Document:

ING Group Incentive Compensation Plan

 Exhibit 10.52 
 ING Incentive Compensation Plan 
 Published Date: 

08/27/2008 
 Modified
date: August 2008 
 Resources 
 Submit feedback or questions about the Incentive Compensation Plan 
 Table of contents

 Introduction  
 Incentive compensation at ING  
 How the plan works  

Payment of awards  
 Eligibility  
 Introduction 
 ING firmly believes that in order to be an industry leader, the company must offer personal growth and reward opportunities that are based on company and individual success. 

Incentive compensation, in its most simple terms, is a way to reward employees for their contributions to company success. 

Incentive compensation at ING 

ING’s incentive compensation plan (“ICP” or the “Plan”) is intended to focus employees on the role they play in helping ING
succeed by aligning each participating employee’s goals with the business unit they work in, as well as the rest of the organization. It also directly links potential earnings to an employee’s performance and contributions toward making
ING successful. 
 ICP is an annual incentive plan for all employees who meet eligibility requirements and do not participate in another
variable compensation plan (for example, a sales incentive plan). The ICP is sponsored by ING North America Insurance Corporation (the “company”) and specified U.S. affiliates participate in it. 

How the ICP works 
 At the beginning of
each year, senior management sets financial and operational goals for the company, all business units/functional units. 

 At that same time, as part of the annual objective-setting process, employees and their managers set
individual goals that are intended to support their business unit/functional unit and the company’s financial and operational objectives. Each employee will have one single set of annual objectives for both performance management and
determining merit salary increases and incentive pay. These individual objectives help employees clarify their business priorities, establish job expectations and are used, in part, to evaluate the employee’s work performance and progress
during the course of the plan year. 
 Each employee who is eligible to participate in the ICP has an established incentive target amount. The
incentive target is a percentage of his or her base salary. For example, if an employee has a base salary of $30,000 and a target ICP of 5%, his or her target incentive award is $1,500. Payouts range from 0% to 200% of this target amount. Depending
on how the individual, the company and the business unit/functional unit performed for the year, the payout to this employee could be as little as $0 or as much as $3,000. 
 After the end of the year, the financial and operational goal results are determined for the overall business and the business/functional units. Once this determination is made, the actual award levels
are established for the following business units: 
 Insurance 

Wealth Management 

U.S. support businesses (Legal/Compliance, HR/Marketing, Finance, CITS) 
 ING Investment Management, LLC, has established its own annual incentive plan, which covers its employees. For the 2008 performance period, a separate annual incentive plan has also been established for
former CitiStreet LLC employees who transferred to active employment with ING on July 1, 2008 (or if later, the date the employee returned from an authorized leave of absence). 
 The company and business unit/functional unit award level is expressed as a percent of target. For example, if the business unit exceeded its goals, the company may decide to award it 110% of the target.
If a business unit does not meet its goals, the company may decide to award less than 100% of target. This overall funding level is then divided among underlying business groups and functional units based on the performance of the underlying
business group or functional unit. For example, assume the overall funding award level at the business unit/functional unit is 110%. A functional unit within this business unit exceeded its goals and a decision is made to award it 110%. Another
functional unit within the business unit also exceeded its goals, and a decision is made to award it 120% of target, and yet another functional unit in this business unit did not meet its goals and is awarded 90% of target.

 
Determinations are based on the results of financial and operational objectives. The business unit/functional unit award level is then used to determine what individual employees in that unit
will receive. 
 Individual awards are based on how well the employee performed against his or her individual performance objectives, taking
into account the award level for his or her business unit/functional unit. A business unit/functional unit can only award an amount that does not exceed its award level multiplied by the total employee targets within that business unit/functional
unit for the plan year. In the example above, the business unit can not award more than 110% of its total targets. Using this target level, Jane could receive an award of 125% of her target award based on her work for the year, while John receives
an award of 80% of his target award. 
 ICP awards are not guaranteed and there is no requirement that any amount be paid in any year, even if
performance goals are met or exceeded. An award under ICP is contingent upon a number of factors, including but not limited to (a) the company’s performance, (b) the performance of the business unit or functional unit the employee
works in, (c) how the employee performs for the year, (d) how well other employees in that business unit/functional unit performed, (e) eligibility requirements for ICP participation, and (f) being actively employed on the
payment date (unless an exception as described below applies). 
 It is equally important to emphasize that employees in the same business unit
with the same incentive targets may not receive the same award amount. ING’s pay-for-performance philosophy dictates that higher-performing employees receive larger awards than lower-performing employees. Managers have discretion to determine
and recommend individual award amounts that are then approved by their manager. It is possible not to have an award granted to an individual employee for the year even if all or some of his or her personal goals are satisfied. 

Payment of awards 
 Incentive targets

 All ICP participants have an incentive target. This amount represents the target award. The actual award will be adjusted up or down based
on company, business unit/functional unit, individual performance, and any other factors taken into consideration by the company. 
 ICP target
percentages for all eligible employees are based on the job the employee has in the organization, and should conform to the ICP Target Guidelines. These guidelines are based on the competitive market in which the organization operates. 

 An employee’s ICP award target is calculated using the employee’s base salary as of the last
working day of the year multiplied by his or her ICP target percentage. For eligible part-time employees, his or her annualized salary is based on scheduled hours, not actual hours worked. For non-exempt employees, overtime paid in the calendar year
is added to base salary when calculating the award target. This also includes any “straight time” hours paid to part-time non-exempt employees for hours worked in addition to their normally scheduled hours. 

Employees will be included in the business unit/functional area based on where they are employed as of Nov. 1 of the plan year. There is no blending or
prorata allocation made in the event an employee changes business units/functional areas during the year. 
 Example: 

If Jane is in Business Unit “A” from January through September of the plan year, and then transfers to Business Unit “B” for the
remainder of the year (all of October, November and December), her award is based on her individual performance and the ICP funding for Business Unit “B.” The ICP funding for Business Unit “A” will not be used in determining her
ICP Award. Also, while her manager from Business Unit “A” should have input in her performance review, her manager in Business Unit “B” is responsible for her performance review and final determination of her ICP award.

 Using the example above, if Jane transferred to Business Unit “B” after Nov. 1, then her ICP award would be determined using the
funding from Business Unit “A,” and administered by the manager in Business Unit “A.” Again, there would be no blending of funding from Business Unit “A” and “B.” This is the case even though Jane’s
manager from Business Unit “B” is responsible for her performance review for the plan year 
 Payouts 

Awards will be paid no later than March 15 of the calendar year immediately following the end of the plan year. The employee must be an active
employee at the time of the payout to receive payment of an award. Payment occurs once all of the financial results are in, company and business unit/functional unit award levels have been determined, employee performance results have been recorded,
and managers’ award recommendations have been made and approved. All payouts are subject to applicable federal, state and local income tax-reporting, and other payroll-related deductions and reporting. 

