Document:

exv10w1

Exhibit 10.1

ANHEUSER-BUSCH COMPANIES, INC.

INTEGRATION BONUS PLAN

          WHEREAS, Anheuser-Busch Companies, Inc. (the “Company”), InBev N.V./S.A. (the
“Parent”) and Pestalozzi Acquisition Corp. have entered into that certain Agreement and
Plan of Merger dated as of July 13, 2008 (the “Merger Agreement”); and

          WHEREAS, the Company wishes to reward and retain certain key employees of the Company after
the closing of the transactions contemplated by the Merger Agreement (the “Closing”); and

          WHEREAS, contingent upon and effective as of the Closing (the date on which the Closing occurs
being referred to as the “Effective Date”), the terms of this plan shall become effective;

          NOW, THEREFORE, the Company hereby adopts the Anheuser-Busch Companies, Inc. Integration Bonus
Plan (the “Plan”) for the benefit of certain key employees of the Company and its
Subsidiaries, on the terms and conditions hereinafter stated. The Plan, as set forth herein, is
designed to retain certain key employees by basing such employees’ compensation, in part, on their
contributions to the growth and profitability of the Company and is intended to provide financial
incentives for such key employees to remain with the Company and its Subsidiaries and to continue
to contribute to the Company’s success after the Effective Date.

	1.	 	Definitions. As used in the Plan, the following capitalized terms shall have the meanings
set forth below:

	 	(a)	 	“2008 Blue Ocean Program” shall mean those projects, productivity
improvements, operational and policy changes and such other enhancements, initiatives
and cost reduction undertakings incorporated by the Company in its strategic plan in
the form presented to the Company’s Board of Directors in June 2008 for the 2008
calendar year. Determinations of actual savings in 2008 shall be determined in
accordance with the Company’s historical accounting and financial practices.
	 
	 	(b)	 	“2009 Blue Ocean Program” shall mean those projects, productivity
improvements, operational and policy changes and such other enhancements, initiatives
and cost reduction undertakings incorporated by the Company in its strategic plan in
the form presented to the Company’s Board of Directors in June 2008 for the 2009
calendar year. If the Company elects to implement any of such undertakings in 2008,
for purposes of determining the satisfaction of the 2009 Blue Ocean Program objectives
under this Plan, such initiatives shall be deemed

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	 	 	 	to have been undertaken in 2009 and the savings therefrom shall be deemed to have
been realized in 2009. Determinations of actual savings in 2009 shall be determined
in accordance with the Company’s historical accounting and financial practices.

	 	(c)	 	“2008 Blue Ocean Target” shall mean savings of $243,000,000 to be
realized by the Company in 2008 as a result of implementing the 2008 Blue Ocean Program
(as such amount may be reduced pursuant to Section 6 hereof) and determined in
accordance with the Company’s historical accounting and financial practices.
	 
	 	(d)	 	“2009 Blue Ocean Target” shall mean savings of $527,000,000 to be
realized by the Company in 2009 as a result of implementing the 2009 Blue Ocean Program
(as such amount may be reduced pursuant to Section 6 hereof) and determined in
accordance with the Company’s historical accounting and financial practices.
	 
	 	(e)	 	“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated
under Section 12 of the Securities Exchange Act of 1934.
	 
	 	(f)	 	“Award” shall mean the cash amount payable to an Eligible Employee with
respect to an Integration Bonus and/or Supplemental Bonus, as applicable, pursuant to
the provisions of this Plan. For the avoidance of doubt, (i) each Award shall be in
addition to, and not in lieu of, any other incentive compensation or bonuses made
available to Eligible Employees under any other incentive compensation or bonus plans
of the Company, and (ii) in no event shall the receipt by an Eligible Employee of an
Award hereunder reduce or offset (or be reduced or offset by) any amounts payable to
such employee in respect of any incentive compensation or bonuses under such other
incentive compensation or bonus plans of the Company.
	 
	 	(g)	 	“Board” shall mean the Board of Directors of the Company.
	 
	 	(h)	 	“Cause” shall mean that the Eligible Employee has: (a) willfully and
continually failed to substantially perform, or been willfully grossly negligent in the
discharge of, his or her duties to the Company or any of its Subsidiaries (in any case,
other than by reason of a Disability, physical or mental illness or analogous
condition), which failure or negligence continues for a period of ten (10) business
days after a written demand for performance is delivered to the Eligible Employee by
the Company, which specifically identifies the manner in which the Company believes
that the Eligible Employee has not substantially performed, or been grossly negligent
in the discharge of, his or her duties; (b) been convicted of or pled nolo contendere
to a felony; or (c) materially and willfully breached any

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	 	 	 	agreement with the Company, any of its Subsidiaries or any Affiliate of the Company
relating to the Eligible Employee’s status as an employee. No act or failure to act
on the part of the Eligible Employee shall be deemed “willful” unless done, or
omitted to be done, by the Eligible Employee in bad faith or without reasonable
belief that the Eligible Employee’s act or failure to act was in the best interests
of the Company.

	 	(i)	 	“Company” shall mean Anheuser-Busch Companies, Inc. and any successor
thereto.
	 
	 	(j)	 	“Disability” shall mean a physical or mental condition entitling the
Eligible Employee to benefits under the applicable long-term disability plan of the
Company or any of its Subsidiaries, or if no such plan exists or if the Eligible
Employee elects not to participate in any such plan, a “permanent and total disability”
(within the meaning of Section 22(e) (3) of the Code) or as determined by the Company
in accordance with applicable laws.
	 
	 	(k)	 	“Effective Date” shall have the meaning set forth in the recitals
hereof.
	 
	 	(l)	 	“Eligible Employee” shall have the meaning set forth in Section 2
hereof.
	 
	 	(m)	 	“Good Reason” shall mean, without the written consent of the Eligible
Employee, (a) a reduction of at least five percent (5%) in the sum of (1) the Eligible
Employee’s annual base salary and (2) the Eligible Employee’s aggregate target for
short-term and long-term incentive compensation awards, as determined and valued in
accordance with the Company’s historical compensation practices, in each case as of
immediately prior to the Effective Date (or as any of the foregoing may thereafter be
increased from time to time), disregarding for this purpose (i) any integration or
retention bonus implemented in connection with the transactions contemplated by the
Merger Agreement; (ii) any across-the-board salary reductions similarly affecting all
employees of the Company and all employees of each Person in control of the Company;
and (iii) any reductions incorporated by the Company in its Blue Ocean Program as
announced in June 2008, (b) a material reduction in duties and responsibilities from
those in effect immediately prior to the Effective Date (or, if the Eligible Employee’s
duties and responsibilities were reduced in connection with the transactions
contemplated by the Merger Agreement, a material reduction from those in effect
immediately prior to such reduction), or (c) the relocation of the Eligible Employee’s
principal place of employment to a location more than 50 miles from the Eligible
Employee’s principal place of employment immediately prior to the Effective Date, which
relocation is adverse to the Eligible Employee, except for required travel on the
Company’s business to an extent substantially consistent with the Eligible Employee’s
business travel obligations as of immediately prior to the

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	 	 	 	Effective Date. The Eligible Employee’s continued employment shall not constitute
consent to, or a waiver of rights with respect to, any act or failure to act
constituting Good Reason hereunder, provided that the Eligible Employee provides the
Company with a written notice of resignation within ninety (90) days following the
occurrence of the event constituting Good Reason (or, if later, within ninety (90)
days following the Effective Date) and the Company shall have failed to remedy such
act or omission within thirty (30) days following its receipt of such notice.
	 
	 	(n)	 	“Integration Bonus” shall have the meaning set forth in Section 3
hereof.
	 
	 	(o)	 	“Performance Period” shall mean (i) the period June 20, 2008 to
December 31, 2008, with respect to payment of the Supplemental Bonus set forth in
Section 4 hereof and (ii) the fiscal year 2009 with respect to the Integration Bonus
set forth in Section 3 hereof.
	 
	 	(p)	 	“Person” shall have the meaning given in Section 3(a) (9) of the
Securities Exchange Act of 1934, as modified and used in Sections 13(d) and 14(d)
thereof.
	 
	 	(q)	 	“Plan” shall mean the Anheuser-Busch Companies, Inc. Integration Bonus
Plan, as it may be amended from time to time.
	 
	 	(r)	 	“Plan Administrator” shall mean, (i) for purposes of administration of
this Plan prior to the Effective Date, the Compensation Committee of the Board, and
(ii) for purposes of administration of this Plan after the Effective Date, the Vice
President, Corporate Human Resources of the Company or other designee of the Company.
	 
