Document:

Form of ING Group Long-Term Sustainable Performance Plan Grant

 Exhibit 10.54 
 ING GROEP N.V. (the ‘Company’) 
 Insurance Americas 

Atlanta 
 United States 

Deferred Amount = 
 Number of Deferred Shares =

 Number of Performance Shares = 

Any Award of Deferred Shares and Performance Shares pursuant to the ING Group Long Term Sustainable Performance Plan (“LSPP”) is subject to
the following terms and conditions. Your personal details listed above together with these terms and conditions constitute your LSPP Agreement (the “Agreement”). 
 Article 1 – General 
  

	1.1	The capitalised terms in this Agreement shall, unless otherwise defined or the context otherwise requires, have the same definition as in the Plan. Unless otherwise
stated or the context so requires, the singular shall be construed to mean the plural, and vice versa. 

  

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

  

	1.3	The Participant has read the Rules of the Plan, and accepts and agrees to the terms and conditions thereof. 

 

	1.4	The Participant understands and accepts that failure to accept this Agreement by returning a signed copy of this Agreement to the Company on or before 20 April
2011 will result in the forfeiture of the Awards granted. 

 Article 2 – Deferred Shares Award 

 

	2.1	Nature of this Award. The Award made under this Agreement constitutes a conditional right to receive a number of Plan Shares equal to the number of awarded
Deferred Shares (the number is indicated at the top of the first page of this Agreement) and is a result from the fact that the Participant’s 2010 discretionary bonus has exceeded a threshold. For that reason, part of his/her 2010 discretionary
bonus will be granted in Deferred Shares. 

 Please note that to determine whether the Participant’s 2010
discretionary bonus did exceed the threshold and what part of the Participant’s 2010 discretionary bonus should be deferred, ING has used an exchange rate that is calculated by taking the average exchange rates of the last four quarters in 2010
and dividing the sum of those four average exchange rates by four. 

	2.2	Deferred Amount. The gross amount that initially is being deferred is indicated at the top of the first page of this Agreement (“Deferred Amount”).

  

	2.3	 Number of Deferred Shares. The number of Deferred Shares as indicated on the top of the first page of this Agreement has been determined by the
average of the opening and closing price of BDR’s on the Stock Exchange on 16 February 2011, the date of publication of the results 4th quarter 2010. If this calculation does not result in a whole number, the figure will be rounded up to avoid fractional
shares. 

 If the Deferred Amount at the date of award is denominated in a currency other
than euro’s, the number of Deferred Shares is calculated by converting the Deferred Amount to euro’s by taking the exchange rate on 16 February 2011 and then dividing the gross Deferred Amount in euro’s by the average of the
opening and closing price of BDR’s on the Stock Exchange on 16 February 2011, the date of publication of the results 4th quarter 2010. 
  

	2.4	Date of Award. The date on which the Award will be made is 30 March 2011. 

 

	2.5	Consideration. No consideration is payable by the Participant in respect of this Award. 

 

	2.6	Deferred Share Factor(s). No Deferred Share Factor(s) is applied in respect of this Award. 

 

	2.7	Vesting Date and Release Date. Save as provided in Rules 10.3, 10.4, 10.5, 10.7, 14.1 and 14.3 of the Plan, this Award will Vest for 1/3rd on 30 March 2012,
1/3rd on 30 March 2013 and 1/3rd on 30 March 2014 (each, a “Release Date”), provided the Participant is still employed by the Group on the respective Vesting Date. If this calculation does not result in the entire number of
Deferred Shares, the figure that ultimately vests will be rounded up to avoid fractional shares. Plan Shares, to the extent that this relates to a Vested Award, shall be Released to the Participant as soon as practicable following the respective
Release Date. If this calculation does not result in the exact Number of Deferred Shares Awarded, the remaining number of deferred shares will Vest on the last Release Date. Notwithstanding the foregoing or anything in the Plan to the contrary, to
the extent this Award becomes Vested in accordance with: 

  

	 	(a)	Rule 10.2(i), Plan Shares shall be released as soon as practicable following the Cessation of Employment (provided that such injury or Total and Permanent Disability
constitutes a “disability” within the meaning of US Treasury Regulation Section 1.409A-3(i)(4) subject to Plan rule 10.6; 

  

	 	(b)	Rules 10.2(ii), 10.2(iii) or 10.4, Plan Shares shall be released on the applicable Release Date subject to Plan rule 10.6; 

 

	 	(c)	Rule 10.3, Plan Shares shall be released as soon as practicable following the date of death subject to Plan rule 10.6; and 

 

	 	(d)	Rule 14, to the extent a change of Control, Business Divestiture, Partial Sale or other corporate restructuring constitutes a “change in ownership”,
“change in effective control” or “change in ownership of a substantial portion of the assets” of the relevant corporation (each, as defined in the US Treasury Regulation Section 1.409A-3(i)(5)), then Plan Shares shall be
released as soon as practicable following the applicable transaction. Otherwise, Plan Shares shall be released as of the applicable Release Date. 

  
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	2.8	Credit Under Employee Benefit Plans. The grant date value of Deferred Shares that are granted in connection with a deferral of an annual bonus amount may
credited to employee benefit plans to the same extent that such amount would have been credited to any such plan had such amount been paid in the form of an annual bonus payable in cash. 

Article 3 – Performance Shares Award 
  

	3.1	Nature of this Award. The Award made under this Agreement constitutes the grant of a conditional right to receive Plan Shares following the Vesting of
Performance Shares. 

