Document:

Terms and Conditions of Share Based Compensation Plan March 2010

 Exhibit 4.7 

 

 

 Anheuser-Busch InBev 
 Share-Based Compensation Plan March 2010 
 for EBM, NY & GHQ 

 Terms and Conditions 
  

  
 1 

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

  

			
	AB InBev	  	Anheuser-Busch InBev NV/SA with its registered office at Grand Place 1, B-1000 Brussels, Belgium;
		
	Acceptance Form	  	the form in which the Participant indicates his choice between the Cash Bonus, the Mixed Bonus or the Shares Bonus;
		
	ADS	  	an American Depositary Share issued under the deposit agreement with the Bank of New York Mellon (or any successor thereof) traded on the New York Stock Exchange (ISIN:
US03524A1088) and representing one Share or the right to receive one Share of AB InBev;
		
	Banking Day	  	any day other than a Saturday, a Sunday or a public holiday in Belgium, on which banks in Belgium are open for business;
		
	Board of Directors	  	the board of directors of AB InBev;
		
	Bonus	  	the bonus, net of applicable taxes, granted to the Participant under the Plan, as set out in the Bonus Letter and which can be paid out, at the choice of the Participant, either
in cash, or partly or entirely in Voluntary Shares;
		
	Bonus Letter	  	the letter whereby AB InBev communicates the details of the Bonus granted to a Participant under the Plan, together with the Acceptance Form;
		
	Cash Bonus	  	the Bonus alternative whereby a Participant opts for the payment of the net Bonus in cash;
		
	Code of Dealing	  	the AB InBev Dealing Code, as amended from time to time;
		
	Committee	  	the Compensation and Nominating Committee of AB InBev;
		
	Confirmation Period	  	the period during which a Participant must return the completed Acceptance Form to AB InBev, as indicated in the Bonus Letter;
		
	Data Controller	  	AB InBev;
		
	Data Processor	  	any third party designated by the Data Controller to process Personal Data on behalf of the Data Controller in accordance with Clause VI 10 for the implementation, administration
and management of the Plan and the Share register and RSU register in electronic form;
		
	Discount RSU	  	a Restricted Stock Unit granted to a Participant under the Plan, as set out in the Bonus Letter;

  

  
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	Dismissal	  	termination of employment by AB InBev or its subsidiaries;
		
	Dismissal for Serious Cause	  	termination of employment for serious cause (as determined by the Chief People Officer of AB InBev (or other designee of the Chief People Officer of AB InBev) or, if
applicable, as defined in relevant local law) by AB InBev or its subsidiaries;
		
	Dismissal Pro-Rata RSU	  	has the meaning given to it in Clause VI 2.3.3;
		
	Divestiture	  	a situation whereby the Participant’s employer is no longer a subsidiary of AB InBev following a divestiture through the sale of shares in the said AB InBev
subsidiary or otherwise;
		
	Grant Date	  	5 March 2010;
		
	Lock-Up Period	  	the period running from 5 March 2010 to 4 March 2015 (inclusive);
		
	Matching Percentage	  	in relation to the Mixed Bonus, the percentage of the net Bonus of the Participant which will be paid to the Participants in the form of Voluntary Shares, as set out in the Bonus
Letter;
		
	Matching RSU	  	a Restricted Stock Unit granted to a Participant under the Plan, as set out in the Bonus Letter;
		
	Mixed Bonus	  	 the Bonus alternative whereby a Participant:
  
 (i) opts for the payment of the Matching Percentage of the net Bonus in Voluntary Shares, and for the payment of the remaining part of the net Bonus in cash;
and
  
 (ii) receives from AB InBev Discount RSU and Matching RSU as set
out in the Bonus Letter;

		
	Outsourcing	  	a situation whereby (i) a Participant is dismissed by AB InBev or a subsidiary of AB InBev in the framework of a collective dismissal (in the meaning of the
Belgian Law of 13 February 1998 or its equivalent in the jurisdiction of the Participant) and is re-employed, together with the other persons who have been likewise dismissed, by a third-party company which is not an affiliate of
AB InBev and which provides services to AB InBev; or (ii) a Participant is transferred by AB InBev or a subsidiary of AB InBev in the framework of the Belgian Collective Bargaining Agreement No 32bis of
7 June 1985 (or its equivalent in the jurisdiction of the Participant) to a third-party company which is not an affiliate of AB InBev and which provides services to AB InBev;
		
	Outsourcing or Divestiture Pro-Rata RSU	  	has the meaning given to it in Clause VI 2.4.3;
		
	Participant	  	a person working for AB InBev or its subsidiaries who received a Bonus Letter, or any Successor to whom Voluntary Shares or Restricted Stock Units have been transferred in
accordance with these terms and conditions;

  

  
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	Personal Data	  	each item of information relating to a Participant including (i) his/her identification data (e.g. name, private or professional contact details), (ii) electronic
identification data, (iii) personal characteristics (e.g. date of birth, gender, nationality), (iv) employer’s entity, (v) preferred language, (vi) financial data (e.g. details regarding bank account), (vii) details of
all s and all other entitlement to shares awarded, cancelled, purchased, vested, unvested or outstanding;
		
	Plan	  	the AB InBev Share-Based Compensation Plan March 2010 for EBM, NY & GHQ;
		
	Prohibited Period	  	any period defined as such in the Code of Dealing;
		
	Purchase Price	  	the price per Voluntary Share in Euros, which is equal to the closing price of the Shares on Euronext Brussels on 4 March 2010, as set out in the Bonus
Letter;
		
	Resignation	  	the termination by a Participant of employment with AB InBev or its subsidiaries;
		
	RSU or Restricted Stock Unit	  	the right to receive from AB InBev one existing Share in accordance with these terms and conditions;
		
	Share	  	an ordinary share of AB InBev (ISIN: BE0003793107);
		
	Shares Bonus	  	 the Bonus alternative whereby a Participant:
  
 (i) opts for the payment of 100% of the net Bonus in Voluntary Shares; and
  
 (ii) receives from AB InBev Discount RSU and Matching RSU as set out in the Bonus Letter;

		
	Successor	  	the successor of a Participant as determined under the applicable law of succession and/or the persons designated by a Participant, in accordance with the applicable law of
succession, to inherit the rights of the Participant under the Plan after the death of the Participant;
		
	Vesting Date	  	5 March 2015;
		
	Vesting Period	  	the period running from 5 March 2010 to 4 March 2015 (inclusive);
		
	Voluntary Share	  	a Share acquired by a Participant under the Mixed Bonus or the Shares Bonus. For the avoidance of doubt, the Voluntary Shares do not include the Discount RSU or the Matching RSU.

