Document:

EX-10.3

 Exhibit 10.3 
 EQUITY ADMINISTRATION AGREEMENT 
 by and between 

ING GROEP N.V. 
 and 
 ING U.S., INC. 

Dated as of May 7, 2013 

 EQUITY ADMINISTRATION AGREEMENT 

THIS EQUITY ADMINISTRATION AGREEMENT (the “Agreement”), dated as of May 7, 2013, is by and between ING Groep
N.V., a Netherlands corporation (“Group”), and ING U.S., Inc., a Delaware corporation and wholly owned subsidiary of Group (“ING U.S.,” and, together with Group, each, a “Party” and collectively,
the “Parties”). 
 RECITALS 
 WHEREAS, the Board of Directors of Group has determined that it is in the best interests of Group to take steps to divest the business of ING U.S. into an independent public company, in accordance
with that certain shareholder agreement between Group and ING U.S. dated as of May 7, 2013 (the “Shareholder Agreement”); and 
 WHEREAS, Group and ING U.S. have agreed to enter into this Agreement for the purposes of setting forth certain responsibilities of each with respect to the administration of certain employee equity
compensation plans, programs and arrangements. 
 NOW, THEREFORE, in consideration of the premises and of the
respective agreements and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:

 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. As used in this
Agreement, the following terms shall have the meanings set forth below: 
 “Action” means any claim, demand,
complaint, charge, action, cause of action, suit, countersuit, arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal. 

“Agreement” shall have the meaning ascribed thereto in the preamble to this Agreement and shall include any exhibits
hereto and all amendments made hereto from time to time. 
 “Code” means the U.S. Internal Revenue Code of
1986, as amended. 
 “Former Group Employee” means any former employee of any member of the ING Group. Any
individual who is an employee of any member of the ING U.S. Group on the ING U.S. IPO Date or a Former ING U.S. Employee shall not be a Former Group Employee. 
 “Former ING U.S. Employee” means any former employee of any member of the ING U.S. Group. Any individual who is an employee of any member of the ING Group on the ING U.S. IPO Date or a
Former Group Employee shall not be a Former ING U.S. Employee. 

 “Governmental Authority” means any federal, state, local, foreign or
international court, government, department, commission, board, bureau, agency, official, the NYSE or other regulatory, administrative or governmental authority. 
 “Group” shall have the meaning ascribed thereto in the preamble to this Agreement. 
 “Group Common Stock” shall mean Ordinary Shares of Group and American Depositary Shares evidenced by American Depositary Receipts with respect thereto. 

“Group Employee” means any individual who, immediately following the ING U.S. IPO Date, will be employed by Group or any
member of the ING Group in a capacity considered by Group to be common law employment, including active employees and employees on vacation and approved leaves of absence (including maternity, paternity, family, sick, short-term or long-term
disability leave and other approved leaves). 
 “Group Equity Compensation Award” means, collectively, all
outstanding equity compensation awards held by ING U.S. Employees and Former ING U.S. Employees under the Group Share Plans, including, but not limited to, stock options, deferred or restricted stock/unit and performance shares or units. After any
Group Equity Compensation Award is equitably converted, as described in Section 3.2(b) of this Agreement, it shall no longer be considered a Group Equity Compensation Award. 

“Group Options” means options over Group Common Stock held by ING U.S. Employees and Former ING U.S. Employees.

 “GSOP” means the ING Group Standard Share Option Plan. 

“Group Share Plans” means, collectively, the GSOP, LEO, LSPP and any other stock option or stock incentive compensation
plan or arrangement, including equity award agreements, maintained by Group before the ING U.S. IPO Date for employees, officers or non-employee directors of Group or its Subsidiaries, as amended. 

“Information” shall mean all information, whether in written, oral, electronic or other tangible or intangible form,
stored in any medium, including non-public financial information, studies, reports, records, books, accountants’ work papers, contracts, instruments, flow charts, data, communications by or to attorneys, memos and other materials prepared by
attorneys and accountants or under their direction (including attorney work product) and other financial, legal, employee or business information or data. 
 “ING Group” means, as of the ING U.S. IPO Date, Group and each of its former and current Subsidiaries (or any predecessor organization thereof), and any corporation or entity that may
become part of such Group from time to time thereafter. The ING Group shall not include any member of the ING U.S. Group. 

“ING U.S.” shall have the meaning ascribed thereto in the preamble to this Agreement. 

  
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 “ING U.S. Common Stock” means, as of the ING U.S. IPO Date, shares of
common stock of ING U.S. 
 “ING U.S. Employee” means any individual who, immediately following the ING U.S.
IPO Date, will be employed by ING U.S. or any member of the ING U.S. Group in a capacity considered by ING U.S. to be common law employment, including active employees and employees on vacation and approved leaves of absence (including maternity,
paternity, family, sick, short-term or long-term disability leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act and other approved leaves).

 “ING U.S. Equity Compensation Awards” means, collectively, (1) all outstanding equity compensation
awards held by ING U.S. Employees under the ING U.S. Share Plans, including, but not limited to, stock options, deferred or restricted stock/unit and performance shares or units granted by ING U.S. on or after the ING U.S. IPO Date and (2) all
Group Equity Compensation Awards after they are equitably converted, as described in Section 3.2(b) of this Agreement. 
 “ING U.S. Group” means, as of the ING U.S. IPO Date, ING U.S. and each of its former and current Subsidiaries (or any predecessor organization thereof), and any corporation or entity that
may become part of such ING U.S. Group from time to time thereafter. For purposes of this Agreement, following the ING U.S. IPO Date, the ING U.S. Group shall not include any member of the ING Group. 

“ING U.S. IPO” means an initial public offering of ING U.S. Common Stock. 

“ING U.S. IPO Date” means the date upon which the initial public offering of ING U.S. Common Stock becomes effective.

 “ING U.S. Share Plans” means, collectively, the 2013 Omnibus Employee Incentive Plan, the 2013 Omnibus
Non-Employee Director Incentive Plan and any other stock option or stock-based incentive compensation plan or arrangement, including equity award agreements, maintained by ING U.S. on or after the ING U.S. IPO Date for employees, officers or
non-employee directors of ING U.S. or its Subsidiaries, as amended. 
 “IRS” means the U.S. Internal Revenue
Service. 
 “Law” means all laws, statutes and ordinances and all regulations, rules and other pronouncements
of Governmental Authorities having the effect of law of the U.S., any foreign country, or any domestic or foreign state, province, commonwealth, city, country, municipality, territory, protectorate, possession or similar instrumentality, or any
Governmental Authority thereof. 
 “Legacy ING U.S. Awards” shall have the meaning ascribed thereto in
Section 3.2(b)(ii) of this Agreement. 

  
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 “LEO” means the ING Group Long Term Equity Ownership Plan. 

“Liabilities” means all debts, liabilities, obligations, responsibilities, Losses, damages (whether compensatory,
punitive, or treble), fines, penalties and sanctions, absolute or contingent, matured or unmatured, liquidated or unliquidated, foreseen or unforeseen, joint, several or individual, asserted or unasserted, accrued or unaccrued, known or unknown,
whenever arising, including those arising under or in connection with any Law, Action, threatened Action, order or consent decree of any Governmental Authority or any award of any arbitration tribunal, and those arising under any contract,
guarantee, commitment or undertaking, whether sought to be imposed by a Governmental Authority, private party, or a Party, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, or otherwise, and
including any costs, expenses, interest, attorneys’ fees, disbursements and expense of counsel, expert and consulting fees, fees of third-party administrators and costs related thereto or to the investigation or defense thereof. 

“Loss” means any claim, demand, complaint, damages (whether compensatory, punitive, consequential, treble or other),
fines, penalties, loss, liability, payment, cost or expense arising out of, relating to or in connection with any Action. 

“LSPP” means the ING Group Long-Term Sustainable Performance Plan. 

“NYSE” means the New York Stock Exchange, Inc. 
 “Party” and “Parties” shall have the meanings ascribed thereto in the preamble to this Agreement. 

“Subsidiary” has the same meaning as provided in the Shareholder Agreement. 

“Supervisory Board” means the Supervisory Board of Group. 

“Trade Sale” means a sale by Group of more than 50% of ING U.S.’s common stock, to a single buyer that is not
affiliated with Group, or to a group of buyers acting together each of which is not affiliated with Group, by way of acquisition, merger, consolidation, share exchange or a similar transaction. A merger, consolidation, share exchange or similar
transaction in which Group owns 50% or more of the equity capital of the surviving entity shall not be deemed to be a Trade Sale. 
 Section 1.2 General Interpretive Principles. Words in the singular shall include the plural and vice versa, and words of one gender shall include the other gender, in each case, as the
context requires. The words “hereof,” “herein,” “hereunder,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement and not to any particular
provision of this Agreement, and references to Article, Section, paragraph and Exhibit are references to the Articles, Sections, paragraphs and Exhibits to this Agreement unless otherwise specified. The word “including” and words of
similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified. Any reference to any federal, state, local or non-U.S. statute or Law shall be deemed to also refer to all rules and
regulations promulgated thereunder, unless the context otherwise requires. 

