Document:

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                                                                     Exhibit 4.2

                    Amended and restated employment agreement

The undersigned:

1. Royal Ahold, established at Zaandam, the Netherlands represented by the
   Supervisory Board, hereinafter "AHOLD";

and

2. Anders Moberg residing at 50 Old Ridgewood Place, NW Atlanta, GA 30327, in
   the United States, hereinafter "the CEO";

Whereas:

The CEO has been appointed as President and CEO of the Executive Board of AHOLD
at the General Meeting of Shareholders of AHOLD of 4 September 2003.

Prior to such appointment, the parties to this contract entered into an
Employment Agreement dated April 29, 2003, the terms of which they now wish to
amend and restate.

Declare and have agreed as follows:

1. Date of Commencement of Employment and Position

  1.1. The CEO entered into an employment agreement with AHOLD for an indefinite
       period of time, effective as of May 5, 2003 (hereinafter: the "Date of
       Employment").

  1.2. By virtue of the appointment by the General Meeting of Shareholders, the
       CEO will serve, in the position of President and CEO of the Executive
       Board of AHOLD (in Dutch: `statutair directeur').

  1.3. The CEO's place of employment will be the office of AHOLD in the
       Netherlands.

  1.4. The CEO shall fulfil all obligations vested in him by law and in
       instructions determined or to be determined in a management regulation.
       The CEO 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.

<PAGE>

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

  1.6. Notwithstanding paragraph 1.4, AHOLD acknowledges the CEO currently
       serving on several other boards as a non-executive. This number of boards
       will be downsized to 3 (whereof one as chairman) in the two years
       following the Date of Employment.

  1.7. The CEO shall refrain from accepting new remunerated or time consuming
       non-remunerated work activities with or for third parties or from doing
       active business for his own account without the prior written consent of
       AHOLD.

2. Duration of the Agreement and Notice of Termination

  2.1. This agreement is entered into for a indefinite period of time,
       commencing on May 5, 2003.

  2.2. The CEO's employment agreement shall terminate in connection with the CEO
       reaching a pensionable age:

       * Upon the CEO's request after reaching the age of 60 in which case no
         notice period will have to be observed.

       * By decision of AHOLD after 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 CEO reaches the age of 62.

       In the event the employment is terminated under this clause 2.2, clause
       10 shall not apply.

  2.3. Ultimately May 1, 2008 AHOLD and the CEO will consider whether
       continuation of the employment agreement is desirable (without prejudice
       to the undefined term of the agreement).

  2.4. This agreement may be terminated with due observance of a notice period
       of 52 weeks for AHOLD and 26 weeks for the CEO.

3. Salary

  3.1. The CEO's salary shall amount to Euro 1,500,000.-- (one million five
       hundred thousand Euro) gross per year (inclusive holiday allowance). The
       salary shall be paid in 13 equal instalments at the end of each 4-weeks
       period. The possibility exists that the CEO may be appointed a director
       of AHOLD USA or another affiliate of AHOLD. In such case, the CEO's total
       remuneration will be apportioned between AHOLD and the AHOLD affiliate(s)
       accordingly. This will be further defined.

  3.2. The CEO will be offered tax assistance by an external audit firm also in
       order to optimize the tax position regarding employment income. AHOLD
       will apply for the tax beneficial regime for employees recruited from
       abroad (30%-ruling) on the CEO's behalf.

<PAGE>

4. Bonus, Stock Options and Shares

  4.1  AHOLD shall annually pay the CEO a bonus based on the degree of
       realization of targets. These targets will be set from year to year by
       mutual agreement between the CEO and the Supervisory Board of AHOLD and
       will be laid down from time to time in separate target letters. The
       maximum bonus amounts to 2.5 times the gross base salary as per section
       3.1 of this employment agreement. For the year 2003, the bonus will be
       calculated pro rated from the Date of Employment.

  4.2  In the interest of AHOLD, ESOS will grant to the CEO, subject to the
       terms and conditions of the AHOLD Stock Option Plan, an award of
       1,000,000 stock options. The grant date will be the first possible date
       after the Date of Employment, but no earlier than on the date when all
       (legal) requirements have been met, all parties involved have been
       notified and all necessary approvals from the authorities and parties
       involved have been obtained. The exercise price of the options will be
       set at the fair market value of the shares at the grant date. The option
       grant consists of 50% short term options (5 year) and 50% long term
       options (10 years).