  

  
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 Chapter IV 
 Terms and conditions relating to the Voluntary Shares 
  

	1	The Voluntary Shares 

  

	1.1	Form 

 The Voluntary
Shares are registered Shares and are recorded in the Share register of AB InBev, which may be held in electronic form. A non-transferable certificate reflecting the entries in the register of registered Shares will be remitted to the
Participants, upon their request. 
 The Voluntary Shares may not be converted into dematerialised Shares as long as they are
subject to the transfer restrictions referred to in Clause IV 3 below. 
 Voluntary Shares that are no longer subject to the
transfer restrictions referred to in Clause IV 3 below may, at the request of a Participant, be converted into dematerialised Shares. 
  

	1.2	Dividends 

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

	2	Delivery of the Voluntary Shares 

 The Voluntary Shares will be delivered to the Participants as soon as practically possible after the receipt by AB InBev of the duly completed and executed Acceptance Form. Participants who have not returned their executed Acceptance
Form within the Confirmation Period will be deemed to have chosen the Cash Bonus alternative. 
 The transfer of ownership of the
Voluntary Shares from AB InBev to the Participant will occur on the Grant Date. 
  

	3	Transferability 

  

	3.1	Lock-Up Period 

 Subject
to Clause VI 2 below, the Voluntary Shares delivered to a Participant may not be transferred or encumbered with any security, pledge or other right, or otherwise pass to any third party during the Lock-Up Period. 
  

	3.2	After the Lock-Up Period 

 Once the transfer restrictions referred to in Clause 3.1 above have expired, i.e. as from the Vesting Date, a Participant may: 
  

	 	3.2.1	keep the Voluntary Shares in registered form; or 

  

	 	3.2.2	request the conversion of the Voluntary Shares into dematerialised Shares or into ADSs and their transfer on a securities account; or 

 

	 	3.2.3	sell the Voluntary Shares. To that effect, the Participant shall: 

  

	 	(i)	instruct AB InBev to convert the Voluntary Shares into dematerialised Shares, 

  

  
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	 	(ii)	instruct AB InBev to deliver the Voluntary Shares on behalf of the Participant to the financial intermediary, appointed by AB InBev, in charge of selling the
Voluntary Shares on the market on behalf of the Participant, and 

  

	 	(iii)	request AB InBev to instruct such financial intermediary to sell the Voluntary Shares on the market. 

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

	4	Expenses and taxes 

 AB InBev and/or its subsidiaries will bear the costs related to the attribution of the Voluntary Shares. 
 All
taxes and employee social security contributions of any kind relating to, inter alia, the attribution, the holding and the sale of the Voluntary Shares and all other costs (including costs relating to the conversion of the Voluntary Shares,
the transfer and the sale of the Voluntary Shares, the opening of a securities and/or a cash account, international transfers of cash, and dividend payments) will be borne by the Participant. 
  

  
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 Chapter V 
 Terms and conditions relating to the Restricted Stock Units 
  

	1	Restricted Stock Units 

  

	1.1	Form 

 The Discount RSU
and Matching RSU to which a Participant is entitled under the Mixed Bonus or the Shares Bonus will be granted in the form of Restricted Stock Units. 
  

	1.2	Vesting 

 The Restricted
Stock Units are subject to a 5-year Vesting Period starting on the Grant Date. 
 On or shortly after the Vesting Date (and in no
case later than 31 December 2015), AB InBev will deliver one Share per Restricted Stock Unit held by the Participant, subject to the provisions of these terms and conditions. Unless explicitly set forth otherwise in these terms and
conditions, Restricted Stock Units do not confer any shareholder’s rights. 
 At the request of the Participant,
AB InBev may deliver ADSs listed on the New York Stock Exchange in lieu of Shares upon vesting of the Restricted Stock Units. To this end, Participants will need to indicate in writing to optionmanager@inbev.com before the Vesting Date that
they want to be delivered ADSs in lieu of Shares. 
  

	1.3	Dividend protection 

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

	1.4	Transferability 

 Except
for transfers as a result of death (see Clause VI 2.6.2 below), Restricted Stock Units may not be transferred or encumbered with any security, pledge or other right, or otherwise pass to any third party. 
  

	2	Nature and characteristics of the underlying Shares 

  

	2.1	General 

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

  
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	2.2	Dividends 

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

	2.3	Transferability 

 The
Shares delivered upon vesting of the Restricted Stock Units are not subject to any transfer restrictions under the rules of the Plan. 
  

	3	Expenses and taxes 

 All
costs related to the attribution of the Restricted Stock Units, the attribution of the additional Restricted Stock Units referred to in Clause V 1.3 above and the delivery of the underlying Shares will be borne by AB InBev, except
taxes on stock exchange transactions and income and social security taxes on the income received by the Participants in connection with the delivery or the ownership of the Restricted Stock Units and with the delivery of the underlying Shares or
ADSs. AB InBev may withhold from any payment or delivery of Shares or ADSs any income or social security taxes that are required to be withheld under any applicable law, rule or regulation. 
  

  
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 Chapter VI 
 General provisions applicable to the Voluntary Shares and to the Restricted Stock Units 
  

	1	Approval of the Plan documentation 

 The Plan forms part of an agreement between the Participant, the AB InBev affiliate that employs the Participant and AB InBev. By returning their completed Acceptance Form, Participants
unconditionally agree to be bound by the contents of this document. 
 A Participant who fails to return the completed Acceptance
Form before the expiry of the Confirmation Period and who does not object in writing to the Plan before the same date, will be deemed to have unconditionally agreed to the contents of this document. 
  

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

  

	2.1	Violation of the Voluntary Shares transfer restrictions 

 The Restricted Stock Units will automatically expire and become null and void if the Participant fails to comply with the Voluntary Shares’ transfer restrictions referred to in Clause IV 3.

  

	2.2	Resignation and Dismissal for Serious Cause 

 Upon Resignation or Dismissal for Serious Cause of a Participant before the Vesting Date: 
  

	 	2.2.1	the Voluntary Shares will become freely transferable and the restrictions on transferability referred to in Clause IV 3 above will cease to apply on the date of
the end of employment; and 

  

	 	2.2.2	all Restricted Stock Units held by the Participant on the date of the end of employment, will automatically expire and become null and void.

