Document:

Document

Exhibit 4.5

DESCRIPTION OF SECURITIES
The following description of capital stock of Sonder Holdings Inc. (the “Company,” “we,” “us” and “our”) summarizes certain provisions of our amended and restated certificate of incorporation, as amended (the “Amended and Restated Certificate of Incorporation”), and our amended and restated bylaws (the “Amended and Restated Bylaws”). The description is intended as a summary, and is qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws, copies of which have been filed as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.5 is a part.
General
The authorized capital stock of the Company is 690,000,000 shares, of which: 
•400,000,000 shares are designated common stock, $0.0001 par value per share (the “Common Stock”); 
•40,000,000 shares are designated special voting common stock, $0.0001 par value per share (the “Special Voting Common Stock”); and 
•250,000,000 shares are designated preferred stock, $0.0001 par value per share (the “Preferred Stock”).
Common Stock
Voting Rights 
Holders of Common Stock and Special Voting Common Stock are entitled to one vote for each share held as of the record date for the determination of the stockholders entitled to vote on such matters, except as otherwise required by law. The holders of Common Stock and Special Voting Common Stock will at all times vote together as one class on all matters submitted to a vote of stockholders, unless otherwise required by Delaware law or the Amended and Restated Certificate of Incorporation (as it may be amended from time to time). Delaware law could require holders of shares of a class of capital stock to vote separately as a single class in the following circumstances: 
•If we were to seek to amend the Amended and Restated Certificate of Incorporation to increase or decrease the par value of a class of the capital stock, then that class would be required to vote separately to approve the proposed amendment; and 
•If we were to seek to amend the Amended and Restated Certificate of Incorporation in a manner that alters or changes the powers, preferences, or special rights of a class of capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment.
Election of Directors 
Subject to the rights of holders of any series of Preferred Stock with respect to the election of directors, the number of directors that constitutes the Board of Directors (the “Board”) will be fixed solely by resolution adopted by a majority of the Board. 
The Amended and Restated Certificate of Incorporation provides for a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. Only the directors in one class will be subject to election by a plurality of the votes cast at each annual meeting of stockholders, with the directors in the other classes continuing for the remainder of their respective three-year terms. Stockholders do not have the ability to cumulate votes for the election of directors. 

Dividend Rights 
Subject to preferences that may apply to any shares of Preferred Stock outstanding at the time, the holders of Common Stock will be entitled to receive dividends out of funds legally available if the Board in its discretion, determines to issue dividends and then only at the times that the Board may determine. Any dividends paid to the holders of shares of Common Stock shall be paid on a pro rata basis. The holders of the Special Voting Common Stock shall not be entitled to receive any dividends out of any assets of the Company. 
Preemptive or Similar Rights 
The Common Stock is not entitled to preemptive rights, and is not subject to conversion, redemption, or sinking fund provisions except as described below. 
Redemption of Special Voting Common Stock 
Sonder Canada Inc., a corporation existing under the laws of the province of Québec and a subsidiary of Sonder (“Sonder Canada”), may from time to time, pursuant to Sonder Canada’s Articles of Amendment (as amended and/or restated from time to time, the “Sonder Canada Articles”), issue shares of a new series of Sonder Canada shares issued in connection with the Business Combination (defined below) (“Canada Exchangeable Common Shares”). Each Canada Exchangeable Common Share may be exchanged for one share of Common Stock in accordance with the terms of the Sonder Canada Articles and that certain Exchange Rights Agreement (as amended and/or restated from time to time, the “Exchange Rights Agreement”), dated December 18, 2019, by and among the Sonder, Sonder Canada, Sonder Exchange ULC and the holders of Sonder Canada Exchangeable Shares, to which the Company has intervened. The Company will automatically redeem (an “Automatic Redemption”), on the date on which any Canada Exchangeable Shares held by a holder are redeemed, exchanged or otherwise transferred for Common Stock pursuant to the Sonder Canada Articles or the Exchange Rights Agreement, such number of shares of Special Voting Common Stock held by such holder corresponding to the number of Canada Exchangeable Shares then redeemed, exchanged or otherwise transferred (the “Redeemed Shares”) for an amount equal to $0.000001 per share (the “Automatic Redemption Price”), and such Redeemed Shares may not be reissued by the Company. 
Liquidation, Dissolution and Winding Up 
If the Company becomes subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of Common Stock and any participating series of Preferred Stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of Preferred Stock. The holders of the Special Voting Common Stock shall not be entitled to receive any distribution of assets of the Company in such event. 
Preferred Stock 
The Board is authorized, subject to limitations prescribed by law, to issue Preferred Stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by the stockholders. The Board will be empowered to increase, but not above the total number of authorized shares of Preferred Stock, or decrease the number of shares of any series of Preferred Stock, but not below the number of shares of that series then outstanding, without any further vote or action by the stockholders. The Board will be able to authorize the issuance of Preferred Stock with voting or conversion rights that could adversely impact the voting power or other rights of the holders of the Common Stock. The issuance of Preferred Stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, 

could, among other things, have the effect of delaying, deferring, or preventing a change in control of the Company and might adversely affect the market price of Common Stock and the voting and other rights of the holders of Common Stock. There are currently no plans to issue any shares of Preferred Stock. 
Warrants 
Public Warrants 
Each whole warrant entitles the registered holder to purchase one whole share of our Common Stock at a price of $11.50 per share (the “Public Warrant”), subject to certain adjustments. A warrant holder may exercise its Public Warrants only for a whole number of shares of Common Stock. This means that only a whole Public Warrant may be exercised at any given time by a warrant holder. No fractional Public Warrants were issued upon separation of the units and only whole Public Warrants trade. Accordingly, unless a registered holder purchased at least five units, they were not be able to receive or trade a whole Public Warrant. The Public Warrants will expire on January 18, 2027 (five years after the consummation of the transactions contemplated by the Merger Agreement (defined below), (the “Business Combination”)), at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 
No Public Warrant is exercisable for cash or on a cashless basis. 
Redemption of Public Warrants for Cash
We may call the Public Warrants for redemption (except as described below with respect to the warrants held by the members of Gores Metropoulos Sponsor II, LLC (the “Sponsor”) on January 18, 2022 (the “Business Combination Closing Date”), each of which is exercisable, at an exercise price of $11.50, for one share of Common Stock in accordance with its terms (the “Private Placement Warrants”)): 
•In whole and not in part; 
•At a price of $0.01 per Public Warrant; 
•Upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and 
•If, and only if, the reported last sale price of the Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the Public Warrant holders.
We have established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the Public Warrants, each warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date. However, the price of the Common Stock may fall below the $18.00 redemption trigger price as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 
In the event we elect to redeem the outstanding Public Warrants, we will fix a date for the redemption (the “Redemption Date”) and provide notice of the redemption to be mailed by first class mail, postage prepaid by us not less than thirty days prior to the Redemption Date to the registered holders of the Public Warrants (who will, in turn, notify the beneficial holders thereof). 

Redemption of Public Warrants for Common Stock
Commencing 90 days after the Public Warrants become exercisable, we may redeem the outstanding Public Warrants (except as described herein with respect to the Private Placement Warrants): 
•In whole and not in part; 
•At a price equal to a number of shares of Common Stock to be determined by reference to the table below, based on the redemption date and the “fair market value” of our Common Stock except as otherwise described below; 
•If, and only if, there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given; 
•Upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and 
•If, and only if, the last reported sale price of our Common Stock equals or exceeds $10.00 per share (as adjusted per share splits, share dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading day prior to the date on which we send the notice of redemption to the warrant holders.
The numbers in the table below represent the “redemption prices,” or the number of shares of Common Stock that a warrant holder will receive upon redemption by us pursuant to this redemption feature, based on the “fair market value” of our Common Stock on the corresponding redemption date, determined based on the average of the last reported sales price for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Public Warrants, and the number of months that the corresponding redemption date precedes the expiration date of the Public Warrants, each as set forth in the table below. 
The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a Public Warrant is adjusted as set forth below. The adjusted stock prices in the column headings will equal the stock prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Public Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Public Warrant as 

so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Public Warrant. 
																																																									
	Redemption Date		Fair Market Value of Common Stock
	(period to expiration of warrants)
		<$10.00		$    11.00		$    12.00		$    13.00		$    14.00		$    15.00		$    16.00		$    17.00		$    18.00
	57 months		0.257		0.277		0.294		0.310		0.324		0.337		0.348		0.358		0.365
	54 months		0.252		0.272		0.291		0.307		0.322		0.335		0.347		0.357		0.365
	51 months		0.246		0.268		0.287		0.304		0.320		0.333		0.346		0.357		0.365
	48 months		0.241		0.263		0.283		0.301		0.317		0.332		0.344		0.356		0.365
	45 months		0.235		0.258		0.279		0.298		0.315		0.330		0.343		0.356		0.365
	42 months		0.228		0.252		0.274		0.294		0.312		0.328		0.342		0.355		0.364
	39 months		0.221		0.246		0.269		0.290		0.309		0.325		0.340		0.354		0.364
	36 months		0.213		0.239		0.263		0.285		0.305		0.323		0.339		0.353		0.364
	33 months		0.205		0.232		0.257		0.280		0.301		0.320		0.337		0.352		0.364
	30 months		0.196		0.224		0.250		0.274		0.297		0.316		0.335		0.351		0.364
	27 months		0.185		0.214		0.242		0.268		0.291		0.313		0.332		0.350		0.364
	24 months		0.173		0.204		0.233		0.260		0.285		0.308		0.329		0.348		0.364
	21 months		0.161		0.193		0.223		0.252		0.279		0.304		0.326		0.347		0.364
	18 months		0.146		0.179		0.211		0.242		0.271		0.298		0.322		0.345		0.363
	15 months		0.130		0.164		0.197		0.230		0.262		0.291		0.317		0.342		0.363
	12 months		0.111		0.146		0.181		0.216		0.250		0.282		0.312		0.339		0.363
	9 months		0.090		0.125		0.162		0.199		0.237		0.272		0.305		0.336		0.362
	6 months		0.065		0.099		0.137		0.178		0.219		0.259		0.296		0.331		0.362
	3 months		0.034		0.065		0.104		0.150		0.197		0.243		0.286		0.326		0.361
	0 months		—		—		0.042		0.115		0.179		0.233		0.281		0.323		0.361

The “fair market value” of our Common Stock shall mean the average last reported sale price of our Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Public Warrants. 
The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of shares of Common Stock to be issued for each Public Warrant redeemed will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable. For example, if the average last reported sale price of our Common Stock for the 10 trading days ending on the third trading date prior to the date on which the notice of redemption is sent to the holders of the Public Warrants is $11.00 per share, and at such time there are 57 months until the expiration of the Public Warrants, we may choose to, pursuant to this redemption feature, redeem the Public Warrants at a “redemption price” of 0.277 shares of Common Stock for each whole Public Warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the average last reported sale price of our Common Stock for the 10 trading days ending on the third trading date prior to the date on which the notice of redemption is sent to the holders of the Public Warrants is $13.50 per share, and at such time there are 38 months until the expiration of the Public Warrants, we may choose to, pursuant to this redemption feature, redeem the Public Warrants at a “redemption price” of 0.298 shares of Common Stock for each whole Public Warrant. Finally, as reflected in the table above, we can redeem the Public Warrants for no consideration in the event that the Public Warrants are “out of the money” (i.e., the trading price of our Common Stock is below the exercise price of the Public Warrants) and about to expire. 
Any Public Warrants held by our officers or directors will be subject to this redemption feature, except that such officers and directors shall only receive “fair market value” for such public warrants so redeemed (“fair market 

value” for such Public Warrants held by our officers or directors being defined as the last reported sale price of the Public Warrants on such redemption date). 
This redemption feature differs from the typical warrant redemption features used in other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Common Stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding Public Warrants (other than the Private Placement Warrants) to be redeemed when the shares of Common Stock are trading at or above $10.00 per share, which may be at a time when the trading price of our Common Stock is below the exercise price of the Public Warrants. We have established this redemption feature to provide the Public Warrants with an additional liquidity feature, which provides us with the flexibility to redeem the warrants for shares of Common Stock, instead of cash, for “fair value” without the warrants having to reach the $18.00 per share threshold set forth above under “—Redemption of Public Warrants for Cash.” Holders of the Public Warrants will, in effect, receive a number of shares representing fair value for their Public Warrants based on an option pricing model with a fixed volatility input as of January 19, 2021. This redemption right provides us not only with an additional mechanism by which to redeem all of the outstanding Public Warrants, in this case, for Common Stock, and therefore have certainty as to (a) our capital structure as the Public Warrants would no longer be outstanding and would have been exercised or redeemed and (b) to the amount of cash provided by the exercise of the Public Warrants and available to us, and also provides a ceiling to the theoretical value of the Public Warrants as it locks in the “redemption prices” we would pay to warrant holders if we chose to redeem Public Warrants in this manner. We will effectively be required to pay fair value to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the Public Warrants for Common Stock if we determine it is in our best interest to do so. As such, we would redeem the Public Warrants in this manner when we believe it is in our best interest to update our capital structure to remove the Public Warrants and pay fair value to the warrant holders. In particular, it would allow us to quickly redeem the Public Warrants for Common Stock, without having to negotiate a redemption price with the warrant holders. In addition, the warrant holders will have the ability to exercise the warrants prior to redemption if they should choose to do so. 
As stated above, we can redeem the Public Warrants when the shares of Common Stock are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with fair value (in the form of Common Stock). If we choose to redeem the Public Warrants when the Common Stock is trading at a price below the exercise price of the Public Warrants, this could result in the warrant holders receiving fewer Common Stock than they would have received if they had chosen to wait to exercise their warrants for Common Stock if and when such shares of Common Stock were trading at a price higher than the exercise price of $11.50. 
No fractional shares of Common Stock will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of shares of Common Stock to be issued to the holder. 
Redemption Procedures and Cashless Exercise
If we call the Public Warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise its Public Warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of Public Warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Common Stock issuable upon the exercise of our Public Warrants. If our management takes advantage of this option, all holders of Public Warrants would pay the exercise 

price by surrendering their Public Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Public Warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Public Warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. If we call our Public Warrants for redemption and our management does not take advantage of this option, the Sponsor and its permitted transferees would still be entitled to exercise their Private Placement Warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their Public Warrants on a cashless basis, as described in more detail below. 
A holder of a Public Warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such Public Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the shares of Common Stock outstanding immediately after giving effect to such exercise. 
Anti-Dilution Adjustments
If the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Public Warrant will be increased in proportion to such increase in the outstanding shares of Common Stock. A rights offering to holders of Common Stock entitling holders to purchase shares of Common Stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of Common Stock equal to the product of (a) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Common Stock) multiplied by (b) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Common Stock as reported during the 10 trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 
In addition, if we, at any time while the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Common Stock on account of such shares of Common Stock (or other shares of our capital stock into which the Public Warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, or (c) to satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend our Amended and Restated Certificate of Incorporation with respect to any provisions relating to stockholders’ rights, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Common Stock in respect of such event. 

If the number of outstanding shares of our Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Public Warrant will be decreased in proportion to such decrease in outstanding shares of Common Stock. 
Whenever the number of shares of Common Stock purchasable upon the exercise of the Public Warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Common Stock purchasable upon the exercise of the Public Warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Common Stock so purchasable immediately thereafter. 
In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than those described above or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Public Warrants and in lieu of the shares of our Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Public Warrants would have received if such holder had exercised their Public Warrants immediately prior to such event. If less than 70% of the consideration received by the holders of Common Stock in such a transaction is payable in the form of Common Stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Public Warrant properly exercises the Public Warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement based on the Black-Scholes value (as defined in the Warrant Agreement) of the Public Warrant. 
The Public Warrants were issued in registered form under the Warrant Agreement between Computershare Trust Company, N.A., as warrant agent, and us. You should review a copy of the Warrant Agreement, which was filed as Exhibit 4.3 to the registration statement on Form S-1 (File No. 333-251663) filed with the Securities and Exchange Commission (the “SEC”) on January 31, 2022, for a complete description of the terms and conditions applicable to the Public Warrants. The Warrant Agreement provides that the terms of the Public Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public Warrant. 
The Public Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Public Warrants being exercised. The warrant holders do not have the rights or privileges of holders of Common Stock and any voting rights until they exercise their warrants and receive shares of Common Stock. After the issuance of shares of Common Stock upon exercise of the Public Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders. 

