Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

ING GROEP N.V., 
 Issuer 

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

 
 THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of September 10, 2019 
  

 
 To the Capital
Securities Indenture, dated as of April 16, 2015, 
 Between ING Groep N.V. 

and 
 The Bank of New York Mellon,
London Branch, Trustee 
 $1,500,000,000 5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities 

 
  

 

 ING GROEP N.V. 

Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and that certain Indenture (the
“Base Indenture”), dated as of April 16, 2015, as supplemented by this Third Supplemental Indenture (this “Third Supplemental Indenture”), dated as of September 10, 2019. 

 

					
	 Trust Indenture Act Section
	  	 Indenture Section

	§310	 	(a)(1)	  	6.09
		 	(a)(2)	  	6.09
		 	(a)(3)	  	Not Applicable
		 	(a)(4)	  	Not Applicable
		 	(b)	  	 6.08
 6.10

	§311	 	(a)	  	6.13
		 	(b)	  	6.13
	§312	 	(a)	  	 7.01
 7.02(a)

		 	(b)	  	7.02(b)
		 	(c)	  	7.02(c)
	§313	 	(a)	  	7.03(a)
		 	(b)	  	7.03(a)
		 	(c)	  	1.06,7.03(a)
		 	(d)	  	7.03(b)
	§314	 	(a)	  	7.04, 10.06
		 	(b)	  	Not Applicable
		 	(c)(1)	  	1.02
		 	(c)(2)	  	1.02
		 	(c)(3)	  	Not Applicable
		 	(d)	  	Not Applicable
		 	(e)	  	1.02
		 	(f)	  	Not Applicable
	§315	 	(a)	  	6.01, 6.03
		 	(b)	  	6.02
		 	(c)	  	5.04, 6.01
		 	(d)(1)	  	6.01, 6.03
		 	(d)(2)	  	6.01, 6.03
		 	(e)	  	5.14
	§316	 	(a)(1)(A)	  	5.02, 5.12
		 	(a)(1)(B)	  	5.13
		 	(a)(2)	  	Not Applicable
		 	(a)(last sentence)	  	1.01
		 	(b)	  	5.08
	§317	 	(a)(1)	  	6.02 of Third Supplemental Indenture
		 	(a)(2)	  	5.04
		 	(b)	  	10.03
	§318	 	(a)	  	1.07

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Third Supplemental
Indenture or the Base Indenture. Section references are to Base Indenture except as indicated. 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	ARTICLE I	  

	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  

			
	Section 1.01	 	 Definitions
	  	 	1	 
	Section 1.02	 	 Effect of Headings
	  	 	9	 
	Section 1.03	 	 Separability Clause
	  	 	9	 
	Section 1.04	 	 Benefits of Instrument
	  	 	9	 
	Section 1.05	 	 Relation to Base Indenture
	  	 	9	 
	Section 1.06	 	 Construction and Interpretation
	  	 	9	 
	
	ARTICLE II	  

	
	FORM AND TERMS OF THE SECURITIES; INTEREST AND PAYMENTS	  

			
	Section 2.01	 	 Establishment of Securities; Form and Certain Terms of Securities
	  	 	10	 
	Section 2.02	 	 Interest
	  	 	11	 
	Section 2.03	 	 Interest Payments Discretionary
	  	 	11	 
	Section 2.04	 	 Restriction on Interest Payments
	  	 	12	 
	Section 2.05	 	 Effect of Interest Cancellation
	  	 	13	 
	Section 2.06	 	 Notice of Interest Cancellation
	  	 	13	 
	Section 2.07	 	 Determination of Interest Calculation Agent
	  	 	13	 
	
	ARTICLE III	  

	
	REDEMPTION AND PURCHASE	  

			
	Section 3.01	 	 Redemption
	  	 	13	 
	Section 3.02	 	 Notice of Redemption; Automatic Revocation
	  	 	14	 
	Section 3.03	 	 Conditions to Redemption and Purchase
	  	 	14	 
	Section 3.04	 	 Optional Purchases.
	  	 	15	 
	
	ARTICLE IV	  

	
	CONVERSION OF THE SECURITIES	  

			
	Section 4.01	 	 Conversion upon Trigger Event
	  	 	15	 
	Section 4.02	 	 Conversion Shares
	  	 	17	 
	Section 4.03	 	 Settlement Procedure
	  	 	18	 
	Section 4.04	 	 Failure to Deliver a Conversion Shares Settlement Notice
	  	 	18	 
	Section 4.05	 	 Adjustment of Floor Price
	  	 	19	 
	Section 4.06	 	 Covenants Relating to Conversion Shares
	  	 	19	 

  
 - iii - 

							
	
	ARTICLE V	  

	
	DUTCH BAIL-IN POWER	  

			
	Section 5.01	 	 Agreement and Acknowledgment with Respect to Exercise of Dutch
Bail-in Power
	  	 	20	 
	
	ARTICLE VI	  

	
	DEFAULTS AND REMEDIES	  

			
	Section 6.01	 	 Liquidation Event
	  	 	21	 
	Section 6.02	 	 Failure to Pay Principal Amount
	  	 	21	 
	Section 6.03	 	 Performance Obligations
	  	 	21	 
	Section 6.04	 	 No Other Remedies and Other Terms.
	  	 	22	 
	Section 6.05	 	 Waiver of Past Defaults
	  	 	22	 
	
	ARTICLE VII	  

	
	SUBORDINATION AND SET-OFF	  

			
	Section 7.01	 	 Subordination
	  	 	22	 
	Section 7.02	 	 No Set-Off
	  	 	23	 
	
	ARTICLE VIII	  

	
	ADDITIONAL TRUSTEE PROTECTIONS	  

			
	Section 8.01	 	 Conversion
	  	 	23	 
	Section 8.02	 	 Indemnification by the Company
	  	 	24	 
	
	ARTICLE IX	  

	
	 ADDITIONAL ACKNOWLEDGEMENTS AND AGREEMENTS 

OF HOLDERS AND BENEFICIAL OWNERS
	  

 

	Section 9.01	 	 Dutch Bail-in Power
	  	 	24	 
	Section 9.02	 	 Conversion Upon a Trigger Event
	  	 	25	 
	Section 9.03	 	 Interest Cancellation
	  	 	25	 
	Section 9.04	 	 Waiver of Claims
	  	 	25	 
	Section 9.05	 	 Successors and Assigns
	  	 	25	 
	
	ARTICLE X	  

	
	ADDITIONAL AMOUNTS	  

			
	Section 10.01	 	 Additional Amounts
	  	 	26	 

  
 - iv - 

							
	
	ARTICLE XI	  

	
	MISCELLANEOUS PROVISIONS	  

			
	Section 11.01	 	 Effectiveness
	  	 	28	 
	Section 11.02	 	 Modification
	  	 	28	 
	Section 11.03	 	 Original Issue
	  	 	28	 
	Section 11.04	 	 Ratification and Integral Part
	  	 	28	 
	Section 11.05	 	 Priority
	  	 	28	 
	Section 11.06	 	 Successors and Assigns
	  	 	28	 
	Section 11.07	 	 Counterparts
	  	 	29	 
	Section 11.08	 	 Governing Law
	  	 	29	 

  

									
	ANNEX I	  	–	  	Anti-Dilution Provisions	  	 	I-1	 
	EXHIBIT A	  	–	  	Form of Security 	  	 	A-1	 
	EXHIBIT B	  	–	  	Form of Conversion Notice	  	 	B-1	 
	EXHIBIT C	  	–	  	Form of Conversion Shares Settlement Notice	  	 	C-1	 

  
 - v - 

 THIRD SUPPLEMENTAL INDENTURE, dated as of
September 10, 2019 (this “Third Supplemental Indenture”) between ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the “Company”), having
its corporate seat in Amsterdam, The Netherlands, and its principal office at Bijlmerplein 888, 1102 MG Amsterdam, P.O. Box 1800, 100 BV Amsterdam, The Netherlands, and THE BANK OF NEW
YORK MELLON, LONDON BRANCH, a New York banking corporation, as Trustee (herein called the “Trustee”), having its Corporate Trust Office at One Canada Square, London E14
5AL, United Kingdom, to the CAPITAL SECURITIES INDENTURE, dated as of April 16, 2015, between the Company and the Trustee, as amended from time to time (the “Base Indenture” and,
together with this Third Supplemental Indenture, the “Indenture”). 
 RECITALS OF
THE COMPANY 
 The Company and the Trustee are parties to the Base Indenture, which provides for the issuance
by the Company from time to time of Capital Securities in one or more series. 
 Section 9.01(f) of the Base Indenture permits
supplements thereto without the consent of Holders of Capital Securities to establish the form or terms of Capital Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture. 

As contemplated by Section 3.01 of the Base Indenture, the Company intends to issue a new series of Capital Securities to be known as the
Company’s “$1,500,000,000 5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities” (the “Securities”) under the Indenture. 

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

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE
WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01 Definitions. Except as otherwise expressly provided or unless the context otherwise
requires, all terms used in this Third Supplemental Indenture that are defined in the Base Indenture shall have the meanings ascribed to them in the Base Indenture. Certain terms used principally in Annex I (Anti-Dilution Provisions)
are defined therein. The following terms used in this Third Supplemental Indenture have the following respective meanings with respect to the Securities only: 

“Additional Tier 1 Capital” at any time has the meaning given to such term (or an equivalent term) under the
Capital Regulations at such time. 
 “ADS” means an American Depositary Share representing one Ordinary
Share. 
 “ADS Depositary” means JPMorgan Chase Bank, as the depositary under the Company’s ADS
Depositary Facility, or any successor thereto. 

 “ADS Depositary Facility” means the facility under which
the American Depositary Receipts (“ADRs”) representing ADSs may be issued pursuant to the Amended and Restated Deposit Agreement, dated as of October 4, 2018, among the Company, the ADS Depositary and the holders from time to
time of the ADRs, or any successor or replacement facility. 
 “Alternative Delivery Arrangements” has the
meaning set forth in Section 4.01(a). 
 “Bank” means ING Bank N.V. 

“Base Indenture” has the meaning set forth in the first paragraph of this Third Supplemental Indenture. 

“Beneficial Owner” means (i) with respect to any Global Security, a beneficial owner of an interest
therein prior to the occurrence of the Final Cancellation Date and (ii) with respect to any definitive Security, the Holder in whose name the Security is registered in the Security Register. 

“BRRD” means Directive 2014/59/EU of the European Parliament and of the Council dated May 15, 2014, as
amended or replaced from time to time (including by the Directive (EU) 2019/879 of the European Parliament and of the Council of May 20, 2019). 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions are
authorized or obligated by law or executive order to close in London, Amsterdam or The City of New York. 

“Cancellation Date” means (i) with respect to any Security for which a Conversion Shares Settlement
Notice is received by the Conversion Shares Depository on or before the Notice Cut-Off Date, the applicable Settlement Date and (ii) with respect to any Security for which a Conversion Shares Settlement Notice is not received by the Conversion
Shares Depository on or before the Notice Cut-Off Date, the Final Cancellation Date. 
 “Capital
Regulations” means, at any time, any requirements of Dutch law or contained in the regulations, requirements, guidelines and policies of the Competent Authority or the resolution authority, or of the European Parliament and the European
Council and of the European Banking Authority, then in effect or applied in The Netherlands relating to capital adequacy and applicable to the Company, the Bank or the Group, including but not limited to the CRD IV Directive and the CRR (including
Articles 77 and 78 thereof, as amended), Commission Delegated Regulation (EU) No 241/2014 and the SRMR and taking into account any transitional arrangements thereunder. 

“Coalition Agreement” means the coalition agreement (regeerakkoord) 2017-2021 released on October 10,
2017 by the (then) proposed Dutch government. 
 “Company” has the meaning set forth in the first paragraph
of this Third Supplemental Indenture, and includes any successor entity. 
 “Comparable Treasury Issue”
means, with respect to any Reset Period, the U.S. Treasury security or securities selected by the Company with a maturity date on or about the last day of such Reset Period and that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of five years. 

  
 - 2 - 

 “Comparable Treasury Price” means, with respect to any
Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for such Reset Date (calculated on the Reset Determination Date for such Reset Date), after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations are received, then such
Reference Treasury Dealer Quotation as quoted in writing to the Interest Calculation Agent by a Reference Treasury Dealer. 

“Competent Authority” means the European Central Bank or any other body or authority having primary
supervisory authority with respect to the Company, the Bank or the Group. 
 “Conversion” means the
irrevocable and automatic release of all of the Company’s obligations to the Holders and Beneficial Owners of the Securities under the Securities in consideration of the Company’s issuance of the Conversion Shares at the Conversion Price
to the Conversion Shares Depository (on behalf of the Holders and Beneficial Owners of the Securities) or to the relevant recipient of such Conversion Shares pursuant to any Alternative Delivery Arrangements. 

“Conversion Calculation Agent” has the meaning set forth in Section 4.05(b). 

“Conversion Date” means the date specified in the Conversion Notice on which the Conversion takes place. 

“Conversion Notice” means a written notice substantially in the form attached hereto as Exhibit B. 

“Conversion Price” means (i) if the Ordinary Shares are then admitted to trading on a Relevant Stock
Exchange, the highest of (a) the Current Market Price per Ordinary Share translated into U.S. dollars at the Prevailing Rate, (b) the Floor Price and (c) the nominal value of an Ordinary Share translated into U.S. dollars at the
Prevailing Rate, and (ii) if the Ordinary Shares are not then admitted to trading on a Relevant Stock Exchange, the higher of (x) the Floor Price and (y) the nominal value of an Ordinary Share translated into U.S. dollars at the
Prevailing Rate. The Current Market Price, Floor Price and Prevailing Rate shall each be determined on the date on which the Conversion Notice is given. 

“Conversion Shares” means Ordinary Shares to be issued to the Conversion Shares Depository (or to the relevant
recipient in accordance with the terms of the Securities) following a Conversion; 
 “Conversion Shares
Depository” has the meaning set forth in Section 4.01(a). 
 “Conversion Shares Settlement
Notice” means a written notice substantially in the form attached hereto as Exhibit C. 
 “CRD
IV” means the legislative package consisting of the CRD IV Directive and the CRR. 
 “CRD IV
Directive” means the Directive 2013/36/EU of the European Parliament and of the Council on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms dated June 26,
2013, as amended or replaced from time to time (including by Directive (EU) 2019/878 of the European Parliament and of the Council of May 20, 2019). 

  
 - 3 - 

 “CRR” means Regulation (EU) No. 575/2013 of the
European Parliament and of the Council on prudential requirements for credit institutions and investment firms dated June 26, 2013, as amended or replaced from time to time (including by Regulation (EU) 2019/876 of the European Parliament and
of the Council dated May 20, 2019). 
 “Current Market Price” has the meaning set forth in Annex
I (Anti-Dilution Provisions). 
 “Default” means (i) an Event of Default, (ii) a
Payment Default or (iii) the breach by the Company of a Performance Obligation. 
 “Distributable
Items” shall have the meaning assigned to such term in the CRR, as interpreted and applied in accordance with the Capital Regulations then applicable to the Company. 

“Dutch Bail-in Power” means any statutory write-down and/or conversion
power existing from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in The Netherlands in effect and applicable in
The Netherlands to the Company or other members of the Group, including but not limited to any such laws, regulations, rules or requirements (including, but not limited to, the Dutch Financial Supervision Act (Wet op het financieel toezicht))
that are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment
firms (including but not limited to the BRRD and the SRMR, in each case as amended or superseded) and/or within the context of a Dutch resolution regime under the Dutch Intervention Act and any amendments thereto or otherwise, pursuant to which
obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled and/or converted into shares or other securities or obligations of the obligor or any other person (whether at the
point of non-viability or as taken together with a resolution action) or may be expropriated. 

“Euronext Amsterdam” means Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. 

“Existing Capital Instruments” means the ING Perpetual Securities II issued on June 19, 2003, ING
Perpetual Securities III issued on June 16, 2004, 6.125% ING Perpetual Debt Securities issued on September 26, 2005, 6.000% Perpetual Additional Tier 1 Contingent Convertible Capital Securities issued on April 16, 2015, 6.500%
Perpetual Additional Tier 1 Contingent Convertible Capital Securities issued on April 16, 2015, 6.875% Perpetual Additional Tier 1 Contingent Convertible Capital Securities issued on November 21, 2016 and 6.750% Perpetual Additional Tier 1
Contingent Convertible Capital Securities issued on February 26, 2019. 
 “Final Cancellation Date”
means the date, as specified in the Conversion Notice, on which the Securities in relation to which no Conversion Shares Settlement Notice has been received by the Conversion Shares Depository on or before the Notice
Cut-Off Date shall be cancelled, which date may be up to fifteen (15) Business Days following the Notice Cut-Off Date. 

  
 - 4 - 

 “First Call Date” means November 16, 2026. 

“Floor Price” means $9.00 per Conversion Share (subject to certain anti-dilution adjustments pursuant to
Section 4.05). 
 “Further Capital Securities” means any securities issued after the Issue Date which
are contingently convertible into Ordinary Shares pursuant to their terms in the event that the Group CET1 Ratio is less than a specified percentage. 

“Group” means the Company and its consolidated subsidiaries. 

“Group CET1 Capital” means, at any time and expressed in euro, the Common Equity Tier 1 capital (or an
equivalent or successor term) at such time, of the Company calculated in accordance with Article 11(2) of the CRR on the basis of the consolidated situation of the Company as the parent financial holding company of the Bank and taking into account
any transitional arrangements under the Capital Regulations. 
 “Group CET1 Ratio” means, as of any date,
the ratio of the aggregate amount of Group CET1 Capital to the Group Total Risk Exposure Amount as of the same date, expressed as a percentage. 

“Group Total Risk Exposure Amount” means, at any time and expressed in euro, the total risk exposure amount
(or an equivalent or successor term) at such time, of the Company calculated in accordance with Article 11(2) of the CRR on the basis of the consolidated situation of the Company as the parent financial holding company for the Bank, in accordance
with the Capital Regulations and taking into account any transitional arrangements under the Capital Regulations. 

“Indenture” has the meaning set forth in the first paragraph of this Third Supplemental Indenture. 

“Independent Conversion Adviser” means an independent financial institution of international repute or
independent financial adviser with appropriate expertise (which may include the initial Conversion Calculation Agent) appointed by the Company at its own expense. 

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

“Interest Payment Date” has the meaning set forth in Section 2.02(a). 

“Interest Period” means the period from and including an Interest Payment Date (or the Issue Date, in the case
of the initial Interest Period) to but excluding the next succeeding Interest Payment Date. 
 “Issue Date”
has the meaning set forth in Section 2.01(b). 
 “Liquidation Event” means a liquidation (upon
dissolution (ontbinding) or otherwise), moratorium of payments (surseance van betaling) or bankruptcy (faillissement) of the Company; provided that the exercise of the Dutch Bail-in
Power by the Relevant Resolution Authority with respect to the Securities shall not constitute a Liquidation Event. 

  
 - 5 - 

 “Maximum Distributable Amount” means any applicable maximum
distributable amount relating to the Company required to be calculated in accordance with Article 141 of the CRD IV Directive or, as the case may be, any provision of applicable law, including the Dutch Financial Supervision Act (Wet op het
financieel toezicht), transposing or implementing the CRD IV Directive, as amended or replaced), or any analogous restrictions arising from the requirement to meet capital buffers under Capital Regulations or the BRRD. 

“Notice Cut-Off Date” means the date specified as such in the
Conversion Notice, which date shall be at least twenty (20) Business Days following the Suspension Date. 

“Ordinary Shares” means fully paid Ordinary Shares in the capital of the Company. 

“Parity Instruments” means securities, instruments or obligations of the Company which upon a Liquidation
Event occurring prior to the Trigger Event rank, or are expressed to rank, pari passu with the Securities, including the Existing Capital Instruments. 

“Payment Default” means the failure to pay the principal amount of the Securities within 14 days of the date
fixed for redemption of the Securities, provided that the notice of such redemption shall not have been revoked pursuant to Section 3.02 and the conditions to redemption set forth in Section 3.03 shall have been satisfied on the date fixed
for redemption. 
 “Performance Obligation” means any term, obligation or condition binding upon the Company
under the Securities or under the Indenture with respect to the Securities other than any obligation to pay principal of, or interest on, any Securities or any obligation to pay Additional Amounts in respect thereof (whether upon redemption, the
occurrence of a Liquidation Event or otherwise). 
 “Prevailing Rate” means, in respect of any pair of
currencies on any calendar day, the spot rate of exchange between the relevant currencies prevailing at or about 12:00 pm, London time, on that date as appearing on or derived from the Relevant Page or, if such a rate cannot be determined at such
time, the rate prevailing at or about 12:00 pm, London time, on the immediately preceding day on which such rate can be so determined or, if such rate cannot be so determined by reference to the Relevant Page, the rate determined in such other
manner as an Independent Conversion Adviser shall in good faith prescribe. 
 “Reference Treasury Dealer”
means each of up to five banks selected by the Company (following, where practicable, consultation with the Interest Calculation Agent), or the affiliates of such banks, which are (i) primary U.S. Treasury securities dealers, and their
respective successors, or (ii) market makers in pricing corporate bond issues denominated in U.S. dollars. 

“Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any Reset
Date, the arithmetic average, as determined by the Interest Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, at 11:00 a.m. (New York City
time), on the Reset Determination Date for such Reset Date. 

  
 - 6 - 

 “Regular Record Date” means the Business Day immediately
preceding each Interest Payment Date (or, if the Securities are issued in the form of definitive Securities, the fifteenth (15th) Business Day preceding each Interest Payment Date). 

“Regulatory Event” means that, as a result of a change in the regulatory classification of the Securities on
or after the Issue Date, the Securities have been or will be excluded from the own funds of the Company, calculated in accordance with Article 11 of the CRR on the basis of the consolidated situation of the Company as the parent financial holding
company for the Bank, or reclassified as a lower quality form of own funds (that is, no longer Additional Tier 1 Capital), in each case whether in whole or in part. 

“Relevant Page” means the relevant page on Bloomberg or such other information service provider that displays
the relevant information, as determined by the Conversion Calculation Agent. 
 “Relevant Resolution
Authority” means any authority with the ability to exercise a Dutch Bail-in Power. 

“Relevant Stock Exchange” means Euronext Amsterdam or, if at the relevant time the Ordinary Shares are not at
that time listed and admitted to trading on the Euronext Amsterdam, the principal stock exchange or securities market (if any) on which the Ordinary Shares are then listed, admitted to trading or quoted or accepted for dealing. 

“Reset Date” means the First Call Date and each five-year anniversary thereafter. 

“Reset Determination Date” means, with respect to any Reset Date, the second (2nd) Business Day immediately preceding such Reset Date. 
 “Reset
Period” means any period from and including each Reset Date to but excluding the next succeeding Reset Date. 

“Securities” has the meaning set forth in the Recitals. 

“Senior Instruments” means securities, instruments or obligations of the Company: (i) the holders of
which are unsubordinated creditors of the Company (“Unsubordinated Instruments”), or (ii) which are, or are expressed to be, subordinated (whether only in the event of the liquidation of the Company or otherwise) to
Unsubordinated Instruments but not further or otherwise, or (iii) which in a liquidation, moratorium or bankruptcy of the Company occurring prior to the Trigger Event are, or are expressed to be, further or otherwise subordinated, other than
those which in such event rank, or are expressed to rank, pari passu with or junior to the Securities. For the avoidance of doubt, “Senior Instruments” includes securities, instruments or obligations of the Company which are
Tier 2 instruments within the meaning of Article 52(1)(d) of the CRR. 
 “Settlement Date” means
(i) with respect to any Security in relation to which a Conversion Shares Settlement Notice is received by the Conversion Shares Depository (or the relevant recipient, as applicable) on or before the Notice
Cut-Off Date, the date which is two (2) Business Days after (a) the date on which such Conversion Shares Settlement Notice has been received by the Conversion Shares Depository or (b) (if later) the
date on which the Conversion Shares are delivered to the Conversion Shares Depository, and (ii) with respect to any Security in relation to which a Conversion Shares Settlement Notice is not received by the Conversion Shares Depository on or
before the Notice Cut-Off Date, the date on which the Conversion Shares Depository delivers the relevant Conversion Shares. 