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

	2.3	Dismissal other than for serious cause and retirement or “pre-pension” before the age of 60 

 Upon Dismissal of a Participant before the Vesting Date other than for serious cause or in case of retirement or “pre-pension” of a
Participant before the age of 60 and before the Vesting Date: 
  

	 	2.3.1	the Voluntary Shares will become freely transferable and the restrictions on transferability referred to in Clause IV 3 above will cease to apply on the date of
the end of employment. 

  

	 	2.3.2	if employment ends during the first or the second year following the Grant Date, all Restricted Stock Units held by the Participant will automatically expire and
become null and void; 

  

	 	2.3.3	if employment ends during the third, the fourth or the fifth year following the Grant Date, a portion of the Restricted Stock Units (the “Dismissal
Pro-Rata RSU”) will remain in full force and effect and subject to these terms and conditions, provided the following conditions are met: 

  

	 	(i)	the Participant undertakes to comply and effectively continues to comply with the restrictions on transferability referred to in Clause IV 3 despite the fact that the
employment has ended; 

  

  
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	 	(ii)	if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after the
employment has ended. 

 The number of Dismissal Pro-Rata RSU will be calculated by AB InBev on the basis of
the following formula: 
  

					
	PRR	 	=	 	 HR x M
     60

	 	 
	 	 

  

	 	PRR	means the number of Dismissal Pro-Rata RSU 

  

	 	HR	means the number of Restricted Stock Units held by the Participant on the date of the end of the employment 

  

	 	M	means the number of full calendar months of employment of the Participant within the AB InBev Group during the period from the Grant Date until the end of the
employment . 

 The Restricted Stock Units which do not qualify as Dismissal Pro-Rata RSU will automatically expire
and become null and void. 
 The above rules apply notwithstanding any recourse which might be introduced by a dismissed
Participant against such Dismissal. 
  

	2.4	Outsourcing or Divestiture 

 In case of Outsourcing or Divestiture before the Vesting Date: 
  

	 	2.4.1	the Voluntary Shares will become freely transferable and the restrictions on transferability referred to in Clause IV 3 above will cease to apply on the date of
the effective Outsourcing or Divestiture; 

  

	 	2.4.2	if the effective date of Outsourcing or Divestiture occurs during the first or second year following the Grant Date, all Restricted Stock Units will
automatically expire and become null and void; 

  

	 	2.4.3	if the effective date of Outsourcing or Divestiture occurs during the third, fourth or the fifth year following the Grant Date, a portion of the Restricted Stock
Units (the “Outsourcing or Divestiture Pro-Rata RSU”) will remain in full force and effect and subject to these terms and conditions, provided that the Participant undertakes to comply and effectively continues to comply with the
restrictions on transferability referred to in Clause IV 3 despite the fact that the effective Outsourcing or Divestiture has taken place; 

 The number of Outsourcing or Divestiture Pro-Rata RSU will be calculated by AB InBev on the basis of the following formula: 
  

					
	PRR	 	=	 	 HR x M
     60

	 	 
	 	 

  

  
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	 	PRR	means the number of Outsourcing or Divestiture Pro-Rata RSU 

  

	 	HR	means the number of Restricted Stock Units held by the Participant on the date of effective Outsourcing or Divestiture 

  

	 	M	means the number of full calendar months of employment of the Participant within the AB InBev Group during the period from the Grant Date until the date of
effective Outsourcing or Divestiture. 

 The Restricted Stock Units which do not qualify as Outsourcing or
Divestiture Pro-Rata RSU will automatically expire and become null and void. 
 The above rules apply notwithstanding any
recourse which might be introduced by a dismissed Participant against such Outsourcing or Divestiture. 
  

	2.5	Retirement at or after the age of 60 

 In the case of retirement at or after the age of 60 before the Vesting Date: 
  

	 	2.5.1	the Voluntary Shares will become freely transferable and the restrictions on transferability referred to in Clause IV 3 above will cease to apply on the date of
the end of employment. 

  

	 	2.5.2	the Restricted Stock Units will remain in full force and effect and subject to these terms and conditions, provided the following conditions are met:

  

	 	(i)	the Participant undertakes to comply and effectively continues to comply with the restrictions on transferability referred to in Clause IV 1.4 despite the
fact that employment has ended; 

  

	 	(ii)	if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after
employment has ended. 

  

	2.6	Death or termination of employment following permanent disability 

 In the case of death of a Participant or termination of employment following permanent disability of a Participant before the Vesting Date: 
  

	 	2.6.1	the Voluntary Shares will become freely transferable and the restrictions on transferability referred to in Clause IV 3 above will cease to apply on the date of
death; 

  

	 	2.6.2	the Vesting Period referred to in Clause V 1.2 will automatically expire and all Restricted Stock Units will automatically vest. The Shares to be
delivered upon vesting of these Restricted Stock Units will be delivered to the relevant Participant’s Successors shortly after the Participant’s death or to the Participant shortly after the termination of the Participant’s
employment following permanent disability. 

 Except as provided in Clause VI 2.8 below, the notion of
“permanent disability” is to be defined by reference to the law governing the employment in the relevant jurisdiction of the Participant 
  

	2.7	The notions of “retirement”, “pre-pension” and “permanent disability” are to be defined by reference to the law governing the
employment, or alternatively, by the pension plan rules in the relevant jurisdiction or, if applicable, directorship of the Participant. 

  

  
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	2.8	Notwithstanding Clause VI 2.7 above, for Participants subject to taxation in the United States, “permanent disability” shall mean at least one of the
following: 

  

	 	2.8.1	the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; 

  

	 	2.8.2	the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Participant’s AB InBev employer;
or 

  

	 	2.8.3	the Participant is determined to be totally disabled by the Social Security Administration. 

  

	2.9	In deviation from Clause VI 2.6 above, in the case of termination of employment of a Participant who is subject to taxation in the United States before
the Vesting Date following permanent disability that does not meet the definition of “permanent disability” under Clause VI 2.8 above, the Restricted Stock Units will remain in full force and effect and will vest on the Vesting Date.

  

	3	Administration of the Plan 

  

	3.1	Delegation to the Committee 

 The Board of Directors may delegate part or all powers under the Plan to the Committee. In the case of a delegation of powers, the Committee shall: (i) be responsible for the general administration of the Plan in accordance with the
provisions thereof, under the supervision of the Board of Directors; and (ii) be authorised to establish rules for the administration, interpretation and application of the Plan and, if necessary, to interpret, amend and cancel these rules, in
compliance with these terms and conditions. 
 In the case of a delegation of powers, the Board of Directors will retain full
authority to exercise all the rights and obligations of the Committee under the Plan at any time whatsoever, or to delegate them to another committee constituted by the Board of Directors. 
  

