Document:

EX-10.2

 EXHIBIT 10.2 
 SEVERANCE AGREEMENT 
 This Severance Agreement (the “Agreement”), entered into
effective May 7, 2013, is between American Pacific Corporation, a Delaware corporation having its principal place of business at 3883 Howard Hughes Parkway, Suite 700, Las Vegas, Nevada 89169 (the “Company”), and Aslam Malik, an
individual residing at the address set forth below his signature at the end of this Agreement and currently the President of Ampac Fine Chemicals, LLC and Vice President of American Pacific Corporation (“Executive”) (collectively,
“the parties”). 
 1. Severance Benefits 

Unless Executive’s employment is terminated for Cause or by death or Disability (as defined below), if the Company terminates
Executive’s employment: 
 (a) The Company, in an attempt to ease Executive’s transition, and upon receipt
of a mutually satisfactory release of potential claims against the Company, shall pay Executive all compensation due and owing through the last day actually worked, and shall continue to pay to Executive, in accordance with the Company’s then
effective payroll practices, Executive’s then effective base salary (but not any employee benefits), less applicable withholding, for a period of three (3) years from the date the employment relationship with the Company terminates (the
“Termination Date”); provided, however, that such payments by the Company shall be offset, during the third year following the Termination Date, by income paid to Executive by another employer other than the Company, which income Executive
shall promptly report to the Company. For the avoidance of doubt, for purposes of this Section 1(a), base salary shall not include any perquisites or similar benefits provided to Executive prior to the Termination Date, including, without
limitation, any automobile allowance, club membership or right to use aircraft otherwise provided by the Company for the use by the Company’s executives. 
 (b) If Executive elects to convert his Company group health coverage under COBRA, the Company will pay Executive’s COBRA premiums until the earlier of (1) the eighteenth (18th) month anniversary
of the Termination Date or (2) Executive becomes covered by another employer’s group health plans. 

(c) All shares of restricted stock granted to Executive, all unexercised options to purchase Company common stock and any
other equity awards of the Company, in each case that are unvested at the time of such termination of employment of Executive, shall become, immediately prior to the Termination Date, fully vested and, as applicable, exercisable. 

(d) The payments and benefits described in this Section 1 shall be conditioned upon Executive’s continued compliance
with the material obligations described in this Agreement. Should Executive violate any such obligations, as determined by the Company in good faith, all further payment obligations shall cease. 

2. Other Terminations 
 (a) Termination by Company for Cause. At any time, and without prior notice, the Company may terminate Executive’s employment for Cause (as defined below). In such case, the Company shall pay
Executive all compensation then due and owing; thereafter, all of the Company’s obligations under this Agreement shall cease. Termination for “Cause” shall mean termination of Executive’s employment because of Executive’s
(i) involvement in fraud, misappropriation or embezzlement related to the business or property of the Company and/or its subsidiaries or affiliates; (ii) conviction for, or guilty or “no contest” plea to, a felony; and/or
(iii) a pattern of failure to substantially perform his duties to the Company, provided, however, that if such Cause is reasonably curable, the Company shall not terminate Executive’s employment unless the Company first gives notice of its
intention to terminate and the grounds of such termination, and Executive has not, within thirty (30) days following receipt of such notice, cured such Cause, to the satisfaction of the Company. 

(b) Termination by Executive. At any time, Executive may terminate his employment with the Company for any reason, for
any or no reason, by providing the Company thirty (30) days’ advance written notice. The Company shall have the option, in its complete discretion, to make such termination of employment effective at any time prior to the end of such
notice period, provided that the Company pays Executive all compensation due and owing through the last day actually worked, plus an amount equal to the then effective base salary, less applicable withholding, Executive would have earned through the
balance of the above notice period; thereafter, all of the Company’s obligations under this Agreement shall cease. 

  
 Page 1 of Exhibit 10.2

 (c) Termination by Death. If Executive shall die while still an employee
of the Company, Executive’s employment with the Company shall be deemed to have terminated upon the date of death of Executive. The Company shall pay to Executive’s beneficiaries or estate, as appropriate, compensation then due and owing
as of the date of death, and shall continue to pay Executive’s salary and benefits (to the extent consistent with the terms of the relevant benefit plan), through the second full month after Executive’s death. As of the date of death, all
unvested stock options or other equity awards granted to Executive to the date of death shall become fully vested and, as applicable, exercisable, and may be exercised by the appropriate representative of Executive’s estate. Thereafter, all
obligations of the Company under this Agreement shall cease. Nothing in this Section 2(c) shall affect any entitlement of Executive’s heirs to the benefits of any life insurance, vested funds in plans governed by provisions of state or
federal laws, including but not limited to 401(k), deferred compensation, pension, or other similar employee benefit plans. 
 (d) Termination by Disability. If, in the sole opinion of the Company, Executive shall suffer a Disability (as defined below), and, to the extent permitted by law, the Company shall terminate
Executive’s employment, the Company shall pay to Executive all compensation to which Executive is entitled through the last day of the month in which Executive has been determined to have a Disability, and, thereafter, there shall be no other
obligations of the Company under this Agreement. Nothing in this Section 2(d) shall affect Executive’s rights under any disability plan in which he is a participant. For purposes of this Agreement, “Disability” shall mean
(i) Executive’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of
not less than twelve (12) months, or (ii) Executive’s receipt, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than twelve (12) months, of income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company. 

