Document:

Exhibit 10.1

    Exhibit
      10.1

     

    AMENDMENT
      NUMBER SIX TO LOAN AND SECURITY AGREEMENT

     

    THIS
      AMENDMENT NUMBER SIX TO LOAN AND SECURITY AGREEMENT (this
      “Amendment”),
      dated
      as of July 31, 2006, is entered into by and among THE
      MAJESTIC STAR CASINO, LLC,
      an
      Indiana limited liability company (“Parent”),
      each
      of Parent’s Subsidiaries identified on the signature pages hereof (such
      Subsidiaries, together with Parent, are referred to hereinafter each
      individually as a “Borrower”,
      and
      individually and collectively, jointly and severally, as the “Borrowers”),
      each
      of the lenders that is a signatory to this Amendment, and WELLS
      FARGO FOOTHILL, INC.,
      a
      California corporation, as the arranger and administrative agent for the Lenders
      (in such capacity, together with its successors, if any, in such capacity,
      “Agent”;
      and
      together with each of the Lenders, individually and collectively, the
“Lender
      Group”),
      in
      light of the following:

     

    W
      I T N E S S E T H

     

    WHEREAS,
      each Borrower and the Lender Group are parties to that certain Loan and Security
      Agreement, dated as of October 7, 2003 (as amended, restated, supplemented,
      or
      modified from time to time, the “Loan
      Agreement”);

     

    WHEREAS,
      each Borrower has requested that the Lender Group agree to amend the Loan
      Agreement in accordance with the provisions of this Amendment; and

     

    WHEREAS,
      subject to the terms and conditions set forth in this Amendment, the Required
      Lenders are willing to so amend the Loan Agreement.

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties agree to amend the Loan Agreement
      as
      follows:

     

    1.  DEFINITIONS.
      Capitalized terms used herein and not otherwise defined herein shall have the
      meanings ascribed to them in the Loan Agreement, as amended hereby.

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    2.  AMENDMENTS
      TO LOAN AGREEMENT.
      

     

    (a)  Section
      7.18(a)(i)
      of the
      Loan Agreement is hereby amended by deleting the chart appearing therein and
      replacing it with the following chart:

     

     

    
      	
               

              “Applicable
                Amount

               

            	
               

              Applicable
                Period

               

            
	
               

              $60,000,000

               

            	
               

              For
                the 12 month period ending March 31, 2006

               

            
	
               

              $65,000,000

               

            	
               

              For
                the 12 month period ending June 30, 2006

               

            
	
               

              $70,000,000

               

            	
               

              For
                the 12 month period ending September 30, 2006

               

            
	
               

              $75,000,000

               

            	
               

              For
                the 12 month period ending December 31, 2006

               

            
	
               

              $75,000,000

               

            	
               

              For
                the 12 month period ending March 31, 2007

               

            
	
               

              $75,000,000

               

            	
               

              For
                the 12 month period ending June 30, 2007

               

            
	
               

              $75,000,000

               

            	
               

              For
                the 12 month period ending September 30, 2007

               

            
	
               

              $75,000,000

               

            	
               

              For
                the 12 month period ending December 31, 2007

               

            
	
               

              $80,000,000

               

            	
               

              For
                the 12 month period ending March 31, 2008

               

            
	
               

              $80,000,000

               

            	
               

              For
                the 12 month period ending June 30, 2008

               

            
	
               

              $80,000,000

               

            	
               

              For
                the 12 month period ending September 30, 2008

               

            
	
               

              $80,000,000

               

            	
               

              For
                the 12 month period ending December 31, 2008

               

            
	
               

              $85,000,000

               

            	
               

              For
                the 12 month period ending March 31, 2009

               

            
	
               

              $85,000,000

               

            	
               

              For
                the 12 month period ending June 30, 2009

               

            
	
               

              $85,000,000

               

            	
               

              For
                the 12 month period ending September 30, 2009

               

            
	
               

              $85,000,000

               

            	
               

              For
                the 12 month period ending December 31, 2009

               

            
	
               

              $90,000,000

               

            	
               

              For
                the 12 month period ending March 31, 2010 and for the 12 month period
                ending on the last day of each month thereafter”

               

            

    

    

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

    

     

    (b)  Section
      7.18(a)(ii)
      of the
      Loan Agreement is hereby amended by deleting the chart appearing therein and
      replacing it with the following chart:

     

    
      	
               

              “Applicable
                Ratio

               

            	
               

              Applicable
                Period

               

            
	
               

              1.80:1.0

               

            	
               

              For
                the 12 month period ending March 31, 2006 

               

            
	
               

              1.50:1.0

               

            	
               

              For
                the 12 month period ending June 30, 2006

               

            
	
               

              1.50:1.0

            	
               

              For
                the 12 month period ending September 30, 2006

               

            
	
               

              1.50:1.0

            	
               

              For
                the 12 month period ending December 31, 2006

               

            
	
               

              1.50:1.0

            	
               

              For
                the 12 month period ending March 31, 2007

               

            
	
               

              1.50:1.0

            	
               

              For
                the 12 month period ending June 30, 2007

               

            
	
               

              1.50:1.0

            	
               

              For
                the 12 month period ending September 30, 2007

               

            
	
               

              1.50:1.0

            	
               

              For
                the 12 month period ending December 31, 2007

               

            
	
               

              1.60:1.0

               

            	
               

              For
                the 12 month period ending March 31, 2008

               

            
	
               

              1.60:1.0

               

            	
               

              For
                the 12 month period ending June 30, 2008

               

            
	
               

              1.60:1.0

               

            	
               

              For
                the 12 month period ending September 30, 2008

               

            
	
               

              1.60:1.0

               

            	
               

              For
                the 12 month period ending December 31, 2008

               

            
	
               

              1.70:1.0

               

            	
               

              For
                the 12 month period ending March 31, 2009

               

            
	
               

              1.70:1.0

               

            	
               

              For
                the 12 month period ending June 30, 2009

               

            
	
               

              1.70:1.0

               

            	
               

              For
                the 12 month period ending September 30, 2009

               

            
	
               

              1.70:1.0

               

            	
               

              For
                the 12 month period ending December 31, 2009

               

            
	
               

              1.80:1.0

               

            	
               

              For
                the 12 month period ending March 31, 2010 and for the 12 month period
                ending on the last day of each fiscal quarter of Borrowers
                thereafter”

               

            

    

    

     

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

    

     

    (c)  Section
      7.18(b)
      of the
      Loan Agreement is amended and restated in its entirety as follows:

     

    “(b)
      Make:

     

