Document:

Exhibit 10.32

    
      

    

     

    

      Exhibit
        10.32

      Date

      

      

      

      Name
        and

      Address
        of Director

      

      

      Re:       
        Notice
        of Award under Anheuser-Busch Companies, Inc.

      2006
        Restricted Stock Plan for Non-Employee Directors

      

      Dear:

      

      Under
        the
        terms of the Company’s 2006 Restricted Stock Plan for Non-Employee Directors,
        you have been awarded the following shares of Restricted Stock:

       

      
        
          	
                  Restricted
                    Stock Awarded

                	
                  500
                    shares

                
	
                  Award
                    Date

                	
                  April
                    25, 2007

                
	
                  Vesting
                    Schedule 

                  (dates
                    when Restricted Stock

                  becomes
                    non-forfeitable and

                  freely
                    transferable)

                	
                  167
                    on date of 2008 Annual Meeting

                  167
                    on date of 2009 Annual Meeting

                  166
                    on date of 2010 Annual Meeting

                

        

         

      

      These
        shares of Restricted Stock are subject to the terms and conditions provided
        in
        the Plan. A copy of the Plan and an Information Memorandum are enclosed.
        Please
        read these documents carefully. 

       

      By
        signing and returning this Award Letter to me, you acknowledge and agree
        (i) to
        be bound by all of the terms, provisions and limitations of the Plan, (ii)
        that
        you appoint Mellon Investor Services, LLC as agent for the purpose of receiving
        the Restricted Stock awarded to you, (iii) that you direct Mellon to hold
        the
        Restricted Stock in book entry form under the terms and conditions of the
        Plan,
        (iv) that the transfer of the Restricted Stock to Mellon constitutes the
        legal
        equivalent of delivery to you, and (v) that Mellon shall be empowered to
        take
        any action necessary to retransfer to the Company any shares of forfeited
        Restricted Stock pursuant to the terms of the Plan. 

       

      My
        office
        will keep track of the Restricted Stock awarded to you under the Plan. As
        soon
        as practicable after the lapse of restrictions set forth in the Plan (and
        subject to applicable tax withholding, if any), we will send the certificates
        for the unrestricted shares to you.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      If
        you
        need information about the shares of Restricted Stock, or if you need additional
        copies of the Plan, the Information Memorandum, or other documents, please
        contact my office at (314) 577-3314.

       

      Very
        truly yours,

      

      

      

      

      

      

      

      Acknowledged
        and Agreed:

       

      

                      

       

      

       

      Date:
             

       

      
 

      

      

      Enclosures

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	INFORMATION MEMORANDUM	
                April
                25, 2007

            

    

     

    

    
      
        	
                 

              	 ANHEUSER-BUSCH
                COMPANIES

      

    

    

    

    

    2006
      Restricted Stock Plan for Non-Employee Directors

    

     

    
      

    

     

    TABLE
      OF CONTENTS

    

      
        	
                Definitions
                  of Terms

              	
                2

              
	
                The
                  Plan

              	
                2

              
	
                General
                  Information

              	
                2

              
	
                Administration

              	
                3

              
	
                Numerical
                  Award Limits

              	
                3

              
	
                Terms
                  of Restricted Stock and Restricted
                  Stock Units

              	
                3

              
	
                Vesting
                  of Awards

              	
                4

              
	
                Effect
                  if You Cease to be a Non-Employee
                  Director - Forfeiture

              	
                
                  5

                

              
	
                Federal
                  Income Tax Consequences

              	
                5

              
	
                General

              	
                
                  5

                

              
	
                Parachute
                  Payments

              	
                
                  6

                

              
	
                Reporting
                  Requirements and Restrictions on Sales
                  and Purchases

              	
                6

              
	
                Additional
                  Restrictions on Sales

              	
                7

              

      

    
      
        

      

    

    
 

    We
      are
      providing this Information Memorandum, including any appendices, to all
      Non-Employee Directors who receive Awards under the Plan. This Information
      Memorandum helps explain what the Awards are, how they work, and what
      limitations and restrictions are imposed on them. The information in this
      Information Memorandum is only a summary, and not a complete recitation, of
      those provisions of the Plan which are important to you as a recipient of
      Awards. You should read the entire Plan to understand all of its provisions.
      If
      any of the descriptions in this Information Memorandum are inconsistent with
      the
      Plan, the provisions of the Plan are legally controlling. 

     

    Capitalized
      terms used in this Information Memorandum have special meanings which are
      important to your understanding of this document. Most definitions (or
      appropriate cross-references) are collected in the section captioned
“Definitions of Terms” beginning at page 2.

     

    The
      delivery of this Information Memorandum does not imply that the information
      contained in it is correct as of any time later than the date
      above.

     

    

     

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    DEFINITIONS
      OF TERMS

    
 

    The
      following terms are important to understanding this Information Memorandum:
      

     

    Acceleration
      Date.
      An
      Acceleration Date occurs when any of the following happens: (i) ownership by
      persons or groups of more than 30% of the Company’s then outstanding voting
      securities; (ii) certain substantial changes in the composition of the Company’s
      Board of Directors; and (iii) stockholder approval of certain plans of merger,
      consolidation, liquidation, or dissolution, or of the sale or disposition of
      substantially all of the Company’s assets.

     

    Annual
      Meeting.
      Annual
      Meeting of Stockholders of the Company.

     

    Annual
      Awards.
      This
      term is defined below in “The Plan - General Information.” 

     

    Awards. Shares
      of
      Restricted Stock or Restricted Stock Units.

     

    Board.
      The
      Company’s Board of Directors.

     

    Board
      Appointment Award.
      This
      term is defined below in “The Plan - General Information.” 

     

    Code.
      The U.S.
      Internal Revenue Code of 1986 as in effect from time to time.

     

    Committee.
      The
      committee of directors of the Company which administers the Plan. See
      “The
      Plan—Administration” below beginning at page 3.

     

    Company.
      Anheuser-Busch
      Companies, Inc.

     

    Disability/Disabled.
      A
“Disability” is the condition of being “Disabled” within the meaning of Section
      422(c)(6) of the Code.

