of the IPO, but prior to the end of the IPO Lock-up Period, 50% of the Newco shares granted to Recipient shall nonetheless vest upon termination of employment and the remaining 50% of the restricted Newco common shares shall not vest and shall
be forfeited by Recipient upon termination of employment. Similarly, if Recipient is involuntarily terminated other than for Cause by Newco (a) after the date of the Secondary but prior to the end of the Secondary Lock-Up Period, in the event
there is a Secondary, or (b) after the date of execution of the merger or acquisition agreement related to the Closing but prior to the date of the Closing, then in either (a) or (b), the remaining 50% of the Newco restricted common shares
granted to Recipient shall vest upon termination of employment. Notwithstanding anything herein to the contrary, all vested Newco shares granted pursuant to this Agreement shall, in addition, be subject to the terms of the ING Required Holding
Period defined below. 
 “Cause” shall mean (A) Recipient’s breach of this Agreement or Recipient’s
material breach of any employment agreement that he or she has entered into with ING, Newco or any of their respective subsidiaries or affiliates, (B) aiding and abetting a competitor of ING, Newco or any of their respective subsidiaries or
affiliates, (C) misappropriation (or attempted misappropriation) or embezzlement (or attempted embezzlement) of funds or property of ING, Newco or any of their respective subsidiaries or affiliates, or fraudulent misrepresentation or disclosure
of confidential information or trade secrets of ING, Newco or any of their respective subsidiaries or affiliates, (D) gross negligence or willful misconduct in the discharge of his or her duties and responsibilities to ING, Newco or any of
their respective subsidiaries or affiliates, (E) commission of any criminal act involving his or her duties and responsibilities for ING, Newco or any of their respective subsidiaries or affiliates, (F) continued willful and unjustified
failure or refusal to perform his or her duties associated with his or her position after having been notified in writing by ING, Newco or any of their respective subsidiaries or affiliates of such failure or refusal and failing to correct the
failure or refusal in the manner described in the written notification within 30 days, (G) failure to abide by the applicable material policies of ING, Newco or any of their respective subsidiaries or affiliates, including but not limited to,
the ING Code of Conduct, the Code of Ethics and the Personal Trading Policy, or (H) a similar act or failure to act that causes demonstrable and serious injury to ING, Newco or any of their respective subsidiaries or affiliates, as determined
by the ING or Newcos, as applicable, in its sole discretion. 
  

	 	4.	 ING Required Holding Period. Notwithstanding anything contained or implied herein to the contrary (other than Section 5), Recipient
understands and agrees that s/he may not engage in any form of hedging transaction related to Newco common stock or sell, pledge or otherwise dispose of any of the shares of Newco common stock granted to Recipient under this Agreement as a one-time
Deal Incentive Award (with the exception, however, that Recipient may sell, subject to compliance with all applicable laws and regulations, such number of Newco shares as needed to cover taxes due upon vesting of the shares, subject to Newco’s
right in its sole discretion, to repurchase such number of Newco shares to cover 

  

					
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such taxes) before the earlier of the following dates: (i) such date that is 180 days after the date on which ING disposes of all of its shares of Newco, other than Newco shares that it may
hold on behalf of third-party customers, (ii) the date, if any, on which ING announces its decision to retain its post –– IPO ownership interest in Newco and (iii) December 31, 2015 (the “ING Required Holding
Period”). 

  

	 	5.	Death or Disability after IPO. In the event of Recipient’s death or Disability (as defined below) following the IPO, 100% of Recipient’s Newco
restricted common shares granted under this Agreement will vest immediately and, if applicable, be delivered to Recipient’s designated beneficiaries as soon as practicable following death; provided, however, that none of such vested shares may
be sold (other than for the payment of taxes due upon vesting, subject to Newco’s right in its sole discretion, to repurchase such number of Newco shares to cover such taxes), during either the IPO Lock-up Period or the Secondary Lock-up
Period. Further, upon Recipient’s death or Disability, the ING Required Holding Period shall cease to apply to any of Recipient’s Newco common shares granted under this Agreement. The term “Disability” shall have the same meaning
as set forth in Newco’s long-term disability plan, as in effect from time to time. 