    (i)
      Capital
      Expenditures.
      Capital
      Expenditures in any fiscal year in excess of the amount set forth in the
      following table for the applicable period other than (A) Capital Expenditures
      made or incurred on or before June 30, 2007 in connection with the purchase
      of
      new slot-machines or conversion of existing slot-machines, in each case in
      connection with their conversion from cash-pay slot-machines to
      ticket-in-ticket-out slot-machines at the casinos located in Black Hawk,
      Colorado, and Tunica, Mississippi, in an aggregate amount of all such Capital
      Expenditures described in this clause (A) not to exceed $7,500,000, and (B)
      Capital Expenditures made or incurred on or before December 31, 2008 in
      connection with the expansion of the casino in Black Hawk, Colorado, in an
      aggregate amount not to exceed $25,000,000:

     

    
      	
               

              Fiscal
                Year 2004

            	
               

              Fiscal
                Year 2005

            	
               

              Fiscal
                Year 2006 

            	
               

              Fiscal
                Year 2007 

            	
               

              Fiscal
                Year 2008 

            	
               

              Fiscal
                Year 2009 

            	
               

              Fiscal
                Year 2010

            
	
               

              $18,000,000

            	
               

              $12,000,000

            	
               

              $25,000,000

            	
               

              $25,000,000

            	
               

              $30,000,000

            	
               

              $30,000,000

            	
               

              $30,000,000

            

    

    

    The
      foregoing to the contrary notwithstanding, in the event the Borrowers and their
      Restricted Subsidiaries do not expend the full amount of the Capital
      Expenditures permitted hereunder for any period, the Borrowers and their
      Restricted Subsidiaries may expend 25% of the unutilized portion thereof in
      the
      immediately succeeding period.”

     

    3.  CONDITIONS
      PRECEDENT TO THIS AMENDMENT.
      The
      satisfaction of each of the following shall constitute conditions precedent
      to
      the effectiveness of this Amendment and each and every provision
      hereof:

     

    (a)  After
      giving effect to this Amendment, the representations and warranties in this
      Amendment, the Loan Agreement and the other Loan Documents shall be true and
      correct in all respects on and as of the date hereof, as though made on such
      date (except to the extent that such representations and warranties relate
      solely to an earlier date);

     

    (b)  Agent
      shall have received an amendment fee of $50,000, which amendment fee shall
      be
      fully earned on the date hereof, shall be due and payable in full in cash on
      the
      date hereof, and shall be non-refundable when paid;

    
      
        
        

      

      
        R-4

        
          

        

      

      
        
        

      

    

     

    (c)  Agent
      shall have received the reaffirmation and consent of each Guarantor and Limited
      Recourse Guarantor attached hereto as Exhibit
      A
      (the
“Consent”), duly executed and delivered by an authorized official of each
      Guarantor and of Limited Recourse Guarantor; 

    
       

    

    (d)  After
      giving effect to this Amendment, no Default or Event of Default shall have
      occurred and be continuing on the date hereof or as of the date of the
      effectiveness of this Amendment; and

     

    (e)  No
      injunction, writ, restraining order, or other order of any nature prohibiting,
      directly or indirectly, the consummation of the transactions contemplated herein
      shall have been issued and remain in force by any Governmental Authority against
      any Borrower, any Guarantor, Limited Recourse Guarantor, or any member of the
      Lender Group.

     

    4.  REPRESENTATIONS
      AND WARRANTIES.
      Each
      Borrower hereby represents and warrants to the Lender Group as
      follows:

     

    (a)  After
      giving effect to this Amendment, the representations and warranties in this
      Amendment, the Loan Agreement and the other Loan Documents are true and correct
      in all respects on and as of the date hereof, as though made on such date
      (except to the extent that such representations and warranties relate solely
      to
      an earlier date);

     

    (b)  The
      execution, delivery, and performance of this Amendment and of the Loan
      Agreement, as amended by this Amendment, are within each Borrower’s corporate
      powers, have been duly authorized by all necessary corporate action, and are
      not
      in contravention of any law, rule, or regulation, or any order, judgment,
      decree, writ, injunction, or award of any arbitrator, court, or governmental
      authority, or of the terms of its charter or bylaws, or of any contract or
      undertaking to which it is a party or by which any of its properties may be
      bound or affected;

     

    (c)  This
      Amendment and the Loan Agreement, as amended by this Amendment, constitute
      each
      Borrower’s legal, valid, and binding obligation, enforceable against such
      Borrower in accordance with its terms; 

     

    (d)  This
      Amendment has been duly executed and delivered by each Borrower; 

     

    (e)  The
      execution, delivery, and performance of the Consent is within each Guarantor’s
      and Limited Recourse Guarantor’s corporate power, has been duly authorized by
      all necessary corporate action, and is not in contravention of any law, rule
      or
      regulation, or any order, judgment, decree, writ, injunction, or award of any
      arbitrator, court or governmental authority, or of the terms of its charter
      or
      bylaws, or of any contract or undertaking to which it is a party or by which
      any
      of its properties may be bound or affected; 

    
      
        
        

      

      
        R-5

        
          

        

      

      
        
        

      

    

     

    (f)  The
      Consent constitutes each Guarantor’s and Limited Recourse Guarantor’s legal,
      valid, and binding obligations, enforceable against each such Person in
      accordance with its terms; 

     

    (g)  After
      giving effect to this Amendment, no Default or Event of Default has occurred
      and
      is continuing on the date hereof or as of the date of the effectiveness of
      this
      Amendment;

     

    (h)  No
      injunction, writ, restraining order, or other order of any nature prohibiting,
      directly or indirectly, the consummation of the transactions contemplated herein
      has been issued and remains in force by any Governmental Authority against
      Borrower, any Guarantor, Limited Recourse Guarantor, or any member of the Lender
      Group; and

     

    (i)  The
      Consent has been duly executed and delivered by each Guarantor and Limited
      Recourse Guarantor.

     

    5.  CONSTRUCTION.
      THIS
      AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
      THE
      STATE OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE
      STATE OF CALIFORNIA.

     

    6.  ENTIRE
      AMENDMENT; EFFECT OF AMENDMENT.
      This
      Amendment, and terms and provisions hereof, constitute the entire agreement
      among the parties pertaining to the subject matter hereof and supersedes any
      and
      all prior or contemporaneous amendments relating to the subject matter hereof.
      Except for the amendments to the Loan Agreement expressly set forth in
Section
      2
      hereof,
      the Loan Agreement and other Loan Documents shall remain unchanged and in full
      force and effect. The execution, delivery, and performance of this Amendment
      shall not operate as a waiver of or, except as expressly set forth herein,
      as an
      amendment of, any right, power, or remedy of the Lender Group as in effect
      prior
      to the date hereof. The amendments set forth herein are limited to the specifics
      hereof, shall not apply with respect to any facts or occurrences other than
      those on which the same are based, and except as expressly set forth herein,
      shall neither excuse any future non-compliance with the Loan Agreement, nor
      shall operate as a waiver of any Default or Event of Default. To the extent
      any
      terms or provisions of this Amendment conflict with those of the Loan Agreement
      or other Loan Documents, the terms and provisions of this Amendment shall
      control. This Amendment is a Loan Document.

