Document:

Exhibit 10.22

    
      

    

    
      Exhibit
        10.22

       

       

      INCENTIVE
        STOCK OPTION (FORM S.C.) COVER SHEET 

       

      UNDER
        THE 

      ANHEUSER-BUSCH
        COMPANIES, INC. 

      1998
        INCENTIVE STOCK PLAN 

       

      GRANT
        INFORMATION 

       

      
        	
                 

                GRANTED
                  TO 

              	
                Grant
                  Date 

              	
                Number
                  of Options 

              	
                Option
                  Price

                $
                  Per Share 

              	
                 

                SAP
                  ID Number 

              
	 	
                 

                Expiration
                  Date 

                 

              	 	 	 

      

      

       

      AGREEMENT
        

       

      This
        Incentive Stock Option Cover Sheet (the “ISO Cover Sheet”) and the Standard
        Incentive Stock Option Form Agreement (Version 11/06) (the “Standard ISO Form”),
        which is incorporated herein by this reference, together constitute a single
        Incentive Stock Option Agreement (this “ISO Agreement”) under the Anheuser-Busch
        Companies, Inc. 1998 Incentive Stock Plan (the “Plan”). This ISO Agreement is
        between Anheuser-Busch Companies, Inc. (the “Company”) and the person named
        above under the caption “Granted To” (the “Optionee”). By signing below,
        Optionee accepts the Options granted under this ISO Agreement, agrees to
        be
        bound by the terms of this ISO Agreement, and acknowledges that he or she
        has
        received, read, and understood a complete copy of the Standard ISO Form which
        is
        part of this ISO Agreement. Optionee understands that he or she may request
        another copy of the Standard ISO Form from the Company as long as this ISO
        Agreement remains outstanding. 

       

      THIS
        AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION THAT APPLIES TO ALL DISPUTES
        RELATED TO THIS AGREEMENT, AND MAY BE ENFORCED BY THE PARTIES.

       

      In
        witness whereof, the Company and the Optionee have executed this ISO Agreement
        in duplicate as of its Grant Date. 

      

      Anheuser-Busch
        Companies, Inc. 

      

      

      
        	
                 

              	
                By:______________________________

              	 	
                By:______________________________

              
	 	
                                      
                  Vice President

              	 	
                                          
                  Optionee 

              

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      STANDARD
        INCENTIVE STOCK OPTION FORM AGREEMENT 

      (VERSION
        11/06 FORM S.C.) 

      UNDER
        THE ANHEUSER-BUSCH COMPANIES, INC. 

      1998
        INCENTIVE STOCK PLAN 

       

      This
        Standard Incentive Stock Option Form Agreement (Version 11/06, Form S.C.)
        (the
        "Standard ISO Form"), and the Incentive Stock Option (Form S.C.) Cover Sheet
        (the "Cover Sheet") which specifically incorporates this Standard ISO Form
        by
        reference, together constitute a single Incentive Stock Option Agreement
        (this
“ISO Agreement" or this "Agreement") under the Anheuser-Busch Companies, Inc.
        1998 Incentive Stock Plan (the "Plan"). This ISO Agreement is between
        Anheuser-Busch Companies, Inc., a Delaware corporation (the "Company"), and
        the
        person designated on the Cover Sheet under the caption "Granted To" (the
        "Optionee"). The parties agree as follows: 

       

      Section
        1.  GRANT.
        In
        conformity with the Plan, the provisions of which are incorporated herein
        by
        this reference, and pursuant to action by the Compensation Committee which
        administers the Plan (the "Committee"), the Company hereby irrevocably grants
        to
        the Optionee Incentive Stock Options (the "Options"), which are "incentive
        stock
        options" under Section 422 of the Internal Revenue Code of 1986 ("Code"),
        as
        amended, to purchase all or any part of the number of shares of common stock
        of
        the Company ("Stock") equal to the number set forth on the Cover Sheet under
        the
        caption "Number of Options", on the terms and conditions herein set forth.
        The
        grant hereunder is made as of the Grant Date set forth on the Cover Sheet
        (the
        "Grant Date"). 

       

      Section
        2.  OPTION
        PRICE. The
        purchase price per share of the Stock covered by the Options (the "Option
        Price") shall be the price specified on the Cover Sheet under the caption
        "Option Price $ Per Share". 

       

      Section
        3.  EXERCISABILITY. 

       

      (a)  Except
        as otherwise provided in this Agreement, the Optionee shall have the right
        to
        exercise one-third of the Options on and after the first anniversary of the
        Grant Date, the next one-third of the Options on and after the second
        anniversary of the Grant Date, and the remaining one-third on and after the
        third anniversary of the Grant Date.

      

      (b)  Optionee
        shall not exercise and shall forfeit any of the Options which are not
        exercisable on the date Optionee ceases to be employed by any of the Company,
        a
        Subsidiary, or an Affiliate, unless such Options otherwise become exercisable
        as
        provided herein.

      

      (c)  All
        outstanding Options shall become immediately exercisable:

      

      
        
          
            	
                  	 	
                    (i)   on
                      the date of the Optionee’s Retirement or Disability;
                      

                  

          

        

      

      

      
        
          
            	
                  	 	
                    (ii)   on
                      the date of Optionee’s death while employed by Company;
                      

                  

          

        

      

      

      
        
          	
                	 	
                  (iii)   on
                    the occurrence of an Acceleration Date;
                    or

                

        

      

      

      
        
          	
                	 	
                  (iv)   as
                    contemplated in Section
                    3(h).

