Document:

Unassociated Document

    
      

    

    Exhibit
      10.5

     

    ANHEUSER-BUSCH
      COMPANIES, INC.

     

    
      1998
        INCENTIVE STOCK PLAN

       

      (Restated
        to reflect a 2-for-1 stock split effective September 18, 2000,
        and

      amendments
        effective April 25, 2001, April 23, 2003, April 27, 2005, and September 27,
        2006)

       

      SECTION
        1.
        PURPOSE.

       

      The
        purpose of this Plan is to attract, retain, motivate and reward employees
        of the
        Company and its Subsidiaries and Affiliates with certain stock-related
        compensation arrangements. 

       

      SECTION
        2.
        MAXIMUM NUMBER OF SHARES.

       

      (a) The
        maximum number of shares of Stock which may be issued pursuant to Awards
        under
        this Plan, and the maximum number of shares for which ISOs may be granted
        under
        this Plan, shall be 120,000,000 shares, subject to adjustment as provided
        in
        Section 10. Of such shares, no more than 1,500,000 shares of Restricted Stock
        may be granted under this Plan, subject to adjustment as provided in Section
        10.
        For this purpose:

       

      (i) The
        number of shares underlying an Award shall be counted against this Plan maximum
        (“used”) at the time of grant.

       

      (ii) When
        an
        Award is payable in cash only, the number of shares of Stock on which the
        amount
        of such cash is based shall be deemed used at the time of grant.

       

      (iii) Shares
        which underlie Awards that (in whole or part) expire, terminate, are forfeited,
        or otherwise become non-payable, and shares which are recaptured by the Company
        in connection with a forfeiture, may be re-used in new grants to the extent
        of
        such expiration, termination, forfeiture, non-payability, or recapture.

       

      (iv) For
        all
        purposes of this Section 2, shares underlying two or more alternative Awards
        shall be treated as underlying only a single Award, with no multiple counting
        of
        shares. Accordingly: shares underlying alternative Awards shall be used only
        once at the time of grant; and, if one such Award is exercised or (in the
        case
        of Restricted Stock) vests, no re-usage of shares shall result from the
        termination of the unexercised or unvested alternative Awards.

       

      (b) Notwithstanding
        any other provisions of this Plan: (i) the maximum number of shares underlying
        Awards (other than Restricted Stock) that may be granted to any Eligible
        Person
        during any calendar year shall be 1,500,000, subject to adjustment as provided
        in Section 10; and (ii) the maximum number of shares of Restricted Stock
        that
        may be granted to any Eligible Person during any calendar year shall be 375,000,
        subject to adjustment as provided in Section 10.

       

      (c) In
        its
        discretion, the Company may issue treasury shares or authorized but unissued
        shares, but shall issue treasury shares to the extent required by the Committee
        or applicable law. Shares of Stock may be represented
        by certificates
        or may
        be issued in uncertificated
        form, as
        determined by the Company from time to time. 

       

      SECTION
        3.
        ELIGIBILITY.

       

      Officers
        and
        management employees of the Company, Subsidiaries, or Affiliates
        shall be
        eligible to receive Awards under this Plan. A director of the Company, a
        Subsidiary, or an Affiliate
        shall be
        eligible only if he or she also is an officer
        or
        management employee of at least one such entity. Notwithstanding the foregoing,
        persons employed only by Affiliates
        shall
        not be eligible to receive ISOs.

       

      
        
          
          

        

        
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      SECTION
        4.
        GENERAL PROVISIONS RELATING TO AWARDS.

       

      (a) Subject
        to the limitations in this Plan, the Committee may cause the Company to grant
        Awards to such Eligible Persons, at such times, of such types, in such amounts,
        for such periods, becoming exercisable or otherwise vesting at such times,
        with
        such features, with such option prices, purchase prices or base prices, and
        subject to such other terms, conditions, and restrictions as the Committee
        deems
        appropriate. Each Award shall be evidenced by a written Award Document, which
        (as determined by the Committee) may be a formal agreement between the Company
        and the Recipient or a communication by the Company to the Recipient. The
        Award
        Document may be written and transmitted on paper, electronically, or using
        any
        other medium selected by the Committee, and may be set forth in a single
        document or in several documents. In granting an Award, the Committee may
        take
        into account any factor it deems appropriate and consistent with the purposes
        of
        this Plan. Awards may be granted as additional compensation, or in lieu of
        other
        compensation. The payment or issuance of any cash or shares of Stock to a
        Recipient, and the vesting or delivery of any shares of Restricted Stock,
        may be
        deferred to a later date if and as provided in the Award Document. Deferrals
        may
        be for such periods and upon such terms and conditions (including the provision
        of interest equivalents, dividends or dividend equivalents, or other return)
        as
        the Committee may determine.