    
      
        
        

      

      
        R-6

        
          

        

      

      
        
        

      

    

     

    7.  COUNTERPARTS;
      TELEFACSIMILE EXECUTION.
      This
      Amendment may be executed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument and any of the parties
      hereto may execute this Amendment by signing any such counterpart. Delivery
      of
      an executed counterpart of this Amendment by telefacsimile or electronic mail
      shall be equally as effective as delivery of an original executed counterpart
      of
      this Amendment. Any party delivering an executed counterpart of this Amendment
      by telefacsimile or electronic mail also shall deliver an original executed
      counterpart of this Amendment, but the failure to deliver an original executed
      counterpart shall not affect the validity, enforceability, and binding effect
      of
      this Amendment.

     

    8.  MISCELLANEOUS.

     

    (a)  Upon
      the
      effectiveness of this Amendment, each reference in the Loan Agreement to “this
      Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to
      the Loan Agreement shall mean and refer to the Loan Agreement as amended by
      this
      Amendment.

     

    (b)  Upon
      the
      effectiveness of this Amendment, each reference in the Loan Documents to the
      “Loan Agreement”, “thereunder”, “therein”, “thereof” or words of like import
      referring to the Loan Agreement shall mean and refer to the Loan Agreement
      as
      amended by this Amendment.

     

    [signature
      page follows]  

     

    
      
        
        

      

      
        R-7

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Amendment to be executed and
      delivered as of the date first written above.

     

                                            THE
      MAJESTIC STAR
      CASINO, LLC 

                                            an
      Indiana limited
      liability company

     

                                            By:
      /s/ Jon S.
      Bennett

                                            Name:
      Jon S.
      Bennett

                                            Title:
      Vice President
      and Chief Financial Officer

     

                                            THE
      MAJESTIC STAR
      CASINO II, INC., 

                                            an
      Indiana
      corporation

    

                                            By:
      /s/ Jon S.
      Bennett

                                            Name:
      Jon S.
      Bennett

                                            Title:
      Vice President
      and Chief Financial Officer

     

                                            BARDEN
      MISSISSIPPI
      GAMING, LLC

                                            a
      Mississippi limited
      liability company

     

                                            By:
      /s/ Jon S.
      Bennett

                                            Name:
      Jon S.
      Bennett

                                            Title:
      Vice President
      and Chief Financial Officer

     

                                            BARDEN
      COLORADO
      GAMING, LLC

                                            a
      Colorado limited
      liability company

     

                                            By:
      /s/ Jon S.
      Bennett

                                            Name:
      Jon S.
      Bennett

                                            Title:
      Vice President
      and Chief Financial Officer

                                            WELLS
      FARGO FOOTHILL,
      INC.,

                                            as
      Agent and as a
      Lender

     

                                            By:
      /s/ Peter
      Schuebler

                                            Name:
      Peter
      Schuebler

                                            Title:
      Vice
      President

     

                                            GENERAL
      ELECTRIC
      CAPITAL CORPORATION,

                                            as
      a
      Lender

     

                                            By:
      /s/ Bond
      Harberts

                                            Name:
      Bond
      Harberts

                                            Title:
      Duly
      Authorized Officer

    

                                            ALLIED
      IRISH
      BANK,

                                            as
      a
      Lender

     

                                            By:
      /s/ Derrick
      Lynch

                                            Name:
      Derrick
      Lynch

                                            Title:
      Vice
      President

    
      
        
        

      

      
        R-8

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    REAFFIRMATION
      AND CONSENT

     

    All
      capitalized terms used herein but not otherwise defined herein shall have the
      meanings ascribed to them in that certain Loan and Security Agreement by and
      among THE
      MAJESTIC STAR CASINO, LLC,
      an
      Indiana limited liability company (“MSC”), and each of MSC’s Subsidiaries
      identified on the signature pages thereof (such Subsidiaries, together with
      MSC,
      are referred to hereinafter each individually as a “Borrower”, and individually
      and collectively, jointly and severally, as the “Borrowers”), each of the
      lenders that is from time to time a party thereto (together with their
      respective successors and permitted assigns, individually, “Lender” and,
      collectively, “Lenders”), and WELLS
      FARGO FOOTHILL, INC.,
      a
      California corporation, as the arranger and administrative agent for the Lenders
      (in such capacity, together with its successors, if any, in such capacity,
      “Agent”; and together with each of the Lenders, individually and collectively
      the “Lender Group”), dated as of October 7, 2003 (as amended, restated,
      supplemented or otherwise modified, the “Loan Agreement”), or in Amendment
      Number Six to Loan and Security Agreement, dated as of July 31, 2006 (the
“Amendment”), among the Borrowers and the Lender Group. The undersigned each
      hereby (a) represent and warrant to the Lender Group that the execution,
      delivery, and performance of this Reaffirmation and Consent are within its
      powers, have been duly authorized by all necessary action, and are not in
      contravention of any law, rule, or regulation, or any order, judgment, decree,
      writ, injunction, or award of any arbitrator, court, or governmental authority,
      or of the terms of its charter or bylaws, or of any contract or undertaking
      to
      which it is a party or by which any of its properties may be bound or affected;
      (b) consents to the amendment of the Loan Agreement by the Amendment; (c)
      acknowledges and reaffirms its obligations owing to the Lender Group under
      any
      Loan Documents to which it is a party; and (d) agrees that each of the Loan
      Documents to which it is a party is and shall remain in full force and effect.
      Although the undersigned has been informed of the matters set forth herein
      and
      has acknowledged and agreed to same, it understands that the Lender Group has
      no
      obligations to inform it of such matters in the future or to seek its
      acknowledgment or agreement to future amendments, and nothing herein shall
      create such a duty. Delivery of an executed counterpart of this Reaffirmation
      and Consent by telefacsimile shall be equally as effective as delivery of an
      original executed counterpart of this Reaffirmation and Consent. Any party
      delivering an executed counterpart of this Reaffirmation and Consent by
      telefacsimile also shall deliver an original executed counterpart of this
      Reaffirmation and Consent but the failure to deliver an original executed
      counterpart shall not affect the validity, enforceability, and binding effect
      of
      this Reaffirmation and Consent. This Reaffirmation and Consent shall be governed
      by the laws of the State of California.