                

        

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

        (d)  Optionee
          (or Optionee’s
          guardian or legal representative in the case of Section 3(d)(iv)) may exercise
          any or all exercisable Options through the Expiration Date set forth on
          the
          Cover Sheet (the “Expiration Date”) if: 

      
        
          	
                	 	
                  (i)    the
                    Optionee remains an employee of the Company or any Subsidiary
                    or an
                    Affiliate through the Expiration
                    Date;

                

        

      

      

      
        
          	
                	 	
                  (ii)   the
                    Optionee voluntarily terminates his or her employment due to
                    Retirement;

                

        

      

      

      
        
          	
                	 	
                  (iii)   the
                    Optionee’s employment is involuntarily terminated by any of the Company,
                    a
                    Subsidiary, or an Affiliate because of a sale of a Subsidiary
                    or Interest
                    in an Affiliate, or a sale of assets of any business operation
                    owned by
                    the Company, a Subsidiary or an Affiliate, or because of a liquidation,
                    shutdown, spin-off, distribution, reorganization, reduction in
                    force,
                    lay-off or similar event and the Optionee is not contemporaneously
                    hired
                    by another of the Company, a Subsidiary or an Affiliate;
                    or

                

        

      

      

      
        
          	
                	 	
                  (iv)   the
                    Optionee’s employment is terminated as a result of a Disability.
                    

                

        

      

      

      (e)  If
        Optionee voluntarily terminates his or her employment other than due to
        Retirement, Optionee may exercise any or all Options that are exercisable
        on the
        date of such termination through the earlier of the Expiration Date or the
        period ending three (3) months following the date of such
        termination.

      

      (f)  If
        Optionee dies prior to the Expiration Date (whether or not Optionee is then
        employed by the Company, a Subsidiary or an Affiliate), all Options the Optionee
        (or Optionee’s guardian or legal representative in the case of Section 3(d)(iv))
        had the right to exercise at the date of death (including all Options that
        become exercisable at the date of death pursuant to Section 3(c)(ii) hereof)
        may
        be exercised by Optionee’s “Post Death Representatives” (as defined in Section
        5(a) hereof) but only until the earlier to occur of the Expiration Date or
        the
        date three (3) years after the date of death, and shall not be exercised
        thereafter.

      

      (g)  Optionee
        shall forfeit all Options, regardless of whether or not exercisable, if such
        Optionee’s employment is terminated for cause or for any other reason not set
        forth in Section 3(d)(ii), (iii), (iv), (e) or (f).

      

      (h)  The
        Committee may accelerate the dates on which the Options become exercisable
        at
        any time and for any reason. 

      

      (i)  The
        exercisability of the
        Options shall not be affected by any change of duties or position of Optionee,
        including an Employer-authorized special assignment, so long as Optionee
        continues to be an employee of at least one of the Company, a Subsidiary
        or an
        Affiliate.

      

      (j)  An
        Optionee who is as of the Grant Date on, or following the Grant Date commences,
        an Employer-authorized leave of absence for any reason (a “Leave of Absence”)
        shall be deemed to remain employed by the Employer for purposes of this Option
        grant unless (i) the Leave of Absence extends beyond the second anniversary
        (the
“Leave of Absence Expiration Date”) of the date on which the Leave of Absence
        commenced, and (ii) the Leave of Absence Expiration Date occurs prior to
        the
        Expiration Date, in which event the Optionee will be deemed to have terminated
        his or her employment with the effect set forth in Section 3(e) on and as
        of the
        Leave of Absence Expiration Date.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Section
        4.  TERMINATION.
        The
        Options shall terminate and cease to be exercisable in accordance with the
        following provisions: 

       

      (a)  Notwithstanding
        any other provisions of this Agreement, the Options shall terminate at the
        close
        of business on the Expiration Date, unless sooner terminated as provided
        below.

       

      (b)  The
        Options shall terminate when they no longer may be exercised pursuant to
        Section
        3, if sooner than the Expiration Date.

      

      Section
        5.  EXERCISES.
        

       

      (a)  Optionee
        may exercise some or all of the Options, to the extent exercisable, by paying
        the Option Price of the Options exercised and taking all other required actions
        in accordance with Section 5(b). The Options may be exercised only by Optionee
        or his or her guardian or legal representative during his or her lifetime,
        and
        only by Optionee’s Post-Death Representatives after Optionee’s death. The term
        "Post-Death Representatives" means the executor or administrator of Optionee's
        estate or the person or persons to whom Optionee's rights under this Agreement
        shall pass by his or her will or the laws of descent and distribution.

       

      (b)  Any
        exercise of the Options shall be made only in accordance with those procedures
        required or expressly permitted by the Secretary at the time of the exercise.
        Exercise procedures may be changed by the Secretary during the term of the
        Options. The Secretary's exercise procedures may impose restrictions and
        requirements concerning payment of the Option Price, payment of taxes, issuance
        and delivery of Stock, communications between the Company (or its agents)
        and
        the Optionee, the effectiveness and effective date of the exercise, and all
        other matters pertaining to the exercise. Optionee may request from the
        Secretary's office at any time a summary of those exercise procedures which
        then
        are in effect; it is Optionee's responsibility to ascertain and follow those
        exercise procedures in effect at the time of each exercise. Any deviation
        from
        the Secretary's procedures permitted in one exercise shall not entitle the
        Optionee to utilize or rely upon that deviation in a later exercise.

      

      Section
        6.  WITHHOLDING
        TAXES. If
        and
        when Optionee's Employer becomes required to collect Required Withholding
        Taxes,
        the Optionee shall promptly pay to the Company or Employer (as required by
        the
        Committee or the Company at the time) the amount of such Required Withholding
        Taxes in cash. If at the time of exercise the Options have for any reason
        become
        Non-Qualified Stock Options, cash payment shall not be required if Optionee
        makes a Tax Election in accordance with the following terms and conditions:
        

       

      (a)  General
        Rules for Tax Elections.
        Optionee may make an election (a "Tax Election") to have the Company withhold
        from the shares of Stock payable to Optionee that number of shares determined
        in
        accordance with paragraph (b) below. Optionee may make a Tax Election only
        at
        the time of an exercise; such Election may relate only to such exercise.
        Each
        Tax Election shall be governed by the rules of the Committee or Secretary
        as in
        effect at the time of the Election. If a Tax Election is duly made, the Company
        will make a cash payment to the appropriate taxing authorities equal to the
        aggregate value on the exercise date of all shares of Stock withheld, even
        if
        (as a result of rounding) the amount paid exceeds the amount of Required
        Withholding Taxes. For purposes of this Section 6, the value of Stock on
        the
        exercise date may be determined in any manner approved by the Committee or
        Secretary at that time and need not be based on "Fair Market Value" as defined
        in the Plan. Moreover the Secretary shall establish rounding and all other
        administrative rules from time to time, which shall govern all Tax Elections.
        