       For Dutch tax purposes, the CEO may opt to pay taxes upfront at grant or
       to defer taxation until exercise. All personal or income tax obligations
       and social security charges resulting from the grant, vesting or exercise
       of stock options are the responsibility of the CEO.

  4.3  The CEO may participate in the AHOLD Stock Option Plan, for the first
       time in 2004. The number of stockoptions will be determined by ESOS on
       the recommendation of Royal AHOLD's Supervisory Board.

  4.4  AHOLD will grant to the CEO 250,000 shares of common stock, subject to
       the terms and conditions of the AHOLD Restricted Stock Plan, to be
       introduced shortly. Alternatively, the CEO will be granted 250,000 shares
       of common stock as soon as practical following the Date of Employment
       subject to the terms and conditions of the Share Plan still to be
       drafted. The CEO has the option to choose from one of the above
       alternatives.

5. Expenses and Company Car

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

  5.2. AHOLD shall pay the CEO each period of 4 weeks an allowance of Euro 700
       net in addition to his salary for out-of-pocket expenses.

  5.3. AHOLD shall provide the CEO 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 CEO shall have the free usage
       of the services of a private driver.

  5.4. AHOLD shall pay those costs of a private telephone, mobile phone and fax
       machine for the CEO, which are in excess of the amount that must be paid
       by the CEO in order to avoid taxliability for AHOLD, to the extent that
       those costs are reasonable. The

<PAGE>

       CEO shall be provided with a computer connected to the AHOLD network and
       have free usage of an internet connection.

  5.5. AHOLD shall pay on the CEO's behalf all business-related statements
       rendered to the CEO by his attorneys, tax advisors, accountants and other
       advisors for reasonable fees and expenses in connection with the
       negotiation and preparation of this Agreement. AHOLD shall also pay the
       CEO all business-related statements rendered by aforementioned advisors
       with respect to the tax declarations and other ongoing tax issues and
       legal issues related to his professional activities for AHOLD, during
       employment.

  5.6. The CEO will shift his residency to The Netherlands as soon as practical.
       The CEO will receive a settling in allowance amounting to a net payment
       of Euro 50,000,--. In addition, AHOLD will provide home search assistance
       to help secure appropriate accommodation. AHOLD shall reimburse the CEO
       for reasonable temporary living expenses (including reasonable travel
       expenses between the CEO's primary residence as of the Date of Employment
       in the Netherlands) for the CEO and his family in the Netherlands for a
       period not to exceed 15 months from the Date of Employment.

  5.7. AHOLD shall pay the CEO's moving expenses for the relocation from the USA
       to The Netherlands. For the selling of the CEO's home in the USA, the
       relevant rules of the AHOLD USA Relocation Policy apply, such as:

       * Home sale:

       marketing assistance program provided by Prudential Relocation; mandatory
       participation; guaranteed home sale program consisting of: Appraised
       Value Program (guaranteed offer from Prudential) and Amended Value
       Program (opportunity to amend the appraised value offer from Prudential).

       * Duplicate housing:

       expenses reimbursed for up to 60 days for mortgage interest, taxes,
       insurances, utilities and maintenance on the lesser of the two payments.

  5.8  The CEO will be compensated for any losses resulting from the sale of his
       house in the United States at short notice, due to him moving himself and
       his family to the Netherlands at such short notice. The losses will
       amount to the difference between the determination of the value made by
       the beginning of May 2003 (in accordance with the guaranteed home sale
       program as part of the AHOLD USA Relocation Policy) and the actual sales
       price. Any income taxes or capital gain taxes payable related to the gain
       on the sale of real estate in the US are for the account of the CEO.
       Stamp duties, real estate commissions and other selling costs are for the
       account of AHOLD. Any costs, commissions, and taxes payable resulting
       from the purchase of a house in the Netherlands will be for the account
       of the CEO.

  5.9  All expenses paid under this agreement by AHOLD on behalf of the CEO
       which may be considered taxable income, shall be grossed up by AHOLD.

