Document:

Exhibit

Exhibit 10.57
VOYA FINANCIAL, INC.

NON-EMPLOYEE DIRECTOR 
RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS AGREEMENT, (the “Award Agreement”), effective as of [DATE], is entered into by and between Voya Financial, Inc. (the “Company”) and [NAME], a director of the Company (the “Grantee”).

WHEREAS, the Company has adopted the 2013 Omnibus Non-Employee Director Incentive Plan (the “Plan”) to promote the interests of the Company and its stockholders by attracting, retaining and motivating its non-employee directors, aligning the interests of such persons with the stockholders of the Company and promoting ownership of the Company’s equity; 

WHEREAS, Section 2.5 of the Plan provides for the grant of restricted stock units (“RSUs”) to Non-Employee Directors under the Plan; and 

WHEREAS, the Board approved the award of $                            per annum in deferred stock units or equivalents to Non-Employee Directors. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

1.Grant of RSUs.  Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, Grantee is hereby granted                 RSUs as of the date of this Award Agreement.  Each RSU represents a conditional right to receive one share of Common Stock.

2.Incorporation of the Plan.  All terms, conditions and restrictions of the Plan (including without limitation Section 1.6.3 and Section 3.6.2 of the Plan) are incorporated herein and made part hereof as if stated herein; provided, that if there is any conflict between the terms and conditions of the Plan and this Award Agreement, the terms and conditions of this Award Agreement shall govern.  Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms in the Plan.  

3.Vesting.  Subject to Section 4 of this Award Agreement, the RSUs granted hereunder will vest on                       (the “Vesting Date”), provided that Grantee is serving as a Non-Employee Director of the Company on the Vesting Date.  

4.Effect of Termination of Service; Change in Control. If Grantee’s service as a Non-Employee Director of the Company is terminated (a) as a result of death or Disability (as defined below), (b) pursuant to the Company’s director retirement policy set forth in its Corporate Governance Guidelines (as they may be amended from time to time) or (c) as a result of Grantee not being nominated for re-election, or not being re-elected, or any other circumstance leading to 

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the involuntary termination of Grantee’s service as a Non-Employee Director of the Company within two years after a Change in Control, all outstanding unvested RSUs shall immediately vest in full on the last day of Grantee’s service as a Non-Employee Director of the Company.  For purposes of this Award Agreement, “Disability” shall mean Grantee’s inability to perform his or her normal required services for the Company for a period of six consecutive months by reason of the individual’s mental or physical disability, as determined by the Board in good faith in its sole discretion.

5.Delivery of Common Stock. One share of Common Stock shall be delivered to Grantee in respect of each vested RSU (including, if applicable, any RSUs vesting pursuant to Section 4 of the Award Agreement) as soon as practicable following the date of termination of Grantee’s service as a Non-Employee Director of the Company for any reason but in any event no later than the end of the calendar year in which such service termination date occurs; provided that in the event of a termination of service under Section 4(c) of this Award Agreement, such delivery shall be made no later than fifteen (15 days) following such service termination date.

6.Forfeiture.  Other than as set forth in Section 4 of this Award Agreement, any unvested RSUs shall expire and be forfeited upon termination of Grantee’s service as a Non-Employee Director of the Company for any reason (including without limitation Grantee’s refusal to stand for re-election, the Board’s failure to nominate Grantee for re-election or the failure of the stockholders of the Company to re-elect Grantee) without any consideration and Grantee shall have no further rights thereto. 

7.Restrictions.  Subject to any exceptions set forth in the Plan, no RSUs granted hereunder may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution.  Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 7 will be null and void and any RSU which is hedged in any manner will immediately be forfeited. All of the terms and conditions of the Plan and this Award Agreement will be binding upon any permitted successors and assigns. 
8.Repayment if Conditions Not Met.  If the Board determines that all terms and conditions of the Plan and this Award Agreement were not satisfied, then Grantee will be obligated to pay the Company immediately upon demand therefor an amount equal to the Fair Market Value (determined at the time of delivery) of the shares of Common Stock delivered with respect to the applicable delivery date, without reduction for any amount applied to satisfy withholding tax or other obligations in respect of this Award.
9.Taxes.  Grantee shall be solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that Grantee incurs in connection with the receipt, vesting or settlement of any RSU granted hereunder.