  
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 ARTICLE II 
 GENERAL PRINCIPLES 
 Section 2.1 Reimbursement of Group.
From time to time after the ING U.S. IPO, ING U.S. shall promptly reimburse Group, upon Group’s presentation of such substantiating documentation as ING U.S. shall reasonably request, for the cost of any Liabilities satisfied by Group that are,
or that have been made pursuant to this Agreement, the responsibility of ING U.S. or any of its Subsidiaries. Where applicable, such payment shall be calculated in a manner consistent with past practice. 

Section 2.2 Reimbursement of ING U.S.. From time to time after the ING U.S. IPO, Group shall promptly reimburse ING
U.S., upon ING U.S.’s presentation of such substantiating documentation as Group shall reasonably request, for the cost of any Liabilities satisfied by ING U.S. or its Subsidiaries that are, or that have been made pursuant to this Agreement,
the responsibility of Group or any of its Subsidiaries. Where applicable, such payment shall be calculated in a manner consistent with past practice. 
 ARTICLE III 
 EQUITY COMPENSATION 

Section 3.1 Equity Compensation. The Parties, including through instructions with their respective administrators and
recordkeepers, shall use commercially reasonable efforts and shall cooperate in good faith and act promptly to provide all Information and take all other actions reasonably necessary or appropriate for the administration and conversion of Group
Equity Compensation Awards, including the obtainment by Group of any necessary consents from the Supervisory Board, and to coordinate the tax treatment of such Group Equity Compensation Awards as set forth in this Article III.

 Section 3.2 Group Equity Compensation Awards. 

(a) Continuation of Arrangements. The Parties agree that, except to the extent explicitly set forth herein or otherwise mutually
agreed in writing, the administrative and financial practices that the Parties have historically followed with respect to equity compensation awards issued under Group Share Plans and held by employees, former employees or retirees of ING U.S.
(including, without limitation, the sharing of information necessary to enable the Parties to administer such awards and the cash flows and other financial arrangements in connection with the vesting or exercise of awards, and the payment of cash or
delivery or sale of shares, as applicable, by or between the Parties, or to employees of ING U.S., and related tax withholding and reimbursements, including with respect to ING U.S. Employees who received equity compensation awards issued under
Group Share Plans while such ING U.S. Employees were expatriate employees, the continuation of the ING Group Net Pay Policy), 

  
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shall, with respect to Group Equity Compensation Awards, continue to be followed until such awards have vested and been delivered or paid out or have been terminated in accordance with their
terms. 
 (b) Treatment of Outstanding Group Equity Compensation Awards. 

(i) New LSPP Awards. Group Equity Compensation Awards granted during or after March 2013 under the LSPP will, on
the ING U.S. IPO Date, automatically convert, in accordance with their terms, into a comparable award over ING U.S. Common Stock to be granted under the 2013 Omnibus Employee Incentive Plan. 

(ii) Legacy ING U.S. Awards. Except as set forth in clause (iii) or clause (iv) below, Group Equity
Compensation Awards granted before March 2013 under the LSPP, LEO or GSOP (“Legacy ING U.S. Awards”) will remain outstanding after the ING U.S. IPO Date in accordance with their terms, and Group will give each ING U.S. Employee full
credit for service to ING U.S. or any of its Subsidiaries following the ING U.S. IPO Date for purposes of vesting under the Legacy ING U.S. Awards, in accordance with Section 3.2(c) of this Agreement, notwithstanding any reduction of
Group’s ownership of ING U.S. common stock below 70%, 50.1% or any other applicable threshold, and such awards will otherwise remain subject in all instances to their original terms. 

(iii) Legacy LSPP Awards. If, on or after the ING U.S. IPO Date, Group ceases to own (directly or indirectly) at
least 50.1% of the voting stock of ING U.S., other than as a result of a Trade Sale, Group, in its discretion, may convert any outstanding Group Equity Compensation Awards granted before March 2013 under the LSPP into comparable awards over ING U.S.
Common Stock if Group, in its discretion, determines that the ING U.S. Common Stock price reflects anticipated improvement in ING U.S.’s operating return on equity, and if Group and ING U.S. mutually agree on the price or conversion ratio and
other terms applicable to the conversion. 
 (iv) Trade Sale. In the event of a Trade Sale, the treatment
of all Group Equity Compensation Awards that are outstanding at the time of the closing of such Trade sale shall be determined in accordance with the plan documents governing the LSPP, LEO or GSOP, as applicable, and the terms and conditions of
applicable award agreements. 
 (c) Service Credit. Group agrees to give each ING U.S. Employee full credit for service
to ING U.S. or any of its Subsidiaries following the ING U.S. IPO, for the period during which such ING U.S. Employee remains employed by ING U.S. or any of its Subsidiaries, for purposes of vesting under any Group Equity Compensation Awards that
are outstanding as of the ING U.S. IPO Date. In addition, Group agrees that in the event the ING U.S. IPO or any secondary offering or sale of ING U.S. Common Stock (other than a Trade Sale) shall be deemed to constitute a termination of an ING U.S.
Employee’s employment under the terms of any Group Equity Compensation Award, such ING U.S. IPO or secondary offering shall not constitute such a termination of employment to the extent and for the period during which such ING U.S. Employee
remains employed by ING U.S. or any of its Subsidiaries. 

  
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 (d) Administration and Other Matters. The Parties agree that Group will continue to
administer the Group Equity Compensation Awards in accordance with past practice and this Agreement, the existing arrangements with respect to reimbursement of Group expenses associated with Group Equity Compensation Awards held by any ING U.S.
Employee and Former ING U.S. Employee will be maintained (except as otherwise specifically provided in this Agreement) and ING U.S. shall cooperate with Group in good faith and act promptly to provide all Information (including, but not limited to
Information to update the employment status of any ING U.S. Employee) and take all other actions reasonably necessary or appropriate to assist Group in carrying out its administrative tasks with respect to Group Equity Compensation Awards. The
Parties agree that ING U.S. shall be responsible for reimbursing Group for the incremental cost to Group of any mutually agreed conversion of Group Equity Compensation Awards pursuant to this Section 3.2. 

Section 3.3 Taxes and Withholding. With respect to equity compensation awards under the Group Share Plans held by
individuals who are Group Employees or Former Group Employees at the time such equity compensation awards become taxable, Group shall claim any federal, state and/or local tax deductions after the ING U.S. IPO Date, and ING U.S. shall not claim such
deductions. With respect to the Group Equity Compensation Awards held by any individuals who are ING U.S. Employees or Former ING U.S. Employees at the time such Group Equity Compensation Awards become taxable, ING U.S. shall claim any federal,
state and/or local tax deductions after the ING U.S. IPO Date and Group shall not claim such deductions. If either Group or ING U.S. determines in its reasonable judgment that there is a substantial likelihood that a tax deduction that was assigned
to Group or ING U.S. pursuant to this Section 3.3 will instead be available only to the other party (whether as a result of a determination by the IRS, a change in the Code or the regulations or guidance thereunder, or otherwise), it
will notify the other party and both parties will negotiate in good faith to resolve the issue in accordance with the following principle. The party entitled to the deduction shall pay to the other party an amount that places the other party in a
financial position equivalent to the financial position the party would have been in had the party received the deduction as intended under this Section 3.3. Such amount shall be paid within 90 days of filing the last tax return
necessary to make the determination described in the preceding sentence. 
 Section 3.4 ING U.S. Equity Compensation
Awards. The Parties agree that ING U.S. will administer the ING U.S. Equity Compensation Awards, and Group shall cooperate with ING U.S. in good faith and act promptly to provide all Information requested by ING U.S. to assist ING U.S. in
carrying out its administrative tasks with respect to ING U.S. Equity Compensation Awards. ING U.S. shall claim any federal, state and/or local tax deductions with respect to any ING U.S. Equity Compensation Awards, and Group shall not claim such
deductions. 

  
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 Section 3.5 Cooperation. In addition to any cooperation principles
governed by Article IV, if, after the ING U.S. IPO Date, Group or ING U.S. identify an administrative error in the individuals identified as holding Group Equity Compensation Awards, the amount of Group Equity Compensation Awards so held, the
vesting level of such Group Equity Compensation Awards, or any other similar error, Group and ING U.S. shall mutually cooperate in taking such actions as are necessary or appropriate to place, as nearly as reasonably practicable, the individual and
Group and ING U.S. in the position in which they would have been had the error not occurred. Each of the Parties shall establish an appropriate administration system in order to handle, in an orderly manner, exercises of Group Options and the
settlement of any deferred or restricted stock/unit and performance shares or unit awards over Group Common Stock. Each of the Parties will work together to unify and consolidate all indicative data and payroll and employment Information on regular
timetables and make certain that each applicable entity’s data and records with respect to Group Equity Compensation Awards and ING U.S. Equity Compensation Awards are correct and updated on a timely basis. The foregoing shall include
employment status and Information required for tax withholding/remittance, compliance with trading windows and compliance with the requirements of the Securities Exchange Act of 1934 and other applicable Laws. 

