Other contract terms

Loans

The Company does not provide loans to members of the Corporate Executive Board. There are no loans outstanding.

Additional arrangements

In addition to the remuneration allocated to Corporate Executive Board members, a number of additional arrangements apply. These additional arrangements, such as expense allowances, medical insurance and accident insurance, are in line with practice in the Netherlands.

Employment agreements

The term of appointment for all Corporate Executive Board members is set at four years. The term of employment is equal to the term of appointment, unless the Corporate Executive Board member is reappointed for another term or was already employed by the Company immediately prior to the appointment, in which cases the term of employment is indefinite. If the Company terminates the employment agreement of any member of the Corporate Executive Board, the severance payment is in principle limited to one year’s base salary. The same applies if an initial employment agreement for four years is not continued because the Corporate Executive Board member is not reappointed. The employment agreements may be terminated by the Company with a notice period of 12 months, and by the Corporate Executive Board member with a notice period of six months. For Corporate Executive Board members appointed before 2004, the termination clause is different. In this case the term of notice for both parties is three months and no specific severance arrangement has been made. At reappointment of such Board members, the employment contract shall be amended to reflect the same notice period and severance arrangement as the employment agreement of Corporate Executive Board members appointed after 2003.