Document:

EX-10.44

 Exhibit 10.44 
 ING [logo] 
 EMPLOYMENT CONTRACT AMENDMENT 

The undersigned: 
 ING Personnel VOF,
hereinafter referred to as the “Partnership,” based in Amsterdam , here represented by Dr. J.H.J. Zegering Hadders; 
 and

 Dr. E.L. Steenbergen residing in Heelsum 
 Declare, in deviance from or supplementary to, the stipulations in the employment contract of May 19, 2004 (the “Employment contract”). To have agreed on the following; 

1. Duration of the contract 
 In deviance
from the stipulations in article 2 of the Employment contract it will anyway legally end as soon as you become sixty five years of age. 
 2.
Leave 
 In deviance from the stipulations in article 5 of the Employment contract you are entitled to 30 days leave per calendar year.

 3. Pension scheme 
 In
deviance from the stipulations in article 6 of the Employment contract, effective from January 1, 2006, the Rules of the Directors’ pension scheme 2006-1, attached as appendix to this agreement, applies to you. These Rules, effective
January 1, 2006, replaces the Pension scheme ING, Directors’ pension scheme, that became effective January 1, 2004, from which no more rights can be derived from January 1, 2006. 

An own contribution is due for participation in the amended Pension scheme ING for members of the board, who are insured with the National Dutch Life
Insurance Company N.V. The effective date for pension accrual, stated in the Employment contract, remains unchanged. 
  

  

							
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	  	Addendum 55-/December 2005	  	[signature]	  	1

 ING [logo] 

 

 4. Life-course savings scheme 
 Supplementary to the stipulations in article 12 of the Employment contract you, effective January 1, 2006, have the option to participate in the Life-course savings scheme ING for members of the
board 2006 in accordance with what has been attached to this agreement Rules Life-course savings scheme ING 2006 for members of the board. 

5. Illness/disability 
 In deviance from
the stipulations in article 10 of the Employment contract, it applies that, should you become ill or disabled, you and the partnership will do the utmost, to have you again take part in the labour process, as soon as responsibly possible medically
and labour-wise. Unless this is, based on the nature of the disease or disability, not possible, the reintegration will take place on the basis of written reintegration plan that has compiled in mutual consultation between the parties and based on
realistic objectives. Periodic checks will be done to see the extent to which the set objectives have been realized to date and could be realized in future, on the basis of which the reintegration plan can be amended. 

In respect of your income position during your illness or disability, as long as it has not been adapted to the Work and Income (Capacity to Work) Act
(WIA), the regulation below applies: 
 As long as your employment with the Partnership continues you will receive: 

 

	I.	 from the
1st through 52nd week of your illness or disability: a gross payment based on 100% of
your gross fixed annual income; 

  

	II.	 for the hours worked during your 53rd through 104th week of your disability: a gross payment of 100% of your gross fixed annual income: 

for the hours not worked during your 53rd through 104th week of your disability: 
  

	 	a.	a gross payment based on 70% of your gross fixed annual income; 

  

	 	b.	 a supplementary gross payment based on 20% of your gross fixed annual income, provided the Partnership, at the end of the 52nd week of your illness or disability, is of the opinion that you, up
to then, had sufficiently cooperated in your reintegration and as long as you, in the opinion of the Partnership, continue cooperating in your reintegration. 

 

	 	c.	 a gross bonus based on 10% of your gross fixed annual income provided the Partnership is of the opinion that, after expiration of the 104th your week of your disability, or so much earlier as your disability
came to an end completely, that you have realized the maximum attainable extent of reintegration medically and labour-wise. 

