Document:

Exhibit 4.3

 Exhibit 4.3 
  
 EMPLOYMENT AGREEMENT 
  
 between 
  
 1. The limited company, AEGON N.V. 
  
 and 
  
 2. Mr. D.J. Shepard

  

 - 1 - 

 The undersigned: 
  

	1.	The limited company AEGON N.V., established in The Hague, represented for these purposes by Mr. M. Tabaksblat as Chairman of the Supervisory Board, hereinafter referred to as:
“AEGON N.V.” 

  
 and 
  

	2.	Mr. D.J. Shepard a resident in Baltimore, Maryland, U.S.A., hereinafter referred to as: “Mr. Shepard”. 

  
 Whereas: 
  
 On August 1, 1970, Mr. Shepard entered the employment of Life Investors Inc., a company now belonging to the group of companies of which
AEGON N.V. is the holding company; 
  
 Since February 15, 1989, Mr. Shepard has
held the offices of President and Chief Executive Officer (“CEO”) of AEGON USA Inc. (“AEGON USA”); 
  
 At its meeting on February 21, 1992, the Supervisory Board of AEGON N.V. (“the Supervisory Board”) expressed the intention to appoint Mr. Shepard as a member of
the Executive Board because of his specific knowledge of the AEGON group of companies in general and his specific expertise in the areas of the international insurance market, which appointment entered into force on May 13, 1992; 
  
 On May 7, 1992, Mr. Shepard was elected to become Chairman of the Board of Directors of AEGON
USA, Inc.; 
  
 At its meeting on March 7, 2002, the Supervisory Board decided to
appoint Mr. Shepard as Chairman of the Executive Board of AEGON N.V., which appointment entered into force on April 18, 2002; 
  
 The appointment as Chairman of the Executive Board of AEGON N.V. entailed the relinquishment of the offices of President and CEO of AEGON USA; in addition, Mr. Shepard
resigned as Chairman of the Board of Directors of AEGON U.S. Corporation; 
  
 Of
even date herewith Mr. Shepard has entered into an employment agreement with AEGON USA (the AEGON USA Employment Agreement); 
  
 The AEGON USA Employment Agreement shall be construed with this Agreement to together represent the full terms of Mr. Shepard’s responsibilities, remuneration and
benefits with respect to his position as Chairman of the Executive Board of AEGON N.V. and as an employee of AEGON USA; 
  
 The parties to this agreement, thereby superseding previous agreements between them, wish to lay down the conditions which apply to their relationship; 
  
  

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 Declare to have agreed as follows: 
  
 Article 1 - Position 
  

	1.1	Mr. Shepard is a member of the Executive Board of AEGON N.V. from May 13, 1992. Since April 18, 2002, Mr. Shepard holds the position of Chairman of the Executive Board.

  

	1.2	Mr. Shepard undertakes the obligation to perform as a good director and to act or omit acts as appropriate. As a member of the Executive Board, Mr. Shepard has the obligations which
have been or will be imposed by law, by the articles of incorporation of AEGON N.V. and in the regulations referred to in article 2. 

  

	1.3	Mr. Shepard shall dedicate himself and his energy, on a full-time basis, to promote the interests of AEGON N.V., AEGON USA, and all their subsidiaries. To that effect Mr. Shepard is
expected to spend sufficient time in the Netherlands and in such other countries outside the USA as deemed commensurate with prevailing business needs, it being understood that he remains a resident in the USA. 

  

	1.4	If Mr. Shepard is serving as a supervisory director or board member of other companies affiliated with AEGON N.V. on the basis of his position as a member of the Executive Board
(so-called “qq supervisory directorships”), or if Mr. Shepard holds any other position pursuant to his membership of the Executive Board (so-called “qq-positions”), he shall instruct to pay the income derived from this into the
treasury of AEGON N.V., unless the Chairman of the Supervisory Board decides otherwise. Mr. Shepard shall not suffer any tax loss as a result. 

