Document:

Exhibit

Exhibit 10.1

May 19, 2016

John Cox
559 Concord Road
Sudbury, MA 01776

Re:  Conditional Offer of SpinCo Employment

Dear John,

This letter agreement (“Agreement”) sets forth the terms and conditions of our conditional offer of employment with the new legal entity expected to be spun out from Biogen Inc. to focus on the research, development, and commercialization of hemophilia therapies.  For purposes of this letter agreement, the new legal entity will be referred to as “SpinCo” and the date of the separation and distribution of SpinCo shares to SpinCo shareholders (i.e., the date the spin out occurs) will be referred to as the “Date of Distribution.”  Provided SpinCo has been legally formed, the spin-off occurs, and you have met all of the terms and conditions for employment with SpinCo as set forth below, if you accept this offer your new full-time position with SpinCo will be as its Chief Executive Officer.  

		
	1.
	Compensation and Benefits:

If the contingencies set forth below are met, and you become employed by SpinCo under this Agreement, your employment shall be at-will, and your compensation and benefits package will be as follows:

The SpinCo Offer

Salary: This is a full-time, exempt position and your starting annual salary at SpinCo will be $800,000.00, and will be paid in accordance with SpinCo’s standard payroll practices and policies in effect from time to time.

Annual Cash Bonus: You will be eligible to receive an annual cash target bonus equal to 100% of your annual base salary. Based upon your start date, your annual target bonus amount for the 2016 performance year may be pro-rated for the time served as EVP, PO&T for Biogen and the time spent as the CEO under the SpinCo bonus plan based on the compensation that was effective at such time.  At this time final details with respect to the SpinCo annual bonus plan have not been finalized.  The annual cash bonus shall be payable in a single lump sum as soon as reasonably practicable following the close of the year with respect to which the bonus is paid, but in all events prior to March 15 of the year following the year with respect to which the bonus is paid.

Founders’ Stock Option Grant: In connection with the commencement of your employment with SpinCo, on or near your commencement date you will be provided a one-time grant of SpinCo stock options with an exercise price equal to the fair market value of SpinCo stock on the date of grant (“Founders’ Grant”).  The approximate grant date expected value of your SpinCo stock options will be $6,500,000.00. These stock options will be subject to a three-year cliff vesting (i.e., they will all vest three years after the date of grant) and will be granted on or shortly after the Date of Distribution, following your start date.

The actual terms of your Founders’ Grant stock options will be communicated to you following the grant date. Your Founders’ Grant will be awarded under a SpinCo Omnibus Equity Plan, which plan has not yet been finalized. 

Each year, typically in the first quarter of the year, you will be eligible to receive a SpinCo annual Long Term Incentive (LTI) award, which will be based on the planning range in effect at the time of grant. The current estimated planning reference point is $6,500,000.00 and the delivery vehicle is expected to be 50% SpinCo restricted stock units and 50% SpinCo stock options. Final determination of the SpinCo annual LTI award amounts and delivery vehicles will be made by the SpinCo compensation committee of the Board of Directors of SpinCo once it is formed.

Enhanced Severance Benefit: If, (1) during the time period beginning with the date of this letter through the Date of Distribution, you are involuntarily terminated by Biogen other than “For Cause” (as defined in Biogen’s Amended and Restated 2008 Omnibus Equity Plan)  or (2) on or after the Date of Distribution through the first anniversary of the Date of Distribution, you are involuntarily terminated by SpinCo other than “For Cause” (as defined in Biogen’s Amended and Restated 2008 Omnibus Equity Plan)  or you experience an “Involuntary Employment Action” following a “Corporate Change in Control”  (each as defined in Biogen’s Amended and Restated 2008 Omnibus Equity Plan) , you will be entitled to receive (i) a lump sum severance payment equal to 24 months of salary and target bonus, (ii) up to 12 months of executive level outplacement services from a recognized provider of such services for C-level executives selected by the employer company, and (iii) continued subsidized health benefits for 21 months provided you timely complete and submit your COBRA election form and continue to pay timely the employee portion of the premiums.  In addition, payment and provision of these severance benefits are conditioned upon your signing an irrevocable general release in favor of the employer company, in form and substance acceptable to the employer company, with respect to any and all claims relating to your employment and the termination of your employment with the employer company.