Section 3.6 SEC Registration. The Parties mutually agree to use commercially reasonable efforts to maintain effective
registration statements with the Securities and Exchange Commission with respect to the Group Equity Compensation Awards and the ING U.S. Equity Compensation Awards to the extent any such registration statement is required by applicable Law.

 Section 3.7 Savings Clause. The Parties hereby acknowledge that the provisions of this
Article III are intended to achieve certain tax, legal and accounting objectives and, in the event such objectives are not achieved, the Parties agree to negotiate in good faith regarding such other actions that may be necessary or
appropriate to achieve such objectives. 
 ARTICLE IV 

GENERAL AND ADMINISTRATIVE 
 Section 4.1 Sharing of Information. Group and ING U.S. (acting directly or through their respective Subsidiaries) shall promptly provide to the other and their respective agents and
vendors all Information as the other may reasonably request to enable the requesting Party to administer efficiently and accurately each of the Group Share Plans and the ING U.S. Share Plans, timely respond to audit requests and to determine the
scope of, as well as fulfill, its obligations under this Agreement; provided, however, that in the event that any Party reasonably determines that any such provision of Information could be commercially detrimental to such Party or any
member of its Group, violate any Law or agreement to which such Party or member of its Group is a party, or waive any attorney-client privilege applicable to such Party or member of its Group, the Parties shall provide any such Information and the
Parties shall take all reasonable measures to comply with the obligations pursuant to this Section 4.1 in a manner that 

  
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mitigates any such harm or consequence to the extent practicable, and the Parties agree to cooperate with each other and take such commercially reasonable steps as may be practicable to preserve
the attorney-client privilege with respect to the disclosure of any such Information. Such Information shall, to the extent reasonably practicable, be provided in the format and at the times and places requested, but in no event shall the Party
providing such Information be obligated to incur any out-of-pocket expenses not reimbursed by the Party making such request or make such Information available outside of its normal business hours and premises. Any Information shared or exchanged
pursuant to this Agreement shall be subject to the same confidential information and information handling provisions set forth in Sections 4.8 and 10.8 of the Shareholder Agreement. 

Section 4.2 Reasonable Efforts/Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to
take promptly, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws to consummate the transactions contemplated by this Agreement, including adopting plans or plan
amendments. Each of the Parties hereto shall be entitled to rely in good faith on Information provided by the other Party and the receiving Party shall not be responsible for any delays or liability arising from missing, delayed, incomplete,
inaccurate or outdated Information and data which is provided by the other Party pursuant to this Agreement. 

Section 4.3 No Third-Party Beneficiaries; No Right to Continued Employment. No provision of this Agreement shall be
construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any ING U.S. Employee or Group Employee under any Group Share Plan or otherwise. This Agreement is solely for the benefit of the
Parties hereto and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other person or persons (including any ING U.S. Employee, Former ING U.S. Employee, Group
Employee or Former Group Employee, or any of their respective beneficiaries, dependents, alternate payees or surviving spouses) any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. No provision in this
Agreement shall modify or amend any other agreement, plan, program, or document unless this Agreement explicitly states that the provision “amends” that other agreement, plan, program, or document. This shall not prevent the Parties
entitled to enforce this Agreement from enforcing any provision in this Agreement, but no other person shall be entitled to enforce any provision in this Agreement on the grounds that it is an amendment to another agreement, plan, program, or
document unless the provision is explicitly designated as such in this Agreement, and the person is otherwise entitled to enforce the other agreement, plan, program, or document. If a person not entitled to enforce this Agreement brings a lawsuit or
other action to enforce any provision in this Agreement as an amendment to another agreement, plan, program, or document, and that provision is construed to be such an amendment despite not being explicitly designated as one in this Agreement, that
provision in this Agreement shall be void ab initio, thereby precluding it from having any amendatory effect. Furthermore, nothing in this Agreement is intended to confer upon any Group Employee, Former Group Employee, ING U.S. Employee or
Former ING U.S. Employee, any right to continued employment, or any recall or similar rights to an individual on layoff or any type of approved leave. 

  
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 Section 4.4 Consent of Third Parties. If any provision of this Agreement
is dependent on the consent of any third party and such consent is withheld, the Parties hereto shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If any provision of
this Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory manner. 

Section 4.5 Access to Employees. Following the ING U.S. IPO Date, Group and ING U.S. shall, or shall cause each of
their respective Subsidiaries to, make available to each other those of their employees who may reasonably be needed in order to defend or prosecute any legal or administrative action (other than a legal action between any member of the ING Group
and any member of the ING U.S. Group) to which any employee, director or Plan of the ING Group or ING U.S. Group is a party and which relates to their respective plans prior to the ING U.S. IPO Date. 

ARTICLE V 

MISCELLANEOUS 
 Section 5.1 Complete Agreement; Construction. This Agreement shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all
previous negotiations, commitments and writings with respect to such subject matter. 
 Section 5.2
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties
and delivered to the other Party. 
 Section 5.3 Notices. All notices and other communications hereunder
shall be in writing, shall reference this Agreement and shall be hand delivered or mailed by registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other addresses for a Party as shall be
specified by like notice) and will be deemed given on the date on which such notice is received: 
 To Group: 

ING Group 
 IH
08.332 
 Amstelveenseweg 500 
 1081 KL Amsterdam 
 The Netherlands 

Attention: Hein Knaapen, Global Head of HR 
 Facsimile: +31 20 564 77 51 

  
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 To ING U.S.: 
 ING U.S., Inc. 
 230 Park Avenue 

13th Floor 
 New York, New York 10169 
 Attention: Bridget M. Healy, Chief Legal Officer

 Facsimile: 212-309-8364 
 Section 5.4 Waivers. The failure of any Party to require strict performance by any other Party of any provision in this Agreement will not waive or diminish that Party’s right to
demand strict performance thereafter of that or any other provision hereof. 
 Section 5.5 Amendments. This
Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties. 
 Section 5.6
Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without the prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this
Agreement without such consent shall be void; provided that either Party may assign this Agreement to a purchaser of all or substantially all of the properties and assets of such Party so long as such purchaser expressly assumes, in a written
instrument in form reasonably satisfactory to the non-assigning Party, the due and punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to be performed or observed. 

Section 5.7 Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of
and be enforceable by the Parties and their respective successors and permitted assigns. 
 Section 5.8
Subsidiaries. Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of
such Party after the ING U.S. IPO Date. 
 Section 5.9 Title and Headings. Titles and headings to
Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 Section 5.10 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN
THE STATE OF NEW YORK AND WITHOUT REGARD TO ITS CHOICE OF LAWS PRINCIPLES. 

  
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 Section 5.11 Waiver of Jury Trial. The Parties hereby irrevocably waive
any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement. 
 Section 5.12
Specific Performance. From and after the ING U.S. IPO, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Parties agree that the Party to this Agreement
who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such
rights and remedies shall be cumulative. The Parties agree that, from and after the ING U.S. IPO, the remedies at law for any breach or threatened breach of this Agreement, including monetary damages, are inadequate compensation for any Loss, that
any defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived. 

Section 5.13 Severability. In the event any one or more of the provisions contained in this Agreement should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of
the date first above written. 
  

					
	ING GROEP, N.V.
		
	By:	 	 /s/ Jan H.M. Hommen

		 	Name:	 	Jan H.M. Hommen
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Willem F. Nagel

		 	Name:	 	Willem F. Nagel
		 	Title:	 	Managing Director
	
	ING U.S., INC.
		