  

	3.2	Number of Plan Shares subject to the Award. The Company will grant the Participant an Award to receive the number of Plan Shares as communicated to the
Participant, under the terms and conditions of the Plan and this Agreement, if and provided that the Participant is still employed by the Group on the Date of Award. 

 

	3.3	Date of Award. The date on which the Award will be made is 30 March 2011. 

 

	3.4	Consideration. No consideration is payable by the Participant in respect of this Award. 

 

	3.5	Vesting Date, Release Date, and Performance Target. Save as provided in Rules 10.3, 10.4, 10.5, 10.7, 14.1 and 14.3 of the Plan, this Award will Vest in three
tranches, being 1/3rd on 30 March 2012, 1/3rd on 30 March 2013 and 1/3rd on 30 March 2014 (each, a “Release Date”) provided and to the extent (i) the Performance Target to be attained at the end of each Performance
Period, as detailed annually by means of an Annex, are met; and (ii) the Participant is still employed by the Group on such date. If this calculation does not result in the entire number of Performance Shares, the figure that is subject to and
the figure that ultimately Vests will be rounded up to avoid fractional shares. Plan Shares, to the extent that this relates to a Vested Award, shall be Released to the Participant as soon as practicable following the respective Vesting Date.
Notwithstanding the foregoing or anything in the Plan to the contrary, to the extent this Award becomes Vested in accordance with: 

  

	 	(a)	Rule 10.2(i), Plan Shares shall be released as soon as practicable following the Cessation of Employment (provided that such injury or Total and Permanent Disability
constitutes a “disability” within the meaning of US Treasury Regulation Section 1.409A-3(i)(4) subject to Plan rule 10.6; 

  

	 	(b)	Rules 10.2(ii), 10.2(iii) or 10.4, Plan Shares shall be released on the applicable Release Date subject to Plan rule 10.6; 

  
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	 	(c)	Rule 10.3, Plan Shares shall be released as soon as practicable following the date of death subject to Plan rule 10.6; and 

 

	 	(d)	Rule 14, to the extent a change of Control, Business Divestiture, Partial Sale or other corporate restructuring constitutes a “change in ownership”,
“change in effective control” or “change in ownership of a substantial portion of the assets” of the relevant corporation (each, as defined in US Treasury Regulation Section 1.409A-3(i)(5)), then Plan Shares shall be
released as soon as practicable following the applicable transaction. Otherwise, Plan Shares shall be released as of the Release Date. 

 Article 4 – Claw back 
  

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

 

	 	(i)	malfeasance; 

  

	 	(ii)	fraud; or 

  

	 	(iii)	specific conduct, alone or in concert with others, which has led to the material restatement of the Company’s annual accounts and/or significant (reputational)
harm to the Company. 

  

	4.2	By signing this LSPP Agreement, the Participant acknowledges that he understands and agrees that in case the Participant has sold (part of) his/her Plan Shares after
Vesting, the Company has the right to claim from the Participant an amount in euro’s equal to the fair market value of the Plan Shares at the time of such sale and the Participant is obliged to repay this amount at first demand by the Company,
such payment being made no later than 30 days after the first demand. Whether the Participant has engaged in such conduct or has performed such acts is determined at the discretion of the Supervisory Board. 

Article 5 – Various 
  

	5.1	Compliance with U.S. Tax Law. Where the Participant qualifies as a US Taxpayer, the Participant understands and agrees that notwithstanding anything herein to
the contrary, this Agreement, and the Awards made hereby, shall be administered in accordance with the applicable provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), including but not limited to,
Section 409A of the Code. Notwithstanding anything in Rule 8 of the Plan to the contrary, any adjustment of this Award shall be made in compliance with Section 409A of the Code. This Award is intended to comply with Section 409A
of the Code and will be administered and interpreted in accordance with that intent. In the event that the Participant is a “specified employee” (within the meaning of the Treasury Regulations §1.409A-1(i)) as of the date of the
Participant’s “separation from service” (within the meaning of Treasury Regulations §1.409A-1(h)) and if this Award cannot be paid or provided in the manner otherwise provided without subjecting the Participant to
“additional tax”, interest or penalties under Section 409A of the Code, then Plan Shares shall be released on the first day of the seventh month following the Participant’s separation from service. 

  
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	5.2	Delivery of Plan Shares or Sale of Plan Shares. Except as otherwise provided above and notwithstanding anything in the Plan to the contrary, in accordance with
instructions provided by the Participant, Plan Shares, to the extent that this relates to a Vested Award, shall be transferred to the brokerage account of the Participant and/or sold by the Company on behalf of and for the account of the
Participant, as soon as practicable following the Release Date. The Participant should provide instructions to the Company during the designated period(s) prior to the Release Date instructing the Company to transfer the Plan Shares to the brokerage
account of the Participant and/or to sell such Plan Shares on behalf of and for the account of the Participant. If the Participant fails to provide any such instructions to the Company during the designated period(s), the Plan Shares shall
automatically be sold on behalf of and for the account of the Participant. 

 Article 6 – Data protection 

 

	6.1	The Participant hereby consents to the processing, collection, recording, organising, storing and adapting by the Company and the third party administrators involved in
the operation and administration of the Plan, of the personal data, (including, inter alia, name, business contact information, personnel number, position and information on Grants or Awards) relating to the Participant for the sole purpose of
participating in the Plan and the Agreement including the operation and administration of the Plan and grants hereby such consent for the period specified in Article 6.4 of this Agreement. 

 

	6.2	The Participant also consents to the transfer of his/her personal data referred to under Article 6.1 of this Agreement by the Company to third party administrators
that are assigned to the operation and administration of the Plan for this Participant specifically and that are located in the United States, Canada, Singapore, Australia, Hong Kong or in some countries in the EU. 