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      (b)  Number
        of Shares Withheld.
        The
        number of shares of Stock to be withheld with respect to an exercise as to
        which
        a Tax Election is duly made will be determined by dividing the amount of
        Required Withholding Taxes related to the exercise by the value of a share
        of
        Stock on the exercise date. 

      

      Section
        7.  ADJUSTMENTS.
        In
        the
        event of (a) any change in the outstanding shares of Stock by reason of any
        stock split, combination of shares, stock dividend, reorganization, merger,
        consolidation, or other corporate change having a similar effect, (b) any
        separation of the Company including a spin-off or other distribution of stock
        or
        property by the Company, or (c) any distribution to stockholders generally
        other
        than a normal dividend, the Committee shall make such equitable adjustment
        to
        the Options (to the extent then outstanding) as it shall deem appropriate
        in
        order to prevent the dilution or enlargement of (i) the shares of Stock which
        may be issued pursuant to the Options or (ii) the economic value of the Options,
        subject to the limitations and requirements of the Plan from time to time.
        Any
        such determination by the Committee shall be conclusive and binding on all
        concerned. 

       

      Section
        8.  COMPLIANCE
        WITH SECURITIES LAWS, ETC. In
        its
        discretion, the Company may place legends upon any Stock certificates issued
        hereunder, and otherwise may restrict Optionee's ability to transfer such
        Stock,
        if and to the extent necessary to comply with, or facilitate the Company's
        compliance with, federal or state securities laws or any regulations or rules
        thereunder, or the requirements of the New York Stock Exchange or other exchange
        upon which the Stock is listed or approved for listing. The provisions of
        this
        Section shall terminate upon the occurrence of an Acceleration Date described
        in
        Section 3(c) above. 

       

      Section
        9.  LIMITATION
        ON RIGHTS IN COMPANY STOCK. Neither
        Optionee nor his or her executor or administrator, legatees or distributees,
        as
        the case may be, shall have any of the rights of a shareholder with respect
        to
        shares of Stock covered by the Options until shares of Stock are issued to
        him,
        her or them upon exercise of the Options. 

       

      Section
        10.  LIMITATIONS
        ON TRANSFERS. The
        Options shall not be transferable by Optionee otherwise than by will or by
        the
        laws of descent and distribution. If, at the time of exercise, the Options
        continue to be Incentive Stock Options, the certificate representing the
        shares
        of Stock issued upon exercise of the Options shall not be issued in the name
        of
        a nominee for the Optionee, and may be legended, as required by the Company,
        to
        prevent transfer into the name of a nominee; provided, however, that the
        restrictions stated in the legend shall terminate no later than the expiration
        of the restrictions on disposition of such shares specified in Section 422(a)(1)
        of the Code. 

       

      Section
        11.  NO
        RIGHT TO EMPLOYMENT. Nothing
        in this Agreement or the Plan shall confer on the Optionee any right or
        expectation to continue in the employ of his or her Employer or the Company,
        or
        to interfere in any manner with the absolute right of the Employer or the
        Company to change or terminate the Optionee's employment at any time for
        any
        reason or no reason. 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      Section
        12.  DEFINITIONS. 

       

      "Act"
        means the Securities Exchange Act of 1934, as amended from time to time.
        

       

      "Disability"
        means the condition of being "disabled" within the meaning of Section 422(c)(6)
        of the Code, or any successor to such Section. 

       

      "Reporting
        Person" as
        of a
        given date, means an Optionee who would be required to report a purchase
        or sale
        of Stock occurring on such date to the Securities and Exchange Commission
        pursuant to Section 16(a) of the Act and the rules and regulations thereunder.
        

       

      "Retirement" means
        voluntary termination of employment from the Company or a Subsidiary (i)
        after
        an individual attains age sixty (60); or (ii) after completion of twenty
        (20)
        years of service with the Company and/or its Subsidiaries or Affiliates.
        

       

      "Rule
        16b-3" means
        Rule 16b-3 (as amended from time to time) promulgated by the Securities and
        Exchange Commission under the Act, and any successor thereto. 

       

      Other
        capitalized terms not defined in this Agreement shall have the meanings given
        in
        the Plan. 

       

      Section
        13.  RULE
        16b-3. If
        and as
        long as Optionee is a Reporting Person, he or she shall not act with respect
        to
        the Options in a manner which, in the Company's or Committee's judgment,
        would
        contravene any requirement of Rule 16b-3 as in effect at the time of such
        action,
        except
        with the written consent of the Company or the Committee.
        

       

      Section
        14.  AMENDMENTS.
        This
        Agreement may be amended in writing by mutual agreement of the Company and
        Optionee, provided that the Company may amend this Agreement unilaterally
        (i) if
        the amendment does not adversely affect or impair the rights of the Optionee,
        (ii) if the Company determines that the amendment is necessary to comply
        with
        Rule 16b-3, or (iii) if the Company determines that the amendment is necessary
        to prevent benefits under this Agreement from constituting "applicable employee
        remuneration" within the meaning of Section 162(m) of the Code. The Company
        shall give notice to the Optionee of any such unilateral amendment either
        before
        or promptly after the effective date thereof. Notwithstanding the foregoing,
        no
        amendment shall be made unilaterally if at that time the Options continue
        to be
        Incentive Stock Options and if such amendment would cause the Options to
        become
        Non-Qualified Stock Options. 

       

      Section
        15.  INTERPRETATION.
        It
        is
        intended that the Options granted herein shall in all respects be subject
        to and
        governed by the provisions of the Plan and that, when granted, they shall
        meet
        the requirements of the "incentive stock option" provisions presently embodied
        in Section 422 of the Code. This Agreement shall in all respects be so
        interpreted and construed as to be consistent with this intention. If the
        Options cease meeting the requirements of the incentive stock option provisions
        in Section 422 of the Code, they shall become “Non-Qualified Stock Options” as
        defined in the Plan.