3. Termination of Employment Following Corporate Transition 

(a) Corporate Transition Defined. For purposes of this Agreement, a “Corporate Transition” shall include any
of the following transactions to which the Company is a party: (A) a merger or consolidation in which the Company is not the surviving entity and securities representing more than fifty percent (50%) of the total combined voting power of
the Company’s outstanding securities are transferred to a holder different from those who held such securities immediately prior to such merger; (B) the sale, transfer or other disposition of all or substantially all of the assets of the
Company in liquidation or dissolution of the Company; (C) any reverse merger in which the Company is the surviving entity but in which securities representing more than fifty percent (50%) of the total combined voting power of the
Company’s outstanding securities are transferred to a holder(s) different from those who held such securities immediately prior to such merger; or (D) any cash dividend paid by the Company that, in the aggregate with all other dividends
paid in any twelve month period, is greater than the combined earnings of the Company for the Company’s two fiscal years prior to such dividend payment date. In addition, a Corporate Transition shall also include a “Change in Control”
as such term is defined in the Company’s 2008 Stock Incentive Plan. None of the foregoing events, however, shall be considered a Corporate Transition under this Agreement unless the event also qualifies as a change in the ownership or effective
control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, under Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended, the regulations thereunder, and any other published
interpretive authority, as issued or amended from time to time. Except as provided otherwise in this Section 3, in the event of a Corporate Transition, the provisions of Section 1 and Section 2(b) above shall not apply. 

(b) Acceleration of Vesting at Time of Corporate Transition. Should a Corporate Transition take place, all unvested
shares of restricted stock granted to Executive, all unvested and unexercised options to purchase Company stock granted to Executive, and all other unvested equity awards under the 2008 Stock Incentive Plan or similar employee benefit plan, in each
case at the time of the Corporate Transition, shall become, immediately prior to such Corporate Transition, fully vested and, as applicable, exercisable. 

  
 Page 2 of Exhibit 10.2

 (c) Severance Benefits in the Event of Termination Following Corporate
Transition. In the event of Executive’s termination, other than for Cause or by death or Disability, following a Corporate Transition, and upon receipt of a mutually satisfactory release of potential claims against the Company and any
successor, Executive shall be entitled to the payments and benefits described in Sections 1(a) and 1(b) above. Such payments and benefits shall be conditioned upon Executive’s continued compliance with the material obligations described in
this Agreement. Should Executive violate any such obligations, as determined by the Company in good faith, all further obligations shall cease. 
 4. Termination Obligations 
 (a) Return of Company’s Property.
Executive hereby acknowledges and agrees that all personal property, including, without limitation, all books, manuals, records, reports, notes, contracts, lists, blueprints, and other documents, or materials, or copies thereof, and equipment,
furnished to or prepared by Executive in the course of or incident to Executive’s employment, belong to the Company and shall be promptly returned to the Company upon termination of Executive’s employment. 

(b) Representations and Warranties Survive Termination of Employment. The representations and warranties contained
herein shall survive termination of Executive’s employment and expiration of this Agreement. 

(c) Cooperation in Pending Work. Following termination of Executive’s employment with the Company for any reason,
Executive shall fully cooperate with the Company in all matters relating to the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees of the Company. Executive shall also cooperate in the defense of
any litigation, whether judicial or administrative, brought by any third party against the Company that relates in any way to Executive’s knowledge, acts or omissions or duties while employed by the Company. If Executive’s cooperation in
the defense of any such action requires more than ten (10) hours of Executive’s time, Executive and the Company shall agree on appropriate remuneration for Executive’s time and expenses. 

(d) Post-Employment Obligations. Executive acknowledges and agrees that during his employment with the Company, he has had,
and will have, access to Confidential Information (as defined below) and the activities forbidden by this subsection would necessarily involve the improper use and disclosure of this Confidential Information. 

(1) To forestall this use or disclosure, Executive agrees that during the period described in Section 1(a) or
Section 3(c) when payments to Executive are being made, or for two years after the termination of Executive for Cause or by Disability, Executive shall not, directly or indirectly, (i) divert or attempt to divert from the Company (or any
affiliate thereof) any business of any kind in which the Company (or any affiliate thereof) is engaged at the time the Executive’s employment terminates; or (ii) employ or recommend for employment any person employed by the Company (or any
affiliate thereof), unless Executive can prove that any of the above actions was done without the use of Confidential Information. 
 (2) In addition to the above restrictions on competitive activity, and regardless of whether any use of Confidential Information is involved, Executive agrees that during the payment period referred to in
Section 1(a) or 3(c) Executive shall not, directly or indirectly, (i) solicit any Customer of the Company (or any affiliate thereof) known to Executive (while he was employed by the Company) to have been a Customer with respect to products
offered by the Company; or (ii) solicit for employment any person employed by the Company (or any affiliate thereof). For purposes of this subsection (d)(2) “Customer” shall mean a person or entity that within the twelve months
immediately preceding Executive’s termination of employment, purchased or placed orders for a product made or to be made by the Company, having an aggregate price for a single product of greater than $2,000,000. 