The Participant agrees that some of these countries that are outside of the European Union have a level of protection in respect of
personal data that may not be regarded as adequate when viewed in the context of Dutch data protection law. 
  

	6.3	The Participant also agrees that a limited set of his/her personal data (name, LSPP ID, business line) is accessible to those third party administrators that are not
specifically assigned to him/her for the operation and administration of the Plan, in the countries referred to under Article 6.2 of this Agreement, for the sole purpose of identification and other related administrative reasons (e.g. to trace
Participants that have changed position within the ING Group). 

  

	6.4	The Participant’s personal data related to the Plan will be held in a database file titled with his/her name and unique identification code for the duration of the
Plan taking to account any additional data retention period required by applicable law. The database will be kept by the Company or Group Companies on behalf of the Company. 

  
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	6.5	Third party administrators are all Group Companies, but may incidentally include other third party advisors in respect of any incentive schemes or arrangements operated
by the Company and any regulatory authorities or other governmental body (e.g. for tax and other purposes pursuant to applicable law and regulations). 

  

	6.6	The Participant understands that the provision of all of his/her personal data is obligatory for the purpose of his/her participation in the Plan and agrees with the
transfer of the relevant personal data to Company by the Group Company that he/she is employed by. The Participant is aware of his/her right to access and/or correct personal data, if and when necessary, by contacting the local Human Resources
representative. 

 Article 7 – Governing law and Jurisdiction 

 

	7.1	Governing law and jurisdiction. This Agreement shall be governed by and shall be construed in accordance with the law of the Netherlands. The Company and the
Participant irrevocably submit, in respect of any suit, action or proceeding related to the interpretation or enforcement of this Agreement, to the exclusive jurisdiction of the courts of Amsterdam. 

 

	7.2	Partial invalidity. Parties expressly agree that the invalidity or unenforceability of an Article or Articles of this Agreement shall not affect the validity or
enforceability of any other Article of this Agreement and that the remainder of this Agreement will remain in full effect. Any such invalid or unenforceable Article shall be replaced or be deemed to be replaced by a provision that is considered to
be valid and enforceable. The interpretation of the replacing Article shall be as close as possible to the intent of the invalid or unenforceable Article. 

 Article 8 – Participant Covenants 
  

	8.1	In consideration of the Award set forth in Article 2 and the Award set forth in Article 3 of this Agreement, Participant agrees to abide by the restrictive
covenants set forth below. For the purposes of this Article, the definition of “Company” is expanded to include any Subsidiaries or affiliates that do business in the United States. 

 

	 	(i)	Protection of confidential information. The Participant will not, without permission of the Company, disclose any Company confidential information or trade
secrets to anyone outside the Company, unless required by subpoena. Confidential information and trade secrets include, but are not limited to, customer lists, product development information, marketing and sales plans, premium or other pricing
information, operating policies and manuals, and, or other confidential information related to the Company. 

  

	 	(ii)	Nonsolicitation of employees and agents. The Participant will not, for 12 months following Cessation of Employment, directly or indirectly attempt to induce any
employee, agent or agency, broker, broker-dealer, financial planner, registered principal or representative of the Company to be employed by or to perform services for any entity that competes with the Company. 

  
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	 	(iii)	Nonsolicitation of customers. The Participant will not, for 12 months following Cessation of Employment, directly or indirectly attempt to solicit the trade of
any person that is a customer of the Company or which the Company has been undertaking reasonable steps to procure as a customer during the 6 months preceding termination of employment. This limitation will only apply to products or services in
competition with a product or service of the Company, and to customers with whom Participant had contact during employment. 

  

	 	(iv)	Agreement to Cooperate. Following the Cessation of Employment, the Participant will cooperate with the Company, without additional compensation, on matters
within the scope of Participant’s responsibilities during employment. The Company agrees to reimburse reasonable out-of-pocket expenses the Participant incurs in connection with such assistance. The Company agrees it will make all reasonable
efforts to minimize disruption to the Participant’s other commitments. 

  

	8.2	If any provision of Article 8.1 is determined by a court of competent jurisdiction not to be enforceable in the manner set forth above, the parties agree that they
intend the provision to be enforceable to the maximum extent possible under applicable law, and that the court should reform the provision to make it enforceable in accordance with the intent of the parties. 

 

	8.3	The Participant acknowledges that these covenants are a material inducement for the Company to effect the Award set forth in Article 2 and the Award set forth in
Article 3 of this Agreement. The Participant further acknowledges that a violation of any term of the covenants will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, the Participant agrees that,
if the Participant breaches any of the covenants: 

  

	 	(i)	any Award made to the Participant pursuant to this Agreement will be rescinded; 

 

	 	(ii)	the Participant will not be entitled to retain any income or property derived from the Award; and 

 

	 	(iii)	the Company will be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Participant from
committing any violation of the covenants contained in Article 8.1. 

 The remedies in this Article are cumulative
and are in addition to any other rights and remedies the Company may have at law or in equity as a court or arbitrator may reasonably determine. 
  

	8.4	The Company may terminate any Award if the Participant has willfully engaged in gross misconduct that the Company determines is likely to be damaging or detrimental to
the Company. 

  
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	8.5	This Article 8 will be interpreted in accordance with the laws of the State of Georgia. Any proceedings involving Article 8 will be brought in a court of competent
jurisdiction in the State of Georgia. 

 I, the undersigned, confirm that I have read and understand the information set out in
the Agreement above and accept this Award under the terms thereof. 
  

