Document:

Exhibit 10.11

    EXHIBIT
      10.11

     

    [LOGO]

     

    CONSTELLATION

     

    MEMORANDUM

     

    TERMS
      AND
      CONDITIONS OF STOCK OPTIONS

    ___________________

    
      

      The
        CONSTELLATION BRANDS, INC. Long-Term Stock Incentive Plan, as amended from
        time
        to time (the “Plan”), enables Constellation Brands, Inc. (the “Company”) to
        grant stock options to purchase Class A Common Stock, par value $.01 per
        share,
        of the Company (a “Share” or the “Shares”) to employees and non-employee
        directors of the Company or any of its subsidiaries (each, when granted a
        stock
        option, an “Optionee”). The stock options represented by this Memorandum and the
        accompanying award letter (respectively, the “Options” and the Memorandum and
        accompanying award letter, together, the “Documents”) are subject to all of the
        terms and conditions contained in the Documents. By accepting delivery of
        the
        Documents, the Optionee agrees to be bound by the terms and conditions of
        the
        Documents.

       

      	1.
                     	
              Term
                of Options.
                The Options, granted ________________ (the “Date of Grant”), will
                terminate and expire, to the extent not previously exercised, at
                5:00 p.m.
                Eastern Time on _____________, or such earlier date upon which the
                Options, or portion thereof, terminate or expire pursuant to the
                terms of
                the Plan (the “Expiration Date”).

            

       

      	2.     
                	
              Exercise
                of Options.

            

       

      	(a)       	
              The
                Options may be exercised, in whole or in part at any time prior to
                the
                Expiration Date or an earlier termination, according to the percentages
                and exercise dates set forth in the following vesting schedule: 25%
                of the
                shares subject to the Options (the “Option Shares”) shall become
                exercisable on ____________; an additional 25% of the Option Shares
                shall become exercisable on ____________; an additional 25% of the
                Option Shares shall become exercisable on ____________; and the
                remaining balance of the Option Shares shall become exercisable on
                ____________. No Options may be exercisable after the Expiration
                Date.

            

       

      	(b)     
               	
              The
                Optionee can exercise Options by complying with the provisions of
                the Plan
                and by following instructions provided in materials distributed by
                the
                Company. The exercise price, $_____ per share (the “Exercise Price”), for
                the number of Option Shares being purchased and any related withholding
                tax obligations may be paid by the Optionee by (i) delivery of cash,
                money
                order or a certified or cashier's check; (ii) tendering previously
                acquired Shares, as provided for in the Plan; (iii) delivery of
                irrevocable instructions to a broker or other agent acceptable to
                the
                Company to promptly sell a sufficient portion of Shares received
                under the
                Option and to deliver to the Company the appropriate amount of proceeds;
                and/or (iv) any other payment method that is established by the Company
                (which payment method may be restricted or eliminated from time to
                time by
                the Company, in its sole discretion).

            

       

      	(c)     
               	
              The
                Company will, without transfer or issue tax to the Optionee, issue
                and
                cause to be delivered to the Optionee a certificate or certificates
                for
                the number of Option Shares purchased as soon as reasonably practicable
                after the Optionee has appropriately exercised any Options. The Company
                is
                not required to issue Shares to the Optionee until all obligations
                to
                withhold taxes have been resolved to the satisfaction of the
                Company.

            

       

      	3.      
               	
              Termination
                of Relationship.
                

            

       

      	(a)    
                	
              Acceleration
                upon Termination of Relationship.
                Subject to Section 3(c)(iii) below, if an Optionee’s employment with the
                Company or the subsidiary by whom the employee is employed (the
                “Employer”) terminates for reasons of Retirement (as defined in the Plan),
                Disability (as defined in the Plan) or death, all the unvested Option
                Shares shall become immediately vested and exercisable on the date
                of
                Retirement, date of Disability or date of
                death.

