Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of April 1, 2021, is by and among Bonanza Creek Energy, Inc., a Delaware
corporation (the “Company”) and Franklin Advisers, Inc., as investment manager on behalf of certain funds and
accounts (the “Holder”).

 

RECITALS:

 

WHEREAS,
this Agreement is being entered into pursuant to the Agreement and Plan of Merger dated as of November 9, 2020, among the Company,
Boron Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, and HighPoint Resources Corporation,
a Delaware corporation (the “Merger Agreement”); and

 

WHEREAS, upon consummation
of the transactions contemplated by the Merger Agreement, including the Exchange Offer (as defined therein), the Company will issue to
the Holder the Shares (as defined below) in accordance with the terms of the Merger Agreement.

 

WHEREAS, this Agreement shall
become effective as of the Effective Time (as defined below).

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by each party hereto, the parties hereby agree as follows:

 

Article I

DEFINITIONS

 

As used herein, the following
terms shall have the following respective meanings:

 

“Adoption Agreement”
means an Adoption Agreement in the form attached hereto as Exhibit A.

 

“Affiliate”
means as to any Person, any other Person who directly, or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with such Person. As used in this Agreement, the term “control,” including the correlative terms
 “controlling,” “controlled by” and “under common control with,” means possession, directly or indirectly,
of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or
other ownership interest, by contract or otherwise) of a Person. For the avoidance of doubt, for purposes of this Agreement, the Company,
on the one hand, and the Holder, on the other hand, shall not be considered Affiliates.

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

“Block Trade”
has the meaning set forth in Section 2.3.

 

“Board”
means the board of directors of the Company.

 

    

     

    

 

“Business Day”
means a day other than a day on banks in the State of New York are authorized or obligated to be closed.

 

“Commission”
means the Securities and Exchange Commission or any successor governmental agency.

 

“Common Stock”
means the common stock of the Company, par value $0.01 per share.

 

“Company”
has the meaning set forth in the introductory paragraph.

 

“Company Securities”
has the meaning set forth in Section 2.5(c)(i).

 

“Effective Time”
has the meaning assigned such term in the Merger Agreement.

 

“Exchange Act”
means the Securities Exchange Act of 1934 or any successor federal statute, and the rules and regulations of the Commission thereunder,
all as the same shall be in effect at the time.

 

“Exchange Offer”
has the meaning assigned such term in the Merger Agreement.

 

“Final Period”
means the period of time beginning on the first anniversary of the Effective Time and ending on the second anniversary of the Effective
Time.

 

“Governmental Entity”
means any federal, state, local or municipal court, governmental, regulatory or administrative agency or commission or other governmental
authority or instrumentality, domestic or foreign (which entity has jurisdiction over the applicable Person).

 

“Holder”
has the meaning set forth in the introductory paragraph and Article V.

 

“Holder Securities”
has the meaning set forth in Section 2.2(b)(i).

 

“Indemnified Party”
has the meaning set forth in Section 3.3.

 

“Indemnifying Party”
has the meaning set forth in Section 3.3.

 

“Initial Period”
means the period of time beginning with the Effective Time and ending on the seven month anniversary of the Effective Time.

 

“Internal Revenue
Code” means the Internal Revenue Code of 1986, as amended, or any successor federal statute, and the regulations of U.S. Treasury
thereunder, all as the same shall be in effect at the time.

 

“Law”
means any law, rule, regulation, ordinance, code, judgment, order, treaty, convention, governmental directive or other legally enforceable
requirement, U.S. or non-U.S., of any Governmental Entity, including common law.

 

“Losses”
has the meaning set forth in Section 3.1.

 

    	 	2	 

     

    

 

“Managing Underwriter”
means, with respect to any Underwritten Offering, the lead book-running manager(s) of such Underwritten Offering.

 

“Merger”
has the meaning assigned such term in the Merger Agreement.

 

“Merger Agreement”
has the meaning set forth in the recitals.

 

“Organized Offering”
means a Shelf Underwritten Offering or a Block Trade.

 

“Permitted Transferee”
means any Affiliate of the Holder, provided that such Transferee has delivered to the Company a duly executed Adoption Agreement.

 

“Person”
means any individual, corporation, partnership, limited liability company, firm, association, trust, government, governmental agency
or other entity, whether acting in an individual, fiduciary or other capacity.

 

“Piggyback Underwritten
Offering” has the meaning set forth in Section 2.5(a).

 

“Proceeding”
means any actual or threatened claim (including a claim of a violation of applicable Law), cause of action, action, audit, demand, litigation,
suit, proceeding, investigation, citation, inquiry, originating application to a tribunal, arbitration or other proceeding at Law or
in equity or order or ruling, in each case whether civil, criminal, administrative, investigative or otherwise, whether in contract,
in tort or otherwise, and whether or not such claim, cause of action, action, audit, demand, litigation, suit, proceeding, investigation,
citation, inquiry, originating application to a tribunal, arbitration or other proceeding or order or ruling results in a formal civil
or criminal litigation or regulatory action.

 

“Registrable Securities”
shall mean (a) the Shares and (b) any securities issued or issuable with respect to the Shares by way of distribution or in
connection with any reorganization or other recapitalization, merger, consolidation or otherwise; provided, however, that a Registrable
Security shall cease to be a Registrable Security when (i) such Registrable Security has been disposed of pursuant to an effective
Registration Statement, (ii) such Registrable Security is disposed of under Rule 144 under the Securities Act or any other
exemption from the registration requirements of the Securities Act as a result of which the Transferee thereof does not receive “restricted
securities” as defined in Rule 144 under the Securities Act, or (iii) such Registrable Security has been sold or disposed
of in a transaction in which the Transferor’s rights under this Agreement are not assigned to the Transferee pursuant to Article V;
and provided, further, that any security that has ceased to be a Registrable Security shall not thereafter become a Registrable
Security and any security that is issued or distributed in respect of securities that have ceased to be Registrable Securities shall
not be a Registrable Security.

 

“Registration Expenses”
means (a) all expenses incurred by the Company in complying with Article II, including, without limitation, all registration
and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants and independent petroleum engineers
for the Company, fees and expenses (including counsel fees) incurred in connection with complying with state securities or “blue
sky” laws, fees of the Financial Industry Regulatory Authority, Inc., and fees of transfer agents and registrars, and
(b) reasonable fees and disbursements of one legal counsel for the Holder; in each case, excluding any Selling Expenses.

 

    	 	3	 

     

    

 

“Registration Statement”
means any registration statement of the Company filed or to be filed with the Commission under the Securities Act, including the related
prospectus, amendments and supplements to such registration statement, and including pre- and post-effective amendments, and all exhibits
and all material incorporated by reference in such registration statement.

 

“Section 2.2
Maximum Number of Shares” has the meaning set forth in Section 2.2(b).

 

“Section 2.5
Maximum Number of Shares” has the meaning set forth in Section 2.5(c).

 

“Securities Act”
means the Securities Act of 1933 or any successor federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time. References to any rule under the Securities Act shall be deemed to refer to any similar
or successor rule or regulation.

 

“Selling
Expenses” means all (a) underwriting fees, discounts and selling commissions allocable to the sale of Registrable Securities,
(b) transfer taxes allocable to the sale of the Registrable Securities, and (c) costs or expenses related to any roadshows
conducted in connection with the marketing of any Shelf Underwritten Offering.