No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the warrant holder. 
Private Placement Warrants 
The Private Placement Warrants (including the Common Stock issuable upon exercise of the Private Placement Warrants) were not transferable, assignable or salable until 30 days after the consummation of the Business Combination (except, among other limited exceptions, to our officers and directors and other persons or entities affiliated with the Sponsor) and they will not be redeemable by us so long as they are held by the Sponsor or its permitted transferees. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants sold as part of the shares of Class A Stock (which became Common Stock upon the effectiveness of the Amended and Restated Certificate of Incorporation) and one-fifth of one Public Warrant, whereby each whole Public Warrant entitles the holder thereof to purchase one share of Class A Stock (which became Common Stock upon the effectiveness of the Amended and Restated Certificate of Incorporation) at an exercise price of $11.50 per share of Class A Stock (the “Public Units”) in the Gores Metropoulos II, Inc. (“GM II”) initial public offering, consummated on January 22, 2021 (the “GM II IPO”), including as to exercise price, exercisability and exercise period. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by us and exercisable by the holders on the same basis as the Public Warrants included in the Public Units sold in the GM II IPO. 
If holders of the Private Placement Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we agreed that these warrants will be exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees is because it was not known at the time of issuance whether they would be affiliated with us following the Business Combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We have policies in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if such insider is in possession of material non-public information. Accordingly, unlike holders of shares of Class A Stock (which became shares of Common Stock upon the effectiveness of the Amended and Restated Certificate of Incorporation) included in the Public Units issued in the GM II IPO (the “Public Shares”) who could sell the shares of Common Stock issuable upon exercise of the Public Warrants freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 
Anti-Takeover Provisions 
Certain provisions of Delaware law, the Amended and Restated Certificate of Incorporation, and the Amended and Restated Bylaws, may have the effect of delaying, deferring, or discouraging another person from acquiring control of the Company. They are also designed, in part, to encourage persons seeking to acquire control of the Company to negotiate first with the Board. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in the 

Company’s best interests, including transactions that provide for payment of a premium over the market price for the Company’s shares. 
Delaware Law 
The Company is governed by the provisions of Section 203 of the DGCL. In general, Section 203 of the DGCL prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless: 
•either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder was approved by the Board prior to the time that the stockholder became an interested stockholder; 
•upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by directors who are also officers of the corporation and shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 
•at or subsequent to the time the stockholder became an interested stockholder, the business combination was approved by the Board and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.
In general, Section 203 defines a “business combination” to include mergers, asset sales, and other transactions resulting in financial benefit to a stockholder and an “interested stockholder” as a person who, together with affiliates and associates, owns, or, within the prior three years (subject to certain other requirements), did own, 15% or more of the corporation’s outstanding voting stock. We anticipate that Section 203 may also have the effect of delaying, deferring, or preventing changes in control of the Company. 
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provisions 
The Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of the Board or management team, including the following: 
•Board of Directors Vacancies. The Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws authorize only a majority of the remaining members of the Board, although less than a quorum, to fill vacant directorships, including newly created seats. In addition, subject to the rights of holders of any series of Preferred Stock, the number of directors constituting the Board will be permitted to be set only by a resolution adopted by a majority of the Board. These provisions would prevent a stockholder from increasing the size of the Board and then gaining control of the Board by filling the resulting vacancies with its own nominees. This will make it more difficult to change the composition of the Board and will promote continuity of management. 
•Classified Board. The Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that the Board is divided into three classes of directors. For more information on the classified board, see the section titled “Item 10. Directors, Executive Officers and Corporate Governance” 

in the Annual Report on Form 10-K of which this Exhibit 4.5 is a part. The existence of a classified board of directors could discourage a third-party from making a tender offer or otherwise attempting to obtain control of the Company as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified board of directors. 
•Directors Removed Only for Cause. The Amended and Restated Certificate of Incorporation provides that stockholders may remove directors only for cause. 
•Stockholder Action; Special Meeting of Stockholders. The Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that the stockholders may not take action by written consent but may only take action at annual or special meetings of the stockholders. As a result, a holder controlling a majority of the Company’s capital stock would not be able to amend the Amended and Restated Bylaws, amend the Amended and Restated Certificate of Incorporation or remove directors without holding a meeting of stockholders called in accordance with the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. The Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws further provide that special meetings of stockholders may be called only by a majority of the Board, the chair of the Board, the Chief Executive Officer of the Company or the president of the Company, thus prohibiting stockholder action to call a special meeting. These provisions might delay the ability of stockholders to force consideration of a proposal or for stockholders controlling a majority of the Company’s capital stock to take any action, including the removal of directors. 
•Advance Notice Requirements for Stockholder Proposals and Director Nominations. The Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide advance notice procedures for stockholders seeking to bring business before the annual meeting of stockholders or to nominate candidates for election as directors at stockholder meetings. The Amended and Restated Bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude stockholders from bringing matters before the annual meeting of stockholders or from making nominations for directors at meetings of stockholders if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of the Company. 
•No Cumulative Voting. The DGCL provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. The Amended and Restated Certificate of Incorporation does not provide for cumulative voting. 
•Amendment of Charter and Bylaws Provisions. Any amendment of the above provisions in the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws will require approval by holders of at least two-thirds of the voting power of the Company’s then outstanding voting securities. 
•Issuance of Undesignated Preferred Stock. The Amended and Restated Certificate of Incorporation provides that the Board will have the authority, without further action by stockholders, to issue up to 250,000,000 shares of undesignated Preferred Stock with rights, powers and preferences, including voting rights, designated from time to time by the Board. The existence of authorized but unissued shares of Preferred Stock would enable the Board to render more difficult or to discourage an attempt to obtain control of the Company by means of a tender offer, proxy contest, or other means. 

•Exclusive Forum. The Amended and Restated Bylaws provide that, unless otherwise consented to by the Company in writing, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another State court in Delaware or the federal district court for the District of Delaware) shall, to the fullest extent permitted by law be the sole and exclusive forum for the following types of actions or proceedings: (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, stockholder, officer or other employee of the Company to the Company or the Company’s stockholders, (iii) any action arising pursuant to any provision of the DGCL or the Amended and Restated Certificate of Incorporation or the Amended and Restated Bylaws (as either may be amended from time to time) or (iv) any action asserting a claim governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which such court determines that there is an indispensable party not subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such court within 10 days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than such court or for which such court does not have subject matter jurisdiction. This provision would not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the U.S. federal courts have exclusive jurisdiction. The Amended and Restated Bylaws further provide that, unless otherwise consented to by the Company in writing, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933 (the “Securities Act”). However, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all such Securities Act actions. Accordingly, both state and federal courts have jurisdiction to entertain such claims. While the Delaware courts have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions. In such instance, we would expect to vigorously assert the validity and enforceability of the exclusive forum provisions of the Amended and Restated Bylaws. However, there can be no assurance that the provision will be enforced by a court in those other jurisdictions. Any person or entity purchasing or otherwise acquiring any interest in the Company’s securities shall be deemed to have notice of and consented to these provisions. These provisions may have the effect of discouraging lawsuits against the Company or its directors and officers.
Rule 144 
A person who has beneficially owned restricted shares of Common Stock or Special Voting Common Stock for at least six months would be entitled to sell their shares provided that (i) such person is not deemed to have been one of the Company’s affiliates at the time of, or at any time during the three months preceding, a sale and (ii) the Company is subject to the Exchange Act periodic reporting requirements for at least three months before the sale and has filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as the Company was required to file reports). Persons who have beneficially owned restricted shares of Common Stock or Special Voting Common Stock for at least six months but who are the Company’s affiliates at the time of, or any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period a number of shares that does not exceed the greater of either of the following: 
•1% of the number of shares then outstanding; and 
•The average weekly trading volume of the shares of common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about the Company. 
Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies 
Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met: 
•The issuer of the securities that was formerly a shell company has ceased to be a shell company; 
•The issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; 
•The issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and 
•At least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
As a result of the consummation of the Business Combination, the Company is no longer a shell company, and so, once the conditions set forth in the exceptions listed above are satisfied, Rule 144 will become available for the resale of the above noted restricted securities. 
Registration Rights
    At the consummation of the Business Combination, the Company entered into that certain Registration Rights Agreement (the “Registration Rights Agreement”). The Registration Rights Holders and any person or entity who hereafter becomes a party to the Registration Rights Agreement, a “Holder” and collectively the “Holders,” will be entitled to registration rights pursuant to the terms of the Registration Rights Agreement. 
The Registration Rights Agreement provided that the Company would, within 30 days after the consummation of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of April 29, 2021 (as amended on October 27, 2021) (the “Merger Agreement”), file with the SEC a shelf registration statement registering the resale of the Holders’ shares and will use its reasonable best efforts to have such registration statement declared effective as soon as practicable after the filing thereof, but in no event later than 60 days following the filing deadline. The Company filed the registration statement on Form S-1 (File No. 333-251663) with the Securities and Exchange Commission on January 31, 2022. The Holders are each entitled to make up to six demands for registration, excluding short form demands, that the Company register the shares held by these parties. In addition, the Holders have certain “piggy-back” registration rights. Holders who are Sonder Stockholders and not affiliates (as defined under Rule 144 under the Securities Act) of the Company are not entitled to registration rights with respect to shelf underwritten offerings and demand registrations initiated by the Gores Holders (as defined in the Registration Rights Agreement). The Company will bear the expenses incurred in connection with the filing of any registration statements filed pursuant to the terms of the Registration Rights Agreement.
Limitation of Liability and Indemnification 
The Amended and Restated Certificate of Incorporation, which became effective upon consummation of the Business Combination, limits the Company’s directors’ liability to the fullest extent permitted under the DGCL. The 

DGCL provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability: 
•For any transaction from which the director derives an improper personal benefit; 
•For any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; 
•For any unlawful payment of dividends or redemption of shares; or 
•For any breach of a director’s duty of loyalty to the corporation or its stockholders.
If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of the Company’s directors will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. The DGCL and the Amended and Restated Bylaws provide that the Company will, in certain situations, indemnify the Company’s directors and officers and may indemnify other employees and other agents, to the fullest extent permitted by law. Any indemnified person is also entitled, subject to certain limitations, to advancement, direct payment, or reimbursement of reasonable expenses (including attorneys’ fees and disbursements) in advance of the final disposition of the proceeding. 
In addition, the Company has entered into and will continue to enter into separate indemnification agreements with the Company’s directors and officers. These agreements, among other things, require the Company to indemnify its directors and officers for certain expenses, including attorneys’ fees, judgments, fines, and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of the Company’s directors or officers or any other company or enterprise to which the person provides services at the Company’s request. 
The Company plans to maintain a directors’ and officers’ insurance policy pursuant to which the Company’s directors and officers are insured against liability for actions taken in their capacities as directors and officers. The Company believes these provisions in the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws and these indemnification agreements are necessary to attract and retain qualified persons as directors and officers. 
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or control persons, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. 
Listing
Our Common Stock is listed on the NASDAQ Capital Market under the symbol “SOND” and our Public Warrants are listed on the NASDAQ Capital Market under the symbol “SONDW.”
Transfer Agent and Registrar 
The transfer agent and registrar for the Company’s Common Stock is Computershare Inc.EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

ING GROEP N.V., 
 Issuer 

and 
 THE BANK OF NEW YORK MELLON,
LONDON BRANCH, 
 Trustee 
  

 
 FIFTH
SUPPLEMENTAL INDENTURE 
 Dated as of March 28, 2022 
  

 
 To the Senior
Debt Securities Indenture, dated as of March 29, 2017, 
 Between ING Groep N.V. 

and 
 The Bank of New York Mellon,
London Branch, Trustee 
 $1,250,000,000 3.869% Callable
Fixed-to-Floating Rate Senior Notes due 2026 

$1,250,000,000 4.017% Callable Fixed-to-Floating Rate Senior
Notes due 2028 
 $1,000,000,000 4.252% Callable
Fixed-to-Floating Rate Senior Notes due 2033 
 $500,000,000
Callable Floating Rate Senior Notes due 2026 
 Amendments to the Senior Debt Securities Indenture 

 
  

 

 ING GROEP N.V. 

Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and the Indenture, dated as of
March 29, 2017, as amended by the Fourth Supplemental Indenture, dated as of April 1, 2021, and as supplemented by this Fifth Supplemental Indenture, dated as of March 28, 2022. 

 

					
	 Trust Indenture Act
Section                        
	  	 Indenture Section

	 §310
	 	(a)(1)	  	6.09
		 	(a)(2)	  	6.09
		 	(a)(3)	  	Not Applicable
		 	(a)(4)	  	Not Applicable
		 	(b)	  	6.08
		 		  	6.10
	 §311
	 	(a)	  	6.13
		 	(b)	  	6.13
	 §312
	 	(a)	  	7.01
		 		  	7.02(a)
		 	(b)	  	7.02(b)
		 	(c)	  	7.02(c)
	 §313
	 	(a)	  	7.03(a)
		 	(b)	  	7.03(a)
		 	(c)	  	1.06,7.03(a)
		 	(d)	  	7.03(b)
	 §314
	 	(a)	  	7.04, 10.06
		 	(b)	  	Not Applicable
		 	(c)(1)	  	1.02
		 	(c)(2)	  	1.02
		 	(c)(3)	  	Not Applicable
		 	(d)	  	Not Applicable
		 	(e)	  	1.02
		 	(f)	  	Not Applicable
	 §315
	 	(a)	  	6.01, 6.03
		 	(b)	  	6.02
		 	(c)	  	5.04, 6.01
		 	(d)(1)	  	6.01, 6.03
		 	(d)(2)	  	6.01, 6.03
		 	(d)(3)	  	6.01, 6.03
		 	(e)	  	5.14
	 §316
	 	(a)(1)(A)	  	5.02, 5.12
		 	(a)(1)(B)	  	5.13
		 	(a)(2)	  	Not Applicable
		 	(a)(last sentence)	  	1.01
		 	(b)	  	5.08
	 §317
	 	(a)(1)	  	5.03
		 	(a)(2)	  	5.04
		 	(b)	  	10.03
	 §318
	 	(a)	  	1.07

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Fifth Supplemental Indenture or
the Base Indenture. Section references are to the Base Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  

			
	 Section 1.01
	 	 Definitions
	  	 	2	 
	 Section 1.02
	 	 Effect of Headings
	  	 	8	 
	 Section 1.03
	 	 Separability Clause
	  	 	8	 
	 Section 1.04
	 	 Benefits of Instrument
	  	 	8	 
	 Section 1.05
	 	 Relation to Base Indenture
	  	 	8	 
	 Section 1.06
	 	 Construction and Interpretation
	  	 	8	 
	
	ARTICLE II	  

	
	FORM AND TERMS OF THE SECURITIES; INTEREST AND PAYMENTS; WAIVER OF SET-OFF	  

			
	 Section 2.01
	 	 Establishment of Securities; Form and Certain Terms of Securities
	  	 	9	 
	 Section 2.02
	 	 Interest
	  	 	10	 
	 Section 2.03
	 	 Waiver of Set-Off
	  	 	13	 
	
	ARTICLE III	  

	
	REDEMPTION AND PURCHASE	  

			
	 Section 3.01
	 	 Redemption
	  	 	14	 
	 Section 3.02
	 	 Notice of Redemption; Automatic Revocation
	  	 	14	 
	 Section 3.03
	 	 Conditions to Redemption and Purchase
	  	 	14	 
	
	ARTICLE IV	  

	
	MISCELLANEOUS PROVISIONS	  

			
	 Section 4.01
	 	 Effectiveness
	  	 	15	 
	 Section 4.02
	 	 Original Issue
	  	 	15	 
	 Section 4.03
	 	 Ratification and Integral Part
	  	 	15	 
	 Section 4.04
	 	 Priority
	  	 	15	 
	 Section 4.05
	 	 Successors and Assigns
	  	 	15	 
	 Section 4.06
	 	 Counterparts
	  	 	15	 
	 Section 4.07
	 	 Governing Law
	  	 	15	 
	 Section 4.08
	 	 Trustee Disclaimer
	  	 	15	 
	
	ARTICLE V	  

	
	DUTCH BAIL-IN POWER	  

			
	 Section 5.01
	 	 Agreement with Respect to Exercise of Dutch Bail-In
Power
	  	 	16	 

  
 - ii - 

					
	 EXHIBIT A-1
	  	 –
	  	 Form of 2026 Note

	 EXHIBIT A-2
	  	 –
	  	 Form of 2028 Note

	 EXHIBIT A-3
	  	 –
	  	 Form of 2033 Note

	 EXHIBIT A-4
	  	 –
	  	 Form of Floating Rate Note

  
 - iii - 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of
March 28, 2022 (this “Fifth Supplemental Indenture”) between ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the “Company”), having
its corporate seat in Amsterdam, The Netherlands, and its principal office at Bijlmerdreef 106, 1102 CT Amsterdam, The Netherlands, and THE BANK OF NEW YORK
MELLON, LONDON BRANCH, a New York banking corporation, as Trustee (herein called the “Trustee”), having its Corporate Trust Office at One Canada Square, London E14 5AL, United Kingdom, to
the SENIOR DEBT SECURITIES INDENTURE, dated as of March 29, 2017, between the Company and the Trustee, as amended from time to time (the “Base Indenture” and, together
with this Fifth Supplemental Indenture, the “Indenture”). 
 RECITALS OF THE
COMPANY 
 The Company and the Trustee are parties to the Base Indenture, which provides for the issuance by the Company from
time to time of Senior Debt Securities in one or more series. 
 Section 9.01(f) of the Base Indenture permits supplements thereto
without the consent of Holders of Senior Debt Securities to establish the form or terms of Senior Debt Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture. 

