Fisher Cynthia A 4

What Happened
Cynthia A. Fisher, a director of Boston Beer Co. Inc. (SAM), was granted equity on May 27, 2026: 358 restricted stock units (RSUs) and 691 option shares. Both grants were reported as acquisitions at $0.00 (no cash paid). The 358 RSUs vest in full on May 12, 2027 if Fisher remains a board member; the 691 option shares are reported as derivative securities and are immediately exercisable (subject to the company’s Director Stock Ownership and Retention Guidelines).

Key Details

• Transaction date: May 27, 2026; Form 4 filed May 28, 2026 (appears timely).
• Grants: 358 RSUs @ $0.00 (restricted stock subject to vesting) and 691 option shares @ $0.00 (derivative). Reported total value at grant: $0 (per-share price listed as $0.00).
• Vesting/exercise: RSUs vest in full on May 12, 2027 if still a director (Footnotes F1–F2). Option shares are immediately exercisable but subject to Director Stock Ownership and Retention Guidelines (F5).
• Ownership disclosures: Some shares are held via an LLC and trusts managed/served by the reporting person; Fisher disclaims beneficial ownership except to the extent of her pecuniary interest (F3–F4).
• Filing timeliness: Reported the next day (May 28), which is within typical Section 16 reporting windows.

Context
These entries are equity grants (compensation) to a non-employee director, not open-market purchases or sales. Grants like RSUs and director options are routine for board compensation and do not by themselves indicate trading intent or a buy/sell signal. The options being immediately exercisable means Fisher could exercise them at her discretion, but the Form 4 shows only the grant (not an exercise or sale).