Document:

Exhibit 10-BBaK Q3FY15

AMENDMENT NUMBER 20 TO
TRANSFER AND ADMINISTRATION AGREEMENT

AMENDMENT NUMBER 20 TO TRANSFER AND ADMINISTRATION AGREEMENT, dated as of August 27, 2014 (this "Amendment"), among TECH DATA CORPORATION, a Florida corporation ("Tech Data"), as collection agent (in such capacity, the "Collection Agent"), TECH DATA FINANCE SPV, INC., a Delaware corporation, as transferor (in such capacity, the "Transferor"), LIBERTY STREET FUNDING LLC, a Delaware limited liability company ("Liberty"), CHARIOT FUNDING LLC, a Delaware limited liability company, as successor by merger to Falcon Asset Securitization Company LLC ("Chariot"), as a Class Conduit and a Chariot Bank Investor, VICTORY RECEIVABLES CORPORATION, a Delaware corporation ("Victory" and collectively with Liberty and Chariot, the "Class Conduits"), THE BANK OF NOVA SCOTIA, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency ("Scotia Bank"), as a Liberty Bank Investor and as agent for Liberty and the Liberty Bank Investors (in such capacity, the "Liberty Agent"), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, NEW YORK BRANCH, a bank organized under the laws of Japan acting out of its New York Branch ("BTMU") as a Victory Bank Investor and as agent for Victory and the Victory Bank Investors (in such capacity, the "Victory Agent"), SUNTRUST BANK, a Georgia banking corporation ("SunTrust"), as a SunTrust Bank Investor, and JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A.), a national banking association ("JPMorgan Chase"), as agent for Chariot and the Chariot Bank Investors (in such capacity, the "Chariot Agent") and as successor administrative agent for Liberty, Chariot, Victory, the Liberty Bank Investors, the Victory Bank Investors, the SunTrust Bank Investors and the Chariot Bank Investors (in such capacity, the "Administrative Agent"), amending that certain Transfer and Administration Agreement dated as of May 19, 2000, among the Transferor, the Collection Agent, the Class Conduits (as defined thereunder) and the Bank Investors (as defined thereunder) (as amended to the date hereof, the "Original Agreement" and said agreement as amended hereby, the "Agreement").

WHEREAS, the parties desire to amend the Original Agreement to reflect the assignment of portions of the Commitment to BTMU, Victory and SunTrust and assignment of the role of Chariot Bank Investor to Chariot, in each case pursuant to an Assignment and Assumption Agreement, dated of even date herewith (the "Assignment"), and to make certain other revisions to the Original Agreement; 

WHEREAS, capitalized terms used herein shall have the meanings assigned to such terms in the Original Agreement;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

SECTION 1.    Amendment to Original Agreement.  The Original Agreement shall be amended in the manner specified in this Section 1.
(a)    Section 1.1 if the Original Agreement is hereby amended by adding thereto the following new definition:

"Anti-Corruption Laws" shall mean all laws, rules, and regulations of any jurisdiction applicable to the Seller Parties  or their respective Subsidiaries from time to time concerning or 

relating to bribery or corruption.

(b)    The definition of "Base Rate" in the Original Agreement is hereby amended by replacing the word "greater" with "greatest" in the first line of the definition and replacing clause (iii) thereof with the following: "(iii) the one-month LIBOR Rate plus 1.00% or, in the case of Chariot or the Chariot Bank Investors, the Daily/90 Day LIBOR Rate plus 1.00%."

(c)    The definition of "Commitment" in the Original Agreement is hereby amended by adding the following proviso to clause (i) thereof:

"; provided, that, notwithstanding the foregoing, "Commitment" shall mean the dollar amounts set forth opposite such Bank Investor's signature on the signature page of the most recent amendment to this Agreement which contains such dollar amounts on its signature page," 

(d)    The definition of "Commitment Termination Date" in the Original Agreement is hereby amended by replacing the reference to "October 31, 2014" with a reference to "August 25, 2016" in clause (ii) of such definition.

(e)    The definition of "Concentration Factor" in the Original Agreement is hereby amended by replacing "2.40%" with "3.00%" in the last row of the second column entitled "Individual Obligor Percentage."

(f)    The definition of "Conduit Assignee" in the Original Agreement is hereby deleted in its entirety and replaced with the following:

"Conduit Assignee" means, with respect to a Class Conduit, any commercial paper conduit that finances its activities directly or indirectly through asset backed commercial paper and is administered by the related Class Agent with respect to such Class Conduit or any of its Affiliates and designated by such Class Agent from time to time to accept an assignment from such Class Conduit of all or a portion of the Net Investment and/or Commitment of such Class Conduit.

(g)    Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definition:

"Daily/90 Day LIBOR Rate" shall mean, for any day, a rate per annum equal to the three month London-Interbank Offered Rate administered by ICE Benchmark Administration (or any other Person that takes over the  administration of such rate) appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time in accordance with its customary practices for purposes of providing quotations of interest rates applicable to U.S. Dollar deposits in the London interbank market) at approximately 11:00 a.m. (London time) on such day or, if such day is not a Business Day in London, the immediately preceding Business Day in London. In the event that such rate is not available on any day at such time for any reason, then the "Daily/90 Day LIBOR Rate" for such day shall be the rate at which three month U.S. Dollar deposits of $5,000,000 are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m. (London time) on such day; and if the Administrative Agent is for any reason unable to determine the Daily/90 Day LIBOR Rate in the foregoing manner or has determined in good faith that the Daily/90 Day LIBOR Rate determined in such manner does not accurately reflect the cost of acquiring, funding or maintaining a Purchaser Interest, then the "Daily/90 Day LIBOR Rate" for such day shall be the Base Rate.

(h)    The definition of "Dilution Reserve Percentage" shall be amended to remove the subtraction of "ECDR" (and deleting the definition of Expected Contractual Dilution Ratio) such that the calculation shall read as 

follows: 
 
[(2.25 x EDR)] + [(DS - EDR) x (DS /EDR)]  x DHR

(i)    The definition of "Eligible Receivable" in the Original Agreement is hereby amended by:
 
(i)    deleting clause (ii) thereof and replacing it with the following:

"(ii)    except as permitted by clause (xix) hereof, the Obligor of which is a resident of the United States or one of its instrumentalities, is a Designated Obligor at the time of the initial creation of an interest therein hereunder, is not an Affiliate or employee of any of the parties hereto, and is not a government or a governmental subdivision or agency;"

(ii)    adding thereto the following new clause (xix):

"(xix)    with respect to not more than 5% of the Receivables, the Obligor with respect to which is a resident of any jurisdiction other than the United States or one of its instrumentalities."

(iii) deleting the word "and" after existing clause (xvii) and replacing the period after existing clause (xviii) with "; and".

(j)    The definition of "Eurodollar Rate" in the Original Agreement is hereby amended by (i) replacing each reference to "SUSI Issuer Bank Investor" with "SunTrust Bank Investor" in the first parenthetical proviso of such definition, (ii) replacing each reference to "Bank of America as a Bank Investor" with "SunTrust Bank Investor" in the first parenthetical proviso of such definition, and (iii) replacing clause (i) thereof with the following: "(i) the applicable LIBOR Rate or, in the case of Chariot or the Chariot Bank Investors, the Daily/90 Day LIBOR Rate or, in the case of the SunTrust Bank Investors, a rate per annum determined on the basis of the offered rate for deposits in U.S. dollars of amounts equal or comparable to the principal amount of the related Incremental Transfer offered for a term comparable to such Eurodollar Tranche Period, which rates appear on page BBAM on the Bloomberg Terminal (successor to Telerate page 3750) (“Page BBAM”) (or any other page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits for such Eurodollar Tranche Period in United States dollars) at approximately 11:00 a.m. (London time), two Business Days prior to the first day of such Eurodollar Tranche Period, provided that if no such offered rates appear on such page, the LIBO Rate for such Eurodollar Tranche Period will be the arithmetic average (rounded upwards, if necessary, to the next higher 1/100th of 1%) of rates quoted by not less than three (3) major banks in New York, New York, selected by the Administrative Agent, at approximately 10:00 a.m. (New York City time), two Business Days prior to the first day of such Eurodollar Tranche Period, for deposits in U.S. dollars offered by leading European banks for a period comparable to such Eurodollar Tranche Period in an amount comparable to the principal amount of such Incremental Transfer".

(k)    The definition of "Facility Limit" in the Original Agreement is hereby deleted in its entirety and replaced by the following:

"Facility Limit" shall mean (i) with respect to the Class of which BTMU is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the BTMU Bank Investors, (ii) with respect to the Class of which Liberty is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the Liberty Bank Investors, in each case, at any time in effect, (iii) with respect to the Class of which Chariot is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the Chariot Bank Investors, in each case, at any time in effect, (iv) with respect to the Class of which SunTrust is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the SunTrust Bank Investors, in each case, at any time in 

effect, and (v) with respect to any other Class, the amount specified as such in any supplement hereto for such Class; provided that, with respect to any other Class, the Facility Limit for such Class shall not at any time exceed the aggregate Commitments for the Bank Investors in such Class."

(l)    The Original Agreement is hereby amended by deleting the definition of "Falcon" and replacing it with the following new definition, inserted in proper alphabetical order:

"Chariot" shall mean Chariot Funding LLC, as successor by merger to Falcon Asset Securitization Company LLC, and its successors and assigns.

(m)    The Original Agreement is hereby amended by replacing each instance of "Falcon," "Falcon Agent" and "Falcon Bank Investors" with, respectively, "Chariot," "Chariot Agent" and "Chariot Bank Investors."

(n)    The Original Agreement is hereby amended by deleting the definition of "Falcon Bank Investors" and replacing it with the following new definition, inserted in proper alphabetical order:

"Chariot Bank Investors" shall mean Chariot and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement."

(o)    Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definition:

"FATCA" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version), any current or future regulations or official interpretations thereof and any agreement (including any intergovernmental agreement or any law implementing such intergovernmental agreement) entered into in connection therewith.

(p)    Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definition:

"Internal Revenue Code" shall mean the Internal Revenue Code of 1986, as amended.