In addition, if between July 1, 2016 and the expected Date of Distribution (expected to be Q4 2016 or Q1 2017) (1) an acquirer is identified for the hemophilia business and/or the SpinCo spin out is not expected to occur or does not occur, and (2) your current Biogen position is no longer available for you to return to, then, in addition to the benefits described in the above paragraph, you shall be entitled to acceleration of all (100%) of your outstanding Biogen LTI awards that are unvested as of your termination date in accordance with the terms of the award agreements, including the requirements of Section 409A of the Internal Revenue Code.

The enhanced severance benefits described in the above paragraphs will be provided to you in lieu of and not in addition to any severance benefits you would have been eligible for under the Severance Plan for U.S. Executive Vice Presidents effective January 1, 2014; provided, however, that if, after the first anniversary of the Date of Distribution, your Spinco employment terminates, then you will be eligible for severance benefits under the SpinCo severance plan for executives in effect at the time of termination.

Change in Control: It is expected that the Spinco omnibus equity plan and executive severance plan will contain standard change in control provisions similar to those contained in the comparable Biogen plans.
Benefits: You may participate in all SpinCo qualified employee benefit plans, welfare benefit plans and programs for which you are eligible, in accordance with the terms and conditions of such plans and programs as in effect and as they may be amended from time to time. Your participation in some or all of these plans may be contingent upon your execution of, and the acceptance by the plan’s administrator of, a participation agreement, and upon your satisfaction of other terms and conditions. Except as specifically set forth herein, the benefits provided under this Agreement shall in no way alter or affect the terms and conditions of any SpinCo sponsored or maintained qualified employee benefit plans, non-qualified employee benefits plans, programs, and welfare benefit plans in which you may otherwise be eligible to participate, and your eligibility to participate in any such plans or programs will be determined in accordance with the terms and conditions of such plans or programs, as they may be amended from time to time.

At this time, the compensation and benefit plans, programs and arrangements to be offered to employees of SpinCo have not been finalized. However, SpinCo will offer its employees market competitive benefits plans (and comparable to Biogen’s plans), with the 401k and the non-qualified retirement plans generally comparable to the current Biogen plans.  All such benefit plans will be in place by your start date.

		
	2.
	Other Matters:

  
Share Ownership Requirement: It will be important for SpinCo to ensure strong alignment between the interests of its senior executives and those of SpinCo stockholders. It is expected that through your SpinCo annual long-term incentive grants, you will accumulate and retain SpinCo shares in an amount equivalent to a specified multiple of your salary within a reasonable period of time that is yet to be determined.  

Signed Proprietary Agreement:  As a condition of employment, you will be required to sign SpinCo’s form of “Employee Proprietary Information and Inventions and Dispute Resolution Agreement”’ as a condition of employment.  This agreement has not been finalized but it is expected to be substantially similar to the Biogen agreement currently used with its employees.

Treatment of Unvested Biogen LTI Awards:  The unvested and outstanding Biogen LTI Awards will be converted to SpinCo shares as follows: (a) Restricted Stock Units (RSUs) - all unvested Biogen RSUs will convert into an equivalent value of SpinCo RSUs at or near the Date of Distribution and continue their regular vesting schedule; (b) Market Stock Units (MSUs) - at or near Date of Distribution we will determine the performance multiplier based on the then 30-day average of Biogen closing stock price and derive the number of Biogen shares earned; we will convert the shares earned to an equivalent value of SpinCo RSUs and continue their regular vesting schedule and (c) Cash Settled Performance Units (CSPUs) - at or near the Date of Distribution we will apply a projected performance multiplier to calculate the shares earned, then use the 30-day average of Biogen’s closing stock price at or near the Date of Distribution to derive the CSPU value.  This value will be converted into an equivalent value of SpinCo RSUs and continue their regular vesting schedule.