6. Holidays

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

<PAGE>

7.  Insurances and pension

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

  7.2. It is the intention of AHOLD and the CEO that AHOLD shall take out a life
       insurance, covering for death and permanent disability, as will be
       defined in the insurance policy for the benefit of the CEO. AHOLD shall
       bear the costs involved. Any tax consequences related to the premium
       costs involved, are for the account of AHOLD. The sum insured will equal
       two times the gross base salary increased with the gross average bonus
       over the last two years. In the event of disability the sum insured will
       be payable only if and when the CEO shall have resigned as per the date
       that the sum insured shall be payable.

  7.3. Parties realize and acknowledge that a mechanism will have to be decided
       on in respect of partial disability and the effects thereof.

  7.4. In case AHOLD shall not be able to obtain said life insurance, a
       mechanism shall be agreed on, based on which an amount equal to the
       intended sum insured will be payable in case of death or permanent
       disability.

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

  7.6. AHOLD shall pay out to the CEO in addition to the salary as defined in
       article 3 of this agreement, the employer retirement pension contribution
       as a gross amount, calculated on the basis of annual net base salary and
       in accordance with the Other Country Nationals Pension Scheme.

8.  Sickness

  8.1. In the event of sickness, AHOLD shall pay to the CEO from the first day
       of sickness his salary as defined in article 3 and 4 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 CEO's employment with immediate
       effect for "Cause" (as defined in article 7:678 of the Dutch Civil Code).

10. Obligations of AHOLD upon termination

  10.1 If AHOLD shall terminate the CEO's employment other than for Cause, the
       Supervisory Board of AHOLD and the CEO will negotiate in good faith,
       taking all circumstances (whether or not (in)directly leading to the
       termination of the employment) into account, on the possibility and the
       amount of a severance payable to the CEO.

  10.2 Contrary to the rules of the AHOLD Stock Option Plan, the rules as set
       out below will apply in case of termination of employment.

<PAGE>

        If during the life of such option right the CEO's employment terminates,
        the CEO will be allowed a period of 24 months to exercise the options,
        after the date of termination, however not exceeding the original term
        of the options. For options granted not in excess of 15 months prior to
        termination of employment, the CEO will be allowed to exercise these
        options until 3 months after the third anniversary of the grant.

11. Confidentiality

  11.1. The CEO 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 CEO as a result of
        his employment with AHOLD and of which the CEO knows or should have
        known to be of a confidential nature.

12. Gifts

  12.1. The CEO 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.

13. Amendments

  13.1. 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.

14. Applicable Law

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

In witness whereof, this amended and restated agreement has been signed and
executed in duplicate this Tuesday, October 14, 2003.

/s/ K. Vuursteen                             /s/ Anders Moberg
---------------------------------            ----------------------------------

AHOLD Supervisory Board                      the President and CEO
by K. Vuursteen<PAGE>
                                                                     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. Hannu Ryopponen , residing at Toll Bar House, Exton Lane, Burley,
     Rutland, LE1 57TA, United Kingdom, hereinafter "the CFO";

     Whereas:

     The Supervisory Board will put forward a proposal to appoint the CFO as CFO
     of the Executive Board of AHOLD (the "Executive Board") at the next General
     Meeting of Shareholders of AHOLD (the "General Meeting of Shareholders").

     Pending this appointment by the General Meeting of Shareholders, AHOLD
     wishes to (a) secure that the CFO will assume certain responsibilities on
     an interim basis and (b) set out the terms and conditions of the CFO's
     employment with AHOLD.

     Declare and have agreed as follows:

     1.   Date of Commencement of Employment and Position

          1.1. The CFO enters into an employment agreement with AHOLD for an
               indefinite period of time, effective as soon as practical and at
               the latest as per January 1, 2004 (hereinafter: the "Date of
               Employment").

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

          1.3. The CFO's place of employment will be the office of AHOLD in the
               Netherlands.

                                           Registered name: Koninklijke Ahold nv
                                           Trade Register Zaandam No. 35000363

                                     Page 1

<PAGE>

     1.4. The CFO 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 CFO), if any, within the Executive Board after the
          appointment of the CFO's in such Executive Board. The CFO will carry,
          as a member of the Executive Board, full and joint responsibility for
          all activities of AHOLD as provided for under Dutch law. 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.