Section 9.01(h) of the Base Indenture permits supplements thereto without the consent of Holders of the Senior Debt Securities to make
any other provisions with respect to matters or questions arising under the Base Indenture, provided such action shall not materially adversely affect the interests of the Holders of the Senior Debt Securities affected thereby; 

As contemplated by Section 3.01 of the Base Indenture, the Company intends to issue four new series of Senior Debt Securities to be known
as the Company’s $1,250,000,000 3.869% Callable Fixed-to-Floating Rate Senior Notes due 2026 (the “2026 Notes”), the Company’s $1,250,000,000
4.017% Callable Fixed-to-Floating Rate Senior Notes due 2028 (the “2028 Notes”), the Company’s $1,000,000,000 4.252% Callable Fixed-to-Floating Rate Senior Notes due 2033 (the “2033 Notes” and, together with the 2026 Notes and the 2028 Notes, the “Fixed-to-Floating Rate Notes”) and the Company’s $500,000,000 Callable Floating Rate Notes due 2026 (the “Floating Rate Notes” and, together
with the Fixed-to-Floating Rate Notes, the “Securities”) under the Indenture. 

The Company has taken all necessary corporate action to authorize the execution and delivery of this Fifth Supplemental Indenture. 

NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE
WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities as follows: 

 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01    Definitions. Except as otherwise expressly provided or unless
the context otherwise requires, all terms used in this Fifth Supplemental Indenture that are defined in the Base Indenture shall have the meanings ascribed to them in the Base Indenture. The following terms used in this Fifth Supplemental Indenture
have the following respective meanings with respect to the Securities only: 
 “Base Indenture” has the
meaning set forth in the first paragraph of this Fifth Supplemental Indenture. 
 “Bloomberg Screen SOFRRATE
Page” means the Bloomberg screen designated “SOFRRATE” or any successor page or service. 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions are
authorized or obligated by law or executive order to close in London, United Kingdom, Amsterdam, the Netherlands or in the City of New York, United States. 

“Calculation Agent” means The Bank of New York Mellon, New York Branch or its successor appointed by the
Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, New York Branch, dated as of the date hereof. 

“Call Date” means (i) March 28, 2025, with respect to the 2026 Notes, (ii) March 28, 2027,
with respect to the 2028 Notes, (iii) March 28, 2032, with respect to the 2033 Notes and (iv) March 28, 2025, with respect to the Floating Rate Notes. 

“Company” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture, and includes
any successor entity. 
 “Corresponding Tenor” with respect to a SOFR Benchmark Replacement means a tenor
(including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current SOFR Benchmark. 

“Dutch Bail-In Power” has the meaning set forth in
Section 5.01(h). 
 “Fixed Rate Interest Payment Date” has the meaning set forth in
Section 2.02(a). 
 “Fixed Rate Period” means, with respect to the Fixed-to-Floating Rate Notes, the period from (and including) the Issue Date to (but excluding) the applicable Call Date. 

“Floating Interest Rate” means a rate per annum equal to the sum of (A) the SOFR Index Average, as
determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) the applicable Margin, subject to the Minimum Rate. 

“Floating Rate Interest Determination Date” means, for each Floating Rate Interest Period, the second U.S.
Government Securities Business Day preceding the applicable Floating Rate Interest Reset Date. 

  
 -2- 

 “Floating Rate Interest Payment Date” has the meaning set
forth in Section 2.02(b). 
 “Floating Rate Interest Period” means, during the applicable Floating Rate
Period, the period from (and including) a Floating Rate Interest Payment Date to (but excluding) the next succeeding Floating Rate Interest Payment Date, provided that the initial Floating Rate Interest Period (i) with respect to the Fixed-to-Floating Rate Notes will be the period from (and including) the applicable Call Date, to (but excluding) the applicable initial Floating Rate Interest Payment Date,
and (ii) with respect to the Floating Rate Notes, will be the period from (and including) the Issue Date, to (but excluding) the applicable initial Floating Rate Interest Payment Date. 

“Floating Rate Interest Reset Date” means each of (i) June 28, 2025, September 28, 2025 and
December 28, 2025, with respect to the 2026 Notes, (ii) June 28, 2027, September 28, 2027 and December 28, 2027, with respect to the 2028 Notes, (iii) June 28, 2032, September 28, 2032 and December 28,
2032, with respect to the 2033 Notes and (iv) every March 28, June 28, September 28 and December 28 in each year, commencing on June 28, 2022, and ending on (and including) December 28, 2025, with respect to the
Floating Rate Notes; provided that the Floating Interest Rate in effect (i) with respect to the Fixed-to-Floating Rate Notes, from (and including) the applicable
Call Date to (but excluding) the first applicable Floating Rate Interest Reset Date will be equal to the applicable Initial Floating Interest Rate and (ii) with respect to the Floating Rate Notes, from (and including) the Issue Date to (but
excluding) the first applicable Floating Rate Interest Reset Date will be equal to the applicable Initial Floating Interest Rate. If any Floating Rate Interest Reset Date would fall on a day that is not a Business Day, such Floating Rate Interest
Reset Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls in the next calendar month, however, then the relevant Floating Rate Interest Reset Date shall be brought forward to the immediately
preceding day that is a Business Day. 
 “Floating Rate Period” means, (i) for each series of Fixed-to-Floating Rate Notes, the period from (and including) the applicable Call Date to (but excluding) the applicable Maturity Date and (ii) for the Floating Rate
Notes, the period from (and including) the Issue Date to (but excluding) the applicable Maturity Date. 

“Indenture” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture. 

“Independent Adviser” means an independent financial institution of international repute or an independent
financial adviser with appropriate expertise appointed by the Company under Section 2.02(d). 
 “Initial
Floating Interest Rate” means an interest rate per annum equal to the sum of (A) the SOFR Index Average, as determined (i) with respect to the
Fixed-to-Floating Rate Notes, on the second U.S. Government Securities Business Day preceding the applicable Call Date and (ii) with respect to the Floating Rate
Notes, on the second U.S. Government Securities Business Day preceding the Initial Floating Rate Interest Payment Date, and (B) the applicable Margin, subject the Minimum Rate. 

“Interest Payment Date” has the meaning set forth in Section 2.02(b). 

“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor. 

  
 -3- 

 “ISDA Definitions” means the 2006 ISDA Definitions, as
published by ISDA, as amended, supplemented or replaced from time to time. 
 “ISDA Fallback Rate” means the
rate to be effective upon the occurrence of a SOFR Index Cessation Event according to (and as defined in) the ISDA Definitions, where such rate may have been adjusted for an overnight tenor, but without giving effect to any additional spread
adjustment to be applied according to such ISDA Definitions. 
 “ISDA Spread Adjustment” means the spread
adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that shall have been selected by ISDA as the spread adjustment that would apply to the ISDA Fallback Rate. 

“Issue Date” has the meaning set forth in Section 2.01. 

“Margin” means (i) 1.640% per annum, with respect to the 2026 Notes, (ii) 1.830% per annum, with
respect to the 2028 Notes, (iii) 2.070% per annum, with respect to the 2033 Notes and (iv) 1.640% per annum, with respect to the Floating Rate Notes. 

“Maturity Date” has the meaning set forth in Section 2.01. 

“Minimum Rate” means a minimum interest rate of 0.00% per annum. 

“NY Federal Reserve” means the Federal Reserve Bank of New York. 

“NY Federal Reserve’s Website” means the website of the NY Federal Reserve, currently at
www.newyorkfed.org, or any successor website of the NY Federal Reserve or the website of any successor administrator of SOFR. 

“Regular Record Date” has the meaning set forth in Section 2.02(c). 

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System and/or the NY Federal
Reserve or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System and/or the NY Federal Reserve, or any successor. 

“Reuters Page USDSOFR=” means the Reuters page designated “USDSOFR=” or any successor page or
service; 
 “Securities” has the meaning set forth in the Recitals. 

“SOFR” means, with respect to any day (including any U.S. Government Securities Business Day), the rate
determined by the Calculation Agent, as the case may be, in accordance with the following provisions: 
  

	 	(i)	 the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the
Bloomberg Screen SOFRRATE Page, then the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Reuters Page USDSOFR= or, if no such rate is reported on the Reuters Page USDSOFR=, then the Secured
Overnight 

  
 -4- 

	 	
Financing Rate that appears at the SOFR Determination Time on the NY Federal Reserve’s Website; or 

  

	 	(ii)	 if the rate specified in (i) above does not appear, the SOFR published on the NY Federal Reserve’s
Website for the first preceding U.S. Government Securities Business Day for which SOFR was published on the NY Federal Reserve’s Website. 

“SOFR Benchmark” means, initially, the SOFR Index Average, provided that if a SOFR Benchmark Event has
occurred with respect to the SOFR Index Average or the then-current SOFR Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement. 

“SOFR Benchmark Event” means the occurrence of one or more of the following events with respect to the
then-current SOFR Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or
such component) announcing that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark (or such component), the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the SOFR Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for the SOFR Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark (or such component), which states that the
administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark announcing that the SOFR Benchmark is no longer representative. 

 “SOFR Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Company, following consultation with its Independent Adviser: 
  

	 	(a)	 the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current SOFR Benchmark for the applicable Corresponding Tenor and (b) the SOFR Benchmark Replacement Adjustment; 

 

	 	(b)	 the sum of (a) the ISDA Fallback Rate and (b) the SOFR Benchmark Replacement Adjustment; or

  

	 	(c)	 the sum of (a) the alternate rate that has been selected by the Company, in consultation with the
Independent Adviser, as the replacement for the then-current SOFR Benchmark for the applicable Corresponding Tenor giving due 

  
 -5- 

	 	
consideration to any industry-accepted rate as a replacement for the then-current SOFR Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the SOFR Benchmark
Replacement Adjustment. 

 “SOFR Benchmark Replacement Adjustment” means the first alternative
set forth in the order below that can be determined by the Company, following consultation with its Independent Adviser: 
  

	 	(a)	 the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive
or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted SOFR Benchmark Replacement; 

  

	 	(b)	 if the applicable Unadjusted SOFR Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Spread Adjustment; or 

  

	 	(c)	 the spread adjustment (which may be a positive or negative value or zero) determined by the Company, following
consultation with its Independent Adviser, giving due consideration to any industry accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current SOFR Benchmark with the
applicable Unadjusted SOFR Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time. 

“SOFR Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current SOFR Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently or indefinitely ceases to provide the SOFR Benchmark (or such component);
or 

  

	 	(2)	 in the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of the public
statement or publication of information referenced therein. 

 “SOFR Determination Time”
means approximately 3:00 p.m. (New York City time) on the NY Federal Reserve’s Website on the immediately following U.S. Government Securities Business Day. 

“SOFR Index Average” for each Floating Rate Interest Period means the value of the SOFR rates for each day
during the relevant Floating Rate Interest Period as calculated by the Calculation Agent as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 

  
 -6- 

“dc” for any SOFR Observation Period, means the
number of calendar days in the relevant SOFR Observation Period; 
 “SOFR Index” means the SOFR Index in
relation to any U.S. Government Securities Business Day as published by the NY Federal Reserve on the NY Federal Reserve’s Website at the SOFR Determination Time; 

“SOFR IndexEnd” means the SOFR Index value on
the date that is two U.S. Government Securities Business Days preceding the Floating Rate Interest Payment Date relating to such Floating Rate Interest Period (or in the final Floating Rate Interest Period, preceding the Maturity Date) (such date a
“SOFR Index Determination Date”); and 
 “SOFR IndexStart” means the SOFR Index value on the date that is two U.S. Government Securities Business Days preceding the first date of the relevant Floating Rate Interest Period (such date a
“SOFR Index Determination Date”), and, for the initial Floating Rate Interest Period with respect to the floating rate notes, the SOFR Index value on March 24, 2022; 

provided that, subject to the circumstances described in Section 2.02(d), if the SOFR Index is not published on any
relevant SOFR Index Determination Date and a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date has not occurred, the “SOFR Index Average” for such Floating Rate Interest Period shall be calculated by the Calculation
Agent on the relevant Floating Rate Interest Determination Date as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “d” for any SOFR Observation Period, means
the number of calendar days in the relevant SOFR Observation Period; 
 “do” for any SOFR Observation Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period; 

“i” means a series of whole numbers from one to do,
each representing the relevant U.S. Government Securities Business Days in chronological order from (and including) the first U.S. Government Securities Business Day in the relevant SOFR Observation Period; 

“ni” for any U.S. Government Securities
Business Day “i” in the relevant SOFR Observation Period, means the number of calendar days from (and including) such U.S. Government Securities Business Day “i” up to (but excluding) the following U.S. Government Securities
Business Day (“i+1”); and 

“SOFRi” for any U.S. Government Securities
Business Day “i” in the relevant SOFR Observation Period, is equal to SOFR in respect of that day “i”. 

  
 -7- 

 “SOFR Observation Period” means, in respect of each
Floating Rate Interest Period, the period from (and including) the second U.S. Government Securities Business Day preceding the first date in such Floating Rate Interest Period to (but excluding) the second U.S. Government Securities Business Day
preceding the Floating Rate Interest Payment Date (or in the final Floating Rate Interest Period, preceding the Maturity Date) for such Floating Rate Interest Period. 

“Trustee” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture. 

“Unadjusted SOFR Benchmark Replacement” means the SOFR Benchmark Replacement excluding the applicable SOFR
Benchmark Replacement Adjustment. 
 “U.S. Government Securities Business Day” means any day except for a
Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Section 1.02    Effect of Headings. The Article and Section headings herein are for convenience only and shall
not affect the construction hereof. 
 Section 1.03    Separability Clause. In case any provision in this
Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.04    Benefits of Instrument. Nothing in this Fifth Supplemental Indenture, express or implied,
shall give to any person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

Section 1.05    Relation to Base Indenture. This Fifth Supplemental Indenture constitutes an integral part of
the Base Indenture. Notwithstanding any other provision of this Fifth Supplemental Indenture, all provisions of this Fifth Supplemental Indenture are expressly and solely for the benefit of the Holders and Beneficial Owners of the Securities and any
such provisions shall not be deemed to apply to any other Senior Debt Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Securities.

 Section 1.06    Construction and Interpretation. Unless the context otherwise requires: 

 

	 	(i)	 the words “hereof”, “herein” and “hereunder” and words of similar import, when
used in this Fifth Supplemental Indenture, refer to this Fifth Supplemental Indenture as a whole and not to any particular provision of this Fifth Supplemental Indenture; 

 

	 	(ii)	 the terms defined in the singular have a comparable meaning when used in the plural, and vice versa;

  

	 	(iii)	 references herein to a specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit to,
this Fifth Supplemental Indenture; 

  

	 	(iv)	 wherever the words “include”, “includes” or “including” are used in this Fifth
Supplemental Indenture, they shall be deemed to be followed by the words “without limitation;” 

  
 -8- 

	 	(v)	 references to a Person are also to its successors and permitted assigns; 

 

	 	(vi)	 the use of “or” is not intended to be exclusive unless expressly indicated otherwise; and

  

	 	(vii)	 references to any act or statute or any provision of any act or statute shall be deemed also to refer to any
statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment.

 ARTICLE II 

FORM AND TERMS OF THE SECURITIES;
INTEREST AND PAYMENTS; WAIVER OF SET-OFF 

Section 2.01    Establishment of Securities; Form and Certain Terms of Securities. 

(a)    There are hereby established four new series of Senior Debt Securities under the Base Indenture entitled the
“$1,250,000,000 3.869% Callable Fixed-to-Floating Rate Senior Notes due 2026”, the “$1,250,000,000 4.017% Callable Fixed-to-Floating Rate Senior Notes due 2028”, the “$1,000,000,000 4.252% Callable Fixed-to-Floating Rate Senior Notes
due 2033” and the “$500,000,000 Callable Floating Rate Senior Notes due 2026”. The 2026 Notes, the 2028 Notes, the 2033 Notes and the Floating Rate Notes shall be executed and delivered in substantially the form attached hereto as Exhibit A-1, Exhibit A-2, Exhibit A-3 and Exhibit A-4, respectively. The Securities shall
be initially issued in the form of one or more Global Securities. The Company hereby designates DTC as the Depositary for the Securities. 

(b)    The Company shall issue the 2026 Notes in an aggregate principal amount of $1,250,000,000, the 2028 Notes in an
aggregate principal amount of $1,250,000,000, the 2033 Notes in an aggregate principal amount of $1,000,000,000 and the Floating Rate Notes in an aggregate principal amount of $500,000,000, in each case on March 28, 2022 (the “Issue
Date”). The Company may issue additional Securities from time to time after the Issue Date in the manner and to the extent permitted by Section 3.01 of the Base Indenture. 

(c)    Principal shall be payable on March 28, 2026 in respect of the 2026 Notes, March 28, 2028 in respect of
the 2028 Notes, March 28, 2033 in respect of the 2033 Notes and March 28, 2026 in respect of the Floating Rate Notes (each such date a “Maturity Date”). The Securities shall not have a sinking fund and are not redeemable
at the option of the Holders. 
 (d)    Interest shall be payable on the Securities as provided in Section 2.02 and
Additional Amounts shall be payable in respect of the Securities in accordance with Section 10.04 of the Base Indenture. 

(e)    The Company hereby appoints the Trustee, acting through its office at One Canada Square, London E14 5AL, to act as
Paying Agent for the Securities. 
 (f)    The Securities shall be subject to the Dutch
Bail-In Power as provided in Section 12.01 of the Base Indenture and Section 5.01 of this Fifth Supplemental Indenture. 