     

    [signature
      page follows]

    
      
        
        

      

      
        R-9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned have each caused this Reaffirmation and Consent
      to be executed as of the date of the Amendment.

     

                                            MAJESTIC
      HOLDCO,
      LLC,
      

                                            an
      Indiana limited
      liability company

     

                                            By:
      /s/ Jon S.
      Bennett

                                            Name:
      Jon S.
      Bennett

                                            Title:
      Vice President
      and Chief Financial Officer

     

                                            BUFFINGTON
      HARBOR
      PARKING ASSOCIATES,
      LLC,

                                            Delaware
      limited
      liability company

    

                                            By:
      /s/ Jon S.
      Bennett

                                            Name:
      Jon S.
      Bennett

                                            Title:
      Vice President
      and Chief Financial Officer

     

                                            BUFFINGTON
      HARBOR
      RIVERBOATS, LLC, 

                                            a
      Delaware limited
      liability company

    

                                            By:
      /s/ Jon S.
      Bennett

                                            Name:
      Jon S.
      Bennett

                                            Title:
      Vice President
      and Chief Financial Officer

     

     

     

     

     

     

     

     

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Exhibit 10.1    
    

THIS AGREEMENT is made on 20 February 2002 

B E T W E E N  

	(1)
	Coors
Brewers Ltd (registered in England No. 26018) whose registered office is at 137 High Street, Burton upon Trent, Staffordshire, DE14 1JZ (the
"Company") and

	(2)
	Peter
Swinburn of The Gate House, Woolton Hill, Newbury, Berks, RG15 9UW (the "Executive") 

        WHEREBY IT IS AGREED as follows:— 

	1.
	Definitions

In
this Agreement: 

	"Associated Company"	 	means a company which is from time to time a subsidiary or a holding company of the Company or a subsidiary (other than the Company) of a holding company of the Company. In this definition "subsidiary" and "holding
company" have the same meanings as in Section 736 of the Companies Act 1985, as originally enacted.
	

the "Board"	
 	

means the Board of Directors from time to time of the Company.

	2.
	Term of Appointment

	2.1
	The
Executive shall serve the Company as Customer Services and Sales Director or in such other capacity of a like status as the Company may require unless and until his employment
shall be terminated by the Company giving to the Executive not less than 24 months notice in writing or by the Executive giving to the Company not less than 6 months' notice in writing.

	2.2
	The
Company may, in its absolute discretion, lawfully terminate the employment of the Executive at any time by paying to the Executive a sum equal to his basic salary and the cost to
the Company of providing other benefits for the notice period. For the avoidance of doubt, nothing in this clause 2.2 shall give rise to any right for the Executive to require the Company so to
exercise its discretion.

	2.3
	The
Executive's employment shall in any event terminate on the date on which the Executive reaches the normal retirement age.

	3.
	Powers and Duties

	3.1
	The
Executive shall exercise such powers and perform such duties in relation to the business of the Company or any Associated Company as may from time to time be vested in or assigned
to him by the Company. The Executive shall comply with all reasonable and lawful directions from, and all regulations of, the Company.

	3.2
	The
Executive shall report to the Board and shall at all times promptly give to the Board (in writing if so requested) all information, advice and explanations as it may reasonably
require in connection with matters relating to his employment or directorship under this Agreement or with the business of the Company generally.

	3.3
	The
Executive, who shall work such hours as may reasonably be required for the proper performance of his duties, shall devote the whole of his time, attention and abilities during
those hours to carrying out his duties in a proper, loyal and efficient manner. The Executive shall well and faithfully serve the Company and the Associated Company and use his utmost interests to
promote the interests thereof.

	3.4
	The
Executive shall travel to such places as the Company may from time to time require. 

 
	3.5
	The
Executive's normal place of work shall be in Burton on Trent or at such other place as the Company may from time to time determine.

	4.
	Salary

	4.1
	The
Executive shall be paid monthly on the 16th day of each month (or last working day prior to the 16th) for his services during that month, at a salary
rate of £172,200 per annum.

	4.2
	The
Company shall provide for the Executive an annual cash incentive opportunity that is based on salary band level and divided into two components: achievement of Company financial
performance goals and achievement of individual performance goals. The payout for on-target performance will be at 45% of the Executive's salary (as of the date of completion of the
purchase of Carling Brewers by Coors Brewing Company in 2002 and on January 1 of each year thereafter). 75% of the payout amount will be based on achieving the Company's strategic plan (based
on EBIT). However, the Executive may receive from 0% to 112.5% of the payout amount, in lieu of the 75%, depending on Company performance. The remaining 25% will be based on individual performance.
However, the Executive may receive from 0% to 37.5% of the payout amount, in lieu of 25%, for this individual component, depending on his performance. The Company reserves the right to discontinue or
amend the terms of this annual cash incentive opportunity at any time and from time to time. The Executive must be employed by the Company one year after completion of the purchase of Carling Brewers
by Coors Brewing Company in order to receive a payout for 2002. Thereafter, he must be employed by Company on January 1 of each subsequent year in order to receive a payout for the previous
year. Moreover, the Executive shall not be entitled to receive a bonus if he is, at the time at which payment would otherwise be made, under notice of termination of employment or suspended in terms
of clause 16.

	4.3
	The
Executive acknowledges that he has no right to receive an annual cash incentive or bonus and that the Company is under no obligation to operate a bonus scheme and that he will not
acquire such a right, nor shall the Company come under such an obligation, merely by virtue of having received one or more bonus payments during the course of his employment.

	4.4
	At
least once in each 12 months the Company shall review, but shall not be obliged to increase, the salary payable under this Agreement.

	4.5
	The
Executive shall not be entitled to any other salary or fees as an ordinary or executive director or employee of the Company or any Associated Company and the Executive shall, as
the Company may direct, either waive his right to any such salary or fees or account for the same to the Company.

	5.
	Pensions and Life Assurance

	5.1
	The
Executive may continue to participate in the Bass Brewers Pension Plan subject to the trust deed and rules of that scheme as in force from time to time His contributions to the
scheme will be deducted from salary.

	5.2
	A
contracting out certificate is in force in respect of the employment under this Agreement.

	6.
	Car or Car Allowance

	6.1
	The
Company shall provide for the Executive (subject to his being qualified to drive) a motor car suitable for a person of his status, in accordance with the Company Car Policy as
published from time to time, and shall bear or reimburse all of its costs except fuel costs incurred during holidays outside the UK. The Executive shall take good care of the car, ensure that the car
is at all times in a proper state and has a current MOT certificate and that the provisions of any regulations laid down by the Company from time to time as to the use of motor vehicles and of any
policy of 

2

 

insurance
are observed, and return the car to the Company's principal office immediately upon the termination of his employment. 