					
	Date	  	Print Name	 	Signature
			
	  
	  	  
	 	  

  
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 Annex Performance Target 2011 – ING Insurance 

In accordance with Article 3.5 of this Agreement, the Vesting of Performance Shares is subject to the attainment of the Performance Target at the end of
each Performance Period. This Annex details each Performance Period applicable to the Award of Performance Shares and the Performance Target to be attained during the first Performance Period. The Annex Performance Target 2011 – ING
Insurance forms an integral part of this Agreement and for each Performance Period a new Annex with the Performance Target applicable for that year will be provided. 
 The Performance Target applicable to each tranche of Performance Shares awarded under this Agreement consists of three separate performance measures as defined in this Annex, being Net Underlying Result,
Total Operating Result and Employee Engagement Performance. The Performance Period applicable to each tranche of Performance Shares awarded is specified as follows: 
  

							
	                    Performance Period	 	Net Underlying Result
performance
tranche
(Maximum number of
Performance Shares
Vesting)	 	Total Operating Result
performance
tranche
(Maximum number of
Performance Shares
Vesting)	 	Employee Engagement
tranche (Maximum 
number
of Performance Shares
Vesting)
	 1 January 2011 – 31 December 2011
	 	13 1/3%	 	13 1/3%	 	6 2/3%
	 1 January 2012 – 31 December 2012
	 	13 1/3%	 	13 1/3%	 	6 2/3%
	 1 January 2013 – 31 December 2013
	 	13 1/3%	 	13 1/3%	 	6 2/3%
		 	  
	 	  
	 	  

	 Total
	 	      40%	 	      40%	 	     20%
		 	  
	 	  
	 	  

 Net Underlying Result 
 New Underlying Result for this Award is defined: 
  

	—	for ING Insurance as net underlying result of ING’s Insurance activities. 

 The Net Underlying Result performance is measured as an absolute target of annual Net Underlying Result performance of ING’s Insurance activities as realised at the end of each Performance Period and
as disclosed in “ING’s Group Quarterly Results” disclosure. 
 The Net Underlying Result Performance will be calculated as soon
as practical after each Performance Period. The Net Underlying Result Performance will result in a Net Underlying Result Performance percentage based on the Performance Incentive Zone. Under this Performance Incentive Zone the Net Underlying Result
Performance percentage is nil if the Net Underlying Result Performance falls at or below the threshold Net Underlying Result Performance and the Net Underlying Result Performance percentage is 150% if the Net Underlying Result Performance falls at
or above the ceiling Net Underlying Result Performance. 

  
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 If the Net Underlying Result Performance falls above threshold, but below ceiling then the Net Underlying
Result Performance percentage is determined by linear interpolation between the Net Underlying Result Performance percentage values of 0% and 150%, as illustrated in the table below: 

 

													
	 Performance target
	  	Performance Period 2011	 
	 	  	0%	 	 	100%	 	  	150%	 
				
	 Net Underlying Result
	  	 	£20	% 	 	 	target	  	  	 	310	% 

 Target is the 2011 MTP budget for net underlying result adjusted to reflect the most current FX rates. As the target is
updated on a monthly basis due to the FX rates adjustments, no absolute number can be provided. 
 When measuring the Net Underlying Result for
any financial year of ING Insurance and to ensure comparability of financial years within a Performance Period, the Executive Board may after consultation with the Supervisory Board: 
 (a) adjust the figure for Net Underlying Result as calculated to arrive at a figure which reflects the underlying business performance of ING Insurance (and may, without limitation, adjust by excluding
any or all extraordinary or exceptional items from the Net Underlying Result Performance); and 
 (b) adjust the figure to ensure that the
relevant accounting standards are applied on a consistent basis in respect of years falling within the Performance Period, provided that the Executive Board shall have discretion to adjust the applied definition of Net Underlying Result to take
account of any change in recognised accounting standards or practice, fiscal regime or capital structure, to ensure consistent measurement and accountability. 
 Total Operating Result 
 Total Operating Result for this Award is defined:

  

	—	for ING Insurance as total operating result of ING’s Insurance activities. 

 The Total Operating Result performance is measured as an absolute target of annual Total Operating Result performance of ING Insurance as realised at the end of each Performance Period and as disclosed in
“ING Group Quarterly Results’ disclosure. 
 The Total Operating Result Performance will be calculated as soon as practical after each
Performance Period. The Total Operating Result Performance will result in a Total Operating Result Performance percentage based on the Performance Incentive Zone. Under this Performance Incentive Zone the Total Operating Result Performance
percentage is nil if the Total Operating Result Performance falls at or below the threshold Total Operating Result Performance and the Total Operating Result Performance percentage is 150% if the Total Operating Result Performance falls at or above
the ceiling Total Operating Result Performance. 