  
 Article 2 - Applicable general regulations 
  

	2.1	As the Chairman of the Executive Board, the “Executive Board Rules” apply to Mr. Shepard, as these Rules shall be determined from time to time. The above-mentioned Rules
contain, inter alia, provisions relating to the prohibition against trading on inside information and an arrangement relating to the restrictions imposed on private investments. Mr. Shepard shall be entitled to serve as a director on the boards of
maximally three publicly held, for-profit organisations (the qq supervisory directorships and other qq positions mentioned under Article 1.4 not included) and shall be entitled to retain any compensation received with respect thereto. Mr. Shepard
shall be entitled to serve as a director on the boards of non-profit organizations, provided that such service does not conflict with the Executive Board Rules. 

  

	2.2	In the case of any infringement of the above-mentioned Rules by Mr. Shepard as determined by the Supervisory Board of AEGON N.V., AEGON N.V. shall be entitled, depending on the
circumstances of the case, to terminate the employment agreement between the parties immediately for urgent cause. Ten (10) days’ written notice to Mr. Shepard by AEGON N.V. shall be given with respect to any alleged violation of the Rules, and
Mr. Shepard shall have a period of an additional five (5) days to correct the same before such termination shall take effect. Such notice and opportunity to correct shall not be applicable to wilful violations of a material nature.

  
 Article 3 - Duration of the agreement 
  

	3.1	The employment agreement is entered into for an indefinite period, and shall remain in full force and effect until retirement or termination of employment of Mr. Shepard pursuant to
the terms hereof. 

  

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	3.2	This agreement terminates automatically without requiring any notice, in the year in which Mr. Shepard reaches the age of 62, at the end of the month in which the annual General
Meeting of Shareholders is held in that year. 

  
 Article 4 -
Notice 
  

	4.1	The agreement can be terminated by either of the parties by registered letter, taking into account that Mr. Shepard shall be bound by a period of notice of three months and AEGON
N.V. by a period of notice of six months. 

  

	4.2	Except as otherwise provided in Section 2.2 herein, the agreement can be terminated with immediate effect at any time without taking into account a period of notice, if there is an
urgent cause as described in the article 7:678 of the Dutch Civil Code. 

  

	4.3	On the effective date of termination of the employment agreement, Mr. Shepard shall place his qq-supervisory directorships, qq-board memberships and qq-positions, as referred to in
Article 1.4 of this agreement, at the disposal of AEGON N.V. 

  

	4.4	Of even date herewith, Mr. Shepard has entered into an employment agreement with AEGON USA. It is understood that retirement or termination pursuant to this agreement shall lead to
simultaneous retirement or termination under the agreement with AEGON USA. 

  
 Article 5 - Remuneration 
  

	5.1	Mr. Shepard receives a base salary of USD 1,000,000 gross per annum. Prior salaries have been as agreed. 

  

	5.2	At regular intervals, but at least once a year, the Supervisory Board will consider whether there are reasons to increase the base salary of Mr. Shepard after consultation by the
Supervisory Board with Hay Management Consultants or a similar agency of good reputation for current marketplace information regarding compensation levels of officers in comparable positions in the insurance industry. The base salary of Mr. Shepard
shall not be decreased without his consent. 

  

	5.3	Mr. Shepard is entitled to a Short Term Incentive compensation (STIP) equal to 0.1% of the net income of AEGON N.V. per annum, for the first time over the financial year 2002. Net
income is as it is mentioned in the annual accounts of AEGON N.V. for the year concerned (after tax). The STIP shall be paid within one month from the date of the General Meeting of Shareholders of AEGON N.V., in which the annual accounts for the
year concerned are approved or adopted as the case may be. If Mr. Shepard requests payment in USD, the exchange rate on the actual date of payment shall apply. 

  

	5.4	Mr. Shepard is eligible to take part in any other Short-term and Long-term Incentive compensation Plans, insofar and under conditions as determined by the Supervisory Board for the
Executive Board from time to time. 

