Document:

exv10w1

Exhibit 10.1

MEMORANDUM

TERMS AND CONDITIONS OF STOCK OPTIONS

CLASS 1 COMMON STOCK

[Date]

The CONSTELLATION BRANDS, INC. Long-Term Stock Incentive Plan, as amended from time to time (the
“Plan”), enables Constellation Brands, Inc. (the “Company”) to grant stock options to purchase
Class 1 Common Stock, par value $.01 per share, of the Company (a “Share” or the “Shares”) to
employees and directors of the Company (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 or the Documents (the “Expiration Date”).
	 
	2.	 	Exercise of Options.

	 	(a)	 	The Options may be exercised in whole or in part at any time on or after
                     but no Options may be exercisable after the Expiration Date.
	 
	 	(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 shares
subject to the Option (the “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 or shares of
Class A Common Stock, par value $.01 per share, of the Company (“Class A Shares”), as
provided for in the Plan; (iii) delivery of a conversion notice or other conversion
instructions acceptable to the Company irrevocably electing to convert a sufficient
number of Shares received under the Option into Class A Shares (“Conversion Shares”)
together with delivery of irrevocable instructions to a broker or other agent
acceptable to the Company to promptly sell the Conversion Shares and to deliver to the
Company the

 

 

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	 	 	 	appropriate amount of proceeds; and/or (iv) any other payment method that is
established by the Company (which payment method may be restricted or eliminated
from time to time by the Company, 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 the number of Option 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 and similar charges have been resolved to the satisfaction of the
Company.

	3.	 	Termination of Relationship. As long as the Optionee continues to be a director of the
Company, the Options may be exercised once they have vested and prior to their expiration. If the
Optionee ceases to be a director of the Company as a result of the Optionee’s death or disability,
the Options shall all immediately vest. For this purpose, “disability” means a long-lasting
physical or mental impairment that prevents the Optionee from performing his/her duties as a
director, as solely determined by the Board of Directors. In addition, subject to Section 4 below,
Options which have vested prior to the termination of the Optionee’s relationship with the Company
(or which have vested pursuant as a result of the Optionee’s death or disability as set forth
above) may be exercised by the Optionee, his designated beneficiary or legal representative or
permitted transferee within one (1) year after the last day on which the Optionee was a member of
the Board of Directors of the Company (the last day on which the Optionee is a member of the Board
of Directors of the Company is referred to as the “Termination Date”).
	 
	4.	 	Limitations on Exercise Following Termination of Relationship.

	 	(a)	 	The time period set forth in Section 3 above is subject to the restriction that
Options may not be exercised after their Expiration Date.
	 
	 	(b)	 	The time period set forth in Section 3 above is also subject to the restriction
that no Option may be exercised by any person if the Optionee’s relationship with the
Company has been terminated for Cause, as defined in the Plan.
	 
	 	(c)	 	Except as otherwise provided by the Committee administering the Plan, (i) the
only Options that may be exercised after the Termination Date are those Options that
were exercisable by the Optionee on the Termination Date; and (ii) any Options which
are not exercisable on the Termination Date will automatically terminate on the
Termination Date.
	 
	 	(d)	 	Any Options which are exercisable on the Termination Date, but which are not
exercised within the one (1) year period specified in Section 3 above, will
automatically terminate at the end of that period.

	5.	 	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 capital stock.

 

 

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	6.	 	Type of Options. The Options are nonqualified stock options granted pursuant to
Section 5 of the Plan.
	 
	7.	 	No Transfer of Options. Unless transferability is authorized by the Option grant or
otherwise permitted by the Committee, Options are not transferable by the Optionee other than
(i) by will or the laws of descent and distribution, or (ii) pursuant to a domestic relations
order. Because of laws affecting the transferability of the Option Shares, the Optionee
should understand the securities laws and other implications of any transfer of Options.
	 
	8.	 	General Restriction on Issuance of Stock. 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 issues any Shares 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 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.
	 