(e) Restriction on Use of Proprietary and Confidential Information. Following termination of employment with the
Company for any reason, Executive shall neither, directly or indirectly, use any Proprietary Information (as defined below) nor disclose any Confidential Information (as defined below), except as expressly and specifically authorized in writing by
the Company. The disclosure or publication, whether to an individual employed by the Company or not, of any Proprietary Information, through literature, speeches or discussion, must be approved in advance in writing by the Company. 

  
 Page 3 of Exhibit 10.2

 (f) Proprietary and Confidential Information Defined. “Proprietary
Information” is all information and any idea in whatever form, tangible or intangible, pertaining in any manner to the business of the Company and its subsidiaries and affiliates, or any of their employees, clients, consultants, or business
associates, which was produced by any employee of the Company or its subsidiaries or affiliates, in the course of his employment or otherwise produced or acquired by or on behalf of the Company or its subsidiaries or affiliates. All Proprietary
Information not generally known outside of the Company’s organization, and all Proprietary Information so known only through improper means, shall be deemed “Confidential Information.” Without limiting the foregoing definition,
Proprietary and Confidential Information shall include, but not be limited to: (i) formulas, teaching and development techniques, processes, trade secrets, computer programs, electronic codes, inventions, improvements, and research projects;
(ii) information about costs, profits, markets, and sales; (iii) customer lists, records of customer services, usages and requirements, sketches and diagrams of the Company’s or customers’ facilities, and similar records;
(iv) business, marketing, and strategic plans; and (v) employee personnel files and compensation information. All information disclosed to Executive or to which Executive obtains access during Executive’s employment with the Company,
or to which Executive obtains access by reason of his employment by the Company, that Executive has a reasonable basis to believe is or may be Confidential Information, shall be presumed to be Confidential Information. Executive should consult any
Company procedures instituted to identify and protect certain types of Confidential Information, which are considered by the Company to be safeguards in addition to the protection provided by this Agreement. Nothing contained in those procedures or
in this Agreement is intended to limit the effect of the other. 
 5. 409A Provisions 

This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and shall be construed accordingly; provided, however, that the Company makes no representation that the amounts or benefits payable under this Agreement will comply with Code Section 409A and makes no undertaking to prevent
Code Section 409A from applying to any amounts or benefits payable under this Agreement, or to mitigate its effects on any amounts or benefits payable under this Agreement. The payment of any amounts or benefits under this Agreement shall be
delayed to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded companies) and in such event, any such amount to which
Executive would otherwise be entitled during the six (6) month period immediately following his termination of employment will be paid on the first business day following the expiration of such six (6) month period. For all purposes under
this Agreement, “Termination Date”, “termination of employment” and “terminate(s)” shall mean the occurrence of a “separation from service” as that term is defined in Code Section 409A(a)(2)(A)(i) and
Treas. Regs. Section 1.409A-1(h), and as amplified by any other official guidance. 
 6. Notices 

All notices or other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly
given if delivered by hand or mailed, postage prepaid, by certified or registered mail, return receipt requested, and addressed to the Company: 
 American Pacific Corporation 
 Attention: Chief Executive Officer 

3883 Howard Hughes Parkway, Suite 700 
 Las Vegas, Nevada 89169 
 and addressed to Executive at Executive’s address as set forth on the
signature page to this Agreement. 
 Executive and the Company shall be obligated to notify the other party of any change
in address. Notice of a change of address shall be effective only when made in accordance with this Section 6. 
 7. Entire
Agreement 
 This Agreement is intended to be the final, complete, and exclusive statement of the terms of
Executive’s rights to severance from the Company, and specifically supersedes that certain Notice of Eligibility to the Executive 

  
 Page 4 of Exhibit 10.2

 
dated January 24, 2007, with respect to the Ampac Fine Chemicals LLC Severance Pay Plan. Except for any stock option agreements, this Agreement supersedes all other prior and contemporaneous
agreements and statements pertaining in any manner to its subject matter and it may not be contradicted by evidence of any prior or contemporaneous statements or agreements. To the extent that the practices, policies, or procedures of the Company,
now or in the future, apply to Executive and are inconsistent with the terms of this Agreement, the provisions of this Agreement shall control. 
 8. Amendments, Waivers 
 This Agreement and the terms and conditions herein may
not be modified, amended, or waived except by an instrument in writing, signed by Executive and by the Company’s Chief Executive Officer pursuant to authorization of the Board of Directors or the Corporate Governance Committee thereof (or such
other committee of the Board of Directors acting as the compensation committee of the Board of Directors). No failure to exercise and no delay in exercising any right, remedy, or power under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, or power under this Agreement preclude any other or further exercise thereof, or the exercise of any other right, remedy, or power provided herein or by law or in equity. 