       

      (b) Except
        as
        otherwise provided in this Plan, one or more Awards may be granted separately
        or
        as alternatives to each other. If Awards are alternatives to each
        other:

       

      (i) the
        exercise of all or part of one automatically shall cause an immediate equal
        and
        corresponding termination of the other;

       

      (ii) if
        one of
        the alternative Awards is Restricted Stock, the vesting of all or part of
        such
        Stock shall cause an immediate equal and corresponding termination of the
        other
        Award; and

       

      (iii) unless
        the Award Document or the Committee expressly permit otherwise, alternative
        Awards which are transferable may be transferred only as a unit, and alternative
        Awards which are exercisable must be exercisable by the same person or
        persons.

       

      (c) Award
        Documents may contain any provision approved by the Committee relating to
        the
        period for exercise or vesting after termination of employment, and relating
        to
        the circumstances under which a termination is deemed to occur. Except to
        the
        extent otherwise expressly provided in the Award Document or determined by
        the
        Committee, termination of employment includes the separation of a Recipient,
        directly or through the separation of his or her Employer, from the group
        of
        companies comprised of the Company and its Subsidiaries and Affiliates for
        any
        reason, including: (i) separation of the Recipient by reason of death, permanent
        or indefinite disability, retirement, resignation, dismissal, permanent or
        indefinite layoff, or other event having a similar effect; and (ii) separation
        of the Employer by any method which results in the Employer ceasing to be
        a
        Subsidiary or an Affiliate.

       

      (d) Award
        Documents may, in the discretion of the Committee, contain a provision
        permitting a Recipient to designate the person who may exercise an Award
        after
        the Recipient's death, either by will or by appropriate notice to the Company.
        The Committee may impose such conditions and limitations on such designations
        as
        it deems appropriate.

       

      (e) A
        Recipient shall have none of the rights of a shareholder with respect to
        shares
        of Stock which underlie his or her Award until shares are issued in his or
        her
        name.

       

      (f) Except
        as
        otherwise provided in an Award Document pursuant to this Section, Awards
        shall
        not be transferable other than by will or the laws of descent and distribution,
        and shall be exercisable during the Recipient's
        lifetime
        only by the Recipient or his or her guardian or legal representative. However,
        except in the case of ISOs and Awards which are alternatives to ISOs, the
        Committee may expressly provide in any Award Document that the Award is
        transferable. Transferability (if permitted) may be subject to such conditions
        and limitations as the Committee deems appropriate.

       

      (g) Notwithstanding
        Section 15(a), in its discretion the Committee may provide in any Award Document
        for the acceleration of vesting or the termination of any condition,
        restriction, or forfeiture provision upon the happening of any specified
        event
        (including, for example, an event which results in an Acceleration Date).

       

      
        
          
          

        

        
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      (h) Subject
        to Section 15(a) in the case of ISOs, and subject to any express limitations
        contained in the applicable Award Document: (i) the Committee may accelerate
        vesting or waive or terminate any condition, restriction, or forfeiture
        provision of any Award at any time and for any reason; and (ii) the Committee
        may amend an Award Document after grant at any time and for any reason so
        long
        as such amendment is not inconsistent with this Plan.

       

      (i) No
        exercisable Award by its terms shall be exercisable after the expiration
        of ten
        years from the date it is granted.

       

      SECTION
        5.
        OPTIONS AND SARS.

       

      (a) Except
        as
        provided in Section 10, the option price per share of Options or the base
        price
        of SARs shall not be less than Fair Market Value per share of Stock on the
        Options'
        or the SARs'
        grant
        date, except that SARs which are alternatives to Options but which are granted
        at a later time may have a base price equal to the option price even though
        the
        base price is less than Fair Market Value on the date the SARs are granted.

       

      (b) The
        grant
        of Options and their related Award Document must identify the Options either as
        ISOs or as NQSOs.

       

      (c) If
        Options, SARs, and/or Limited Rights are granted as alternatives to each
        other,
        the option prices and the base prices (as applicable) shall be equal and
        the
        expiration dates shall be the same.

       

      (d) In
        the
        case of SARs, the Award Document may specify the form of payment or may provide
        that the form is to be determined at a later date, and may require the
        satisfaction of any rules or conditions in connection with receiving payment
        in
        any particular form.

       

      (e) Notwithstanding
        any other provision of Sections 4 or 5: (i) no Options or SARs shall be granted
        in exchange for so-called “underwater” Options or SARs (which have option or
        base prices in excess of the then-current Fair Market Value per share of
        Stock),
        nor shall underwater Options or SARs be amended to reduce their option or
        base
        price; and, (ii) no Options or SARs shall contain a so-called “reload” feature
        under which additional Options or SARs are granted automatically to Recipients
        upon exercise of the original Options or SARs.

       

      SECTION
        6.
        LIMITED RIGHTS.

