Document:

Exhibit 10.1 Purchase and Sale Agreement

		

			Exhibit 10.1

		

		
			PURCHASE AND SALE AGREEMENT
		

		
			by and between 
		

		
			THE DALLAS MORNING NEWS, INC.,
		

		
			as Seller,
		

		
			and
		

		
			CHARTER DMN HOLDINGS, LP,
		

		
			as Purchaser
		

		
			 
		

		

		

		 

 

		

			 

		

		TABLE OF CONTENTS
		

			
					
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						 1.

					
					
						 

					
					
						DESCRIPTION OF PROPERTY; AGREEMENT TO BUY AND SELL

					
					
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						2.

					
					
						 

					
					
						TITLE COMPANY

					
					
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						3.

					
					
						 

					
					
						PURCHASE  PRICE/SELLER FINANCING/DEFERRED DEVELOPMENT PREMIUM

					
					
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						4.

					
					
						 

					
					
						CRITICAL DATES

					
					
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						5.

					
					
						 

					
					
						NO INSPECTION PERIOD; SELLER’S DELIVERY OF DUE DILIGENCE ITEMS

					
					
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						6.

					
					
						 

					
					
						AS IS SALE

					
					
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						7.

					
					
						 

					
					
						ASSUMPTION OF CONTRACTS

					
					
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						8.

					
					
						 

					
					
						ZONING

					
					
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						9.

					
					
						 

					
					
						CLOSING AND CLOSING DATE

					
					
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						10.

					
					
						 

					
					
						EXPENSES AND PRORATIONS AT THE CLOSING

					
					
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						11.

					
					
						 

					
					
						TITLE; SURVEY; EXISTING USE RESTRICTIONS; COVENANTS OF SELLER

					
					
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						12.

					
					
						 

					
					
						REPRESENTATIONS AND WARRANTIES OF SELLER

					
					
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						13.

					
					
						 

					
					
						WARRANTIES, REPRESENTATIONS AND COVENANTS OF BUYER

					
					
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						14.

					
					
						 

					
					
						DEFAULTS

					
					
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						15.

					
					
						 

					
					
						CASUALTY

					
					
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						16.

					
					
						 

					
					
						BROKERS

					
					
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						17.

					
					
						 

					
					
						NOTICES

					
					
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						18.

					
					
						 

					
					
						GENERAL PROVISIONS

					
					
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						19.

					
					
						 

					
					
						DAY FOR PERFORMANCE

					
					
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						20.

					
					
						 

					
					
						SURVIVAL OF PROVISIONS

					
					
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						21.

					
					
						 

					
					
						SEVERABILITY

					
					
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						22.

					
					
						 

					
					
						EFFECTIVE DATE

					
					
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						23.

					
					
						 

					
					
						NO PUBLIC DISCLOSURE

					
					
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						24.

					
					
						 

					
					
						ATTORNEY’S FEES

					
					
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						25.

					
					
						 

					
					
						MERGER/PRIOR AGREEMENTS

					
					
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						26.

					
					
						 

					
					
						HEADINGS/CAPTIONS

					
					
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						27.

					
					
						 

					
					
						THIRD-PARTY BENEFICIARIES

					
					
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						28.

					
					
						 

					
					
						WAIVER OF JURY TRIAL

					
					
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						29.

					
					
						 

					
					
						ASSIGNMENT

					
					
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			EXHIBIT ADESCRIPTION OF LAND
		

		
			EXHIBIT BFORMS OF NOTE AND DEED OF TRUST
		

		
			EXHIBIT CSPECIAL WARRANTY DEED WITH VENDOR’S LIEN
		

		
			EXHIBIT DBILL OF SALE AND ASSIGNMENT AND ASSUMPTION OF CONTRACTS
		

		
			EXHIBIT EFORMS OF ESTOPPEL CERTIFICATES
		

		

		

		 

		

			 

		

 

		

			

		

		
		

		
			PURCHASE AND SALE AGREEMENT
		

		
			THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made and entered into as of May 17, 2019 (the "Effective Date") by and between THE DALLAS MORNING NEWS,  INC. a Delaware corporation ("Seller"), and CHARTER DMN HOLDINGS, LP, a Texas limited partnership ("Purchaser").
		

		
			A.Seller desires to sell and Purchaser desires to acquire the property described in this Agreement on the terms and conditions in this Agreement.
		

		
			B.In consideration of the mutual covenants and agreements in this Agreement, and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are expressly acknowledged, Seller and Purchaser agree as follows:
		

			
	
			
				 1.
			Description of Property; Agreement to Buy and Sell.  Subject to the terms and conditions in this Agreement, Purchaser agrees to buy and Seller agrees to sell (a) the real property containing approximately 8.033 gross acres (or approximately 7.21 net acres, net of the Ground Lease (defined herein)), located at 508 Young Street in the City of Dallas, Dallas County, Texas, as described on Exhibit A (the "Land"), together with any and all improvements, appurtenances, rights, privileges and easements benefiting, belonging or pertaining to the Land, and all right, title and interest of Seller in and to any land lying in the bed of any road in front of or adjoining the Land, together with any strips or gores relating to the Land (the “Improvements”), and all of Seller’s right title and interest in and to all furniture, personal property, machinery, apparatus, and equipment owned by Seller located on the  Land and Improvements (the “Personal Property”, and together with the Land and Improvements, collectively, the "Property"), (b) all of Seller’s right, title, and interest in and to that certain Ground Lease Agreement with Option to Purchase dated as of October 1, 2008 executed by Seller as lessor and Belo Corp. and Texas Cable News, Inc., collectively as lessee (the “Ground Lease”); (c) all of Seller’s right, title, and interest in at to that certain Building and Rooftop License Agreement dated February 24, 2015 executed by Seller and Dallas MTA, L.P. d/b/a Verizon Wireless (the “Cell Tower Lease”); (d) all of Seller’s right, title, and interest in and to that certain Reciprocal Easement and Operating Agreement dated as of October 1, 2008 by and between Seller, Belo Corp., Texas Cable News, Inc., and WFAA-TV, Inc. (the “Easement and Operating Agreement”) and (e) all of Seller’s right, title, and interest in and to that certain Storage Space Lease dated as of October 1, 2008 between Seller and WFAA-TV, Inc. (the “Storage Space Lease”).

			
	
			
				 2.
			Title Company.  The title company for the closing shall be Benchmark Title, LLC,  2007 Randall Street, Dallas, Texas 75201; (214) 485-8650; Attention:  Scott Sherer (the "Title Company").  This transaction will be a simultaneous sign and close and accordingly there will be no earnest money.  In the event that Benchmark Title, LLC imposes additional exceptions, or additional or separate non-customary requirements other than those provided in the title commitment prepared by Republic Title of Texas, Inc. as delivered to Purchaser in the data room, and Benchmark Title, LLC is unwilling to compromise or waive such matter or matters to Seller’s reasonable satisfaction, Benchmark Title, LLC shall be replaced as the Title Company with Republic Title of Texas, Inc.

			
	
			
				 3.
			Purchase Price/Seller Financing/Deferred Development Premium.  The "Purchase Price" of the Property is TWENTY-EIGHT MILLION and No/100 Dollars ($28,000,000.00) and is subject to adjustments and prorations as provided in this Agreement.  Purchaser will finance a portion of the Purchase Price with Seller financing (the “Seller Financing”) by delivering to Seller at Closing a promissory note (the “Note”) in the amount of $22,400,000.00. The principal amount of the Note may increase after Closing in the amount of a development premium as more fully set forth therein. The Note shall bear interest at 3.5% per annum through June 30, 2020 and 4.5% per annum thereafter, with interest only payments due quarterly, the first payment to be made on July 1, 2019 and subsequent quarterly 
		

		 

		

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			payments to be due on the 1st of each October, January, April, and July thereafter prior to maturity.  The entire unpaid principal balance of the Note together with all accrued and unpaid interest thereon shall be finally due and payable on June 30, 2021.  Purchaser shall have the right to prepay the Note in whole or in part at any time or from time to time without notice, premium, or penalty.  The Note shall be secured by a first lien deed of trust (the “Deed of Trust”) covering the Property.  The forms of the Note and Deed of Trust are attached hereto as Exhibit B.  At Closing, the cash portion of the Purchase Price will be paid to Seller by wire transfer of immediately available funds to an account designated by Seller.  Other than with respect to the Seller Financing, Purchaser expressly agrees and acknowledges that Purchaser’s obligations hereunder are not in any way conditional upon or qualified by Purchaser’s ability to obtain any other financing of any type or nature whatsoever (i.e., whether by way of debt, financing or equity investment or otherwise).   If Purchaser or any individual or entity directly or indirectly controlling, controlled by, or under ‎common control with Purchaser shall execute a single lease of 200,000 or more square feet for ‎commercial office space on any portion of the Property on or before May 17, 2020, Purchaser ‎shall be obligated to pay a development premium of $1,000,000 (the “Development Premium”) on the date of execution of such ‎lease (the “Due Date”) and the then outstanding principal amount of the Note (if the Note has not been previously paid in full) will automatically increase by the ‎amount of such premium on such date to evidence Seller’s deferral of immediate payment of ‎the development premium and the rolling of such amount into the Note.  If the Note has been paid in full prior to the Development Premium becoming due, the Development Premium shall become an unsecured contractual obligation of Purchaser immediately payable on the Due Date.  The requirement for payment of the Development Premium will survive Closing for the period of the applicable statute of limitations and will not be limited by the shorter survival period provided in Paragraph 20 of this Agreement.

			
	
			
				 4.
			Critical Dates.  Seller and Purchaser agree as follows:

		
			(a)There will be no feasibility or inspection period.
		

		
			(b)The Closing (defined in Section 9) will be May 17, 2019.
		

		
			The dates in this Section are subject to extension only as expressly set forth in this Agreement.
		

			
	
			
				 5.
			Seller's Delivery of Due Diligence Items.  Seller has delivered to Purchaser (through access to the data room for this transaction) copies of due diligence materials related to the Property (collectively, "Site Information").  Purchaser has previously conducted all inspections of the Property that it deems necessary to investigate and plan for the use and development of the Property and has not conducted any invasive testing or boring or soil sampling.  Purchaser has previously restored any area of the Property disturbed by Purchaser to as near its original condition as reasonably possible. Purchaser acknowledges that the Property has been vacant for a period of time and there may have been numerous items of inoperable equipment and safety hazards present during Purchaser’s inspection.  PURCHASER SHALL INDEMNIFY AND HOLD HARMLESS SELLER FROM ANY DAMAGES, LIABILITIES, OR CLAIMS FOR PROPERTY DAMAGE OR PERSONAL INJURY, INCLUDING ATTORNEYS' FEES AND COSTS, CAUSED BY PURCHASER, ITS EMPLOYEES, AGENTS, OR INDEPENDENT CONTRACTORS IN CONNECTION WITH THE PREVIOUS INSPECTION OF THE PROPERTY, OR THAT ARISE IN ANY WAY FROM PURCHASER’S OR ITS EMPLOYEES’, AGENTS’, OR INDEPENDENT CONTRACTOR’S EXERCISE OF ITS PRIOR RIGHTS OF ACCESS ONTO THE PROPERTY, OR THE CONDUCT OF SUCH TESTS.  The foregoing indemnification obligations shall specifically exclude damages, liabilities or claims relating to the value of the Property, repairs or corrections to be made on the Property or reporting obligations of Seller arising from discovery by Purchaser of any pre-existing condition on or about the Property; provided Purchaser shall continue to indemnify Seller with respect to any personal injuries or damage that arise as a result of any pre-existing conditions that are incurred by anyone in connection with Purchaser’s or Purchaser’s agents, contractors, employees or 
		

		 

		

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			representatives inspecting the Property.  Purchaser's indemnity obligations under this Section 5 will survive Closing or the termination of this Agreement.

		
			Unless Seller specifically and expressly agrees otherwise in writing, or except as otherwise excluded under this Agreement, Purchaser agrees that (a) the results of all inspections, analyses, studies and similar reports relating to the Property prepared by or for Purchaser utilizing any information acquired in whole or in part through the exercise of Purchaser’s previous inspection rights; and (b) all information (collectively, the “Proprietary Information”) regarding the Property of whatsoever nature made available to Purchaser by Seller or Seller’s agents or representatives is confidential and shall not be disclosed to any other person other than Purchaser’s respective directors, officers, employees, advised entities, equity and debt financing sources, accountants, auditors, custodians, agents, contractors, engineers, surveyors, attorneys, employees or other professional advisors (“Representatives”), and then only upon Purchaser making such Representatives aware of the confidentiality restriction and procuring such persons’ agreement to be bound thereby.  Purchaser agrees not to use and will use commercially reasonable efforts to not allow to be used any such Proprietary Information for any purpose other than to determine whether to proceed with the contemplated purchase, or if same is consummated, in connection with the ownership, redevelopment and operation of the Property post-Closing.  Further, if the purchase and sale contemplated hereby fails to close for any reason whatsoever, Purchaser agrees, that if so requested by Seller in writing, Purchaser shall return to Seller, or cause to be returned to Seller, all Proprietary Information and any Proprietary Information delivered to Purchaser by Seller via electronic transmission shall be destroyed or erased and written confirmation by Purchaser of such destruction/erasure shall be provided to Seller; provided, however, in lieu of delivering to Seller any attorney-client privileged communications or proprietary and confidential internally-generated work product and information (such as drafts, internal valuation studies, internal memoranda, financial projections, budgets and internal appraisals), Purchaser may destroy (and certify to Seller the destruction of) such work product and information.  Notwithstanding the foregoing, (i) the Purchaser may retain one copy of the Proprietary Information if required by law, regulation or mandated by prudent corporate policy, and will continue to treat the same in accordance with the terms of this Agreement, and (ii) with regard to Proprietary Information in electronic form which is difficult to extract or remove from backup media, Purchaser may retain the same and continue to treat such Proprietary Information in accordance with the terms of this Agreement.  Any such deliveries to Seller shall be made without any representation or warranty of any kind (including, without limitation, as to the accuracy or completeness of any such materials).  Proprietary Information shall not include any information which (a) now or hereafter becomes, through no fault of Purchaser, generally known or available; (b) is known by Purchaser, its agents, employees or contractors at the time of receiving such information as substantiated by reasonable documentation; (c) is legally furnished to Purchaser by a third party, as a matter of right and without restriction on disclosure; or (d) is independently developed by Purchaser without any breach of this Agreement.  In addition, Purchaser may disclose Proprietary Information as required by law or legal process or in connection with any legal proceeding; provided, to the extent permitted by applicable law, Purchaser shall give Seller prior written notice of any such disclosure.
		