Indemnification:  You will be indemnified pursuant to an indemnification agreement that you will enter into with SpinCo that is expected to contain provisions similar to the indemnification agreement you currently have with Biogen.

		
	3.
	Contingencies:

This SpinCo offer of employment is contingent upon: (1) the actual legal formation of SpinCo; (2) the spin-off occurring on terms approved by the board of directors of Biogen Inc.; (3) your formal acceptance of this offer within the time frame set forth below; and (4) you remaining employed by Biogen, continuing to perform your central duties of transitioning your current role to a successor and assisting with the establishment of SpinCo, until you become employed by SpinCo. The Distribution Date (i.e., the date on which SpinCo is spun off from Biogen Inc.) shall be your date of hire with SpinCo unless you are notified otherwise in writing (“SpinCo Hire Date”). Until the SpinCo Hire Date, the terms and conditions of your current at-will Biogen employment will remain in effect (except as noted in the “Enhanced Severance Benefit” section), although you will be expected to work on matters associated with SpinCo in the interim. 

Following your SpinCo Hire Date, as a condition of maintaining your employment with SpinCo, you agree that you must: comply with any and all SpinCo hiring and employment policies, practices and procedures, including but not limited to, the execution of any forms provided by SpinCo in connection with your employment and if required, presenting suitable documentation for I-9 INS certification.

		
	4.
	Additional Terms:

		
	(a)
	At-Will Employment. Your employment with SpinCo will be at-will at all times, as it is currently with Biogen. This means that both you and SpinCo shall always have the right to terminate your employment with SpinCo at any time for any reason, with or without notice or cause. Nothing in this Agreement shall be construed as a contract or guarantee of continued employment with either Biogen or SpinCo for any length of time.

		
	(b)
	Employment Files. In connection with your employment at SpinCo, you agree to, and hereby authorize the disclosure and transfer of copies or originals of all of your personnel, medical, benefits and other employment-related files and information from Biogen to SpinCo upon your SpinCo Hire Date. Among other things, such transfer of your files or information may be necessary to ensure you receive appropriate service credits or meet other benefit eligibility requirements. You agree to execute any lawful and reasonable authorizations requested by SpinCo or Biogen to effectuate such transfers.

		
	(c)
	Integration; Amendment. This Agreement supersedes any and all prior oral and/or written agreements or understandings with respect to your contemplated employment by SpinCo and sets forth the entire agreement between Biogen and you with respect to your contemplated employment by SpinCo. No provision of this Agreement may be modified, amended or waived except in a writing signed by both parties.

		
	(d)
	Applicable Law. The validity, interpretation and performance of this Agreement, shall be governed by, and construed in accordance with, the internal laws of Massachusetts, without giving effect to conflict of law principles. 

		
	(e)
	Severability and Execution. The provisions of this Agreement are severable, and if for any reason any part hereof shall be found to be unenforceable, the remaining provisions shall be enforced in full.  This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one agreement.  Execution of a facsimile copy of this Agreement shall have the same force and effect as execution of an original, and a facsimile signature shall be deemed an original and valid signature.

		
	(f)
	Acknowledgement. By signing the Agreement in the space provided below, you are acknowledging that you have read and understand all of the terms of this Agreement and are entering into this Agreement voluntarily.

		
	(g)
	Rule 409A and Rule 280G.  Please see Exhibit A.

If you have any questions, please feel free to contact me.

Best regards,

/s/ Robert Pangia
Robert Pangia
Compensation and Management Development Committee, Chairman
Biogen Inc. Board of Directors

I accept this conditional offer of employment and acknowledge the contingencies of employment described above, including the at-will nature of my employment.

