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Cumulative preferred shares
The Stichting Ahold Continuïteit was given an option to acquire cumulative preferred shares up to a total par value that is equal to the
total par value of all issued and outstanding common shares, cumulative preferred financing shares and convertible cumulative preferred
financing shares. Ahold for its part has the right to place cumulative preferred shares with the Stichting Ahold Continuïteit up to a total
par value that is equal to the total par value of all issued and outstanding common shares, cumulative preferred financing shares and
convertible cumulative preferred financing shares.
Voting members of the board are Messrs. J.J. Slechte (chairman), P.J. van Dun and A.M. Knuist. Messrs. H. de Ruiter and C.H. van der
Hoeven are non-voting board members.
According to the unanimous opinion of both the Company and the members of the Board of Stichting Ahold Continuïteit, the latter is
independent of the Company in the sense of Appendix X to the Listing Regulations issued by the Amsterdam Stock Exchange Association.
In accordance with Article 40, subsection 3 of the Articles of Incorporation, the holders of cumulative preferred stock are entitled to a
primary dividend. No other preferences are attached to these shares.
Option rights
Option rights are granted to 820 associates to obtain common shares. The option rights are valid for a term of five years or five to ten years.
The exercise of option rights is regulated to facilitate application of Ahold regulations pertaining to the prevention of insider trading.
Effective December 1997, the number of option rights granted is dependent on the growth in earnings per share. Starting January 1999,
option rights can be exercised after a three year period. They must be exercised at termination of employment.
The exercise price will be determined by the closing price of the share on the last day of the fiscal year. Starting January 2000, employees
are also allowed to utilize the so called 'out of the money' option rights with higher exercise prices. New shares will be granted for the
exercise of the option rights, with a yearly maximum of 1% of the issued shares.
Movements in the outstanding option rights are:
Beginning
of fiscal year
Granted
Average
Exercise
price
Exercised
Average
Exercise
price
End of
Cancelled fiscal year
Average
exercise price
C.H. van der Hoeven
5 yr
398,132
108,060
28.83
15,000
9.46
491,192
22.05
10 yr
500,000
8,888
31.37
508,888
30.94
J.G. Andreae
5 yr
303,994
80,377
28.71
57,865
7.58
326,506
23.37
A.M. Meurs
5 yr
284,335
80,054
28.86
28,290
7.58
336,099
23.70
A.S. Noddle
5 yr
172,463
52,401
29.14
37,693
9.46
187,171
25.10
10 yr
181,452
28,195
27.54
209,647
14.84
R.G. Tobin
5 yr
138,336
52,464
29.13
190,800
25.05
10 yr
69,168
26,231
29.13
95,399
25.05
Total Corporate Executive
2,047,880
436,670
28.87
138,848
8.29
- 2,345,702
24.36
Board members
Other associates
5 yr
10 yr
11,716,312
4,014,071
4,310,821
997,271
29.17 1,581,288
28.37 192,157
11.75 6,784 14,439,061 24.61
5.77 139,388 4,679,797 19.01
Total number of
option rights
17,778,263 5,744,762
29.01 1,912,293
10.90 146,172 21,464,560
23.36
Royal Ahold Annual Report 1999