Document:

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                                                               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 AND APRIL 23, 2003)

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 88,000,000 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.

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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.

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

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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).

       (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.

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       (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.

       (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.

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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. 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.

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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.

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       (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 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.

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       (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 Stock Option Plans
Committee of the Board, or another committee appointed by the Board from
time to time, consisting of three or more persons, each of whom at all times
shall be a member of the Board 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

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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 shall
(i) increase the maximum number of shares issuable, or the maximum number of
shares for which ISOs may be granted, under this Plan, (ii) change the class
of persons eligible to receive ISOs, (iii) change the annual limit on Awards
which may be granted to an Eligible Person provided in Section 2(b), or (iv)
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).

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) "Affiliate" 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.

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

       (m) "Employer" means the Company, the Subsidiary, or the Affiliate
which employs the Recipient.

       (n) "Fair Market Value" of Stock on a given valuation date means (i)
the average of the highest and lowest selling prices per share of Stock
reported on the New York Stock Exchange Composite Tape or similar quotation
service for such date, (ii) if Stock is not listed on the New York Stock
Exchange, the average of the highest and lowest selling prices per share of
Stock as reported for such valuation date on the principal stock exchange or
quotation system in the U.S. on which Stock is listed or quoted (as
determined by the Committee), or (iii) if neither of the preceding clauses
is applicable, the value per share determined by the Committee in a manner
consistent with the Treasury Regulations under Section 2031 of the Code. If
no sale of Stock occurs on such valuation date, but 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.

       (o) "Forfeiture" has the meaning given in Section 9.

       (p) "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.

       (q) "Limited Right" has the meaning given in Section 6.

       (r) "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.

       (s) "Option" means an ISO or an NQSO.

       (t) "Optionee" means a person to whom Options are granted pursuant to
this Plan.

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

       (v) "Recipient" means an Eligible Person to whom an Award is granted
pursuant to this Plan.

       (w) "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.

       (x) "Restricted Stock" has the meaning given in Section 7.

                                   - 10 -

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       (y) "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.

       (z) "Share Limitations" has the meaning given in Section 10(a).

       (aa) "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.

       (bb) "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.

       (cc) "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.

       (dd) "Vest" has the meaning given in Section 11(c).

       (ee) "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
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.

                                   - 11 -

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       (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.

                                   - 12 -<PAGE>

                                                                  Exhibit 10.7

               ANHEUSER-BUSCH GLOBAL EMPLOYEE STOCK PURCHASE PLAN

I.     NAME OF THE PLAN

The name of the plan is the Anheuser-Busch Global Employee Stock Purchase Plan,
hereinafter referred to as the Plan.

II.    PURPOSE

The purpose of the Plan is to advance the interest of Anheuser-Busch Companies,
Inc. and its Subsidiaries by encouraging ownership of shares in the Company by
employees of the Company and its Subsidiaries located outside the United States,
improving their long-term incentives and aligning their interests with those of
the shareholders of Anheuser-Busch Companies, Inc.

III.   RULES

1.     Definitions
       -----------

       As used in this Plan:

       a)  "Compensation" means:

           1)  for salaried employee, basic or regular salary paid, and

           2)  for hourly employees, actual pay for regularly scheduled
               working hours actually worked, paid vacations and paid
               holidays, and

           3)  in neither case, including other forms of remuneration such as
               bonus, overtime, salary continuance, severance pay, redundancy
               pay, termination indemnities or other post-employment benefits;

           all except as may be determined by the Company from time to time and
           place to place consistent with local law.

       b)  "Board" means the Board of Directors of the Company.

       c)  "Booked Shares" means Shares owned by a Participant which are held in
           his or her name by the Broker.

       d)  "Broker" means the securities broker selected by the Company to
           execute transactions pursuant to the Plan and to hold the Booked
           Shares.

       e)  "Commencement Date" means March 1, 1999 or a later date to be chosen
           by the Company with respect to any location.