		
			SELLER MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE TRUTH, ACCURACY, COMPLETENESS, METHODOLOGY OF PREPARATION OR OTHERWISE CONCERNING ANY ENGINEERING OR ENVIRONMENTAL REPORTS OR ANY OTHER MATERIALS, DATA OR OTHER INFORMATION SUPPLIED TO PURCHASER IN CONNECTION WITH PURCHASER’S INSPECTION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE SITE INFORMATION (E.G., THAT SUCH MATERIALS ARE COMPLETE, ACCURATE OR THE FINAL VERSION THEREOF, OR THAT SUCH MATERIALS ARE ALL OF SUCH MATERIALS AS ARE IN SELLER’S POSSESSION).  IT IS THE PARTIES’ EXPRESS UNDERSTANDING AND AGREEMENT THAT ANY MATERIALS THAT PURCHASER IS ALLOWED TO REVIEW ARE PROVIDED ONLY FOR PURCHASER’S CONVENIENCE IN MAKING ITS OWN EXAMINATION AND DETERMINATION PRIOR TO THE DATE OF THIS AGREEMENT AS TO WHETHER IT 
		

		 

		

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		WISHES TO PURCHASE THE PROPERTY, AND, IN DOING SO, PURCHASER SHALL RELY ON ITS OWN INDEPENDENT INVESTIGATION AND EVALUATION OF EVERY ASPECT OF THE PROPERTY AND NOT ON ANY MATERIALS SUPPLIED BY SELLER.  PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT EXCEPT FOR THE LIMITED REPRESENTATIONS AND WARRANTIES SET FORTH HEREIN, PURCHASER IS NOT RELYING ON ANY STATEMENTS, REPRESENTATIONS OR WARRANTIES OF SELLER AND IS RELYING SOLELY ON ITS OWN INVESTIGATIONS. PURCHASER EXPRESSLY DISCLAIMS ANY INTENT TO RELY ON ANY SUCH MATERIALS PROVIDED TO IT BY SELLER IN CONNECTION WITH ITS INSPECTION AND AGREES THAT IT SHALL RELY SOLELY ON ITS OWN INDEPENDENTLY DEVELOPED OR VERIFIED INFORMATION.
		

		
			Purchaser's obligations under this Agreement are not conditioned on Purchaser's inspections during a feasibility period and Purchaser has no right to terminate this Agreement on such basis.
		

			
	
			
				 6.
			AS IS Sale.  THE PROPERTY IS BEING SOLD IN AN “AS IS, WHERE IS” CONDITION AND “WITH ALL FAULTS” AS OF THE DATE OF THIS AGREEMENT AND AS OF CLOSING.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, AND IN ANY DOCUMENTS OR INSTRUMENTS TO BE DELIVERED BY SELLER AT CLOSING, NO REPRESENTATIONS OR WARRANTIES HAVE BEEN MADE OR ARE MADE AND NO RESPONSIBILITY HAS BEEN OR IS ASSUMED BY SELLER OR BY ANY PARTNER, MEMBER, OFFICER, DIRECTOR, SHAREHOLDER, PERSON, FIRM, AGENT, ATTORNEY OR REPRESENTATIVE ACTING OR PURPORTING TO ACT ON BEHALF OF SELLER AS TO (I) THE CONDITION OR STATE OF REPAIR OF THE PROPERTY; (II) THE COMPLIANCE OR NON-COMPLIANCE OF THE PROPERTY WITH ANY APPLICABLE LAWS, REGULATIONS OR ORDINANCES (INCLUDING, WITHOUT LIMITATION, THE AMERICANS WITH DISABILITIES ACT OF 1990, AS AMENDED AND THE REGULATIONS PROMULGATED THEREUNDER, ANY APPLICABLE ZONING, BUILDING OR DEVELOPMENT CODES); (III) THE VALUE, EXPENSE OF OPERATION, OR INCOME POTENTIAL OF THE PROPERTY; (IV) ANY OTHER FACT OR CONDITION WHICH HAS OR MIGHT AFFECT THE PROPERTY OR THE CONDITION, STATE OF REPAIR, COMPLIANCE, VALUE, EXPENSE OF OPERATION OR INCOME POTENTIAL OF THE PROPERTY OR ANY PORTION THEREOF, INCLUDING WITHOUT LIMITATION ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE; OR (V) WHETHER THE PROPERTY CONTAINS ASBESTOS, RADON, LEAD BASED PAINT, MOLD, OR HARMFUL OR TOXIC SUBSTANCES OR PERTAINING TO THE EXTENT, LOCATION OR NATURE OF SAME.  THE PARTIES FURTHER ACKNOWLEDGE AND AGREE THAT ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE PROPERTY, INCLUDING ANY INFORMATION PROVIDED WITH RESPECT TO THE OPERATION THEREOF OR ANY OTHER ASPECT RELATED TO THE TRANSACTION CONTEMPLATED HEREBY, WAS OBTAINED FROM A VARIETY OF SOURCES AND SELLER HAS MADE NO INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION; THEREFORE, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, AND IN ANY DOCUMENTS OR INSTRUMENTS TO BE DELIVERED BY SELLER AT CLOSING, SELLER MAKES NO REPRESENTATION AS TO THE ACCURACY, TRUTHFULNESS OR COMPLETENESS OF SUCH INFORMATION.  SELLER IS NOT LIABLE FOR OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENT, REPRESENTATION, OR INFORMATION PERTAINING TO THE PROPERTY OR THE OPERATION THEREOF FURNISHED BY ANY REAL ESTATE BROKER, CONTRACTOR, AGENT, EMPLOYEE, OR OTHER PERSON.  THE PARTIES AGREE THAT ALL UNDERSTANDINGS AND AGREEMENTS HERETOFORE MADE BETWEEN THEM OR THEIR RESPECTIVE AGENTS OR REPRESENTATIVES ARE MERGED INTO THIS AGREEMENT AND THE EXHIBITS HERETO ANNEXED, WHICH ALONE FULLY AND COMPLETELY EXPRESS THEIR AGREEMENT.  THE PARTIES FURTHER AGREE THAT THIS AGREEMENT HAS BEEN ENTERED INTO WITH THE 
		

		 

		

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			PARTIES SATISFIED WITH THE OPPORTUNITY AFFORDED FOR FULL INVESTIGATION AND NEITHER PARTY IS RELYING UPON ANY STATEMENT OR REPRESENTATION BY THE OTHER UNLESS SUCH STATEMENT OR REPRESENTATION IS SPECIFICALLY EMBODIED IN THIS AGREEMENT, THE EXHIBITS ANNEXED HERETO, OR THE CONVEYANCE INSTRUMENTS DELIVERED AT CLOSING.

		
			PURCHASER, UPON CLOSING, WAIVES ITS RIGHT TO RECOVER FROM, AND FOREVER RELEASES AND DISCHARGES SELLER, SELLER’S AFFILIATES, THE PARTNERS, TRUSTEES, SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, ATTORNEYS, EMPLOYEES AND AGENTS OF EACH OF THEM, AND THEIR RESPECTIVE HEIRS, SUCCESSORS, PERSONAL REPRESENTATIVES AND ASSIGNS (COLLECTIVELY, THE “RELEASEES”) FROM ANY AND ALL DEMANDS, CLAIMS (INCLUDING, WITHOUT LIMITATION, CAUSES OF ACTION IN TORT), LEGAL OR ADMINISTRATIVE PROCEEDINGS, LOSSES, LIABILITIES, DAMAGES, PENALTIES, FINES, LIENS, JUDGMENTS, COSTS OR EXPENSES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND COSTS), WHETHER DIRECT OR INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN (COLLECTIVELY, “CLAIMS”), THAT MAY ARISE ON ACCOUNT OF OR IN ANY WAY BE CONNECTED WITH THE PROPERTY, THE PHYSICAL CONDITION THEREOF, OR ANY LAW OR REGULATION APPLICABLE THERETO (INCLUDING, WITHOUT LIMITATION, CLAIMS UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED (42 U.S.C. SECTION 6901, ET SEQ.), THE RESOURCES CONSERVATION AND RECOVERY ACT OF 1976 (42 U.S.C. SECTION 6901, ET SEQ.), THE CLEAN WATER ACT (33 U.S.C. SECTION 1251, ET SEQ.), THE SAFE DRINKING WATER ACT (49 U.S.C. SECTION 1801, ET SEQ.), THE HAZARDOUS TRANSPORTATION ACT (42 U.S.C. SECTION 6901, ET SEQ.), AND THE TOXIC SUBSTANCE CONTROL ACT (15 U.S.C. SECTION 2601, ET SEQ.).  WITHOUT LIMITING THE FOREGOING, PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER AND ALL OTHER RELEASEES FROM ANY AND ALL CLAIMS, MATTERS ARISING OUT OF LATENT OR PATENT DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF APPLICABLE LAWS (INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL LAWS) AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS AFFECTING THE PROPERTY.  AS PART OF THE PROVISIONS OF THIS SECTION 6, BUT NOT AS A LIMITATION THEREON, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT THE MATTERS RELEASED HEREIN ARE NOT LIMITED TO MATTERS WHICH ARE KNOWN OR DISCLOSED, AND PURCHASER HEREBY WAIVES ANY AND ALL RIGHTS AND BENEFITS WHICH IT NOW HAS, OR IN THE FUTURE MAY HAVE CONFERRED UPON IT, BY VIRTUE OF THE PROVISIONS OF FEDERAL, STATE OR LOCAL LAW, RULES AND REGULATIONS.  PURCHASER AGREES THAT SHOULD ANY CLEANUP, REMEDIATION OR REMOVAL OF HAZARDOUS SUBSTANCES OR OTHER ENVIRONMENTAL CONDITIONS ON OR ABOUT THE PROPERTY BE REQUIRED AFTER THE DATE OF CLOSING, PURCHASER SHALL NOT ASSERT ANY CLAIM AGAINST OR SEEK ANY CONTRIBUTION OR COST RECOVERY FROM SELLER FOR SUCH CLEAN-UP, REMOVAL OR REMEDIATION.
		

		
			IN NO EVENT DOES SELLER AGREE TO ASSUME ANY POST-CLOSING OBLIGATIONS WITH RESPECT TO THE PROPERTY EXCEPT ONLY FOR POST CLOSING OBLIGATIONS OF SELLER SET FORTH HEREIN THAT EXPRESSLY SURVIVE CLOSING OR SET FORTH IN ANY CONVEYANCE INSTRUMENT DELIVERED BY SELLER AT CLOSING.  PURCHASER HEREBY ACKNOWLEDGES THAT SELLER WOULD NOT AGREE TO SELL THE PROPERTY ON THE TERMS AND CONDITIONS THAT ARE SET FORTH IN THIS AGREEMENT IF PURCHASER DID NOT AGREE TO EACH AND EVERY PROVISION IN THIS SECTION 6. PURCHASER ACKNOWLEDGES THAT PURCHASER HAS HAD PRIOR TO THE DATE OF THIS AGREEMENT SUFFICIENT OPPORTUNITY TO INSPECT THE PROPERTY FULLY AND COMPLETELY AT ITS 
		

		 

		

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		EXPENSE IN ORDER TO ASCERTAIN TO ITS SATISFACTION THE EXTENT TO WHICH THE PROPERTY COMPLIES WITH APPLICABLE ZONING, BUILDING, ENVIRONMENTAL, HEALTH AND SAFETY AND ALL OTHER LAWS, CODES AND REGULATIONS.  PURCHASER ACKNOWLEDGES THAT PURCHASER HAS HAD PRIOR TO THE DATE OF THIS AGREEMENT SUFFICIENT OPPORTUNITY TO REVIEW THE GROUND LEASE, CELL TOWER LEASE, EASEMENT AND OPERATING AGREEMENT, STORAGE SPACE LEASE, OTHER LEASES, EXPENSES AND OTHER MATTERS RELATING TO THE PROPERTY IN ORDER TO DETERMINE, BASED UPON ITS OWN INVESTIGATIONS, INSPECTIONS, TESTS AND STUDIES, WHETHER TO EXECUTE THIS AGREEMENT AND PURCHASE THE PROPERTY AND TO ASSUME SELLER’S OBLIGATIONS UNDER THE GROUND LEASE, CELL TOWER LEASE, EASEMENT AND OPERATING AGREEMENT, STORAGE SPACE LEASE, AND OTHERWISE WITH RESPECT TO THE PROPERTY.
		

		
			Seller hereby advises the Purchaser that the Phase I Environmental Site Assessment for the Dallas Morning News, 508 Young Street, Dallas, Texas, prepared for A.H. Belo Corporation, by Terracon, dated December 22, 2016 and the Limited Site Investigation for the Dallas Morning News, 508 Young Street, Dallas, Texas, prepared for A.H. Belo Corporation, by Terracon, dated February 10, 2017 delivered to Purchaser indicate that there is likely asbestos and lead based paint on building materials and other hazardous materials within the improvements on the Property and that the Property formerly housed an on-site service station, has fill material from a historic Dallas fire and former on-site quarry, had a 12,000 gallon diesel underground storage tank, three former on-site Stoddard solvent USTs, a decommissioned on-site settling chamber, the potential for at least one other fuel storage tank, and that metals, PAHs, Volatile Organic Compounds, and petroleum have been identified in soil and/or groundwater at the Property and that undocumented fill may contain other contaminants.  Seller discloses all such items (including, but not limited to all matters reflected in Site Information) to Purchaser based on information provided to it by third parties and therefore makes no representation or warranty as to such matters or the completeness of such matters, and advises Purchaser to conduct its independent investigation as to such matters.
		

			
	
			
				 7.
			Assumption of Contracts.  Purchaser shall be required at Closing to assume all obligations of Seller accruing from and after the Closing Date under the Ground Lease, the Cell Tower Lease, the Easement and Operating Agreement, and the Storage Space Lease which first arise or accrue following the Closing.  Seller shall remain obligated following the Closing for the payment and performance of all obligations of Seller under the Ground Lease, the Cell Tower Lease, the Easement and Operating Agreement, and the Storage Space Lease that are required to be paid or performed on or before the date of the Closing but have not been fully paid or performed by such date.  With respect to the TXU utility contract and other contracts and agreements, other than the Ground Lease, the Cell Tower Lease, the Easement and Operating Agreement, and the Storage Space Lease, that relate exclusively to the operation and maintenance of the Property, the terms of which extend beyond midnight of the day preceding the Closing Date (the “Service Contracts”), Seller shall give notice of termination of such contract(s) upon Closing.

			
	
			
				 8.
			Zoning.  It shall not be a condition to Closing that any zoning change or development approvals be made with respect to the Property.  

			
	
			
				 9.
			Closing and Closing Date.  Subject to the conditions in this Agreement, the sale of the Property (the "Closing") will be held at the office of the Title Company on May 17, 2019 (the "Closing Date").  Seller and Purchaser agree to cooperate with one another to deliver documents in escrow to the Title Company in order to eliminate the need for representatives of Seller and Purchaser to attend the Closing.  Seller will deliver to Purchaser full and exclusive possession of the Property on the Closing Date, subject only to the Permitted Exceptions (as defined in Section 11).