      

      Section
        16.  ELECTRONIC
        DELIVERY AND SIGNATURES.
        Optionee
        hereby consents and agrees to electronic delivery of any Plan documents,
        proxy
        materials, annual reports and other related documents. Optionee hereby consents
        to any and all procedures that the Company has established or may establish
        for
        an electronic signature system for delivery and acceptance of Plan documents
        (including documents relating to any programs adopted under the Plan), and
        agrees that his or her electronic signature is the same as, and shall have
        the
        same force and effect as, his or her manual signature. Optionee consents
        and
        agrees that any such procedures and delivery may be effected by a third party
        engaged by the Company to provide administrative services related to the
        Plan,
        including any program adopted under the Plan.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      Section
        17.  COMMITTEE
        AUTHORITY.
        The
        Committee will have the power and discretion to interpret this Agreement
        and to
        adopt such rules for the administration, interpretation and application of
        the
        Agreement as are consistent with the Plan and this Agreement, and to interpret
        or revoke any such rules, including, but not limited to, the determination
        of
        whether or not any Options have vested or shall be forfeited. All actions
        taken
        and all interpretations and determinations made by the Committee in good
        faith
        will be final and binding upon the Optionee, the Company and all other
        interested persons. No member of the Committee will be personally liable
        for any
        action, determination or interpretation made in good faith with respect to
        this
        Agreement.

      

      Section
        18.  GOVERNING
        LAW. This
        Agreement and any other document delivered hereunder shall be construed in
        accordance with and governed by the laws of the state of Missouri without
        regard
        to the principles of conflicts of law. Each party hereto submits to the
        exclusive jurisdiction of the Circuit Court for the County of St. Louis,
        State
        of Missouri ("County Court") residing in St. Louis County for purposes of
        all
        legal proceedings (including, but not limited to, actions to compel arbitration
        under the provisions of this Agreement) arising out of or relating to this
        Agreement or the transactions contemplated hereby. In the event that the
        County
        Court is for any reason not available for purposes of any such legal proceeding,
        then each party hereto submits to the exclusive jurisdiction of the United
        States District Court for the Eastern District of Missouri, Eastern Division
        (St. Louis). Each party hereto irrevocably waives, to the fullest extent
        permitted by law, any objections that either party may now or hereafter have
        to
        the aforesaid venue, including without limitation any claim that any such
        proceeding brought in either such court has been brought in an inconvenient
        forum, provided however, this provision shall not limit the ability of either
        party to enforce the other provisions of this Section. 

       

      Section
        19.  AGREEMENT
        TO ARBITRATE CLAIMS. Optionee
        and the Company acknowledge and agree that any and all disputes relating
        to or
        arising out of this Agreement shall be resolved through binding arbitration
        under the procedures specified by the Company's Dispute Resolution Program
        (DRP). The results of said arbitration shall be final and binding on both
        Optionee and the Company. Each party may enforce this Section. Each party
        hereto
        irrevocably waives, to the fullest extent permitted by law, any and all rights
        to a jury trial. 

       

      Section
        20.  ENFORCEABILITY;
        MODIFICATION; CONFORMITY WITH LOCAL LAWS. Notwithstanding
        any other provision of this Agreement, the Company and Optionee agree that:
        (a)
if
        for
        any reason any provision of this Agreement is determined to be legally invalid
        or unenforceable, the validity of the remainder of the Agreement will not
        be
        affected and such provision will be deemed modified to the minimum extent
        necessary to make such provision consistent with applicable law and, in its
        modified form, such provision will then be enforceable and enforced,
(b)
        to
        the extent the laws of the country or province (other than the United States
        or
        its states) of which Optionee is a citizen or resident ("Local Laws") require
        this Agreement to contain a provision, whether it be a covenant, restriction,
        prohibition, or otherwise, that provision shall be deemed included in this
        Agreement; and (c) the provisions of this Agreement shall be deemed changed
        to
        the extent necessary to ensure compliance by the Company and Optionee with
        all
        Local Laws governing taxation. This Agreement may be restated by the Company
        after the Grant Date to reflect the changes provided in this Section, and
        also
        may be restated by the Company in a language other than English even if not
        required by Local Laws. Optionee's consent to any such changes or restatements
        shall be required only to the extent required by Local Laws or by the Company.
        

       

    

     

    7Exhibit 10.23

    
      

    

    
      Exhibit
        10.23 

       

       

      NON-QUALIFIED
        STOCK OPTION (FORM S.C.) COVER SHEET 

       

      UNDER
        THE 

      ANHEUSER-BUSCH
        COMPANIES, INC. 

      1998
        INCENTIVE STOCK PLAN 

       

      GRANT
        INFORMATION 

       

      
        	
                GRANTED
                  TO

              	
                Grant
                  Date

              	
                Number
                  of Options

              	
                Option
                  Price

                $
                  Per Share

              	
                SAP
                  ID Number

              
	 	
                 

                Expiration
                  Date

                 

              	 	 	 

      

      

      

      AGREEMENT

       

      This
        Non-Qualified Stock Option (Form S.C.) Cover Sheet (the “NQSO Cover Sheet”) and
        the Standard Non-Qualified Stock Option Form Agreement (Version 11/06, Form
        S.C.) (the “Standard NQSO Form”), which is incorporated herein by this
        reference, together constitute a single Non-Qualified Stock Option Agreement
        (this “NQSO Agreement”) under the Anheuser-Busch Companies, Inc. 1998 Incentive
        Stock Plan (the “Plan”). This NQSO Agreement is between Anheuser-Busch
        Companies, Inc. (the “Company”) and the person named above under the caption
“Granted To” (the “Optionee”). By signing below, Optionee accepts the Options
        granted under this NQSO Agreement, agrees to be bound by the terms of this
        NQSO
        Agreement, and acknowledges that he or she has received, read, and understood
        a
        complete copy of the Standard NQSO Form which is part of this NQSO Agreement.
        Optionee understands that he or she may request another copy of the Standard
        NQSO Form from the Company as long as this NQSO Agreement remains
        outstanding.

      

      THIS
        AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION THAT APPLIES TO ALL DISPUTES
        RELATED TO THIS AGREEMENT, AND MAY BE ENFORCED BY THE PARTIES.

      

      In
        witness whereof, the Company and the Optionee have executed this NQSO Agreement
        in duplicate as of its Grant Date. 

