Fisher Cynthia A 4

What Happened

• Cynthia A. Fisher, a director of Boston Beer Co. (SAM), exercised derivative securities (transaction code M) on 2026-04-02 to acquire 1,560 shares at an exercise price of $157.58 per share, for a total cost of $245,825.
• The filing also reports a corresponding disposition of the derivative instrument (1,560 units) at $0.00, which reflects conversion of the derivative into the underlying shares rather than a sale of the shares themselves.

Key Details

• Transaction date: 2026-04-02.
• Exercise/acquisition: 1,560 shares @ $157.58 = $245,825.
• Disposition of derivative: 1,560 units @ $0.00 (derivative converted into shares).
• Shares owned after transaction: not specified in this Form 4.
• Footnotes: F1 notes 271 of the reported shares are restricted stock subject to vesting conditions; F2 states the reporting person disclaims beneficial ownership except to the extent of her pecuniary interest.
• Timeliness: Form filed 2026-04-03 for a 2026-04-02 transaction — no late filing indicated.

Context

• This was an options exercise (conversion of a derivative into common shares), not an open-market sale; there is no record in this filing of the acquired shares being immediately sold (i.e., not a cashless sale reported here).
• Exercises are purchases of company stock via option conversion; they can reflect exercise of compensation awards or previously granted options but do not, by themselves, indicate the insider’s view of the company’s near-term prospects.