	 	(s)	 	“Subsidiary” shall mean any corporation in which the Company controls,
directly or indirectly, fifty percent (50%) or more of the combined voting power of all
classes of stock.
	 
	 	(t)	 	“Supplemental Bonus” shall have the meaning set forth in Section 4
hereof.
	 
	 	(u)	 	“Target Bonus” for an Eligible Employee shall mean for 2008 the amount
or percentage of salary set forth next to the name of such Eligible Employee on
Schedule A-2 and for 2009 shall mean the target bonus established for such Eligible
Employee for 2009, but not less than the amount or percentage of salary determined
in the ordinary course consistent with the Company’s past practice.

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	2.	 	Eligibility. A key employee who is employed by the Company or any of its Subsidiaries on the
Effective Date and has been designated by the Plan Administrator (as set forth on Schedules
A-1 and A-2 hereto, respectively) shall be eligible to receive an Integration Bonus and/or a
Supplemental Bonus, as applicable (each such individual being an “Eligible Employee”
for purposes of this Plan). After the Effective Date, the Plan Administrator may designate
other employees of the Company or any of its Subsidiaries as Eligible Employees.

	3.	 	Integration Bonus.

	 	(a)	 	Eligibility. The Eligible Employees set forth on Schedule A-1 hereto shall be
eligible to receive an integration bonus for fiscal 2009 (the “Integration
Bonus”) ranging from 80% to 110% of his or her Target Bonus for fiscal 2009.
Subject to Section 3(c) below, payment of the Integration Bonus shall be contingent
upon the Eligible Employee’s continued employment with the Company and its Subsidiaries
through the payment date of such Integration Bonus. The amount of an Eligible
Employee’s Integration Bonus shall depend on the extent of the Company’s achievement of
the 2009 Blue Ocean Target, calculated in accordance with Section 3(b) below.
	 
	 	(b)	 	Calculation of Integration Bonus. The amount of an Eligible Employee’s
Integration Bonus shall be determined as follows:

	 	(i)	 	Attainment of 80% or less of the 2009 Blue Ocean Target, shall
result in an Integration Bonus payment equal to 80% of the Eligible Employee’s
Target Bonus for fiscal 2009;
	 
	 	(ii)	 	Attainment of more than 80% but less than 110% of the 2009 Blue
Ocean Target shall result in an Integration Bonus payment equal to that same
percentage of the Eligible Employee’s Target Bonus for fiscal 2009 (e.g., 85%
achievement of the 2009 Blue Ocean Target will result in an Integration Bonus
equal to 85% of the Eligible Employee’s Target Bonus for fiscal 2009; 105%
achievement of the 2009 Blue Ocean Target will result in an Integration Bonus
equal to 105% of the Eligible Employee’s Target Bonus for fiscal 2009); and
	 
	 	(iii)	 	Attainment of 110% or more of the 2009 Blue Ocean Target shall
result in an Integration Bonus payment equal to 110% of the Eligible Employee’s
Target Bonus for fiscal 2009.

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	 	 	 	For purposes of clauses (ii) and (iii) above, percentage attainment of the 2009 Blue
Ocean Target, and the percentage of Target Bonus payable as a result thereof, shall
be rounded to the nearest one-tenth of one percent.
	 
	 	(c)	 	Termination of Employment. In the event that, prior to the payment date of the
Integration Bonus, the employment of an Eligible Employee terminates by reason of death
or Disability, or the Eligible Employee is terminated by the Company or any of its
Subsidiaries without Cause or if such Eligible Employee terminates employment with the
Company or any of its Subsidiaries for Good Reason, the Eligible Employee (or, in the
event of death, his or her beneficiary or estate) shall be entitled to receive a
pro-rated Integration Bonus. Such pro-rated Integration Bonus shall be determined in
accordance with paragraph (b) above, with the result being multiplied by a fraction,
the numerator of which is the number of days during which such Eligible Employee was
employed during the Performance Period, and the denominator of which is 365. The
Integration Bonus shall be payable in accordance with Section 5 below.

	4.	 	Supplemental Bonus.

	 	(a)	 	Eligibility. The Eligible Employees set forth on Schedule A-2 attached hereto
shall be eligible to receive a supplemental bonus for fiscal year 2008 (the
“Supplemental Bonus”), which bonus shall be in an amount equal to 40% of such
Eligible Employee’s Target Bonus for fiscal 2008, provided that the Company achieves
the 2008 Blue Ocean Target. Except as set forth in paragraph (b) below, payment of the
Supplemental Bonus shall be contingent upon the Eligible Employee’s continued
employment with the Company and its Subsidiaries through the payment date of the
Supplemental Bonus.
	 
	 	(b)	 	Termination of Employment. In the event that, on or after the Effective Date
and prior to payment date of the Supplemental Bonus, (i) an Eligible Employee’s
employment with the Company or any of its Subsidiaries is terminated by the Company or
any of its Subsidiaries other than for Cause or by the Eligible Employee for Good
Reason, (ii) an Eligible Employee’s employment terminates by reason of death or
Disability, or (iii) an Eligible Employee’s employment terminates by reason of such
Eligible Employee’s election to participate in the Enhanced Retirement Program offered
by the Company in 2008, the Eligible Employee (or, in the event of death, his or her
beneficiary or estate), shall be entitled to receive a pro-rated Supplemental Bonus.
Such pro-rated Supplemental Bonus shall be calculated as set forth in paragraph (a)
above, with the result being multiplied by a fraction, the numerator of which is the
number of days during which such Eligible Employee was employed during the Performance
Period, and the denominator of which is 195. The Supplemental Bonus shall be payable
in accordance with Section 5 below.

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	5.	 	Payment.

	 	(a)	 	Payment of an Award (if any) shall be made in a cash lump sum not later than
sixty (60) days following the end of the Performance Period to which it relates.
	 
	 	(b)	 	The Company shall withhold all applicable income and other taxes from any Award
payment, including any federal, FICA, state and local taxes.
	 
	 	(c)	 	Each Award shall be payable solely from the general assets of the Company.
Each Eligible Employee’s right to payment of an Award (if any) shall be solely as an
unsecured general creditor of the Company.

	6.	 	Divested Operations; change in capital expenditures.

	 	(a)	 	If the Company transfers or divests any business operation after July 13, 2008
but prior to January 1, 2009, and the 2008 Blue Ocean Program or 2009 Blue Ocean
Program contemplated savings from such operation, (i) the 2008 Blue Ocean Target
and the 2009 Blue Ocean Target shall be reduced by the amount of savings
contemplated to be realized by the Company during the respective Performance Period and
(ii) any savings realized by the Company in 2008 with respect to such operation shall
be disregarded in determining whether the Company has attained the 2008 Blue Ocean
Target.
	 
	 	(b)	 	If the Company transfers or divests any business operation during the 2009
calendar year, and the 2009 Blue Ocean Program contemplated savings from such
operation, (i) the 2009 Blue Ocean Target shall be reduced by the amount of savings
contemplated to be realized by the Company during the 2009 calendar year and (ii) any
savings realized by the Company in 2009 with respect to such operation shall be
disregarded in determining whether and to what extent the Company has attained the 2009
Blue Ocean Target.
	 
	 	(c)	 	To the extent any portion of the 2008 Blue Ocean Program or 2009 Blue Ocean
Program contemplated savings occurring as a result of capital expenditures to be
undertaken by the Company, and the Company determines to refrain from such capital
expenditures, the 2008 Blue Ocean Target and the 2009 Blue Ocean Target shall be
reduced by the amount of such savings.

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	7.	 	Plan Administration.

	 	(a)	 	The Plan Administrator shall administer the Plan and may interpret the Plan,
prescribe, amend and rescind rules and regulations under the Plan and make all other
determinations necessary or advisable for the administration of the Plan, subject to
all of the provisions of the Plan. Any reasonable determination made in good faith by
the Plan Administrator in carrying out, administering or construing the Plan shall be
final and binding for all purposes and upon all interested persons and their respective
heirs, successors, and legal representatives.
	 
	 	(b)	 	The Plan Administrator may delegate any of its duties hereunder to such person
or persons from time to time as it may designate.
	 
	 	(c)	 	The Plan Administrator is empowered, on behalf of the Plan, to engage
accountants, legal counsel and such other personnel as it deems necessary or advisable
to assist it in the performance of its duties under the Plan. The functions of any
such persons engaged by the Plan Administrator shall be limited to the specified
services and duties for which they are engaged, and such persons shall have no other
duties, obligations or responsibilities under the Plan. Such persons shall exercise no
discretionary authority or discretionary control respecting the management of the Plan.
All reasonable expenses thereof shall be borne by the Company.
	 