  

							
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 ING [logo] 
 6. Directors’ pension scheme 
 Effective January 1, 2006 chapter E of the
applicable Management regulations scheme as intended in article 25 of the Employment contract is replaced by chapter E of the Management regulations 2006, attached to this agreement. 
 7. Final stipulation 
 The amendment reservation included in article 18 of the Employment
contract shall apply mutatis mutandis to the regulation included under 3. and 4. above. 
 Agreed on and signed in Amsterdam, on
December 8, 2005. 
 ING Personeel VOF 
  

 

			
	[signature]
	
	By: Mr. J.H.J. Zegering Hadders,
	Here acting as proxy holder of
	ING Bank N.V., partner of ING Personnel VOF
	And ING Verzekeringen Nederland N.V., partner of ING Personnel VOF,
	As such independently authorised to represent ING Personnel VOF

  
  
  

In agreement: Dr. E.L. Steenbergen 

Date:                [handwritten:] 01-17-2005 

 
 Signature :        [signature]

 Appendices: 
  

	1.	Rules Directors’ pension scheme 2006-1 

  

	2.	Rules Life-course savings plan ING for members of the board (2006) 

  

	3.	Chapter E Management regulations 2006 

  

  

							
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	  	Addendum 55-/December 2005	  		  	3EX-10.45

 Exhibit 10.45 
 Friday, 19 March 2010 
 Confidential 

 

			
		
	To:	  	Ewout Steenbergen
		
	From:	  	Rob Leary
		
	Date:	  	19 March, 2010

 Subject: Retention Arrangement 
 Dear Ewout, 
 As announced on 26 October 2009, ING has decided to move toward a full
separation of its banking and insurance operations, with a full divestiment of the insurance and investment management business over time. A number of options are currently being considered, including initial public offerings (IPOs), divestments or
a combination thereof. 
 During this time of uncertainty, ING recognises the importance of reassuring people who are critical to the business
and the transition ahead. We want to ensure that key individuals such as you remain focused and motivated to achieve ING’s key business objectives. Your active engagement in building a strong insurance business during the transition, either by
your accomplishment of your set business objectives or through your active involvement in the due diligence process as part of the divestiture of the ING’s insurance business (Project Mistral), is critical. 

To demonstrate ING’s appreciation for your contributions and alleviate some of the current uncertainty, you are being provided a retention award
subject to the terms and conditions set out below and in the enclosed Q&A. 
 Under the retention arrangement, which will be provided over
the next 20 months, you will receive €150,000.00 subject to the conditions set forth in this letter and the attached Q & A. This amount will be paid to you on the specified dates in two instalments according to the following schedule:

 30 September 2010: 40% of gross amount mentioned above 

30 September 2011: 60% of gross amount mentioned above 
 You will receive these payments under the conditions that are actively employed by ING on the payment dates mentioned above, and that your most recent annual performance rating prior to a payment date is
not less than 4. 

  

 For purpose of this letter agreement, being actively employed by ING means that you will not have tendered
your resignation or been terminated for cause prior to the payment date. 
 The payments will appear on your regular pay check for the month
September 2010 or September 2011 and will be excluded from earnings eligible for all other compensation and benefits purposes including, but not limited to any annual bonus plans, pension, vacation allowances, etc. 

You will be obliged to pay personal income tax on all payments made under the retention arrangement. 

Additionally, should you decide to leave ING on a voluntary basis, ING will have no further obligations to you under the retention arrangement. In case
your employment is terminated on an involuntary basis, the retention award will be paid according to the terms and conditions explained in the enclosed Q&A. 
 Because of the limited number of people receiving this retention award, we ask that you keep this recognition confidential, except, however, as you may wish to share with immediate family members or as
may be required by law or for your personal financial, estate and tax planning purposes. 
 Your signature below indicates that you agree to the
provisions described above and in the enclosed Q&A. 
 ING values your expertise and experience, and we hope we can continue to count on
your commitment during this challenging—but no doubt highly interesting—period of transition. 
  

	
	
	/s/ Ewout Steenbergen
	Ewout Steenbergen

  

	
	
	  
	Date

  
 2EX-10.46

 Exhibit 10.46 
 Newco Deal Incentive Award Agreement 
 This Newco Deal Incentive Award Agreement
(the “Agreement’”) evidences the terms of the agreement dated July     , 2011 by and among ING Groep, N.V. (“ING”), ING America Insurance Holdings, Inc. (“AIH”) and Ewout
Steenbergen (“Recipient”) with respect to a deal incentive award to be granted or paid by ING or one of its designated affiliates to the Recipient on the terms and conditions set forth below. ING, AIH and the Recipient agree as follows:

  

	1.	Award Value. Recipient will receive a special one-time deal incentive award with an aggregate value in the amount of $650,000 (the “Deal Incentive
Award”). 