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10.Clawback/Recoupment.  This Award may be subject to recoupment or clawback as may be required by applicable law, or the Company’s recoupment or “clawback” policy as it may be established or amended from time to time. In addition, with respect to any Award granted prior to the date on which ING Group is no longer required under IFRS to consolidate the Company’s financial statements with its financial statements, the Company shall have the right to claw back previously settled or paid Awards or hold back Awards not yet vested if (i) activities conducted under the responsibility of Grantee, including fraud or malfeasance, led to a material restatement of the Company’s annual accounts or resulted in significant reputational harm to the Company or any of its Subsidiaries or Affiliates, (ii) the Company undergoes significant adverse changes in its economic and regulatory capital base or (iii) the Company or one of its business lines suffers a significant failure in risk management.
11.Dividend Equivalent Rights.  The Grantee has, with respect to all RSUs granted hereby a conditional right to receive amounts equal to the regular cash dividends that would be paid on the shares of Common Stock covered by this Award if such shares had been delivered pursuant to such Award.  Such amounts will be paid in cash, without interest, subject to the same terms and conditions, including but not limited to those related to vesting, forfeiture, cancellation and payment, that apply to the shares of Common Stock covered by this Award to which such dividends are related.  The Grantee will have only the rights of a general unsecured creditor of the Company until payment of such amounts is made as specified herein.
12.Amendment.  No amendment of this Award Agreement shall materially adversely impair the rights of Grantee without Grantee’s consent.    
13.Successors and Assigns.  This Award Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Award Agreement will be binding upon Grantee and Grantee’s beneficiary, if applicable. The Grantee may designate one or more beneficiaries who will receive the RSUs in the event of the Grantee’s death. The Grantee has indicated in Exhibit A any beneficiary or beneficiaries the Grantee wishes to designate. 
14. Captions.  Captions provided herein are for convenience only and shall not affect the scope, meaning, intent or interpretation of the provisions of this Award Agreement.
15.Severability; Entire Agreement.  If any of the provisions of the Plan or this Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided that if any 

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of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and this Award Agreement contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. 

16.Governing Law; Choice of Forum; Waiver of Jury Trial.  This Award Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflict of laws.  By signing this Award Agreement, Grantee recognizes and agrees to the choice of forum provisions set forth in Section 3.16 of the Plan and waives any right Grantee may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with this Award Agreement or the Plan.

17.Acceptance.  Grantee hereby acknowledges receipt of a copy of the Plan and this Award Agreement. Grantee has read and understands the terms and provisions thereof, and accepts the RSUs subject to all of the terms and conditions of the Plan and this Award Agreement. 

18.Section 409A.  This Award Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code.  Notwithstanding the foregoing, the Company makes no representations that the payment and benefits provided under this Award Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Grantee on account of non-compliance with Section 409A of the Code.

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IN WITNESS WHEREOF, the Company has caused this Award Agreement to be duly executed by its duly authorized officer and said Grantee has hereunto signed this Award Agreement on Grantee’s own behalf, thereby representing that Grantee has carefully read and understands this Award Agreement and the Plan as of the day and year first written above.

VOYA FINANCIAL, INC.

By___________________________
    Name: 
Title:  

GRANTEE

By___________________________
    Name:    
    

5Exhibit

    

Exhibit 10.63
2018 Award Agreement
under the
Voya Financial, Inc. 
2014 Omnibus Employee Incentive Plan

Grantee:
Grant Date:
Restricted Stock Units Granted:
Performance Stock Units Granted:

Article 1- General
		
	1.1
	Capitalized terms used but not defined in this agreement (this “Agreement”) shall, unless the context otherwise requires, have the same definition as in the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the “Plan”). Unless otherwise stated or the context so requires, the singular shall be construed to mean the plural, and vice versa.

		
	1.2
	This Award is subject to the terms and conditions of the Plan and as set forth below in this Agreement.  The provisions of this Agreement shall govern and prevail in the event of any conflict with the Plan. Any conflicting or inconsistent term of this Agreement shall be interpreted and implemented by the Committee in a manner consistent with the Plan.

		
	1.3
	The Grantee has read the Plan, and accepts and agrees to the terms and conditions thereof.

Article 2    - Awards
		
	2.1
	Award of RSUs.

		
	(a)
	Award.  Grantee is hereby granted the number of restricted stock units (“RSUs”, and each an “RSU”) indicated above immediately adjacent to the caption “Restricted Stock Units Granted”. Each RSU represents a conditional right to receive one share of Common Stock, subject to Article 3.1(a).  

		
	(b)
	Grant Date of Award.  The grant date of this Award of RSUs is the date indicated above immediately adjacent to the caption “Grant Date” (the “Grant Date”).