	 	(d)	 	In no event shall the Plan Administrator be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan. The Plan
Administrator shall be indemnified and held harmless by the Company against any cost or
expense (including counsel fees) reasonably incurred by the Plan Administrator or
liability (including any sum paid in settlement of a claim with the approval of the
Company) arising out of any act or omission to act in connection with this Plan, unless
arising out of the Plan Administrator’s own fraud or bad faith. Such indemnification
shall be in addition to any rights of indemnification the Plan Administrator may have
as an officer or director or otherwise under the organizational documents of the
Company.

	8.	 	Limitations.

	 	(a)	 	No person shall at any time have any right to receive an Award under the Plan
for the Performance Period unless such person shall have been designated as an Eligible
Employee pursuant to Section 2 and the other terms and conditions of the Plan
applicable to that Award shall have been satisfied. No person other than the Plan
Administrator or its delegate shall have authority to enter into any agreement

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	 	 	 	for the inclusion of anyone as an Eligible Employee or the making of any Award under
the Plan or to make any representation or warranty with respect thereto.
	 
	 	(b)	 	No action of the Company or the Board in establishing the Plan, nor any action
taken by the Company, the Board or its delegate under the Plan, nor any provision of
the Plan, shall be construed as conferring upon any employee any right to continued
employment for any period by the Company or any of its Subsidiaries, or shall interfere
in any way with the right of the Company or any Subsidiary to terminate such employee’s
employment.

	9.	 	Section 409A. It is intended that payments and benefits under this Plan constitute “short
term deferrals” as defined in Section 409A of the Internal Revenue Code (“Section
409A”) and, accordingly, to the maximum extent permitted, the payments and benefits under
this Plan shall be interpreted and administered in a manner such that they do not constitute
deferred compensation within the meaning of Section 409A.

	10.	 	Amendment or Termination of the Plan. The Board may, at any time and from time to time,
modify, amend, suspend or terminate the Plan or any part hereof; provided,
however, that, with respect to an individual who has been designated as an Eligible
Employee, no such action may, without the written consent of such individual, adversely affect
such individual’s status as an Eligible Employee or adversely affect the terms and conditions
applicable to such individual’s Supplemental Bonus or Integration Bonus.

	11.	 	Governing Law. This Plan shall be construed and enforced according to the laws of the State
of Missouri without giving effect to the conflict of law principles thereof.

	12.	 	Effectiveness of Plan. The effectiveness of this Plan is contingent upon the closing of the
transactions contemplated by the Merger Agreement. If for any reason the closing of such
transactions (and thus the Effective Date) does not occur, this Plan shall be null and void
and of no force and effect.

9exv10w2

Exhibit 10.2

ANHEUSER-BUSCH COMPANIES, INC.

KEY EMPLOYEE SEVERANCE PLAN

          WHEREAS, Anheuser-Busch Companies, Inc. (the “Company”), InBev N.V./S.A. (the
“Parent”) and Pestalozzi Acquisition Corp. have entered into that certain Agreement and
Plan of Merger dated as of July 13, 2008 (the “Merger Agreement”); and

          WHEREAS, the Company wishes to retain key employees and maintain a stable work environment;
and

          WHEREAS, contingent upon and effective as of the closing of the transactions contemplated by
the Merger Agreement (the date on which the closing occurs being referred to as the “Effective
Date”), the terms of this plan shall become effective;

          NOW, THEREFORE, the Company hereby adopts the Anheuser-Busch Companies, Inc. Key Employee
Severance Plan (the “Plan”) for the benefit of certain key employees of the Company and its
subsidiaries, on the terms and conditions hereinafter stated. The Plan, as set forth herein, is
intended to help retain qualified employees and maintain a stable work environment. The Plan, as
a “severance pay arrangement” within the meaning of Section 3(2)(B)(i) of ERISA, is intended to be
excepted from the definitions of “employee pension benefit plan” and “pension plan” set forth under
Section 3(2) of ERISA, and is intended to meet the descriptive requirements of a plan constituting
a “severance pay plan” within the meaning of regulations published by the Secretary of Labor at
Title 29, Code of Federal Regulations §2510.3-2(b).

SECTION 1. DEFINITIONS. As hereinafter used:

          1.1 “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under
Section 12 of the Exchange Act.

          1.2 “Board” means the Board of Directors of the Company.

          1.3 “Cause” shall mean that the Eligible Employee has: (a) willfully and continually
failed to substantially perform, or been willfully grossly negligent in the discharge of, his or
her duties to the Company or any of its subsidiaries (in any case, other than by reason of a
disability, physical or mental illness or analogous condition), which failure or negligence
continues for a period of ten (10) business days after a written demand for performance is
delivered to the Eligible Employee by the Company, which specifically identifies the manner in
which the Company believes that the Eligible Employee has not substantially performed, or been
grossly negligent in the discharge of, his or her duties; (b) been convicted of or pled nolo
contendere to a felony; or (c) materially and willfully breached any agreement with the Company,
any of its subsidiaries or any Affiliate of the Company or any of its subsidiaries relating to the
Eligible Employee’s status as an employee. No act or failure to act on the part of the Eligible
Employee shall be deemed “willful” unless done, or omitted to be done, by the
Eligible Employee in bad faith or without reasonable belief that the Eligible Employee’s act
or failure to act was in the best interests of the Company.

 

          1.4 “Code” means the Internal Revenue Code of 1986, as it may be amended from time to
time.

          1.5 “Company” means Anheuser-Busch, Companies, Inc., its subsidiaries or any
successors thereto.

          1.6 “Disability” means a physical or mental condition entitling the Eligible Employee
to benefits under the applicable long-term disability plan of the Company or any of its
subsidiaries, or if no such plan exists or if the Eligible Employee elects not to participate in
any such plan, a “permanent and total disability” (within the meaning of Section 22(e)(3) of the
Code) or as determined by the Company in accordance with applicable laws.

          1.7 “Effective Date” shall have the meaning set forth in the recitals hereof.

          1.8 “Effective Period” shall mean the period commencing on the Effective Date and
ending on the second anniversary of such date.

          1.9 “Eligible Employee” means any full-time employee of the Company who is employed on
the Effective Date and is designated as a participant in this Key Employee Severance Plan by the
Plan Administrator (as set forth on Exhibit A hereto), other than any such employee who has
separated employment from the Company or has given or received notice of termination of employment
prior to the Effective Date. Notwithstanding the foregoing, any full-time employee of the Company
who elects to participate in the Enhanced Retirement Program offered by the Company in 2008 shall
not be considered an Eligible Employee.

          1.10 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

          1.11 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          1.12 “Excise Tax” means the excise tax imposed by Section 4999 of the Code, or any
successor provision thereto, or any similar tax imposed by state or local law, or any interest or
penalties with respect to such excise tax.

          1.13 “Final Determination” means a final determination by the Internal Revenue Service
or, if such determination is appealed, a final determination by any court of competent
jurisdiction.

          1.14 “Good Reason” means, without the written consent of the Eligible Employee, (a) a
reduction of at least five percent (5%) in the sum of (1) the Eligible Employee’s annual base
salary and (2) the Eligible Employee’s aggregate target for short-

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term and long-term incentive compensation awards, as determined and valued in accordance with
the Company’s historical compensation practices, in each case as of immediately prior to the
Effective Date (or as any of the foregoing may thereafter be increased from time to time),
disregarding for this purpose (i) any integration or retention bonus implemented in connection with
the transactions contemplated by the Merger Agreement; (ii) any across-the-board salary reductions
similarly affecting all employees of the Company and all employees of each Person in control of the
Company; and (iii) any reductions incorporated by the Company in its Blue Ocean Program as
announced in June 2008, (b) a material reduction in duties and responsibilities from those in
effect immediately prior to the Effective Date (or, if the Eligible Employee’s duties and
responsibilities were reduced in connection with the transactions contemplated by the Merger
Agreement, a material reduction from those in effect immediately prior to such reduction), or (c)
the relocation of the Eligible Employee’s principal place of employment to a location more than 50
miles from the Eligible Employee’s principal place of employment immediately prior to the Effective
Date, which relocation is adverse to the Eligible Employee, except for required travel on the
Company’s business to an extent substantially consistent with the Eligible Employee’s business
travel obligations as of immediately prior to the Effective Date. The Eligible Employee’s
continued employment shall not constitute consent to, or a waiver of rights with respect to, any
act or failure to act constituting Good Reason hereunder, provided that the Eligible Employee
provides the Company with a written notice of resignation within ninety (90) days following the
occurrence of the event constituting Good Reason (or, if later, within ninety (90) days following
the Effective Date) and the Company shall have failed to remedy such act or omission within thirty
(30) days following its receipt of such notice.

          1.15 “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof.