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       f)  "Company" means Anheuser-Busch Companies, Inc.

       g)  "Eligible Employee" means any individual who is employed on a regular
           basis by an Employer in a location outside the United States and
           Puerto Rico and is on the regular payroll of the Employer for that
           location; provided, any employees who:

           1)  are eligible to participate in any 401(k) plan maintained for
               employees of the Company and its Subsidiaries;

           2)  are not permitted to participate by reason of local law or
               regulation;

           3)  are required to report their trading in Shares pursuant to
               Section 16 of the United States Securities Exchange Act of 1934;

           4)  are classified as temporary employees, leased employees or
               independent contractors; or

           5)  are otherwise excluded by the Company under uniform and
               consistent rules

           shall not be Eligible Employees unless required by local law.

       h)  "Employer" means the Company and any Subsidiary or division or branch
           of the Company or a Subsidiary with operations outside the United
           States which agrees in writing to be an Employer, subject to the
           consent of the Company.

       i)  "Market Price" on a particular day means the closing price of a Share
           in United States currency on that day, as reported in the West Coast
           edition of The Wall Street Journal, New York Stock Exchange
           Transactions-Composite Transactions.

       j)  "Offering Date" means the date of inception of the Plan at a
           particular location with respect to Eligible Employees at that
           location on the date of inception there, and any subsequent March 1
           on which the Company determines to make another offer of Shares to
           Eligible Employees at that location in accordance with the Plan.

       k)  "Participant" means an Eligible Employee who has enrolled in the Plan
           as provided for in Section 3.

       l)  "Purchase Date" means any date specified by the Company on which
           Participants are authorized to purchase Shares. Except as otherwise
           determined by the Company, all Purchase Dates shall occur on the
           first day of March, June, September and December of any year, or if
           any such day falls on a weekend or holiday in the United States, on
           the next business day in the United States.

                                       2

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       m)  "Retained Shares" means Booked Shares held by the Broker in a
           Participant's name for at least two (2) years. In no event shall any
           Shares which are transferred by a Participant, by gift, sale,
           bequest, inheritance or any other means or issued to the Participant
           in certificate form be treated as Retained Shares.

       n)  "Rules" means the rules of this Plan as described in this document.

       o)  "Sale Date" means any date specified by the Company on which
           Participants are permitted to sell Shares. Until otherwise determined
           by the Company, Sale Dates shall occur on all dates on which Shares
           are traded on the New York Stock Exchange.

       p)  "Savings Account" shall mean a Participant's individual savings
           account established for the purpose of Share purchase under the Plan
           by a financial institution selected by the Company or by the
           Participant with the consent of the Company as the Company may
           determine in its sole discretion.

       q)  "Share" means a share of the $1 par value common stock of the
           Company.

       r)  "Subsidiary" means any corporation as to which the Company controls,
           directly or indirectly, fifty percent (50%) or more of the combined
           voting power of all classes of stock.

2.     Shares Available
       ----------------

       a)  The number of Shares which may be issued pursuant to the Plan shall
           not exceed 500,000, subject to adjustment under Section 19. For this
           purpose:

           1)  The number of Shares subject to offer as of an Offering Date
               shall be counted against this maximum at the Offering Date.

           2)  If an offering is payable in cash only, the number of Shares
               on which such amount of cash is based shall be deemed used at
               the Offering Date.

           3)  Shares subject to offer that (in whole or part) expire,
               terminate, are forfeited or otherwise become non-payable and
               Shares that are recaptured by the Company in connection with a
               forfeiture may be reused in new offerings to the extent of
               such expiration, termination, forfeiture, non-payability or
               recapture.

       b)  In its sole discretion, the Company may issue treasury shares or
           authorized but unissued shares. No Shares shall be offered in
           exchange for previous Share offers with Market Prices higher than
           the Market Price of the Shares subject to

                                       3

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           the current offer, nor shall any offer be amended to reduce the
           market price of the Shares under offer, nor shall any offer contain
           a "reload" feature under which additional Shares are offered
           automatically to Participants upon purchase of Shares under the
           offer.

       c)  For purposes of satisfying its obligation to grant additional
           Shares to a Participant pursuant to Section 11, the Company or the
           Participant's Employer may uses Shares acquired from third parties
           rather than treasury shares or authorized but unissued shares.

