Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.17    
  

 
 

First Community Bancorp
  2003 Executive Incentive Bonus Plan    

PURPOSE  

        First Community Bancorp is the sponsor of this incentive plan (the "Plan"). First Community Bancorp and its subsidiaries (the "Company") have designed the Plan to
focus First Community Bancorp executives on achieving the annual business plan in 2003. The Plan provides aggressive award opportunities and is intended to provide significant rewards to First
Community Bancorp's executive team for exceptional corporate performance. 

APPROVAL AND ADMINISTRATION  

        The Plan has been approved for 2003 by the Compensation Committee of the Board of Directors and will be administered by the Incentive Plan Committee (the "IP
Committee") which is comprised of First Community Bancorp's CEO and executives reporting directly to the CEO. The IP Committee will recommend Plan Participants; Plan Performance Measures; Performance
Measure Weights; Achievement Levels and corresponding Award Opportunities; and the Financial Threshold (each as defined herein) to the Compensation Committee of the Board of Directors for their
approval as early in the Plan Year as possible. At the end of the Plan Year, the IP Committee will review achievements against Performance Measures and recommend Awards (as defined herein) to the
Compensation Committee of the Board of Directors for their approval. In the case of any Awards granted to the CEO, the Compensation Committee will make a recommendation to the independent directors of
the Board for their approval. 

        Interpretation
and application of the Plan to a particular circumstance will be made by the Compensation Committee of the Board of Directors at its sole discretion. Subject to any
authority
granted to the full Board of Directors or a committee of the independent directors thereof, the Compensation Committee of the Board of Directors has the sole and absolute power and authority to make
all factual determinations, construe and interpret terms and make eligibility and Award determinations in accordance with its interpretation of the Plan. 

PLAN YEAR  

        The Plan is an annual plan adopted for the 2003 calendar year. 

ELIGIBILITY  

        Executives in salary grades 1, 2, 3, A, and B are eligible for participation in the Plan. The IP Committee will review those eligible and recommend
Participants to the Board of Directors for their approval. The IP Committee may recommend executives in salary grade C for participation in the Plan on an exception basis for approval by the
Compensation Committee of the Board of Directors. 

PARTICIPANT  

        An individual who has been selected for participation in the Plan by the IP Committee and approved by the Compensation Committee of the Board of Directors is a
Participant. 

PERFORMANCE MEASURES  

        The IP Committee will select one to two Performance Measures for the Plan for approval by the Compensation Committee of the Board of Directors. All Performance
Measures will be key indicators of financial performance. 

 

        Each
Performance Measure will operate independently i.e. it is possible for one Performance Measure to generate an award and not the other; likewise, it is possible for one Performance
Measure to be achieved at a higher level than the other. Performance Measures will be individually weighted i.e. one Performance Measure may be counted more heavily in calculating Awards than the
other. Weights for each Performance Measure will be established at the beginning of the Plan Year by the IP Committee for approval by the Board of Directors. Achievement Levels will be established for
each Performance Measure along with corresponding Award Opportunities. 

        For
2003, the IP Committee has selected Earnings Per Share (EPS) as the sole Performance Measure for Grades 1, 2, 3 and A. 

ACHIEVEMENT LEVELS AND AWARD OPPORTUNITIES  

        Achievement Levels and Award Opportunities for 2003 have been approved and are expressed as a percentage of base salary. This assumes that EPS is achieved at
various percentages of the established First Community Bancorp Plan for 2003 and illustrates the maximum Award Opportunity at each specified Achievement Level. Mathematical interpolation will be used
to calculate Awards for achievement between the levels established below. 

	 
	 	Achievement of EPS Target

	Overall Performance Measure: EPS

Achievement Level (% of Plan)
 

	 	90%
	 	100%
	 	Over 100%

	Award Opportunities	 	 	 	 	 	 
	CEO First Community Bancorp (Grade 1)	 	60% of Base $	 	100% of Base $	 	Board Discretion
	Other Executives (Grades 2,3,A)	 	50% of Base $	 	80% of Base $	 	CEO/Board Discretion
	
Overall Performance Measure:

To be determined

Achievement Level (% of Plan)
	
 	

90%
	
 	

100%
	
 	

Over 100%

	Award Opportunities	 	 	 	 	 	 
	Key Contributors (Grades B)	 	10% of Base $	 	30% of Base $	 	CEO Discretion
	Other Key Officers (Grade C)	 	10% of Base $	 	20% of Base $	 	30% of Base $

AWARDS  

        Awards under the Plan will be determined by the IP Committee based upon achievement of Performance Measures and will be submitted to the Compensation Committee of
the Board of Directors for approval. 