  
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 If the Total Operating Result Performance falls above threshold, but below ceiling then the Total Operating
Result Performance percentage is determined by linear interpolation between the Total Operating Result Performance percentage values of 0% and 150%, as illustrated in the table below: 

 

													
	 Performance target
	  	Performance Period 2011	 
	 	  	0%	 	 	100%	 	  	150%	 
				
	 Total Operating Result
	  	 	£20	% 	 	 	target	  	  	 	310	% 

 Target is the 2011 MTP budget for total operating result adjusted to reflect the most current FX rates. As the target is
updated on a monthly basis due to the FX adjustments, no absolute number can be provided. 
 When measuring the Total Operating Result for any
financial year of ING Insurance and to ensure comparability of financial years within a Performance Period, the Executive Board may after consultation with the Supervisory Board: 
 (a) adjust the figure for Total Operating Result as calculated to arrive at a figure which reflects the underlying business performance of ING Insurance (and may, without limitation, adjust by excluding
any or all extraordinary or exceptional items from the Total Operating Result Performance); and 
 (b) adjust the figure to ensure that the
relevant accounting standards are applied on a consistent basis in respect of years falling within the Performance Period, provided that the Executive Board shall have discretion to adjust the applied definition of Total Operating Result to take
account of any change in recognised accounting standards or practice, fiscal regime or capital structure, to ensure consistent measurement and accountability. 
 Employee Engagement 
 Employee Engagement for this Award means the overall result of the
annual Employee Engagement Survey for the Insurance operations. 
 The Employee Engagement performance is measured based on the annual results
as reported in the Employee Engagement Survey as undertaken during the financial years within each Performance Period (the ‘Employee Engagement Performance’). 
 The Employee Engagement Performance will be tested as soon as practical after each Performance Period, when an assessment will be made of the Employee Engagement Performance attained at the end of the
Performance Period. 

  
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 The Employee Engagement Performance will result in an Employee Engagement Performance score. The Employee
Engagement Performance percentage is nil if the Employee Engagement Performance falls below the predetermined ambition level and the Employee Engagement Performance percentage is 100% if the Employee Engagement Performance falls at or above the
predetermined ambition level, as illustrated in the table below: 
  

									
	 Performance Target
	  	Performance Period 2011	 
	 	  	0%	 	 	100%	 
			
	 Employee Engagement
	  	 	<65	% 	 	 	365	% 

 Measurement of Performance Target 
 The number of Performance Shares for which the Performance Target is attained at the end of each Performance Period in accordance with Article 3.5 of this Agreement is equal to the sum of (i) the
attained Net Underlying Result Performance percentage determined in accordance with the Performance Incentive Zone times the respective Net Underlying Result Performance tranche; (ii) the attained Total Operating Result Performance percentage
determined in accordance with the Performance Incentive Zone times the respective Total Operating Result Performance tranche and (iii) the attained Employee Engagement Performance percentage (either 0% or 100%) times the respective Employee
Engagement Performance tranche. 
 The Performance Shares for which the Performance Target is not attained will not Vest and automatically lapse
at the respective Vesting Date. 
 Transfer of Participants within the Group 
 When a Participant following the Date of Award and during a Performance Period is transferred within the Group or between segments or business units to a Group Company or business unit that operates a
different Performance Target, the following will apply: 
  

	—	if the transfer occurs prior to 1 September during the Performance Period the target of the new Group Company / segment / business unit will apply.

  

	—	if the transfer occurs on or after 1 September during the Performance Period, the target of the former Group Company / segment / business unit will continue to
apply. 

 The Executive Board can, at its discretion, decide to apply a different treatment amend to the Performance Target as
included in this Annex for the Performance Shares that have not yet Vested to reflect such transfer. 

  
 -12-Form of ING Group Grant of Deferred Shares

 Exhibit 10.55 
 [ING LOGO] 
 ING GROEP N.V. (the “Company”) 

«Employee_First_Name» «Employee_Middle_Name» «Employee_Last_Name» 

«MC_Name» 

«Company_Name» 

«Office_Name» 

«Country_Name» 
 Deferred Amount =
«gross Deferred_Amount» 
 Number of Deferred Shares = «Deferred_Shares» 

This Grant of Deferred Shares is subject to the following terms and conditions. Your personal details listed above together with these terms and
conditions detailed below constitute your AGREEMENT (THE “AGREEMENT”). 
 Article 1 – General 

 

	1.1	The capitalised terms in this Agreement shall, unless otherwise defined or the context otherwise requires, have the definition as specified in Annex I of this
Agreement. Unless otherwise stated or the context so requires, the singular shall be construed to mean the plural, and vice versa. 

  

	1.2	The Recipient has read this Agreement including Annex I and accepts and agrees to the terms and conditions thereof. 

 

	1.3	The Recipient understands and accepts that failure to timely accept this Agreement by returning a signed copy hereof to the Company on or before 25 May 2010 (the
“Acceptance Date”), will result in the forfeiture of the Deferred Shares granted. 

 Article 2 – The Grant of
Deferred Shares 
  

	2.1	Deferral Threshold. As the Recipient’s 2009 Discretionary Bonus has exceeded a threshold a part of his/her 2009 Discretionary Bonus (the gross amount is
indicated at the top of the first page of this Agreement, “Deferred Amount”) will be granted in Deferred Shares. If the value of Recipient’s 2009 Discretionary Bonus is denominated in a currency other than Euros, the Deferred Amount
will be converted using the 9-month average exchange rate on September 30, 2009. 

  

	2.2	Nature of this Grant. The Grant of Deferred Shares made under this Agreement constitutes a conditional right to receive a number of ING Shares equal to the
number of granted Deferred Shares (the number is indicated at the top of the first page of this Agreement). The right becomes unconditional on the Vesting of the Deferred Shares provided that the Recipient is in Good Standing on the Vesting Date and
subject to Articles 3 and 5 of this Agreement. No consideration is payable by the Recipient in respect of the Grant. 

	2.3	Number of Deferred and ING Shares. On the Date of Grant, the Company will grant the Recipient the conditional right to receive the number of ING Shares as
indicated on the top of the first page of this Agreement (number of Deferred Shares), under the terms and conditions of this Agreement. Upon Vesting the conditional right will become an unconditional right to receive this number of ING Shares
provided that the Recipient is in Good Standing on the Vesting Date and subject to the Articles 3 and 5 of this Agreement. The number of Deferred Shares as indicated on the top of the first page of this Agreement has been determined by dividing the
gross Deferred Amount by the opening price of BDR’s on the Amsterdam Stock Exchange (AEX) on the Date of Grant. If this calculation does not result in a whole number, the figure will be rounded up to avoid fractional shares.

