EXHIBIT 10.22 INCENTIVE STOCK OPTION (FORM S.C.) COVER SHEET

Exhibit 10.22

This Incentive Stock Option Cover Sheet (the “ISO Cover Sheet”) and the Standard Incentive Stock Option Form Agreement (Version 11/06) (the “Standard ISO Form”), which is incorporated herein by this reference, together constitute a single Incentive Stock Option Agreement (this “ISO Agreement”) under the Anheuser-Busch Companies, Inc. 1998 Incentive Stock Plan (the “Plan”). This ISO Agreement is between Anheuser-Busch Companies, Inc. (the “Company”) and the person named above under the caption “Granted To” (the “Optionee”). By signing below, Optionee accepts the Options granted under this ISO Agreement, agrees to be bound by the terms of this ISO Agreement, and acknowledges that he or she has received, read, and understood a complete copy of the Standard ISO Form which is part of this ISO Agreement. Optionee understands that he or she may request another copy of the Standard ISO Form from the Company as long as this ISO Agreement remains outstanding.

THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION THAT APPLIES TO ALL DISPUTES RELATED TO THIS AGREEMENT, AND MAY BE ENFORCED BY THE PARTIES.

In witness whereof, the Company and the Optionee have executed this ISO Agreement in duplicate as of its Grant Date.

Anheuser-Busch Companies, Inc.

This Standard Incentive Stock Option Form Agreement (Version 11/06, Form S.C.) (the "Standard ISO Form"), and the Incentive Stock Option (Form S.C.) Cover Sheet (the "Cover Sheet") which specifically incorporates this Standard ISO Form by reference, together constitute a single Incentive Stock Option Agreement (this “ISO Agreement" or this "Agreement") under the Anheuser-Busch Companies, Inc. 1998 Incentive Stock Plan (the "Plan"). This ISO Agreement is between Anheuser-Busch Companies, Inc., a Delaware corporation (the "Company"), and the person designated on the Cover Sheet under the caption "Granted To" (the "Optionee"). The parties agree as follows:

Section 1.    GRANT. In conformity with the Plan, the provisions of which are incorporated herein by this reference, and pursuant to action by the Compensation Committee which administers the Plan (the "Committee"), the Company hereby irrevocably grants to the Optionee Incentive Stock Options (the "Options"), which are "incentive stock options" under Section 422 of the Internal Revenue Code of 1986 ("Code"), as amended, to purchase all or any part of the number of shares of common stock of the Company ("Stock") equal to the number set forth on the Cover Sheet under the caption "Number of Options", on the terms and conditions herein set forth. The grant hereunder is made as of the Grant Date set forth on the Cover Sheet (the "Grant Date").

Section 2.    OPTION PRICE. The purchase price per share of the Stock covered by the Options (the "Option Price") shall be the price specified on the Cover Sheet under the caption "Option Price $ Per Share".

Section 3.    EXERCISABILITY.  

(a)    Except as otherwise provided in this Agreement, the Optionee shall have the right to exercise one-third of the Options on and after the first anniversary of the Grant Date, the next one-third of the Options on and after the second anniversary of the Grant Date, and the remaining one-third on and after the third anniversary of the Grant Date.

(b)    Optionee shall not exercise and shall forfeit any of the Options which are not exercisable on the date Optionee ceases to be employed by any of the Company, a Subsidiary, or an Affiliate, unless such Options otherwise become exercisable as provided herein.

(c)    All outstanding Options shall become immediately exercisable:

(e)    If Optionee voluntarily terminates his or her employment other than due to Retirement, Optionee may exercise any or all Options that are exercisable on the date of such termination through the earlier of the Expiration Date or the period ending three (3) months following the date of such termination.

(f)    If Optionee dies prior to the Expiration Date (whether or not Optionee is then employed by the Company, a Subsidiary or an Affiliate), all Options the Optionee (or Optionee’s guardian or legal representative in the case of Section 3(d)(iv)) had the right to exercise at the date of death (including all Options that become exercisable at the date of death pursuant to Section 3(c)(ii) hereof) may be exercised by Optionee’s “Post Death Representatives” (as defined in Section 5(a) hereof) but only until the earlier to occur of the Expiration Date or the date three (3) years after the date of death, and shall not be exercised thereafter.

(g)    Optionee shall forfeit all Options, regardless of whether or not exercisable, if such Optionee’s employment is terminated for cause or for any other reason not set forth in Section 3(d)(ii), (iii), (iv), (e) or (f).

(h)    The Committee may accelerate the dates on which the Options become exercisable at any time and for any reason.

(i)    The exercisability of the Options shall not be affected by any change of duties or position of Optionee, including an Employer-authorized special assignment, so long as Optionee continues to be an employee of at least one of the Company, a Subsidiary or an Affiliate.

(j)    An Optionee who is as of the Grant Date on, or following the Grant Date commences, an Employer-authorized leave of absence for any reason (a “Leave of Absence”) shall be deemed to remain employed by the Employer for purposes of this Option grant unless (i) the Leave of Absence extends beyond the second anniversary (the “Leave of Absence Expiration Date”) of the date on which the Leave of Absence commenced, and (ii) the Leave of Absence Expiration Date occurs prior to the Expiration Date, in which event the Optionee will be deemed to have terminated his or her employment with the effect set forth in Section 3(e) on and as of the Leave of Absence Expiration Date.

Section 4.    TERMINATION. The Options shall terminate and cease to be exercisable in accordance with the following provisions:

(a)    Notwithstanding any other provisions of this Agreement, the Options shall terminate at the close of business on the Expiration Date, unless sooner terminated as provided below.

(b)    The Options shall terminate when they no longer may be exercised pursuant to Section 3, if sooner than the Expiration Date.

Section 5.    EXERCISES .

(a)    Optionee may exercise some or all of the Options, to the extent exercisable, by paying the Option Price of the Options exercised and taking all other required actions in accordance with Section 5(b). The Options may be exercised only by Optionee or his or her guardian or legal representative during his or her lifetime, and only by Optionee’s Post-Death Representatives after Optionee’s death. The term "Post-Death Representatives" means the executor or administrator of Optionee's estate or the person or persons to whom Optionee's rights under this Agreement shall pass by his or her will or the laws of descent and distribution.

(b)    Any exercise of the Options shall be made only in accordance with those procedures required or expressly per