	6.2
	The
Company may, at any time, offer to pay an appropriate non pensionable cash sum by way of car allowance, instead of the provision of a car. If the Executive accepts such an
arrangement, payment of the allowance will be made with salary in accordance with the time scales set out in clause 4.1.

	7.
	Other Benefits and Stock Options

	7.1
	The
Executive shall be entitled to membership of the Company's private health insurance scheme, subject to the terms of that scheme and of any related policy of insurance as in force
from time to time.

	7.2
	The
Executive shall maintain his membership of all professional, trade and other bodies deemed necessary by the Company or statute for the performance of his duties hereunder. The
Executive shall be entitled to payment by the Company of up to two subscriptions to recognised professional bodies where such a professional body is directly related to the Executive's current job or
to his normal professional skills.

	7.3
	The
Executive shall be entitled to the payment of one standard domestic telephone instrument rental at his principal private residence.

	7.4
	The
Executive will be eligible to participate in the Adolph Coors Company Equity Incentive Plan, according to the terms of the Plan. The Executive will be granted 2,000 stock options
in February 2002 (subject to the approval of the Board of Directors of Adolph Coors Company at its absolute discretion). The terms of the Plan currently provide that generally one third or
331/3% of each grant will vest each year and options shall expire 10 years from date of grant. The grant price is the fair market value of a share (average of high and low market
price at close of day) on the grant date. Additional grants will normally be made in each February. (The Executive may request a copy of the Plan if Executive wishes to review all provisions of the
Plan and in the event of any inconsistency between the provisions of the Plan and the summary in this clause, the provisions of the Plan prevail.)

	7.5
	The
Executive shall be entitled to purchase goods or services from the Company or any Associated Company with the benefit of such discount and commissions as are from time to time
authorised by the Chief Executive Officer of the Company.

	8.
	Expenses

The
Company shall reimburse to the Executive against production of receipts, if requested, all reasonable travelling, hotel, entertainment and other out-of-pocket expenses
which he may from time to time be authorised to incur in the execution of his duties hereunder. 

	9.
	Holidays

	9.1
	The
Executive is entitled to 31 working days of paid annual holiday in every calendar year, to taken at such times as may be approved by the Chief Executive Officer of the
Company, plus 3 additional days of Christmas Day, Boxing Day and New Years Day or such other days as the Company declared in their stead.

	9.2
	The
Executive may carry over up to 5 days of unused holiday into the following year with approval of the Chief Executive Officer of the Company, provided that such days are
taken before the end of February in that following year. Any other holiday not taken in the calendar year of entitlement will be forfeited. 

3

 
	9.3
	Upon
termination the Executive will be entitled to any pay in lieu of holiday accrued but untaken. However, if upon termination the Executive has taken more holiday than his accrued
holiday entitlement, he will be required to reimburse the Company in respect of the excess days taken and the Executive hereby authorises the Company to make deductions in respect of the same from his
final salary payment.

	9.4
	The
Company may at its discretion require the Executive to take during his notice period any holiday entitlement which has accrued by the date of the termination of his employment but
which has not been taken.

	10.
	Confidential Information

For
the purposes of this clause 10 "Confidential Information" means, without limitation: 

	(i)
	trade
secrets,

	(ii)
	any
inventions or improvements which the Executive may from time to time make or discover in the course of his duties,

	(iii)
	details
of suppliers, their services, or customers and the services and their terms of business,

	(iv)
	prices
charged to and terms of business with clients,

	(v)
	marketing
plans and sales forecasts,

	(vi)
	any
proposals relating to the future of the Company or its business or any part thereof,

	(vii)
	details
of employees and officers and of the remuneration and other benefits paid to them,

	(viii)
	information
relating to business matters, corporate plans, management systems, finances, marketing or sales of any past, present or future products or service,
processes, inventions, designs, know how, pitch lists, discoveries, technical specifications and other technical information relating to the creation, production or supply of any past, present or
future products or service of the Company or any Associated Company, any information given to the Company or any Associated Company in confidence by clients/customers, suppliers or other persons and
any other information (whether or not recorded in documentary form, or on computer disk or tape) which is confidential or commercially sensitive and is not in the public domain, and

	(ix)
	any
other information which is notified to the Executive as confidential.

	10.2
	The
Executive shall not, either during his employment or at any time thereafter, except in the proper course of his duties (or as required by law), use, divulge or disclose, or
through any failure to exercise all due care and diligence, cause or permit to be disclosed, to any person any trade secret or any other Confidential Information concerning the business or affairs of
the Company or any Associated Company, or any of their clients or customers, which may have come to his knowledge at any time during his employment by the Company or any Associated Company. This
clause will cease to apply to information which enters the public domain other than (directly or indirectly) through the fault of the Executive.

	11.
	Competitive Activities

During
the term of this Agreement the Executive shall not (unless otherwise agreed in writing by the Company) undertake any other business or profession or be or become an employee or agent of any
other firm, company or other person or assist or have any financial interest in any other business or profession. The Executive may, however, hold or acquire by way of bona fide investment only shares
or other securities of any company which are listed or dealt in on any recognised Stock Exchange, unless the Company shall require him not to do so in any particular 

4

 

case
on the ground that such other company is or may be carrying on a business competing or tending to compete with the business of the Company or any Associated Company. 

	12.
	Post-termination Restrictions

	12.1
	In
this clause 12 the following words and phrases shall have the following meanings:

	(i)
	"Garden
Leave" means any period of suspension or exclusion under clause 16 below which ends within one month of the termination of this Agreement.

	(ii)
	"Restricted
Business" means those of the businesses of the Company and the Associated Companies at the Restriction Date with which the Executive was involved to a
material extent at any time during the period of 12 months ending on the date of the termination of his employment or, if earlier, the commencement of any period of Garden Leave;

	(iii)
	"Restricted
Customer" means any firm, company or other person who at any time during the period of 12 months ending on the Restriction Date, was a customer of
or in the habit of dealing with the Company or any Associated Company and with whom the Executive dealt to a material extent or for whom or which the Executive was responsible on behalf of the Company
or any Associated Company during that period;

	(iv)
	"Restricted
Employee" means any person who, at the date of the termination of the Executive's employment, was employed by the Company or any Associated Company at Group
Resource level or above or was an executive consultant and in either case with whom the Executive worked during the period of 12 months ending on the Restriction Date; and

	(v)
	"Restricted
Supplier" means any firm, company or other person who at any time during the period of 12 months ending on the Restriction Date, was a provider or
supplier of goods or services (other than utilities and goods or services supplied for administrative purposes) to the Company or any Associated Company but including any individual who provided
services to the Company or any Associated Company by way of a consultancy agreement, and with whom the Executive dealt to a material extent during that period.