        For
purposes of the Plan, salary means annual base salary in effect at the end of the performance year. Awards will be made through the payroll system, minus legally required and
authorized deductions. Awards under the Plan will be considered eligible compensation or not as defined by each specific employee benefit plan for purposes of employee benefit calculations. 

        Awards
for individuals who are Participants for less than a full Plan Year will be prorated using Participant's actual base salary paid during the time of participation in the Plan.
Awards for Participants who leave First Community Bancorp during a Plan Year due to retirement, total and permanent disability or death will be prorated using the same method. 

        To
be eligible to receive an Award under the Plan, a Participant must have a performance descriptor of "Achieves Expectations" or better for 2003. 

ADJUSTMENTS  

        Performance Measures, Achievement Levels and Award Opportunities may be adjusted during the Plan Year only upon approval by the Compensation Committee of the
Board of Directors as it deems 

2

 

appropriate. It is anticipated that such adjustments will be made infrequently and only in the most extraordinary circumstances. 

        Because
the Plan has aggressive Award Opportunities intended for use with below market base salaries, some adjustments may need to be made to Awards if some Participant base salaries are
currently above market. In such cases, the IP Committee may reduce an Award as it deems appropriate to achieve a reasonable level of total compensation for each participant. All adjustments are
subject to approval of the Compensation Committee of the Board of Directors. 

PAYMENT OF AWARDS  

        Awards will be paid as soon as administratively feasible after review of performance against targets and approval by the IP Committee and the Compensation
Committee of the Board of Directors. To be eligible for Award payment, a Participant must have been an employee of First Community Bancorp for at least three months and be an employee of First
Community Bancorp on the date that Awards are paid or have left First Community Bancorp during the Performance Period due to retirement, total and permanent disability or death. 

        Participants
otherwise eligible to receive an Award and who were assigned to different parts of the organization during the Performance Period will have their Award calculated based upon
the part of the organization they are in at the end of the Performance Period and the Performance targets achieved by that group for the Performance Period. 

        For
purposes of the Plan, salary means annual base salary in effect at the end of the performance year. Awards will be made through the payroll system, minus legally required and
authorized deductions. Awards under the Plan will be considered eligible compensation or not as defined by each specific employee benefit plan for purposes of employee benefit calculations. 

NO RIGHT OF ASSIGNMENT  

        No right or interest of any Participant in the Plan is assignable or transferable. In the event of a Participant's death, payment of any earned but unpaid Awards
will be made to the Participant's legal successor, if not prohibited by law. 

NO RIGHT OF EMPLOYMENT  

        The Plan does not give any employee any right to continue in the employment of First Community Bancorp and does not constitute any contract or agreement of
employment or interfere in any way with the right the organization has to terminate such person's employment. First Community Bancorp is an "at will" employer and as such, can terminate an employment
relationship between itself and any of its employees at will, with or without cause, and with or without notice. 

AMENDMENT OR TERMINATION OF THE PLAN  

        First Community Bancorp reserves the right to change, amend, modify, suspend, continue or terminate all or any part of the Plan either in an individual case or in
general, at any time without notice. 

3

QuickLinks

Exhibit 10.17

First Community Bancorp 2003 Executive Incentive Bonus PlanQuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.10    
  

AGREEMENT  

[Amended
Form of Change-in-Control Agreement] 

        AGREEMENT
by and among Adolph Coors Company, a Colorado corporation ("ACC"), Coors Brewing Company, a Colorado corporation ("CBC") (ACC and CBC are hereinafter individually and
collectively referred to as the "Company"), and                        (the "Executive"), dated as of June 1, 2002.

        The
Executive is employed by the Company. The Board of Directors of the Company (the "Board") has determined that it is in the best interests of the Company and its stockholders to
assure that the Company will have the continued dedication of the Executive, in the event of the threat or occurrence of a Change of Control (as defined below) of the Company. The Board believes that
it is important to diminish the distraction of the Executive from Company business because of personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the
Executive's full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control. 

        The
parties agree as follows: 

        1.    Certain Definitions.    

        (a)  The
"Effective Date" shall mean the first date on which a Change of Control (as defined in Section 2) occurs during the Term (as defined in Section 1(b)). 

        (b)  The
"Term" shall mean the period commencing on the date hereof and ending on the second anniversary of the date hereof; provided, however, that commencing on the date
one year after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the "Renewal Date"), unless previously
terminated, the Term shall be automatically extended so as to terminate two years from such Renewal Date, unless at least 60 days prior to the Renewal Date the Board shall give notice to the
Executive that the Term not be so extended. Notwithstanding notice to the Executive that the Term shall not be extended, if a Change of Control occurs prior to the expiration of the Term, then the
Term shall be automatically extended so as to expire two years from the date of such Change of Control. 