	By:	 	 /s/ Alain M. Karaoglan

		 	Name:	 	Alain M. Karaoglan
		 	Title:	 	Executive Vice President and Chief Operating Officer
		
	By:	 	 /s/ Ewout L. Steenbergen

		 	Name:	 	Ewout L. Steenbergen
		 	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature Page to Equity Administration Agreement]EX-10.4

 Exhibit 10.4 

 
  

 
 REGISTRATION RIGHTS AGREEMENT

 dated as of 
 May 7, 2013 
 between 

ING U.S., Inc. 
 and 
 ING Groep N.V. 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	Article 1	  
	DEFINITIONS	  
			
	 1.1
	 	 Definitions
	  	 	1	  
	 1.2
	 	 Interpretation
	  	 	4	  
	
	Article 2	  
	REGISTRATION RIGHTS	  
			
	 2.1
	 	 Shelf Registration
	  	 	5	  
	 2.2
	 	 Demand Registrations
	  	 	5	  
	 2.3
	 	 Priority
	  	 	6	  
	 2.4
	 	 Piggyback Registrations
	  	 	7	  
	 2.5
	 	 Lock-up Agreements
	  	 	7	  
	 2.6
	 	 Registration Procedures
	  	 	8	  
	 2.7
	 	 Registration Expenses
	  	 	12	  
	 2.8
	 	 Underwritten Offering
	  	 	12	  
	 2.9
	 	 Suspension of Registration
	  	 	13	  
	 2.10
	 	 Indemnification
	  	 	13	  
	 2.11
	 	 Conversion of Other Securities
	  	 	16	  
	 2.12
	 	 Rule 144; Rule 144A
	  	 	16	  
	 2.13
	 	 Transfer of Registration Rights
	  	 	16	  
	 2.14
	 	 Sales of the Warrants
	  	 	16	  
	
	Article 3	  
	 PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE

SECURITIES BY ING GROUP
	   

  

			
	 3.1
	 	 Underwriter Selection
	  	 	17	  
	 3.2
	 	 Cooperation with Sales
	  	 	17	  
	 3.3
	 	 Expenses of Offerings
	  	 	17	  
	 3.4
	 	 Further Assurances
	  	 	17	  
	
	Article 4	  
	MISCELLANEOUS	  
			
	 4.1
	 	 Term
	  	 	18	  
	 4.2
	 	 Other Holder Activities
	  	 	18	  
	 4.3
	 	 No Inconsistent Agreements
	  	 	18	  
	 4.4
	 	 Amendments and Waivers
	  	 	18	  
	 4.5
	 	 No Third Party Beneficiaries
	  	 	18	  
	 4.6
	 	 Entire Agreement
	  	 	18	  
	 4.7
	 	 Severability
	  	 	18	  
	 4.8
	 	 Counterparts
	  	 	19	  

  
 i 

							
	 4.9
	 	 Remedies; Attorney’s Fees
	  	 	19	  
	 4.10
	 	 Governing Law
	  	 	19	  
	 4.11
	 	 Consent To Jurisdiction And Service Of Process; Waiver Of Jury Trial
	  	 	19	  
	 4.12
	 	 Notice
	  	 	20	  

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement, dated as of May 7, 2013 (this “Agreement”), is between ING U.S., INC., a
Delaware corporation (the “Company”) and ING Groep N.V., a public limited liability company formed under the laws of the Netherlands (“ING Group”). 

WHEREAS, the Company and ING Group intend to sell shares of the Company’s common stock, par value $0.01 (the “Common
Stock”) in an initial public offering; 
 WHEREAS, following the completion of the IPO, ING Group will continue
to indirectly own a majority of the outstanding shares of Common Stock; 
 WHEREAS, ING Group holds warrants, dated
May 7, 2013 (the “Warrants”), to purchase up to 26,050,846 shares of Common Stock of the Company (shares of Common Stock issuable upon the exercise of such Warrants, the “Warrant Shares”); 

WHEREAS, in connection with the IPO, the Company has agreed to provide ING Group certain rights as set forth herein; 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein and for good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 Article 1 

DEFINITIONS 
 1.1 Definitions. 
 In this Agreement, the following terms shall have the
following meanings: 
 (a) “Affiliate” means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”) when used with respect to any Person, means the possession directly or indirectly, of the power to cause the direction of the management or policies of such Person, whether through the ownership of voting securities,
by contract or otherwise. 
 (b) “Board of Directors” means the Board of Directors of the Company. 

(c) “Business Day” means any day except (i) Saturday, (ii) Sunday, (iii) any day on which the principal
office of the Company or ING Group is not open for business, and (iv) any other day on which commercial banks in New York or in the Netherlands are authorized or obligated by law or executive order to close. 

(d) “Common Stock” has the meaning set forth in the recitals. 

 (e) “Company Outside Counsel” means one counsel selected by the Company to
act on its behalf. 
 (f) “Covered Person” has the meaning set forth in Section 2.10(a). 

(g) “Demand Registration” has the meaning set forth in Section 2.2(a). 

(h) “Designated Holder” means any member of the ING Affiliated Group or any other Holder holding Common Stock of the
Company constituting not less than 10% of the outstanding shares of Common Stock of the Company. 
 (i) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 (j) “Holder” means ING Group and any permitted transferee of Registrable Securities. 
 (k) “Holders’ Counsel” means, if any member of the ING Affiliated Group is participating in an offering of Registrable Securities, one counsel selected by ING Group for the Holders
participating in such offering or otherwise, one counsel selected by the Holders of a majority of the Registrable Securities included in such offering. 
 (l) “ING Affiliated Group” means ING Group and its Affiliates (excluding the Company and its subsidiaries); 
 (m) “ING Group Lock-Up Agreement” means the “lock-up” agreement entered into by ING Group and described in that certain Underwriting Agreement, dated as of May 1, 2013,
among the Company, ING Group and the underwriters party thereto. 
 (n) “IPO” means the initial underwritten
public offering of Common Stock pursuant to a Registration Statement filed in accordance with the Securities Act. 
 (o)
“Material Disclosure Event” means, as of any date of determination, any pending or imminent event relating to the Company or any of its subsidiaries that the Board of Directors reasonably determines in good faith, after consultation
with Company Outside Counsel, (i) would require disclosure of material, non-public information relating to such event in any Registration Statement under which Registrable Securities may be offered and sold (including documents incorporated by
reference therein) in order that such Registration Statement would not be materially misleading and (ii) would not otherwise be required to be publicly disclosed by the Company at that time in a periodic report to be filed with or furnished to
the SEC under the Exchange Act but for the filing of such Registration Statement. 
 (p) “Person” means any
individual, corporation, partnership, joint venture, limited liability company, association or other business entity and any trust, unincorporated organization or government or any agency or political subdivision thereof. 

(q) “Piggyback Registration” means any registration of Registrable Securities under the Securities Act requested by a
Holder in accordance with Section 2.4(a). 

  
 2 

 (r) “register,” “registered” and
“registration” refers to a registration made effective by preparing and filing a Registration Statement with the SEC in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration
Statement, and compliance with applicable state securities laws of such states in which Holders notify the Company of their intention to offer Registrable Securities. 
 (s) “Registration Expenses” has the meaning set forth in Section 2.7. 
 (t) “Registrable Securities” means (i) all shares of Common Stock held by a Holder, (ii) the Warrants, (iii) the Warrant Shares and (iv) and any equity securities
issued or issuable directly or indirectly with respect to any such securities referred to in (i), (ii) and (iii) above by way of conversion or exchange thereof or share dividend or share split or in connection with a combination of shares,
recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization; provided that, any securities constituting Registrable Securities will cease to be Registrable Securities when (a) such
securities are sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities, (b) with respect to Registrable Securities held by any Holder other than a Designated
Holder, such securities are sold pursuant to an effective Registration Statement or are eligible to be sold without volume or manner of sale restrictions pursuant to Rule 144 or (c) with respect to Registrable Securities held by a Designated
Holder, such securities are sold pursuant to an effective Registration Statement or pursuant to Rule 144. 
 (u)
“Registration Statement” means any registration statement of the Company under the Securities Act that permits the public offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including the
prospectus, amendments and supplements to such registration statement, all exhibits, all material incorporated by reference or deemed to be incorporated by reference in such registration statements and all other documents filed with the SEC to
effect a registration under the Securities Act. 
 (v) “Rule 144” means Rule 144 promulgated by the SEC under
the Securities Act. 
 (w) “Rule 144A” means Rule 144A promulgated by the SEC under the Securities Act.

 (x) “Rule 405” means Rule 405 promulgated by the SEC under the Securities Act. 

(y) “Rule 415” means Rule 415 promulgated by the SEC under the Securities Act. 

(z) “SEC” means the U.S. Securities and Exchange Commission. 

(aa) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 (bb) “Selling Holder” means a Holder that holds Registrable Securities registered (or to be
registered) on a Registration Statement. 
 (cc) “Selling Expenses” means all underwriting discounts, selling
commissions and transfer taxes applicable to the sale of Registrable Securities hereunder. 