  

	5.5	This Employment Agreement and the AEGON USA Employment Agreement shall together be construed to represent the full terms of Mr. Shepard’s remuneration and benefits with respect
to his position of Chairman of the Executive Board of AEGON N.V. and as an employee of AEGON USA. As such, with respect to the remuneration and benefits to which Mr. Shepard is entitled under such agreements, (a) AEGON N.V. and AEGON USA shall be
jointly and severally responsible for 100% of the base salary as mentioned in 5.1 and the Short Term Incentive payments as mentioned in 5.3 and 5.4 and shall allocate the payment of such 

  

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 between themselves; (b) AEGON N.V. shall be solely responsible for the award of shares and stock options
under a Long-Term Incentive arrangement, as determined by the Supervisory Board from time to time; (c) AEGON N.V. shall be responsible for reimbursement of all travel and other business expenses incurred by Mr. Shepard; and (d) AEGON USA shall be
solely responsible for health, welfare and retirement benefits. Not withstanding the above, AEGON USA and AEGON N.V. may direct the payment or provision of the above remuneration and benefits through the other. 
  
 Article 6 - Expenses and use house in the Netherlands 
  

	6.1	The expenses incurred by Mr. Shepard in the execution of his business tasks are reimbursed by AEGON N.V. on receipt of supporting vouchers. 

  

	6.2	AEGON N.V. shall pay Mr. Shepard an amount of EUR 450 per month as reimbursement for “representational costs”, which amount can be increased from time to time, in line
with the reimbursement of “representational” costs for the members of the Executive Board. 

  

	6.3	During the periods that Mr. Shepard stays in the Netherlands, he is provided with a car by AEGON N.V. at no cost to Mr. Shepard. 

  

	6.4	AEGON N.V. makes available to Mr. Shepard at no cost to him a house, located in The Netherlands. The house shall be vacated by Mr. Shepard at the effective date of termination of
the employment irrespective the cause of termination. 

  
 Article 7
- Taxation 
  

	7.1	AEGON N.V. shall timely compensate Mr. Shepard to the extent that the total actual annual taxation, including social security contributions, on his total income under the employment
agreements with AEGON N.V. and AEGON USA, including tax liability resulting from payments under this Section 7.1, exceeds the taxation on income paid under his employment agreements with AEGON N.V. and AEGON USA that would result if Mr.
Shepard’s remuneration from AEGON N.V. and AEGON USA were subject only to U.S. Federal, state and local tax. Mr. Shepard shall use his best endeavours, to be determined in Mr. Shepard’s sole discretion, to keep the costs of such tax
equalisation for AEGON N.V. at the lowest possible level. AEGON N.V. will take care of Mr. Shepard’s annual income tax return statements. AEGON N.V. will continue to do so after Mr. Shepard’s retirement, unless AEGON N.V. and Mr. Shepard
mutually agree to the contrary at any given moment. 

  
 Article 8 -
Holiday 
  

	8.1	Mr. Shepard is entitled to 30 days paid leave per year. 

  

	8.2	When he decides to take up his leave days, Mr. Shepard shall consult with the Chairman of the Supervisory Board, and shall take into account the interests of AEGON N.V.

  
 Article 9 - Severance arrangement 
  

	9.1	Termination of employment of Mr. Shepard by AEGON N.V. other than for urgent cause, death, disability, voluntary resignation or retirement shall entitle Mr. Shepard to three (3)
years’ base salary. In addition to such three (3) years’ base salary, Mr. Shepard shall be entitled to receive an amount equal to the aggregate short-term incentive compensation payments he received during the three (3) years prior to the
termination. 

  

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	9.2	In the event notice of termination of Mr. Shepard’s employment is given by AEGON N.V. in connection with a merger, takeover or fundamental changes in policy and related
organizational amendments, AEGON N.V. will pay Mr. Shepard compensation of damages, at the end of the employment agreement in the amount provided in Section 9.1 above. 

  

	9.3	AEGON N.V. will pay Mr. Shepard the same compensation as mentioned in 9.1 for damages in case of giving notice of termination of this agreement by Mr. Shepard, provided that this
notice of termination is directly related to a merger, take-over, fundamental changes in policy and related organisational amendments or the appointment by AEGON N.V. of a director with a higher position in law and/or in fact, so that Mr. Shepard is
no longer able to carry out his function at the level at which he carried it out previously. 