Nontransferability of awards 
 Target
awards payable under the plan may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, the company may withhold all or a
portion of a payout to satisfy a participant’s repayment obligation to the company, an employer or an affiliate. 

 Eligibility 
 To be eligible to participate in the ICP, an employee must be: 
 A U.S.-based
employee of one of the business units participating in the ICP. 
 Full-time or part-time and scheduled to work 1,000 hours or
more during the plan year (weekly standard hours field in PeopleSoft must be 19.5 or greater to qualify for ICP). 
 Hired on or
before Sept. 30 of the plan year. 
 Meet the eligibility requirements for the plan year, but retire at the end of the plan year.
The employee must be an active employee until the last working day of the plan year and retire (or be eligible for retirement) on Jan. 1 following the plan year. Retirement eligibility for ICP is defined as being at least 55 years of age with five
years of service with ING, as determined under the ING Americas Retirement Plan. If the employee is eligible to receive an award it will be based on his or her individual performance as well as the funding for the business unit/functional unit he or
she was employed by at the time of termination. 
 Exclusions 
 An employee is not eligible to participate if: 
 Covered under a sales
commission, bonus, other business-unit specific incentive plan or any other cash incentive plan. 
 A temporary employee or
intern or an independent contractor. 
 The employee voluntarily resigns (other than retirement on the last day of the plan year)
from ING before the award is paid in March 15 of the following year. 
 The employee is terminated by the company due to
poor performance or misconduct. 
 The employee is employed by an employer that does not participate in the ICP, such as ING
Investment Management, LLC. 
 The employee is terminated by the company during the plan year for business or similar reasons,
dies or becomes permanently disabled before Oct. 1 of the plan year. 
 An employee who transfers to the company in connection
with the CitiStreet acquisition will not be eligible to participate in the plan for the 2008 performance period (awards that are paid in 2009 based on 2008 performance). 
 Clarification of special circumstances 
 If an employee is not actively employed at the time
ICP awards are paid, but is eligible for a payment because he or she terminated employment on or after the last day of the plan year and is retirement eligible; or he or she is separated from employment because of a job elimination on or after Oct.
1 of the plan year (as more fully described below); or died or became permanently disabled on or after Oct. 1 of the plan year, at the sole discretion of the company and based on recommendations of the former employee’s manager, he or she may
receive an ICP award payment. ICP award amounts will be based on the award level for the business unit/functional unit the former employee was in on the date he or she separated from service, the former employee’s job performance and individual
contribution to the success of the business while employed. The amount payable will be subject to prorata reduction based on the number of whole months worked during the plan year. Payment will be made at the same time as other ICP payments are
made. 

 Job elimination on or after Oct. 1 of the plan year 

An employee may be eligible for an ICP award payment in accordance with the company’s severance plan if an employee’s job is eliminated on or
after Oct. 1 of the plan year and the employee is eligible for severance benefits. To be eligible for payment of an ICP award, an employee’s termination date must be on or after Oct. 1 of the plan year. An employee will be considered for an
award based on his or her performance and the actual funding of the business unit or functional unit he or she was employed by at the time of separation from service. This award will be prorated based on the employee’s termination date. Any ICP
award payment made due to job elimination will be paid at the same time as other ICP payments are made. There is no requirement that a terminated employee receive an ICP award as award payments are discretionary. 

Rehires 
 If an employee is re-hired into
an eligible position before Oct. 1 of the plan year, he or she will only be eligible for a prorated portion of the ICP award, based on his or her most recent re-hire date. Prior service during the plan year before the initial termination will not be
used in the calculation of his or her ICP award amount. Re-hires after Oct. 1 of the plan year will not be eligible for an ICP award. 

Example A: 
 Joe is in an ICP-eligible
position and terminates employment with the company in May of the plan year. He is rehired in July of the same plan year in an ICP-eligible position. Joe would be eligible for a prorated ICP award based on his re-hire date, or 6/12ths of the plan
year. His January through May service is not considered for purposes of determining his ICP award amount. If Joe’s year-end base salary is $30,000 and he has a 4% ICP target, and his actual award is at 100% of target, the calculation of his
target award for the year would be: $30,000 (base) x 4% (ICP target) x 50% (6/12ths pro-ration for the months since re-hire in an ICP-eligible position). 

 The final award amount is dependent on Joe’s individual performance and the award level for the company
and the business unit/functional unit he is employed by at the end of the plan year. 
 Example B: 

Jane is in an ICP-eligible position and terminates employment with the company in July of the plan year. She is rehired on Oct. 15 in an ICP-eligible
position. She would not be eligible for ICP in the plan year in which she was re-hired. 
 Transfer to/from ICP-eligible position
from/to an ICP-ineligible position 
 Employees who switch positions during the year from an ICP-eligible position to a non-ICP-eligible
position or vice-versa should be considered for a prorated award based on the period of time during which he or she was in an ICP-eligible job. 

For example, if an employee is in an ICP-eligible position for the first seven months of the year, and then transfers to a position that is eligible for
sales commission for the last five months, he or she should be eligible for a prorated award for 7/12ths of the year. 
 Each individual who
changes positions in this type of situation will be treated on a case-by-case basis. There is no requirement that each individual be treated the same. For example, if an employee switches from an ICP-eligible position to a sales position that is
ICP-ineligible, the employee may have incurred a decrease in base salary at the time of transfer because the incentive/base combination has changed. In a case like this, if determined to be eligible for an ICP award, the ICP award should be
pro-rated and based on the employee’s eligible salary while in the ICP-eligible position (i.e., before switching to a sales position eligible for a sales plan). Human Resources will provide assistance to the employee’s manager in
situations such as this. 
 Change in status temporary/regular 
 Employees who have a status of “temporary” employee and then switch to a “regular” employee during the plan year will be eligible for a prorated ICP award, based on the portion of the
plan year he or she is classified as a regular employee. The employee must be classified as a regular employee no later than Sept. 30 of the plan year to be eligible to receive an ICP award payment. Eligibility for ICP awards is subject to all other
eligibility criteria of the ICP. Employees who change from regular to temporary will not be eligible for an award, even if the switch occurs after Sept. 30 of the plan year. 