          1.16 “Plan” means the Anheuser-Busch Companies, Inc. Key Employee Severance Plan, as
set forth herein, and as it may be amended from time to time.

          1.17 “Plan Administrator” means, (i) for purposes of administration of this Plan prior
to the Effective Date, the Compensation Committee of the Board, and (ii) for purposes of
administration of this Plan after the Effective Date, the Vice President, Corporate Human Resources
of the Company, or other designee of the Company.

          1.18 “Severance” means (a) the involuntary termination of an Eligible Employee’s
employment by the Company or any subsidiary thereof, other than for Cause, death or Disability or
(b) a termination of an Eligible Employee’s employment by the Eligible Employee for Good Reason, in
each case, following the Effective Date and during the Effective Period, but only if such
termination of employment constitutes a “separation from service” within the meaning of Section
409A of the Code and regulations and other guidance issued thereunder (“Section 409A”). In
the event that an Eligible Employee’s termination of employment does not constitute a “separation
from service” with the Company (within the meaning of Section 409A) because it occurs in connection
with the sale or disposition of assets by the Company (or any successor

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thereto) to a third party (the “Buyer”) following the Effective Date (including the
sale of a subsidiary, division or business unit), then a “Severance” shall be deemed to occur upon
a subsequent termination of the Eligible Employee’s employment with the Buyer if such termination
would satisfy the conditions of the preceding sentence (had such Eligible Employee been terminated
by the Company).

          1.19 “Severance Date” means the date on which an Eligible Employee incurs a Severance.

          1.20 “Tier 1 Employee” means any Eligible Employee designated by the Plan
Administrator as a Tier 1 Employee (as set forth on Exhibit A hereto).

          1.21 “Tier 2 Employee” means any Eligible Employee designated by the Plan
Administrator as a Tier 2 Employee (as set forth on Exhibit A hereto).

          1.22 “Tier 3 Employee” means any Eligible Employee designated by the Plan
Administrator as a Tier 3 Employee (as set forth on Exhibit A hereto).

          1.23 “Tier 4 Employee” means any Eligible Employee designated by the Plan
Administrator as a Tier 4 Employee (as set forth on Exhibit A hereto).

SECTION 2. SEVERANCE BENEFITS

          2.1 Generally. Subject to Sections 2.10, 2.11 and 4 hereof, if an Eligible Employee
incurs a Severance during the Effective Period, the Eligible Employee shall be entitled to the
severance payments and benefits pursuant to the applicable provisions of Section 2 of this Plan
(the “Severance Payments”).

          2.2 Payment of Accrued Obligations. Subject to Sections 2.10, 2.11 and 4 hereof, the
Company shall pay to each Eligible Employee who incurs a Severance during the Effective Period a
lump sum payment in cash, paid in accordance with applicable law, as soon as practicable but no
later than 10 days after the Severance Date, equal to the sum of (a) the Eligible Employee’s
accrued but unpaid base salary and any accrued but unpaid vacation pay through the Severance Date,
and (b) the Eligible Employee’s annual bonus earned for the fiscal year immediately preceding the
fiscal year in which the Severance Date occurs if such bonus has not been paid (unless previously
deferred under the Company’s applicable deferred compensation programs) as of the Severance Date.

          2.3 Tier 1 Employees.

               (a) Cash Lump Sum Payment. Subject to Sections 2.10, 2.11 and 4 hereof, each Tier 1 Employee
who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment
equal to two times (2x) the sum of (i) the Eligible Employee’s annual base salary as in effect
immediately prior to the time that Notice of Termination is given or, if higher, in effect
immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and
(ii) the target bonus for the year in which the Severance occurs (but not lower than the amount as
determined in the ordinary

4

 

course consistent with the Company’s past practice, not lower than the target bonus for the year in
which occurs the Effective Date and, for the avoidance of doubt, excluding any supplemental and
retention bonuses).

               (b) Benefit Continuation. Subject to Sections 2.10, 2.11 and 4 hereof, in the case of each
Tier 1 Employee who incurs a Severance during the Effective Period, commencing on the date
immediately following such Tier 1 Employee’s Severance Date and continuing for a period of
twenty-four (24) months thereafter, or to such earlier date on which the Tier 1 Employee accepts
new employment (the “Tier 1 Health and Welfare Benefit Continuation Period”), the Company
shall provide benefit continuation to each such Tier 1 Employee (and anyone entitled to claim under
or through such Tier 1 Employee). For Tier 1 Employees whose job duties are based in the United
States, the benefits shall include insured medical, dental, vision, life insurance, executive
supplemental life insurance (if eligible and enrolled as of the Tier 1 Employee’s Severance Date)
and prescription drug benefits that are materially similar to the benefits provided for such
employees as in effect immediately prior to such Tier 1 Employee’s Severance Date. For Tier 1
Employees whose job duties are based in a country outside the United States, the benefits shall
include those benefits provided to such Tier 1 Employee under the CIGNA International Expatriate
Benefits insurance program (“CIGNA International”) as in effect for such Tier 1 Employee
immediately prior to such Tier 1 Employee’s Severance Date, provided, however that such employees
who are classified as expatriate employees of the Company shall receive life insurance and
executive supplemental life insurance (if eligible and enrolled as of the Tier 1 Employee’s
Severance Date) on the same basis as provided for Tier 1 Employees whose job duties are based in
the United States. If participation in CIGNA International is not practicable because such Tier 1
Employee relocates to the United States, the Company shall arrange to provide such Tier 1 Employee
(and any eligible dependents), to the extent such benefits were provided by CIGNA International,
with insured medical, dental, vision, life insurance, and prescription drug benefits on the same
basis as provided for Tier 1 Employees whose job duties are based in the United States. Each Tier
1 Employees’ entitlement to and receipt of benefits under this Section 2.3(b) shall be subject to
the same benefit limits, co-payments, premium payments and deductibles to the same extent as if
such Tier 1 Employee had continued to be a Tier 1 Employee of the Company during the Tier 1 Health
and Welfare Benefit Continuation Period, and subject further to any changes to or termination of
those benefits as may apply to continuing employees of the Company. The selection of insurance
carriers and the method for providing the benefits under this Section 2.3(b) shall be in the sole
discretion of the Company. As a condition to participation in the Plan, a Tier 1 Employee shall be
obligated to notify the Company’s HR Service Center in writing within 30 days after such Tier 1
Employee first becomes eligible for any health benefit coverage through any subsequent employer(s).
The coverage period for purposes of the group health continuation requirements of Section 4980B of
the Code shall commence at the Severance Date, and shall run concurrently with the Tier 1 Health
and Welfare Benefit Continuation Period. In the event of a Tier 1 Employee’s death during the Tier
1 Health and Welfare Benefit Continuation Period, such employee’s spouse and/or eligible dependents
shall continue to receive the coverage provided under this Section 2.3(b) for the remainder of the
Tier 1 Health and Welfare Benefit Continuation Period.

5

 

          2.4 Tier 2 Employees.

               (a) Cash Lump Sum Payment. Subject to Sections 2.10, 2.11 and 4 hereof, each Tier 2 Employee
who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment
equal to one and three-quarter times (1.75x) the sum of (i) the Eligible Employee’s annual base
salary as in effect immediately prior to the time that Notice of Termination is given or, if
higher, in effect immediately prior to the first occurrence of an event or circumstance
constituting Good Reason, and (ii) the target bonus for the year in which the Severance occurs (but
not lower than the amount as determined in the ordinary course consistent with the Company’s past
practice, not lower than the target bonus for the year in which occurs the Effective Date and, for
the avoidance of doubt, excluding any supplemental and retention bonuses).