  

	9.4	The payments provided in this Article 9 (collectively, the “severance payments”) shall constitute the sole severance payments to which Mr. Shepard shall be entitled from
any AEGON company, including AEGON USA and nothing herein shall be deemed to permit the combination of these severance payments with any other severance payments from any other AEGON company. These severance payments shall be in addition to any
retirement benefits to which Mr. Shepard is entitled as an employee of AEGON USA as provided in his AEGON USA Employment Agreement. Such severance payments shall be taken into account in determining the amounts payable to Mr. Shepard under his AEGON
USA Supplemental Executive Retirement Plan and three additional years of service and Mr. Shepard’s age at the end of such three years will be credited for the purpose of calculating his benefit thereunder. 

  
 Article 10 - Restraint of competition 
  

	10.1	In the event of termination of the employment agreement, Mr. Shepard undertakes for a period of one year following the effective date of termination of the employment not to employ,
solicit or endeavour to entice away from AEGON N.V., or from any other company of the AEGON group of companies any person who is or was a key employee of AEGON N.V., or any other company of the AEGON group of companies at any given time during the
year immediately preceding the date of such termination. A key employee in the meaning of this clause can be defined as any employee with a position at the level of Senior Vice President or higher. 

  
 Article 11 - Previous agreements; Other agreements 
  

	11.1	This agreement supersedes all previous agreements between Mr. Shepard and AEGON N.V., and takes their place. After this agreement has been signed, AEGON N.V. and Mr. Shepard can no
longer derive any rights from agreements which have been superseded herewith. 

  

	11.2	The AEGON USA Employment Agreement shall be construed with this Agreement to together represent the full terms of Mr. Shepard’s remuneration and benefits with respect to his
position as Chairman of the Executive Board of AEGON N.V. and as an employee of AEGON USA. Any provision in this Agreement relating to the remuneration, benefits or severance that is duplicative of that in the AEGON USA Employment Agreement shall be
construed as redundant and not as a supplemental benefit. 

  
 Article 12 - Governing law 
  

	12.1	This agreement shall be governed and construed in accordance with the laws of the Netherlands. However, in this connection, it is recognised that Mr. Shepard has entered into an
employment agreement with AEGON USA which is governed and construed in accordance with the laws of the State of Maryland, U.S.A. 

  

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 Article 13 - Arbitration 
  

	13.1	Any disputes arising in connection with this agreement, or further agreements resulting therefrom, shall be finally settled in accordance with Rules of the American Arbitration
Association and such proceedings shall take place at the principal offices of AEGON USA in the U.S.A. 

  
 Agreed and drawn up in duplicate and signed in The Hague on [signed on August 6, 2003], and amended on March 1, 2005 
  

			
	 /s/ M. Tabaksblat

	 	 /s/ D.J. Shepard

	AEGON N.V.	 	Mr. D.J. Shepard
	by: Mr. M. Tabaksblat	 	 

  

 - 7 -Exhibit 4.4

 Exhibit 4.4 
  
 EMPLOYMENT AGREEMENT 
  
 between 
  
 (1) AEGON USA, Inc. 
  
 and 
  
 (2) Donald J.
Shepard 
  

 - 1 - 

 THE UNDERSIGNED 
  
 AEGON USA, Inc., an Iowa Corporation, with offices in Baltimore, Maryland, U.S.A. (the “Company”), and 
  
 Mr. Donald J. Shepard (“Mr. Shepard”), have entered
into this Employment Agreement (this “Agreement”) as of April 19, 2002. 
  
 WHEREAS: 
  
 The Company currently employs
Mr. Shepard. 
  
 Mr. Shepard has served as a member of the Executive Board of
AEGON N.V., and from April 18, 2002 Mr. Shepard has served as Chairman of the Executive Board of AEGON N.V., and in connection therewith, has entered into an employment agreement with AEGON N.V. as of even date herewith (the “AEGON N.V.
Employment Agreement”). 
  
 The AEGON N.V. Employment Agreement shall be
construed with this Agreement to together represent the full terms of Mr. Shepard’s remuneration and benefits with respect to his position as Chairman of the Executive Board of AEGON N.V. and as an employee of the Company. 
  