  

	2.4	Variation of Capital and Adjustment of Number of Deferred Shares. In the event of any capitalization issue, rights issue, rights offer or any reduction,
sub-division, consolidation or other variation of capital of the Company affecting the number of BDR’s and ADR’s in issue (including any change in currency in which the ING Shares are denominated) the number of Deferred Shares comprised in
the Grant may be adjusted by the Company in such manner as the Company considers to be in its opinion fair and reasonable. Notice of any adjustments will be given to those Recipients affected by such adjustment by the Company who may call in the
Agreements for endorsement, cancellation or re-issue subsequent to such adjustment. 

  

	2.5	Date of Grant. The Grant is scheduled to take place on May 12, 2010. However, this may be different pursuant to regulatory requirements.

  

	2.6	Restrictions. The Grant cannot be sold, transferred or pledged in any way. Nor can the Grant be used as a security. The Recipient is not entitled to voting or
dividend rights in relation to the Deferred Shares. 

  

	2.7	No Right to Employment or other benefits. Neither this Agreement nor the Grant of Deferred Shares form part of the Recipient’s employment agreement with a
Group Company, and shall not be construed to give the Recipient the right to remain in the employ of any Group Company. Any benefits derived by the Recipient under this Agreement or as result of the Vesting of the Deferred Shares shall not be taken
into account for the purposes of determining the Recipient’s contribution or entitlement under any pension arrangement or for the purposes of determining any other claim for compensation the Recipient may have against the Company or any other
Group Company. The Grant of Deferred Shares shall not entitle or preclude the Recipient from participating in any program or plan operated by the Company or Group. 

 

	2.8	Vesting Date. The Deferred Shares will Vest on the earlier of the following dates, provided that the Recipient is in Good Standing on such date:

  

	 	a)	March 31, 2013; or 

  

	 	b)	In case of a complete repurchase of the Core Tier 1 Securities before March 31, 2013 (“Complete Repurchase”): 

 

	 	i)	either the first business day following 30 days after the Complete Repurchase, provided that the Company was able to schedule a period during which Recipients had the
ability to provide their Distribution Election (“Distribution Election Period”) prior to the to the Complete Repurchase; or 

	 	ii)	in case the Company was not able to schedule a Distribution Election Period prior to the Complete Repurchase, the Distribution Election Period will be scheduled after
such Complete Repurchase. In this case, the Vesting Date will occur four (4) business days after such Distribution Election Period has ended; 

 b) (i) and (ii); unless the Company is not permitted to accelerate Vesting to this date by a national or supranational authority (in which event the Vesting Date will be March 31, 2013).

  

	2.9	Distribution Election 

 A
request for a Distribution Election will be requested from each Recipient with this Agreement. The Recipient has the ability to provide his/her Distribution Election to the Company on or before the Acceptance Date of this Agreement. 

Alternatively, Recipients who have not made a Distribution Election on or before the Acceptance Date are able to make a Distribution
Election during a Distribution Election Period which will be determined by the Company after consultation with CCRM. This Distribution Election Period will be scheduled prior to the Vesting Date, and will not be during a Closed Period. The Recipient
is offered to make his/her Distribution Election prior to the Vesting Date because it is unknown at the time of executing this Agreement whether the Vesting Date will fall within an Open Period. Once a Distribution Election is made it is
irrevocable. 
 Subject to Articles 3 and 5 of this Agreement, in the event the Recipient fails to provide any Distribution
Election to the Company during the designated period(s) as set out above, a number of ING Shares equal to the number of granted Deferred Shares shall automatically be sold on behalf of and for the account of the Recipient upon Vesting (the
“Default Election”). 
 The above rules do not restrict the Company from delivering ING Shares to individual brokerage
accounts of the Recipient and selling ING Shares for and on behalf of the Recipient (including a Designated Person) – all in accordance with the Distribution Election or Default Election – if Vesting occurs during a Closed Period.

  

	2.10	Compliance. The Recipient may only accept their Grant of Deferred Shares and make their Distribution Election related to their Deferred Shares if they are not in
possession of insider information relating to the Company at the time of the acceptance of the Grant (by means of signing this Agreement) respectively the time of the Distribution Election. 

If the Recipient does not make a Distribution Election on of before the Acceptance Date, he/she can only make his/her Distribution
Election related to their Deferred Shares during the designated Distribution Election Period if he/she is not in possession of insider information relating to the Company at the time of the Distribution Election. 

Even if the Grant is accepted in a timely manner and if the Distribution Election is made on or before the Acceptance Date or within the
designated Distribution Election Period, CCRM may still restrict an acceptance or Distribution Election (retroactively) if a Recipient is deemed to have specific insider information. CCRM will inform the Recipient individually if this is determined
to be the case. 

	2.11	Delivery of ING Shares or Sale of ING Shares. Provided that the Recipient is in Good Standing on the Vesting Date and subject to Articles 3 and 5 of this
Agreement, in accordance with the Distribution Election (part of the) ING Shares to the extent that these relate to Vested Deferred Shares and/or sales proceeds (net of any tax withholdings) achieved by the sale of (part of) these ING Shares will be
distributed to the Recipient as soon as administratively possible after the Vesting Date. In the event of a Default Election, the sales proceeds (net of any tax withholdings) will be distributed to the Recipient. 

