Document:

Exhibit 10.13

Exhibit 10.13

Executed
in Duplicate

 

 
RESTRICTED
STOCK AGREEMENT

Pursuant
to

CONSTELLATION
BRANDS, INC.

LONG-TERM
STOCK INCENTIVE PLAN

Name of
Participant: _________________________

Date of
Grant: 

Number of
Shares:  _____

Value of
Each Share on Date of Grant: $_____

This
RESTRICTED
STOCK AGREEMENT (the
"Agreement"), dated as of __________________, is made between Constellation
Brands, Inc. (the
"Company") and ________________________ (the
"Participant") to record the granting of Restricted Stock on ________________
(the "Date of Grant") to the Participant pursuant to the Company's Long-Term
Stock Incentive Plan, as amended from time to time (the "Plan").

The
Company and the Participant hereby agree as follows:

1.     Grant
of Shares. The
Company hereby grants to the Participant, as of the Date of Grant, subject to
and in accordance with the terms and conditions of the Plan and this Agreement,
_____________ shares of the Company's Class A Common Stock, par value $.01 per
share (the "Class A Stock"). (The grant of shares of Class A Stock to the
Participant, evidenced by this Agreement, is an award of Restricted Stock (as
defined in the Plan) and such shares of Restricted Stock are referred to herein
as the "Shares".)

2.     Vesting
of Shares.

(a)     Service. 
Ownership of 100% of the Shares shall vest on 

_________________,
provided that the
Participant continues as a member of the Company’s Board of Directors until such
date.

(b)    Death
or Disability. 
If the
Participant ceases being a member of the Company’s Board of Directors as a
result of the Participant’s death or disability, the Shares shall immediately
vest. For this purpose, “disability” means a long-lasting physical or mental
impairment that prevents the Participant from performing his/her duties as a
member of the Company’s Board of Directors, as solely determined by the Board of
Directors.

(c)     Termination.  If
the Board of Directors decides not to nominate the Participant for an additional
term as a member of the Company’s Board of Directors, unless such decision is
for Cause, the Shares shall vest on the date of the Company’s next Annual
Meeting of Stockholders, at which directors are elected.

 

 

 

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(d)     Change
in Control.
The
Shares are subject to the provisions of the Plan pertaining to a Change in
Control of the Company.

3.     Forfeiture. 
Shares that do not become vested in accordance with the vesting criteria set
forth in Section 2 above (and any dividends or other distributions related to
such Shares) shall be forfeited to the Company.

4.     Legend. 
Each share certificate representing the Shares shall bear a legend indicating
that such Shares are "Restricted Stock" and are subject to the provisions of
this Agreement and the Plan.

5.     Transferability;
Restricted Share Certificates to be Held by the Company. 
The Shares shall become transferable only when they become vested in accordance
with Section 2 of this Agreement. Share certificates representing all unvested
Shares shall be held by the Company until such Shares have become vested. As the
Shares vest, and as all other restrictions and conditions set forth in this
Agreement and under the Plan (as they apply to Restricted Stock) are satisfied,
certificates representing the Shares (along with any dividends and other
distributions relating to those Shares) shall be released to the Participant. At
that time, the Company shall take such steps as may be appropriate to delete the
legend on the certificate which identifies the Shares as Restricted
Stock.

6.     Section
83(b) Election. 
The Participant may elect, within 30 days of the Date of Grant pursuant to
Section 83(b) of the Internal Revenue Code, to include in his or her gross
income the fair market value of the Shares covered by this Agreement in the
taxable year of grant. If the Participant makes this election, he shall promptly
notify the Company by submitting to the Company a copy of the statement filed
with the Internal Revenue Service in which the Participant makes such
election.

