Document:

Unassociated Document

    Exhibit
      10.18

    

      [LOGO]

      CONSTELLATION

       

      MEMORANDUM

      

      TERMS
        AND
        CONDITIONS OF INCENTIVE STOCK OPTIONS

      

      [Date]

      

      The
        CONSTELLATION BRANDS, INC. Incentive Stock Option Plan, as amended from time
        to
        time (the “Plan”), enables Constellation Brands, Inc. (the “Company”) to grant
        stock options to purchase Class A Common Stock, par value $.01 per share,
        of the
        Company (a “Share” or the “Shares”) to employees of the Company or any of its
        subsidiaries (each, when granted a stock option, an “Optionee”). The stock
        options represented by this Memorandum and the accompanying award letter
        (respectively, the “Options” and the Memorandum and accompanying award letter,
        together, the “Documents”) are subject to all of the terms and conditions
        contained in the Documents. By accepting delivery of the Documents, the Optionee
        agrees to be bound by the terms and conditions of the Documents.

      

      
        	
                1.

              	
                Term
                  of Options. The Options, granted on__________ (the “Date of Grant”),
                  will terminate and expire, to the extent not previously exercised,
                  at 5:00
                  p.m. Eastern Time on ___________ or such earlier date upon which
                  the
                  Options, or portion thereof, terminate or expire pursuant to the
                  terms of
                  the Plan (the “Expiration Date”).

              

      

      

      
        	
                2.

              	
                Exercise
                  of Options.

              

      

      

      
        	 	
                (a)

              	
                The
                  Options may be exercised at any time and from time to time, prior
                  to the
                  Expiration Date or an earlier termination, according to the percentages
                  and exercise dates set forth in the following vesting schedule:
                  ___% of
                  the number of Shares subject to the Options (the “Option Shares”) shall
                  become exercisable on or after ___________; an additional ___%
                  of the
                  Option Shares shall become exercisable on or after ____________;
                  an
                  additional ___% of the Option Shares shall become exercisable on
                  or after
                  ___________; an additional ___% of the Option shares shall become
                  exercisable on or after ___________; and the remaining ___% of
                  the Option
                  Shares shall become exercisable on or after
                  ___________.

              

      

      

      
        	 	
                (b)

              	
                The
                  Optionee can exercise Options by complying with the provisions
                  of the Plan
                  and by following instructions provided in materials distributed
                  by the
                  Company. The exercise price, $______ per share (the “Exercise Price”), for
                  the number of Option Shares being purchased and any related withholding
                  tax obligations may be paid by the Optionee by (i) delivery of
                  cash, money
                  order or a certified or cashier’s check; (ii) tendering previously
                  acquired Shares, as provided for in the Plan; (iii) delivery of
                  irrevocable instructions to a broker or other agent acceptable
                  to the
                  Company to promptly sell a sufficient portion of Shares received
                  under the
                  Option and to deliver to the Company the appropriate amount of
                  proceeds;
                  and/or (iv) any other payment method that is established by the
                  Committee
                  as defined in the Plan (which payment method may be restricted
                  or
                  eliminated from time to time by the Committee, in its sole
                  discretion).

              

      

      

      
        	 	
                (c)

              	
                The
                  Company will, without transfer or issue tax to the Optionee, issue
                  and
                  cause to be delivered to the Optionee a certificate or certificates
                  for
                  the number of Shares purchased as soon as reasonably practicable
                  after the
                  Optionee has appropriately exercised any Options. The Company is
                  not
                  required to issue Shares to the Optionee until all obligations
                  to withhold
                  taxes have been resolved to the satisfaction of the
                  Company.

              

      

      

      
        	
                3.

              	
                Termination
                  of Employment. 

              

      

      

      
        	 	
                (a)

              	
                Acceleration
                  upon Termination of Employment. Subject to Section 3(c)(iii) below, if
                  an Optionee’s employment with the Company or the subsidiary by whom the
                  employee is employed (the “Employer”) terminates for reasons of Retirement
                  (as defined in the Plan), Disability (as defined in the Plan) or
                  death,
                  all the unvested Option Shares shall become immediately vested
                  and
                  exercisable on the date of Retirement, date of Disability or date
                  of
                  death.

              

      

      

      
        	 	
                (b)

              	
                Duration
                  of Exercise Following Termination of Employment. Subject to Section
                  3(c) below, Options which have vested prior to the termination
                  of the
                  Optionee’s employment with the Employer may be exercised as
                  follows:

              

      

      

      
        	 	
                (i)

              	
                within
                  thirty (30) days after the date on which the Optionee’s employment with
                  the Employer terminates (the “Termination Date”), except as otherwise
                  provided in Subsections 3(b)(ii) and (iii) below;
                  

              

      

      

      
        	 	
                (ii)

              	
                if
                  the Optionee’s employment terminates as a result of a Disability, within
                  one (1) year after the date of Disability; or

              

      

      

      
        	 	
                (iii)

              	
                if
                  the Optionee’s employment terminates as a result of death, within one (1)
                  year after the date of death by the Optionee’s designated beneficiary,
                  legal representative or permitted
                  transferee.

              

      

      

      
        	 	
                (c)

              	
                Limitations
                  on Exercise Following Termination of
                  Employment. 

              

      

      

      
        	 	
                (i)

              	
                The
                  time periods set forth in Section 3(b) above are subject to the
                  restriction that Options may not be exercised after their Expiration
                  Date.
                  