(g)    The Securities constitute the unsecured and unsubordinated obligations of the Company ranking pari passu without
any preference among themselves and equally with all of the 

  
 -9- 

 
Company’s other unsecured and unsubordinated obligations from time to time outstanding, save as otherwise provided by law. 

(h)    The events of default and remedies with respect to the Securities shall be limited as provided in Article 5 of the
Base Indenture. 
 (i)    The Securities shall be issued in denominations of $200,000 in principal amount and integral
multiples of $1,000 in excess thereof. 
 Section 2.02    Interest. 

(a)    During the applicable Fixed Rate Period, (i) the interest rate on the 2026 Notes shall be 3.869% per annum,
(ii) the interest rate on the 2028 Notes shall be 4.017% per annum and (iii) the interest rate on the 2033 Notes shall be 4.252% per annum. During the applicable Fixed Rate Period, interest on the principal amount of the Fixed-to-Floating Rate Notes shall be payable semiannually in arrear on March 28 and September 28 of each year, commencing on September 28, 2022, and end on
(and including) the applicable Call Date (each, a “Fixed Rate Interest Payment Date”), and shall be computed on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each. If any scheduled
Fixed Rate Interest Payment Date is not a Business Day, interest shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after the scheduled Interest Payment Date. The first date
on which interest may be paid in respect of the Fixed-to-Floating Rate Notes will be September 28, 2022 for the period commencing on (and including) March 28,
2022, and ending on (but excluding) September 28, 2022. 
 (b)    During the applicable Floating Rate Period, the
interest rate on the Securities for the first applicable Floating Rate Interest Period shall be equal to the applicable Initial Floating Interest Rate. Thereafter, the interest rate on the Securities shall be equal to the applicable Floating
Interest Rate, which shall be reset quarterly on each applicable Floating Rate Reset Date. During the applicable Floating Rate Period, (i) interest on the 2026 Notes will be payable quarterly in arrear on June 28, 2025, September 28,
2025, December 28, 2025 and the applicable Maturity Date, (ii) interest on the 2028 Notes will be payable quarterly in arrear on June 28, 2027, September 28, 2027, December 28, 2027 and the applicable Maturity Date,
(iii) interest on the 2033 Notes will be payable quarterly in arrear on June 28, 2032, September 28, 2032, December 28, 2032 and the applicable Maturity Date and (iv) interest on the Floating Rate Notes will be will be
payable quarterly in arrear on every March 28, June 28, September 28 and December 28 in each year, commencing on June 28, 2022, and ending on (and including) the applicable Maturity Date (each a “Floating Rate
Interest Payment Date” and, together with each Fixed Rate Interest Payment Date, an “Interest Payment Date”), and shall be computed on the basis of the actual number of days in each Interest Period and a year of 360 days.
If any Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of redemption or repayment) would fall on a day that is not a Business Day, such Floating Rate Interest Payment Date will be postponed to the next
succeeding Business Day. If the next succeeding Business Day falls in the next calendar month, however, then the relevant Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of redemption or repayment) shall be
brought forward to the immediately preceding day that is a Business Day. The first date on which interest may be paid in respect of the Floating Rate Notes will be June 28, 2022 for the period commencing on (and including) March 28, 2022,
and ending on (but excluding) June 28, 2022. 
 (c)    The regular record dates for the Securities will be the
Business Day immediately preceding each Interest Payment Date (or, if the Securities are issued in the form of definitive Securities, the fifteenth (15th) Business Day preceding each Interest
Payment Date) (each such date, a “Regular Record Date”). If the Maturity Date or date of redemption or repayment is not a Business Day, interest 

  
 -10- 

 
and principal and/or any amount payable upon redemption of the Securities shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period
from and after such Maturity Date or date of redemption or repayment. 
 (d)    Notwithstanding the provisions described
under Section 2.02(b) above, if a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date occurs when any Floating Interest Rate (or any component part thereof) remains to be determined by reference to the SOFR Benchmark in respect
of any series of the Securities, then the Company (or its designee) may, at its sole discretion, appoint and consult with an Independent Adviser, as soon as reasonably practicable, with a view to the Company (or its designee) determining a SOFR
Benchmark Replacement and the applicable SOFR Benchmark Replacement Adjustment and any other amendments to the terms of the Securities, in accordance with the following provisions: 

(i)    In the absence of fraud, the Company (or its designee) and any Independent Adviser appointed
pursuant to this Section 2.02(d), as applicable, shall have no liability whatsoever to the Company, the Trustee, the Calculation Agent, any paying agent or the Holders of the Securities for any determination made by it or for any advice given
to the Company (or its designee) in connection with any determination made by the Company (or its designee) pursuant to this Section 2.02(d). 

(ii)    If the Company (or its designee) has not appointed an Independent Adviser in accordance with this
Section 2.02(d), the Company (or its designee) may still make any determinations and/or any amendments contemplated by and in accordance with this Section 2.02(d) (with the relevant provisions in this section applying mutatis mutandis to
allow such determinations or amendments to be made by the Company (or its designee) without consultation with an Independent Adviser). Any determination, decision or election that may be made by the Company (or its designee) pursuant to this
Section 2.02(d), including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from
taking any action or any selection, will be conclusive and binding absent manifest error, will be made in the Company’s (or its designee’s) sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the
Securities, shall become effective without consent from the Holders of the Securities or any other party. 

(iii)    Subject to paragraph (iv) below, if the Company (or its designee), following consultation
with its Independent Adviser, no later than three Business Days prior to the Floating Rate Interest Determination Date relating to the next Floating Rate Interest Period (the “Determination Cut-off
Date”) determines the SOFR Benchmark Replacement for the purposes of determining the Floating Interest Rate applicable to the Securities for all future Floating Rate Interest Periods (subject to the subsequent operation of this
Section 2.02(d) during any other future Floating Rate Interest Periods), then such SOFR Benchmark Replacement shall be the SOFR Benchmark for all future Floating Rate Interest Periods (subject to the subsequent operation of this section during
any other future Floating Rate Interest Period(s)). 
 (iv)    Notwithstanding the paragraph
(iii) above, if the Company (or its designee), following consultation with its Independent Adviser, determines prior to the Determination Cut-off Date that no SOFR Benchmark Replacement exists then the
relevant Floating Interest Rate shall be determined using the SOFR Benchmark last displayed on the relevant page prior to the relevant Floating Rate Interest Determination 

  
 -11- 

 
Date. This paragraph (iv) shall apply to the relevant Floating Rate Interest Period only. Any subsequent Floating Rate Interest Period(s) shall be subject to the subsequent operation of, and
adjustment as provided in, this Section 2.02(d). 
 (v)    Promptly following the determination of
the SOFR Benchmark Replacement as described in this Section 2.02(d), the Company (or its designee) shall give notice thereof pursuant to this section to the Trustee, the Calculation Agent, any paying agents and the Holders of the Securities.
For the avoidance of doubt, neither the Trustee, the Calculation Agent nor any paying agents shall have any responsibility for making such determination; 

(vi)    Subject to receipt of notice pursuant to paragraph (v) above, the Trustee, the Calculation
Agent and any paying agents shall, at the direction and expense of the Company, effect such waivers and consequential amendments to the terms and conditions of the Securities, the Indenture and any other document as the Company (or its designee),
following consultation with its Independent Adviser, determines may be required to give effect to any application of this Section 2.02(d), including, but not limited to: 

(1)    changes to the terms and conditions of the Securities which the Company (or its designee),
following consultation with its Independent Adviser, determines may be required in order to follow market practice (determined according to factors including, but not limited to, public statements, opinions and publications of industry bodies and
organizations) in relation to such SOFR Benchmark Replacement, including, but not limited to (A) the Business Day, Business Day Convention, Day Count Fraction, Floating Rate Interest Determination Date and/or any relevant time applicable to the
Securities and (B) the method for determining the fallback to the Floating Interest Rate in relation to the Securities if such SOFR Benchmark Replacement is not available; and 

(2)    any other changes which the Company (or its designee), following consultation with its Independent
Adviser, determines are reasonably necessary to ensure the proper operation and comparability to the SOFR Benchmark of such SOFR Benchmark Replacement, which changes shall apply to the Securities for all future Floating Rate Interest Periods
(subject to the subsequent operation of this Section 2.02(d)). None of the Trustee, the Calculation Agent or any paying agents shall be responsible or liable for any determinations, decisions or elections made by the Company (or its designee)
with respect to any waivers or consequential amendments to be effected pursuant to this Section 2.02(d) or any other changes and shall be entitled to rely conclusively on any certifications provided to each of them in this regard. 

No consent of the Holders of the Securities shall be required in connection with effecting the relevant SOFR Benchmark
Replacement as described in this section or such other relevant adjustments pursuant to this section, including for the execution of, or amendment to, any documents or the taking of other steps by the Company (or its designee) or any of the parties
to the Indenture or Calculation Agent Agreement (if required). 
 By its acquisition of the Securities, each Holder and
Beneficial Owner of the Securities and each subsequent holder and beneficial owner acknowledges, accepts, agrees to be bound by, and consents to, the Company’s (or its designee’s) determination of the SOFR Benchmark Replacement, as
contemplated by this Section 2.02(d), and to any amendment or alteration of the 

  
 -12- 

 
terms and conditions of the Securities, including an amendment of the amount of interest due on the Securities, as may be required in order to give effect to this Section 2.02(d), without
the need for any further consent from the Holders of the Securities. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or amendment which may be necessary to give effect to the SOFR Benchmark
Replacement or any application of this Section 2.02(d). 
 By its acquisition of the Securities, each Holder and
Beneficial Owner of the Securities and each subsequent holder and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent and any paying agent for, agrees not to initiate a suit against the Trustee,
the Calculation Agent and any paying agent in respect of, and agrees that neither the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee, the Calculation Agent or any paying agent, as the case may be,
takes, or abstains from taking, in each case in accordance with this Section 2.02(d) or any losses suffered in connection therewith. 

Notwithstanding any other provision of this Section 2.02(d), no SOFR Benchmark Replacement will be adopted, nor will the
SOFR Benchmark Replacement Adjustment (as applicable) be applied, nor will any other amendments to the terms and conditions of the Securities be made, if and to the extent that, in the determination of the Company, the same could reasonably be
expected to result in the exclusion of the Securities (in whole or in part) from the Company’s and/or the Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity
instruments, in each case as such minimum requirements are applicable to the Company and/or the Regulatory Group and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations. 

Section 2.03    Waiver of Set-Off. 

Subject to applicable law, and notwithstanding the provisions set forth in Section 5.06(c) of the Base Indenture, neither any Holder nor
Beneficial Owner of Securities, nor the Trustee acting on their behalf, may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company
in respect of or arising under, or in connection with, the Securities or the Indenture or any indenture supplemental thereto and each Holder and Beneficial Owner of the Securities, by virtue of its holding of any Securities, and the Trustee acting
on their behalf, shall be deemed to have waived all such rights of set-off, netting, compensation or retention. If, notwithstanding the foregoing, any amounts due and payable to any Holder or Beneficial Owner
of the Securities by the Company in respect of, or arising under, the Securities or the Indenture or any supplemental indenture thereto are discharged by set-off, such Holder or Beneficial Owner shall, subject
to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the Company, as the
case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall
be deemed not to have taken place. By its acquisition of the Securities, each Holder and Beneficial Owner agrees to be bound by these provisions relating to waiver of set-off. 

  
 -13- 

 ARTICLE III 

REDEMPTION AND PURCHASE 

Section 3.01    Redemption. 

(a)    Subject to the limitations specified in Section 3.03, the Company may, at its option, redeem the Securities, in
whole but not in part: 
  

	 	(i)	 on the applicable Call Date; 

 

	 	(ii)	 at any time if a Loss Absorption Disqualification Event has occurred and is then continuing; or

  

	 	(iii)	 at any time if a Tax Event has occurred and is then continuing; 

in each of cases (i) to (iii) above, at their principal amount, plus accrued and unpaid interest to the Redemption Date (including Additional Amounts, if
any). 
 (b)    Prior to the delivery of any notice of redemption in respect of a redemption under
Section 3.01(a)(iii), the Company shall deliver to the Trustee (i) an Officers’ Certificate stating that the conditions to such redemption have been satisfied and (ii) an opinion from a recognized law or tax firm of international
standing, chosen by the Company, in a form satisfactory to the Trustee, confirming that the Company is entitled to exercise its right of redemption under Section 3.01(a)(iii). 

Section 3.02    Notice of Redemption; Automatic Revocation. 

Notice of redemption of the Securities shall be given as provided in Section 11.04 of the Base Indenture. Such notice shall state the
place or places where the Securities are to be surrendered for payment of the Redemption Price and that on the date specified for redemption, each Security shall be redeemed and the principal amount of each Security will become due and payable and
that, subject to certain exceptions, interest shall cease to accrue after the redemption date. A notice of redemption shall be irrevocable, except that the exercise of the Dutch Bail-in Power by the Relevant
Resolution Authority prior to the date fixed for redemption shall automatically revoke such notice and no Securities shall be redeemed and no payment in respect of the Securities shall be due and payable. 

The Company shall promptly deliver notice to the Trustee and the Holders of the Securities of any event that shall have automatically revoked
any redemption notice pursuant to this Section 3.02. 
 Section 3.03    Conditions to Redemption and
Purchase. 
 The Company may not give notice of any redemption of or redeem, nor may the Company or any member of the Group purchase,
any Securities unless the Company shall have obtained the prior permission of the Relevant Resolution Authority and/or Competent Authority, as appropriate, at the time of redemption or purchase, if such permission is at the relevant time and in the
relevant circumstances required, and subject to applicable law or regulation (including without limitation under [Directive 2013/36/EU (CRD IV), Regulation (EU) No 575/2013 (CRR including articles 72b(2)(j), 77 and 78a thereof), Commission Delegated
Regulation (EU) No 241/2014 and the SRM Regulation], as may be amended or replaced from time to time, and any delegated or implementing acts, laws, 

  
 -14- 

 
regulations, regulatory technical standards, rules or guidelines once in effect in The Netherlands and as then in effect). 

ARTICLE IV 

MISCELLANEOUS PROVISIONS 

Section 4.01    Effectiveness. This Fifth Supplemental Indenture shall become effective upon its
execution and delivery. 
 Section 4.02    Original Issue. The Securities may, upon execution of this
Fifth Supplemental Indenture, be executed by the Company and delivered by the Company to the Trustee for authentication, and the Trustee shall, upon delivery of a Company Order, authenticate and deliver such Securities as in such Company Order
provided. 
 Section 4.03    Ratification and Integral Part. The Base Indenture as supplemented by
this Fifth Supplemental Indenture, is in all respects ratified and confirmed, including without limitation all the rights, immunities and indemnities of the Trustee, and this Fifth Supplemental Indenture shall be deemed an integral part of the Base
Indenture in the manner and to the extent herein and therein provided. 
 Section 4.04    Priority.
This Fifth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. The provisions of this Fifth Supplemental Indenture shall, with respect to the Securities and subject to the
terms hereof, supersede the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 

Section 4.05    Successors and Assigns. All covenants and agreements in the Base Indenture, as
supplemented by this Fifth Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 4.06    Counterparts. This Fifth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The words “executed”, “signed”, “signature” and words of
like import in this Fifth Supplemental Indenture relating to the execution and delivery of this Fifth Supplemental Indenture and any documents to be delivered in connection herewith shall be deemed to include electronic signatures, which shall be of
the same legal effect, validity or enforceability as a manually executed signature to the extent and as provided in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

Section 4.07    Governing Law. This Fifth Supplemental Indenture and the Securities shall be governed
by and construed in accordance with the laws of the State of New York, except for Section 2.03 and the waiver of set-off provisions in the Securities, which are governed by, and construed in accordance
with, Dutch law. 
 Section 4.08    Trustee Disclaimer. The Trustee shall not be responsible in any
manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company and the Trustee makes no representation with respect to any such matters. Additionally,
the Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture. 

  
 -15- 

 ARTICLE V 

DUTCH BAIL-IN POWER 

Section 5.01    Agreement and Acknowledgment with Respect to Exercise of Dutch
Bail-In Power. 
 (a)    Notwithstanding any other agreements, arrangements
or understandings between the Company and any Holder or Beneficial Owner of the Securities, by acquiring any Securities, each Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, recognizes, agrees to be bound by
and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction (including to zero), cancellation or write-down (whether on a permanent basis or
subject to write-up by the resolution authority) of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or
interest on, the Securities into shares or claims which may give right to shares or other instruments of ownership or other securities or other obligations of the Company or obligations of another person (whether or not at the point of non-viability and independently of or in combination with a resolution action), including by means of a variation to the terms of the Securities (which may include amending the interest amount or the maturity or
interest payment dates, including by suspending payment for a temporary period), or that the Securities must otherwise be applied to absorb losses, or any expropriation of the Securities, in each case to give effect to the exercise by the Relevant
Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as taken together with a resolution action). Each Holder and Beneficial Owner
of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities or any interest therein are subject to, and will be varied, if necessary, so as to give effect to, the exercise
of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, each Holder and Beneficial Owner of Securities or any interest therein further acknowledges, agrees to
be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period. 