 

	2.12	Taxation. All applicable personal taxes and employee social security levies in relation to the Deferred Shares will be borne by the Recipient.

 Where the Recipient qualifies as a US Taxpayer, the Recipient understands and agrees that notwithstanding
anything herein to the contrary, this Agreement and the Deferred Shares granted hereby, shall be administered in accordance with the applicable provisions of the U.S. Internal Revenue Code of 1986, as amended, including but not limited to the Jobs
Creation Act of 2004, as amended from time to time. 
 Article 3 – Leaver Provisions (in case Recipient’s employment is terminated
prior to the Vesting Date as described in Article 2.8) 
 In the event of: 

Voluntary resignation or termination due to gross misconduct or activity detrimental to the Group: Deferred Shares will lapse.

 Retirement, Death and Disability: Deferred Shares will Vest in accordance with the regular Vesting schedule (Article
2.8), unless the Company deems such treatment manifestly unreasonable based on the specific circumstances of the case. 

Redundancy: Vesting of Deferred Shares will be accelerated to the date of termination Recipient will be entitled to payment in cash
equal to the value of the Deferred Shares on the date of termination, provided he/she has been continuously employed by the Company or a Group Company in the period between the Grant Date and the date of termination and is not serving notice on/or
before the date of termination. In such event the Recipient is considered to be in Good Standing. 
 Business Divestiture:
Executive Board guidance will be sought to determine an appropriate solution at the time the terms and conditions of such a transaction are known. However, the aim will be to ensure that the Recipient will be treated as if he/she was still in
service with a Group Company. 
 Change of Control: Vesting of the Deferred Shares will be accelerated to the date of
transaction. Recipient will be entitled to payment in cash equal to the value of the Deferred Shares on the transaction date, provided he/she has been continuously employed by the Company or a Group Company during the period between the Grant Date
and the transaction date and is not serving notice on/or before the transaction date. In such event the recipient is considered to be in Good Standing. 

 Article 4 – Data protection 

 

	4.1	The Recipient hereby consents to the processing, collection, recording, organising, storing and adapting by the Company and the third party administrators involved in
the operation and administration of this Agreement, of the personal data, (including, inter alia, name, business contact information, personnel number, position and information regarding the Grant) relating to the Recipient for the sole purpose of
participating in this Agreement including the operation and administration of this Agreement and grants hereby such consent for the period specified in Article 4.4 of this Agreement. 

 

	4.2	The Recipient also consents to the transfer of his/her personal data referred to under Article 4.1 of this Agreement by the Company to the third party administrators
that are assigned to the operation and administration of this Agreement for this Recipient specifically and that are located in the United States, Canada, Ukraine, Singapore, Australia, Hong Kong or in some countries in the EU. The Recipient agrees
that some of these countries that are outside of the European Union have a level of protection in respect to personal data that may not be regarded as adequate when viewed in the context of Dutch data protection law. 

 

	4.3	The Recipient also agrees that a limited set of his/her personal data (name, ID, business line) is accessible to those third party administrators that are not
specifically assigned to him/her for the operation and administration of this Agreement, in the countries referred to under Article 4.2 of this Agreement, for the sole purpose of identification and other related administrative reasons (e.g. to trace
Recipients that have changed position within the Group). 

  

	4.4	The Recipient’s personal data related to this Agreement will be held in a database file titled with his/her name and unique identification code for the duration of
this Agreement taking to account any additional data retention period required by applicable law. The database will be kept by the Company or Group Companies on behalf of the Company. 

 

	4.5	Third party administrators are all companies belonging to the Group, but may incidentally include other third party advisors in respect to any incentive schemes or
arrangements operated by the Company and any regulatory authorities or other governmental bodies (e.g. for tax or other purposes pursuant to applicable law and regulations). 

 

	4.6	The Recipient understands that the provision of all of his/her personal data is obligatory for the purpose of the administration of his/her Deferred Shares and agrees
to the transfer of the relevant personal data to the Company by a Group Company that he/she is employed by. The Recipient is aware of his/her right to access and/or correct personal data, if and when necessary, by contacting his/her local Human
Resources representative. 

 Article 5 – Right to Reclaim 

Reclaiming after the Vesting Date. Notwithstanding the terms and conditions as set out in this Agreement, the Recipient expressly
agrees that in case he/she engages in conduct or performs acts which are considered as: 
  

	 	(i)	malfeasance; 

  

	 	(ii)	fraud; or 

 (iii) specific conduct which has led to the material re-statement of the Company’s
annual accounts and/or significant (reputational) harm to the Company, 
 the Company can reclaim the ING Shares delivered to the
Recipient under this Agreement. In case, the Recipient chose to sell (part of) his/her ING Shares upon Vesting, the Company reserves the right to receive an amount in Euros equal to the value received by the Recipient at the time of such sale. The
Recipient is obliged to repay this amount at first demand by the Company. Whether the Recipient has engaged in such conduct or has performed such acts is at the discretion of the Executive Board of the Company. 

Article 6 – Miscellaneous 
  

	6.1	Amendment to the Agreement. The Executive Board may from time to time at its absolute discretion amend any of the terms and conditions set out in this Agreement.
The Executive Board will have the power to make or vary regulations for the administration of the Deferred Shares and to amend or impose further conditions on the Vesting to take account of taxation, securities laws or other relevant legislation.
However, no amendment waiver or replacement to or of this Agreement or any provision or regulations for the administration of the Deferred Shares shall be made to the extent to which it would have a detrimental effect on any of the subsisting rights
of the Recipient except with the Recipient’s consent. 