(q)    The definition of "Maximum Percentage Factor" in the Original Agreement is hereby amended by replacing the reference to "98%" with "100%".

(r)    The definition of "Proceeds" in the Original Agreement is hereby amended by replacing the reference to "Section 9-306(1) of the UCC" with "Section 9-102(a)(64) of the UCC".

(s)    Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definitions:

"Sanctions" shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control ("OFAC") of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty's Treasury of the United Kingdom.

"Sanctioned Country" shall mean, at any time, a country or territory which is the subject or target of Sanctions that broadly prohibit or restrict dealings with such country (currently Cuba, Iran, North Korea, Sudan, and Syria).

"Sanctioned Person" shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the OFAC, the U.S. Department of State, the 

United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person 50% or more owned by or otherwise controlled by a Person described in foregoing clauses (a) or (b).

(t)    The definition of "Yield and Servicing Fee Reserve" in the Original Agreement is hereby amended by replacing the reference to "2.0%" in clause (i) thereof with "1.0%".

(u)    Section 2.2 of the Original Agreement is hereby amended by

(i) replacing the first proviso contained in the first sentence of the first paragraph thereof with the following:

"; provided that either such Bank Investors shall have previously accepted the assignment by the related Class Conduit of all of such Class Conduit's interest in the Affected Assets or there is no related Class Conduit in the Class to which a Bank Investor belongs," 

(ii) deleting in its entirety the second paragraph of Section 2.2 thereof and replacing it with the following language:

"The Transferor shall, by notice to the Administrative Agent given by telecopy, offer to convey, transfer and assign to the Administrative Agent, on behalf of any of the applicable Class Investors, undivided percentage ownership interests in the Receivables and the other Affected Assets relating thereto not later than 3:00 p.m. (New York time) on the Business Day prior to the proposed date of any Incremental Transfer; provided, that the Transferor may make a same-day Incremental Transfer on up to 2 days during any one week, in which case the Transferor shall provide the notice and make the transfer required hereunder by not later than 9:30 a.m. (New York time) on the Business Day of such Incremental Transfer and such notice shall be provided directly to each Class Investor.  With respect to each Class, each such notice shall specify (w) whether such request is made to the Administrative Agent on behalf of the Class Conduit for such Class or the related Bank Investors for such Class , or, in the case of a same-day Incremental Transfer, directly to the Class Conduit for such Class or the related Bank Investors for such Class (it being understood and agreed that with respect to Bank Investors in a Class which has not related Class Conduit and Bank Investors who acquire any interest in the Transferred Interest hereunder in lieu of their related Class Conduit, such Bank Investors shall be required to purchase all of the portion of the Transferred Interest held by the related Class Conduit in accordance with Section 10.7 and thereafter such Class Conduit shall no longer accept any additional Incremental Transfers hereunder), (x) the desired Transfer Price (which shall be at least $5,000,000 per Class or integral multiples of $1,000,000 in excess thereof and, in the case of same-day Incremental Transfer, not greater than $50,000,000) or, to the extent that the then available unused portion of the Aggregate Maximum Net Investment is less than such amount, such lesser amount equal to such available portion of such Aggregate Maximum Net Investment), (y) the desired date of such Incremental Transfer and (z) the desired Tranche Period(s) and allocations of the Net Investment for such Class of such Incremental Transfer thereto as required by Section 2.3.  The Administrative Agent will promptly notify each Class Agent and each Class Conduit or related Bank Investors for such Class, as applicable, of the Administrative Agent's receipt of any request for an Incremental Transfer to be made to such Person, other than in the case of any same-day Incremental Transfer.  To the extent that any such Incremental Transfer is requested of a Class Conduit, such Class Conduit shall accept or reject such offer by notice given to the Transferor and the Administrative Agent by telephone or telecopy by no later than the close of its business on the Business Day following its receipt of any such request or, in the case of any same-day Incremental Transfer, as soon as commercially 

reasonable.  Each notice of proposed Transfer shall be irrevocable and binding on the Transferor and the Transferor shall indemnify each Class Investor against any loss or expense incurred by such Class Investor, either directly or through a Liquidity Provider Agreement, as a result of any failure by the Transferor to complete such Incremental Transfer including, without limitation, any loss (including loss of anticipated profits) or expense incurred by such Class  Investor, either directly or pursuant to a Liquidity Provider Agreement by reason of the liquidation or reemployment of funds acquired by such Class Investor (or a related Liquidity Provider) (including, without limitation, funds obtained by issuing commercial paper or promissory notes or obtaining deposits as loans from third parties) to fund such Incremental Transfer."

(iii) deleting the first sentence of the fourth paragraph of Section 2.2 thereof and replacing it with the following language:

"By not later than 11:00 a.m. (New York time) on any Transfer Date or, in the case of any Transfer Date on which a same-day Incremental Transfer is to occur, as soon as commercially reasonable, each Class Investor participating in the Incremental Transfer occurring on such date shall remit its share (which, in the case of an Incremental Transfer to the Bank Investors for any Class shall be equal to each such Bank Investor's Pro Rata Share) of the aggregate Transfer Price for such Transfer to the account of the Administrative Agent specified therefor from time to time by the Administrative Agent by notice to such Persons." 

(iv) by adding the following at the end of the first sentence of the first paragraph of Section 2.6:

"provided, that the Transferor may also voluntarily pay to the Administrative Agent, for the benefit of the Class Investors from previously received Collections, any other amount to be applied in reduction of the Aggregate Net Investment.  Any such voluntary payment may be made after notice to the Administrative Agent given by telecopy, not later than 3:00 p.m. (New York time) on the Business Day prior to the proposed date of such payment; provided, that the Transferor may make a same-day voluntary payment on up to 2 days during any one week (any such same-day voluntary payment not to exceed $20 million), in which case the Transferor shall provide notice thereof not later than 9:30 a.m. (New York time) on the Business Day of such voluntary payment and such notice shall be provided directly to each Class Investor."

(v)    Section 2.3(c) of the Original Agreement is hereby amended by deleting the third sentence thereof and replacing is with the following:

"If no Termination Event shall have occurred and the only portion of the Transferred Interest which is funded by reference to the Eurodollar Rate is the portion thereof held by the SunTrust Bank Investor, the margin applicable to the Eurodollar Rate shall be adjusted as provided in the definition thereof." 

(w)    Section 2.8(a) of the Original Agreement is hereby amended by deleting the fifth sentence thereof and replacing it with the following:

"The Transferor shall not, and shall not permit the Seller to, change its respective name, identity or corporate structure, type of organization or jurisdiction of organization, place of business or, if more than one, chief executive office, or any office where Records are kept unless it shall have: (i) given the Administrative Agent at least thirty (30) days prior notice thereof and (ii) prepared at Transferor's expense and delivered to the Administrative Agent all financing statements, instruments and other documents necessary to preserve and protect the Transferred Interest or requested by the Administrative Agent or any Class Agent in connection with such 

change or relocation." 

(x)    The Original Agreement is hereby amended by adding thereto the following new Section 2.15:

"Section 2.15    Compliance with FATCA.    Each Class Investor shall deliver to the Transferor and the Administrative Agent at the time or times prescribed by law or at such time or times reasonably requested by the Transferor or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Transferor or the Administrative Agent as may be necessary for the Transferor and the Administrative Agent to comply with their obligations under FATCA and to determine that such Class Investor has complied with such Class Investor's obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Notwithstanding any other provision herein, if the Transferor or Administrative Agent is required to withhold taxes under FATCA, the Transferor and the Administrative Agent shall be authorized to deduct from payments to be made to such Class Investor amounts representing taxes payable by such Class Investor under FATCA, as determined in the sole discretion of the Transferor or the Administrative Agent, and to remit such amounts to the applicable governmental authorities. 

(y)    Section 3.1 of the Original Agreement is hereby amended by

(i)    replacing existing clause (o) thereof with the following:

"(o)    Not an Investment Company.  The Transferor is not and, will not as a result of the transactions contemplated hereby be, required to register as an "investment company" under the Investment Company Act of 1940, as amended, without reliance on the exceptions contained in Sections 3(c)(1) or 3(c)(7) thereunder unless the Transferor is entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under C.F.R. 75.10(c)(8)."

(ii)    adding the following new clause (u) thereto:

"(u)    Anti-Corruption Laws and Sanctions.  The Transferor has implemented and shall continue to implement and maintain in effect policies and procedures reasonably designed to ensure compliance by it and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Transferor and its officers and employees and, to the knowledge of the Transferor, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of the Transferor or, to the knowledge of the Transferor, any of its directors, officers, employees or agents that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person.  The Transferor will not employ the proceeds obtained, or related transactions contemplated, under this Agreement in such a manner as would violate Sanctions or Anti-Corruption Laws."

(z)    Section 3.3 of the Original Agreement is hereby amended by adding the following new clause (o) thereto: 

"(o)    Anti-Corruption Laws and Sanctions.  Tech Data has implemented and shall continue to implement and maintain in effect policies and procedures reasonably designed to ensure compliance by it and its Subsidiaries, directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Tech Data, its Subsidiaries and its officers and employees and to the knowledge of Tech Data, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of Tech Data or any of its Subsidiaries or, to the knowledge of Tech Data, any of its directors, officers, 

employees or agents that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person.  Tech Data will not employ the proceeds obtained, or related transactions contemplated, under this Agreement in such a manner as would violate Sanctions or Anti-Corruption Laws."

(aa)    Section 5.1(j) of the Original Agreement is hereby amended by replacing the first sentence thereof with the following: 

"The Transferor shall not (i) account for (including for accounting and tax purposes), or otherwise treat, the transactions contemplated by the Purchase Agreement in any manner other than as a sale of Receivables by Tech Data to the Transferor, or (ii) treat (other than for accounting or tax purposes) the transactions contemplated hereby in any manner other than as a sale of the Receivables by the Transferor to the Administrative Agent on behalf of the Class Investors."

(bb)    Section 5.1 of the Original Agreement is hereby amended by adding the following new clause (p) thereto: 

"(p)    The Transferor will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by it and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions." 