  
 - 7 - 

 “Shareholders” means the holders of Ordinary Shares. 

“SRMR” means the provisions of Regulation (EU) No 806/2014 of the European Parliament and of the Council. 

“Suspension Date” means the date specified in the Conversion Notice as the date on which DTC is expected to
suspend all clearance and settlement of transactions in the Securities in accordance with its rules and procedures. 

“Tax Event” shall mean the Company determining that, as a result of a Tax Law Change, the Company
(a) will or would be required on the next Interest Payment Date (or if the next Interest Payment Date is scheduled to occur within thirty (30) days, then on the Interest Payment Date immediately following the next Interest Payment Date) to
pay Holders Additional Amounts; or (b) would not be entitled to claim a deduction in respect of any interest payments made on the next Interest Payment Date (or if the next Interest Payment Date is scheduled to occur within thirty
(30) days, then on the Interest Payment Date immediately following the next Interest Payment Date) in computing the Company’s taxation liabilities in The Netherlands, or the amount of the deduction would be materially reduced, save to the
extent that such Tax Law Change merely codifies, rules or otherwise confirms that the interest payment would not be or was not deductible based on applicable law as at the Issue Date; provided in each of the case of (a) and (b)
that the consequences of such event cannot be avoided by the Company taking reasonable measures available to it. 

“Tax Law Change” means a change in or amendment to, the laws or regulations of The Netherlands or any
political subdivision or authority therein or thereof having the power to tax, including any treaty to which The Netherlands is a party, or any change in the application of official or generally published interpretation of such laws or regulations,
including a decision of any court or tribunal, or any interpretation or pronouncement by any relevant tax authority, which change or amendment (including, for the avoidance of doubt, a decision of any court or tribunal) becomes, or would become,
effective on or after the Issue Date. 
 “Tradable Amount” has the meaning set forth in
Section 2.01(j). 
 “Trigger Event” shall occur at any time the Company, the Competent Authority or any
agent appointed for such purpose by the Competent Authority has determined that the Group CET1 Ratio is less than 7.00%. 

“Trigger Event Officers’ Certificate” has the meaning set forth in Section 4.01(a)(ii). 

“Trustee” has the meaning set forth in the first paragraph of this Third Supplemental Indenture. 

“U.S. Treasury Rate” means, with respect to any Reset Date from which such rate applies, the rate per annum
equal to: (1) the yield, under the heading which represents the average for the week immediately prior to the Reset Determination Date for such Reset Date, appearing in the most recently published statistical release designated
“H.15”, or any successor publication that is published by the Board of Governors of the Federal Reserve System that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, under the caption

  
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“Treasury Constant Maturities”, for the maturity of five years; or (2) if such release (or any successor release) is not published during the week immediately prior to the Reset
Determination Date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for such Reset Date. The U.S. Treasury Rate shall be calculated by the Interest Calculation Agent. If the U.S. Treasury Rate cannot be determined, for whatever reason, as described under
(1) or (2) above, the “U.S. Treasury Rate” means the rate in percentage per annum as notified by the Interest Calculation Agent to the Company equal to the yield on U.S. Treasury securities having a maturity of five years as set forth
in the most recently published statistical release designated “H.15” under the caption “Treasury Constant Maturities” (or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System
and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities” for the maturity of five years) at 5:00 p.m. (New York City time) on the last available
date preceding the Reset Determination Date on which such rate was set forth in such release (or any successor release). 

Section 1.02 Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the
construction hereof. 
 Section 1.03 Separability Clause. In case any provision in this Third Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.04 Benefits of Instrument. Nothing in this Third Supplemental Indenture, express or implied, shall give to any person,
other than the parties hereto and their successors hereunder and the Holders of the Securities, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

Section 1.05 Relation to Base Indenture. 

(a) This Third Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this Third
Supplemental Indenture, all provisions of this Third Supplemental Indenture are expressly and solely for the benefit of the Holders and Beneficial Owners of the Securities and any such provisions shall not be deemed to apply to any other Capital
Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Securities. 

(b) Section 10.04(a) of the Base Indenture shall not apply with respect to the Securities and is to be replaced and superseded by Article X
hereof. Any references herein to Section 10.04 of the Base Indenture shall be deemed to include Article X hereof in lieu of Section 10.04(a) of the Base Indenture as if stated therein. 

(c) With respect to the Securities, this Third Supplemental Indenture shall control in the event of any conflict or inconsistency between this
Third Supplemental Indenture and the Base Indenture. 
 Section 1.06 Construction and Interpretation. Unless the express
otherwise requires: 
 (a) the words “hereof”, “herein” and “hereunder” and words of similar import, when used
in this Third Supplemental Indenture, refer to this Third Supplemental Indenture as a whole and not to any particular provision of this Third Supplemental Indenture; 

  
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 (b) the terms defined in the singular have a comparable meaning when used in the plural, and
vice versa; 
 (c) references herein to a specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit to, this Third
Supplemental Indenture; 
 (d) wherever the words “include”, “includes” or “including” are used in this Third
Supplemental Indenture, they shall be deemed to be followed by the words “without limitation;” 
 (e) references to a Person are
also to its successors and permitted assigns; 
 (f) the use of “or” is not intended to be exclusive unless expressly indicated
otherwise; 
 (g) references to any act or statute or any provision of any act or statute shall be deemed also to refer to any statutory
modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment; and 

(h) references to any issue or offer or grant to Shareholders “as a class” or “by way of rights” shall be taken to be
references to an issue or offer or grant to all or substantially all Shareholders, as the case may be, other than Shareholders, as the case may be, to whom, by reason of the laws of any territory or requirements of any recognized regulatory body or
any other stock exchange or securities market in any territory or in connection with fractional entitlements, it is determined not to make such issue or offer or grant. 

ARTICLE II 
 FORM
AND TERMS OF THE SECURITIES; INTEREST AND PAYMENTS 

Section 2.01 Establishment of Securities; Form and Certain Terms of Securities. 

(a) There is hereby established a new series of Capital Securities under the Base Indenture entitled the “$1,500,000,000 5.750% Perpetual
Additional Tier 1 Contingent Convertible Capital Securities.” The Securities shall be executed and delivered in substantially the form attached hereto as Exhibit A. The Securities shall be initially issued in the form
of one or more Global Securities. The Company hereby designates DTC as the Depositary for the Securities. 
 (b) The Company shall issue the
Securities in an aggregate principal amount of $1,500,000,000 on September 10, 2019 (the “Issue Date”). The Company may issue additional Securities from time to time after the Issue Date in the manner and to the extent permitted by
Section 3.01 of the Base Indenture. 
 (c) The Securities shall be perpetual and redeemable by the Company as provided in Article III.
The Securities shall not have a sinking fund and are not redeemable at the option of the Holders of the Securities. 
 (d) Interest shall be
payable on the Securities as provided in Sections 2.02 through 2.06 and Additional Amounts shall be payable in respect of the Securities in accordance with Section 10.04 of the Base Indenture. 

  
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 (e) The Company hereby appoints the Trustee, acting through its office at One Canada Square,
London E14 5AL, to act as Paying Agent for the Securities. 
 (f) The Securities shall be automatically convertible as provided in Article
IV. The Securities are not convertible at the option of the Holders of the Securities. 
 (g) The Securities shall be subject to the Dutch Bail-in Power as provided in Article V. 
 (h) The Securities constitute the direct unsecured obligations
of the Company ranking pari passu without any preference among themselves and shall rank subordinate to Senior Instruments as provided in Article VII. 

(i) The events of default and remedies with respect to the Securities shall be limited as provided in Article VI. 

(j) The Securities shall be issued in denominations of $200,000 in principal amount and integral multiples of $1,000 in excess thereof. The
denomination of each Security (or any interest therein) shall be its “Tradable Amount.” Prior to a Conversion, the Tradable Amount of any Security (or any interest therein) shall equal its principal amount. Following a Conversion,
the principal amount of each Security shall equal zero, but its Tradable Amount shall remain unchanged as a result of the Conversion. 

Section 2.02 Interest. 

(a) The interest rate on the Securities shall be (i) from and including the Issue Date to but excluding the First Call Date 5.750% per
annum and (ii) from and including each Reset Date to but excluding the following Reset Date, the sum of the applicable U.S. Treasury Rate on the Reset Determination Date and 4.342%. Subject to Sections 2.03 and 2.04, interest on the
principal amount of each Security shall be payable semiannually in arrear on May 16 and November 16 of each year (each, an “Interest Payment Date”), commencing on November 16, 2019, and shall be computed on the basis
of a year of 360 days consisting of twelve (12) months of thirty (30) days each and, in the case of an incomplete month, the actual number of days elapsed. The first date on which interest may be paid will be November 16, 2019 for the
period commencing on (and including) September 10, 2019, and ending on (but excluding) November 16, 2019. 
 Section 2.03
Interest Payments Discretionary. Subject to Section 2.04, interest on the Securities shall be due and payable at the sole and absolute discretion of the Company. The Company shall have sole and absolute discretion at all times and for
any reason to cancel (in whole or in part) any interest payment that would otherwise be payable in respect of the Securities on any Interest Payment Date or Redemption Date. If the Company does not make an interest payment on any Interest Payment
Date or Redemption Date in whole or in part, such interest payment (or the portion thereof not paid) shall be deemed cancelled and shall not be due and payable whether or not the Company has provided notice of cancellation of such interest payment
as set forth in Section 2.06. An interest payment otherwise payable on an Interest Payment Date or Redemption Date that is not a Business Day will not be deemed cancelled if it is paid on the following Business Day. 

  
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 Section 2.04 Restriction on Interest Payments. 

(a) Without limiting the Company’s right to cancel any interest payment pursuant to Section 2.03 and subject to the extent permitted
in Section 2.04(b) in respect of partial interest payments in respect of the Securities, the Company shall not make an interest payment (including any Additional Amounts) in respect of the Securities on any Interest Payment Date or Redemption
Date (or the following Business Day, if such Interest Payment Date or Redemption Date, as the case may be, is not a Business Day) in whole or in part, if and to the extent that: 

 

	 	(i)	 the amount of such interest payment otherwise due, together with any interest payments or distributions which
have been paid or made or which are required to be paid or made during the then current financial year on other own funds items (excluding any such interest payments or distributions which (i) are not required to be made out of Distributable
Items or (ii) have already been provided for, by way of deduction, in the calculation of Distributable Items), in the aggregate exceed the amount of Distributable Items of the Company as at such Interest Payment Date or Redemption Date;

  

	 	(ii)	 the payment of such interest, when aggregated together with certain other distributions of the kind referred to
in Article 141(2) of the CRD IV Directive (or any provision of applicable law, including the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht), transposing or implementing Article 141(2) of the CRD IV Directive, as
amended or replaced), or, as applicable, any analogous restrictions arising from the requirement to meet capital buffers under Capital Regulations or the BRRD, would cause the Maximum Distributable Amount, if any, then applicable to the Company to
be exceeded; or 

  

	 	(iii)	 the payment of such interest is scheduled to be made on an Interest Payment Date falling on or after the date
of a Trigger Event or Liquidation Event. 

 (b) The Company may, however, in its sole discretion, elect to make a partial
interest payment in respect of the Securities to the extent that such partial interest payment may be made without breaching the restriction set forth in Section 2.04(a). 

  
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 Section 2.05 Effect of Interest Cancellation. Interest on the Securities shall
only be due and payable on an Interest Payment Date to the extent it is not cancelled or deemed cancelled pursuant to Section 2.03 or 2.04. Any interest cancelled or deemed cancelled (in each case, in whole or in part) pursuant to
Sections 2.03 and 2.04 shall not be due and shall not accumulate or be payable at any time thereafter (including upon redemption of the Securities), and Holders and Beneficial Owners of the Securities shall have no rights thereto (whether upon
a Liquidation Event or otherwise) or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation of interest in respect of the Securities. 

Section 2.06 Notice of Interest Cancellation. Notwithstanding anything to the contrary in the Indenture (including
Section 1.06 of the Base Indenture), if practicable, the Company shall provide notice of any cancellation of interest (in each case, in whole or in part) to the Trustee and the Holders of the Securities at least five (5) Business Days
prior to the relevant Interest Payment Date or Redemption Date and shall provide notice of any deemed cancellation of interest to the Trustee and the Holders of the Securities as promptly as practicable following the relevant Interest Payment Date
or Redemption Date. Failure to provide such notice shall have no impact on the effectiveness of, or otherwise invalidate, any such cancellation or deemed cancellation of interest, or give the Holders and Beneficial Owners of the Securities any
rights as a result of such failure. 
 Section 2.07 Determination of Interest Calculation Agent. All determinations and
calculations made by the Interest Calculation Agent shall be conclusive and binding on the Holders of the Securities, the Company and the Trustee, absent manifest error. 

ARTICLE III 

REDEMPTION AND PURCHASE 

Section 3.01 Redemption. 

(a) Subject to the limitations specified in Section 3.02, the Company may, at its option, redeem the Securities, in whole but not in part:

  

	 	(i)	 on the applicable First Call Date and on any subsequent Interest Payment Date; 

 

	 	(ii)	 at any time if a Regulatory Event has occurred and is then continuing; or 

 

	 	(iii)	 at any time if a Tax Event has occurred and is then continuing; 

in each of cases (i) to (iii) above, at their principal amount, plus accrued and unpaid interest to the Redemption Date (including Additional Amounts, if
any), excluding any interest that has been cancelled or is deemed cancelled in accordance with Section 2.03 or Section 2.04. 
 (b)
Prior to giving notice of redemption pursuant to Section 3.01(a)(ii) or Section 3.01(a)(iii), the Company shall deliver to the trustee a certificate signed by any two (2) members of the Executive Board stating that the conditions to
such redemption have been satisfied. 
 (c) Prior to the delivery of any notice of redemption in respect of a redemption under
Section 3.01(a)(iii)the Company shall deliver to the Trustee an opinion from a recognized law or tax firm of international standing, chosen by the Company, in a form satisfactory to the Trustee, confirming that the Company is entitled to
exercise its right of redemption under Section 3.01(a)(iii). 

  
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 Section 3.02 Notice of Redemption; Automatic Revocation. 

(a) Notice of redemption of the Securities shall be given as provided in Section 11.04 of the Base Indenture. Such notice shall state the
place or places where the Securities are to be surrendered for payment of the Redemption Price and that on the date specified for redemption, each Security shall be redeemed and the principal amount of each Security will become due and payable and
that, subject to certain exceptions, interest shall cease to accrue after the redemption date. A notice of redemption shall be irrevocable, except that the occurrence of a Trigger Event or Liquidation Event or the exercise of the Dutch Bail-in Power by the Relevant Resolution Authority prior to the date fixed for redemption shall automatically revoke such notice and no Securities shall be redeemed and no payment in respect of the Securities shall
be due and payable. 
 (b) The Company shall not give a notice of redemption of the Securities following the occurrence of a Trigger Event.

 (c) The Company shall promptly deliver notice to the Trustee and the Holders of the Securities of any event that shall have automatically
revoked any redemption notice pursuant to Section 3.02(a). 
 Section 3.03 Conditions to Redemption and Purchase. 

(a) The Company may not give notice of any redemption of or redeem, nor may the Company or any member of the Group purchase, any Securities
unless the Company shall have obtained the prior permission of the Competent Authority. 
 (b) Any redemption or purchase of the Securities
is subject to the additional conditions as set out below, in each case if and to the extent required under the Capital Regulations: 
  

	 	(i)	 either (A) on or before such redemption or purchase of the Securities, the Company shall have replaced the
Securities with own funds instruments of equal or higher quality on terms that are sustainable for the Company’s income capacity or (B) the Company has demonstrated to the satisfaction of the Competent Authority that the available own
funds and eligible liabilities would, following such redemption or purchase, exceed the minimum capital requirements (including any capital buffer requirements) required under CRD IV by a margin that the Competent Authority considers necessary at
such time; and 

  

	 	(ii)	 in respect of a redemption prior to the fifth anniversary of the Issue Date, (A) in the case of redemption
due to the occurrence of a Regulatory Event, the Company shall have demonstrated to the satisfaction of the Competent Authority that the change in the regulatory classification of the Securities was not reasonably foreseeable as at the Issue Date;
or (B) in the case of redemption due to the occurrence of a Tax Event, the Company shall have demonstrated to the satisfaction of the Competent Authority that the change in the applicable tax treatment of the Securities is material and was not
reasonably foreseeable as at the Issue Date; and 

  

	 	(iii)	 if, at the time of such redemption or purchase, the Capital Regulations permit the redemption or purchase only
after compliance with one or more alternative or additional pre-conditions to those set out in (i) and (ii) above, the Company shall have complied with such other
pre-condition(s). 

  
 - 14 - 

 Section 3.04 Optional Purchases. The Company or any member of the Group may
purchase or procure others to purchase beneficially for its account any of the outstanding Securities in any manner and at any price, subject to the conditions set out in Section 3.03 and to applicable law and regulation (which at the Issue
Date shall include, without limitation, the Capital Regulations including Article 52(1)(i) of the CRR). 
 ARTICLE IV 

CONVERSION OF THE SECURITIES 

Section 4.01 Conversion upon Trigger Event. 

(a) Upon the occurrence of a Trigger Event, the Company shall: 
  

	 	(i)	 immediately inform the Competent Authority of its occurrence; 

 

	 	(ii)	 deliver to the Trustee an Officers’ Certificate signed by two (2) members of the Executive Board
stating that a Trigger Event has occurred (a “Trigger Event Officers’ Certificate”); 

  

	 	(iii)	 appoint a reputable financial institution, trust company, depository entity, nominee entity or similar entity
that is wholly independent of the Company (the entity so appointed, the “Conversion Shares Depository”) as promptly as practicable thereafter; and 

 

	 	(iv)	 as promptly as practicable following the Company’s appointment of a Conversion Shares Depository (or of
its ascertaining that it is not reasonably able to do so) and the delivery of a Trigger Event Officers’ Certificate to the Trustee, and, in any event, within such period as the Competent Authority may require, the Company shall deliver a
Conversion Notice to the Trustee and to Holders of the Securities (via DTC). 

 As a condition of its appointment, the Conversion Shares
Depository shall be required to undertake, for the benefit of the Holders and Beneficial Owners of the Securities, to hold the Conversion Shares on their behalf in one or more segregated accounts and perform each function ascribed to it in this
Third Supplemental Indenture. If the Company is unable to appoint a Conversion Shares Depository prior to delivery of the Conversion Notice, it shall make such other arrangements as it deems reasonable to effect the delivery of the Conversion Shares
to or for the benefit of the Holders of the Securities (the “Alternative Delivery Arrangements”). Each Holder and Beneficial Owner of any Securities shall be deemed to have irrevocably directed the Company to issue the Conversion
Shares in accordance with such arrangements. 
 (b) A Conversion Notice shall be given substantially in the form of Exhibit B, with
such modifications as shall be reasonably necessary to reflect any Alternative Delivery Arrangements. Such Conversion Notice shall be completed consistent with the requirements of this Article IV and shall specify, among other things: 

 

	 	(i)	 that a Trigger Event has occurred with respect to the Securities; 

 

	 	(ii)	 the Conversion Price; 

  
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	 	(iii)	 a Conversion Date occurring without delay upon the occurrence of the Trigger Event and in any event within one
(1) month following the date of such Trigger Event and in accordance with the requirements set out in Article 54 of the CRR as at the Issue Date; 

  

	 	(iv)	 the Notice Cut-Off Date; and 

 

	 	(v)	 a Final Cancellation Date, which shall be to the extent practicable no more than fifteen (15) Business
Days following the Notice Cut-Off Date 

 A form of Conversion Shares Settlement Notice
substantially in the form of Exhibit C, with such modifications as shall be reasonably necessary to reflect any Alternative Delivery Arrangements or any changes in the procedures of the Depositary applicable to the Conversion, shall be
attached to the Conversion Notice as an annex thereto. 
 (c) If the outstanding Securities are issued in definitive form, the Trustee shall
mail the Conversion Notice to the Holders of the Securities at their addresses shown on the Security Register within two (2) Business Days of its receipt from the Company and, if the Securities are then held by DTC in the form of Global
Securities, the Trustee shall request that DTC post the Conversion Notice on its Reorganization Inquiry for Participants System pursuant to DTC’s procedures then in effect (or such other system as DTC uses for providing notices to holders of
securities). The date on which the Conversion Notice shall be deemed to have been given shall be the date on which it is delivered by the Company to DTC. 

(d) The Conversion shall occur on the Conversion Date specified in the Conversion Notice. On the Conversion Date, the Company shall issue and
deliver the Conversion Shares to the Conversion Shares Depository (or, if it shall not have been able to appoint a Conversion Shares Depository, pursuant to any Alternative Delivery Arrangements). All of the Company’s obligations to the Holders
and Beneficial Owners of the Securities under the Securities and the Indenture shall be irrevocably and automatically released in consideration of the Company’s issuance and delivery of such Conversion Shares on the Conversion Date pursuant to
this Section 4.01(d) and under no circumstances shall such released obligations be reinstated. Upon such issuance and delivery, (i) the principal amount of each Security shall automatically be reduced to zero and each Holder or Beneficial
Owner of a Security shall have recourse only to the Conversion Shares Depository for delivery of the Conversion Shares and (ii) the Securities shall remain in existence until the applicable Cancellation Date for the sole purpose of evidencing
the Holders and Beneficial Owners of the Securities’ right to receive Conversion Shares from the Conversion Shares Depository or pursuant to any Alternative Delivery Arrangements. Any interest in respect of an Interest Period ending on any
Interest Payment Date or Redemption Date falling between the date of a Trigger Event and the Conversion Date shall be deemed to have been cancelled upon the occurrence of such Trigger Event and shall not be due and payable. The Holders of the
Securities’ sole recourse for the Company’s failure to issue and deliver the Conversion Shares to the Conversion Shares Depository or pursuant to any Alternative Delivery Arrangements on the Conversion Date shall be the right to demand
that the Company make such issuance and delivery. 
 (e) If a Conversion Shares Depository shall have been appointed, the Conversion Shares
shall initially be registered in the name of the Conversion Shares Depository (which shall hold the Conversion Shares on behalf of the Holders and Beneficial Owners of the Securities), and each Holder and Beneficial Owner of the Securities shall be
deemed to have irrevocably directed the Company to issue the Conversion Shares corresponding to the conversion of its holding of Securities to the Conversion Shares Depository (which shall hold the Conversion Shares on behalf of the Holders and
Beneficial Owners of the Securities). 

  
 - 16 - 

 (f) Each Holder and Beneficial Owner of Securities shall be entitled to direct the
Conversion Shares Depository to exercise on its behalf all rights of a holder of the Conversion Shares (including voting rights and rights to receive dividends) other than any right to sell or otherwise transfer the Conversion Shares, which no such
Holder or Beneficial Owner shall be entitled to exercise prior to the delivery of the Conversion Shares to it in accordance with the procedures set forth under Section 4.03. 

(g) The Company’s calculation of its Group CET1 Capital, Group Total Risk Exposure Amount and Group CET1 Ratio, as well as any Trigger
Event Officers’ Certificate delivered to the Trustee, shall be binding on the Trustee and the Holders and Beneficial Owners of the Securities. 

Section 4.02 Conversion Shares. 

