Form 4: SAM director exercises options, sells 3,120 shares

Rhea-AI Filing Summary

Boston Beer Company (SAM) director reported insider transactions on 11/04/2025. The filing shows an option exercise and related open‑market sales.

The director exercised a stock option for 3,120 Class A shares at an exercise price of $157.58 and sold 1,152 shares at a weighted average price of $205.15 and 1,968 shares at a weighted average price of $206.15. Following these transactions, direct beneficial ownership was 10,877 shares. The reported holdings include 10,673 shares of restricted stock that are subject to vesting conditions.

Insider Trade Summary

Net Seller: 3,120 shares ($642,036)

Net Sell 3 txns

Insider Spillane Michael

Role Director

Sold 3,120 shs ($642K)

Type	Security	Shares	Price	Value
Exercise	May 25, 2016 Stock Option	3,120	$0.00	--
Sale	Class A Common	1,152	$205.15	$236K
Sale	Class A Common	1,968	$206.15	$406K

Holdings After Transaction: May 25, 2016 Stock Option — 0 shares (Direct); Class A Common — 12,845 shares (Direct)

Footnotes (1)

1. The price shown is the weighted average sale price for the transactions reported on this line. The range of sale prices for the 1,152 shares is from $204.67 to $205.61. The Filing Person will provide full information regarding the number of shares sold at each separate price upon request of the SEC, the Registrant, or a shareholder of the Registrant. The shares reported include 10,673 shares of restricted stock subject to vesting conditions. The price shown is the weighted average sale price for the transactions reported on this line. The range of sale prices for the 1,968 shares is from $205.75 to $206.50. The Filing Person will provide full information regarding the number of shares sold at each separate price upon request of the SEC, the Registrant, or a shareholder of the Registrant. The Stock Option was granted pursuant to the Issuer's Equity Plan for Non-Employee Directors on May 25, 2016. The options were immediately exercisable and were scheduled to expire on May 25, 2026.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Spillane Michael

(Last) (First) (Middle)

C/O THE BOSTON BEER COMPANY, INC.

1 DESIGN CENTER PLACE, SUITE 850

(Street)

BOSTON MA 02210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BOSTON BEER CO INC [ SAM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common	11/04/2025		S		1,152	D	$205.15(1)	12,845(2)	D
Class A Common	11/04/2025		S		1,968	D	$206.15(3)	10,877	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
May 25, 2016 Stock Option(4)	$157.58	11/04/2025		M		3,120		05/25/2016	05/25/2026	Class A Common	3,120	$0.00	0.00	D

Explanation of Responses:

1. The price shown is the weighted average sale price for the transactions reported on this line. The range of sale prices for the 1,152 shares is from $204.67 to $205.61. The Filing Person will provide full information regarding the number of shares sold at each separate price upon request of the SEC, the Registrant, or a shareholder of the Registrant.

2. The shares reported include 10,673 shares of restricted stock subject to vesting conditions.

3. The price shown is the weighted average sale price for the transactions reported on this line. The range of sale prices for the 1,968 shares is from $205.75 to $206.50. The Filing Person will provide full information regarding the number of shares sold at each separate price upon request of the SEC, the Registrant, or a shareholder of the Registrant.

4. The Stock Option was granted pursuant to the Issuer's Equity Plan for Non-Employee Directors on May 25, 2016. The options were immediately exercisable and were scheduled to expire on May 25, 2026.

Remarks:

	Michael G. Andrews under POA for Michael Spillane	11/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did SAM disclose?

A director exercised options for 3,120 shares and sold 1,152 shares at a weighted average $205.15 and 1,968 shares at $206.15 on 11/04/2025.

How many SAM shares does the insider now own?

After the reported transactions, direct beneficial ownership was 10,877 shares.

Were the sales tied to an option exercise?

Yes. The director exercised a stock option for 3,120 shares at an exercise price of $157.58 and sold the same number of shares.

What were the sale prices for the SAM shares?

Weighted average sale prices were $205.15 for 1,152 shares and $206.15 for 1,968 shares.

Does the reported ownership include restricted stock?

Yes. The reported holdings include 10,673 shares of restricted stock subject to vesting conditions.

What is the insider’s relationship to Boston Beer (SAM)?

The reporting person is a Director of Boston Beer Company.