		

		

		 

		

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		Seller will execute and deliver to the Title Company (a) a special warranty deed with vendor’s lien (the "Deed") conveying fee simple title to the Property subject only to the Permitted Exceptions in the form attached hereto as Exhibit C hereto, (b) a bill of sale and assignment and assumption of contracts (the “Assignment of Contracts”) in the form of Exhibit D hereto, assigning the Ground Lease, Cell Tower Lease, Easement and Operating Agreement, and Storage Space Lease, (c) an owner's affidavit mutually acceptable to the Title Company and Seller, (d) an affidavit of Seller as required by Section 1445 of the Internal Revenue Code of 1986, as amended, (e) evidence of Seller's authority as reasonably required by the Title Company, (f) the information required for Purchaser to file IRS Form 1099‐S, (f) a notice letter addressed to the parties under the Ground Lease, Cell Tower Lease, Easement and Operating Agreement, or the Storage Space Lease, advising such parties of the transfer of the Property to Purchaser, in form and content mutually acceptable to Seller and Purchaser, and (g) any other documents required under this Agreement or deemed reasonably necessary by Purchaser, Seller, or the Title Company.
		

		
			Purchaser will execute and deliver to the Title Company (a) the Assignment of Contracts, Note, and Deed of Trust, (b) evidence of Purchaser’s authority as reasonably required by the Seller or the Title Company, and (c) any other documents required under this Agreement or deemed reasonably necessary by Purchaser, Seller, or the Title Company.   Prior to Closing, Purchaser shall deposit the cash portion of the Purchase Price with the Title Company.  The form of Deed, Assignment of Contracts, Note, and Deed of Trust are attached to this Agreement.
		

		
			It shall be a condition precedent to Purchaser’s obligations under this Agreement that on or before  Closing, Purchaser receive from each of the parties (other than Seller) under the Ground Lease, Easement and Operating Agreement, and the Storage Space Lease estoppel certificates in the forms attached as Exhibit E to this Agreement (collectively, the “Estoppel Certificates”).  For the avoidance of doubt, the delivery of an estoppel certificate with respect to the Cell Tower Lease shall not be condition precedent to Purchaser’s obligations under this Agreement.
		

			
	
			
				 10.
			Expenses and Prorations at the Closing.  Utility charges and any other amounts owed by Seller or paid under the Ground Lease, Cell Tower Lease, Easement and Operating Agreement, and Storage Space Lease, and normally and customarily prorated operating expenses as of the Closing Date shall be prorated as of the Closing Date.  Taxes for the Property will be prorated as of the date of the Closing based upon the most recently available information for the Property.  On receipt of the actual tax bills, Purchaser and Seller will promptly make adjustments as appropriate.  The portion of the taxes that are to be reimbursed by the tenant under the Ground Lease or the Belo Parcel Owner under the Easement and Operating Agreement will be separately prorated and if the taxes have been paid by Seller (or with respect to 2019 taxes, deducted from Seller’s proceeds on the closing statement at the Closing) but not yet reimbursed by the appropriate party under the Ground Lease, or Easement and Operating Agreement, Seller or Purchaser shall pay the prorated amount of any such reimbursement received under the Ground Lease or the Easement and Operating Agreement to the other party if and when Seller or Purchaser, as applicable, receives such reimbursement.  On the Closing Date, if any special assessment affects the Property, all unpaid installments of the assessment (other than those which will become due and payable after the Closing) will be paid by Seller.  The 2019 property tax assessed value for the Property is being protested by Seller under a contract with Ryan, LLC (“Ryan”) providing for a 30% contingency payment to Ryan on the amount of any tax savings (the “Ryan Contingency Fee”).  Seller and Purchaser agree that any amount to be paid for the Ryan Contingency Fee will be prorated as of the date of the Closing and the applicable party will reimburse the party paying the Ryan Contingency Fee for their portion of such fee.  Seller will keep Purchaser updated regarding the status of the protest and will not modify, amend, terminate or waive any provisions of Seller’s contract with Ryan, or reach any settlements with any tax authorities, without Purchaser’s prior written consent.

		
			In addition, if after the Closing there is an adjustment or reassessment by any governmental 
		

		 

		

			8

		

		

			 

		

 

		

			

		

		authority for the year of the Closing or any prior year (whether in the nature of a "roll-back" tax or otherwise), any additional tax payment assessed on the Property for year of the Closing will be prorated between Purchaser and Seller.  Any additional tax payment for the Property for any year prior to the year of the Closing will be paid by Seller.
		

		
			Seller will pay the recording fees with respect to the Deed and Seller's attorney's fees and expenses, and shall provide Purchaser a credit for the premiums for the base owner’s policy insuring Purchaser in the amount of the Purchase Price (but not any premiums or fees for endorsements or survey amendments).  Purchaser will pay the recording fees for the Deed of Trust, all title examination fees and premiums for the policy insuring Purchaser (subject to Seller’s credit in the prior sentence), the premiums for Seller’s mortgagee title insurance policy and endorsements, and Purchaser's attorney's fees and expenses.
		

		
			The obligations of Seller and Purchaser in this Section 10 will survive the Closing.
		

			
	
			
				 11.
			Title; Survey; Existing Use Restrictions; Covenants of Seller.  Purchaser has previously examined title to the Property and a survey (the "Survey") of the Land.  The encumbrances disclosed by Purchaser's title examination or Survey, the Ground Lease, the Cell Tower Lease, the Easement and Operating Agreement, and the Storage Space Lease are referred to as the "Permitted Exceptions".  

		
			The deed from Seller to Purchaser will contain the legal description prepared from Seller's vesting deed.  If the Survey has a different legal description, Seller will deliver a quitclaim deed to Purchaser attaching the legal description from Purchaser's Survey.
		

		
			Seller agrees that Seller will remove all Monetary Liens at or prior to Closing.  Seller agrees to accept title subject to the Permitted Exceptions.  “Monetary Liens” shall mean:  (i) any mortgage or deed of trust liens or security interests against the Property (other than the Seller Financing documents), (ii) judgment liens, (iii) real estate tax liens, other than liens for taxes and assessments not yet delinquent and (iii) mechanics’ liens and (iv) any other monetary liens.
		

		
			If Seller fails to cure a Monetary Lien, such Monetary Lien shall be cured by the Title Company at Closing and the cost thereof charged to the Seller.
		

		
			Until the earlier of the Closing Date or the termination of this Agreement, Seller covenants and agrees that Seller will not (i) materially change or alter the physical condition of the Property, (ii) grant, create, consent to, or modify any lease, encumbrance benefitting or burdening the Property, (iii) unless expressly provided in this Agreement, pursue or consent to any rezoning of the Land, or (iv) enter into any new contract, lease, license or similar agreement with respect to the Property which is not terminated by Seller at or prior to the Closing.
		

			
	
			
				 12.
			Representations and Warranties of Seller.  Seller warrants and represents to Purchaser as follows:

		
			(a)Seller owns fee simple title to the Property subject to matters of record and real property ad valorem taxes not yet delinquent.
		

		
			(b)There is no litigation or proceeding pending or, to Seller's actual knowledge, threatened against Seller, which could have an adverse effect on the Property or Seller’s ability to consummate the transactions contemplated hereby.  There is no litigation or proceeding pending or, to Seller’s knowledge, threatened against or with respect to the Property.  No condemnation or eminent domain proceedings are now pending or to Seller’s actual knowledge threatened concerning the Property, and Seller has received no written notice addressed to Seller from any governmental or quasi-governmental 
		

		 

		

			9

		

		

			 

		

 

		

			

		

		agency or authority or potential condemnor concerning any right-of-way, utility or other taking which may affect the Property.
		

		
			(c)All actions required to authorize the execution and performance of this Agreement by Seller have been taken, and this Agreement constitutes a valid and binding agreement, enforceable against Seller.  Except for the parties under the Ground Lease, Cell Tower Lease, Easement and Operating Agreement, and Storage Space Lease, no person or entity has any right or option to lease, occupy or acquire the Property.
		

		
			(d)To Seller’s knowledge the Property is not and will not be subject to any reassessment due to a change in use of the Property or subject to any special assessments, whether or not presently a lien.  To Seller’s knowledge, the Property has not been classified under any designation authorized by law to obtain a special low ad valorem tax rate or to receive a reduction, abatement or deferment of ad valorem taxes which, in such case, will result in additional, catch-up or roll-back ad valorem taxes in the future in order to recover the amounts previously reduced, abated or deferred.
		

		
			(e)To Seller’s knowledge there is no existing violation of any ordinance, code, law, rule, requirement or regulation applicable to the Property that has not been cured.
		

		
			(f)No default by Seller exists under any of the Ground Lease, Cell Tower Lease, Easement and Operating Agreement, and Storage Space Lease.
		

		
			(g)Except for the Ground Lease, Cell Tower Lease, Easement and Operating Agreement and Storage Space Lease, there are no Service Contracts or other agreements, contracts, leases, licenses or other agreements in effect with respect to the Property which will remain in effect following the Closing.
		

		
			(h)Seller has not entered into an amendment that has amended or modified the Cell Tower Lease.
		

		
			Purchaser's obligations to acquire the Property are conditioned upon the representations remaining true and correct, in all material respects, as of the date of the Closing.  If Seller becomes aware that any of the representations and warranties become untrue or misleading in any material respect prior to the Closing, Seller will give prompt written notice to Purchaser, in which event, Purchaser may either waive such condition, in writing, or terminate this Agreement, in which event neither Seller nor Purchaser will have any further obligations under this Agreement, except as expressly set forth in this Agreement.  All of the representations and warranties will be reaffirmed by Seller as true and correct in all material respects as of the date of the Closing and will survive the Closing for nine (9) months. The aggregate liability of Seller for breach of any representations and warranties shall not exceed $1,000,000 (the "Cap"); and recovery of actual damages up to that amount is Purchaser’s sole and exclusive remedy for any such breach (subject to Section 14); provided, however, Seller shall have no liability to Purchaser for matters disclosed by Seller or discovered by Purchaser any of its representatives prior to Closing except as set forth in Section 14.  In addition, except as set forth in Section 14, Seller shall have no liability related to any representation or warranty made by Seller unless and until such liability exceeds $10,000 (the "Deductible") in the aggregate.  For matters disclosed or discovered prior to Closing, Purchaser’s sole rights and remedies shall be as set forth above in this paragraph and in Section 14.  Whenever a representation or warranty is made in this Agreement on the basis of the knowledge, best knowledge, or actual knowledge of Seller, such representation and warranty is made with the exclusion of any facts otherwise known or disclosed to Purchaser, and is made solely on the basis of the actual current knowledge without inquiry or investigation of Katy Murray; provided, however, that such individual shall have no personal liability with respect to any such representation or warranty.
		

		

		

		 

		

			10

		

		

			 

		

 

		

			

		

		Notwithstanding any of the foregoing to the contrary, with respect to the representation and warranty regarding the Cell Tower Lease set forth in subparagraph (h) above, (i) the Cap and the Deductible shall not be applicable and (ii) such representation and warranty will survive the Closing indefinitely
		

			
	
			
				 13.
			Warranties, Representations and Covenants of Purchaser. As of the Effective Date and as of Closing, Buyer hereby warrants and represents to Seller, and where indicated covenants, as follows:

		
			(a)Organization; Authority.  Purchaser is an entity that is validly existing and in good standing under the laws of the State of Texas. Purchaser has full right, power and authority to enter into and perform this Agreement, the Note, and the Deed of Trust in accordance with their terms, and the persons executing this Agreement, the Note, and the Deed of Trust on behalf of Purchaser have been duly authorized to do so.
		

		
			(b)No Untrue Statement. Neither this Agreement nor any exhibit nor any written statement furnished or to be furnished by Purchaser to Seller in connection with the transactions contemplated by this Agreement contains or will contain any untrue statement of material fact or omits or will omit any material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.
		

		
			(c)OFAC. Purchaser (which, for this purposes of this Section 13 shall include its partners, members, principal stockholders and any other constituent entities) (i) has not been designated as a “specifically designated national and blocked person” on the most current list published by the Office of Foreign Asset Control of the U.S. Department of the Treasury (“OFAC”) at its official website (http;//www.treas.gov/ofac/t11sdn.pdf) or at any replacement website or other replacement official publication of such list (collectively, the “List”); (ii) is currently in compliance with and will at all times during the term of this Agreement (including any extension thereof) remain in compliance with the regulations of OFAC and any statute, executive order (including the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action relating thereto; and (iii) will not transfer or permit the transfer of any controlling interest in Purchaser to any person or entity who is, or any of whose beneficial owners are, listed on the List.
		

			
	
			
				 14.
			Defaults.  If Seller fails to comply with or perform any of its covenants, agreements and obligations under this Agreement, then, at Purchaser's option: (i) Purchaser will be entitled to terminate this Agreement as its sole option, or (ii) enforce Seller’s obligations to convey the Property by delivering written notice to Seller within forty-five (45) days after the scheduled Closing which describes such default and states Purchaser’s election to enforce specific performance and actually filing suit within ninety (90) days following the expiration of such 45-day period. 

		
			If Purchaser fails to purchase the Property in accordance with the terms of this Agreement, then Seller's sole and exclusive remedy for the default will be to terminate this Agreement.  Upon the termination, except as expressly provided in this Agreement to the contrary, all rights and obligations created under this Agreement will terminate and be of no further force or effect.  The provisions of this Section 14 will not limit Purchaser's obligations under any indemnity set forth in this Agreement.
		

		
			If either Seller or Purchaser enforces the obligations of the other under this Agreement by instituting legal proceedings, then the non-prevailing party in any such proceedings will pay all out-of-pocket expenses actually incurred by the prevailing party, including court costs and reasonable attorneys' fees.
		

			
	
			
				 15.
			Casualty.

		

		

		 

		

			11

		

		

			 

		

 

		

			

		

		(a)If, prior to Closing, the Property is subject to a casualty event, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 3, and Seller will, at Seller’s option, either: (a)  assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss, or (b) raze the improvements and remove all debris and retain any and all casualty insurance proceeds.  If necessary, the Closing may be extended for a reasonable time to allow Seller to remove the improvements.
		

			
	
			
				 16.
			Brokers. Purchaser and Seller acknowledge that JLL and TAG Realty  (collectively, the "Brokers") have acted as the only brokers in connection with the sale of the Property.  Seller shall pay Brokers in accordance with separate written agreements between the respective parties.  Seller will indemnify Purchaser against any claim for any real estate sales commission, finder's fees, or like compensation in connection with this transaction and arising out of any act or agreement of Seller, other than any claims asserted by a claim arising out of any act or agreement of Purchaser.  Likewise, Purchaser will indemnify Seller against any claim for any real estate sales commission, finder's fees or like compensation in connection with this transaction and arising out of any act or agreement of Purchaser, other than any claims asserted by the Broker.  Seller's indemnity and Purchaser's indemnity will survive the Closing or any termination of this Agreement.

