To the NOTIFICATION to the BOARD OF GOVERNORS OF THE ...
PUBLIC EXHIBITS
to the NOTIFICATION
to the BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
by CAPITAL ONE FINANCIAL CORPORATION
in connection with the acquisition of ING BANK, FSB
SHAREBUILDER ADVISORS, LLC and
ING DIRECT INVESTING, INC. Pursuant to Sections 4(c)(8) and 4(j) of the Bank Holding Company Act of 1956, as amended and Section 225.24 of Regulation Y
W/1813731v1
EXECUTION VERSION
PURCHASE AND SALE AGREEMENT dated as of June 16, 2011 by and among ING Groep N.V., ING Bank N.V., ING Direct N.V., ING Direct Bancorp and
Capital One Financial Corporation
SC1:3050152.8
W/1783417v27
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
1.01 Definitions............................................................................................................................2
ARTICLE II
THE TRANSACTIONS
2.01 The Transactions................................................................................................................16 2.02 The Closing........................................................................................................................16
ARTICLE III
CONSIDERATION
3.01 Payment and Delivery of Consideration ............................................................................17 3.02 Certain Adjustments...........................................................................................................18 3.03 Deliveries and Actions by Sellers ......................................................................................19 3.04 Deliveries and Actions by Purchaser .................................................................................19 3.05 Withholding .......................................................................................................................20
ARTICLE IV
ACTIONS PENDING ACQUISITION
4.01 Conduct of Business Prior to the Effective Time ..............................................................20 4.02 Forbearances of the Direct Sale Companies ......................................................................20 4.03 Forbearances of Purchaser .................................................................................................23 4.04 Representatives ..................................................................................................................24
ARTICLE V
REPRESENTATIONS AND WARRANTIES
5.01 Disclosure Schedules .........................................................................................................24 5.02 Representations and Warranties of the Sellers...................................................................24 5.03 Representations and Warranties with Respect to Purchaser ..............................................47 5.04 No Other Representations or Warranties ...........................................................................56 5.05 No Other Representations or Warranties ...........................................................................56
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SC1:3050152.8
ARTICLE VI
COVENANTS
6.01 Reasonable Best Efforts.....................................................................................................56 6.02 Regulatory Applications ....................................................................................................56 6.03 Press Releases; Public Announcements.............................................................................57 6.04 Takeover Laws...................................................................................................................58 6.05 Access; Information ...........................................................................................................58 6.06 Confidentiality ...................................................................................................................61 6.07 Benefit Arrangements ........................................................................................................62 6.08 Intellectual Property Matters..............................................................................................65 6.09 Services Provided by Group to the Direct Sale Companies ..............................................70 6.10 Fees and Expenses .............................................................................................................70 6.11 No Solicitation ...................................................................................................................71 6.12 Seller Noncompetition .......................................................................................................72 6.13 Purchaser Noncompetition.................................................................................................74 6.14 Non-Control Investment Protection...................................................................................76 6.15 Tax Matters ........................................................................................................................76 6.16 Indemnification; Exculpation; Directors' and Officers' Insurance ...................................82 6.17 Release of Guarantees........................................................................................................85 6.18 Illiquid Assets Back-Up Facility........................................................................................85 6.19 No Solicitation of Alternative Transactions ......................................................................86
ARTICLE VII
CONDITIONS TO CONSUMMATION OF THE STOCK SALE
7.01 Conditions to the Obligation of Each Party to Effect the Transactions.............................87 7.02 Conditions to the Obligation of Purchaser.........................................................................87 7.03 Conditions to the Obligation of the Sellers........................................................................88
ARTICLE VIII
TERMINATION
8.01 Termination........................................................................................................................89 8.02 Effect of Termination and Abandonment; Remedies for Fraud ........................................89
ARTICLE IX
SURVIVAL; INDEMNIFICATION
9.01 Survival ..............................................................................................................................90 9.02 Indemnification ..................................................................................................................90 9.03 Indemnification Procedures ...............................................................................................91 9.04 Limitations on Indemnification..........................................................................................93
ii
SC1:3050152.8
9.05 Adjustment to Losses.........................................................................................................94 9.06 Tax Treatment of Indemnity Payments..............................................................................94 9.07 Exclusive Remedy .............................................................................................................94
ARTICLE X
MISCELLANEOUS
10.01 Waiver; Amendment..........................................................................................................95 10.02 Counterparts.......................................................................................................................95 10.03 Governing Law ..................................................................................................................95 10.04 Assignment ........................................................................................................................95 10.05 Notices ...............................................................................................................................95 10.06 Entire Understanding; Third-Party Beneficiaries ..............................................................97 10.07 Subsidiary Action...............................................................................................................97 10.08 Interpretation; Effect..........................................................................................................97 10.09 Severability ........................................................................................................................98 10.10 WAIVER OF JURY TRIAL..............................................................................................98 10.11 Venue for Resolution of Disputes......................................................................................99 10.12 Specific Performance .........................................................................................................99
Schedules
Schedule 2.01(a)
- List of Transferred Assets
Schedule 2.01(b)
- List of Assumed Liabilities
Schedule 5.02(ii)(A) - List of Excluded Assets
Schedule 5.02(ii)(B) - List of Excluded Liabilities
Schedule 6.08(a)
- Intellectual Property Assigned Back to Sellers
Schedule 6.08(b)
- Branding Guidelines
Schedule 6.08(g)
- Licensed Intellectual Property
Schedule 6.09
- Intercompany Agreements Not Terminated
Exhibits Exhibit A Exhibit B Exhibit C Exhibit D Exhibit E Exhibit F
- Form of the Shareholders Agreement - Form of Bill of Sale - Form of Assignment and Assumption Agreement - Form of Assignment and Assumption of Lease Agreement - Co-Existence Agreement Term Sheet
- IABF Restructuring Arrangements
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SC1:3050152.8
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