      

      Anheuser-Busch
        Companies, Inc. 

       

      

      
        	
                 

              	
                By:______________________________

              	 	
                By:______________________________

              
	 	
                                     
                  Vice President

              	
                 

              	
                                              
                  Optionee 

              

      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      STANDARD
        NON-QUALIFIED STOCK OPTION FORM AGREEMENT

      (VERSION
        11/06, FORM S.C.) 

      UNDER
        THE ANHEUSER-BUSCH COMPANIES, INC. 

      1998
        INCENTIVE STOCK PLAN 

      

      This
        Standard Non-Qualified Stock Option Form Agreement (Version 11/06, Form S.C.)
        (the "Standard NQSO Form"), and the completed, executed Non-Qualified Stock
        Option (Form S.C.) Cover Sheet (the "Cover Sheet") which specifically
        incorporates this Standard NQSO Form by reference, together constitute a
        single
        Non-Qualified Stock Option Agreement (this "NQSO Agreement" or this "Agreement")
        under the Anheuser-Busch Companies, Inc. 1998 Incentive Stock Plan (the "Plan").
        This NQSO Agreement is between Anheuser-Busch Companies, Inc., a Delaware
        corporation (the "Company"), and the person designated on the Cover Sheet
        under
        the caption "Granted To" (the "Optionee"). The parties agree as follows:
        

       

      Section
        1.  GRANT.
        In
        conformity with the Plan, the provisions of which are incorporated herein
        by
        this reference, and pursuant to action by the Compensation Committee which
        administers the Plan (the "Committee"), the Company hereby irrevocably grants
        to
        the Optionee Non-Qualified Stock Options (the "Options"), which are not
        "incentive stock options" under Section 422 of the Internal Revenue Code
        of
        1986, as amended ("Code"), to purchase all or any part of the number of shares
        of common stock of the Company ("Stock") equal to the number set forth on
        the
        Cover Sheet under the caption "Number of Options", on the terms and conditions
        herein set forth. The grant hereunder is made as of the Grant Date set forth
        on
        the Cover Sheet (the "Grant Date"). 

      

      Section
        2.  OPTION
        PRICE.
        The
        purchase price per share of the Stock covered by the Options (the "Option
        Price") shall be the price specified on the Cover Sheet under the caption
        "Option Price $ Per Share". 

      

      Section
        3.  EXERCISABILITY.
        

      

      (a)  Except
        as otherwise provided in this Agreement, the Optionee shall have the right
        to
        exercise one-third of the Options on and after the first anniversary of the
        Grant Date, the next one-third of the Options on and after the second
        anniversary of the Grant Date, and the remaining one-third on and after the
        third anniversary of the Grant Date.

      

      (b)  Optionee
        shall not exercise and shall forfeit any of the Options which are not
        exercisable on the date Optionee ceases to be employed by any of the Company,
        a
        Subsidiary, or an Affiliate, unless such Options otherwise become exercisable
        as
        provided herein.

      

      (c)  All
        outstanding Options shall become immediately exercisable:

      

        
          
            
              	
                    	 	
                      (i)  on
                        the date of the Optionee’s Retirement or Disability;
                        

                    

            

          

        

        

        
          
            
              	
                    	 	
                      (ii)  on
                        the date of Optionee’s death while employed by Company;
                        

                    

            

          

        

        

        
          
            
              	
                    	 	
                      (iii)  on
                        the occurrence
                        of an Acceleration Date;
                        or

                    

            

          

        

        

        
          
            
              	
                    	 	
                      (iv)  as
                        contemplated in Section
                        3(h).

                    

            

          

        

      (d)  Optionee
        (or Optionee’s guardian or legal representative in the case of Section 3(d)(iv))
        may exercise any or all exercisable Options through the Expiration Date set
        forth on the Cover Sheet (the “Expiration Date”) if: 

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        
          	 	
                  (i)  the
                    Optionee remains an employee of the Company or any Subsidiary
                    or an
                    Affiliate through the Expiration
                    Date;

                

        

      

      

      
        
          	 	
                  (ii)  the
                    Optionee voluntarily terminates his or her employment due to
                    Retirement;

                

        

      

      

      
        
          	
                	 	
                  (iii)  the
                    Optionee’s employment is involuntarily terminated by any of the Company,
                    a
                    Subsidiary, or an Affiliate because of a sale of a Subsidiary
                    or Interest
                    in an Affiliate, or a sale of assets of any business operation
                    owned by
                    the Company, a Subsidiary or an Affiliate, or because of a liquidation,
                    shutdown, spin-off, distribution, reorganization, reduction in
                    force,
                    lay-off or similar event and the Optionee is not contemporaneously
                    hired
                    by another of the Company, a Subsidiary or an Affiliate;
                    or

                

        

      

      

      
        
          	
                	 	
                  (iv)  the
                    Optionee’s employment is terminated as a result of a Disability.
                    

                

        

      

      

      (e)  If
        Optionee voluntarily terminates his or her employment other than due to
        Retirement, Optionee may exercise any or all Options that are exercisable
        on the
        date of such termination through the earlier of the Expiration Date or the
        period ending three (3) months following the date of such
        termination.

      

      (f)  If
        Optionee dies prior to the Expiration Date (whether or not Optionee is then
        employed by the Company, a Subsidiary or an Affiliate), all Options the Optionee
        (or Optionee’s guardian or legal representative in the case of Section 3(d)(iv))
        had the right to exercise at the date of death (including all Options that
        become exercisable at the date of death pursuant to Section 3(c)(ii) hereof)
        may
        be exercised by Optionee’s “Post Death Representatives” (as defined in Section
        5(a) hereof) but only until the earlier to occur of the Expiration Date or
        the
        date three (3) years after the date of death, and shall not be exercised
        thereafter.

      

      (g)  Optionee
        shall forfeit all Options, regardless of whether or not exercisable, if such
        Optionee’s employment is terminated for cause or for any other reason not set
        forth in Section 3(d)(ii), (iii), (iv), (e) or (f).

       

      (h)  The
        Committee may accelerate the dates on which the Options become exercisable
        at
        any time and for any reason. 

