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<TITLE>External: Form 8-K for HRCC Action</TITLE>


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<FONT SIZE=2><P ALIGN="CENTER">UNITED STATES<BR>


SECURITIES AND EXCHANGE COMMISSION<BR>


WASHINGTON, DC 20549</FONT></TD>


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<B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K<BR>


</FONT><FONT SIZE=2>CURRENT REPORT</B></FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">Date of Report (Date of earliest event reported): March 16, 2006</FONT></TD>


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<B><FONT SIZE=5><P ALIGN="CENTER">MOLSON COORS BREWING COMPANY</B></FONT><FONT SIZE=2><BR>


(Exact name of registrant as specified in its charter)</FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">Delaware</B><BR>


(State or other jurisdiction of incorporation)</FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">1-14829</B><BR>


(Commission File Number)</FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">84-0178360</B><BR>


(IRS Employer Identification No.)</FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">1555 Notre Dame Street East<BR>


Montr&eacute;al, Qu&eacute;bec, Canada, H2L 2R5</P>


<P ALIGN="CENTER">1225 17th Street, Suite 3200</P>


<P ALIGN="CENTER">Denver, Colorado 80202</P>





</B><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">(Address of principal executive offices, including  Zip Code)</FONT></TD>


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<B><P ALIGN="CENTER">(303) 277-6661 (Colorado)</P>


<P ALIGN="CENTER">(514) 521-1786 (Qu&eacute;bec)</P>


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(Registrant's telephone number, including area code)</FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">N/A<BR>


(Former name or former address, if changed since last report)</P>


<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<BR>


[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>


[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>


[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>


[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>


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<B><FONT SIZE=2><P>Item 1.01. Entry into a Material Definitive Agreement. </P>


</B><P ALIGN="JUSTIFY">&#9;On March 16, 2006, the Board of Directors of Molson Coors Brewing Company (the "Company") approved the 2006 targets for the Molson Coors Incentive Plan (&quot;MCIP&quot;) and the Long Term Incentive Plan (&quot;LTIP&quot;).  On that date, the Board also approved the entire 2006 compensation package for the CEO.    </P>


<P ALIGN="JUSTIFY">    </P>


<P ALIGN="JUSTIFY">     &#9;Set forth in the table below are the 2005 bonus, 2006 salary and MCIP and LTIP grants for each current executive officer named in the Summary Compensation Table of the Company's 2005 Proxy Statement, for whom such amounts have been determined, and for Kevin Boyce, who became an executive officer of the Company in connection with the merger of Molson Inc. and the Adolph Coors Company in February, 2005 to form the Company, and Frits van Paasschen, who joined the Company as an executive officer in March, 2005.  </P>


<P ALIGN="JUSTIFY"></P></FONT>


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<B><FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">Name</B></FONT></TD>


<TD WIDTH="16%" VALIGN="TOP" ROWSPAN=2 HEIGHT=19>


<B><FONT SIZE=2><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">2005 </P>


<P ALIGN="CENTER">Bonus</B></FONT></TD>


<TD WIDTH="16%" VALIGN="TOP" ROWSPAN=2 HEIGHT=19>


<B><FONT SIZE=2><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">2006 Salary </B></FONT></TD>


<TD WIDTH="48%" VALIGN="TOP" COLSPAN=3 HEIGHT=19>


<B><FONT SIZE=2><P ALIGN="CENTER">Long Term Compensation</B></FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">Options </B></FONT></TD>


<TD WIDTH="16%" VALIGN="TOP" HEIGHT=19>


<B><FONT SIZE=2><P ALIGN="CENTER">Performance </P>


<P ALIGN="CENTER">Shares </B></FONT></TD>


<TD WIDTH="16%" VALIGN="TOP" HEIGHT=19>


<B><FONT SIZE=2><P ALIGN="CENTER">Restricted </P>


<P ALIGN="CENTER">Stock Units </B></FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">W. Leo Kiely III,</P>


<P ALIGN="CENTER">Chief Executive Officer</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">0</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">980,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">65,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">60,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">8,000</FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">Timothy V. Wolf,</P>


<P ALIGN="CENTER">Global Chief Financial Officer</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">0</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">546,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">25,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">17,900</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">3,300</FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">Kevin Boyce,</P>


<P ALIGN="CENTER">President, Molson Canada</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">478,706</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">593,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">20,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">17,900</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">3,000</FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">Peter Swinburn,</P>


<P ALIGN="CENTER">President, Coors Brewers Limited</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">347,094</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">580,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">23,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">17,900</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">3,000</FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">Frits van Paasschen</P>


<P ALIGN="CENTER">President, Coors Brewing Company</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">781,250</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">644,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">23,000</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">17,900</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">3,000</FONT></TD>


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<FONT SIZE=2><P ALIGN="JUSTIFY"></P>