 The parties to this Agreement, thereby superseding previous agreements between Mr. Shepard
and the Company or its affiliates, wish to lay down the conditions, which apply to their relationship. 
  
 DECLARE TO HAVE AGREED AS FOLLOWS: 
  
 Article 1 – Position 
  

	1.1	Mr. Shepard is an employee of the Company. 

  

	1.2	Mr. Shepard undertakes the obligation to perform as a good employee and to act or to omit acts as appropriate. As an employee of the Company, Mr. Shepard has the obligations which
have been or will be imposed by law and by the Company. 

  

	1.3	Mr. Shepard shall dedicate himself and his energy, as an employee of the Company, to promote the interests of the Company. Mr. Shepard shall perform such responsibilities in
addition to his primary responsibilities as Chairman of the Executive Board of AEGON N.V. Mr. Shepard shall devote at least twenty (20) hours per week of his time to the Company. 

  
 Article 2 – Duration of Agreement 
  

	2.1	This Agreement is entered into for an indefinite period and shall remain in full force and effect until the retirement or termination of Mr. Shepard pursuant to the terms hereof.

  

	2.2	This Agreement terminates automatically, without requiring any notice, in the year in which Mr. Shepard reaches the age of 62, at the end of the month in which the annual General
Meeting of Shareholders of AEGON N.V. is held in that year. 

  

	2.3	 Upon termination of employment of Mr. Shepard for other than urgent cause (as that term is defined in the AEGON N.V. Employment Agreement), including termination by
reason of death or disability, all rights of Mr. Shepard or his estate pursuant to this 

  

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Agreement in effect shall be deemed vested and enforceable for all purposes. This provision shall not be deemed to include items of personal use or expense
or perquisites granted for the personal use of Mr. Shepard during employment. 

  
 Article 3 – Notice 
  

	3.1	This Agreement can be terminated by either of the parties by registered letter, taking into account. that Mr. Shepard shall be bound by a period of notice of three months and AEGON
N.V. by a period of notice of six months. 

  

	3.2	Any termination or retirement pursuant to the AEGON N.V. Employment Agreement shall constitute termination or retirement under this Agreement, effective at the time the termination
of the AEGON N.V. Employment Agreement shall be effective. Any notices to or from AEGON N.V. with respect to the termination or retirement pursuant to the AEGON N.V. Employment Agreement shall be deemed to be notice of such retirement or termination
hereunder. 

  
 Article 4 – Remuneration 
  

	4.1	The amount of base salary, and the amount and nature of incentive compensation, stock awards and other forms of remuneration which Mr. Shepard is eligible to receive shall be
determined in accordance with the AEGON N.V. Employment Agreement. 

  

	4.2	The portion of compensation paid by the Company hereunder shall be payable in U.S. dollars. 

  

	4.3	The AEGON N.V. Employment Agreement shall be construed with this Agreement to together represent the full terms of Mr. Shepard’s remuneration and benefits with respect to his
position as Chairman of the Executive Board of AEGON N.V. and as an employee of the Company. As such, with respect to the remuneration and benefits to which Mr. Shepard is entitled under such agreements, (a) the Company and AEGON N.V. shall be
jointly and severally responsible for 100% of the base salary and the Short-Term Incentive payments provided in the AEGON N.V. Employment Agreement, respectively, and shall allocate the payment of such between themselves; (b) AEGON N.V. shall be
solely responsible for the award of shares and stock options under a Long-Term Incentive Arrangement, as determined by the Supervisory Board of AEGON N.V. from time to time; (c) AEGON N.V. shall be responsible for reimbursement of all travel and
other business expenses incurred by Mr. Shepard; and (d) the Company shall be solely responsible for health, welfare and retirement benefits. Not withstanding the above, the Company and AEGON N.V. may direct the payment or provision of the above
remuneration and benefits through the other. 

  
 Article 5 –
Expenses 
  

	5.1	All expenses incurred by Mr. Shepard in the performance of his responsibilities hereunder, including travel expenses incurred by Mr. Shepard’s spouse, shall be reimbursed in
accordance with the AEGON N.V. Employment Agreement. The Company may, however, pay such expenses under the direction of AEGON N.V. 