       

      (i)  The
        exercisability of the Options shall not be affected by any change of duties
        or
        position of Optionee, including an Employer-authorized special assignment,
        so
        long as Optionee continues to be an employee of at least one of the Company,
        a
        Subsidiary or an Affiliate.

      

      (j)  An
        Optionee who is as of the Grant Date on, or following the Grant Date commences,
        an Employer-authorized leave of absence for any reason (a “Leave of Absence”)
        shall be deemed to remain employed by the Employer for purposes of this Option
        grant unless (i) the Leave of Absence extends beyond the second anniversary
        (the
“Leave of Absence Expiration Date”) of the date on which the Leave of Absence
        commenced, and (ii) the Leave of Absence Expiration Date occurs prior to
        the
        Expiration Date, in which event the Optionee will be deemed to have terminated
        his or her employment with the effect set forth in Section 3(e) on and as
        of the
        Leave of Absence Expiration Date.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Section
        4.  TERMINATION.
        The
        Options shall terminate and cease to be exercisable in accordance with the
        following provisions: 

       

      (a)  Notwithstanding
        any other provisions of this Agreement, the Options shall terminate at the
        close
        of business on the Expiration Date, unless sooner terminated as provided
        below.

       

      (b)  The
        Options shall terminate when they no longer may be exercised pursuant to
        Section
        3, if sooner than the Expiration Date.

      

      Section
        5.  EXERCISES.
        

       

      (a)  Optionee
        may exercise some or all of the Options, to the extent exercisable, by paying
        the Option Price of the Options exercised and taking all other required actions
        in accordance with Section 5(b). The Options may be exercised only by Optionee
        or his or her guardian or legal representative during his or her lifetime,
        and
        only by Optionee's Post-Death Representatives after Optionee's death. The
        term
        "Post-Death Representatives" means the executor or administrator of Optionee's
        estate or the person or persons to whom Optionee's rights under this Agreement
        shall pass by his or her will or the laws of descent and distribution.

       

      (b)  Any
        exercise of the Options shall be made only in accordance with those procedures
        required or expressly permitted by the Secretary at the time of the exercise.
        Exercise procedures may be changed by the Secretary during the term of the
        Options. The Secretary's exercise procedures may impose restrictions and
        requirements concerning payment of the Option Price, payment of taxes, issuance
        and delivery of Stock, communications between the Company (or its agents)
        and
        the Optionee, the effectiveness and effective date of the exercise, and all
        other matters pertaining to the exercise. Optionee may request from the
        Secretary's office at any time a summary of those exercise procedures which
        then
        are in effect; it is Optionee's responsibility to ascertain and follow those
        exercise procedures in effect at the time of each exercise. Any deviation
        from
        the Secretary's procedures permitted in one exercise shall not entitle the
        Optionee to utilize or rely upon that deviation in a later exercise.

      

      Section
        6.  WITHHOLDING
        TAXES.
        When
        Optionee's Employer becomes required to collect Required Withholding Taxes,
        the
        Optionee shall promptly pay to the Company or Employer (as required by the
        Committee or the Company at the time) the amount of such Required Withholding
        Taxes in cash. Cash payment shall not be required, however, if Optionee makes
        a
        Tax Election in accordance with the following terms and conditions:

       

      (a)  General
        Rules for Tax Elections.
        Optionee may make an election (a "Tax Election") to have the Company withhold
        from the shares of Stock payable to Optionee that number of shares determined
        in
        accordance with paragraph (b) below. Optionee may make a Tax Election only
        at
        the time of an exercise, such Election may relate only to such exercise.
        Each
        Tax Election shall be governed by the rules of the Committee or Secretary
        as in
        effect at the time of the Election. If a Tax Election is duly made, the Company
        will make a cash payment to the appropriate taxing authorities equal to the
        aggregate value on the exercise date of all shares of Stock withheld, even
        if
        (as a result of rounding) the amount paid exceeds the amount of Required
        Withholding Taxes. For purposes of this Section 6, the value of Stock on
        the
        exercise date may be determined in any manner approved by the Committee or
        Secretary at that time and need not be based on "Fair Market Value" as defined
        in the Plan. Moreover, the Secretary shall establish rounding and all other
        administrative rules from time to time, which shall govern all Tax
        Elections.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      (b)  Number
        of Shares Withheld.
        The
        number of shares of Stock to be withheld with respect to an exercise as to
        which
        a Tax Election is duly made will be determined by dividing the amount of
        Required Withholding Taxes related to the exercise by the value of a share
        of
        Stock on the exercise date. 

      

      Section
        7.  ADJUSTMENTS.
        In the
        event of (a) any change in the outstanding shares of Stock by reason of any
        stock split, combination of shares, stock dividend, reorganization, merger,
        consolidation, or other corporate change having a similar effect, (b) any
        separation of the Company including a spin-off or other distribution of stock
        or
        property by the Company, or (c) any distribution to stockholders generally
        other
        than a normal dividend, the Committee shall make such equitable adjustment
        to
        the Options (to the extent then outstanding) as it shall deem appropriate
        in
        order to prevent the dilution or enlargement of (i) the shares of Stock which
        may be issued pursuant to the Options or (ii) the economic value of the Options,
        subject to the limitations and requirements of the Plan from time to time.
        Any
        such determination by the Committee shall be conclusive and binding on all
        concerned. 

       

      Section
        8.  COMPLIANCE
        WITH SECURITIES LAWS, ETC.
        In its
        discretion, the Company may place legends upon any Stock certificates issued
        hereunder, and otherwise may restrict Optionee's ability to transfer such
        Stock,
        if and to the extent necessary to comply with, or facilitate the Company's
        compliance with, federal or state securities laws or any regulations or rules
        thereunder, or the requirements of the New York Stock Exchange or other exchange
        upon which the Stock is listed or approved for listing. The provisions of
        this
        Section shall terminate upon the occurrence of an Acceleration Date described
        in
        Section 3(c) above. 

      

      Section
        9.  LIMITATION
        ON RIGHTS IN COMPANY STOCK.
        Neither
        Optionee nor his or her executor or administrator, legatees or distributees,
        as
        the case may be, shall have any of the rights of a shareholder with respect
        to
        shares of Stock covered by the Options until shares of Stock are issued to
        him,
        her or them upon exercise of the Options. 