	(vi)
	"Restriction
Date" means the earlier of the date of termination of this Agreement and the start of any period of Garden Leave.

	12.2
	The
Executive will not, without the prior written consent of the Board, for a period of 12 months after the Restriction Date, interfere or endeavour to interfere with the
continuance of the provision of goods or services to the Company or any Associated Company by any Restricted Supplier.

	12.3
	The
Executive will not, without the prior written consent of the Board, for a period of 12 months after the Restriction Date, offer employment to or otherwise endeavour to
entice away from the Company or any Associated Company any Restricted Employee.

	12.4
	The
Executive will not, without the prior written consent of the Board, for a period of 12 months after the Restriction Date, be engaged in or concerned in any capacity in any
business concern which is in competition with any Restricted Business. This clause shall not restrain the Executive from being engaged or concerned in any business concern in so far as the Executive's
duties or work shall relate solely:—

	(a)
	to
geographical areas where the business concern is not in competition with the Restricted Business; or 

5

  

	(b)
	to
services or activities of a kind with which the Executive was not concerned to a material extent during the period of 12 months ending on the date of the Restriction Date.

	12.5
	The
obligations imposed on the Executive by this clause 12 extend to him acting not only on his own account but also on behalf of any other firm, company or other person and
shall apply whether he acts directly or indirectly.

	13.
	Return of Property

For
the purposes of this clause 13, Property means keys, mobile phone, computer equipment, all lists of clients or customers, correspondence and all other documents, papers and records
(including, without limitation, any records stored by electronic means, together with any codes or implements necessary to give full access to such records), system designs, software designs, software
programmes (in whatever media), presentations, proposals or specifications which may have been prepared by him or have come into his possession, custody or control in the course of his employment. 

The
Executive shall promptly whenever requested by the Company and in any event upon the termination of his employment deliver up to the Company all Property of the Company or any Associated Company
and the Executive shall not be entitled to and shall not retain any copies thereof. Title and copyright therein shall vest in the Company. 

	14.
	Directorship

The
removal of the Executive from the office of director of the Company or the failure of the Company in general meeting to re-elect the Executive as a director of the Company if under the
Articles of Association for the time being of the Company he shall be obliged to retire by rotation or otherwise shall not terminate his employment under this Agreement. The Executive shall not except
with the consent of the Company during his employment resign his office as a director of
the Company or any Associated Company or do anything which could cause him to be disqualified from continuing to act as such a director. 

	15.
	Sickness

Subject
to production, if requested, of medical certificates satisfactory to the Company, if the Executive is absent from work due to sickness or accident. He shall receive the full amount of his
salary hereunder during the first 6 months and thereafter he shall receive one half of his salary for up to a further 6 months. Any payments at the end of such periods shall be at the
discretion of the Board. Such remuneration shall include any sums the Company is obliged to pay to the Executive pursuant to the Social Security Contributions and Benefits Act 1992 (Statutory Sick
Pay). The Company may reduce remuneration during incapacity by an amount equal to the benefit (excluding any lump sum benefit) which the Executive would be entitled to claim during such incapacity
under the then current Social Security Acts (whether or not such benefit is claimed by the Executive). 

	16.
	Garden leave and Suspension

	16.1
	The
Company shall be under no obligation to vest in or assign to the Executive any powers or duties or to provide any work for the Executive, and the Company may at any time or from
time to time during any period of notice (whether given by the Company or the Executive) or in circumstances in which it reasonably believes that the Executive is guilty of misconduct or in breach of
this Agreement in order that the circumstances giving rise to that belief may be investigated suspend the Executive from the performance of his duties or exclude him from any premises of the Company
and need not give any reason for so doing. Salary and benefits will not, subject to clause 16.6, cease to be payable by reason only of such suspension or exclusion and such suspension or
exclusion can not extend for more than 12 months. During any period of suspension 

6

 

the
Executive will continue to be bound by the provisions of this Agreement and must continue at all times to conduct himself with good faith towards the Company and not do anything that is harmful to
the Company. 

	16.2
	The
Executive must not during any period of suspension, without the written consent of the Company go to any premises of the Company or any Associated Company or contact or deal with
any employee, customer, client or supplier of the Company or any Associated Company.

	16.3
	The
Executive must not during any period of suspension directly or indirectly be employed by or retained by or advise or assist any other person or entity in any capacity either paid
or unpaid.

	16.4
	The
Company may require the Executive to resign from office as a director of the Company or any Associated Company during any period of suspension and the Executive must resign as
soon as reasonably practicable after any such request is made.

	16.5
	The
Executive hereby irrevocably appoints the Company to execute any instrument and do anything in his name and on his behalf to effect his resignation as a director if the Executive
has failed to resign upon request in accordance with this clause 16.

	16.6
	The
Executive shall, during any period of suspension, remain available to perform any reasonable duty requested by the Company and to shall co-operate generally with the
Company to ensure a smooth hand over of his duties. Should the Executive fail to make himself available for work having been requested by the Company to attend, he shall, notwithstanding any other
provision of this Agreement, forfeit his right to salary and contractual benefits in respect of such period of non-availability.

	16.7
	The
Company may appoint another individual to carry out the duties of the Executive during any period that he is suspended in accordance with this clause 16.

	16.8
	At
the end of the period of suspension specified in clause 16.1, the Company may, at its absolute discretion, pay the Executive such sum as would have been payable by the
Company to the Executive as basic salary including the cost to the Company of providing the other benefits to which the Executive is entitled under this Agreement in lieu of the balance of any period
of notice given by the Company or the Executive (less any deductions the Company is required by law to make).

	17.
	Termination of Employment

	17.1
	If
the Executive:—

	(a)
	shall
be or become incapacitated from any cause whatsoever from efficiently performing his duties hereunder for a continuous period of at least 365 days or in aggregate periods
in excess of 300 normal working days in any period of 104 weeks; or

	(b)
	becomes
a patient for any purpose of any statute relating to mental health; or

	(c)
	is
convicted of any criminal offence (other than a motoring offence for which no custodial sentence is given to him); or

	(d)
	shall
have an order under Section 252 of the Insolvency Act 1986 made in respect of him or if an interim receiver of his property is appointed under Section 286 of that
Act; or

	(e)
	shall
be or become prohibited by law from being a director; or

	(f)
	shall
be guilty of gross misconduct (which, for the avoidance of doubt, includes any conduct which tends to bring the Company or any Associated Company into disrepute) or shall commit
any serious or persistent breach of any of his obligations to the Company or any Associated Company (whether under this Agreement or otherwise); or 

7

 

	(g)
	shall
refuse or neglect to comply with any lawful orders given to him by the Company; 

then
the Company shall be entitled by notice in writing to the Executive to terminate forthwith (or for (a) above only on the specified date, being at least 6 months from the date of
notice) his employment under this Agreement. The Executive shall have no claim against the Company by reason of such termination. 

