Document:

Employment Agreement between Company and Peter Wakkie

 Exhibit 4.3 
  

			
	 	 	Royal Ahold
	 	 	 Supervisory Board

		
	 	 	 Albert Heijnweg 1, 1507 EH Zaandam

	 	 	 P.O. Box 3050, 1500 HB Zaandam

	 	 	 The Netherlands

	 	 	 Telefax +31 75 659 83 53

	 	 	 Telephone +31 75 659 91 11

	 	 	Direct Dial +31 75 659 56 25

  
 Date 
 Reference 
  
 Employment agreement 
  
 The
undersigned: 
  

	1.	Royal Ahold N.V., established at ZaandaM, the Netherlands, represented by its Supervisory Board (the “Supervisory Board”), hereinafter “AHOLD”;

  
 and 
  

	2.	Mr. Peter N. Wakkie, residing at                      , the
Netherlands, hereinafter “the Chief Corporate Governance Counsel” (“CCGC”); 

  
 Whereas: 
  
 The Supervisory Board will
put forward a proposal to appoint the CCGC as Chief Corporate Governance Counsel of the Executive Board of AHOLD (the “Executive Board”) with the job title of Executive Vice President of Royal Ahold at the first General Meeting of
Shareholders of AHOLD following the meeting on September 4, 2003 (the “General Meeting of Shareholders”). 
  
 Pending this appointment by the General Meeting of Shareholders, AHOLD wishes to (a) secure that the CCGC will assume certain responsibilities on an interim basis and (b)
set out the terms and conditions of the CCGC’s employment with AHOLD. 

 Declare and have agreed as follows: 
  

	1.	Date of Commencement of Employment and Position 

  

	 	1.1	The CCGC enters into an employment agreement with AHOLD for an indefinite period of time, effective as per October 15, 2003 (hereinafter: the “Date of Employment”).

  

	 	1.2	Initially, the CCGC shall carry out certain duties and responsibilities – to be agreed between the Supervisory Board and the CCGC – on an interim basis. Upon the
appointment by the General Meeting of Shareholders, the CCGC will serve, in the position of interim Chief General Counsel of the Executive Board (in Dutch: ‘statutair directeur’). 

  

	 	1.3	The CCGC’s place of employment will be the office of AHOLD in the Netherlands. 

  

	 	1.4	The CCGC shall fulfil all obligations vested in him by law, and/or as are laid down in the articles of association of AHOLD and/or in instructions in a management regulation to be
determined (to be applicable to the CCGC), if any, within the Executive Board after the appointment of the CCGC’s in such Executive Board. The CCGC will carry, as a member of the Executive Board, full and joint responsibility for all activities
of AHOLD. The operative mode of the Executive Board is one of consensus under the chairmanship of the President. Nevertheless, every member of the Board is entrusted with specific responsibilities. 

  

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	 	1.5	The CCGC is obliged to do or to refrain from doing all that CCGCs in similar positions should do or should refrain from doing. The CCGC shall fully devote himself, his time and his
energy to promoting the interest of AHOLD. 

  

	 	1.6	The CCGC may fulfil non-executive board positions (not being chairman positions) and/or other outside functions, only with the prior consent of the Supervisory Board of AHOLD, which
consent AHOLD shall not unreasonably withhold. 

  

	2.	Notice of Termination 

  

	 	2.1	The CCGC’s employment agreement shall terminate in connection with the CCGC reaching his pensionable age: 

  

	 	•	upon the CCGC’s request after reaching the age of 60 in which case no notice period will have to be observed. 

  

	 	•	by decision of AHOLD after the CCGC reaching the age of 60 in which case no notice period will have to be observed. 

  

	 	•	in any event, without notice being required, on the first day of the month following the date on which the CCGC reaches the age of 62. 

  

	 	2.2	This agreement may be terminated with due observance of a notice period of 3 months for AHOLD and 3 months for the CCGC. 

  

	3.	Salary 

  

	 	3.1	 The CCGC’s base salary shall amount to gross Euro 500,000 per year (inclusive holiday allowance). The possibility exists that the CCGC may be appointed a

  

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director of AHOLD USA or another affiliate of AHOLD and the CCGC’s total remuneration may be apportioned between AHOLD and the AHOLD affiliate(s)
accordingly. The allocation of the CCGC’s salary between the Netherlands and the United States will be justified based on facts and circumstances of the CCGC’s employment and be in line with AHOLD’s policy regarding the allocation of
base salary for members of the Executive Board based in the Netherlands. This will be further defined. 

  
 The Dutch part of the base salary shall be paid in 13 equal installments at the end of each 4-week period. 
  

	4.	Bonus and Stock Options 

  

	 	4.1	AHOLD shall pay the CCGC a bonus based on targets set, by mutual agreement, between the CCGC and the Supervisory Board and acceptable within the general remuneration policy (to be)
approved by the general meeting of shareholders and will be payable in a single payment. The target bonus amounts to one time the annual base salary, as that will be determined from year to year. 

