31 Related party transactions
Notes to the consolidated financial statements continued
Ahold
Annual Report 2010
Group at a glance
Performance
Governance
Financials
Investors
Compensation of key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of
the Company as a whole. The Company determined that key management personnel consist of the members of the Corporate Executive
Board and the members of the Supervisory Board.
Employment contracts with individual Corporate Executive Board members
Dick Boer
In 2010, the Company provided Dick Boer with a base salary of €637,500, participation in the annual cash incentive plan, as well as
participation in the Company's equity-based long-term incentive plan (GRO - see Note 32). The at-target payout under the annual cash
incentive plan is 100 percent of base salary and is capped at 125 percent in case of extraordinary performance. Unless Boer's
employment agreement is otherwise terminated, he will be eligible for reappointment at the annual General Meeting of Shareholders in
April 2011. In the event the Company terminates his employment agreement for reasons other than cause or because he is not
reappointed, Boer is entitled to a severance payment equal to one year's base salary. His employment agreement may be terminated by
the Company with a notice period of 12 months and by Boer with a notice period of six months. Boer participates in Ahold's Dutch Pension
Plan. Boer has been appointed as the new CEO of Ahold effective March 1, 2011
Kimberly Ross
In 2010, the Company provided Kimberly Ross with a base salary of €550,000, participation in the annual cash incentive plan, as well as
participation in the Company's equity-based long-term incentive program (GRO - see Note 32). The at-target payout under the annual
cash incentive plan is 100 percent of the base salary and is capped at 125 percent in case of extraordinary performance. Unless Ross'
employment agreement is otherwise terminated, she will be eligible for reappointment in 2012. In the event the Company terminates Ross'
employment agreement for reasons other than cause or because she is not reappointed, she is entitled to a severance payment equal to
one year's base salary. Ross' employment agreement may be terminated by the Company with a notice period of 12 months and by Ross
with a notice period of six months. Ross participates in the U.S. Benefits Plans - the Salary Continuation Plan (SCP), the Ahold USA
Pension Plan and the 401(k) Plan.
Lodewijk Hijmans van den Bergh
In 2010, the Company provided Lodewijk Hijmans van den Bergh with a base salary of €500,000, participation in the annual cash
incentive plan, as well as participation in the Company's equity-based long-term incentive plan (GRO - see Note 32). The at-target payout
under the annual cash incentive plan is 100 percent of base salary and is capped at 125 percent in case of extraordinary performance.
Unless Hijmans van den Bergh's employment agreement is otherwise terminated, he will be eligible for reappointment in 2014. In the
event the Company terminates his employment agreement for reasons other than cause or because he is not reappointed, Hijmans van
den Bergh is entitled to a severance payment equal to one year's base salary. His employment agreement may be terminated by the
Company with a notice period of 12 months and by Hijmans van den Bergh with a notice period of six months. Hijmans van den Bergh
participates in Ahold's Dutch Pension Plan.
John Rishton
In 2010, the Company provided John Rishton with a base salary of €945,000, participation in the annual cash incentive plan, as well as
participation in the Company's equity-based long-term incentive program (GRO - see Note 32). The at-target payout under the annual
cash incentive plan was 100 percent of the base salary and was capped at 125 percent in case of extraordinary performance. He
participated in Ahold's Dutch Pension Plan. Rishton resigned from the Corporate Executive Board on February 28, 2011.
Lawrence Benjamin
In 2010, the Company provided Lawrence Benjamin with a base salary of $986,000, participation in the annual cash incentive plan, as well
as participation in the Company's equity-based long-term incentive plan (GRO - see Note 32). The at-target payout under the annual cash
incentive plan was 100 percent of base salary and was capped at 125 percent in case of extraordinary performance. He participated in the
U.S. Benefit Plans - the Salary Continuation Plan (SCP) and the 401(k) Plan. Benjamin retired on January 31, 2011.