 Change of status – full-time to part-time 

Eligibility for an ICP award payment is determined as of Dec. 31 of the plan year. If an employee is scheduled to work 20 hours or more per week, he or
she is eligible to receive an ICP award based on eligible pay on Dec. 31. 
 For example, if Scott goes from full-time at $30,000 with a 4% ICP
target, to part time, 20 hours per week, with a salary of $15,000 and a 4% target on Dec. 15, Scott’s ICP target will be reduced from $1,200 to $600. If, on the other hand, Scott goes from part-time with a $15,000 salary for 20 hours per week,
to full-time at $30,000, both with a 4% target, his ICP target award would increase from $600 to $1,200. 
 The ICP target is based solely on
what the salary and ICP target percentage are on Dec. 31 (including overtime if applicable). Award amounts are based on the individual performance and company, business unit/functional unit performance for the plan year, and any other factors taken
into consideration by the company. 
 Leave of absence 
 Award amounts will be determined by the company, based on manager recommendations, and based on the contributions that the employee made during the plan year. The company will determine if an ICP award
will be adjusted due to the leave affecting the employee’s individual performance and contribution to the overall success of the company, business unit/functional unit and other factors for the plan year. The company will make payments required
by applicable law for those employee’s who are on military leave. 
 Employees on long-term disability are not eligible for an award.

 In case of death 
 If an
employee’s death occurs on or before Sept. 30 of the plan year, they are not eligible for an award. If the employee’s death occurs on or after Oct. 1, they are eligible for a prorated award. The actual award will be based on
individual performance, plan funding for the company, business unit/functional unit he or she was employed by on the date of death, and other factors. 
 Other important information about the plan 
 The company is solely responsible for the
administration of the ICP. There is no requirement that any amounts be paid for a plan year, even if all performance objectives are satisfied for that year. All ICP payments are made solely out of the general assets of the company. The company is
solely responsible for making all decisions under the plan and its decision will be conclusive and binding on all interested parties. There is no requirement that eligible employees be treated the same under the ICP. The company reserves the right
to amend, modify or terminate the ICP at any time and for any or no reason, without prior notice. 

 
Nothing in the plan will interfere with or limit in any way the right of the company to terminate any participant’s employment at any time, nor will anything in the plan confer upon any
participant any right to continue in the employ of the company, an employer or an affiliate.ING Group Long-Term Sustainable Performance Plan

 Exhibit 10. 53 

 
  
 THE RULES OF THE ING GROUP 
 LONG TERM SUSTAINABLE PERFORMANCE PLAN

  
  
 adopted by the Executive Board of ING Groep NV 
 (1st amended version
approved as per January 16, 2012) 
 (2nd amended version as per February 13, 2012) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

Table of Contents 
  

							
	RULE 1:	 	 DEFINITIONS
	  	 	3	  
	RULE 2:	 	 INTERPRETATION
	  	 	9	  
	RULE 3:	 	 LAPSE OF AWARDS
	  	 	10	  
	RULE 4:	 	 AVAILABILITY OF PLAN SHARES
	  	 	10	  
	RULE 5:	 	 POWERS OF THE EXECUTIVE BOARD
	  	 	10	  
	RULE 6:	 	 PARTICIPATION IN THE PLAN
	  	 	11	  
	RULE 7:	 	 NON-TRANSFERABILITY OF AWARDS
	  	 	11	  
	RULE 8:	 	 VARIATION OF CAPITAL AND ADJUSTMENT OF AWARDS
	  	 	11	  
	RULE 9:	 	 AWARDS
	  	 	12	  
	RULE 10:	 	 TERMINATION OF EMPLOYMENT
	  	 	13	  
	RULE 11:	 	 DISCRETIONARY AUTHORITY / HOLD BACK
	  	 	15	  
	RULE 12:	 	 RELEASE OF PLAN SHARES / DEFERRED CASH
	  	 	15	  
	RULE 13:	 	 CLAW-BACK
	  	 	15	  
	RULE 14:	 	 CORPORATE RESTRUCTURING
	  	 	16	  
	RULE 15:	 	 LOSS OF OFFICE OR EMPLOYMENT
	  	 	17	  
	RULE 16:	 	 PLAN SHARES
	  	 	18	  
	RULE 17:	 	 PERSONAL HEDGING
	  	 	18	  
	RULE 18:	 	 TAX AND SOCIAL SECURITY
	  	 	19	  
	RULE 19:	 	 REPORTING
	  	 	20	  
	RULE 20:	 	 PLAN AMENDMENTS AND TERMINATION
	  	 	20	  
	RULE 21:	 	 TERMINATION
	  	 	20	  
	RULE 22:	 	 ADMINISTRATION
	  	 	20	  
	RULE 23:	 	 DISPUTES
	  	 	21	  
	RULE 24:	 	 CONFLICTS WITH AGREEMENTS
	  	 	21	  
	RULE 25:	 	 GOVERNING LAW
	  	 	22	  

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	RULE 1:	DEFINITIONS 

 In the Rules of this Plan,
unless the context otherwise requires, the following words and expressions shall have the meanings set out below: 
  

			
	Acquiring Company	  	any company which obtains Control of the Company or substantially the whole of the business of the Company;
		
	Acquiring Person	  	 any person, not being an Acquiring Company, who:
  

(a)     either alone or together with any person acting in concert with him has obtained
Control of the Company; or
  

(b)     having Control of the Company, makes a general offer to acquire the whole of the
issued Ordinary Share Capital (other than that which is already owned by him and/or by any person acting in concert with him);

		
	Adoption Date	  	the date on which this Plan is adopted by the Executive Board;
		
	Appropriate Period	  	in relation to an Acquiring Company or an Acquiring Person, the period of six months beginning at the time the Acquiring Company or Acquiring Person obtains Control of the
Company;
		
	ADRs	  	American Depository Receipts issued in respect of issued and fully paid-up Ordinary Share Capital of the Company;
		
	Articles of Association	  	the articles of association of the Company as amended from time to time;
		
	Award	  	the award of a Performance Share (Unit), an Upfront Share (Unit), a Deferred Share (Unit), Deferred Cash or any other instrument as specified in the LSPP Agreement;
		
	BDRs	  	Bearer Depository Receipts issued in respect of issued and fully paid-up Ordinary Share Capital of the Company;

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
		
	Business Conditions	  	any situation, not being a Business Divestiture or Partial Sale, in which the termination of a Participant’s employment is caused by economic or strategic considerations and is
not based primarily on the Participant’s individual performance;
		
	Business Divestiture	  	the complete or partial transfer of a Group Company in which the Employee is employed to a transferee that is not a Group Company or a complete or partial initial public offering
(IPO) of a Group Company in which the Employee is employed. A partial transfer or IPO is only considered a Business Divestiture if such transfer or IPO results in the Company (directly or indirectly) owning less than 50.1% of the voting stock in
such transferred Group Company, where this Business Divestiture does not form part of the Company’s normal course of business as determined by the Executive Board;
		