       

      Section
        10.  LIMITATIONS
        ON TRANSFERS.
        

      

      (a)  Except
        as
        provided in this Section 10, the Options shall not be transferable by Optionee
        otherwise than by will or by the laws of descent and distribution. 

       

      (b)  Provided
        the Transfer
        Conditions are satisfied, Optionee may transfer any of the Options
        to:

      

      
        
          	
                	 	
                  (i)  A
                    Member of his or her Immediate Family,

                

        

      

      

      
        
          	
                	 	
                  (ii)  An
                    irrevocable and
                    unamendable trust (hereinafter a “Qualifying Trust”):
                    

                

        

      

       

      (A)  which
        is
        solely for the benefit of one or more members of Optionee’s Immediate Family
        and/or Optionee, 

      

      (B)  the
        interests in which are not transferable other than by will or by the laws
        of
        descent and distribution, and 

      

      (C)  which
        provides that, if any member of Optionee’s Immediate Family is living upon
        termination, the trust assets are to be distributed upon termination to one
        or
        more persons described in paragraph (i) above and/or trusts described in
        this
        paragraph (ii); or 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	
              	 	
                (iii)  A
                  partnership or limited liability company (hereinafter a “Qualifying
                  Partnership”): 

              

      

       

      (A)  the
        only
        partners or members of which are (x) one or more Qualifying Trusts, (y) one
        or
        more members of Optionee’s Immediate Family, or (z) any combination of one or
        more Qualifying Trusts, one or more members of Optionee’s Immediate Family and
        Optionee, and 

       

      (B)  the
        interests in which are not transferable other than by will or by the laws
        of
        descent and distribution or by a transfer to Optionee, an Immediate Family
        member, a Qualifying Trust, or a Qualifying Partnership. 

       

      (c)  A
        Transferee under Section 10(b) shall have no right to transfer Options except:
        

       

      
        	
              	 	
                (i)  By
                  will or by the laws of descent and
                  distribution;

              

      

       

      
        	
              	 	
                (ii)  In
                  the case of a Transferee which is a Qualifying Trust which requires
                  distributions to Optionee, to Optionee;

              

      

                          

      
        
          
            	
                  	 	
                    (iii)  In
                      the case of a Qualifying Trust, if no member of Optionee’s Immediate
                      Family is living at the time of termination, the Options may
                      be
                      transferred to anyone in accordance with the terms of the Qualifying
                      Trust; or 

                  

          

        

      

      

      
        	
              	 	
                (iv)  In
                  the case of a Qualifying Partnership, the Options may be distributed
                  in
                  liquidation among the then partners or members of the Qualifying
                  Partnership. 

              

      

       

      (d)  The
        term
“Immediate Family” of Optionee shall mean Optionee’s spouse and descendants,
        including step and adopted descendants, and the estate of any such person.
        

       

      (e)  The
        “Transfer Conditions” are: 

       

      
        	
              	 	
                (i)  The
                  number of Options per transferee is at least 5,000,
                  

              

      

       

      
        	
              	 	
                (ii)  There
                  is no consideration for the transfer of the Options or interests
                  in any
                  transferee, except that interests in a Qualifying Partnership may
                  be sold
                  to a Qualifying Trust if such Trust is and will be, from the time
                  of the
                  sale until the sooner of the Optionee’s death or the exercise or
                  expiration of the Options held by such Partnership, an irrevocable
                  trust
                  with respect to which Optionee is treated as owning all portions
                  of such
                  trust within the meaning of Sections 671 through 677 of the Code
                  (the sale
                  of such Partnership interests to such a Trust shall constitute
                  a covenant
                  by the Optionee to the Company to cause this condition to be met
                  during
                  such time period), and

              

      

      

      
        	
              	 	
                (iii)  Optionee
                  complies with such rules, and completes such forms in connection
                  with the
                  transfer, as the Secretary may require.

              

      

       

      (f)  After
        a
        transfer, the Transferee shall succeed to all of the rights of the transferor
        under this Agreement with respect to the transferred Options and shall be
        subject to all limitations to which those rights are subject. After a transfer,
        the term “Optionee” as used herein shall refer to the Transferee except that:

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      
        	
              	 	
                (i)   For
                  the purposes of Section 3, the Transferee will have no greater
                  rights
                  thereunder than the Optionee would have had if such section and
                  the other
                  provisions of this Agreement were applied and interpreted as if
                  the
                  Optionee had not transferred the Options,

              

      

      

      
        	
              	 	
                (ii)  The
                  Optionee for purposes of the withholding tax provisions of Section
                  6 shall
                  be the transferor (who shall have no right to make a tax election
                  under
                  Section 6), 

              

      

       

      
        	
              	 	
                (iii)  The
                  Optionee for purposes of Section 10(b) shall be the transferor,
                  and
                  

              

      

       

      
        	
              	 	
                (iv)  The
                  Optionee for purposes of the Reporting Person rules of Section
                  13 and its
                  related definitions shall be the transferor.

              

      

       

      (g)  Notwithstanding
        Section 3(a) above, if Optionee actually transfers (in accordance with this
        Section 10) any of the Options which are scheduled to become exercisable
        on the
        first anniversary of the Grant Date, such Options shall become exercisable
        upon
        transfer. 

       

      Section
        11.  NO
        RIGHT TO EMPLOYMENT.
        Nothing
        in this Agreement or the Plan shall confer on the Optionee any right or
        expectation to continue in the employ of his or her Employer or the Company,
        or
        to interfere in any manner with the absolute right of the Employer or the
        Company to change or terminate the Optionee's employment at any time for
        any
        reason or no reason. 

       

      Section
        12.  DEFINITIONS.
        

       

      "Act"
        means the Securities Exchange Act of 1934, as amended from time to time.
        

       

      "Disability"
        means the condition of being "disabled" within the meaning of Section 422(c)(6)
        of the Code, or any successor to such Section. 

       

      "Reporting
        Person" as of a given date, means an Optionee who would be required to report
        a
        purchase or sale of Stock occurring on such date to the Securities and Exchange
        Commission pursuant to Section 16(a) of the Act and the rules and regulations
        thereunder. 