9. Assignment; Successors and Assigns 
 Executive agrees that he will not assign, sell, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, or by operation of law, any rights or obligations under this Agreement, nor shall
Executive’s rights be subject to encumbrance or the claims of creditors. Any purported assignment, transfer, or delegation shall be null and void. Nothing in this Agreement shall prevent the consolidation of the Company with, or its merger
into, any other corporation or other legal entity, or the sale by the Company of all or substantially all of its properties or assets, or the assignment by the Company of this Agreement and the performance of its obligations hereunder to any
successor in interest. In the event of a change in ownership or control of the Company, the terms of this Agreement will remain in effect and shall be binding upon any successor in interest. Notwithstanding and subject to the foregoing, this
Agreement shall be binding upon and shall inure to the benefit of the parties and their respective heirs, legal representatives, successors, and permitted assigns, and shall not benefit any person or entity other than those enumerated above.

 10. Severability; Enforcement 
 If any provision of this Agreement, or the application thereof to any person, place, or circumstance, shall be held by a court of competent jurisdiction to be invalid, unenforceable, or void, the remainder of this
Agreement and such provisions as applied to other persons, places, and circumstances shall remain in full force and effect. 
 11.
Governing Law 
 The validity, interpretation, enforceability, and performance of this Agreement shall be governed by
and construed in accordance with the law of the State of Nevada. 
 12. Arbitration 

Any claim or controversy between Executive and the Company or its successor arising under or in connection with this Agreement shall
be settled by arbitration in accordance with the then current Employment Dispute Resolution Rules of the American Arbitration Association and shall be the exclusive remedy for all arbitrable claims. The Company and Executive agree that arbitration
shall be held in or near Clark County, Nevada, before an arbitrator licensed to practice law in the State of Nevada. The arbitrator shall have authority to award or grant legal, equitable, and declaratory relief. Such arbitration shall be final and
binding on the parties. The Federal Arbitration Act shall govern the interpretation and enforcement of this section pertaining to arbitration. 
 This Agreement to arbitrate shall survive termination of Executive’s employment with the Company. 
 In any dispute arising under or in connection with this Agreement, the prevailing party shall be entitled to recover all costs and reasonable attorney’s fees. 

  
 Page 5 of Exhibit 10.2

 In the event Executive elects to file suit over a dispute covered by this
Section 12, the Company shall have the option to seek an order from any court of competent jurisdiction, or proceed to defend the case filed by Executive, who agrees herein to waive trial by jury and proceed to a trial by judge without jury.

 13. Acknowledgment of Parties 
 The parties acknowledge (a) that they have consulted with or have had the opportunity to consult with independent counsel of their own choice concerning this Agreement, and (b) that they have read and
understand the Agreement, are fully aware of its legal effect, and have entered into it freely based on their own judgment and not on any representations or promises other than those contained in this Agreement. 

14. Execution of Agreement 
 This Agreement may be signed by the parties hereto in counterparts, each of which shall be deemed an original and all of which, together, shall constitute one and the same agreement. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

			
	 AMERICAN PACIFIC CORPORATION

	
	 /s/ JOSEPH CARLEONE

	Name:	 	Joseph Carleone
	Title:	 	Chairman, President and CEO
	
	 /s/ ASLAM MALIK

	Name:	 	Aslam Malik
	Address:	 	3001 Oakwood Drive
		 	Cameron Park, CA 95682

  
 Page 6 of Exhibit 10.2EX-4.1

 Exhibit 4.1 

 
 

 
 Anheuser-Busch InBev 
 Exceptional Incentive Restricted Stock Units Programme 

 Terms and conditions relating to the Restricted Stock Units 

Definitions 
 When used
in this document, the following terms shall have the meaning ascribed to them as indicated below, unless expressly indicated otherwise: 
  

					
	AB InBev	 	Anheuser-Busch InBev NV/SA with its registered office at Grand Place 1, B-1000 Brussels, Belgium;
		
	Acceptance Form	 	the form in which the Participant confirms, among other things, his acceptance of the Offer of AB InBev and the Restricted Stock Units;
		
	ADS	 	an American Depositary Share issued under the deposit agreement with the Bank of New York Mellon (or any successor thereof) traded on the New York Stock Exchange (ISIN:
US03524A1088) and representing one Share or the right to receive one Share of AB InBev;
		
	Board of Directors	 	the board of directors of AB InBev;
		
	Code of Dealing	 	the AB InBev Dealing Code, as amended from time to time;
		
	Committee	 	the Remuneration Committee of AB InBev;
		
	Confirmation Period	 	the period during which a Participant must return the completed Acceptance Form to AB InBev, as indicated in the Offer Letter;
		
	Data Controller	 	AB InBev;
		
	Data Processor	 	any third party designated by the Data Controller to process Personal Data on behalf of the Data Controller in accordance with Clause 13 for the implementation,
administration and management of the Programme and the Share register and RSU register in electronic form;
		
	Dismissal	 	termination of employment by AB InBev or its subsidiaries.
		
