Document:

ING Investment Management, LLC Annual Incentive Plan

 Exhibit 10.69 
 ING INVESTMENT MANAGEMENT, LLC 
 ANNUAL INCENTIVE PLAN 

(Effective as on January 1, 2003; Amended as of January 1, 2008) 
 Section 1. Purpose and Description 
  

	 	1.1.	ING Investment Management, LLC (“Company”) provides for a discretionary bonus to its employees pursuant to its Annual Incentive Plan (“AIP”).

  

	 	1.2	Major features of the Plan include: 

  

	 	(a)	A Target Award will be determined for each Participant annually; 

  

	 	(b)	A Participant’s Actual Award will be based upon a combination of the Participant’s Target Award, the Participant’s individual performance, the Team
Scorecard Results, and other factors as determined by the Company; and 

  

	 	(c)	The Plan includes special provisions for death, Disability, Retirement, or involuntary termination without Cause (as each such term is defined below).

 Section 2. Definitions 
  

	 	2.1.	Definitions. Whenever used herein, the following terms shall have the respective meanings set forth below: 

 

	 	(a)	“2X Participant” means a Participant whose maximum award level is limited to 200% for each defined metric. 

 

	 	(b)	“3X Participant” means a Participant whose maximum award level is limited to 300% for each defined metric. 

 

	 	(c)	“Actual Award” means the gross amount determined to be payable to a Participant for a plan year, which is generally the product of the Participant’s
Target Award and Team Scorecard Result, adjusted to reflect the Participant’s individual performance and any other factors taken into consideration by the Company. The Team Scorecard results fund a pool and the Company has the discretion to
allocate that pool to Participants based on individual performance and overall contributions to the success of the Company. 

	 	(d)	“Cause” means that the Participant was terminated from employment with the Company for poor performance or misconduct, as determined by the Company in its
sole discretion. 

  

	 	(e)	“Company” means ING Investment Management, LLC, a Delaware limited liability company, and any successor thereto. 

 

	 	(f)	“Disability” means total disability as determined in accordance with the terms of the Company’s long-term disability plan, as in effect from time to time
or if there is no such long-term disability plan, as determined by the Company in its sole discretion. 

  

	 	(g)	“Maximum Performance” means the performance level that will result in the maximum award of 300% for the defined metric. 

 

	 	(h)	“Multiplier” means the result of comparing an actual result for a defined metric with the established performance levels for that metric.

  

	 	(i)	“Outstanding Performance” means the performance level that will result in a 200% award for the defined metric. 

 

	 	(j)	“Participant” means any employee meeting the eligibility requirements defined in section 2.2. 

 

	 	(k)	“Performance Period” means the calendar year period that is evaluated for purposes of determining the Actual Award payable under the Plan.

  

	 	(l)	“Retirement” means retirement after age 55 with 5 years of service with the Company or its affiliates, as determined under the ING Americas Retirement Plan.
For purposes of determining if a Participant has retired, there is no requirement that benefit payments under the ING Americas Retirement Plan commence upon termination of service, although the Participant must be eligible to commence benefit
payments on that date to be deemed retired for purposes of the Plan. 

  

	 	(m)	“Target Award” means with respect to each Performance Period, the amount of such incentive opportunity as determined annually by the Company. The Company
retains the discretion to adjust the Target Award by the Participant’s Team Scorecard result, the Participant’s individual performance, as captured in the annual performance review, and other factors as determined by the Company.

  

	 	(n)	“Target Performance” means the performance level that will result in a 100% award for the defined metric. 

	 	(o)	“Team” means a group of Participants that are measured by the same Team Scorecard. 

 

	 	(p)	“Team Pool” means the sum of all Target Awards times the Team Scorecard Multiplier for all Participants assigned to a Team, as adjusted by the Company.

  

	 	(q)	“Team Scorecard” means the defined metrics that will measure a Team’s performance. 

 

	 	(r)	“Team Scorecard Multiplier” means the weighted average sum of all Multipliers on one Team Scorecard. 