3.     Participation
       -------------

       a)  An Eligible Employee shall become eligible to become a Participant as
           of January 1 following his or her first day of employment; provided
           that all Eligible Employees on the regular payroll for a particular
           location on the fifteenth (15th) day of the calendar month preceding
           inception of the Plan in that location shall be eligible to become
           Participants at inception of the Plan in that location.

       b)  Enrollment in the Plan shall include at a minimum: (1) a payroll
           deduction authorization specifying the amount or rate of Plan
           contributions per pay period, (2) an agreement to be bound by all of
           the applicable terms and conditions of the Plan, (3) designation of
           the Participant's tax residence and citizenship, (4) an agreement
           that information obtained in connection with the Participant's Plan
           participation may be communicated outside the country in which he or
           she is employed in furtherance of Plan purposes, (5) an authorization
           for the Employer and the Company to receive information on all
           transactions in the Participant's Savings Account for purposes of
           verifying compliance with the Plan either from the financial
           institution in which the Participant's Savings Account is maintained
           or from the Participant directly as determined by the Company from
           time to time and place to place, if so requested by the Company,
           (6) if determined to be appropriate by the Company, an authorization
           for the Employer to withdraw amounts from the Participant's Savings
           Account on the Participant's instruction for the purpose of buying
           Shares in accordance within the Plan; and (7) any other information
           deemed necessary or desirable by the Company, all in such form as the
           Company may require.

       c)  An individual shall cease to be a Participant when he or she is no
           longer an Eligible Employee by reason of transfer, death, termination
           of employment (including retirement) or termination of the Plan in
           his or her location.

4.     Savings Accounts
       ----------------

       a)  The Company shall select a financial institution and a savings plan
           offered by that institution in each country where an Employer has
           Eligible Employees. A

                                       4

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<PAGE>

           savings plan must be available to all Eligible Employees of all
           Employers in each country, and provide a Savings Account for and
           in the name of each Participant in the country; provided, if the
           Company determines in its sole discretion that a suitable savings
           plan is not available in a particular location, the Company may
           authorize the use of individual Saving Accounts established by
           affected Participants for this purpose. Each financial
           institution or Participant must agree: (1) to provide the
           Employer and the Company with statements of the Participant's
           Savings Account transactions to verify compliance with Plan
           rules; and (2) to comply with all legal requirements regarding
           tax and other reporting matters with respect to the Participant's
           Savings Account.

       b)  A Participant's Savings Account shall be funded solely by amounts
           withheld from the Participant's Compensation at the Participant's
           election pursuant to the Plan by means of payroll deduction or by
           like means approved by the Company.

       c)  Withdrawals from a Participant's Savings Account may be made either:

           1)  by the Participant for any purpose at any time, in which case
               the amount withdrawn may not be redeposited, or

           2)  by the Participant or by the Employer on the instructions of the
               Participant for purchase of Shares in accordance with the Plan,
               as determined by the Company in its sole discretion.

5.     Plan Contributions
       ------------------

       Each Participant shall elect to contribute a percentage of Compensation
       to be withheld from his or her pay for each pay period by his or her
       Employer. The Company may impose a maximum on Participants' contributions
       from time to time and place to place. The Participant may change the
       percentage from time to time in accordance with procedures established by
       the Company. A Participant's Plan contributions which are withheld by
       payroll deduction shall be transferred by the Employer to the
       Participant's Savings Account within a reasonable time after they are
       withheld. Neither the Company nor any Employer shall be liable for
       interest for the period between the date of withholding and the date of
       transfer to the Participant's Savings Account. A Participant may elect to
       cease or resume contributions from time to time pursuant to procedures
       established by the Company.

6.     Share Offerings
       ---------------

       a)  1)  On each Offering Date with respect to a location, each Eligible
               Employee on the regular payroll for that location shall be
               invited to purchase up to 100 Shares from the Company or the
               Eligible Employee's Employer, as determined by the Company in
               its sole discretion. An Eligible Employee making

                                       5

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               contributions under the Plan as of an Offering Date shall be
               deemed to have accepted an offer made on the Offering Date. Any
               other Eligible Employee may accept an offer as of an Offering
               Date by written election to enroll in the Plan and make
               contributions under the Plan in accordance with procedures and by
               such deadlines as may be established by the Company from time to
               time. Notwithstanding anything, an Eligible Employee who is not
               making Plan contributions as of an Offering Date or does not
               elect to enroll and make Plan contributions in connection with an
               offer made on the Offering Date shall not be eligible for the
               offer.