       

      (a) The
        Committee shall have authority to grant a special type of stock appreciation
        rights (“Limited
        Rights”)
        to any
        Recipient of any Options or SARs granted under this Plan (the “Related
        Award”).
        Limited
        Rights are stock appreciation rights which are exercisable only after the
        occurrence of one or more extraordinary events specified
        by the
        Committee; such events may include, for example, the events which result
        in an
        Acceleration Date. Limited Rights shall not be granted separately, but shall
        be
        granted only as alternatives to their Related Award. Limited Rights may be
        granted either at the time of grant of the Related Award or at any time
        thereafter during its term. Limited Rights shall be exercisable or payable
        at
        such times, payable in such amounts, and subject to such other terms,
        conditions, and restrictions as the Committee deems appropriate.

       

      (b) The
        Committee shall place on any Limited Rights for which the Related Awards
        are
        ISOs such restrictions as may be required by the Code at the time of grant,
        and
        shall amend this Plan accordingly to the extent required by the
        Code.

       

      SECTION
        7.
        RESTRICTED STOCK.

       

      (a) “Restricted
        Stock” means Stock issued to a Recipient which is nontransferable and is subject
        to forfeiture upon the happening of such events or conditions, or upon the
        failure to satisfy such requirements or conditions, as the Committee specifies
        in the Award Document or otherwise. Stock issued upon the exercise of Options
        or
        SARs is not “Restricted Stock” for purposes of this Plan, even if subject to
        post-issuance transfer restrictions or forfeiture conditions. When Restricted
        Stock vests, it ceases to be “Restricted Stock” for purposes of this
        Plan.

       

      
        
          
          

        

        
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      (b) The
        certificate representing shares of Restricted Stock issued in the name of
        a
        Recipient may be held by the Company and/or may have a legend placed upon
        it to
        the effect that the shares represented by it are subject to, and may not
        be
        transferred except in accordance with, this Plan and the related Award Document.
        Cash dividends relating to shares of Restricted Stock may be paid to the
        Recipient or held by the Company for the Recipient’s benefit, and if held may be
        made subject to the transfer restrictions, forfeiture risks, and vesting
        conditions of the Restricted Stock, as the Committee may provide in the Award
        Document or otherwise; if dividends are held by the Company, the Committee
        may
        require that the Company provide for interest equivalents or other return
        on any
        cash dividends at such rate(s) and time(s) as the Committee provides in the
        Award Document or otherwise. Any Stock or other securities issuable in respect
        of Restricted Stock pursuant to an event specified in Section 10(a) of this
        Plan
        shall be subject to the Award Document related to such Restricted Stock and
        all
        of the transfer restrictions, forfeiture risks, and vesting conditions
        pertaining thereto. 

       

      (c) If
        Restricted Stock is issued to a Covered Employee, whether alone or in addition
        to other Awards granted under this Plan, then the vesting of such Restricted
        Stock shall be subject to the achievement of one or more objective goals
        (“Performance Goals”). These Performance Goals: (i) shall be established by the
        Committee in order to satisfy the “performance-based compensation” exception to
        the deduction limit under Section 162(m) of the Code and (ii) shall be based
        upon one or more of the following criteria, which may be Company-wide or
        specific to an Affiliate, division, product, and/or geographic area: sales,
        pretax income, earnings per share, return on equity, return on capital employed,
        cash flow, market share, stock price, total shareholder return, costs,
        productivity and economic value added. 

       

      SECTION
        8.
        STOCK ISSUANCE, PAYMENT, AND WITHHOLDING.

       

      (a) The
        Recipient of Options may pay the option price in cash, Stock (including shares
        of previously-owned Stock or Stock issuable in connection with the Award,
        but
        not including shares of Restricted Stock), or other property, to the extent
        permitted or required by the Award Document or the Committee from time to
        time.

       

      (b) Except
        to
        the extent prohibited by applicable law, the Committee or the Company may
        take
        any necessary or appropriate steps in order to facilitate the payment of
        an
        option price. The Committee may permit deemed or constructive transfers of
        shares in lieu of actual transfer and physical delivery of certificates.
        The
        Committee may require satisfaction of any rules or conditions in connection
        with
        paying the option price at any particular time or in any particular
        form.

       

      (c) If
        shares
        used to pay the option price of Options are subject to any transfer or other
        restrictions, an equal number of the shares of Stock purchased shall be made
        subject to such prior restrictions in addition to any further restrictions
        imposed on such purchased shares by the terms of the Award Document or
        Plan.