        2.    Change of Control.    For the purposes of this Agreement, a "Change of Control" shall occur if: 

        (a)  a
Person or Persons become(s) the direct or indirect Beneficial Owner of more than 20% of the total voting power of the Voting Stock of the Company at a time when the
Existing Shareholder does not hold more than 50% of the voting power of the Voting Stock of the Company, provided that any such acquisition of beneficial ownership of Voting Stock by any of the
following Persons shall not by itself constitute a Change of Control hereunder: (i) the Company or one of its wholly-owned subsidiaries or (ii) any employee benefit plan (or related
trust) sponsored or maintained by the Company or one of its wholly-owned subsidiaries; 

        (b)  the
Company consummates a merger, reorganization, recapitalization, joint venture, consolidation, share exchange, business combination or similar form of corporate
transaction involving the Company (each, a "Business Combination") unless, immediately following such Business Combination, more than 50% of the voting power of the then outstanding Voting Stock of
the Person resulting from consummation of such Business Combination (including, without limitation, any parent or ultimate parent corporation of such Person that as a result of such transaction owns
directly or indirectly the Company and all or substantially all of the Company's assets) is held by the Existing Shareholder. 

        (c)  individuals
who constitute the Board (the "Incumbent Directors") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a
director 

 

subsequent to February 14, 2002, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a
specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the
Company as a result of an
actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board
shall be deemed to be an Incumbent Director; or 

        (d)  the
shareholders of the Company approve a dissolution or liquidation involving all or substantially all of the Company's assets, or the Company consummates the sale of
all or substantially all of the Company's assets to a Person, unless more than 50% of the voting power of the Voting Stock of such Person is held directly or indirectly by the Existing Shareholder. 

        (e)  For
purposes of this Section 2, the following definitions shall apply: 

          (i)  "Beneficial Owner and Beneficially Own" shall mean beneficial ownership as defined in Rules 13d-3 and
13d-5 under the Exchange Act, except that a person shall be deemed to beneficially own all securities that such person has the right to acquire, whether such right is exercisable
immediately or only after the passage of time. 

        (ii)  "Company Common Stock" shall mean the Company's Class A Common Stock and Class B Common Stock and any
other common stock (whether voting or non-voting) that may be hereafter issued by the Company. 

        (iii)  "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended. 

        (iv)  "Existing Shareholder" shall mean the Adolph Coors, Jr. Trust and any successor trust thereto the primary beneficiaries
of which are descendants of Adolph Coors, Sr. 

        (v)  "Person" shall mean any individual, corporation, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act). 

        (vi)  "Voting Stock" shall mean any and all shares, interests, participations, rights in or other equivalents of capital stock
and warrants or options exchangeable for or convertible into such capital stock which ordinarily have the power to vote for the election of directors, managers or other voting members of the governing
body (the "Governing Board") of a Person. 

        3.    Employment Period.    The Company hereby agrees to continue the Executive in its employ, and the Executive
hereby agrees to remain in the employ of the Company subject to the terms and conditions
of this Agreement, for the period commencing on the Effective Date and ending on the second anniversary of such date (the "Employment Period"). 

        4.    Terms of Employment.    

        (a)  Position and Duties.

          (i)  During
the Employment Period, (A) the Executive's position (including status, offices, titles and reporting requirements), total enterprise-wide
scope (if Executive is an officer of ACC), authority, duties and responsibilities shall be commensurate in all material respects with the most significant of those held, exercised and assigned at any
time during the one year period immediately preceding the Effective Date and (B) the Executive's services shall be performed at the location where the Executive was employed preceding the
Effective Date or any office or location less than thirty-five miles from such location. 

2

 

        (ii)  During
the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable
attention and time during normal business hours to the business and affairs of the Company and to discharge the responsibilities assigned to the Executive hereunder. During the Employment Period
Executive may (A) serve on civic or charitable boards or committees of not for profit or similar organizations, (B) teach, and (C) manage personal investments, so long as such
activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company in accordance with this Agreement. To the extent that any such
activities have been conducted by the Executive and by other executives of the Company prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in
nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive's responsibilities to the Company. 

        (b)  Compensation. 

          (i)  Base Salary. During the Employment Period, the Executive shall receive an annual base salary ("Annual Base Salary"),
which shall be paid at a monthly rate, at least equal to twelve times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to the Executive by
the Company and its affiliated companies in respect of the twelve-month period immediately preceding the month in which the Effective Date occurs. During the Employment Period, the Annual Base Salary
shall be reviewed no more than twelve months after the last salary increase awarded to the Executive prior to the Effective Date and thereafter at least annually. Any increase in Annual Base Salary
shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual Base
Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term "affiliated companies" shall include any company controlled by, controlling
or under common control with the Company. 

