Boston Beer director exercises 1,560 stock options

Boston Beer Co. director Cynthia A. Fisher exercised a 2016 stock option to acquire 1,560 shares of Class A Common Stock at $157.58 per share.

Accepted by SEC EDGAR 04/03/2026 - 09:53 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Boston Beer Co. director Cynthia A. Fisher exercised a 2016 stock option to acquire 1,560 shares of Class A Common Stock at $157.58 per share. Following the exercise, she holds 4,041 shares directly, including 271 shares of restricted stock subject to vesting conditions.

The filing also shows additional Class A Common shares held indirectly through a foundation, LLCs, a custodial account managed by her spouse for children under UGTMA, and a trust for children. Fisher expressly disclaims beneficial ownership of these indirect holdings except to the extent of her pecuniary interest.

Insider Trade Summary

1,560 shares exercised/converted

Exercise 2 txns

Insider Fisher Cynthia A

Role Director

Type	Security	Shares	Price	Value
Exercise	5-25-2016 Stock Option	1,560	$0.00	$0.00
Exercise	Class A Common	1,560	$157.58	$246K
Holding	Class A Common	--	--	--
Holding	Class A Common	--	--	--
Holding	Class A Common	--	--	--
Holding	Class A Common	--	--	--
Holding	Class A Common	--	--	--

Holdings After Transaction: 5-25-2016 Stock Option — 0 contracts (Direct); Class A Common — 4,041 shares (Direct); Class A Common — 122,923 shares (Indirect, By Foundation managed by Reporting Person); Class A Common — 53,785 shares (Indirect, By LLC managed by Reporting Person); Class A Common — 23,486 shares (Indirect, By spouse as custodian for children under UGTMA); Class A Common — 2,532 shares (Indirect, As trustee in trust for children)

Footnotes (2)

1. F1. The shares reported include 271 shares of restricted stock subject to vesting conditions.
2. F2. The Reporting Person expressly disclaims beneficial ownership of the securities except to the extent of her pecuniary interest therein.

Key Figures

Options exercised: 1,560 shares Exercise price: $157.58 per share Direct holdings after exercise: 4,041 shares +5 more

8 metrics

Options exercised 1,560 shares Stock option dated 5-25-2016 exercised on 2026-04-02

Exercise price $157.58 per share Conversion or exercise price of 2016 stock option

Direct holdings after exercise 4,041 shares Class A Common held directly following the transaction

Restricted stock included 271 shares Restricted stock within direct holdings, subject to vesting

Foundation indirect holdings 122,923 shares Class A Common held by foundation managed by reporting person

LLC indirect holdings (1) 33,248 shares Class A Common held by LLC managed by reporting person

Spouse custodial indirect holdings 23,486 shares Class A Common held by spouse as custodian for children under UGTMA

Trust indirect holdings 2,532 shares Class A Common held as trustee in trust for children

Key Terms

restricted stock, pecuniary interest, UGTMA, derivative security, +1 more

5 terms

restricted stock financial

"The shares reported include 271 shares of restricted stock subject to vesting conditions."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

pecuniary interest financial

"disclaims beneficial ownership of the securities except to the extent of her pecuniary interest"

UGTMA financial

"By spouse as custodian for children under UGTMA"

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

stock option financial

"security_title": "5-25-2016 Stock Option""

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Cynthia Fisher report for Boston Beer (SAM)?

Cynthia A. Fisher reported exercising a 2016 stock option to acquire 1,560 shares of Boston Beer Class A Common Stock at $157.58 per share. This transaction converts a derivative award into directly owned shares rather than representing an open-market purchase or sale.

How many Boston Beer (SAM) shares does Cynthia Fisher now hold directly?

After the option exercise, Cynthia Fisher directly holds 4,041 shares of Boston Beer Class A Common Stock. This total includes 271 shares of restricted stock that remain subject to vesting conditions, meaning some shares are still tied to future service or performance requirements.

What indirect Boston Beer (SAM) holdings are associated with Cynthia Fisher?

The filing lists indirect Class A Common holdings through a foundation managed by her, several LLCs she manages, a custodial account for children under UGTMA held by her spouse, and a trust for children where she is trustee. These positions supplement her direct share ownership.

Does Cynthia Fisher claim full beneficial ownership of all Boston Beer (SAM) shares reported?

No. Cynthia Fisher expressly disclaims beneficial ownership of certain reported securities except to the extent of her pecuniary interest. This disclaimer mainly applies to shares held indirectly via entities, family-related accounts, and trusts rather than her directly owned and restricted stock positions.

What is the significance of the 271 restricted Boston Beer (SAM) shares?

The 4,041 directly held Boston Beer shares include 271 shares of restricted stock subject to vesting conditions. These restricted shares typically become fully owned over time as specified conditions are met, such as continued board service or performance milestones set by the company.

Were any Boston Beer (SAM) shares sold in this Form 4 filing?

The Form 4 shows an exercise of 1,560 stock options at $157.58 per share and resulting direct and indirect holdings, but no open-market sales are reported. The main change is converting derivative options into directly owned Class A Common shares for Cynthia Fisher.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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^*

Fisher Cynthia A

(Last) (First) (Middle)

C/O THE BOSTON BEER COMPANY

ONE DESIGN CENTER PLACE, SUITE 850

(Street)

BOSTON MASSACHUSETTS 02210

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

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

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

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

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	04/02/2026		M		1,560	A	$157.58	4,041(1)	D
Class A Common								122,923	I	By Foundation managed by Reporting Person(2)
Class A Common								33,248	I	By LLC managed by Reporting Person
Class A Common								23,486	I	By spouse as custodian for children under UGTMA(2)
Class A Common								20,537	I	By LLC managed by Reporting Person(2)
Class A Common								2,532	I	As trustee in trust for children

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
5-25-2016 Stock Option	$157.58	04/02/2026		M			1,560	05/25/2016	05/25/2026	Class A Common	1,560	$0.00	0.00	D

Explanation of Responses:

1. The shares reported include 271 shares of restricted stock subject to vesting conditions.

2. The Reporting Person expressly disclaims beneficial ownership of the securities except to the extent of her pecuniary interest therein.

Remarks:

	Michael G. Andrews under POA for the benefit of Cynthia A. Fisher	04/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)