			
	
			
				 17.
			Notices.  Notices given pursuant to this Agreement will be effective only if in writing and delivered (i) in person, (ii) by courier, (iii) by reputable overnight courier guaranteeing next business day delivery, (iv) by email, or (v) by United States certified mail, return receipt requested.  All notices will be directed to the other party at its address provided below or such other address as either party may designate by notice given in accordance with this Section 17.  Notices will be effective (i) in the case of personal delivery or courier delivery, on the date of delivery, (ii) if by overnight courier, one (1) business day after deposit with all delivery charges prepaid,  (iii) in the case of certified mail, the earlier of the date receipt is acknowledged on the return receipt for such notice or five (5) business days after the date of posting by the United States Post Office, and (iv) in the case of email, when send by email on a business day prior to 5:00 P.M. CT, with a receipt requested and a copy sent by one of the other notice methods.  The notice addresses for Seller and Purchaser are as follows:

		
			If to Seller:The Dallas Morning News, Inc.
		

		
			1954 Commerce Street
		

		
			Dallas, Texas 75201
		

		
			Attention:  General Counsel
		

		
			﻿Clarkin@ahbelo.com
		

		
			﻿
		

		

		

		 

		

			12

		

		

			 

		

 

		

			

		

		
		

		
			With a copy to:Locke Lord LLP
		

		
			2200 Ross Avenue, 28th Floor
		

		
			Dallas, Texas 75201
		

		
			Attn: Vicky Gunning
		

		
			vgunning@lockelord.com
		

		
			﻿
		

		
			If to Purchaser:Charter DMN Holdings, LP
		

		
			47 Highland Park Village, Suite 200
		

		
			Dallas, Texas 75205
		

		
			Attn: Ray Washburne
		

		
			﻿ray@washburne.com
		

		
			﻿
		

		
			With a copy to:Munsch Hardt Kopf & Harr, P.C.
		

		
			500 N. Akard, Suite 3800
		

		
			Dallas, Texas 75201
		

		
			Attn: William T. Cavanaugh, Jr.
		

		
			﻿ccavanaugh@munsch.com
		

		
			﻿
		

			
	
			
				 18.
			General Provisions.  No failure of either party to exercise any right given in this Agreement or to insist upon strict compliance with any obligation in this Agreement, and no custom or practice at variance with the terms of this Agreement, will constitute a waiver of either party's right to demand exact compliance with this Agreement.  The parties may waive any provision of this Agreement only by a writing executed by the party or parties against whom the waiver is sought to be enforced. This Agreement contains the entire agreement of the parties to this Agreement, and no representations, inducements, promises or agreements, oral or otherwise, between the parties not embodied in this Agreement will be of any force or effect.  Any amendment to this Agreement will be binding on Seller and Purchaser only if the amendment is in writing and executed by both Seller and Purchaser.  The provisions of this Agreement will be for the benefit of and be binding upon Seller and Purchaser and their respective heirs, administrators, executors, personal representatives, successors and assigns.  Time is of the essence of this Agreement.  This Agreement and all amendments will be governed by and construed under the laws of the state in which the Land is located.  This Agreement may be executed in multiple counterparts, each of which will constitute an original, but all of which taken together will constitute one and the same agreement.  All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, will include all genders, the singular will include the plural and vice versa.  The headings inserted at the beginning of each section are for convenience only, and do not add to or subtract from the meaning of the contents of each section.  All exhibits attached to this Agreement are incorporated by reference into this Agreement.

			
	
			
				 19.
			Day for Performance.  Wherever there is a day or time period established for performance and the day or the expiration of such time period is a Saturday, Sunday or holiday, then the time for performance will be automatically extended to the next business day.

			
	
			
				 20.
			Survival of Provisions.  This Agreement will survive the Closing for nine months as provided herein.

			
	
			
				 21.
			Severability.  This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations.  If any provision of this Agreement is for any reason and to any extent determined to be invalid or unenforceable, then the remainder of this Agreement and the application of the provision to other persons or circumstances will not be affected but rather will be enforced to the greatest extent permitted by law.

		 

		

			13

		

		

			 

		

 

		

			

		

			
	
			
				 22.
			Effective Date.  The "Effective Date" is May 17, 2019.

			
	
			
				 23.
			No Public Disclosure.  Except to the extent necessary to comply with the requirements of (a) applicable laws, (b) any listing agreements with, or rules and regulations of, securities exchanges or (c) the rules, regulations or orders of any court or other governmental authority (including Seller’s public company reporting obligations), no party shall make or cause to be made, whether prior to or subsequent to the Closing, any press release or similar public announcement, communication or disclosure concerning the existence or subject matter of this Agreement unless approved in advance by Seller and Purchaser; provided, that with respect to any press release or similar public announcement, communication or disclosure for which advance approval is not required in accordance with the foregoing, to the extent practicable, reasonable notice and a copy of such release, announcement, communication or disclosure will be provided to Seller or Purchaser, as applicable, prior to issuing the same.  Notwithstanding the foregoing to the contrary, (a) each party shall be entitled to make disclosures concerning this Agreement and materials provided hereunder or delivered in connection herewith to its (a) officers, directors, lenders, attorneys, accountants, brokers, employees, agents and other service professionals, and in the case of Purchaser, to its Representatives, as may be reasonably necessary in furtherance of the transactions contemplated hereby or to whom disclosure is required on a “need to know” basis provided that such persons have been advised of the need to keep such information confidential and (b) Seller and its affiliates shall have the right to make public disclosure regarding the existence or subject matter of its Agreement including by Current Report on Form 8-K, by press release and/or by corporate presentation without notice to Purchaser.  The provisions of this Section 23 shall survive the Closing or earlier termination of this Agreement.

			
	
			
				 24.
			Attorney’s Fees. In the event of any litigation related to this Agreement, whether to enforce its terms, recover for default, or otherwise, if either party receives a judgment, settlement, or award in its favor (the "Receiving Party") against the other party (the "Paying Party") in such litigation, the Paying Party will pay upon demand all of the Receiving Party's costs, charges, and expenses (including but not limited to reasonable attorneys' fees actually incurred, court costs, and expert witness fees) arising out of such litigation (including the costs of any appeal related thereto).

			
	
			
				 25.
			Merger/Prior Agreements.   THIS AGREEMENT CONSTITUTES THE FINAL AGREEMENT BETWEEN THE PARTIES.  IT IS THE COMPLETE AND EXCLUSIVE EXPRESSION OF THE PARTIES' AGREEMENT ON THE MATTERS CONTAINED IN THIS AGREEMENT.  ALL PRIOR AND CONTEMPORANEOUS NEGOTIATIONS AND AGREEMENTS BETWEEN THE PARTIES ON THE MATTERS CONTAINED IN THIS AGREEMENT ARE EXPRESSLY MERGED INTO AND SUPERSEDED BY THIS AGREEMENT.  THE PROVISIONS OF THIS AGREEMENT MAY NOT BE EXPLAINED, SUPPLEMENTED, OR QUALIFIED THROUGH EVIDENCE OF TRADE USAGE OR A PRIOR COURSE OF DEALINGS.  IN ENTERING INTO THIS AGREEMENT, THE PARTIES HAVE NOT RELIED UPON ANY STATEMENT, REPRESENTATION, WARRANTY, OR AGREEMENT OF THE OTHER PARTY, EXCEPT FOR THOSE EXPRESSLY CONTAINED IN THIS AGREEMENT.  THERE IS NO CONDITION PRECEDENT TO THE EFFECTIVENESS OF THIS AGREEMENT OTHER THAN THOSE EXPRESSLY STATED IN THIS AGREEMENT.

			
	
			
				 26.
			Headings/Captions.  The descriptive headings/captions of the sections and subsections of this Agreement are for convenience only, do not constitute a part of this Agreement, and do not affect this Agreement's construction or interpretation.

			
	
			
				 27.
			Third-Party Beneficiaries.  This Agreement does not and is not intended to confer any rights or remedies upon any person or legal entity other than the signatories.

			
	
			
				 28.
			Waiver of Jury Trial. EACH PARTY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY TO THE EXTENT PERMITTED BY 
		

		 

		

			14

		

		

			 

		

 

		

			

		

			LAW IN ANY ACTION OR OTHER LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS IT CONTEMPLATES. THIS WAIVER APPLIES TO ANY ACTION OR OTHER LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE OF COMPETENT COUNSEL.

			
	
			
				 29.
			Assignment. Purchaser may not assign this Agreement without first obtaining Seller’s written consent.  Any assignment in contravention of this provision shall be void.  No assignment shall release the Purchaser herein named from any obligation or liability under this Agreement.  Any assignee shall be deemed to have made any and all representations and warranties made by Purchaser hereunder, as if the assignee were the original signatory hereto.  If Purchaser requests Seller’s written consent to any assignment, Purchaser shall (1) notify Seller in writing of the proposed assignment; (2) provide Seller with the name and address of the proposed assignee; (3) provide Seller with financial information including financial statements of the proposed assignee; and (4) provide Seller with a copy of the proposed assignment.

		
			[SIGNATURES COMMENCE ON FOLLOWING PAGE]
		

		

		

		 

		

			15

		

		

			 

		

 

		

			

		

		
		

		
			Purchaser has executed this Agreement under seal as of May 17, 2019.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						“PURCHASER”

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						CHARTER DMN HOLDINGS, LP,

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						a Texas limited partnership

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						 

					
					
						Charter DMN GP, LLC,

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						a Texas limited liability company,

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						its General Partner

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Ray W. Washburne

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Ray W. Washburne, President

				

		
			﻿
		

		
			Federal Tax Identification Number of Purchaser:
		

		
			84-1790769
		

		

		

		 

		

			16

		

		

			 

		

 

		

			

		

		IN ACCEPTANCE OF THIS AGREEMENT, Seller has executed this Agreement under seal as of May 17, 2019.
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						“SELLER”

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						THE DALLAS MORNING NEWS, INC.,

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						a Delaware corporation

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						 

					
					
						/s/ Katy Murray

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						 

					
					
						Katy Murray

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						 

					
					
						Treasurer and Assistant Secretary

				

		
			﻿
		

		
			Federal Tax Identification Number of Seller:
		

		
			26-0358790
		

		
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			17

		

		

			 

		

 

		

			

		

		

			 

		

		PROMISSORY NOTE
		

		
			(Fixed Rate)
		

		
			$22,400,000.00May 17, 2019
		

		
			For value received, CHARTER DMN HOLDINGS, LP, a Texas limited partnership, as principal ("Borrower"), promises to pay to the order of THE DALLAS MORNING NEWS, INC., a Delaware corporation ("Lender") at 1954 Commerce Street, Dallas, Texas 75201, Attention:  Chief Financial Officer, or at such other address as Lender shall from time to time specify in writing, the principal sum of TWENTY-TWO MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($22,400,000.00), in legal and lawful money of the United States of America, with interest on the outstanding principal from the date advanced until paid at the rate set out below. Interest shall be computed on a per annum basis of a year of 365 days or 366 days in a leap year, as the case may be, and for the actual number of days elapsed.  If Borrower or any individual or entity directly or indirectly controlling, controlled by, or under common control with Borrower shall execute a single lease of 200,000 or more square feet for commercial office space on any portion of the Property on or before May 17, 2020, Borrower shall be obligated to pay a development premium of $1,000,000 on the date of execution of such lease and the then outstanding principal amount of this Note will automatically increase by the amount of such premium on such date to evidence Lender’s deferral of immediate payment of the development premium and the rolling of such amount into this Note.
		

			
	
			
				 1.
			Payment Terms.  Interest shall be due and payable quarterly as it accrues on the 1st day of each July, October, January, and April of each calendar year, beginning July 1, 2019, and continuing regularly and quarterly thereafter until June 30, 2021 (the “Maturity Date”), when the entire amount hereof, principal and accrued interest then remaining unpaid shall then be due and payable; interest being calculated on the unpaid principal each day principal is outstanding and all payments made credited first to any collection costs, second to the discharge of the interest accrued and third to the reduction of the principal balance of this Note.

			
	
			
				 2.
			Interest Rate.  The unpaid principal balance of this Note shall bear interest prior to maturity (however such maturity is brought about) at (a) a fixed rate of three and one-half percent (3.5%) per annum from the date of this Note through June 30, 2020, and (b) four and one-half percent (4.5%) per annum from July 1, 2020 through the maturity of this Note.

			
	
			
				 3.
			Default Rate.  Principal and/or interest that is not paid when same become due and payable hereunder shall bear interest from the date due until paid at (a) the highest rate permitted by applicable law, or (b) if no such maximum rate is established by applicable law, at the rate stated above plus five percent (5%) per annum.

			
	
			
				 4.
			Prepayment.  Borrower reserves the right to prepay, prior to maturity, all or any part of the principal of this Note without notice, premium or penalty.  Any prepayments shall be applied first to accrued interest and then to principal.  All payments and prepayments of principal or interest on this Note shall be made in lawful money of the United States of America in immediately available funds, at the address of Lender indicated above, or such other place as the holder of this Note shall designate in writing to Borrower. All partial prepayments of principal shall be applied to the last installments payable in their inverse order of maturity.  

		 

		

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				 5.
			Default.  It is expressly provided that upon (a) default in the punctual payment of this Note or any part hereof, principal or interest, as the same shall become due and payable; provided, no more than once in any twelve (12) month period, Lender shall provide written notice of such default to Borrower and it shall not be a default unless Borrower fails to cure such default within five (5) calendar days after written notice from ‎Lender, ‎or (b) the occurrence of an event of default specified in any of the other Loan Documents (as defined below) and the failure of such default to be cured within the grace or cure period, if any, applicable thereto under the Loan Documents,  the holder of this Note may, at its option, without further notice or demand, (i) declare the outstanding principal balance of and accrued but unpaid interest on this Note at once due and payable, (ii) foreclose all liens securing payment hereof, (iii) pursue any and all other rights, remedies and recourses available to the holder hereof, including but not limited to any such rights, remedies or recourses under the Loan Documents, at law or in equity, or (iv) pursue any combination of the foregoing; and in the event default is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on same, or the same is collected through probate, bankruptcy or other judicial proceedings, then the Borrower agrees and promises to pay all costs of collection, including reasonable attorneys’ fees.

			
	
			
				 6.
			Joint and Several Liability; Waiver.  Each maker, signer, surety and endorser hereof, as well as all heirs, successors and legal representatives of said parties, shall be directly and primarily, jointly and severally, liable for the payment of all indebtedness hereunder.  Lender may release or modify the obligations of any of the foregoing persons or entities, or guarantors hereof, in connection with this loan without affecting the obligations of the others.  Except as specifically provided herein, all such persons or entities expressly waive presentment and demand for payment, notice of default, notice of intent to accelerate maturity, notice of acceleration of maturity, protest, notice of protest, notice of dishonor, and all other notices and demands for which waiver is not prohibited by law, and diligence in the collection hereof; and agree to all renewals, extensions, indulgences, partial payments, releases or exchanges of collateral, or taking of additional collateral, with or without notice, before or after maturity.  No delay or omission of Lender in exercising any right hereunder shall be a waiver of such right or any other right under this Note.  