               (b) Benefit Continuation. Subject to Sections 2.10, 2.11 and 4 hereof, in the case of each
Tier 2 Employee who incurs a Severance during the Effective Period, commencing on the date
immediately following such Tier 2 Employee’s Severance Date and continuing for a period of
twenty-one (21) months thereafter, or to such earlier date on which the Tier 2 Employee accepts new
employment (the “Tier 2 Health and Welfare Benefit Continuation Period”), the Company shall
provide benefit continuation to each such Tier 2 Employee (and anyone entitled to claim under or
through such Tier 2 Employee). For Tier 2 Employees whose job duties are based in the United
States, the benefits shall include insured medical, dental, vision, life insurance, executive
supplemental life insurance (if eligible and enrolled as of the Tier 2 Employee’s Severance Date)
and prescription drug benefits that are materially similar to the benefits provided for such
employees as in effect immediately prior to such Tier 2 Employee’s Severance Date. For Tier 2
Employees whose job duties are based in a country outside the United States, the benefits shall
include those benefits provided to such Tier 2 Employee under the CIGNA International Expatriate
Benefits insurance program (“CIGNA International”) as in effect for such Tier 2 Employee
immediately prior to such Tier 2 Employee’s Severance Date, provided, however that such employees
who are classified as expatriate employees of the Company shall receive life insurance and
executive supplemental life insurance (if eligible and enrolled as of the Tier 2 Employee’s
Severance Date) on the same basis as provided for Tier 2 Employees whose job duties are based in
the United States. If participation in CIGNA International is not practicable because such Tier 2
Employee relocates to the United States, the Company shall arrange to provide such Tier 2 Employee
(and any eligible dependents), to the extent such benefits were provided by CIGNA International,
with insured medical, dental, vision, life insurance, and prescription drug benefits on the same
basis as provided for Tier 2 Employees whose job duties are based in the United States. Each Tier
2 Employees’ entitlement to and receipt of benefits under this Section 2.4(b) shall be subject to
the same benefit limits, co-payments, premium payments and deductibles to the same extent as if
such Tier 2 Employee had continued to be a Tier 2 Employee of the Company during the Tier 2 Health
and Welfare Benefit Continuation Period, and subject further to any changes to or termination of
those benefits as may apply to continuing employees of the Company. The selection of insurance
carriers and the method for

6

 

providing the benefits under this Section 2.4(b) shall be in the sole discretion of the Company.
As a condition to participation in the Plan, a Tier 2 Employee shall be obligated to notify the
Company’s HR Service Center in writing within 30 days after such Tier 2 Employee first becomes
eligible for any health benefit coverage through any subsequent employer(s). The coverage period
for purposes of the group health continuation requirements of Section 4980B of the Code shall
commence at the Severance Date, and shall run concurrently with the Tier 2 Health and Welfare
Benefit Continuation Period. In the event of a Tier 2 Employee’s death during the Tier 2 Health
and Welfare Benefit Continuation Period, such employee’s spouse and/or eligible dependents shall
continue to receive the coverage provided under this Section 2.4(b) for the remainder of the Tier 2
Health and Welfare Benefit Continuation Period.

          2.5 Tier 3 Employees.

               (a) Cash Lump Sum Payment. Subject to Sections 2.10, 2.11 and 4 hereof, each Tier 3 Employee
who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment
equal to one and one-half times (1.5x) the sum of (i) the Eligible Employee’s annual base salary as
in effect immediately prior to the time that Notice of Termination is given or, if higher, in
effect immediately prior to the first occurrence of an event or circumstance constituting Good
Reason, and (ii) the target bonus for the year in which the Severance occurs (but not lower than
the amount as determined in the ordinary course consistent with the Company’s past practice, not
lower than the target bonus for the year in which occurs the Effective Date and, for the avoidance
of doubt, excluding any supplemental and retention bonuses).

               (b) Benefit Continuation. Subject to Sections 2.10, 2.11 and 4 hereof, in the case of each
Tier 3 Employee who incurs a Severance during the Effective Period, commencing on the date
immediately following such Tier 3 Employee’s Severance Date and continuing for a period of eighteen
(18) months thereafter, or to such earlier date on which the Tier 3 Employee accepts new employment
(the “Tier 3 Health and Welfare Benefit Continuation Period”), the Company shall provide
benefit continuation to each such Tier 3 Employee (and anyone entitled to claim under or through
such Tier 3 Employee). For Tier 3 Employees whose job duties are based in the United States, the
benefits shall include insured medical, dental, vision, life insurance, executive supplemental life
insurance (if eligible and enrolled as of the Tier 3 Employee’s Severance Date) and prescription
drug benefits that are materially similar to the benefits provided for such employees as in effect
immediately prior to such Tier 3 Employee’s Severance Date. For Tier 3 Employees whose job duties
are based in a country outside the United States, the benefits shall include those benefits
provided to such Tier 3 Employee under the CIGNA International Expatriate Benefits insurance
program (“CIGNA International”) as in effect for such Tier 3 Employee immediately prior to such
Tier 3 Employee’s Severance Date, provided, however that such employees who are classified as
expatriate employees of the Company shall receive life insurance and executive supplemental life
insurance (if eligible and enrolled as of the Tier 3 Employee’s Severance Date) on the same basis
as provided for Tier 3 Employees whose job duties are based in the United States. If participation
in CIGNA International is not practicable because such Tier 3 Employee relocates to the United
States, the Company

7

 

shall arrange to provide such Tier 3 Employee (and any eligible dependents), to the extent such
benefits were provided by CIGNA International, with insured medical, dental, vision, life
insurance, and prescription drug benefits on the same basis as provided for Tier 3 Employees whose
job duties are based in the United States. Each Tier 3 Employees’ entitlement to and receipt of
benefits under this Section 2.5(b) shall be subject to the same benefit limits, co-payments,
premium payments and deductibles to the same extent as if such Tier 3 Employee had continued to be
a Tier 3 Employee of the Company during the Tier 3 Health and Welfare Benefit Continuation Period,
and subject further to any changes to or termination of those benefits as may apply to continuing
employees of the Company. The selection of insurance carriers and the method for providing the
benefits under this Section 2.5(b) shall be in the sole discretion of the Company. As a condition
to participation in the Plan, a Tier 3 Employee shall be obligated to notify the Company’s HR
Service Center in writing within 30 days after such Tier 3 Employee first becomes eligible for any
health benefit coverage through any subsequent employer(s). The coverage period for purposes
of the group health continuation requirements of Section 4980B of the Code shall commence at the
Severance Date, and shall run concurrently with the Tier 3 Health and Welfare Benefit Continuation
Period. In the event of a Tier 3 Employee’s death during the Tier 3 Health and Welfare Benefit
Continuation Period, such employee’s spouse and/or eligible dependents shall continue to receive
the coverage provided under this Section 2.5(b) for the remainder of the Tier 3 Health and Welfare
Benefit Continuation Period.

          2.6 Tier 4 Employees.

               (a) Cash Lump Sum Payment. Subject to Sections 2.10 and 2.11 hereof, each Tier 4 Employee who
incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment equal
to one and one-quarter times (1.25x) the Eligible Employee’s annual base salary as in effect
immediately prior to the time that Notice of Termination is given or, if higher, in effect
immediately prior to the first occurrence of an event or circumstance constituting Good Reason.

               (b) Benefit Continuation. Subject to Sections 2.10 and 2.11 hereof, in the case of each Tier
4 Employee who incurs a Severance during the Effective Period, commencing on the date immediately
following such Tier 4 Employee’s Severance Date and continuing for a period of fifteen (15) months
thereafter, or to such earlier date on which the Tier 4 Employee accepts new employment (the
“Tier 4 Health and Welfare Benefit Continuation Period”), the Company shall provide benefit
continuation to each such Tier 4 Employee (and anyone entitled to claim under or through such Tier
4 Employee). For Tier 4 Employees whose job duties are based in the United States, the benefits
shall include insured medical, dental, vision, life insurance, executive supplemental life
insurance (if eligible and enrolled as of the Tier 4 Employee’s Severance Date) and prescription
drug benefits that are materially similar to the benefits provided for such employees as in effect
immediately prior to such Tier 4 Employee’s Severance Date. For Tier 4 Employees whose job duties
are based in a country outside the United States, the benefits shall include those benefits
provided to such Tier 4 Employee under the CIGNA International Expatriate Benefits insurance
program (“CIGNA International”) as in effect for such Tier 4 Employee immediately

8

 

prior to such Tier 4 Employee’s Severance Date, provided, however that such employees who are
classified as expatriate employees of the Company shall receive life insurance and executive
supplemental life insurance (if eligible and enrolled as of the Tier 4 Employee’s Severance Date)
on the same basis as provided for Tier 4 Employees whose job duties are based in the United States.
If participation in CIGNA International is not practicable because such Tier 4 Employee relocates
to the United States, the Company shall arrange to provide such Tier 4 Employee (and any eligible
dependents), to the extent such benefits were provided by CIGNA International, with insured
medical, dental, vision, life insurance, and prescription drug benefits on the same basis as
provided for Tier 4 Employees whose job duties are based in the United States. Each Tier 4
Employees’ entitlement to and receipt of benefits under this Section 2.6(b) shall be subject to the
same benefit limits, co-payments, premium payments and deductibles to the same extent as if such
Tier 4 Employee had continued to be a Tier 4 Employee of the Company during the Tier 4 Health and
Welfare Benefit Continuation Period, and subject further to any changes to or termination of those
benefits as may apply to continuing employees of the Company. The selection of insurance carriers
and the method for providing the benefits under this Section 2.6(b) shall be in the sole discretion
of the Company. As a condition to participation in the Plan, a Tier 4 Employee shall be obligated
to notify the Company’s HR Service Center in writing within 30 days after such Tier 4 Employee
first becomes eligible for any health benefit coverage through any subsequent employer(s). The
coverage period for purposes of the group health continuation requirements of Section 4980B of the
Code shall commence at the Severance Date, and shall run concurrently with the Tier 4 Health and
Welfare Benefit Continuation Period. In the event of a Tier 4 Employee’s death during the Tier 4
Health and Welfare Benefit Continuation Period, such employee’s spouse and/or eligible dependents
shall continue to receive the coverage provided under this Section 2.6(b) for the remainder of the
Tier 4 Health and Welfare Benefit Continuation Period.