(a) The number of Conversion Shares to be issued to the Conversion Shares Depository (or other relevant recipient) upon Conversion will be the
aggregate principal amount of the Securities outstanding immediately prior to Conversion on the Conversion Date divided by the Conversion Price (rounded down, if necessary, to the nearest whole number of Conversion Shares). Each Holder of the
Securities shall be entitled (subject to compliance with the relevant settlement procedures) to receive a number of Conversion Shares from the Conversion Shares Depository (or other relevant initial recipient) equal to the aggregate Tradable Amount
of the Securities held by such Holder divided by the Conversion Price (rounded down, if necessary, to the nearest whole number of Conversion Shares). The Conversion Shares Depository (or other relevant recipient) shall hold the Conversion Shares on
behalf of the Holders of the Securities to the extent of each such Holder’s entitlement to receive Conversion Shares as set forth above. Fractions of Conversion Shares shall not be issued or delivered following a Conversion and no cash payment
shall be made in lieu thereof. 
 (b) The Conversion Shares issued following a Conversion shall be fully paid and non-assessable and shall in all respects rank pari passu with the fully paid Ordinary Shares in issue on the Conversion Date, except in any such case for any right excluded by mandatory provisions of
applicable law, and except that the Conversion Shares so issued shall not rank for (or, as the case may be, the relevant Holder or Beneficial Owner shall not be entitled to receive) any rights, the entitlement to which falls prior to the Conversion
Date. 
 (c) If the Company has an ADS Depositary Facility in effect on the Conversion Date, the Conversion Shares Depository shall deposit
with the ADS Depositary any Conversion Shares in respect of which any Holder or Beneficial Owner of the Securities elects to receive ADSs pursuant to a validly completed Conversion Shares Settlement Notice on the applicable Settlement Date and shall
cause the ADS Depositary to issue the corresponding number of ADSs to such Holder or Beneficial Owner in accordance with its applicable procedures, including with respect to the payment of any applicable fees and expenses of the ADS Depositary. The
obligation to deliver ADSs if a Holder or Beneficial Owner of the Securities elects to have its Conversion Shares delivered in such form will apply only if at the time of Conversion the Company continues to maintain an ADS Depositary Facility. The
delivery of the Conversion Shares to the ADS Depositary shall be deemed for all purposes to constitute the delivery of the Conversion Shares to any such Holder or Beneficial Owner. 

(d) The procedures set forth in Sections 4.01 and 4.02 are subject to change to reflect changes in DTC practices, and the Company may make
changes to the procedures set forth in Sections 4.01 and 4.02 to the extent reasonably necessary, in the opinion of the Company, to reflect such changes in DTC practices. 

  
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 Section 4.03 Settlement Procedure. 

(a) Delivery of the Conversion Shares to the Holders and Beneficial Owners of the Securities shall be made in accordance with the procedures
set forth in this Section 4.03. 
 (b) No Holder or Beneficial Owner of the Securities (or the custodian, nominee, broker or other
representative thereof) shall receive delivery of the relevant Conversion Shares unless the Conversion Shares Depository shall have received its Conversion Shares Settlement Notice (and, if required, the Securities to which it relates) on or before
the Notice Cut-Off Date. Any notice or Securities received after the end of normal business hours at the specified office of the Conversion Shares Depository shall be deemed received on the following Business
Day. 
 (c) If the outstanding Securities are then issued in the form of Global Securities, no Conversion Shares Settlement Notice shall be
valid unless given in accordance with the applicable procedures of the Depositary and in a form acceptable to it. If the outstanding Securities are then issued in definitive form, no Conversion Shares Settlement Notice shall be valid for any purpose
unless the Conversion Shares Depository shall have received the Securities to which it relates, duly endorsed to the Conversion Shares Depository. Each Conversion Shares Settlement Notice must be given in a form acceptable to the Conversion Shares
Depository. 
 (d) Subject to any election pursuant to Section 4.02(c) and satisfaction of the requirements and limitations set forth in
this Section 4.03 and provided that the Conversion Shares Settlement Notice and the relevant Securities, if applicable, are delivered on or before the Notice Cut-Off Date, the Conversion Shares Depository
shall deliver the relevant Conversion Shares (rounded down to the nearest whole number of Conversion Shares) to the Holder or Beneficial Owner (or custodian, nominee, broker or other representative thereof) of the relevant Securities completing the
relevant Conversion Shares Settlement Notice in accordance with the instructions given in such Conversion Shares Settlement Notice on the applicable Settlement Date. 

(e) Each Conversion Shares Settlement Notice shall be irrevocable. The Conversion Shares Depository shall determine, in its sole and absolute
discretion, whether any Conversion Shares Settlement Notice has been properly completed and delivered, and such determination shall be conclusive and binding on the relevant Holder or Beneficial Owner. If any Holder or Beneficial Owner of the
Securities fails to properly complete and deliver a Conversion Shares Settlement Notice and the relevant Securities, if applicable, prior to the Notice Cut-Off Date, the Conversion Shares Depository shall be
entitled to treat such Conversion Shares Settlement Notice as null and void. 
 (f) Each Security shall be cancelled on the applicable
Cancellation Date. 
 (g) Neither the Company, nor any member of the Group, shall be liable for any taxes or capital, stamp, issue and
registration or transfer taxes or duties arising on Conversion or that may arise or be paid as a consequence of the issue and delivery of Conversion Shares (other than any taxes due by the Company or any member of the Group according to the Dutch
Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969), which tax shall be borne solely by the Holder or Beneficial Owner of the Securities, or, if different, the person to whom the Conversion Shares are delivered). 

Section 4.04 Failure to Deliver a Conversion Shares Settlement Notice. The Conversion Shares Depository shall continue to hold all
Conversion Shares for which it has not received a valid Conversion Settlement Notice (and the related Securities, if applicable) on or prior to the Notice Cut-Off Date until the Final Cancellation Date. Any
Holder or Beneficial Owner (or custodian, nominee, broker or other representative thereof) of Securities delivering a Conversion Shares Settlement Notice 

  
 - 18 - 

 
after the Notice Cut-Off Date shall be required to provide evidence of its entitlement to the relevant Conversion Shares, satisfactory to the Conversion
Shares Depository in its sole and absolute discretion, in order to receive delivery of such Conversion Shares. The Company shall have no liability to any Holder or Beneficial Owner of the Securities for any loss resulting from such Holder’s or
Beneficial Owner’s failure to receive any Conversion Shares, or from any delay in the receipt thereof, in each case as a result of such Holder or Beneficial Owner (or custodian, nominee, broker or other representative thereof) failing to duly
submit a valid Conversion Shares Settlement Notice and the relevant Securities, if applicable, on a timely basis or at all. 

Section 4.05 Adjustment of Floor Price. 

(a) The Floor Price shall be subject to adjustment as set forth in Annex I (Anti-Dilution Provisions). 

(b) There shall at all times any Securities are Outstanding be a conversion calculation agent (the “Conversion Calculation
Agent”), which may be the Company or another Person appointed by the Company to serve in such capacity, who shall be responsible in consultation with the Company for the calculation of all adjustments to the Floor Price to be made pursuant
to Annex I (Anti-Dilution Provisions) and all determinations required to be made pursuant thereto. Determinations, calculations and adjustments performed by the Conversion Calculation Agent pursuant to this Section 4.05(b) shall
be final and binding (in the absence of bad faith or manifest error) on Holders and Beneficial Owners of the Securities. To the extent Annex I (Anti-Dilution Provisions) at any time calls for any calculation or determination to be made
by an Independent Conversion Adviser, if the Person then serving as Conversion Calculation Agent is not wholly independent of the Company, the Company shall use commercially reasonable efforts to appoint an Independent Conversion Adviser to make
such calculation or determination. A written opinion of such Independent Conversion Adviser in respect of such calculation or determination shall be conclusive and binding on the Company and the Holders and Beneficial Owners of the Securities, save
in the case of manifest error. 
 (c) The Company shall give notice of any adjustments to the Floor Price to the Holders of the Securities,
with a copy to the Trustee, and if the Securities are then held in the form of Global Securities shall cause the Depositary to deliver such notice to its participants in accordance with its applicable procedures. 

Section 4.06 Covenants Relating to Conversion Shares. 

(a) For so long as any Security remains Outstanding, the Company shall: 

 

	 	(i)	 not make any issue, grant or distribution or take or omit to take any other action if the effect thereof would
be that, on Conversion, Ordinary Shares could not, under any applicable law then in effect, be legally issued as fully paid; 

  

	 	(ii)	 if any offer is made to all (or as nearly as may be practicable all) shareholders (or all (or as nearly as may
be practicable all) such shareholders other than the offeror and/or any associates of the offeror) to acquire all or a majority of the issued Ordinary Shares, or if a scheme is proposed with regard to such acquisition, give notice of such offer or
scheme to each Holder of any Securities at the same time as any notice thereof is sent to the shareholders (or as soon as practicable thereafter) that details concerning such offer or scheme may be obtained from the specified offices of the Trustee;

  
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	 	(iii)	 use commercially reasonable efforts to ensure that the Ordinary Shares issued upon Conversion shall be admitted
to listing and trading on the Relevant Stock Exchange; 

  

	 	(iv)	 maintain all corporate authorizations necessary to issue and allot at all times sufficient Ordinary Shares,
free from pre-emptive or other preferential rights, to enable Conversion of the Securities to be satisfied in full; 

  

	 	(v)	 use commercially reasonable efforts promptly to appoint a Conversion Shares Depository as soon as practicable
following the occurrence of a Trigger Event; and 

  

	 	(vi)	 If, at the time of a Conversion the Company has an ADS Depositary Facility in effect, the Company shall ensure
that it has sufficient capacity under its then effective registration statement on Form F-6 (or successor form) to cause the ADS Depositary to issue the number of ADSs corresponding to the number of ADSs that
Holders and Beneficial Owners of the Securities have elected to receive pursuant to Section 4.02(c). 

 (b) The
Company shall not be required to comply with any obligation set forth in Section 4.06(a)(i) if its compliance with such obligation would violate the Capital Regulations or (ii) to the extent that such compliance would cause a
Regulatory Event to occur. 
 ARTICLE V 

DUTCH BAIL-IN POWER 

Section 5.01 Agreement and Acknowledgment with Respect to Exercise of Dutch Bail-in Power.

 (a) By acquiring any Securities, each Holder and Beneficial Owner of the Securities or any interest therein acknowledges, agrees to be
bound by and consents to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority that may result in the cancellation or reduction of all, or a portion, of the principal amount of, or
interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a
variation to the terms of the Securities or any expropriation of the Securities, in each case to give effect to the exercise by the Relevant Resolution Authority of such Dutch Bail-in Power (whether at the
point of non-viability or as taken together with a resolution action). Each Holder and Beneficial Owner of the Securities or any interest therein further acknowledges and agrees that the rights of Holders and
Beneficial Owners of the Securities are subject to, and will be varied, if necessary, so as to give effect to, the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority. For the avoidance of
doubt, the potential conversion of the Securities into shares, other securities or other obligations in connection with the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority is separate
and distinct from a Conversion following a Trigger Event. In addition, by acquiring any Securities, each Holder and Beneficial Owner of the Securities or any interest therein further acknowledges, agrees to be bound by, and consents to the exercise
by the Relevant Resolution Authority of any power vary the terms of the Securities, which may include amending the Interest Payment Dates or amount, or to suspend any payment in respect of the Securities for a temporary period. 

  
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 (b) No repayment of the principal amount of the Securities or payment of interest on the
Securities shall be come due and payable after the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority unless such repayment or payment would be permitted to be made by the Company under
the laws and regulations of The Netherlands and the European Union applicable to the Company. 
 (c) Upon the exercise of the Dutch Bail-in Power by the Relevant Resolution Authority with respect to the Securities, the Company shall provide a written notice of such event to DTC (if the Securities are then held by DTC in the form of Global
Securities) for the purposes of notifying Holders of Securities of such occurrence, including the amount of any cancellation of all, or a portion, of the principal amount of, or interest on, the Securities, with a copy to the Trustee for information
purposes, as soon as practicable regarding such exercise of the Dutch Bail-in Power. Failure to provide such notices will not have any impact on the effectiveness of, or otherwise invalidate, any such exercise
of the Dutch Bail-in Power. 
 (d) Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to interest cancellation, the Conversion, the Dutch Bail-in Power and the limitations on remedies specified in Article VI hereof. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 

The following provisions shall apply to the Securities in lieu of Sections 5.01 and 5.02 of the Base Indenture and in addition to the other
provisions set forth in Article 5 of the Base Indenture: 
 Section 6.01 Liquidation Event. A Liquidation Event occurring prior
to the occurrence of a Trigger Event shall be the sole Event of Default with respect to the Securities. The principal amount of the Securities shall become immediately due and payable upon an Event of Default with respect to the Securities, without
the need of any further action on the part of the Trustee, the Holders of the Securities or any other Person. 
 Section 6.02
Failure to Pay Principal Amount. Any Holder of a Security (or the Trustee acting on behalf of all Holders of the Securities) may demand payment of the principal amount of the Securities upon a Payment Default. The Trustee may, at its
discretion, in such event institute bankruptcy proceedings in The Netherlands (or such other jurisdiction in which the Company may be organized) (but not elsewhere) against the Company and/or prove in a bankruptcy or liquidation of the Company
and/or claim in a liquidation or administration of the Company. 
 Section 6.03 Performance Obligations. The Trustee may without
further notice institute such proceedings against the Company as it may deem fit to enforce or seek damages for the breach of any Performance Obligation. 

  
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 Section 6.04 No Other Remedies and Other Terms. 

(a) Other than the limited remedies specified in this Article VI, and subject to Section 6.04(c), no remedy against the Company shall be
available to the Trustee (acting on behalf of the Holders of the Securities) or to any Holder or Beneficial Owner of the Securities, whether for the recovery of amounts owing in respect of such Securities or under the Indenture, or in respect of any
breach by the Company of any of the Company’s obligations under or in respect of the terms of such Securities or under the Indenture in relation thereto; provided that the Company’s obligations to the Trustee under
Section 6.07 of the Base Indenture and the Trustee’s rights to have money collected applied first to pay amounts due to it under such Section pursuant to Section 5.06 of the Base Indenture expressly survive any Default and are not
subject to the subordination provisions of Article VII of this Third Supplemental Indenture. 
 (b) In the case of a Default under the
Securities, the Trustee shall exercise such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his
or her own affairs. For purposes of the Base Indenture, “Event of Default” in respect of the Securities shall mean “Default” as defined in this Third Supplemental Indenture, except that the term “Event of Default” as
used in Section 3.05(b)(ii) of the Base Indenture and Article 8 of the Base Indenture shall mean “Liquidation Event.” 
 (c)
Notwithstanding the limitations on remedies specified under Article VI, (i) the Trustee shall have such powers as are required to be authorized to it under the Trust Indenture Act in respect of the rights of the Holders and Beneficial Owners of
the Securities under the provisions of the Indenture, and (ii) nothing shall impair the right of a Holder or Beneficial Owner of the Securities under the Trust Indenture Act, absent such Holder’s or Beneficial Owner’s consent, to sue
for any payment due but unpaid with respect to the Securities; provided that, in the case of (i) and (ii) above, any payments in respect of, or arising from, the Securities, including any payments or amounts resulting or arising from the
enforcement of any rights under the Trust Indenture Act in respect of the Securities, shall be subject to the subordination provisions set forth in Section 7.01 of this Third Supplemental Indenture. 

Section 6.05 Waiver of Past Defaults. 

(a) Holders of not less than a majority in aggregate principal amount of the Outstanding Securities may on behalf of the Holders of all of the
Securities waive any past Default that results from a breach by the Company of a Performance Obligation. Holders of a majority of the aggregate principal amount of the Outstanding Securities shall not be entitled to waive any past default that
results from a Liquidation Event or a Payment Default. 
 (b) Upon the occurrence of any waiver permitted by Section 6.05(a), such
Default shall cease to exist, and any Default with respect to any series arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of the Base Indenture, but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon. 
 ARTICLE VII 

SUBORDINATION AND SET-OFF 

Section 7.01 Subordination. 

(a) The Securities shall constitute the Company’s direct, unsecured and subordinated obligations, ranking equally without any preference
among themselves. The rights and claims of the Holders and Beneficial Owners of the Securities in respect of or arising from the Securities shall be subordinated to the claims of holders of Senior Instruments. 

  
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 (b) If a Liquidation Event occurs prior to a Trigger Event, the Securities shall be
subordinated to Senior Instruments, and rank pari passu with all Parity Instruments. By virtue of such subordination, any payments to the Holders of the Securities upon any Liquidation Event shall only be made after all payment obligations of
the Company in respect of Senior Instruments have been satisfied. The amount of any claim in respect of each Security shall be its principal amount. 

(c) If a Liquidation Event occurs after a Trigger Event but before the Conversion Shares deliverable upon Conversion are issued and delivered
pursuant to Section 4.01, each Holder or Beneficial Owner of a Security shall have a claim, in lieu of any other payment by the Company, for the amount, if any, it would have been entitled to receive if the Conversion relating to such Trigger
Event and the relevant number of Conversion Shares to which such holder would have been entitled had been delivered to such holder had occurred immediately prior to the Liquidation Event. 

Section 7.02 No Set-Off. Subject to applicable law, neither any no Holder or Beneficial
Owner of Securities, nor the Trustee acting on their behalf, may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Company in respect of or
arising under, or in connection with, the Securities or the Indenture and each Holder and Beneficial Owner of Securities, by virtue of its holding of any Securities, and the Trustee acting on their behalf, shall be deemed to have waived all such
rights of set-off, compensation or retention. If notwithstanding the foregoing any amounts due and payable to any Holder or Beneficial Owner of Securities by the Company in respect of, or arising under, the
Securities are discharged by set-off, such Holder or Beneficial Owner shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, if a Liquidation
Event shall have occurred, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or
administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. The foregoing shall not prevent any set-off in order to give effect to a
Conversion. 
 ARTICLE VIII 

ADDITIONAL TRUSTEE PROTECTIONS 

Section 8.01 Conversion. Notwithstanding anything to the contrary contained in the Indenture or the Securities, 

(a) once the Company has delivered a Conversion Notice, (i) no Holder or Beneficial Owner of a Security shall have any rights whatsoever
under the Indenture or the Securities to instruct or direct the Trustee to take any action whatsoever and (ii) as of the date of the Conversion Notice, except for any indemnity and/or security provided by any Holder or by any Beneficial Owner
of the Securities in such direction or related to such direction, any direction previously given to the Trustee by any Holders or by any Beneficial Owners of the Securities shall cease automatically and shall be null and void and of no further
effect; except in each case of (i) and (ii) of this Section, with respect to any rights of Holders or Beneficial Owners of the Securities with respect to any payments under the Securities that were unconditionally due and payable prior to the
date of the Conversion Notice or unless the Trustee is instructed in writing by the Company to act otherwise; 
 (b) the Trustee shall be
entitled to conclusively rely on and accept a Trigger Event Officers’ Certificate without any duty whatsoever of further inquiry as sufficient and conclusive evidence of the occurrence of a Trigger Event, and such Trigger Event Officers’
Certificate shall be conclusive and binding on the Trustee and each Holder and Beneficial Owner of any Security or interest therein; and 

  
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 (c) the Trustee shall not be liable with respect to (i) the calculation or accuracy of
the Group CET1 Capital, Group Total Risk Exposure Amount and Group CET1 Ratio in connection with the occurrence of a Trigger Event and the timing of such Trigger Event, (ii) the failure of the Company to provide any information whatsoever in
respect of a Trigger Event to any Holder or Beneficial Owner of a Security, (iii) any aspect of the Company’s decision to deliver a Conversion Notice or the related Conversion or (iv) the adequacy of the disclosure of these provisions
to any Holder or Beneficial Owner of any Security or any interest therein or for the direct or indirect consequences thereof. 

Section 8.02 Indemnification by the Company. The Company’s obligations to indemnify the Trustee in accordance with
Section 6.07 of the Base Indenture shall survive any exercise of the Dutch Bail-in Power by the Relevant Resolution Authority with respect to the Securities and any Conversion hereunder. 

ARTICLE IX 

ADDITIONAL ACKNOWLEDGEMENTS AND AGREEMENTS 

OF HOLDERS AND BENEFICIAL OWNERS 

By acquiring the Securities, each Holder and Beneficial Owner of a Security or any interest therein, including any Person acquiring any such
Security or interest therein after the date hereof, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 

Section 9.01 Dutch Bail-in Power. Such Holder and Beneficial Owner of a Security or any
interest therein: 
 (a) acknowledges and agrees that no exercise of the Dutch Bail-in Power by the
Relevant Resolution Authority with respect to the Securities or cancellation or deemed cancellation of interest on the Securities pursuant to Sections 2.03 and 2.04 shall give rise to a default for purposes of Section 315(b) (Notice of Default)
and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; 
 (b) to the extent permitted by the Trust
Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in
either case in accordance with the exercise of the Dutch Bail-in Power by the Relevant Resolution Authority with respect to the Securities; 

(c) acknowledges and agrees that, upon the exercise of any Dutch Bail-in Power by the Relevant
Resolution Authority, (i) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.12 of the Base Indenture and (ii) the Indenture shall impose no duties upon
the Trustee whatsoever with respect to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a direction to the Trustee
pursuant to Section 5.12 of the Base Indenture prior to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority, such direction shall cease to be of further effect upon such exercise
of any Dutch Bail-in Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-in
Power by the Relevant Resolution Authority, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the Securities following such completion to the extent that the Company and the
Trustee shall agree pursuant to a supplemental indenture or an amendment to this Third Supplemental Indenture; and 

  
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 (d) (i) consents to the exercise of any Dutch
Bail-in Power as it may be imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and
requests DTC and any direct participant in DTC or other intermediary through which it holds such Securities to take any and all necessary action, if required, to implement (x) the Conversion and (y) the exercise of any Dutch Bail-in Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such Holder and such Beneficial Owner. 

Section 9.02 Conversion Upon a Trigger Event. Such Holder or Beneficial Owner consents to the Conversion of its Securities
following a Trigger Event, the appointment of the Conversion Shares Depository, and the issuance of the Conversion Shares to the Conversion Shares Depository, all of which may occur without any further action on the part of such Holder or Beneficial
Owner or the Trustee, and following which no Holder or Beneficial Owner of any Securities will have any rights against the Company with respect to the payment of principal of, or interest on, such Securities. To the extent the Securities are held in
the form of Global Securities, such Holder or Beneficial Owner authorizes, directs and requests the Depositary, any direct participant therein and any other intermediary through which it holds such Securities to take any and all necessary action, if
required, to implement the Conversion without any further action or direction on the part of such Holder or Beneficial Owner or the Trustee. Upon a Trigger Event and Conversion, the principal amount of the Securities may be applied in such manner as
the Company deems necessary in connection with the issue and paying up of the relevant Conversion Shares and the delivery thereof to the Conversion Shares Depository or pursuant to any Alternative Delivery Arrangements. 

Section 9.03 Interest Cancellation. Interest shall be payable on the Securities solely at the discretion of the Company, and no
amount of interest shall become due and payable in respect of the relevant Interest Payment Date or related Interest Period or Redemption Date to the extent that it has been cancelled or deemed cancelled (in whole or in part) by the Company in its
sole discretion and/or as a result of (i) the Company having insufficient Distributable Items, (ii) the relevant interest payment’s causing the Maximum Distributable Amount to be exceeded, or (iii) a Trigger Event or a
Liquidation Event having occurred. A cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the Indenture shall not constitute a default in payment or otherwise under the terms of the
Securities. 
 Section 9.04 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and the Securities and waives, to the fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the
Securities, including, without limitation, claims related to or arising out of or in connection with a Trigger Event and/or any Conversion. 