			
	
			
				 7.
			No Usury Intended; Usury Savings Clause.  In no event shall interest contracted for, charged or received hereunder, plus any other charges in connection herewith which constitute interest, exceed the maximum interest permitted by applicable law.  The amounts of such interest or other charges previously paid to the holder of the Note in excess of the amounts permitted by applicable law shall be applied by the holder of the Note to reduce the principal of the indebtedness evidenced by the Note, or, at the option of the holder of the Note, be refunded.  To the extent permitted by applicable law, determination of the legal maximum amount of interest shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the loan and indebtedness, all interest at any time contracted for, charged or received from the Borrower hereof in connection with the loan and indebtedness evidenced hereby, so that the actual rate of interest on account of such indebtedness is uniform throughout the term hereof.

			
	
			
				 8.
			Security.  This Note is secured by, inter alia, a Deed of Trust, Security Agreement - Financing Statement from Borrower in favor of Vicky Pogue Gunning, Trustee for the benefit of the Lender (the “Deed of Trust”), covering certain real property situated in Dallas County, Texas, as more particularly described therein (the "Property").  This Note and all other documents evidencing, securing, governing, guaranteeing and/or pertaining to this Note, including but not limited to those documents described above, are hereinafter collectively referred to as the "Loan Documents."  The holder of this Note is entitled to the benefits and security provided in the Loan Documents.  As of the date of this Note, the only Loan Documents are this Note and the Deed of Trust, and related UCC-1 financing statements. 

		 

		

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				 9.
			Texas Finance Code.  In no event shall Chapter 346 of the Texas Finance Code (which regulates certain revolving loan accounts and revolving tri-party accounts) apply to this Note.  To the extent that Chapter 303 of the Texas Finance Code is applicable to this Note, the "weekly ceiling" specified in such article is the applicable ceiling; provided that, if any applicable law permits greater interest, the law permitting the greatest interest shall apply.

			
	
			
				 10.
			Governing Law, Venue.  This Note is being executed and delivered, and is intended to be performed in the State of Texas.  Except to the extent that the laws of the United States may apply to the terms hereof, the substantive laws of the State of Texas shall govern the validity, construction, enforcement and interpretation of this Note.  In the event of a dispute involving this Note or any other instruments executed in connection herewith, the undersigned irrevocably agrees that venue for such dispute shall lie in any court of competent jurisdiction in Dallas County, Texas.

			
	
			
				 11.
			Purpose of Loan.   Borrower agrees that no advances under this Note shall be used for personal, family or household purposes, and that all advances hereunder shall be used solely for purchase of the Property.

			
	
			
				 12.
			Captions.  The captions in this Note are inserted for convenience only and are not to be used to limit the terms herein. 

			
	
			
				 13.
			Assignment.  This Note will be binding upon and inure to the benefit of Lender and Borrower and their respective successors and assigns; provided, however, that Borrower may not, without the prior written consent of Lender, assign or encumber any interests, rights, remedies, powers, duties, or obligations under this Note or any of the other Loan Documents.

			
	
			
				 14.
			George Dahl Building.  Until this Note has been fully paid and satisfied, Borrower will not, and will not permit any other party to, directly or indirectly, demolish the George Dahl former Dallas Morning News headquarters five story building on the Property, or modify in any way the exterior of such building.  This restriction shall not apply to the former printing building which is currently attached to the former headquarters building.  Exterior improvements to the rear of the headquarters building that may be required as a result of a printing building demolition are permitted. 

			
	
			
				 15.
			Ownership Representation.  Borrower represents and warrants to Lender that as of the date of this Note,  Ray W. Washburne is in Control (as defined in the Deed of Trust) of Borrower and the sole general partner of Borrower is Charter DMN GP, LLC, a Texas limited liability company, an entity Controlled by Ray W. Washburne.  The ownership of the Borrower and the ultimate owners of all constituent entities comprising the general partner and limited partners of Borrower are as provided in the capitalization schedule certified by Borrower and delivered to Lender on the date of this Note.  As provided in the Deed of Trust, upon the sale or transfer of all or any part of the Property or a Change in Control (as defined in the Deed of Trust) of Borrower Lender may declare this Note to be immediately due and payable.

		

		

		 

		

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				 16.
			Notices.  All notices, requests, demands and other communications required or permitted hereunder shall be in writing, and shall be deemed to be given or delivered when actually received by the party to whom directed, or, if earlier and regardless of whether actually received, on the date of delivery if by personal delivery, one business day after deposit with the overnight delivery service if by reputable overnight courier service, or upon deposit in a regularly maintained receptacle for the United States mail, registered or certified, postage fully prepaid, addressed to the party to whom directed at its address set forth below or at such other address as such party may have previously specified by notice actually received by the other party:

			
					
						If to Borrower:‎

					
					
						Charter DMN Holdings, LP‎

					
						‎47 Highland Park Village, Suite 200‎

					
						Dallas, Texas 75205‎

					
						Attn:  Ray W. Washburne

					
						 

				
	
					
						With a copy to:‎

					
					
						Munsch Hardt Kopf & Harr, P.C.‎

					
						500 N. Akard, Suite 3800‎

					
						Dallas, Texas 75201‎

					
						Attn:  William T. Cavanaugh, Jr.‎

					
						 

				
	
					
						If to Lender:‎

					
					
						The Dallas Morning News, Inc.‎

					
						1954 Commerce Street‎

					
						Dallas, Texas 75201 

					
						Attention:  General Counsel

					
						 

					
						 

				
	
					
						With a copy to:‎

					
					
						Locke Lord LLP

					
						2200 Ross Avenue, 28th Floor‎

					
						Dallas, Texas 75201‎

					
						Attn:  Vicky Gunning

					
						 

				

		
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			﻿
		

		
			BORROWER:
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						CHARTER DMN HOLDINGS, LP,

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						a Texas limited partnership

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						 

					
					
						Charter DMN GP, LLC,

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						a Texas limited liability company,

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						its General Partner

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Ray W. Washburne

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Ray W. Washburne, President

				

		
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			4EX-4.5

 Exhibit 4.5 
  

 
 Anheuser-Busch InBev SA/NV 

People Bet Plan 
 Relating to Shares of
Anheuser-Busch InBev 
 Participants’ Guide 

CHAPTERS I AND II OF THIS DOCUMENT CONSTITUTE PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”). THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. 

  
  

1 

 Chapter I 

Introduction 
 Anheuser-Busch InBev
(“AB InBev”) has implemented a variable compensation programme that creates the opportunity for you to align your interests with those of our shareholders by giving you the option to invest in AB InBev
Shares. 
 This Participants’ Guide contains all that you need to know about the AB InBev People Bet Plan. In Chapter II of this guide, you
will find a general description of the plan presented in the form of Frequently Asked Questions. Chapters III to VI contain the terms and conditions of the plan that you should carefully review in order to have a comprehensive understanding of all
the features of the plan. 
 In case you have any question regarding the AB InBev People Bet Plan, to which no satisfactory answer can be found in
this guide, please contact your local People Director. 

  
  

2 

 Chapter II 

General description of AB InBev People Bet Plan 

You will find in this section a general description of the Anheuser-Busch InBev People Bet Plan (relating to Shares of Anheuser-Busch InBev) (the
“Plan”) presented in the form of frequently asked questions (FAQs). This description of the Plan is very general and does not purport to be complete. 

The Plan is intended to propose to certain employees of Anheuser-Busch InBev and its subsidiaries (“Eligible Employees”) to
purchase ordinary shares of Anheuser-Busch InBev (the “Shares”), which are currently traded on Euronext Brussels for a pre-determined amount and to align the interests of the Eligible
Employees with those of Anheuser-Busch InBev. As an additional reward, Eligible Employees who participate in the Plan will receive RSUs granting the right to receive additional shares of Anheuser-Busch InBev. 

The Plan is governed by Belgian law. The Plan is not regarded, in the United States, as a qualified plan under Section 401(a) of the US Internal
Revenue Code of 1986 (the “Code”). Further, the Plan is not subject to any of the provisions of the US Employee Retirement Income Security Act of 1974 (“ERISA”). 

The contents of this section are for information purposes only. In any case of discrepancy between the contents of this section and the terms and
conditions of the Plan (the “Terms and Conditions”), the provisions of the Terms and Conditions will prevail. Terms beginning with a capital letter have the meaning ascribed to them in the Terms and Conditions. 

 

	1.	 What are the principal features of the Plan? 

 

	 	(i)	 The Plan offers Eligible Employees the opportunity to purchase a limited number of
locked-up Anheuser-Busch InBev Shares (the “Purchased Shares”) at a pre-determined an aggregate price (the “Offer Amount”)
corresponding to a price per Share equal to the closing price of the Anheuser-Busch InBev Shares on Euronext Brussels on the day preceding the Offer Date (as defined below). 

 

	 	(ii)	 As a reward, Eligible Employees who decide to acquire Purchased Shares will receive from Anheuser-Busch InBev
additional “matching” Restricted Stock Units (the “RSUs”). 

  

	 	(iii)	 The RSUs have a vesting period of 5 years. This means that, subject to certain conditions being met, AB InBev will
deliver the underlying AB InBev Shares to the Participants 5 years after the date mentioned as “Offer Date” in the letter whereby Anheuser-Busch InBev communicates the details of the offer made to the Eligible Employee under the Plan (the
“Offer Date”). 

  

	 	(iv)	 The RSUs are dividend-protected: each time AB InBev pays a dividend on its Shares before the end of the vesting period
of the RSUs, the number of RSUs is increased to match the economic value of the dividends paid on the AB InBev Shares underlying the RSUs. 

Please remember that any performance results and rewards are subject to a compliance hurdle. As owners, the results we achieve are
equally important as how we achieve them. Integrity and ethics are part of our core values, and they continue to be embedded in our financial compensation. If any violations of law or violations of the Code of Business Conduct are found by the
Global Ethics and Compliance Committee to have been committed by the Participant before the Vesting Date, whether or not the conduct occurred before or after the date of the grant of Restricted Stock Units, the unvested Restricted Stock Units will
expire as set out in Clause VI 6.2. 

  
  

3 

	2.	 How is the Plan administered? 

The Plan is administered by the Board of Directors of Anheuser-Busch InBev (the “Board of Directors”), but the
Board of Directors may delegate part or all powers under the Plan to the Remuneration Committee of Anheuser-Busch InBev (the “Committee”). In such a case, the Committee is responsible for the general administration of the Plan in
accordance with the Plan rules, under the supervision of the Board of Directors; the Committee is also authorised to establish rules for the administration, interpretation, and application of the Plan. The Board of Directors and the Committee may sub-delegate certain powers to any third party they deem appropriate. 
 The Board of Directors is
currently composed of three independent directors, nine members nominated by the Stichting Anheuser-Busch InBev (a foundation organised under the laws of the Netherlands, which represents an important part of the interests of the controlling
shareholder group of AB InBev) and three members nominated by the restricted shareholders of Anheuser-Busch InBev in accordance with the rules set out in the articles of association of Anheuser-Busch InBev. The Board of Directors appoints the
members of the Committee from amongst its members. 
 The Board of Directors can unilaterally modify the practical and/or accessory
terms of the Plan at any time. The Board of Directors may also modify the terms and conditions of the Plan when such modifications are required to comply with any change in legislation. 

If you would like more information about the Plan or its administrators, please contact your local People Director. For US Participants,
please contact Martin Fidalgo at AB InBev Services LLC, 250 Park Avenue, 10123 New York, (212)573-4388. 
  

	3.	 What is the duration of the Plan? Can it be terminated early? 

Unless decided otherwise by Anheuser-Busch InBev, the Plan will terminate on the date upon which all the Shares underlying the RSUs have
been delivered to Participants. Any RSUs granted under the Plan prior to its termination will remain in effect until they have been satisfied or terminated in accordance with the Terms and Conditions. 

 

	4.	 Who may participate in the Plan? 

The Terms and Conditions allow the Committee to select any employees of Anheuser-Busch InBev and its subsidiaries in its sole discretion
as Eligible Employees to whom Purchased Shares and RSUs may be offered. All employees of Anheuser-Busch InBev and its subsidiaries who have been informed by their local People Department that they are Eligible Employees qualify to participate in the
Plan. 
  

	5.	 What do I have to do to participate in the Plan? 

One of the key concerns of AB InBev in structuring the Plan was to keep the participation process as simple as possible. 

There are two main steps in the participation process: 
  

	 	(i)	 Eligible Employees receive from AB InBev an Offer Letter (the “Offer Letter”) – which can take
the form of a letter, an e-mail, etc.—informing them that they are eligible to participate in the Plan and an Acceptance Form (which may take the form of an online form) in which they are
invited to confirm their acceptance to participate in the Plan and their wish to purchase the Purchased Shares in accordance with these terms and conditions. The duly completed Acceptance Form must be submitted within the time frame set out in the
Offer Letter. 

  
  

4 

	 	(ii)	 An Eligible Employee who has decided to participate in the Plan will subsequently receive a letter or e-mail from AB InBev confirming the exact amount of Purchased Shares and Restricted Stock Units received under this Plan. 

The delivery of the AB InBev shares upon vesting of the Restricted Stock Units is automatic. In other words, except for certain practical
modalities, a Participant does not need to take any action for the delivery of the AB InBev Shares upon vesting of the Restricted Stock Units. 

Participating in the plan is optional. An eligible Employee who does not submit a duly completed Acceptance Form within the time frame
set out in the Offer Letter will be deemed to have refused to participate in the Plan. For the avoidance of doubts, an Eligible Employee who refuses to participate in the Plan will not be entitled to receiving the Offer Amount from AB InBev. 

 

	6.	 Will I have to pay something to participate in the Plan? 

Anheuser-Busch InBev and its subsidiaries will bear the costs related to the setting up of the Plan. 

However, you will have to pay the full purchase price of the Purchased Shares (i.e. the Offer Amount) to Anheuser-Busch InBev. In
addition, all costs, fees, taxes and social security contributions that may arise upon the vesting of the Restricted Stock Units and the sale of Shares will have to be borne by you. 

Finally, participating in the Plan may result in the obligation for you to pay local taxes and social security contributions in
accordance with applicable tax and social security legislation. 
  

	7.	 Do I need to open a securities account to participate in the Plan? 

Participating in the Plan does not require that you open a securities account in your home country or in Belgium. 

 

	 	(i)	 Purchased Shares 

The Purchased Shares Participants will acquire under the Plan will be in registered form and ownership will be evidenced through an
ad hoc registration in the electronic Share register of Anheuser-Busch InBev. 
 However, once the Lock-Up period has expired (see below), Participants will be allowed to convert the Purchased Shares into dematerialised Shares. Should a Participant decide to do so, such Participant will need to have a
securities/custody account to which these Shares can be transferred. 
  

	 	(ii)	 RSUs 

The Shares that you will receive upon vesting of the Restricted Stock Units that have been granted under the Plan may be delivered to
you (at AB InBev’s choice) in dematerialised (electronic or book-entry) form or in registered form. If the Shares are in dematerialised form, you will need to have a securities/custody account in your home country or in Belgium to which
these Shares can be transferred. If the Shares are in registered form, ownership will be evidenced through registration in the electronic Share register of AB InBev. 