	CCRM	  	the function of the Company responsible for corporate compliance and risk management or any function to which this task is delegated to from time to time;
		
	Cessation of Employment	  	the date on which the employment between the Employee and the Group ends;
		
	Closed Period	  	a period so designated by CCRM;
		
	Company	  	ING Groep NV, having its registered seat at Amsterdam, The Netherlands, registered with the Chamber of Commerce (Kamer van Koophandel) of Amsterdam under registration number
33231073;
		
	Control	  	where any person or a group of persons acting in concert (for the avoidance of doubt, other than the Stichting ING Aandelen) has acquired 50.1% of the voting stock of the Company
other than solely as a consequence of the cancellation of BDRs or ADRs and such persons have received a declaration from the regulatory authorities that there is no objection to their exercising the voting rights attached to such stock or where any
person or group of persons acquires the right to appoint the majority of the Executive Board;

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
		
	Date of Award	  	the date on which an Award is made to a Participant, which shall be the date as specified in the LSPP Agreement;
		
	Deferred Cash	  	a conditional right to receive payment in the form of cash at the Vesting Date where such right may be conditional upon the attainment of any Performance Target within the
Performance Period;
		
	Deferred Share	  	a conditional right to receive a number of Plan Shares upon Vesting where such right may be conditional upon the attainment of any Performance Target within the Performance
Period;
		
	Deferred Share Factor	  	the factor that is calculated by dividing (i) the period of employment during the Vesting Period in terms of months; by (ii) the total Vesting Period, also in terms of months,
rounded up to the nearest whole number;
		
	Employee	  	 either:
  

(i)      an employee of a Group Company who is not a director of the Company as
mentioned in articles 18 and 19 of the Articles of Association; or
  
 (ii)     a director (other than a non-executive director) of a Group Company other than the Company;

		
	Executive Board	  	the board of directors of the Company, as mentioned in the articles 18 and 19 of the Articles of Association;
		
	Group	  	the Company and its Subsidiaries as amended from time to time and the expression “member of the Group” shall be construed in accordance with Dutch law;
		
	Group Company	  	the Company and any company which is for the time being a Subsidiary over which the Company has Control and which has been nominated by the Executive Board for participation for the
time being in this Plan;

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
		
	Identified Staff	  	Staff as selected by the ING from time to time on the basis of and in accordance with the selection methodology and the criteria approved by the Supervisory Board;
		
	LSPP	  	this long term sustainable performance plan, as amended from time to time;
		
	LSPP Agreement	  	the agreement in respect of an Award effected to an Employee in accordance with Rule 9 or any other Award made under the terms of this Plan;
		
	LSPP Committee	  	such person or committee of persons and successor person or committee of persons appointed by the Executive Board to whom the Executive Board has delegated such of its powers in
relation to this Plan as it may determine and this definition should include any duly appointed agent or delegate of the LSPP Committee;
		
	Open Period	  	any period so designated by CCRM;
		
	Ordinary Share Capital	  	the issued and fully paid-up ordinary shares in the capital of the Company, as mentioned in the Articles of Association;
		
	Partial Sale	  	the partial sale of a Group Company in which the Employee is employed to an entity or person that is not a Group Company. Or a partial initial public offering (IPO) of a Group
Company in which Employee is employed. A partial sale or IPO is only considered a Partial Sale if such transfer or IPO results in the Company (directly or indirectly) owning less than 70% but more than 50% of the voting stock in such transferred
Group Company and does therefore not qualify as a Business Divestiture;
		
	Participant	  	an Employee to whom an Award has been made under the terms of this Plan, or a former Employee who was an Employee at the Date of Award;
		
	Performance Incentive Zone	  	the predefined ranges used to determine the level of Vesting in the form of Performance Shares to Participants;

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
		
	Performance Period	  	the period in which the Performance Target should be attained and which shall be specified in the LSPP Agreement;
		
	Performance Share	  	a right to receive Plan Shares at the Vesting Date which right is conditional subject to the attainment of any Performance Target imposed;
		
	Performance Share Factor	  	the factor that is calculated by dividing the period of employment during the Performance Period in terms of months by the total Performance Period, also in terms of months, rounded
up to the nearest whole number;
		
	Performance Target	  	the target or targets, set at the Date of Award, that should be attained in order to determine the level of Plan Shares and/or Deferred Cash to be Released subject to the Vesting of
the Awards as defined in the LSPP Agreement and/or other specific documents for Identified Staff;
		
	Plan	  	the ING Long Term Sustainable Performance Plan, otherwise known as LSPP, in its present form or as from time to time amended in accordance with the provisions
hereof;
		
	Plan Shares	  	BDRs, or ADRs or any other instruments in respect thereof, as determined at the Date of Award by the Company and all references to Plan Shares in this Plan shall be construed
accordingly;
		
	Record Date	  	the official date set by the Company, preceding the date of Vesting of the Award, establishing the rights attaching to the issued and fully paid-up ordinary shares in the capital of
the Company;
		
	Redundancy	  	termination of a Participant’s employment within the Group due to a reorganisation of the Group in such circumstances as the Executive Board determines in its absolute
discretion;

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
		
	Release	  	the transfer (‘levering’) of Plan Shares or the payment of Deferred Cash to a Participant and “Release” and “Released” shall be construed and
interpreted accordingly;
		
	Retention Period	  	period in which the disposition of any Plan Share acquired upon Vesting is not allowed, as determined in the LSPP Agreement;
		
	Rules	  	the rules for the time being governing the Plan;
		
	Stichting ING Aandelen	  	the foundation as incorporated in Amsterdam, in the register of companies under nr. 41156637;
		
	Stock Exchange	  	the stock exchange of NYSE Euronext Amsterdam or any other recognised stock exchange where ING is primarily listed as the case may be;
		
	Subsidiary	  	a company which qualifies as a subsidiary, in accordance with Article 2:24a of the Dutch Civil Code;
		
	Supervisory Board	  	the board of Supervisory Board Directors of the Company or a duly authorised committee thereof, as mentioned in article 24 of the Articles of Association;
		
	Target Payout	  	a payment made to a Participant in situations as defined in Rules 10.3 and 14.1, where the level of payment is not dependent on, or calculated by reference to, the attainment of any
Performance Target;
		
	Total and Permanent Disability	  	the mental or physical disability, whether occupational or non-occupational in cause, which satisfies such definition in: (i) any insurance policy or plan provided to the
Participant by the Company or a Group Company; or alternatively (ii) the Participant’s applicable national legislation pertaining to persons with disability;