Section 9.05 Successors and Assigns. All authority conferred or agreed to be conferred by any Holder or Beneficial Owner of the
Securities pursuant to this Article IX shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
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 ARTICLE X 

ADDITIONAL AMOUNTS 

Section 10.01 Additional Amounts. 

(a) All amounts of principal of, and any premium and interest on, the Securities will be paid by the Company or any successor thereof without
deduction or withholding for any taxes, assessments or other charges imposed by the government of The Netherlands, or the government of a jurisdiction in which a successor to the Company is organized or resident for tax purposes, unless such
deduction or withholding is required by applicable law. If deduction or withholding of any of these charges is required by The Netherlands, or by a jurisdiction in which a successor to the Company is organized or resident for tax purposes, the
Company or such successor, as the case may be, will pay as additional interest any additional amounts necessary to make the net amount paid to the affected Holders equal the amount the Holders would have received in the absence of the deduction or
withholding. However, additional amounts will not be paid for: 
  

	 	•	 	 the amount of any tax, assessment or other governmental charge imposed by any taxing authority of or in the
United States; 

  

	 	•	 	 the amount of any tax, assessment or other governmental charge which is only payable because:

  

	 	•	 	 a connection, other than the holding or ownership of the capital security or the receipt of interest and
principal thereon, exists between the Holder and The Netherlands (or such jurisdiction in which a successor to the Company is organized or resident for tax purposes); 

 

	 	•	 	 the Holder presented the capital security for payment (where presentation is required) more than 15 days after
the date on which the relevant payment became due or was provided for, whichever is later; 

  

	 	•	 	 the Holder failed to comply, on a timely basis, with a written request of the Company or any successor thereof
for any applicable information or certification that would have, if provided on a timely basis, permitted the payment to be made without withholding or deduction (or with a reduced rate of withholding or deduction); 

 

	 	•	 	 the amount of any estate, inheritance, gift, sales, excise, transfer or personal property tax or any similar tax,
duty, assessment or governmental charge; 

  

	 	•	 	 the amount of any tax, assessment or other governmental charge which is payable other than by deduction or
withholding from a payment on or in respect of the capital securities; 

  

	 	•	 	 the amount of any tax, assessment or other governmental charge that a Holder or Beneficial Owner would have been
able to avoid (but has not so avoided) by presenting and surrendering the relevant capital security to another paying agent (where presentation and surrendering is required); 

  
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	 	•	 	 the amount of any tax, assessment or other governmental charge which is payable by any person acting as custodian
bank or collecting agent on behalf of a Holder, or otherwise in any manner which does not constitute a withholding or deduction by the Company, the Paying Agent or any successor thereof from payments made by it; 

 

	 	•	 	 the amount of any tax, assessment or other governmental charge which is withheld or deducted by a paying agent
from a payment if the payment could have been made by another paying agent without such withholding or deduction; 

  

	 	•	 	 the amount of any tax, assessment or other governmental charge which is payable by reason of a change in law that
becomes effective more than 30 days after the relevant payment becomes due and is made available for payment to the Holders, unless such tax, assessment or other governmental charge would have been applicable had payment been made within such 30 day
period; or 

  

	 	•	 	 any combination of the taxes, assessments or other governmental charges described above. 

In addition, the Company will not pay “additional amounts” to a Holder that is a fiduciary or partnership or an entity that is not the sole
Beneficial Owner of the payment where the law requires the payment to be included in the income of a beneficiary or settlor for tax purposes with respect to such fiduciary or a member of such partnership or a Beneficial Owner who would not have been
entitled to such “additional amounts” had it been the Holder. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of (and premium, if any) or any interest, if any, on or in respect of any Capital
Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof
pursuant to the provisions of this Section and as if express mention of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made. 

(b) In addition to the limitations set forth in Section 10.01(a) above, Additional Amounts will not be paid for the amount of any tax,
assessment or other governmental charge which is only payable because the Holder or Beneficial Owner is a related party of the Company and is liable for such taxes, duties, assessments or governmental charges due to being a tax resident of a low-tax jurisdiction including a country that is included in the European Union list of non-cooperative jurisdictions for purposes of any Dutch tax law codified pursuant to
the policy intentions as described in items N151 on page 67 and N154 on page 68 of the Coalition Agreement, as described in the annex of the letter of the Dutch State Secretary for Finance dated February 23, 2018 on pages 10 and 11 and as
referred to in the letter of the Dutch State Secretary for Finance dated October 15, 2018. In the absence of definitive guidance as to whether the withholding or deduction of such taxes, duties, assessments or governmental charges is required
by any Dutch tax law referred to in the preceding sentence, by reason of a certain tax jurisdiction having to be or being considered a low-tax jurisdiction, the term
low-tax jurisdiction will be interpreted in the Company’s reasonable judgment, in accordance with the relevant statutory language, any implementing regulations, any interpretative guidance provided by the
relevant authorities and any other sources generally accepted, or relied on, for the purpose of interpreting Dutch tax law at the time of the actual payment. 

(c) Additional Amounts shall only be paid in the event that deduction or withholding relates to interest payments (and not payments of
principal), and subject to the restrictions contained in Section 2.04 above. 

  
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 ARTICLE XI 

MISCELLANEOUS PROVISIONS 

Section 11.01 Effectiveness. This Third Supplemental Indenture shall become effective upon its execution and delivery. 

Section 11.02 Modification. 

(a) Without the consent of any Holders of the Securities, the Company and the Trustee may make such modifications to the provisions of Sections
4.01 and 4.03 and Exhibits B and C as are reasonably necessary, in the opinion of the Company, to reflect the procedures of the Depositary in effect at the time of any Conversion or issuance of the Securities in definitive form and the requirements
of the Conversion Shares Depository. 
 (b) Any modification to or waiver of Section 4.06 shall require the consent of the Holders of at
least 75% in principal amount of the outstanding Securities. 
 (c) Any amendment or modification of the Securities (or of the Indenture with
respect to the Securities) shall be subject to the Company obtaining the prior written consent of the Competent Authority. 
 (d) The Company
may not amend Section 7.01 to alter the subordination of any outstanding Securities without the consent of each holder of any Senior Instrument then outstanding who would be adversely affected. 

(e) The Company may not amend Section 7.01 in a manner that would adversely affect the other Capital Securities of any one or more series
then outstanding in any material respect, without the consent of the Holders of a majority in aggregate principal amount of all affected series then outstanding, voting together as one class (and also of any affected series that by its terms is
entitled to vote separately as a series). 
 Section 11.03 Original Issue. The Securities may, upon execution of this Third
Supplemental Indenture, be executed by the Company and delivered by the Company to the Trustee for authentication, and the Trustee shall, upon delivery of a Company Order, authenticate and deliver such Securities as in such Company Order provided.

 Section 11.04 Ratification and Integral Part. The Base Indenture as supplemented by this Third Supplemental Indenture, is in
all respects ratified and confirmed, including without limitation all the rights, immunities and indemnities of the Trustee, and this Third Supplemental Indenture shall be deemed an integral part of the Base Indenture in the manner and to the extent
herein and therein provided. 
 Section 11.05 Priority. This Third Supplemental Indenture shall be deemed part of the Base
Indenture in the manner and to the extent herein and therein provided. The provisions of this Third Supplemental Indenture shall, with respect to the Securities and subject to the terms hereof, supersede the provisions of the Base Indenture to the
extent the Base Indenture is inconsistent herewith. 
 Section 11.06 Successors and Assigns. All covenants and agreements in the
Base Indenture, as supplemented and amended by this Third Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

  
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 Section 11.07 Counterparts. This Third Supplemental Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 11.08 Governing Law. This Third Supplemental Indenture and the Securities shall be governed by and construed in accordance
with the laws of the State of New York, except for the subordination provisions and the waiver of set-off provisions in Article VII, which are governed by, and construed in accordance with, Dutch law. 

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

			
	ING GROEP N.V.
		
	By:	 	         /s/ K.I.D. Tuinstra

		 	Name: K.I.D. Tuinstra
		
	By:	 	         /s/ P.G. van der Linde

		 	Name: P.G. van der Linde
	
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS TRUSTEE
		
	By:	 	         /s/ Marilyn Chau

		 	Name: Marilyn Chau
		 	Title: Vice President

 Signature Page to the Third Supplemental Indenture 

 Annex I 
  

Anti-Dilution Provisions 

Adjustment of Floor Price 

Upon the happening of any of the events described below, the Floor Price shall be adjusted as follows: 

 

	 	(i)	 If and whenever there shall be a consolidation, reclassification/redesignation or subdivision affecting the
number of Ordinary Shares, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to such consolidation, reclassification/redesignation or subdivision by the following fraction: 

A 
 B 

where: 
  

	 	A	 is the aggregate number of Ordinary Shares in issue immediately before such consolidation,
reclassification/redesignation or subdivision, as the case may be; and 

  

	 	B	 is the aggregate number of Ordinary Shares in issue immediately after, and as a result of, such consolidation,
reclassification/redesignation or subdivision, as the case may be. 

 Such adjustment shall become effective on the date
the consolidation, reclassification/redesignation or subdivision, as the case may be, takes effect. 
  

	 	(ii)	 If and whenever the Company shall issue any of its Ordinary Shares credited as fully paid to the Company’s
shareholders by way of capitalization of profits or reserves (including any share premium account or capital redemption reserve) other than (1) where any such Ordinary Shares are or are to be issued instead of the whole or part of a Cash
Dividend which the Shareholders would or could otherwise have elected to receive, (2) where the Company’s shareholders may elect to receive a Cash Dividend in lieu of such Ordinary Shares or (3) where any such Ordinary Shares are or
are expressed to be issued in lieu of a Dividend (whether or not a Cash Dividend equivalent or amount is announced or would otherwise be payable to Shareholders, whether at their election or otherwise), the Floor Price shall be adjusted by
multiplying the Floor Price in force immediately prior to such issue by the following fraction: 

 A 

B 
 where: 

 

	 	A	 is the aggregate number of Ordinary Shares in issue immediately before such issue; and 

 

	 	B	 is the aggregate number of Ordinary Shares in issue immediately after such issue. 

Such adjustment shall become effective on the first date of issue of such Ordinary Shares. 

  
 I-1 

 Annex I 
  

	 	(iii)	 

  

	 	(A)	 If and whenever the Company shall pay any Extraordinary Dividend to its shareholders, the Floor Price shall be
adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: 

  

	
	 A – B

	 A – C

 where: 
  

	 	A	 is the Current Market Price of one ordinary share on the Effective Date; 

 

	 	B	 is the portion of the Fair Market Value of the aggregate Extraordinary Dividend attributable to one ordinary
share, with such portion being determined by dividing the Fair Market Value of the aggregate Extraordinary Dividend by the number of Ordinary Shares entitled to receive the relevant Dividend; and 

 

	 	C	 is an amount equal to: 

 

	 	(a)	 in the case of an Extraordinary Dividend falling under part (i) of the definition of Extraordinary
Dividend, zero; or, 

  

	 	(b)	 in the case of an Extraordinary Dividend falling under part (ii) of the definition of Extraordinary
Dividend, the amount (if any) by which the Reference Amount in respect of the Relevant Year exceeds an amount equal to the aggregate of the Fair Market Values of any previous Cash Dividends (other than any Cash Dividends falling under part
(i) of the definition of Extraordinary Dividend) per ordinary share of the Company paid or made in respect of such Relevant Year (where C shall equal zero if such previous Cash Dividends per ordinary share of the Company are equal to, or
exceed, the Reference Amount in respect of the Relevant Year). For the avoidance of doubt, “C” shall equal the Reference Amount determined in respect of the Relevant Year where no previous Cash Dividends (other than any Cash Dividends
falling under part (i) of the definition of Extraordinary Dividend) per ordinary share of the Company have been paid or made in respect of such Relevant Year. 

Such adjustment shall become effective on the Effective Date or, if later, the first date upon which the Fair Market Value of the relevant
Extraordinary Dividend can be determined. 
 “Effective Date” means, for purposes of this paragraph (iii)(A), the first
date on which the Ordinary Shares are traded ex-the relevant Cash Dividend on the Relevant Stock Exchange. 

  
 I-2 

 Annex I 
  

	 	(B)	 If and whenever the Company shall pay or make any Non-Cash Dividend to
its shareholders, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: 

 

	
	 A – B

	     A

 where: 
  

	 	A	 is the Current Market Price of one ordinary share on the Effective Date; and 

 

	 	B	 is the portion of the Fair Market Value of the aggregate Non-Cash
Dividend attributable to one ordinary share, with such portion being determined by dividing the Fair Market Value of the aggregate Non-Cash Dividend by the number of Ordinary Shares entitled to receive the
relevant Non-Cash Dividend (or, in the case of a purchase, redemption or buy back of Ordinary Shares or any depositary or other receipts or certificates representing Ordinary Shares by or on behalf of the
Company or any member of the Group, by the number of Ordinary Shares in issue immediately following such purchase, redemption or buy back, and treating as not being in issue any Ordinary Shares, or any Ordinary Shares represented by depositary or
other receipts or certificates, purchased, redeemed or bought back). 

 Such adjustment shall become effective on the
Effective Date or, if later, the first date upon which the Fair Market Value of the relevant Non-Cash Dividend can be determined as provided herein. 

“Effective Date” means, for purposes of this paragraph (iii)(B), the first date on which the Ordinary Shares are traded ex-the relevant Dividend on the Relevant Stock Exchange or, in the case of a purchase, redemption or buy back of Ordinary Shares or any depositary or other receipts or certificates representing Ordinary Shares by or
on behalf of the Company or any member of the Group, the date on which such purchase, redemption or buy back is made (or, in any such case if later, the first date upon which the Fair Market Value of the relevant Dividend is capable of being
determined as provided herein) or in the case of a Spin-Off, the first date on which the Ordinary Shares are traded ex-the relevant
Spin-Off on the Relevant Stock Exchange. 
  

	 	(C)	 For the purposes of this paragraph (iii) and the definition of “Extraordinary Dividend”, the
Fair Market Value of any Cash Dividend or Non-Cash Dividend shall (subject as provided in paragraph (i) of the definition of “Dividend” and in the definition of “Fair Market Value”) be
determined as at the Effective Date of such Cash Dividend, or, as the case may be, Non-Cash Dividend. 

  

	 	(D)	 In making any calculations for the purposes of this paragraph (iii), such adjustments (if any) shall be made as
an Independent Conversion Adviser may determine in good faith to be appropriate to reflect (i) any consolidation or sub-division of any Ordinary Shares or (ii) the issue of Ordinary Shares by way of
capitalization of profits or reserves (or any like or similar event) or (iii) any increase in the number of Ordinary Shares in issue in the Relevant Year in question. 

  
 I-3 

 Annex I 
  

	 	(iv)	 If and whenever the Company shall issue Ordinary Shares to shareholders as a class by way of rights, or the
Company or any member of the Group or (at the direction or request or pursuant to any arrangements with the Company or any member of the Group) any other company, person or entity shall issue or grant to shareholders as a class by way of rights, any
options, warrants or other rights to subscribe for or purchase or otherwise acquire any Ordinary Shares, or any securities which by their terms of issue carry (directly or indirectly) rights of conversion into, or exchange or subscription for, or
the right to acquire, any Ordinary Shares (or shall grant any such rights in respect of existing securities so issued), in each case at a price per ordinary share which is less than 95% of the Current Market Price per ordinary share on the Effective
Date, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: 

A + B 
 A + C

 where: 
  

	 	A	 is the number of Ordinary Shares in issue on the Effective Date; 

 

	 	B	 is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares
issued by way of rights, or for the securities issued by way of rights, or for the options or warrants or other rights issued or granted by way of rights and for the total number of Ordinary Shares deliverable on the exercise thereof, would purchase
at such Current Market Price per ordinary share; and 

  

	 	C	 is the number of Ordinary Shares to be issued or, as the case may be, the maximum number of Ordinary Shares
which may be issued upon exercise of such options, warrants or rights calculated as at the date of issue of such options, warrants or rights or upon conversion or exchange or exercise of rights of subscription or purchase or other rights of
acquisition in respect thereof at the initial conversion, exchange, subscription, purchase or acquisition price or rate, 

provided that if on the Effective Date such number of Ordinary Shares is to be determined by reference to the application of a formula
or other variable feature or the occurrence of any event at some subsequent time, then for the purposes of this paragraph (iv), “C” shall be determined by the application of such formula or variable feature or as if the relevant event
occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Effective Date. 

Such adjustment shall become effective on the Effective Date. 

“Effective Date” means, for purposes of this paragraph (iv), the first date on which the Ordinary Shares are traded ex-rights, ex-options or ex-warrants on the Relevant Stock Exchange. 

  
 I-4 

 Annex I 
  

	 	(v)	 If and whenever the Company or any member of the Group or (at the direction or request or pursuant to any
arrangements with the Company or any member of the Group) any other company, person or entity shall issue any securities (other than Ordinary Shares or options, warrants or other rights to subscribe for or purchase or otherwise acquire any Ordinary
Shares or securities which by their terms carry (directly or indirectly) rights of conversion into, or exchange or subscription for, or rights to otherwise acquire, Ordinary Shares) to shareholders as a class by way of rights or grant to
shareholders as a class by way of rights any options, warrants or other rights to subscribe for or purchase or otherwise acquire any securities (other than Ordinary Shares or options, warrants or other rights to subscribe for or purchase or
otherwise acquire Ordinary Shares or securities which by their term carry (directly or indirectly) rights of conversion into, or exchange or subscription for, rights to otherwise acquire, Ordinary Shares), the Floor Price shall be adjusted by
multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: 

  

	
	 A–B

	   A

 where: 
  

	 	A	 is the Current Market Price of one ordinary share on the Effective Date; and 

 

	 	B	 is the Fair Market Value on the Effective Date of the portion of the rights attributable to one ordinary share.

 Such adjustment shall become effective on the Effective Date. 

“Effective Date” means, for purposes of this paragraph (v), the first date on which the Ordinary Shares are traded ex-the relevant securities or ex-rights, ex-option or ex-warrants on the Relevant Stock
Exchange. 
  

	 	(vi)	 If and whenever the Company shall issue (otherwise than as mentioned in paragraph (iv) above) wholly for
cash or for no consideration any Ordinary Shares (other than Ordinary Shares issued on conversion of the Securities or comparable contingent convertible capital securities or on the exercise of any rights of conversion into, or exchange or
subscription for or purchase of, or right to otherwise acquire Ordinary Shares) or if and whenever the Company or any member of the Group or (at the direction or request or pursuance to any arrangements with the Company or any member of the Group)
any other company, person or entity shall issue or grant (otherwise than as mentioned in paragraph (iv) above) wholly for cash or for no consideration any options, warrants or other rights to subscribe for or purchase or otherwise acquire any
Ordinary Shares (other than, for the avoidance of doubt, the Securities or any Further Capital Securities or comparable contingent convertible capital securities), in each case at a price per ordinary share which is less than 95% of the Current
Market Price per ordinary share on the date of the first public announcement of the terms of such issue or grant, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following
fraction: 

 A + B 

A + C 

  
 I-5 

 Annex I 
  

 where: 
  

	 	A	 is the number of Ordinary Shares in issue immediately before the issue of such Ordinary Shares or the grant of
such options, warrants or rights; 

  

	 	B	 is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the issue of such
Ordinary Shares or, as the case may be, for the Ordinary Shares to be issued or otherwise made available upon the exercise of any such options, warrants or rights, would purchase at such Current Market Price per ordinary share; and

  

	 	C	 is the number of Ordinary Shares to be issued pursuant to such issue of such Ordinary Shares or, as the case
may be, the maximum number of Ordinary Shares which may be issued upon exercise of such options, warrants or rights calculated as at the date of issue of such options, warrants or rights, 

provided that if on the Effective Date such number of Ordinary Shares is to be determined by reference to the application of a formula
or other variable feature or the occurrence of any event at some subsequent time, then for the purposes of this paragraph (vi), “C” shall be determined by the application of such formula or variable feature or as if the relevant event
occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Effective Date. 

Such adjustment shall become effective on the Effective Date. 

“Effective Date” means, for purposes of this paragraph (vi), the date of issue of such Ordinary Shares or, as the case may
be, the grant of such options, warrants or rights. 
  

	 	(vii)	 If and whenever the Company or any member of the Group or (at the direction or request of or pursuant to any
arrangements with the Company or any member of the Group) any other company, person or entity (otherwise than as mentioned in paragraphs (iv) through (vi) above) shall issue wholly for cash or for no consideration any securities (other than,
for the avoidance of doubt, the Securities or any Further Capital Securities or comparable contingent convertible capital securities) which by their terms of issue carry (directly or indirectly) rights of conversion into, or exchange or subscription
for, purchase of, or rights to otherwise acquire, Ordinary Shares Ordinary Shares (or shall grant any such rights in respect of existing securities so issued) or securities which by their terms might be reclassified/redesignated as Ordinary Shares,
and the price per ordinary share upon conversion, exchange, subscription, purchase, acquisition or redesignation is less than 95% of the Current Market Price per ordinary share on the date of the first public announcement of the terms of issue of
such securities (or the terms of such grant), the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: 

A + B 
 A + C

  
 I-6 

 Annex I 
  

 where: 
  

	 	A	 is the number of Ordinary Shares in issue immediately before such issue or grant (but where the relevant
securities carry rights of conversion into or rights of exchange or subscription for, purchase of, or rights to otherwise acquire Ordinary Shares which have been issued, purchased or acquired by the Company or any member of the Group (or at the
direction or request or pursuant to any arrangements with the Company or any member of the Group) for the purposes of or in connection with such issue, less the number of such Ordinary Shares so issued, purchased or acquired); 

 

	 	B	 is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares
to be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription, purchase or acquisition attached to such securities or, as the case may be, for the Ordinary Shares to be issued or to arise from any
such reclassification/redesignation would purchase at such Current Market Price per ordinary share; and 

  

	 	C	 is the maximum number of Ordinary Shares to be issued or otherwise made available upon conversion or exchange
of such securities or upon the exercise of such right of subscription attached thereto at the initial conversion, exchange, subscription, purchase or acquisition price or rate or, as the case may be, the maximum number of Ordinary Shares which may
be issued or arise from any such reclassification/redesignation; 

 provided that if on the Effective Date such
number of Ordinary Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time (which may be when such securities are converted or exchanged or rights of
subscription, purchase or acquisition are exercised or, as the case may be, such securities are reclassified/redesignated or at such other time as may be provided), then for the purposes of this paragraph (vii), “C” shall be determined by
the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition or, as the case may be,
reclassification/redesignation had taken place on the Effective Date. 
 Such adjustment shall become effective on the Effective Date. 

“Effective Date” means, for purposes of this paragraph (vii), the date of issue of such Securities or, as the case may be,
the grant of such rights. 
  