 

	 	(s)	“Threshold Performance” means the performance level that will result in a 50% award for the defined metric. 

Section 3. Eligibility 
 3.1 Eligible Employees. All U.S.-based full-time employees and part-time employees of the Company, who are scheduled to complete 1,000 hours of service during the Performance Period, will be
eligible to participate in the Plan, except those identified in Section 3.2. 
 3.2 Ineligible
Employees. The following Company employees are not eligible to participate in the Plan: 
  

	 	(a)	Employees who participate in another incentive, commission, bonus, or other cash incentive plan of the Company or its affiliate; 

 

	 	(b)	 Employees hired after October 31st of the Performance Period; 

 

	 	(c)	Temporary employees, independent contractors, interns and consultants; 

  

	 	(d)	Employees who are on military and other types of short-term leave are eligible for an ICP award if the employee was in an ICP-eligible position for at least three
months total during the Performance Period; 

  

	 	(e)	Employees who are on long-term disability; and 

  

	 	(f)	Employees who transfer to the Company in connection with the CitiStreet acquisition are ineligible for the 2008 performance period awards, but will be eligible for
awards beginning with the 2009 performance period. 

 Section 4. Awards 

 

	 	4.1	Grant of Target Awards. The Company shall grant Target Awards to such Participants, at such times and in such amounts, as it shall determine. Each grant of a
Target Award shall be evidenced by a document setting forth the terms of such grant and shall specify the terms and conditions thereof and any rules applicable thereto. All grants are subject to the terms of the Plan and in the event of any
inconsistency, the terms of the Plan shall control. 

  

	 	4.2	Payment of awards. 

  

	 	(a)	Unless otherwise determined by the Company, any Actual Award due to a Participant under the Plan shall be paid no later than March 15 following the Performance
Period, provided, that a Participant’s employment has not terminated prior to the date payment of the Actual Award is made as a result of the Participant’s voluntary termination of employment (other than on account of Retirement) or a
termination for Cause by the Company. Upon a voluntary termination or a termination for Cause at any time prior to the date payments are actually made, no payment shall be due or payable under the Plan. 

 

	 	(b)	If a Participant is not actively employed at the time Actual Awards are paid, but is nonetheless eligible for a payment because he or she separated from employment
because of a job elimination between July 1 and September 30 of the Performance Period, the Participant may be considered for a pro-rata discretionary award based on the month in which the Participant is terminated to the entire
Performance Period, contingent on the execution of a release. The discretionary award will be paid within sixty (60) days of the Participant’s last date of employment. If a release of claims (as provided for in the ING Americas Severance
Pay Plan, as in effect from time to time) is not signed by the Participant, no payment will be due or payable under the Plan. 

  

	 	(c)	If a Participant is not actively employed at the time Actual Awards are paid, but is nonetheless eligible for a payment because he or she separated from employment
because of a job elimination on or after October 1 of the Performance Period, the Participant may be considered for a pro-rata discretionary award based on the month in which the Participant is terminated, contingent on the execution of a
release. The discretionary award, if payable, will be paid at the same time as other awards for the Performance Period are paid. 

  

	 	(d)	 The funding of the Participant’s award may be determined by one or more of the following factors, however, the actual payment is subject to the
Company’s sole and absolute discretion: (i) a percentage of the Target Award, 

	 	
(ii) actual year-end scorecard results, (iii) individual performance rating relative to overall team average rating; (iv) and any other factors the Company takes into consideration
for purposes of determining the payment amount. Any payment to a Participant who is not actively employed at the time awards under the Plan are paid is completely discretionary. The Company retains the right to make no payments, even if performance
goals are met or exceeded. 

  

	 	(e)	If, prior to receiving a payment with respect to his or her Target Award, a Participant ceases to be employed by the Company due to the Participant’s death,
Disability or Retirement, such Participant shall be eligible to receive payment of a portion of any outstanding Target Award grant. For these purposes, the amount payable shall be based on the month in which the Participant dies, becomes Disabled or
Retires to the entire Performance Period. The Participant shall receive a payment either (i) at the time (and to the extent) payment would otherwise have been made in accordance with Section 4.2(a) had the Participant’s employment not
terminated or, (ii) if elected by the Company, in its sole discretion, within 45 days after the Participant’s termination date if earlier. 