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
		
	Unit	  	an award in the form of cash as specified in the LSPP Agreement which will, however, resemble all other characteristics of either a Performance Share and/or Upfront Share and/or
Deferred Share. In case a Unit is awarded, the reference to a Performance Share and/or Upfront Share and/or Deferred Share in the Rules and LSPP Agreement should be read as Performance Share Unit, Upfront Share Unit and Deferred Share Unit
respectively;
		
	Upfront Share	  	an unconditional right to receive a number of Plan Shares upon the Date of Award/Date of Vesting;
		
	Vesting	  	the satisfaction of the requirements of the terms of vesting of an Award, as specified in the LSPP Agreement as appropriate, and “Vested” and “Vest” shall be
construed accordingly;
		
	Vesting Date	  	the date or dates on which an Award shall Vest, as determined by the Executive Board and as specified in the LSPP Agreement; and
		
	Vesting Period	  	the period or periods in which the Plan Share or Deferred Cash is subject to continued employment conditions and to which any Performance Target may be applicable. Both shall be
specified in the LSPP Agreement.

  

	RULE 2:	INTERPRETATION 

 Words or expressions used
in the Plan shall where appropriate: 
  

	(i)	when denoting the masculine gender include the feminine and vice versa; 

  

	(ii)	when denoting the singular include the plural and vice versa; 

  

	(iii)	when referring to any enactment be construed as a reference to that enactment as for the time being consolidated, amended, re-enacted or replaced and shall include any
regulations made there under; 

  

	(iv)	when referring to the Rules be taken to refer to the Rules of this Plan; 

  

	(v)	when a period of time is specified and starts from a given day or the day of an act or event, be calculated exclusive of that day; 

 

	(vi)	be construed such that the headings and sub-headings are for ease of reference only, and do not affect the interpretation of any Rule; 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	(vii)	when referring to any enactment or regulations under Dutch law be construed at the discretion of the Executive Board as a reference to other applicable laws or
regulations of any other country (or region of a country); and 

  

	(viii)	references to tax and/or social security contributions and/or withholding taxes shall for the avoidance of doubt include The Netherlands and any other jurisdiction to
which an Employee to whom an Award is made may be subject. 

  

	RULE 3:	LAPSE OF AWARDS 

 Where under any of the
provisions of these Rules it is provided that an Award shall lapse, such lapsed Award shall cease to confer any rights whatsoever for the Participant notwithstanding any other provisions of these Rules. 

 

	RULE 4:	AVAILABILITY OF PLAN SHARES 

 The Company
shall at all times keep available sufficient authorised and unissued Plan Shares or shall procure that sufficient Plan Shares are available for transfer to satisfy the Release to the full extent possible of all Plan Shares which have neither lapsed
nor been fully Released taking account of any other obligations of the Company to procure the provision of Plan Shares. 
  

	RULE 5:	POWERS OF THE EXECUTIVE BOARD 

  

	5.1	The Plan shall be administered by the Executive Board. The Executive Board shall have such powers and authority delegated to it as set out in the Plan.

  

	5.2	On behalf of the Company and where legally required in consultation with the Supervisory Board, the Executive Board shall have the exclusive authority and complete
discretion to: 

  

	 	(i)	decide, on an annual basis, whether or not to effect an Award to Employees and decide what percentage of the Ordinary Share Capital will be used to give effect to such
annual Award; 

  

	 	(ii)	select eligible Employees; 

  

	 	(iii)	make an Award to Employees; 

  

	 	(iv)	determine the format, terms and conditions of any LSPP Agreement; 

  

	 	(v)	determine, for each Award effected, that the Performance Target attaching to such an Award has been met; 

 

	 	(vi)	construe and interpret the Plan, any LSPP Agreement and any other agreement or document executed pursuant to the Plan; 

 

	 	(vii)	authorise any person to execute on behalf of the Company, any instrument required to effectuate an Award; and 

 

	 	(viii)	make all other determinations deemed necessary or desirable for the administration of the Plan. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	5.3	In consultation with the Supervisory Board, the Executive Board shall determine as soon as practicable after the Adoption Date if, how and to what extent any of its
powers shall be delegated to the LSPP Committee. The Executive Board shall provide the LSPP Committee with written guidelines to this effect, notwithstanding the authority of the Executive Board to amend or withdraw any such delegation of powers at
any time. 

  

	5.4	The Executive Board’s interpretation and construction of any provision of the Plan, of any Award effected under the Plan or of any LSPP Agreement shall be final
and binding on all persons claiming an interest in an Award effected under the Plan. The Executive Board shall not be liable for any action or determination made in good faith with respect to the Plan. 

 

	RULE 6:	PARTICIPATION IN THE PLAN 

  

	6.1	Eligible Employees may become Participants of the Plan. 

  

	6.2	The Executive Board shall have the absolute complete discretion to select Employees as Participants. 

 

	RULE 7:	NON-TRANSFERABILITY OF AWARDS 

 Save as
provided in Rules 10.3 to 10.5, no Award nor any right there under (conditional or otherwise) nor Plan Shares Released subject to a Retention Period shall be capable of being transferred, assigned, charged, pledged or encumbered and any attempt to
do so by a Participant will cause such Award to lapse with immediate effect. In addition, a Participant’s rights under this Plan are not subject, in any manner, to alienation, sale, transfer, pledge, attachment or garnishment by creditors of
the Participant or by the beneficiaries of the Participant. 
  

	RULE 8:	VARIATION OF CAPITAL AND ADJUSTMENT OF AWARDS 

  

	8.1	In the event of any capitalisation issue (other than a capitalisation issue in substitution for, or as an alternative to, a cash dividend) or rights issue or rights
offer or any reduction, sub-division, consolidation or other variation of the capital of the Company affecting the number of BDRs and/or ADRs in issue (including any change in the currency in which Plan Shares are denominated), the number of Plan
Shares comprised in any Award may be adjusted by the Company (including retrospective adjustments where appropriate) effective at the date of such capitalisation issue in such manner as the Company considers to be in its opinion fair and reasonable.

  

	8.2	Notice of any adjustment shall be given to those Participants affected by such adjustment by the Company. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	RULE 9:	AWARDS 

  

	9.1	Awards of Performance Shares, Upfront Shares, Deferred Shares, Deferred Cash and/or any other instruments as determined by the Executive Board may be made at any time
on or after the Adoption Date of this Plan. 

  

	9.2	Each Award shall be evidenced by a written LSPP Agreement concluded between the Participant and the Company, setting forth further individual terms and conditions
pertaining to such Award. LSPP Agreements shall be available in each of the countries in which the Plan is operational and shall, together and concurrently with the Plan, govern the Award in accordance with local legal and regulatory requirements.