  
 3 

 (dd) “Shareholder Agreement” means the Shareholder Agreement, dated as of
May 7, 2013, between the Company and ING Group, to which this Agreement is attached as Annex A. 
 (ee) “Shelf
Registration Statement” means a Registration Statement that contemplates offers and sales of securities pursuant to Rule 415. 
 (ff) “Short-Form Registration Statement” means Form S-3 or any successor or similar form of registration statement pursuant to which the Company may incorporate by reference its filings
under the Exchange Act made after the date of effectiveness of such registration statement. 
 (gg)
“Suspension” has the meaning set forth in Section 2.9. 
 (hh) “Underwritten Offering”
means a discrete registered offering of securities conducted by one or more underwriters pursuant to the terms of an underwriting agreement. 
 1.2 Interpretation. 
 (a) The words “hereto”,
“hereunder”, “herein”, “hereof” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement, unless expressly stated otherwise
herein. 
 (b) Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed followed by the words “without limitation.” 
 (c) The definitions contained in this Agreement
are applicable to the singular as well as the plural forms of such terms. 
 (d) “Writing”, “written” and
comparable terms refer to printing, typing, and other means of reproducing words (including electronic media) in a visible form. 
 (e) All references to “$” or “dollars” mean the lawful currency of the United States of America. 
 (f) The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

(g) Except as expressly stated in this Agreement, all references to any statute, rule or regulation are to the statute, rule or
regulation as amended, modified, supplemented or replaced from time to time (and in the case of statutes, include any rules and regulations promulgated under the statute) and to any successor to such statute, rule or regulation. 

  
 4 

 Article 2 
 REGISTRATION RIGHTS 
 2.1 Shelf Registration. 

(a) Filing. At any time after the date that is one year following the date hereof (or, if sooner, the date on which the Company
first becomes eligible to use a Short Form Registration Statement as a Shelf Registration Statement), upon the written request of any Holder, the Company shall promptly (but no later than 45 days after the receipt of such request) file with the SEC
a Shelf Registration Statement (which, if permitted, shall be an “automatic shelf registration statement” as defined in Rule 405) relating to the offer and sale by such holder of all or part of the Registrable Securities. If at any time
while Registrable Securities are outstanding, the Company files any Shelf Registration Statement for its own benefit or for the benefit of holders of any of its securities other than the Holders, the Company shall use its reasonable best efforts to
include in such Shelf Registration Statement such disclosures as may be required under the Securities Act to ensure that the Holders may sell their Registrable Securities pursuant to such Shelf Registration Statement through the filing of a
prospectus supplement rather than a post-effective amendment. 
 (b) Effectiveness. The Company shall use its reasonable
best efforts to (i) cause such Shelf Registration Statement to be declared effective under the Securities Act as promptly as practicable after such Shelf Registration Statement is filed and (ii) keep such Shelf Registration Statement (or a
replacement Shelf Registration Statement) continuously effective and in compliance with the Securities Act and usable for the resale of Registrable Securities until such time as there are no Registrable Securities remaining. 

(c) Sales by Holders. The plan of distribution contained in the Shelf Registration Statement referred to in this Section 2.1
(or related prospectus supplement) shall be determined by ING Group, if any member of the ING Affiliated Group is a requesting Holder for such Shelf Registration Statement, or otherwise by the other requesting Holder or Holders. Each Holder shall be
entitled to sell Registrable Securities pursuant to the Shelf Registration Statement referred to in this Section 2.1 from time to time and at such times as such Holder shall determine. Such Holder shall promptly advise the Company of its
intention so to sell Registrable Securities pursuant to the Shelf Registration Statement. 
 (d) Underwritten Offering.
If any Holder intends to sell Registrable Securities pursuant to the Shelf Registration Statement referred to in this Section 2.1 through an Underwritten Offering, the Company shall take all steps to facilitate such an offering, including the
actions required pursuant to Section 2.6 and Section 3, as appropriate; provided, that the Company will not be required to facilitate such Underwritten Offering unless so requested by ING Group and unless the expected aggregate
gross proceeds from such offering are at least $50 million. 
 2.2 Demand Registrations. 

(a) Right to Request Additional Demand Registrations. At any time after the expiration of the ING Group Lock-Up Agreement, any
Holder may, by providing a written 

  
 5 

 
request to the Company, request to sell all or part of the Registrable Securities pursuant to a Registration Statement separate from a Shelf Registration Statement (a “Demand
Registration”). Each request for a Demand Registration shall specify the kind and aggregate amount of Registrable Securities to be registered and the intended methods of disposition thereof (which, if not specified, shall be by way of
Underwritten Offering). Promptly after its receipt of a request for a Demand Registration (but in any event within 10 days), the Company will give written notice of such request to all other Holders. Within 30 days after the date the Company has
given the Holders notice of the request for Demand Registration, the Company shall register, in accordance with this Agreement, all Registrable Securities that have been requested to be registered in the request for Demand Registration and that have
been requested by any other Holders by written notice to the Company within 15 days after the Company has given the Holders notice of the request for Demand Registration; provided, that the Company will not be required to effect a Demand
Registration unless the expected aggregate gross proceeds from the offering of the Registrable Securities to be registered in connection with such Demand Registration are at least $50 million. 

(b) Limitations on Demand Registrations. Subject to Section 2.2(a) and this Section 2.2(b), any Holder will be entitled
to request an unlimited number of Demand Registrations. Any Holder shall be entitled to participate in a Demand Registration initiated by any other Holder. The Company will not be obligated to effect more than one Demand Registration which, for the
avoidance of doubt, shall be in addition to any registration on a Shelf Registration Statement in any six-month period. 
 (c)
Withdrawal. A Holder may, by written notice to the Company, withdraw its Registrable Securities from a Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of notices from all
applicable Holders to such effect, the Company shall cease all efforts to seek effectiveness of the applicable Registration Statement. 
 2.3 Priority. If a registration pursuant to Section 2.1 or 2.2 above is an Underwritten Offering and the managing underwriters of such proposed Underwritten Offering advise the Holders in
writing that, in their opinion, the number of securities requested to be included in such Underwritten Offering exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or
distribution of the securities offered or the market for the securities offered, then the number of securities to be included in such Underwritten Offering shall be reduced in the following order of priority: first, there shall be excluded
from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the Holders; second, there shall be excluded from the Underwritten Offering any securities to be sold for the account of the
Company; and finally, the number of Registrable Securities of any Holders that have been requested to be included therein shall be reduced, pro rata based on the number of Registrable Securities owned by each such Holder, in each case to the
extent necessary to reduce the total number of securities to be included in such offering to the number recommended by the managing underwriters. 

  
 6 

 2.4 Piggyback Registrations. 

(a) Piggyback Request. Whenever the Company proposes to register any of its securities under the Securities Act or equivalent
non-U.S. securities laws (other than (i) in the IPO, (ii) pursuant to a Demand Registration, (iii) pursuant to a registration statement on Form S-4 or any similar or successor form or (iv) pursuant to a registration solely
relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), and the registration form to be filed may be used for the registration or qualification for
distribution of Registrable Securities, the Company will give prompt written notice to all Holders of its intention to effect such a registration (but in no event less than 20 days prior to the proposed date of filing of the applicable Registration
Statement) and, subject to Section 2.4(c), will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the date the Company’s
notice is given to such Holders (a “Piggyback Registration”). There shall be no limitation on the number of Piggyback Registrations that the Company shall be required to effect under this Section 2.4. 

(b) Withdrawal and Termination. Any Holder that has made a written request for inclusion in a Piggyback Registration may withdraw
its Registrable Securities from such Piggyback Registration by giving written notice to the Company on or before the fifth day prior to the planned effective date of such Piggyback Registration. The Company may, without prejudice to the rights of
Holders to request a registration pursuant to Section 2.1 or 2.2 hereof, terminate or withdraw any registration under this Section 2.4 prior to the effectiveness of such registration, whether or not any Holder has elected to include
Registrable Securities in such registration, and, except for the obligation to pay or reimburse Registration Expenses, the Company will have no liability to any Holder in connection with such termination or withdrawal. 

(c) Priority of Piggyback Registrations. If the managing underwriters advise the Company and Holders of Registrable Securities in
writing that, in their opinion, the number of securities requested to be included in an Underwritten Offering to be effected pursuant to a Piggyback Registration exceeds the number which can be sold in such offering without being likely to have a
significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Underwritten Offering shall be reduced pro rata based, in the case
of the Holders, on the number of Registrable Securities owned by each Holder, and in the case of the Company, the number of securities to be sold for the account of the Company, to the extent necessary to reduce the total number of Registrable
Securities to be included in such offering to the number recommended by the managing underwriters. No registration of Registrable Securities effected pursuant to a request under this Section 2.4 shall be deemed to have been effected pursuant to
Sections 2.1 or 2.2 or shall relieve the Company of its obligations under Sections 2.1 or 2.2. 
 2.5 Lock-up Agreements.
Each of the Company and the Holders agrees, upon notice from the managing underwriters in connection with any registration for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement on Form S-4 or
any similar or successor form or pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), not to effect (other than
pursuant to such registration) any public sale 