  
  

5 

 Furthermore, should you request that ADSs be delivered to you in lieu of the Shares to be
delivered upon vesting of the Restricted Stock Units, you will need to have a securities/custody account in your home country to which the ADSs can be transferred. 
  

	8.	 How can I get information on my portfolio of Purchased Shares and RSUs? 

You can have access to your portfolio of Purchased Shares and RSUs through the secured LTI Website mentioned in the Offer Letter (or any
successor website thereof). 
 After the expiry of the 5-year
Lock-Up Period referred to in Clause I.9 (“When and how can I sell my Anheuser-Busch InBev Shares?”) below, all transactions on Shares (e.g. sale of the Shares) can be carried out
electronically from that website. 
  

	9.	 When and how can I sell my Anheuser-Busch InBev Shares? 

 

	 	(i)	 Purchased Shares 

The Purchased Shares are subject to a 5-year lock-up
period (the “Lock-Up Period”). This means that, except for transfers as a result of death in accordance with the Terms and Conditions, Participants are not allowed to sell, transfer or pledge
the Purchased Shares before the end of this 5-year Lock-Up Period. 

The sale of your Shares after the expiry of the Lock-Up Period is fully electronic (no paper
exercise certificates) and is managed through the secure LTI Website. All you need to do to sell your Shares is to access this secure LTI Website and follow the instructions. In consideration for the sale of your Shares, you will have to pay
brokerage fees, which are further detailed on the secure LTI Website. 
  

	 	(ii)	 RSUs 

Similarly, the RSUs are subject to a 5-year vesting period. Upon vesting of the RSUs,
AB InBev will deliver to the Participants one Share per RSU. During the vesting period, the RSUs cannot be sold, transferred or pledged. 

The Shares you receive upon vesting of the RSUs that have been granted to you under the Plan (if any) are not subject to any lock-up and are therefore freely transferable immediately after expiry of the vesting period of the RSUs. 

If you are an “affiliate” of AB InBev as defined in Rule 144 under the Securities Act (“Rule 144”), any resale
or other disposition of your ADSs must be made pursuant to (1) the requirements of Rule 144, without regard to the holding period requirement of such Rule, or (2) another exemption from registration under the Securities Act. 

  
  

6 

	10.	 What happens to my RSUs and Shares if I leave Anheuser-Busch InBev? 

 

	 	(i)	 Purchased Shares 

As a rule, leaving Anheuser-Busch InBev (for whatever reason) will have no impact on the number of Purchased Shares a Participant has
acquired under the Plan and the Lock-Up Period (See Clause I.9 – “When and how can I sell my Anheuser-Busch InBev Shares?”) will be lifted. 

 

	 	(ii)	 RSUs 

Leaving Anheuser-Busch InBev (for whatever reason) will have no impact on the Shares you have received from Anheuser-Busch InBev
pursuant to the vesting of your RSUs. 
 Subject to the special rules in the Terms and Conditions below, upon your departure, whether
or not such departure is being challenged by you, the RSUs which are held by you on your last day of employment will in principle be automatically void. 
  

	11.	 What rights and obligations attach to Anheuser-Busch InBev Shares? 

Except for the lock-up period of five years attached to them, the Purchased Shares entitle you to
all the rights and benefits generally attached to the ordinary shares of Anheuser-Busch InBev. 
 Restricted Stock Units entitle their
holder to a dividend equivalent, which represents an amount equal to the gross dividend paid by AB InBev on the Shares underlying the Restricted Stock Units. This dividend equivalent will be granted to the Participants shortly after the payment
of the dividend, in the form of additional Restricted Stock Units with the same vesting conditions, including the same Vesting Date, and governed by the same terms and conditions as the original Restricted Stock Units. 

The number of additional Restricted Stock Units to which a Participant is entitled upon payment of a dividend on the Shares underlying
the Restricted Stock Units will be calculated by AB InBev. The number will be equal to the amount of the gross dividend divided by the closing share price on Euronext Brussels of the AB InBev Share on the dividend payment date and multiplied by
the number of Restricted Stock Units that the Participants holds. The result of this calculation will be rounded down to the closest unit. 

Upon vesting of the RSUs, the Shares received as a result of such vesting will entitle you to all the rights and benefits generally
attached to the ordinary shares of Anheuser-Busch InBev. Anheuser-Busch InBev will, at its discretion, deliver Shares in dematerialised form or in registered form. The Shares received upon vesting of RSUs give rights to the dividends paid on such
Shares after the date of vesting. Your Anheuser-Busch InBev Shares received upon vesting of RSUs are not subject to any transfer restrictions under the Terms and Conditions. 
  

	12.	 What securities are offered under the Plan? 

A maximum of 1,500,000 Shares (including the Purchased Shares and the Shares underlying the RSUs) can be awarded under the Plan. Such
Shares may be issued Shares held in Anheuser-Busch InBev’s treasury or acquired by Anheuser-Busch InBev for the purpose of the Plan. The Shares may be in dematerialised or registered form. 

  
  

7 

 At the request of the Participants, AB InBev may, upon vesting of the Restricted Stock
Units, deliver American Depositary Shares (“ADSs”) listed on the New York Stock Exchange in lieu of the AB InBev Shares underlying the Restricted Stock Units. 

The ADSs are ordinary American Depositary Shares issued in the framework of the AB InBev American Depositary Receipt facility
managed by The Bank of New York Mellon (or any successor thereof). 
 For additional general information on the ADSs, including on the
payment of dividends, please visit The Bank of New York Mellon’s website (www.adrbnymellon.com) and search for AB InBev’s profile page. 
  

	13.	 What does it mean to participate in the Plan? 

Participation in, and the operation of, the Plan will not form part of or affect your contract of employment or your employment
relationship, nor will they give you the right to continued employment. Participation in the Plan in one given year does not indicate that you will participate, or be considered for participation, in any later grants. You are not entitled to any
compensation or other benefit in respect of the Plan. 
 You should understand that the value of Anheuser-Busch InBev Shares can go
down as well as up and that past performance of Anheuser-Busch InBev’s shares is no indication of actual future performance. 
  

	14.	 Incorporation of certain documents by reference 

Anheuser-Busch InBev will file a Registration Statement on Form S-8 with the US Securities and
Exchange Commission (the “SEC”) covering the ordinary shares to be delivered pursuant to the RSUs. 
 The SEC allows
us to “incorporate by reference” the information filed with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this
prospectus. Information that we file later with the SEC will automatically update and supersede information pertaining to the same subject in this prospectus or in earlier filings with the SEC. We incorporate by reference into this prospectus: 

 

	 	(i)	 Anheuser-Busch InBev’s Annual Report on Form 20-F (File No. 001-37911) filed in the US with the SEC on 19 March 2018; and 

  

	 	(ii)	 all documents filed by Anheuser-Busch InBev in the US under Sections 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) since 31 December 2017. 

 To the extent designated
therein, certain current reports of Anheuser-Busch InBev in the US on Form 6-K, and all documents filed by Anheuser-Busch InBev in the US under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after
the date of this prospectus, but prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, will be deemed to be incorporated by
reference in this prospectus and to be part of this prospectus from the date of filing of such documents. 
  

	15.	 How can I obtain additional information? 

You may receive copies of the documents described above and any of the documents that we are required to deliver to employees pursuant to
Rule 428(b) of the Securities Act free of charge by submitting a request to your local People Director. Some of these documents are also available for viewing in the Investor section of our website at
www.ab-inbev.com. 

  
  

8 

 Chapter III 

Glossary – Defined Terms 

When used in this document, the following terms shall have the meaning ascribed to them as indicated below, unless expressly indicated
otherwise: 
  

			
	Acceptance Form	  	 the form whereby an Eligible Employee accepts or refuses all the Purchased Shares offered to him or her and/or all or part of the
RSUs offered to him or her, to be completed by the Eligible Employee in paper format and/or in electronic format on the Online Tool, as indicated by Anheuser-Busch Inbev;

		
	ADS	  	 an American Depositary Share issued under the deposit agreement with the Bank of New York Mellon (or any successor thereof) traded on
the New York Stock Exchange (ISIN: US03524A1088) and representing one Share or the right to receive one Share of AB InBev;

		
	Anheuser-Busch InBev or AB InBev        	  	 Anheuser-Busch InBev SA/NV, with its registered office at Grand Place 1, B-1000 Brussels,
Belgium;

		
	Banking Day	  	 any day other than a Saturday, a Sunday or a public holiday in Belgium and in the United States, on which banks in Belgium and in the
United States are open for business;

		
	Board of Directors	  	 the board of directors of Anheuser-Busch InBev;

		
	Code of Business Conduct	  	 The AB InBev Code of Business Conduct, as amended from time to time;

		
	Code of Dealing	  	 the Anheuser-Busch InBev Dealing Code, as amended from time to time;

		
	Committee	  	 the Remuneration Committee of Anheuser-Busch InBev;

		
	Confirmation Period	  	 the period during which a Participant must submit the completed Acceptance Form to AB InBev, as indicated in the Offer
Letter;

		
	Cumulated Age	  	 the sum, on the date of the end of the employment relationship between a Participant and Anheuser-Busch InBev or one of its
majority-owned subsidiaries, of (i) the age of the Participant and (ii) the number of years of employment of the Participant within the Anheuser-Busch InBev Group using full months of service and full months of age to calculate the
combined years;

		
	Data Controller	  	 Anheuser-Busch InBev;

  
  

9 

			
		
	Data Processor	  	 any third party designated by the Data Controller to process Personal Data on behalf of the Data Controller in accordance with Clause
VI 14 for the implementation, administration and management of the Plan and the RSUs register in electronic form;

		
	Dismissal	  	 termination of the employment of a Participant by Anheuser-Busch InBev or its subsidiaries.

		
	Dismissal for Serious Cause	  	 termination of employment for serious cause (as determined by the Chief People Officer—or any other person designated by the
Chief People Officer—in his sole discretion or, if applicable, as defined in relevant local law) by Anheuser-Busch InBev or its subsidiaries;

		
	Divestiture	  	 a situation whereby Participant’s employer is no longer a subsidiary of Anheuser-Busch InBev following a divestiture through the
sale of shares in the said Anheuser-Busch InBev subsidiary or otherwise;

		
	Eligible Employee	  	 an employee of Anheuser-Busch InBev or its majority-owned subsidiaries who received an Offer Letter;

		
	ERISA	  	 the US Employee Retirement Income Security Act of 1974

		
	Fair Market Value	  	 on a particular date shall be (i) the opening sale price per Share during normal trading hours on the national securities
exchange on which the Share is principally traded for such date or the closing sale price per Share on the last preceding date on which there was a sale of such Share on such exchange or (ii) if the Shares are not then listed but traded in an over-the-counter market, the average of the closing bid and asked prices for the Shares during normal trading hours in such over-the-counter market for such date or the last preceding date on which there was a sale of such Shares in such market, or (iii) if the Shares are not then listed on a national securities exchange or
traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall determine;

		
	GDPR	  	 Regulation 2016/679 of the European Parliament and of the Council of April 27, 2016 on the protection of natural persons with
regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation);

		
	Global Ethics and Compliance Committee	  	 the global ethics and compliance committee of AB InBev;

		
	Grant Date	  	 the date mentioned in the Offer Letter;

		
	Leave of Absence	  	 a leave of absence authorised by the Participant’s employer for any reason;

		
	Lock-Up Period	  	 the period defined as such in the Offer Letter;

  
  

10 

			
		
	LTI Website	  	 the internet website referred to in the Offer Letter (and any successor thereof) through which a Participant can monitor his/her
portfolio of Purchased Shares and RSUs and sell/transfer his/her Shares;

		
	Matching RSU	  	 a Restricted Stock Unit granted to a Participant under the Plan, as set out in the Offer Letter;

		
	Material Adverse Decision	  	 Any decision, judgment, settlement or other act adopted by an administrative authority, court or tribunal that has a direct or
indirect significant negative financial, reputational or commercial impact on AB InBev, as determined by the Global Ethics and Compliance Committee;

		
	Material Breach	  	 Any violation of the Code of Business Conduct of AB InBev that has a direct or indirect significant negative financial, reputational
or commercial impact on the Company, as determined by the Global Ethics and Compliance Committee;

		
	Offer Amount	  	 the aggregate pre-determined amount that a Participant is entitled to spend to acquire the
Purchased Shares as specified in the Offer Letter, the Online Tool or any other document addressed to the Participant by Anheuser-Busch InBev and which corresponds to a price per Share equal to the closing price of the Anheuser-Busch InBev Shares on
Euronext Brussels on the day preceding the Offer Date;

		
	Offer Date	  	 the date mentioned as offer date in the Offer Letter;

		
	Offer Letter	  	 the notification, in paper format (letter) and/or in electronic format (e-mail or as uploaded
on the Online Tool) whereby Anheuser-Busch InBev offers to Eligible Employee to participate in the Plan;

		
	Online Tool	  	 the internet website referred to in the Offer Letter (and any successor of such website) through which a Participant can
electronically submit an Acceptance Form;

		
	Outsourcing	  	 a situation whereby (i) a Participant is dismissed by Anheuser-Busch InBev or a subsidiary of Anheuser-Busch InBev in the
framework of a collective dismissal (in the meaning of the Belgian Law of 13 February 1998 or its equivalent in the jurisdiction of the Participant) and is re-employed, together with the other persons who
have been likewise dismissed, by a third-party company which is not an affiliate of Anheuser-Busch InBev and which provides services to Anheuser-Busch InBev; or (ii) a Participant is transferred by Anheuser-Busch InBev or a subsidiary of
Anheuser-Busch InBev in the framework of the Belgian Collective Bargaining Agreement No 32bis of 7 June 1985 (or its equivalent in the jurisdiction of the Participant) to a third-party company which is not an affiliate of
Anheuser-Busch InBev and which provides services to Anheuser-Busch InBev;

  
  

11 

					
		
	Participant	  	 any Eligible Employee who has completed and returned an Acceptance Form in accordance with Clause VI 2 and who has
accepted to participate in the Plan, or any Successor to whom RSUs have been transferred in accordance with these Terms and Conditions;

		
	Personal Data	  	 each item of information relating to an identified or identifiable Participant defined as personal data pursuant to Data
Protection Law;

		
	Plan	  	 the Anheuser-Busch People Bet Plan;

		
	Prohibited Period	  	 any period defined as such in the Code of Dealing;

			
	Pro-Rata Formula	  	 PRO =
	  	 HO×M

		  	     60

		  	 where:
	  	
			
		  	 PRO
	  	 means the number of RSUs that will remain in full force and effect after the end of employment of a Participant that has reached a
Cumulated Age of 70 but has not yet reached a Cumulated Age of 80

			
		  	 HO
	  	 means the number of RSUs held by the Participant immediately prior to the termination of employment

			
		  	 M
	  	 means the number of full calendar months of employment of the Participant within the Anheuser-Busch InBev Group during the period
from the Offer Date until the date of termination of employment;

		
	Purchase Price	  	 the price per Purchased Share in Euros as set out in the Offer Letter;

		
	Purchased Shares	  	 the locked-up Shares purchased by Eligible Employees under the
Plan;

		
	Resignation	  	 termination by a Participant of its employment with Anheuser-Busch InBev or its subsidiaries;

		
	RSU or Restricted Stock Unit	  	 the right to receive from AB InBev one existing Share in accordance with these terms and conditions;

		
	Share	  	 an ordinary share of Anheuser-Busch InBev (ISIN: BE0974293251);

  
  

12 

 
			
		
	Successor	  	 the successor of a Participant as determined under the applicable law of succession and/or the persons designated by a Participant,
in accordance with the applicable law of succession, to inherit the rights of the Participant under the Plan after the death of the Participant;

		
	Terms and Conditions	  	 the terms and conditions of the Plan set out in this document

		
	Trading Day	  	 any day on which the regulated market of Euronext Brussels and the New York Stock Exchange are open for trading.