     

    Exchange
      Act.
      The
      Securities Exchange Act of 1934 as in effect from time to time.

     

    Fair
      Market Value.
      In
      general, the average of the highest and lowest selling prices per share of
      Stock
      reported on the New York Stock Exchange Composite Tape for any
      date.

     

    IRS.
      Internal Revenue Service.

     

    Non-Employee
      Director.
      An
      active or advisory director of the Company who is not an employee of the Company
      or its subsidiaries.

     

    Plan. The
      Company’s 2006 Restricted Stock Plan for Non-Employee Directors.

     

    Restricted
      Stock.
      Stock
      issued to a Non-Employee Director which is nontransferable and is subject to
      forfeiture upon the failure of the shares to Vest under the terms of the
      Plan.

     

    Restricted
      Stock Unit. The
      right
      to receive a lump sum cash payment in an amount equal to the Fair Market Value
      of one share of Stock upon Vesting. The right is nontransferable and is subject
      to forfeiture upon the failure of the Units to Vest as set forth under the
      Plan.

     

    SEC.
      Securities
      and Exchange Commission.

     

    Securities
      Act.
      The
      Securities Act of 1933 as in effect from time to time.

     

    Stock.
      Shares
      of the Company’s common stock, par value $1.00 per share.

     

    Vest.
      Awards
      Vest when they become non-forfeitable and freely transferable.

     

    THE
      PLAN

     

    General
      Information

    The
      Plan
      provides for the automatic, annual award of 500 shares of Restricted Stock
      on
      the date of the Annual Meeting to each Non-Employee Director then in office
      who
      is first elected or is re-elected by the stockholders of the Company at, or
      who
      continues in office after, any Annual Meeting. Also, the Board may make a
      discretionary award (not to exceed 500 Shares of Restricted Stock) to any person
      who first becomes a Non-Employee Director by Board appointment between Annual
      Meetings or who is first appointed an advisory director by the Board, effective
      on the date of appointment. Non-Employee Directors who are not employees of
      the
      Company or its subsidiaries, are the only individuals who are eligible to
      receive Awards. 

     

    Restricted
      Stock will not be awarded to a Non-Employee
      Director who, on the effective date of an Award, is not a stockholder and is
      not
      permitted

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    to
      be a
      stockholder in accordance with the Company’s Bylaws. Instead (and only in such
      circumstances), 500 Restricted Stock Units will be automatically awarded to
      such
      directors who are first elected and subsequently reelected at an Annual Meeting
      and up to 500 Restricted Stock Units may be awarded to such directors who first
      are appointed as directors by the Board between Annual Meetings and to persons
      who are first appointed by the Board as advisory directors.

     

    Awards
      made automatically at Annual Meetings are referred to as “Annual
      Awards.”
Awards
      made at the discretion of the Board to persons appointed by the Board as
      Non-Employee Directors (including advisory directors) between Annual Meetings
      are referred to as “Board
      Appointment Awards.”

     

    The
      purpose of the Plan is to attract and retain
      highly-qualified individuals who are not current employees of the Company or
      any
      of its subsidiaries to serve on the Company’s Board of Directors or as advisory
      directors. The award of Restricted Stock (or Restricted Stock Units if required
      as discussed herein), is intended to align the financial interests of the
      Non-Employee Directors with those of the Company’s stockholders. 

     

    The
      Plan
      has no expiration date. The Board has reserved the right to amend or terminate
      the Plan at any time; however, your outstanding Awards cannot be amended
      unilaterally by the Board. Certain substantive changes to the Plan, such as
      increasing the number of shares of Stock subject to Awards, or changing the
      numerical award limits, for example, would require the approval of the Company’s
      stockholders under the rules of the New York Stock Exchange.

     

    The
      Plan
      is not subject to the provisions of the Employee Retirement Income Security
      Act
      of 1974 (commonly known as ERISA), and is not a qualified pension,
      profit-sharing, or stock bonus plan under Section 401(a) of the
      Code.

     

    Administration

     

    The
      Plan
      is administered by the Compensation Committee of the Board. The members of
      the
      Compensation Committee are selected by the Board. The Compensation Committee
      members have no formal term of office, and the Board may remove members and
      fill
      vacancies on that committee. The current members of the Compensation Committee
      are: Vernon R. Loucks (Chairman), James J. Forese, Vilma S. Martinez, and
      William Porter Payne. The membership of the Compensation Committee is reported
      each year in the Company’s proxy statement.

     

    The
      Company’s Corporate Secretary will maintain records showing the number of
      outstanding shares of Restricted Stock and Restricted Stock Units awarded to
      each Non-Employee Director along with the award dates, vesting status with
      respect to each Annual Award and Board Appointment Award and any other data
      the
      Corporate Secretary deems significant. Any questions about the Plan, the Awards
      or requests for additional copies of the Plan or this Information Memorandum
      should be directed to JoBeth G. Brown, Vice President and Secretary,
      Anheuser-Busch Companies, Inc., One Busch Place, St. Louis, Missouri 63118
      (314-577-3314).

     

    Numerical
      Award Limits

     

    At
      present 100,000 shares of Stock are reserved and set aside in the Company’s
      treasury for issuance pursuant to Awards of Restricted Stock under the Plan.
      The
      overall limit, as well as the 500 Restricted Stock/Restricted Stock Unit per
      person Annual Award rate are subject to adjustment to reflect stock splits,
      stock dividends or similar events.

     

    Terms
      of
      Restricted Stock and Restricted Stock Units

     

    Restricted
      Stock and Restricted Stock Units are governed by the Plan. When you accept
      Restricted Stock (or Restricted Stock Units if applicable) you accept them
      subject to the terms and conditions set out in the Plan. 

     

    Restricted
      Stock

     

    As
      a
      recipient of Restricted Stock, you will be subject to the following rights
      and
      restrictions:

     

    
      	·  	
              You
                will be a stockholder of record with respect to all Restricted Stock
                awarded to you under the Plan.

            

    

     

    
      	°  	
              You
                will have the right to vote such Stock at any meeting of the stockholders
                of the Company.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	°  	
              You
                will have the right to receive all dividends declared and paid with
                respect to such Stock.