	17.2
	Any
delay or forbearance by the Company in exercising any right of termination shall not constitute a waiver of it.

	17.3
	Upon
termination of this Agreement howsoever arriving, the Executive will resign without claim for compensation from all offices (including directorships) held in the Company or any
Associated Company and will authorise the Company to appoint a person to execute any such resignation in his name.

	18.
	Intellectual Property

	18.1
	For
the purposes of this clause 18 the following words and phrases shall have the following meanings:

	(i)
	"Works" means all works, designs, innovations, inventions, improvements, processes, get-up, trade marks and
trade names.

	(ii)
	"Company Works" means all Works authored, originated, conceived, written or made by the Executive alone or with others
(except only those Works which are authored, originated, conceived, written or made by the Executive wholly outside the course of his employment).

	(iii)
	"Intellectual Property Rights" means any and all patents, trade marks, signs and services marks, rights in designs,
trade or business names or signs, copyrights, database rights and topography rights (whether or not any of these is registered and including applications for registration of any such thing) and all
rights or forms of protection of a similar nature or having equivalent or similar effect to any of these which may subsist anywhere in the world.

	18.2
	The
parties foresee that the Executive may create and make Works, during the course of his employment and duties with the Company and that all Company Works shall vest in and be
owned by the Company immediately upon their creation. It shall be part of the Executive's normal duties at all times to:

	(i)
	consider
in what manner and by what new methods or devices the products, services, processes, equipment or systems of the Company with which the Executive is concerned
or for which the Executive is responsible might be improved; and

	(ii)
	promptly
disclose to the Company full details of any invention or improvement which the Executive may from time to time make or discover in the course of his duties
including, without limitation, details of all Company Works; and

	(iii)
	further
the interests of the Company's undertaking with regard thereto 

with
the intent that subject to the Patents Act 1977, the Company shall be entitled to the sole and absolute ownership of any such Company Works and to the exclusive use thereof free of charge and any
third party rights. 

	18.3
	To
the extent such rights do not vest immediately in the Company the Executive hereby agrees to assign to the Company all of the Executive's right, title and interest in the Company
Works together with all of his right, title and interest in any and all Intellectual Property Rights which subsist from time to time in the Company Works. 

8

 
	18.4
	To
the extent such rights do not vest immediately in the Company the Executive hereby assigns to the Company all future copyright in the Company Works and the parties agree that all
such future copyright shall vest in the Company by operation of law pursuant to section 91 of the Copyright, Designs and Patents Act 1988.

	18.5
	The
Executive hereby irrevocably and unconditionally waives, in favour of the Company, its licensees and successors-in-title any and all moral rights
conferred on the Executive by Chapter IV of Part I of the Copyright, Designs and Patents Act 1988 in relation to the Company Works (existing or future) and any and all other moral rights under
any legislation now existing or in future enacted in any part of the world including, without limitation, the right conferred by section 77 of that Act to be identified as the author of any of
the Company Works and the right conferred by section 80 of that Act not to have any such work subjected to derogatory treatment. The Executive shall, at the Company's request and expense, take
all steps that may be necessary or desirable to the Company to enforce against any third party the Executive's moral rights in any of the Company Works.

	18.6
	The
Executive acknowledges that, for the purpose of the proviso to section 2(1) of the Registered Designs Act 1949 (as amended), the covenants on the part of the Executive and
the Company will be treated as good consideration and the Company will be the proprietor of any design which forms part of the Company Works.

	18.7
	Nothing
in this clause 18 shall be construed as restricting the rights of the Executive or the Company under sections 39 to 43 (inclusive) of the Patents Act 1977.

	18.8
	The
Executive shall not knowingly do anything to imperil the validity of any patent or protection or any application therefor relating to any of the Company Works but shall at the
cost of the Company render all possible assistance to the Company both in obtaining and in maintaining such patents or other protection.

	18.9
	The
Executive shall not either during the Executive's employment or thereafter exploit or assist others to exploit any of the Company Works or any invention or improvement which the
Executive may from time to time make or discover in the course of his duties or (unless the same shall have become public knowledge) make public or disclose any such Company Works or invention or
improvement or give any information in respect of it except to the Company or as the Company may direct.

	18.10
	The
Executive hereby irrevocably authorises the Company for the purposes of this clause 18 to make use of his name and to sign and to execute any documents or
do any thing on his behalf (or where permissible to obtain the patent or other protection in the Company's own name or in that of its nominees in relation to any of the Company Works).

	18.11
	The
Executive shall forthwith and from time to time both during his employment under this contract and thereafter, at the request and expense of the Company, do all
things and execute all documents necessary or desirable to give effect to the provisions of this clause 18 including, without limitation, all things necessary or conducive to obtain letters
patent or other protection for any invention or improvement relating to any of the Company Works in any part of the world and to vest such letters patent or other protection in the Company or its
nominees.

	19.
	Waiver of Rights

If
the Executive's employment is terminated:— 

	(a)
	by
reason of liquidation of the Company for the purpose of amalgamation or reconstruction; or 

9

 

	(b)
	as
part of any arrangement for the amalgamation of the undertaking of the Company not including liquidation or the transfer of the whole or part of the undertaking of the Company to
any Group Company; and 

the
Executive is offered employment of a similar nature with the amalgamated or reconstructed company on terms not generally less favourable to the Executive than the terms of this Agreement, the
Executive will have no claim against the Company under this Agreement in respect of that termination. 

	20.
	Data Protection

The
Executive consents to the Company or any Associated Company holding and processing both electronically and manually the data it collects which relates to the Executive for the purposes of the
administration and management of its employees and its business and for compliance with applicable procedures, laws and regulations. The Executive also consents to the transfer of such personal
information to other offices the Company may have or to an Associated Company or to other third parties whether or not outside the European Economic Area for administration purposes and other purposes
in connection with the Executive's employment where it is necessary or desirable for the Company to do so. 