       

      (d) After
        the
        obligation arises to collect and pay Required Withholding Taxes, the Recipient
        shall reimburse the Company or Employer (as required by the Committee or
        Company) for the amount of such Required Withholding Taxes in cash, unless
        the
        Award Document or the Committee permits or requires payment in another form.
        In
        the discretion of the Committee or its delegate and at the Recipient's request,
        the Committee or its delegate may cause the Company or Employer to pay to
        the
        appropriate taxing authority withholding taxes in excess of Required Withholding
        Taxes on behalf of a Recipient, which shall be reimbursed by the Recipient
        in
        any manner determined by the Company or the Committee from time to time.
        In the
        Award Document or otherwise, the Committee may allow a Recipient to reimburse
        the Company or Employer for payment of withholding taxes with shares of Stock
        or
        other property. The Committee may require the satisfaction of any rules or
        conditions in connection with any non-cash payment of withholding
        taxes.

       

      (e) If
        provided in the Award Document relating to an ISO, the Committee may (i)
        cause
        the Company to hold the shares of Stock issued in the Recipient's name upon
        exercise, or (ii) prohibit the transfer by a Recipient of such shares into
        the
        name of a nominee and require the placement of a legend on certificates for
        such
        shares reflecting such prohibition.

       

      SECTION
        9.
FORFEITURES.

       

      In
        its
        discretion, the Committee may adopt and amend any policies, and may include
        in
        any Award Document any provisions, relating to forfeitures. Such forfeiture
        provisions may include, for example, prohibitions on competing with the Company
        and its Subsidiaries and Affiliates
        and on
        engaging in other detrimental conduct.

       

      
        
          
          

        

        
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      Forfeiture
        provisions for one Award type may differ from those for another type, and
        also
        may differ among Awards of the same type granted at different times or to
        Recipients in different circumstances. As used in this Plan, a “forfeiture”
        of an
        Award includes the recapture of Stock issued or other economic benefits
        derived
        from an Award, as well as the forfeiture of an Award itself; however, the
        Committee may define
        the term
        more narrowly for specific Award Documents. 

       

      SECTION
        10.
        ADJUSTMENTS AND ACQUISITIONS.

       

      (a) Subject
        to Section 10(c), in the event that the Committee shall determine that, as
        a
        result of any dividend or other distribution (whether in the form of cash,
        Stock, other securities, or other property), stock split, reverse stock split,
        recapitalization, reorganization, merger, consolidation, split-up, split-off,
        spin-off, combination, repurchase, or exchange of Stock or other securities
        of
        the Company, issuance of warrants or other rights to purchase Stock or other
        securities of the Company, or any other similar corporate transaction, change,
        or event, an adjustment is appropriate in order to prevent dilution or
        enlargement of the benefits or potential benefits intended to be made available
        under outstanding Awards or under the Plan (an “Adjustment Event”), then the
        Committee shall, in such manner as it may deem equitable, adjust any or all
        of:

       

      (i) the
        number and types of shares of Stock (or other securities or property) subject
        to
        outstanding Awards;

       

      (ii) the
        limitations on grants of Awards, ISOs, and Restricted Stock set forth in
        Section
        2(a) of this Plan, and the limitations on grants to any Eligible Person during
        any calendar year set forth in Sections 2(b)(i) and 2(b)(ii) of this Plan
        (collectively the “Share Limitations”); and

       

      (iii) the
        option price, base price, or other similar price with respect to any
        Award.

       

      Alternatively
        to (i) and (iii), if there is an Adjustment Event and the Committee deems
        it
        appropriate, it may provide for cash payments to holders of outstanding
        Awards.

       

      (b) Subject
        to Section 10(c), in the event of an acquisition by the Company by means
        of a
        merger, consolidation, acquisition of property or stock, reorganization or
        otherwise, the Committee shall be authorized:

       

      (i) to
        cause
        the Company to issue Awards or assume stock options, stock appreciation rights,
        or restricted stock issued by the acquired company, whether or not in a
        transaction to which Section 424(a) of the Code applies, by means of issuance
        of
        new Awards in substitution for, or an assumption of, previously issued options,
        rights, or restricted stock, but only if and to the extent that such issuance
        or
        assumption is consistent with the other provisions of this Plan and any
        applicable law, and/or

       

      (ii) to
        increase the Share Limitations to reflect such issuance or
        assumption.

       

      (c) The
        Committee shall not make an adjustment under Section 10(a), issue Awards
        or
        assume options, rights, or restricted stock under Section 10(b)(i), or increase
        the Share Limitations under Section 10(b)(ii),

       

      (i) to
        the
        extent such action would affect ISOs or the Share Limitation relating to
        ISOs
        and would require shareholder approval under Section 422 of the Code,
        or

       

      (ii) to
        the
        extent such action would affect the Share Limitation set forth in Section
        2(b)
        of this Plan and would require shareholder approval in order to qualify such
        Awards, such assumed options, rights, or restricted stock, or Awards granted
        thereafter as performance-based compensation under Section 162(m) of the
        Code,

       

      unless
        such action(s) by the Committee are made subject to shareholder approval
        and are
        so approved by the shareholders.