	Dismissal for Serious Cause	 	termination of employment for serious cause (as determined by the Chief People Officer of AB InBev (or other designee of the Chief People Officer of AB InBev)
or, if applicable, as defined in relevant local law) by AB InBev or its subsidiaries;
		
	Divestiture	 	a situation whereby the Participant’s employer is no longer a subsidiary of AB InBev following a divestiture through the sale of shares in the said
AB InBev subsidiary or otherwise;
		
	Grant Date	 	has the meaning given to it in the Offer Letter;

  
  

1 

					
	Offer	 	the offer of Restricted Stock Units by AB InBev to the Participant as set out in the Offer Letter;
		
	Offer Letter	 	the notification, in paper format (letter) and/or in electronic format (e-mail), whereby AB InBev communicates the details of the Offer of Restricted Stock Units
made to a Participant under the Programme, together with the Acceptance Form;
		
	Outsourcing	 	a situation whereby (i) a Participant is dismissed by AB InBev or a subsidiary of AB InBev in the framework of a collective dismissal (in the meaning of
the Belgian Law of 13 February 1998 or its equivalent in the jurisdiction of the Participant) and is re-employed, together with the other persons who have been likewise dismissed, by a third-party company which is not an affiliate of
AB InBev and which provides services to AB InBev; or (ii) a Participant is transferred by AB InBev or a subsidiary of AB InBev in the framework of the Belgian Collective Bargaining Agreement No 32bis of
7 June 1985 (or its equivalent in the jurisdiction of the Participant) to a third-party company which is not an affiliate of AB InBev and which provides services to AB InBev;
		
	Participant	 	an employee of AB InBev or its subsidiaries who received an Offer Letter, who has duly completed and returned the Acceptance Form, or any Successor to whom
Restricted Stock Units have been transferred in accordance with these terms and conditions;
		
	Personal Data	 	each item of information relating to a Participant including (i) his/her identification data (e.g. name, private or professional contact details),
(ii) electronic identification data, (iii) personal characteristics (e.g. date of birth, gender, nationality), (iv) employer’s entity, (v) preferred language, (vi) financial data (e.g. details regarding bank account),
(vii) details of all stock options and all other entitlement to shares awarded, cancelled, purchased, vested, unvested or outstanding;
		
	Programme	 	the Exceptional Incentive Restricted Stock Units Programme;
		
	Prohibited Period	 	any period defined as such in the Code of Dealing;

  
  

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	Pro-Rata Formula	  	

		
		  	where:
			
		  	PRR	  	means the number of Restricted Stock Units that will remain in full force and effect following the termination of employment
			
		  	HR	  	means the number of Restricted Stock Units held by the Participant immediately prior to the termination of employment
			
		  	M	  	means the number of full calendar months of employment of the Participant within the AB InBev Group during the period from the Grant Date until the date of termination of
employment;
		
	Resignation	  	the termination by a Participant of employment with AB InBev or its subsidiaries;
		
	RSU or Restricted Stock Unit	  	the right to receive from AB InBev one existing Share in accordance with these terms and conditions; there are two series of Restricted Stock Units: A and B, for
which Vesting Dates and expiry rules differ;
		
	Share	  	an ordinary share of AB InBev (ISIN: BE0003793107);
		
	Successor	  	the successor of a Participant as determined under the applicable law of succession and/or the persons designated by a Participant, in accordance with the applicable law
of succession, to inherit the rights of the Participant under the Programme after the death of the Participant;
		
	Vesting Date	  	has the meaning given to it in the Offer Letter;
		
	Vesting Period	  	the period running from the Grant Date to the Vesting Date (inclusive).

  

	1	Approval of the Programme documentation 

 The Programme forms part of an agreement between the Participant and AB InBev. By returning to AB InBev their duly completed Acceptance Form, Participants unconditionally agree to be bound by the
contents of this document, the Offer Letter and the Acceptance Form. 
 A Participant who fails to return the completed
Acceptance Form before the expiry of the Confirmation Period will be deemed to have refused the Offer and the Restricted Stock Units. 

  
  

3 

	2	Nature and characteristics of the Restricted Stock Units 

  

	2.1	Vesting 

 The Restricted
Stock Units are subject to a Vesting Period as further described in the Offer Letter. 
 On or shortly after the Vesting Date,
AB InBev will deliver one Share per Restricted Stock Unit held by the Participant, subject to the provisions of these terms and conditions. Unless explicitly set forth otherwise in these terms and conditions, Restricted Stock Units do not
confer any shareholder’s rights. 
 At the request of the Participant, AB InBev may deliver ADSs listed on the New York
Stock Exchange in lieu of Shares upon vesting of the Restricted Stock Units. To this end, Participants will need to indicate in writing to optionmanager@inbev.com before the Vesting Date that they want to be delivered ADSs in lieu of Shares.
If a Participant requests to receive ADSs, all applicable references to Shares in the Programme, the Offer Letter and the Acceptance Form, shall mean ADSs with respect to such Participant. 

 

	2.2	Dividend protection 

Restricted Stock Units entitle their holder to a dividend equivalent during the Vesting Period, which represents an amount equal to the
gross dividend paid by AB InBev on the Shares underlying the Restricted Stock Units. This dividend equivalent will be granted to the Participants shortly after the payment of the dividend, in the form of additional Restricted Stock Units with
the same vesting conditions, including the same Vesting Date, and governed by the same terms and conditions as the original Restricted Stock Units. 
 The number of additional Restricted Stock Units to which a Participant is entitled upon payment of a dividend on the Shares underlying the Restricted Stock Units will be calculated by AB InBev. The
number will be equal to the amount of the gross dividend divided by the closing share price on Euronext Brussels of the AB InBev Share on the dividend payment date and multiplied by the number of Restricted Stock Units that the Participant holds.
The result of this calculation will be rounded down to the closest unit. 
  