		
	(c)
	Consideration.  No consideration is payable by the Grantee in respect of this Award of RSUs.

		
	2.2
	Award of PSUs.

		
	(a)
	Award. Grantee is hereby granted the number of performance share units (“PSUs”, and each a “PSU”) indicated above immediately adjacent to the caption “Performance Share Units Granted”.  Each PSU represents a conditional right to receive a number of shares of Common Stock subject, and determined according, to Article 3.1(b)(ii).

		
	(b)
	Grant Date of Award.  The grant date of this Award of PSUs is the Grant Date.

		
	(c)
	Consideration.  No consideration is payable by the Grantee in respect of this Award of PSUs.

Article 3    - Vesting and Delivery of Award
		
	3.1
	Scheduled Vesting Dates.  

		
	(a)
	Vesting of Awards of RSUs. Subject to Articles 3.2 and 3.4 below, this Award of RSUs will vest one-third on the first anniversary of the Grant Date, one-third on the second anniversary of the Grant Date and one-third on the third anniversary of the Grant Date (each, a “Vesting Date”), provided that the Grantee is still Employed by the Company on each of the respective Vesting Dates. Any fractional shares that would otherwise vest on a Vesting Date will vest on the last Vesting Date.  In the event there are any fractional shares on the final Vesting Date, the number of RSUs that vest on that final Vesting Date will be rounded up to the nearest whole share. As soon as practicable following each Vesting Date (but in any event no later than the end of the calendar year in which such Vesting Date occurs), one share of Common Stock shall be delivered to the Grantee in respect of each RSU which vested on such Vesting Date.

		
	(b)
	Vesting of Awards of PSUs. (i) Subject to Articles 3.3 and 3.4 below, this Award of PSUs will vest on the third anniversary of the Grant Date (the “PSU Vesting Date”), provided that the Grantee is still Employed by the Company on the PSU Vesting Date.  In the event there are any fractional shares on the PSU Vesting Date, the number of PSUs that vest on the PSU Vesting Date will be rounded up to the nearest whole share.

		
	(ii)
	As soon as practicable following the PSU Vesting Date (but in any event no later than the end of the Calendar Year in which the PSU Vesting Date occurs), a number of shares of Common Stock shall be delivered to the Grantee in respect of each PSU which vested on the PSU Vesting Date equal to the number of such PSUs multiplied by a performance factor (a “Performance Factor”) applicable to the period beginning on January 1 of the year in which the Grant Date falls and ending on December 31 of the year immediately preceding the PSU Vesting Date (such period, the “Performance Period”) The Performance Factor for the Performance Period will be determined based on the level of 

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achievement, over the course of the Performance Period, of the performance goals set forth in Annex A hereto.  Grantee understands and acknowledges that the Performance Factor may be zero if applicable minimum goals are not met, and that the Performance Factor may not exceed the maximum amount set forth in Annex A.    
		
	3.2
	Termination of Employment - RSUs.  

		
	(a)
	If Grantee is Retirement-Eligible and ceases to be Employed by the Company for any reason other than Cause prior to the last Vesting Date, then any unvested RSUs shall continue to vest, and shares of Common Stock will continue to be delivered, according to the schedule (and as otherwise) set forth in Article 3.1(a);

		
	(b)
	If Grantee is not Retirement-Eligible and ceases to be Employed by the Company prior to the last Vesting Date by reason of:

		
	(i)
	termination of Grantee’s Employment by the Company for any reason other than (A) due to the Grantee’s death or Disability or (B) for Cause, then, as of the Termination Date, a number of unvested RSUs equal to the number of RSUs that would have vested on the next succeeding Vesting Date following the Termination Date multiplied by the Pro Rata Factor, will vest, and one share of Common Stock shall be delivered to the Grantee in respect of each such vested RSU as soon as practicable following the Termination Date (but in any event no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs), and any RSUs that remain unvested after application of this Article 3.2(b)(i) shall be forfeited; or

		
	(ii)
	the Grantee’s death or Disability, then any unvested RSUs shall vest as of the Termination Date and one share of Common Stock shall be delivered to the Grantee, or to the Grantee’s beneficiary or estate, as the case may be, in respect of each such vested RSU as soon as practicable following the Termination Date (but in any event no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs).

		
	(c)
	If Grantee ceases to be Employed by the Company by reason of termination of Grantee’s Employment by the Company for Cause, regardless of whether Grantee is Retirement-Eligible on the Termination Date, then all unvested RSUs shall immediately lapse and be forfeited for no consideration on the date the notice of termination of Employment is given to the Grantee.