           2)  A Participant's Savings Account shall be the only source of
               funds for the Participant's purchase of Shares under the Plan.

           3)  The Shares offered to a Participant on each Offering Date
               shall be in addition to any Shares offered to the Participant
               on prior Offering Dates.

           4)  The purchase price of Shares offered on each Offering Date
               shall be fixed at the Market Price on the United States
               business day immediately before the Offering Date.

           5)  Each Share offering shall expire on the Purchase Date
               coincident with the third anniversary of its Offering Date.

       b)  Each offer to purchase Shares under the Plan shall be evidenced by a
           written offer from the Company or the Participant's Employer to the
           Participant in form determined by the Company, including the
           following terms and such other terms and conditions as the Company
           may determine in its sole discretion from time to time and place to
           place:

           1)  The number of Shares subject to the offer.

           2)  The price per Share subject to the offer in United States
               currency.

           3)  The expiration date of the offer.

           The written offers provided for herein may be transmitted on paper,
           electronically or by other method selected by the Company. The
           written offers may contain any provision approved by the Company
           relating to the circumstances under which a termination is deemed to
           occur. A Participant shall have none of the rights of a shareholder
           with respect to any Shares unless and until the Shares are issued in
           his or her name.

       c)  A Participant's right to purchase Shares under the Plan shall be
           non-transferable and shall be exercisable only by the Participant
           by notice in form prescribed by the Company delivered to the
           Participant's Employer or the Company during the

                                       6

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           Participant's lifetime, except as provided for in Section 14(c)
           with respect to a Participant whose employment is terminated on
           account of death.

7.     Share Purchases
       ---------------

       a)  As of any Purchase Date, pursuant to procedures established by the
           Company, with such advance notice as the Company may require from
           time to time, a Participant may elect to apply all or a specified
           part of the Participant's Savings Account to purchase Shares then
           available to the Participant pursuant to Section 6.

       b)  If Shares are then available to a Participant under two or more
           offerings, the Participant's election to purchase Shares shall be
           applied in date order, earliest first, to the Share offerings then
           available to the Participant for which the Purchase Price is lower
           than the Market Price on the Purchase Date. If no Share offerings are
           available to the Participant for which the Purchase Price is lower
           than the Market Price on a Purchase Date, the Participant shall not
           be eligible to purchase Shares on the Purchase Date.

       c)  A Participant's election to purchase Shares shall be in form
           prescribed by the Company.

       d)  Any estimated withholding and other taxes incurred in connection with
           a purchase of Shares shall be funded by means of:

           (i)  additional withholding from the Participant's current pay,
                subject to any legal limits on maximum withholding; or if that
                is insufficient to satisfy the estimated obligation as
                determined by the Participant's Employer,

           (ii) other assets of the Participant, in which case the Participant's
                election shall be accompanied by cash or a certified check in
                the amount of the estimated withholding taxes.

       e)  A Participant's election shall include an authorization to withdraw
           the specified amount in local currency from the Participant's Savings
           Account to apply to the purchase of Shares.

       f)  The purchase price of the Shares purchased and the amount required to
           be withheld by the Participant's Employer under applicable law in
           excess of the amounts to be withheld from the Participant's current
           pay by payroll deduction shall be paid by the Participant not later
           than the Purchase Date.

       g)  If the amount in a Participant's Savings Account is less than the
           amount required to carry out the Participant's election, the
           Participant's election shall be carried out to the extent possible,
           provided that all transaction costs and tax liabilities are satisfied
           by the Participant.