 

“Shares”
means the number of shares of Common Stock issuable to the Holder pursuant to the terms of the Exchange Offer as contemplated by the
Merger Agreement.

 

“Shelf Registration
Statement” has the meaning set forth in Section 2.1(a).

 

“Shelf Underwritten
Offering” has the meaning set forth in Section 2.2(a).

 

“Subsequent Period”
means the period of time beginning on the seven month anniversary of the Effective Time and ending on the one year anniversary of the
Effective Time.

 

“Suspension Period”
has the meaning set forth in Section 2.4.

 

“Transfer”
means any offer, sale, pledge, encumbrance, hypothecation, entry into any contract to sell, grant of an option to purchase, short sale,
assignment, transfer, exchange, gift, bequest or other disposition, direct or indirect, in whole or in part, by operation of law or otherwise.
 “Transfer,” when used as a verb, and “Transferee” and “Transferor” have correlative
meanings.

 

“Underwritten Offering”
means a registered underwritten offering (including an offering pursuant to a Shelf Registration Statement) in which shares of Common
Stock are sold to an underwriter on a firm commitment basis for reoffering to the public.

 

“Underwritten Offering
Filing” means (a) with respect to a Shelf Underwritten Offering, a preliminary prospectus supplement (or prospectus supplement
if no preliminary prospectus supplement is used) to the Shelf Registration Statement relating to such Shelf Underwritten Offering, and
(b) with respect to a Piggyback Underwritten Offering, (i) a preliminary prospectus supplement (or prospectus supplement if
no preliminary prospectus supplement is used) to an effective shelf Registration Statement (other than the Shelf Registration Statement)
in which Registrable Securities could be included and the Holder could be named as a selling security holder without the filing of a
post-effective amendment thereto (other than a post-effective amendment that becomes effective upon filing) or (ii) a Registration
Statement (other than the Shelf Registration Statement), in each case relating to such Piggyback Underwritten Offering.

 

    	 	4	 

     

    

 

“WKSI”
means a well-known seasoned issuer (as defined in Rule 405 under the Securities Act).

 

Article II

 

REGISTRATION RIGHTS

 

Section 2.1           Shelf
Registration.

 

(a)           Within
20 Business Days of the written request of the Holder, which written request may be delivered no earlier than three months after the
Effective Time, the Company shall prepare and file a “shelf” registration statement under the Securities Act to permit the
resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any similar provision
adopted by the Commission then in effect) (the “Shelf Registration Statement”), and the Company shall use commercially
reasonable efforts to cause such Registration Statement to become or be declared effective as soon as practicable after the filing thereof,
including by filing an automatic shelf registration statement that becomes effective upon filing with the Commission in accordance with
Rule 462(e) under the Securities Act to the extent the Company is then a WKSI. Following the effective date of the Shelf Registration
Statement, the Company shall notify the Holder of the effectiveness of such Registration Statement.

 

(b)           The
Shelf Registration Statement shall be on Form S-3 or, if Form S-3 is not then available to the Company, on Form S-1 or
such other form of registration statement as is then available to effect a registration for resale of the Registrable Securities and
shall contain a prospectus in such form as to permit the Holder to sell the Registrable Securities pursuant to Rule 415 under the
Securities Act (or any successor or similar rule adopted by the Commission then in effect) at any time beginning on the effective
date for such Registration Statement. The Shelf Registration Statement shall provide for the distribution or resale pursuant to any method
or combination of methods legally available to the Holder and requested by the Holder.

 

(c)           The
Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, and to be supplemented
and amended to the extent necessary to ensure that the Shelf Registration Statement is available or, if not available, that another Registration
Statement is available, for the resale of all the Registrable Securities until all of the Registrable Securities have ceased to be Registrable
Securities or the earlier termination of this Agreement pursuant to Section 6.1.

 

(d)           When
effective, the Shelf Registration Statement (including the documents incorporated therein by reference) will comply as to form in all
material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of any prospectus contained in the Shelf Registration Statement, in the light of the circumstances under which such statements
are made).

 

    	 	5	 

     

    

 

Section 2.2           Underwritten
Shelf Offering Requests.

 

(a)            In
the event that the Holder elects to dispose of Registrable Securities totaling 5% or more of the outstanding shares of Common Stock of
the Company under a Registration Statement pursuant to an Underwritten Offering, the Company shall, at the request of the Holder, subject
to the agreement of the Company on the form of such Underwritten Offering (whether a typical underwritten offering, or an overnight or
bought deal), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Company with
the underwriter or underwriters selected pursuant to Section 2.2(c) and shall take all such other reasonable actions
as are requested by the Managing Underwriter of such Underwritten Offering and/or the Holder in order to expedite or facilitate the disposition
of such Registrable Securities (a “Shelf Underwritten Offering”); provided, however, that the Company shall
have no obligation to facilitate or participate in (i) any Shelf Underwritten Offerings that are initiated by the Holder pursuant
to this Section 2.2 during the Initial Period, or (ii) more than one Organized Offering that is initiated by the Holder
pursuant to this Section 2.2 or Section 2.3 during or after the Subsequent Period.

 

(b)           If
the Managing Underwriter of the Shelf Underwritten Offering shall inform the Company and the Holder in writing of its belief that the
number of Registrable Securities requested to be included in such Shelf Underwritten Offering by any other Persons having registration
rights with respect to such offering, when added to the number of Registrable Securities proposed to be offered by the Holder, would
materially adversely affect such offering, then the Company shall include in the applicable Underwritten Offering Filing, to the extent
of the total number of Registrable Securities that the Company is so advised can be sold in such Shelf Underwritten Offering without
so materially adversely affecting such offering (the “Section 2.2 Maximum Number of Shares”), Registrable Securities
in the following priority:

 

(i)            First,
all Registrable Securities that the Holder requested to be included therein (the “Holder Securities”), and

 

(ii)           Second,
to the extent that the number of Holder Securities is less than the Section 2.2 Maximum Number of Shares, the shares of Common Stock
requested to be included by any other Persons having registration rights with respect to such offering, pro rata among such other
Persons based on the number of shares of Common Stock each requested to be included.

 

(c)            The
Company shall propose three or more nationally prominent firms of investment bankers reasonably acceptable to the Company to act as the
Managing Underwriter or as other underwriters in connection with such Shelf Underwritten Offering from which the Holder shall select
the Managing Underwriter and the other underwriters. The Holder shall determine the pricing of the Registrable Securities offered pursuant
to any Shelf Underwritten Offering and the applicable underwriting discounts and commissions and determine the timing of any such Shelf
Underwritten Offering, subject to Section 2.4.

 

Section 2.3           Block
Trades. In the event that the Holder elects to dispose of Registrable Securities totaling
5% or more of the outstanding shares of Common Stock of the Company pursuant to an unregistered block trade with the assistance of the
Company (a “Block Trade”), the Company shall, at the request of the Holder, enter into customary agreements and shall
take all such other customary actions as are requested by the Holder in order to expedite or facilitate the disposition of such Registrable
Securities; provided, however, that the Company shall have no obligation to facilitate or participate in (i) any Block
Trades that are initiated by the Holder pursuant to this Section 2.3 during the Initial Period, or (ii) more than one
Organized Offering that is initiated by the Holder pursuant to Section 2.2 or this Section 2.3 during or after
the Subsequent Period.