(cc)    Section 5.2 of the Original Agreement is hereby amended by adding the following new clause (l) thereto: 

"(l)    The Transferor shall not use the proceeds of any Incremental Transfer, or allow the proceeds of any Incremental Transfer to be used (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transactions of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner, in each case, as would result in the violation of any Sanctions applicable to any party hereto."

(dd)    Section 5.3 of the Original Agreement is hereby amended by adding the following new clause (m) thereto: 

"(m)    Tech Data will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by it and its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions." 

(ee)    Section 5.4 of the Original Agreement is hereby amended by adding thereto the following new clause (h):

"(h)    Tech Data shall not use any Incremental Transfer or allow the proceeds of any Incremental Transfer to be used (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner, in each case, as would result in the violation of any Sanctions applicable to any party hereto."

(ff)    Section 5.5 of the Original Agreement is hereby deleted in its entirety and replaced by the following new section:

"Section 5.5    Financial Covenants of the Collection Agent.  At all times from the date hereof to the later to occur of (i) the Termination Dates or (ii) the date on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees shall have been paid in full and all other Aggregate Unpaids shall have been paid in full, in cash, unless the Administrative Agent, each Class Conduit (so long as such Class Conduit holds any portion of the Transferred Interest), each Class Agent and the Majority Investors shall otherwise consent in writing, the Collection Agent shall not permit (i) its Consolidated Debt to Capitalization Ratio, as of the last day of each of its fiscal quarters, to be greater than 0.40 to 1.0 or (ii) its Consolidated Interest Coverage Ratio, as of the last day of each of its fiscal quarters, to be less than 3.00 to 1.00.  The effect of currency translation adjustments resulting from any change in currency exchange rates occurring after July 31, 2011 will be excluded from the calculation of the Consolidated Debt-to-Capitalization Ratio. Defined terms used in this Section 5.5 and not defined in Section 1.1 hereof are defined in Annex 5 hereto."

(gg)    Section 7.1(m) of the Original Agreement is hereby amended by deleting the reference therein to "98%" and replacing it with "100%".

(hh)    The definition of "Majority Investor" contained in Section 10.1(a) of the Original Agreement is hereby amended by deleting the words "in excess of 66 and 2/3%" and replacing them with the following "to 50% or more".

(ii)    The Original Agreement is hereby amended by replacing the definition of "CP Rate" in Annex 2 thereto (CP Rate Definition for Chariot) with the following:

"CP Rate" shall mean the Daily/90 Day LIBOR Rate.

(jj)    The Original Agreement is hereby amended by adding thereto new Annex 4 which shall be titled "CP Rate Definition for Victory" and shall contain the following definition:

"CP Rate" shall mean, if applicable, for any period and with respect to any Rate Tranche funded by Commercial Paper Notes, the per annum rate equivalent to the weighted average cost (as determined by Agent and which shall include commissions and fees of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper Notes maturing on dates other than those on which corresponding funds are received by Conduit Purchaser, other borrowings by Conduit Purchaser (other than under any Liquidity Agreement) and any other costs and expenses associated with the issuance of Commercial Paper Notes) of or related to the issuance of Commercial Paper Notes that are allocated, in whole or in part, by Conduit Purchaser or Agent to fund or maintain such Rate Tranche (and which may be also allocated in part to the funding of other assets of Conduit Purchaser (determined in the case of Commercial Paper Notes issued on a discount by converting the discount to an interest equivalent rate per annum); provided that notwithstanding anything in this Agreement or the other Transaction Documents to the contrary, Seller agrees that any amounts payable to Conduit Purchaser in respect of Yield for any Yield Period with respect to any Rate Tranche funded by Conduit Purchaser at the CP Rate shall include an amount equal to the portion of the face amount of the outstanding Commercial Paper Notes issued to fund or maintain such Rate Tranche that corresponds to the portion of the proceeds of such Commercial Paper Notes that was used to pay the interest component of maturing Commercial Paper Notes issued to fund or maintain such Rate Tranche, to the extent that Conduit Purchaser had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Commercial Paper Notes (for purposes of the foregoing, the “interest component” of Commercial Paper Notes equals the excess of the face amount thereof over the net proceeds received by Conduit Purchaser from the issuance of Commercial Paper Notes, except that if such Commercial Paper Notes are issued on an interest-bearing basis its “interest component” will equal the amount of interest accruing on such Notes through maturity).

(kk)    The Original Agreement is hereby amended by updating Exhibit B thereto with the following account numbers: 
for JPMorgan, 

811108778
811108786
905692513
938018827 

and for Bank of America, 

4427213557
3751372055
1596071264
3751045874
3751277435
3750654732
4426371704
4426371717
4426497413
4426497426
4426497439
4426497442
4426815998
4426853824
4426855990
SECTION 2.    Acknowledgement of Assignment.  

(a)    The parties hereto acknowledge the assignment of the role of the Administrative Agent to JPMorgan and the assignment of all or portions of each Bank Investor's Commitment to BTMU and SunTrust that was effected in each case  pursuant to the Assignment.  The Administrative Agent and the Transferor each acknowledge that (i) there is no Class Conduit related to the SunTrust Bank Investors and that notices of Incremental Transfers shall be delivered directly to, and funded in each case by, SunTrust, as a SunTrust Bank Investor, and (ii) Chariot shall perform the duties and obligations of both a Class Conduit and a Chariot Bank Investor under the Agreement.

(b)    In order to reflect the Assignment, the Original Agreement is further amended by deleting therefrom all references to SUSI Issuer, SUSI Issuer Bank Investor and SUSI Issuer Agent and all references to Bank of America as a Bank Investor.

(c)    In order to reflect the Assignment, the Original Agreement is further amended by adding thereto the following terms or, if such term already exists, deleting the definition thereof in its entirety and replacing it with the definition set forth below:
"Bank Investor" shall mean (i) with respect to the Class of which Chariot is a member, the Chariot Bank Investors, (ii)  with respect to the Class of which Liberty is a member, the Liberty Bank Investors, (iii) with respect to the Class of which SunTrust is a member, the SunTrust Bank Investors, (iv) with respect to the Class of which Victory is a member, the Victory Bank Investors, and (v) with respect to any other Class, the financial institutions specified as such in any supplement hereto and their respective successors and permitted assigns.

"Class" means each of the following groups of Class Investors: (i) Chariot and the Chariot Bank Investors, (ii) Liberty and the Liberty Bank Investors, (iii) the SunTrust Bank Investors, (iv) Victory and the Victory Bank Investors, or (v) any other Class consisting of either a multi seller commercial paper conduit and its related Bank Investors or only Bank Investors and, in both cases,  the assigns and participants of such Class, as added from time to time with the consent of the Administrative Agent and the Transferor as set forth in Section 11.2(b) hereof.

"Class Agent" means (i) with respect to the Class of which Chariot is a member, the Chariot Agent, 

(ii) with respect to the Class of which Liberty is a member, the Liberty Agent, (iii) with respect to the Class of which SunTrust is a member, the SunTrust Agent, (iv) with respect to the Class of which Victory is a member, the Victory Agent, and (v) with respect to any other Class, the financial institution or other Person specified as such in any amendment or supplement hereto for such Class.

"Class Investors" means (i) with respect to the Class of which Chariot is a member, Chariot and the Chariot Bank Investors, (ii) with respect to the Class of which Liberty is a member, Liberty and the Liberty Bank Investors, (iii) with respect to the Class of which SunTrust is a member, the Sun Trust Bank Investors, (iv) with respect to the Class of which Victory is a member, Victory and the Victory Bank Investors and (v) with respect to any other Class, the related Class Conduit and the related Bank Investors or only the Bank Investors with respect to any Class that does not have a Class Conduit.

"BTMU" shall mean The Bank of Tokyo-Mitsubishi UFJ, LTD, New York Branch, and its successors and assigns.

"SunTrust" shall mean SunTrust Bank, and its successors and assigns.

"SunTrust Agent" shall mean  SunTrust, in its capacity as agent for the SunTrust Bank Investors, and any successor thereto appointed pursuant to Article IX.

"SunTrust Bank Investors" shall mean SunTrust and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement.

"Victory" shall mean Victory Receivables Corporation, and its successors and assigns.

"Victory Agent" shall mean  BTMU, its capacity as agent for Victory and the Victory Bank Investors, and any successor thereto appointed pursuant to Article IX.

"Victory Bank Investors" shall mean BTMU and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement.

SECTION 3.    Affirmations.  All parties hereto agree and acknowledge that with respect to each Bank Investor party hereto, each Bank Investor has a Commitment and such Commitment of such Bank Investor shall be the dollar amount set forth opposite such Bank Investor's signature on the signature page hereto, which may be different from the Original Agreement. 
SECTION 4. Conditions Precedent.  This Amendment shall become effective on the day on which the Administrative Agent shall have received a copy of this Amendment executed by each party hereto.
SECTION 5. Representations and Warranties.  The Transferor hereby makes to the Class Investors, the Class Agents and the Administrative Agent, on and as of the date hereof, all of the representations and warranties set forth in Section 3.1 of the Original Agreement, subject, to the extent applicable, to the limitations with respect to certain waived matters more particularly identified in the Limited Waiver, dated as of April 29, 2013, as amended by (i) the First Amendment thereto, dated as of July 29, 2013, (ii) the Second Amendment thereto, dated as of October 16, 2013 and (iii) the Third Amendment thereto, dated as of January 27, 2014 (the "Limited Waiver"), each among the parties hereto.  In addition, the Collection Agent hereby makes to the Class Investors, the Class Agents and the Administrative Agent, on the date hereof, all the representations and warranties set forth in Section 3.3 of the Original Agreement, subject, to the extent applicable, to the limitations with respect to certain waived matters more particularly identified in the Limited Waiver.
SECTION 6. Successors and Assigns.  This Amendment shall bind, and the benefits hereof shall inure to the parties hereof and their respective successors and permitted assigns. 