(b)    By its acquisition of the Securities, each Holder and Beneficial Owner: 

(i)    acknowledges and agrees that no exercise of the Dutch
Bail-In Power by the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the
Trustee in Case of Default) of the Trust Indenture Act; 
 (ii)    to the extent permitted by the Trust
Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in
either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 

(iii)    acknowledges and agrees that, upon the exercise of any Dutch
Bail-In Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the
Base Indenture and (b) the Indenture shall impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or
Beneficial Owners of the Securities have given a 

  
 -16- 

 
direction to the Trustee pursuant to Section 5.15 of the Base Indenture prior to the exercise of any Dutch Bail-In Power by the Relevant Resolution
Authority, such direction shall cease to be of further effect upon such exercise of any Dutch Bail-In Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the
completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture
shall remain applicable with respect to the Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Base Indenture; and 

(iv)     (i) consents to the exercise of any Dutch Bail-In Power as
it may be imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other
intermediary through which it holds the Securities to take any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed,
without any further action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 

(c)    No repayment of the principal amount of the Securities or payment of interest on the Securities shall become due
and payable after the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority unless such repayment or payment would be permitted to be made by the Company under the laws and regulations of
The Netherlands and the European Union applicable to the Company. 
 (d)    Upon the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Company shall provide a written notice of such event to DTC (if the Securities are then held by DTC in the form of Global
Securities) for the purposes of notifying Holders of Securities of such occurrence, including the amount of any cancellation of all, or a portion, of the principal amount of, or interest on, the Securities, with a copy to the Trustee for information
purposes, as soon as practicable regarding such exercise of the Dutch Bail-In Power. Failure to provide such notices will not have any impact on the effectiveness of, or otherwise invalidate, any such exercise
of the Dutch Bail-In Power. 
 (e)    The Company’s obligations to
indemnify and reimburse the Trustee in accordance with Section 6.07 of the Base Indenture shall survive any exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the
Securities, but shall be subject to Section 12.02 of the Base Indenture. 
 (f)    The exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities shall not constitute an Event of Default or a Default. 

(g)    Each Holder and Beneficial Owner that acquires its Securities or any interest therein other than upon the initial
issuance of the Securities shall be deemed to acknowledge and agree to be bound by and consent to the same provisions set forth in this Fifth Supplemental Indenture and any amendment thereof to the same extent as the Holders and Beneficial Owners of
the Securities that acquire the Securities upon their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the
provisions contained in Article 5 of the Base Indenture and this Section 5.01. 

  
 -17- 

 (h)    For these purposes, a “Dutch Bail-In Power” is any statutory write-down and/or conversion power existing from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies,
credit institutions and/or investment firms incorporated in The Netherlands in effect and applicable in The Netherlands to the Company or other members of the Group, including but not limited to any such laws, regulations, rules or requirements
(including, but not limited to, the Dutch Financial Supervision Act) that are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing a framework for
the recovery and resolution of credit institutions and investment firms (including but not limited to the BRRD and the SRM Regulation, in each case as amended or superseded) and/or within the context of a Dutch resolution regime under the Dutch
Intervention Act (as implemented in relevant statutes) and any amendments thereto, or otherwise, pursuant to which obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled
and/or converted into shares or other securities or obligations of the obligor or any other person (whether at the point of non-viability or as taken together with a resolution action) or may be expropriated.
References to Dutch Bail-In Power in the Base Indenture shall be deemed to refer to the definition set forth in this Section 5.01(h). 

  
 -18- 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed, all as of the day and year above written. 
  

					
	ING GROEP N.V.
		
	By:	 	 /s/ P.G. van der Linde

		 	Name:	 	P.G. van der Linde
		 	Title:	 	Legal Counsel
		
	By:	 	 /s/ K.I.D. Tuinstra

		 	Name:	 	K.I.D. Tuinstra
		 	Title:	 	Treasury Advisor
	
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS TRUSTEE
		
	By:	 	 /s/ Thomas Bolton

		 	Name:	 	Thomas Bolton
		 	Title:	 	Authorized Signatory

 Signature Page to the Fifth Supplemental Indenture 

 Exhibit A-1 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
 ING GROEP N.V. 

3.869% Callable Fixed-to-Floating Rate Senior Notes due 2026

  

			
	 No. [        ]
	  	                                  
  $
	
	CUSIP NO. 456837 BA0
	ISIN NO. US456837BA00

 ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called
the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of $        
(         Dollars), on March 28, 2026 (the “Maturity Date”), and to pay interest thereon from March 28, 2022 or the most recent Interest Payment Date to which interest has been paid
or duly provided for, in accordance with the terms hereof. Interest shall be payable semi-annually in arrear on March 28 and September 28 in each year (each, a “Fixed Rate Interest Payment Date”), commencing on
September 28, 2022 and ending on (and including) March 28, 2025 (the “Call Date”), at the rate of 3.869% per annum (the “Fixed Interest Rate”). Thereafter, interest shall be paid quarterly in arrear on
June 28, 2025, September 28, 2025, December 28, 2025 and the Maturity Date (each, a “Floating Rate Interest Payment Date” and, together with the Fixed Rate Interest Payment Dates, an “Interest Payment
Date”). 
 The interest rate for the first Floating Rate Interest Period (as defined on the reverse of this Security) will be a
rate per annum equal to the sum of (A) the SOFR Index Average (as defined on the reverse of this Security), as determined on the date that is two U.S. Government Securities Business Days (as defined on the reverse of this Security) prior to the
Call Date, and (B) 1.640% per annum, subject to a minimum rate of 0.00% per annum (the “Minimum Rate”). Thereafter, the interest rate for any Floating Rate Interest Period will be a rate per annum equal to the sum of (A) the
SOFR Index Average, as determined on the applicable Floating Rate Interest Determination Date (as defined on the reverse of this Security), and (B) 1.640% per annum, subject to the Minimum Rate (the “Floating Interest Rate”). The
Floating Interest Rate will be reset quarterly on each Floating Rate Interest Reset Date (as defined on the reverse of this Security). The Fixed Interest Rate shall be calculated on the basis of a year of 360 days consisting of twelve
(12) months of thirty (30) days each. The Floating Interest Rate shall be calculated on the basis of the actual number of days in each Interest Period and a year of 360 days. 

  
 A-1-1 

 If a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date (each as defined
on the reverse of this Security) occurs when any interest rate on the Security (or any component part thereof) remains to be determined by reference to the SOFR Benchmark (as defined on the reverse of this Security), then the provisions of
Section 2.02(d) of the Fifth Supplemental Indenture shall apply. 
 The interest so payable, and paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be
the Business Day immediately preceding each Interest Payment Date (whether or not a Business Day). 
 Payment of the principal of and
interest on this Security will be made at the office or agency of the Company maintained for that purpose in London, United Kingdom in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

If any scheduled Fixed Rate Interest Payment Date, the Maturity Date or any date of redemption or repayment is not a Business Day, interest
and principal and/or any amount payable upon redemption of the Securities shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after such scheduled Fixed Rate Interest Payment
Date, Maturity Date or date of redemption or repayment. If any scheduled Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of redemption or repayment) is not a Business Day, such Floating Rate Interest Payment
Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls in the next calendar month, however, then the relevant Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of
redemption or repayment) shall be brought forward to the immediately preceding day that is a Business Day. 
 This Security shall be
governed by and construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions referred to herein and in Section 5.06(c) of the Base Indenture and
Section 2.03 of the Fifth Supplemental Indenture, which are governed by, and construed in accordance with, Dutch law. 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF
THE UNITED STATES OR THE NETHERLANDS. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof, directly or through an Authenticating Agent, by manual or electronic signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	 Date:
	 		 	 ING GROEP N.V.

				
		 		 	 By:
	 	  

		 		 		 	 Name:

		 		 		 	 Title:

				
		 		 	 By:
	 	  

		 		 		 	 Name:

		 		 		 	 Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

							
	Date:	 		 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
		 		 		 	 As Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-1-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of March 29, 2017 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented by the Fifth Supplemental Indenture, dated as of March 28,
2022 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $1,250,000,000, which amount may be
increased at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

“Bloomberg Screen SOFRRATE Page” means the Bloomberg screen designated “SOFRRATE” or any successor page or service.

 “Calculation Agent” means The Bank of New York Mellon, New York Branch or its successor appointed by the Company
pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, New York Branch, dated March 28, 2022. 

“Event of Default” means (a) the Company is declared bankrupt by a court of competent jurisdiction in The Netherlands
(or such other jurisdiction in which the Company may be organized), or (b) an order is made or an effective resolution is passed for the winding-up or liquidation of the Company, unless such order is made
or such resolution is passed in relation to a merger, consolidation or similar transaction (i) that is permitted pursuant to Section 8.01 of the Base Indenture or (ii) with respect to which Holders of the Securities have, pursuant to
Section 10.07 of the Base Indenture, waived the requirement of the Company to comply with Section 8.01 of the Base Indenture in connection with such merger, consolidation or other transaction. For the avoidance of doubt, any exercise of
the Dutch Bail-In Power by the Relevant Resolution Authority shall not be an Event of Default. 

“Floating Rate Interest Determination Date” means, for each Floating Rate Interest Period, the second U.S. Government
Securities Business Day preceding the applicable Floating Rate Interest Reset Date (or the Call Date, with respect to the first Floating Rate Interest Reset Date). 

“Floating Rate Interest Period” means the period from (and including) a Floating Rate Interest Payment Date (or the Call
Date, in the case of the initial Floating Rate Interest Period) to (but excluding) the next succeeding Floating Rate Interest Payment Date. 

“Floating Rate Interest Reset Date” means each of June 28, 2025, September 28, 2025 and December 28, 2025. If
any Floating Rate Interest Reset Date would fall on a day that is not a Business Day, such Floating Rate Interest Reset Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls in the next calendar month,
however, then the relevant Floating Rate Interest Reset Date shall be brought forward to the immediately preceding day that is a Business Day. 

  
 A-1-4 

 “NY Federal Reserve” means the Federal Reserve Bank of New York. 

“NY Federal Reserve’s Website” means the website of the NY Federal Reserve, currently at www.newyorkfed.org, or any
successor website of the NY Federal Reserve or the website of any successor administrator of SOFR. 
 “Reuters Page
USDSOFR=” means the Reuters page designated “USDSOFR=” or any successor page or service. 
 “SOFR”
means, with respect to any day (including any U.S. Government Securities Business Day), the rate determined by the Calculation Agent, as the case may be, in accordance with the following provisions: 

 

	 	(i)	 the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the
Bloomberg Screen SOFRRATE Page, then the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Reuters Page USDSOFR= or, if no such rate is reported on the Reuters Page USDSOFR=, then the Secured
Overnight Financing Rate that appears at the SOFR Determination Time on the NY Federal Reserve’s Website; or 

  

	 	(ii)	 if the rate specified in (i) above does not appear, the SOFR published on the NY Federal Reserve’s
Website for the first preceding U.S. Government Securities Business Day for which SOFR was published on the NY Federal Reserve’s Website. 

“SOFR Benchmark Event” means the occurrence of one or more of the following events with respect to the then-current SOFR
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or
such component) announcing that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark (or such component), the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the SOFR Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for the SOFR Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark (or such component), which states that the
administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark announcing that the SOFR Benchmark is no longer representative. 

 “SOFR Benchmark” means,
initially, the SOFR Index Average, provided that if a SOFR Benchmark Event has occurred with respect to the SOFR Index Average or the then-current SOFR 

  
 A-1-5 

 
Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement (as defined in the Indenture). 

“SOFR Index Average” for each Floating Rate Interest Period means the value of the SOFR rates for each day during the
relevant Floating Rate Interest Period as calculated by the Calculation Agent as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “dc” for any SOFR Observation Period, means the number of calendar days in the relevant SOFR Observation Period; 

“SOFR Index” means the SOFR Index in relation to any U.S. Government Securities Business Day as published by
the NY Federal Reserve on the NY Federal Reserve’s Website at the SOFR Determination Time; 
 “SOFR IndexEnd” means the SOFR Index value on the date that is two U.S. Government Securities Business Days preceding the Floating Rate Interest Payment Date relating to such Floating Rate Interest
Period (or in the final Floating Rate Interest Period, preceding the Maturity Date) (such date a “SOFR Index Determination Date”); and 

“SOFR IndexStart” means the SOFR Index value on
the date that is two U.S. Government Securities Business Days preceding the first date of the relevant Floating Rate Interest Period (such date a “SOFR Index Determination Date”); 

provided that, subject to the circumstances described in Section 2.02(d) of the Fifth Supplemental Indenture, if
the SOFR Index is not published on any relevant SOFR Index Determination Date and a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date has not occurred, the “SOFR Index Average” for such Floating Rate Interest Period
shall be calculated by the Calculation Agent on the relevant Floating Rate Interest Determination Date as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “d” for any SOFR Observation Period, means
the number of calendar days in the relevant SOFR Observation Period; 
 “do” for any SOFR Observation Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period; 

  
 A-1-6 

 “i” means a series of whole numbers from one to do, each representing the relevant U.S. Government Securities Business Days in chronological order from (and including) the first U.S. Government Securities Business Day in the relevant SOFR
Observation Period; 
 “ni” for any U.S.
Government Securities Business Day “i” in the relevant SOFR Observation Period, means the number of calendar days from (and including) such U.S. Government Securities Business Day “i” up to (but excluding) the following U.S.
Government Securities Business Day (“i+1”); and 
 “SOFRi” for any U.S. Government Securities Business Day “i” in the relevant SOFR Observation Period, is equal to SOFR in respect of that day “i”. 

“SOFR Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current SOFR
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently or indefinitely ceases to provide the SOFR Benchmark (or such component);
or 

  

	 	(2)	 in the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of

 the public statement or publication of information referenced therein. 

“SOFR Determination Time” means approximately 3:00 p.m. (New York City time) on the NY Federal Reserve’s Website on the
immediately following U.S. Government Securities Business Day. 
 “SOFR Observation Period” means, in respect of each
Floating Rate Interest Period, the period from (and including) the second U.S. Government Securities Business Day preceding the first date in such Floating Rate Interest Period to (but excluding) the second U.S. Government Securities Business Day
preceding the Floating Rate Interest Payment Date (or in the final Floating Rate Interest Period, preceding the Maturity Date) for such Floating Rate Interest Period. 

“U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

This Security may be redeemed in certain circumstances at the option of the Company as set forth in the Indenture. 

None of the Trustee, the Calculation Agent or any paying agents shall be responsible or liable for any determinations, decisions or elections
made by the Company (or its designee) with respect to any waivers or consequential amendments to be effected pursuant to Section 2.02(d) of the Fifth Supplemental Indenture, or any other changes and shall be entitled to rely conclusively on any
certifications provided to each of them in this regard. 
 No consent of the Holders of the Securities shall be required in connection with
effecting the relevant SOFR Benchmark Replacement as described in Section 2.02(d) of the Fifth Supplemental Indenture or such other relevant adjustments pursuant to this section, including for the execution of, or

  
 A-1-7 

 
amendment to, any documents or the taking of other steps by the Company (or its designee) or any of the parties to the Indenture or Calculation Agent Agreement (if required). 

By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities and each subsequent holder and beneficial owner
acknowledges, accepts, agrees to be bound by, and consents to, the Company’s (or its designee’s) determination of the SOFR Benchmark Replacement, as contemplated by Section 2.02(d) of the Fifth Supplemental Indenture, and to any
amendment or alteration of the terms and conditions of the Securities, including an amendment of the amount of interest due on the Securities, as may be required in order to give effect to Section 2.02(d) of the Fifth Supplemental Indenture,
without the need for any further consent from the Holders of the Securities. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or amendment which may be necessary to give effect to the SOFR
Benchmark Replacement or any application of Section 2.02(d) of the Fifth Supplemental Indenture. 
 By its acquisition of the
Securities, each Holder and Beneficial Owner of the Securities and each subsequent holder and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent and any paying agent for, agrees not to initiate
a suit against the Trustee, the Calculation Agent and any paying agent in respect of, and agrees that neither the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee, the Calculation Agent or any paying
agent, as the case may be, takes, or abstains from taking, in each case in accordance with Section 2.02(d) of the Fifth Supplemental Indenture or any losses suffered in connection therewith. 

Notwithstanding any other provision of Section 2.02(d) of the Fifth Supplemental Indenture, no SOFR Benchmark Replacement will be
adopted, nor will the SOFR Benchmark Replacement Adjustment (as applicable) be applied, nor will any other amendments to the terms and conditions of the Securities be made, if and to the extent that, in the determination of the Company, the same
could reasonably be expected to result in the exclusion of the Securities (in whole or in part) from the Company’s and/or the Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss
absorbing capacity instruments, in each case as such minimum requirements are applicable to the Company and/or the Regulatory Group and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations. 