		
	3.3
	Termination of Employment – PSUs

		
	(a)
	If Grantee is Retirement-Eligible and ceases to be Employed by the Company for any reason other than Cause prior to the PSU Vesting Date, then any unvested PSUs shall continue to vest, and shares of Common Stock will continue to be delivered, according to the schedule (and as otherwise) set forth in Article 3.1(b), and the number 

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of shares of Common Stock to be delivered to Grantee in respect of each such vesting PSU will be determined in accordance with Section 3.1(b)(ii);
		
	(b)
	If Grantee is not Retirement-Eligible and ceases to be Employed by the Company prior to the PSU Vesting Date by reason of:

		
	(i)
	termination of Employment by the Company for any reason other than (A) due to the Grantee’s death or Disability or (B) for Cause then, as of the Termination Date, a number of PSUs equal to the number of PSUs that would have vested on the PSU Vesting Date multiplied by the Pro Rata Factor, shall vest, and a number of shares of Common Stock shall be delivered to Grantee in respect of each such vested PSU, such number to be determined in accordance with Article 3.1(b)(ii) using (A) if the Committee shall have determined, prior to the Termination Date, a Performance Factor with respect to the Performance Period (including a Performance Factor calculated on an interim basis with respect to the Performance Period, if the Committee shall have made such a determination), the most recently determined Performance Factor for the Performance Period or (B) if no such Performance Factor shall have been determined with respect to the Performance Period prior to the Termination Date, a Performance Factor of 100%; the shares of Common Stock (if any) so calculated shall be delivered to the Grantee as soon as practicable following the Termination Date (but in any event no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs), and any PSUs that remain unvested after application of this Article 3.3(b)(i) shall be forfeited; or

		
	(ii)
	the Grantee’s death or Disability, then, as of the Termination Date, all unvested PSUs shall vest and a number of shares of Common Stock shall be delivered to Grantee, or to Grantee’s beneficiary or estate, as the case may be, in respect of each such PSU, such number to be determined in accordance with Article 3.1(b)(ii) using (A) if the Committee shall have determined, prior to the date of death, a Performance Factor with respect to the Performance Period (including a Performance Factor calculated on an interim basis with respect to the Performance Period, if the Committee shall have made such a determination), the most recently determined Performance Factor for the Performance Period or (B) if no such Performance Factor shall have been determined with respect to the Performance Period prior to the date of death, a Performance Factor of 100%; the shares of Common Stock (if any) so calculated shall be delivered to the Grantee, or to the Grantee’s beneficiary or estate, as the case may be, as soon as practicable following the Termination Date (but in any event no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs).

		
	(c)
	If Grantee ceases to be Employed by the Company by reason of termination of Grantee’s Employment by the Company for Cause, regardless of whether Grantee is Retirement-Eligible on the Termination Date, then all unvested PSUs shall 

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immediately lapse and be forfeited for no consideration on the date the notice of termination of Employment is given to the Grantee.

		
	3.4
	Change in Control or Termination of Employment – All Awards

		
	(a)
	In the event of a Change in Control, the provisions of Section 3.6 of the Plan shall govern the treatment of this Award, which provisions shall supersede any provision of this Agreement that is inconsistent with such Section 3.6.

		
	(b)
	Notwithstanding Articles 3.2 or 3.3, the Committee in its absolute discretion may consent to vest this Award in whole or in part to the extent it may determine and considers reasonable.

		
	(c)
	Other than as set forth in Article 3.2 and 3.3, or this Article 3.4, any unvested RSUs or PSUs shall expire upon termination of Employment without consideration and the Grantee shall have no further rights thereto.

Article 4    - Compensation Recoupment Policy
		
	4.1
	This grant is made expressly subject to the Voya Financial, Inc. Compensation Recoupment Policy, as in effect from time to time

Article 5    - Various
		
	5.1
	Compliance with U.S. Tax Law.  The Grantee understands and agrees that notwithstanding anything herein to the contrary, this Agreement, and the Award made hereby, shall be administered in accordance with the applicable provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), including but not limited to, Section 409A of the Code. Notwithstanding anything in the Plan to the contrary, any adjustment of the Award granted hereby shall be made in compliance with Section 409A of the Code. The Award granted hereby is intended to comply with Section 409A of the Code and will be administered and interpreted in accordance with that intent. In the event that the Grantee is a “specified employee” (within the meaning of the Treasury Regulations §1.409A‐1(i)) as of the date of the Grantee’s “separation from service” (within the meaning of Treasury Regulations §1.409A‐1(h)) and if, as a result, any shares of Common Stock cannot be delivered, or this Award cannot be paid or provided, in either case in the manner or at the time otherwise provided in Article 3, without subjecting the Grantee to “additional tax”, interest or penalties under Section 409A of the Code, then such shares shall be delivered, or this Award will be paid or provided, on the first day of the seventh month following the Grantee’s separation from service.