 

    	 	6	 

     

    

 

Section 2.4            Delay
and Suspension Rights. Notwithstanding any other provision of this Agreement, the Company
may (i) delay filing or effectiveness of a Shelf Registration Statement (or any amendment thereto) or effecting a Shelf Underwritten
Offering, (ii) suspend the Holder’s use of any prospectus that is a part of a Shelf Registration Statement upon written notice
to the Holder (provided that in no event shall such notice contain any material non-public information regarding the Company) (in which
event the Holder shall discontinue sales of Registrable Securities pursuant to such Registration Statement but may settle any then-contracted
sales of Registrable Securities), or (iii) delay a Block Trade, in each case for a period of up to 60 consecutive days, if the Board
determines (A) that such delay or suspension is in the best interest of the Company and its stockholders generally due to a pending
financing or other transaction involving the Company, including a proposed sale of Common Stock pursuant to a Registration Statement,
(B) that such registration or offering would render the Company unable to comply with applicable securities Laws or (C) that
such registration or offering would require disclosure of material information that the Company has a bona fide business purpose
for preserving as confidential (any such period, a “Suspension Period”); provided, however, that in no event
shall any Suspension Periods collectively exceed an aggregate of 120 days in any 12-month period.

 

Section 2.5           Piggyback
Registration Rights.

 

(a)            Subject
to Section 2.5(c), if the Company at any time proposes to file an Underwritten Offering Filing for an Underwritten Offering
of shares of Common Stock for its own account or for the account of any other Persons who have or have been granted registration rights
(a “Piggyback Underwritten Offering”), it will give written notice of such Piggyback Underwritten Offering to the
Holder, which notice shall be held in strict confidence by the Holder and shall include the anticipated filing date of the Underwritten
Offering Filing and, if known, the number of shares of Common Stock that are proposed to be included in such Piggyback Underwritten Offering,
and of such Holder’s rights under this Section 2.5(a). Such notice shall be given promptly (and in any event at least
five Business Days before the filing of the Underwritten Offering Filing or two Business Days before the filing of the Underwritten Offering
Filing in connection with a bought or overnight Underwritten Offering); provided, that if the Piggyback Underwritten Offering
is a bought or overnight Underwritten Offering and the Managing Underwriter advises the Company that the giving of notice pursuant to
this Section 2.5(a) would adversely affect the offering, no such notice shall be required (and the Holder shall have
no right to include Registrable Securities in such bought or overnight Underwritten Offering). If such notice is delivered pursuant to
this Section 2.5(a), the Holder shall then have four Business Days (or one Business Day in the case of a bought or overnight
Underwritten Offering) after the date on which the Holder received notice pursuant to this Section 2.5(a)  to request
inclusion of Registrable Securities in the Piggyback Underwritten Offering (which request shall specify the maximum number of Registrable
Securities intended to be disposed of by the Holder and such other information as is reasonably required to effect the inclusion of such
Registrable Securities). If no request for inclusion from the Holder is received within such period, the Holder shall have no further
right to participate in such Piggyback Underwritten Offering. Subject to Section 2.5(c), the Company shall use its commercially
reasonable efforts to include in the Piggyback Underwritten Offering all Registrable Securities that the Company has been so requested
to include by the Holder; provided, however, that if, at any time after giving written notice of a proposed Piggyback Underwritten
Offering pursuant to this Section 2.5(a) and prior to the execution of an underwriting agreement with respect thereto,
the Company or such other Persons who have or have been granted registration rights, as applicable, shall determine for any reason not
to proceed with or to delay such Piggyback Underwritten Offering, the Company shall give written notice of such determination to the
Holder (which the Holder will hold in strict confidence) and (i) in the case of a determination not to proceed, shall be relieved
of its obligation to include any Registrable Securities in such Piggyback Underwritten Offering (but not from any obligation of the Company
to pay the Registration Expenses in connection therewith), and (ii) in the case of a determination to delay, shall be permitted
to delay inclusion of any Registrable Securities for the same period as the delay in including the shares of Common Stock to be sold
for the Company’s account or for the account of such other Persons who have or have been granted registration rights, as applicable.

 

    	 	7	 

     

    

 

(b)           The
Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any Piggyback Underwritten Offering
at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to the Company of its request
to withdraw. The Holder may deliver written notice (an “Opt-Out Notice”) to the Company requesting that the Holder
not receive notice from the Company of any proposed Piggyback Underwritten Offering; provided, however, that the Holder may later
revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from the Holder (unless subsequently revoked), the
Company shall not, and shall not be required to, deliver any notice to the Holder pursuant to this Section 2.5 and the Holder
shall no longer be entitled to participate in any Piggyback Underwritten Offering.

 

(c)           If
the Managing Underwriter of the Piggyback Underwritten Offering shall inform the Company of its belief that the number of Registrable
Securities requested to be included in such Piggyback Underwritten Offering, when added to the number of shares of Common Stock proposed
to be offered by the Company or such other Persons who have or have been granted registration rights (and any other shares of Common
Stock requested to be included by any other Persons having registration rights on parity with the Holder with respect to such offering),
would materially adversely affect such offering, then the Company shall include in such Piggyback Underwritten Offering, to the extent
of the total number of securities which the Company is so advised can be sold in such offering without so materially adversely affecting
such offering (the “Section 2.5 Maximum Number of Shares”), shares of Common Stock in the following priority:

 

(i)            First,
(A) if the Piggyback Underwritten Offering is for the account of the Company, all shares of Common Stock that the Company proposes
to include for its own account (the “Company Securities”) or, (B) if the Piggyback Underwritten Offering is for
the account of any other Persons who have or have been granted registration rights, all shares of Common Stock that such Persons propose
to include (the “Other Securities”); and

 

    	 	8	 

     

    

 

(ii)            Second,
(A) if the Piggyback Underwritten Offering is for the account of the Company, to the extent that the number of Company Securities
is less than the Section 2.5 Maximum Number of Shares, the shares of Common Stock requested to be included by the Holder and holders
of any other shares of Common Stock requested to be included by Persons having rights of registration on parity with the Holder with
respect to such offering, pro rata among the Holder and such other holders based on the number of shares of Common Stock each
requested to be included and, (B) if the Piggyback Underwritten Offering is for the account of any other Persons who have or have
been granted registration rights, to the extent that the number of Other Securities is less than the Section 2.5 Maximum Number
of Shares, the shares of Common Stock requested to be included by the Holder.

 

Section 2.6           Participation
in Underwritten Offerings.

 

(a)            In
connection with any Underwritten Offering contemplated by Section 2.2 or Section 2.5, the underwriting agreement
into which the Holder and the Company shall enter into shall contain such representations, covenants, indemnities (subject to Article III)
and other rights and obligations as are customary in Underwritten Offerings of securities by the Company. The Holder shall not be required
to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties
or agreements regarding the Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the
securities being registered on its behalf, its intended method of distribution and any other representation required by Law.

 

(b)            Any
participation by the Holder in a Piggyback Underwritten Offering shall be in accordance with the plan of distribution of the Company.