		
	Vesting Date	  	 the date defined as such in the Offer Letter;

		
	Vesting Period	  	 the period defined as such in the Offer Letter;

  
  

13 

 Chapter IV 

Terms and conditions relating to the Purchased Shares 
  

	1	 Acquisition and delivery of Purchased Shares 

Eligible Employees shall be offered the right to acquire a certain number of Purchased Shares for an aggregate price equal to the Offer
Amount. 
 The Purchased Shares will be delivered to the Participants as soon as practically possible after the receipt by
Anheuser-Bush InBev of a duly completed and executed Acceptance Form and payment of the Offer Amount for such Purchased Shares. Eligible Employees who have not submitted their completed Acceptance Form for the acquisition of Purchased Shares within
the deadline set out in the form will be deemed to have refused Anheuser-Bush InBev’s offer to acquire any Purchased Shares and RSUs. 

The transfer of ownership of the Purchased Shares from Anheuser-Bush InBev to the Participant will occur on the date Anheuser-Bush InBev
receives payment for the Purchased Shares. 
  

	2	 Form 

The Purchased Shares are registered Shares and are recorded in the Share register of Anheuser-Bush InBev, which may be held in electronic
form. A non-transferable certificate reflecting the entries in the register of registered Shares will be remitted to the Participants, upon their request. 

The Purchased Shares may not be converted into dematerialised Shares before the expiration of the
Lock-Up Period referred to in Clause IV 4 below. After the expiration of the Lock-Up Period, Purchased Shares may, at the request of a Participant, be converted into
dematerialised Shares. 
  

	3	 Dividends 

Participants will be entitled to all dividends paid on the Purchased Shares, decided by Anheuser-Bush InBev after the Offer Date. 

 

	4	 Transferability of the Purchased Shares 

The Purchased Shares will be subject to a lock-up of 5 years starting on the Offer Date (the
“Lock-Up Period”). 
 Subject to any transfer of the Purchased Shares to a
Successor in case of death of a Participant (see Clause VI 6.7 below), the Purchased Shares delivered to a Participant may not be transferred or encumbered with any security, pledge or other right, or otherwise pass to any third party during the Lock-Up Period. 
 Once the Lock-Up Period has expired, a
Participant may: 
  

	 	(i)	 keep the Purchased Shares in registered form; 

 

	 	(ii)	 request the conversion of the Purchased Shares into dematerialised Shares and their transfer on a securities account;
or 

  
  

14 

	 	(iii)	 sell the Purchased Shares. 

If the Participant wishes to sell its Purchased Shares after the expiration of the Lock-Up
Period, the Participant shall: 
  

	 	(i)	 instruct Anheuser-Busch InBev to convert the Purchased Shares into dematerialised Shares, 

 

	 	(ii)	 instruct Anheuser-Busch InBev to deliver the Purchased Shares on behalf of the Participant to the financial
intermediary, appointed by Anheuser-Busch InBev, in charge of selling the Purchased Shares on the market on behalf of the Participant, and 

  

	 	(iii)	 request Anheuser-Busch InBev to instruct such financial intermediary to sell the Purchased Shares on the market.

 The proceeds of the sale of the Purchased Shares will be paid to the Participant, after deduction of all fees,
costs and taxes due by the Participant as the result of the sale of the Purchased Shares. 
  

	5	 Expenses and taxes 

AB InBev and/or its subsidiaries will bear the costs related to the attribution of the Purchased Shares. 

All taxes and employee social security contributions of any kind relating to, inter alia, the acquisition, the holding and the
sale of the Purchased Shares and all other costs (including costs relating to the conversion of the Purchased Shares, the transfer and the sale of the Purchased Shares, the opening of a securities and/or a cash account, international transfers of
cash, and dividend payments) will be borne by the Participant. AB InBev may withhold from any payment or delivery of Shares or ADSs any income or social security taxes that are required to be withheld under any applicable law, rule or regulation.

  
  

15 

 Chapter V 

Terms and conditions relating to the Restricted Stock Units 
  

	1	 Form 

The Matching RSUs to which a Participant is entitled under the Plan will be granted in the form of Restricted Stock Units. 

 

	2	 Vesting 

The Restricted Stock Units are subject to a Vesting Period starting on the Grant Date. 

On or shortly after the Vesting Date, AB InBev will deliver one Share per Restricted Stock Unit held by the Participant, subject to
the provisions of these terms and conditions. Unless explicitly set forth otherwise in these terms and conditions, Restricted Stock Units do not confer any shareholder’s rights. 

At the request of the Participant, AB InBev may deliver ADSs listed on the New York Stock Exchange in lieu of Shares upon vesting of
the Restricted Stock Units. To this end, Participants will need to indicate in writing to AB InBev before the Vesting Date that they want to be delivered ADSs in lieu of Shares. Where a Participant has requested ADSs be delivered in lieu of Shares
upon vesting of the Restricted Stock Units, all references in the Plan to Shares underlying Restricted Stock Units and Shares that were acquired upon vesting of the Restricted Stock Units shall include ADSs. 

 

	3	 Dividend equivalent 

Restricted Stock Units entitle their holder to a dividend equivalent, which represents an amount equal to the gross dividend paid by AB
InBev on the Shares underlying the Restricted Stock Units. This dividend equivalent will be granted to the Participants shortly after the payment of the dividend, in the form of additional Restricted Stock Units with the same vesting conditions,
including the same Vesting Date, and governed by the same terms and conditions as the original Restricted Stock Units. 
 The number of
additional Restricted Stock Units to which a Participant is entitled upon payment of a dividend on the Shares underlying the Restricted Stock Units will be calculated by AB InBev. The number will be equal to the amount of the gross dividend divided
by the closing share price on Euronext Brussels of the AB InBev Share on the dividend payment date and multiplied by the number of Restricted Stock Units that the Participants holds. The result of this calculation will be rounded down to the closest
unit. 
  

	4	 Transferability 

Except for transfers as a result of death (see Clause VI 6.7 below), RSUs may not be transferred or encumbered with any security, pledge
or other right, or otherwise pass to any third party. 
 The Shares delivered upon vesting of the RSUs are not subject to any transfer
restrictions under the rules of the Plan. 

  
  

16 

	5	 Expenses and taxes 

All costs related to the attribution of the Restricted Stock Units, the attribution of the RSUs or additional RSUs referred to in
Clause V 3 above and the delivery of the underlying Shares will be borne by AB InBev, except taxes on stock exchange transactions and income and social security taxes on the income received by the Participants in connection with the
delivery or the ownership of the Restricted Stock Units and with the delivery of the Shares or ADSs upon vesting of the RSUs. AB InBev may withhold from any payment or delivery of Shares or ADSs any income or social security taxes that are
required to be withheld under any applicable law, rule or regulation. 

  
  

17 

 Chapter VI 

General provisions applicable to the Voluntary Shares and to the 

Restricted Stock Units 
  

	1	 Persons Eligible for Purchased Shares and RSUs 

The opportunity to acquire Purchased Shares and RSUs under the Plan may be offered to such Eligible Employees as the Committee shall
select in its sole discretion. 
  

	2	 Acceptance of the Plan 

 

	2.1	 Full acceptance of Purchased Shares 

An Eligible Employee has the possibility to accept to participate in the Plan by acquiring all (but not less than all) the Purchased
Shares offered to such employee in exchange for payment of the Offer Amount to Anheuser-Busch InBev. 
 An Eligible Employee who
accepts to participate in the Plan by acquiring all (but not less than all) the Purchased Shares offered to such employee shall be offered Matching RSUs. 
  

	2.2	 Mode of acceptance 

  

	 	2.2.1	 General 

The mode of acceptance of the Purchased Shares is set out in the Offer Letter and, at the choice of Anheuser-Busch InBev, takes the form
of an electronic acceptance or of a paper-form acceptance. Anheuser-Busch InBev may decide to request Eligible Employees to complete two different forms for (i) the confirmation of the Eligible Employee’s decision to participate in the
Plan by acquiring the Purchased Shares offered to him or her and (ii) the acceptance of the RSUs, respectively and provide for a different mode of acceptance with respect to each of these forms. 

 

	 	2.2.2	 Electronic acceptance 

In the case of acceptance of Purchased Shares and/or RSUs in electronic form, the Eligible Employee must confirm and submit his/her
choice through the Online Tool specified in the Eligible Employee’s Offer Letter. 
 The Acceptance Form must be
(i) completed online, to the extent applicable, after having accepted the terms of use of the Online Tool and (ii) submitted by the deadline indicated by Anheuser-Busch InBev to the Eligible Employee in due time. As the case may be, the
acceptance period set by Anheuser-Busch InBev for the acceptance of the RSUs may be different from the acceptance period set for the acceptance of the Purchased Shares. 

Failure to complete and submit the Acceptance Form as set out above will be deemed to constitute a refusal by the Eligible Employee of
all Purchased Shares and/or RSUs offered to him/her, as the case may be. 
  

	 	2.2.3	 Paper-form acceptance 

In the case of acceptance of the Purchased Shares and/or RSUs in paper form, the Eligible Employee must complete, date and sign the
Acceptance Form and return it to the address indicated on it. The completed Acceptance Form must reach Anheuser-Busch InBev, or any third party designated by it to that effect, by the deadline indicated by Anheuser-Busch InBev to the Eligible
Employee in due time. As the case may be, the acceptance period set by Anheuser-Busch InBev for the acceptance of the RSUs may be different from the acceptance period set for the acceptance of the Purchased Shares. 

  
  

18 

 Failure to return the completed, dated and signed Acceptance Form as set out above will be
deemed to constitute a refusal by the Eligible Employee of all Purchased Shares and/or RSUs offered to him/her, as the case may be. 
  

	3	 Approval of the Plan Documentation 

The Plan forms part of an agreement between the Participant and Anheuser-Busch InBev. By returning to Anheuser-Busch InBev a duly
completed Acceptance Form in accordance with Clause VI 2, the Participant unconditionally agrees to be bound by these Terms and Conditions. 

A Participant who fails to submit duly completed Acceptance Form in accordance with Clause VI 2 before the expiry of the Election Period
and who does not object in writing to the Plan before the same date, will be deemed to have unconditionally agreed to the contents of this document. 
  

	4	 Shares Available 

The total number of Shares which may be delivered as Purchased Shares or pursuant to the vesting of the RSUs granted under the Plan shall
not exceed 1,500,000 Shares. Such Shares may be issued Shares held in Anheuser-Busch InBev’s treasury or acquired by Anheuser-Busch InBev for the purposes of the Plan. Any Shares delivered by Anheuser-Busch InBev, any Shares with respect to
which RSUs are granted by Anheuser-Busch InBev and any Shares with respect to which Anheuser-Busch InBev becomes obligated to grant RSUs, through the assumption of, or in substitution for, outstanding RSUs previously granted by an acquired entity,
shall not be counted against the Shares available for RSUs under this Plan. 
  

	5	 Nature and characteristics of the underlying Shares 

 

	5.1	 General 

The Shares (including the Purchased Shares and shares to be received upon vesting of the RSUs) to be delivered to the Participant are
existing ordinary Shares of AB InBev with all rights and benefits generally attached to such Shares. AB InBev will, at its discretion, deliver Shares in dematerialised (electronic or book-entry) form or in registered form. 

 

	5.2	 Dividends 

Participants will be entitled to all dividends paid on the Purchased Shares, decided by AB InBev after the Grant Date. 

The Shares delivered upon vesting of the Restricted Stock Units give the right to the dividends paid on such Shares decided by AB InBev
after the Vesting Date. 
  

	5.3	 Transferability 

The Shares received upon vesting of RSUs are not subject to any transfer restrictions under these Terms and Conditions. 

  
  

19 

	6	 Expiry of the Restricted Stock Units before the Vesting Date and situation upon termination of service

  

	6.1	 Violation of the Purchased Shares transfer restrictions 

The Restricted Stock Units will automatically expire and become null and void if the Participant fails to comply with the Purchased
Shares’ transfer restrictions referred to in Clause IV 4. 
  

	6.2	 Malus adjustment 

When conduct that occurred in the period during which the Participant is or was responsible for such conduct contributes to a Material
Adverse Decision or a Material Breach of our Code of Business Conduct before the Vesting Date the Restricted Stock Units held by such Participant under this Plan will automatically expire and become null and void. 

 

	6.3	 Dismissal for Serious Cause 

Without prejudice to Clause VI 6.7 below, in case of Dismissal for Serious Cause of a Participant before the Vesting Date: 

 

	 	6.3.1	 the Purchased Shares will become freely transferable and the restrictions on transferability referred to in
Clause IV 4 above will cease to apply on the date of end of employment; and 

  

	 	6.3.2	 all RSUs held by the Participant on the date of the end of employment automatically expire and become null and
void. 

 The above rules apply notwithstanding any recourse which might be introduced by a dismissed Participant
against such Dismissal. 
  

	6.4	 Dismissal other than for serious cause or Resignation before Cumulated Age of 70 

Without prejudice to Clause VI 6.7 below: 
  

	 	6.4.1	 the Purchased Shares will become freely transferable and the restrictions on transferability referred to in
Clause IV 4 above will cease to apply on the date of end of employment; 

  

	 	6.4.2	 all RSUs held by the Participant on the date of the end of employment automatically expire and become null and
void. 

 The above rules shall apply notwithstanding any recourse that might be introduced by a Participant against
the termination of employment. 
 The above rules also apply in case the termination of employment results from an Outsourcing or a
Divestiture. 
  

	6.5	 Dismissal other than for serious cause or Resignation at or after Cumulated Age of 70 and before Cumulated Age of
80 

 In the case of Dismissal other than for Serious Cause of a Participant or, without prejudice to Clause VI
6.7 below, in the case of Resignation: 
  

	 	(i)	 the Purchased Shares will become freely transferable and the restrictions on transferability referred to in Clause IV
4 above will cease to apply on the date of the end of employment; 

  
  

20 

	 	(ii)	 all RSUs held by the Participant on the date of the end of employment will be subject to the following regime:

  

	 	(a)	 if employment ends before the end of the second year following the Offer Date, all RSUs held by the Participant on the
date of the end of employment will automatically expire and become null and void. 