SECTION 7. Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  THE TRANSFEROR HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
SECTION 8. Severability; Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument.  Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
SECTION 9. Captions.  The captions in this Amendment are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.
SECTION 10. Ratification.  Except as expressly affected by the provisions hereof, the Original Agreement as amended by this Amendment shall remain in full force and effect in accordance with its terms and ratified and confirmed by the parties hereto.  On and after the date hereof, each reference in the Original Agreement to "this Agreement", "hereunder", "herein" or words of like import shall mean and be a reference to the Original Agreement as amended by this Amendment.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first written above.

TECH DATA FINANCE SPV, INC.,
  as Transferor

By:  /s/ SCOTT W. WALKER
   Name:  Scott W. Walker
   Title:  Vice President & Treasurer

TECH DATA CORPORATION,
  as Collection Agent

By: /s/ SCOTT W. WALKER
    
   Name:  Scott W. Walker
   Title:    Vice President & Treasurer
 

LIBERTY STREET FUNDING LLC

By: /s/ JILL A. RUSSO
    Name:  Jill A. Russo
    Title:    Vice President

Commitment:                THE BANK OF NOVA SCOTIA,
$100,000,000                as Liberty Agent and as a Liberty Bank Investor

By: /s/ EUGENE DEMPSEY                    
Name: Eugene Dempsey
       Title:   Director

VICTORY RECEIVABLES CORPORATION

By:  /s/ DAVID V. DEANGELIS
    Name:  David V. DeAngelis
    Title:    Vice President

Commitment:                THE BANK OF TOKYO-MITSUBISHI UFJ, LTD,     
$100,000,000                NEW YORK BRANCH, 
as Victory Bank Investor

By:      /s/ MATTHEW ANTIOCO
Name: Matthew Antioco
                           Title: Vice President

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD,     
NEW YORK BRANCH, 
as Victory Agent

By:      /s/ CHRISTOPHER POHL
Name: Christopher Pohl
                           Title: Managing Director

Commitment:                SUNTRUST BANK, as a SunTrust Bank Investor
$100,000,000

By:     /s/ KYLE SHENTON 
       Name: Kyle Shenton
                         Title:   Vice President

  Commitment:                CHARIOT FUNDING LLC,
$100,000,000                as a Class Conduit and as a Chariot Bank Investor

By JPMorgan Chase Bank, N.A., as its Attorney-in-Fact

By:  /s/ CORINA MILLS
Name:  Corina Mills
                           Title:    Executive Director

JPMORGAN CHASE BANK, N.A, as Chariot Agent and as Administrative Agent

By:  /s/ CORINA MILLS
       Name:  Corina Mills
       Title:    Executive Director

ANNEX 5

Definitions for Tech Data Financial Covenants (Section 5.5)

"Consolidated Debt‐to‐Capitalization Ratio" means, as of any date of determination, subject to Section 8.13(c), the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated Total Capitalization as of such date.

"Consolidated Funded Indebtedness" means, as of any date of determination, for Tech Data and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all obligations, whether current or long‐term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures (including all Convertible Debentures), notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers' acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), (e) all Attributable Indebtedness in respect of capital leases, obligations under the Real Estate Financing Facilities and asset securitization transactions, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than Tech Data or any Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which Tech Data or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to Tech Data or such Subsidiary.  "Consolidated Funded Indebtedness" of a Person shall not include (x) any true sale by such Person of accounts receivable, as determined in accordance with GAAP, which sale is not, and is not made in connection with, an obligation under any Real Estate Financing Facility or an asset securitization transaction and (y) any obligation arising under a sale and lease back transaction that is an operating lease.

"Consolidated Total Capitalization" means, as of any date of determination, the sum of Consolidated Funded Indebtedness plus Shareholders' Equity; provided that solely for any determination of Consolidated Total Capitalization for any date ending on or prior to January 31, 2012, the amount of dividends and stock redemptions made by Tech Data shall be excluded from such calculation in an aggregate amount not to exceed $300,000,000.

"Convertible Debentures" means convertible debentures issued pursuant to a Tech Data Indenture, which may be offered in a single transaction, a series of transactions, or in separate transactions.  The Convertible Debentures may be either senior or subordinated debentures.

"Obligations" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

"Shareholders' Equity" means, as of any date of determination, consolidated shareholders' equity of Tech Data and its Subsidiaries as of that date determined in accordance with GAAP.

"Subsidiary" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of Tech Data.

"Tech Data Indenture" means any existing or future indenture between Tech Data and a trustee relating to the offering of Convertible Debentures.EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 
 This Separation
Agreement (the “Agreement”) is entered into by Voya Services Company (“Company”) and Maliz Beams (“Employee”) (collectively “Parties”). 

For and in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which the Parties
acknowledge, the Parties agree as follows: 
  

	 	1.	Employment Status. Employee’s employment status with the Company terminated on October 15, 2014 (“Separation Date”). Subject to Employee’s execution, delivery and nonrevocation of
this Agreement, concurrently with a release of claims in the form attached hereto as Exhibit A, on or before December 1, 2014 (“Release Condition 1”), Employee shall, through and including December 31, 2014, (i) continue to
receive Employee’s regular base salary and (ii) remain eligible to participate in Employee’s health and welfare benefits at the same rates as active employees, in each case as in effect on the Separation Date. 

At all times, Employee shall have no authority to act on behalf of the Company or its “Affiliates” (defined as the Company’s
parents, subsidiaries, affiliates, related companies, their predecessors and successors, officers, directors and employees), and Employee shall not hold herself out as having such authority or enter into any agreement or incur any obligations on
behalf of the Company or any of its Affiliates. 
 Effective as of the Separation Date, Employee hereby resigns from any and all titles,
positions and appointments that Employee holds, whether as an officer, director, trustee or otherwise, with the Company or any of its subsidiaries or affiliates. Employee agrees to take promptly any actions that the Company reasonably deems
necessary or appropriate to formalize or effectuate such resignations. 
 The Parties acknowledge and agree that effective on the Separation
Date, Employee will “separate from service” with the Company within the meaning of Section 409A (as defined below). 
  

	 	2.	Paid Time Off. Following the Separation Date, pursuant to the terms and conditions of the applicable Paid Time Off (“PTO”) policy, Employee will be paid $68,653.85, subject to applicable taxes
and withholdings, representing 204 hours of accrued and unused PTO through the Separation Date. 

  

	 	3.	Health and Welfare Benefits. Beginning on January 1, 2015, Employee may continue to participate in the Company’s health and welfare plans to the extent required by the Consolidated Omnibus Budget
Reconciliation Act of 1986 (“COBRA”), subject to timely election of benefits and payment of COBRA rates as in effect at that time, or as subsequently charged by the Company. 

  
 1 

 Participation in the select health and welfare plans will only continue for so long as Employee
remits payment in the amount and within the specified period of time stated on each monthly COBRA invoice. 
  

	 	4.	Post-Employment Compensation and Benefits. For purposes of this Agreement, Employee’s execution, delivery and nonrevocation, on or after January 1, 2015 and before January 31, 2015, of an
updated release of claims in the form attached hereto as Exhibit A, together with the timely satisfaction of Release Condition 1, is referred to as “Release Condition 2”. 

 

	 	a)	AYCO. Subject to Employee’s compliance with the terms of this Agreement and to satisfaction of Release Condition 2, the Company agrees to continue Employee’s participation in the AYCO financial planning
program through June 1, 2015. 

  

	 	b)	Outplacement. Subject to Employee’s compliance with the terms of this Agreement and to satisfaction of Release Condition 2, and further subject to the Company’s outplacement policy, Employee will be
entitled to participate in outplacement services through the Company’s designated vendor for a period of up to 12 months. 

  

	 	c)	ICP. Subject to Employee’s compliance with the terms of this Agreement and to satisfaction of Release Condition 2, Employee will be eligible for a pro-rated performance incentive award under the Incentive
Compensation Plan (“ICP”) for the 2014 performance year. In accordance with the provisions of the ICP, the amount of the pro-rated ICP award, if any, will be based on Employee’s performance and the actual funding, if any, of the
pertinent business unit, provided that, to the extent that an ICP award is made to Employee, it will be based upon the Employee being deemed to have achieved a “3” rating as an individual performance measure for the 2014 performance year.
Employee has no right or guarantee of any ICP award payment and any such payments are completely discretionary and gratuitous. Payment of a pro-rated ICP award, if any, shall be made at the same time payments are made to active employees of the
Company. Employee will not be eligible for any additional performance incentive awards, retained awards or ICP awards except as provided within this Section. An ICP award, if any, will be subject to applicable taxes and withholdings.

  

	 	d)	 2012 LSPP Performance Shares. Employee received a grant of 81,340 ING Groep N.V. performance shares on March 28, 2012 under the Long Term
Sustainable Performance Plan (“LSPP”), 27,114 of which are scheduled to vest on March 28, 2015. Upon satisfaction of Release Condition 2, and subject to Employee’s compliance with the terms of this Agreement and with the terms of
the grant agreement under which the grant was made, Employee will become immediately vested in 22,595 of such performance shares, representing a prorated number calculated by 

  
 2 

	 	
multiplying 27,114 by a fraction, the numerator of which is ten (10) – the number of months of employment in the 2014 performance year – and the denominator of which is twelve
(12). As soon as practicable following satisfaction of Release Condition 2 (but prior to March 15, 2015), Employee will receive a cash payout, in U.S. Dollars and subject to applicable taxes and withholdings, with respect to such vesting
performance shares. Provided no alternative settlement methodology has been implemented by ING Groep N.V. prior to vesting, the cash payout amount will be determined by multiplying: (i) the total number of vested LSPP performance shares, by
(ii) 1.50, the performance measure determined by ING Groep N.V. as of December 31, 2013, by (iii) the opening price (in Euros) of bearer depository receipts in respect of ordinary shares of ING Groep N.V. on the Amsterdam Stock
Exchange on the Separation Date. The Euro value of the payout will be converted into and paid in U.S. Dollars based on the average Euro/U.S Dollar foreign exchange rate in effect on the Separation Date. Employee otherwise will forfeit all rights in
respect of the grant. Employee will not be eligible for any additional grants. 