       

      (d) In
        the
        event that the Board approves any merger or consolidation of the Company
        with or
        into any other corporation or business entity as a result of which the Company
        shall not be the surviving corporation, with respect to each Award, either
        (i)
        the Committee shall, in such manner as it may deem equitable, cause such
        Award
        to vest prior to the effective date of such merger or consolidation or (ii)
        the
        Committee or the Board shall approve

       

      
        
          
          

        

        
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      arrangements
        to substitute an award issued by the surviving corporation for such Award
        on
        terms and conditions deemed equitable by the Committee or the
        Board.

       

      SECTION
        11.
        ACCELERATION AND VESTING.

       

      (a) An
        “Acceleration Date” occurs when any of the following events occur:

       

      (i) any
        Person (as defined herein) becomes the beneficial owner directly or indirectly
        (within the meaning of Rule 13d-3 under the Act) of more than 30% of the
        Company's then outstanding voting securities (measured on the basis of voting
        power);

       

      (ii) the
        shareholders of the Company approve a definitive agreement of merger or
        consolidation with any other corporation or business entity, other than a
        merger
        or consolidation that would result in the voting securities of the Company
        outstanding immediately prior to the consummation of the merger or consolidation
        continuing to represent (either by remaining outstanding or by being converted
        into voting securities of the surviving entity) at least 50% of the combined
        voting power of the voting securities of the surviving entity of such merger
        or
        consolidation outstanding immediately after such merger or
        consolidation;

       

      (iii) Continuing
        Directors cease to constitute at least a majority of the directors of the
        Company; or

       

      (iv) the
        shareholders of the Company approve a plan of complete liquidation or
        dissolution of the Company or an agreement for the sale or disposition by
        the
        Company of all or substantially all the Company's assets.

       

      An
        Acceleration Date as described in (i) above shall not occur as a result of
        the
        ownership of voting securities by (A) the Company or any of its Subsidiaries,
        (B) a trustee or other fiduciary holding securities under an employee benefit
        plan of the Company or any of its Subsidiaries or (C) a corporation owned,
        directly or indirectly, by the shareholders of the Company in substantially
        the
        same proportions as their ownership of Stock. Securities held by an underwriter
        pursuant to an offering of such securities for a period not to exceed 40
        days
        shall be deemed to be outstanding but shall not be deemed to be beneficially
        owned by such underwriter for purposes of clause (i) above.

       

      For
        purposes of this Section 11(a), (X) “Affiliate” and “Associate” shall have the
        respective meanings ascribed to such terms in Rule 12b-2 under the Act; (Y)
        “Continuing Directors” shall mean any directors of the Company who either (i)
        were directors of the Company on the date of adoption of the Plan, or (ii)
        became directors of the Company subsequent to such date and whose election
        or
        nomination for election by the shareholders of the Company was duly approved,
        either by a specific vote or by approval of the proxy statement issued by
        the
        Company in which such individuals were named as nominees for director of
        the
        Company, by a majority of the Continuing Directors who were at the time of
        election or nomination directors of the Company; and (Z) “Person” shall mean any
        individual, firm, corporation, partnership or other entity and shall include
        the
        Affiliates and Associates of such Person.

       

      (b) If
        an
        Acceleration Date occurs while Awards remain outstanding under this Plan,
        then
        all Awards shall vest. This Section shall apply to ISOs notwithstanding Section
        15(a).

       

      (c) When
        Awards (other than Restricted Stock) “vest,” they become fully exercisable.
        Vesting does not mean that such an Award becomes non-forfeitable, except
        to the
        extent provided in the Award Document or otherwise by the Committee pursuant
        to
        Sections 4(g) or 4(h) above. When shares of Restricted Stock “vest,” they become
        non-forfeitable (except for any forfeiture conditions which this Plan or
        the
        Award Document expressly provides shall survive vesting) and freely transferable
        (except for any legal restrictions imposed on transfers by the Securities
        Act of
        1933, as amended, or other applicable securities laws).

       

      SECTION
        12.
        ADMINISTRATION.

       

      (a) This
        Plan
        shall be administered by the Compensation Committee of the Board, or another
        committee appointed by the Board from time to time, consisting solely of
        three
        or more members of the Board, each of whom at all times shall be an independent
        director in accordance with the Company’s Corporate Governance
        Guidelines

       

      
        
          
          

        

        
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      and
        none
        of whom shall be an officer or employee of the Company or any of its
        Subsidiaries at the time of service. Committee members shall not be eligible
        for
        selection to receive Awards under this Plan.