 Section 5. Amendment, Modification, Administration & Termination of Plan 
  

	 	5.1	The Company has complete discretion as to the administration of the Plan. There is no requirement that any amounts be paid for a Performance Period, even if all
performance objectives are satisfied for that Performance Period. All Plan awards are discretionary and gratuitous bonuses. The Company is solely responsible for making all decisions under the Plan and its decision shall be conclusive and binding on
all interested parties. The Company reserves the right to amend, modify or terminate the Plan at any time and for any or no reason, without prior notice. 

 Section 6. Miscellaneous Provisions 
  

	 	6.1	Nontransferability of Awards. Target Awards granted under the Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution. Notwithstanding the foregoing, the Company may withhold all or a portion of a payout to satisfy a Participant’s repayment obligation to the Company or an affiliate.

  

	 	6.2	No Guarantee of Employment. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment
at any time, nor shall any Plan provision confer upon any Participant any right to continue in the employ of the Company. 

	 	6.3	Tax Withholding. All payouts are subject to applicable Federal, State, and local income tax reporting, and other payroll related deductions and reporting.

  

	 	6.4	Employee Benefits. To the extent that Participants in this Plan are eligible to participate in other employee benefits plans and programs, the impact, if any, on
such employee benefit plan or program of the Target Awards awarded and paid hereunder shall be determined by reference to the provisions of each governing benefit plan or program document. 

 

	 	6.5	Unfunded Benefit. All benefits payable under the Plan shall be made solely out of the general assets of the Company. 

 

	 	6.6	Governing Law. The Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Georgia.

  

	 	6.7	Gender and Number. Except when otherwise indicated by the context, words in the masculine gender used in the Plan shall include the feminine gender, the singular
shall include the plural, and the plural shall include the singular.ING Investment Management - Deferred Compensation Plan

 Exhibit 10.70 
 07 May 2010 
  

 
 ING

 INVESTMENT MANAGEMENT 
 - 
 DEFERRED COMPENSATION PLAN 

(DCP) 
  

 

  
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 This ING Investment Management Deferred Compensation Plan (the “DCP”) is intended to
promote the achievement of the objectives and the attainment of the profits set by ING Investment Management Holdings N.V. and its subsidiaries (the “ING IM Group”) and to encourage the continued employment of the employees of the
ING IM Group. 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	“Adoption Date” means 30 March 2010. 

  

	1.2	“Bad Leaver” means a Leaver who is not a Good Leaver. 

  

	1.3	“Board” means the management board of the Company. 

  

	1.4	“Bonus” means a conditional cash bonus which is or shall be granted to the Participant at the sole discretion of the Remuneration Committee and/or the
Board pursuant to the DCP Agreement. 

  

	1.5	“Change in Control” means any of the following events with respect to the Company: (i) the direct or indirect sale or exchange in a single or
series of related transactions by the stockholders of the Company of more than fifty percent (50%) of the voting stock of the Company; (ii) a merger or consolidation in which the Company is a party; (iii) the sale, exchange, or
transfer of all or substantially all of the assets of the Company; (iv) a liquidation or dissolution of the Company or (v) a series of one or more events (i) through (iv), a “Transaction”, wherein the stockholders of
the Company immediately before the Transaction do not retain immediately after the Transaction, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately before the Transaction, direct or
indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding voting stock of the Company or the corporation or corporations to which the assets of the Company were transferred to another
corporation, a “Transferee Corporation(s)”, as the case may be. For purposes of the preceding sentence, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting stock of one
or more corporations which, as a result of the Transaction, own the Company or the Transferee Corporation(s), as the case may be, either directly or through one or more subsidiary corporations. The Board shall have the right to determine whether
multiple sales or exchanges of the voting stock of the Company or multiple Change in Control events are related, and its determination shall be final, binding and conclusive. 