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

     1.6. The CFO may perform up to three non-executive board positions (not
          being chairman positions), including his present non-executive board
          position with VCI Ltd., with the prior consent of the Supervisory
          Board of AHOLD, which consent AHOLD shall not unreasonably withhold.
          Notwithstanding the foregoing, the CFO shall refrain from accepting
          other remunerated or time consuming non-remunerated work activities
          with or for third parties or from doing active business for his own
          account without the prior written consent of the Supervisory Board of
          AHOLD.

2.   Notice of Termination

     2.1. The CFO's employment agreement shall terminate in connection with the
          CFO reaching his pensionable age:
          *    upon the CFO'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 CFO 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 CFO reaches the age of
               62.

     2.2. This agreement may be terminated with due observance of a notice
          period of 6 months for AHOLD and 3 months for the CFO.

3.   Salary

     3.1. The CFO's base salary shall amount to gross Euro 650,000 per year
          (inclusive holiday allowance), of which amount USD 150,000 gross will
          be paid out in the United States, subject to the qualification below.
          The base salary shall be paid in 13 equal instalments at the end of
          each 4-weeks period. The above allocation of the CFO's base salary
          between the Netherlands and the United States is in line with the
          allocation of base salary of other members of the Executive Board
          based in the Netherlands. The CFO may seek independent tax advice in
          respect of the allocation and ask AHOLD to reconsider that allocation,
          provided that the facts and circumstances of the CFO's employment will
          justify such allocation.

     3.2. The CFO will be offered tax assistance by an external audit firm, also
          in order to optimise the tax position regarding employment income.
          AHOLD and the CFO will jointly apply for a 30% ruling as regards the
          CFO's remuneration and/or any extension thereof.

                                     Page 2

<PAGE>

4.   Bonus and Stock Options

     4.1. AHOLD shall pay the CFO a bonus based on targets set, by mutual
          agreement, between the CFO and the Supervisory Board and will be
          payable in a single payment. The target amounts to 1.25 times the
          annual base salary, as that will be determined from year to year. For
          the first 12 months of employment following the Date of Employment,
          the CFO will be entitled to a guaranteed bonus of 70% of the annual
          target bonus amount. Eor the consecutive 12 months of employment, the
          CFO will be entitled to a guaranteed bonus of 50% of the annual target
          bonus amount. At the Date of Employment the CFO will be paid a first
          instalment of the guaranteed bonus for the first twelve months of
          employment in the amount of gross EUR 500,000.

     4.2. The CFO 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.

     4.3. As soon as practically possible, after the Date of Employment, the CFO
          will be granted 100,000 shares of common stock. Such shares shall be
          subject to a lockup period which shall last until two days after the
          General Meeting of Shareholders in 2004. All tax consequences shall be
          for the account of the CFO.

     4.4. The CFO will be granted an additional 100,000 shares of common stock
          under the so-called "AHOLD Restricted Stock Award", to be introduced
          shortly. To the extent other members of the Executive Board will be
          granted more than 200,000 shares of common stock under the "AHOLD
          Restricted Stock Award", the CFO will receive such excess.

5.   Expenses and Company Car

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

     5.2. AHOLD shall pay the CFO 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 CFO 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 CFO 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 private telephone, mobile phone, fax
          machine, computer/laptop and home e-mail/internet access for the CFO,
          which are in excess of the amount that must be paid by the CFO in
          order to avoid tax-liability for AHOLD, to the extent that those costs
          are reasonable.

     5.5. AHOLD shall pay the CFO an allowance of Euro 50,000 net with respect
          to relocation costs incurred by the CFO, payable upon the CFO's
          relocation to the Netherlands. AHOLD shall reimburse all reasonable
          expenses incurred by the CFO from the Date of Employment until
          December 31, 2003 at the latest with respect to temporary

                                     Page 3

<PAGE>

          housing in the Netherlands and economy flights from the UK and to the
          Netherlands and vice versa.

6.   Holidays

     6.1. The CFO 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 CFO shall duly observe the interests of AHOLD.

7.   Insurances and pension

     7.1. The CFO may participate in the group health insurance contract at De
          Amersfoortse insurance company. AHOLD shall contribute EUR 1,948 gross
          (2003) annually as contribution in the premium for medical costs
          insurance for the CFO. Parties shall explore the possibility to apply
          AHOLD's contribution of EUR 1,948 towards a continued participation of
          the CFO and his family in their current UK health insurance.