            

    

     

    
      	·  	
              You
                may not sell, transfer, assign, pledge or otherwise alienate or
                hypothecate any Restricted Stock unless and until the Restricted
                Stock
                Vests. See
                “Vesting
                of Awards” below. After the Restricted Stock Vests (i.e. the restrictions
                lapse) you will own the Stock without risk of forfeiture and the
                transfer
                will be restricted only to the extent required by the federal securities
                laws. See
                “Reporting
                Requirements and Restrictions on Sales and Purchases” on page 6 and
                “Additional Restrictions on Sales” on page
                7.

            

    

     

    The
      Company will deliver to you a Notice of Award with respect to each Award made
      to
      you. Each Notice of Award will set forth the number of shares of Restricted
      Stock or Restricted Stock Units (if applicable) awarded and the Vesting dates.
      The Notice of Award will indicate that the Restricted Stock is awarded to you
      in
“book entry” form so you will not receive a certificate representing the
      Restricted Stock awarded to you.

     

    
      	·  	
              By
                signing the Notice of Award:

            

    

     

    
      	°  	
              you
                appoint Mellon Investor Services, LLC as your agent
                for:

            

    

     

    → receiving
      the Restricted Stock Awarded
      to you; and

     

    → holding
      the Restricted Stock in
      book
      entry form.

     

    
      	°  	
              you
                acknowledge and agree that transfer of the Restricted Stock to Mellon
                Investor Services, LLC constitutes the legal equivalent of delivery
                to
                you; and

            

    

     

    
      	°  	
              You
                empower Mellon Investor Services, LLC to take any action to retransfer
                any
                Restricted Stock that is forfeited under the terms of the Plan.
                See
                “Effect
                if You Cease to be a Non-Employee Director -
                Forfeiture” on page 5.

            

    

     

    Restricted
      Stock Units

     

    If
      you
      are awarded Restricted Stock Units in lieu of Restricted Stock (for the reasons
      described elsewhere in this Information Memorandum), you will not be a
      stockholder of the Company with respect to the Restricted Stock Units awarded
      to
      you.

     

    
      	·  	
              Accordingly,
                you will not have the right to vote or receive dividends on the Restricted
                Stock Units awarded to you.

            

    

     

    
      	·  	
              You
                will have the right to receive payment in lieu of a dividend in an
                amount
                equal to the dividend on one share of Stock for each Restricted Stock
                Unit
                at such times as dividends are paid on
                Stock.

            

    

     

    
      	·  	
              You
                may not sell, transfer, assign, pledge or otherwise alienate or
                hypothecate any Restricted Stock Units.

            

    

     

    See
      “Vesting
      of Awards” below.

     

    Vesting
      of
      Awards

     

    Restricted
      Stock

     

    
      	·  	
              When
                shares of Restricted Stock “Vest,” the restrictions lapse - i.e., they
                become non-forfeitable and freely transferable Stock, subject only
                to
                restrictions under federal securities
                laws.

            

    

     

    
      	·  	
              The
                restrictions on Restricted Stock awarded at an Annual Meeting lapse
                in
                three equal installments on the dates of the first three Annual Meetings
                following the Annual Meeting at which the Restricted Stock was
                awarded.

            

    

     

    
      	·  	
              The
                restrictions on Restricted Stock awarded as Board Appointment Awards
                lapse
                in three equal installments on the first three anniversaries of the
                date
                of the Award.

            

    

     

    Restricted
      Stock Units

     

    
      	·  	
              When
                Restricted Stock Units Vest, they entitle you to receive a lump sum
                cash
                payment in an amount equal to the Fair Market Value of a like number
                of
                shares of Stock on the date they
                Vest.

            

    

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	·  	
              Restricted
                Stock Units awarded at an Annual Meeting Vest in three equal installments
                on the dates of the first three Annual Meetings following the Annual
                Meeting at which the Restricted Stock Units were
                awarded.

            

    

     

    
      	·  	
              The
                restrictions on Restricted Stock Units awarded as Board Appointment
                Awards
                lapse in three equal installments on the first three anniversaries
                of the
                date of the Award.

            

    

     

    In
      order
      for the shares of Restricted Stock or Restricted Stock Units awarded to you
      to
      Vest incrementally as set forth above, you must remain an active or advisory
      director:

     

    
      	·  	
              Immediately
                following the Annual Meeting in the year in which the portion of
                the Award
                eligible for Vesting occurs with respect to Annual Awards;
                and

            

    

     

    
      	·  	
              On
                each anniversary of the date of the Award in the year in which the
                portion
                of the Award eligible for Vesting occurs, with respect to Board
                Appointment Awards. 

            

    

     

    However,
      Vesting of the Restricted Stock or Restricted Stock Units may be accelerated
      in
      the following circumstances:

     

    
      	·  	
              In
                the event of your death or Disability while serving as an active
                or
                advisory director.

            

    

     

    
      	·  	
              The
                occurrence of an Acceleration Date.

            

    

     

    Effect
      if
      You Cease to Be a Non-Employee Director - Forfeiture

     

    
      	·  	
              If
                you cease to be an active or advisory director prior to any Award
                becoming
                fully Vested, you will forfeit all such shares of Restricted Stock
                and
                Restricted Stock Units which are not then
                Vested.

            

    

     

    
      	°  	
              The
                forfeited Stock automatically reverts to the Company as of the date
                of
                forfeiture.

            

    

     

    
      	°  	
              You
                will no longer have any rights as a stockholder with respect to the
                forfeited Stock.

            

    

     

    
      	    § 	
              You
                will have no right to vote the forfeited
                Stock.

            

    

     

    
      	§ 	
              You
                will have no right to receive dividends on the Restricted Stock or
                payment
                in lieu of dividends on Restricted Stock
                Units.