 

(c)            In
connection with any Piggyback Underwritten Offering in which the Holder includes Registrable Securities pursuant to Section 2.5,
the Holder agrees (A) to supply any information reasonably requested by the Company in connection with the preparation of a Registration
Statement and/or any other documents relating to such registered offering and (B) to execute and deliver any agreements and instruments
being executed by all holders on substantially the same terms reasonably requested by the Company or the Managing Underwriter, as applicable,
to effectuate such registered offering, including, without limitation, underwriting agreements (subject to Section 2.6(a)),
custody agreements, lock-ups or “hold back” agreements pursuant to which the Holder agrees with the Managing Underwriter
not to sell or purchase any securities of the Company for the shorter of (i) the same period of time following the registered offering
as is agreed to by the Company and the other participating holders (not to exceed the shortest number of days that a director of the
Company, “executive officer” (as defined under Section 16 of the Exchange Act) of the Company or any stockholder of
the Company (other than the Holder or director or employee of, or consultant to, the Company) who owns 10% or more of the outstanding
Shares contractually agrees with the underwriters of such Piggyback Underwritten Offering not to sell any securities of the Company following
such Piggyback Underwritten Offering and (ii) 60 days from the date of the execution of the underwriting agreement with respect
to such Piggyback Underwritten Offering), powers of attorney and questionnaires.

 

    	 	9	 

     

    

 

Section 2.7           Registration
Procedures.

 

(a)            In
connection with its obligations under this Article II (other than Section 2.3), the Company will:

 

(i)            promptly
prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement until such time as all of such securities have been
disposed of in accordance with the intended methods of disposition by the Holder set forth in such Registration Statement;

 

(ii)            furnish
to the Holder such number of conformed copies of such Registration Statement and of each such amendment and supplement thereto (in each
case including without limitation all exhibits), such number of copies of the prospectus contained in such Registration Statement (including
without limitation each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as the Holder may reasonably request;

 

(iii)            if
applicable, use commercially reasonable efforts to register or qualify all Registrable Securities and other securities covered by such
Registration Statement under such other securities or blue sky laws of such jurisdictions as the Holder shall reasonably request, to
keep such registration or qualification in effect for so long as such Registration Statement remains in effect, and to take any other
action which may be reasonably necessary or advisable to enable the Holder to consummate the disposition in such jurisdictions of the
securities owned by the Holder, except that the Company shall not for any such purpose be required to qualify generally to do business
as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iii) be obligated to
be so qualified or to consent to general service of process in any such jurisdiction;

 

(iv)            in
connection with an Underwritten Offering, use all commercially reasonable efforts to provide to the Holder a copy of any auditor “comfort”
letters, customary legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves
of the Company, in each case that have been provided to the Managing Underwriter in connection with the Underwritten Offering;

 

(v)            promptly
notify the Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery
that, or upon the happening of any event as a result of which, the prospectus included in such Registration Statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein not misleading in the light of the circumstances under which they were made, and at the request of the Holder
promptly prepare and file or furnish to the Holder a reasonable number of copies of a supplement or post-effective amendment to the Registration
Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or
file any other required document as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances under which they were made;

 

    	 	10	 

     

    

 

 

(vi)            otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available
to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act;

 

(vii)           provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from
and after a date not later than the effective date of such Registration Statement;

 

(viii)          cause
all Registrable Securities covered by such Registration Statement to be listed on any securities exchange on which the Common Stock is
then listed; and

 

(ix)            in
connection with any Underwritten Offering or Block Trade, enter into such customary agreements and take such other actions as the Holder
shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; and

 

(x)             in
connection with any Underwritten Offering, cause its officers to use their commercially reasonable efforts to support the marketing of
the Registrable Securities covered by the Registration Statement (including, without limitation, participation in electronic or telephonic
 “road shows”).

 

(b)            The
Holder agrees by acquisition of such Registrable Securities that upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 2.7(a)(v), the Holder will forthwith discontinue the Holder’s disposition of
Registrable Securities pursuant to the Registration Statement until the Holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 2.7(a)(v) as filed with the Commission or until it is advised in writing by the Company
that the use of such Registration Statement may be resumed, and, if so directed by the Company, will deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies, then in the Holder’s possession of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice. The Company may provide appropriate stop orders to enforce the provisions of
this Section 2.7(b).

 

Section 2.8           Cooperation
by Holder. The Company shall have no obligation to include Registrable Securities in any
Registration Statement or Underwritten Offering if the Holder has failed to timely furnish such information as the Company may, from
time to time, reasonably request in writing regarding the Holder and the distribution of such Registrable Securities that the Company
determines, after consultation with its counsel, is reasonably required in order for any registration statement or prospectus supplement,
as applicable, to comply with the Securities Act.

 

    	 	11	 

     

    

 

Section 2.9           Liquidity
Agreements.

 

(a)          (i)             Upon
consummation of the Merger and the Exchange Offer contemplated by the Merger Agreement, the Company issued to the Holder
approximately 4,565,233 Shares, representing approximately 15% of the outstanding shares of Common Stock of the Company in
accordance with the terms of the Merger Agreement. Without the prior written consent of the Company, the Holder (together with its
Permitted Transferees, if any) agrees not to effect any Transfer, or publicly announce an intention to effect any Transfer, of
Company Common Stock for a period from the Effective Time to and including the earlier of:

 

(A)            two
years from the Effective Time, and

 

(B)            the
last day of the fiscal quarter in which the Holder collectively owns less than 10% of the Company’s outstanding Common Stock.

 

(ii)            The
restrictions under this Section 2.9(a) shall not apply to sales by the Holder of shares of Common Stock of the Company
that do not, in any one-month period:

 

(A)            during
the Initial Period, exceed 1% of the Company’s outstanding Common Stock;

 

(B)            during
the Subsequent Period, exceed 1.5% of the Company’s outstanding Common Stock; and

 

(C)            during
the Final Period, exceed 2% of the Company’s outstanding Common Stock.

 

(b)            The
Holder agrees not to effect any sale or distribution of Registrable Securities for a period of up to 30 days following completion of
an Underwritten Offering of equity securities by the Company; provided that (i) the Company gives written notice to the Holder of
the date of the commencement and termination of such period with respect to any such Underwritten Offering and (ii) the duration
of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters
of such public sale or distribution on the Company or on the officers or directors or any other shareholder of the Company on whom a
restriction is imposed; provided further, that this Section 2.9(b) shall not apply to the Holder if (A) the Holder
has delivered (and not revoked) an Opt-Out Notice to the Company or (B) the Holder, owns less than 10% of the Company’s outstanding
Common Stock.

 

(c)            Until
the two-year anniversary of the Effective Time, the Holder shall provide the Company with written attestation of its compliance with
Section 2.9(a) within five Business Days after the last day of each fiscal quarter of the Company.

 

Section 2.10     Expenses.
The Company shall be responsible for all Registration Expenses incident to its performance of or compliance with its obligations under
this Article II. The Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable
Securities hereunder.

 

    	 	12	 

     

    

 

Article III

INDEMNIFICATION AND CONTRIBUTION

 

Section 3.1           Indemnification
by the Company. The Company will indemnify and hold harmless the Holder, its officers and
directors and each Person (if any) that controls the Holder within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act from and against any and all losses, claims, damages, liabilities, costs (including reasonable costs of preparation
and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such Person in connection with any investigation
or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (“Losses”) as incurred,
caused by, arising out of or based upon, resulting from or related to any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the
Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or based on any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in
the case of any prospectus, in the light of the circumstances under which such statement is made), provided, however, that
such indemnity shall not apply to that portion of such Losses caused by, or arising out of, any untrue statement, or alleged untrue statement
or any such omission or alleged omission, to the extent such statement or omission was made in reliance upon and in conformity with information
furnished in writing to the Company by or on behalf of the Holder expressly for use therein.