 

	1.6	“Company” means ING Investment Management Holdings N.V., a company incorporated under the laws of the Netherlands. 

 

	1.7	“DCP Agreement” means a Deferred Compensation Plan agreement between a Participant and the Company whereby a Participant inter alia agrees to be bound
to the terms of this Plan. 

  

	1.8	“Employee” means a person employed with a company belonging to the ING Group. 

 

	1.9	“Good Leaver” means a Participant who becomes a Leaver: 

  

	 	(a)	as a result of: 

  

	 	(i)	death; 

  
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	 	(ii)	permanent disability (evidenced to the satisfaction of the Remuneration Committee); 

 

	 	(iii)	retirement on reaching normal retirement age as determined in the applicable retirement benefit programme, statutory or otherwise; or 

 

	 	(iv)	termination of his employment by his employer other than a termination in circumstances where the Participant is guilty of dishonesty, gross misconduct, gross
incompetence or wilful neglect of duty or has committed an act or omission which would entitle his employer to terminate his employment summarily in accordance with his contract of employment; and 

 

	 	(b)	in circumstances where the Remuneration Committee determines in its sole discretion that the Participant needs to attend to the critical health needs of his spouse,
civil partner, child or other individual or any other special circumstance where the Remuneration Committee qualifies the Leaver as a Good Leaver in its sole discretion. 

 

	1.10	“Grant Date” means, in relation to the Bonus, the date on which the Bonus is, was or is to be granted to the Participant as stipulated in the DCP
Agreement. 

  

	1.11	“ING Group” means the ING Groep N.V. and its subsidiaries. 

 

	1.12	“Investment Regulations” means the regulations applying to the acquisition of and trade in securities in Related Funds comprising the Investment.

  

	1.13	“Leaver” means a Participant who ceases to be an Employee. 

 

	1.14	“Participant” means an Employee who participates in the Plan and has executed the DCP Agreement. 

 

	1.15	“Payment Date of an Investment Entitlement” means the date on which in accordance with the relevant vesting provisions under the Plan the value of the
Investment Entitlement shall be paid to the Participant. 

  

	1.16	“Plan” means the ING Investment Management Deferred Compensation Plan as herein set forth and as the same may be amended, supplemented or modified from
time to time. 

  

	1.17	“Plan Administrator” means such employees or directors of the Company (or such other employees and directors the Board may designate) who are
responsible for the administration and implementation of the Plan and the DCP Agreement, in line with the internal practice of the ING Group together with such external administrators as the Board may appoint to administer the Plan from time to
time. 

  

	1.18	“Related Funds” means funds managed by the ING IM Group. 

  

	1.19	“Remuneration Committee” means the remuneration committee appointed by the Board. 

 

	1.20	“Tax-Related Items” means the amount of any tax and/or social security contributions attributable to or payable in connection with the Bonus, the
Deposited Fund Distributions, the Investment and/or the Investment Entitlement. Any amounts of income tax and/or employee social security contributions that are treated as being due under a tax equalisation policy in connection with the Bonus, the
Deposited Fund Distributions, the Investment and/or the Investment Entitlement shall also be considered to be Tax-Related Items. 

  
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	1.21	Except insofar as the context otherwise requires: 

  

	 	(a)	words denoting the singular shall include the plural and vice versa; 

  

	 	(b)	words denoting the masculine gender shall include the feminine gender; 

  

	 	(c)	a reference to any enactment shall be construed as a reference to that enactment as from time to time amended, extended or re-enacted. 

 

	2.	SELECTION, BONUS AND INVESTMENT 

  

	2.1	The Remuneration Committee shall at its sole discretion determine those Employees to whom a Bonus may be granted and who thereby may become a Participant. The amount of
the Bonus shall also be determined at the sole discretion of the Remuneration Committee. 

  

	2.2	Subject to being selected as a Participant by the Remuneration Committee, an Employee shall only become a Participant after having executed a DCP Agreement pursuant to
which the Participant accepts the terms and conditions of the Plan, the Investment Regulations and the DCP Agreement. The DCP Agreement shall be in such a form as the Board may determine from time to time. 