            

    

     

    

    FEDERAL
      INCOME TAX CONSEQUENCES

     

    General

    The
      following is merely a summary of some of the principal tax factors applicable
      to
      Restricted Shares and Restricted Stock Units. All discussions of federal income
      tax consequences contained in this summary are based on the law in effect at
      the
      time of its preparation. Such laws may be changed before the taxable events
      described in this summary actually occur. Because of the complexity, possibility
      of change and importance of the federal income tax laws applicable to the
      respective benefits offered, and because different circumstances potentially
      could cause different tax results, you should consult your own tax advisors
      to
      ascertain the income tax consequences to you of Restricted Shares and Restricted
      Stock Units. If you are not a citizen of the United States (or a resident
      alien), a review with your tax advisors is particularly necessary.  The
      Company (and its subsidiaries and affiliates) cannot guarantee that any
      particular tax treatment will apply or be available to you.

     

    Restricted
      Stock. You
      generally will not recognize income for federal income tax purposes at the
      time
      Restricted Stock is awarded to you. An amount equal to the fair market value
      of
      Restricted Stock at the time the restrictions lapse generally is includible
      in
      your gross income as ordinary income for each year in which the restrictions
      lapse. Gain or loss realized upon disposition of Restricted Stock after the
      restrictions lapse will be taxed as capital gain or loss. Your basis in the
      shares of

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Stock
      will equal the amount includible in your gross income when the restrictions
      lapse.

     

    You
      may
      elect to include in your gross income the fair market value of the Restricted
      Stock on the date of the Award, provided such an election is made within thirty
      (30) days of that date by filing a written election statement with the IRS
      and
      submitting a copy of the election statement to the Company. This election is
      called a “Section 83(b) Election.”

     

    If
      you
      receive dividends prior to the time restrictions lapse on Restricted Stock
      for
      which you have not made a Section 83(b) Election, the dividends received will
      be
      taxable to you as ordinary income, rather than as dividend income.

     

    The
      Company will be entitled to a federal income tax deduction equal to the amount
      of ordinary income you recognize with respect to Restricted Stock.

     

    Restricted
      Stock Units.
      You will
      not recognize income for federal income tax purposes at the time Restricted
      Stock Units are awarded to you. An amount equal to the amount of cash received
      at the time you receive payment, whether upon vesting or as a dividend
      equivalent, will be ordinary income to you. The Company will be entitled to
      a
      federal income tax deduction equal to the amount of income you recognize with
      respect to Restricted Stock Units.

     

    Parachute
      Payments

     

    Payments
      of compensation to certain shareholders or highly compensated individuals which
      are contingent on a change of ownership or effective control of a corporation
      (a
“Change
      In
      Control”)
      constitute “parachute
      payments” within
      the meaning of Section 280G of the Code in their entirety if they exceed 300%
      of
      the individual’s base amount, which is the individual’s average annual
      compensation during a prescribed period, subject to certain exceptions not
      here
      relevant. The result of classification of payments as parachute payments is
      (i)
      to subject the recipient to a nondeductible excise tax equal to 20% of the
      excess of the amount treated as parachute payments over 100% of the base amount
      and (ii) to render such excess parachute payments nondeductible by the
      Company.

     

    An
      event
      causing an Acceleration Date will cause the acceleration of the lapse of
      restrictions on Restricted Stock and of the time of payment with respect to
      Restricted Stock Units. Many of the events causing an Acceleration Date to
      occur
      would constitute a Change In Control for purposes of the parachute payment
      provisions. Acceleration upon a Change In Control will constitute a
“payment”
      contingent on a Change In Control, triggering the 20% excise tax and making
      the
      payment non-deductible for the Company to the extent the payment is an excess
      payment.

     

    A
      fraction (as determined under IRS regulations) of the value of the Restricted
      Stock or Restricted Stock Units which Vests upon a Change In Control would
      be
      treated as contingent on the Change In Control. Restricted Stock or Restricted
      Stock Units on which the restrictions have already lapsed on the date of a
      Change In Control do not come within the parachute payment
      provisions.

     

    

    REPORTING
      REQUIREMENTS AND

    RESTRICTIONS
      ON SALES AND PURCHASES

     

    General

     

    The
      Exchange Act requires all directors of the Company to file reports with the
      SEC
      of any changes in their beneficial ownership of Stock, including acquisition
      of
      Restricted Stock and Restricted Stock Units under this Plan. Under the Exchange
      Act, you generally are liable to the Company for so-called “short-swing” profits
      resulting from any purchase and sale, or sale and purchase, of Stock within
      any
      period of less than six months. If certain requirements are met, an SEC rule
      provides an exemption from short-swing profit liability for many actions
      involving Awards as discussed below.

     

    Restricted
      Stock

     

    SEC
      rules
      currently provide that Awards of Restricted Stock are treated as exempt

    

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    acquisitions.
      The lapsing of restrictions is a non-event. Forfeitures are treated as exempt
      dispositions. A sale of Stock after the restrictions lapse, however, would
      not
      be exempt from the short-swing profit liability provisions of the Exchange
      Act
      and therefore could be matched against any non-exempt purchase occurring six
      months before or after the sale.

     

    Restricted
      Stock Units

     

    The
      Award
      of Restricted Stock Units is an exempt acquisition and the lapsing of
      restrictions or the Vesting of the units is also exempt from the short-swing
      profit liability provisions of the Exchange Act. The forfeiture of Restricted
      Stock Units is an exempt disposition.

     

    ADDITIONAL
      RESTRICTIONS ON SALES

    

    The
      Securities Act imposes certain restrictions on the sale of any securities of
      the
      Company acquired by persons who are “affiliates” of the Company. Generally,
      directors are considered affiliates of the Company. Thus, you will have to
      register with the SEC any Stock acquired under this Plan which you intend to
      sell after the restrictions have lapsed, unless
      an
      exemption from registration is applicable. Ordinarily, an exemption
      will be available upon fulfillment of the conditions of Rule 144 under the
      Securities Act which include filing a Form 144 with the SEC prior to the
      sale.

     

    Certain
      other legal restrictions on the sale of Stock are imposed on you under the
      Exchange Act. See
      “Reporting
      Requirements and Restrictions on Sales and Purchases” on page 6.

     

    

     

    
      
        
        

        
        

      

      
        7Exhibit 10.33

    
      

    

    Exhibit
      10.33

    Date

    

    

    

    Name
      and

    Address
      of Director

    

    Re: Notice
      of Award under Anheuser-Busch Companies, Inc. 