            

       

      	(b)    
                	
              Duration
                of Exercise Following Termination of Relationship.
                Subject to Section 3(c) below, Options which have vested prior to
                the
                termination of the Optionee's employment with the Employer may be
                exercised as follows:

            

       

      	 
              (i)        	
              within
                thirty (30) days after the date on which the Optionee's employment
                with
                the Employer terminates (the “Termination Date”), except as otherwise
                provided in Subsections 3(b)(ii), (iii) and (iv) below;
                

            

       

      	(ii)       	
              if
                the Optionee's employment with the Employer terminates as a result
                of the
                Optionee's Retirement, within one (1) year after the date of Retirement;
                

            

       

      	 (iii)      	
              if
                the Optionee's employment terminates as a result of a Disability,
                within
                one (1) year after the date of Disability; or

            

       

      	(iv)      	
              if
                the Optionee's employment terminates as a result of death, within
                one (1)
                year after the date of death by the Optionee's designated beneficiary,
                legal representative or permitted
                transferee.

            

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      	(c)     
               	
              Limitations
                on Exercise Following Termination of Relationship.
                

            

       

      	(i)        	
              The
                time periods set forth in Section 3(b) above are subject to the
                restriction that Options may not be exercised after their Expiration
                Date.
                

            

       

      	(ii)    
                	
              The
                time periods set forth in Section 3(b) are also subject to the restriction
                that no Option may be exercised by any person if the Optionee (i)
                is, or
                at any time after the date of grant has been, in competition with
                the
                Company or its affiliates, or (ii) has been terminated by the Employer
                for
                Cause, as defined in the Plan.

            

       

      	(iii)      	
              Except
                as otherwise provided by the Committee administering the Plan or
                by an
                employment agreement between the Optionee and the Employer, (i) the
                only
                Options that may be exercised after the Termination Date, date of
                Retirement, date of Disability or date of death (as applicable, the
“Event
                Date”) are those Options that were exercisable by the Optionee on the
                Event Date; and (ii) any Options which are not exercisable on the
                Event
                Date will automatically terminate on the Event Date.
                

            

       

      	(iv)   
                	
              Any
                Options which are exercisable on the Event Date, but which are not
                exercised within the applicable period specified in Section 3(b)
                above,
                will automatically terminate at the end of that applicable
                period.

            

       

      	4.     
                	
              Adjustments
                for Certain Events.
                The number and kind of unexercised Options and the Exercise Price
                of such
                Options are subject to adjustment in the event that certain transactions
                are taken by the Company which affect the Company's
                Shares.

            

       

      	5.     
                	
              Type
                of Options.
                The Options are nonqualified stock options granted pursuant to Section
                5
                of the Plan.

            

       

      	6.     
                	
              No
                Transfer of Options.
                Unless transferability is authorized by the Option grant or otherwise
                permitted by the Committee, Options are not transferable by the Optionee
                other than (i) by will or the laws of descent and distribution, or
                (ii)
                pursuant to a domestic relations order. Because of laws affecting
                the
                transferability of the Option Shares, the Optionee should understand
                the
                securities laws and other implications of any transfer of Options.
                

            

       

      	7.     
                	
              General
                Restriction on Issuance of Stock Certificates.
                The Company may require information or documents which enable it
                to insure
                compliance with any law or Rules (as defined in the Plan) of the
                Securities and Exchange Commission or any other governmental authority
                having jurisdiction under the Plan before it delivers any certificate
                upon
                the exercise of any Options. If at any time the Committee administering
                the Plan shall determine that the listing, registration or qualification
                of the Option Shares under any state or federal law or other applicable
                Rule, or the consent or approval of any governmental regulatory body,
                is
                necessary or desirable as a condition of the granting of the Options
                or
                the issue or purchase of Shares thereunder, such Options may not
                be
                exercised in whole or in part unless such listing, registration,
                qualification, consent or approval shall have been effected or obtained
                free of any conditions not acceptable to the
                Committee.

            

       

      	8.      
               	
              Limitation
                on Sale or Disposition of Option Shares.
                If
                the Committee determines that the ability of the Optionee to sell
                or
                transfer Option Shares is restricted, then the Company may place
                a
                restrictive legend on certificates representing such Option Shares.
                If a
                legend is placed on an Optionee's certificate, the Optionee may only
                sell
                the Option Shares represented by such certificate in compliance with
                such
                legend.

            

       

      	9.      
               	