Subject to applicable law, neither any Holder nor Beneficial Owner of this Security may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of or arising under, or in connection with, this Security or the Indenture and each Holder and Beneficial
Owner of this Security, by virtue of its holding of this Security shall be deemed to have waived all such rights of set-off, netting compensation or retention. If, notwithstanding the foregoing, any amounts
due and payable to any Holder or Beneficial Owner of this Security by the Company in respect of, or arising under, this Security or the Indenture are discharged by set-off, such Holder or Beneficial Owner
shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the
Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such
discharge shall be deemed not to have taken place. By its acquisition of this Security, each Holder and Beneficial Owner agrees to be bound by these provisions relating to waiver of set-off. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee 

  
 A-1-8 

 
with the consent of the Holders of a majority in principal amount of the Securities then Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders
of a majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, if an Event of Default (as defined herein) occurs, the outstanding principal
amount of this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Holder of this Security; provided that the Holder’s right
to receive payment upon acceleration of the outstanding principal amount of this Security shall be subject to the Company’s obtaining the permission of the Relevant Resolution Authority and/or Competent Authority, as appropriate, as set forth
in Section 11.09 of the Base Indenture, provided that at the relevant time and in the relevant circumstances such permission is required. For the avoidance of doubt, no failure by the Company to pay any interest when due or to comply with any
other term, obligation or condition binding upon the Company under this Security or the Indenture shall entitle the Holder to accelerate the principal amount of this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default
with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Default as Trustee and offered to the Trustee security or indemnity satisfactory to the Trustee in its sole discretion against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of
such notice, request and offer of indemnity. 
 Notwithstanding any contrary provisions in this Security, nothing shall impair the right of
a Holder of this Security under the Trust Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This Securities of this series are
issuable only in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a
like 

  
 A-1-9 

 
aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
 By acquiring the Securities, the Holder and each Beneficial Owner of
this Security, or any interest therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 
  

	 	(i)	 Dutch Bail-In Power. Such Holder and Beneficial Owner:

  

	 	(a)	 notwithstanding any other agreements, arrangements or understandings between the Company and such Holder or
Beneficial Owner of the Securities, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, recognizes, agrees to be bound by and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction (including to zero), cancellation or write-down (whether on a permanent basis or subject to
write-up by the resolution authority) of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest on,
the Securities into shares or claims which may give right to shares or other instruments of ownership or other securities or other obligations of the Company or obligations of another person (whether or not at the point of non-viability and independently of or in combination with a resolution action), including by means of a variation to the terms of the Securities (which may include amending the interest amount or the maturity or
interest payment dates, including by suspending payment for a temporary period), or that the Securities must otherwise be applied to absorb losses, or any expropriation of the Securities, in each case to give effect to the exercise by the Relevant
Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as taken together with a resolution action). Such Holder and Beneficial Owner
of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities or any interest therein are subject to, and will be varied, if necessary, so as to give effect to, the exercise
of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein further acknowledges, agrees to
be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period; 

  
 A-1-10 

	 	(b)	 acknowledges and agrees that no exercise of the Dutch Bail-In Power by
the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

  

	 	(c)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 

  

	 	(d)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.15 of the Base Indenture hereof prior to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority, such direction shall cease to be of
further effect upon such exercise of any Dutch Bail-In Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Fifth Supplemental Indenture; and 

 

	 	(e)	 (i) consents to the exercise of any Dutch Bail-In Power as it may be imposed without any prior notice by the
Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary through which it holds the Securities to take
any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such
Holder and such Beneficial Owner or the Trustee. 

  

	 	(ii)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the Dutch Bail-In Power and the
limitations on remedies specified in the Base Indenture. 

  

	 	(iii)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security and waives, to the 

  
 A-1-11 

	 	
fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the Securities.

  

	 	(iv)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-1-12 

 Exhibit A-2 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
  

					
	 ING GROEP N.V.

4.017% Callable Fixed-to-Floating Rate Senior Notes due
2028

		
	No. [        ]	  	    $            

CUSIP NO. 456837 BB8 
 ISIN NO.
US456837BB82 
 ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of $        
(         Dollars), on March 28, 2028 (the “Maturity Date”), and to pay interest thereon from March 28, 2022 or the most recent Interest Payment Date to which interest has been paid
or duly provided for, in accordance with the terms hereof. Interest shall be payable semi-annually in arrear on March 28 and September 28 in each year (each, a “Fixed Rate Interest Payment Date”), commencing on
September 28, 2022 and ending on (and including) March 28, 2027 (the “Call Date”), at the rate of 4.017% per annum (the “Fixed Interest Rate”). Thereafter, interest shall be paid quarterly in arrear on
June 28, 2027, September 28, 2027 and December 28, 2027 and the Maturity Date (each, a “Floating Rate Interest Payment Date” and, together with the Fixed Rate Interest Payment Dates, an “Interest Payment
Date”). 
 The interest rate for the first Floating Rate Interest Period (as defined on the reverse of this Security) will be a
rate per annum equal to the sum of (A) the SOFR Index Average (as defined on the reverse of this Security), as determined on the date that is two U.S. Government Securities Business Days (as defined on the reverse of this Security) prior to the
Call Date, and (B) 1.830% per annum, subject to a minimum rate of 0.00% per annum (the “Minimum Rate”). Thereafter, the interest rate for any Floating Rate Interest Period will be a rate per annum equal to the sum of (A) the
SOFR Index Average, as determined on the applicable Floating Rate Interest Determination Date (as defined on the reverse of this Security), and (B) 1.830% per annum, subject to the Minimum Rate (the “Floating Interest Rate”). The
Floating Interest Rate will be reset quarterly on each Floating Rate Interest Reset Date (as defined on the reverse of this Security). The Fixed Interest Rate shall be calculated on the basis of a year of 360 days consisting of twelve
(12) months of thirty (30) days each. The Floating Interest Rate shall be calculated on the basis of the actual number of days in each Interest Period and a year of 360 days. 

  
 A-2-1 

 If a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date (each as defined
on the reverse of this Security) occurs when any interest rate on the Security (or any component part thereof) remains to be determined by reference to the SOFR Benchmark (as defined on the reverse of this Security), then the provisions of
Section 2.02(d) of the Fifth Supplemental Indenture shall apply. 
 The interest so payable, and paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be
the Business Day immediately preceding each Interest Payment Date (whether or not a Business Day). 
 Payment of the principal of and
interest on this Security will be made at the office or agency of the Company maintained for that purpose in London, United Kingdom in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

If any scheduled Fixed Rate Interest Payment Date, the Maturity Date or any date of redemption or repayment is not a Business Day, interest
and principal and/or any amount payable upon redemption of the Securities shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after such scheduled Fixed Rate Interest Payment
Date, Maturity Date or date of redemption or repayment. If any scheduled Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of redemption or repayment) is not a Business Day, such Floating Rate Interest Payment
Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls in the next calendar month, however, then the relevant Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of
redemption or repayment) shall be brought forward to the immediately preceding day that is a Business Day. 
 This Security shall be
governed by and construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions referred to herein and in Section 5.06(c) of the Base Indenture and
Section 2.03 of the Fifth Supplemental Indenture, which are governed by, and construed in accordance with, Dutch law. 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF
THE UNITED STATES OR THE NETHERLANDS. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof, directly or through an Authenticating Agent, by manual or electronic signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Date:	 		 	ING GROEP N.V.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

							
	Date:	 		 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
		 		 		 	As Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-2-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of March 29, 2017 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented by the Fifth Supplemental Indenture, dated as of March 28,
2022 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $1,250,000,000, which amount may be
increased at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

“Bloomberg Screen SOFRRATE Page” means the Bloomberg screen designated “SOFRRATE” or any successor page or
service. 
 “Calculation Agent” means The Bank of New York Mellon, New York Branch or its successor appointed by the
Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, New York Branch, dated March 28, 2022. 

“Event of Default” means (a) the Company is declared bankrupt by a court of competent jurisdiction in The Netherlands
(or such other jurisdiction in which the Company may be organized), or (b) an order is made or an effective resolution is passed for the winding-up or liquidation of the Company, unless such order is made
or such resolution is passed in relation to a merger, consolidation or similar transaction (i) that is permitted pursuant to Section 8.01 of the Base Indenture or (ii) with respect to which Holders of the Securities have, pursuant to
Section 10.07 of the Base Indenture, waived the requirement of the Company to comply with Section 8.01 of the Base Indenture in connection with such merger, consolidation or other transaction. For the avoidance of doubt, any exercise of
the Dutch Bail-In Power by the Relevant Resolution Authority shall not be an Event of Default. 

“Floating Rate Interest Determination Date” means, for each Floating Rate Interest Period, the second U.S. Government
Securities Business Day preceding the applicable Floating Rate Interest Reset Date (or the Call Date, with respect to the first Floating Rate Interest Reset Date). 

“Floating Rate Interest Period” means the period from (and including) a Floating Rate Interest Payment Date (or the Call
Date, in the case of the initial Floating Rate Interest Period) to (but excluding) the next succeeding Floating Rate Interest Payment Date. 

“Floating Rate Interest Reset Date” means each of June 28, 2027, September 28, 2027 and December 28, 2027. If
any Floating Rate Interest Reset Date would fall on a day that is not a Business Day, such Floating Rate Interest Reset Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls in the next calendar month,
however, then the relevant Floating Rate Interest Reset Date shall be brought forward to the immediately preceding day that is a Business Day. 

  
 A-2-4 

 “NY Federal Reserve” means the Federal Reserve Bank of New York. 

“NY Federal Reserve’s Website” means the website of the NY Federal Reserve, currently at www.newyorkfed.org, or any
successor website of the NY Federal Reserve or the website of any successor administrator of SOFR. 
 “Reuters Page
USDSOFR=” means the Reuters page designated “USDSOFR=” or any successor page or service. 
 “SOFR”
means, with respect to any day (including any U.S. Government Securities Business Day), the rate determined by the Calculation Agent, as the case may be, in accordance with the following provisions: 

 

	 	(iii)	 the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the
Bloomberg Screen SOFRRATE Page, then the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Reuters Page USDSOFR= or, if no such rate is reported on the Reuters Page USDSOFR=, then the Secured
Overnight Financing Rate that appears at the SOFR Determination Time on the NY Federal Reserve’s Website; or 

  

	 	(iv)	 if the rate specified in (i) above does not appear, the SOFR published on the NY Federal Reserve’s
Website for the first preceding U.S. Government Securities Business Day for which SOFR was published on the NY Federal Reserve’s Website. 

“SOFR Benchmark Event” means the occurrence of one or more of the following events with respect to the then-current SOFR
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(4)	 a public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or
such component) announcing that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); 

  

	 	(5)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark (or such component), the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the SOFR Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for the SOFR Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark (or such component), which states that the
administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); or 

  

	 	(6)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark announcing that the SOFR Benchmark is no longer representative. 

 “SOFR Benchmark” means,
initially, the SOFR Index Average, provided that if a SOFR Benchmark Event has occurred with respect to the SOFR Index Average or the then-current SOFR 

  
 A-2-5 

 
Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement (as defined in the Indenture). 

“SOFR Index Average” for each Floating Rate Interest Period means the value of the SOFR rates for each day during the
relevant Floating Rate Interest Period as calculated by the Calculation Agent as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “dc” for any SOFR Observation Period, means the number of calendar days in the relevant SOFR Observation Period; 

“SOFR Index” means the SOFR Index in relation to any U.S. Government Securities Business Day as published by
the NY Federal Reserve on the NY Federal Reserve’s Website at the SOFR Determination Time; 
 “SOFR IndexEnd” means the SOFR Index value on the date that is two U.S. Government Securities Business Days preceding the Floating Rate Interest Payment Date relating to such Floating Rate Interest
Period (or in the final Floating Rate Interest Period, preceding the Maturity Date) (such date a “SOFR Index Determination Date”); and 

“SOFR IndexStart” means the SOFR Index value on
the date that is two U.S. Government Securities Business Days preceding the first date of the relevant Floating Rate Interest Period (such date a “SOFR Index Determination Date”); 

provided that, subject to the circumstances described in Section 2.02(d) of the Fifth Supplemental Indenture, if
the SOFR Index is not published on any relevant SOFR Index Determination Date and a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date has not occurred, the “SOFR Index Average” for such Floating Rate Interest Period
shall be calculated by the Calculation Agent on the relevant Floating Rate Interest Determination Date as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “d” for any SOFR Observation Period, means
the number of calendar days in the relevant SOFR Observation Period; 
 “do” for any SOFR Observation Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period; 

  
 A-2-6 

 “i” means a series of whole numbers from one to do, each representing the relevant U.S. Government Securities Business Days in chronological order from (and including) the first U.S. Government Securities Business Day in the relevant SOFR
Observation Period; 
 “ni” for any U.S.
Government Securities Business Day “i” in the relevant SOFR Observation Period, means the number of calendar days from (and including) such U.S. Government Securities Business Day “i” up to (but excluding) the following U.S.
Government Securities Business Day (“i+1”); and 
 “SOFRi” for any U.S. Government Securities Business Day “i” in the relevant SOFR Observation Period, is equal to SOFR in respect of that day “i”. 

“SOFR Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current SOFR
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(3)	 in the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently or indefinitely ceases to provide the SOFR Benchmark (or such component);
or 

  

	 	(4)	 in the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of the public
statement or publication of information referenced therein. 

 “SOFR Determination Time” means
approximately 3:00 p.m. (New York City time) on the NY Federal Reserve’s Website on the immediately following U.S. Government Securities Business Day. 

“SOFR Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the second
U.S. Government Securities Business Day preceding the first date in such Floating Rate Interest Period to (but excluding) the second U.S. Government Securities Business Day preceding the Floating Rate Interest Payment Date (or in the final Floating
Rate Interest Period, preceding the Maturity Date) for such Floating Rate Interest Period. 
 “U.S. Government Securities Business
Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
U.S. government securities. 
 This Security may be redeemed in certain circumstances at the option of the Company as set forth in the
Indenture. 
 None of the Trustee, the Calculation Agent or any paying agents shall be responsible or liable for any determinations,
decisions or elections made by the Company (or its designee) with respect to any waivers or consequential amendments to be effected pursuant to Section 2.02(d) of the Fifth Supplemental Indenture, or any other changes and shall be entitled to
rely conclusively on any certifications provided to each of them in this regard. 
 No consent of the Holders of the Securities shall be
required in connection with effecting the relevant SOFR Benchmark Replacement as described in Section 2.02(d) of the Fifth Supplemental Indenture or such other relevant adjustments pursuant to this section, including for the execution of, or

  
 A-2-7 

 
amendment to, any documents or the taking of other steps by the Company (or its designee) or any of the parties to the Indenture or Calculation Agent Agreement (if required). 

By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities and each subsequent holder and beneficial owner
acknowledges, accepts, agrees to be bound by, and consents to, the Company’s (or its designee’s) determination of the SOFR Benchmark Replacement, as contemplated by Section 2.02(d) of the Fifth Supplemental Indenture, and to any
amendment or alteration of the terms and conditions of the Securities, including an amendment of the amount of interest due on the Securities, as may be required in order to give effect to Section 2.02(d) of the Fifth Supplemental Indenture,
without the need for any further consent from the Holders of the Securities. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or amendment which may be necessary to give effect to the SOFR
Benchmark Replacement or any application of Section 2.02(d) of the Fifth Supplemental Indenture. 
 By its acquisition of the
Securities, each Holder and Beneficial Owner of the Securities and each subsequent holder and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent and any paying agent for, agrees not to initiate
a suit against the Trustee, the Calculation Agent and any paying agent in respect of, and agrees that neither the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee, the Calculation Agent or any paying
agent, as the case may be, takes, or abstains from taking, in each case in accordance with Section 2.02(d) of the Fifth Supplemental Indenture or any losses suffered in connection therewith. 

Notwithstanding any other provision of Section 2.02(d) of the Fifth Supplemental Indenture, no SOFR Benchmark Replacement will be
adopted, nor will the SOFR Benchmark Replacement Adjustment (as applicable) be applied, nor will any other amendments to the terms and conditions of the Securities be made, if and to the extent that, in the determination of the Company, the same
could reasonably be expected to result in the exclusion of the Securities (in whole or in part) from the Company’s and/or the Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss
absorbing capacity instruments, in each case as such minimum requirements are applicable to the Company and/or the Regulatory Group and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations. 