	 	(viii)	 If and whenever there shall be any modification of the rights of conversion, exchange, subscription, purchase
or acquisition attaching to any securities (other than, for the avoidance of doubt, the Securities or any Further Capital Securities or comparable contingent convertible capital securities) as are mentioned in paragraph (vii) above (other than
in accordance with the terms (including terms as to adjustment) applicable to such securities upon issue) so that following such modification the consideration per ordinary share has been reduced and is less than 95% of the Current Market Price per
ordinary share on the date of the first public announcement of the proposals for such modification, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction:

 A + B 

A + C 

  
 I-7 

 Annex I 
  

 where: 
  

	 	A	 is the number of Ordinary Shares in issue immediately before such modification (but where the relevant
securities carry rights of conversion into or rights of exchange or subscription for, or purchase or acquisition of, Ordinary Shares which have been issued, purchased or acquired by the Company or any member of the Group (or at the direction or
request or pursuant to any arrangements with the Company or any member of the Group) for the purposes of or in connection with such securities, less the number of such Ordinary Shares so issued, purchased or acquired); 

 

	 	B	 is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares
to be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription, purchase or acquisition attached to the securities so modified would purchase at such Current Market Price per ordinary share or, if
lower, the existing conversion, exchange, subscription, purchase or acquisition price or rate of such securities; and 

  

	 	C	 is the maximum number of Ordinary Shares which may be issued or otherwise made available upon conversion or
exchange of such securities or upon the exercise of such rights of subscription, purchase or acquisition attached thereto at the modified conversion, exchange, subscription, purchase or acquisition price or rate but giving credit in such manner as
an Independent Conversion Adviser in good faith shall consider appropriate for any previous adjustment under this paragraph (viii) or paragraph (vii) above; 

provided that if on the Effective Date such number of Ordinary Shares is to be determined by reference to the application of a formula
or other variable feature or the occurrence of any event at some subsequent time (which may be when such securities are converted or exchanged or rights of subscription, purchase or acquisition are exercised or at such other time as may be provided)
then for the purposes of this paragraph (viii), “C” shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion, exchange,
subscription, purchase or acquisition had taken place on the Effective Date. 
 Such adjustment shall become effective on the Effective
Date. 
 “Effective Date” means, for purposes of this paragraph (viii), the date of modification of the rights of
conversion, exchange, subscription, purchase or acquisition attaching to such securities. 

  
 I-8 

 Annex I 
  

	 	(ix)	 If and whenever the Company or any member of the Group or (at the direction or request of or pursuant to any
arrangements with the Company or any member of the Group) any other company, person or entity shall offer any securities in connection with which shareholders as a class are entitled to participate in arrangements whereby such securities may be
acquired by them (except where the Floor Price is required to be adjusted under paragraphs (ii) through (vi) above (or would be required to be so adjusted if the relevant issue or grant was at less than 95% of the Current Market Price per
ordinary share on the relevant dealing day under paragraph (v) above)) the Floor Price shall be adjusted by multiplying the Floor Price in force immediately before the Effective Date by the following fraction: 

A – B 

   A 

where: 
  

	 	A	 is the Current Market Price of one ordinary share on the Effective Date; and 

 

	 	B	 is the Fair Market Value on the Effective Date of the portion of the relevant offer attributable to one
ordinary share. 

 Such adjustment shall become effective on the Effective Date. 

“Effective Date” means, for purposes of this paragraph (ix), the first date on which the Ordinary Shares are traded ex-rights on the Relevant Stock Exchange. 
  

	 	(x)	 If the Company determines that a reduction to the Floor Price should be made for whatever reason, the Floor
Price will be reduced (either generally or for a specified period as notified to Holders of the Securities) in such manner and with effect from such date as the Company shall determine and notify to the Holders of the Securities.

 For the purpose of any calculation of the consideration receivable or price pursuant to paragraphs (iv) and (vi)
– (viii), the following provisions shall apply: 
  

	 	(i)	 the aggregate consideration receivable or price for Ordinary Shares issued for cash shall be the amount of such
cash; 

  

	 	(ii)	 (x) the aggregate consideration receivable or price for Ordinary Shares to be issued or otherwise made
available upon the conversion or exchange of any securities shall be deemed to be the consideration or price received or receivable for any such securities and (y) the aggregate consideration receivable or price for Ordinary Shares to be issued
or otherwise made available upon the exercise of rights of subscription attached to any securities or upon the exercise of any options, warrants or rights shall be deemed to be that part (which may be the whole) of the consideration or price
received or receivable for such securities or, as the case may be, for such options, warrants or rights which are attributed by the Company to such rights of subscription or, as the case may be, such options, warrants or rights or, if no part of
such consideration or price is so attributed, the Fair Market Value of such rights of subscription or, as the case may be, such options, warrants or rights as at the applicable Effective Date as described in paragraphs (iv) and (vi) –
(viii) above, as 

  
 I-9 

 Annex I 
  

	 	
the case may be plus in the case of each of (x) and (y) above, the additional minimum consideration receivable or price (if any) upon the conversion or exchange of such
securities, or upon the exercise of such rights or subscription attached thereto or, as the case may be, upon exercise of such options, warrants or rights and (z) the consideration receivable or price per ordinary share upon the conversion or
exchange of, or upon the exercise of such rights of subscription attached to, such securities or, as the case may be, upon the exercise of such options, warrants or rights shall be the aggregate consideration or price referred to in (x) or
(y) above (as the case may be) divided by the number of Ordinary Shares to be issued upon such conversion or exchange or exercise at the initial conversion, exchange or subscription price or rate; 

 

	 	(iii)	 if the consideration or price determined pursuant to clause (i) or (ii) above (or any component thereof)
shall be expressed in a currency other than the Relevant Currency, it shall be converted into the Relevant Currency at the Prevailing Rate on the relevant Effective Date (in the case of clause (i) above) or the relevant date of first public
announcement (in the case of clause (ii) above); 

  

	 	(iv)	 in determining the consideration or price pursuant to the above, no deduction shall be made for any commissions
or fees (howsoever described) or any expenses paid or incurred for any underwriting, placing or management of the issue of the relevant Ordinary Shares or securities or options, warrants or rights, or otherwise in connection therewith; and

  

	 	(v)	 the consideration or price shall be determined as provided above on the basis of the consideration or price
received, receivable, paid or payable, regardless of whether all or part thereof is received, receivable, paid or payable by or to the Company or another entity 

Notwithstanding the foregoing provisions: 
  

	 	(A)	 where the events or circumstances giving rise to any adjustment pursuant to paragraphs (i) – (x) above
have already resulted or will result in an adjustment to the Floor Price or where the events or circumstances giving rise to any adjustment arise by virtue of any other events or circumstances which have already given or will give rise to an
adjustment to the Floor Price or where more than one event which gives rise to an adjustment to the Floor Price occurs within such a short period of time that, in the opinion of the Company, a modification to the operation of the adjustment
provisions is required to give the intended result, such modification shall be made to the operation of the adjustment provisions as may be determined in good faith by an Independent Conversion Adviser to be in its opinion appropriate to give the
intended result; 

  

	 	(B)	 such modification shall be made to the operation of the Indenture as may be determined in good faith by an
Independent Conversion Adviser to be in its opinion appropriate (i) to ensure that an adjustment to the Floor Price or the economic effect thereof shall not be taken into account more than once, (ii) to ensure that the economic effect of a
Dividend is not taken into account more than once and (iii) to reflect a redenomination of the issued Ordinary Shares for the time being into a new currency; 

 

	 	(C)	 for the avoidance of doubt, the issue of Ordinary Shares following a Conversion shall not result in an
adjustment to the Floor Price; 

  
 I-10 

 Annex I 
  

	 	(D)	 no adjustment shall be made to the Floor Price where Ordinary Shares or any other securities (including rights,
warrants and options) are issued, offered, exercised, allotted, purchased, appropriated, modified or granted to, or for the benefit of, employees or former employees (including directors holding or formerly holding executive office or the personal
service company of any such person) or their spouses or relatives, in each case, of the Company or any of its Subsidiaries or any associated company or to a trustee or trustees to be held for the benefit of any such person, in any such case pursuant
to any share or option scheme; 

 Record Date 

If the record date in respect of any consolidation, reclassification/redesignation or sub-division as
is mentioned in paragraph (i) under “— Adjustment of Floor Price” above, or the record date or other due date for the establishment of entitlement for any such issue, distribution, grant or offer (as the case may be) as is
mentioned in paragraph (ii) – (v) or (ix) under “— Adjustment of Floor Price” above, or the date of the first public announcement of the terms of any such issue or grant as is mentioned in paragraphs (vi) and
(vii) under “— Adjustment of Floor Price” above or of the terms of any such modification as is mentioned in paragraph (viii) under “— Adjustment of Floor Price” above, falls after the date on which the
Conversion Notice is given in relation to the Conversion but before such Ordinary Shares are issued, then the Company shall procure the execution of the corresponding adjustment mechanism under “— Adjustment of Floor Price” above so
that the calculation of the number of Conversion Shares to be issued and delivered to the Conversion Shares Depository takes into account the Floor Price as so adjusted. 

The Company shall not issue any additional Conversion Shares if the Conversion occurs after the record date in respect of any consolidation,
reclassification or sub-division as is mentioned in paragraph (i) of “— Adjustment of Floor Price” above, or the record date or other due date for the establishment of entitlement for
any such issue, distribution, grant or offer (as the case may be) as is mentioned in paragraph (ii) – (v) or (ix) under “— Adjustment of Floor Price” above, or the date of the first public announcement of the terms of any
such issue or grant as is mentioned in paragraphs (vi) and (vii) under “— Adjustment of Floor Price” above or of the terms of any such modification as is mentioned in paragraph (viii) under “— Adjustment of
Floor Price” above, but before the relevant adjustment to the relevant price becomes effective under such section. 
 Conversion
Calculation Agent and Independent Conversion Adviser 
 So long as any Securities are outstanding, there shall at all times be a
Conversion Calculation Agent, which may be the Company or another person appointed by the Company to serve in such capacity, who shall be responsible in consultation with the Company for the calculation of all adjustments to the Floor Price and all
related determinations required to be made in connection therewith. All such calculations and determinations performed by the Conversion Calculation Agent shall be conclusive and binding on the Holders and Beneficial Owners of the Securities or any
interest therein, save in the case of bad faith or manifest error. If any provision described herein under “Anti-Dilution Provisions” at any time calls for any calculation or determination to be made by an Independent Conversion Adviser,
which may include the Conversion Calculation Agent appointed by the Company to act in such Independent Conversion Adviser capacity, if the person then serving as Conversion Calculation Agent is not wholly independent of the Company, the Company
shall use commercially reasonable efforts to appoint an Independent Conversion Adviser which is wholly independent of the Company to make such calculation or determination. A written opinion of such Independent Conversion Adviser in respect of such
calculation or determination shall be conclusive and binding on the Company and the Holders and Beneficial Owners of the Securities or any interest therein, save in the case of manifest error. The Company has appointed
Conv-Ex Advisors Limited as the initial Conversion Calculation Agent. The Company may change the Conversion Calculation Agent at any time without prior notice to any Holder or Beneficial Owner of the
Securities. 

  
 I-11 

 Annex I 
  

 The Conversion Calculation Agent (if not the Company) shall act solely upon request from, and
solely as agent of, the Company and will not thereby assume any obligations towards or relationship of agency or trust with, and it shall not be liable and shall incur no liability as against, the Holders of Securities. 

Rounding Down and Notice of Adjustment to the Floor Price 

On any adjustment, if the resultant Floor Price has more decimal places than the initial Floor Price, it shall be rounded down to the same
number of decimal places as the initial Floor Price. No adjustment shall be made to the Floor Price where such adjustment (rounded down if applicable) would be less than 1% of the Floor Price then in effect. Any adjustment not required to be made,
and/or any amount by which the Floor Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment, and such subsequent adjustment shall be made on the basis that the adjustment not required to be made had
been made at the relevant time and/or, as the case may be, that the relevant rounding down had not been made. 
 Notice of any adjustments
to the Floor Price shall be given by the Company to Holders of the Securities via DTC (or, if the Securities are held in definitive form, via the Trustee) promptly after the determination thereof and in accordance with Sections 1.05 and 1.06 of the
Base Indenture. 
 Definitions 

Unless otherwise provided, for the purposes of this Annex I: 

“Applicable Dividend” has the meaning set forth in the definition of “Extraordinary Dividend” below. 

“Cash Dividend ” means (i) any Dividend which is to be paid or made in cash (in whatever currency), but other
than any Dividend falling within paragraph (b) of the definition of “Spin-Off,” and (ii) any Dividend determined to be a Cash Dividend pursuant to paragraph (i) of the definition of
“Dividend,” provided that a Dividend falling within paragraph (iii) or (iv) of the definition of “Dividend” shall be treated as being a Non-Cash Dividend. 

“Current Market Price” means, in respect of an ordinary share at a particular date, the average of the daily Volume Weighted
Average Price of an ordinary share on each of the five consecutive dealing days ending on the dealing day immediately preceding such date; provided that, if at any time during the said five-dealing-day
period the Volume Weighted Average Price shall have been based on a price ex-Dividend (or ex- any other entitlement) and during some other part of that period the Volume
Weighted Average Price shall have been based on a price cum-Dividend (or cum- any other entitlement), then: 

 

	 	(i)	 if the Ordinary Shares to be issued and delivered do not rank for the Dividend (or entitlement) in question,
the Volume Weighted Average Price on the dates on which the Ordinary Shares shall have been based on a price cum-Dividend (or cum- any other entitlement) shall, for the
purposes of this definition, be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such Dividend or entitlement per ordinary share as at the date of the first public announcement relating to such Dividend or
entitlement; or 

  
 I-12 

 Annex I 
  

	 	(ii)	 if the Ordinary Shares to be issued and delivered do rank for the Dividend (or entitlement) in question, the
Volume Weighted Average Price on the dates on which the Ordinary Shares shall have been based on a price ex-Dividend (or ex- any other entitlement) shall, for the
purposes of this definition, be deemed to be the amount thereof increased by an amount equal to the Fair Market Value of such Dividend or entitlement per ordinary share as at the date of the first public announcement relating to such Dividend or
entitlement, 

 and provided further that, if on each of the said five dealing days the Volume Weighted Average Price shall have
been based on a price cum-Dividend (or cum- any other entitlement) in respect of a Dividend (or other entitlement) which has been declared or announced but the Ordinary
Shares to be issued and delivered do not rank for that Dividend (or other entitlement), the Volume Weighted Average Price on each of such dates shall, for the purposes of this definition, be deemed to be the amount thereof reduced by an amount equal
to the Fair Market Value of any such Dividend or entitlement per ordinary share as at the date of first public announcement relating to such Dividend or entitlement, and provided further that, if the Volume Weighted Average Price of an
ordinary share is not available on one or more of the said five dealing days (disregarding for this purpose the proviso to the definition of Volume Weighted Average Price), then the average of such Volume Weighted Average Prices which are available
in that five-dealing-day period shall be used (subject to a minimum of two such prices) and if only one, or no, such Volume Weighted Average Price is available in the relevant period, the Current Market Price
shall be determined in good faith by an Independent Conversion Adviser. 
 A “dealing day” means a day on which the
Relevant Stock Exchange or relevant stock exchange or securities market is open for business and on which Ordinary Shares, securities, Spin-Off Securities, options, warrants or other rights (as the case may
be) may be dealt in (other than a day on which the Relevant Stock Exchange or relevant stock exchange or securities market is scheduled to or does close prior to its regular weekday closing time). 

“Dividend” means any dividend or distribution to holders of Ordinary Shares (including a
Spin-Off) whether of cash, assets or other property (and for these purposes a distribution of assets includes without limitation an issue of Ordinary Shares or other securities credited as fully or partly paid
up by way of capitalization of profits or reserves), and however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue reserve or account, and including a distribution or payment to
holders of Ordinary Shares upon or in connection with a reduction of capital provided that: 
  

	 	(i)	 where: 

  

	 	(A)	 a Dividend in cash is announced which may at the election of a shareholder or shareholders of the Company be
satisfied by the issue or delivery of Ordinary Shares or other property or assets, or where a capitalization of profits or reserves is announced which may at the election of a shareholder or shareholders be satisfied by the payment of cash, then the
Dividend in question shall be treated as a Cash Dividend of an amount equal to the greater of (A) the Fair Market Value of such cash amount and (B) the Current Market Price of such Ordinary Shares as at the first date on which the Ordinary
Shares are traded ex-the relevant Dividend on the Relevant Stock Exchange or, as the case may be, the record date or other due date for establishment of entitlement in respect of the relevant capitalization
or, as the case may be, the Fair Market Value of such other property or assets as at the date of the first public announcement of such Dividend or capitalization or, in any such case, if later, the date on which the number of Ordinary Shares (or
amount of such other property or assets, as the case may be) which may be issued and delivered is determined; or 

  
 I-13 

 Annex I 
  

	 	(B)	 there shall be any issue of Ordinary Shares by way of capitalization of profits or reserves (including any
share premium account or capital redemption reserve) where such issue is or is expressed to be in lieu of a Dividend (whether or not a Cash Dividend equivalent or amount is announced), or a Dividend in cash that is to be satisfied by the issue or
delivery of Ordinary Shares or other property or assets, the capitalization or Dividend in question shall be treated as a Cash Dividend of an amount equal to the Current Market Price of such Ordinary Shares or, as the case may be, the Fair Market
Value of such other property or assets, as at the first date on which the Ordinary Shares are traded ex-the relevant capitalization or, as the case may be, ex-the
relevant Dividend on the Relevant Stock Exchange or, if later, the date on which the number of Ordinary Shares to be issued and delivered is determined; 

  

	 	(ii)	 any issue of Ordinary Shares as described in paragraph (i) or (ii) under “— Adjustment of Floor
Price” above shall be disregarded; 

  

	 	(iii)	 (A) a purchase or redemption or buy back of share capital of the Company by or on behalf of the Company in
accordance with any general authority for such purchases, redemptions or buy backs approved by a general meeting of shareholders and otherwise in accordance with the limitations prescribed under Dutch law for dealings generally by a company in its
own shares and provided that the price paid for such share capital by or on behalf of the Company shall be within price limits that apply to any safe harbor for share buy-backs by the Company under applicable
insider trading and market manipulation rules (on the Issue Date being Commission Delegated Regulation (EU) 2016/1052) shall not constitute a Dividend and (B) and any other purchase or redemption or buy back of share capital of the Company by
or on behalf of the Company shall not constitute a Dividend unless, in the case of (B) above, the weighted average price per ordinary share (before expenses) on any one day (a “Specified Share Day”) in respect of such purchases
or redemptions or buy backs (translated, if not in the Relevant Currency, into the Relevant Currency at the Prevailing Rate on such day) exceeds by more than 5% the average of the daily Volume Weighted Average Price of an Ordinary Shares on the 5
dealing days immediately preceding the Specified Share Day or, where an announcement (excluding, for the avoidance of doubt for these purposes, any general authority for such purchases, redemptions or buy backs approved by a general meeting of
shareholders or any notice convening such a meeting of shareholders) has been made of the intention to purchase, redeem or buy back Ordinary Shares at some future date at a specified price or where a tender offer is made, on the 5 dealing days
immediately preceding the date of such announcement or the date of first public announcement of such tender offer (and regardless of whether or not a price per ordinary share, a minimum price per ordinary share or a price range or a formula for the
determination thereof is or is not announced at such time), as the case may be, in which case such purchase, redemption or buy back shall be deemed to constitute a Dividend in the Relevant Currency in an amount equal to the amount by which the
aggregate price paid (before expenses) in respect of such Ordinary Shares purchased, redeemed or bought back by the Company or, as the case may be, any member of the Group (translated where appropriate into the Relevant Currency as provided above)
exceeds the product of (i) 105% of the daily Volume Weighted Average Price of an ordinary share determined as aforesaid and (ii) the number of Ordinary Shares so purchased, redeemed or bought back; 

  
 I-14 

 Annex I 
  

	 	(iv)	 if the Company or any member of the Group shall purchase, redeem or buy back any depositary or other receipts
or certificates representing Ordinary Shares, the provisions of paragraph (iii) above shall be applied in respect thereof in such manner and with such modifications (if any) as shall be determined in good faith by an Independent Conversion
Adviser; and 

  

	 	(v)	 where a dividend or distribution is paid or made to shareholders pursuant to any plan implemented by the
Company for the purpose of enabling shareholders to elect, or which may require shareholders, to receive dividends or distributions in respect of the Ordinary Shares held by them from a person other than (or in addition to) the Company, such
dividend or distribution shall for the purposes hereof be treated as a dividend or distribution made or paid to shareholders by the Company, and the foregoing provisions of this definition, and the provisions hereof, including references to the
Company paying or making a dividend, shall be construed accordingly. 

 “EEA Regulated Market” means a
market as defined by Article 4.1(21) of Directive 2014/65/EU of the European Parliament and of the Council on markets on financial instruments, as the same may be amended from time to time. 

“Extraordinary Dividend” means (i) any Cash Dividend that is expressly declared by the Company to be a capital
distribution, extraordinary dividend, extraordinary distribution, special dividend, special distribution or return of value to shareholders (including any distribution made as a result of any capital reduction), in which case the Extraordinary
Dividend shall be such Cash Dividend, or (ii) any Cash Dividend (other than a Cash Dividend falling under clause (i) of this definition) (the “Applicable Dividend”) paid or made in respect of the Relevant Year if
(A) the Fair Market Value of the Applicable Dividend per ordinary share or (B) the sum of (I) the Fair Market Value of the Applicable Dividend per ordinary share and (II) an amount equal to the aggregate of the Fair Market Value
or Fair Market Values of any other Cash Dividend or Cash Dividends (other than a Cash Dividend or Cash Dividends falling under clause (i) of this definition) per ordinary share paid or made in respect of the Relevant Year, exceeds the Reference
Amount, and in that case the Extraordinary Dividend shall be such Applicable Dividend, provided that any Cash Dividend (other than a Cash Dividend falling under part (i) of this definition) which is not expressed to be in respect of a given
financial year of the Company, shall be deemed to be a Cash Dividend in respect of the financial year in which it is made or paid. 

“Fair Market Value” means, with respect to any property on any date, (a) in the case of a Cash Dividend, the amount of
such Cash Dividend; (b) in the case of any other cash amount, the amount of such cash; (c) in the case of securities (including Ordinary Shares), Spin-Off Securities, options, warrants or other
rights or assets publicly traded on a stock exchange or securities market of adequate liquidity (as determined by the Conversion Calculation Agent in good faith), (i) in the case of Ordinary Shares or
Spin-Off Securities, the arithmetic mean of the daily Volume Weighted Average Prices of such Ordinary Shares or Spin-Off Securities and (ii) in the case of
securities (other than Ordinary Shares or Spin-Off Securities), options, warrants or other rights or assets of the kind referred to above, the arithmetic mean of the daily closing prices of such securities,
options, warrants or other rights or assets, in the case of both (i) and (ii) above, during the period of 5 dealing days on the principal stock exchange or securities market on which such securities,
Spin-Off Securities, options, warrants or other rights or assets are then listed, admitted to trading or quoted or dealt in, commencing on such date (or, if later, the first such dealing day such securities, Spin-Off Securities, options, warrants or other rights or assets are publicly traded, quoted or dealt in on such stock exchange or securities market) or such shorter period as such securities, Spin-Off Securities, options, warrants or other rights or assets are publicly traded, quoted or dealt in on such stock exchange or securities market; and (d) in the case of securities (including Ordinary
Shares), Spin-Off 

  
 I-15 

 Annex I 
  

 
Securities, options, warrants or other rights or assets not publicly traded on a stock exchange or securities market of adequate liquidity (as aforesaid), the fair market value of such
securities, Spin-Off Securities, options, warrants or other rights or assets as determined by an Independent Conversion Adviser in good faith, on the basis of a commonly accepted market valuation method and
taking account of such factors as it considers appropriate, including the market price per ordinary share, the dividend yield of an ordinary share, the volatility of such market price, prevailing interest rates and the terms of such securities, Spin-Off Securities, options, warrants or other rights or assets, including as to the expiry date and exercise price (if any) thereof. Such amounts shall, in the case of (a) above, be translated into the
Relevant Currency (if such Cash Dividend is declared or paid or payable in a currency other than the Relevant Currency) at the rate of exchange used to determine the amount payable to shareholders who were paid or are to be paid or are entitled to
be paid the Cash Dividend in the Relevant Currency and, in any other case, shall be translated into the Relevant Currency (if expressed in a currency other than the Relevant Currency) at the Prevailing Rate on that date. In addition, in the case of
(a) and (b) above, the Fair Market Value shall be determined on a gross basis, disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any associated tax credit. 