 

Section 3.2           Indemnification
by the Holder. The Holder agrees to indemnify and hold harmless the Company, its officers
and directors and each Person (if any) that controls the Company within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act from and against any and all Losses caused by, arising out of, resulting from or related to any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus relating to Registrable
Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary
prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any prospectus, in the light of the circumstances under which such statement is made),
only to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing by or
on behalf of the Holder expressly for use in such Registration Statement or prospectus relating to the Registrable Securities, or any
amendment or supplement thereto, or any preliminary prospectus.

 

Section 3.3           Indemnification
Procedures. In case any Proceeding (including any governmental investigation) shall be instituted
involving any Person in respect of which indemnity may be sought pursuant to Section 3.1 or Section 3.2, such
Person (the “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying
Party”) in writing (provided that the failure of the Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations under this Article III, except to the extent the Indemnifying Party is actually
prejudiced by such failure to give notice), and the Indemnifying Party shall be entitled to participate in such Proceeding and, unless
in the reasonable opinion of outside counsel to the Indemnified Party a conflict of interest between the Indemnified Party and Indemnifying
Party may exist in respect of such claim, to assume the defense thereof jointly with any other Indemnifying Party similarly notified,
to the extent that it chooses, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying
Party to such Indemnified Party that it so chooses, the Indemnifying Party shall not be liable to such Indemnified Party for any legal
or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof other than reasonable costs
of investigation; provided, however, that (i) if the Indemnifying Party fails to assume the defense or employ counsel
reasonably satisfactory to the Indemnified Party, (ii) if such Indemnified Party who is a defendant in any action or Proceeding
which is also brought against the Indemnifying Party reasonably shall have concluded that there may be one or more legal defenses available
to such Indemnified Party which are not available to the Indemnifying Party or (iii) if representation of both parties by the same
counsel is otherwise inappropriate under applicable standards of professional conduct then, in any such case, the Indemnified Party shall
have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all Indemnified
Parties in each jurisdiction, except to the extent any Indemnified Party or Indemnified Parties reasonably shall have concluded that
there may be legal defenses available to such party or parties which are not available to the other Indemnified Parties or to the extent
representation of all Indemnified Parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct)
and the Indemnifying Party shall be liable for any expenses therefor. No Indemnifying Party shall, without the written consent of the
Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened
action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is
an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional
release of the Indemnified Party from all liability arising out of such action or claim and (B) does not include a statement as
to, or an admission of, fault, culpability or a failure to act, by or on behalf of any Indemnified Party.

 

    	 	13	 

     

    

 

Section 3.4            Contribution.

 

(a)           If
the indemnification provided for in this Article III is unavailable to an Indemnified Party in respect of any Losses in respect
of which indemnity is to be provided hereunder, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall to
the fullest extent permitted by Law contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in
such proportion as is appropriate to reflect the relative fault of such party in connection with the statements or omissions that resulted
in such Losses, as well as any other relevant equitable considerations. The relative fault of the Company (on the one hand) and the Holder
(on the other hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by such party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

(b)            The
Company and the Holder agree that it would not be just and equitable if contribution pursuant to this Article III were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
Section 3.4(a). The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities
referred to in Section 3.4(a) shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Article III, the Holder shall not be liable for indemnification or contribution pursuant to this Article III
for any amount in excess of the net proceeds of the offering received by the Holder, less the amount of any damages which the Holder
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

 

    	 	14	 

     

    

 

Article IV

RULE 144

 

With a view to making available
the benefits of certain rules and regulations of the Commission that may permit the resale of the Registrable Securities without
registration, the Company agrees to use its commercially reasonable efforts to:

 

(a)            make
and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities
Act, at all times from and after the date hereof;

 

(b)            file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act at all times from and after the date hereof; and

 

(c)            so
long as the Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement
of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act and (ii) unless otherwise
available via the Commission’s EDGAR filing system, to the Holder forthwith upon request a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed as the Holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing the Holder to sell any such securities without registration.

 

Article V

TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS

 

The rights to cause the Company
to register Registrable Securities or assist in a Block Trade under Article II of this Agreement may be transferred
or assigned by the Holder to one or more Transferees of Registrable Securities if such Transferee is a Permitted Transferee and such
Transferee has delivered to the Company a duly executed Adoption Agreement. Following any Transfer in compliance with this Article V,
references to the “Holder” in this Agreement shall include the Holder and any Permitted Transferee(s) collectively as
a group.

 

Article VI

 MISCELLANEOUS

 

Section 6.1           Effectiveness.
This Agreement shall not become effective until the Effective Time and shall thereafter be effective until terminated in accordance with
the terms of this Agreement. In the event that the Merger Agreement is terminated prior to the consummation of the transactions contemplated
thereby, this Agreement and all the terms hereunder shall also terminate, regardless of any other provisions set forth in this Agreement.

 

Section 6.2          Termination.
After effectiveness in accordance with Section 6.1, this Agreement shall terminate, and the parties shall have no further
rights or obligations hereunder on (a) the second anniversary of the date hereof or (b) on such earlier date on which both
(i) the Holder owns less than 2.5% of the Company’s voting securities and (ii) all Registrable Securities owned by the
Holder may be sold without restriction (including any limitation thereunder on volume or manner of sale and without the need for current
public information) pursuant to Rule 144 under the Securities Act; provided, however, that Article III
shall survive any termination hereof.

 

    	 	15	 

     

    

 

Section 6.3          Severability
and Construction. Each party hereto agrees that, should any court or other competent authority
hold any provision of this Agreement or part hereof to be invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such other term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as
closely as possible in a mutually acceptable manner in order that the transactions contemplated by the Merger Agreement be consummated
as originally contemplated to the greatest extent possible. Except as otherwise contemplated by this Agreement, in response to an order
from a court or other competent authority for any party hereto to take any action inconsistent herewith or not to take an action consistent
herewith or required hereby, to the extent that a party hereto took an action inconsistent with this Agreement or failed to take action
consistent with this Agreement or required by this Agreement pursuant to such order, such party hereto shall not incur any liability
or obligation unless such party hereto did not in good faith seek to resist or object to the imposition or entering of such order.

 

Section 6.4           Governing
Law; Submission to Jurisdiction; Selection of Forum; Waiver of Jury Trial.

 

(a)            THIS
AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF RELATE TO THIS
AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

 

(b)            THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF THE COURT OF CHANCERY
OF THE STATE OF DELAWARE OR THE DELAWARE SUPREME COURT DETERMINES THAT, NOTWITHSTANDING SECTION 111 OF the
General Corporation Law of the State of Delaware, THE COURT OF CHANCERY DOES NOT HAVE OR SHOULD NOT EXERCISE SUBJECT MATTER JURISDICTION
OVER SUCH MATTER, THE SUPERIOR COURT OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE
OF DELAWARE SOLELY IN CONNECTION WITH ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS
AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT OR IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT, AND
HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY
SUCH DOCUMENT THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN
SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN
OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE
HEARD AND DETERMINED EXCLUSIVELY BY SUCH DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION
OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION
WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN Section 6.7
OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

    	 	16	 

     

    

 

(c)            EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH
PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS Section 6.4.

 

Section 6.5           Adjustments
Affecting Registrable Securities. The provisions of this Agreement shall apply to any and
all shares of capital stock of the Company or any successor or assignee of the Company (whether by merger, consolidation, sale of assets
or otherwise) which may be issued in respect of, in exchange for or in substitution for the Shares, by reason of any stock dividend,
split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise in such a manner and with such
appropriate adjustments as to reflect the intent and meaning of the provisions hereof and so that the rights, privileges, duties and
obligations hereunder shall continue with respect to the capital stock of the Company as so changed.