 

	2.3	The Bonus does not entitle the Participant to any payment in cash at the Grant Date, but the amount shall be virtually invested in full by the Company in securities of
such Related Funds as designated by the Participant in accordance with the terms and conditions of this Plan and the Investment Regulations (the “Investment”). The Investment will not cause any purchase and/or trade of securities in
Related Funds by the Company, but will solely be used as a measurement mechanism for determining the cash amount to be paid under any Investment Entitlement. 

 

	2.4	In accordance with the Investment Regulations, the Participant may request the Company to virtually trade in the securities in Related Funds comprising the Investment
on the pre-set dates as more fully set forth in the Investment Regulations. In case of a Listing or Change in Control, as described in Article 7 of this Plan, the Participant shall no longer be entitled to request the Company to virtually trade in
any securities comprising the Investment. 

  

	2.5	Any dividend or other distributions virtually paid out on the Investment shall, after all deductions on such distributions have been made, be virtually held on a
non-interest bearing cash-line (the “Deposited Fund Distributions”). The Deposited Fund Distributions shall be subject to the vesting principles and forfeiture of rights as more fully set forth in this Plan. Any Deposited Fund
Distributions must be virtually reinvested in securities in the Related Funds as designated by the Participant in accordance with the Investment Regulations on the first pre-set date the Participant is permitted to change the composition of the
Investment. The virtually reinvested Deposited Fund Distributions become an integral part of the Investment. 

  

	2.6	Subject to the vesting principles and forfeiture of rights as set forth in Article 3 of this Plan, the Participant shall become entitled to receive a payment in cash
equal to the value of the Investment and the Deposited Fund Distributions, if any, on the Relevant Vesting Date (the “Investment Entitlement”). For the avoidance of doubt, under this Plan the Participant shall not receive any legal
ownership of the securities whatsoever underlying the Investment or the Investment Entitlement. 

  
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	3.	VESTING, FORFEITURE, GOOD LEAVER AND BAD LEAVER 

  

	3.1	Subject to Article 4 of this Plan accelerated vesting or forfeiture of the Investment Entitlement, as set forth in Articles 3.2 and 3.3 below, the right to the
Investment Entitlement shall vest in the Participant on the earlier of: 

  

	 	(i)	1 April 2013 (the “Vesting”); or 

  

	 	(ii)	on the date following 30 days after the complete repayment by ING Groep N.V. of the outstanding loan granted by the Dutch Government to ING Groep N.V. (with a current
outstanding balance of approximately €5 billion), unless a Dutch or supranational governmental body having authority opposes to this accelerated vesting (the “Accelerated Vesting”). For the purpose of this Plan, the
Remuneration Committee, in its sole discretion, determines whether any Accelerated Vesting has occurred. 

 the
Vesting and the Accelerated Vesting shall hereinafter be referred as a “Relevant Vesting Date” and the vesting in the Participant on the Relevant Vesting Date in accordance with sub (i) or (ii) of this Article 3.1 will
only occur if the Participant during the whole of the period from the Grant Date through the Relevant Vesting Date was an Employee and was not under notice of termination of employment. 

 

	3.2	If the Participant becomes a Good Leaver prior to a Relevant Vesting Date, then the vesting in the Participant of the Investment Entitlement shall be accelerated in
full. The amount of cash to be received by the Participant will be determined in accordance with Article 2.5 of this Plan, and will be paid out in accordance with Article 3.4 of this Plan. The Participant becoming a Good Leaver for a reason other
than death, remains entitled to virtually invest and trade in the securities in Related Funds comprising the Investment until the Relevant Vesting Date and in accordance with the terms and conditions of this Plan and the DCP Agreement.

  

	3.3	If the Participant becomes a Bad Leaver prior to the later of (a) a Relevant Vesting Date or (b) the Payment Date of an Investment Entitlement, then the
Participant forfeits his right to any Investment Entitlement and will therefore not receive any payment under or in connection with this Plan. 