	3.2	(Sub-)delegation to any third party 

 The Board of Directors and the Committee may (sub-)delegate certain well-specified powers to any third party they deem appropriate. 
 In the case of a (sub-)delegation of powers, the Board of Directors and the Committee will retain full authority to exercise all the rights
and obligations so delegated. 
  

	4	Amendment to the capital structure and anti-dilution measures 

 AB InBev expressly reserves the right to proceed with corporate changes that have an impact on its capital, such as capital increases, including by incorporation of reserves in the capital, capital
decreases, issuance of convertible bonds, subscription rights or options, stock splits or reverse stock splits, combinations or reclassifications of the Shares,

  

  
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mergers, (partial) demergers, as well as the right to amend the clauses in the articles of association governing the allocation of profits or liquidation boni. 
 In the event that such corporate changes would have an unfavourable effect on the Restricted Stock Units, the number of Restricted Stock
Units and/or the number of Shares to which the Restricted Stock Units give rights will be adjusted for the purpose of safeguarding the interests of the holders of Restricted Stock Units, in the manner determined at the sole discretion of the Board
of Directors, subject to any required action by the Shareholders’ Meeting of AB InBev. The terms of such adjustment will be communicated to the Participants in due time. 
 In the event that AB InBev would be merged into another company, the rights and obligations of AB InBev under the Plan will
automatically be transferred to the absorbing company and the Restricted Stock Units will no longer give the Participants the right to Shares but instead the right to shares of the absorbing company, subject to applicable law and to any applicable
corporate approval. The number of shares of the absorbing company to which each Restricted Stock Units will give right will be determined at the sole discretion of the Board of Directors and/or the board of directors of the absorbing company and
will be communicated to the Participants in due time. 
  

	5	Electronic register, electronic evidence and electronic delivery 

  

	5.1	Electronic Share and RSU register 

 The Shares and Restricted Stock Units will be recorded in a register, which may be in electronic form and the maintenance of which may be delegated by AB InBev to a third party. 
  

	5.2	Electronic evidence 

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

	5.3	Consent to electronic delivery 

 As a condition to receiving the Voluntary Shares and the Restricted Stock Units, each Participant consents to delivery of all subsequent information relating to the Voluntary Shares and the Restricted Stock Units by electronic means,
including e-mails to the Participants and postings on AB InBev’s website or intranet. Such information may include, amongst others, financial information concerning AB InBev. In order to access such information, Participants will be
required to access AB InBev’s e-mail system, website and/or intranet. By returning the Acceptance Form, Participants are deemed to acknowledge that they have such access to the e-mail system of AB InBev, to AB InBev’s
website and intranet and ordinarily use them in the ordinary course of their employment.

  

  
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Participants may obtain paper copies of any such information by submitting a request to receive paper copies to their respective People Department. 
  

	6	Matrimonial regime 

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

	7	Death 

 In the event of a
Participant’s death, any Successor acquiring the Voluntary Shares and the Restricted Stock Units shall inform AB InBev of the Participant’s death as soon as possible and at the latest one month from the date of death. 
  

	8	Modification of the terms and conditions 

 The Board of Directors may unilaterally modify at any time the practical and/or accessory modalities of the terms and conditions. It may also unilaterally modify the terms and conditions when such
modifications are required to comply with any change in legislation. 
  

	9	Nature of the Plan 

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

	9.1	the grant of Shares and/or Restricted Stock Units to the Participant in the framework of the Plan is unrelated to his occupational pension rights or pension
claims, so that this grant cannot affect these occupational pension rights and claims; 

  

	9.2	the Plan, the terms and conditions, the Bonus Letter, the Acceptance Form or any other document relating to the Plan do not confer upon the Participant any right
to continued employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of AB InBev or its subsidiaries to terminate the Participant’s employment according to the applicable regulations in
respect of termination thereof; 

  

	9.3	the grant of Voluntary Shares and/or of Restricted Stock Units cannot be considered as a right acquired for the future. 

  

	10	Privacy and processing of Personal Data 

 The Data Controller is responsible for the collection and processing of Personal Data as is necessary for the setting-up and administration of the Plan and the Share register of AB InBev in
electronic form. 
 The Personal Data collected, inter alia, by way of the Acceptance Form will be used exclusively for
the purposes of the administration of the Plan and the maintenance of the Share register of AB InBev in electronic form. 
 The Data Controller can transfer the Personal Data to the Data Processor and the employer of the Participant for the above purposes as well as to regulatory authorities for the purpose of complying with legal obligations in connection with
the Plan. Such recipients

  

  
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may be located in jurisdictions outside the European Economic Area that may not provide an adequate level of personal data protection. 
 The Data Controller and the Data Processor shall abide by the Belgian law of 8 December 1992 on privacy protection in relation to the
processing of personal data, as amended from time to time, and its implementing decrees. 
 Through their signature of the
Acceptance Form, the Participants give their consent to the collection and processing of their Personal Data as described in this Clause 10. 
 The Participants have the right to access and correct their Personal Data by sending a written and signed request to their local People officer. 
  

	11	Severability 

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

	12	Applicable law 

 The
Voluntary Shares, the Restricted Stock Units and these terms and conditions are governed by Belgian law. Any dispute relating thereto is to be submitted to the competent Belgian courts. 
  

  
 15Restatement of Assignment and License, as amended January 25, 1988

 EXHIBIT 10.72 
  

 RESTATEMENT OF ASSIGNMENT AND LICENSE 
  
 Preamble. 
  
 This is a restatement of the Assignment and License made the 31st day of March, 1987, and the Amendment thereof made as of July 30, 1987, by and between CL
Acquisition Corporation, a Delaware corporation, The Charles Schwab Corporation, a Delaware corporation, Charles Schwab & Co., Inc., a California corporation, and Charles R. Schwab, an individual. For purposes of this restatement, the
parties are referred to herein by their present names: The Charles Schwab Corporation, formerly CL Acquisition (“CS Corp.”); Schwab Holdings, Inc., formerly The Charles Schwab Corporation (“Holdings, Inc.”); Charles
Schwab & Co., Inc. (“Schwab, Inc.”); and Charles R. Schwab (“Schwab”). 
  
