[Form 4] Boston Beer Company Insider Trading Activity

Rhea-AI Filing Summary

Annette N. Fritsch, Vice President of Product Design and R&D at Boston Beer Company (SAM), reported direct sales of Class A common stock on 08/08/2025. The filing shows two dispositions totaling 600 shares: 464 shares sold at a weighted average price of $219.04 and 136 shares sold at a weighted average price of $219.94. After the first reported sale her beneficial ownership is shown as 9,851 shares and after the second as 9,715 shares. The beneficial ownership totals include 9,455 restricted shares that remain subject to vesting conditions.

The Form 4 reports no derivative transactions and indicates the sales were executed by an agent under power of attorney. The filing therefore documents direct dispositions by an officer, clarifies remaining share counts, and discloses the portion of holdings that are restricted.

Insights

Financial Analyst

TL;DR Routine officer sale of 600 Class A shares at about $219 each; officer retains substantial holdings including restricted stock.

The Form 4 documents two direct sales totaling 600 shares on 08/08/2025 at weighted average prices of $219.04 and $219.94. Post-transaction beneficial ownership is reported as 9,851 and 9,715 shares respectively, and the filing explicitly states that 9,455 of those shares are restricted and subject to vesting. No derivative positions are reported, so these are straightforward equity dispositions rather than option exercises or hedging transactions. From a capital-markets perspective, the filing provides clear, transaction-level detail but no indication of broader impact on company finances.

Corporate Governance Expert

TL;DR Insider sale appears documented and routine; continued substantial restricted holdings indicate ongoing equity alignment with the company.

The report identifies Annette N. Fritsch as an officer and lists direct sales executed by an agent under power of attorney. The disclosure that 9,455 shares are restricted and remain subject to vesting is material to understanding the quality of remaining ownership: a meaningful portion of reported holdings is not fully vested. The Form 4 shows transparent reporting of quantities and weighted average prices and contains no other governance flags such as derivative or hedging activity.

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

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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^*

Fritsch Annette N

(Last) (First) (Middle)

C/O THE BOSTON BEER COMPANY, INC.

ONE 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP of Product Design and R&D

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

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	08/08/2025		S		464	D	$219.04(1)	9,851(2)	D
Class A Common	08/08/2025		S		136	D	$219.94(3)	9,715(2)	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

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 464 shares is from $218.53 to $219.50. 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.

2. The shares reported include 9,455 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 136 shares is from $219.53 to $219.94. 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.

Remarks:

	Michael G. Andrews under POA for the benefit of Annette N. Fritsch	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Boston Beer (SAM) report for Annette Fritsch?

On 08/08/2025 Annette Fritsch reported two direct sales of Class A common stock totaling 600 shares (464 shares at a weighted average of $219.04 and 136 shares at a weighted average of $219.94).

How many shares does Annette Fritsch beneficially own after the reported transactions?

The Form 4 shows beneficial ownership of 9,851 shares following the first reported sale and 9,715 shares following the second reported sale.

Does the filing show any derivative or option transactions for Annette Fritsch?

No. Table II for derivative securities contains no entries, so the filing reports only non-derivative (direct) dispositions.

Are any of Annette Fritsch's shares restricted or subject to vesting?

Yes. The filing states that the reported beneficial ownership totals include 9,455 restricted shares that are subject to vesting conditions.

Who executed the reported transactions on behalf of Annette Fritsch?

The signature block indicates the transactions were executed by an agent under power of attorney (Michael G. Andrews) on behalf of Annette N. Fritsch.