  

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

The number of shares of Newco restricted common stock to be granted to Recipient will be determined on the date of IPO by dividing
$650,000 by the Newco IPO price to the public (as specified on the cover of the final IPO-related prospectus). 
 Subject to the
terms and conditions of this Agreement, fifty percent (50%) of the shares of Newco restricted common stock granted to Recipient upon the date of the IPO will fully vest at the end of the lock-up period to be specified in the underwriting
agreement related to the IPO of Newco (the “IPO Lock-up Period”). Subject to the terms and conditions of this Agreement, the remaining 50% of the shares of Newco restricted common stock granted to Recipient on the date of IPO will fully
vest at the earlier of (i) the end of the lock-up period (the “secondary Lock-up Period”) to be specified in the underwriting agreement related to the second registered sale of Newco common stock to the public by ING (the
“Secondary”), (ii) the end of the lock-up period to be specified in the underwriting agreement relating to the registered sale of substantially all of ING’s shares of Newco (other than any Newco shares that it may hold on behalf
of third party customers), and (iii) the date of closing of any post-IPO merger or acquisition of Newco (the “Closing”), with vesting of the second 50% or Recipient’s restricted Newco common shares to occur, in the case of clause
(iii) immediately prior to such Closing, but only if ING shall have disposed of substantially all of its shares in Newco by or at such Closing, other than any Newco shares that it may hold on behalf of third party customers. 

 

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

  

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

	4.	 ING Required Holding Period. Notwithstanding anything contained or implied herein to the contrary (other than Section 5), Recipient
understands and agrees that s/he may not engage in any form of hedging transaction related to Newco common stock or sell, pledge or otherwise dispose of any of the shares of Newco common stock granted to Recipient under this Agreement

  

					
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as a one-time Deal Incentive Award (with the exception, however, that Recipient may sell, subject to compliance with all applicable laws and regulations, such number of Newco shares as needed to
cover taxes due upon vesting of the shares, subject to Newco’s right in its sole discretion, to repurchase such number of Newco shares to cover such taxes) before the earlier of the following dates: (i) such date that is 180 days after the
date on which ING disposes of all of its shares of Newco, other than Newco shares that it may hold on behalf of third-party customers, (ii) the date, if any, on which ING announces its decision to retain its post – IPO ownership interest
in Newco and (iii) December 31, 2015 (the “ING Required Holding Period”). 

  

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

  

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

  

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

  

	8.	 Taxes. Any cash paid or stock granted and vested pursuant to this Agreement shall be properly and timely reported by Recipient’s
employer for Federal, state, local and/or foreign income taxes and be subject to all applicable income tax and other withholdings. 

  

					
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ING US or Newco or any affiliate, as the case may be, is authorized to withhold from any restricted stock grant awarded or any cash payment made any amounts of withholding, other taxes, or any
other standard deductions from compensation payable in connection with any transaction involving such a grant or payment. In addition, ING US or Newco or any affiliate, as the case may be, is authorized to take any other action, including
withholding from any payroll or other payment made to Recipient or repurchasing Newco restricted common stock from Recipient, as it may deem advisable to satisfy obligations for the payment of withholding taxes and any other obligations relating to
any grant vesting or payment. 
 Notwithstanding anything contained in this Agreement to the contrary, each of the parties hereto
agrees to cooperate in good faith so that all grants or payments made under this Agreement will conform and fully comply with, or be exempt from, Internal Revenue Code Section 409A and the regulations promulgated thereunder. 