        (ii)  Annual Bonus. In addition to Annual Base Salary, the Executive shall be entitled to participate, with respect to each
fiscal year ending during the Employment Period, in the Company's Management Incentive Compensation Plan, or any comparable successor plans, under terms (including measures of performance, targets and
payout potential) at least as favorable as the terms under such bonus plan as in effect during the Company's fiscal year ending immediately prior to the Effective Date (the "Annual Bonus"). Each such
Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the end of the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect
to defer the receipt of such Annual Bonus. 

        (iii)  Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be entitled to participate
in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such
plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such
distinction is applicable), savings opportunities or retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its
affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if
more favorable to the Executive, those provided generally during the two year Employment Period following the Effective Date to other peer executives of the Company and its affiliated companies. 

3

 

        (iv)  Stock Options and Other Equity Grants. During each year of the Employment Period, the Executive shall receive either
(A) stock option grants pursuant to the Company's 1990 Equity Incentive Plan or any successor plan for each fiscal year ending during the Employment Period equal to the highest number and value
to those granted to Executive for any of the three (3) years prior to the Effective Date (the "Stock Option / RSO Valuation Amount"), or (B) if such Plan or Plans do not exist, then an
amount in cash equal to the Stock Option / RSO Valuation Amount. In addition, during the Employment Period, the Executive shall receive restricted stock grants pursuant to the Company's 1990 Equity
Incentive Plan or any successor plan for each fiscal year during the Employment Period equal to the highest number and value to those granted to executive for any of the three (3) years prior
to the Effective Date (the "Stock Option / RSO Valuation Amount"), or (B) if such Plan or Plans do not exist, then an amount in cash equal to the Stock Option / RSO Valuation Amount. 

        (v)  Welfare Benefit Plans. During the Employment Period, the Executive and/or the Executive's family, as the case may be,
shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its affiliated companies (including,
without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to
other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in
the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective
Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies. 

        (vi)  Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all
reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and its affiliated companies in effect for the Executive at any
time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer
executives of the Company and its affiliated companies. 

      (vii)  Fringe Benefits. During the Employment Period, the Executive shall be entitled to fringe benefits, or cash payments in
lieu of such fringe benefits, including but not limited to, tax and financial planning services, payment of club dues, use of an automobile and payment of related expenses, in accordance with the most
favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the Executive at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies. 

      (viii)  Office and Support Staff. During the Employment Period, the Executive shall be entitled to an office or offices of a
size and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the
Company and its affiliated companies at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as provided generally at any
time thereafter with respect to other peer executives of the Company and its affiliated companies. 

4

 

        (ix)  Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most
favorable plans, policies, programs and practices of the Company and its affiliated companies as in effect for the Executive at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies. 

        (x)  Retirement Plan. On the Effective Date, the Company shall credit Executive with additional years of vesting service and
an equal number of years of benefit service (but not for age) for Executive to receive benefits under the Coors Retirement Plan and any other supplemental or other retirement or
pension plan maintained by the Company applicable to Executive or any successor(s) to the Coors Retirement Plan or such other plans (individually and collectively, the "Retirement Plans"). 

        5.    Termination of Employment.    

        (a)  Death or Disability. The Executive's employment shall terminate automatically upon the Executive's death during the
Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it
may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment
with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the thirty days after such receipt,
the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the
Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be a
disability pursuant to the Company's then existing Long Term Disability Plan or, in the absence of such a plan, a disability determined to be total and permanent by a physician selected by the Company
and acceptable to the Executive or the Executive's legal representative. 

        (b)  Cause. The Company may terminate the Executive's employment during the Employment Period for Cause. For purposes of this
Agreement, "Cause" shall mean: 

          (i)  the
willful and continued failure of the Executive to perform substantially the Executive's duties with the Company or one of its affiliates (other than any such
failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive by the Board which specifically identifies the
manner in which the Board believes that the Executive has not substantially performed the Executive's duties, or 

        (ii)  the
willful engaging by the Executive in illegal conduct or gross misconduct which is a violation of fiduciary duties or is materially and demonstrably injurious to the
Company. 

For
purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered "willful" unless it is done, or omitted to be done, by the Executive in bad faith or without
reasonable belief that the Executive's action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the
Board or based upon the advice of counsel for the company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. The
cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative
vote of not less than three quarters of the entire membership of the Board at a meeting of the Board called and held for such purpose (after 

5

 

reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board,
the Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. The Company must notify the Executive of any event
constituting Cause within ten (10) days following the Company's knowledge of its existence or such event shall not constitute Cause under this Agreement. 