          2.7 Payment. Any cash lump sum payment to which an Eligible Employee is entitled
pursuant to Sections 2.3(a), 2.4(a), 2.5(a) or 2.6(a) shall be made within 10 days following the
Release Effective Date, as defined in Section 2.10 hereof.

          2.8 Confidentiality. As a result of the Eligible Employee’s employment with the
Company and/or its Subsidiaries and Affiliates (the Company, together with its Subsidiaries and
Affiliates, the “Company Group”), the Eligible Employee has gained valuable confidential
information and trade secrets relevant to the Company Group’s business operations including its
information technology. In light of the highly competitive nature of the industry in which the
Company Group’s business is conducted, the Eligible Employee shall keep in strict secrecy and
confidence, and is specifically prohibited from disclosing, any and all unique, confidential and/or
proprietary information and material belonging or relating to the Company Group that is not a
matter of common knowledge or otherwise generally available to the public including, but not
limited to, business, financial, trade, sales, technical or technological information, or corporate
sales and marketing strategies, to any entity that competes with the Company Group. In addition,
the Eligible Employee shall not use any such confidential information, materials or trade secrets
for the benefit of any of the Company Group’s competitors and/or against the best interests of the
Company Group. The Eligible

9

 

Employee shall remain subject to the “Employee Agreement as to Intellectual Property and
Confidentiality” which has been previously signed and is incorporated into this Plan by this
reference.

          2.9 Non-Compete. (a) Except as specifically provided in Section 2.9(b) below, or as
otherwise agreed to in writing by the Company, and upon such terms and conditions as the Company
may impose, for the duration of the “Non-Compete Period” (as defined below), each Eligible
Employee who receives payments or other benefits under the Plan shall not, anywhere in the world,
engage, directly or indirectly, in any activity for, or on behalf of, any business or organization
that manufactures alcohol beverages and/or non-alcohol malt beverages, that promotes or encourages
any restrictions on, or regulation of, the use, distribution or marketing of alcohol beverages, as
a member of a partnership or association, as an officer, director, employee, consultant, lobbyist
or representative of or to any corporation, industry trade association, not-for-profit
organization, or other business entity, or as an investor in, or beneficial owner of 1% or more of
any security of any class of any corporation, or 1% or more of any equity interest of any
unincorporated enterprise.

          (b) Notwithstanding the strict prohibitions in Section 2.9(a) above, an Eligible Employee may
submit a request for approval in writing to the Plan Administrator, if such employee wishes to
provide services of any kind described in Section 2.9(a) above. Such written request will be
considered by the Plan Administrator which shall determine, in its sole discretion, whether such
request should be granted.

          (c) The “Non-Compete Period” shall mean the period beginning on the Effective Date and
ending on the date that is (i) twenty-four (24) months from a Tier 1 Employee’s Severance Date,
(ii) twenty-one (21) months from a Tier 2 Employee’s Severance Date, (iii) eighteen (18) months
from a Tier 3 Employee’s Severance Date, or (iv) twelve (12) months from a Tier 4 Employee’s
Severance Date, as applicable.

          2.10 Release; Benefit Commencement Date. No Eligible Employee who incurs a Severance
during the Effective Period shall be eligible to receive any payments or other benefits under the
Plan (other than payments under Section 2.2 hereof) unless, within forty-five (45) days following
such Employee’s Severance Date, he or she first executes a Release (substantially in the form of
Exhibit B hereto, or in such other form as is required to comply with applicable law) in favor of
the Company and others set forth on Exhibit B relating to all claims or liabilities of any kind
relating to his or her employment with the Company or a subsidiary thereof and the termination of
the Employee’s employment, and such Release becomes effective and has not been revoked by the
employee by the fifty-second (52nd) day following the Severance Date (the “Release
Effective Date”). Provided that the Eligible Employee executes the Release in accordance with
the requirements of this Section 2.10, any benefits under Sections 2.3(b), 2.4(b), 2.5(b), and
2.6(b), as applicable, of the Plan shall commence (the “Benefit Commencement Date”) on the
first business day following the Release Effective Date. If the Eligible Employee does not execute
and return such Release such that it does not become effective within the aforesaid period, the
Eligible Employee shall cease to be entitled to any payments or benefits under this Plan.

10

 

          2.11 Section 409A. It is intended that payments and benefits under this Plan comply
with Section 409A and, accordingly, to the maximum extent permitted, this Plan shall be interpreted
and administered to be in compliance therewith. Any payments described in this Plan that are due
within the “short term deferral period” as defined in Section 409A shall not be treated as deferred
compensation unless applicable law requires otherwise. To the extent that current or future
regulations or guidance from the Internal Revenue Service dictates, or the Company’s counsel
determines that any payments or benefits due to the Eligible Employee hereunder would cause the
application of an accelerated or additional tax under Section 409A, then amounts that would
otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the
six-month period immediately following the Eligible Employee’s Severance Date shall instead be paid
on the first business day after the date that is six months following the Eligible Employee’s
Severance Date (or death, if earlier). To the extent required to avoid an accelerated or
additional tax under Section 409A, amounts reimbursable to the Eligible Employee under this Plan
shall be paid to the Eligible Employee on or before the last day of the year following the year in
which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind
benefits provided to the Eligible Employee) during any one year may not effect amounts reimbursable
or provided in any subsequent year.

SECTION 3. PLAN ADMINISTRATION.

          3.1 Administration. The Plan Administrator shall administer the Plan and may
interpret the Plan, prescribe, amend and rescind rules and regulations under the Plan and make all
other determinations necessary or advisable for the administration of the Plan, subject to all of
the provisions of the Plan. Any reasonable determination made in good faith by the Plan
Administrator in carrying out, administering or construing the Plan shall be final and binding for
all purposes and upon all interested persons and their respective heirs, successors, and legal
representatives.

          3.2 Delegation. The Plan Administrator may delegate any of its duties hereunder to
such person or persons from time to time as it may designate.

          3.3 Authority. The Plan Administrator is empowered, on behalf of the Plan, to engage
accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it
in the performance of its duties under the Plan. The functions of any such persons engaged by the
Plan Administrator shall be limited to the specified services and duties for which they are
engaged, and such persons shall have no other duties, obligations or responsibilities under the
Plan. Such persons shall exercise no discretionary authority or discretionary control respecting
the management of the Plan. All reasonable expenses thereof shall be borne by the Company.

          3.4 Liability. In no event shall the Plan Administrator be personally liable for any
action, determination or interpretation made in good faith with respect to the Plan. The Plan
Administrator shall be indemnified and held harmless by the Company against any cost or expense
(including counsel fees) reasonably incurred by the Plan Administrator or liability (including any
sum paid in settlement of a claim with the

11

 

approval of the Company) arising out of any act or
omission to act in connection with this Plan, unless arising out of the Plan Administrator’s own
fraud or bad faith. Such indemnification shall be in addition to any rights of indemnification the
Plan Administrator may have as an officer or director or otherwise under the organizational
documents of the Company.

SECTION 4. GROSS-UP PAYMENT.

          4.1 Payment Obligation. This Section 4 shall apply to Tier 1 Employees, Tier 2
Employees, and Tier 3 Employees (the “Gross-Up Eligible Employees”) only. Whether or not a
Gross-Up Eligible Employee becomes entitled to the Severance Payments, if any of the Total
Payments, as hereinafter defined, will be subject (in whole or in part) to the Excise Tax, then,
subject to the provisions of Section 4.2 hereof, the Company shall pay to the Gross-Up Eligible
Employee an additional amount hereunder (the “Gross-Up Payment”) such that, after taking
into account all Other Gross-Up Payments (as hereinafter defined), the Gross-Up Eligible Employee
is placed in the same position as if the Total Payments were not subject to the Excise Tax. The
Gross-Up Payment shall be paid as soon as practicable (but in no event more than 30 days) following
any Preliminary Determination, but in no event later than the end of the calendar year following
the year in which the Excise Tax is remitted to the applicable governmental authority. For
purposes of this Section 4, (1) “Other-Gross-Up Payments” shall mean all gross-up payments
made to the Gross-Up Eligible Employee pursuant to any plan, arrangement or agreement with such
employee (other than this Plan) to compensate the Gross-Up Eligible Employee in whole or in part
for the imposition of the Excise Tax and (2) “Total Payments” shall mean all payments and
benefits received or to be received by the Gross-Up Eligible Employee in connection with the
transactions contemplated by the Merger Agreement or the termination of the Gross-Up Eligible
Employee’s employment (whether pursuant to the terms of this Plan or any other plan, arrangement or
agreement with the Company or any Person affiliated with the Company), which payments and benefits
shall include the Severance Payments but shall exclude (i) the Gross-Up Payment and (ii) the Other
Gross-Up Payments.