 

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

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

  

					
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 (iii) Recipient will not, during and for a period of 12 months following Recipient’s
termination of Employment, directly or indirectly induce or attempt to induce any employee or Insurance Agent (as defined below) or ING US, Newco or any subsidiary or affiliate, to be employed by or to perform services for any entity that competes
with ING US, Newco or any subsidiary or affiliate; 
 (iv) Recipient will not, during and for a period of 12 months following
Recipient’s termination or Employment, directly or indirectly, induce or attempt to induce any agent or agency, Broker, broker-dealer, financial planner, registered principal or representative, supplier or service provider of ING US, Newco or
any subsidiary or affiliate thereof to cease providing services to ING US, Newco or any subsidiary or affiliate thereof; 
 (v)
Recipient will not, during and for a period of 12 months after Recipient’s termination of Employment, directly or indirectly, solicit or attempt to solicit the trade or any individual or entity which, at the time of such solicitation or
attempted solicitation, is a customer of ING US, Newco or any subsidiary or affiliate thereof, or which ING US, Newco or any subsidiary or affiliate thereof is undertaking reasonable steps to procure as a customer at the time of or immediately
preceding termination of Employment; provided, however, that this limitation shall only apply to any product or service which is in competition with a product or service of ING US, Newco or any subsidiary or affiliate thereof and to those customers
or prospective customers with whom Recipient had contact during Recipient’s Employment; and 
 (vi) Following the
termination or Recipient’s Employment, Recipient shall provide assistance to and shall cooperate with ING US, Newco or any subsidiary or affiliate thereof, upon its reasonable request and without additional compensation, with respect to matters
within the scope of Recipient’s duties and responsibilities during Employment, provided that any reasonable out-of-pocket expenses Recipient incurs in connection with any assistance Recipient has been requested to provide under this provision
for items including, but not limited to, transportation, meals, lodging and telephone, shall be reimbursed by ING US, Newco or any subsidiary or affiliate thereof, as applicable. ING and ING US agree and acknowledge that they shall, to the maximum
extent possible under the then prevailing circumstances, coordinate, or cause Newco or a subsidiary or affiliate of ING US or Newco to coordinate, any such request with Recipient’s other commitments and responsibilities to minimize the degree
to which such request interferes with such commitments and responsibilities. 
 The term “Insurance Agent” shall mean
those insurance agents or agencies representing ING US, Newco or any subsidiary or affiliate thereof that are exclusive or career agents or agencies of ING US, Newco or any subsidiary or affiliate thereof, or any insurance agents or agencies which
derive 50% or more of their business revenue from ING US, Newco or any subsidiary or affiliate thereof (calculated on an aggregate basis for the 12 month period prior to the date Recipient terminates Employment or such other similar period for which
such information is more readily available). 

  

					
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 If any provision of Section 9 is determined by a court of competent jurisdiction not to
be enforceable in the manner set forth herein, the ING, ING US and Recipient agree that it is the intention of the parties that such provision should be enforceable to the maximum extent possible under applicable law and that such court shall reform
such provision to make it enforceable in accordance with the intent of the parties. 
 Recipient acknowledges that a material
part of the inducement for ING, ING US and Recipient to provide the Deal Incentive Award evidenced by this Agreement is Recipient’s covenants set forth in this Section 9 and that the covenants and obligations of Recipient with respect to
non-disclosure, non-solicitation and cooperation relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause ING, ING US and Newco irreparable injury for which adequate
remedies are not available at law. Therefore, Recipient agrees that, if Recipient shall breach any of those covenants or obligations, any Deal Incentive Award granted or paid to the Recipient pursuant to this Agreement shall be rescinded and
Recipient shall not be entitled to retain any income derived therefrom and ING, ING US and Newco, as applicable, shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining
Recipient from committing any violation of the covenants and obligations contained in Section 9. The remedies in the preceding sentence are cumulative and are in addition to any other rights and remedies that ING, ING US or Newco may have at
law or in equity as a court or arbitrator shall reasonably determine. 
 For purposes of this Section 9, the term
“Employment” shall refer to active employment with ING US, Newco or any subsidiary, affiliate or successor thereof, and shall not include severance periods and approved leaves of absence related to retirement bridging. 

 

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

  

					
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	11.	Miscellaneous. 

  

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

 

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

 

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

  

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

 

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

  

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

 

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

  

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

  

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

 

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

  

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

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

  

	
	 Recipient

	
	 /s/ Ewout Steenbergen

	 Ewout Steenbergen

  

					
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