        (c)  Good Reason. The Executive's employment may be terminated by the Executive for Good Reason. For purposes of this
Agreement, "Good Reason" shall mean, without Executive's express written consent, the occurrence of any of the following events: 

          (i)  a
demotion or diminution in rank, title, responsibility or authority, the assignment to the Executive, following the Effective Date, of any duties inconsistent in any
respect with the Executive's position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 4(a) of this Agreement, or
any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not
taken in bad faith and which is remedied by the Company within ten (10) days after receipt of such notice thereof given by the Executive; 

        (ii)  any
failure by the Company to comply with any of the provisions of Section 4(b) of this Agreement, including but not limited to the failure by the Company to pay
the Executive any portion of his compensation, or to provide an Annual Bonus under terms (including but not limited to measures, targets and payout potential) at least as favorable as the terms for
such Bonus as in effect during the Company's fiscal year immediately prior to the Effective Date or to pay the Executive any portion of an installment of deferred compensation under any deferred
compensation program of the Company when such compensation is due, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company within
ten (10) days after receipt of notice thereof given by the Executive; 

        (iii)  the
Company's requiring the Executive to be based at any office or location other than as provided in Section 4(a)(i)(B) hereof for more than 60 days
during any twelve consecutive calendar months or the Company's requiring the Executive to travel on Company business to a substantially greater extent than required immediately prior to the Effective
Date; 

        (iv)  any
purported termination by the Company of the Executive's employment otherwise than as expressly permitted by this Agreement; or 

        (v)  any
failure by the Company to comply with and satisfy Section 12(c) of this Agreement. 

        For
purposes of this Section 5(c), any good faith determination of "Good Reason" made by the Executive shall be conclusive. Anything in this Agreement to the contrary
notwithstanding, a termination by the Executive for any reason in the Executive's sole discretion during the thirty-day period immediately following the first anniversary of the Effective
Date shall be deemed to be a termination for Good Reason for all purposes of this Agreement. 

        (d)  Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be
communicated by Notice of Termination to the other party hereto given in accordance with Section 13(b) of this Agreement. For purposes of this Agreement, a "Notice of Termination" means a
written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's employment under the 

6

 

provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more
than thirty days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good
Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in
enforcing the Executive's or the Company's rights hereunder. 

        (e)  Date of Termination. "Date of Termination" means (i) if the Executive's employment is terminated by the Company
for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date up to six months thereafter specified therein, as the case may be, (ii) if the
Executive's employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination or any
later date specified therein within 30 days of such notice and (iii) if the Executive's employment is terminated by reason of death or Disability, the Date of Termination shall be the
date of death of the Executive or the Disability Effective Date, as the case may be. 

        6.    Obligations of the Company upon Termination.    

        (a)  Good Reason; Other Than for Cause, Death or Disability. If, during the Employment Period, the Company shall terminate the
Executive's employment other than for Cause or Disability or the Executive shall terminate employment for Good Reason: 

          (i)  the
Company shall pay to the Executive in a lump sum in cash within ten (10) days after the Date of Termination the aggregate of the following amounts: 

        (A)  the
sum of (1) the Executive's Annual Base Salary (which for this purpose shall include any allowance for perquisites that is paid directly to the Executive)
through the end of the fiscal year containing the Date of Termination; (2) an amount equal to (x) the higher of the target bonus amount or the bonus actually paid to the Executive under
the Company's Management Incentive Compensation Plan (or any comparable successor plan(s)) for the fiscal year of the Company prior to the Effective Date or (y) the target bonus amount payable
to the Executive under such plan(s) for the fiscal year of the Company which contains the Date of Termination, whichever of (x) or (y) is higher (the "Target Bonus"); and (3) any
accrued vacation or other pay not theretofore paid (the sum of the amounts described in clauses (1), (2), and (3) are herein referred to as the "Accrued Obligations"); and 

        (B)  the
amount equal to the product of (1) three and (2) the sum of (x) the Executive's Annual Base Salary (which for this purpose shall include any
allowance for perquisites that is paid directly to the Executive) and (y) the higher of (aa) the Target Bonus and (bb) the highest annual incentive bonus earned by Executive during the last
three (3) completed fiscal years of the Company immediately preceding Executive's Date of Termination (annualized in the event Executive was not employed by the Company for the whole of any
such fiscal year), with the product of (1) and (2) reduced by the amounts paid, if any, to the Executive under the Company's Severance Pay Plan or pursuant to any other contractual
arrangement with the Executive or plan providing coverage to the Executive as a result of such termination. 

        (ii)  for
twenty-four months after the Executive's Date of Termination or such longer period as may be provided by the terms of the appropriate plan, program,
practice or policy, the Company shall continue benefits to the Executive and/or the Executive's family, including life insurance, at least equal (on an after-tax basis) to those which
would have been provided 

7

 

to them in accordance with the plans, programs, practices and policies described in Section 4(b)(v) of this Agreement if the Executive's employment had not been terminated or, if more
favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that
if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits
described herein shall be secondary to those provided under such other plan during such applicable period of eligibility, but only to the extent that the Company reimburses the Executive for any
increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder. 