  

	 	e)	2012 Deferred Shares. Employee received a grant of 7,068 deferred shares of ING Groep N.V. on March 28, 2012; 2,356 of which are scheduled to vest on March 28, 2015. Subject to Employee’s
compliance with the terms of this Agreement and with the terms of the grant agreement under which the grant was made, upon satisfaction of Release Condition 2 Employee will become immediately vested in all 2,356 of such deferred shares. As soon as
practicable following satisfaction of Release Condition 2 (but prior to March 15, 2015), Employee will receive a cash payout, in U.S. Dollars and subject to applicable taxes and withholdings, with respect to such vesting deferred shares.
Provided no alternative settlement methodology has been implemented by ING Groep N.V. prior to vesting, the cash payout amount will be determined by multiplying: (i) the total number of vested deferred shares, by (ii) the opening price (in
Euros) of bearer depository receipts in respect of ordinary shares of ING Groep N.V. on the Amsterdam Stock Exchange on the Separation Date. The Euro value of the payout will be converted into and paid in U.S. Dollars based on the average Euro/U.S
Dollar foreign exchange rate in effect on the Separation Date. Employee otherwise will forfeit all rights in respect of the grant. Employee will not be eligible for any additional grants. 

 

	 	f)	 2013 Deferred Shares (LTI Grant). Pursuant to a 2013 Award Agreement under the ING U.S., Inc. 2013 Omnibus Employee Incentive Plan
(“Omnibus Plan”), Employee received a grant of 54,167 restricted stock units of Voya Financial, Inc., (“Voya Financial”) on May 7, 2013; 27,083 of which are scheduled to vest on March 27, 2015, 13,542 of which are
scheduled to vest on March 27, 2016, and 13,542 of which are scheduled to vest on March 27, 2017. Subject to satisfaction of Release Condition 2, 

  
 3 

	 	
and to Employee’s continued compliance with the terms of this Agreement and the grant agreement under which the grant was made, Employee will maintain participation in the entire grant in
accordance with the original vesting schedule. As soon as practicable following each vesting date, for each such deferred share that vests, one share of common stock of Voya Financial shall be delivered to Employee. Employee otherwise will forfeit
all rights in respect of the grant. Employee will not be eligible for any additional grants. 

  

	 	g)	2013 Converted Deferred Shares (Annual Incentive Deferral). Pursuant to a 2013 Converted Award Agreement under the Omnibus Plan, Employee received a grant of 18,699 deferred shares of Voya Financial on
May 7, 2013; 9,349 of which are scheduled to vest on March 27, 2015, 4,675 of which are scheduled to vest on March 27, 2016, and 4,675 of which are scheduled to vest on March 27, 2017. Subject to satisfaction of Release Condition
2, and to Employee’s continued compliance with the terms of this Agreement and the grant agreement under which the grant was made, Employee will maintain participation in the entire grant in accordance with the original vesting schedule. As
soon as practicable following each vesting date, for each such deferred share that vests, one share of common stock of Voya Financial shall be delivered to Employee. Employee otherwise will forfeit all rights in respect of the grant. Employee will
not be eligible for any additional grants. 

  

	 	h)	2014 Restricted Stock Units (LTI Grant). Pursuant to a 2014 Award Agreement under the Omnibus Plan, Employee received a grant of 31,497 restricted stock units of Voya Financial on March 7, 2014; 15,748 of
which are scheduled to vest on March 7, 2016, 7,874 of which are scheduled to vest on March 7, 2017, and 7,875 of which are scheduled to vest on March 7, 2018. Subject to satisfaction of Release Condition 2, and to Employee’s
continued compliance with the terms of this Agreement and the grant agreement under which the grant was made, Employee will maintain participation in the entire grant in accordance with the original vesting schedule. As soon as practicable following
each vesting date, for each such restricted stock unit that vests, one share of common stock of Voya Financial shall be delivered to Employee. Employee otherwise will forfeit all rights in respect of the grant. Employee will not be eligible for any
additional grants. 

  

	 	i)	 2014 Restricted Stock Units (Annual Incentive Deferral). Pursuant to a 2014 Award Agreement under the Omnibus Plan, Employee received a grant
of 10,526 deferred shares of Voya Financial on March 7, 2014; 5,263 of which are scheduled to vest on March 7, 2016, 2,631 of which are scheduled to vest on March 7, 2017, and 2,632 of which are scheduled to vest on March 7,
2018. Subject to satisfaction of Release Condition 2 and to Employee’s continued compliance with the terms of this Agreement and the grant agreement under which the grant was made, Employee will

  
 4 

	 	
maintain participation in the entire grant in accordance with the original vesting schedule. As soon as practicable following each vesting date, for each such restricted stock unit that vests,
one share of common stock of Voya Financial shall be delivered to Employee. Employee otherwise will forfeit all rights in respect of the grant. Employee will not be eligible for any additional grants. 

 

	 	j)	Deal Incentive Award. Employee has received a “Deal Incentive Award” from the Company in connection with the initial public offering and a subsequent follow-on offering by Voya Financial. The Deal
Incentive Award has vested in full and is currently held in the form of restricted shares of common stock of Voya Financial (“Deal Incentive Shares”). Employee acknowledges that Deal Incentive Shares shall remain subject to a holding
period until December 31, 2015, unless earlier terminated according to the terms of the Deal Incentive Award, and that such holding period shall continue to apply notwithstanding the termination of Employee’s employment with the Company.

  

	 	k)	Employee shall comply with all applicable laws, and with all policies and practices of the Company and its affiliates, in each case that prohibit insider trading, trading in the stock of Voya Financial, Inc., or any
company affiliated with the Company on the basis of material nonpublic information, or any other impermissible trading practices. 

  

	 	l)	Employee understands and agrees that, except (1) to the extent of any vested balances held by Employee in the Company’s deferred compensation savings plan, cash balance pension plan, supplemental executive
retirement plan, or 401(k) plan, and (2) as otherwise provided in Section 4 of this Agreement, Employee is not entitled to any other payments, benefits, bonuses, incentive awards, option awards, or performance shares, under any other plan
or program of the Company, including but not limited to the Voya Severance Pay Plan, the LSPP, the ICP, and the Omnibus Plan, in connection with the termination of Employee’s employment or otherwise. 

 

	 	m)	Notwithstanding any other provision of this Agreement to the contrary, Employee acknowledges and agrees that the payments and benefits described above are conditioned upon and subject to Employee’s execution of
(i) this Agreement and (ii) the satisfaction of Release Conditions 1 and 2. Each Release Condition shall be satisfied at such time as the release becomes final and irrevocable, provided, however, that Release Condition 1 must be satisfied
no later than December 1, 2014 and Release Condition 2 must be satisfied no later than January 31, 2015. If any Release Condition is not satisfied, then no payments or benefits pursuant to this Agreement shall accrue and no equity or
equity based awards shall vest pursuant to this Agreement. 

  
 5 

	 	5.	Tax Withholding. All payments and benefits paid under this Agreement are subject to applicable withholding, taxes and reporting, as the Company reasonably believes are required by law. 

 

	 	6.	Acknowledgements. 

  

	 	a)	Employee acknowledges that the Company has expended and shall continue to expend substantial amounts of time, money and effort to develop business strategies, employee and customer relationships and goodwill and to
build an effective organization. Employee acknowledges that Employee has become familiar with the Company’s Confidential Information (as defined below), including trade secrets, and that Employee’s services were of special, unique and
extraordinary value to the Company and its Affiliates. Employee acknowledges that the Company has a legitimate business interest and right in protecting its Confidential Information, business strategies, employee and customer relationships and
goodwill, and that the Company would be seriously damaged by the disclosure of Confidential Information and the loss or deterioration of its business strategies, employee and customer relationships and goodwill. 

 

	 	b)	Employee acknowledges (i) that the business of the Company and its Affiliates is national in scope, without geographical limitation, and capable of being performed from anywhere in the U.S., and
(ii) notwithstanding the jurisdiction of formation or principal office of the Company, or the location of any of their respective executives or employees (including, without limitation, Employee), it is expected that the Company and its
Affiliates will have business activities and have valuable business relationships within their respective industries throughout the U.S. 

  

	 	c)	 Employee acknowledges that Employee has carefully read this Agreement and has given careful consideration to the restraints imposed upon Employee by
this Agreement, and is in full accord as to the necessity of such restraints for the reasonable and proper protection of the Confidential Information, business strategies, employee and customer relationships and goodwill of the Company and its
Affiliates now existing or to be developed in the future. Employee expressly acknowledges and agrees that each and every commitment and restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical
area, in light of (i) the scope of the business of the Company and its Affiliates, (ii) Employee’s knowledge of the business of the Company and its Affiliates and (iii) Employee’s relationships with the Company’s
clients or customers. Accordingly, Employee agrees (x) to be bound by the provisions of Sections 7 and 8, it being the intent and spirit that such provisions be valid and enforceable in all respects and (y) acknowledges and agrees that
Employee shall not object to the Company (or any other 

  
 6 

	 	
intended third-party beneficiary of this Agreement) or any of their respective successors in interest enforcing Sections 7 and 8 of this Agreement. 