                                       7

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       h)  The amount specified in a Participant's election to purchase Shares
           shall be converted to United States currency and used by the Company
           or the Participant's Employer to carry out the Participant's
           election; provided, if the amount of United States currency so
           obtained exceeds the amount required to purchase all Shares available
           to the Participant, the excess shall not be converted to United
           States currency but instead shall remain in the Participant's Savings
           Account for subsequent use under the Plan, or if so converted, the
           transaction shall be reversed to the extent of the excess, and the
           excess shall be redeposited in the Participant's Savings Account,
           without liability for interest thereon, for subsequent use under
           the Plan.

       i)  Shares acquired by a Participant pursuant to the Plan shall be
           delivered as Booked Shares; provided that a Participant may request
           that the Broker issue the Shares in certificate form in accordance
           with the Broker's regular practices and procedures. Requests for
           certificates must be accompanied with information required to enable
           delivery of the certificates and payment of any fees charged by the
           Broker for issuance of the Shares in certificate form.

       j)  The Company may establish minimum purchase requirements for all
           Participants similarly situated.

8.     Dividends on Booked Shares
       --------------------------

       Any dividends paid on Booked Shares shall be the property of the
       respective Participants and shall be reinvested in Shares for the benefit
       for the Participant, in accordance with the Broker's customary practices
       and procedures, or at the election of a Participant shall be retained by
       the Broker in United States currency for the benefit of the Participant,
       except as required by law to be converted to the Participants' local
       currencies, in which case they shall be delivered to the respective
       Participants.

9.     Tax Withholding
       ---------------

       Where required by law, each Employer shall report to the appropriate
       government authority any amount subject to tax and social charges on
       account of any offer, purchase or sale pursuant to the Plan and shall
       estimate all current tax and social charge withholding liabilities, and
       the Participant shall satisfy this liability by means of withholding from
       the Participant's current pay or from the Participant's other assets.

                                       8

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10.    Sale or Other Transfer of Shares
       --------------------------------

       a)  1)  A Participant may elect to sell a specified number of Booked
               Shares in accordance with the Broker's regular practices and
               procedures as soon as practical after transfer to the Broker or
               on any subsequent Sale Date.

           2)  The Participant shall designate which Booked Shares are to be
               sold; provided, if the Participant uses a method of
               communication maintained by the Broker which does not permit
               designation of which Booked Shares shall be sold, the Broker
               shall sell the specified number of Shares on a last-in first-out
               basis. As of May 1, 1999, the only such method is the Broker's
               automated voice response unit.

           3)  The proceeds of sale of Booked Shares, net of any transaction
               fees associated to the sale, including but not limited to
               brokerage fees, wire transfer fees, and any taxes required to be
               withheld incident to the sale, shall be retained by the Broker
               for the benefit of the respective Participants; provided, if
               required by law or instructed in writing by the Participant,
               such net proceeds shall be converted by the Broker from United
               States currency to the Participant's local currency and
               delivered to the Participant.

       b)  A Participant may transfer ownership of Booked Shares by gift to the
           extent permitted by and in accordance with the Broker's customary
           practices and procedures and laws applicable to the Participant.

       c)  A Participant may sell any Shares issued to the Participant in
           certificate form at any time by means selected by the Participant and
           at the Participant's sole expense.

11.    Match on Retained Shares
       ------------------------

       a)  On or about each Offering Date, the Company shall announce the rate
           at which Shares offered on that Offering Date which become Retained
           Shares will be matched by the Company or the Participant's Employer.
           This match rate shall be determined with respect to Participants in
           each location by the Chief Executive Officer of Anheuser-Busch
           International, Inc. in his or her sole discretion, in a range between
           10% and 50% based on business performance for the fiscal year ending
           on December 31 prior to the Offering Date.

       b)  As of the second anniversary of the Purchase Date for any Retained
           Shares of a Participant, the Company or the Participant's Employer,
           as determined by the Company in its sole discretion, shall grant the
           Participant additional whole and fractional shares of Booked Shares
           based on the applicable match rate. Notwithstanding anything, an
           individual whose employment with the Company and all subsidiaries
           ends before the second anniversary of the Purchase Date for

                                       9

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           any Retained Shares shall not be eligible for this grant, unless the
           individual retires from status as an Eligible Employee on or after
           attainment of age 60.