	21.
	Communications

Telephone
calls made and received by the Executive using the Company's equipment and use of the Company's e-mail system to send or receive personal correspondence may be recorded by the
Company on its communications systems. Any recordings made shall at all times remain the property of the Company and, if necessary, will be used as evidence in the case of disputes with employees or
clients. 

	22.
	Notices

Any
notice may be given personally to the Executive or to the Secretary of the Company (as the case may be) or may be posted to the Company (for the attention of its Secretary) at its registered
office for the time being or to the Executive either at his address given above or at his last known address. Any such notice sent by post shall be deemed served forty-eight hours after it is posted
and in proving such service it shall be sufficient to prove that the notice was properly addressed and put in the post. 

	23.
	Miscellaneous Matters

	23.1
	For
the purpose of the Employment Rights Act 1996 the Executive's continuous period of employment began on 2nd September, 1974.

	23.2
	The
Company's disciplinary rules and procedures, as in force from time to time, shall apply to the Executive. The Company reserves the right to leave out any or all of the stages of
those rules and procedures where it considers it appropriate to do so.

	23.3
	If
the Executive has a grievance relating to his employment he should first apply in person to the Chief Executive Officer of the Company. If the matter is not then settled the
Executive should write to the Board of Directors of the Coors Brewing Company setting out full details of the matter. The decision of the Board of Directors of the Coors Brewing Company on such
matters shall be final.

	23.4
	There
are no collective agreements which directly affect the terms and conditions set out in this Agreement.

	23.5
	Upon
the termination of the Executive's employment (for whatever reason and howsoever arising) the Executive shall immediately repay all outstanding debts or loans due to the Company
or any 

10

 

Associated
Company and the Company is hereby authorised to deduct from any payment of wages a sum in repayment of all or any part of such debts or loans. 

	23.6
	If
the Executive is at any time granted options or shares pursuant to a share option scheme or share scheme of the Company, those options shall be subject to the rules of that scheme
as in force from time to time which rules shall not form part of the Executive's service contract.

	23.7
	The
Executive may be required by the Company at any time to undergo an appropriate medical examination as determined by a doctor appointed by the Company.

	23.8
	The
Executive will be provided with a copy of the Coors Code of Business Conduct. The Executive agrees to review the Code and sign an affirmation that he understands and will comply
with its provisions.

	24.
	Other Agreements

The
Executive acknowledges and warrants that there are no agreements or arrangements whether written, oral or implied between the Company or any Associated Company and the Executive relating to the
employment of the Executive other than those expressly set out in this Agreement and that he is not entering into this Agreement in reliance on any representation not expressly set out herein. 

	25.
	Governing Law

This
Agreement shall be governed by and construed under English law and each of the parties hereby irrevocably agrees for the exclusive benefit of the Company that the Courts of England are to have
jurisdiction to settle any disputes which may arise out of or in connection with this Agreement. 

IN WITNESS whereof this Agreement has been signed by or on behalf of the parties hereto the day and year first before written. 

	SIGNED by	 	)
	on behalf of the Company	 	)
	
SIGNED by the Executive	
 	

)
	as a Deed	 	)
	in the presence of:—	 	)

	Signature of Witness	 	
	 	 

	Name of Witness	 	
	 	 

	Address of Witness	 	
	 	 

11

 
CONTENTS  

	 
	 	 
	 	Page

	1.	 	Definitions	 	1
	

2.	
 	

Term of Appointment	
 	

1
	

3.	
 	

Powers and Duties	
 	

1
	

4.	
 	

Salary	
 	

2
	

5.	
 	

Pensions and Life Assurance	
 	

2
	

6.	
 	

Car or Car Allowance	
 	

2
	

7.	
 	

Other Benefits	
 	

3
	

8.	
 	

Expenses	
 	

3
	

9.	
 	

Holidays	
 	

3
	

10.	
 	

Confidential Information	
 	

4
	

11.	
 	

Competitive Activities	
 	

4
	

12.	
 	

Post-termination Restrictions	
 	

5
	

13.	
 	

Return of Property	
 	

6
	

14.	
 	

Directorship	
 	

6
	

15.	
 	

Sickness	
 	

6
	

16.	
 	

Garden leave and Suspension	
 	

6
	

17.	
 	

Termination of Employment	
 	

7
	

18.	
 	

Intellectual Property	
 	

8
	

19.	
 	

Waiver of Rights	
 	

9
	

20.	
 	

Data Protection	
 	

10
	

21.	
 	

Communications	
 	

10
	

22.	
 	

Notices	
 	

10
	

23.	
 	

Other Agreements	
 	

10
	

24.	
 	

Governing Law	
 	

11

12

 
Coors Brewers Limited  

 —and—  

 Peter Swinburn  

SERVICE AGREEMENT

13

 

	April 12, 2005	 	Revision made for Pension Benefit

Peter
Swinburn

106 S University Blvd #17

Denver, CO 80209-3232 

Dear
Peter: 

It
is with great pleasure we offer you the position of President & CEO, Coors Brewers Ltd. Details of our offer include the following effective May 1, 2005: 

	 
	 	Current
	 	Offer
	 	% Increase
	 
	Base Salary	 	£220,000	 	£325,000	 	48	%
	Bonus Opportunity	 	55	%	65	%	18	%
	Bonus Opportunity £	 	£121,000	 	£211,250	 	75	%
	 	 	
	 	
	 	
	 
	Total Cash Opportunity	 	£341,000	 	£536,250	 	57	%
	 	 	
	 	
	 	
	 

	•
	Your
responsibilities will include U.K, Europe, Asia and new market development.

	•
	You
will participate in Coors Brewers Ltd (CBL). One hundred percent of your bonus opportunity will be measured against the performance matrix (volume and EBIT) for
CBL. For 2005, the Company will guarantee your bonus at 100% target (minimum).

	•
	Stock
Option Grant—In addition to the 25,000 options you received on March 15, 2005, you will receive 15,000 options for a total of 40,000 options in
2005. The grant will be made as soon as administratively possible. As you know we are redesigning our long-term incentive plan, which will be effective in 2006. You will participate as a
Level 1 (L01) executive.

	•
	Pension
Benefit—You will be protected within Section 1 of the existing UK pension plan, which will be kept in effect at least until you terminate your
employment from the company.

	•
	The
Company will be responsible for any expenses related to terminating leases on your vehicles.

	•
	Airfare
expenses for two to three flights for your spouse to accommodate your relocation back to the U.K. will be covered. 

We
are excited about the opportunity this creates for Molson Coors Brewing Company and you! 

Sincerely,

Leo
Kiely, CEO 

	

Offer Accepted:	
 	

	
 	

Date:	
 	

14

QuickLinks

Exhibit 10.1

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