 

	 	7.	Noncompetition, Noninterference and Nonsolicitation. 

  

	 	a)	Employee agrees that Employee shall not, directly or indirectly, whether by Employee, through an affiliate or in partnership or conjunction with, or as an employee, officer, partner, director, manager, member, owner,
consultant, advisor or agent of any person, entity, firm or corporation: 

  

	 	1)	during the period ending on the first anniversary of the Separation Date, associate with a Competitive Enterprise and in connection with Employee’s association directly or indirectly engage in any activity that is
similar or substantially similar to any activity that Employee was engaged in during Employee’s employment with the Company; 

  

	 	2)	during the period ending on the first anniversary of the Separation Date, solicit, entice, encourage or intentionally influence, or attempt to solicit, entice, encourage or influence, any employee, agent, advisor,
consultant, broker, or other person or entity who performs services for the Company or its Affiliates to resign or leave the employ or engagement of the Company or its Affiliates or otherwise hire, employ, engage or contract any such employee,
agent, advisor, consultant, broker or person or entity who provided services to the Company or its Affiliates during the twelve (12) months prior to such hiring, employment, engagement or contracting, to perform services other than for the
benefit of the Company or its Affiliates; 

  

	 	3)	during the period ending on the first anniversary of the Separation Date, solicit, entice, encourage, or influence, or attempt to solicit, entice, encourage, or influence or assist any other person, entity, firm or
corporation, directly or indirectly, in the solicitation of, any client or customer of the Company or its Affiliates (including any person or entity who has been a client of any of the aforementioned entities at any time during the period of twelve
(12) months before the Separation Date) or any Prospective Client (as defined below), to alter, reduce or terminate its business relationship with the Company or its Affiliates for the direct or indirect benefit of any competitor of the Company
or its Affiliates; 

  

	 	4)	during the period ending on the first anniversary of the Separation Date, directly or indirectly request or advise any present or Prospective Clients or customers of the Company or its Affiliates to withdraw, curtail,
or cancel the client’s or customer’s business with the Company or its Affiliates; or 

  
 7 

	 	5)	during the period ending on the first anniversary of the Separation Date, solicit any agents, advisors, broker-dealers, independent contractors or consultants of the Company or its Affiliates who are under contract or
doing business with the Company or its Affiliates to terminate, reduce or divert business with or from the Company or its Affiliates. 

  

	 	6)	For purposes of this Agreement, “Competitive Enterprise” shall mean any business enterprise that either (i) engages in any activity that competes anywhere with any activity that the Company or any of its
Affiliates is then engaged in or (ii) holds a 2% or greater equity, voting or profit participation interest in any enterprise that engages in such a competitive activity. 

 

	 	7)	For purposes of this Agreement, “Prospective Client” shall mean those persons or entities that Employee knew or reasonably should have known the Company was actively recruiting within the twelve
(12) months prior to her Separation Date. 

  

	 	b)	The restrictive periods set forth in Section 7(a) shall be deemed automatically extended by any period in which Employee is in violation of any of the provisions of Section 7(a), to the extent permitted by
law. 

  

	 	c)	If a final and non-appealable judicial determination is made by a court of competent jurisdiction that any of the provisions of this Section 7 constitutes an unreasonable or otherwise unenforceable restriction
against Employee, the provisions of this Section 7 will not be rendered void but will be deemed to be modified to the minimum extent necessary to remain in force and effect for the longest period and largest geographic area that would not
constitute such an unreasonable or unenforceable restriction (and such court shall have the power to reduce the duration or restrict or redefine the geographic scope of such provision and to enforce such provision as so reduced, restricted or
redefined). 

  

	 	d)	Moreover, notwithstanding the fact that any provision of this Section 7 is determined not to be specifically enforceable, the Company will nevertheless be entitled to recover monetary damages as a result of
Employee’s breach of any such provision. 

  

	 	e)	Any of the restrictions set forth in this Section 7 may be waived, in writing, solely by the Company. The Company’s decision to grant such a written waiver shall reside in its sole and absolute discretion.

  

	 	8.	Nondisclosure of Confidential Information. 

  

	 	a)	 Employee acknowledges that Confidential Information (as defined below) obtained by Employee while employed by the Company and its Affiliates

  
 8 

	 	
is the property of the Company or its Affiliates, as applicable. Therefore, Employee agrees that Employee shall not disclose, share, transfer or provide access to any unauthorized person or
entity or use for Employee’s own purposes or those of any unauthorized person or entity any Confidential Information without the prior written consent of the Company, unless and to the extent that any information has become generally known to
and available for use by the public or within the relevant trade or industry other than as a result of Employee’s acts or omissions in violation of this Agreement; provided, however, that if Employee receives a request to disclose
Confidential Information pursuant to a deposition, interrogation, request for information or documents in legal proceedings, subpoena, civil investigative demand, governmental or regulatory process or similar process, (i) Employee shall
promptly notify in writing the Company, and consult with and assist the Company in seeking a protective order or request for other appropriate remedy, (ii) in the event that such protective order or remedy is not obtained, or if the Company
waives compliance in writing with the terms hereof, Employee shall use reasonable care to disclose only that portion of the Confidential Information, based on the written advice of legal counsel, is legally required to be disclosed and shall
exercise reasonable best efforts to provide that the receiving person or entity shall agree to treat such Confidential Information as confidential to the extent possible (and permitted under applicable law) in respect of the applicable proceeding or
process, and (iii) the Company shall be given an opportunity to review the Confidential Information prior to disclosure thereof. In addition, Employee shall not be prohibited from disclosing Confidential Information to a court or
Employee’s legal counsel in connection with any claim or suit to defend or enforce Employee’s rights with respect to this Agreement or any related agreement (provided that such counsel agrees not to disclose any such information other than
as necessary to the prosecution or defense of such dispute). 

  

	 	b)	 For purposes of this Agreement, “Confidential Information” means information, observations and data concerning the business or
affairs of the Company and its Affiliates, or any funds or accounts managed by the foregoing, including, without limitation, all business information (whether or not in written form) which relates to the Company, its Affiliates, or any funds or
accounts managed by the foregoing, or their customers, suppliers or contractors or any other third parties in respect of which the Company or any of its Affiliates has a business relationship or owes a duty of confidentiality, or their respective
businesses or products, and which is not known to the public generally or within the relevant trade or industry other than as a result of Employee’s breach of this Agreement, including but not limited to: investment methodologies, investment
advisory contracts, fees and fee schedules; investment performance of the accounts managed by the Company or its respective Affiliates (“Track Records”); technical information or reports; brand names, trademarks, formulas; trade
secrets; 

  
 9 

	 	
and “know-how”; operating instructions; training manuals; customer lists (including the (i) names and account balances of participants in defined contribution and defined benefit
plans or (ii) defined benefit or defined contribution plans, administered or maintained by the Company or its Affiliates), customer buying records and habits; product sales records and documents, and product development, marketing and sales
strategies; information relating to plans for any public offering of securities, market surveys; marketing plans; profitability analyses; product cost; long-range plans; information relating to pricing, competitive strategies and new product
development; information relating to any forms of compensation or other personnel-related information; contracts and supplier lists; and litigation and regulatory issues of the Company or any of its Affiliates and strategies to address such issues.
Without limiting the foregoing, Employee agrees to keep confidential the existence of, and any information concerning, any dispute between Employee and the Company or its Affiliates, except that Employee may disclose information concerning any such
dispute to the court that is considering such dispute or to Employee’s legal counsel or spouse (provided that such counsel or spouse agrees not to disclose any such information other than as necessary to the prosecution or defense of such
dispute). Employee acknowledges and agrees that the Track Records were the work of teams of individuals and not any one individual and are the exclusive property of the Company and its Affiliates, and agrees that Employee shall in no event claim the
Track Records as Employee’s own following termination of Employee’s employment from the Company. 

  

	 	c)	Except as expressly set forth otherwise in this Agreement, Employee agrees that Employee shall not disclose the terms of this Agreement, except to Employee’s immediate family and Employee’s financial and legal
advisors, or as may be required by law or ordered by a court or in connection with any claim or suit relating to this Agreement. Employee further agrees that any disclosure to Employee’s financial and legal advisors will only be made after such
advisors acknowledge and agree to maintain the confidentiality of this Agreement and its terms. In addition, Employee is not prohibited from disclosing to any prospective employer the restrictions (or lack thereof) on Employee’s activities
following the Separation Date. 

  

	 	d)	It is understood and agreed that confidentiality is a material term of this Agreement and the payments made hereunder. 

  

	 	9.	 Return of Property. Employee acknowledges that all notes, memoranda, specifications, devices, formulas, records, files, lists, drawings,
documents, 

  
 10 

	 	
models, equipment, property, computer, software or intellectual property relating to the businesses of the Company and its Affiliates, in whatever form (including electronic), and all copies
thereof, that are received or created by Employee while employed by the Company or its Affiliates (including but not limited to Confidential Information, as defined in Section 7(b)) are and shall remain the property of the Company and its
Affiliates, and Employee shall immediately return such property to the Company upon or prior to the Separation Date and, in any event, at the Company’s request. For the avoidance of doubt, as of the date hereof, the Company has expressly
requested that the Employee return any such Company property and not retain copies of such property and Employee acknowledges that Employee has returned and not retained such Company property. Employee further agrees that any property situated on
the premises of, and owned by, the Company or its Affiliates, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company’s personnel at any time with or without notice. 

 

	 	10.	Nondisparagement. Employee agrees not to make, publish or communicate at any time to any person or entity, including, but not limited to, brokers, customers, clients, consultants, advisors and investors of
the Company or its Affiliates, any Disparaging (as defined below) remarks, comments or statements concerning the Company or its Affiliates, or any of their respective present and former directors, officers or employees. Company agrees to instruct
current members of its Executive Committee similarly to refrain from making, publishing or communicating Disparaging remarks concerning Employee. “Disparaging” remarks, comments or statements are those that impugn the character,
honesty, integrity, morality, business acumen or abilities of the individual or entity being disparaged. Nothing contained in this Section 10 shall or shall be deemed to prevent or impair any individual from testifying, to the extent that such
individual reasonably believes such testimony to be true, in any legal or administrative proceeding if such testimony is compelled or requested (or from otherwise complying with legal requirements) or from making any truthful statement in connection
with the enforcement or defense of rights under this Agreement. 

  

	 	11.	 Notification of Employment or Service Provider Relationship. Employee hereby agrees that immediately following the date of this
Agreement and prior to accepting employment with, or agreeing to provide services to, any other person or entity during any period during which Employee remains subject to any of the covenants set forth in Section 7, Employee shall provide such
prospective employer with written notice of Sections 7 and 8 of this Agreement, with a copy of such notice delivered to the Executive Vice President and Chief Financial Officer, Voya Financial, Inc. at 230 Park Avenue, 13th Floor, New York, New York 10169 not later than two (2) days before the date on which Employee is scheduled to commence such employment or engagement. If such notification relates to the
Employee’s commencement of employment with a public company and has not previously been disclosed, then the Company will treat such notification as confidential and will not disclose such information prior to a public announcement, if it would
result in a violation of the securities laws, unless it is 

  
 11 

	 	
reasonably required for the Company to disclose in order to seek an injunction or equitable relief. Employee authorizes the Company to notify any potential or actual subsequent employer of the
Employee’s post-employment obligations to the Company (including the restrictive covenants contained in Sections 7 and 8). In addition, if Employee has been providing services or been employed by any person or entity immediately following the
Separation Date through the date hereof, Employee will immediately provide written notice to the Company at the address set forth above in this Section. 