 

Section 6.6           Binding
Effects; Benefits of Agreement. This Agreement shall be binding upon and inure to the benefit
of the Company and its successors and assigns and the Holder and its successors and assigns. Except as provided in Article V,
neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or
otherwise, by the Holder without the prior written consent of the Company.

 

    	 	17	 

     

    

 

Section 6.7           Notices.
All notices hereunder shall be deemed given if in writing and delivered, by electronic mail, courier, or registered or certified mail
(return receipt requested), to the following addresses (or at such other addresses as shall be specified by like notice):

 

(a)            If
to the Company, to:

 

Bonanza Creek Energy, Inc.

410 17th St.

Denver, CO 80202

Attention: Skip Marter, General Counsel

E
mail:     SMarter@bonanzacrk.com

 

(b)            If
to the Holder, to the address or electronic mail addresses of the Holder as it appears on the Holder’s signature page attached
hereto or such other address as may be designated in writing by the Holder;

 

or to such other address as the party to whom
notice is to be given may have furnished to such other party in writing in accordance herewith. Any notice given by delivery, mail, or
courier shall be effective when received.

 

Section 6.8           Modification;
Waiver. This Agreement may be amended, modified or supplemented only by a written instrument
duly executed by the Company and the Holder. No course of dealing between the Company and the Holder or any delay in exercising any rights
hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions
of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to
enforce each and every provision of this Agreement in accordance with its terms.

 

Section 6.9           Entire
Agreement. Except as otherwise explicitly provided herein, this Agreement (together with
the Merger Agreement, the Confidentiality Agreement (as defined in the Merger Agreement), and any other documents and instruments executed
pursuant hereto or thereto) constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements, oral or written, among the parties hereto with respect thereto.

 

Section 6.10        Counterparts.
This Agreement may be executed and delivered in any number of counterparts and by way of electronic signature and delivery, each such
counterpart, when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement.
Except as expressly provided in this Agreement, each individual executing this Agreement on behalf of a party hereto has been duly authorized
and empowered to execute and deliver this Agreement on behalf of said party hereto.

 

Section 6.11        Further
Assurances. Subject to the other terms of this Agreement, the parties hereto agree to execute
and deliver such other instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate
or necessary, from time to time, to effectuate the transactions contemplated by the Merger Agreement, as applicable.

 

[signature page follows]

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Agreement to be executed by its undersigned duly authorized representative as of the date first
written above.

 

	 	THE COMPANY:
	 	 
	 	Bonanza Creek Energy, Inc.
	 	 
	 	 
	 	 
	 	By:
	/s/ Cyrus D. Marter IV

	 	Name:	Cyrus D. Marter IV
	 	Title:	Executive Vice President, General Counsel and Secretary

  

Signature Page To Registration Rights Agreement

 

      

     

    

 

	 	holder:
	 	 
	 	 
	 	Franklin Advisers, Inc.
	 	 
	 	 
	 	By:
	/s/ Brendan Circle
	 	Name:	Brendan Circle
	 	Title:	SVP

 

	 	Address:
	 	 
	 	One Franklin Parkway 

San Mateo, CA 94403 

Attention: Brendan Circle; Chris Chen

Email(s): 

brendan.circle@franklintempleton.com;

 chris.chen@franklintempleton.com

 

Signature Page To Registration
Rights Agreement

 

      

     

    

 

EXHIBIT A

 

ADOPTION AGREEMENT

 

This Adoption Agreement (“Adoption
Agreement”) is executed by the undersigned transferee (“Transferee”) pursuant to the terms of the Registration
Rights Agreement, dated as of [●], 2021, between Bonanza Creek Energy, Inc. (the “Company”) and Franklin
Advisers, Inc., as investment manager on behalf of certain funds and accounts (the “Holder”) (as amended from
time to time, the “Registration Rights Agreement”). Terms used and not otherwise defined in this Adoption Agreement
have the meanings set forth in the Registration Rights Agreement.

 

By the execution of this
Adoption Agreement, the Transferee agrees as follows:

 

		1.	Acknowledgement. Transferee acknowledges
                                            that Transferee is acquiring certain shares of Common Stock of the Company, subject to the
                                            terms and conditions of the Registration Rights Agreement among the Company and the Holder.

 

		2.	Agreement. Transferee (i) agrees
                                            that the shares of Common Stock of the Company acquired by Transferee shall be bound by and
                                            subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof,
                                            and (ii) hereby adopts the Registration Rights Agreement with the same force and effect
                                            as if he, she or it were originally a party thereto.

 

		3.	Notice. Any notice required as permitted
                                            by the Registration Rights Agreement shall be given to Transferee at the address listed beside
                                            Transferee’s signature below.

 

		4.	Joinder. The spouse of the undersigned
                                            Transferee, if applicable, executes this Adoption Agreement to acknowledge its fairness and
                                            that it is in such spouse’s best interest, and to bind such spouse’s community
                                            interest, if any, in the shares of Common Stock and other securities referred to above and
                                            in the Registration Rights Agreement, to the terms of the Registration Rights Agreement.

 

	Signature:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Address:	 
	Contact Person:	 
	Telephone No:	 
	Email:	 

 

Exhibit AEX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

ING GROEP N.V., 
 Issuer 

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

 
 FOURTH
SUPPLEMENTAL INDENTURE 
 Dated as of April 1, 2021 
  

 
 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 
 $1,100,000,000 1.726% Callable
Fixed-to-Floating Rate Senior Notes due 2027 
 $750,000,000
2.727% Callable Fixed-to-Floating Rate Senior Notes due 2032 

$400,000,000 Callable Floating Rate Senior Notes due 2027 

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 Indenture, dated as of March 29,
2017, as supplemented by this Fourth Supplemental Indenture, dated as of April 1, 2021. 
  

					
	 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 Fourth 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	  	 	1	 
	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	  	 	13	 
	Section 3.02	  	Notice of Redemption; Automatic Revocation	  	 	14	 
	Section 3.03	  	Conditions to Redemption and Purchase	  	 	14	 
			
	 	  	ARTICLE IV	  	 	 
			
	 	  	AMENDMENTS TO THE INDENTURE	  	 	 
			
	Section 4.01	  	Supplemental Indentures Without Consent of Holders.	  	 	14	 
			
	 	  	ARTICLE V	  	 	 
			
	 	  	MISCELLANEOUS PROVISIONS	  	 	 
			
	Section 5.01	  	Effectiveness	  	 	15	 
	Section 5.02	  	Original Issue	  	 	15	 
	Section 5.03	  	Ratification and Integral Part	  	 	15	 
	Section 5.04	  	Priority	  	 	15	 
	Section 5.05	  	Successors and Assigns	  	 	15	 
	Section 5.06	  	Counterparts	  	 	15	 
	Section 5.07	  	Governing Law	  	 	16	 
	Section 5.08	  	Trustee Disclaimer	  	 	16	 

  
 - ii - 

									
		 		  	ARTICLE VI	  			
				
		 		  	DUTCH BAIL-IN POWER	  			
				
	Section 6.01	 		  	Agreement with Respect to Exercise of Dutch Bail-In Power.	  	 	16	 
				
	EXHIBIT A-1	 	 –  
	  	Form of 2027 Note	  			
	EXHIBIT A-2	 	 –  
	  	Form of 2032 Note	  			
	EXHIBIT A-3	 	 –  
	  	Form of Floating Rate Note	  			

  
 - iii - 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of
April 1, 2021 (this “Fourth 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, P.O. Box 1800, 100 BV 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 Fourth 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 three new series of Senior Debt Securities to be
known as the Company’s “$1,100,000,000 1.726% Callable Fixed-to-Floating Rate Senior Notes due 2027” (the “2027 Notes”), the
Company’s “$750,000,000 2.727% Callable Fixed-to-Floating Rate Senior Notes due 2032” (the “2032 Notes” and, together with the 2027
Notes, the “Fixed-to-Floating Rate Notes”) and the Company’s “$400,000,000 Callable Floating Rate Notes due 2027” (the “Floating
Rate Notes” and, together with the Fixed-to-Floating Rate Notes, the “Securities”) under the Indenture. 

