Exhibit 10.20
2008 OFFICER BONUS PROGRAM
UNDER THE
ANHEUSER-BUSCH OFFICER BONUS PLAN
The Compensation Committee (the "Committee") of the Board of Directors of Anheuser-
Busch Companies, Inc. (the "Company") hereby establishes the 2008 Officer Bonus Program (the
"Program") in accordance with the Anheuser-Busch Officer Bonus Plan (the "Plan"), the terms of
which are incorporated herein by reference, as follows:
Section 1. PERFORMANCE PERIOD. The calendar year 2008 ("2008") shall constitute
the Performance Period for the purpose of determining bonuses payable (“Bonuses”) to
Participants in the Program.
Section 2. PARTICIPANTS AND DESIGNATED COVERED EMPLOYEES. The officers
of the Company listed on Schedule A attached hereto are hereby designated as Participants in the
Program. The first nine Participants listed on Schedule A ("Designated Covered Employees") are
those the Committee believes may be or become covered employees (“Covered Employees”) as
that term is defined by Section 162(m) of the Internal Revenue Code of 1986, as amended (the
"Code"). The Committee in its discretion may designate other officers as Participants in the
Program.
Section 3. PERFORMANCE GOAL. The performance goal for 2008 (the "Performance
Goal") shall be met if Adjusted Pretax Earnings for 2008 equals or exceeds 75% of Adjusted
Pretax Earnings for 2007. Subject to Section 9, no Bonus shall be paid to Designated Covered
Employees under the Program if the Performance Goal is not satisfied. For purposes of this
Program, "Adjusted Pretax Earnings" shall be deemed to mean the amount of the Company's
consolidated income before income taxes, determined by the Company on the same basis on
which its annual financial statements are calculated, adjusted as follows:
(a)
increased or decreased to eliminate the effect of any normalization adjustment made
in calculating consolidated income before income taxes as disclosed in the
Company’s quarterly reports or annual report i