ACCEPTED:

/s/ John Cox                    John Cox            May 19, 2016
Signature                                                     Name (Print)                                     Date

Exhibit A

Rule 409A:  The parties intend that any amounts payable hereunder comply with or are exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and this Agreement shall be administered accordingly.  Notwithstanding the foregoing, the Company does not guarantee any particular tax effect, and you shall be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on you or for your account in connection with the Agreement (including any taxes, penalties and interest under Section 409A), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold you (or any beneficiary) harmless from any or all of such taxes, penalties or interest. 

For purposes of Section 409A, each of the payments that may be made under this Agreement shall be deemed to be a separate payment for purposes of Section 409A and the right, if any, to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.

With respect to the time of payments of any amounts under the Agreement that are “deferred compensation” subject to Section 409A, references in the Agreement to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A. (after giving effect to the presumptions contained therein).  Notwithstanding anything to the contrary in this Agreement, if at the time of your termination of employment, you are a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that constitute deferred compensation and would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon your death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits that qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A.  The term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i).
For the avoidance of doubt, it is intended that any expense reimbursement made to you hereunder shall be exempt from Section 409A.  Notwithstanding the foregoing, if any expense reimbursement made hereunder shall be determined to be “deferred compensation” within the meaning of Section 409A, then (i) the amount of the indemnification payment or expense reimbursement during one taxable year shall not affect the amount of the expense reimbursement during any other taxable year, (ii) the expense reimbursement shall be made on or before the last day of your taxable year following the year in which the expense was incurred and (iii) the right to expense reimbursement hereunder shall not be subject to liquidation or exchange for another benefit.

Section 280G:  Notwithstanding anything to the contrary contained in the this Agreement or any other agreement or arrangement between you and SpinCo, to the extent that any of the payments and benefits provided for under this Agreement or such other agreement or arrangement (collectively, the “Payments”) would constitute an “excess parachute payment” within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the amount of such Payments shall be reduced to the amount that would result in no portion of the Payments being subject to the excise tax imposed pursuant to section 4999 of the Code.EX-10.1

 Exhibit 10.1 

THE BOSTON BEER COMPANY, INC. 

AMENDED AND RESTATED 

1996 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS 
  

	 	1.	PURPOSE 

 The purpose of The Boston Beer Company, Inc. Amended and Restated 1996 Stock Option
Plan for Non-Employee Directors (the “Plan”) is to attract and retain the services of experienced and knowledgeable independent Directors who are not employees (“Non- Employee Directors”) of The Boston Beer Company, Inc.
(“Boston Beer”) for the benefit of Boston Beer and its shareholders and to provide additional incentive for Non-Employee Directors to continue to work in the best interests of Boston Beer and its shareholders through continuing ownership
of Boston Beer common stock. 
  

	 	2.	SHARES SUBJECT TO THE PLAN 

 The total number of shares of Class A Common Stock, par value
$.01 per share (“Shares”), of Boston Beer for which options may be granted under the Plan shall not exceed 550,000 in the aggregate, subject to adjustment in accordance with Section 9 hereof. 

 

	 	3.	ELIGIBILITY; GRANT OF OPTION 

 Each Non-Employee Director shall be granted an option under the
Plan to acquire the greatest number of whole shares of Class A Common Stock with a value of One Hundred Fifteen Thousand Dollars ($115,000.00) as computed using the binomial option-pricing model as of the date of grant upon his or her initial
election to the Board of Directors of Boston Beer (the “Board”), effective as of the date of such election or appointment. In addition, each Non-Employee Director shall be granted an option under the Plan to acquire the greatest number of
whole shares of Class A Common Stock with a value of One Hundred Fifteen Thousand Dollars ($115,000.00) as computed using the binomial option-pricing model as of the date of grant upon his or her election or reelection to the Board at an annual
meeting of shareholders or, in the event a new Non- Employee Director is elected or appointed to the Board after the date of the annual meeting of the shareholders of Boston Beer, the number of Shares underlying the option granted to the new
Non-Employee Directors shall be pro-rated based upon the number of regular meetings of the Board remaining prior to the next annual meeting of shareholders, effective as of the date of such election or appointment. The options shall be non-qualified
options not intended to meet the requirements of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
  