  
 7 

 
or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise
dispose of, any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the managing
underwriters during such period as reasonably requested by the managing underwriters (but in no event longer than the seven days before and the 90 days after the pricing of such Underwritten Offering); provided, that such restrictions shall
not apply in any circumstance to (i) securities acquired by a Holder in the public market subsequent to the IPO, (ii) distributions-in-kind to a Holder’s limited or other partners, members, shareholders or other equity holders,
(iii) transfers by a member of the ING Affiliated Group to another member of the ING Affiliated Group. Notwithstanding the foregoing, no holdback agreements of the type contemplated by this Section 2.5 shall be required of Holders
(A) unless each of the Company’s directors, executive officers and holders of 5% or more of the outstanding Common Stock agrees to be bound by a substantially identical holdback agreement for at least the same period of time; or
(B) that restricts the offering or sale of Registrable Securities pursuant to a Demand Registration. 
 2.6 Registration
Procedures. If and whenever the Company is required to effect the registration of any Registrable Securities pursuant to this Agreement, the Company shall use its reasonable best efforts to effect and facilitate the registration, offering and
sale of such Registrable Securities in accordance with the intended method of disposition thereof as promptly as is practicable, and the Company shall as expeditiously as possible: 

(a) prepare and file with the SEC (within 30 days after the date on which the Company has given Holders notice of the request for
Demand Registration) a Registration Statement with respect to such Registrable Securities, make all required filings required in connection therewith and thereafter and (if the Registration Statement is not automatically effective upon filing) use
its reasonable best efforts to cause such Registration Statement to become effective; provided that before filing a Registration Statement or any amendments or supplements thereto, the Company will furnish to Holders’ Counsel for such
registration copies of all such documents proposed to be filed, which documents will be subject to review of such counsel at the Company’s expense, and give the Holders participating in such registration an opportunity to comment on such
documents and keep such Holders reasonably informed as to the registration process; provided, further, that if the Board of Directors determines in its good faith judgment that registration at the time would require the inclusion of pro forma
financial or other information, which requirement the Company is reasonably unable to comply with, then the Company may defer the filing (but not the preparation) of the Registration Statement which is required to effect the applicable registration
for a reasonable period of time (but not in excess of 45 days). 
 (b) (i) prepare and file with the SEC such amendments
and supplements to any Registration Statement as may be necessary to keep such Registration Statement effective for a period of either (A) not less than 6 months or, if such Registration Statement relates to an Underwritten Offering in the case
of a Demand Registration, such longer period as in the opinion of counsel for the managing underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or the maximum
period of time permitted by the Securities Act in the case of a Shelf Registration Statement, or 

  
 8 

 
(B) such shorter period ending when all of the Registrable Securities covered by such Registration Statement have been disposed of (but in any event not before the expiration of any longer
period required under the Securities Act) and (ii) to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 

(c) furnish to each Selling Holder such number of copies, without charge, of any Registration Statement, each amendment and supplement
thereto, including each preliminary prospectus, final prospectus, all exhibits and other documents filed therewith and such other documents as such Selling Holder may reasonably request including in order to facilitate the disposition of the
Registrable Securities owned by such Selling Holder; 
 (d) use its reasonable best efforts to register or qualify any
Registrable Securities under such other securities or blue sky laws of such jurisdictions as any Selling Holder, and the managing underwriters, if any reasonably request and do any and all other acts and things that may be necessary or reasonably
advisable to enable such Selling Holder and each underwriter, if any, to consummate the disposition of the seller’s Registrable Securities in such jurisdictions (provided that the Company will not be required to (i) qualify
generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such
jurisdiction); 
 (e) use its reasonable best efforts to cause all Registrable Securities covered by any Registration Statement
to be registered with or approved by such other governmental agencies, authorities or self-regulatory bodies as may be necessary or reasonably advisable in light of the business and operations of the Company to enable the Selling Holders to
consummate the disposition of such Registrable Securities in accordance with the intended method or methods of disposition thereof; 
 (f) during any time when a prospectus relating thereto is required to be delivered under the Securities Act, promptly notify each Selling Holder and Holder’s Counsel upon discovery that, or upon the
discovery of the happening of any event as a result of which, the prospectus contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in light of the circumstances under which they
were made and, as promptly as practicable, prepare and furnish to such Selling Holders a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus will not contain any untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(g) promptly notify each Selling Holder and Holders’ Counsel (i) when the Registration Statement, any prospectus supplement or
any post-effective amendment to the Registration Statement has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any written comments by the SEC or of any
request by the SEC for amendments or supplements to such Registration Statement or to amend or to supplement any prospectus contained therein or for additional information, and (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of such Registration Statement or the initiation or threatening of any proceedings for any of such purposes; 

  
 9 

 (h) cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the New
York Stock Exchange; 
 (i) provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such Registration Statement, and, if required, obtain a CUSIP number for such Registrable Securities not later than such effective date; 
 (j) enter into such customary agreements (including underwriting agreements with customary provisions in such forms as may be requested by the managing underwriters) and take all such other actions as the
Selling Holders or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a share split or a combination of shares); 

(k) make available for inspection by any Selling Holder, Holders’ Counsel, any underwriter participating in any disposition pursuant
to the applicable Registration Statement and any attorney, accountant or other agent retained by any such Selling Holder or underwriter, all financial and other records, pertinent corporate documents and documents relating to the business of the
Company reasonably requested by such Selling Holder, cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such Selling Holder, Holders’ Counsel, underwriter,
attorney, accountant or agent in connection with such Registration Statement and make senior management of the Company available for customary due diligence and drafting activity; provided, that any such Person gaining access to information or
personnel pursuant to this Section 2.6(k) shall (i) reasonably cooperate with the Company to limit any resulting disruption to the Company’s business and (ii) agree to use reasonable efforts to protect the confidentiality of any
information regarding the Company which the Company determines in good faith to be confidential, and of which determination such Person is notified, unless (A) the release of such information is requested or required by deposition,
interrogatory, requests for information or documents by a governmental entity, subpoena or similar process, (B) such information is or becomes publicly known without a breach of this Agreement, (C) such information is or becomes available
to such Person on a non-confidential basis from a source other than the Company or (D) such information is independently developed by such Person; 
 (l) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings
statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of the applicable Registration Statement, which earnings statement will satisfy the
provisions of Section 11(a) of the U.S. Securities Act (including, at the Company’s option, Rule 158 thereunder); 
 (m) in the case of an Underwritten Offering, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriters or any

  
 10 

 
Selling Holder reasonably requests to be included therein, the purchase price being paid therefor by the underwriters and any other terms of the Underwritten Offering of the Registrable
Securities to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment; 
 (n) in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or ceasing trading
of any securities included in such Registration Statement for sale in any jurisdiction, use every reasonable effort to promptly obtain the withdrawal of such order; 
 (o) make senior management of the Company available to assist to the extent requested by the managing underwriters of any Underwritten Offering to be made pursuant to such registration in the marketing of
the Registrable Securities to be sold in the Underwritten Offering, including the participation of such members of the Company’s senior management in “road show” presentations and other customary marketing activities, including
“one-on-one” meetings with prospective purchasers of the Registrable Securities to be sold in the Underwritten Offering, and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and
customary selling efforts related thereto, in each case to the same extent as if the Company were engaged in a primary registered offering of its Common Stock; 
 (p) obtain all consents of independent public accountants required to be included in the Registration Statement and, in connection with each offering and sale of Registrable Securities, obtain one or more
comfort letters, addressed to the underwriters and to the Selling Holders, dated the effective date of the Registration Statement (and, in the case of each Underwritten Offering, dated the date of each closing under the underwriting agreement for
such offering), signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters as the underwriters or ING Group, if any member of the ING Affiliated Group is
Selling Holder in such offering, or otherwise by the Holders of a majority of the Registrable Securities being sold in such offering, reasonably request; 
 (q) provide all legal opinions from Company Outside Counsel required to be included in the Registration Statement, and, in connection with each closing of a sale of Registrable Securities, provide legal
opinions from Company Outside Counsel, addressed to the underwriters and the Selling Holders, dated the effective date of each Registration Statement and each amendment and supplement thereto (and, if such registration includes an Underwritten
Offering, dated the date of the closing under the underwriting agreement), with respect to the Registration Statement, each amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto in
customary form and covering such matters of the type customarily covered by legal opinions of such nature; and 
 (r) use its
reasonable best efforts to take or cause to be taken all other actions, and do and cause to be done all other things necessary or reasonably advisable in the opinion of Holders’ Counsel to effect the registration, marketing and sale of such
Registrable Securities. 
 The Company agrees not to file or make any amendment to any Registration Statement with respect to
any Registrable Securities, or any amendment of or supplement to the prospectus 

  
 11 

 
used in connection therewith, that refers to any Holder covered thereby by name, or otherwise identifies such Holder as the holder of any securities of the Company, without the consent of such
Holder, such consent not to be unreasonably withheld or delayed, unless and to the extent such disclosure is required by law. The Company may require each Holder of Registrable Securities as to which any registration is being effected to furnish the
Company with such information regarding such Holder and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 