	2.3	Transferability 

 Except
for transfers as a result of death (see Clause 5.6 below), Restricted Stock Units may not be transferred or encumbered with any security, pledge or other right, or otherwise pass to any third party. 

 

	3	Nature and characteristics of the underlying Shares 

  

	3.1	General 

 The Shares to be
delivered to the holders of Restricted Stock Units upon vesting of the Restricted Stock Units are existing ordinary Shares of AB InBev with all rights and benefits generally attached to such Shares. AB InBev will, at its discretion,
deliver Shares in dematerialised (electronic or book-entry) form or in registered form. 
  

	3.2	Dividends 

 The Shares
delivered upon vesting of the Restricted Stock Units give the right to the dividends paid on such Shares decided by AB InBev after the Vesting Date. 

  
  

4 

	3.3	Transferability 

 Unless
agreed otherwise between the Participant and AB InBev, the Shares delivered upon vesting of the Restricted Stock Units are not subject to any transfer restrictions under the rules of the Programme. 

 

	4	Expenses and taxes 

 All
costs related to the attribution of the Restricted Stock Units, the attribution of the additional Restricted Stock Units referred to in Clause 2.2 above and the delivery of the underlying Shares will be borne by AB InBev, except capital
gain taxes, taxes on stock exchange transactions and income and social security taxes on the income received by the Participants in connection with the delivery or the ownership of the Restricted Stock Units and with the delivery of the underlying
Shares or ADSs. To the extent permitted by law, AB InBev may withhold from any payment or delivery of Shares or ADSs any income or social security taxes that are required to be withheld under any applicable law, rule or regulation. 

 

	5	Expiry of the Restricted Stock Units before the Vesting Date and situation upon termination of employment 

 

	5.1	Termination of employment 

  

	 	5.1.1	Restricted Stock Units A 

Without prejudice to Clauses 5.2 to 5.6 below, in the case of termination of employment of a Participant, if employment ends before the
Vesting Date, all Restricted Stock Units held by the Participant will automatically expire and become null and void. 
  

	 	5.1.2	Restricted Stock Units B 

Without prejudice to Clauses 5.2. to 5.6 below, in the case of termination of employment of a Participant: 

 

	 	(i)	if employment ends before the end of the fifth year following the relevant Grant Date, all Restricted Stock Units held by the Participant will automatically expire and
become null and void; 

  

	 	(ii)	if employment ends on or after the end of the fifth year following the relevant Grant Date, a portion of the Restricted Stock Units will remain in full force and effect
and subject to these terms and conditions, provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after the employment has ended.

 The portion of Restricted Stock Units that will remain in full force and effect as indicated above will be
calculated by AB InBev on the basis of the Pro-Rata Formula. The remaining Restricted Stock Units will automatically expire and become null and void. 
 The rules under this Clause apply notwithstanding any recourse which might be introduced by a dismissed Participant against the termination of employment. 

  
  

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	5.2	Resignation and Dismissal for Serious Cause 

 Without prejudice to Clauses 5.4 and 5.5 below, in the case of Resignation or Dismissal for Serious Cause of a Participant before the Vesting Date, all Restricted Stock Units held by the Participant on
the effective date of the end of employment, will automatically expire and become null and void. 
 The rules under this Clause
5.2 apply notwithstanding any recourse which might be introduced by a dismissed Participant against such dismissal. 
  

	5.3	Outsourcing or Divestiture 

  

	 	5.3.1	Restricted Stock Units A 

Without prejudice to Clauses 5.4 and 5.5 below, in the case of Outsourcing or Divestiture, if the effective date of Outsourcing or
Divestiture occurs before the Vesting Date, all Restricted Stock Units held by the Participant will automatically expire and become null and void. 
  

	 	5.3.2	Restricted Stock Units B 

Without prejudice to Clauses 5.4 and 5.5 below, in the case of Outsourcing or Divestiture before the Vesting Date: 

 

	 	(i)	if the effective date of Outsourcing or Divestiture occurs before the end of the fifth year following the relevant Grant Date, all Restricted Stock Units held by the
Participant will automatically expire and become null and void; 

  

	 	(ii)	if the effective date of Outsourcing or Divestiture occurs on or after the end of the fifth year following the relevant Grant Date, a portion of the Restricted Stock
Units will remain in full force and effect and subject to these terms and conditions, provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be
agreed upon after the employment has ended. 

 The portion of Restricted Stock Units that will remain in full
force and effect as indicated above will be calculated by AB InBev on the basis of the Pro-Rata Formula. The remaining Restricted Stock Units will automatically expire and become null and void. 

The rules under this Clause 5.3 apply notwithstanding any recourse which might be introduced by a Participant against the Outsourcing or
Divestiture. 
  

	5.4	Termination of employment after cumulated age of 70 

 Notwithstanding Clauses 5.1 to 5.3 above, in the case of termination of employment before the Vesting Date, other than a termination of employment resulting from a Dismissal for Serious Cause, at or after
a cumulated age of 70 (i.e. the sum, on the date of the end of employment, of (i) the age of the Participant and (ii) the number of years of employment of the Participant within the AB InBev Group), the rules set forth below will apply.