  

	 	6.	Trade Sale. In the event there is no IPO and ING US instead is divested by means of a trade sale of all or substantially all of ING US, then 50% of the
Deal Incentive Award will vest and be paid to Recipient in cash upon the date of closing of such disposition (the “Trade Sale Closing”), provided that Recipient is employed by ING US on the date of such Trade Sale Closing, and the
remaining 50% of the Deal Incentive Award will vest and be paid to Recipient in cash on the first anniversary of the Trade Sale Closing (the “First Anniversary”), provided that Recipient is employed by ING US or its successor or an
affiliate of its successor on the date of the First Anniversary. If Recipient is terminated for reasons other than Cause by ING US or its successor or an affiliate of its successor during the period after the date of the Trade Sale Closing and prior
to the First Anniversary, then the remaining 50% of the Deal Incentive Award will immediately vest and be paid to Recipient within 30 days of the date of Recipient’s involuntary termination for reasons other than Cause.

  

	 	7.	Death or Disability after Trade Sale. In the event of Recipient’s death or Disability following the date of the Trade Sale Closing, 100% of any
remaining Deal Incentive Award will vest and be paid to Recipient or to Recipient’s designated beneficiaries, as the case may be. 

  

	 	8.	Taxes. Any cash paid or stock granted and vested pursuant to this Agreement shall be properly and timely reported by Recipient’s employer for
Federal, state, local and/or foreign income taxes and be subject to all applicable income tax and other withholdings. ING US or Newco or any affiliate, as the case may be, is authorized to withhold from any restricted stock grant awarded or any cash
payment made any amounts of withholding, of other taxes, or any other standard deductions from compensation payable in connection with any transaction involving such a grant or payment. In addition, ING US or Newco or any affiliate, as the case may
be, is authorized to take any other action, including withholding from any payroll or other payment made to Recipient or repurchasing Newco restricted common stock from Recipient, as it may deem advisable to satisfy obligations for the payment of
withholding taxes and any other obligations relating to any grant vesting or payment. 

  

					
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 Notwithstanding anything contained in this Agreement to the contrary, each of the parties
hereto agrees to cooperate in good faith so that all grants or payments made under this Agreement will conform and fully comply with, or be exempt from, Internal Revenue Code Section 409A and the regulations promulgated thereunder. 

 

	 	9.	Recipient Covenants. As consideration for the Deal Incentive Award to be granted or paid pursuant to this Agreement, without prior written consent of ING
or Newco: 

 (i) Recipient will keep confidential and will not disclose (except to the extent required by an order
of a court having competent jurisdiction or under subpoena or its equivalent from an appropriate government agency) to any person (other than to Recipient’s spouse, attorney and financial advisor, provided each agrees to be bound by the
confidentiality provisions contained in this paragraph (i)). the existence or terms of this Agreement; 
 (ii) Recipient will not
(except to the extent required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency) disclose to any third person, whether during or subsequent to Recipient’s Employment (as defined
below), any trade secrets, including but not limited to customer lists, product development and related information, marketing plans and related information, sales plans and related information, premium or other pricing information, operating
policies and manuals, research, methodologies, contractual forms, business plans, financial records, or other financial, commercial, business or technical information related to ING, ING US, Newco or any subsidiary or affiliate thereof, unless such
information has been previously disclosed to the public by ING, ING US, Newco or any subsidiary or affiliate thereof or has become public knowledge other than by a breach of this Agreement; provided, however, that this limitation shall not apply to
any such disclosure made while Recipient is employed by ING US, Newco or any subsidiary or affiliate thereof if such disclosure occurred in connection with the performance of Recipient’s job as an employee of ING US, Newco or any subsidiary or
affiliate thereof, and provided, further, that should any information subject to this covenant be deemed by a court of competent jurisdiction not to be a “trade secret”, this covenant shall have no effect with respect to such information
after the third anniversary of Recipient’s termination of Employment; 
 (iii) Recipient will not, during and for a period
of 12 months following Recipient’s termination of Employment, directly or indirectly induce or attempt to induce any employee or Insurance Agent (as defined below) of ING US, Newco or any subsidiary or affiliate, to be employed by or to perform
services for any entity that competes with ING US, Newco or any subsidiary or affiliate: 
 (iv) Recipient will not, during and
for a period of 12 months following Recipient’s termination of Employment, directly or indirectly, induce or attempt to induce any agent or agency, broker, broker-dealer, financial planner, registered principal or representative, supplier or
service provider of ING US, Newco or any subsidiary or affiliate thereof to cease providing services to ING US, Newco or any subsidiary or affiliate thereof; 

  