        (iii)  the
Company shall credit Executive for benefit calculation purposes under the Retirement Plans (A) for the balance of the Employment Period and (B) with
two additional years of benefit service, vesting service and age. 

        (iv)  for
twenty-four months following the Date of Termination the Company shall, at its sole expense, reimburse the Executive for the cost (but not in excess of
$25,000 in the aggregate), as incurred, for outplacement services the scope and provider of which shall be selected by the Executive in Executive's sole discretion. 

        (v)  for
twenty-four months following the Date of Termination the Company shall, to the extent not otherwise paid or provided, pay or provide to the Executive,
all other fringe benefits and executive perquisites provided on the date of this Agreement, or on the Date of Termination to the extent they are more extensive, including, but not limited to, luncheon
club dues, annual physical examination, parking, health club dues, and financial planning assistance ("Other Benefits"); and 

        (vi)  with
respect to any options, restricted stock or other stock based awards held by the Executive pursuant to the Company's Equity Incentive Plan, or any successor plan,
on the Date of Termination all restrictions on awards of restricted stock will be canceled, and all outstanding stock options and stock appreciation rights and other stock based awards that have not
fully vested, shall vest immediately and become fully exercisable and shall not thereafter be forfeitable; provided further that with respect to the Executive's stock options, (i) the options
shall remain exercisable until the earlier of (x) the expiration of the option term or (y) five (5) years after the Date of Termination; (ii) for purposes of option
exercises by the Executive following the Effective Date for the period such options remain exercisable, for each share of common stock acquired pursuant to such option exercise, Executive shall be
entitled to a cash payment equal to the excess, if any, of (x) the closing price of one share of the common stock subject to such option as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange, Inc. (the "NYSE") (or, if the securities are not listed or admitted to trading on the
NYSE, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the securities are listed or
admitted to trading or, if the securities are not listed or admitted to trading on any national securities exchange, as reported by the National Association of Securities Dealers, Inc.
Automated Quotation System or such other system then in use, any such exchange or system an "Other Exchange") on the date of the Change of Control over (y) the closing price of one share of the
common stock on the NYSE or any Other Exchange on the date of exercise; and (iii) if, after a Change of Control occurs, any of the Executive's stock options are not assumed or substituted by
the successor corporation or the common stock (or common stock equivalent, in the case of a non-U.S. entity) for which each such option is exercisable is not traded on the NYSE or any
Other Exchange, then in respect of each such option held by the Executive, the Executive, in exchange for surrendering such options, shall 

8

 

be entitled to an immediate cash payment equal to the Black-Scholes value (determined as of that date, the date of grant, or the Effective Date, whichever of the foregoing is highest) of each such
option as determined by the independent accounting firm that audited the Company's financial statements prior to the Change of Control, assuming that the option's expected life is the balance of its
term. 

        (b)  Death. If the Executive's employment is terminated by reason of the Executive's death during the Employment Period, this
Agreement shall terminate without further obligations to the Executive's legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision
of Other Benefits. Accrued Obligations shall be paid to the Executive's estate or beneficiary, as applicable, in a lump sum in cash within thirty days of the Date of Termination. The term Other
Benefits at utilized in this Section 6(b) shall include, without limitation, and the Executive's estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most
favorable benefits provided by the Company and affiliated companies to the estates and beneficiaries of peer executives of the Company and such affiliated companies under such plans, programs,
practices and
policies relating to death benefits, if any, as in effect with respect to other peer executives and their beneficiaries at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive's estate and/or the Executive's beneficiaries, as in effect on the date of the Executive's death with respect to other peer executives of the
Company and its affiliated companies and their beneficiaries. Anything in this Agreement to the contrary notwithstanding, if the Executive's accidental death occurs after the receipt of a Notice of
Termination for any termination (i) by the Company other than for Cause or Disability or (ii) by the Executive for Good Reason and no payments to Executive have been made under
Section 6(a), then this Section 6(b) shall not apply and the Executive's estate and/or beneficiaries shall be entitled to the benefits of Section 6(a). 

        (c)  Disability. If the Executive's employment is terminated by reason of the Executive's Disability during the Employment
Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued
Obligations shall be paid to the Executive in a lump sum in cash within thirty days of the Date of Termination. The Term "Other Benefits" as utilized in this Section 6(c) shall include, and the
Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and its
affiliated companies to disabled executives and/or their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in effect generally with respect to
other peer executives and their families at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter generally with respect to other peer executives of the Company and its affiliated companies and their families. 

        (d)  Termination in Anticipation of a Change of Control.