  

	6.2	Dispute resolution. The decision of the Executive Board in any dispute or questions relating to the Deferred Shares in the broadest sense shall be final and
conclusive subject to the terms of this Agreement. The Executive Board’s interpretation and construction of any provision of this Agreement and of any Grant effected under this Agreement shall be final and binding on all persons claiming an
interest under this Agreement. The Executive Board shall not be liable for any action or determination made in good faith with respect to this Agreement. 

  

	6.3	Governing law and jurisdiction. This Agreement shall be governed by and shall be construed in accordance with the law of The Netherlands. The Company and the
Recipient irrevocably submit, in respect to any suit, action or proceeding related to the interpretation or enforcement of this Agreement, to the exclusive jurisdiction of the courts of Amsterdam. 

 

	6.4	Partial invalidity. Parties expressly agree that the invalidity or unenforceability of an Article or Articles of this Agreement shall not affect the validity or
enforceability of any other Article of this Agreement and that the remainder of this Agreement will remain in full effect. Any such invalid or unenforceable Article shall be replaced or be deemed to be replaced by a provision that is considered to
be valid and enforceable. The interpretation of the replacing Article shall be as close as possible to the intent of the invalid or unenforceable Article. 

 I, the undersigned, confirm that I have read and understand the information set out in the Agreement and Annex I and accept this Grant of Deferred Shares under the terms thereof. 

 

					
	Date	  	Print Name	 	Signature
			
	  
	  	  
	 	  

 Annex I 
 Definitions 
 ADR’s: American Depository Receipts issued in respect of issued
and fully paid-up ordinary shares in the capital of the Company. 
 BDR’s: Bearer Depository Receipts issued in respect of issued
and fully paid-up ordinary shares in the capital of the Company. 
 Business Divestiture: The complete or partial transfer of a Group
Company in which Recipient is employed to a transferee that is not a Group Company. Or a complete or partial initial public offering (IPO) of a Group Company in which Recipient is employed. A partial transfer or IPO is only considered a Business
Divestiture if such transfer or IPO results in the Company (directly or indirectly) owning less than 50.1% of the voting stock in such transferred Group Company. 
 CCRM: Corporate Compliance Risk Management department of the Company. 
 Change of
Control: where any person or a group of persons acting in concert (for the avoidance of doubt, other than the Stichting ING Aandelen) has acquired 50.1% of the voting stock of the Company other than solely as a consequence of the cancellation of
BDR’s and such persons have received a declaration from the regulatory authorities that there is no objection to their exercising the voting rights attached to such stock, if so required. 

Closed Period: A period so designated by CCRM. 
 Core Tier 1 Securities: the core tier 1 securities issued by the Company to the Dutch State in November 2008. 
 Date of Grant: Date on which the Grant of Deferred Shares is made to Recipients. 

Deferred Shares: A conditional right to receive the number of ING Shares upon Vesting, which number of ING Shares will be equal to the number of
granted Deferred Shares determined per Recipient in accordance with this Agreement. The right will become unconditional on the Vesting Date provided the Recipient is in Good Standing at such time. 

Designated Person: A person who is restricted with respect to making decisions in relation to ING securities and who has been identified as such
by CCRM. 
 2009 Discretionary Bonus: An individual discretionary variable award in terms of a gross value which has been approved for
the 2009 performance year based amongst other factors on individual, business unit and company performance and which has been communicated to the Recipient. 
 Distribution Election: The election by the Recipient either to (i) receive the proceeds from the sale of ING Shares upon Vesting; or (ii) have the ING Shares transferred to a personal
brokerage account of the Recipient upon Vesting; or (iii) sell only a percentage of the ING Shares upon Vesting, which election can be made either on or before the Acceptance Date or within a Distribution Election Period as scheduled by the
Company. 
 Employee: Either: (i) an employee of a Group Company; or (ii) a director (other than a non- executive director) of
a Group Company other than the Company. 
 Executive Board: The board of directors of the Company. 

Good Standing: A Recipient is in Good Standing with the Company if he/she on the Vesting Date (i) has been continuously employed by a Group
Company from the Date of Grant until the Vesting Date and is not serving notice on or before the Vesting Date or; (ii) is retired, deceased or considered long term disabled according to the relevant local legislation or regulations pertaining
to retirement or persons with disability; or (iii) is employed by a Group Company which is severed from the Group by means of a Business Divestiture provided he/she has not serving notice on or before the Vesting Date. 

Grant: The grant of Deferred Shares by the Company to a Recipient under the terms of this Agreement. 

 Group: The Company together with its Subsidiaries as amended from time to time. 

Group Company: The Company and any company which is for the time being a Subsidiary.  

ING Shares: BDR’s or ADR’s or other instruments in the respect thereof, as determined at the Date of Grant by the Company. 

Open Period: A period so designated by CCRM. 
 Recipient: Employee who receives a portion of their Discretionary Bonus in Deferred Shares. 

Redundancy: Termination of a Recipient’s employment within the Group due to a reorganization (which is not considered a Business Divestiture)
of the Group in such circumstances as the Company determines in its absolute discretion. 
 Subsidiary: A company in which the Company
holds at least 50,1% of the voting share capital (directly or indirectly), as set out in Article 2:24a of the Dutch Civil Code; 
 Vesting:
the satisfaction of the requirements of the terms for vesting as specified in this Agreement, and “Vested” and “Vest” shall be construed accordingly. 
 Vesting Date: Date on which the Recipients’ conditional right to receive ING Shares becomes an unconditional right. 
 Vesting Period: Period of time between the Date of Grant and the Vesting Date.

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