2.7 Registration Expenses. Whether or not any Registration Statement is filed or becomes effective, the Company shall pay directly
or promptly reimburse all costs, fees and expenses incident to the Company’s performance of or compliance with this Agreement, including (i) all registration and filing fees, (ii) all fees and expenses associated with filings to be
made with any securities exchange or with any other governmental or quasi-governmental authority; (iii) all fees and expenses of compliance with securities or blue sky laws, including reasonable fees and disbursements of counsel in connection
therewith, (iv) all printing expenses (including expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is requested by the Holders or the managing underwriters, if any),
(v) all “road show” expenses incurred in respect of any Underwritten Offering, including all costs of travel, lodging and meals, (vi) all messenger, telephone and delivery expenses, (vii) all fees and disbursements of
Company Outside Counsel, (viii) all fees and disbursements of all independent certified public accountants of the Company (including expenses of any “cold comfort” letters required in connection with this Agreement) and all other
persons retained by the Company in connection with such Registration Statement, (ix) all reasonable fees and disbursements of underwriters (other than Selling Expenses) customarily paid by the issuers or sellers of securities and, (x) all
other costs, fees and expenses incident to the Company’s performance or compliance with this Agreement (all such expenses, “Registration Expenses”). The Selling Holders shall be responsible for the fees and expenses of
Holders’ Counsel and Selling Expenses. The Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any
annual audit or quarterly review and the expenses of any liability insurance. The Company shall have no obligation to pay any Selling Expenses. 
 2.8 Underwritten Offering. 
 (a) No Holder may participate in any
registration hereunder that is an Underwritten Offering unless such Holder (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriters; provided, that no Holder will be required to sell more than the number of
Registrable Securities that such Holder has requested the Company to include in any registration), (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure to perform its
obligations hereunder, which failure is 

  
 12 

 
caused by such Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement); provided that no such Holder shall be required to make any
representations or warranties in connection with any such registration other than representations and warranties as to (A) such Holder’s ownership of Registrable Securities to be transferred free and clear of all liens, claims, and
encumbrances created by such Holder, (B) such Holder’s power and authority to effect such transfer, and (C) such matters pertaining to such Holder’s compliance with securities laws as reasonably may be requested; provided,
further that any obligation of such Holder to indemnify any Person pursuant to any underwriting agreement shall be several, not joint and several, among such Holders selling Registrable Securities, and such liability shall be limited to the
net amount received by such Holder, as applicable, from the sale of Registrable Securities pursuant to such registration (which amounts shall include the amount of cash or the fair market value of any assets in exchange for the sale or exchange of
such Registrable Securities or that are the subject of a distribution), and the relative liability of each such Holder shall be in proportion to such net amounts. 
 2.9 Suspension of Registration. In the event of a Material Disclosure Event at the time of the filing, initial effectiveness or continued use of a Registration Statement, including a Shelf
Registration Statement, the Company may, upon giving at least 10 days’ prior written notice of such action to the Holders delay the filing or initial effectiveness of, or suspend use of, such Registration Statement (a
“Suspension”); provided, however, that, the Company shall not be permitted to exercise a Suspension (i) more than twice during any 12-month period, (ii) for a period exceeding 60 days on any one occasion,
(iii) unless for the full period of the Suspension, the Company does not offer or sell securities for its own account, does not permit registered sales by any holder of its securities and prohibits offers and sales by its directors and
officers, or (iv) at any time within seven days prior to the anticipated pricing of an Underwritten Offering pursuant to a Demand Registration or within 35 days after the pricing of such an Underwritten Offering. In the case of a Suspension,
the Holders will suspend use of the applicable prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. In connection with a Demand Registration, prior
to the termination of any Suspension, the Holder that made the request for Demand Registration will be entitled to withdraw its Demand Notice. Upon receipt of notices from all Holders of Registrable Securities included in such Registration Statement
to such effect, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement. The Company shall immediately notify the Holders upon the termination of any Suspension. 

2.10 Indemnification. 
 (a) The Company agrees to indemnify and hold harmless to the fullest extent permitted by law, each Holder, any Person who is or might be deemed to be a controlling person of the Company or any of its
subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, their respective direct and indirect general and limited partners, advisory board members, directors, officers, trustees, managers,
members, agents, Affiliates and shareholders, and each other Person, if any, who controls any such Holder or controlling person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such person
being referred to herein as a “Covered Person”) against, and pay and reimburse such Covered Persons for any losses, claims, damages, liabilities, joint or several, to which such Covered Person may become subject under the Securities
Act, the 

  
 13 

 
Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether
commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, prospectus or preliminary prospectus
or any amendment thereof or supplement thereto or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference
therein) or other document or report, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation by the Company of any rule or
regulation promulgated under the Securities Act or any state securities laws applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, and the Company will pay and reimburse such
Covered Persons for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided, that the Company shall not
be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged
omission, made or incorporated by reference in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure
document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or report, or in any application in reliance upon, and in conformity with, written information
prepared and furnished to the Company by such Covered Person expressly for use therein. In connection with an Underwritten Offering, the Company, if requested, will indemnify the underwriters, their officers and directors and each Person who
controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Covered Persons and in such other manner as the underwriters may request in accordance with their
standard practice. 
 (b) In connection with any Registration Statement in which a Holder or is participating, each such Holder
will indemnify and hold harmless the Company, its directors and officers, employees, agents and any Person who is or might be deemed to be a controlling person of the Company or any of its subsidiaries within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act against any losses, claims, damages, liabilities, joint or several, to which such Holder or any such director or officer, any such underwriter or controlling person may become subject under the
Securities Act, the Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or in any
application or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in such
Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with written information prepared and furnished to the Company by such Holder
expressly for use 

  
 14 

 
therein, and such Holder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal or any other expenses actually and reasonably incurred by
them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided, that the obligation to indemnify and hold harmless will be individual and several to each Holder and will be limited
to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. 
 (c) Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification; provided, that any delay
or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure. The indemnifying party
shall have the right, exercisable by giving written notice to an indemnified party promptly after the receipt of written notice from such indemnified party of such claim or proceeding, to assume, at the indemnifying party’s expense, the defense
of any such claim or proceeding, with counsel reasonably acceptable to such indemnified party; provided, that (i) any indemnified party shall have the right to select and employ separate counsel and to participate in the defense of such
claim, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (A) the indemnifying party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume
the defense of such claim within a reasonable time after receipt of notice of such claim or fails to employs counsel reasonably satisfactory to such indemnified party or to pursue the defense of such claim in a reasonably vigorous manner or
(C) the named parties to any proceeding (including impleaded parties) include both such indemnified and the indemnifying party, and such indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal
defenses available to it that are inconsistent with those available to the indemnifying party or that a conflict of interest is likely to exist among such indemnified party and any other indemnified parties (in which case the indemnifying party
shall not have the right to assume the defense of such action on behalf of such indemnified party); and (ii) subject to clause (C) above, the indemnifying party shall not, in connection with any one such claim or proceeding or separate but
substantially similar or related claims or proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firms of attorneys (together with appropriate local
counsel) at any time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether or not the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the
consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of
an unconditional release from all liability in respect to such claim or litigation. 
 (d) If the indemnification provided for
in this Section 2.10 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying
such indemnified party thereunder, will contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand 

  
 15 

 
and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense as well as any other relevant
equitable considerations. The relevant fault of the indemnifying party and the indemnified party will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
Notwithstanding the foregoing, the amount any Holder will be obligated to contribute pursuant to this Section 2.10(d) will be limited to an amount equal to the net proceeds to such Holder from the Registrable Securities sold pursuant to the
Registration Statement which gives rise to such obligation to contribute (less the aggregate amount of any damages which the Holder has otherwise been required to pay in respect of such loss, claim, damage, liability or action or any substantially
similar loss, claim, damage, liability or action arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (e) The indemnification provided for
under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and
sale of any securities by any Person entitled to any indemnification hereunder and the expiration or termination of this Agreement. 
 2.11 Conversion of Other Securities. If any Holder that is a member of the ING Affiliated Group offers any options, rights, warrants or other securities issued by it or any other member of the ING
Affiliated Group that are offered with, convertible into or exercisable or exchangeable for any Registrable Securities, the Registrable Securities underlying such options, rights, warrants or other securities shall be eligible for registration
pursuant to Sections 2.1 and 2.4 hereof. 
 2.12 Rule 144; Rule 144A. The Company shall use its reasonable best efforts
to file in a timely fashion all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the Holders may reasonably request, all to the extent required by the SEC as a
condition to the availability of Rule 144, Rule 144A or any similar rule or regulation hereafter adopted by the SEC under the Securities Act. 
 2.13 Transfer of Registration Rights. Any member of the ING Affiliated Group may transfer all or any portion of its rights under this Agreement to any transferee of Registrable Securities
constituting not less than 10% of the outstanding shares of Common Stock of the Company. Any transfer of registration rights pursuant to this Section 2.13 from any member of the ING Affiliated Group to any Person that is not a member of the ING
Affiliated Group shall be effective upon receipt by the Company of written notice from the transferor stating the name and address of the transferee and identifying the amount of Registrable Securities with respect to which rights under this
Agreement are being transferred. 
 2.14 Sales of the Warrants. ING Group and the Company agree that, prior to any sale
of Warrants by a member of the ING Affiliated Group to a purchaser outside of the ING Affiliated Group, they shall implement revisions to such Warrants to permit the transferability of such Warrants, including entering into a warrant agreement and
appointing a warrant agent. 