	 	4.	OPTION AGREEMENT 

 Each option granted under the Plan shall be evidenced by an option agreement
(the “Agreement”) duly executed on behalf of Boston Beer and by the Non-Employee Director to whom such option is granted. Each Agreement shall (i) comply with and be subject to the terms and conditions of the Plan, (ii) provide
that the optionee agrees to continue to serve as a Director of Boston Beer during the term for which he or she was elected and (iii) contain such other provisions not inconsistent with the provisions of the Plan, including with respect to
obligations of each Non-Employee Director not to compete with Boston Beer, as the Board may determine. 

  
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	 	5.	OPTION EXERCISE PRICE 

 Subject to the provisions of Section 9 hereof, the option exercise
price for options granted under the Plan shall be the fair market value of the Shares covered by the option on the date of grant of the option. For the purposes hereof and of Section 6(b), the fair market value of Shares shall be the closing
price of Class A Common Stock reported by the New York Stock Exchange or any other national securities exchange on which such shares may be primarily traded, on the last trading day before the date of grant, provided that if the Class A
Common Stock of Boston Beer is not listed on or actually trading on the New York Stock Exchange or another national securities exchange, fair market value shall be determined in good faith by the Board. 

 

	 	6.	TIME AND MANNER OF EXERCISE OF OPTION 

 (a) Options granted under the Plan shall, subject to the
provisions of Section 7, be immediately exercisable in full; provided, however, that no option granted under the Plan may be exercised prior to approval of the Plan by the holders of Boston Beer’s issued and outstanding Class B Common
Stock, as required by Section 13. 
 (b) The option may be exercised in full at one time or in part from time to time by giving written
notice to Boston Beer, signed by the person or persons exercising the option, stating the number of Shares with respect to which the option is being exercised, accompanied by payment in full for such Shares, which payment may be in cash or in whole
or in part in Shares of the Class A Common Stock of Boston Beer already owned for a period of at least six months by the person or persons exercising the option, valued at fair market value, as determined under Section 5 hereof, on the
date of exercise; provided, however, that there shall be no such exercise at any one time as to fewer than two hundred fifty (250) Shares or all of the remaining Shares then purchasable by the person or persons exercising the option, if fewer
than two hundred fifty (250) Shares. Upon such exercise, delivery of a certificate for paid-up non- assessable Shares shall be made at the principal Massachusetts office of Boston Beer to the person or persons exercising the option at such
time, during ordinary business hours, not more than thirty (30) days from the date of receipt of the notice by Boston Beer, as shall be designated in such notice, or at such time, place and manner as may be agreed upon by Boston Beer and the
person or persons exercising the option. 
  

	 	7.	TERM OF OPTIONS 

 (a) Each option shall expire ten (10) years from the date of the granting
thereof, but shall be subject to earlier termination as herein provided. 
 (b) In the event of the death of an optionee, the option granted
to such optionee may be exercised by the estate of such optionee or by any person or persons who acquired the right to exercise such option by bequest or inheritance or otherwise by reason of the death of such optionee. Such option may be exercised
at any time within one (1) year after the date of death of such optionee, at which time the option shall terminate, or prior to the date on which the option otherwise expires by its terms, whichever is earlier. 

(c) In the event that an optionee ceases to be a Director of Boston Beer the option granted to such optionee may be exercised by him or her,
any time within three (3) years 

  
 2 

 after the date such optionee ceases to be a Director of Boston Beer, at which time the option shall terminate,
but in any event prior to the date on which the option expires by its terms, whichever is earlier, unless termination as a Director (i) was by Boston Beer for cause, in which case the option shall terminate immediately at the time the optionee
ceases to be a Director of Boston Beer, (ii) was because the optionee has become disabled (within the meaning of Section 22(e)(3) of the Code), or (iii) was by reason of the death of the optionee. In the case of death, see
Section 7(b) above. In the case of disability, the option may be exercised at any time within one (1) year after the date of termination of the optionee’s directorship with Boston Beer, at which time the option shall terminate, but in
any event prior to the date on which the option otherwise expires by its terms, whichever is earlier. 
  