7.     General
Restrictions on Issuance of Stock Certificates. 
The Company shall not be required to deliver any certificate representing the
Shares until it has been furnished with such opinions, representations or other
documents as it may deem necessary or desirable, in its discretion, to insure
compliance with any law or Rules of the Securities and Exchange Commission or
any other governmental authority having jurisdiction under the Plan or over the
Company, the Participant, or the Shares or any interests granted thereunder.
This award of Restricted Stock is also subject to the condition that, if at any
time the Committee administering the Plan shall determine, in its discretion,
that the listing, registration or qualification of the Shares (or any capital
stock distributed thereon) upon the New York Stock Exchange, any other
securities exchange, the NASDAQ Stock Market or under any state or Federal law
or other applicable Rule, or the consent or approval of any governmental
regulatory body, is necessary or desirable as a condition of, or in connection
with, the granting of this award of Restricted Stock or the issue of the Shares
(or the issue of any dividends or other distributions related to the Shares),
the Shares (and any dividends or other distributions related thereto) may not be
transferred unless such listing, registration, qualification, consent or
approval shall have been effected or obtained to the complete satisfaction of
the Committee and free of any conditions not acceptable to the
Committee.

 

2

 

8.     Rights
as Shareholder. 
Except for the dividend and distribution restrictions described below, and the
transfer and other restrictions set forth elsewhere in this Agreement and in the
Plan, the Participant, as record holder of the Shares, shall possess all the
rights of a holder of the Company's Class A Stock, including voting, dividend
and other distribution rights, provided, however, that prior to vesting, the
certificates representing the Shares, as well as any dividends or other
distributions with respect to such Shares, shall be held by the Company for the
benefit of the Participant. Any distributions with respect to the Shares in the
form of capital stock shall be treated as Restricted Stock in the same manner as
the Shares. If the underlying Shares do not vest, then any capital stock
distributed with respect to the Shares, as well as any other dividends or other
distributions with respect to such Shares, shall be forfeited to the Company.
The Participant agrees to deliver to the Company a stock power executed in blank
covering the Shares (and covering any capital stock distributed with respect to
such Shares) which shall be returned to Participant with the appropriate stock
certificate when the Shares represented thereby vest. The stock power with
respect to any certificate representing Shares which do not vest shall be
completed in the name of the Company by an officer of the Company and returned
to the treasury. 

9.     Adjustment
of Shares.  As
provided by the Plan, in the event of any change in the Class A Stock of the
Company by reason of any stock dividend, stock split, recapitalization,
reorganization, merger, consolidation, split-up, combination, or exchange of
shares, or rights offering to purchase Class A Stock at a price substantially
below fair market value, or of any similar change affecting the Class A Stock,
the Shares shall be adjusted automatically consistent with such change to
prevent substantial dilution or enlargement of the rights granted to, or
available for, the Participant hereunder. 

10.     Coordination
With Plan. 
The Participant acknowledges that (he or
she) has
previously received a copy of the Plan and agrees to be bound by all of the
terms and provisions thereof, including any which may conflict with those
contained in this Agreement. Capitalized terms used in this Agreement and not
otherwise defined shall have the meaning given to such terms under the
Plan.

11.      Notices. 
All notices to the Company shall be in writing and sent to the Company's General
Counsel at the Company's offices located at 370 Woodcliff Drive, Suite 300,
Fairport, New York, 14450. Notices to the Participant shall be addressed to the
Participant at _____________________________.

 

 

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IN
WITNESS WHEREOF, the
Company and the Participant have caused this Restricted Stock Agreement to be
executed on the date set forth opposite their respective signatures, it being
further understood that the Date of Grant may differ from the date of
signature.

Dated:
_______________________                                                       CONSTELLATION
BRANDS, INC.