  

	3.4	The Payment Date of an Investment Entitlement shall be: 

  

	 	(i)	ultimately 30 days after a Relevant Vesting Date; or 

  

	 	(ii)	in the event the Participant becomes a Good Leaver due to death, ultimately 30 days after the date of the Participant becoming a Good Leaver. 

For the avoidance of doubt, in the event the Participant becomes a Good Leaver due to other reasons than death, as stipulated in Article
1.9 of this Plan, the Payment Date of the Investment Entitlement of such Participant shall be 30 days after a Relevant Vesting Date. The Participant shall not be entitled to receive any payment prior to the aforementioned date. 

 

	4.	PAYMENT OF THE INVESTMENT ENTITLEMENT 

  

	4.1	On the Payment Date of an Investment Entitlement, the Remuneration Committee shall procure that the Company shall pay to the Participant his Investment Entitlement.

  

	4.2	The Company shall not be required to pay any funds to the Participant if the Remuneration Committee has reason to consider that the Participant has either
misrepresented any pertinent facts or committed an act of fraud against any company in the ING Group and postpone payment if the Board considers that there are circumstances such that it is necessary to investigate relevant matters further.

  
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	5.	TAX-RELATED ITEMS 

 The
employer of the Participant or any other ING Group company shall be entitled to withhold, and the Participant shall be obliged to pay, the amount of any Tax-Related Items. The employer of the Participant or any other ING Group company may deduct
from any amounts to be paid to the Participant pursuant to the Plan such Tax-Related Items. Without limitation to the above, any ING Group company may establish any other procedures to withhold Tax-Related Items, including but not limited to
(a) by way of deduction from salary or any other payment payable to the Participant at any time on or after the date the liability arises and (b) by way of payment directly from the Participant in cleared funds. 

 

	6.	TERMINATION OF THE PLAN 

This Plan shall commence on the Adoption Date and may be terminated by a resolution of the Board at any time. Termination of the Plan
(however it occurs) shall be without prejudice to any accrued rights under this Plan and the DCP Agreement, in existence at the date of termination. Termination of this Plan prior to the Vesting Date shall not relieve the Company of its obligation
to pay a Retention Bonus granted hereunder. 
  

	7.	CHANGE IN CONTROL 

  

	7.1	In the event of the admission, or in the event of a contemplated admission, of shares in the Company (“Shares”) to trade on regulated markets or a
multilateral trading facility as defined in article 1.1 of the Dutch Financial Supervision Act (Wet op het Financieel Toezicht), or any similar public market (“Listing”), the Board, in its absolute discretion, may deliver a
written notice to any Participant replacing the virtual securities comprising the Investment and the Deposited Fund Distributions, if any, for a virtual investment in such number of Shares reflecting the value attributed to the Investment and the
Deposited Fund Distributions, if any, on the date of aforementioned replacement. 

  

	7.2	In case of a replacement of the virtual securities comprising the Investment and the Deposited Fund Distributions, if any, as set forth in Article 7.1 of this Plan, the
fair market value of the Investment and the Deposited Fund Distributions, if any, on the date of such replacement shall for the purposes of this Plan be considered to be 110% of the fair market value on the date of replacement.

  

	7.3	In the event of a Change in Control, the Board, in its sole discretion, may deliver a written notice to any Participant replacing the virtual securities comprising the
Investment and the Deposited Fund Distributions, if any, for a virtual investment in securities or similar rights the value of which is at least equal to the fair market value of the Investment and the Deposited Fund Distributions on the date of
such replacement. 

  

	7.4	A replacement of the Investment and the Deposited Fund Distributions, if any, due to a Listing or Change in Control will not affect any other term and/or condition of
the Investment and the Deposited Fund Distributions, if any, including but not limited to the vesting scheme as described in Article 3 of this Plan. 