     7.2. AHOLD shall maintain suitable and adequate insurance in respect of
          managing director's liability in order to indemnify the CFO from all
          losses, liabilities and costs that he may incur arising out of the
          liability as managing director of AHOLD. It is understood that AHOLD
          is at present reviewing the level of insurance currently in place and
          will seek to improve coverage to a level reasonably obtainable in the
          current market.

     7.3. AHOLD shall indemnify and hold the CFO harmless for all liabilities
          incurred by the CFO in the performance of his duties hereunder, and/or
          in connection with any position the CFO 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
          CFO.

     7.4. The CFO shall participate in the Dutch AHOLD Pension Scheme for
          members of the Executive Board (Pensioenreglement Raad van Bestuur
          Ahold) and the Ahold USA, Inc. Retirement Benefit Plan for the Members
          of the Managing Board. Such participation shall be based on the base
          salary allocated to the respective jurisdictions in accordance with
          article 3.1.

          The CFO may request AHOLD within six weeks of the signing hereof to be
          excluded from the participation of said Dutch Pension Scheme and US
          Retirement Benefit Plan, in which case AHOLD shall annually pay a
          gross cash contribution to a personal pension savings plan of the CFO,
          or pay out such gross amount directly to the CFO after withholding all
          applicable taxes. Such contribution shall be equal to the amount that
          would be due as AHOLD's employers contribution to the AHOLD pension
          fund under said Dutch Pension Scheme, calculated on the basis of
          actuarially self-financing (kostendekkend) contributions and a base
          salary of EUR 650,000 gross.

8.   Sickness

     8.1. In the event of sickness, AHOLD shall pay to the CFO 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.

                                     Page 4

<PAGE>

9.   Termination by AHOLD for cause

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

10.  Termination payment

     10.1. In case AHOLD terminates this Agreement for reasons other than Cause,
           the CFO will, in addition to the remuneration he would be entitled to
           during the notice period to be taken into account by AHOLD, be
           entitled to a gross severance payment at least equal to the sum of 6
           months of (i) gross base salary as in effect at the time of
           termination and (ii) average bonus as realised during the last three
           book years (or if the employment has not lasted for such three book
           years, for such shorter period as shall apply), but not less
           advantageous than as usually agreed under similar circumstances and
           in line with Dutch practice for senior executives.

     10.2. If and to the extent the General Meeting of Shareholders does not
           appoint the CFO during the first General Meeting of Shareholders
           after the Date of Employment as CFO of the Executive Board the CFO
           will be entitled to terminate this Agreement with immediate effect
           during the 2 months after such event and in that case the CFO will in
           addition, to the remuneration he would be entitled to during the
           notice period to be taken into account by AHOLD, receive a lump sum
           payment equal to the sum of (i) the gross annual salary as in effect
           at the time of termination and (ii) the annual target bonus.

11.  Change of control and change of employment

     11.1. The CFO shall be eligible for gross payments under the so-called
           "Change of Control regime" currently under consideration within
           AHOLD. If such regime will not be in place at the time a change of
           control as defined in the current draft of said regime occurs, the
           CFO shall, in addition to the remuneration he would be entitled to
           during the notice period to be taken into account by AHOLD, be
           entitled to a gross payment to the sum of 6 months of(i) gross base
           salary as in effect at the time of termination and (ii) average bonus
           as realised during thelast three book years (or if the employment has
           not lasted for such three book years, for such shorter period as
           shall apply), in case the employment of the CFO is terminated by
           AHOLD or the CFO gives notice of termination on "Good Grounds" as
           defined in the current draft of said regime, within 24 months of the
           occurrence of such change of control, notwithstanding the CFO's
           possible right to claim a higher amount under article 10.1 hereof.

12.  Confidentiality

     12.1. The CFO 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 CFO as a result
           of his employment with AHOLD and of which the CFO knows or should
           have known to be of a confidential nature.

                                     Page 5

<PAGE>

13.  Gifts

     13.1. The CFO 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.

14.  Amendments

     14.1. 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.

15.  Applicable Law

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

In witness whereof this agreement has been signed and executed in duplicate this
June 18, 2003.

/s/ Henny de Ruiter                        /s/ Hannu Ryopponen
-----------------------------              -------------------------------------
 AHOLD                                                   CFO
by Henny de Ruiter

(subject to the approval of the full Supervisory Board)

                                     Page 6

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