Document:

Exhibit 10.25

    
      

    

    

    Exhibit
      10.25

    

    

    April
      26,
      2006

    

    

    

    

    

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

    2006
      Restricted Stock Plan for Non-Employee Directors

     

    Dear
      [Name of Director]:

     

    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
                    26, 2006

                
	
                  Vesting
                    Schedule (dates when Restricted Stock becomes non-forfeitable
                    and freely
                    transferable)

                	
                  167
                    on date of 2007 Annual Meeting

                  167
                    on date of 2008 Annual Meeting

                  166
                    on date of 2009 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
      26, 2006

    

             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 10.26

    
      

    

     

    

      Exhibit
        10.26

      

      April
        26,
        2006

      

      

      

      

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

      2006
        Restricted Stock Plan for Non-Employee Directors

       

      Dear
        [Name of Director]:

       

      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
                        26, 2006

                    
	
                      Vesting
                        Schedule (dates when Restricted Stock becomes non-forfeitable
                        and freely
                        transferable)

                    	
                      167
                        on date of 2007 Annual Meeting

                      167
                        on date of 2008 Annual Meeting

                      166
                        on date of 2009 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
          26, 2006

        

                 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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