<B><P>&nbsp;</P>


</B><P>On March 21, 2006, the Company issued 150,000 limited stock appreciation rights (&quot;LOSARS&quot;)  to Frits van Paasschen, the President of Coors Brewing Company.  The LOSARS rectify a monetary loss that Mr. van Paasshen experienced when, at the Company's request, he commenced employment with the Company two months earlier than initially agreed (March 2005 rather than May 2005).  As a consequence of Mr. van Paasschen joining the Company earlier, stock options that the Company granted him at the outset of his employment, and as an inducement to join the Company, had less value because the stock price in March 2005 exceeeded the stock price in May 2005.  Upon exercise, the LOSARS entitle Mr. van Paasschen to receive shares of the Company's Class B Common Stock with a fair market value equal to the excess of the trading price of such shares on the date of exercise (up to a ceiling of $77.20) over $70.01 (the trading price on the date of grant).  The Company also issued Mr. van Paasschen, Restricted Stock Units with a value equal to $1,165,500.  These Restricted Stock Units vest on the third anniversary of the date of grant.</P>


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</B><P>&nbsp;</P>


<B><P ALIGN="CENTER">SIGNATURES</P>


</B><P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P><DIR>


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<B><P>MOLSON COORS BREWING COMPANY</B><BR>


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<U>_ /s/ Samuel D. Walker______</P>


</U><P>Name: Samuel D. Walker&#9;</P>


<P>Title: Chief Legal Officer</P>


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<P>Date: March 22,  2006</P>


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{"company-data": {"conformed-name": "MOLSON COORS BREWING CO", "cik": "0000024545", "assigned-sic": "2082", "irs-number": "840178360", "state-of-incorporation": "CO", "fiscal-year-end": "1228"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14829", "film-number": "06704282"}, "business-address": {"street1": "P.O. BOX 4030, MAIL #NH375", "city": "GOLDEN", "state": "CO", "zip": "80401", "phone": "3032773271"}, "mail-address": {"street1": "311 10TH STREET", "city": "GOLDEN", "state": "CO", "zip": "80401"}, "former-company": {"former-conformed-name": "COORS ADOLPH CO", "date-changed": "19920703"}}
External: Form 8-K for HRCC Action
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 16, 2006
MOLSON COORS BREWING COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-14829
(Commission File Number)
84-0178360
(IRS Employer Identification No.)
1555 Notre Dame Street East
Montréal, Québec, Canada, H2L 2R5
1225 17th Street, Suite 3200
Denver, Colorado 80202
(Address of principal executive offices, including  Zip Code)
(303) 277-6661 (Colorado)
(514) 521-1786 (Québec)
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On March 16, 2006, the Board of Directors of Molson Coors Brewing Company (the "Company") approved the 2006 targets for the Molson Coors Incentive Plan ("MCIP") and the Long Term Incentive Plan ("LTIP").  On that date, the Board also approved the entire 2006 compensation package for the CEO.
Set forth in the table below are the 2005 bonus, 2006 salary and MCIP and LTIP grants for each current executive officer named in the Summary Compensation Table of the Company's 2005 Proxy Statement, for whom such amounts have been determined, and for Kevin Boyce, who became an executive officer of the Company in connection with the merger of Molson Inc. and the Adolph Coors Company in February, 2005 to form the Company, and Frits van Paasschen, who joined the Company as an executive officer in March, 2005.
Name
2005
Bonus
2006 Salary
Long Term Compensation
Options
Performance
Shares
Restricted
Stock Units
W. Leo Kiely III,
Chief Executive Officer
0
980,000
65,000
60,000
8,000
Timothy V. Wolf,
Global Chief Financial Officer
0
546,000
25,000
17,900
3,300
Kevin Boyce,
President, Molson Canada
478,706
593,000
20,000
17,900
3,000
Peter Swinburn,
President, Coors Brewers Limited
347,094
580,000
23,000
17,900
3,000
Frits van Paasschen
President, Coors Brewing Company
781,250
644,000
23,000
17,900
3,000
On March 21, 2006, the Company issued 150,000 limited stock appreciation rights ("LOSARS")  to Frits van Paasschen, the President of Coors Brewing Company.  The LOSARS rectify a monetary loss that Mr. van Paasshen experienced when, at the Company's request, he commenced employment with the Company two months earlier than initially agreed (March 2005 rather than May 2005).  As a consequence of Mr. van Paasschen joining the Company earlier, stock options that the Company granted him at the outset of his employment, and as an inducement to join the Company, had less value because the stock price in March 2005 exceeeded the stock price in May 2005.  Upon exercise, the LOSARS entitle Mr. van Paasschen to receive shares of the Company's Class B Common Stock with a fair market value equal to the excess of the trading price of such shares on the date of exercise (up to a ceiling of $77.20) over $70.01 (the trading price on the date of grant).  The Company also issued Mr. van Paasschen, Restricted Stock Units with a value equal to $1,165,500.  These Restricted Stock Units vest on the third anniversary of the date of grant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MOLSON COORS BREWING COMPANY
_ /s/ Samuel D. Walker______
Name: Samuel D. Walker
Title: Chief Legal Officer
Date: March 22,  2006