  

	 	12.	Remedies and Injunctive Relief. Employee acknowledges that a violation by Employee of any of the covenants contained in Section 7 or 8 would cause irreparable damage to the Company in an amount that
would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate. Accordingly, Employee agrees that, notwithstanding any provision of this Agreement to the contrary, the Company shall
be entitled (without the necessity of showing economic loss or other actual damage and without the requirement to post a bond) to injunctive relief (including temporary restraining orders, preliminary injunctions and/or permanent injunctions) in any
court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in Section 7 or 8 in addition to any other legal or equitable remedies it may have. The preceding sentence shall not be construed as a waiver
of the rights that the Company may have for damages under this Agreement or otherwise, and all of the Company’s rights shall be unrestricted. In addition, Employee acknowledges that in the event that Employee breaches Section 7 or 8
(except for an isolated and inadvertent breach), Employee will immediately forfeit Employee’s right to any unpaid payments or benefits set forth in Section 4 and to the extent that such payments have been made, the Company shall have the
right to immediately recover such payments from Employee, and Employee agrees to return any such payments to the Company upon three days’ advance notice. 

  

	 	13.	Representations of Employee; Advice of Counsel. 

  

	 	a)	Employee represents, warrants and covenants that as of the date hereof: (i) Employee has the full right, authority and capacity to enter into this Agreement and perform Employee’s obligations hereunder,
(ii) Employee is not bound by any agreement that conflicts with or prevents or restricts the full performance of Employee’s duties and obligations to the Company hereunder and (iii) the execution and delivery of this Agreement shall
not result in any breach or violation of, or a default under, any existing obligation, commitment or agreement to which Employee is subject. Within two days of the last day of each of the first four calendar quarters following the Separation Date,
Employee agrees to certify in writing in the form attached hereto as Exhibit B that Employee is in compliance with this Agreement, (including the restrictive covenants contained in Sections 7 and 8). 

  
 12 

	 	b)	Prior to execution of this Agreement, Employee was advised by the Company of Employee’s right to seek independent advice from an attorney of Employee’s own selection regarding this Agreement. Employee
acknowledges that Employee has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the provisions of this Agreement after being given the opportunity to consult with counsel. Employee further represents
that in entering into this Agreement, Employee is not relying on any statements or representations made by any of the Company’s directors, officers, employees or agents which are not expressly set forth herein, and that Employee is relying only
upon Employee’s own judgment and any advice provided by Employee’s attorney. 

  

	 	14.	Cooperation. Employee agrees that, upon reasonable notice (after taking into account, to the extent reasonably practicable, Employee’s other personal and business commitments) and without the
necessity of the Company obtaining a subpoena or court order, Employee shall provide reasonable cooperation in connection with any suit, action or proceeding (or any appeal from any suit, action or proceeding), or the decision to commence on behalf
of the Company any suit, action or proceeding, any investigation and/or defense of any claims asserted against any of the Company’s or its Affiliates’ current or former directors, officers, employees, shareholders, partners, members,
agents or representatives of any of the foregoing, and any ongoing or future investigation or dispute or claim of any kind involving the Company, which relates to events occurring during Employee’s employment by the Company as to which Employee
may have relevant information. Company shall, at the request of Employee, provide counsel of the Company’s choosing to advise Employee with respect to such matters. Company shall pay all counsel fees and costs incurred in connection therewith,
provided that Employee avails herself of counsel chosen by Company. Employee acknowledges and agrees that such cooperation may include, but will not be limited to, providing background information within Employee’s knowledge; aiding in the
drafting of declarations; executing declarations or similar documents; testifying or otherwise appearing at investigation interviews, depositions, arbitrations or court hearings; and preparing for the above-described or similar activities. Employee
understands that Employee will receive no additional pay for Employee’s cooperation beyond that provided in this Agreement, with the exception of reimbursement for reasonable travel expenses incurred by Employee in connection with such
cooperation, in accordance with the Company’s travel and entertainment reimbursement policies. Employee acknowledges that compliance with this Section is a condition of continued receipt of benefits under this Agreement. 

 

	 	15.	 Severability. If any provision or any part thereof of this Agreement, including Sections 7 and 8 hereof, as applied to either Party or
to any circumstances, shall be adjudged by a court of competent jurisdiction to be invalid or unenforceable, the same shall in no way affect any other provision or remaining part thereof of this Agreement, which shall be given full effect without
regard to the invalid or 

  
 13 

	 	
unenforceable provision or part thereof, or the validity or enforceability of this Agreement. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the fullest extent possible. 

  

	 	16.	Notice. All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent by facsimile or sent, postage prepaid, by registered,
certified or express mail or overnight courier service and shall be deemed given when so delivered by hand or facsimile, or if mailed, three days after mailing (one business day in the case of express mail or overnight courier service) to the
Parties at the following address: (i) for the Company: Executive Vice President and Chief Legal Officer, Voya Financial, Inc. at 230 Park Avenue, 13th Floor, New York, New York 10169; and
(ii) for the Employee: 20 Green Lane, Weston, MA, 02493 or such other address that Employee may provide in writing, in accordance with the procedures set forth herein. 

 

	 	17.	Governing Law; Forum; Venue and Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without reference to its conflict of law
provisions. Furthermore, Employee and the Company each agrees and consents to submit to personal jurisdiction in the State of New York in any state or federal court of competent subject matter jurisdiction situated in New York County, New York.
Employee and the Company further agree that the sole and exclusive venue for any suit arising out of, or seeking to enforce, the terms of this Agreement shall be in a state or federal court of competent subject matter jurisdiction situated in New
York County, New York. In addition, Employee and the Company waive any right to challenge in another court any judgment entered by such New York County court or to assert that any action instituted by the Company in any such court is in the improper
venue or should be transferred to a more convenient forum. Further, Employee and the Company waive any right they may otherwise have to a trial by jury in any action to enforce the terms of this Agreement. The Parties hereto irrevocably
consent to the service of any and all process in any suit, action or proceeding arising out of or relating to this Agreement by the mailing of copies of such process to such Party at such Party’s address specified in Section 16. Each Party
shall bear its own costs and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with any dispute arising out of or relating to this Agreement. 

 

	 	18.	 Entire Agreement. This Agreement (inclusive of Exhibit A hereto) constitutes the entire agreement and understanding between the
Company and Employee with respect to the subject matter hereof and supersedes all prior agreements and understandings (whether written or oral), between Employee and the Company, relating to such subject matter. None of the Parties shall be liable
or bound to any 

  
 14 

	 	
other Party in any manner by any representations and warranties or covenants relating to such subject matter except as specifically set forth herein. This Agreement shall be binding on the
Parties and each Party’s successors and assigns and in the event Employee shall die while any payment, entitlement or benefit is due to Employee hereunder such payment, benefit or entitlement shall be paid to Employee’s spouse (or if
Employee is not surviving, Employee’s estate). 

  

	 	19.	No Construction against Drafter. No provision of this Agreement or any related document will be construed against or interpreted to the disadvantage of any Party hereto by any court or other governmental
or judicial authority by reason of such Party having or being deemed to have structured or drafted such provision. 

  

	 	20.	Headings and References. The headings of this Agreement are inserted for convenience only and neither constitutes a part of this Agreement nor affect in any way the meaning or interpretation of this
Agreement. When a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. 

  

	 	21.	Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan (PDF)), each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 

 

	 	22.	Section 409A. 

  

	 	a)	 For purposes of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder (and such other Treasury or Internal Revenue Service guidance) as in effect from time to time. The Parties intend that any amounts payable hereunder that could constitute “deferred compensation” within
the meaning of Section 409A will be exempt from or compliant with Section 409A. If Employee reasonably determines that payments of deferred compensation could subject Employee to excise taxes or penalties, then the Company agrees to
negotiate in good faith to restructure such payments in a manner intended to avoid the application of such excise taxes or penalties, to the extent it does not result in increased cost to the Company. Notwithstanding the foregoing, Employee shall be
solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of Employee in connection with this Agreement (including any taxes and penalties under Section 409A of the Code), and
neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold Employee (or any beneficiary) harmless from any or all of such taxes or penalties. Each payment made under this Agreement (including each separate
installment payment in the case of a series of installment payments) shall be deemed 

  
 15 

	 	
to be a separate payment for purposes of Section 409A. Amounts payable under this Agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A to
the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable
provisions of Section 409A. For purposes of this Agreement, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A, references to “termination of employment”,
“termination”, or words and phrases of similar import, shall be deemed to refer to Employee’s “separation from service” as defined in Section 409A, and shall be interpreted and applied in a manner that is consistent
with the requirements of Section 409A. 

  

	 	b)	Notwithstanding anything in this Agreement to the contrary, in the event that Employee is deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and Employee is not
“disabled” within the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred compensation” subject to Section 409A shall be made to Employee prior to the date that is six (6) months after the
date of Employee’s “separation from service” (as defined in Section 409A) or, if earlier, Employee’s date of death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump
sum on the earliest date permitted under Section 409A that is also a business day. 

  

	 	c)	To the extent that any reimbursements are taxable to Employee, any such reimbursement payment due to Employee shall be paid to Employee as promptly as practicable consistent with Company practice following
Employee’s appropriate itemization and substantiation of expenses incurred, and in all events on or before the last day of Employee’s taxable year following the taxable year in which the related expense was incurred. The reimbursements are
not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Employee receives in one taxable year shall not affect the amount of such benefits or reimbursements that Employee receives in any
other taxable year. 