 The parties hereby agree as follows: 
  
 1. Definitions. In this Agreement: 
  
 a. “Name” means “Schwab” and each name and mark based thereon or derived therefrom including, without limitation, Schwab,
C. Schwab, C.R. Schwab, Charles Schwab, Charles R. Schwab, Chuck Schwab, Schwab One, Schwab Tech, CRS, and the corporate names The Charles Schwab Corporation and Charles Schwab & Co., Inc. 
  
 b. “Likeness” means any photograph, portrait, drawing
or other image or likeness of Schwab, however reproduced, and whether still, single, multiple or moving. 
  
 c. “Financial Services Business” means the business in which Schwab, Inc. is currently engaged and any additional and related
business in which CS Corp., Holdings, Inc. and/or Schwab, Inc. are permitted to engage from time to time during the term of this Agreement under applicable statutes or by the rules, regulations or orders of those regulatory agencies to which such
entities are from time to time subject. 
  
 d.
“Permitted Assignees and Licensees” means persons and entitles who have been assigned or licensed the right to use the Name and/or Likeness as permitted in Section 9 hereof. 
  
 e. “Employment Agreement” means that certain
Employment Agreement of even date with the Assignment and License under the terms of which Schwab agrees to perform certain services on behalf of CS Corp. 
  

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 f. “Involuntary Termination,” “Cause” and “Voluntary
Termination” will have the same meaning as “involuntary termination,” “cause,” and “voluntary termination,” respectively, in the Employment Agreement. 
  
 g. “Loan Agreement” means that certain “Loan Agreement dated as of March 31, 1987 between
CS Corp. as Borrower, The Banks herein named as the Banks, and Security Pacific National Bank, as the Agent.” 
  
 h. “Obligations,” “Bank,” “Agents,” “Loan Documents” will all have the same meaning as in the Loan
Agreement. 
  
 i. “Restricted Period” means
that period beginning with the date of the Assignment and License and ending on the earlier of (i) eight years from the date of the Assignment and License and (ii) the first date when all Obligations are fully paid. 
  
 2. Assignment and License Back. Schwab hereby assigns to
CS Corp. all service mark, trademark and trade name rights in and to the Name and Likeness as defined below as well as all good will associated therewith. CS Corp. hereby grants back to Schwab the perpetual, unrestricted, ongoing, exclusive,
irrevocable license to use the Name and Likeness throughout the world for activities other than the Financial Services Business. 
  
 3. Reversion. In the event CS Corp. and all Permitted Assignees and Licensees shall all cease using the Name while Schwab still lives,
all rights granted to CS Corp. with respect thereto shall revert to Schwab without further act or deed. In the event CS Corp. and all Permitted Assignees and Licensees shall all cease using the Likeness while Schwab still lives, all rights granted
to CS Corp. with respect thereto shall revert to Schwab without further act or deed. 
  
 4. Representations by Schwab. Schwab represents that, except as provided in this Agreement, no person or organization is authorized, permitted or licensed by Schwab to use the Name and/or the
Likeness in conjunction with any Financial Services Business, and Schwab agrees that he will not directly, nor indirectly through any other person or organization, use the Name and/or Likeness in conjunction with any such business or authorize,
permit, or license any other party to use the Name or the Likeness in conjunction with any such business, other than as permitted by Section 5 hereof. 
  
 5. Employment; Payment; Expansion of License. 
  

5.1 As used in this Section 5: 
  
 a. “Purchase Payment” means three-tenths of one percent (0.3%) of the Purchase Payment Base. 
  
 b. “Purchase Payment Base” means the sum of the Net
Revenues of all of the Included Users. 
  

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 c. “Net Revenues” of an Included User means the Gross Revenues of that Included
User minus the Operating Interest Expense of that Included User, in each case during the Payment Period. 
  
 d. “Gross Revenues” of an Included User means the gross revenues of that Included User during the Payment Period, determined in
accordance with generally accepted accounting principles, and, to the extent permitted by such principles in consolidated financial statements of that Included User, shall include the gross revenues of all subsidiaries and affiliates of that
Included User during the Payment Period, but excluding nonetheless from the gross revenues of that Included User and its subsidiaries and affiliates all gross revenues (i) that would otherwise be included more than once in the Purchase Payment
Base, (ii) received from other Included Users, or (iii) received from subsidiaries and affiliates of other Included Users. 
  
 e. “Operating Interest Expense” of an Included User means the operating interest expense of that Included User during the Payment
Period, determined in accordance with generally accepted accounting principles and, to the extent permitted by such principles in consolidated financial statements of that Included User, shall include the operating interest expense of all
subsidiaries and affiliates of the Included User during the Payment Period, but excluding nonetheless from the operating interest expense of that Included User and its subsidiaries and affiliates all operating interest expense that would otherwise
be deducted more than once in calculating the Purchase Payment Base. 
  
 f. “Included Users” means CS Corp. and all Permitted Assignees and Licensees except Banks and Agent. 
  
 g. The “Payment Period” begins on the first day of the month following the termination of Schwab’s employment by CS Corp.,
whether during or after the Restricted Period and regardless of the reason for such termination, unless (x) immediately prior to such termination Schwab and CS Corp. are parties to an employment agreement whose term extends beyond the date of
termination, (y) that employment agreement requires CS Corp. to make a payment or payments in lieu of salary or other payments that would have been payable under the employment agreement had Schwab continued to be employed beyond the date of
termination, and (z) CS Corp. makes such payment or payments or pays a mutually acceptable settlement in lieu thereof. If (x), (y) and (z) are all true, then the “Payment Period” shall begin on the first day of the month
following the end of the full term of the employment agreement, provided that if a written agreement between CS Corp. and Schwab expressly provides that the payment(s) made or settlement paid as contemplated by (z) is (are) in lieu of salary or
other payments otherwise payable under the employment agreement for a term shorter than the entire term of the employment agreement, then the “Payment Period” shall begin on the first day of the month following the end of such shorter
term. The “Payment Period” shall end on the earliest of (i) such time as CS Corp. and all Permitted Assignees and Licensees shall no longer use the Name and/or Likeness, (ii) the day

  

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before the fifteenth (15th) anniversary of the beginning of the Payment Period, or (iii) a Disqualifying Event. 
  