                                            By:
___________________________

                                            Its:
____________________________

Dated:
_______________________                                                       PARTICIPANT

                                            _______________________________

                        [Name of
Participant] 

 

 

 

 

4Unassociated Document

Exhibit
10.18

[LOGO]

CONSTELLATION

 

 

MEMORANDUM

TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS

[Date]

The CONSTELLATION BRANDS, INC. Incentive Stock Option Plan, as
amended from time to time (the “Plan”), enables Constellation Brands, Inc. (the
“Company”) to grant stock options to purchase Class A Common Stock, par value
$.01 per share, of the Company (a “Share” or the “Shares”) to employees of the
Company or any of its subsidiaries (each, when granted a stock option, an
“Optionee”). The stock options represented by this Memorandum and the
accompanying award letter (respectively, the “Options” and the Memorandum and
accompanying award letter, together, the “Documents”) are subject to all of the
terms and conditions contained in the Documents. By accepting delivery of the
Documents, the Optionee agrees to be bound by the terms and conditions of the
Documents.

	
      1.
	
      Term
      of Options. The Options, granted on__________ (the “Date of Grant”),
      will terminate and expire, to the extent not previously exercised, at 5:00
      p.m. Eastern Time on ___________ or such earlier date upon which the
      Options, or portion thereof, terminate or expire pursuant to the terms of
      the Plan (the “Expiration Date”).

	
      2.
	
      Exercise
      of Options.

	 	
      (a)
	
      The
      Options may be exercised at any time and from time to time, prior to the
      Expiration Date or an earlier termination, according to the percentages
      and exercise dates set forth in the following vesting schedule: ___% of
      the number of Shares subject to the Options (the “Option Shares”) shall
      become exercisable on or after ___________; an additional ___% of the
      Option Shares shall become exercisable on or after ____________; an
      additional ___% of the Option Shares shall become exercisable on or after
      ___________; an additional ___% of the Option shares shall become
      exercisable on or after ___________; and the remaining ___% of the Option
      Shares shall become exercisable on or after
___________.

	 	
      (b)
	
      The
      Optionee can exercise Options by complying with the provisions of the Plan
      and by following instructions provided in materials distributed by the
      Company. The exercise price, $______ per share (the “Exercise Price”), for
      the number of Option Shares being purchased and any related withholding
      tax obligations may be paid by the Optionee by (i) delivery of cash, money
      order or a certified or cashier’s check; (ii) tendering previously
      acquired Shares, as provided for in the Plan; (iii) delivery of
      irrevocable instructions to a broker or other agent acceptable to the
      Company to promptly sell a sufficient portion of Shares received under the
      Option and to deliver to the Company the appropriate amount of proceeds;
      and/or (iv) any other payment method that is established by the Committee
      as defined in the Plan (which payment method may be restricted or
      eliminated from time to time by the Committee, in its sole
      discretion).

	 	
      (c)
	
      The
      Company will, without transfer or issue tax to the Optionee, issue and
      cause to be delivered to the Optionee a certificate or certificates for
      the number of Shares purchased as soon as reasonably practicable after the
      Optionee has appropriately exercised any Options. The Company is not
      required to issue Shares to the Optionee until all obligations to withhold
      taxes have been resolved to the satisfaction of the
    Company.

	
      3.
	
      Termination
      of Employment. 

	 	
      (a)
	
      Acceleration
      upon Termination of Employment. Subject to Section 3(c)(iii) below, if
      an Optionee’s employment with the Company or the subsidiary by whom the
      employee is employed (the “Employer”) terminates for reasons of Retirement
      (as defined in the Plan), Disability (as defined in the Plan) or death,
      all the unvested Option Shares shall become immediately vested and
      exercisable on the date of Retirement, date of Disability or date of
      death.

	 	
      (b)
	
      Duration
      of Exercise Following Termination of Employment. Subject to Section
      3(c) below, Options which have vested prior to the termination of the
      Optionee’s employment with the Employer may be exercised as
      follows:

	 	
      (i)
	
      within
      thirty (30) days after the date on which the Optionee’s employment with
      the Employer terminates (the “Termination Date”), except as otherwise
      provided in Subsections 3(b)(ii) and (iii) below;

	 	
      (ii)
	
      if
      the Optionee’s employment terminates as a result of a Disability, within
      one (1) year after the date of Disability; or

	 	
      (iii)
	
      if
      the Optionee’s employment terminates as a result of death, within one (1)
      year after the date of death by the Optionee’s designated beneficiary,
      legal representative or permitted
transferee.