	9.	 	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 or stop transfer notation on its books with respect to such
Option Shares. If a legend or stop transfer notation is placed on the Company’s books with
respect to an Optionee’s Option Shares, the Optionee may only sell such Option Shares in
compliance with such legend or notation.
	 
	10.	 	No Listing of Option Shares; Conversion. The Company has not listed the Option
Shares for trading on the New York Stock Exchange and does not intend to effect such a
listing. Pursuant to the Certificate of Incorporation of the Company, Option Shares may be
converted into Class A Shares, but only if the Class A Shares received upon the conversion are
sold or transferred immediately following the conversion in a market transaction or qualifying
private transaction as such terms are defined in the Company’s Certificate of Incorporation.
The Class A Shares into which Option Shares may be converted have been or will, prior to
issuance, be listed for trading on the New York Stock Exchange.
	 
	11.	 	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.

 

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	12.	 	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, as appropriate) 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).exv10w2

Exhibit 10.2

RESTRICTED STOCK AGREEMENT

Pursuant to

CONSTELLATION BRANDS, INC.

LONG-TERM STOCK INCENTIVE PLAN

Name of Participant:

Date of Grant:

Number of Shares:

Value of Each Share on Date of Grant:    $

     This RESTRICTED STOCK AGREEMENT (the “Agreement”), dated as of                                         , is made between
Constellation Brands, Inc. (the “Company”) and
                                         (the “Participant”) to record the
granting of Restricted Stock on
                                         (the “Date of Grant”) to the Participant pursuant to
the Company’s Long-Term Stock Incentive Plan, as amended from time to time (the “Plan”).

     The Company and the Participant hereby agree as follows:

     1. Grant of Shares. The Company hereby grants to the Participant, as of the Date of
Grant, subject to and in accordance with the terms and conditions of the Plan and this Agreement,
_______ shares of the Company’s Class A Common Stock, par value $.01 per share (the “Class A
Stock”). (The grant of shares of Class A Stock to the Participant, evidenced by this Agreement, is
an award of Restricted Stock (as defined in the Plan) and such shares of Restricted Stock are
referred to herein as the “Shares”.)

     2. Vesting of Shares.

          (a) Service. Ownership of 100% of the Shares shall vest on
                                        , provided that the Participant continues as a member of the Company’s
Board of Directors until such date.

          (b) Death or Disability. If the Participant ceases being a member of the Company’s
Board of Directors as a result of the Participant’s death or disability, the Shares shall
immediately vest. For this purpose, “disability” means a long-lasting physical or mental
impairment that prevents the Participant from performing his/her duties as a member of the
Company’s Board of Directors, as solely determined by the Board of Directors.

 

 

          (c) Termination. If the Board of Directors decides not to nominate the Participant
for an additional term as a member of the Company’s Board of Directors, unless such decision is for
Cause, the Shares shall vest on the date of the Company’s next Annual Meeting of Stockholders, at
which directors are elected; provided that the Participant continues as a member of the
Company’s Board of Directors until such date.

          (d) Change in Control. The Shares are subject to the provisions of the Plan
pertaining to a Change in Control of the Company.

     3. Forfeiture. Shares that do not become vested in accordance with the vesting
criteria set forth in Section 2 above (and any dividends or other distributions related to such
Shares) shall be forfeited to the Company.

     4. Legend. Each share certificate representing the Shares shall bear a legend
indicating that such Shares are “Restricted Stock” and are subject to the provisions of this
Agreement and the Plan.

     5. Transferability; Restricted Share Certificates to be Held by the Company. The
Shares shall become transferable only when they become vested in accordance with Section 2 of this
Agreement. Share certificates representing all unvested Shares shall be held by the Company until
such Shares have become vested. As the Shares vest, and as all other restrictions and conditions
set forth in this Agreement and under the Plan (as they apply to Restricted Stock) are satisfied,
certificates representing the Shares (along with any dividends and other distributions relating to
those Shares) shall be released to the Participant. At that time, the Company shall take such
steps as may be appropriate to delete the legend on the certificate which identifies the Shares as
Restricted Stock.