          
2006
      Restricted Stock Plan for Non-Employee Directors

     

    Dear:

     

    Under
      the
      terms of the Company’s 2006 Restricted Stock Plan for Non-Employee Directors,
      you have been awarded the following shares of Restricted Stock:

    
       

      
        	
                Restricted
                  Stock Awarded

              	
                500
                  shares

              
	
                Award
                  Date

              	
                April
                  25, 2007

              
	
                Vesting
                  Schedule 

                (dates
                  when Restricted

                Stock
                  becomes non-

                forfeitable
                  and freely

                transferable)

              	
                167
                  on date of 2008 Annual Meeting

                167
                  on date of 2009 Annual Meeting

                166
                  on date of 2010 Annual
                  Meeting

              

      

    

     

    These
      shares of Restricted Stock are subject to the terms and conditions provided
      in
      the Plan. A copy of the Plan and an Information Memorandum are enclosed. Please
      read these documents carefully. The Mexican tax treatment of these awards may
      be
      different from that indicated in the Information Memorandum and you may want
      to
      consult your tax advisors. Because you are a citizen of Mexico, the U.S. tax
      rules require tax withholding on dividends and stock awards in accordance with
      the U.S. - Mexico Income Tax Treaty (currently 30%). Restricted Stock generally
      will be taxable in the U.S. in the amount of the fair market value of the shares
      on the date when the restrictions lapse. In order to meet the withholding
      requirements for Restricted Stock awards, shares of Restricted Stock will be
      withheld at the applicable rate. 

     

    By
      signing and returning this Award Letter to me, you acknowledge and agree (i)
      to
      be bound by all of the terms, provisions and limitations of the Plan, (ii)
      that
      you appoint Mellon Investor Services, LLC as agent for the purpose of receiving
      the Restricted Stock awarded to you, (iii) that you direct Mellon to hold the
      Restricted Stock in book entry form under the terms and conditions of the Plan,
      (iv) that the transfer of the Restricted Stock to Mellon constitutes the legal
      equivalent of delivery to you, and (v) that Mellon shall be empowered to take
      any action necessary to retransfer to the Company any shares of forfeited
      Restricted Stock pursuant to the terms of the Plan. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    My
      office
      will keep track of the Restricted Stock awarded to you under the Plan. As soon
      as practicable after the lapse of restrictions set forth in the Plan (and
      subject to applicable tax withholding, if any), we will send the certificates
      for the unrestricted shares to you.

     

    If
      you
      need information about the shares of Restricted Stock, or if you need additional
      copies of the Plan, the Information Memorandum, or other documents, please
      contact my office at (314) 577-3314.

     

    Very
      truly yours,

     

    

    

    

    

    

    

    Acknowledged
      and Agreed:

     

     

    
 

    
      	
              ___________________________

            	 
	 	 
	 	 
	
              Date:__________________________

            	 

    

    
 

     

    Enclosures

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
      	INFORMATION MEMORANDUM	
                April
                25, 2007

            

    

     

    

    
      
        	
                 

              	 ANHEUSER-BUSCH
                COMPANIES

      

    

    

    

    

    2006
      Restricted Stock Plan for Non-Employee Directors

    

     

    
      

    

     

    TABLE
      OF CONTENTS

    

      
        	
                Definitions
                  of Terms

              	
                2

              
	
                The
                  Plan

              	
                2

              
	
                General
                  Information

              	
                2

              
	
                Administration

              	
                3

              
	
                Numerical
                  Award Limits

              	
                3

              
	
                Terms
                  of Restricted Stock and Restricted
                  Stock Units

              	
                3

              
	
                Vesting
                  of Awards

              	
                4

              
	
                Effect
                  if You Cease to be a Non-Employee
                  Director - Forfeiture

              	
                
                  5

                

              
	
                Federal
                  Income Tax Consequences

              	
                5

              
	
                General

              	
                
                  5

                

              
	
                Parachute
                  Payments

              	
                
                  6

                

              
	
                Reporting
                  Requirements and Restrictions on Sales
                  and Purchases

              	
                6

              
	
                Additional
                  Restrictions on Sales

              	
                7

              

      

    
      
        

      

    

    
 

    We
      are
      providing this Information Memorandum, including any appendices, to all
      Non-Employee Directors who receive Awards under the Plan. This Information
      Memorandum helps explain what the Awards are, how they work, and what
      limitations and restrictions are imposed on them. The information in this
      Information Memorandum is only a summary, and not a complete recitation, of
      those provisions of the Plan which are important to you as a recipient of
      Awards. You should read the entire Plan to understand all of its provisions.
      If
      any of the descriptions in this Information Memorandum are inconsistent with
      the
      Plan, the provisions of the Plan are legally controlling. 

     

    Capitalized
      terms used in this Information Memorandum have special meanings which are
      important to your understanding of this document. Most definitions (or
      appropriate cross-references) are collected in the section captioned
“Definitions of Terms” beginning at page 2.

     

    The
      delivery of this Information Memorandum does not imply that the information
      contained in it is correct as of any time later than the date
      above.

     

    

     

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    DEFINITIONS
      OF TERMS

    
 

    The
      following terms are important to understanding this Information Memorandum:
      

     

    Acceleration
      Date.
      An
      Acceleration Date occurs when any of the following happens: (i) ownership by
      persons or groups of more than 30% of the Company’s then outstanding voting
      securities; (ii) certain substantial changes in the composition of the Company’s
      Board of Directors; and (iii) stockholder approval of certain plans of merger,
      consolidation, liquidation, or dissolution, or of the sale or disposition of
      substantially all of the Company’s assets.

     

    Annual
      Meeting.
      Annual
      Meeting of Stockholders of the Company.

     

    Annual
      Awards.
      This
      term is defined below in “The Plan - General Information.” 

     

    Awards. Shares
      of
      Restricted Stock or Restricted Stock Units.

     

    Board.
      The
      Company’s Board of Directors.

     

    Board
      Appointment Award.
      This
      term is defined below in “The Plan - General Information.” 

     

    Code.
      The U.S.
      Internal Revenue Code of 1986 as in effect from time to time.

     

    Committee.
      The
      committee of directors of the Company which administers the Plan. See
      “The
      Plan—Administration” below beginning at page 3.