					
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 (v) Recipient will not, during and for a period of 12 months after Recipient’s
termination of Employment, directly or indirectly, solicit or attempt to solicit the trade of any individual or entity which, at the time of such solicitation or attempted solicitation, is a customer or ING US, Newco or any subsidiary or affiliate
thereof, or which ING US, Newco or any subsidiary or affiliate thereof is undertaking reasonable steps to procure as a customer at the time of or immediately preceding termination of Employment; provided, however, that this limitation shall only
apply to any product or service which is in competition with a product or service of ING US, Newco or any subsidiary or affiliate thereof and to those customers or prospective customers with whom Recipient had contact during Recipient’s
Employment; and 
 (vi) Following the termination of Recipient’s Employment, Recipient shall provide assistance to and shall
cooperate with ING US, Newco or any subsidiary or affiliate thereof, upon its reasonable request and without additional compensation, with respect to matters within the scope of Recipient’s duties and responsibilities during Employment,
provided that any reasonable out-of-pocket expenses Recipient incurs in connection with any assistance Recipient has been requested to provide under this provision for items including, but not limited to, transportation, meals, lodging and
telephone, shall be reimbursed by ING US, Newco or any subsidiary or affiliate thereof, as applicable. ING and ING US agree and acknowledge that they shall, to the maximum extent possible under the then prevailing circumstances, coordinate, or cause
Newco or a subsidiary or affiliate of ING US or Newco to coordinate, any such request with Recipient’s other commitments and responsibilities to minimize the degree to which such request interferes with such commitments and responsibilities.

 The term “Insurance Agent” shall mean those insurance agents or agencies representing ING US, Newco or any
subsidiary or affiliate thereof that are exclusive or career agents or agencies or ING US, Newco or any subsidiary or affiliate thereof, or any insurance agents or agencies which derive 50% or more of their business revenue from ING US, Newco or any
subsidiary or affiliate thereof (calculated on an aggregate basis for the 12 month period prior to the date Recipient terminates Employment or such other similar period for which such information is more readily available). 

If any provision of Section 9 is determined by a court of competent jurisdiction not to be enforceable in the manner set forth
herein, the ING, ING US and Recipient agree that it is the intention of the parties that such provision should be enforceable to the maximum extent possible under applicable law and that such court shall reform such provision to make it enforceable
in accordance with the intent of the parties. 
 Recipient acknowledges that a material part of the inducement for ING, ING US
and Recipient to provide the Deal Incentive Award evidenced by this Agreement is Recipient’s covenants set forth in this Section 9 and that the covenants and obligations of Recipient with respect to non-disclosure, non-solicitation and
cooperation relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause ING, ING US and Newco irreparable injury for which adequate remedies are not available at law.
Therefore, Recipient agrees that, if Recipient shall breach any of those covenants or obligations, any Deal Incentive Award granted or paid to the Recipient 

  

					
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pursuant to this Agreement shall be rescinded and Recipient shall not be entitled to retain any income derived therefrom and ING, ING US and Newco, as applicable, shall be entitled to an
injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining Recipient from committing any violation of the covenants and obligations contained in Section 9. The remedies in the preceding
sentence are cumulative and are in addition to any other rights and remedies that ING, ING US or Newco may have at law or in equity as a court or arbitrator shall reasonably determine. 

For purposes of this Section 9, the term “Employment” shall refer to active employment with ING US, Newco or any
subsidiary, affiliate or successor thereof, and shall not include severance periods and approved leaves of absence related to retirement bridging. 
  

	 	10.	Acknowledgements, Representations and Warranties of Recipient. Recipient acknowledges that the shares of Newco restricted common stock have not been
registered under the Securities Act of 1933, as amended (the “Act”), or the securities laws of any state. While the parties intend for Newco to use its reasonable best efforts to file a registration statement under the Act covering the
shares of Newco restricted stock at or around the time of an IPO, there can be no assurance that such registration statement will be filed or become effective. The shares of Newco restricted common stock may not be reoffered, resold or otherwise
pledged, hypothecated or transferred except (x) pursuant to an effective registration statement under the Act and applicable state securities laws or (y) pursuant to another applicable exemption from the registration requirements of the
Act (such as Rule 144 under the Act) or such state securities laws, and a restrictive legend may be placed on certificates for the shares of Newco restricted common stock reflecting the foregoing restrictions. Recipient understands that Newco has
not yet been formed, and may not be formed, that the IPO, Secondary or Closing may not occur, and that ING has sole discretion to determine whether a particular future transaction constitutes an IPO, Secondary, Closing or Trade Sale Closing for the
purposes of this Agreement. 