		
	5.2
	Delivery of Common Stock or Sale of Common Stock.  Except as otherwise provided above and notwithstanding anything in the Plan to the contrary, shares of Common Stock deliverable in respect of vested RSUs or PSUs, shall be transferred to the brokerage account 

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of the Grantee.  The Grantee shall provide instructions to the Company and to the administrator of the brokerage account during the designated period(s) prior to the relevant Vesting Date or PSU Vesting Date, as applicable, regarding the retention or sale of all or a portion of the delivered shares of Common Stock, including in respect of tax withholding obligations relating to the vested RSUs or PSUs, in each case in accordance with the procedures established by the Company and the administrator of the brokerage account for the provision of such instructions.  If the Grantee fails to provide any such instructions during the designated period(s), the Grantee shall be deemed to have provided instructions to sell a portion of the delivered shares of Common Stock sufficient to meet tax withholding obligations relating to the vested RSUs or PSUs. In all cases, however, the Company shall be entitled, at its sole option, to withhold or repurchase (at the market price of such shares at the time of delivery) Common Shares from Grantee in order to satisfy all or a portion of any tax withholding or similar obligations associated with the vesting or delivery of such Common Shares, and such withholding or repurchase by the Company shall be effected in priority to any contrary default provision or instructions provided by Grantee.
		
	5.3
	Dividend Equivalent Rights.  The Grantee has, with respect to all RSUs and PSUs granted hereby, a conditional right to receive amounts equal to the regular cash dividends that would have been paid on the shares of Common Stock deliverable upon vesting of such RSUs and PSUs as if such shares of Common Stock had been delivered on the Grant Date.  Such amounts will be paid in cash, without interest, subject to the same terms and conditions, including but not limited to those related to vesting, forfeiture, cancellation and payment, as apply to such RSUs and PSUs.  The Grantee will have only the rights of a general unsecured creditor of the Company until payment of such amounts is made as specified herein.

Article 6    - Governing law and Jurisdiction
		
	6.1
	Governing law and jurisdiction. This Agreement shall be governed by and shall be construed in accordance with the laws of the State of New York. The Company and the Grantee irrevocably submit, in respect of any suit, action or proceeding arising out of or relating to or concerning the Plan or the interpretation or enforcement of this Agreement, to the exclusive jurisdiction of any state or federal court located in New York, New York and to be bound by the provisions of Section 3.16 of the Plan.

		
	6.2
	Partial invalidity.  Parties expressly agree that the invalidity or unenforceability of an Article or Articles of this Agreement shall not affect the validity or enforceability of any other Article of this Agreement and that the remainder of this Agreement will remain in full effect. Any such invalid or unenforceable Article shall be replaced or be deemed to be replaced by a provision that is considered to be valid and enforceable. The interpretation of the replacing Article shall be as close as possible to the intent of the invalid or unenforceable Article.

Article 7     - Grantee Covenants
		
	7.1
	In consideration of the Award granted under this Agreement, Grantee agrees to abide by the restrictive covenants set forth below. 

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

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

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

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

		
	7.2
	If any provision of Article 7.1 is determined by a court of competent jurisdiction not to be enforceable in the manner set forth above, the parties agree that they intend the provision to be enforceable to the maximum extent possible under applicable law, and that the court should reform the provision to make it enforceable in accordance with the intent of the parties.

		
	7.3
	The Grantee acknowledges that these covenants are a material inducement for the Company to make the Award granted under this Agreement. The Grantee further acknowledges that a violation of any term of the covenants will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, the Grantee agrees that, if the Grantee breaches any of the covenants: 

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

		
	(ii)
	such breach shall be deemed to be “Misconduct” for purposes of the Voya Financial, Inc. Compensation Recoupment Policy; and

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	(iii)
	the Company will be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Grantee from committing  any violation of the covenants contained in Article 7.1.

