November 22, 2006 Dear August,
Exhibit
10.24
November
22, 2006
Dear
August,
This
letter is intended to set forth certain agreements and understandings between
you and Anheuser-Xxxxx Companies, Inc. (the “Company”).
You
and
the Company’s Board of Directors (the “Board”) have agreed that commencing on
December 1, 2006 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 this
agreement is a six-year period ending on November 30, 2012.
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.
Given
your many years as the public spokesman and leader of the Company, and as you
will continue to be in a highly visible and public position in retirement as
a
member of the founding Busch family, the Company believes that it is in its
best
interest to provide security protection for you and your residence during the
term of this agreement.
Further,
during the term of this agreement, you and the Company agree that the aircraft
lease agreement between the Company and Ginnaire Rental, Inc. (“Ginnaire”) will
remain in effect. The Company will also provide fuel, hangar and maintenance
services for aircraft owned by you or by Ginnaire. You or Ginnaire will
reimburse the Company for these costs consistent with current
practices.
Xxxxxx
X.
Xxxxx III
November
22, 2006
Page
2
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:
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/s/ Xxxxxx
X. Xxxxxx
Xx.
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Xxxxxx
X. Xxxxxx Xx.
|
|
Chairman,
Compensation Committee, Board of Directors
|
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Anheuser-Xxxxx
Companies, Inc.
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Acknowledged
and agreed to this 22
day of
Nov. , 2006
/s/
Xxxxxx
X. Xxxxx
III
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Xxxxxx
X. Xxxxx III
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