     

    Company.
      Anheuser-Busch
      Companies, Inc.

     

    Disability/Disabled.
      A
“Disability” is the condition of being “Disabled” within the meaning of Section
      422(c)(6) of the Code.

     

    Exchange
      Act.
      The
      Securities Exchange Act of 1934 as in effect from time to time.

     

    Fair
      Market Value.
      In
      general, the average of the highest and lowest selling prices per share of
      Stock
      reported on the New York Stock Exchange Composite Tape for any
      date.

     

    IRS.
      Internal Revenue Service.

     

    Non-Employee
      Director.
      An
      active or advisory director of the Company who is not an employee of the Company
      or its subsidiaries.

     

    Plan. The
      Company’s 2006 Restricted Stock Plan for Non-Employee Directors.

     

    Restricted
      Stock.
      Stock
      issued to a Non-Employee Director which is nontransferable and is subject to
      forfeiture upon the failure of the shares to Vest under the terms of the
      Plan.

     

    Restricted
      Stock Unit. The
      right
      to receive a lump sum cash payment in an amount equal to the Fair Market Value
      of one share of Stock upon Vesting. The right is nontransferable and is subject
      to forfeiture upon the failure of the Units to Vest as set forth under the
      Plan.

     

    SEC.
      Securities
      and Exchange Commission.

     

    Securities
      Act.
      The
      Securities Act of 1933 as in effect from time to time.

     

    Stock.
      Shares
      of the Company’s common stock, par value $1.00 per share.

     

    Vest.
      Awards
      Vest when they become non-forfeitable and freely transferable.

     

    THE
      PLAN

     

    General
      Information

    The
      Plan
      provides for the automatic, annual award of 500 shares of Restricted Stock
      on
      the date of the Annual Meeting to each Non-Employee Director then in office
      who
      is first elected or is re-elected by the stockholders of the Company at, or
      who
      continues in office after, any Annual Meeting. Also, the Board may make a
      discretionary award (not to exceed 500 Shares of Restricted Stock) to any person
      who first becomes a Non-Employee Director by Board appointment between Annual
      Meetings or who is first appointed an advisory director by the Board, effective
      on the date of appointment. Non-Employee Directors who are not employees of
      the
      Company or its subsidiaries, are the only individuals who are eligible to
      receive Awards. 

     

    Restricted
      Stock will not be awarded to a Non-Employee
      Director who, on the effective date of an Award, is not a stockholder and is
      not
      permitted

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    to
      be a
      stockholder in accordance with the Company’s Bylaws. Instead (and only in such
      circumstances), 500 Restricted Stock Units will be automatically awarded to
      such
      directors who are first elected and subsequently reelected at an Annual Meeting
      and up to 500 Restricted Stock Units may be awarded to such directors who first
      are appointed as directors by the Board between Annual Meetings and to persons
      who are first appointed by the Board as advisory directors.

     

    Awards
      made automatically at Annual Meetings are referred to as “Annual
      Awards.”
Awards
      made at the discretion of the Board to persons appointed by the Board as
      Non-Employee Directors (including advisory directors) between Annual Meetings
      are referred to as “Board
      Appointment Awards.”

     

    The
      purpose of the Plan is to attract and retain
      highly-qualified individuals who are not current employees of the Company or
      any
      of its subsidiaries to serve on the Company’s Board of Directors or as advisory
      directors. The award of Restricted Stock (or Restricted Stock Units if required
      as discussed herein), is intended to align the financial interests of the
      Non-Employee Directors with those of the Company’s stockholders. 

     

    The
      Plan
      has no expiration date. The Board has reserved the right to amend or terminate
      the Plan at any time; however, your outstanding Awards cannot be amended
      unilaterally by the Board. Certain substantive changes to the Plan, such as
      increasing the number of shares of Stock subject to Awards, or changing the
      numerical award limits, for example, would require the approval of the Company’s
      stockholders under the rules of the New York Stock Exchange.

     

    The
      Plan
      is not subject to the provisions of the Employee Retirement Income Security
      Act
      of 1974 (commonly known as ERISA), and is not a qualified pension,
      profit-sharing, or stock bonus plan under Section 401(a) of the
      Code.

     

    Administration

     

    The
      Plan
      is administered by the Compensation Committee of the Board. The members of
      the
      Compensation Committee are selected by the Board. The Compensation Committee
      members have no formal term of office, and the Board may remove members and
      fill
      vacancies on that committee. The current members of the Compensation Committee
      are: Vernon R. Loucks (Chairman), James J. Forese, Vilma S. Martinez, and
      William Porter Payne. The membership of the Compensation Committee is reported
      each year in the Company’s proxy statement.

     

    The
      Company’s Corporate Secretary will maintain records showing the number of
      outstanding shares of Restricted Stock and Restricted Stock Units awarded to
      each Non-Employee Director along with the award dates, vesting status with
      respect to each Annual Award and Board Appointment Award and any other data
      the
      Corporate Secretary deems significant. Any questions about the Plan, the Awards
      or requests for additional copies of the Plan or this Information Memorandum
      should be directed to JoBeth G. Brown, Vice President and Secretary,
      Anheuser-Busch Companies, Inc., One Busch Place, St. Louis, Missouri 63118
      (314-577-3314).

     

    Numerical
      Award Limits

     

    At
      present 100,000 shares of Stock are reserved and set aside in the Company’s
      treasury for issuance pursuant to Awards of Restricted Stock under the Plan.
      The
      overall limit, as well as the 500 Restricted Stock/Restricted Stock Unit per
      person Annual Award rate are subject to adjustment to reflect stock splits,
      stock dividends or similar events.

     

    Terms
      of
      Restricted Stock and Restricted Stock Units

     

    Restricted
      Stock and Restricted Stock Units are governed by the Plan. When you accept
      Restricted Stock (or Restricted Stock Units if applicable) you accept them
      subject to the terms and conditions set out in the Plan. 

     

    Restricted
      Stock

     

    As
      a
      recipient of Restricted Stock, you will be subject to the following rights
      and
      restrictions:

     

    
      	·  	
              You
                will be a stockholder of record with respect to all Restricted Stock
                awarded to you under the Plan.

