Document:

Exhibit 10.11

    
      

    

    EXHIBIT
      10.11

    

    FIRST
      AMENDMENT TO ANHEUSER-BUSCH 401(k)

    RESTORATION
      PLAN

    (Amended
      and Restated as of March 1, 2000)

    

    In
      accordance with the provisions of Article XII of the Anheuser-Busch 401(k)
      Restoration Plan (the “Plan”), the Plan is hereby amended as
      follows:

    

    
      	
              1.

            	
              The
                following
                new Section 2.19 is hereby inserted immediately following Section
                2.18,
                effective December 1, 2005:

            
	 	 
	 	
              2.19.        
                “Special
                Assignment Employee.”

            
	 	 
	 	
              A
                person
                considered to be an employee of any Participating Employer for payroll
                purposes but for whom employment with the Participating Employer
                is deemed
                to have terminated pursuant to the provisions of Section 409A of
                the
                Internal Revenue Code of 1986, as amended (“Section 409A”), and proposed
                Treasury Regulations issued under Section 409A.

            
	 	 
	
              2.

            	
              Section
                7.1
                is hereby amended to read as follows, effective December 10,
                2004:

            
	 	 
	 	
              7.1.          
                Election
                of Hypothetical Investments.

            
	 	 
	 	
              Prior
                to
                becoming a Participant, each Participant must (and at such times
                as the
                Company may thereafter allow, each Participant may) select the combination
                of Investment Funds in which he or she wishes hypothetically to invest,
                subject to the following
                limitations:

            

    

    

    
      	
               

            	
              (a)

            	
              The
                portion
                of each Participant’s
                Account which is attributable to Company Contributions, including
                earnings
                thereon, shall be hypothetically.

            
	 	 	 
	
               

            	
              (b)

            	
              At
                least 50%
                of the portion of each Participant’s Account which
                is
                attributable to Personal Salary Deferral Contributions, including
                earnings
                thereon, shall be hypothetically invested in the Company Stock Fund
                in
                accordance with the rules and regulations of the Regular 401(k)
                Plan.

            
	 	 	 
	
               

            	
              (c)

            	
              Notwithstanding
                (b) above, no part of the value of a Reporting Person’s Account which
                is
                attributable to Personal Salary Deferral Contributions shall be
                hypothetically invested in the Company Stock Fund at any
                time.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
               

            	
              (d)

            	
              A
                Participant’s
                elections
                respecting hypothetical investment of future deferrals and hypothetical
                investment of the Participant's existing Account shall be made separately
                and independently in accordance with the rules and regulations of
                the
                Regular 401(k) Plan.

            
	 	 	 
	
               

            	
              (e)

            	
              If
                a
                Participant dies before distribution of the Participant’s entire Account
                is complete,
                the Participant's Beneficiary shall have the right to make the elections
                reserved to the Participant in the foregoing subsections of this
                Section
                7.1 from the date the Employee Stock Plans Department of the Company
                receives written notice of the Participant's death through the date
                of
                final distribution; provided: (i) if a deceased Participant has two
                or
                more Beneficiaries, the Beneficiaries shall have the right to make
                such
                elections with respect to the portions of the Participant’s Account to which
                they are
                respectively entitled; and (ii) if the Beneficiary is a minor or
                otherwise
                legally incompetent, a parent or legal guardian of the Beneficiary,
                as the
                case may be, shall exercise such right on behalf of the
                Beneficiary.

            

    

    

    
      	
              3.

            	
              The
                following
                new Section 13.14 is hereby inserted immediately following Section
                13.13,
                effective December 1, 2005:

            
	 	 
	 	
              13.14.      
                Special
                Assignment Employees.

            

    

    

    
      	
               

            	
              (a)

            	
              In
                order to
                operate the Plan in good faith compliance with the applicable provisions
                of Section 409A, an election made by a Special Assignment Employee
                to make
                Personal Salary Deferral Contributions with respect to 2005 Compensation
                shall be immediately terminated (the “Terminated
                Election”).

            
	 	 	 
	
               

            	
              (b)

            	
              Notwithstanding
                anything herein to the contrary, the Company Contributions related
                to the
                Terminated Election and hypothetical investments thereon shall vest
                and
                become non-forfeitable as of the effective date of this
                Amendment.

            
	 	 	 
	
               

            	
              (c)

            	
              The
                portion
                of the Account attributable to the Personal Salary Deferral Contributions
                made with respect to the Terminated Election, related Company
                Contributions, and hypothetical investments credited thereon in accordance
                with Article VII, shall be

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	 	distributed
              to the Participant on or before December 31, 2005
              (subject to appropriate withholding of taxes).
	 	 	 