  

	 	11.	Miscellaneous. 

  

	 	(a)	Nothing in the Agreement or in any award granted under this Agreement will confer upon any Recipient the right to continue as an employee of ING US, Newco or any
subsidiary or affiliate thereof or affect the right of ING US, Newco or any subsidiary or affiliate thereof to terminate the Recipient’s employment at any time. 

 

	 	(b)	Any determination by any court of competent jurisdiction of the invalidity of any provision of this Agreement that is not essential to accomplishing the purposes of
this Agreement will not affect the validity of any other provision of this Agreement, which will remain in full force and effect and which will be construed so as to be valid under applicable law. 

 

	 	(c)	 The failure of any person at any time to require performance of any provision of this Agreement will in no manner affect the right of such person or
any other person to enforce the same. No waiver by any person of any provision (or of a breach of any provision) of this Agreement, whether by conduct or otherwise, in any one or more instances will

  

					
		  	6	  	

	 	
be (or will be deemed or construed) either as a further or continuing waiver of any such provision or breach or as a waiver or any other provision (or of a breach of any other provision) of this
Agreement. 

  

	 	(d)	This Agreement is governed by, and will be construed and enforced in accordance with, the laws of the State of New York. 

 

	 	(e)	This Agreement will constitute the entire agreement by and among ING, ING US and the Recipient with respect to the Deal Incentive Award awarded under this Agreement.

  

	 	(f)	In the event ING US, Newco or any subsidiary or affiliate thereof, in its sole discretion, determines that Recipient’s tax and/or withholding obligations will not
be satisfied under the methods described in Paragraph 8 of this Agreement, Recipient hereby authorizes ING US, Newco or any subsidiary or affiliate thereof or its designated agent to repurchase or sell a number of shares of Newco restricted common
stock that are issued to Recipient under this Agreement which ING US, Newco or any subsidiary or affiliate thereof determines as having at least the market value sufficient to meet the tax and/or withholding obligations plus additional shares to
account for rounding and market fluctuations. Such amount shall be paid over to ING US, Newco or any subsidiary or affiliate thereof, as applicable, as soon as administratively practicable. 

 

	 	(g)	In the event that at the time distribution of shares of Newco restricted common stock is required to be made, Newco or the Recipient is subject to trading prohibitions
either imposed by applicable securities laws, a trading policy established by Newco, or otherwise (referred to as a “Blackout Period”), then distribution shall be made as soon as practicable after the Blackout Period ends. Notwithstanding
the foregoing, since the Recipient may elect to sell sufficient shares of Newco restricted common stock to cover any taxes due upon vesting, Newco may solicit the Recipient’s election prior to the imposition of a Blackout Period, with such
election being irrevocable at the time received by Newco. Newco may then implement this election during the Blackout Period, unless prohibited by applicable securities law. 

 

	 	(h)	No rights under this Agreement may be transferred except by will or the laws of descent and distribution. The rights granted to the Recipient under this Agreement may
be exercised during the lifetime of the Recipient only by the Recipient. 

  

	 	(i)	All amounts due under this Agreement will be paid through the Company’s regular payroll process and the amounts of all such payments will be excluded from earnings
for all compensation and benefits purposes including, but not limited to, any bonus and incentive, pension, retirement and welfare plans and arrangements and vacation and other paid time off allowances. 

 

	 	(j)	In the event an IPO or Trade Sale Closing has not occurred on or before December 31, 2015, then this Agreement shall terminate without further action and shall
have no further effect, without any further obligation owed by or to ING, Newco, AIH or Recipient hereunder. 

  

					
		  	7	  	

 IN WITNESS WHEREOF, each of the parties hereto has signed this Agreement effective as of July __, 2011.

  

							
	 ING Groep, N.V.
	 		  	ING America Insurance Holdings, Inc.	  	
				
	 	 		  	/s/ Bill Delahanty	  	
	 Frederic Barge
 Global Head of
Compensation & Benefits,
 ING Insurance
	 		  	 Bill Delahanty

Head of Compensation, Benefits & HR
 Operations, ING Insurance US Recipient
	  	

 Recipient 
  

			
		
		 	/s/ Jeffrey Becker
		 	Jeffrey Becker

  

					
		  	8

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