              

      

      

      
        	 	
                (ii)

              	
                The
                  time periods set forth in Section 3(b) are also subject to the
                  restriction
                  that no Option may be exercised by any person if the Optionee (i)
                  is, or
                  at any time after the date of grant has been, in competition with
                  the
                  Company or its affiliates, or (ii) has been terminated by
                  the Employer for Cause, as defined in the
                  Plan.

              

      

      

      
        	 	
                (iii)

              	
                Except
                  as otherwise provided by the Committee or by an employment agreement
                  between the Optionee and the Employer, (i) the only Options that may
                  be exercised after the Termination Date, date of Retirement, date
                  of
                  Disability or date of death (as applicable, the “Event Date”) are those
                  Options that were exercisable by the Optionee on the Event Date;
                  and (ii)
                  any Options which are not exercisable on the Event Date will automatically
                  terminate on the Event Date. 

              

      

      

      
        	 	
                (iv)

              	
                Any
                  Options which are exercisable on the Event Date, but which are
                  not
                  exercised within the applicable period specified in Section 3(b)
                  above,
                  will automatically terminate at the end of that applicable
                  period.

              

      

      

      
        	
                4.

              	
                Adjustments
                  for Certain Events. The number and kind of unexercised Options and the
                  Exercise Price of such Options are subject to adjustment in the
                  event that
                  certain transactions are taken by the Company which affect the
                  Company’s
                  Shares.

              

      

      

      
        	
                5.

              	
                Type
                  of Options. The Options are incentive stock options granted pursuant
                  to Section 5 of the Plan.

              

      

      

      
        	
                6.

              	
                No
                  Transfer of Options. Unless transferability is permitted under certain
                  conditions as determined by the Committee and applicable IRS Rules
                  for
                  incentive stock options, the Options are not transferable by the
                  Optionee
                  other than by will or the laws of descent and distribution.
                  

              

      

      

      
        	
                7.

              	
                General
                  Restriction on Issuance of Stock Certificates. The Company may require
                  information or documents which enable it to insure compliance with
                  any law
                  or Rules (as defined in the Plan) of the Securities and Exchange
                  Commission or any other governmental authority having jurisdiction
                  under
                  the Plan before it delivers any certificate upon the exercise of
                  any
                  Options. If at any time the Committee administering the Plan shall
                  determine that the listing, registration or qualification of the
                  Option
                  Shares under any state or federal law or other applicable Rule,
                  or the
                  consent or approval of any governmental regulatory body, is necessary
                  or
                  desirable as a condition of the granting of the Options or the
                  issue or
                  purchase of Shares thereunder, such Options may not vest or be
                  exercised
                  in whole or in part unless such listing, registration, qualification,
                  consent or approval shall have been effected or obtained free of
                  any
                  conditions not acceptable to the
                  Committee.

              

      

      

      
        	
                8.

              	
                Limitation
                  on Sale or Disposition of Option Shares. If the Committee determines
                  that the ability of the Optionee to sell or transfer Option Shares
                  is
                  restricted, then the Company may place a restrictive legend on
                  certificates representing such Option Shares. If a legend is placed
                  on an
                  Optionee’s certificate, the Optionee may only sell the Option Shares
                  represented by such certificate in compliance with such
                  legend.

              

      

      

      
        
          	9.	 	
                  Incorporation
                    of Plan. The Options are subject to the terms and conditions of
                    the
                    Plan, which are incorporated herein by reference. The Company,
                    upon
                    request, will provide a copy of the Plan to the Optionee. To
                    the extent
                    that the terms and conditions of the Documents are inconsistent
                    with the
                    Plan, the provisions of the Plan shall
                    control.

                

        

      

      

      
        
          	10.	 	
                  Applicable
                    Times and Dates. All references to times and dates in the Plan and in
                    documents relating to the Plan refer, respectively, to Eastern
                    Standard
                    Time (or Eastern Daylight Savings Time) in the United States
                    of America
                    and to dates in New York State based on such Eastern Standard
                    Time (or
                    Eastern Daylight Savings Time, as
                    appropriate).Unassociated Document

    EXHIBIT
      10.24

    

    
      	
              RENT
                REVIEW MEMORANDUM

            

    

    Nelson
      Blakewell

    

    The
      Landlord:  
Scottish
      Widows Unit Funds Limited

    

    The
      Tenant:    
Matthew
      Clark Brands Limited

     

    Date:        20th
      August 2003

    

    

    By
      this
      memorandum the Landlord and the Tenant desire to record the fact that the rent
      payable under the Lease, brief particulars of which appear below, has been
      reviewed in accordance with the provisions contained therein and is ONE MILLION
      SEVEN HUNDRED & NINETY SIX THOUSAND EIGHT HUNDRED AND SEVENTY FIVE POUNDS
      (£1,796,875) per annum (exclusive of Value Added Tax) on and from 25 December
      2002.

    

    

    

    THE
      LEASE

    

    
      	
              Date

            	
              Parties

            	
              Property

            	
              Term

            
	
              31
                December

              1997

            	
              Pontsarn
                Investments Ltd

              (1)
                Matthew Clark Brands

              Ltd
                (2) and Matthew Clark 

              Plc
                (3)

            	
              Premises
                situated at Plot 

              2000,
                Severnside

              Distribution
                Park, Western 

              Approach,
                Bristol

            	
              25
                years from 25

              December
                1997

            

    

    

     

    
 

    
      	 

              /s/
                J. Barrass     

              Deputy
                Company Secretary            

            	  /s/ (illegible)               
	Signed
              for and on behalf of the Tenant	 Signed
              for and on behalf of the Landlord

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