  

	9.3	An LSPP Agreement shall, to the extent applicable, specify: 

  

	 	(i)	the type of Award; 

  

	 	(ii)	the Date of Award; 

  

	 	(iii)	any consideration payable by a Participant for an Award made in his favour; 

 

	 	(iv)	the Performance Period; 

  

	 	(v)	the Performance Target and/or any conditions and limitations which may have been imposed in accordance with Rule 9.4; 

 

	 	(vi)	the Performance Incentive Zone; 

  

	 	(vii)	the Vesting Date; 

  

	 	(viii)	the Release date(s); 

  

	 	(ix)	the Retention Period which may pose restrictions on the disposition of any Plan Shares acquired upon Vesting; 

 

	 	(x)	submission by the Participant of such forms and documents as the Executive Board may reasonably require; 

 

	 	(xi)	procedures to facilitate the payment of withholding taxes in accordance with Rule 18; and/or 

 

	 	(xii)	all such other information as required by the terms of these Rules. 

  

	9.4	The Executive Board, when making an Award, may in its absolute discretion impose any Performance Target, being conditions and limitations (additional to any conditions
and limitations contained in any other of these Rules) which must be satisfied prior to the Vesting of such Award, provided that such additional conditions and limitations shall be objective, specified at the Date of Award and/or at the beginning of
the Performance Period set out in full in the LSPP Agreement or other specific documents applicable to Identified Staff and, where applicable, in conformity with the applicable remuneration framework(s) as determined by the Supervisory Board.

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	9.5	Save as provided in Rules 10.3, 10.4, 10.5, 10.7, 11, 14.1 and 14.3, an Award will Vest upon each Vesting Date stated in the LSPP Agreement provided that, at the
applicable Vesting Date any Performance Target, being additional conditions and limitations imposed on the Award in accordance with Rule 9.4 (and which have not been waived) have been fulfilled and the Participant is employed by the Group at the
respective Vesting Date. 

  

	RULE 10:	TERMINATION OF EMPLOYMENT 

  

	10.1	Save as provided in Rule 10.2 to 10.4, if a Participant ceases to be employed within the Group, Awards that have not yet Vested shall lapse on the Cessation of
Employment. 

  

	10.2	If a Participant ceases to be employed within the Group by reason of: 

  

	 	(i)	injury or Total and Permanent Disability (evidenced to the satisfaction of the Executive Board); or 

 

	 	(ii)	early retirement by agreement of the Executive Board; or 

  

	 	(iii)	by virtue of retirement on reaching his normal retirement age as determined in the applicable retirement benefit programme, statutory or otherwise

 his Awards shall continue to Vest upon the Vesting Date provided and to the extent that any applicable
Performance Target has been met according to the last performance measurement and subject to Rule 11. The number of Performance Shares that has Vested is at the respective Vesting Date(s) multiplied by the Performance Share Factor(s). Deferred
Shares and Deferred Cash are only multiplied by the Deferred Share Factor if explicitly stated in the LSPP Agreement. 
  

	10.3	If a Participant dies, his Awards shall be deemed to have Vested on the day of death, such that payment as a result of such Vesting is set at the Target Payout. The
number of Performance Shares that has Vested is at the respective Vesting Date(s) multiplied by the Performance Share Factor(s). 

  

	10.4	If a Participant ceases to be employed within the Group by virtue of termination of employment by the Company or a Group Company due to Business Conditions (including,
but not limited to, Redundancy) or a business divestiture that forms part of the Company’s normal course of business, his Awards shall be deemed to have Vested on the Cessation of Employment and to the extent that any applicable Performance
Target has been met according to the last performance measurement, except if stated otherwise in the LSPP Agreement. The number of Performance Shares that has Vested is at the respective Vesting Date(s) multiplied by the Performance Share Factor(s).

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	10.5	If a Participant is given notice of termination of employment in circumstances involving fraud, gross negligence, wilful misconduct or any activity detrimental to the
Group, to be determined by the Executive Board, all Awards (Vested and not Vested) shall lapse immediately on the date the notice of termination of employment is given to the Participant. 

 

	10.6	All Plan Shares that Vest based on Rules 10.2 to 10.4, except if explicitly stated otherwise in the LSPP Agreement, shall be converted on the Vesting Date into a right
to receive a cash amount equal to the opening price per BDR or ADR on the Stock Exchange on the Vesting Date, as reported by Bloomberg or any such other appropriate source, multiplied by the number of Vested Plan Shares. Any such payment shall be
effected as soon as practicable following the Vesting Date. 

  

	10.7	Notwithstanding Rule 10.2 to 10.5, the Executive Board in its absolute discretion may decide that an Award shall lapse immediately, with no payment whatsoever being due
to the Participant. The Supervisory Board may also consent to Vest any such Award in whole or in part to the extent as it may determine and considers reasonable. 

 

	10.8	Notwithstanding Rules 10.3 and 10.4, if a Participant dies or is given notice of termination of employment due to Redundancy and there has been no performance
measurement of the Performance Target yet, the Awards will Vest such that payment as a result of such Vesting is set at the Target Payout. 

  

	10.9	For the avoidance of doubt, if an Employee is serving notice after having resigned on a voluntary basis, he will not be able to claim a settlement of his Awards other
than described in this Rule 10 in case a corporate restructuring as described in Rule 14 occurs or is announced during this notice period. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	RULE 11:	DISCRETIONARY AUTHORITY / HOLD BACK 

 The
Supervisory Board has the authority to adjust the number of Plan Shares and/or the amount of Deferred Cash; and/or cancel the Awards in whole or in part: 
  

	 	(i)	in case of evidence of misbehaviour or serious error by the Participant (e.g. breach of code of conduct and other internal rules, especially concerning risks); or

  

	 	(ii)	in case of malfeasance or fraud by the Participant; or 

  

	 	(iii)	in the event the Company or the business line in which the relevant staff member works suffers a significant failure of risk management; or 

 

	 	(iv)	in the event of significant negative changes in the economic or regulatory capital base (based on a capital test); or 

 

	 	(v)	if any other material new information arises that would have changed the original determination of the award if it were known at the time of award; or

  

	 	(vi)	specific conduct, alone or in concert with others, which has led to the material re-statement of the Company’s annual accounts and/or significant (reputational)
harm to the Company or any of its subsidiaries or affiliates. 

 The Supervisory Board will annually assess, prior to Vesting,
whether and to what extent this discretionary authority needs to be applied. 
  