  
 16 

 Article 3 
 PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE SECURITIES BY ING GROUP 
 3.1 Underwriter Selection. In any public or private offering of Registrable Securities in which a member of the ING Affiliated Group is a Selling Holder, other than pursuant to a Piggyback
Registration, ING Group shall have the sole right to select the managing underwriters to arrange such Underwritten Offering, which may include any Affiliate of ING Group. 
 3.2 Cooperation with Sales. In addition to the provisions of Section 2.6 hereof, applicable to sales of Registrable Securities pursuant to a registration, in connection with any sale or
disposition of Registrable Securities by ING Group, the Company shall provide full cooperation, including: 
 (a) providing
access to employees, management and company records to any purchaser or potential purchaser, and to any underwriters, initial purchasers, brokers, dealers or agents involved in any sale or disposition, subject to entry into customary confidentiality
arrangements; 
 (b) participation in road shows, investor and analyst meetings, conference calls and similar activities;

 (c) using reasonable best efforts to obtain customary auditor comfort letters and legal opinions; 

(d) entering into customary underwriting and other agreements; 
 (e) using reasonable best efforts to obtain any regulatory approval or relief necessary for any proposed sale or disposition; and 
 (f) filling of registration statements with the SEC or with other authorities or making other regulatory or similar filings necessary or advisable in order to facilitate any sale or disposition.

 3.3 Expenses of Offerings. Notwithstanding anything to the contrary in this Agreement, the Company shall be
responsible for any expenses associated with any sale of Registrable Securities by ING Group, except for the fees and expenses of Holders’ Counsel and Selling Expenses. 
 3.4 Further Assurances. The Company shall use its reasonable best efforts to cooperate with and facilitate, and shall not interfere with, the disposition by ING Group of its holdings of Registrable
Securities. 

  
 17 

 Article 4 
 MISCELLANEOUS 
 4.1 Term. This Agreement shall terminate upon such
time as no Registrable Securities remain outstanding, except for the provisions of Sections 2.7, 2.10 and this Article 4 which shall survive such termination. 
 4.2 Other Holder Activities. Notwithstanding anything in this Agreement, none of the provisions of this Agreement shall in any way limit a Holder or any of its Affiliates from engaging in any
brokerage, investment advisory, financial advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar activities conducted in the ordinary course of their business. 

4.3 No Inconsistent Agreements. 
 (a) The Company represents and warrants that it has not entered into and covenants and agrees that it will not enter into, any agreement with respect to its securities which is inconsistent with or
violates the rights granted to the Holders of Registrable Securities in this Agreement. 
 (b) To the extent any portion of this
Agreement conflicts, or is inconsistent, with the Shareholder Agreement, the Shareholder Agreement shall control. 
 4.4
Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only by written agreement executed by the Company and ING Group, or if no member of the ING Affiliated Group is a Holder,
the Holders of a majority of the Registrable Securities. 
 4.5 No Third Party Beneficiaries. Except as set forth in
Section 2.10, nothing in this Agreement shall convey any rights upon any person or entity which is not a party or a successor or permitted assignee of a party to this Agreement. 

4.6 Entire Agreement. This Agreement, together with the Shareholder Agreement, constitutes the sole and entire agreement among the
parties with respect to the subject matter of this Agreement, and supersede all prior representations, agreements and understandings, written or oral, with respect to the subject matter hereof and thereof. 

4.7 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way
impaired thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. To the extent that any such provision is so held to be invalid, illegal or unenforceable, the
parties shall in good faith use commercially reasonable efforts to find and effect an alternative means to achieve the same or substantially the same result as that contemplated by such provision. 

  
 18 

 4.8 Counterparts. This Agreement may be signed in any number of identical
counterparts, each of which shall be deemed an original (including signatures delivered via facsimile or electronic mail) with the same effect as if the signatures thereto and hereto were upon the same instrument. The parties hereto may deliver this
Agreement by facsimile or by electronic mail and each party shall be permitted to rely upon on the signatures so transmitted to the same extent and effect as if they were original signatures. 

4.9 Remedies; Attorney’s Fees. 
 (a) The parties hereby expressly recognize and acknowledge that immediate, extensive and irreparable damage would result, no adequate remedy at law would exist and damages would be difficult to determine
in the event that any provision of this Agreement is not performed in accordance with its specific terms or otherwise breached. Therefore, in addition to, and not in limitation of, any other remedy available to any party, except as otherwise
expressly provided herein, an aggrieved party under this Agreement shall be entitled to specific performance of the terms hereof and immediate injunctive relief, without the necessity of proving the inadequacy of money damages as a remedy. Neither
party shall be required to obtain or furnish any bond or similar instrument in connection with or as a condition to obtaining or seeking any such remedy. For the avoidance of doubt, nothing in this Agreement shall diminish the availability of
specific performance of the obligations under this Agreement or any other injunctive relief. 
 (b) Such remedies, and any and
all other remedies provided for in this Agreement, shall be cumulative in nature and not exclusive and shall be in addition to any other remedies whatsoever which any party may otherwise have. Each of the parties hereby acknowledges and agrees that
it may be difficult to prove damages with reasonable certainty, that it may be difficult to procure suitable substitute performance, and that injunctive relief and/or specific performance will not cause an undue hardship to the parties. Each Party
hereby further agrees that in the event of any action by the other party for specific performance or injunctive relief, it will not assert that a remedy at law or other remedy would be adequate or that specific performance or injunctive relief in
respect of such breach or violation should not be available on the grounds that money damages are adequate or any other grounds. 
 4.10 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS AND DUTIES OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 4.11 CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.
Each party to this Agreement hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts located in the State of New York for any actions, suits or proceedings arising out of relating to this Agreement and the
transactions contemplated thereby; provided, that such consent to jurisdiction is solely for the purpose referred to in this Section 4.11 and shall not be deemed to be a general submission to the jurisdiction of said courts or in the State of
New York other than for such purpose. Each of the parties hereby agrees not commence any such action, suit or proceeding other than before one of the above-named courts. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES TO THE FULLEST EXTENT

  
 19 

 
PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 4.12 Notice. 

(a) Unless otherwise provided in this Agreement, all notices and other communications provided for hereunder shall be dated and in
writing and shall be deemed to have been given (i) when delivered, if delivered personally, sent by confirmed telecopy or sent by registered or certified mail, return receipt requested, postage prepaid, provided that such delivery is completed
during normal business hours of the recipient, failing which such notice shall be deemed to have been given on the next Business Day, (ii) on the next Business Day if sent by overnight courier and delivered on such Business Day within ordinary
business hours and, if not, the next Business Day following delivery; and (iii) when received, if received during normal business hours and, if not, the next Business Day after receipt, if delivered by means other than those specified above.
Such notices shall be delivered to the address set forth below, or to such other address as a Party shall have furnished to the other Party in accordance with this Section. 
 If to ING Group, to: 
 ING Groep N.V. 

Bijlmerplein 888 

1102 MG Amsterdam Zuidoost 
 The Netherlands 
 Attention: General Counsel 

Fax: +31 (0) 20 576 0950 
 with a copy to: 
 Sullivan & Cromwell LLP 

125 Broad Street 

New York, New York 10004 
 Attention: Robert G. DeLaMater 
 E-mail: delamaterr@sullcrom.com 

Fax: 212 291 9037 
 If to the Company: 
 ING U.S., Inc. 

230 Park Avenue 

New York NY 10169 

Attention: Executive Vice President and Chief Legal Officer 
 e-mail: bridget.healy@us.ing.com 
 Fax: 212 309 6581 

[Signature Page Follows] 

  
 20 

 In witness whereof, the parties have caused this Registration Rights Agreement to be
executed and delivered as of the date first above written. 
  

					
	ING U.S., INC.
		
	By:	 	 /s/ Alain M. Karaoglan

		 	Name:	 	Alain M. Karaoglan
		 	Title:	 	Executive Vice President and Chief Operating Officer
		
	By:	 	 /s/ Ewout L. Steenbergen

		 	Name:	 	Ewout L. Steenbergen
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	ING GROEP N.V.
		
	By:	 	 /s/ Jan H.M. Hommen

		 	Name:	 	Jan H.M. Hommen
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Willem F. Nagel

		 	Name:	 	Willem F. Nagel
		 	Title:	 	Managing Director

 [Signature Page to Registration Rights Agreement]

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