          4.2 Cut-Back. In the event that the sum of (a) the amount of the Total Payments plus
(b) the amount of the Other Gross-Up Payments (such sum being referred to as the “Parachute
Payments”) does not exceed 110% of the largest amount that would result in no portion of the
Parachute Payments being subject to the Excise Tax (the “Safe Harbor”), then Section 4.1
shall not apply and the cash Severance Payments referred to in Sections 2.3(a), 2.4(a) and 2.5(a),
as applicable, shall be reduced (if necessary, to zero) so that the amount of the Parachute
Payments is equal to the Safe Harbor. For purposes of reducing the Parachute Payments to the Safe
Harbor amount, only the aforementioned cash Severance Payments payable under this Plan (and no
other Parachute Payments) shall be reduced. If the reduction of the aforementioned cash Severance
Payments payable hereunder would not result in a reduction of the Parachute Payments to the Safe Harbor
amount, such cash Severance Payments shall not be reduced pursuant to this provision and Section
4.1 shall apply.

12

 

          4.3 Determinations. All determinations under this Section 4, including whether an
Eligible Employee is liable for the Excise Tax and the amount of the Gross-Up Payment, shall be
made by the nationally-recognized accounting firm which was, immediately prior to the Effective
Date, the Company’s independent auditor (the “Preliminary Determinations”). The initial
Preliminary Determination shall be made not later than 30 days following the Effective Date. Any
subsequent Preliminary Determination shall be made within 30 days following any request made by the
Plan Administrator to such accounting firm.

          4.4 Interest.

          (I) In the event that (1) amounts are paid to the Gross-Up Eligible Employee pursuant to
Section 4.1, (2) there is a Final Determination that the Excise Tax is less than the amount taken
into account hereunder in calculating the Gross-Up Payment, and (3) after giving effect to such
Final Determination, the cash Severance Payments are to be reduced pursuant to Section 4.2, the
Gross-Up Eligible Employee shall repay to the Company, within five (5) business days following the
date of the Final Determination, the Gross-Up Payment and the amount of the reduction in the cash
Severance Payments, plus interest on the amount of such repayments at 120% of the rate provided in
Section 1274(b)(2)(B) of the Code.

          (II) In the event that (1) amounts are paid to the Gross-Up Eligible Employee pursuant to
Section 4.1, (2) there is a Final Determination that the Excise Tax is less than the amount taken
into account hereunder in calculating the Gross-Up Payment, and (3) after giving effect to such
Final Determination, the cash Severance Payments are not to be reduced pursuant to Section 4.2, the
Gross-Up Eligible Employee shall repay to the Company, within five (5) business days following the
date of the Final Determination, the portion of the Gross-Up Payment attributable to such reduction
(plus that portion of the Gross-Up Payment attributable to the Excise Tax and federal, state and
local income and employment taxes imposed on the Gross-Up Payment being repaid by the Gross-Up
Eligible Employee), to the extent that such repayment results in a reduction in the Excise Tax and
a dollar-for-dollar reduction in the Gross-Up Eligible Employee’s taxable income and wages for
purposes of federal, state and local income and employment taxes, plus interest on the amount of
such repayment at 120% of the rate provided in Section 1274(b)(2)(B) of the Code.

          (III) In the event there is a Final Determination that the Excise Tax exceeds the amount taken
into account hereunder in determining the Gross-Up Payment (including by reason of any payment the
existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company
shall pay to the Gross-Up Eligible Employee, within five (5) business days following the date of
the Final Determination, the sum of (1) a Gross-Up Payment in respect of such excess and in
respect of any portion of the Excise Tax with respect to which the Company had not previously
made a Gross-Up Payment and including a Gross-Up Payment in respect of any Excise Tax attributable
to amounts payable under clauses (2) and (3) of this paragraph (III) (plus any interest, penalties
or additions payable by the Gross-Up Eligible

13

 

Employee with respect to such excess and such
portion), (2) if cash Severance Payments were reduced pursuant to Section 4.2 but after giving
effect to such Final Determination, the cash Severance Payments should not have been reduced
pursuant to Section 4.2, the amount by which the cash Severance Payments were reduced pursuant to
Section 4.2, and (3) interest on the amounts described in clauses (1) and (2) above at 120% of the
rate provided in Section 1274(b)(2)(B) of the Code.

SECTION 5. PLAN MODIFICATION OR TERMINATION. The Plan may not be terminated during the
Effective Period. The Plan may be amended by the Board at any time; provided,
however, that during the Effective Period, the Plan may not be amended if such amendment
would in any manner be adverse to the interests of any Eligible Employee, except that,
notwithstanding the foregoing, the Plan Administrator may amend the Plan at any time and in any
manner necessary to comply with applicable law, including, but not limited to Section 409A of the
Code. For the avoidance of doubt, (a) any action taken by the Company or the Plan Administrator
during the Effective Period to cause an Eligible Employee to no longer be designated as such or to
decrease the payments or benefits for which an Eligible Employee is eligible, and (b) any amendment
to this Section 5 during the Effective Period shall be treated as an amendment to the Plan which is
adverse to the interests of any Eligible Employee.

SECTION 6. GENERAL PROVISIONS.

          6.1 Assignability. Except as otherwise provided herein or by law, no right or
interest of any Eligible Employee under the Plan shall be assignable or transferable, in whole or
in part, either directly or by operation of law or otherwise, including without limitation by
execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or
transfer thereof shall be effective; and no right or interest of any Eligible Employee under the
Plan shall be liable for, or subject to, any obligation or liability of such Eligible Employee.
When a payment is due under this Plan to a severed employee who is unable to care for his or her
affairs, payment may be made directly to his or her legal guardian or personal representative.

          6.2 Offset. If the Company or any subsidiary thereof is obligated by law or by
contract to pay severance pay, a termination indemnity, notice pay, or the like, or if the Company
or any subsidiary thereof is obligated by law or by contract to provide advance notice of
separation (“Notice Period”), then any severance pay hereunder shall be reduced by the
amount of any such severance pay, termination indemnity, notice pay or the like, as applicable, and
by the amount of any compensation received during any Notice Period.

          6.3 No Employment Agreement. Neither the establishment of the Plan, nor any
modification thereof, nor the creation of any fund, trust or account, nor the payment of any
benefits shall be construed as giving any Eligible Employee, or any
person whomsoever, the right to be retained in the service of the Company or any subsidiary
thereof, and all Eligible Employees shall remain subject to discharge to the same extent as if the
Plan had never been adopted.

14

 

          6.4 Savings. If any provision of this Plan shall be held invalid or unenforceable,
such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan
shall be construed and enforced as if such provisions had not been included.

          6.5 Parties in Interest. This Plan shall inure to the benefit of and be binding upon
the heirs, executors, administrators, successors and assigns of the parties, including each
Eligible Employee, present and future, and any successor to the Company. If a severed employee
shall die, all accrued but unpaid amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Plan to the executor, personal representative or administrators
of the severed employee’s estate.

          6.6 Headings. The headings and captions herein are provided for reference and
convenience only, shall not be considered part of the Plan, and shall not be employed in the
construction of the Plan.

          6.7 Funding. The Plan shall not be required to be funded unless such funding is
authorized by the Board. Regardless of whether the Plan is funded, no Eligible Employee shall have
any right to, or interest in, any assets of any Company which may be applied by the Company to the
payment of benefits or other rights under this Plan.

          6.8 Notices. Any notice or other communication required or permitted pursuant to the
terms hereof shall have been duly given when delivered or mailed by United States Mail, first
class, postage prepaid (or such local equivalent thereof), addressed to the intended recipient at
his, her or its last known address.

          6.9 Choice of Law. This Plan shall be construed and enforced according to the laws of
the State of Missouri (without giving effect to the conflict of laws thereof) to the extent not
preempted by federal law or other applicable local law, which shall otherwise control.