	 	8.	OPTIONS NOT TRANSFERABLE 

 The right of any optionee to exercise an option granted to him or her
under the Plan shall not be assignable or transferable by such optionee otherwise than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement
Income Security Act, or the rules thereunder. Any option granted under the Plan shall be exercisable during the lifetime of such optionee only by him or her. Any option granted under the Plan shall be null and void and without effect upon the
bankruptcy of the optionee, or upon any attempted assignment or transfer, except as herein provided, including without limitation any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition,
attachment, trustee process or similar process, whether legal or equitable, upon such option. 
  

	 	9.	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION 

 In the event that the outstanding shares of the
Class A Common Stock of Boston Beer are changed into or exchanged for a different number or kind of shares or other securities of Boston Beer or of another corporation by reason of any reorganization, merger, consolidation, recapitalization,
reclassification, stock split-up, combination of shares or dividends payable in capital stock, appropriate adjustment shall be made in the number and kind of shares as to which outstanding options, or portions thereof then unexercised, shall be
exercisable, to the end that the proportionate interest of the optionee shall be maintained as before the occurrence of such event, and such adjustment in outstanding options shall be made without change in the total price applicable to the
unexercised portion of such options and with a corresponding adjustment in the option price per share. 
  

	 	10.	RESTRICTIONS ON ISSUE OF SHARES 

 Notwithstanding the provisions of Section 6 hereof,
Boston Beer may delay the issuance of Shares covered by the exercise of any option granted under the Plan and the delivery of a certificate for such Shares until one of the following conditions shall be satisfied: 

(i) the Shares with respect to which an option has been exercised are at the time of the issue of such Shares effectively registered under
applicable Federal and state securities acts now in force or hereafter amended; or 

  
 3 

 (ii) counsel for Boston Beer shall have given an opinion, which opinion shall not be unreasonably
conditioned or withheld, that such Shares are exempt from registration under applicable Federal and state securities acts now in force or hereafter amended. 

It is intended that all exercises of options granted under the Plan shall be effective. Accordingly, Boston Beer shall use its best efforts to
bring about compliance with the above conditions within a reasonable time, except that Boston Beer shall be under no obligation to cause a registration statement or a post-effective amendment to any registration statement to be prepared at its
expense solely for the purpose of covering the issue of Shares in respect of which any option may be exercised, except as otherwise agreed to by Boston Beer in writing. 
  

	 	11.	RIGHTS OF HOLDER ON PURCHASE FOR INVESTMENT; SUBSEQUENT REGISTRATION 

 Unless the Shares to be
issued upon exercise of an option granted under the Plan have been effectively registered under the Securities Act of 1933 (the “1933 Act”), as now in force or hereafter amended, Boston Beer shall be under no obligation to issue any Shares
covered by any option unless the person who exercises such option, in whole or in part, shall give a written representation and undertaking to Boston Beer which is satisfactory in form and scope to counsel to Boston Beer and upon which, in the
opinion of such counsel, Boston Beer may reasonably rely, that he or she is acquiring the Shares issued to him pursuant to such exercise of the option for his or her own account as an investment and not with a view to, or for sale in connection
with, the distribution of any such Shares, and that he or she will make no transfer of the same except in compliance with any rules and regulations in force at the time of such transfer under the 1933 Act, or any other applicable law, and that if
Shares are issued without such registration a legend to this effect may be endorsed upon the securities so issued. In the event that Boston Beer shall, nevertheless, deem it necessary or desirable to register under the 1933 Act or other applicable
statutes any Shares with respect to which an option shall have been exercised, or to qualify any such Shares for exemption from the 1933 Act or other applicable statutes, then Boston Beer shall take such action at its own expense and may require
from each optionee such information in writing for use in any registration statement, prospectus, preliminary prospectus or offering circular as is reasonably necessary for such purpose and may require reasonable indemnity to Boston Beer and its
Officers and Directors from such holder against all losses, claims, damages and liabilities arising from such use of the information so furnished and caused by any untrue statement of any material fact therein or caused by the omission to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made. 
  