“Further Capital Securities” means any securities issued after the Issue Date which are contingently convertible into
Ordinary Shares pursuant to their terms in the event that the Group CET1 Ratio is less than a specified percentage. 
 “Independent
Conversion Adviser” means an independent financial institution of international repute or independent financial adviser with appropriate expertise (which may include the initial Conversion Calculation Agent) appointed by the Company at its
own expense. 
 “Non-Cash Dividend” means any Dividend which is not a Cash
Dividend, and shall include a Spin-Off. 
 a “person” includes any individual,
company, corporation, firm, partnership, joint venture, undertaking, association, organization, trust, state or agency of a state (in each case whether or not being a separate legal entity) or other legal entity. 

“Prevailing Rate” means, in respect of any pair of currencies on any calendar day, the spot rate of exchange between the
relevant currencies prevailing at or about 12:00 pm, London time, on that date as appearing on or derived from the Relevant Page or, if such a rate cannot be determined at such time, the rate prevailing at or about 12:00 pm, London time, on the
immediately preceding day on which such rate can be so determined or, if such rate cannot be so determined by reference to the Relevant Page, the rate determined in such other manner as an Independent Conversion Adviser shall in good faith
prescribe. 
 “Reference Amount” means, either: 
  

	 	(a)	 where (i) the Applicable Dividend in respect of such Relevant Year is declared after the date on which the
Group’s audited consolidated financial statements in respect of the Relevant Year are available (the “Results Availability Date”) and (ii) no other Cash Dividends have been declared in respect of such Relevant Year prior
to the Results Availability Date: 100% of the Group’s net result from continuing and discontinued operations (before minority interests) per ordinary share in respect of such Relevant Year; or, 

  
 I-16 

 Annex I 
  

 

	 	(b)	 in any other case: the greater of (i) 100% of the Group’s net results from continuing and discontinued
operations (before minority interests) per ordinary share in respect of the Relevant Year and (ii) 100% of the Group’s net results from continuing and discontinued operations (before minority interests) per ordinary share in respect of the most
recently completed financial year for which the Group’s audited consolidated financial statements are available on the date on which the first Cash Dividend in respect of the Relevant Year is declared (and such determination shall be made
promptly after the Results Availability Date), except where a Conversion Notice is delivered before such Results Availability Date, in which case the Reference Amount shall be equal to the amount determined pursuant to part (ii) of this
paragraph, and in any such case, the Floor Price for the purpose of such Conversion Notice shall be determined on the basis of an Extraordinary Dividend (if any) determined on the basis of a Reference Amount determined accordingly.

 “Regulated Market” means an EEA Regulated Market or another regulated, regularly operating, recognized
stock exchange or securities market in an OECD member state. 
 “Relevant Currency” means euro or such other currency in
which the Ordinary Shares are quoted or dealt in on the Relevant Stock Exchange at the relevant time or for the purposes of the relevant calculation or determination. 

“Relevant Page” means the relevant page on Bloomberg or such other information service provider that displays the relevant
information, as determined by the Conversion Calculation Agent. 
 “Relevant Year” means, in respect of any Cash Dividend,
the financial year of the Company in respect of which such Cash Dividend is being paid or made, or deemed to be paid or made, as the case may be. 

“shareholders ” means the holders of Ordinary Shares. 

“Spin-Off ” means (a) a distribution of
Spin-Off Securities by the Company to shareholders as a class; or (b) any issue, transfer or delivery of any property or assets (including cash or shares or other securities of or in or issued or allotted
by any entity) by any entity (other than the Company) to shareholders as a class, pursuant to any arrangements with the Company or any member of the Group. 

“Spin-Off Securities” means equity share capital of an entity other than the Company
or options, warrants or other rights to subscribe for or purchase equity share capital of an entity other than the Company. 

“Subsidiary” means each subsidiary as defined in Section 2:24a of the Dutch Civil Code for the time being of the
Company. 
 “Volume Weighted Average Price” means, in respect of an ordinary share or security or Spin-Off Security on any dealing day, the order book volume-weighted average price of an ordinary share (or security or Spin-Off Security, as applicable), published by or
derived (in the case of an ordinary share) from the relevant Bloomberg page INGA NA <Equity> HP (setting “Weighted Average Line” or any successor setting) or (in the case of a security (other than Ordinary Shares) or Spin-Off Security) from the equivalent Bloomberg page for such security or Spin-Off Security in respect of the principal stock exchange or securities market on which such
securities or Spin-Off Securities are then listed or quoted or dealt in, if any, or such other source as shall be determined in good faith to be appropriate by an Independent Conversion Adviser on such dealing
day; provided that if on any such dealing day such price 

  
 I-17 

 Annex I 
  

 
is not available or cannot otherwise be determined as provided above, the Volume Weighted Average Price of an ordinary share, security or Spin-Off
Security, as the case may be, in respect of such dealing day shall be the Volume Weighted Average Price, determined as provided above, on the immediately preceding dealing day on which the same can be so determined or determined as an Independent
Conversion Adviser might otherwise determine in good faith to be appropriate. 
 References to any act or statute or any provision of any
act or statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment. 
 In making any calculation or determination of Current Market Price or Volume Weighted
Average Price, such adjustments (if any) shall be made as an Independent Conversion Adviser determines in good faith to be appropriate to reflect any consolidation or sub-division of the Ordinary Shares or any
issue of Ordinary Shares by way of capitalization of profits or reserves, or any like or similar event. 
 References to any issue or offer
or grant to shareholders “as a class” or “by way of rights” shall be taken to be references to an issue or offer or grant to all or substantially all shareholders, as the case may be, other than shareholders, as the case may be,
to whom, by reason of the laws of any territory or requirements of any recognized regulatory body or any other stock exchange or securities market in any territory or in connection with fractional entitlements, it is determined not to make such
issue or offer or grant. 

  
 I-18 

 Exhibit A 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
 ING GROEP N.V. 

5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities 

 

							
	No. [    ]	 		 		  	$[•]

 CUSIP NO. 456837AR4 

ISIN NO. US456837AR44 
 ING GROEP
N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to                 , or registered assigns, the principal sum of
$                 (                 Dollars), if and to the extent due, and to pay
interest thereon, if any, in accordance with the terms hereof and the Indenture. This Security shall have no fixed maturity or fixed redemption date. From and including the Issue Date to but excluding November 16, 2026, the interest rate on this
Security shall be 5.750% per annum. From and including November 16, 2026 and each fifth anniversary date thereafter, commencing November 16, 2026 (each such date, a “Reset Date”) to (but excluding) the next following Reset
Date, the applicable per annum rate shall be equal to the sum of the applicable U.S. Treasury Rate on the Reset Determination Date and 4.342%. Subject to the provisions on the reverse of this Security relating to cancellation and deemed cancellation
of interest and to Sections 2.03 and 2.04 of the Third Supplemental Indenture, interest, if any, shall be payable semiannually in arrear on May 16 and November 16 of each year (each, an “Interest Payment Date”), commencing
on November 16, 2019, and shall be calculated on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each and, in the case of an incomplete month, the actual number of days elapsed. 

The interest, if any, so payable, and paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be the Business Day immediately preceding each Interest Payment Date
(whether or not a Business Day). 
 Payment of the principal of and interest on this Security will be made at the office or agency of the
Company maintained for that purpose in The City of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. If any payment of principal of or interest on this Security is scheduled to be made on a day
that is not a Business Day, payment may be made on the following day without adjustment. 
  

 This Security shall be governed by and construed in accordance with the laws of the State of
New York, except for the subordination and waiver of set-off provisions referred to herein and in Sections 7.01 and 7.02 of the Third Supplemental Indenture, which are governed by, and construed in accordance
with, Dutch law. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED
BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES OR THE NETHERLANDS. 
 Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

									
	Date:	 		 		 	ING GROEP N.V.
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

							
	Date:	 		 	 THE BANK OF NEW YORK MELLON,

        LONDON BRANCH

		 		 	        As Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Capital Securities Indenture, dated as of April 16, 2015 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented and amended by the Third Supplemental Indenture, dated as of
September 10, 2019 (the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference,
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Instruments and the Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $1,500,000,000, which amount may be
increased at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

This Security may be redeemed in certain circumstances at the option of the Company as set forth in the Indenture. 

This Security may be automatically converted into Ordinary Shares or other securities of the Company as set forth in the Indenture. 

Subject to applicable law, no Holder of this Security may exercise, claim or plead any right of
set-off, compensation or retention in respect of any amount owed to it by the Company arising under, or in connection with, the Securities and each Holder of Securities shall, by virtue of its holding of any
Securities, be deemed to have waived all such rights of set-off, compensation or retention. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities then Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered to the Trustee security or indemnity satisfactory to the 

  
 A-4 

 
Trustee in its sole discretion against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity.

 Notwithstanding any contrary provisions in this Security, nothing shall impair the right of a Holder of this Security under the Trust
Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 
 As provided in
the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any
place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $200,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the
Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used
in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 By acquiring the
Securities, the Holder and each Beneficial Owner of this Security, or any interest therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 

 

	 	(i)	 Dutch Bail-in Power. Such Holder and Beneficial Owner:

  

	 	(a)	 acknowledges and agrees that no exercise of the Dutch Bail-in Power by
the Relevant Resolution Authority with respect to the Securities or cancellation or deemed cancellation of interest on the Securities pursuant to Sections 2.03 and 2.04 of the Third Supplemental Indenture shall give rise to a default for purposes of
Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; 

  
 A-5 

	 	(b)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-in Power by the Relevant Resolution Authority with respect to the Securities; 

  

	 	(c)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-in
Power by the Relevant Resolution Authority, (i) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.12 of the Base Indenture and (ii) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.12 of the Base Indenture prior to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority, such direction shall cease to be of further
effect upon such exercise of any Dutch Bail-in Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-in Power by the Relevant Resolution Authority, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the Securities following such
completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to this Third Supplemental Indenture; and 

 

	 	(d)	 (i) consents to the exercise of any Dutch Bail-in Power as it may be
imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary
through which it holds such Securities to take any and all necessary action, if required, to implement (x) the Conversion and (y) the exercise of any Dutch Bail-in Power with respect to the
Securities as it may be imposed, without any further action or direction on the part of such Holder and such Beneficial Owner. 

  

	 	(ii)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to interest cancellation, the Conversion, the Dutch Bail-in Power and the limitations on remedies specified in Indenture. 

  

	 	(iii)	 Conversion Upon a Trigger Event. Such Holder or Beneficial Owner consents to the Conversion of this
Security following a Trigger Event, the appointment of the Conversion Shares Depository, and the issuance of the Conversion Shares to the Conversion Shares Depository, all of which may occur without any further action on the part of such Holder or
Beneficial Owner or the Trustee, and following which no Holder or Beneficial Owner of this Security will have any rights against the Company with respect to the payment of principal of, or interest on, such Securities. To the extent this Security is
held in the form of a Global Security, such Holder or Beneficial Owner, directs and requests the Depositary, any direct participant therein and any other intermediary through which it holds such Securities to take any and all necessary action, if
required, to implement the Conversion without any further action or direction on the 

  
 A-6 

	 	
part of such Holder or Beneficial Owner or the Trustee. Upon a Trigger Event and Conversion, the principal amount of the Securities may be applied in such manner as the Company deems necessary in
connection with the issue and paying up of the relevant Conversion Shares and the delivery thereof to the Conversion Shares Depository or pursuant to any Alternative Delivery Arrangements. 

 

	 	(iv)	 Interest Cancellation. Interest shall be payable on this Security solely at the discretion of the
Company, and no amount of interest shall become due and payable in respect of the relevant Interest Payment Date or related Interest Period or Redemption Date to the extent that it has been cancelled or deemed cancelled (in whole or in part) by the
Company in its sole discretion and/or as a result of (i) the Company having insufficient Distributable Items, (ii) the relevant interest payment’s causing the Maximum Distributable Amount to be exceeded, or (iii) a Trigger Event
or Liquidation Event having occurred. A cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the Indenture shall not constitute a default in payment or otherwise under the terms of this
Security. 

  

	 	(v)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security waives, to the fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the
Securities, including, without limitation, claims related to or arising out of or in connection with a Trigger Event and/or any Conversion. 

  

	 	(vi)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-7 

 Exhibit B 

Form of Conversion Notice 

CONVERSION NOTICE 
 [ING
Letterhead] 
 [Date] 
  

	To:	 Each Holder and Beneficial Owner of ING Groep N.V. $1,500,000,000 5.750% Perpetual Additional Tier 1
Contingent Convertible Capital Securities (CUSIP: 456837AR4, ISIN: US456837AR44) 

 This notice is given by ING Groep N.V. (the
“Company”) in connection with its $1,500,000,000 5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (CUSIP: 456837AR4, ISIN: US456837AR44) issued on September 10, 2019 (the “Securities”)
pursuant to the Capital Securities Indenture, dated April 16, 2015, between the Company and The Bank of New York Mellon, London Branch, as Trustee (the “Trustee”), as supplemented by the Third Supplemental Indenture, dated
September 10, 2019, between the Company and the Trustee (together, the “Indenture”). Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture. 

 

	 	1.	 A Trigger Event has occurred with respect to the Securities. 

 

	 	2.	 The Conversion Date is [•]. 

 

	 	3.	 The Company has appointed [•] as the Conversion Shares Depository. 

 

	 	4.	 The Conversion Price is $[•]. 

 

	 	5.	 The Conversion Shares shall be issued in the form of ordinary shares, par value €[•] per share, of
the Company (“Ordinary Shares”). 

  

	 	6.	 The Company expects The Depository Trust Company to suspend all clearance and settlement of the Securities on
[•]. 

  

	 	7.	 Each Holder or Beneficial Owner of a Security or an interest therein is required to complete a Conversion
Shares Settlement Notice in the form attached as Annex A hereto and deliver it to the Conversion Shares Depository not later than [•] (the “Notice Cut-Off Date”).

  

	 	8.	 Securities for which no Conversion Shares Settlement Notice has been received by the Conversion Shares
Depository shall be cancelled on [•] (the “Final Cancellation Date”). 

  

	 	9.	 The Securities shall remain in existence for the sole purpose of evidencing the holder’s right to receive
Conversion Shares from the Conversion Shares Depository. 

 If a Holder or Beneficial Owner of Securities properly completes and delivers
a Conversion Shares Settlement Notice on or before the Notice Cut-Off Date, the Conversion Shares Depository shall, in accordance with the terms of the Indenture, deliver to such Holder or Beneficial Owner the
relevant Conversion Shares (rounded down to the nearest whole number of Conversion Shares) two (2) Business Days after the date on which the Conversion Shares Settlement Notice is received by the Conversion Shares Depository. 

 If a Holder or Beneficial Owner of Securities fails to properly complete and deliver a Conversion Shares
Settlement Notice before the Notice Cut-Off Date, the Conversion Shares Depository shall continue to hold the relevant Conversion Shares. However, the relevant Securities shall be cancelled on the Final
Cancellation Date. Any Holder or Beneficial Owner of Securities delivering a Conversion Shares Settlement Notice after the Notice Cut-Off Date must provide evidence of its entitlement to the relevant
Conversion Shares satisfactory to the Conversion Shares Depository in its sole and absolute discretion in order to receive such Conversion Shares. 
 For
inquiries, please contact: 
 [ING Contact Person] 

[Telephone] 
 [Fax]

 [Email] 

  
 B-2 

 Exhibit C 

Form of Conversion Shares Settlement Notice 

CONVERSION SHARES SETTLEMENT NOTICE 
  

					
	To:	  	 The Depository Trust Company
 55 Water Street,
25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization Department
 Fax: +1 (212) 855-5488

Email: mandatoryreorgannouncements@dtcc.com
	  	[Contact details of [Conversion Shares Depository] to be included.]
			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust Services

Email: corpsov2@bnymellon.com
 Fax: 01202 689600

Tel: 01202 689978
	  	 The Bank of New York Mellon
 101 Barclay
Street
 Floor 7-E
 New
York, New York 10286
 United States of America
 Attn:
International Corporate Trust
 Fax: +1 (212) 815-5366

  

	Re:	 ING Groep N.V. $1,500,000,000 5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities
(CUSIP: 456837AR4, ISIN: US456837AR44) (the “Securities”) 

 Reference is made to the Capital Securities Indenture, dated
April 16, 2015, between ING Groep N.V. and The Bank of New York Mellon, London Branch, as Trustee (“Trustee”), as supplemented by the Third Supplemental Indenture, dated September 10, 2019, between the Company and the Trustee
(together, the “Indenture”). Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture. 

The person submitting this Notice hereby represents and warrants, for the benefit of the Company and the Conversion Shares Depository, that the Holder or
Beneficial Owner on whose behalf this Notice is submitted is entitled to take delivery of the Conversion Shares and has obtained any consents necessary in order to do so. 
  

			
	 INFORMATION OF THE HOLDER OR BENEFICIAL OWNER FOR DELIVERY OF

CONVERSION SHARES

		
	Surname/Company Name	  	First name
	
	Name to be entered in share register
	
	Tradable Amount of the Securities held on the date hereof

			
	Euroclear Netherlands or DTC participant ID	  	Euroclear Netherlands member account (if applicable)
	
	Indicate here if Conversion Shares are to be issued in the form of American Depositary Shares:
	
	[Account details of clearing system account]1
	
	[Address to which any Conversion Shares should be delivered]2

 YOU MUST DELIVER THE CONVERSION SHARES SETTLEMENT NOTICE TO THE CONVERSION SHARES DEPOSITORY AND THE TRUSTEE VIA DTC BEFORE
[INSERT FINAL CANCELLATION DATE]. 
 If you fail to properly complete and deliver the Conversion Shares Settlement Notice on or
before [INSERT NOTICE CUT-OFF DATE], the Conversion Shares Depository shall continue to hold your Conversion Shares. However, your Securities shall be cancelled on [INSERT FINAL CANCELLATION
DATE], and you will have to provide evidence of your entitlement to the relevant Conversion Shares satisfactory to the Conversion Shares Depository in its sole and absolute discretion in order to receive delivery of such Conversion Shares. 

 
  

	1 	 Note: To be included if the Conversion Shares will be delivered through a clearing system account
other than Euroclear Netherlands or DTC. 

	2 	 Note: To be included if the Conversion Shares are not a participating security in Euroclear
Netherlands, DTC or any another clearing system. 

  
 C-2EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 
 THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into this 9th day of September, 2019 by and among First Defiance Financial Corp. (“First Defiance”), an Ohio-chartered corporation and savings and loan holding
company, First Federal Bank of the Midwest (“First Federal”), a federally chartered stock savings bank, both of which are located in Defiance, Ohio (collectively, the “Company”), and Donald P. Hileman, an individual
(hereinafter referred to as “Executive”). 
 WITNESSETH: 

WHEREAS, First Defiance, First Federal, and Executive are party to an Employment Agreement, dated as of December 20, 2018 (the
“Prior Employment Agreement”); 
 WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of
September 9, 2019 (the “Merger Agreement”), by and between the Company and United Community Financial Corp.; 

WHEREAS, effective as of the Effective Time (as defined in the Merger Agreement), the Company desires that this Agreement supersede the Prior
Employment Agreement and to employ Executive on the terms set forth in this Agreement; and 
 WHEREAS, Executive and the Company desire to
enter into this Agreement to set forth the terms and conditions of the employment relationship between the Company and Executive. 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants set forth below, and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the parties, the Company and Executive, each party intending to
be legally bound, hereby agree as follows: 
 1. Employment and Term. 

(a) Term. The Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, subject to the terms
and subject to the conditions of this Agreement, for the period commencing on the date of the closing of the transactions contemplated by the Merger Agreement (the “Effective Date”) and ending on the second (2nd) anniversary of the
Succession Date (defined below) (such period, the “Initial Term”). Unless a Non-Renewal Notice (as defined below) is given as herein provided or Executive’s employment is earlier
terminated in accordance with the terms hereof, commencing on the first anniversary of the Succession Date and on each anniversary of the Succession Date thereafter, the term of Executive’s employment under this Agreement shall be extended
automatically for an additional twelve (12)-month period. The Company or Executive may elect to terminate the automatic extension of the Employment Term (as defined below) by giving written notice of such election not less than ninety (90) days
prior to the end of the then-current term (the “Non-Renewal Notice”). The Initial Term and any renewal term are referred to herein as the “Employment Term.” The
Employment Term may be terminated as set forth in Section 4 of this Agreement. 

 (b) Resignation of All Other Positions. Upon termination of Executive’s
employment hereunder for any reason, Executive shall be deemed to have resigned from all positions that Executive holds with the Company and any of its Affiliates (as defined below), including as an officer or member of the Board of Directors of the
Company (the “Board”) or a committee thereof. For purposes of this Agreement, an “Affiliate” shall mean any corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, trust, association or organization that controls, is controlled by or is under common control with the Company. 

2. Duties and Positions of Executive. 

(a) General Duties and Responsibilities. During the Employment Term, from the Effective Date until a date during the period commencing
January 1, 2021 and ending June 30, 2021, as determined by the Board (the “Succession Date” and such period of service, the “CEO Term”), Executive shall serve as the Chief Executive Officer of First
Defiance and First Federal and, until the Bank Merger (as defined in the Merger Agreement), Home Savings Bank (First Federal and Home Savings Bank, collectively, the “Bank”); provided that this provision shall not prohibit
the parties hereto from terminating Executive’s employment prior to January 1, 2021, subject to the terms of this Agreement. During the portion of the Employment Term following the Succession Date, Executive shall serve as the Executive
Chairman of First Defiance and the Bank (such period of service as Executive Chairman, the “Chairman Term”). During the Chairman Term, Executive shall be an employee of the Company for the purpose of receiving employee retirement
and welfare benefits on the same basis as other full-time employees of the Company. During the Employment Term, Executive shall also be nominated and/or appointed as a member of both the Board and the board of directors of the Bank. During the
Employment Term, Executive shall report solely and directly to the Board. In such positions, Executive shall have such duties and authority customarily associated with such positions. Executive will further perform such other duties and hold such
other positions related to the business of the Company and its Affiliates as may from time to time be reasonably requested of Executive by the Board. Executive shall perform his services at such business location(s) as reasonably determined by
Executive and the Board, it being understood that Executive will not be required to move his primary personal residence. 
 (b) Devotion
of Entire Time to the Business of the Company. During the Employment Term, Executive shall devote his full business time, ability and attention during normal business hours to the faithful performance of his duties under this Agreement.
Executive shall not directly or indirectly render any services of a business, commercial or professional nature to any person or organization other than the Company or its Affiliates without the prior written consent of the Board; provided,
however, that Executive shall not be precluded from (i) taking such vacation or sick leave as is applicable to Executive, (ii) pursuing personal investments that do not interfere or conflict with the performance of his duties to the
Company, (iii) reasonably participating in community, civic, charitable or similar organizations, or in industry-related activities, including, but not limited to, attending state and national trade association meetings, and (iv) serving
as an officer, director, trustee or committee member of a state or national trade association or the Federal Home Loan Bank, or such other regulatory governing body. 

  
 2 

 (c) Standards. During the Employment Term, Executive shall perform his duties in
accordance with such reasonable standards expected of executives with comparable positions in comparable organizations and as may be established from time to time by the Board. 