  

	5.2.	Personal use of any aircraft owned or leased by the Company or any of its affiliates is permitted for Mr. Shepard, as well as for his spouse and guests when accompanying him.
Personal use means non-business related or connected use. Personal use of the Company plane by Mr. Shepard is only permitted when the Company plane is not otherwise required for business travel. When using the Company plane for personal use, income
will be imputed to Mr. Shepard in accordance with Internal Revenue Service or other relevant taxing authority regulations and guidelines. 

  

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 Article 6 – The Company General Employee and Executive Plans 
  

	6.1	Subject to the additions or exceptions set forth in this Article 6, Mr. Shepard shall participate in (a) all of the general employee retirement, savings, welfare and benefit plans
of the Company on the same basis as the Company employees, and (b) all of the AEGON USA, Inc. executive compensation and benefit plans on the same basis as the executives of the Company and its affiliated companies. 

  

	6.2	Salaries and other payments that normally qualify when paid by the Company under the particular plans, but are paid by upstream affiliates, shall be taken into account (a) in
determining the benefits of Mr. Shepard under the executive compensation, retirement and benefit plans, inclusive of, but not by way of limitation, the AEGON USA, Inc. Salary Continuation Plan, the AEGON USA, Inc. Executive Profit Sharing Plan or
similar deferred compensation plan established for the benefit of Mr. Shepard (the “EPS Plan”), and the AEGON USA, Inc. Executive Life Insurance Plan and the AEGON USA, Inc. Donald J. Shepard Supplemental Executive Retirement Plan
(“DJS SERP”), as those plans are amended or restated from time to time, as well as (b) in determining the Excess Long-Term Disability benefit to which Mr. Shepard is entitled as provided in the attached letter agreement dated February 18,
1999, a copy of which is attached hereto and incorporated herein.; 

  

	6.3	In determining the benefits of Mr. Shepard under the AEGON USA, Inc. Pension Plan (the “Pension Plan”) and the AEGON USA, Inc. Profit Sharing (401(k)) Plan (the
“Profit Sharing Plan”), the salaries and other remuneration paid by upstream affiliates are not taken into account. 

  

	 	a)	To the extent that the benefit of Mr. Shepard is reduced under the Pension Plan by the fact that in determining the benefits of Mr. Shepard under the Pension Plan compensation paid
by upstream affiliates are not taken into account under the Pension Plan, Mr. Shepard shall be compensated by an equal increase of the benefits of Mr. Shepard under the CEO SERP; 

  

	 	b)	To the extent that the ability of Mr. Shepard to defer the maximum amount of his compensation under the Profit Sharing Plan is reduced by the fact that the compensation paid by
upstream affiliates are not taken into account under the Profit Sharing Plan, Mr. Shepard shall be compensated under the EPS Plan by taking into account his total compensation regardless of whether paid by the Company or any upstream affiliate for
the purpose of determining the amount to be deferred in accordance with Mr. Shepard’s deferral election under the EPS and Profit Sharing Plans. 

  

	6.4	With respect to Mr. Shepard’s executive retirement benefits: 

  

	 	a)	Upon termination of employment at age 62, or if he elects earlier retirement pursuant to applicable retirement plan provisions, Mr. Shepard shall be entitled to full participation
in all executive retirement plans currently in effect for his benefit, as if his service, and his then current remuneration eligible for inclusion in determining benefits under the Supplemental Executive Retirement Plan, had continued unchanged for
three (3) additional years, it being intended that benefits would commence at the date of retirement but be calculated in all respects as if Mr. Shepard had attained three additional years of age and service at the remuneration level of the most
recent applicable period through the date of actual retirement. 