Subject to applicable law, neither any Holder nor Beneficial Owner of this Security may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of or arising under, or in connection with, this Security or the Indenture and each Holder and Beneficial
Owner of this Security, by virtue of its holding of this Security shall be deemed to have waived all such rights of set-off, netting compensation or retention. If, notwithstanding the foregoing, any amounts
due and payable to any Holder or Beneficial Owner of this Security by the Company in respect of, or arising under, this Security or the Indenture are discharged by set-off, such Holder or Beneficial Owner
shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the
Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such
discharge shall be deemed not to have taken place. By its acquisition of this Security, each Holder and Beneficial Owner agrees to be bound by these provisions relating to waiver of set-off. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee 

  
 A-2-8 

 
with the consent of the Holders of a majority in principal amount of the Securities then Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders
of a majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, if an Event of Default (as defined herein) occurs, the outstanding principal
amount of this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Holder of this Security; provided that the Holder’s right
to receive payment upon acceleration of the outstanding principal amount of this Security shall be subject to the Company’s obtaining the permission of the Relevant Resolution Authority and/or Competent Authority, as appropriate, as set forth
in Section 11.09 of the Base Indenture, provided that at the relevant time and in the relevant circumstances such permission is required. For the avoidance of doubt, no failure by the Company to pay any interest when due or to comply with any
other term, obligation or condition binding upon the Company under this Security or the Indenture shall entitle the Holder to accelerate the principal amount of this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default
with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Default as Trustee and offered to the Trustee security or indemnity satisfactory to the Trustee in its sole discretion against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of
such notice, request and offer of indemnity. 
 Notwithstanding any contrary provisions in this Security, nothing shall impair the right of
a Holder of this Security under the Trust Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This Securities of this series are
issuable only in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a
like 

  
 A-2-9 

 
aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
 By acquiring the Securities, the Holder and each Beneficial Owner of
this Security, or any interest therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 
  

	 	(v)	 Dutch Bail-In Power. Such Holder and Beneficial Owner:

  

	 	(f)	 notwithstanding any other agreements, arrangements or understandings between the Company and such Holder or
Beneficial Owner of the Securities, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, recognizes, agrees to be bound by and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction (including to zero), cancellation or write-down (whether on a permanent basis or subject to
write-up by the resolution authority) of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest on,
the Securities into shares or claims which may give right to shares or other instruments of ownership or other securities or other obligations of the Company or obligations of another person (whether or not at the point of non-viability and independently of or in combination with a resolution action), including by means of a variation to the terms of the Securities (which may include amending the interest amount or the maturity or
interest payment dates, including by suspending payment for a temporary period), or that the Securities must otherwise be applied to absorb losses, or any expropriation of the Securities, in each case to give effect to the exercise by the Relevant
Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as taken together with a resolution action). Such Holder and Beneficial Owner
of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities or any interest therein are subject to, and will be varied, if necessary, so as to give effect to, the exercise
of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein further acknowledges, agrees to
be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period; 

  
 A-2-10 

	 	(g)	 acknowledges and agrees that no exercise of the Dutch Bail-In Power by
the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

  

	 	(h)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 

  

	 	(i)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.15 of the Base Indenture hereof prior to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority, such direction shall cease to be of
further effect upon such exercise of any Dutch Bail-In Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Fifth Supplemental Indenture; and 

 

	 	(j)	 (i) consents to the exercise of any Dutch Bail-In Power as it may be imposed without any prior notice by the
Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary through which it holds the Securities to take
any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such
Holder and such Beneficial Owner or the Trustee. 

  

	 	(vi)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the Dutch Bail-In Power and the
limitations on remedies specified in the Base Indenture. 

  

	 	(vii)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security and waives, to the 

  
 A-2-11 

	 	
fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the Securities.

  

	 	(viii)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-2-12 

 Exhibit A-3 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
  

			
	 ING GROEP N.V.

4.252% Callable Fixed-to-Floating Rate Senior Notes due
2033

		
	 No. [        ]
	  	                                  
$

 CUSIP NO. 456837 BC6 

ISIN NO. US456837BC65 
 ING GROEP
N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to                     , or registered assigns, the principal sum of $        
(         Dollars), on March 28, 2033 (the “Maturity Date”), and to pay interest thereon from March 28, 2022 or the most recent Interest Payment Date to which interest has been paid
or duly provided for, in accordance with the terms hereof. Interest shall be payable semi-annually in arrear on March 28 and September 28 in each year (each, a “Fixed Rate Interest Payment Date”), commencing on
September 28, 2022 and ending on (and including) March 28, 2032 (the “Call Date”), at the rate of 4.252% per annum (the “Fixed Interest Rate”). Thereafter, interest shall be paid quarterly in arrear on
June 28, 2032, September 28, 2032 and December 28, 2032 and the Maturity Date (each, a “Floating Rate Interest Payment Date” and, together with the Fixed Rate Interest Payment Dates, an “Interest Payment
Date”). 
 The interest rate for the first Floating Rate Interest Period (as defined on the reverse of this Security) will be a
rate per annum equal to the sum of (A) the SOFR Index Average (as defined on the reverse of this Security), as determined on the date that is two U.S. Government Securities Business Days (as defined on the reverse of this Security) prior to the
Call Date, and (B) 2.070% per annum, subject to a minimum rate of 0.00% per annum (the “Minimum Rate”). Thereafter, the interest rate for any Floating Rate Interest Period will be a rate per annum equal to the sum of (A) the
SOFR Index Average, as determined on the applicable Floating Rate Interest Determination Date (as defined on the reverse of this Security), and (B) 2.070% per annum, subject to the Minimum Rate (the “Floating Interest Rate”). The
Floating Interest Rate will be reset quarterly on each Floating Rate Interest Reset Date (as defined on the reverse of this Security). The Fixed Interest Rate shall be calculated on the basis of a year of 360 days consisting of twelve
(12) months of thirty (30) days each. The Floating Interest Rate shall be calculated on the basis of the actual number of days in each Interest Period and a year of 360 days. 

  
 A-3-1 

 If a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date (each as defined
on the reverse of this Security) occurs when any interest rate on the Security (or any component part thereof) remains to be determined by reference to the SOFR Benchmark (as defined on the reverse of this Security), then the provisions of
Section 2.02(d) of the Fifth Supplemental Indenture shall apply. 
 The interest so payable, and paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be
the Business Day immediately preceding each Interest Payment Date (whether or not a Business Day). 
 Payment of the principal of and
interest on this Security will be made at the office or agency of the Company maintained for that purpose in London, United Kingdom in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

If any scheduled Fixed Rate Interest Payment Date, the Maturity Date or any date of redemption or repayment is not a Business Day, interest
and principal and/or any amount payable upon redemption of the Securities shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after such scheduled Fixed Rate Interest Payment
Date, Maturity Date or date of redemption or repayment. If any scheduled Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of redemption or repayment) is not a Business Day, such Floating Rate Interest Payment
Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls in the next calendar month, however, then the relevant Floating Rate Interest Payment Date (other than the applicable Maturity Date or any date of
redemption or repayment) shall be brought forward to the immediately preceding day that is a Business Day. 
 This Security shall be
governed by and construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions referred to herein and in Section 5.06(c) of the Base Indenture and
Section 2.03 of the Fifth Supplemental Indenture, which are governed by, and construed in accordance with, Dutch law. 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF
THE UNITED STATES OR THE NETHERLANDS. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof, directly or through an Authenticating Agent, by manual or electronic signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Date:	 		 	ING GROEP N.V.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

							
	Date:	 		 	 THE BANK OF NEW YORK MELLON, LONDON BRANCH

            As Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-3-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of March 29, 2017 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented by the Fifth Supplemental Indenture, dated as of March 28,
2022 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $1,000,000,000, which amount may be
increased at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

“Bloomberg Screen SOFRRATE Page” means the Bloomberg screen designated “SOFRRATE” or any successor page or
service. 
 “Calculation Agent” means The Bank of New York Mellon, New York Branch or its successor appointed by the
Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, New York Branch, dated March 28, 2022. 

“Event of Default” means (a) the Company is declared bankrupt by a court of competent jurisdiction in The Netherlands
(or such other jurisdiction in which the Company may be organized), or (b) an order is made or an effective resolution is passed for the winding-up or liquidation of the Company, unless such order is made
or such resolution is passed in relation to a merger, consolidation or similar transaction (i) that is permitted pursuant to Section 8.01 of the Base Indenture or (ii) with respect to which Holders of the Securities have, pursuant to
Section 10.07 of the Base Indenture, waived the requirement of the Company to comply with Section 8.01 of the Base Indenture in connection with such merger, consolidation or other transaction. For the avoidance of doubt, any exercise of
the Dutch Bail-In Power by the Relevant Resolution Authority shall not be an Event of Default. 

“Floating Rate Interest Determination Date” means, for each Floating Rate Interest Period, the second U.S. Government
Securities Business Day preceding the applicable Floating Rate Interest Reset Date (or the Call Date, with respect to the first Floating Rate Interest Reset Date). 

“Floating Rate Interest Period” means the period from (and including) a Floating Rate Interest Payment Date (or the Call
Date, in the case of the initial Floating Rate Interest Period) to (but excluding) the next succeeding Floating Rate Interest Payment Date. 

“Floating Rate Interest Reset Date” means each of June 28, 2032, September 28, 2032 and December 28, 2032. If
any Floating Rate Interest Reset Date would fall on a day that is not a Business Day, such Floating Rate Interest Reset Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls in the next calendar month,
however, then the relevant Floating Rate Interest Reset Date shall be brought forward to the immediately preceding day that is a Business Day. 

  
 A-3-4 

 “NY Federal Reserve” means the Federal Reserve Bank of New York. 

“NY Federal Reserve’s Website” means the website of the NY Federal Reserve, currently at www.newyorkfed.org, or any
successor website of the NY Federal Reserve or the website of any successor administrator of SOFR. 
 “Reuters Page
USDSOFR=” means the Reuters page designated “USDSOFR=” or any successor page or service. 
 “SOFR”
means, with respect to any day (including any U.S. Government Securities Business Day), the rate determined by the Calculation Agent, as the case may be, in accordance with the following provisions: 

 

	 	(i)	 the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the
Bloomberg Screen SOFRRATE Page, then the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Reuters Page USDSOFR= or, if no such rate is reported on the Reuters Page USDSOFR=, then the Secured
Overnight Financing Rate that appears at the SOFR Determination Time on the NY Federal Reserve’s Website; or 

  

	 	(ii)	 if the rate specified in (i) above does not appear, the SOFR published on the NY Federal Reserve’s
Website for the first preceding U.S. Government Securities Business Day for which SOFR was published on the NY Federal Reserve’s Website. 

“SOFR Benchmark Event” means the occurrence of one or more of the following events with respect to the then-current SOFR
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or
such component) announcing that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark (or such component), the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the SOFR Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for the SOFR Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark (or such component), which states that the
administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark announcing that the SOFR Benchmark is no longer representative. 

 “SOFR Benchmark” means,
initially, the SOFR Index Average, provided that if a SOFR Benchmark Event has occurred with respect to the SOFR Index Average or the then-current SOFR 

  
 A-3-5 

 
Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement (as defined in the Indenture). 

“SOFR Index Average” for each Floating Rate Interest Period means the value of the SOFR rates for each day during the
relevant Floating Rate Interest Period as calculated by the Calculation Agent as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “dc” for any SOFR Observation Period, means the number of calendar days in the relevant SOFR Observation Period; 

“SOFR Index” means the SOFR Index in relation to any U.S. Government Securities Business Day as published by
the NY Federal Reserve on the NY Federal Reserve’s Website at the SOFR Determination Time; 
 “SOFR IndexEnd” means the SOFR Index value on the date that is two U.S. Government Securities Business Days preceding the Floating Rate Interest Payment Date relating to such Floating Rate Interest
Period (or in the final Floating Rate Interest Period, preceding the Maturity Date) (such date a “SOFR Index Determination Date”); and 

“SOFR IndexStart” means the SOFR Index value on
the date that is two U.S. Government Securities Business Days preceding the first date of the relevant Floating Rate Interest Period (such date a “SOFR Index Determination Date”); 

provided that, subject to the circumstances described in Section 2.02(d) of the Fifth Supplemental Indenture, if
the SOFR Index is not published on any relevant SOFR Index Determination Date and a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date has not occurred, the “SOFR Index Average” for such Floating Rate Interest Period
shall be calculated by the Calculation Agent on the relevant Floating Rate Interest Determination Date as follows: 
  
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “d” for any SOFR Observation Period, means
the number of calendar days in the relevant SOFR Observation Period; 
 “do” for any SOFR Observation Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period; 

  
 A-3-6 

 “i” means a series of whole numbers from one to do, each representing the relevant U.S. Government Securities Business Days in chronological order from (and including) the first U.S. Government Securities Business Day in the relevant SOFR
Observation Period; 
 “ni” for any U.S.
Government Securities Business Day “i” in the relevant SOFR Observation Period, means the number of calendar days from (and including) such U.S. Government Securities Business Day “i” up to (but excluding) the following U.S.
Government Securities Business Day (“i+1”); and 
 “SOFRi” for any U.S. Government Securities Business Day “i” in the relevant SOFR Observation Period, is equal to SOFR in respect of that day “i”. 

“SOFR Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current SOFR
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently or indefinitely ceases to provide the SOFR Benchmark (or such component);
or 

  

	 	(2)	 in the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of the public
statement or publication of information referenced therein. 

 “SOFR Determination Time” means
approximately 3:00 p.m. (New York City time) on the NY Federal Reserve’s Website on the immediately following U.S. Government Securities Business Day. 

“SOFR Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the second
U.S. Government Securities Business Day preceding the first date in such Floating Rate Interest Period to (but excluding) the second U.S. Government Securities Business Day preceding the Floating Rate Interest Payment Date (or in the final Floating
Rate Interest Period, preceding the Maturity Date) for such Floating Rate Interest Period. 
 “U.S. Government Securities Business
Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
U.S. government securities. 
 This Security may be redeemed in certain circumstances at the option of the Company as set forth in the
Indenture. 
 None of the Trustee, the Calculation Agent or any paying agents shall be responsible or liable for any determinations,
decisions or elections made by the Company (or its designee) with respect to any waivers or consequential amendments to be effected pursuant to Section 2.02(d) of the Fifth Supplemental Indenture, or any other changes and shall be entitled to
rely conclusively on any certifications provided to each of them in this regard. 
 No consent of the Holders of the Securities shall be
required in connection with effecting the relevant SOFR Benchmark Replacement as described in Section 2.02(d) of the Fifth Supplemental Indenture or such other relevant adjustments pursuant to this section, including for the execution of, or

  
 A-3-7 

 
amendment to, any documents or the taking of other steps by the Company (or its designee) or any of the parties to the Indenture or Calculation Agent Agreement (if required). 

By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities and each subsequent holder and beneficial owner
acknowledges, accepts, agrees to be bound by, and consents to, the Company’s (or its designee’s) determination of the SOFR Benchmark Replacement, as contemplated by Section 2.02(d) of the Fifth Supplemental Indenture, and to any
amendment or alteration of the terms and conditions of the Securities, including an amendment of the amount of interest due on the Securities, as may be required in order to give effect to Section 2.02(d) of the Fifth Supplemental Indenture,
without the need for any further consent from the Holders of the Securities. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or amendment which may be necessary to give effect to the SOFR
Benchmark Replacement or any application of Section 2.02(d) of the Fifth Supplemental Indenture. 
 By its acquisition of the
Securities, each Holder and Beneficial Owner of the Securities and each subsequent holder and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent and any paying agent for, agrees not to initiate
a suit against the Trustee, the Calculation Agent and any paying agent in respect of, and agrees that neither the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee, the Calculation Agent or any paying
agent, as the case may be, takes, or abstains from taking, in each case in accordance with Section 2.02(d) of the Fifth Supplemental Indenture or any losses suffered in connection therewith. 

Notwithstanding any other provision of Section 2.02(d) of the Fifth Supplemental Indenture, no SOFR Benchmark Replacement will be
adopted, nor will the SOFR Benchmark Replacement Adjustment (as applicable) be applied, nor will any other amendments to the terms and conditions of the Securities be made, if and to the extent that, in the determination of the Company, the same
could reasonably be expected to result in the exclusion of the Securities (in whole or in part) from the Company’s and/or the Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss
absorbing capacity instruments, in each case as such minimum requirements are applicable to the Company and/or the Regulatory Group and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations. 

Subject to applicable law, neither any Holder nor Beneficial Owner of this Security may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of or arising under, or in connection with, this Security or the Indenture and each Holder and Beneficial
Owner of this Security, by virtue of its holding of this Security shall be deemed to have waived all such rights of set-off, netting, compensation or retention. If, notwithstanding the foregoing, any amounts
due and payable to any Holder or Beneficial Owner of this Security by the Company in respect of, or arising under, this Security or the Indenture are discharged by set-off, such Holder or Beneficial Owner
shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the
Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such
discharge shall be deemed not to have taken place. By its acquisition of this Security, each Holder and Beneficial Owner agrees to be bound by these provisions relating to waiver of set-off. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities then
Outstanding of 

  
 A-3-8 

 
each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf
of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, if an Event of Default (as
defined herein) occurs, the outstanding principal amount of this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Holder of this
Security; provided that the Holder’s right to receive payment upon acceleration of the outstanding principal amount of this Security shall be subject to the Company’s obtaining the permission of the Relevant Resolution Authority
and/or Competent Authority, as appropriate, as set forth in Section 11.09 of the Base Indenture, provided that at the relevant time and in the relevant circumstances such permission is required. For the avoidance of doubt, no failure by the
Company to pay any interest when due or to comply with any other term, obligation or condition binding upon the Company under this Security or the Indenture shall entitle the Holder to accelerate the principal amount of this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default
with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Default as Trustee and offered to the Trustee security or indemnity satisfactory to the Trustee in its sole discretion against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of
such notice, request and offer of indemnity. 
 Notwithstanding any contrary provisions in this Security, nothing shall impair the right of
a Holder of this Security under the Trust Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This Securities of this series are
issuable only in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a
like aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 A-3-9 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 By acquiring the
Securities, the Holder and each Beneficial Owner of this Security, or any interest therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 

 

	 	(i)	 Dutch Bail-In Power. Such Holder and Beneficial Owner:

  

	 	(a)	 notwithstanding any other agreements, arrangements or understandings between the Company and such Holder or
Beneficial Owner of the Securities, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, recognizes, agrees to be bound by and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction (including to zero), cancellation or write-down (whether on a permanent basis or subject to
write-up by the resolution authority) of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest on,
the Securities into shares or claims which may give right to shares or other instruments of ownership or other securities or other obligations of the Company or obligations of another person (whether or not at the point of non-viability and independently of or in combination with a resolution action), including by means of a variation to the terms of the Securities (which may include amending the interest amount or the maturity or
interest payment dates, including by suspending payment for a temporary period), or that the Securities must otherwise be applied to absorb losses, or any expropriation of the Securities, in each case to give effect to the exercise by the Relevant
Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as taken together with a resolution action). Such Holder and Beneficial Owner
of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities or any interest therein are subject to, and will be varied, if necessary, so as to give effect to, the exercise
of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein further acknowledges, agrees to
be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period; 

 

	 	(b)	 acknowledges and agrees that no exercise of the Dutch Bail-In Power by
the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

  
 A-3-10 

	 	(c)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 

  

	 	(d)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.15 of the Base Indenture hereof prior to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority, such direction shall cease to be of
further effect upon such exercise of any Dutch Bail-In Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Fifth Supplemental Indenture; and 

 

	 	(e)	 (i) consents to the exercise of any Dutch Bail-In Power as it may be
imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary
through which it holds the Securities to take any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any
further action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 

  

	 	(ii)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the Dutch Bail-In Power and the
limitations on remedies specified in the Base Indenture. 