  

	 	5.4.1	Restricted Stock Units A 

All Restricted Stock Units held by the Participant will automatically expire and become null and void. 

  
  

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	 	5.4.2	Restricted Stock Units B 

  

	 	(i)	If the effective date of termination occurs before the end of the fifth year following the relevant Grant Date, all Restricted Stock Units held by the Participant will
automatically expire and become null and void; 

  

	 	(ii)	if the effective date of termination occurs on or after the end of the fifth year following the relevant Grant Date, a portion of the Restricted Stock Units will remain
in full force and effect and subject to these terms and conditions, provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after
the employment has ended. 

 The portion of Restricted Stock Units that will remain in full force and effect as
indicated above will be calculated by AB InBev on the basis of the Pro-Rata Formula. The remaining Restricted Stock Units will automatically expire and become null and void. 

 

	5.5	Termination of employment after cumulated age of 80 

 Notwithstanding Clauses 5.1 to 5.3 above, in the case of termination of employment before the Vesting Date, other than a termination of employment resulting from a Dismissal for Serious Cause, at or after
a cumulated age of 80 (i.e. the sum, on the date of the end of employment, of (i) the age of the Participant and (ii) the number of years of employment of the Participant within the AB InBev Group), all Restricted Stock Units will remain
in full force and effect and subject to these terms and conditions, provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after
the employment has ended. 
  

	5.6	Death or termination of employment following permanent disability 

  

	5.6.1	Death 

 Notwithstanding
Clauses 5.1 to 5.5 above, in the case of death of a Participant before the Vesting Date, a portion of the Restricted Stock Units will remain in full force and effect and subject to these terms and conditions. 

The portion of Restricted Stock Units that will remain in full force and effect as indicated above will be calculated by AB InBev on the
basis of the Pro-Rata Formula, except that in the case of Restricted Stock Units A, the figure “120” used in the Pro-Rata Formula (as defined) will be replaced by “60”. The remaining Restricted Stock Units will automatically
expire and become null and void. 
  

	5.6.2	Termination of employment following permanent disability 

 Notwithstanding Clauses 5.1 to 5.5 above, in the case of termination of employment following permanent disability of a Participant before the Vesting Date, all Restricted Stock Units A and B held by the
Participant will remain in full force and effect and will vest on the Vesting Date subject to these terms and conditions provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the
non-competition agreement will be agreed upon after employment has ended. 
 Except as provided in Clause 5.7 below, the notion
of “permanent disability” is to be defined by reference to the law governing the employment in the relevant jurisdiction of the Participant. 

  
  

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	5.7	Notwithstanding Clause 5.6 above, for Participants subject to taxation in the United States, “permanent disability” shall mean at least one of the
following: 

  

	 	5.7.1	the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; 

  

	 	5.7.2	the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Participant’s AB InBev employer;
or 

  

	 	5.7.3	the Participant is determined to be totally disabled by the Social Security Administration. 

 

	5.8	In deviation from Clause 5.6, in the case of termination of employment of a Participant who is subject to taxation in the United States before the Vesting
Date following permanent disability that does not meet the definition of “permanent disability” under Clause 5.7 above, the Restricted Stock Units will remain in full force and effect and will vest on the Vesting Date.

  

	6	Administration of the Programme 

  

	6.1	Delegation to the Committee 

 The Board of Directors may delegate part or all powers under the Programme to the Committee. In the case of a delegation of powers, the Committee shall: (i) be responsible for the general
administration of the Programme in accordance with the provisions thereof, under the supervision of the Board of Directors; and (ii) be authorised to establish rules for the administration, interpretation and application of the Programme and,
if necessary, to interpret, amend and cancel these rules, in compliance with these terms and conditions. 
 In the case of a
delegation of powers, the Board of Directors will retain full authority to exercise all the rights and obligations of the Committee under the Programme at any time whatsoever, or to delegate them to another committee constituted by the Board of
Directors. 
  

	6.2	(Sub-)delegation to any third party 

 The Board of Directors and the Committee may (sub-)delegate certain well-specified powers to any third party they deem appropriate. 
 In the case of a (sub-)delegation of powers, the Board of Directors and the Committee will retain full authority to exercise all the rights and obligations so delegated. 

 

	7	Amendment to the capital structure and anti-dilution measures 

 AB InBev expressly reserves the right to proceed with corporate changes that have an impact on its capital, such as capital increases, including by incorporation of reserves in the capital, capital
decreases, issuance of convertible bonds, subscription rights or options, stock splits or reverse stock splits, combinations or reclassifications of the Shares, mergers, (partial) demergers, as well as the right to amend the clauses in the articles
of association governing the allocation of profits or liquidation boni. 

  
  

8 

 In the event that such corporate changes would have an unfavourable effect on the Restricted
Stock Units, the number of Restricted Stock Units and/or the number of Shares to which the Restricted Stock Units give rights will be adjusted for the purpose of safeguarding the interests of the holders of Restricted Stock Units, in the manner
determined at the sole discretion of the Board of Directors, subject to any required action by the Shareholders’ Meeting of AB InBev. The terms of such adjustment will be communicated to the Participants in due time. 