	
               

            	
              (d)

            	
              All
                election
                terminations and corresponding Account distributions shall be made
                in
                conformance with Section 409A, Internal Revenue Service Notice 2005-1,
                and
                proposed Treasury Regulations issued under Section
                409A.

            

    

    

    IN
      WITNESS
      WHEREOF,
      Anheuser-Busch
      Companies, Inc. has executed this First Amendment this 13 day of December,
      2005.

    

    

    ANHEUSER-BUSCH
      COMPANIES, INC.

    

    

    

      	
              By: /s/ W. Randolph Baker                             
     W.
                Randolph
                Baker
     Chief
                Financial Officer

            	
              

            
	 	
              

            
	 	
              

            

    

    

    
      
        
        

      

      
        3Exhibit 10.18

    
      

    

    Exhibit
      10.18

    
 

    2006
      OFFICER BONUS PROGRAM

    UNDER
      THE

    ANHEUSER-BUSCH
      OFFICER BONUS PLAN

    

    

    The
      Compensation
      Committee (the “Committee”) of the Board of Directors of Anheuser-Busch
      Companies, Inc. (the “Company”) hereby establishes the 2006 Officer Bonus
      Program (the “Program”) in accordance with the Anheuser-Busch Officer Bonus Plan
      (the “Plan”), the terms of which are incorporated herein by reference, as
      follows:

    

    Section
      1. PERFORMANCE
      PERIOD.
      The calendar year
      2006 (“2006”) shall constitute the Performance Period for the purpose of
      determining Bonuses payable to Participants in the Program.

    

    Section
      2. PARTICIPANTS
      AND DESIGNATED COVERED EMPLOYEES.
      The officers of
      the Company listed on Schedule A attached hereto are hereby designated as
      Participants in the Program. The first nine Participants listed on Schedule
      A
      (“Designated Covered Employees”) are those the Committee believes may be or
      become covered employees as that term is defined by Section 162(m) of the Code
      (“Covered Employees”). 

    

    Section
      3. PERFORMANCE
      GOAL.
      The performance
      goal for 2006 (the “Performance Goal”) shall be met if Pretax Income for 2006
      equals or exceeds xx percent of Pretax Income for 2005. No Bonus shall be paid
      to Designated Covered Employees under the Program if the Performance Goal is
      not
      satisfied. For purposes of this Program, “Pretax Income” shall be deemed to mean
      the amount of the Company’s consolidated
      earnings before income taxes, adjusted as follows:

    

    
      	 	
              (a)

            	
              increased
                or
                decreased to eliminate the effect of any normalization adjustment
                made in
                calculating consolidated earnings before income taxes as disclosed
                in the
                Company’s quarterly earnings releases in accordance with S.E.C. Regulation
                6 on non-GAAP financial information, and/or any accounting principle
                change required or allowed by GAAP that is not retroactively applied
                to
                prior years. (If the accounting change is retroactively applied to
                the
                prior year, there is no adjustment for the accounting change.);
                

            
	 	 	 
	 	
              (b)

            	
              increased
                by
                the amount of bonus expense, whether or not under the Program, which
                is
                reflected in the Company’s
                consolidated earnings before income taxes;

            
	 	 	 
	 	
              (c)

            	
              increased
                for
                the impact on pretax income of interest expense attributable to the
                Company’s ownership in Grupo Modelo, S.A. de C.V. and Tsingtao
                Brewery Company, Ltd.; and

            
	 	 	 
	 	
              (d)

            	
              increased
                for
                the impact on pretax income of interest expense attributable to the
                Company’s equity ownership in any additional company acquired in 2006 and
                accounted for under the equity method of accounting under
                GAAP.

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      4. BONUS
      POOL.
      The aggregate
      amount of Bonuses which may be paid to Participants in the Program shall equal
      .638% of Pretax Income for 2006 (the “Bonus Pool”).

    

    Section
      5. BONUS
      FORMULA. The
      percentage of
      the Bonus Pool that each Designated Covered Employee shall receive under the
      Program and the percentage of the Bonus Pool that the remaining Participants
      shall receive under the Program (the “Bonus Formula”) shall be as set forth on
      Schedule A attached hereto, subject to the Committee’s exercise
      of
      Committee Discretion as defined in Section 6 below.

    

    Section
      6. COMMITTEE
      DISCRETION. The
      Committee shall
      have the discretion to establish the amount of any Bonus payable to any
      Participant other than a Designated Covered Employee, except that the total
      amount of Bonuses paid under the Program may not exceed the Bonus Pool
      established in Section 4; the Committee may reduce but may not increase the
      amount of any Bonuses payable to Designated Covered Employees to reflect
      individual performance and/or unanticipated factors (in either case, “Committee
      Discretion”). 