  

	 	(iii)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security and waives, to the fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the
Securities. 

  

	 	(iv)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, 

  
 A-3-11 

	 	
executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-3-12 

 Exhibit A-4 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
  

			
	ING GROEP N.V.
	Callable Floating Rate Senior Notes due 2026
		
	No. [         ]	  	$
		
		  	  CUSIP NO. 456837 BD4
		  	ISIN NO. US456837BD49

 ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called
the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of $        
(         Dollars), on March 28, 2026 (the “Maturity Date”), and to pay interest thereon from March 28, 2022 or the most recent Interest Payment Date to which interest has been paid
or duly provided for, in accordance with the terms hereof. Interest shall be payable quarterly in arrear on March 28, June 28, September 28 and December 28 in each year (each, an “Interest Payment Date”), until
the principal hereof is paid or made available for payment. Interest shall be calculated on the basis of the actual number of days in each Interest Period and a year of 360 days. 

The interest rate for the first Interest Period (as defined on the reverse of this Security) will be a rate per annum equal to the sum of
(A) the SOFR Index Average (as defined on the reverse of this Security), as determined on the second U.S. Government Securities Business Day preceding the Initial Floating Rate Interest Payment Date, and (B) 1.640% per annum, subject to a
minimum rate of 0.00% per annum (the “Minimum Rate”). Thereafter, the interest rate for any Interest Period will be a rate per annum equal to the sum of (A) the SOFR Index Average, as determined on the applicable Interest
Determination Date (as defined on the reverse of this Security), and (B) 1.640% per annum, subject to the Minimum Rate (the “Floating Interest Rate”). The Floating Interest Rate will be reset quarterly on each Interest Reset Date
(as defined on the reverse of this Security). 
 If a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date (each as defined
on the reverse of this Security) occurs when any interest rate on the Security (or any component part thereof) remains to be determined by reference to the SOFR Benchmark (as defined on the reverse of this Security), then the provisions of
Section 2.02(d) of the Fifth Supplemental Indenture shall apply. 

  
 A-4-1 

 The interest so payable, and paid or duly provided for, on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be the Business Day immediately
preceding each Interest Payment Date (whether or not a Business Day). 
 Payment of the principal of and interest on this Security will be
made at the office or agency of the Company maintained for that purpose in London, United Kingdom in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

If the Maturity Date or any date of redemption or repayment is not a Business Day, interest and principal and/or any amount payable upon
redemption of the Securities shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after such scheduled Maturity Date or date of redemption or repayment. If any scheduled
Interest Payment Date (other than the applicable Maturity Date or any date of redemption or repayment) is not a Business Day, such Interest Payment Date will be postponed to the next succeeding Business Day. If the next succeeding Business Day falls
in the next calendar month, however, then the relevant Interest Payment Date (other than the applicable Maturity Date or any date of redemption or repayment) shall be brought forward to the immediately preceding day that is a Business Day. 

This Security shall be governed by and construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions referred to herein and in Section 5.06(c) of the Base Indenture and Section 2.03 of the Fifth Supplemental Indenture, which are governed by, and construed in accordance with, Dutch law.

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES OR THE NETHERLANDS. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual or electronic signature of an authorized signatory, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 

  
 A-4-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Date:	 		 	ING GROEP N.V.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

							
	Date:	 		 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
		 		 	            As Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-4-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of March 29, 2017 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented by the Fifth Supplemental Indenture, dated as of March 28,
2022 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $500,000,000, which amount may be increased
at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

“Bloomberg Screen SOFRRATE Page” means the Bloomberg screen designated “SOFRRATE” or any successor page or
service. 
 “Calculation Agent” means The Bank of New York Mellon, New York Branch or its successor appointed by the
Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, New York Branch, dated March 28, 2022. 

“Event of Default” means (a) the Company is declared bankrupt by a court of competent jurisdiction in The Netherlands
(or such other jurisdiction in which the Company may be organized), or (b) an order is made or an effective resolution is passed for the winding-up or liquidation of the Company, unless such order is made
or such resolution is passed in relation to a merger, consolidation or similar transaction (i) that is permitted pursuant to Section 8.01 of the Base Indenture or (ii) with respect to which Holders of the Securities have, pursuant to
Section 10.07 of the Base Indenture, waived the requirement of the Company to comply with Section 8.01 of the Base Indenture in connection with such merger, consolidation or other transaction. For the avoidance of doubt, any exercise of
the Dutch Bail-In Power by the Relevant Resolution Authority shall not be an Event of Default. 

“Interest Determination Date” means, for each Interest Period, the second U.S. Government Securities Business Day preceding
the applicable Interest Reset Date. 
 “ Interest Period” means the period from (and including) an Interest Payment Date
(or the Issue Date, in the case of the initial Interest Period) to (but excluding) the next succeeding Interest Payment Date. 

“Interest Reset Date” means every March 28, June 28, September 28 and December 28 in each year,
commencing on June 28, 2022, and ending on (and including) December 28, 2025. If any Interest Reset Date would fall on a day that is not a Business Day, such Interest Reset Date will be postponed to the next succeeding Business Day. If the
next succeeding Business Day falls in the next calendar month, however, then the relevant Interest Reset Date shall be brought forward to the immediately preceding day that is a Business Day. 

  
 A-4-4 

 “NY Federal Reserve” means the Federal Reserve Bank of New York. 

“NY Federal Reserve’s Website” means the website of the NY Federal Reserve, currently at www.newyorkfed.org, or any
successor website of the NY Federal Reserve or the website of any successor administrator of SOFR. 
 “Reuters Page
USDSOFR=” means the Reuters page designated “USDSOFR=” or any successor page or service. 
 “SOFR”
means, with respect to any day (including any U.S. Government Securities Business Day), the rate determined by the Calculation Agent, as the case may be, in accordance with the following provisions: 

 

	 	(i)	 the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the
Bloomberg Screen SOFRRATE Page, then the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Reuters Page USDSOFR= or, if no such rate is reported on the Reuters Page USDSOFR=, then the Secured
Overnight Financing Rate that appears at the SOFR Determination Time on the NY Federal Reserve’s Website; or 

  

	 	(ii)	 if the rate specified in (i) above does not appear, the SOFR published on the NY Federal Reserve’s
Website for the first preceding U.S. Government Securities Business Day for which SOFR was published on the NY Federal Reserve’s Website. 

“SOFR Benchmark” means, initially, the SOFR Index Average, provided that if a SOFR Benchmark Event has occurred with respect
to the SOFR Index Average or the then-current SOFR Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement (as defined in the Indenture). 

“SOFR Benchmark Event” means the occurrence of one or more of the following events with respect to the then-current SOFR
Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or
such component) announcing that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark (or such component), the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the SOFR Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for the SOFR Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark (or such component), which states that the
administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the SOFR Benchmark (or such component); or 

  
 A-4-5 

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the SOFR
Benchmark announcing that the SOFR Benchmark is no longer representative. 

 “SOFR Index Average” for
each Interest Period means the value of the SOFR rates for each day during the relevant Interest Period as calculated by the Calculation Agent as follows: 
  

 
 

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “dc” for any SOFR Observation Period, means the number of calendar days in the relevant SOFR Observation Period; 

“SOFR Index” means the SOFR Index in relation to any U.S. Government Securities Business Day as published by
the NY Federal Reserve on the NY Federal Reserve’s Website at the SOFR Determination Time; 
 “SOFR IndexEnd” means the SOFR Index value on the date that is two U.S.
Government Securities Business Days preceding the Interest Payment Date relating to such Interest Period (or in the final Interest Period, preceding the Maturity Date) (such date a “SOFR Index Determination Date”); and 

“SOFR IndexStart” means the SOFR Index value on the date that is two U.S. Government Securities Business Days preceding the first date
of the relevant Interest Period (such date a “SOFR Index Determination Date”), and for the initial Interest Period, the SOFR Index value on March 24, 2022; 

provided that, subject to the circumstances described in Section 2.02(d) of the Fifth Supplemental Indenture, if
the SOFR Index is not published on any relevant SOFR Index Determination Date and a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date has not occurred, the “SOFR Index Average” for such Interest Period shall be
calculated by the Calculation Agent on the relevant Interest Determination Date as follows: 
  
  

 
 with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005 being rounded upwards, where: 
 “d” for any SOFR Observation Period, means
the number of calendar days in the relevant SOFR Observation Period; 
 “do” for any SOFR Observation Period, means the number of U.S.
Government Securities Business Days in the relevant SOFR Observation Period; 

  
 A-4-6 

 “i” means a series of whole numbers from one to do, each representing the relevant U.S. Government Securities Business Days in
chronological order from (and including) the first U.S. Government Securities Business Day in the relevant SOFR Observation Period; 

“ni” for any U.S. Government Securities
Business Day “i” in the relevant SOFR Observation Period, means the number of calendar days from (and including) such U.S. Government Securities Business Day “i” up to (but excluding) the following U.S. Government Securities
Business Day (“i+1”); and 

“SOFRi” for any U.S. Government Securities
Business Day “i” in the relevant SOFR Observation Period, is equal to SOFR in respect of that day “i”. 
 “SOFR
Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current SOFR Benchmark (including the daily published component used in the calculation thereof): 

 

	 	(1)	 in the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently or indefinitely ceases to provide the SOFR Benchmark (or such component);
or 

  

	 	(2)	 in the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of the public
statement or publication of information referenced therein. 

 “SOFR Determination Time” means
approximately 3:00 p.m. (New York City time) on the NY Federal Reserve’s Website on the immediately following U.S. Government Securities Business Day. 

“SOFR Observation Period” means, in respect of each Interest Period, the period from (and including) the second U.S.
Government Securities Business Day preceding the first date in such Interest Period to (but excluding) the second U.S. Government Securities Business Day preceding the Interest Payment Date (or in the final Interest Period, preceding the Maturity
Date) for such Interest Period. 
 “U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or
a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

This Security may be redeemed in certain circumstances at the option of the Company as set forth in the Indenture. 

None of the Trustee, the Calculation Agent or any paying agents shall be responsible or liable for any determinations, decisions or elections
made by the Company (or its designee) with respect to any waivers or consequential amendments to be effected pursuant to Section 2.02(d) of the Fifth Supplemental Indenture, or any other changes and shall be entitled to rely conclusively on any
certifications provided to each of them in this regard. 
 No consent of the Holders of the Securities shall be required in connection with
effecting the relevant SOFR Benchmark Replacement as described in Section 2.02(d) of the Fifth Supplemental Indenture or such other relevant adjustments pursuant to this section, including for the execution of, or amendment to, any documents or
the taking of other steps by the Company (or its designee) or any of the parties to the Indenture or Calculation Agent Agreement (if required). 

  
 A-4-7 

 By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities and
each subsequent holder and beneficial owner acknowledges, accepts, agrees to be bound by, and consents to, the Company’s (or its designee’s) determination of the SOFR Benchmark Replacement, as contemplated by Section 2.02(d) of the
Fifth Supplemental Indenture, and to any amendment or alteration of the terms and conditions of the Securities, including an amendment of the amount of interest due on the Securities, as may be required in order to give effect to
Section 2.02(d) of the Fifth Supplemental Indenture, without the need for any further consent from the Holders of the Securities. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or
amendment which may be necessary to give effect to the SOFR Benchmark Replacement or any application of Section 2.02(d) of the Fifth Supplemental Indenture. 

By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities and each subsequent holder and beneficial owner
waives any and all claims in law and/or equity against the Trustee, the Calculation Agent and any paying agent for, agrees not to initiate a suit against the Trustee, the Calculation Agent and any paying agent in respect of, and agrees that neither
the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee, the Calculation Agent or any paying agent, as the case may be, takes, or abstains from taking, in each case in accordance with
Section 2.02(d) of the Fifth Supplemental Indenture or any losses suffered in connection therewith. 
 Notwithstanding any other
provision of Section 2.02(d) of the Fifth Supplemental Indenture, no SOFR Benchmark Replacement will be adopted, nor will the SOFR Benchmark Replacement Adjustment (as applicable) be applied, nor will any other amendments to the terms and
conditions of the Securities be made, if and to the extent that, in the determination of the Company, the same could reasonably be expected to result in the exclusion of the Securities (in whole or in part) from the Company’s and/or the
Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to the Company and/or the Regulatory Group and
as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations. 
 Subject to applicable law, neither any
Holder nor Beneficial Owner of this Security may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of or arising
under, or in connection with, this Security or the Indenture and each Holder and Beneficial Owner of this Security, by virtue of its holding of this Security shall be deemed to have waived all such rights of
set-off, netting, compensation or retention. If, notwithstanding the foregoing, any amounts due and payable to any Holder or Beneficial Owner of this Security by the Company in respect of, or arising under,
this Security or the Indenture are discharged by set-off, such Holder or Beneficial Owner shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or,
in the event of its winding-up or administration, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust
or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. By its acquisition of this Security, each Holder and Beneficial Owner
agrees to be bound by these provisions relating to waiver of set-off. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities then Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate
principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the 

  
 A-4-8 

 
Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, if an Event of Default (as defined herein) occurs, the outstanding principal
amount of this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Holder of this Security; provided that the Holder’s right
to receive payment upon acceleration of the outstanding principal amount of this Security shall be subject to the Company’s obtaining the permission of the Relevant Resolution Authority and/or Competent Authority, as appropriate, as set forth
in Section 11.09 of the Base Indenture, provided that at the relevant time and in the relevant circumstances such permission is required. For the avoidance of doubt, no failure by the Company to pay any interest when due or to comply with any
other term, obligation or condition binding upon the Company under this Security or the Indenture shall entitle the Holder to accelerate the principal amount of this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default
with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Default as Trustee and offered to the Trustee security or indemnity satisfactory to the Trustee in its sole discretion against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of
such notice, request and offer of indemnity. 
 Notwithstanding any contrary provisions in this Security, nothing shall impair the right of
a Holder of this Security under the Trust Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This Securities of this series are
issuable only in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a
like aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 

  
 A-4-9 

 Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 By acquiring the Securities, the Holder and each Beneficial Owner of this Security, or any interest
therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 
  

	 	(i)	 Dutch Bail-In Power. Such Holder and Beneficial Owner:

  

	 	(a)	 notwithstanding any other agreements, arrangements or understandings between the Company and such Holder or
Beneficial Owner of the Securities, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, recognizes, agrees to be bound by and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction (including to zero), cancellation or write-down (whether on a permanent basis or subject to
write-up by the resolution authority) of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest on,
the Securities into shares or claims which may give right to shares or other instruments of ownership or other securities or other obligations of the Company or obligations of another person (whether or not at the point of non-viability and independently of or in combination with a resolution action), including by means of a variation to the terms of the Securities (which may include amending the interest amount or the maturity or
interest payment dates, including by suspending payment for a temporary period), or that the Securities must otherwise be applied to absorb losses, or any expropriation of the Securities, in each case to give effect to the exercise by the Relevant
Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as taken together with a resolution action). Such Holder and Beneficial Owner
of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities or any interest therein are subject to, and will be varied, if necessary, so as to give effect to, the exercise
of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein further acknowledges, agrees to
be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period; 

 

	 	(b)	 acknowledges and agrees that no exercise of the Dutch Bail-In Power by
the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

  

	 	(c)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee 

  
 A-4-10 

	 	
takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect
to the Securities; 

  

	 	(d)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.15 of the Base Indenture hereof prior to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority, such direction shall cease to be of
further effect upon such exercise of any Dutch Bail-In Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Fifth Supplemental Indenture; and 

 

	 	(e)	 (i) consents to the exercise of any Dutch Bail-In Power as it may be
imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary
through which it holds the Securities to take any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any
further action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 

  

	 	(ii)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the Dutch Bail-In Power and the
limitations on remedies specified in the Base Indenture. 

  

	 	(iii)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security and waives, to the fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the
Securities. 

  

	 	(iv)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-4-11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]