  

	
	Employee:
	
	 /s/ MALIZ BEAMS

	Maliz Beams

  

			
	Date:	 	December 2, 2014

  
 16 

			
	Voya Services Company:
	
	 /s/ BRIDGET M. HEALY

		
	Date:	 	December 2, 2014

 [REMAINDER OF PAGE INTENTIONALLY BLANK] 

  
 17 

 Exhibit A 

RELEASE OF CLAIMS 
 1.
Employee Release of Claims: In exchange for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, including, without limitation, the obligations of Voya Services Company (“Company”) described
in Section 4 of the Separation Agreement dated                     , by and between the Company and Employee (the “Separation
Agreement”), to which Employee agrees that Employee is not entitled until and unless Employee executes this Release and it becomes effective in accordance with its terms, Employee, for and on behalf of herself and her descendants, dependents,
heirs, executors, administrators, successors, trustees, legal representatives, and permitted assigns (collectively, “Releasors”), subject to the last sentence of this Section 1, hereby forever waives, releases and discharges
from any and all claims, demands, complaints, charges, causes of action, or liabilities of any kind whatsoever, upon any legal or equitable theory, whether contractual, common-law, statutory, federal, state, local, or otherwise, both known and
unknown which Releasors ever had, now have or may have against the Company and/or any of its past, present, or future parents, subsidiaries and/or affiliates, and each of their respective predecessors, successors and assigns, shareholders,
directors, officers, partners, members, managers, employees, trustees (in their official and individual capacities), representatives, agents and employee benefits plans and their administrators and fiduciaries (in their official and individual
capacities), and each of their respective affiliates, successors and assigns (collectively, “Releasees”) by reason of facts or omissions which have occurred on or prior to the date that Employee signs this Release
(“Pre-Release Facts”), including without limitation, (i) any and all claims, relating to Employee’s employment by the Company, the terms and conditions of such employment, employee benefits related to her employment or
service, the termination or resignation of her employment, and/or any of the events relating directly or indirectly to or surrounding such termination or resignation; (ii) any and all claims pertaining to employment (whether based on federal,
state or local law, statutory or decisional), including without limitation, all claims under the Age Discrimination in Employment Act of 1967 (“ADEA”) (a law which prohibits discrimination on the basis of age), the Older Workers
Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Civil Rights Act of 1991, the Reconstruction Era Civil Rights Act of 1866, 42 USC §§ 1981-86, the Rehabilitation Act of 1973, the
Family and Medical Leave Act, the Employee Retirement Income Security Act (“ERISA”), the National Labor Relations Act, the Equal Pay Act of 1963, the Workers Adjustment Retraining and Notification Act, the Fair Labor Standards Act ,
any applicable Executive Order Programs, all as amended, and all other federal, state and local laws or municipal statutes or ordinances, including any whistle blower or any other federal, state, or local law, regulation or ordinance prohibiting
discrimination or pertaining to employment; (iii) any and all claims for equitable or monetary relief, including without limitation, compensatory, punitive, treble, liquidated, and/or consequential damages; (iv) any and all claims under
any contract, whether express or implied; (v) any and all claims for unintentional or intentional torts, for emotional distress, and for pain and suffering; (vi) any and all claims for violation of any statutory or administrative rules,
regulations, or codes; (vii) any and all claims for attorneys’ fees, costs, disbursements, back pay, front pay, bonuses, benefits, vacation, and/or the like; and (viii) any and all claims as a holder of securities in the Company or
any of its affiliates which Releasors ever had, now have, or hereafter can, shall, or may have against Releasees for, upon, or by reason of any act, omission, transaction, or occurrence up to and including the date of the execution of this Release.

 Notwithstanding the foregoing terms, Employee does not waive or release: (i) the payments,
entitlements or benefits specifically provided in this Release or the Separation Agreement; (ii) any right or claim that may not legally be waived; (iii) any accrued vested benefits under Company employee benefit plans; or (iv) any
rights Employee had to be indemnified, including coverage under any applicable directors’ and officers’ liability insurance policies, for actions which occurred during her employment, (collectively, the “Unreleased
Claims”). Nothing in this Release bars or releases Employee’s rights to enforce the Unreleased Claims. 
 2.
Proceedings: Employee acknowledges that Employee has not filed any complaint, charge, claim or proceeding, except with respect to an Unreleased Claim, if any, against any of the Releasees before any federal, state or local agency, court or
other body (each individually a “Proceeding”). Employee represents that Employee is not aware of any basis on which such a Proceeding could reasonably be instituted. Employee (i) acknowledges that Employee will not initiate or
cause to be initiated on her behalf any Proceeding and will not participate in any Proceeding, in each case, except as required by law; and (ii) waives any right Employee may have to benefit in any manner from any relief, whether monetary
damages, reinstatement, or other relief or remedies, arising out of any Proceeding, including, without limitation, any Proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”). Further, Employee understands that,
by executing this Release, Employee will be limiting the availability of certain remedies that Employee may have against the Company and limiting also the ability of Employee to pursue certain claims against the Releasees. Notwithstanding the above,
nothing in Section 1 of this Release shall prevent Employee from (i) initiating or causing to be initiated on her behalf any complaint, charge, claim or proceeding against the Company before any federal, state or local agency, court or
other body challenging the validity of the waiver of her claims under the ADEA contained in Section 1 of this Release (but no other portion of such waiver); or (ii) initiating or participating in an investigation or proceeding conducted by
the EEOC. 
 3. Time to Consider: Employee acknowledges that Employee has been advised that she has at least twenty-one (21) days from
the date of receipt of this Release to consider all the provisions of this Release and, if she chooses to sign this Release earlier, she does hereby knowingly and voluntarily waive said minimum twenty-one (21) day period. 

EMPLOYEE REPRESENTS THAT SHE HAS READ THIS RELEASE CAREFULLY AND UNDERSTANDS FULLY THE TERMS OF THE RELEASE, THAT SHE HAS BEEN ADVISED BY THE
COMPANY TO CONSULT WITH AN ATTORNEY, AND THAT SHE HAS HAD THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS RELEASE. EMPLOYEE FULLY UNDERSTANDS THAT BY SIGNING BELOW SHE IS GIVING UP CERTAIN RIGHTS WHICH SHE MAY HAVE TO SUE OR ASSERT
A CLAIM 

  
 2 

 
AGAINST ANY OF THE RELEASEEES BASED ON ANY ACTS OR OMISSIONS OF THE RELEASEES UP TO THE DATE OF THE SIGNING OF THIS RELEASE. EMPLOYEE FURTHER ACKNOWLEDGES THAT SHE HAS NOT BEEN FORCED, COERCED,
SUBJECTED TO DURESS, OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS RELEASE. EMPLOYEE ACKNOWLEDGES THAT SHE IS EXECUTING THIS RELEASE KNOWINGLY AND VOLUNTARILY. 

4. Revocation: Employee hereby acknowledges and understands that Employee shall have seven (7) days from the date of execution of
this Release to revoke this Release (including, without limitation, any and all claims arising under the ADEA) and that the obligation to make the payments to Employee described in Section 4 of the Separation Agreement shall not be enforceable
until eight (8) days have passed since Employee’s signing of this Release without Employee having revoked this Release. If Employee revokes this Release, Employee will be deemed not to have executed this Release. 

5. No Admission: This Release does not constitute an admission of liability or wrongdoing of any kind by Employee or the Company. 

6. General Provisions: A failure of any of the Releasees to insist on strict compliance with any provision of this Release shall not be deemed
a waiver of such provision or any other provision hereof. If any provision of this Release is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable, and in the event that any
provision is determined to be entirely unenforceable, such provision shall be deemed severable, such that all other provisions of this Release shall remain valid and binding upon Employee and the Releasees. 

7. Governing Law; Consent to Jurisdiction: This Release shall be governed by, and construed in accordance with, the laws of the State of New
York, without reference to its conflict of law provisions. Furthermore, Employee and the Company each agrees and consents to submit to personal jurisdiction in the state of New York in any state or federal court of competent subject matter
jurisdiction situated in New York County, New York. Employee and the Company further agree that the sole and exclusive venue for any suit arising out of, or seeking to enforce, the terms of this Release shall be in a state or federal court of
competent subject matter jurisdiction situated in New York County, New York. In addition, Employee and the Company waive any right to challenge in another court any judgment entered by such New York County court or to assert that any action
instituted by the Company in any such court is in the improper venue or should be transferred to a more convenient forum. Further, Employee and the Company waive any right they may otherwise have to a trial by jury in any action to enforce the
terms of this Release. The Parties hereto irrevocably consent to the service of any and all process in any suit, action or proceeding arising out of or relating to this Release by the mailing of copies of such process to such Party at such
Party’s address specified in this Release. Each Party shall bear its own costs and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with any dispute arising out of or relating to this Release. 

  
 3 

 8. Notice. All notices or other communications required or permitted to be given hereunder
shall be in writing and shall be delivered by hand or sent by facsimile or sent, postage prepaid, by registered, certified or express mail or overnight courier service and shall be deemed given when so delivered by hand or facsimile, or if mailed,
three days after mailing (one business day in the case of express mail or overnight courier service) to the Parties at the following address: (i) for the Company: Executive Vice President and Chief Legal Officer, Voya Financial, Inc. at 230
Park Avenue, 13th Floor, New York, New York 10169; and (ii) for the Employee: 20 Green Lane, Weston, MA, 02493 or such other address that Employee may provide in writing, in accordance with
the procedures set forth herein. 
 IN WITNESS WHEREOF, Employee has hereunto set her hand as of the day and year set forth opposite her
signature below. 
  

					
	  
	 		 	
	DATE	 		 	Maliz Beams
			
	DATE	 		 	Name:

  
 4 

 Exhibit B 

I, Maliz Beams certify that I have complied with my obligations pursuant to the Separation Agreement (the “Agreement”) with Voya Services Company
(the “Company”) dated November     , 2014. Without limiting the foregoing, I specifically represent that I have complied with my post employment obligations pursuant to Sections 7 and 8 of the Agreement had those
provisions been in effect as of the Separation Date. Furthermore, I acknowledge that the Company (i) is entitled to rely upon this certification and (ii) would not be required and (iii) would not make any payments to me pursuant to
the Agreement, if I did not continue to comply with my obligations under the Agreement (including without limitation Section 7 and 8 of the Agreement). 
  

	
	  

	Maliz Beams
	
	DATE

  
 5

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