  

	 	b)	 In the event that, in connection with the termination of Mr. Shepard in accordance with the terms of the AEGON N.V. Employment Agreement, Mr. Shepard receives

  

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any severance payment consisting of an amount equal to three (3) years’ base salary plus three years short-term incentive payments, Mr. Shepard shall be
considered as having retired at the end of the three-year period following termination and such severance payment shall be included in the determination of the amounts thereafter payable under the CEO SERP. Mr. Shepard shall not be entitled to any
severance payments other than that provided under the AEGON N.V. Employment Agreement. Any such severance payment shall be in addition to any retirement benefits to which Mr. Shepard is entitled hereunder. 

  

	 	c)	The DJS SERP, effective April 19, 2002, as amended, incorporates the above provisions. 

  

	6.5	Mr. Shepard shall be reimbursed for annual physical examinations under the AEGON USA, Inc. Executive Physical Examination Plan without limitation. 

  

	6.6	Mr. Shepard shall be reimbursed for annual income tax return preparation and estate plan preparation and review under the AEGON USA, Inc. Executive Comprehensive Financial Planning
Service Plan without limitation. 

  

	6.7	Mr. Shepard shall be provided with an automobile by the Company at no cost to Mr. Shepard. 

  

	6.8	Mr. Shepard shall be entitled to a Company-paid membership in a country club of the choice of Mr. Shepard in the USA. The membership of the Company in the Caves Valley Club and
local dinner and business clubs are AEGON USA, Inc. memberships and do not constitute this membership. 

  

	6.9	Mr. Shepard shall not participate in either the AEGON USA, Inc. Short Term Incentive Compensation Plan or the AEGON USA, Inc. Long Term Incentive Plan. 

  

	6.10	A Company telephone shall be maintained at the private address of Mr. Shepard, which telephone may be used for personal telephone calls as well. 

  

	6.11	The period during which the AEGON USA, Inc. Salary Continuation Plan provides for payment of Mr. Shepard’s fixed salary has been designated at one year.

  

	6.12	Modification of the plans mentioned in this Article 6 with respect to Mr. Shepard shall only apply to the extent approved by the Board of Directors of the Company, the relevant plan
sponsor or AEGON NV, as appropriate. Proposed amendments to any such plans specifically applicable to Mr. Shepard that are inconsistent with the terms hereof and which are not generally applicable to other executives of the Company or its affiliates
shall be reported to the Supervisory Board of AEGON N.V. at least thirty days in advance of the adoption of any such amendment. 

  
 Article 7 – Holiday 
  

	7.1	Mr. Shepard is entitled to such Holiday and leave as shall be determined by AEGON N.V. under the AEGON N.V. Employment Agreement. 

  
 Article 8 Restraint of competition 
  

	8.1	In the event of termination of the employment agreement, Mr. Shepard undertakes for a period of one year following the effective date of termination of the employment not to employ,
solicit or endeavour to entice away from AEGON N.V., or from any other company of the AEGON group of companies any person who is or was a key employee of AEGON N.V., or any other company of the AEGON group of companies at any given time during the
year immediately preceding the date of such termination. A key employee in the meaning of this clause can be defined as any employee with a position at the level of Senior Vice President or higher. 

  

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 Article 9 – Previous Agreements; AEGON N.V. Employment Agreement 
  

	9.1	This Agreement supersedes all previous agreements between Mr. Shepard and the Company, and takes their place. After this Agreement has been signed, none of the Company and Mr.
Shepard can any longer derive any rights from agreements which have been superseded herewith, but it is intended that previously existing plans of the Company as they pertain to Mr. Shepard shall remain in effect as intended; provided, however that
the other plans or agreements referred to in Article 6 hereof remain in force except as modified or supplemented hereby or under the provisions of those plans. In this regard, with respect to the plans or agreements referred to in Article 6 hereof,
any provisions thereof that are inconsistent with the terms of this Agreement are hereby suspended and shall be of no effect, and the subject matter thereof shall be governed solely by the applicable provisions of this Agreement.

  

	9.2	The AEGON N.V. Employment Agreement shall be construed with this Agreement to together represent the full terms of Mr. Shepard’s remuneration and benefits with respect to his
position as Chairman of the Executive Board of AEGON N.V. and as an employee of the Company. Any provision in this Agreement relating to the remuneration, benefits or severance that is duplicative of that in the AEGON N.V. Agreement shall be
construed as redundant and not as a supplemental benefit. 