       

      (b) During
        any time when one or more Committee members may not be qualified to serve
        under
        Rule 16b-3, under Section 162(m) of the Code, or under any other rule or
        law
        which contains special qualifications for Committee members in order to avoid
        a
        penalty or to obtain a benefit, the Committee may form a sub-Committee from
        among its qualifying members. The sub-Committee may act, in lieu of the full
        Committee, with respect to all or any category of Awards granted or to be
        granted to all or any group of Recipients, and may take other actions deemed
        appropriate and convenient to prevent, control, minimize, or eliminate any
        penalties, loss of benefits, or other adverse effects of such potential
        disqualification. Any such sub-Committee shall have the full authority of
        the
        full Committee under this Plan, except to the extent the full Committee limits
        the sub-Committee’s powers. 

       

      (c) At
        the
        Committee’s request or on its own motion, the Board may ratify or approve
        grants, or any terms of any grants, made by the Committee during any time
        that
        any member of the Committee may not be qualified to approve such grants or
        terms
        under Rule 16b-3 or any other rule or law.

       

      (d) A
        majority of the members of the Committee shall constitute a quorum. The acts
        of
        a majority of the members present at any meeting at which a quorum is present,
        or acts approved in writing by all of the members of the Committee, shall
        be the
        acts of the Committee. The Committee may meet in person, by telephone or
        television conference, or in any other manner (unless prohibited by applicable
        law). From time to time the Committee may adopt, amend, and rescind such
        rules
        and regulations for carrying out this Plan and implementing Award Documents,
        and
        the Committee may take such action in the administration of this Plan, as
        it
        deems proper. The interpretation of any provisions of this Plan by the Committee
        shall be final
        and
        conclusive unless otherwise determined by the Board.

       

      (e) To
        the
        extent the Committee deems it convenient and appropriate, the Committee may
        delegate such of its powers and duties, including (among other things) its
        power
        to grant Awards, to one or more officers of the Company. Any such delegation
        shall be subject to such limitations and conditions as the Committee deems
        appropriate. However, notwithstanding the foregoing: (i) the power to grant
        Awards may not be delegated to an officer who is not also a director of the
        Company except in conformity with applicable Delaware law; and, (ii) no officer
        may grant Awards to him- or herself or to his or her superiors unless such
        grants are ratified by the Committee or the Board. 

       

      SECTION
        13.
        AMENDMENT, TERMINATION, SHAREHOLDER APPROVAL.

       

      (a) The
        Board
        may amend or terminate this Plan at any time, except that without the approval
        of the Company’s shareholders, no amendment or other action by the Board or the
        Committee shall (i) increase the maximum number of shares issuable, or the
        maximum number of shares for which ISOs or Restricted Stock may be granted,
        under this Plan, (ii) change the class of persons eligible to receive ISOs
        or
        materially expand the class of persons eligible to receive Awards, (iii)
        change
        the annual limit on Awards which may be granted to an Eligible Person provided
        in Section 2(b), (iv) result in a repricing of any options granted, (v)
        otherwise cause a material revision to the terms of this Plan as provided
        by
        applicable New York Stock Exchange requirements or (vi) change the provisions
        of
        this Section 13(a).

       

      (b) The
        Committee may amend this Plan from time to time to the extent necessary to
        (i)
        comply with Rule 16b-3 and, to the extent it deems appropriate, (ii) prevent
        benefits under this Plan from constituting “applicable employee remuneration”
within the meaning of Section 162(m) of the Code.

       

      (c) No
        Awards
        may be granted under this Plan after April 21, 2008.

       

      (d) The
        approval by shareholders shall consist of the approving vote of the holders
        of a
        majority of the outstanding shares of Stock present (in person or by proxy)
        and
        voted (for or against) at a meeting of the shareholders at which a quorum
        is
        present, unless a greater vote is required by the Company’s charter or by-laws,
        by the Board, by the Company’s principal stock exchange, or by applicable law
        (including Delaware law, Rule 16b-3, or Section 162(m) of the Code).

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      SECTION
        14.
        DEFINITIONS.

       

      (a) “Acceleration
        Date” has the meaning given in Section 11(a).

       

      (b) “Act”
        means the Securities Exchange Act of 1934, as amended from time to
        time.

       

      (c) “Adjustment
        Event” has the meaning given in Section 10(a).

       

      (d) “Affliate”
        means any entity in which the Company has a substantial direct or indirect
        equity interest (other than a Subsidiary), but only if expressly so designated
        by the Committee from time to time. Without limiting the generality of the
        foregoing, the term “Affiliate” shall not include any beer wholesaler or
        distributor in which Anheuser-Busch Investment Capital Corporation or other
        Subsidiary invests, unless the Committee expressly determines otherwise;
        the
        committee may also revoke or reinstate any such designation from
        time-to-time.

       

      (e) “Award”
        means a grant of ISOs, NQSOs, SARs, Limited Rights, or Restricted
        Stock.

       

      (f) “Award
        Document” means the written agreement or other document referred to in Section
        4(a) evidencing an Award. 

       

      (g) “Board”
        means the Board of Directors of the Company.