12.    Currency Conversion
       -------------------

       a)  Any currency conversion required in connection with a Participant's
           election to purchase Shares pursuant to Section 7 or transfer of
           employment pursuant to Section 15 shall be carried out by the Company
           or the Participant's Employer by any means the Company selects in its
           reasonable discretion. On inception of the Plan, the rate of currency
           conversion used in connection with Share purchase shall be determined
           by the Company on the basis of rates published on the first business
           day of the calendar month that ends immediately prior to the affected
           Purchase Date.

       b)  Any currency conversion required in connection with a transaction
           related to Booked Shares held by the Broker shall be carried out by
           the Broker in accordance with its customary practices and procedures.

13.    Statements
       ----------

       Participants shall receive statements of their Savings Accounts and Share
       transactions not less frequently than annually.

14.    Termination of Employment
       -------------------------

       a)  Termination of employment includes the separation of a Participant,
           directly or through the separation of his or her Employer, from the
           group of companies comprised of the Company and its Subsidiaries for
           any reason, including death, permanent or indefinite disability,
           retirement, resignation, dismissal, permanent or indefinite layoff
           or other event having a similar effect, or by reason that the
           Participant's Employer ceases to be a Subsidiary or a division of
           a Subsidiary.

       b)  In the event of a Participant's termination of employment with the
           Company and all of its Subsidiaries for any reason other than death,
           all of the Participant's outstanding offers to purchase Shares shall
           immediately be cancelled. The Participant or the beneficiary
           designated by the Participant or required by law with respect to
           a deceased Participant may treat any Booked Shares owned by the
           Participant at the time of termination of employment as his or her
           own property.

       c)  A Participant or beneficiary shall not be eligible for any match of
           the type provided for in Section 11 after termination of employment
           except a Participant who retires on or after attainment of age 60.

                                       10

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       d)  If a Participant's termination of employment ends by reason of the
           Participant's death, the beneficiary designated by the Participant or
           required by law may elect to apply all or part of the amount of the
           Participant's Savings Account to purchase Shares then available to
           the Participant in accordance with Section 7 for a period not in
           excess of six (6) months from the Participant's date of death.

       e)  Layoff or approved leave of absence shall not be treated as
           termination of employment for this purpose, provided that the
           Participant returns to work within twelve (12) months after the
           period of layoff begins or before the expiration of the approved
           leave of absence, as the case may be. In the event that the
           Participant does not return to work within the period of time
           provided for in this paragraph (d), the Participant's employment
           shall be deemed terminated as of the first day of such layoff or
           leave of absence. If the period of layoff or approved leave of
           absence includes the date on which the Participant would otherwise be
           eligible for the match on any Retained Shares pursuant to Section 11,
           the match shall not be awarded unless the Participant returns to work
           within the period of time provided for in this paragraph (d), and if
           the match is awarded with respect to such Retained Shares, it shall
           be awarded as of the Purchase Date following the Participant's return
           to work.

15.    Transfers
       ---------

       a)  If a Participant transfers from one location where Plan participation
           is available to another location where Plan participation is
           available, to the extent permitted by law, the Participant shall
           continue to participate in the Plan without interruption; provided,
           except as limited by law: (1) the Participant shall re-enroll in the
           new location for purposes of authorizing Plan contributions to his or
           her Savings Account; (2) the Participant shall authorize transfer of
           the amount in his or her Savings Account in the prior location to his
           or her Savings Account in the new location at then prevailing
           exchange rates; and (3) the Participant shall be subject to any local
           rules in the new location with respect to Shares purchased with his
           or her Savings Account in the new location, including amounts
           transferred from his or her Savings Account in the old location.

       b)  If a Participant transfers from a location where Plan participation
           is available to a location where Plan participation is not available,
           to the extent permitted by law, the Participant may use his or her
           Savings Account to purchase Shares then available to the Participant
           under all Share offerings on the Purchase Date preceding the
           transfer, and the Participant may elect to sell the Shares so
           purchased and any Booked Shares then owned by the Participant or to
           receive the Shares in certificate form pursuant to procedures then in
           use under Sections 7 and 10 of the Plan or retain the Shares as
           Booked Shares, in accordance with and subject to the practices and
           procedures of the Broker. If no Purchase Date occurs between the date
           the Participant is notified of the transfer and the

                                       11

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           Participant's transfer date, the Company shall determine in its
           sole discretion when and how the Participant's participation in
           the Plan shall be terminated.

       c)  If an Eligible Employee transfers from a location where Plan
           participation is not available to a location where Plan participation
           is available, the Eligible Employee may become a Participant as of
           the next regular Offering Date in the new location so long as the
           Employee joined the Company and its Subsidiaries before January 1
           next preceding the Offering Date.