       

      "Retirement"
        means voluntary termination of employment from the Company or a Subsidiary
        (i)
        after an individual attains age sixty (60); or (ii) after completion of twenty
        (20) years of service with the Company and/or its Subsidiaries or Affiliates.
        

       

      "Rule
        16b-3" means Rule 16b-3 (as amended from time to time) promulgated by the
        Securities and Exchange Commission under the Act, and any successor thereto.
        

      

      Other
        capitalized terms not defined in this Agreement shall have the meanings given
        in
        the Plan. 

      

      Section
        13.  RULE
        16b-3.
        If and
        as long as Optionee is a Reporting Person, he or she shall not act with respect
        to the Options in a manner which, in the Company's or the Committee's judgment,
        would contravene any requirement of Rule 16b-3 as in effect at the time of
        such
        action,
        except
        with the written consent of the Company or the Committee.
        

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      Section
        14.  AMENDMENTS.
        This
        Agreement may be amended in writing by the Company and Optionee, provided
        that
        the Company may amend this Agreement unilaterally (i) if the amendment does
        not
        adversely affect or impair the rights of the Optionee, (ii) if the Company
        determines that the amendment is necessary to comply with Rule 16b-3, or
        (iii)
        if the Company determines that the amendment is necessary to prevent benefits
        under this Agreement from constituting "applicable employee remuneration"
        within
        the meaning of Section 162(m) of the Code. The Company shall give notice
        to the
        Optionee of any such unilateral amendment either before or promptly after
        the
        effective date thereof. 

       

      Section
        15.  RELATIONSHIP
        TO THE PLAN.
        This
        Agreement has been entered into pursuant to the Plan, and each and every
        provision of this Agreement shall be subject to the provisions of such Plan
        and
        the terms therein shall govern this Agreement. 

      

      Section
        16.  ELECTRONIC
        DELIVERY AND SIGNATURES.
        Optionee
        hereby consents and agrees to electronic delivery of any Plan documents,
        proxy
        materials, annual reports and other related documents. Optionee hereby consents
        to any and all procedures that the Company has established or may establish
        for
        an electronic signature system for delivery and acceptance of Plan documents
        (including documents relating to any programs adopted under the Plan), and
        agrees that his or her electronic signature is the same as, and shall have
        the
        same force and effect as, his or her manual signature. Optionee consents
        and
        agrees that any such procedures and delivery may be effected by a third party
        engaged by the Company to provide administrative services related to the
        Plan,
        including any program adopted under the Plan.

      

      Section
        17.  COMMITTEE
        AUTHORITY.
        The
        Committee will have the power and discretion to interpret this Agreement
        and to
        adopt such rules for the administration, interpretation and application of
        the
        Agreement as are consistent with the Plan and this Agreement, and to interpret
        or revoke any such rules, including, but not limited to, the determination
        of
        whether or not any Options have vested or shall be forfeited. All actions taken
        and all interpretations and determinations made by the Committee in good
        faith
        will be final and binding upon the Optionee, the Company and all other
        interested persons. No member of the Committee will be personally liable
        for any
        action, determination or interpretation made in good faith with respect to
        this
        Agreement.

      

      Section
        18.  GOVERNING
        LAW.
        This
        Agreement and any other document delivered hereunder shall be construed in
        accordance with and governed by the laws of the state of Missouri without
        regard
        to the principles of conflicts of law. Each party hereto submits to the
        exclusive jurisdiction of the Circuit Court for the County of St. Louis,
        State
        of Missouri ("County Court") residing in St. Louis County for purposes of
        all
        legal proceedings (including, but not limited to, actions to compel arbitration
        under the provisions of this Agreement) arising out of or relating to this
        Agreement or the transactions contemplated hereby. In the event that the
        County
        Court is for any reason not available for purposes of any such legal proceeding,
        then each party hereto submits to the exclusive jurisdiction of the United
        States District Court for the Eastern District of Missouri, Eastern Division
        (St. Louis). Each party hereto irrevocably waives, to the fullest extent
        permitted by law, any objections that either party may now or hereafter have
        to
        the aforesaid venue, including without limitation any claim that any such
        proceeding brought in either such court has been brought in an inconvenient
        forum, provided however, this provision shall not limit the ability of either
        party to enforce the other provisions of this Section. 

       

      Section
        19.  AGREEMENT
        TO ARBITRATE CLAIMS.
        Optionee and the Company acknowledge and agree that any and all disputes
        relating to or arising out of this Agreement shall be resolved through binding
        arbitration under the procedures specified by the Company's Dispute Resolution
        Program (DRP). The results of said arbitration shall be final and binding
        on
        both Optionee and the Company. Each party may enforce this Section. Each
        party
        hereto irrevocably waives, to the fullest extent permitted by law, any and
        all
        rights to a jury trial. 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

      Section
        20.  ENFORCEABILITY;
        MODIFICATION; CONFORMITY
        WITH LOCAL LAWS.
        Notwithstanding any other provision of this Agreement, the Company and Optionee
        agree that: (a)
        if
        for
        any reason any provision of this Agreement is determined to be legally invalid
        or unenforceable, the validity of the remainder of the Agreement will not
        be
        affected and such provision will be deemed modified to the minimum extent
        necessary to make such provision consistent with applicable law and, in its
        modified form, such provision will then be enforceable and enforced, (b)
        to the
        extent the
        laws
        of the country or province (other than the United States or its states) of
        which
        Optionee is a citizen or resident ("Local Laws")
        require
        this Agreement to contain a provision, whether it be a covenant, restriction,
        prohibition, or otherwise, that provision shall be deemed included in this
        Agreement; and (c) the provisions of this Agreement shall be deemed changed
        to
        the extent necessary to ensure compliance by the Company and Optionee with
        all
        Local Laws governing taxation. This Agreement may be restated by the Company
        after the Grant Date to reflect the changes provided in this Section, and
        also
        may be restated by the Company in a language other than English even if not
        required by Local Laws. Optionee's consent to any such changes or restatements
        shall be required only to the extent required by Local Laws or by the Company.
        

       

       

    

     9

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