  

	 	4.2	The CCGC may participate in the AHOLD Stock Option Plan, for the first time in 2004. The number of stock options will be determined by ESOS on the recommendation of AHOLD’s
Supervisory Board. Currently, the Supervisory Board is recommending that members of the Executive Board be granted 75,000 options. The grant must be acceptable within the general remuneration policy (to be) approved by the general meeting of
shareholders. 

  

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	 	4.3	The CCGC will be granted 150,000 shares of common stock under a so-called Restricted Stock Key Management Retention Agreement of which 50% in December 2004 and 50% in December 2005.
The grant must be acceptable within the general remuneration policy (to be) approved by the general meeting of shareholders. All tax consequences shall be for the account of the CCGC. 

  

	5.	Expenses and Company Car 

  

	 	5.1	AHOLD shall reimburse reasonable expenses incurred by the CCGC in the performance of his duties upon submission of all the relevant invoices and vouchers. 

 

	 	5.2	AHOLD shall pay the CCGC each period of 4 weeks an allowance of Euro 680 net in addition to his salary for out-of-pocket expenses. 

  

	 	5.3	AHOLD shall provide the CCGC with a company car for the performance of his duties (not for private use) and on such further conditions as shall be determined by AHOLD from time to
time. The CCGC shall have the free usage of the services of a private driver, in connection with business-related travel by car. 

  

	 	5.4	AHOLD shall pay those costs of a home telephone, mobile phone, fax machine, computer/laptop and home e-mail/internet access for the CCGC to the extent that those costs are
reasonable. A taxable inclusion, required by Dutch fiscal law, will be applied in payroll. 

  

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	6.	Holidays 

  

	 	6.1	The CCGC shall be entitled to a reasonable amount of working days vacation per year, in line with the Dutch and Ahold practices. In taking vacation, the CCGC shall duly observe the
interests of AHOLD. 

  

	7.	Insurances and pension 

  

	 	7.1	The CCGC may participate in the group health insurance contract at De Amersfoortse insurance company. AHOLD shall contribute Euro 1,948 gross (2003) annually as contribution in the
premium for medical costs insurance for the CCGC. 

  

	 	7.2	AHOLD shall maintain suitable and adequate insurance in respect of managing director’s liability in order to indemnify the CCGC from all losses, liabilities and costs that he
may incur arising out of the liability as managing director of AHOLD. 

  

	 	7.3	AHOLD shall indemnify and hold the CCGC harmless for all liabilities incurred by the CCGC in the performance of his duties hereunder, and/or in connection with any position the CCGC
will hold within the Ahold group or associated company/ies, to the extent provided for under Dutch law. Such indemnification shall also include all expenses (including all attorney’s fees and legal expenses) incurred by the CCGC.

  

	 	7.4	 The CCGC shall participate in the Dutch AHOLD Pension Scheme for members of the Executive Board (Pensioenreglement Raad van Bestuur Ahold). If and to 

  

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the extent that a fixed part of the base salary is allocated to the United States, the CCGC shall participate in the Ahold USA, Inc. Retirement Benefit Plan
for the Members of the Managing Board. Participation shall be based on the base salary allocated to the respective jurisdictions in accordance with article 3.1. 

  

	8.	Sickness 

  

	 	8.1	In the event of sickness, AHOLD shall pay to the CCGC as per the first day of sickness his base salary and benefits as defined in articles 3,4, 5.4., and 7, up to a maximum of 52
weeks as from the first day of sickness, according to the requirements of the Dutch Civil Code. 

  

	9.	Termination by AHOLD for cause 

  

	 	9.1	AHOLD may at any time terminate the CCGC’s employment with immediate effect for “Cause” (as defined in article 7:678 of the Dutch Civil Code).

  

	10.	Confidentiality 

  

	 	10.1	The CCGC shall throughout the duration of this agreement and after this agreement has been terminated for whatever reason, refrain from disclosing in any manner to any individual
any information of a confidential nature concerning the AHOLD group or other companies affiliated with AHOLD, which has become known to the CCGC as a result of his employment with AHOLD and of which the CCGC knows or should have known to be of a
confidential nature. 

  

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	11.	Gifts 

  

	 	11.1	The CCGC shall not in connection with the performance of his duties, directly or indirectly, accept or demand commission, contributions or reimbursement in any form whatsoever from
third parties. This does not apply to customary promotional gifts of little value. 

  

	12.	Amendments 

  

	 	12.1	Amendments to this agreement may only be agreed upon in writing and with regard to AHOLD, solely when a decision to that effect has been taken by the competent body of AHOLD.

  

	13.	Applicable Law 

  

	 	13.1	This agreement is governed by the laws of the Netherlands. 

  
 In witness whereof this agreement has been signed and executed in duplicate this Thursday, October 9, 2003. 
  

					
			
	 /s/ Henny de Ruiter
	 	 	 	 /s/ CCGC

	
	 	 	 	

	 AHOLD
	 	 	 	 CCGC

			
	 by Henny de Ruiter
	 	 	 	 

  
 (subject to approval of the full
Supervisory Board) 
  

 -8-Employment Agreement between Company and William Grize

 Exhibit 4.4 
  

	
	Royal Ahold
	 Supervisory Board

	
	 Albert Heijnweg 1, 1507 EH Zaandam

	 P.O. Box 3050, 1500 HB Zaandam

	 The Netherlands

	 Telefax +31 75 659 83 53

	 Telephone +31 75 659 91 11

	 Direct Dial +31 75 659 56 25

  
 Mr. Bill Grize 
                      , MA 
 U.S.A. 
  