16.    Plan Changes and Termination
       ----------------------------

       a)  The Company is under no obligation to make Share offerings under this
           Plan. The Company may make changes to the Plan in respect of any
           Share offering prior to its Offering Date; provided that no change
           shall increase the maximum number of Shares issuable under the Plan
           without approval of the Stock Option Plans Committee of the Board or
           expand the definition of Eligible Employee.

       b)  The Company may terminate the Plan with respect to any or all groups
           of Eligible Employees at any time.

       c)  Any Employer may withdraw from the Plan at any time by three (3)
           months' advance written notice to the Company; provided, in that
           case, that affected Participants shall not be prohibited from
           applying amounts in their respective Savings Accounts to outstanding
           Share Offerings as of the Purchase Date coincident with or next
           preceding the date of withdrawal.

17.    Variation in Plan Rules
       -----------------------

       The Company in its sole discretion may change the Plan Rules with respect
       to specific locations and the Participants of any Employer in those
       locations. Such changes may be reflected in Exhibits to this document or
       by other methods determined by the Company.

18.    Administration
       --------------

       a)  Responsibility for administration of the Plan shall be shared by the
           Company and each Employer in the matter determined by the Company in
           its sole discretion from time to time and place to place. The Company
           and the Employers shall appoint local representatives to handle Plan
           administration to the extent they deem appropriate.

       b)  The Company shall have sole authority and responsibility to construe
           and interpret the Plan and establish, amend, and revoke rules,
           regulations and procedures for its administration. The Company in the
           exercise of this authority and responsibility shall generally
           determine all questions of policy and

                                       12

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<PAGE>

           expediency that may arise, may correct any defect, supply any
           omission or reconcile any inconsistency in the Plan or in any
           instrument associated with the Plan in a manner and to the extent
           it shall deem necessary or expedient. The Company's interpretation
           and construction of any provision of the Plan shall be final and
           conclusive.

       c)  The Company shall act through its Vice President, Employee Benefits
           and through his or her delegates. The Company may appoint any one or
           more employees to act as a Committee to carry out any one or more of
           its administrative duties under the Plan.

19.    Changes in Capital Stock
       ------------------------

       a)  In the event of a change in the Company's capital stock as a result
           of any dividend or distribution (whether in the form of cash, Shares,
           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
           Shares or other securities of the Company, issuance of warrants or
           other rights to purchase Shares or other securities of the Company or
           any other similar corporate transaction, change or event, the
           aggregate number and class of Shares available in subsequent
           offerings under the Plan and the number, class and price of Shares
           subject to outstanding offers under the Plan shall be adjusted in the
           same manner and to the same extent as under the Company's 1998
           Incentive Stock Plan, except as otherwise determined by the Stock
           Option Plans Committee of the Board.

       b)  If 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, Shares then
           subject to offer shall be treated in the same manner as Awards under
           the Company's 1998 Incentive Stock Plan, except as otherwise
           determined by the Stock Option Plans Committee of the Board.

20.    Miscellaneous
       -------------

       a)  No discretion granted or allowed to the Company shall apply to Shares
           after their Offering Date.

       b)  Nothing in this Plan shall confer on any person any expectation to
           continue in the employ of any Employer or interfere in any manner
           with the right of any Employer to change or terminate any person's
           employment at any time for any reason or for no reason, to the extent
           allowed under governing law.

                                       13

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21.    Governing Law
       -------------

       a)  Except as otherwise expressly required under the laws of a country,
           this Plan and all rights hereunder shall be governed by and construed
           in accordance with the laws of the state of Delaware, United States
           of America.

       b)  Should any provision of this Plan be determined by a court of
           competent jurisdiction to be unlawful or unenforceable for a country,
           such determination shall in no way affect the application of that
           provision in any other country, or any of the remaining provisions
           of the Plan.

                                       14

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