The Company intends to amend certain other provisions in the Base Indenture, as set forth in Article IV of this Fourth Supplemental Indenture,
to apply to all series of Senior Debt Securities created under the Indenture, the Securities and all future Senior Debt Securities created under the Indenture; 

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

NOW, THEREFORE, THIS FOURTH 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 Fourth 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 Fourth 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 Fourth 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, England, Amsterdam, the Netherlands or in the City of New York, United States. 

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

“Call Date” means, (i) April 1, 2026, with respect to the 2027 Notes, (ii) April 1, 2031,
with respect to the 2032 Notes and (iii) April 1, 2026, with respect to the Floating Rate Notes. 

“Company” has the meaning set forth in the first paragraph of this Fourth 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 6.01(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 fifth U.S.
Government Securities Business Day preceding the applicable Floating Rate Interest Reset Date. 
 “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.

  
 -2- 

 “Floating Rate Interest Reset Date” means each of
(i) July 1, 2026, October 1, 2026 and January 1, 2027, with respect to the 2027 Notes, (ii) July 1, 2031, October 1, 2031 and January 1, 2032, with respect to the 2032 Notes and (iii) every
January 1, April 1, July 1, and October 1 in each year, commencing on July 1, 2021, and ending on (and including) January 1, 2027 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 Fourth 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 fifth U.S. Government Securities Business Day preceding the applicable Call Date
and (ii) with respect to the Floating Rate Notes, on March 25, 2021, 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; 

“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; 

  
 -3- 

 “Issue Date” has the meaning set forth in
Section 2.01. 
 “Margin” means (i) 1.005% per annum, with respect to the 2027 Notes, (ii)
1.316% per annum, with respect to the 2032 Notes and (iii) 1.010% 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 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; 

  
 -4- 

 “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 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; 

  
 -5- 

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

  

	 	(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; and 

 “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; and 

“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 five 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 

  
 -6- 

 “SOFR
IndexStart” means the SOFR Index value on the date that is five 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 25, 2021; 

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”. 

“SOFR Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and
including) the fifth U.S. Government Securities Business Day preceding the first date in such Floating Rate Interest Period to (but excluding) the fifth 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 Fourth Supplemental Indenture. 

“Unadjusted SOFR Benchmark Replacement” means the SOFR Benchmark Replacement excluding the applicable SOFR
Benchmark Replacement Adjustment. 

  
 -7- 

 “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 Fourth 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 Fourth 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 Fourth Supplemental Indenture constitutes an integral part of the Base Indenture.
Notwithstanding any other provision of this Fourth Supplemental Indenture, all provisions of this Fourth 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 Fourth Supplemental Indenture, refer to this Fourth Supplemental Indenture as a whole and not to any particular provision of this Fourth 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 Fourth Supplemental Indenture; 

  

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

  

	 	(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.

  
 -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. 

(a) There are hereby established three new series of Senior Debt Securities under the Base Indenture entitled the “$1,100,000,000 1.726%
Callable Fixed-to-Floating Rate Senior Notes due 2027”, the “$750,000,000 2.727% Callable
Fixed-to-Floating Rate Senior Notes due 2032” and the “$400,000,000 Callable Floating Rate Senior Notes due 2027”. The 2027 Notes, the 2032 Notes and the
Floating Rate Notes shall be executed and delivered in substantially the form attached hereto as Exhibit A-1, Exhibit A-2 and Exhibit
A-3 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 2027 Notes in an aggregate principal amount of $1,100,000,000, the 2032 Notes in an aggregate principal amount
of $750,000,000 and the Floating Rate Notes in an aggregate principal amount of $400,000,000, in each case on April 1, 2021 (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 April 1, 2027 in
respect of the 2027 Notes, April 1, 2032 in respect of the 2032 Notes and April 1, 2027 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 6.01 of this Fourth 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 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. 

  
 -9- 

 Section 2.02 Interest. 

(a) During the applicable Fixed Rate Period, (i) the interest rate on the 2027 Notes shall be 1.726% per annum and (ii) the interest
rate on the 2032 Notes shall be 2.727% 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 April 1 and October 1 of each year, commencing on October 1, 2021, 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 October 1, 2021 for the period commencing on (and including) April 1, 2021, and ending on (but excluding) October 1,
2021. 
 (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 2027 Notes will be payable quarterly in arrear on July 1, 2026, October 1, 2026, January 1, 2027 and the applicable Maturity Date, (ii) interest on
the 2032 Notes will be payable quarterly in arrear on July 1, 2031, October 1, 2031, January 1, 2032 and the applicable Maturity Date and (iii) interest on the Floating Rate Notes will be will be payable quarterly in arrear
on every January 1, April 1, July 1 and October 1 in each year, commencing on July 1, 2021, 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 July 1, 2021 for the period commencing on (and including) April 1, 2021, and ending on (but excluding)
July 1, 2021. 
 (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 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). 

  
 -10- 

 (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 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: 

  
 -11- 

 (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 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. 

  
 -12- 

 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. 

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). 

  
 -13- 

 (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 Section 0.00(a). 
 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, regulations, regulatory technical standards, rules or guidelines once in effect in The Netherlands and
as then in effect). 
 ARTICLE IV 

AMENDMENTS TO THE INDENTURE 

Section 4.01 Supplemental Indentures Without Consent of Holders.  

(a) The first paragraph of Section 3.03 of the Base Indenture is hereby amended and restated in its entirety to read as follows: 

“The Senior Debt Securities shall be executed on behalf of the Company by a Chairman of the Executive Board, a Vice
Chairman of the Executive Board, any member of the Executive Board, or the Chief Financial Officer of the Company (or any other officer of the Company designated in writing by or pursuant to authority of the Executive Board and delivered to the
Trustee from time to time). The signature of any of these officers on the Senior Debt Securities may be manual, facsimile or electronic. Senior Debt Securities bearing the manual, facsimile or electronic signatures of individuals who were at any
time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Senior Debt Securities.” 

  
 -14- 

 (b) The fifth paragraph of Section 3.03 of the Base Indenture is
hereby amended and restated in its entirety to read as follows: 
 “No Senior Debt Security shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Senior Debt Security a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Trustee by manual
or electronic signature, and such certificate upon any Senior Debt Security shall be conclusive evidence, and the only evidence, that such Senior Debt Security has been duly authenticated and delivered hereunder and that such Senior Debt Security is
entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Senior Debt Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Senior Debt
Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Senior Debt Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.” 
 ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.01 Effectiveness. This Fourth Supplemental Indenture shall become effective upon its execution and delivery. 