 h. A “Disqualifying Event” would occur if at any time during the Restricted Period, whether or not
Schwab is still employed by CS Corp. and whether or not any license granted by Section 5.4 has come into effect, Schwab should serve as a director of, render services to, invest in or otherwise engage in any business competitive with any
existing or contemplated business of CS Corp., Holdings, Inc. or Schwab, Inc., and fail to terminate such activity or investment within sixty (60) days after demand by CS Corp. Despite the foregoing, a purely passive investment will not
constitute a basis for a Disqualifying Event if it is in (i) publicly traded securities, provided that Schwab does not own beneficially or of record more than five percent (5%) of any class of security or (ii) a professionally managed
venture capital fund, provided that Schwab does not provide more than five percent (5%) of the capital invested in any such fund. The determination of the Board of Directors of CS Corp. that an action or activity is or is not competitive shall
be controlling on Schwab unless Schwab objects to such determination within thirty (30) days after the demand, in which case the determination shall be made by arbitration in accordance with California Code of Civil Procedure, Sections 1280 et
seq., and that determination shall be binding upon the parties. Each party shall be entitled to discovery. The sixty-day opportunity to cure will not be extended by any actual or requested arbitration, so that if Schwab does not terminate the
specified activity or investment within the sixty-day period and the arbitration subsequently determines that it was in fact competitive, Schwab will have no further opportunity to cure. Both CS Corp. and Schwab will use their best efforts to
complete the arbitration before the end of the sixty-day period. 
  
 5.2 Subject to the provisions of Sections 5.6 and 5.7 below, and in consideration for the assignments made herein, CS Corp. agrees to pay the Purchase Payment to Schwab, his executor, successor or
assigns. The amount payable shall be computed and paid on a calendar quarterly basis, commencing with the end of the first complete calendar quarter in the Payment Period. CS Corp. agrees to keep (and to require each Included User to keep) accurate
books of account and records relating to its Net Revenues, and Schwab and his duly authorized representatives shall have the right at all reasonable hours of the day to an examination and audit of such books of account and records and of all
documents and materials in the possession or under the control of Included Users with respect to Gross Revenues and Operating Interest Expense. Each book of account and record shall be kept available for at least two (2) years after all
payments are made with respect to the revenues and expenses reflected therein. 
  
 5.3. Despite anything in Section 5.2, payments to Schwab shall be limited as follows: 
  
 a. As used in this Section 5.3: 
  
 (i) The first day of the first calendar quarter during the Payment Period is the “Base Date.” 
  

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 (ii) Each twelve month period which (x) begins on the Base Date or an anniversary of
the Base Date and (y) falls entirely within the Payment Period will be a “Payment Year.” 
  
 (iii) If the Payment Period begins on any date other than the first day of a calendar quarter, then the period beginning on the first day of
the Payment Period and ending the day before Base Date will be the “Initial Payment Period.” 
  
 (iv) If the Payment Period ends after the Base Date and on any date other than the day before an anniversary of the Base Date, then the
period beginning on the last anniversary of the Base Date during the Payment Period and ending at the end of the Payment Period will be the “Final Payment Period.” 
  
 (v) “Consumer Price Index” means the Consumer Price Index for All Urban Consumers for the San
Francisco-Oakland-San Jose Metropolitan Area published by the Bureau of Labor Statistics, as it was constituted for the month of May 1987. If the Bureau of Labor Statistics should cease publication of the Consumer Price Index for all Urban Consumers
for the San Francisco-Oakland-San Jose Metropolitan Area or changes the basis on which it is constituted, then the parties shall use the index then being published by the Bureau of Labor Statistics or its successor agency which most closely
approximates the original “Consumer Price Index.” 
  
 b. Despite anything to the contrary in this Agreement, the amount payable to Schwab pursuant to Section 5.2 of this Agreement with respect to any Initial Payment Period shall not exceed two million
dollars ($2,000,000) multiplied by two fractions. The first fraction is the number of days in the Initial Payment Period divided by three hundred sixty-five (365). The second fraction is the Consumer Price Index for the calendar month preceding the
Base Date divided by the Consumer Price Index for the same calendar month in 1987. 
  
 c. Despite anything to the contrary in this Agreement, the amount payable to Schwab pursuant to Section 5.2 of the Agreement with respect to any Payment Year shall not exceed two million dollars
($2,000,000) multiplied by a fraction, the numerator of which is the Consumer Price Index for the calendar month immediately preceding the first month in the Payment Year and the denominator of which is the Consumer Price Index for the same calendar
month in 1987. 
  
 d. Despite anything to the
contrary in the Agreement, the amount payable to Schwab pursuant to Section 5.2 of the Agreement with respect to any Final Payment Period shall not exceed two million dollars ($2,000,000) multiplied by two fractions. The first fraction is the
number of days in the Final Payment Period divided by three hundred sixty-five (365). The second fraction is the Consumer Price Index for the calendar month preceding the beginning of the Final Payment Period divided by the Consumer Price Index for
the same calendar month in 1987. 
  

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 e. If b, c or d above requires the use of the Consumer Price Index for a month for which it
is not published, then the Consumer Price Index for the next preceding month which is published shall be used. 
  
 5.4 Subject to the provisions of Section 5.6 below: 
  
 a. Effective immediately upon the termination of Schwab’s employment by CS Corp., Schwab shall have,
without further action on his part, a perpetual, unrestricted, ongoing, non-exclusive, irrevocable license to use the Likeness throughout the world in the following part of the Financial Services Business: the sale, distribution, broadcast and
promotion of books, videotapes, lectures, radio programs and television programs. 
  
 b. At any time after termination of Schwab’s employment by CS Corp., Schwab may notify CS Corp. that Schwab proposes to engage in all or part of that portion of the Financial Services Business
commonly known as financial planning. The notice shall describe in summary form the financial planning products and services that Schwab expects will be offered by the business in which he proposes to engage. CS Corp. promptly shall grant to Schwab
an immediately effective, perpetual, unrestricted, ongoing, non-exclusive, irrevocable license to use the Likeness to engage in the financial planning business described except that CS Corp. need not grant such a license to the extent that the
business described would be in direct competition with any Financial Services Business in which CS Corp. or any Permitted Assignee or Licensee is then engaged or which CS Corp. or any Permitted Assignee or Licensee plans as of the date of receipt of
Schwab’s notice to commence within three (3) months after receipt of Schwab’s notice. 
  
 c. Commencing on the date that is two (2) years from the beginning of the Payment Period, Schwab shall have a perpetual, unrestricted,
ongoing, non-exclusive, irrevocable license to use the Likeness throughout the world in the Financial Services Business. This license will supersede any license previously granted pursuant to Section 5.4.b of this Agreement. 
  
 d. The licenses pursuant to this Section 5.4 may not be
assigned or sublicensed except that Schwab may grant sublicenses to use the Likeness in connection with the sale, distribution, broadcast and promotion, of goods, services and programs that Schwab personally plays a substantial role in creating.