	RULE 12:	RELEASE OF PLAN SHARES / DEFERRED CASH 

Subject to Rules 18.2 to 18.5, Release of Plan Shares and/or Deferred Cash to the extent that this relates to a Vested Award shall be effected by the
Company transferring the relevant Plan Shares and/or Deferred Cash amount, or procuring that the relevant Plan Shares and/or Deferred Cash shall be transferred (or issued as the case may be for Plan Shares) to the Participant as soon as practicable
following the Vesting Date. 
  

	RULE 13:	CLAW-BACK 

  

	13.1	Notwithstanding the Rules of this Plan and the terms and conditions as specified in the LSPP Agreement, the Company shall have the right to reclaim any Plan Shares or
Deferred Cash that has been Released to the Participant under this Plan in case he/she engages in conduct or performs acts which are considered as: 

  

	 	(i)	malfeasance or fraud; or 

  

	 	(ii)	specific conduct, alone or in concert with others, which has led to the material re-statement of the Company’s annual accounts and/or significant (reputational)
harm to the Company or any of its subsidiaries or affiliates. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	13.2	In case, the Participant has sold (part of) his/her Plan Shares after Vesting, the Company reserves the right to claim from the Participant an amount in euro’s
equal to the fair market value of the Plan Shares at the time of such sale. For this purpose, the fair market value is determined as the first trading price of a BDR or ADR on the Stock Exchange as reported by Bloomberg or any such other appropriate
source on the date the Company makes such claim. If, on any such date no such price exists, the first trading price of a BDR or ADR on the Stock Exchange as reported by Bloomberg or any such other appropriate source on the nearest preceding day on
which such a price exists, will be taken. 

  

	13.3	The Participant is obliged to repay this amount at first demand by the Company, such payment being made no later than 30 days after the first demand. Whether the
Participant has engaged in such conduct or has performed such acts is determined at the discretion of the Supervisory Board. 

  

	RULE 14:	CORPORATE RESTRUCTURING 

  

	14.1	Subject to the Articles of Association, required approval of the General Meeting and any applicable laws, in the event of the Company’s dissolution, liquidation,
sale of all or substantially all of its assets, merger, split, consolidation or similar transaction, change in Control, Business Divestiture or share-for-share exchange, the Supervisory Board shall have the power to: 

 

	 	(i)	let the Awards Vest such that payment as a result of such Vesting is set at the Target Payout, except as explicitly stated otherwise in the LSPP Agreement. The number
of Plan Shares Vested is then, at the discretion of the Supervisory Board, multiplied by the Performance Share Factor for Performance Shares and multiplied by the Deferred Share Factor(s) for Deferred Shares and/or Deferred Cash, in case such
Deferred Share Factor has been stated in the LSPP Agreement; 

  

	 	(ii)	provide for the exchange of each outstanding Award as made from time to time for other securities or instruments and, as a result, make any necessary equitable
adjustment in the number of securities or instruments; or 

  

	 	(iii)	take whatever other reasonable steps the Supervisory Board considers appropriate and equitable. 

 

	14.2	The Plan Shares and Deferred Cash Awarded shall be Released within the Appropriate Period as soon as the Supervisory Board has determined that the change of Control has
occurred in line with the provisions of this Rule 14.2 and is satisfied that the applicable requirements of Rules 18.2 to 18.5 have been satisfied. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	14.3	In the event of a Partial Sale, the Awards shall continue to Vest upon the Vesting Date provided and to the extent that the applicable Performance Target has been met.
This number of Plan Shares Vested or Deferred Cash paid is then at the respective Vesting Date multiplied by the Performance Share Factor(s) for Performance Shares and multiplied by the Deferred Share Factor(s) for Deferred Shares and/or Deferred
Cash, if any, as stated in the LSPP Agreement. 

 Notwithstanding the aforementioned, the Supervisory Board in its
absolute discretion may consent to: 
  

	 	(i)	provide for the exchange of each outstanding Award as awarded from time to time for other securities and, as a result, make any necessary equitable adjustment in the
number of securities; 

  

	 	(ii)	take whatever other reasonable steps the Supervisory Board considers appropriate and equitable. 

 

	14.4	All adjustments and/or payments described in Rules 14.1 and 14.3 made by the Supervisory Board shall be reviewed and approved by an independent advisor. Such approval
shall be conclusive and binding on all persons. 

  

	14.5	Except as expressly provided in this Rule 14, no Participant shall be afforded any rights by reason of any capital or corporate reorganisation of the Company.

  

	14.6	Any Award made under the Plan shall not affect in any way the right or power of the Company or any Group Company to effectuate any capital or corporate reorganisation.

  

	RULE 15:	LOSS OF OFFICE OR EMPLOYMENT 

  

	15.1	The Plan does not form part of the Participant’s employment agreement with the Company or any Group Company, and shall not be construed to give any Participant the
right to remain in the employ of the Company or any Group Company. 

  

	15.2	An Award made under this Plan cannot be considered a guarantee to the Participant that the employment of the Participant with the Company or with any other Group
Company will continue. 

  

	15.3	Any benefits derived by the Participant under this Plan shall not be taken into account for the purposes of determining the Participant’s contribution or
entitlement to benefits under any pension arrangement or for the purposes of determining any other claim for compensation the Participant may have against the Company or against any other Group Company. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	15.4	Where the employment of the Participant terminates for whatever reason, the Participant shall not be entitled to any compensation or damages including damages following
unfair dismissal, any other form of breach of contract or any claim for compensation for the loss of employment insofar as such compensation or damages arise or may arise from the Participant ceasing to have rights under, or ceasing to be entitled
to receive Awards, to receive cash under this Plan as a result of such termination. The Plan shall not at any time affect the rights of the Company or a Group Company to terminate such Participant’s status as an Employee, whether with or
without cause. 

  

	15.5	Any Award made under this Plan shall not entitle or preclude the Participant from participating in another Award under the Plan or participation in any other plan
operated by the Company or Group. 

  

	RULE 16:	PLAN SHARES 

  

	16.1	All transfers and all allotments of Plan Shares shall be subject to any necessary regulatory consents for the time being in force and it shall be the responsibility of
the Company to comply with any requirements to be fulfilled in order to obtain or obviate the necessity for any such consent. If no regulatory consent is granted, the Award shall be null and void. The Participant shall in such a case not be entitled
to any compensation. 

  

	16.2	Plan Shares transferred pursuant to the Plan will be transferred without the benefit of any rights (including shareholder rights) attaching thereto by reference to a
Record Date preceding the date of Vesting in the case of Awards. Save as regards rights attaching to Plan Shares by reference to a Record Date prior to the date on which the Plan Shares are allotted and issued, Plan Shares Released shall be
identical and rank pari passu in all respects with the shares in the same class then in issue. 