       

      (h) Options
        “cease to qualify as ISOs” when they fail or cease to qualify for the exclusion
        from income provided in Section 421 (or any successor provision) of the
        Code.

       

      (i) “Code”
        means the U.S. Internal Revenue Code as in effect from time to
        time.

       

      (j) “Committee”
        means the committee of the Board described in Section 12 hereof and any
        sub-committee established by such committee pursuant to Section
        12(b).

       

      (k) “Company”
        means Anheuser-Busch Companies, Inc. and its successors.

       

      (l) “Covered
        Employee” is an employee who is, or who is anticipated to become, between the
        time of grant and payment of the award, a “covered employee,” as such term is
        defined in Section 162 (m) of the Code (or any successor section thereof).
        

       

      (m) “Eligible
        Person” means a person who is eligible to receive an Award under Section 3 of
        this Plan. 

       

      (n) “Employer”
        means the Company, the Subsidiary, or the Affiliate which employs the
        Recipient.

       

      (o) “Fair
        Market Value” of Stock on a given valuation date means (i) for
        purposes of determining the option price per share of Options or the base
        price
        of SARs, the price per share at which the Stock was last sold as reported
        on the
        New York Stock Exchange Composite Tape as of such valuation date
        or (ii)
        for any other purpose, the average of the highest and lowest selling prices
        per
        share of Stock as reported on the New York Stock Exchange Composite Tape
        as of
        such valuation date. If the applicable sales price per share of Stock is
        not
        reported on the New York Stock Exchange Composite Tape, then such sales price
        shall be as reported on the principal exchange market or quotation system
        for
        the Stock. In the event that no sale of Stock occurs on such valuation date,
        (i)
        for purposes of determining the option price per share of Options or the
        base
        price of SARs, if there were sales reported within a reasonable period before
        such valuation date, the price per share at which the Stock was last sold
        on the
        nearest date on which sales occurred before such valuation date shall be
        used
        and (ii) for any other purpose, if there were sales reported within a reasonable
        period both before and after such valuation date, the weighted average of
        the
        means between the highest and lowest selling prices on the nearest date before
        and the nearest date after such valuation date shall be used, with the average
        to be weighted inversely by the respective numbers of trading days between
        the
        selling dates and such valuation date. If the determination of value set
        forth
        in this Section 14(o) cannot be made for whatever reason, then the value
        per
        share shall be determined by the Committee in a manner consistent with Section
        409A of the Code and, with respect to ISOs, Section 422 of the Code, and
        authoritative official guidance under such sections. 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      (p) “Forfeiture”
        has the meaning given in Section 9.

       

      (q) “ISO”
or
        “Incentive Stock Option” means an option to purchase one share of Stock for a
        specified option price which is designated by the Committee as an “Incentive
        Stock Option” and which qualifies as an “incentive stock option” under Section
        422 (or any successor provision) of the Code.

       

      (r) “Limited
        Right” has the meaning given in Section 6.

       

      (s) “NQSO”
or
        “Non-Qualified Stock Option” means an option to purchase one share of Stock for
        a specified option price which is designated by the Committee as a
“Non-Qualified Stock Option,” or which is designated by the Committee as an ISO
        but which ceases to qualify as an ISO.

       

      (t)
         “Option”
        means an ISO or an NQSO.

       

      (u) “Optionee”
        means a person to whom Options are granted pursuant to this Plan.

       

      (v) “Performance
        Goals” has the meaning given to that term in Section 7(c).

       

      (w) “Plan”
        means the Anheuser-Busch Companies, Inc. 1998 Incentive Stock Plan, as amended
        from time to time.

       

      (x) “Recipient”
        means an Eligible Person to whom an Award is granted pursuant to this
        Plan.

       

      (y) “Reporting
        Person,” as of a given date, means a Recipient who would be required to report a
        purchase or sale of Stock occurring on such date to the Securities and Exchange
        Commission pursuant to Section 16(a) of the Act and the rules and regulations
        thereunder.

       

      (z) “Restricted
        Stock” has the meaning given in Section 7.

       

      (aa) “Rule
        16b-3” means Rule 16b-3 (as amended from time to time) promulgated by the
        Securities and Exchange Commission under the Act, and any successor
        thereto.

       

      (bb) “Share
        Limitations” has the meaning given in Section 10(a).

       

      (cc) “SAR”
        means a stock appreciation right, which is a right to receive cash, Stock,
        or
        other property having a value on the date the SAR is exercised equal to (i)
        the
        excess of the Fair Market Value of one share of Stock on the exercise date
        over
        (ii) the base price of the SAR. The term “SAR” does not include a Limited
        Right.

       

      (dd) “Stock”
        means shares of the common stock of the Company, par value $1.00 per share,
        or
        such other class or kind of shares or other securities as may be applicable
        under Section 10.