			
	 Date:
	  	August 31, 2001
	 Reference:
	  	AJB/mh/Grize

  
 Dear Mr. Grize: 
  
 We hereby confirm our agreement regarding your appointment to member of the Royal Ahold
Executive Board. 
  
 Appointment 
  
 You will be appointed to member of the Executive Board with the job title of Executive Vice
President of Royal Ahold as from September 1, 2001. As member of the Executive Board, you will carry full joint responsibility for all activities of Royal Ahold together with the other members of the Executive Board. 
  
 The operative mode of the Executive Board is one of consensus under the chairmanship of the
President. Nevertheless, every member of the Board as Liaison Officer is entrusted with specific responsibilities. 
  
 Your specific responsibilities will be the retail operating companies of Royal Ahold in the USA with the title of President and CEO of Ahold USA. 
  
 Remuneration 
  
 Your will receive the following remuneration as Executive Vice President. 
  
 Your fixed gross base salary will be USD 825,000 annually payable in the US. 
  
 The target for your variable income will be 125% of your base salary. In addition, for the year 2001, your variable income will be
guaranteed to be no less than you would have received at Stop & Shop at your previous bonus level (target 100%). 
  
 The variable income is payable in the US in a single payment. For 2002 and following years, the variable pay will be based on the new EVA incentive plan. 
  
 Based on your Dutch Board Membership, part of your remuneration will be allocated to The
Netherlands and will be subject to Dutch taxation. The portion of your remuneration to be allocated to The Netherlands is to be determined in consultation with external tax advisors and our internal fiscal department. 

 You may continue your participation in the Employee Stock-option plan of Royal Ahold. The number of stock-options will be
determined by ESOS on the recommendation of the remuneration committee of Royal Ahold’s Supervisory Board. Under the current regulation for your position of member of the Executive Board, you are qualified to receive annually 75,000 stock
options at the share price of the last trading day of the preceding year; for the first time on January 1, 2002. 
  
 You will have free usage of a suitable vehicle, as well as the services of a private driver. 
  
 Retirement 
  
 It is understood that during your assignment as the President and CEO of Ahold USA you will continue to accrue benefits under your current Stop & Shop plans. Your
retirement benefit at the time you retire will consider the additional years of service under the plan and will be based on your new compensation in your new assignment. 
  
 Place of assignment 
  
 For this assignment you will be located in the US. Next to that, being a member of the Royal Ahold Executive Board, you shall be spending some working days at its
headquarters in The Netherlands. 
  
 Termination of the Executive Board
Membership 
  
 In addition to the right of the Supervisory Board to discharge
members of the Executive 
 Board your membership of this board will come to an end as follows: 
  

	 	•	Upon your personal request, after reaching sixty years of age. 

  

	 	•	By decision of the Supervisory Board after reaching sixty years of age. 

  

	 	•	In any event, upon reaching sixty-two years of age unless otherwise agreed. 

  
 General Conditions 
  
 The following general conditions are applicable to this contract: 
  
 Advance notice 
  
 Advance notice
in case of resignation will be mutually agreed upon, however it will at least be equal to three periods of four weeks. 
  
 Telephone 
  
 All reasonable expenses for telephone installation and usage will be for the account of Royal Ahold. 
  
 Holidays 
  
 You will be free to choose the length and timing of your holidays. 
  
 Outside functions 
  
 Directorships
and/or other outside functions can be accepted only with the advance approval of the Executive Board and the Supervisory Board. 
  

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 Secrecy Agreement 
  

All employees are held to secrecy both during as well as after completing the employment with the company. Strict confidentiality is required regarding both general
and specific information that would be detrimental to the company or any of its subsidiaries if made available to a third party. 
  
 Gifts 
  
 It is prohibited for any employee in relation to his job to accept gifts, commissions, bribes and any other form of encouragement or material advantage, whatever they may be. 
  
 Applicable law 
  
 This agreement will be governed and construed in accordance with the laws of The Netherlands. 
  
 Exclusive jurisdiction 
  
 The Amsterdam District Court shall have exclusive jurisdiction in first instance in any
dispute arising out of or in connection with this agreement and your appointment as member of the Executive Board. 
  
 We wish you all the best in your new and challenging position and express our confidence that you will contribute to the future success of our corporation. 
  
 Would you be so kind to return the enclosed copy duly signed as confirmation of your
agreement with the above. 
  
 On behalf of the Supervisory Board, 
  

					
	 Yours faithfully,
	 	 	 	 For approval

					
			
	 /s/ Ir. H. de Ruiter
	 	 	 	 /s/ B. Grize

	
	 	 	 	

	 Ir. H. de Ruiter
 Chairman of the Supervisory Board
	 	 	 	 B. Grize

  

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