  

	RULE 17:	PERSONAL HEDGING 

 It is strictly
forbidden for the Participant to enter into an insurance or hedging contract with any party with a stipulation that the Participant directly or indirectly by means of any related person in the event of a downward adjustment in and/or decreasing
value of the Awards made under this Plan will be compensated by this party for the amounts by which the Participant’s variable remuneration has been reduced or decreased in value, in whole or in part. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	RULE 18:	TAX AND SOCIAL SECURITY 

  

	18.1	All applicable personal tax and employee social security levies in respect of the implementation of the Plan shall be borne by the Participant.

  

	18.2	It shall be a condition of the obligation of the Company, to issue or to procure the transfer of Plan Shares to a Participant and the Participant (or in the event of
his death, his legal personal representatives (or, if appropriate, his designated beneficiary or beneficiaries and in the event of there being no designated beneficiary or beneficiaries, his estate) persons) shall permit the Company or any Group
Company to account for an amount equal to any wage or income tax, employee’s social security contributions liability and any other liabilities for which the Company or a Group Company (as the case may be) has an obligation to withhold and
account. 

  

	18.3	In order to meet its obligations, the Participant may permit the Company to sell, on behalf of the Participant, sufficient Plan Shares to meet the Participant’s
liabilities under Rule 18.1 above, except as explicitly stated otherwise in the LSPP Agreement. The Company or any Group Company as the case may be may retain from the sale proceeds an amount equal to such liability and any balance will be paid to
the Participant. 

  

	18.4	Whenever Plan Shares are to be Released or issued under the Plan, the Company or any Group Company may require the Participant to remit to the Company or a Group
Company an amount sufficient to satisfy all withholding tax requirements prior to the Release of the Plan Shares, including, but not limited to, the withholding of wage tax, income tax and social security contributions. 

 

	18.5	The Plan is governed by the applicable tax and social security legislation and regulations prevailing at the date of the adoption of the Plan by the Executive Board of
the Company. If any tax and/or social security legislation or regulations are amended in the future and any tax or employee social security levies become payable, the costs and risks related thereto shall be borne by the Participant.

  

	18.6	For the avoidance of doubt, the provisions of Rules 18.2 to 18.4 shall apply to a Participant’s liabilities that may arise on the Award, Vesting and/or Release of
his Award in more than one jurisdiction. 

  

	18.7	Except as described in this Rule 18, any tax, employee’s social security contributions or similar liabilities arising out of the disposal of Plan Shares shall be
solely the responsibility of the Participant. Any payment made under the Plan shall not be pensionable and shall not be brought into account for the purposes of calculating or imputing any salary related benefits of the Participant.

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	RULE 19:	REPORTING 

 It shall be a condition of the
obligation of the Company to issue or to procure the transfer of Plan Shares to Participants that such issue or transfer shall not take place until such time as the Company is satisfied that the Company or Group Company which employs the Participant
is aware of, and will carry out, its reporting obligations in respect of the transfer or issue of Plan Shares where necessary. 
  

	RULE 20:	PLAN AMENDMENTS AND TERMINATION 

  

	20.1	Subject to Rule 20.3 and in consultation with the Supervisory Board, the Executive Board may from time to time at its absolute discretion amend any of the Rules of the
Plan. 

  

	20.2	In consultation with the Supervisory Board, the Executive Board shall have the power from time to time to make or vary regulations for the administration of this Plan
and to amend the terms or impose further conditions on the Vesting or Release of Awards to take account of taxation, securities law or exchange control laws provided always that such regulations, terms and conditions do not conflict with the
provisions of this Plan. 

  

	20.3	Save where requirements exist under statutory laws or obligations, no amendment, waiver or replacement to or of this Plan, any Rule or regulations for the
administration of this Plan shall be made to the extent to which it would have a detrimental effect on any of the subsisting rights of Participants except with such consent on their part. 

 

	RULE 21:	TERMINATION 

 Notwithstanding the
provisions contained in Rule 9.1 of this Plan, the Executive Board may at any time resolve that no further Awards be made to Participants under this Plan, and in such event no further Awards will be made but in all other respects the provisions of
this Plan shall remain in full force and effect. 
  

	RULE 22:	ADMINISTRATION 

  

	22.1	Written notice of any amendment made in accordance with Rule 20 shall be given to those Participants affected by such amendment. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	22.2	Any notice or other document required to be given hereunder to any Participant shall be delivered to him at his email address or such other address as may appear to the
Executive Board to be appropriate or in any other format agreed in advance between the Participant and the person giving the notice on behalf of the Executive Board. Any notice or other document required to be given to the Company, a Group Company,
the Executive Board or the Company shall be delivered in a format agreed in advance between the Participant and the person receiving the notice. Notices sent by post, unless received earlier, shall be deemed to have been given on the fifth day
following the date of posting. 

  

	22.3	The Company may, at its absolute discretion, issue written guidance setting out the procedures whereby the Plan shall be operated. If such written guidance is issued to
any Group Company, that Group Company shall be obliged to act in accordance with that written guidance except that in the event of a conflict between any such written guidance and the Rules, the Rules will take precedence. 

 

	22.4	Participants shall be subject to and bound by the terms and conditions of the regulations concerning inside information, the [“Reglement inzake
Voorwetenschap”]. Such rules may restrict the rights of the Participants under this Plan. Participants are expected to be familiar with the regulations concerning inside information and any other information, guidance and/or regulations
issued by the Company or relevant government or regulatory bodies, and the Company shall incur no liability should the Participant act in breach of these rules. 

 

	RULE 23:	DISPUTES 

 The decision of the Executive
Board in any dispute or question relating to any Award shall be final and conclusive subject to the terms of this Plan. 
  

	RULE 24:	CONFLICTS WITH AGREEMENTS 

  

	24.1	The provisions of a LSPP Agreement shall govern and prevail in the event of any conflict with the Rules of the Plan. Any conflicting or inconsistent term of a LSPP
Agreement shall be interpreted and implemented by the Executive Board in a manner consistent with the Plan. 

  

	24.2	Where these Plan Rules or a LSPP Agreements are translated into any other language, the English language copy as adopted by the Executive Board will prevail in case of
ambiguities or omissions in the translations. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	RULE 25:	GOVERNING LAW 

  

	25.1	These Rules shall be governed by and shall be construed in accordance with the law of The Netherlands. 

 

	25.2	The Company, Group Companies and the Participants irrevocably submit, in respect of any suit, action or proceeding related to the interpretation or enforcement of the
Plan, to the exclusive jurisdiction of the courts of Amsterdam. 

 *** 

  
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