  

	 	(b)	 if employment ends on or after the end of the second year following the Offer Date, Anheuser-Busch InBev shall
calculate the number of RSUs of such Participant that will remain in full force and effect subject to these Terms and Conditions on the basis of the Pro-Rata Formula, provided that Anheuser-Busch InBev may
require the Participant to enter into a non-competition agreement in order to be entitled to benefit from such RSUs; the modalities of the non-competition agreement will
be agreed upon after the employment has ended; 

 RSUs in excess of the number of RSUs that may remain in full force
and effect on the basis of the Pro-Rata Formula will automatically expire and become null and void; 

The rules set out above shall apply notwithstanding any recourse that might be introduced by a Participant against such dismissal. 

The above rules also apply in case the termination of employment at or after a Cumulated Age of 70 results from an Outsourcing or a
Divestiture. 
  

	6.6	 Dismissal other than for serious cause or Resignation at or after Cumulated Age of 80 

In the case of Dismissal other than for Serious Cause of a Participant or, without prejudice to Clause VI 6.7 below, in the case of
Resignation: 
  

	 	(i)	 the Purchased Shares will become freely transferable and the restrictions on transferability referred to in Clause IV
4 above will cease to apply on the date of the end of employment; 

  

	 	(ii)	 the RSUs will remain in full force and effect and subject to these Terms and Conditions provided that if so requested
by Anheuser-Busch InBev, the Participant enters into a non-competition agreement in order to be entitled to benefit from such RSUs. The modalities of the non-competition
agreement will be agreed upon after employment has ended. 

 The rules set out above shall apply notwithstanding any
recourse that might be introduced by a Participant against such dismissal. 
 The above rules also apply in case the termination of
employment at or after a cumulated age of 80 results from an Outsourcing or a Divestiture. 

  
  

21 

	 	6.7	 Death or termination of employment following permanent disability 

Notwithstanding Clauses VI 6.3 to 6.6 above, in the case of death of a Participant or termination of employment following permanent
disability: 
  

	 	(i)	 the Purchased Shares will become freely transferable and the restrictions on transferability referred to in Clause IV
4 above will cease to apply on the date of the death or permanent disability; 

  

	 	(ii)	 the Vesting Period referred to in Clause V 2 will automatically expire and all RSUs will automatically vest provided
that, in the case of permanent disability and if so requested by Anheuser-Busch InBev, the Participant enters into a non-competition agreement. The modalities of the
non-competition agreement will be agreed upon after employment has ended. The Shares to be delivered upon vesting of these Restricted Stock Units will be delivered to the relevant Participant’s Successors
(if applicable) shortly after the Participant’s death or to the Participant shortly after the termination of the Participant’s employment following permanent disability. 

The notion of “permanent disability” is to be defined by reference to the law governing the employment of the Participant. 

 

	 	6.8	 Leave of Absence 

A Participant who is, as of the Offer Date, or following the Offer Date commences, on a Leave of Absence shall be deemed to remain
employed by Anheuser-Busch InBev and its subsidiaries unless the Leave of Absence extends beyond the second anniversary of the date on which the Leave of Absence commenced, in which event the Participant will be deemed to have resigned, in the
meaning of Clause VI 6.4 of these Terms and Conditions and for the application of the Plan only, on and as of the second anniversary of the date on which the Leave of Absence commenced. 

Notwithstanding the above, for purposes of the Pro-Rata Formula under Clause VI 6.5.1(ii)(b), the
Leave of Absence will only be included in the number of full calendar months of employment provided it has been granted for medical reasons, including maternity leave, or provided the law governing the employment of the Participant would require
this. 
  

	7	 Amendment to the Capital Structure and Anti-dilution Measures 

 

	7.1	 Anheuser-Busch InBev expressly reserves the right to proceed with corporate changes that have an impact on its
capital, such as capital increases, including by incorporation of reserves in the capital, capital decreases, issuance of convertible bonds, subscription rights or options, stock splits or reverse stock splits, combinations or reclassifications of
the Shares, mergers, (partial) demergers, as well as the right to amend the clauses in the articles of association governing the allocation of profits or liquidation boni. 

 

	7.2	 In the event that such corporate changes would have an unfavourable effect on the RSUs, the number of RSUs
and/or the number of Shares to which the RSUs give rights will be adjusted for the purpose of safeguarding the interests of the holders of RSUs, as determined at the sole discretion of the Board of Directors, subject to any required action by the
Shareholders’ Meeting of Anheuser-Busch InBev. The terms of such adjustment will be communicated to the Participants in due time. 

  
  

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	7.3	 In the event that Anheuser-Busch InBev would be merged into another company, the rights and obligations of
Anheuser-Busch InBev under the Plan will automatically be transferred to the absorbing company and the RSUs will no longer give the Participants the right to receive Shares but instead the right to receive shares of the absorbing company. The number
of shares of the absorbing company to which each RSU will give right will be determined at the sole discretion of the Board of Directors and communicated to the Participants in due time. 

 

	8	 Administration of the Plan 

 

	8.1	 Delegation to the Committee 

 

	 	8.1.1	 The Board of Directors may delegate part or all powers under the Plan to the Committee. In the case of a
delegation of powers, the Committee shall: (i) be responsible for the general administration of the Plan in accordance with the provisions thereof, under the supervision of the Board of Directors; and (ii) be authorised to establish rules
for the administration, interpretation and application of the Plan and, if necessary, to interpret, amend and cancel these rules, in compliance with these Terms and Conditions. 

 

	 	8.1.2	 In the case of a delegation of powers, the Board of Directors will retain full authority to exercise all the
rights and obligations of the Committee under the Plan at any time whatsoever, or to delegate them to another committee constituted by the Board of Directors. 

 

	8.2	 (Sub-)delegation to any third party 

 

	 	8.2.1	 The Board of Directors and the Committee may (sub-)delegate certain
well-specified powers to any third party they deem appropriate. 

  

	 	8.2.2	 In the case of a (sub-)delegation of powers, the Board of Directors and
the Committee will retain full authority to exercise all the rights and obligations so delegated. 

  

	8.3	 Neither Anheuser-Busch InBev nor any member of the Board of Directors or the Committee shall be liable for any
action or determination made in good faith with respect to the Plan. 

  

	9	 Electronic Register, Electronic Evidence and Consent to Electronic Delivery 

 

	9.1	 Electronic Share and RSUs register 

The Purchased Shares will be recorded in a register, which may be in electronic form and the maintenance of which may be delegated by
Anheuser-Busch InBev to a third party. 
 The RSUs may be recorded in an RSUs register in electronic form, the maintenance of which may
be outsourced by Anheuser-Busch InBev to a third party. 
  

	9.2	 Electronic evidence 

Electronic approvals, instructions, orders, statements and communications between a Participant, Anheuser-Busch InBev, Anheuser-Busch
InBev affiliates and any third party to which powers have been sub-delegated by Anheuser-Busch InBev for the administration of the Plan will have the same legal status as written approvals, instructions,
orders, statements and communications. The written recording or the written reproduction of electronic approvals, instructions, orders, statements and communications received by Anheuser-Busch InBev, Anheuser-Busch InBev affiliates and any third
party to which powers have been sub-delegated by Anheuser-Busch InBev for the administration of the Plan, will constitute conclusive evidence between the Participant, Anheuser-Busch InBev, Anheuser-Busch InBev
affiliates and any third party to which powers have been sub-delegated by Anheuser-Busch InBev for the administration of the Plan, unless evidence to the contrary is provided by the Participant. 

  
  

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	9.3	 Consent to Electronic Delivery 

As a condition to receiving the Purchased Shares and the RSUs, each Participant consents to delivery of all subsequent information
relating to the Purchased Shares and the RSUs by electronic means, including e-mails to the Participant and postings on the LTI Website, the Online Tool, Anheuser-Busch InBev’s website or intranet. Such
information may include, amongst others, financial information concerning Anheuser-Busch InBev. In order to access such information, Participants will be required to access the LTI Website, the Online Tool and/or Anheuser-Busch InBev’s e-mail system, website and/or intranet. By acceptance of the RSUs, each Participant is deemed to acknowledge that he/she has such access to the LTI Website, the Online Tool, the
e-mail system of Anheuser-Busch InBev and its website and intranet and ordinarily uses them in the ordinary course of his/her employment. Participants may obtain paper copies of any such information by
submitting a request to receive paper copies to their respective People Department. 
  

	10	 Matrimonial Regime 

In the event that the matrimonial regimes of Participants confer ownership or other rights on their spouses with respect to the Purchased
Shares or RSUs, those Participants undertake that their spouses shall appoint them as their sole representatives for all matters arising in relation to the Purchased Shares and RSUs. 

 

	11	 Death 

In the event of a Participant’s death, any Successor acquiring the Purchased Shares and RSUs shall inform Anheuser-Busch InBev of
the Participant’s death as soon as possible following the date of death. 
  

	12	 Modification to the Terms and Conditions 

The Board of Directors may unilaterally modify at any time the practical and/or accessory modalities of the Terms and Conditions. It may
also unilaterally modify the Terms and Conditions when such modifications are required to comply with any change in legislation. Shareholder approval/confirmation of any amendment shall be obtained to the extent necessary to comply with any
applicable law, regulation or stock exchange listing requirements. 
  

	13	 Nature of the Plan 

Notwithstanding any provisions to the contrary included in the terms and conditions, the Offer Letter, the Acceptance Form or any other
document relating to the Plan: 

  
  

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	 	(i)	 the acquisition of Shares by the Participant is unrelated to his occupational pension rights or pension claims, so
that this acquisition cannot affect these occupational pension rights and claims; 

  

	 	(ii)	 the Plan, the Offer Letter and the Acceptance Form or any other document relating to the Plan do not confer upon the
Participant any right to continued employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of Anheuser-Busch InBev or its subsidiaries to terminate the Participant’s employment according to
the applicable regulations in respect of termination thereof; and 

  

	 	(iii)	 the grant of Purchased Shares and/or RSUs cannot be considered as a right acquired for the future.

  

	14	 Privacy and processing of Personal Data 

To enable the proper set-up and management of the Plan and the Share register and the RSU
register of Anheuser-Busch InBev, personal information about each Participant will need to be collected and used. This Clause VI 14 sets out the obligations of Anheuser-Busch InBev and the rights of Participants regarding this collection and use,
and provides the legally required information in this respect. 
  

	14.1	 Identity of the person responsible for your Personal Data 

Anheuser-Busch InBev is the so-called “Data Controller”, which is responsible
for the collection processing of Personal Data as is necessary for the setting-up and management of the Plan and the Share and the RSU register of Anheuser-Busch InBev in electronic form. 

 

	14.2	 Why and how Personal Data is collected and used 

The Personal Data will either be collected via the LTI Website and Online Tool or extracted from Anheuser-Busch InBev’s SAP system
(or successor thereof)1. It will be used exclusively for the purposes of the administration of the Plan and the maintenance of the Share register and the RSU register of Anheuser-Busch InBev in
electronic form. 
 The Data Controller and any Data Processor will collect and process the Participants’ Personal Data in
accordance with the Data Protection Law. 
  

	14.3	 Nature of the Personal Data 

The following Personal Data relating to the Participants will be collected and used: 

 

	 	(i)	 their contact details (e.g. names*, private/professional* (email) addresses/phone numbers); 

 

	 	(ii)	 electronic identification data; 

 

	 	(iii)	 personal characteristics (i.e. date of birth*); 

 

	 	(iv)	 financial data (e.g. details regarding bank account); 

 

	 	(v)	 details of all rights and other entitlement to RSUs and/or Shares awarded, cancelled, vested, unvested or outstanding.

  

	1 	 In this case, the Personal Data which are not directly collected from you are identified with an asterisk (*) below.

  
  

25 

	14.4	 Other persons having access to the Personal Data and purpose thereof 

The Data Controller can transfer the Personal Data to the following categories of recipients: 

 

	 	(i)	 the operator of the secure LTI Website acting as Data Processor; 

 

	 	(ii)	 the employer of the Participant for the above purposes; 

 

	 	(iii)	 payroll operators acting as Data Processors; 

 

	 	(iv)	 regulatory authorities for the purposes of complying with legal obligations in connection with the Plan; and

  

	 	(v)	 any member of the Anheuser-Busch InBev group. 

Such recipients may be located in jurisdictions outside the European Economic Area (“EEA”) that may not provide an
adequate level of personal data protection. The Data Controller relies either upon the consent of the Participant (such consent being requested upon signing the Acceptance Form and/or upon its submission through the LTI Website) or upon a
contractual arrangement with the data importer to transfer the data to such jurisdictions. 
  

	14.5	 Legal basis allowing Anheuser-Busch InBev to collect and use Personal Data 

Through his/her signature of the Acceptance Form and/or its submission through the LTI Website, the Participant gives his/her consent to
the collection and processing of his/her Personal Data as described in this Clause VI 14. This consent will be relied upon by the Data Controller as the justification for collecting and using Personal Data. 

 

	14.6	 Rights of the Participants 

The Participant can exercise his/her right to request access to and rectification or erasure of his/her Personal Data or restriction of
processing concerning the Participant or to object to processing as well as the right to data portability by sending a written request to globalcompliance@ab-inbev.com. 

The Participants may withdraw their consent for the processing of their Personal Data in the context of the Plan at any time, but should
be aware that such processing is a prerequisite for further participation to the Plan. Even in the case such participation has ended because of the withdrawal of consent, the Data Controller may still need to process Personal Data after such
withdrawal of consent to comply with its legal obligations. Such withdrawal will not affect the lawfulness of processing based on consent before its withdrawal. 

Finally, if Participants are not satisfied with how Anheuser-Busch InBev processes their Personal Data, they may contact the
Anheuser-Busch InBev Compliance Team through globalcompliance@ab-inbev.com. They also have the right to make a complaint to the Belgian Data Protection Authority. 

 

	14.7	 Storage period of the Personal Data 

Personal Data will be stored for a period of five (5) years after the termination of the Plan. 

  
  

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	15	 Effective Date and Term of Plan 

Unless sooner terminated by the Board of Directors, the Plan, including the provisions respecting the grant of RSUs, shall terminate on
the date upon which all the Shares underlying the RSUs have been delivered to Participants. All RSUs made under the Plan prior to its termination shall remain in effect until such RSUs have been satisfied or terminated in accordance with the Terms
and Conditions and the applicable Offer Letter. 
  

	16	 Severability 

If any provision in this document is held to be illegal, invalid or unenforceable, in whole or in part, under any applicable law, that
provision will be deemed not to form part of this document, and the legality, validity or enforceability of the remainder of this document will not be affected. 
  

	17	 Applicable Law 

The RSUs, the Shares and these Terms and Conditions are governed by Belgian law. 

  
  

27

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