  
 Article 10 – Governing Law; Modification; Severability 
  

	10.1	This agreement shall be governed and construed in accordance with the laws of the State of Maryland, U.S.A. In addition, all remuneration and benefits paid to Mr. Shepard hereunder
shall be in compliance with applicable law, including without limitation, the Sarbanes-Oxley Act of 2002. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, this Agreement will continue in full force and effect without said provision. 

  
 Article 11 – Arbitration 
  

	11.1	Any disputes arising in connection with this Agreement, or further agreements resulting therefrom, shall be finally settled in accordance with the Rules of the American Arbitration
Association and such proceedings shall take place at the principal offices of the Company in the U.S.A. 

  
 [signed on August 6, 2003][Amended on March 1, 2005] 
  

					
	 /s/ Donald J. Shepard

	  	 	 	

	 Donald J. Shepard
	  	 	 	                                       
                         AEGON USA, Inc.
	 	  	By:	 	 
	 	  	Title:	 	 

  

	
	
 For acknowledgement

	AEGON N.V., M. Tabaksblat, Chairman Supervisory Board

  

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 Donald J. Shepard Excess Long-Term Disability Agreement 
  
 February 18, 1999 
  
 Mr. Donald J. Shepard 
 18 Starlight Farm Drive 
 Phoenix, MD 21131 
  
 Dear Don: 
  
 Your Employment Agreement with AEGON USA, Inc. effective
as of May 13, 1992, provides, among other matters, that you shall participate in all of the general employee welfare and benefit plans of AEGON USA, Inc. on the same basis as the AEGON USA, Inc. employees. This Agreement also provides that the full
amount of your salary, regardless of the source (AEGON USA, Inc. or AEGON N.V.) should be taken into account in determining your disability benefit. 
  
 The AEGON USA, Inc. Long-Term Disability Plan (the “AEGON Plan”) provides for a basic monthly long-term disability (“LTD”) benefit equal to 50% of
basic monthly earnings. The AEGON Plan also permits an employee to elect to increase his or her LTD benefit by 10% of basic monthly earnings, for a total LTD benefit of 60% of basic monthly earnings. The AEGON Plan, however, provides an overall cap
on monthly disability benefits of $25,000. This LTD benefit cap limits your disability benefits to less than 60% of your basic monthly earnings. 
  
 Since you are not entitled to the same LTD benefits under the AEGON Plan as other AEGON employees by reason of the benefit cap, the Company will provide to you outside of
the AEGON Plan a long-term disability benefit equal to the difference between 60% of your basic monthly salary at the time of your disability and the amount payable under the AEGON Plan. This excess LTD benefit will be paid out of the general assets
of the Company. However, eligibility for this benefit and the terms of coverage shall be the same as provided in the AEGON Plan, a summary of which is attached hereto. 
  
 Your eligibility for this excess LTD benefit and the terms of coverage (such as the definition of “disability” and the rules
regarding recuperation) shall be the same as provided in the AEGON Plan, the terms of which are incorporated herein by this reference. A summary of the AEGON Plan is attached. The Compensation Committee of the Board of Directors of AEGON USA, Inc.
has the reserved authority to amend or terminate this excess LTD benefit to the same extent as its authority to amend or terminate the AEGON Plan. If you wish to bring a claim for this excess LTD benefit at any time, you should submit an application
for the benefit to the Compensation Committee. The Compensation Committee will review your claim and authorize payment for the excess LTD benefit if and at the time you have been approved for LTD benefits under the AEGON Plan. 
  
 Since the full LTD benefit is being provided to you without any payment from you, you will be
taxed on the full amount of the benefit if and when you receive it. However, this is not construed to be tax advice and you are advised to consult with your tax advisor regarding the tax consequences to you of this benefit. 
  
 Very truly yours, 
  

			
	 /S/ EDWARD S. DUNN

	 	 Kees J. Storm

	Edward S. Dunn	 	 
	Chairman	 	 
	AEGON USA, Inc.	 	 
	Compensation Committee	 	 

  

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