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## Terms of employment 

Members of the Executive Board are appointed for four years, and may then be reappointed for successive mandates also of four years. 

Members of the Executive Board may terminate their employment with a notice period of three months. If AEGON wishes to terminate the employment of a member of its Executive Board, then the company must give six months’ notice. Termination arrangements conform to the provisions of the Dutch Corporate Governance Code and Dutch law, whatever the circumstances. 

The maximum severance payment for members of the Executive Board is equal to one year’s gross fixed 

## EXECUTIVE BOARD REMUNERATION REPORT 2010 

At the end of December 2010, AEGON’s Executive Board had two members: 

■ Alexander R. Wynaendts, Chief Executive Offi cer and Chairman of the Executive Board. Mr. Wynaendts was appointed member of the Executive Board in 2003 for four years. He was re-appointed in 2007 and is again up for re-appointment in 2011. 

■ Jan J. Nooitgedagt, Chief Financial Offi cer and member of the Executive Board. Mr. Nooitgedagt was appointed member of the Executive Board in 2009 for four years. 

## Fixed compensation 

compensation, providing the employment contract has been terminated or cancelled at the request of the company. The Supervisory Board has taken appropriate steps to ensure the contractual arrangements of members of the Executive Board remain in line with the company’s Remuneration Policy. 

## Executive Board Remuneration Policy 2011 

In the second half of 2010, the Compensation Committee discussed developments regarding executive remuneration, such as the Dutch Insurance Code, the Capital Requirements Directive III, the views of the Dutch Central Bank and their possible impact on the Remuneration Policy. These discussions were continued in the beginning of 2011 and will lead to a proposal to amend the Executive Board Remuneration Policy in 2011. 

## Compensation structure 

Fixed compensation provides members of AEGON’s Executive Board with a base salary based on their qualifications, experience and expertise. Amounts paid in 2010 increased marginally as compared to 2009 due to annual salary adjustments in the AEGON Nederland N.V. collective labor agreement and are shown in table 1. Variable compensation comprises of two elements: short-term and long-term. 

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1 Please note that Mr. Nooitgedagt was appointed Chief Financial Officer in April 2009. His 2009 salary was prorated, based on an annual salary for that year of EUR 700,000. 

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