            

    

     

    
      	°  	
              You
                will have the right to vote such Stock at any meeting of the stockholders
                of the Company.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	°  	
              You
                will have the right to receive all dividends declared and paid with
                respect to such Stock.

            

    

     

    
      	·  	
              You
                may not sell, transfer, assign, pledge or otherwise alienate or
                hypothecate any Restricted Stock unless and until the Restricted
                Stock
                Vests. See
                “Vesting
                of Awards” below. After the Restricted Stock Vests (i.e. the restrictions
                lapse) you will own the Stock without risk of forfeiture and the
                transfer
                will be restricted only to the extent required by the federal securities
                laws. See
                “Reporting
                Requirements and Restrictions on Sales and Purchases” on page 6 and
                “Additional Restrictions on Sales” on page
                7.

            

    

     

    The
      Company will deliver to you a Notice of Award with respect to each Award made
      to
      you. Each Notice of Award will set forth the number of shares of Restricted
      Stock or Restricted Stock Units (if applicable) awarded and the Vesting dates.
      The Notice of Award will indicate that the Restricted Stock is awarded to you
      in
“book entry” form so you will not receive a certificate representing the
      Restricted Stock awarded to you.

     

    
      	·  	
              By
                signing the Notice of Award:

            

    

     

    
      	°  	
              you
                appoint Mellon Investor Services, LLC as your agent
                for:

            

    

     

    → receiving
      the Restricted Stock Awarded
      to you; and

     

    → holding
      the Restricted Stock in
      book
      entry form.

     

    
      	°  	
              you
                acknowledge and agree that transfer of the Restricted Stock to Mellon
                Investor Services, LLC constitutes the legal equivalent of delivery
                to
                you; and

            

    

     

    
      	°  	
              You
                empower Mellon Investor Services, LLC to take any action to retransfer
                any
                Restricted Stock that is forfeited under the terms of the Plan.
                See
                “Effect
                if You Cease to be a Non-Employee Director -
                Forfeiture” on page 5.

            

    

     

    Restricted
      Stock Units

     

    If
      you
      are awarded Restricted Stock Units in lieu of Restricted Stock (for the reasons
      described elsewhere in this Information Memorandum), you will not be a
      stockholder of the Company with respect to the Restricted Stock Units awarded
      to
      you.

     

    
      	·  	
              Accordingly,
                you will not have the right to vote or receive dividends on the Restricted
                Stock Units awarded to you.

            

    

     

    
      	·  	
              You
                will have the right to receive payment in lieu of a dividend in an
                amount
                equal to the dividend on one share of Stock for each Restricted Stock
                Unit
                at such times as dividends are paid on
                Stock.

            

    

     

    
      	·  	
              You
                may not sell, transfer, assign, pledge or otherwise alienate or
                hypothecate any Restricted Stock Units.

            

    

     

    See
      “Vesting
      of Awards” below.

     

    Vesting
      of
      Awards

     

    Restricted
      Stock

     

    
      	·  	
              When
                shares of Restricted Stock “Vest,” the restrictions lapse - i.e., they
                become non-forfeitable and freely transferable Stock, subject only
                to
                restrictions under federal securities
                laws.

            

    

     

    
      	·  	
              The
                restrictions on Restricted Stock awarded at an Annual Meeting lapse
                in
                three equal installments on the dates of the first three Annual Meetings
                following the Annual Meeting at which the Restricted Stock was
                awarded.

            

    

     

    
      	·  	
              The
                restrictions on Restricted Stock awarded as Board Appointment Awards
                lapse
                in three equal installments on the first three anniversaries of the
                date
                of the Award.

            

    

     

    Restricted
      Stock Units

     

    
      	·  	
              When
                Restricted Stock Units Vest, they entitle you to receive a lump sum
                cash
                payment in an amount equal to the Fair Market Value of a like number
                of
                shares of Stock on the date they
                Vest.

            

    

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	·  	
              Restricted
                Stock Units awarded at an Annual Meeting Vest in three equal installments
                on the dates of the first three Annual Meetings following the Annual
                Meeting at which the Restricted Stock Units were
                awarded.

            

    

     

    
      	·  	
              The
                restrictions on Restricted Stock Units awarded as Board Appointment
                Awards
                lapse in three equal installments on the first three anniversaries
                of the
                date of the Award.

            

    

     

    In
      order
      for the shares of Restricted Stock or Restricted Stock Units awarded to you
      to
      Vest incrementally as set forth above, you must remain an active or advisory
      director:

     

    
      	·  	
              Immediately
                following the Annual Meeting in the year in which the portion of
                the Award
                eligible for Vesting occurs with respect to Annual Awards;
                and

            

    

     

    
      	·  	
              On
                each anniversary of the date of the Award in the year in which the
                portion
                of the Award eligible for Vesting occurs, with respect to Board
                Appointment Awards. 

            

    

     

    However,
      Vesting of the Restricted Stock or Restricted Stock Units may be accelerated
      in
      the following circumstances:

     

    
      	·  	
              In
                the event of your death or Disability while serving as an active
                or
                advisory director.

            

    

     

    
      	·  	
              The
                occurrence of an Acceleration Date.

            

    

     

    Effect
      if
      You Cease to Be a Non-Employee Director - Forfeiture

     

    
      	·  	
              If
                you cease to be an active or advisory director prior to any Award
                becoming
                fully Vested, you will forfeit all such shares of Restricted Stock
                and
                Restricted Stock Units which are not then
                Vested.

            

    

     

    
      	°  	
              The
                forfeited Stock automatically reverts to the Company as of the date
                of
                forfeiture.

            

    

     

    
      	°  	
              You
                will no longer have any rights as a stockholder with respect to the
                forfeited Stock.

            

    

     

    
      	    § 	
              You
                will have no right to vote the forfeited
                Stock.

            

    

     

    
      	§ 	
              You
                will have no right to receive dividends on the Restricted Stock or
                payment
                in lieu of dividends on Restricted Stock
                Units.