          (i)  An
"Anticipatory Termination" occurs if either 

        (A)  (1)
the Company terminates the Executive's employment other than for Cause or Disability prior to the date on which a Change of Control occurs, (2) it is
reasonably demonstrated by the Executive that such termination of employment (x) was at the request of a third party who had taken steps reasonably calculated to effect a Change of Control or
(y) otherwise arose within six months of, and was in connection with or in anticipation of, a Change of Control, and (3) a Change of Control occurs, or 

        (B)  (1)
during the Term, an event occurs that would have constituted Good Reason if the Effective Date was deemed to be the date immediately prior to the date of such event
and the Executive terminated his employment subsequent to such event, (2) the 

9

 

Executive can reasonably demonstrate that such Good Reason event (x) was at the request of a third party who had taken steps reasonably calculated to effect a Change of Control or
(y) otherwise arose within six months of, and was in connection with or in anticipation of, a Change of Control, and (3) a Change of Control occurs. 

For
purposes of clauses (A)(2)(y) and (B)(2)(y) of this paragraph, it shall be presumed that such event was in connection with or in anticipation of a Change of Control unless the Company establishes
otherwise by clear and convincing evidence. 

        (ii)  Obligations of the Company upon an Anticipatory Termination. If the Executive has reason to believe that an Anticipatory
Termination may have occurred, he shall provide a notice setting forth such belief in accordance with Section 13(b) of this Agreement within one hundred and twenty (120) days after a
Change of Control has occurred. Upon an Anticipatory Termination, the Executive shall be entitled to (A) the payments specified in Sections 6(a)(i), (iii) and (iv) (to the extent
not previously paid), (B) the benefits specified in Sections 6(a)(ii) and (v))to the extent not previously provided) (or the after-tax equivalent thereof to the extent that
such benefits have not been or are not provided in kind), (C) to the extent that the Executive has outstanding any unexercised stock options and other stock-based awards, the provisions of
Section 6(a)(vi) shall apply to them, and (D) in respect of any stock options or other stock based awards that were forfeited by the Executive as a result of his termination of
employment but would have vested had Section 6(a)(vi) applied, such awards shall be reinstated (or if not reinstated, the Executive shall be paid in cash the fair value of such award as
determined by the accounting firm referred to in Section 6(a)(vi)). For the purposes of this Section 6(e)(ii), the Executive's Date of Termination shall be deemed to be his last date of
employment by the Company. 

        7.    Nonexclusivity of Rights.    Nothing in this Agreement shall prevent or limit the Executive's continuing or
future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may qualify, nor, subject to Section 13(f),
shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice, or program of or any contract or agreement with the Company or any of its affiliated companies at or
subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 

        8.    Full Settlement.    The Company's obligation to make the payments provided for in this Agreement and otherwise
to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the
provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment, except as specifically provided with respect to medical and other welfare
benefits under another employer-provided plan pursuant to subsection 6(a)(ii). The Company agrees to pay as incurred, and to the full extent permitted by law, all legal fees and expenses which the
Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any
provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus in each
case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code"). 

10

 

        9.    Certain Additional Payments by the Company.    

        (a)  Anything
in this Agreement or in any other agreement between the Company and the Executive or in any stock option or other benefit plan to the contrary notwithstanding
and except as set forth below, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 9) (a "Payment") would be subject to the
excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and
penalties, are hereinafter collectively referred to as the "Excise Tax"), then the Executive shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such
that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and
penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed upon the Payments. 

        (b)  Subject
to the provisions of Section 9(c), all determinations required to be made under this Section 9, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by such nationally recognized certified
public accounting firm as may be designated by the Executive (the "Accounting Firm"), which shall provide detailed supporting calculations both to the Company and the Executive within fifteen business
days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or
auditor for the Company or the individual, entity or group effecting the Change of Control, the Executive shall appoint another nationally recognized accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any
Gross-Up Payment, as determined pursuant to this Section 9, shall be paid by the Company to the Executive within five business days of the receipt of the Accounting Firm's
determination. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is possible that a Gross-Up Payment which will not have been made by the Company should have been made
("Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 9(c) and the Executive thereafter is
required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or
for the benefit of the Executive. 

        (c)  The
Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the
Gross-Up Payment. Such
notifications shall be given as soon as practicable but no later than ten business days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the thirty-day period following the date on which it gives
such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the
expiration of such period that it desires to contest such claim, the Executive shall: 

          (i)  give
the Company any information reasonably requested by the Company relating to such claim, 

11

 

        (ii)  take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the Company, 

        (iii)  cooperate
with the Company in good faith in order effectively to contest such claim; and 

        (iv)  permit
the Company to participate in any proceedings relating to such claim; 

provided,
however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and
hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of this Section 9(c), the Company shall control all proceedings taken in connection with such contest, and, at its
sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or to contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with
respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested
amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up
Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 

        (d)  If,
after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), the Executive becomes entitled to receive any refund with
respect to such claim, the Executive shall (subject to the Company's complying with the requirements of Section 9(c)) promptly pay to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), a determination is made
that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its intent to consent such denial of refund prior to the
expiration of thirty days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the
amount of Gross-Up Payment required to be paid. 