The remedies in this Article are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity as a court or arbitrator may reasonably determine.
Article 8    - Definitions
		
	8.1
	 “Disability” shall mean, as determined by the Committee in its sole discretion, an injury or sickness (i) that began during the Grantee’s Employment and has caused Grantee to be unable to perform Grantee’s occupation on a full-time or part-time basis for a continuous period of 26 weeks and (ii) for which Grantee has been under a physician’s regular care.

		
	8.2
	 “Pro Rata Factor” shall mean, (i) with respect to RSUs, (x) if the Termination Date is after the Vesting Date that falls in the calendar year in which the Termination Date occurs (the “Termination Year”), the factor that is calculated by dividing the number of months of Employment during the Termination Year (rounded up to the nearest whole number) by 12 and (y) if the Termination Date is on or prior to the Vesting Date falling in the Termination Year, the factor that is calculated by dividing (A) the sum of 12 and the number of months of Employment during the Termination Year (rounded up to the nearest whole number) by (B) 12 and (ii) with respect to PSUs, the factor that is calculated by dividing the number of months of Employment during the Performance Period (rounded up to the nearest whole number) by the total number of months in the Performance Period.

		
	8.3
	 “Retirement-Eligible” shall mean that: (i) each of the following criteria are met: (A) Grantee is at least 58 years old and (B) the sum of Grantee’s years of service with the Company and Grantee’s age (in years) is at least 63; or (ii) the Committee has agreed to deem Grantee to be Retirement-Eligible, notwithstanding that the criteria set forth in clause (i) of this definition have not been satisfied.

		
	8.4
	 “Termination Date” shall mean the date upon which Grantee’s Employment with the Company terminates.

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IN WITNESS WHEREOF, each of the parties hereto has signed this Agreement effective as of the date first written above.
 
	
					
	 
	 
	 
	 
	 

	VOYA FINANCIAL, INC.

                                                                        
Name: 
Title:

                                                                        
Name: 
Title:

GRANTEE

                                                                        

	 
	 
	 
	 

	 
	 
	 

[Signature page to Omnibus Plan 2018 Award Agreement]

        

ANNEX A
Performance Period and Performance Goals

Performance Period: January 1, 2018 to December 31, 2020

The performance factor shall be calculated as the weighted average of the three performance factors listed below (weighted as indicated), calculated based on the Company’s results for the performance period on the following three performance measures (calculated in the manner determined by the Compensation and Benefits Committee).  Where a result falls between two results set forth on the tables below, the Performance Factor will be calculated based on straight-line interpolation.

		
	1.
	Adjusted Operating Return on Equity Excluding Unlocking (25%)

	
			
	Result
	 
	Performance Factor

	12.8% or above
	 
	150%

	11.6%
	 
	100%

	10.4%
	 
	50%

	Below 10.4%
	 
	0%

Adjusted Operating Return on Equity Excluding Unlocking for the performance period is calculated based on the weighted average of the annual Adjusted Operating Return on Equity Excluding Unlocking result for each of the two years ended December 31, 2019 and 2020, with each result weighted equally.

		
	2.
	Adjusted Operating Earnings Per Share Excluding Unlocking (25%)

	
			
	Result
	 
	Performance Factor

	$6.04 or above
	 
	150%

	$5.49
	 
	100%

	$4.94
	 
	50%

	Below $4.94
	 
	0%

Adjusted Operating Earnings Per Share Excluding Unlocking for the performance period is calculated based on the weighted average of the annual Adjusted Operating Earnings Per Share Excluding Unlocking result for each of the two years ended December 31, 2019 and 2020, with each result weighted equally.

		
	3.
	 2018-2020 Relative Total Shareholder Return (50%)

	
			
	Result
	 
	Performance Factor

	75th percentile or above
	 
	150%

	50th percentile
	 
	100%

	25th percentile
	 
	25%

	Below 25th percentile
	 
	0%

Relative Total Shareholder Return is measured against a comparison group that includes: Ameriprise Financial, Inc.; Genworth Financial, Inc.; Eaton Vance; Hartford Financial Services Group, Inc.; Invesco; Legg Mason; 

[Annex A –Performance Period and Performance Goals]
    

Lincoln National Corporation; Manulife; MetLife, Inc.; Principal Financial Group Inc.; Prudential Financial, Inc.; Sun Life; Torchmark Corporation; T Rowe Price; and Unum Group.

The performance factor calculated based on Relative Total Shareholder Return shall not exceed 100% if Total Shareholder Return is less than zero for the performance period.
    

[Annex A –Performance Period and Performance Goals]

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