Boston Beer director exercises 1,698 stock options

The director's direct Class A holdings were 6,097 shares after the exercise, including 358 restricted shares subject to vesting conditions.

Available on EDGAR 11/02/2026 - 08:49 AM EST Accepted by SEC EDGAR 11/02/2026 - 08:48 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Boston Beer Co. Inc. (SAM) director Cynthia A. Fisher exercised 1,698 stock options on October 30, 2026, at an exercise price of $140.05 per share, acquiring 1,698 Class A common shares. Her direct holdings after the exercise were 6,097 shares, including 358 shares of restricted stock subject to vesting conditions.

Her reported indirect holdings included 122,923 shares held by a foundation she manages, 23,486 held by her spouse as custodian for children under UGTMA, and 2,532 held by her as trustee in trust for children. She expressly disclaims beneficial ownership of the foundation- and spouse-held securities except to the extent of her pecuniary interest.

Insider Trade Summary

1,698 shares exercised/converted

Exercise 2 txns

Insider Fisher Cynthia A

Role Director

Type	Security	Shares	Price	Value
Exercise	5-18-2017 Stock Option	1,698	$0.00	$0.00
Exercise	Class A Common F1	1,698	$140.05	$238K
Holding	Class A Common F2	--	--	--
Holding	Class A Common	--	--	--
Holding	Class A Common F2	--	--	--
Holding	Class A Common F2	--	--	--
Holding	Class A Common	--	--	--

Holdings After Transaction: 5-18-2017 Stock Option — 0 contracts (Direct); Class A Common — 6,097 shares (Direct); Class A Common — 122,923 shares (Indirect, By Foundation managed by Reporting Person); Class A Common — 36,904 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 358 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

Stock options exercised: 1,698 options Exercise price: $140.05 per share Class A common shares acquired: 1,698 shares +5 more

8 metrics

Stock options exercised 1,698 options October 30, 2026

Exercise price $140.05 per share Options exercised October 30, 2026

Class A common shares acquired 1,698 shares October 30, 2026

Direct shares after exercise 6,097 shares Includes 358 shares of restricted stock subject to vesting conditions

Shares held by managed foundation 122,923 shares Foundation managed by Cynthia A. Fisher

Shares held by spouse as custodian 23,486 shares For children under UGTMA

Shares held in trust 2,532 shares Cynthia A. Fisher as trustee in trust for children

Restricted stock included in direct holdings 358 shares Subject to vesting conditions

Key Terms

stock option, restricted stock, vesting conditions, beneficial ownership, +1 more

5 terms

stock option financial

"5-18-2017 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.

restricted stock financial

"358 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.

vesting conditions financial

"restricted stock subject to vesting conditions"

Vesting conditions are the rules that determine when someone earning company stock or stock options actually gains the right to keep or sell them, typically based on staying with the company for a set time or meeting performance targets. Think of it like keys that unlock gradually — some unlock by calendar date, others only after agreed milestones. Investors care because vesting shapes management incentives, the timing of share sales, and the number of shares that can enter the market, which can affect a company's valuation and ownership mix.

beneficial ownership regulatory

"expressly disclaims beneficial ownership of the securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of her pecuniary interest therein"

FAQ

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

How many SAM shares did Cynthia A. Fisher acquire through the option exercise?

Cynthia A. Fisher exercised 1,698 stock options on October 30, 2026, at an exercise price of $140.05 per share, acquiring 1,698 Class A common shares. Her direct holdings after the exercise were 6,097 shares, including 358 shares of restricted stock subject to vesting conditions.

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

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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)
10/30/2026

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	10/30/2026		M		1,698	A	$140.05	6,097(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								3,656	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
5-18-2017 Stock Option	$140.05	10/30/2026		M			1,698	05/18/2017	05/17/2027	Class A Common	1,698	$0.00	0.00	D

Explanation of Responses:

1. The shares reported include 358 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	11/02/2026
	** 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)