	 	12.	LOANS PROHIBITED 

 Boston Beer shall not, directly or indirectly, lend money to an optionee or
to any person or persons entitled to exercise an option by reason of the death of an optionee for the purpose of assisting any of them in the acquisition of Shares covered by an option granted under the Plan. 

  
 4 

	 	13.	APPROVAL OF SHAREHOLDERS 

 The Plan shall be subject to approval by the affirmative vote of the
holders of a majority of the issued and outstanding shares of the Class B Common Stock of Boston Beer present or represented and entitled to vote at a duly held shareholders’ meeting, or by written consent of all of the holders of such Class B
Common Stock, and shall take effect immediately as of its date of adoption upon such approval. 
  

	 	14.	EXPENSES OF THE PLAN 

 All costs and expenses of the adoption and administration of the Plan
shall be borne by Boston Beer, and none of such expenses shall be charged to any optionee. 
  

	 	15.	TERMINATION AND AMENDMENT OF PLAN 

 Unless sooner terminated as herein provided, the Plan shall
terminate on May 21, 2026. The Board may at any time terminate the Plan or make such modification or amendment thereof as it deems advisable; provided, however, that, except as provided in Section 9 hereof, no modification or amendment to
the provisions of the Plan may be made more than once every six (6) months other than to comport with changes in the Code, the Employee Retirement Income Security Act, or the rules thereunder, if the effect of such amendment or modification would be
to change (i) the requirements for eligibility under the Plan, (ii) the timing of the grants of options to be granted under the Plan or the exercise price thereof, or (iii) the number of Shares subject to options to be granted under
the Plan either in the aggregate or to one Director. Any amendment to the provisions of the Plan which (i) materially increases the number of Shares which may be subject to options granted under the Plan, (ii) materially increases the
benefits accruing to Non-Employee Directors under the Plan, or (iii) materially modifies the requirement for eligibility to participate in the Plan, shall be subject to approval by the holders of Boston Beer’s Class B Common Stock obtained
in the manner stated in Section 13 hereof. Termination or any modification or amendment of the Plan shall not, without the consent of an optionee, affect his or her rights under an option previously granted to him or her. 

 

	 	16.	LIMITATION OF RIGHTS IN THE OPTION SHARES 

 An optionee shall not be deemed for any purpose to
be a shareholder of Boston Beer with respect to any of the options except to the extent that the option shall have been exercised with respect thereto and, in addition, a certificate shall have been issued theretofore and delivered to the optionee.

  

	 	17.	NOTICES 

 Any communication or notice required or permitted to be given under the Plan shall be
in writing, and mailed by registered or certified mail or delivered by hand, if to Boston Beer , to its principal place of business, Attention: President, and, if to an optionee, to the address as appearing on the records of Boston Beer. 

  
 5 

	 	18.	COMPLIANCE WITH RULE 16b-3 

 It is the intention of Boston Beer that the Plan comply in all
respects with Rule 16b-3 promulgated under Section 16(b) of the Securities Exchange Act of 1934 (the “1934 Act”) and that Participants remain disinterested persons for purposes of administering other employee benefit plans of Boston
Beer and having transactions under such other plans be exempt from Section 16(b) of the 1934 Act. Therefore, if any Plan provision is found not to be in compliance with Rule 16b-3 or if any Plan provisions would disqualify Participants from
remaining disinterested persons, that provisions shall be deemed null and void, and in all events the Plan shall be construed in favor of its meeting the requirements of Rule 16b-3. 

Approved by the Board of Directors and by the holders of the Class B Common Stock of the Company on March 9, 2016. 

  
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