    

    Section
      7. DESIGNATED
      COVERED EMPLOYEE MAXIMUM.
      Notwithstanding
      satisfaction of the Performance Goal, no Designated Covered Employee may receive
      a Bonus under the Program which exceeds the lesser of (i) $6 million or
      (ii) the per-covered employee limit in effect under Section 7 of the Plan
      on the date of payment.

    

    Section
      8. PAYMENT
      OF
      BONUSES.
      After the end of
      2006, the Committee shall certify in writing whether the Performance Goal has
      been satisfied and the amount of the Bonus payable to each Designated Covered
      Employee for 2006, if any. All or part of the Bonuses payable to Participants
      who are not Designated Covered Employees may be paid prior to the end of 2006
      on
      an estimated basis, subject to adjustment in the discretion of the Committee.
      All or part of the Bonuses payable to Designated Covered Employees may be paid
      prior to the end of 2006 only if such payment will not result in Bonuses paid
      to
      Covered Employees failing to constitute qualified performance-based compensation
      under Section 162(m) of the Code (e.g.,
      if regulations or
      rulings allow earlier payment on an estimated basis subject to adjustment).
      Subject to the foregoing, the timing of payment of Bonuses to all Participants
      shall be within the sole discretion of the Committee. The Company shall withhold
      from any Bonuses all taxes required to be withheld by any federal, state or
      local government.

    

    Section
      9. LIMITATION
      ON RESTRICTIONS.
      Notwithstanding
      anything to the contrary herein, in the event a Designated Covered Employee
      is
      determined at the end of the Performance Period not to be a Covered Employee,
      and to the extent application of this Section 9 does not cause such Designated
      Covered Employee to be a Covered Employee, 

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (a)

            	
              such
                Designated Covered Employee may receive a Bonus notwithstanding failure
                to
                satisfy the Performance Goal, and

            
	 	 	 
	 	
              (b)

            	
              Committee
                Discretion may be exercised to increase the amount of such Designated
                Covered Employee’s
                Bonus
                above the amount which would be paid pursuant to the Bonus
                Formula.

            

    

    

    Section
      10.
TERMINATION
      OF EMPLOYMENT.
      No Bonus shall be
      paid under the Program to any Participant who is not an employee of the Company
      as of the last day of 2006, except that the Committee shall have the discretion
      to pay a Bonus to any Participant whose employment terminates by reason of
      death, disability, retirement, resignation or in other circumstances in which
      payment of a Bonus would be in furtherance of the best interests of the
      Company.

    

    Section
      11. CHANGE
      IN
      CONTROL.
      Upon a Change in
      Control (as that term is defined in the Plan from time to time) notwithstanding
      anything else to the contrary herein: 

    

    
      	 	
              (a)

            	
              if
                the Change
                in Control takes place after 2006, all Bonuses for 2006 shall be
                immediately payable in cash, 

            
	 	 	 
	 	
              (b)

            	
              if
                the Change
                in Control takes place during 2006, (i) the Performance Goal shall
                be
                deemed to have been met if Pretax Income through the end of the month
                preceding the month in which the Change in Control occurs (“Prechange
                Pretax Income”) equals or exceeds eighty-five percent of Pretax Income for
                the comparable period in 2005, (ii) the Change in Control Bonus Formula
                (as defined below) shall be applied to Prechange Pretax Income, (iii)
                all
                Bonuses so calculated shall be immediately payable in cash, and (iv)
                unless expressly terminated, this Program shall continue in effect
                throughout the remainder of 2006 with the amount of any Bonuses payable
                at
                the end of 2006 reduced by the amount of any Bonuses paid upon the
                Change
                in Control, 

            
	 	 	 
	 	
              (c)

            	
              the
                Committee
                shall not have the ability to exercise Committee Discretion to reduce
                the
                amount payable to any Participant below the formula amount, and
                

            
	 	 	 
	 	
              (d)

            	
              the
                provisions of this Section 11 may not be amended in any manner without
                the
                written consent of all Participants.