              Incorporation
                of Plan.
                The Options are subject to the terms and conditions of the Plan,
                which are
                incorporated herein by reference. The Company, upon request, will
                provide
                a copy of the Plan to the Optionee. To the extent that the terms
                and
                conditions of the Documents are inconsistent with the Plan, the provisions
                of the Plan shall control. 

            

       

      	10.      	
              Applicable
                Times and Dates.
                All references to times and dates in the Plan and in documents relating
                to
                the Plan refer, respectively, to Eastern Standard Time (or Eastern
                Daylight Savings Time, as appropriate) in the United States of America
                and
                to dates in New York State based on such Eastern Standard Time (or
                Eastern
                Daylight Savings Time, as appropriate).Unassociated Document

    Exhibit
      10.12

     

    [LOGO]

    CONSTELLATION
      

    

      MEMORANDUM

      

      TERMS
        AND CONDITIONS OF STOCK OPTIONS

      _________________________

      

      The
        CONSTELLATION BRANDS, INC. Long-Term Stock Incentive Plan, as amended from
        time
        to time (the “Plan”), enables Constellation Brands, Inc. (the “Company”) to
        grant stock options to purchase Class A Common Stock, par value $.01 per
        share,
        of the Company (a “Share” or the “Shares”) to employees and directors of the
        Company (each, when granted a stock option, an “Optionee”). The stock options
        represented by this Memorandum and the accompanying award letter (respectively,
        the “Options” and the Memorandum and accompanying award letter, together, the
“Documents”) are subject to all of the terms and conditions contained in the
        Documents. By accepting delivery of the Documents, the Optionee agrees to
        be
        bound by the terms and conditions of the Documents.

      

      
        	
                1.

              	
                Term
                  of Options.
                  The Options, granted on __________________ (the “Date of Grant”), will
                  terminate and expire, to the extent not previously exercised, at
                  5:00 p.m.
                  Eastern Time on ___________________, or such earlier date upon
                  which the
                  Options, or portion thereof, terminate or expire pursuant to the
                  terms of
                  the Plan (the “Expiration Date”).

              

      

      

      2.     Exercise
        of Options.

      

      
        	 	
                (a)

              	
                The
                  Options may be exercised in whole or in part at any time on or
                  after
                  ________________
                  but no Options may be exercisable after the Expiration
                  Date.

              

      

      

      
        	 	
                (b)
                  

              	
                The
                  Optionee can exercise Options by complying with the provisions
                  of the Plan
                  and by following instructions provided in materials distributed
                  by the
                  Company. The exercise price, $__________ per share (the “Exercise Price”),
                  for the number of shares subject to the Option (the “Option Shares”) being
                  purchased and any related withholding tax obligations may be paid
                  by the
                  Optionee by (i) delivery of cash, money order or a certified or
                  cashier's
                  check; (ii) tendering previously acquired Shares, as provided for
                  in the
                  Plan; (iii) delivery of irrevocable instructions to a broker or other
                  agent acceptable to the Company to promptly sell a sufficient portion
                  of
                  Shares received under the Option and to deliver to the Company
                  the
                  appropriate amount of proceeds; and/or (iv) any other payment method
                  that
                  is established by the Company (which payment method may be restricted
                  or
                  eliminated from time to time by the Company, in its sole
                  discretion).

              

      

      

      
        	 	
                (c)
                  

              	
                The
                  Company will, without transfer or issue tax to the Optionee, issue
                  and
                  cause to be delivered to the Optionee a certificate or certificates
                  for
                  the number of Option Shares purchased as soon as reasonably practicable
                  after the Optionee has appropriately exercised any Options. The
                  Company is
                  not required to issue Shares to the Optionee until all obligations
                  to
                  withhold taxes have been resolved to the satisfaction of the
                  Company.

              

      

      

      3.     Termination
        of Relationship.
        As long
        as the Optionee continues to be a director of the Company, the Options may
        be
        exercised once they have vested and prior to their expiration. In addition,
        subject to Section 4 below, Options which have vested prior to the termination
        of the Optionee's relationship with the Company may be exercised by the
        Optionee, his designated beneficiary or legal representative or permitted
        transferee within one (1) year after the last day on which the Optionee was
        a
        member of the Board of Directors of the Company (the “Termination
        Date”).