  
 5.5 It is the understanding and intent of the
parties that when and if any license granted in Section 5.4 of this Agreement comes into effect, Schwab then may engage in the business covered by the license and use his personal name, personal initials and personal nicknames in connection
therewith without any restriction imposed by this Agreement except (i) the restrictions set forth in Sections 6.1, 6.2 and 7 of this Agreement and (ii) the possibility that the Payment Period might prematurely terminate because engaging in
such a business might constitute a Disqualifying Event. Further, the restriction described in (ii) would terminate at the end of the Restricted Period. 
  

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 5.6 Despite anything in Sections 5.2 and 5.4, if the termination of Schwab’s employment
by CS Corp. is an Involuntary Termination for Cause during the Restricted Period, or alternatively if such termination is a Voluntary Termination during the Restricted Period, then Sections 5.2 and 5.4 shall be of no further force or effect.

  
 5.7 Despite anything in Section 5.2, if
Banks or Agent should acquire legal and beneficial ownership of the Name by virtue of foreclosing a security interest granted to them in the Loan Documents, then thereafter Section 5.2 shall be of no further force or effect. Further, if a third
party other than Banks or Agent should acquire legal and beneficial ownership of the Name by virtue of the foreclosure of the security interest granted to Banks and Agent in the Loan Documents and such foreclosure does not result in an immediate and
complete satisfaction of the Obligations, then the Payment Period shall exclude all time elapsed between the date when that third party so acquires title and the first date when the Obligations are satisfied in full. 
  
 6. Schwab’s Use of the Name. 
  
 6.1 Schwab may use all or part of his personal name, personal
initials or personal nicknames in any manner not prohibited by this Agreement. Despite anything to the contrary in this Agreement, however, but subject nevertheless to the provisions of Section 3 of this Agreement, in exercising that right and
the rights granted to Schwab in Sections 2 and 5.4 of this Agreement, Schwab may not (i) use or authorize another to use the Name (including without limitation his personal name, personal initials or personal nicknames) as a service mark,
trademark or trade name in the Financial Services Business or (ii) use or authorize another to use the Name or Likeness or both in a manner that causes confusion as to whether CS Corp. or any of the Permitted Assignees and Licensees has
created, manufactured, endorsed, sold or otherwise been involved with any product or service. 
  
 6.2 Further, Schwab may not refer or authorize another to refer to CS Corp. or any of the Permitted Assignees and Licensees by name in any advertisement, press release, interview or other written, spoken
or visual material which is intended to promote any product or service, without first obtaining the written consent of CS Corp. Cs Corp. shall not withhold any consent required by the previous sentence unless CS Corp. reasonably believes that the
proposed reference would be a breach of Section 6.1 of this Agreement or another term of the Agreement. Should Schwab request any such consent, Schwab shall provide CS Corp. with all information that CS Corp. reasonably requests regarding the
proposed reference in order to determine whether or not such reference would be a breach of Section 6.1 of this Agreement or another term of the Agreement. 
  

7. Quality of Goods and Services. CS Corp. acknowledges that Schwab has, and Schwab acknowledges that CS Corp. intends to develop,
the highest quality reputation for the delivery of goods and services in the Financial Services Business, and each agrees that the goods and services offered by it or him using the Name or Likeness

  

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shall be of such quality as to be appropriate and suited to the protection and enhancement of the Name and Likeness and the good will appurtenant thereto, that such goods and services will be
manufactured, sold, distributed and performed in accordance with all Federal, state and local laws that are applicable and material, and that the sale, distribution, provision of services, and/or exploration by it or him shall be of the highest
standard and that the same shall in no manner reflect adversely upon the good name of the other or the Name and/or Likeness. Further, CS Corp. agrees not to use any Likeness in advertising or as a mark while Schwab is alive without first obtaining
Schwab’s approval of his appearance in the Likeness, but such approval shall not be unreasonably withheld. 
  
 8. Remedies. CS Corp. and Schwab each acknowledge that the manufacture, sale or distribution of goods or the provision of services in
breach of Section 7 of this Agreement would result in immediate and irreparable damage to the other. Each acknowledges and admits that there is no adequate remedy at law for such manufacture, sale, distribution or provision and agrees that the
other shall be entitled to equitable relief by way of temporary and permanent injunctions, without bond, and such other further relief as any court having jurisdiction shall deem just and proper. However, such relief may not include an injunction or
other prohibition against use of the Name and Likeness that is permitted by this agreement, a rescission of this Agreement or reversion of the rights granted to either party herein. 
  
 9. Assignment. 
  

9.1 Subject to compliance with Section 9.2 below, CS Corp. may assign or license any or all rights granted to it herein: (i) as
security under the Loan Documents; (ii) to Holdings, Inc., to Schwab, Inc. and to subsidiaries and affiliates of CS Corp., Holdings, Inc. and Schwab, Inc.; (iii) if Schwab gives his prior written consent or votes in favor of the assignment
in his capacity as a director of CS Corp, Holdings, Inc. or Schwab, Inc., and (iv) after the death of Schwab. In exercise of their rights under the Loan Documents, the Banks and Agent may assign or license any and all rights assigned to them
pursuant to the preceding sentence. 
  
 9.2 All
assignments to Banks or Agent must be made expressly subject to all the terms and conditions of this Agreement. In any other assignment or license pursuant to the other provisions of Section 9.1, all assignees and licensees must join in all
covenants of CS Corp. hereunder and assume joint and several liability for all obligations of CS Corp. hereunder, with such joinder and assumption being made for the express and direct benefit of Schwab. No assignment or license by CS Corp. shall
relieve it of any of its obligations hereunder. 
  
 9.3 Except for assignments and licenses that both (i) are permitted by Section 9.1 and (ii) conform to the requirements of Section 9.2, neither CS Corp. nor Permitted Assignees and Licensees may assign or license any
rights granted to CS Corp.

  

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herein, and any purported assignment or license of such rights that is not permitted shall be null and void. 
  