3. Compensation and Review. 

(a) Base Salary. During the CEO Term, Executive will receive an annual base salary of $495,000 (or if higher, the base salary of
Executive in effect as of immediately prior to the Effective Date), subject to review annually for increase (but not decrease), with the first adjustment (if determined to be appropriate) to occur based on the Peer Review Process (as defined below)
on the timing contemplated under Section 3(g) of this Agreement; provided, however, that Executive shall incur a one-time decrease in base salary effective as of the
Succession Date, in connection with his retirement from the position of Chief Executive Officer. During the Chairman Term, Executive shall be eligible for market-based compensation as determined by the Board, subject to review annually for increase
but not decrease, with such amount determined in connection with the Peer Review Process. For purposes of this Agreement, the initial annual base salary, together with any adjustment(s), will be referred to herein the “Base Salary.”
The Base Salary will be payable in accordance with the Company’s regular payroll payment practices, but not less frequently than monthly. 

(b) Special Cash Retention Award. On, or as soon as reasonably practicable following the Effective Date, the Company shall make a lump
sum payment to Executive equal to $2,250,000.00. 
 (c) Annual Cash Incentive Awards. During each year of the CEO Term, Executive
shall be eligible to receive an annual cash bonus (the “Annual Bonus”), with a target opportunity of not less than fifty percent (50%) of the Base Salary (the “Target Annual Bonus”), subject to review annually for
increase (but not decrease), with the first such adjustment (if determined to be appropriate) to occur based on the Peer Review Process on the timing contemplated pursuant to Section 3(g) of this Agreement; provided,
however, that Executive shall incur a one-time decrease in or elimination of the Target Annual Bonus effective as of the Succession Date, in connection with his retirement from the position of Chief
Executive Officer. During the Chairman Term, Executive shall not be eligible for an Annual Bonus unless otherwise determined by the Board, based on the Peer Review Process. Executive’s Annual Bonus for calendar year 2021 shall be prorated based
on the number of days elapsed in the year as of the Succession Date to account for the number of days in the year he serves as Chief Executive Officer. Nothing contained in this Section 3(c) shall obligate the Company to
institute, maintain or refrain from changing, amending or discontinuing any incentive bonus plan, so long as such changes are similarly applicable to other senior executive employees under such plan. 

(d) Annual Long-Term Incentive Awards. During each year of the CEO Term, Executive shall be eligible to be granted annual long-term
incentive awards (the “Annual Long-Term Awards”), with a target grant date fair value of not less than forty-five percent (45%) of the Base Salary, subject to review annually for increase (but not decrease), with the first such
adjustment (if determined to be appropriate) to occur based on the Peer Review Process on the timing contemplated pursuant to Section 3(g) of this Agreement; provided, however, that Executive shall incur a one-time decrease in or elimination of the target Annual Long-Term Awards opportunity effective as of the Succession Date, in connection with his retirement from the position of Chief Executive Officer. 

  
 3 

 
During the Chairman Term, Executive shall not be eligible for an Annual Long-Term Awards as an employee but shall be eligible for equity-based awards as a Board member, as determined by the
Board, based on the Peer Review Process. The award agreements governing Executive’s grant(s) during the CEO Term shall provide (i) that Executive’s continued service as an employee or as a Board member shall constitute continued
employment for the purpose of applicable vesting requirements and (ii) for immediate vesting upon his voluntary retirement as Executive Chairman following the first anniversary of the Effective Date, or anytime during the Employment Period in
the event of resignation for Good Reason, or the termination of employment by the Company for any reason other than for Cause. 
 (e)
Fringe Benefits. During the Employment Term, the Company will provide Executive with all health and life insurance coverages, disability programs, tax-qualified retirement plans, equity compensation
programs and similar fringe benefit plans (including, but not limited to, supplemental disability (as described below) and additional life insurance (on the same basis and coverage levels as in effect immediately prior to the Effective Date)), paid
holidays, paid vacation, perquisites and such other fringe benefits (including, but not limited to, the payment of Executive’s dues at one (1) or more country clubs or social clubs) of employment on terms that are no less favorable than
those provided to Executive immediately prior to the Effective Date. 
 (f) Supplemental Disability. The Company shall provide
Executive with supplemental disability coverage (solely with respect to a disability occurring during the CEO Term) pursuant to an insured product, provided that such benefit shall be provided only if such insured product is available to the
Company at a reasonable rate, to ensure that total disability benefits are equivalent to sixty percent (60%) of the Base Salary, up to a maximum benefit of $35,000 per month. 

(g) Expenses. The Company shall reimburse Executive for reasonable travel, industry, entertainment and miscellaneous expenses incurred
in connection with the performance of Executive’s duties under this Agreement, including participation in industry-related activities, in accordance with any policies or procedures of the Company pertaining to reimbursement of such expenses to
senior executives, as in effect from time to time. 
 (h) Review for New Peer Group. Each year, on or about the anniversary of the
Effective Date, the compensation and benefits of Executive shall be reviewed for upward adjustment (or, effective as of the Succession Date, a one-time downward adjustment) to ensure that Executive’s
compensation and benefits are commensurate with market practices for his role with the Company relative to the Company’s peer group (determined taking into account the effect of the transactions contemplated in the Merger Agreement, and updated
in the ordinary course thereafter) (the “Peer Review Process”). The first such adjustments (if determined to be appropriate, consistent with the Peer Review Process) during the Employment Term shall occur as soon as practicable
following the Effective Date (and in no event later than thirty (30) days following the Effective Date) with application for the 2020 fiscal year of the Company. The Compensation Committee of the Board shall have sole discretion with respect to
all determinations related to or arising from the Peer Review Process. 

  
 4 

 
Any such adjustments shall be made in accordance with the Company’s charter documents and applicable laws, rules or regulations, including those of any listing agency applicable to the
Company, by either the Board or the Compensation Committee of the Board. 
 4. Termination of Employment. 

(a) Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death during the Employment
Term. If the Disability (as defined below) of Executive occurs during the Employment Term, the Company may provide Executive with written notice in accordance with Section 24 of this Agreement of its intention to terminate
Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the thirtieth (30th) day after receipt of such notice by Executive (the “Disability Effective Date”);
provided that, within the thirty (30) days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a physical or
mental impairment that renders Executive incapable of performing the essential functions of Executive’s job, on a full-time basis, taking into account reasonable accommodation as required by law, as determined by a physician who is selected by
the agreement of the Executive (or his guardian) and the Company, for a period of greater than one hundred fifty (150) consecutive days. In the absence of a beneficiary designation by Executive, or if Executive’s designated beneficiary
does not survive Executive, payments and benefits described in this Section 4(a) will be paid to Executive’s estate. 

(b) Cause. The Company may terminate the Employment Term and Executive’s employment upon notice at any time with or without Cause.
For purposes of this Agreement, “Cause” shall mean any of the following: (i) Executive’s continued intentional failure or refusal to materially abide by the terms and conditions of this Agreement or perform substantially
Executive’s assigned duties (other than as a result of total or partial incapacity due to Disability); (ii) Executive’s engagement in willful misconduct, including, without limitation, fraud, embezzlement, theft or dishonesty, in the
course of Executive’s employment with the Company; (iii) Executive’s conviction of, or plea of guilty or nolo contendere to, a felony or a crime other than a felony, which felony or crime involves moral turpitude or a
breach of trust or fiduciary duty owed to the Company or any of its Affiliates; or (iv) Executive’s disclosure of material trade secrets or material non-public confidential information of the Company
or any of its Affiliates in violation of the Company’s policies that apply to Executive or any agreement with the Company or any of its Affiliates in respect of confidentiality, nondisclosure or otherwise. No act or failure to act on the part
of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that his action or omission was in the best interests of the Company and its Affiliates. If an
action or omission constituting Cause (other than pursuant to clause (iii)) is curable, Executive may be terminated only if Executive has not cured such action or omission within thirty (30) days following written notice thereof from the
Company. Further, Executive will not be deemed to be discharged for Cause unless and until there is delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority (or any higher threshold contemplated by
Section 4(e) of this Agreement) of the entire membership of the Board (excluding Executive, if he is then a member of the Board), at a meeting called and duly held for such purpose (after reasonable notice is provided to
Executive and Executive is given an opportunity, together with counsel for Executive, to be heard before the Board), finding in good faith that Executive is guilty of the conduct set forth above and specifying the particulars thereof in reasonable
detail. 

  
 5 

 (c) Good Reason. Executive’s employment may be terminated by Executive with or
without Good Reason. For purposes of this Agreement, “Good Reason” shall mean a material and adverse change in the terms and conditions of Executive’s employment, without Executive’s written consent, and shall include the
occurrence of the following: 
 (i) absent Executive’s agreement, appointment by the Board of a successor to Executive
as Chief Executive Officer of First Defiance and the Banks prior to January 1, 2021; 
 (ii) a material diminution in
Executive’s titles, positions, authority, duties or responsibilities or a failure to appoint Executive to the positions at the times contemplated herein; provided, however, that change(s) to Executive’s title, position,
authority, duties and responsibilities in connection with his transition from Chief Executive Officer to Executive Chairman shall not constitute Good Reason, unless occurring prior to January 1, 2021; 

(iii) a requirement that Executive report to any person or entity other than the Board; 

(iv) a reduction in the Base Salary, Target Annual Bonus or target Annual Long-Term Awards opportunity; provided,
however, one-time reductions in Executive’s Base Salary, Target Annual Bonus or target Annual Long-Term Awards opportunity effective as of the Succession Date in connection with his transition from
Chief Executive Officer to Executive Chairman shall not constitute Good Reason, unless the Succession Date is earlier than January 1, 2021; 

(v) a material change in the geographic location in which Executive must perform services under this Agreement. For purposes of
this Agreement, “a material change in the geographic location” shall mean a location other than the First Defiance offices located in Defiance, Ohio; it being understood that the need to spend time in Youngstown, Ohio shall not be
considered a material change; or 
 (vi) any other action or inaction that constitutes a material breach of this Agreement,
including a reduction in the fringe benefits provided to Executive from those contemplated by this Agreement. 
 Executive shall provide
written notice to the Company of the existence of one (1) or more of the conditions giving rise to Good Reason within ninety (90) days following his knowledge of the initial existence of such condition or conditions, and the Company shall
have thirty (30) days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition. In the event that the Company fails to remedy the condition constituting Good Reason during the Cure
Period, Executive must terminate employment, if at all, within ninety (90) days following the Cure Period for such termination to constitute a termination for Good Reason. Executive’s mental or physical incapacity following the occurrence
of an event described above shall not affect his ability to terminate employment for Good Reason. 

  
 6 

 (d) Notice of Termination. Any termination of employment by the Company for Cause, or
by Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 24 of this Agreement. For purposes of this Agreement, the term “Notice of
Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide
a basis for termination of Executive’s employment under the provision so indicated, and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the Date of Termination (which Date of
Termination shall be not more than thirty (30) days after the giving of such notice). The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or
Cause shall not waive any right of Executive or the Company, respectively, hereunder or preclude Executive or the Company, respectively, from asserting such fact or circumstance in enforcing Executive’s or the Company’s respective rights
hereunder. 
 (e) Date of Termination. For purposes of this Agreement, the term “Date of Termination” means
(i) if Executive’s employment is terminated by the Company for Cause, or by Executive for Good Reason, the date of receipt of the Notice of Termination or such later date specified in the Notice of Termination, as the case may be,
(ii) if Executive’s employment is terminated by the Company other than for Cause or Disability, the date on which the Company notifies Executive of such termination, (iii) if Executive resigns without Good Reason, the date on which
Executive notifies the Company of such termination, or (iv) if Executive’s employment is terminated by reason of death or Disability, the date of Executive’s death or the Disability Effective Date, as the case may be; provided,
however, that, notwithstanding the foregoing, any termination of Executive (whether with or without Cause or due to Disability) or the decision to take action that would give rise to a claim by Executive of Good Reason shall require approval
of at least a majority of the full Board (excluding Executive, if he is then a member of the Board); provided that, during the Initial Term and the two (2) years following a Change in Control (as defined below), approval of at least
seventy-five percent (75%) of the full Board (excluding Executive, if he is then a member of the Board) shall be required. Notwithstanding the foregoing, in no event shall the Date of Termination occur until Executive experiences a “separation
from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the date on which such separation from service takes place shall be the “Date of Termination.”

 5. Obligations of the Company upon Termination. 

(a) Death or Disability. In the event that during the Employment Term Executive’s employment is terminated due to death or
Disability, Executive or Executive’s beneficiary (as designated in by Executive in writing with the Company prior to Executive’s death) or, in the absence of a beneficiary designation by Executive, subject to
Section 5(f), Executive’s estate shall be entitled to the following payments and benefits: 

(i) any accrued and unpaid base salary and Annual Bonus award, any accrued and unused paid time off and any unreimbursed
business expenses (the “Accrued Obligations”), which shall be paid within thirty (30) days following the Date of Termination, and any benefits payable in accordance with, and at the times contemplated by, the terms of any other
benefit plan of the Company or its Affiliates (the “Other Benefits”); 

  
 7 

 (ii) if Executive is eligible for an Annual Bonus as of the Date of
Termination, a Target Annual Bonus for the year of termination, prorated based on the number of days elapsed in the year as of the Date of Termination (the “Prorated Annual Bonus”), which shall be paid within sixty (60) days
following the Date of Termination; and 
 (iii) (A) accelerated vesting in full of any unvested time-vesting long-term
incentive awards, (B) any performance-vesting long-term incentive awards for which the performance period is complete shall vest in full and any such awards for which the performance period is not complete shall be earned as provided in the
applicable award agreement and vest in full and (C) any vested stock options shall remain exercisable for the full remaining term (collectively, the “LTI Benefit”). 

In addition, in the event of Executive’s death, Executive’s beneficiary (or Executive’s estate) shall be paid ninety
(90) days of Base Salary in a lump sum within sixty (60) days following the Date of Termination. 
 (b) Termination
Without Cause or for Good Reason. Upon the involuntary termination of Executive’s employment by the Company other than for Cause, death or Disability, or Executive’s voluntary termination of service for Good Reason, in
each case during the CEO Term, subject to the terms of this Agreement, including Section 5(f), Executive shall be entitled to the following payments and benefits: 

(i) the Accrued Obligations, which shall be paid within thirty (30) days following the Date of Termination, and Other
Benefits; 
 (ii) if Executive is eligible for an Annual Bonus on the Date of Termination, the Prorated Annual Bonus, which
shall be paid within sixty (60) days following the Date of Termination; and 
 (iii) the LTI Benefit. 

Without limiting the foregoing, Executive shall not be entitled to the compensation and benefits contemplated by this Section 5(b) or, except as
expressly provided in this Agreement, any other severance or termination-related payments, whether under this Agreement or any other severance plan, program or policy of the Company, in connection with the occurrence of the Succession Date or his
termination of employment thereafter, unless such termination occurs prior to January 1, 2021. 
 (c) Definition of Change in
Control. For purposes of this Agreement, a “Change in Control” shall mean the occurrence of the following: 

(i) an acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of 30% or more of either
(A) the then outstanding shares of 

  
 8 

 
common stock of First Defiance (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of First Defiance entitled
to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change
in Control: (1) any acquisition directly from First Defiance; (2) any acquisition by First Defiance; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by First Defiance or any entity
controlled by First Defiance; or (4) any acquisition by any entity pursuant to a transaction that complies with clauses (A), (B) and (C) of subsection (iii) of this Section 5(c); or 

(ii) a change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that, for purposes of this Section 5(c), any individual who becomes a member of
the Board subsequent to the Effective Date whose election, or nomination for election by First Defiance’s shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of
the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; provided, further, that any such individual whose initial assumption of office
occurs as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not
be considered as a member of the Incumbent Board; or 
 (iii) the consummation of a reorganization, merger, statutory share
exchange or consolidation or similar transaction involving First Defiance or any of its subsidiaries or sale or other disposition of all or substantially all of the assets of First Defiance, or the acquisition of assets or securities of another
entity by First Defiance or any of its subsidiaries (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding
shares of common stock (or, for a noncorporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or, for a noncorporate entity, equivalent
securities), as the case may be, of the entity resulting from such Business Combination (including an entity that, as a result of such transaction, owns First Defiance or all or substantially all of First Defiance’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be;
(B) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of First Defiance or such entity resulting from such Business Combination) beneficially owns, directly or indirectly,
30% or more of, respectively, the then outstanding shares of common stock (or, for a noncorporate entity, equivalent securities) 

  
 9 

 
of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior
to the Business Combination; and (C) at least a majority of the members of the board of directors (or, for a noncorporate entity, equivalent body or committee) of the entity resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

(iv) the approval by the shareholders of First Defiance of a complete liquidation or dissolution of First Defiance. 

(d) Cause; Other than for Good Reason. If, during the Employment Term, Executive’s employment is terminated by the Company for
Cause or Executive terminates his employment other than for Good Reason, this Agreement shall terminate without further obligations to Executive other than the obligation to pay to Executive the Accrued Obligations, which shall be paid within thirty
(30) days following the Date of Termination, and the Other Benefits. 
 (e) Excess Parachute Payment. 

(i) Notwithstanding anything in this Agreement to the contrary, in the event the Accounting Firm (as defined below) shall
determine that receipt of all Payments (as defined below) would subject Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to the
Agreement (the “Agreement Payments”) so that the Parachute Value (as defined below) of all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below). The Agreement Payments shall be so reduced only if the
Accounting Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced. If the Accounting Firm determines that
Executive would not have a greater Net After-Tax Receipt of aggregate Payments if the Agreement Payments were so reduced, Executive shall receive all Agreement Payments to which the Executive is entitled
hereunder. 
 (ii) If the Accounting Firm determines that aggregate Agreement Payments should be reduced so that the
Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under
this Section 5(e) shall be binding upon the Company and Executive and shall be made as soon as reasonably practicable and in no event later than 15 days following the Date of Termination. For purposes of reducing the
Agreement Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if
applicable, shall be made by reducing the payments and benefits in the following order: (i) cash payments that may not be valued under Treas. Reg. § 1.280G-1,
Q&A-24(c) (“24(c)”), (ii) equity-based payments that may not be valued under 24(c), (iii) cash payments that may be valued under 24(c), (iv) equity-based payments that may be valued
under 24(c) and (v) other types of benefits. 

  
 10 

 
With respect to each category of the foregoing, such reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of
the Code and next with respect to payments that are deferred compensation, in each case, beginning with payments or benefits that are to be paid the farthest in time from the Accounting Firm’s determination. All reasonable fees and expenses of
the Accounting Firm shall be borne solely by the Company. 
 (iii) As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement
that should not have been so paid or distributed (each, an “Overpayment”) or that additional amounts that will have not been paid or distributed by the Company to or for the benefit of Executive pursuant to this Agreement could have
been so paid or distributed (each, an “Underpayment”). In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or Executive that the Accounting Firm
believes has a high probability of success, determines that an Overpayment has been made, any such Overpayment paid or distributed by the Company to or for the benefit of Executive shall be repaid by Executive to the Company (as applicable) together
with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no such repayment shall be required if and to the extent such deemed repayment would not either reduce the amount
on which Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an
Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. 

(iv) To the extent requested by Executive, the Company shall cooperate with Executive in good faith in valuing, and the
Accounting Firm shall take into account the value of, services provided or to be provided by Executive (including, without limitation, Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar
covenant) before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that payments
in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A-40 to
Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within the meaning of
Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G of the Code.

  
 11 

 (v) The following terms shall have the following meanings for purposes of
this Section 5(e): 
 (A) “Accounting Firm” shall mean a nationally recognized
certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by First
Defiance prior to a Change in Control for purposes of making the applicable determinations hereunder and is reasonably acceptable to Executive, which firm shall not, without Executive’s consent, be a firm serving as accountant or auditor for
the individual, entity or group effecting the Change in Control. 
 (B) “Net
After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect
thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws that applied to Executive’s taxable income
for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s). 

(C) “Parachute Value” of a Payment shall mean the present value as of the date of the change of control for
purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether and to what
extent the excise tax under Section 4999 of the Code will apply to such Payment. 
 (D) “Payment” shall
mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or payable pursuant to this Agreement or otherwise. 

(E) “Safe Harbor Amount” shall mean 2.99 times Executive’s “base amount,” within the meaning of
Section 280G(b)(3) of the Code. 
 (vi) The provisions of this Section 5(e) shall survive the
expiration of this Agreement. 
 (f) Release. As a condition to receiving any payments, other than payment of the Accrued Obligations
and Other Benefits, pursuant to this Agreement, Executive agrees to release the Company and all of its Affiliates, employees and directors from any and all claims that Executive may have against the Company and all of its Affiliates, employees and
directors up to and including the date Executive (or, in the event of Executive’s death or Disability, his estate or guardian, as applicable) signs a Waiver and Release of Claims (the “Release”), which form shall provide for
such waivers and/or revocation periods as are required by, or advisable under, applicable federal law and/or regulation, and which Release shall be substantially in the form set forth in Appendix A to this Agreement. Notwithstanding anything
to the contrary in this Agreement, Executive acknowledges that Executive is not entitled to receive, and will not receive, any payments pursuant to this Agreement unless and until Executive provides the Company with said Release prior to the first
(1st) date that payment is to be made or is to commence; and if the release execution period begins in one (1) taxable year and ends in another taxable year, payment shall not be made until the beginning of the second (2nd) taxable year. 

  
 12 

 6. Attorneys’ Fees. It is the intent of the Company that Executive
obtain the benefits of this Agreement without reduction due to the need to expend funds to pay costs or expenses (including attorneys’ fees) to enforce this Agreement. Therefore, in the event Executive determines it is necessary to expend such
funds to enforce the terms and conditions of this Agreement, the Company shall indemnify and hold harmless Executive for all reasonable costs and expenses (including attorneys’ fees) incurred by Executive to enforce this Agreement, and the
Company shall, upon demand by Executive, promptly advance or reimburse Executive for such costs and expenses as incurred. Executive shall repay such funds to such Company if and only if Executive brings a legal action to enforce this Agreement and a
final non-appealable order is entered in such action that all of Executive’s claims are frivolous. 

7. Withholding. All payments required to be made by the Company hereunder to Executive shall be subject to the withholding of such
amounts, if any, relating to federal, state and local tax and other payroll deductions as the Company may reasonably determine should be withheld pursuant to any applicable law or regulation. 

8. Indemnification; Insurance. 

(a) Indemnification. The Company agrees to indemnify Executive to the fullest extent permitted under applicable law and regulations and
the organizational documents of the Company, on a basis no less favorable than that applicable to other directors and senior executives of the Company. 

(b) Insurance. During the Employment Term and thereafter for so long as the potential for liability exists, the Company shall provide
Executive (and his heirs, executors and administrators) with coverage under a directors’ and officers’ liability policy at the Company’s expense at least equivalent to such coverage otherwise provided to the other directors and senior
executives of the Company. 
 9. No Duty of Mitigation. Executive shall not be required to mitigate the amount of any payment made
pursuant to Section 5 of this Agreement if Executive accepts other compensation for employment with another entity. 

10. Special Regulatory Events. Notwithstanding anything to the contrary contained herein, Executive acknowledges and agrees that any
payments made to Executive pursuant to this Agreement are subject to and conditioned on compliance with the provisions of 12 U.S.C. § 1828(k) and Part 359 of the Federal Deposit Insurance Corporation (“FDIC”) regulations
(12 C.F.R. Part 359), which contain certain prohibitions and limitations on the making of “golden parachute” and certain indemnification payments by FDIC-insured institutions and their holding companies. In the event any payments to
Executive pursuant to this Agreement are prohibited or limited by the provisions of such statute or regulation, the Company will use its commercially reasonable efforts to obtain the consent of the appropriate regulatory authorities to the payment
to Executive of the maximum amount that is permitted (up to the full amount due under the terms of this Agreement). 

  
 13 

 11. Consolidation, Merger or Sale of Assets. Nothing in this Agreement shall preclude
the Company from consolidating with, merging into or transferring all, or substantially all, of its assets to another corporation that assumes all its obligations and undertakings hereunder. Upon such a consolidation, merger or transfer of assets,
the term “Company” as used herein shall mean such other corporation or entity, and this Agreement shall continue in full force and effect. 