      

      4.     Limitations
        on Exercise Following Termination of Relationship.
        

      

      
        	 	
                (a)

              	
                The
                  time period set forth in Section 3 above is subject to the restriction
                  that Options may not be exercised after their Expiration Date.
                  

              

      

      

      
        	 	
                (b)

              	
                The
                  time period set forth in Section 3 above is also subject to the
                  restriction that no Option may be exercised by any person if the
                  Optionee’s relationship with the Company has been terminated for Cause,
                  as
                  defined in the Plan.

              

      

      

      
        	 	
                (c)

              	
                Except
                  as otherwise provided by the Committee administering the Plan,
                  (i) the
                  only Options that may be exercised after the Termination Date are
                  those
                  Options that were exercisable by the Optionee on the Termination
                  Date; and
                  (ii) any Options which are not exercisable on the Termination Date
                  will
                  automatically terminate on the Termination Date.
                  

              

      

      

      
        	 	
                (d)

              	
                Any
                  Options which are exercisable on the Termination Date, but which
                  are not
                  exercised within the one (1) year period specified in Section 3
                  above,
                  will automatically terminate at the end of that
                  period.

              

      

      

      

      
        	
                5.

              	
                Adjustments
                  for Certain Events.
                  The number and kind of unexercised Options and the Exercise Price
                  of such
                  Options are subject to adjustment in the event that certain transactions
                  are taken by the Company which affect the Company's
                  Shares.

              

      

      

      
        	
                6.

              	
                Type
                  of Options.
                  The Options are nonqualified stock options granted pursuant to
                  Section 5
                  of the Plan.

              

      

      

      
        	
                7.

              	
                No
                  Transfer of Options.
                  Unless transferability is authorized by the Option grant or otherwise
                  permitted by the Committee, Options are not transferable by the
                  Optionee
                  other than (i) by will or the laws of descent and distribution,
                  or (ii)
                  pursuant to a domestic relations order. Because of laws affecting
                  the
                  transferability of the Option Shares, the Optionee should understand
                  the
                  securities laws and other implications of any transfer of Options.
                  

              

      

      

      
        	
                8.

              	
                General
                  Restriction on Issuance of Stock Certificates.
                  The Company may require information or documents which enable it
                  to insure
                  compliance with any law or Rules (as defined in the Plan) of the
                  Securities and Exchange Commission or any other governmental authority
                  having jurisdiction under the Plan before it delivers any certificate
                  upon
                  the exercise of any Options. If at any time the Committee administering
                  the Plan shall determine that the listing, registration or qualification
                  of the Option Shares under any state or federal law or other applicable
                  Rule, or the consent or approval of any governmental regulatory
                  body, is
                  necessary or desirable as a condition of the granting of the Options
                  or
                  the issue or purchase of Shares thereunder, such Options may not
                  be
                  exercised in whole or in part unless such listing, registration,
                  qualification, consent or approval shall have been effected or
                  obtained
                  free of any conditions not acceptable to the
                  Committee.

              

      

      

      
        	
                9.

              	
                Limitation
                  on Sale or Disposition of Option Shares.
                  If the Committee determines that the ability of the Optionee to
                  sell or
                  transfer Option Shares is restricted, then the Company may place
                  a
                  restrictive legend on certificates representing such Option Shares.
                  If a
                  legend is placed on an Optionee's certificate, the Optionee may
                  only sell
                  the Option Shares represented by such certificate in compliance
                  with such
                  legend.

              

      

      

      
        	
                10.

              	
                Incorporation
                  of Plan.
                  The Options are subject to the terms and conditions of the Plan,
                  which are
                  incorporated herein by reference. The Company, upon request, will
                  provide
                  a copy of the Plan to the Optionee. To the extent that the terms
                  and
                  conditions of the Documents are inconsistent with the Plan, the
                  provisions
                  of the Plan shall control.

              

      

      

      
        	
                11.

              	
                Applicable
                  Times and Dates.
                  All references to times and dates in the Plan and in documents
                  relating to
                  the Plan refer, respectively, to Eastern Standard Time (or Eastern
                  Daylight Savings Time, as appropriate) in the United States of
                  America and
                  to dates in New York State based on such Eastern Standard Time
                  (or Eastern
                  Daylight Savings Time, as
                  appropriate).

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