       

      (ee) “Subsidiary”
        means a “subsidiary corporation” of the Company as defined in Section 424(f) (or
        any successor provision) of the Code, other than corporations expressly excluded
        by the Committee from time-to-time.

       

      (ff) “Vest”
        has the meaning given in Section 11(c).

       

      (gg) “Required
        Withholding Taxes” means, in connection with the exercise of or other taxable
        event relating to an Award, the total amount of Federal and state income
        taxes,
        social security taxes, and other taxes which the Employer of the Recipient
        is
        required to withhold.

       

      SECTION
        15.
        MISCELLANEOUS.

       

      (a) Each
        provision of this Plan and the Award Documents relating to ISOs shall be
        construed so that all ISOs shall be “incentive stock options” as defined in
        Section 422 of the Code or any statutory provision that may replace Section
        422,
        and any provisions thereof which cannot be so construed shall be disregarded,
        subject however to Sections 4(g) and 11(b) and provided that Award Documents
        are
        permitted to have provisions which cause Options which qualify as ISOs at
        the
        time of grant to cease to qualify as ISOs at a later time or upon the happening
        of a later event. No discretion granted or allowed to the Committee under
        this
        Plan shall apply to ISOs

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      after
        their grant except (i) to the extent the related Award Document shall so
        provide
        or (ii) to the extent that the application of such discretion would not cause
        such ISOs to cease to qualify as ISOs. Notwithstanding the foregoing, nothing
        shall prohibit an amendment to or action regarding outstanding ISOs which
        would
        cause them to cease to qualify as ISOs, so long as the Company and the Recipient
        shall consent to such amendment or action.

       

      (b) Without
        amending this Plan, Awards may be granted to Eligible Persons who are foreign
        nationals or who are employed outside the United States or both, on such
        terms
        and conditions different from those specified in this Plan as may, in the
        judgment of the Committee, be necessary or desirable to further the purposes
        of
        this Plan. Such different terms and conditions may be reflected in Addenda
        to
        this Plan. However, no such different terms or conditions shall be employed
        if
        such terms or conditions constitute, or in effect result in, an increase
        in the
        aggregate number of shares which may be issued under this Plan or a change
        in
        the definition of Eligible Person.

       

      (c) Notwithstanding
        any other provision in this Plan, the Committee shall not act with respect
        to
        any Reporting Person in a manner which would result in a forfeiture under
        Section 16(b) of the Act of some or all of the economic benefits relating
        to his
        or her Awards, without in each case the written consent of such Reporting
        Person.

       

      (d) Nothing
        in this Plan or any Award Document shall confer on any person any expectation
        to
        continue in the employ of his or her Employer, or shall interfere in any
        manner
        with the absolute right of the Employer to change or terminate such person’s
        employment at any time for any reason or for no reason.

       

      

      
        
          
          

        

        
          10Unassociated Document

    
      

    

    

    

    Exhibit
      10.24

    

    

    

    Summary
      of Executive Tax and Financial

    Consulting
      Program

    

    

    Overview

    

    Executive
      Officers of the Company are provided tax return preparation and financial
      counseling services under the company’s Executive Tax and Financial Consulting
      Program (the “Program”). Executive Officers continue to receive these services
      for the first five years following retirement.

    

    The
      services covered by the Program are as follows:

    

    
      	 	
              ·

            	
              Tax
                return preparation for the Executive Officer, his/her dependents,
                and
                personal trusts

            

    

    

    
      	 	
              ·

            	
              Assistance
                with inquiries and audits regarding covered federal, state, and local
                income tax returns

            

    

    

    
      	 	
              ·

            	
              Financial
                counseling services for the Executive Officer and his/her
                dependents

            

    

    

    Advice
      on specific investments and legal fees are not covered by the
      Program

    

    An
      Executive Officer may select one of the firms selected by the Company to provide
      services under the Program

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    
      	 	
              ·

            	
              The
                annual allowance is set forth
                below:

            

    

    

    

    
      	 	
              Fiscal
                Year of

              Participation
                and

              Pre-Retirement
                Year

            	
               

               

              Regular

            	
              Post-Retirement

              (5
                years)

            
	
              Strategy*

              Committee

            	
               

              $20,000

            	
               

              $17,000

            	
               

              $17,000

            

    

    

    The
      annual allowance applies to services performed from November through October
      31
      each year. If the entire annual allowance is not used and the Executive Officer
      remains eligible in the following year, the unused annual allowance may be
      carried forward one year and utilized after the following year’s annual
      allowance, but expires if not utilized during the following year.

    

    All
      fees paid on the behalf of the Executive Officer by A-B under the Program are
      added to that individual’s compensation income in the calendar year when paid,
      subject to income tax and FICA withholding, and reported on Form
      W-2.

    

    

    *Strategy
      Committee is comprised of Executive Officers.

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