            

    

     

    

    FEDERAL
      INCOME TAX CONSEQUENCES

     

    General

    The
      following is merely a summary of some of the principal tax factors applicable
      to
      Restricted Shares and Restricted Stock Units. All discussions of federal income
      tax consequences contained in this summary are based on the law in effect at
      the
      time of its preparation. Such laws may be changed before the taxable events
      described in this summary actually occur. Because of the complexity, possibility
      of change and importance of the federal income tax laws applicable to the
      respective benefits offered, and because different circumstances potentially
      could cause different tax results, you should consult your own tax advisors
      to
      ascertain the income tax consequences to you of Restricted Shares and Restricted
      Stock Units. If you are not a citizen of the United States (or a resident
      alien), a review with your tax advisors is particularly necessary.  The
      Company (and its subsidiaries and affiliates) cannot guarantee that any
      particular tax treatment will apply or be available to you.

     

    Restricted
      Stock. You
      generally will not recognize income for federal income tax purposes at the
      time
      Restricted Stock is awarded to you. An amount equal to the fair market value
      of
      Restricted Stock at the time the restrictions lapse generally is includible
      in
      your gross income as ordinary income for each year in which the restrictions
      lapse. Gain or loss realized upon disposition of Restricted Stock after the
      restrictions lapse will be taxed as capital gain or loss. Your basis in the
      shares of

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Stock
      will equal the amount includible in your gross income when the restrictions
      lapse.

     

    You
      may
      elect to include in your gross income the fair market value of the Restricted
      Stock on the date of the Award, provided such an election is made within thirty
      (30) days of that date by filing a written election statement with the IRS
      and
      submitting a copy of the election statement to the Company. This election is
      called a “Section 83(b) Election.”

     

    If
      you
      receive dividends prior to the time restrictions lapse on Restricted Stock
      for
      which you have not made a Section 83(b) Election, the dividends received will
      be
      taxable to you as ordinary income, rather than as dividend income.

     

    The
      Company will be entitled to a federal income tax deduction equal to the amount
      of ordinary income you recognize with respect to Restricted Stock.

     

    Restricted
      Stock Units.
      You will
      not recognize income for federal income tax purposes at the time Restricted
      Stock Units are awarded to you. An amount equal to the amount of cash received
      at the time you receive payment, whether upon vesting or as a dividend
      equivalent, will be ordinary income to you. The Company will be entitled to
      a
      federal income tax deduction equal to the amount of income you recognize with
      respect to Restricted Stock Units.

     

    Parachute
      Payments

     

    Payments
      of compensation to certain shareholders or highly compensated individuals which
      are contingent on a change of ownership or effective control of a corporation
      (a
“Change
      In
      Control”)
      constitute “parachute
      payments” within
      the meaning of Section 280G of the Code in their entirety if they exceed 300%
      of
      the individual’s base amount, which is the individual’s average annual
      compensation during a prescribed period, subject to certain exceptions not
      here
      relevant. The result of classification of payments as parachute payments is
      (i)
      to subject the recipient to a nondeductible excise tax equal to 20% of the
      excess of the amount treated as parachute payments over 100% of the base amount
      and (ii) to render such excess parachute payments nondeductible by the
      Company.

     

    An
      event
      causing an Acceleration Date will cause the acceleration of the lapse of
      restrictions on Restricted Stock and of the time of payment with respect to
      Restricted Stock Units. Many of the events causing an Acceleration Date to
      occur
      would constitute a Change In Control for purposes of the parachute payment
      provisions. Acceleration upon a Change In Control will constitute a
“payment”
      contingent on a Change In Control, triggering the 20% excise tax and making
      the
      payment non-deductible for the Company to the extent the payment is an excess
      payment.

     

    A
      fraction (as determined under IRS regulations) of the value of the Restricted
      Stock or Restricted Stock Units which Vests upon a Change In Control would
      be
      treated as contingent on the Change In Control. Restricted Stock or Restricted
      Stock Units on which the restrictions have already lapsed on the date of a
      Change In Control do not come within the parachute payment
      provisions.

     

    

    REPORTING
      REQUIREMENTS AND

    RESTRICTIONS
      ON SALES AND PURCHASES

     

    General

     

    The
      Exchange Act requires all directors of the Company to file reports with the
      SEC
      of any changes in their beneficial ownership of Stock, including acquisition
      of
      Restricted Stock and Restricted Stock Units under this Plan. Under the Exchange
      Act, you generally are liable to the Company for so-called “short-swing” profits
      resulting from any purchase and sale, or sale and purchase, of Stock within
      any
      period of less than six months. If certain requirements are met, an SEC rule
      provides an exemption from short-swing profit liability for many actions
      involving Awards as discussed below.

     

    Restricted
      Stock

     

    SEC
      rules
      currently provide that Awards of Restricted Stock are treated as exempt

    

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    acquisitions.
      The lapsing of restrictions is a non-event. Forfeitures are treated as exempt
      dispositions. A sale of Stock after the restrictions lapse, however, would
      not
      be exempt from the short-swing profit liability provisions of the Exchange
      Act
      and therefore could be matched against any non-exempt purchase occurring six
      months before or after the sale.

     

    Restricted
      Stock Units

     

    The
      Award
      of Restricted Stock Units is an exempt acquisition and the lapsing of
      restrictions or the Vesting of the units is also exempt from the short-swing
      profit liability provisions of the Exchange Act. The forfeiture of Restricted
      Stock Units is an exempt disposition.

     

    ADDITIONAL
      RESTRICTIONS ON SALES

    

    The
      Securities Act imposes certain restrictions on the sale of any securities of
      the
      Company acquired by persons who are “affiliates” of the Company. Generally,
      directors are considered affiliates of the Company. Thus, you will have to
      register with the SEC any Stock acquired under this Plan which you intend to
      sell after the restrictions have lapsed, unless
      an
      exemption from registration is applicable. Ordinarily, an exemption
      will be available upon fulfillment of the conditions of Rule 144 under the
      Securities Act which include filing a Form 144 with the SEC prior to the
      sale.

     

    Certain
      other legal restrictions on the sale of Stock are imposed on you under the
      Exchange Act. See
      “Reporting
      Requirements and Restrictions on Sales and Purchases” on page 6.

     

    

     

    
      
        
        

        
        

      

      
        7

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