 9.4 For purposes hereof “assignment” and “license” shall be construed in their broadest
sense and shall include any purported direct or indirect transfer or other disposition, voluntary or involuntary, of any of such rights, including without limitation, any distribution upon dissolution, any merger or other reorganization to which CS
Corp. or a Permitted Assignee or Licensee is a party unless the shareholders of such entity immediately before the merger or other reorganization retain the ability to elect a majority of the board of directors immediately after such merger or
reorganization, any pledge or hypothecation of any of such rights, or the imposition of any lien upon such rights which is not fully and finally removed within 30 days following the date of such imposition, but does not include the sale of
securities for cash or property. 
  
 10.
Notices. Any notice, demand or other communication to be given hereunder by any party to another shall be in writing and delivered personally or sent by certified mail, postage prepaid, as follows: 
  

			
	CS CORP:	  	The Charles Schwab Corporation
		  	101 Montgomery Street
		  	San Francisco, CA 94104
		  	Attention: Lawrence J. Stupski, President
		
	SCHWAB:	  	Charles R. Schwab
		  	c/o Charles Schwab & Co., Inc.
		  	101 Montgomery Street
		  	San Francisco, CA 94104

  
 or to such other persons
as may be designated in writing by the parties, by a notice given as aforesaid. 
  
 11. Joint and Several Liability. Holdings, Inc. and Schwab, Inc. join in all covenants of CS Corp. hereunder; and CS Corp., Holdings, Inc. and Schwab, Inc. each agree to be jointly and severally
liable for all obligations of each of the others hereunder. Holdings, Inc. and Schwab, Inc. each acknowledge that its inclusion in the class of Permitted Assignees and Licensees is full and fair consideration for the liability that it is undertaking
hereunder. 
  
 12. Miscellaneous. This
Agreement shall be construed in accordance with the laws of California applicable to agreements made and to be performed entirely in that state. Section headings used herein are inserted for convenience only and are not part of this Agreement. None
of the terms of this Agreement may be waived or modified except by an express agreement in writing signed by both parties. Nothing contained herein shall be construed to place the parties in the relationship of partners or joint venturers, and CS
Corp. shall have no power to obligate or bind Schwab in any manner whatsoever. In any controversy hereunder the prevailing party shall be entitled to recover

  

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its reasonable attorneys’ fee and expenses from the opposing party or parties. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof,
and shall inure to the benefit of and shall be binding upon the parties, their respective heirs, executors, administrators, successors and permitted assigns. 
  
 13. Survival of Previous Actions; Effective Date. 
  
 13.1 This Agreement supersedes the original Assignment and License and the Amendment thereof; but all
assignments, licenses, notices, waivers and consents previously effected by or given pursuant to either the original Assignment and License or the Amendment thereof or both shall survive and remain in full force and effect. 
  
 13.2 The Preamble to this Agreement and this Section 13
will become effective on the date of execution hereof as set forth in the paragraph next following. Sections 5.3, 5.5, 6.1 and 6.2 of this Agreement originated in the Amendment of the original Assignment and License and hence became effective as of
July 30, 1987. Sections 5.1(a), and 5.1 (g) and 5.4 of this Agreement were revised in the Amendment of the original Assignment and License and hence became effective in their present form as of July 30, 1987, but the previous versions
of those sections were effective from March 31, 1987 until July 30, 1987. All other portions of this Agreement became effective on March 31, 1987. 
  
 IN WITNESS WHEREOF, the parties hereto have affixed their signatures on the      day of
                    , 1988. 
  

									
		 		 		 	The Charles Schwab Corporation
				
	 /S/ Charles R. Schwab
	 		 	by	 	 /S/ Lawrence J. Stupski

	Charles R. Schwab	 		 		 	Lawrence J. Stupski,
		 		 		 		 	President
			
	Charles Schwab & Co., Inc.	 		 	Schwab Holdings, Inc.
					
	by	 	 /S/ Lawrence J. Stupski
	 		 	by	 	 /S/ Charles R. Schwab

		 	Lawrence J. Stupski,	 		 		 	Charles R. Schwab,
		 	President and Chief	 		 		 	Chairman and Chief
		 	Operating Officer	 		 		 	Executive Officer

  

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	STATE OF CALIFORNIA	  	)	  	
		  	)	  	ss.
	CITY AND COUNTY OF SAN FRANCISCO	  	)	  	

  
 On this
25th day of January, 1988, before me, Sheila S. Providenza, the undersigned Notary Public, personally appeared Charles R. Schwab. personally known to me or proved to me on the basis of satisfactory evidence to be the
person who executed the within instrument as Chairman for and on behalf of Charles Schwab & Co., Inc. and acknowledged to me that corporation executed it. 
  

 WITNESS my hand and official seal. 
  

	
	 /S/ Sheila S. Providenza

	Notary Public

  
 OFFICIAL SEAL

					
	STATE OF CALIFORNIA	  	)	  	
		  	)	  	ss.
	CITY AND COUNTY OF SAN FRANCISCO	  	)	  	

  
 On this
25th day of January, 1988, before me, Sheila S. Providenza, the undersigned Notary Public, personally appeared Charles R. Schwab. personally known to me or proved to me on the basis of satisfactory evidence to be the
person whose name is subscribed to the within instruments, and acknowledged to me that he executed the same. 
  
 WITNESS my hand and official seal. 
  

	
	 /S/ Sheila S. Providenza

	Notary Public

  
 OFFICIAL SEAL

					
	STATE OF CALIFORNIA	  	)	  	
		  	)	  	ss.
	CITY AND COUNTY OF SAN FRANCISCO	  	)	  	

  
 On this
25th day of January, 1988, before me, Sheila S. Providenza, the undersigned Notary Public, personally appeared Lawrence J. Stupski. personally known to me or proved to me on the basis of satisfactory evidence to be the
person who executed the within instrument as President for and on behalf of The Charles Schwab Corporation, Inc. and acknowledged to me that corporation executed it. 
  
 WITNESS my hand and official seal. 
  

	
	 /S/ Sheila S. Providenza

	Notary Public

  
 OFFICIAL SEAL

					
	STATE OF CALIFORNIA	  	)	  	
		  	)	  	ss.
	CITY AND COUNTY OF SAN FRANCISCO	  	)	  	

  
 On this
25th day of January, 1988, before me, Sheila S. Providenza, the undersigned Notary Public, personally appeared Lawrence J. Stupski. personally known to me or proved to me on the basis of satisfactory evidence to be the
person who executed the within instrument as President and C.O.O. for and on behalf of the Schwab Holdings, Inc. and acknowledged to me that corporation executed it. 
  
 WITNESS my hand and official seal. 
  

	
	 /S/ Sheila S. Providenza

	Notary Public

  
 OFFICIAL SEAL

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