12. Noncompetition and Nonsolicitation Covenant. Executive agrees that, during the Employment Term, including any
extension thereof, and for a period of one (1) year following Executive’s termination of his employment for any reason, Executive shall not, without the express written consent of the Company: 

(a) be engaged, directly or indirectly, within those counties in which the Company is engaged in deposit-taking activities at
the time of Executive’s termination of employment, as a partner, officer, director, employee, consultant, independent contractor, security holder or owner of any entity engaged in any business activity competitive with that of the Company or
its Affiliates; provided, however, nothing in this Agreement shall prevent Executive from owning or acquiring an interest in any entity engaged in any competitive business activity if such interest does not constitute
“control” as defined in 12 C.F.R. Section 303.81(c); 
 (b) call upon or solicit, either for Executive or
for any other person or firm that engages in competition with any business operation actively conducted by the Company or any of its Affiliates during the Employment Term, any customer with whom the Company or any of its Affiliates directly conducts
business during the Employment Term, or interfere with any relationship, contractual or otherwise, between the Company or any of its Affiliates and any customer with whom the Company or any of its Affiliates directly conducts business during the
Employment Term; or 
 (c) induce or solicit any person who is at the date of termination or was during the twelve
(12) months preceding termination an employee, officer or agent of the Company or any Affiliate to terminate said relationship, except as pursuant to Executive’s duties for the Company. 

In the event of a breach by Executive of any covenant set forth in this Section 12, the term of such covenant will
be extended by the period of the duration of such breach and such covenant as so extended will survive any termination of this Agreement, but only for the limited period of such extension. 

The restrictions on competition provided herein may be enforced by the Company and/or any successor thereto by an action to recover payments
made under this Agreement, an action for injunction and/or an action for damages. The provisions of this Section 12 constitute an essential element of this Agreement without which the Company would not have entered into
this Agreement. Notwithstanding any other remedy available to the Company at law or in equity, the parties hereto agree that the Company or any successor thereto will have the right, at any and all times, to seek injunctive relief so as to enforce
the terms and conditions of this Section 12. 
 If the scope of any restriction contained in this
Section 12 is too broad to permit enforcement of such restriction to its fullest extent, then such restriction will be enforced to the maximum extent permitted by law, and Executive hereby consents and agrees that such
scope may be judicially modified accordingly in any proceeding brought to enforce such restriction. 

  
 14 

 13. Confidential Information. Executive will hold in a fiduciary capacity, for the
benefit of the Company, all secret or confidential information, knowledge and data relating to the Company and any of its Affiliates (“Confidential Information”) that shall have been obtained by Executive in connection his
employment with the Company and that is not public knowledge (other than by acts by Executive or his representatives in violation of this Agreement). During the Employment Term and after termination of Executive’s employment with the Company,
Executive will not, without the prior written consent of the Company, communicate or divulge any material non-public Confidential Information to anyone other than the Company or those designated by the
Company, unless the communication of such information, knowledge or data is required pursuant to a compulsory proceeding in which Executive’s failure to provide such information, knowledge or data would subject Executive to criminal or civil
sanctions and then only if Executive provides notice to the Company prior to disclosure. 
 The restrictions imposed on the release of
information described in this Section 13 may be enforced by the Company and/or any successor thereto by an action for injunction or an action for damages. The provisions of this Section 13
constitute an essential element of this Agreement without which the Company would not have entered into this Agreement. Notwithstanding any other remedy available to the Company at law or in equity, the parties hereto agree that the Company or any
successor thereto will have the right, at any and all times, to seek injunctive relief so as to enforce the terms and conditions of this Section 13. 

If the scope of any restriction contained in this Section 13 is too broad to permit enforcement of such restriction
to its fullest extent, then such restriction will be enforced to the maximum extent permitted by law, and Executive hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding brought to enforce such
restriction. 
 By executing this Agreement, Executive acknowledges that he hereby has been notified by this writing, in accordance with the
Defend Trade Secrets Act of 2016, that (i) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state or local
government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; (ii) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal; and (iii) an individual who files a lawsuit for retaliation by an employer for reporting a
suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose
the trade secret except pursuant to court order. Furthermore, and notwithstanding anything to the contrary herein, nothing in this Agreement shall (x) limit Executive’s right to voluntarily communicate with the Equal Employment Opportunity
Commission, the Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, or any other federal, state or local government agency or to discuss the terms and conditions of Executive’s employment with others
to the extent permitted by Section 7 of the National Labor Relations Act, (y) limit Executive’s ability to 

  
 15 

 
communicate with or participate in any investigation or proceeding (including by providing documents or other information without notice to the Company) regarding possible violations of federal
securities laws that may be conducted by the Securities and Exchange Commission, the Department of Justice, the Consumer Financial Protection Bureau or the Commodity Futures Trading Commission or (z) prohibit Executive from making truthful
statements in response to any subpoena or other legal process, or as otherwise required or protected by applicable law. 
 14. Non-Assignability. Neither this Agreement nor any right or interest hereunder shall be assignable by Executive or his beneficiaries or legal representatives without the Company’s prior written consent;
provided, however, that nothing in this Section 14 shall preclude Executive from designating a beneficiary to receive any benefits payable hereunder upon his death or the executors, administrators or legal
representatives of Executive or his estate from assigning any rights hereunder to the person or persons entitled thereto. 
 15. No
Attachment. Except as required by law, no right to receive payment under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy
or similar process of assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect. 

16. Binding Agreement. This Agreement shall be binding upon, and inure to the benefit of, Executive and the Company and their successors
and assigns. 
 17. Amendment of Agreement. This Agreement may not be modified or amended, except by an instrument in writing signed
by the parties hereto. 
 18. Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be
an estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein,
and each waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than the act specifically waived. 

19. Severability. If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect the other
provisions of this Agreement not held so invalid, and each such other provision shall, to the full extent consistent with applicable law, continue in full force and effect. 

20. Headings. The headings of the sections herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. 
 21. Effect of Prior Agreements. This Agreement contains the entire
understanding between the parties hereto and supersedes and replaces any prior employment agreement between the Company or any of its Affiliates or any predecessor of the Company or any of its Affiliates, on the one hand, and Executive, on the other
hand, including the Prior Employment Agreement, as of the Effective Date. 

  
 16 

 22. Governing Law. This Agreement has been executed and delivered in the State of
Ohio and its validity, interpretation, performance and enforcement shall be governed by the laws of the State of Ohio, without reference to principles of conflict of laws, except to the extent that federal law is governing. 

23. WAIVER OF JURY TRIAL. THE COMPANY AND EXECUTIVE, EACH AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH LEGAL
COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF, OR RELATED TO, THIS AGREEMENT. NO PARTY SHALL SEEK TO CONSOLIDATE, BY COUNTERCLAIM OR OTHERWISE, ANY LITIGATION IN
WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LITIGATION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. 
 24.
Notices. Any notice required or permitted under this Agreement shall be in writing and either delivered personally or sent by nationally recognized overnight courier, express mail or certified or registered mail, postage prepaid, return
receipt requested, at the following respective address unless the party notifies the other party in writing of a change of address: 
 If to
the Company: 
 First Defiance Financial Corp. 

601 Clinton Street 
 Defiance,
Ohio 43512 
 Attn: Chairman of the Board 

With a copy to: 
 Barack
Ferrazzano Kirshbaum & Nagleberg LLP 
 200 West Madison Street 

Suite 3900 
 Chicago, Illinois
60606 
 Attention: Robert M. Fleetwood, Esq. 

Electronic mail: robert.fleetwood@bfkn.com 

If to Executive: 
 Donald P.
Hileman 
 At the last address on file with the Company 

A notice delivered personally shall be deemed delivered and effective as of the date of delivery. A notice sent by overnight courier or
express mail shall be deemed delivered and effective one (1) business day after it is deposited with the postal authority or commercial carrier. A notice sent by certified or registered mail shall be deemed delivered and effective two
(2) business days after it is deposited with the postal authority. 

  
 17 

 25. Code Section 409A Requirements. 

(a) Treatment of Reimbursements and/or In-Kind Benefits. Notwithstanding anything in this
Agreement to the contrary, any reimbursements or in-kind benefits provided under this Agreement (including any reimbursement for or provision or in-kind medical benefits
beyond the period of time described in Treasury Regulation § 1.409A-1(b)(9)) shall be made or provided in accordance with the requirements of Code Section 409A, including, where applicable, the
requirements that (i) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits
provided, during any taxable year of Executive may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of Executive, (iii) the reimbursement
of an eligible expense will be made no later than the last day of Executive’s taxable year following the year in which the expense is incurred and (iv) the right to reimbursement or in-kind benefits
is not subject to liquidation or exchange for another benefit. 
 (b) Six (6)-Month Distribution Delay for Specified Employees.
Notwithstanding anything in this Agreement to the contrary, in the event that Executive is a “specified employee” (as defined in Code Section 409A) of the Company or any of its Affiliates, as determined pursuant to the Company’s
policies for identifying specified employees, on the date of Executive’s termination of employment and Executive is entitled to a payment and/or a benefit under this Agreement that is required to be delayed pursuant to Code
Section 409A(a)(2)(B)(i), then such payment or benefit, as applicable, shall not be paid or provided (or begin to be paid or provided) until the first (1st) day of the seventh (7th) month following the date of Executive’s termination of
employment (or, if earlier, the date of Executive’s death). The first (1st) payment that can be made to Executive following such period shall include the cumulative amount of any payments or benefits that could not be paid or provided during
such period due to the application of Code Section 409A(a)(2)(B)(i). 
 (c) Compliance with Code Section 409A.
The parties intend that this Agreement comply with, or be exempt from, the requirements of Code Section 409A, as applicable, and, to the maximum extent permitted by law, shall administer, operate and construe this Agreement accordingly. For
purposes of the limitations on nonqualified deferred compensation under Code Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the deferral election
rules of Code Section 409A and the exclusion from Code Section 409A for certain “short-term deferrals.” Any amounts payable solely on account of an “involuntary separation from service” within the meaning of Code
Section 409A shall be excludible from the requirements of Code Section 409A, either as “separation pay” or as a “short-term deferral” to the maximum possible extent. Nothing herein shall be construed as the guarantee of
any particular tax treatment to Executive, and none of the Company, its Affiliates or their respective boards of directors shall have any liability with respect to any failure to comply with the requirements of Code Section 409A. 

26. Survivability. The provisions of this Agreement that by their terms call for performance subsequent to the termination of either
Executive’s employment or this Agreement (including the terms of Sections 5, 6, 8, 12 and 13) shall so survive such termination. 

[Signature page follows] 

  
 18 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer and Executive has signed this Agreement, each as of the day and year first above written. 
  

			
	FIRST DEFIANCE FINANCIAL CORP.
		
	By:	 	 /s/ Paul Nungester

	Name:	 	Paul Nungester
	Title:	 	CFO
	
	FIRST FEDERAL BANK OF THE MIDWEST
		
	By:	 	 /s/ Paul Nungester

	Name:	 	Paul Nungester
	Title:	 	CFO
	
	EXECUTIVE:
	
	 /s/ Donald P. Hileman

	Name:	 	Donald P. Hileman

  
 19 

 Appendix A 

FORM OF WAIVER AND RELEASE 

The parties to this Waiver and Release (this “Agreement”), First Defiance Financial Corp. (“First
Defiance”), an Ohio-chartered corporation and savings and loan holding company, First Federal Bank of the Midwest (“First Federal”), a federally chartered stock savings bank, both of which are located in Defiance, Ohio, and
their respective affiliates, parents, successors, predecessors and subsidiaries (collectively, the “Company”) and Donald P. Hileman, an individual (hereinafter referred to as the “Executive”), agree that: 

Executive and the Company now wish to terminate their employment relationship effective _______________, 20__ in a manner that is satisfactory
to both Executive and the Company. 
 Executive and the Company, for the good and valuable consideration stated below, the sufficiency of
which is acknowledged, agree as follows: 
 A. In exchange for the severance payments and benefits under Section [•] of the Employment
Agreement between Executive and the Company, dated as of [•] (the “Employment Agreement”), Executive, including Executive’s heirs, administrators, executors, spouse, if any, successors, estate, representatives and assigns
and all others claiming by or through Executive, voluntarily and knowingly releases the Company, its parent companies and their subsidiaries, divisions, affiliates, related companies, predecessors, successors, partners, members, directors, officers,
trustees, employees, independent contractors, consultants, stockholders, owners, attorneys, agents, benefit plans, subrogees, insurers, representatives and assigns, whether alleged to have acted in their official capacities or personally
(collectively, the “Released Parties”), completely and forever from any and all claims, causes of action, suits, contracts, promises, or demands of any kind that Executive may now have, whether known or unknown, intentional or
otherwise, from the beginning of time to the Effective Date of this Agreement, with the sole and limited exception of the rights and claims reserved in Paragraph B. The “Effective Date” of this Agreement is
the date it is signed by Executive. 
 B. Executive understands and agrees that this Agreement covers all claims described in
Paragraph A, including, but not limited to, any alleged violation of: 
  

	 	•	 	 the Civil Rights Act of 1991; 

 

	 	•	 	 Title VII of the Civil Rights Act of 1964, as amended; 

 

	 	•	 	 the Americans with Disabilities Act; 

 

	 	•	 	 the Employee Retirement Income Security Act; 

 

	 	•	 	 the Worker Adjustment and Retraining Notification Act; 

 

	 	•	 	 the Family Medical Leave Act; 

  
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	 	•	 	 the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act;

  

	 	•	 	 the Fair Labor Standards Act, to the extent permitted by law; 

 

	 	•	 	 the Occupational Safety and Health Act of 1970; 

 

	 	•	 	 the Ohio Fair Employment Practices Law, including but not limited to O.R.C. Title 41 § 4112.01 et
seq.; 

  

	 	•	 	 the Ohio Fair Employment Practices Law, ORC, Title 41 § 4112-01
et seq., as amended; 

  

	 	•	 	 the Ohio Civil Rights Commission Policy Statement on AIDS; 

 

	 	•	 	 the Ohio Equal Pay Law, O.R.C. Title 41 § 4111.13, 4111.17, and 4111.99, et seq., as amended;

  

	 	•	 	 the retaliation for exercise of rights under the Ohio Workers’ Compensation Law; 

 

	 	•	 	 the Workers’ Compensation Anti-Retaliation Act, Ohio Rev. Code § 4123.90; 

 

	 	•	 	 the Whistleblower Protection Act for Public Employees, Ohio Rev. Code § 124.341; 

 

	 	•	 	 the Ohio Whistleblower Statute, Ohio Rev. Code § 4113.52; 

 

	 	•	 	 the Ohio State Wage Payment and Work Hour Laws—Ohio Rev. Code Ann. § 4111.01, et
seq.; 

  

	 	•	 	 the Ohio Political Action of Employees Laws; 

 

	 	•	 	 the Ohio Witness and Juror Leave Laws—Ohio Rev. Code Ann. § 2313.18, et seq.;

  

	 	•	 	 the Ohio Voting Leave Laws—Ohio Rev. Code Ann. § 3599.06, et seq.; 

 

	 	•	 	 the Ohio Military Family Medical Leave Act—Ohio Rev. Code Ann. § 5906.01, et seq.;

  

	 	•	 	 any other federal, state or local civil, labor, pension, wage-hour or human rights law, federal or state public
policy, contract or tort law; 

  

	 	•	 	 any claim arising under federal or state common law, including, but not limited to, constructive or wrongful
discharge or intentional or negligent infliction of emotional distress; and 

  

	 	•	 	 any claim for costs or attorneys’ fees, except any claim specifically providing for payment of
Executive’s attorneys’ fees by the Company, including but not necessarily limited to Section 6 of the Employment Agreement. 

  
 A-2 

 This Agreement does not include, and Executive does not waive, any rights or claims
(1) that may arise after Executive signs this Agreement; (2) for alleged workplace injuries or occupational disease that arise under any state’s workers’ compensation laws (Executive does waive and fully release the Released
Parties from any claims under Ohio Rev. Code § 4123.90); (3) for benefits in which Executive has a vested right under any pension plans; (4) that cannot be released by law; (5) to enforce this Agreement and the rights to the
payments and benefits under Section(s) [•] of the Employment Agreement; (6) for indemnification under applicable law, the Company’s governing documents or Section 8 of the Employment Agreement; (7) related to his rights as a
shareholder of the Company; or (8) to participate in any proceedings before an administrative agency responsible for enforcing labor and/or employment laws, e.g., the Equal Employment Opportunity Commission. Executive agrees, however, to
waive and release any right to receive any monetary award from such proceedings. Nothing in this Agreement (including the confidentiality and non-disparagement provisions) shall be construed to limit
Executive’s right to participate in administrative proceedings, as described in this Paragraph B, to provide information to an agency responsible for enforcing unemployment compensation laws or to file an action to
enforce this Agreement. 
 Nothing in this Agreement (including the confidentiality and
non-disparagement provisions) shall be construed to limit Executive’s right to (1) respond accurately and fully to any question, inquiry or request for information when required by legal process or
from initiating communications directly with, or responding to any inquiry from, or providing testimony before, any self-regulatory organization or state or federal regulatory authority, regarding the Company, Executive’s employment, or this
Agreement. Executive is not required to contact the Company regarding the subject matter of any such communications before engaging in such communications; (2) disclose information to an administrative agency responsible for enforcing labor
and/or employment laws; or (3) to provide information to an agency responsible for enforcing unemployment compensation laws. 
 C.
Executive agrees to keep the terms of this Agreement confidential and not to disclose the terms of this Agreement to any third party at any time, other than to Executive’s attorneys, taxing authorities or accountants, or as otherwise required
by law. Executive agrees to use his best efforts to ensure that the terms of this Agreement are kept confidential by his spouse, heirs, assigns, attorneys, etc. 

Executive is not prohibited from disclosing the terms of this Agreement to his spouse, if any, attorney, if any, or accountant, in a
proceeding to enforce its terms or as otherwise required by law or court order. Should Executive receive legal papers or process that he believes would require him to disclose the terms of this Agreement, Executive agrees to notify, in writing and
within seven (7) days of his receipt of such legal papers or process, [•]. 
 D. In exchange for Executive’s promises
contained herein, the Company agrees to pay Executive in accordance with Section [•] of the Employment Agreement. 

  
 A-3 

 E. The parties agree that if any provision of this Agreement is declared illegal or
unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, including the general release language, the provision declared illegal or unenforceable will immediately become null and void, leaving the remainder of
this Agreement in full force and effect. 
 F. Executive is hereby advised to consult with an attorney regarding the terms, meaning and
impact of this Agreement. IN ADDITION, EXECUTIVE UNDERSTANDS AND AGREES THAT (A) BY SIGNING THIS AGREEMENT, EXECUTIVE WAIVES AND RELEASES ANY CLAIMS EXECUTIVE MIGHT HAVE AGAINST ANY OF THE RELEASED PARTIES, INCLUDING, BUT NOT LIMITED TO, ANY
CLAIMS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967; (B) EXECUTIVE HAS TWENTY-ONE (21) DAYS FROM THE DATE OF RECEIPT OF THIS AGREEMENT TO CONSIDER WHETHER OR NOT TO EXECUTE THIS AGREEMENT, WHICH
EXECUTIVE WAIVES BY VIRTUE OF HIS EXECUTION OF THE AGREEMENT DURING THE CONSIDERATION PERIOD; AND (C) AFTER EXECUTIVE SIGNS THIS AGREEMENT AND IT BECOMES EFFECTIVE, EXECUTIVE HAS SEVEN (7) DAYS FROM THAT DATE TO CHANGE HIS MIND AND REVOKE
THIS AGREEMENT. TO REVOKE THIS AGREEMENT, EXECUTIVE MUST CLEARLY COMMUNICATE EXECUTIVE’S DECISION IN WRITING TO THE COMPANY AS PROVIDED IN PARAGRAPH C BY THE SEVENTH (7th) DAY FOLLOWING THE EFFECTIVE DATE OF THIS AGREEMENT. EXECUTIVE
UNDERSTANDS AND AGREES THAT SHOULD HE REVOKE HIS RELEASE AND WAIVER AS TO CLAIMS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, THE COMPANY’S OBLIGATIONS UNDER THIS AGREEMENT WILL BECOME NULL AND VOID. 

G. Executive agrees that he will not, in any way, disparage the Company or any of the Released Parties. The Company agrees that it will not, in
any way, disparage Executive. Further, Executive and the Company agree that they will not make, nor solicit, any comments, statement, or the like to the media, or to others, that may be considered to be derogatory or detrimental to the good name or
business reputation of Executive or the Company. 
 H. Executive acknowledges that, through his employment with the Company, he has acquired
and had access to the Company’s confidential and proprietary business information and trade secrets (“Confidential Information”). Executive acknowledges and agrees that the Company prohibits the use or disclosure of its
Confidential Information and that the Company has taken all reasonable steps necessary to protect the secrecy of such Confidential Information. Executive acknowledges and agrees that “Confidential Information” includes any data or
information that is valuable to the Company and not generally known to competitors of the Company or other outsiders, regardless of whether the Confidential Information is in printed, written or electronic form, retained in Executive’s memory
or has been compiled or created by Executive, including but not limited to business plans; product designs, drawings and formulas; test and development data; customer or prospective customer, vendor, supplier and distributor information; financial
information; marketing strategies; pending projects and proposals; personnel and payroll records; pricing data; contract terms; proprietary production processes; third-party information that the Company has a duty to maintain as confidential; and
other business-related information that, if made available to the Company’s competitors or the public, would be advantageous to such competitors and detrimental to the Company. 

  
 A-4 

 
Executive agrees that Executive has not and in the future will not use, or disclose to any third party, Confidential Information unless compelled by law after reasonable advance notice to the
Company, and further agrees to return all documents, disks, CDs, DVDs, drives, storage devices or any other item or source containing Confidential Information, or any other of the Company’s property, to the Company upon execution of this
Agreement. Executive understands that he shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (1) is made (a) in confidence to a federal, state or local
government official, either directly or indirectly, or to an attorney, and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. Executive also understands that disclosure of trade secrets to attorneys, made under seal, or pursuant to court order is also protected in certain circumstances under 18 U.S. Code § 1833. If
Executive has any question regarding what data or information would be considered by the Company to be Confidential Information subject to this provision, Executive agrees to contact [•]. 

I. THIS AGREEMENT CONTAINS THE COMPLETE UNDERSTANDING BETWEEN THE PARTIES. THE PARTIES AGREE THAT NO PROMISES OR AGREEMENTS WILL BE BINDING
OR WILL MODIFY THIS UNDERSTANDING UNLESS IN WRITING AND SIGNED BY BOTH PARTIES. THIS AGREEMENT SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY PRIOR WRITTEN AGREEMENTS BY AND BETWEEN THE COMPANY AND EXECUTIVE. 

J. This Agreement may be executed in multiple counterparts, each of which will be considered an original, and all of which will be considered a
single memorandum. If Executive signs a facsimile copy of this Agreement, he also will provide the Company with a conforming original copy. 

K. The validity, construction and interpretation of this Agreement and the rights and duties of the parties to this Agreement will be governed
by the laws of the State of Ohio without regard to any state conflict of law rules. 
 [signature page to follow] 

  
 A-5 

 The parties agree that they have read this Agreement, understand and agree to its terms, and
have knowingly and voluntarily signed it on the dates written below. 
  

			
	  

	Donald P. Hileman
		
	Date:	 	  

	
	[First Federal Bank of the Midwest]
		
	By:	 	  

		
	Date:	 	  

	
	[First Defiance Financial Corp.]
		
	By:	 	  

		
	Date:	 	  

  
 A-6

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