  
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	8.	ADMINISTRATION AND AMENDMENT 

  

	8.1	The Board shall be entitled, from time to time, to make and vary such regulations (not being inconsistent with this Plan) for the implementation and administration of
this Plan as it thinks fit. Except as expressly specified in the terms of the Plan or as otherwise specified by the Board, the implementation and administration of the Plan shall be delegated to the Plan Administrators. Without limitation, the Board
may delegate to the Plan Administrator any of its powers and/or duties under the Plan and may also ratify any action or decision by the Plan Administrator. 

 

	8.2	The terms of this Plan may be altered from time to time by the Board save that no amendment shall be made which would adversely affect any of the subsisting rights of
Participants without the written consent of Participants. 

  

	8.3	Written notice of any amendment to this Plan shall be given to all Participants. 

 

	9.	GENERAL 

  

	9.1	Nothing in this Plan shall confer upon an Employee any right to continue in employment or to interfere in any way with the right of any ING Group company to terminate
an Employee’s employment at any time. 

  

	9.2	An Employee will have no entitlement to compensation or damages in consequence of the termination or cessation of an Employee’s employment or services with any ING
Group company for any reason whatsoever and whether or not in breach of contract, insofar as such entitlement arises or may arise from an Employee ceasing to have a Bonus, any Deposited Fund Distributions, an Investment or an Investment Entitlement
under the Plan or to be entitled to any Bonus, Deposited Fund Distributions, Investment or Investment Entitlement as a result of such termination or from the loss or diminution in value of the same. The Bonus, Deposited Fund Distributions,
Investment or Investment Entitlement will not be reinstated if an Employee ceases employment with and is subsequently reinstated as an employee of the Company or any ING Group company. 

 

	9.3	The Plan and the benefits offered under the Plan are provided by the Company on an entirely discretionary basis, and the Plan creates no vested rights in Employees
other than as expressly provided herein. The Plan does not confer upon an Employee any benefit other than as specifically set forth in the Plan and in a DCP Agreement. The receipt of the Bonus, Deposited Fund Distributions, Investment or Investment
Entitlement does not entitle an Employee to any future benefits under the Plan or any other plan or program of the Company. 

  

	9.4	The amount of any compensation deemed to be received by an Employee as a result of participation in the Plan shall not constitute compensation with respect to which any
other employee benefits of such Employee are determined, including, without limitation, any end of service benefits or other benefits under any bonus, pension, profit sharing, life insurance or salary continuation plan, except as otherwise
specifically determined by the Board or provided by the terms of such plan. 

  

	9.5	A Bonus, any Deposited Fund Distributions, an Investment and an Investment Entitlement shall be personal to an Employee and may not, save as otherwise specifically
provided in this Plan, be transferred, assigned or charged. 

  
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	9.6	Save as otherwise provided in this Plan, any notice or communication to be given by the Company to any Participant may be personally delivered or sent by fax or by
ordinary post to (if the Participant is still employed by an ING Group company) his business address or by email or any other form of electronic communication specified by the Board for the purposes of the Plan or (if the Participant is no longer
employed by an ING Group company) his last known address or email address. Where a notice is delivered personally or by facsimile or by email or other form of electronic communication, it shall be deemed to have been received immediately. Where a
notice or communication is sent by post, it shall be deemed to have been received 72 hours after the same was put into the post properly addressed and stamped. DCP Agreements and other communications sent by post, email or any other form of
electronic communication will be sent at the risk of the Participant concerned and the Company shall have no liability to any such persons in respect of any notification, document, DCP Agreements or other communication so given, sent or made.

  

	9.7	Any notice to be given to the Company shall be faxed, delivered or sent to the Company at its registered office and shall be effective upon receipt.

  

	9.8	A Bonus, any Deposited Fund Distributions, Investment or Investment Entitlements granted under this Plan shall be governed by and construed in accordance with the laws
of the Netherlands. 

  

	9.9	This Plan shall be governed by and must be interpreted according to the laws of the Netherlands. Any dispute under or in connection with this Plan shall be submitted to
the exclusive jurisdiction of the competent court in The Hague, the Netherlands, subject to appeal (hoger beroep) and appeal to the Supreme Court (cassatie). 

  
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