	 	
      (c)
	
      Limitations
      on Exercise Following Termination of
  Employment. 

	 	
      (i)
	
      The
      time periods set forth in Section 3(b) above are subject to the
      restriction that Options may not be exercised after their Expiration Date.
      

	 	
      (ii)
	
      The
      time periods set forth in Section 3(b) are also subject to the restriction
      that no Option may be exercised by any person if the Optionee (i) is, or
      at any time after the date of grant has been, in competition with the
      Company or its affiliates, or (ii) has been terminated by
      the Employer for Cause, as defined in the
Plan.

	 	
      (iii)
	
      Except
      as otherwise provided by the Committee or by an employment agreement
      between the Optionee and the Employer, (i) the only Options that may
      be exercised after the Termination Date, date of Retirement, date of
      Disability or date of death (as applicable, the “Event Date”) are those
      Options that were exercisable by the Optionee on the Event Date; and (ii)
      any Options which are not exercisable on the Event Date will automatically
      terminate on the Event Date. 

	 	
      (iv)
	
      Any
      Options which are exercisable on the Event Date, but which are not
      exercised within the applicable period specified in Section 3(b) above,
      will automatically terminate at the end of that applicable
      period.

	
      4.
	
      Adjustments
      for Certain Events. The number and kind of unexercised Options and the
      Exercise Price of such Options are subject to adjustment in the event that
      certain transactions are taken by the Company which affect the Company’s
      Shares.

	
      5.
	
      Type
      of Options. The Options are incentive stock options granted pursuant
      to Section 5 of the Plan.

	
      6.
	
      No
      Transfer of Options. Unless transferability is permitted under certain
      conditions as determined by the Committee and applicable IRS Rules for
      incentive stock options, the Options are not transferable by the Optionee
      other than by will or the laws of descent and distribution.
    

	
      7.
	
      General
      Restriction on Issuance of Stock Certificates. The Company may require
      information or documents which enable it to insure compliance with any law
      or Rules (as defined in the Plan) of the Securities and Exchange
      Commission or any other governmental authority having jurisdiction under
      the Plan before it delivers any certificate upon the exercise of any
      Options. If at any time the Committee administering the Plan shall
      determine that the listing, registration or qualification of the Option
      Shares under any state or federal law or other applicable Rule, or the
      consent or approval of any governmental regulatory body, is necessary or
      desirable as a condition of the granting of the Options or the issue or
      purchase of Shares thereunder, such Options may not vest or be exercised
      in whole or in part unless such listing, registration, qualification,
      consent or approval shall have been effected or obtained free of any
      conditions not acceptable to the
Committee.

	
      8.
	
      Limitation
      on Sale or Disposition of Option Shares. If the Committee determines
      that the ability of the Optionee to sell or transfer Option Shares is
      restricted, then the Company may place a restrictive legend on
      certificates representing such Option Shares. If a legend is placed on an
      Optionee’s certificate, the Optionee may only sell the Option Shares
      represented by such certificate in compliance with such
      legend.

	9.		
      Incorporation
      of Plan. The Options are subject to the terms and conditions of the
      Plan, which are incorporated herein by reference. The Company, upon
      request, will provide a copy of the Plan to the Optionee. To the extent
      that the terms and conditions of the Documents are inconsistent with the
      Plan, the provisions of the Plan shall
control.

	10.		
      Applicable
      Times and Dates. All references to times and dates in the Plan and in
      documents relating to the Plan refer, respectively, to Eastern Standard
      Time (or Eastern Daylight Savings Time) in the United States of America
      and to dates in New York State based on such Eastern Standard Time (or
      Eastern Daylight Savings Time, as
appropriate).

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