Section 5.02 Original Issue. The Securities may, upon execution of this Fourth 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 5.03 Ratification and Integral Part. The Base Indenture as supplemented by this Fourth Supplemental Indenture, is in all
respects ratified and confirmed, including without limitation all the rights, immunities and indemnities of the Trustee, and this Fourth Supplemental Indenture shall be deemed an integral part of the Base Indenture in the manner and to the extent
herein and therein provided. 
 Section 5.04 Priority. This Fourth 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 Fourth 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 5.05 Successors and Assigns. All covenants and agreements in the
Base Indenture, as supplemented by this Fourth Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 5.06 Counterparts. This Fourth 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 Fourth
Supplemental Indenture relating to the execution and delivery of this Fourth Supplemental Indenture and any documents to be delivered in connection herewith 

  
 -15- 

 
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 5.07 Governing Law. This Fourth 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 5.08 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 Issuer 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 Fourth Supplemental Indenture. 
 ARTICLE VI 

DUTCH BAIL-IN POWER 

Section 6.01 Agreement 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; 

  
 -16- 

 (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 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.

  
 -17- 

 (e) The Company’s obligations to indemnify and reimburse the Trustee in accordance with
Section 6.07 of the Base Indenture hereof 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 Fourth
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 6.01. 

(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 6.01(h). 

  
 -18- 

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

			
	 ING GROEP N.V.

		
	By:	 	/s/ K.I.D. Tuinstra
		 	 Name: K.I.D. Tuinstra

		 	 Title: Authorized Signatory

		
	By:	 	/s/ P.G. van der Linde
		 	 Name:P.G. van der Linde

		 	 Title: Legal Counsel

	
	THE BANK OF NEW YORK MELLON,
LONDON BRANCH, AS TRUSTEE
		
	By:	 	/s/ Tom Vanson
		 	 Name: Tom Vanson

		 	 Title: Authorized Signatory

 Signature Page to the Fourth 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. 

1.726% Callable Fixed-to-Floating Rate Senior Notes due 2027

  

			
	No. [  ]	  	$                            

 CUSIP NO. 456837 AV5 

ISIN NO. US456837AV55 
 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 April 1, 2027 (the “Maturity Date”), and to
pay interest thereon from April 1, 2021 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 April 1 and
October 1 in each year (each, a “Fixed Rate Interest Payment Date”), commencing on October 1, 2021 and ending on (and including) April 1, 2026 (the “Call Date”), at the rate of 1.726% per annum (the
“Fixed Interest Rate”). Thereafter, interest shall be paid quarterly in arrear on July 1, 2026, October 1, 2026, January 1, 2026 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 five U.S.
Government Securities Business Days (as defined on the reverse of this Security) prior to the Call Date, and (B) 1.005% 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) 1.005%
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. 
 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
Fourth 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, England 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 Fourth 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 Fourth Supplemental Indenture, dated as of April 1,
2021 (the “Fourth 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 $1,100,000,000, 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, London Branch, or its successor appointed by the Company
pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, London Branch, dated April 1, 2021. 

“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 fifth 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 July 1, 2026, October 1, 2026 and January 1, 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-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 Benchmark, then “SOFR Benchmark” means the applicable SOFR Benchmark Replacement (as
defined in the Indenture). 

  
 A-1-5 

 “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 five 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 five 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 Fourth 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 fifth
U.S. Government Securities Business Day preceding the first date in such Floating Rate Interest Period to (but excluding) the fifth 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 Fourth 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 Fourth 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-1-7 

 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
Fourth 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 Fourth 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 Fourth 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 Fourth Supplemental Indenture or any losses suffered in connection therewith. 
 Notwithstanding any other
provision of Section 2.02(d) of the Fourth 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 aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 A-1-9 

 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; 

  
 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 Fourth 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. 

  
 A-1-11 

	 	(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-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. 

2.727% Callable Fixed-to-Floating Rate Senior Notes due 2032

  

			
	No. [    ]	  	                                      
                                      $
		
		  	CUSIP NO. 456837 AW3
		  	ISIN NO. US456837AW39

 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 April 1, 2032 (the “Maturity Date”), and to pay interest thereon from April 1, 2021 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 April 1 and October 1 in each year (each, a “Fixed Rate Interest Payment
Date”), commencing on October 1, 2021 and ending on (and including) April 1, 2031 (the “Call Date”), at the rate of 2.727% per annum (the “Fixed Interest Rate”). Thereafter, interest shall be paid
quarterly in arrear on July 1, 2031, October 1, 2031, January 1, 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 five U.S. Government Securities Business Days (as defined on the reverse of this Security) prior
to the Call Date, and (B) 1.316% 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) 1.316% 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. 

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 Fourth 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, England 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 Fourth 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 Fourth Supplemental Indenture, dated as of April 1,
2021 (the “Fourth 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 $750,000,000, 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, London Branch, or its successor appointed by the Company
pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, London Branch, dated April 1, 2021. 

“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 fifth 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 July 1, 2031, October 1, 2031 and January 1, 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-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: 

 

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

  
 A-2-5 

 “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 five 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 five 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 Fourth 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): 
  

	 	(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 fifth
U.S. Government Securities Business Day preceding the first date in such Floating Rate Interest Period to (but excluding) the fifth 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 Fourth 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 Fourth 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-2-7 

 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
Fourth 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 Fourth 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 Fourth 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 Fourth Supplemental Indenture or any losses suffered in connection therewith. 
 Notwithstanding any other
provision of Section 2.02(d) of the Fourth 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-2-8 

 
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-2-9 

 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-2-10 

	 	(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 Fourth 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-2-11 

 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. 

Callable Floating Rate Senior Notes due 2027 

No.
[    ]                                     
                                         
                                         
                                         
                $ 
 CUSIP NO. 456837 AX1 

ISIN NO. US456837AX12 
 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 April 1, 2027 (the
“Maturity Date”), and to pay interest thereon from April 1, 2021 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 January 1, April 1, July 1 and October 1 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 March 25, 2021, and (B) 1.010% per annum, subject to a
minimum rate of 0.00% per annum (the “Minimum Rate”). Thereafter, the interest rate for any Interest Period will 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) 1.010% 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 Fourth 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, England 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 Fourth 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 

 Exhibit A-3 

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

 (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 Fourth Supplemental Indenture, dated as of April 1,
2021 (the “Fourth 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 $400,000,000, 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, London Branch, or its successor appointed by the Company
pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, London Branch, dated April 1, 2021. 

“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 fifth U.S. Government Securities Business Day preceding
the applicable Interest Reset Date (or March 25, 2021, with respect to the first 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 January 1, April 1, July 1 and October 1 in each year, commencing on
July 1, 2021, and ending on (and including) January 1, 2027. 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-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” 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-3-5 

	 	(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 five 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 five 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 25, 2021; 
 provided that, subject to the circumstances described
in Section 2.02(d) of the Fourth 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-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 Interest Period, the period from (and including) the fifth U.S.
Government Securities Business Day preceding the first date in such Interest Period to (but excluding) the fifth 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 Fourth 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 Fourth 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-3-7 

 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
Fourth 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 Fourth 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 Fourth 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 Fourth Supplemental Indenture or any losses suffered in connection therewith. 
 Notwithstanding any other
provision of Section 2.02(d) of the Fourth 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 Fourth 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-3-11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]