November 22, 2006 Dear Pat,
Exhibit
10.25
November
22, 2006
Dear
Xxx,
This
letter is intended to set forth certain agreements and understandings between
you and Anheuser-Xxxxx Companies, Inc. (the “Company”).
You
and
the Company have agreed that the Company will transfer title to your current
Company car to you within thirty (30) days of your November 30, 2006
retirement.
You
and
the Company’s Board of Directors (the “Board”) have agreed that commencing on
March 1, 2007 you will provide consulting and advisory services to the Company
as requested by the Board (the “Services”), which will be distinct from any
responsibilities you have as a member of the Board. The term of such Services
shall end on August 31, 2009. After March 1, 2008, either you or the Company
may
terminate this agreement upon 30 days prior written notice. In the event of
an
early termination by either party, you will be entitled to compensation through
the end of the calendar quarter in which termination occurs.
As
an
independent consultant you will determine the manner in which you provide the
Services requested. You will not be required to adhere to a designated schedule
of hours, and you will not devote more than 130 days in any calendar year to
such Services. You are free to provide services to other clients as long as
the
business of such clients does not compete with any of the Company’s
businesses.
The
Company may provide you with an office, support services and equipment to more
efficiently execute such Services for the duration of this agreement. The
Company may also provide your transportation related to the Services consistent
with the Company’s current practices, and reimburse your reasonable
business-related expenses in accordance with the Company’s Travel Policy as it
applies to executive travel. The Company will also provide draught beer services
and packaged products to your residence as you may request.
Xxxxxxx
X. Xxxxxx
November
22, 2006
Page
2
In
consideration for your providing Services, during the term of this agreement,
the Company will pay you a quarterly retainer of $187,500.00, less applicable
withholding, with the first quarterly payment due on or about March 1, 2007,
and
the last quarterly payment due on or about June 1, 2009.
The
parties agree that Anheuser-Xxxxx, Inc. will remain obligated under the terms
of
the Indemnification Agreement dated July 15, 2002 with respect to all claims
arising or related to occurrences on or prior to your November 30, 2006
retirement. In connection with any claims asserted against you arising or
related to your performance of consulting and advisory services, the Company
agrees that you shall have the same indemnification rights against the Company
that would have been available to you had you remained an officer of the
Company.
You
will
be providing Services to the Company as an independent consultant, and no
provision of, or any action taken under, this agreement shall in any way affect
your rights under any Company deferred compensation, employee benefit, welfare
or retirement plan.
On
behalf
of the Board of Directors and shareholders of the Company, I want to thank
you
for your willingness to serve the Company in this new role. If this letter
correctly reflects the agreement of the parties with respect to the matters
addressed herein, please execute two copies of this letter and return one fully
executed copy to me.
Sincerely,
Anheuser-Xxxxx
Companies, Inc.
|
By:
|
/s/
Xxxxxx
X. Xxxxxx
Xx.
|
|
Xxxxxx
X. Xxxxxx Xx.
|
|
|
Chairman,
Compensation Committee, Board of Directors
|
|
|
Anheuser-Xxxxx
Companies, Inc.
|
Acknowledged
and agreed to this
22 day
of
Nov. , 2006
|
/s/
Xxxxxxx
X.
Xxxxxx
|
|
Xxxxxxx
X. Xxxxxx
|
