Notes to the
consolidated
financial statements
continued
3! Related party transactions continued
Overview
Business review
Governance
Financials
Investors
Ahold Delhaize Annual Report 2016
Pierre Bouchut
In 2016, the Company provided Pierre Bouchut with an annual base salary of €641 thousand, participation in the annual cash incentive plan and
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% of base salary and is capped at 150% in the event of extraordinary performance. Unless Pierre Bouchut’s employment agreement
is otherwise terminated, he will be eligible for reappointment at the annual General Meeting of Shareholders in April 2020. If the Company
terminates his employment agreement for reasons other than cause or because he is not reappointed by shareholders, Pierre Bouchut 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 Pierre Bouchut with a notice period of six months. Pierre Bouchut participates in the Company’s Belgian pension plan.
James McCann
In 2016, the Company provided James McCann with an annual base salary, participation in the annual cash incentive plan and participation in
the Company’s equity-based long-term incentive plan (GRO - see Note 32). The annual base salary of €666 thousand was increased by 1.75% to
€678 thousand effective March 28, 2016. The at-target payout under the annual cash incentive plan is 100% of base salary and is capped at 150%
in the event of extraordinary performance. Furthermore, James McCann receives a housing allowance of $10,000 net per month. James McCann
participates in the Company’s Dutch pension plan. On October 5, 2016, it was announced that James McCann has resigned as COO of Ahold USA
and as a member of Ahold Delhaize’s Management Board. His employment relationship with Ahold Delhaize will terminate as of April 30, 2017,
without any severance payment due.
Kevin Holt
In 2016, the Company provided Kevin Holt with an annual base salary, participation in the annual cash incentive plan and participation in the
Company’s equity-based long-term incentive plan (GRO - see Note 32). The annual base salary of $763 thousand was increased to $925 thousand
effective October 1, 2016, following his appointment as COO of Ahold USA. The at-target payout under the annual cash incentive plan is 100% of
base salary and is capped at 150% in the event of extraordinary performance. Furthermore, Kevin Holt is entitled to receive a housing allowance up
to $7,500 net per month. Unless Kevin Holt’s employment agreement is otherwise terminated, he will be eligible for reappointment at the annual
General Meeting of Shareholders in April 2020. If the Company terminates his employment agreement for reasons other than cause or because
he is not reappointed by shareholders, Kevin Holt 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 Kevin Holt with a notice period of six months. Kevin Holt participates
in the Company’s U.S. pension plan.