        10.    Confidential Information.    The Executive shall hold in a fiduciary capacity for the benefit of the Company
all material proprietary information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Executive
during the Executive's employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the
Executive in violation of this Agreement). After termination of the Executive's employment with the Company, the Executive shall not, without the prior written consent of the Company or as may 

12

 

otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an
asserted violation of the provisions of this Section 10 constitute a basis for denying, deferring or withholding any amounts or benefits payable to the Executive under this Agreement. 

        11.    Dispute Resolution.    

        (a)  All
claims and controversies that may arise under this Agreement shall be submitted to, and determined through, binding arbitration in the Denver, Colorado metropolitan
area in accordance with the employment arbitration procedures of the American Arbitration Association ("AAA") existing at the time the arbitration is conducted, before a single arbitrator chosen in
accordance with AAA procedures. The decision of the arbitrator shall be enforceable as a court judgment. 

        (b)  The
Company shall reimburse Executive for all legal fees and expenses and related costs and expenses incurred by Executive arising from any claim, controversy or dispute
(i) that is submitted to arbitration, whether initiated by the Executive or the Company, and including any dispute as to whether Executive is entitled to fees, expenses and costs under this
Section 11(b); (ii) in seeking to obtain or enforce any right or benefit provided for under this Agreement; or (iii) in connection with any tax audit or proceeding to the extent
attributable to the application of Section 4999 of the Code to any payment or benefit provided hereunder. Such payments shall be made within five (5) business days after delivery of
Executive's written request(s) for payment accompanied by invoices of fees, expenses and costs incurred. 

        (c)  If
within fifteen (15) days after any Notice of Termination is given or, if later, prior to the Date of Termination (as determined without regard to this
Section 11(c)), the person receiving such Notice of Termination notifies the person giving such notice that a claim, controversy or dispute exists concerning the termination or concerning
employment or any of the provisions of this Agreement that apply to such termination or employment, the Date of Termination shall be extended to the date on which the claim, controversy or dispute is
fully and finally resolved, either by mutual written agreement of the parties or by final decision of the arbitrator referred to in Section 11(a). 

        (d)  If
a purported termination of Executive's employment occurs and such termination or the provisions of this Agreement that apply to such termination is disputed in
accordance with this Section 11 (including a dispute as to the existence of "good faith" and/or "reasonable attention and time" under any provisions of this Agreement), the Company shall
continue to pay Executive the full compensation (including, but not limited to, salary) at Executive's Annual Base Salary and continue Executive's participation in all compensation plans required to
be maintained hereunder and continue to provide Executive all other benefits provided for in Section 4(b) of this Agreement until the dispute is finally resolved in accordance with this
Section 11. Amounts paid under this section are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due Executive under this
Agreement. 

        (e)  In
any proceeding (regardless of who initiates such proceeding) under this Agreement the burden of proof as to whether Cause exists, whether Good Reason does not exist,
and/or whether "good faith" and/or "reasonable attention and time" exist shall be upon the Company. 

        12.    Successors.    

        (a)  This
Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the
laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives. 

13

 

        (b)  This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

        (c)  The
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" shall mean the Company as hereinbefore defined and any successor to its business
and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

        13.    Miscellaneous.    

        (a)  This
Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without reference to principles of conflict of laws. The captions
of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties
hereto or their respective successors and legal representatives. 

        (b)  All
notices and any other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows: 

If
to the Executive:

At their current home address as listed in the Company's records

and as may be updated from time to time by the Executive. 

If
to the Company:

Coors Brewing Company

311 10th St.

Golden, CO 80401-0030 

        Attention:
Chief Legal Officer 

or
to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

        (c)  The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 

        (d)  The
Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any
applicable law or regulation. 

        (e)  The
Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the
Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 5(c)(i) through (v) of this
Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

        (f)    The
Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the
employment of the Executive by the Company is "at will", and the Executive's employment and/or this Agreement may be terminated by either the Executive or the Company at any time prior to the
Effective Date, in which case the Executive shall have no further rights under this Agreement except as provided in Section 6(e) (relating to termination in anticipation of a change in
control). From and 

14

 

after the Effective Date this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. 

        IN
WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be
executed in its name and on its behalf, all as of the day and year first above written. 

	 	Executive:
	

 	

 	
 	

 
	 	

	

 	

 	
 	

 
	 	Adolph Coors Company / Coors

Brewing Company:
	 	By:	 	 
	

 	

 	
 	

15

QuickLinks

EXHIBIT 10.10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]