In the event that AB InBev would be merged into another company, the rights and obligations of AB InBev under the Programme will
automatically be transferred to the absorbing company and the Restricted Stock Units will no longer give the Participants the right to Shares but instead the right to shares of the absorbing company, subject to applicable law and to any applicable
corporate approval. The number of shares of the absorbing company to which each Restricted Stock Units will give right will be determined at the sole discretion of the Board of Directors and/or the board of directors of the absorbing company and
will be communicated to the Participants in due time. 
  

	8	Electronic register, electronic evidence and electronic delivery 

  

	8.1	Electronic Share and RSU register 

 The Shares and Restricted Stock Units will be recorded in a register, which may be in electronic form and the maintenance of which may be delegated by AB InBev to a third party. 

 

	8.2	Electronic evidence 

Electronic approvals, instructions, orders, statements and communications between a Participant, AB InBev, AB InBev affiliates
and any third party to which powers have been sub-delegated by AB InBev for the administration of the Programme will have the same legal status as written approvals, instructions, orders, statements and communications. The written recording or
the written reproduction of electronic approvals, instructions, orders, statements and communications received by AB InBev, AB InBev affiliates and any third party to which powers have been sub-delegated by AB InBev for the
administration of the Programme, will constitute conclusive evidence between the Participant, AB InBev, AB InBev affiliates and any third party to which powers have been sub-delegated by AB InBev for the administration of the
Programme, unless evidence to the contrary is provided by the Participant. 
  

	8.3	Consent to electronic delivery 

 As a condition to receiving the Restricted Stock Units, each Participant consents to delivery of all subsequent information relating to the Restricted Stock Units by electronic means, including e-mails to
the Participants and postings on AB InBev’s website or intranet. Such information may include, amongst others, financial information concerning AB InBev. In order to access such information, Participants will be required to access
AB InBev’s e-mail system, website and/or intranet. By returning the Acceptance Form, Participants are deemed to acknowledge that they have such access to the e-mail system of AB InBev, to AB InBev’s website and intranet and
ordinarily use them in the ordinary course of their employment. Participants may obtain paper copies of any such information by submitting a request to receive paper copies to their respective People Department. 

  
  

9 

	9	Matrimonial regime 

 In
the event that the matrimonial regimes of Participants confer ownership or other rights on their spouses with respect to the Restricted Stock Units, those Participants undertake that their spouses shall appoint them as their sole representatives for
all matters arising in relation to the Restricted Stock Units. 
  

	10	Death 

 In the event of a
Participant’s death, any Successor acquiring the Restricted Stock Units shall inform AB InBev of the Participant’s death as soon as possible and at the latest one month following the date of death. 

 

	11	Modification of the terms and conditions 

 The Board of Directors may unilaterally modify at any time the practical and/or accessory modalities of the terms and conditions. It may also unilaterally modify the terms and conditions when such
modifications are required to comply with any change in legislation. 
  

	12	Nature of the Programme 

Notwithstanding any provisions to the contrary included in the terms and conditions, the Offer Letter, the Acceptance Form or any other
document relating to the Programme: 
  

	12.1	the grant of Shares and/or Restricted Stock Units to the Participant in the framework of the Programme is unrelated to his occupational pension rights or pension
claims, so that this grant cannot affect these occupational pension rights and claims; 

  

	12.2	the Programme, the terms and conditions, the Offer Letter, the Acceptance Form or any other document relating to the Programme do not confer upon the Participant
any right to continued employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of AB InBev or its subsidiaries to terminate the Participant’s employment according to the applicable
regulations in respect of termination thereof; 

  

	12.3	the grant of Restricted Stock Units cannot be considered as a right acquired for the future. 

 

	13	Privacy and processing of Personal Data 

 The Data Controller is responsible for the collection and processing of Personal Data as is necessary for the setting-up and administration of the Programme and the Share register of AB InBev in
electronic form. 
 The Personal Data collected, inter alia, by way of the Acceptance Form will be used exclusively for
the purposes of the administration of the Programme and the maintenance of the Share register of AB InBev in electronic form. 
 The Data Controller can transfer the Personal Data to the Data Processor and the employer of the Participant for the above purposes as well as to regulatory authorities for the purpose of complying with
legal obligations in connection with the Programme. Such recipients may be located in jurisdictions outside the European Economic Area that may not provide an adequate level of personal data protection. 

  
  

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 The Data Controller and the Data Processor shall abide by the Belgian law of 8 December
1992 on privacy protection in relation to the processing of personal data, as amended from time to time, and its implementing decrees. 
 Through their signature of the Acceptance Form, the Participants give their consent to the collection and processing of their Personal Data as described in this Clause 13. 

The Participants have the right to access and correct their Personal Data by sending a written and signed request to their local People
officer. 
  

	14	Severability 

 If any
provision in this document is held to be illegal, invalid or unenforceable, in whole or in part, under any applicable law, that provision will be deemed not to form part of this document, and the legality, validity or enforceability of the remainder
of this document will not be affected. 
  

	15	Applicable law 

 The
Restricted Stock Units and these terms and conditions are governed by Belgian law. 
 * 

*        * 

  
  

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