Exhibit 10(v)
December 16, 1999
Robert J Lievense
President and Chief Operating Officer
ACNielsen Corporation
177 Broad Street
Stamford, CT 06901
Dear Bob:
I would like to confirm the terms of your retirement:
o Promptly following the December 16 Board meeting, we will announce
your decision to retire effective at the end of next year. You
will relinquish your titles and Board seat effective December 31,
1999 but remain employed by ACNielsen in a senior advisory
capacity during 2000.
o You will not receive additional option grants. Your WAIP bonus for
1999, to be paid in February 2000, will be no less than 100% of
target.
o For 2000 you will be paid a salary of $510,000; a bonus of
$450,000; and a 1999-2000 incentive award in accordance with the
terms of the current two-year incentive program.
o At the end of 2000, you will retire from the Corporation with
11-1/2 years of service. Accordingly, your SERP benefit will be
based on 53% of your "Average Final Compensation". You will also
be entitled to retiree medical and dental coverage in accordance
with the terms of our health plan.
o In accordance with ACNielsen's option plans, you will, in general,
have five years from your date of retirement to exercise your
stock options. Please note, however, that no options may be
exercised after their ten-year expiration date.
o For the first quarter of 2000, William Deam will continue to
report to you. Yiannis Papadopoulos, Emerging Markets, and Jane
Perrin, Global Information Systems, will report to you for the
entire year.
2
o For 2001, you will serve as a consultant to the Corporation. You
will be paid a fee of $960,000 (in installments). You will also be
entitled to specified benefits (including financial counseling,
club dues, and annual physical). Your consultancy agreement will
contain mutually agreeable customary terms and conditions. The
agreement will also provide that in the event of your death during
the consultancy, any remaining fees will be payable to your
estate.
o We will reimburse you for your relocation back to the United
States. In addition, we will ensure that you are not
tax-disadvantaged by reason of your stay in Europe while employed
by us.
If the foregoing is agreeable to you, please sign and return one copy
to me.
Sincerely,
/s/ Earl H. Doppelt
EHD:dgh
Agreed to and Approved
/s/ Robert J Lievense
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Robert J Lievense
Date: 12/16/99