     6. Section 83(b) Election. The Participant may elect, within 30 days of the Date of
Grant pursuant to Section 83(b) of the Internal Revenue Code, to include in his or her gross income
the fair market value of the Shares covered by this Agreement in the taxable year of grant. If the
Participant makes this election, he shall promptly notify the Company by submitting to the Company
a copy of the statement filed with the Internal Revenue Service in which the Participant makes such
election.

     7. General Restrictions on Issuance of Stock Certificates. The Company shall not be
required to deliver any certificate representing the Shares until it has been furnished with such
opinions, representations or other documents as it may deem necessary or desirable, in its
discretion, to insure compliance with any law or Rules of the Securities and Exchange Commission or
any other governmental authority having jurisdiction under the Plan or over the Company, the
Participant, or the Shares or any interests granted thereunder. This award of Restricted Stock is
also subject to the condition that, if at any time the Committee administering the Plan shall
determine, in its discretion, that the listing, registration or qualification of the Shares (or any
capital stock distributed thereon) upon the New York Stock Exchange, any other securities
exchange, the NASDAQ Stock Market or 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, or in connection with, the granting of this award of Restricted Stock or the issue of
the Shares (or the issue of any dividends or other distributions related to the
Shares), the Shares (and any dividends or other distributions related thereto) may not be
transferred unless such listing, registration, qualification, consent or approval shall have been
effected or obtained to the complete satisfaction of the Committee and free of any conditions not
acceptable to the Committee.

     8. Rights as Shareholder. Except for the dividend and distribution restrictions
described below, and the transfer and other restrictions set forth elsewhere in this Agreement and
in the Plan, the Participant, as record holder of the Shares, shall possess all the rights of a
holder of the Company’s Class A Stock, including voting, dividend and other distribution rights,
provided, however, that prior to vesting, the certificates representing the Shares, as well as any
dividends or other distributions with respect to such Shares, shall be held by the Company for the
benefit of the Participant. Any distributions with respect to the Shares in the form of capital
stock shall be treated as Restricted Stock in the same manner as the Shares. If the underlying
Shares do not vest, then any capital stock distributed with respect to the Shares, as well as any
other dividends or other distributions with respect to such Shares, shall be forfeited to the
Company. The Participant agrees to deliver to the Company a stock power executed in blank covering
the Shares (and covering any capital stock distributed with respect to such Shares) which shall be
returned to Participant with the appropriate stock certificate when the Shares represented thereby
vest. The stock power with respect to any certificate representing Shares which do not vest shall
be completed in the name of the Company by an officer of the Company and returned to the treasury.

     9. Adjustment of Shares. As provided by the Plan, in the event of any change in the
Class A Stock of the Company by reason of any stock dividend, stock split, recapitalization,
reorganization, merger, consolidation, split-up, combination, or exchange of shares, or rights
offering to purchase Class A Stock at a price substantially below fair market value, or of any
similar change affecting the Class A Stock, the Shares shall be adjusted automatically consistent
with such change to prevent substantial dilution or enlargement of the rights granted to, or
available for, the Participant hereunder.

     10. Coordination With Plan. The Participant acknowledges that he has previously
received a copy of the Plan and agrees to be bound by all of the terms and provisions thereof,
including any which may conflict with those contained in this Agreement. Capitalized terms used in
this Agreement and not otherwise defined shall have the meaning given to such terms under the Plan.

     11. Notices. All notices to the Company shall be in writing and sent to the Company’s
General Counsel at the Company’s offices located at 207 High Point Drive, Building 100, Victor, New
York 14564. Notices to the Participant shall be addressed to the
Participant at                                         .

 

 

     IN WITNESS WHEREOF, the Company and the Participant have caused this Restricted Stock
Agreement to be executed on the date set forth opposite their respective signatures, it being
further understood that the Date of Grant may differ from the date of signature.

	 	 	 	 	 	 	 

	Dated:                                                             	 	CONSTELLATION BRANDS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	Dated:                                                             	 	PARTICIPANT

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