          6.10 Withholding. All benefits hereunder shall be reduced by applicable withholding
and shall be subject to applicable tax reporting, as determined by the Plan Administrator, or as
required by applicable law.

          6.11 Remedies. The Company will suffer irreparable injury, not readily susceptible of
valuation in monetary damages, if an Eligible Employee breaches in material respects his
obligations under Sections 2.8 and 2.9 hereof. Accordingly, the Company will be entitled, in
addition to any other available remedies, to obtain injunctive relief against any material breach
or prospective material breach by an Eligible Employee of his obligations under Sections 2.8 and
2.9 hereof in any Federal or state court sitting in the State of Missouri. By receiving payments
or other benefits under the Plan, each Eligible Employee is deemed to have submitted to the
non-exclusive jurisdiction of those courts for the purposes of any actions or proceedings
instituted by the Company to
obtain that injunctive relief, and is deemed to have agreed that process in any or all of
those actions or proceedings may be served by registered mail, addressed to the last address
provided by such employee to the Company, or in any other manner authorized

15

 

by law. The
provisions of this section shall not be an exclusive remedy of the Company, and in the event of a
breach of an Eligible Employee of his obligations under Sections 2.8 and 2.9 hereof, the Company
shall preserve all other rights available to it under the law.

SECTION 7. CLAIMS, INQUIRIES, APPEALS.

          7.1 Applications for Benefits and Inquiries. Any application for benefits, inquiries
about the Plan or inquiries about present or future rights under the Plan must be submitted to the
Plan Administrator in writing, as follows:

Plan Administrator

Anheuser-Busch Companies, Inc.

One Busch Place

St. Louis, Missouri 63118

Attention: Vice President, Corporate Human Resources

          7.2 Denial of Claims. In the event that any application for benefits is denied in
whole or in part, the Plan Administrator must notify the applicant, in writing, of the denial of
the application, and of the applicant’s right to review the denial. The written notice of denial
will be set forth in a manner designed to be understood by the employee, and will include specific
reasons for the denial, specific references to the Plan provision upon which the denial is based, a
description of any information or material that the Plan Administrator needs to complete the review
and an explanation of the Plan’s review procedure.

This written notice will be given to the employee within ninety (90) days after the Plan
Administrator receives the application, unless special circumstances require an extension of time,
in which case, the Plan Administrator has up to an additional ninety (90) days for processing the
application. If an extension of time for processing is required, written notice of the extension
will be furnished to the applicant before the end of the initial ninety (90)-day period.

This notice of extension will describe the special circumstances necessitating the additional time
and the date by which the Plan Administrator is to render his or her decision on the application.
If written notice of denial of the application for benefits is not furnished within the specified
time, the application shall be deemed to be denied. The applicant will then be permitted to appeal
the denial in accordance with the Review Procedure described below.

          7.3 Request for a Review. Any person (or that person’s authorized representative) for
whom an application for benefits is denied (or deemed denied), in whole or in part, may appeal the
denial by submitting a request for a review to the Plan Administrator within 60 days after the
application is denied (or deemed denied). The Plan Administrator will give the applicant (or his
or her representative) an opportunity to
review pertinent documents in preparing a request for a review and submit written comments,
documents, records and other information relating to the claim. A request for a review shall be in
writing and shall be addressed to:

16

 

Plan Administrator

Anheuser-Busch Companies, Inc.

One Busch Place

St. Louis, Missouri 63118

Attention: Vice President, Corporate Human Resources

A request for review must set forth all of the grounds on which it is based, all facts in support
of the request and any other matters that the applicant feels are pertinent. The Plan
Administrator may require the applicant to submit additional facts, documents or other material as
he or she may find necessary or appropriate in making his or her review.

          7.4 Decision on Review. The Plan Administrator will act on each request for review
within sixty (60) days after receipt of the request, unless special circumstances require an
extension of time (not to exceed an additional sixty (60) days), for processing the request for a
review. If an extension for review is required, written notice of the extension will be furnished
to the applicant within the initial sixty (60)-day period. The Plan Administrator will give
prompt, written notice of his or her decision to the applicant. In the event that the Plan
Administrator confirms the denial of the application for benefits in whole or in part, the notice
will outline, in a manner calculated to be understood by the applicant, the specific Plan
provisions upon which the decision is based. If written notice of the Plan Administrator’s
decision is not given to the applicant within the time prescribed in this Section 7.4 the
application will be deemed denied on review.

          7.5 Rules and Procedures. The Plan Administrator may establish rules and procedures,
consistent with the Plan and with ERISA, as necessary and appropriate in carrying out his or her
responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who
wishes to submit additional information in connection with an appeal from the denial (or deemed
denial) of benefits to do so at the applicant’s own expense.

          7.6 Exhaustion of Remedies. No legal action for benefits under the Plan may be
brought until the claimant (a) has submitted a written application for benefits in accordance with
the procedures described by Section 7.1 above, (b) has been notified by the Plan Administrator that
the application is denied (or the application is deemed denied due to the Plan Administrator’s
failure to act on it within the established time period), (c) has filed a written request for a
review of the application in accordance with the appeal procedure described in Section 7.3 above
and (d) has been notified in writing that the Plan Administrator has denied the appeal (or the
appeal is deemed to be denied due to the Plan Administrator’s failure to take any action on the
claim within the time prescribed by Section 7.4 above).

SECTION 8. EFFECTIVENESS OF PLAN.

          8.1 The effectiveness of this Plan is contingent upon the closing of the transactions
contemplated by the Merger Agreement. If for any reason the closing of
such transactions (and thus
the Effective Date) does not occur, this Plan shall be null and void and of no force and effect.

17

 

 EXHIBIT B

RELEASE OF CLAIMS

BY AND BETWEEN ELIGIBLE EMPLOYEE AND

ANHEUSER-BUSCH COMPANIES, INC.

          (A) Except for any violation of the terms of the Anheuser-Busch Companies, Inc. Key Employee
Severance Plan dated as of [DATE] (the “Plan”) by the Company and/or its subsidiaries and
Affiliates (the Company, together with its subsidiaries and Affiliates, the “Company
Group”), the Employee, of his own free will voluntarily releases and forever discharges the
Company Group from all actions, causes of action, claims, debts, charges, complaints, contracts
(whether oral or written, express or implied from any source) and promises of any kind, in law or
equity, whether known or unknown, which the employee, his heirs, executors, administrators,
successors and assigns (referred to collectively throughout this Agreement as the
“Employee”) may have from all time in the past to the effective date of this Release,
including, but not limited to, all matters or claims relating to or arising out of the Employee’s
employment by the Company Group and the cessation of his employment and including, but not limited
to, any violation of:

	 	(i)	 	Title VII of the Civil Rights Act, as amended;
	 
	 	(ii)	 	Sections 1981 through 1988 of Title 42 of the United States
Code;
	 
	 	(iii)	 	The Employee Retirement Income Security Act of 1974, as
amended;
	 
	 	(iv)	 	The Health Insurance Portability and Accountability Act;
	 
	 	(v)	 	The Family and Medical Leave Act;
	 
	 	(vi)	 	The Age Discrimination in Employment Act, as amended;
	 
	 	(vii)	 	The Americans with Disabilities Act;
	 
	 	(viii)	 	The Missouri Human Rights Act or any other applicable state human rights or
anti-discrimination law;
	 
	 	(ix)	 	The Sarbanes-Oxley Act of 2002;
	 
	 	(x)	 	Any other local, state or federal law, regulation or
ordinance and/or public policy, contract, tort or common law having any
bearing on the terms and conditions and/or cessation of the Employee’s
employment with the Company Group.

18

 

          Except as otherwise provided in the Plan, this Release of Claims shall not apply to any claim
for benefits that may be due to the Employee or his eligible
dependents under any Company Group employee benefit plan in which the Employee or his eligible
dependents are or were participants.

          (B) The Employee warrants that he has not caused or permitted to be filed on his behalf any
charge, complaint, or action before any federal, state or local administrative agency or court
against the Company Group. In the event that any such claim is asserted in the future, the
Employee agrees that this Release will act as a complete bar to his re-employment or to his
recovery of any amount from the Company Group resulting, directly or indirectly, from any lawsuit,
remedy, charge or complaint whether brought privately by him or by anyone else, including any
federal, state or local agency, whether or not on his behalf or at his request.

          (C) Employee acknowledges that he/she has been advised in writing to consult with an attorney
prior to signing this Release.

          IN WITNESS WHEREOF, the parties have executed this Release of Claims as of [DATE].

	 	 	 	 	 	 	 
	 	 	Anheuser-Busch Companies, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	EMPLOYEE	 	 

	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	(Please print carefully)	 	 

19

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