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    For
      purposes of
      determining the amounts of Bonuses payable to Participants under Sections 11
      (a)
      and (b) above, (i) each Participant who was a participant in the 2004 Officer
      Bonus Program under the Anheuser-Busch Officer Bonus Plan shall be entitled
      to
      receive a share of the Bonus Pool which is equivalent to that Participant’s share
      of all
      bonuses actually paid under the 2004 Program, (ii) each Participant who did
      not
      participate in the 2004 Program shall be entitled to receive a share of the
      Bonus Pool which is equivalent to the share of all bonuses actually paid under
      the 2004 Program paid to the individual (or the average paid to individuals)
      in
      the most closely comparable position to that of such Participant (based on
      salary level), (iii) the shares so computed shall be adjusted on a pro rata
      basis so that the amount of Bonuses payable under this Section 11 shall equal
      100% of the applicable Bonus Pool (the “Change in Control Bonus Formula”). If
      any Participant is employed by the Company for less than the entire period
      with
      respect to which Bonuses under this Section 11 are calculated, such Participant
      shall only be entitled to receive a Bonus in an amount calculated as set forth
      above times the number of days such Participant was employed by the Company
      in
      such period divided by the total number of days in such period. If by reason
      of
      this Section 11 an excise or other special tax (“Excise Tax”) is imposed on any
      payment under the Plan (a “Required Payment”), the amount of each Required
      Payment shall be increased by an amount which, after payment of income taxes,
      payroll taxes and Excise Tax thereon, will equal such Excise Tax on the Required
      Payment, except that the total amount paid to any Designated Covered Employee
      shall not exceed the maximum set forth in Section 7 unless exceeding such
      maximum, or a provision allowing bonuses to exceed such maximum, would not
      jeopardize qualification of all Bonuses under the Program to Covered Employees
      as qualified performance-based compensation under Section 162(m) of the
      Code.

    

    Section
      12. INTERPRETATION.
      It is intended
      that the Program shall in all respects be subject to and governed by the
      provisions of the Plan and, except to the extent Bonuses are paid on an
      accelerated basis pursuant to a Change in Control as defined in the Plan, that
      all Bonuses paid to Covered Employees shall constitute qualified
      performance-based compensation under Section 162(m) of the Code. The terms
      of
      this Program shall in all respects be so interpreted and construed as to be
      consistent with this intention.

    

    Section
      13.
ADJUSTMENTS.
      If
      any of the
      following events occurs during the Performance Period:

    

    
      	 	
              (a)

            	
              any
                reorganization, merger, consolidation or other corporate change having
                a
                similar effect, to the extent it is tax-free for federal income tax
                purposes,

            
	 	 	 
	 	
              (b)

            	
              any
                spin-off
                or other corporate change having a similar
                effect,

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              any
                contribution of operating assets previously accounted for by the
                consolidation method of accounting to an entity that is accounted
                for by
                the equity or cost methods of accounting, or

            
	 	 	 
	 	
              (d)

            	
              any
                distribution to stockholders generally other than a normal
                dividend

            

    

    

    and
      such event
      affects Pretax Income and has an impact on the achievement of the Performance
      Goal or a material impact on the size of the Bonus Pool (herein “Corporate
      Change”):

    

    
      	 	
              (x)

            	
              for
                purposes
                of determining whether the Performance Goal has been met, 2005 Pretax
                Income shall be deemed to equal (i) actual Pretax Income for 2005
                times a
                ratio the numerator of which is the number of days in the Performance
                Period prior to the Corporate Change and the denominator of which
                is 365,
                plus (ii) restated or pro-forma Pretax Income for 2005 times a ratio
                the
                numerator of which is the number of days in the Performance Period
                beginning with the date of the Corporate Change and the denominator
                of
                which is 365;

            
	 	 	 
	 	
              (y)

            	
              the
                size of
                the Bonus Pool shall be equal to (i) actual Pretax Income for the
                portion
                of the Performance Period ending the day before the Corporate Change
                occurs times the Bonus Pool percentage set forth in Section 4 (.638%),
                plus (ii) actual Pretax Income for the portion of the Performance
                Period
                beginning the day of the Corporate Change times that percentage which
                if
                multiplied by restated or pro-forma Pretax Income for 2005 would
                equal
                .638% of actual Pretax Income for
                2005.

            

    

    

    Section
      14. AMENDMENTS.
      The Committee may
      amend this Program unilaterally if the Committee determines that amendment
      is
      necessary to assure that Bonuses paid to Covered Employees under this Program
      constitute qualified performance-based compensation under Section 162(m) of
      the
      Code. The Committee also may amend this Program unilaterally in any way if
      the
      Committee determines that such amendment (i) is not contrary to the terms of
      the
      Plan, (ii) does not require shareholder approval, and (iii) would not jeopardize
      qualification of Bonuses to Covered Employees under the Program as
      performance-based compensation under Section 162(m) of the Code.

    

    Section
      15. NO
      RIGHT TO
      EMPLOYMENT.
      Nothing in this
      Program or the Plan shall confer upon any Participant any right or expectation
      to continue in the employ of his or her employer or the Company, or to interfere
      in any manner with the absolute right of the employer or the Company to change
      or terminate the Participant’s employment
      at
      any time for any reason.

    

    
      
        
        

      

      
        5

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