Document:

EX-10.14

 Exhibit 10.14 

THE BOSTON BEER COMPANY, INC. RESTATED 

EMPLOYEE EQUITY INCENTIVE PLAN 

As amended, effective for grants and issuances made effective on and after January 1, 2016 

1. Purpose; History. 
 (a)
The purpose of The Boston Beer Company, Inc. (the “Company”, which term for purposes of eligibility to participate shall include all of the affiliates of The Boston Beer Company, Inc., including Boston Beer Corporation, a Massachusetts
corporation) Employee Equity Incentive Plan (the “Plan”) is to provide additional incentive for management and other employees of the Company, selected for participation in the Plan, to promote the growth and success of the Company’s
business, and to reward them for such growth and success, by making available to them shares of the Company’s Class A [Limited Voting Rights] Common Stock ($0.01 par value) (“Class A Stock”). 

(b) The Plan was originally adopted on November 20, 1995. As adopted, the Plan provided for Management Options, Discretionary Options and
Investment Shares. The maximum number of shares of the Company’s Class A Common Stock, $0.01 par value per share (the “Class A Stock”), originally authorized for issuance under the Plan was 1,687,500 shares. On October 20,
1997, the Board of Directors of the Company (the “Board”) and the sole holder of the Company’s outstanding Class B Common Stock, $0.01 par value per share (the “Class B Stock”), amended the Plan to provide for an additional
1,000,000 authorized shares of Class A Stock and, on December 19, 1997, the Board further amended the Plan to delete the provisions that had permitted the grant of Management Options at a per share exercise price of $0.01 and to provide
for a shift from the Board’s Compensation Committee (the “Compensation Committee”) to the full Board authority to act under the Plan, based on recommendations brought to it by the Compensation Committee. On December 14, 2001, the
Plan was amended to provide for an additional 1,000,000 authorized shares of Class A Stock. 
 (c) On December 20, 2005, the Board
further amended the Plan, formally striking the discontinued Management Options provisions and inserting the Board’s right to grant shares of restricted stock (“Restricted Stock Grants”). On December 19, 2006, the Board further
amended the Plan to provide for an additional 500,000 authorized shares of Class A Stock, to change the method used in valuing shares of Class A stock for purposes of the Plan and to grant the Board discretion to waive eligibility
requirements in granting Discretionary Options and Restricted Stock Grants. On December 21, 2007, the Plan was amended to provide for an additional 1,000,000 authorized shares of Class A Stock. October 30, 2009, the Plan was amended
to provide for an additional 812,500 authorized shares of Class A Stock. On October 8, 2013, the vesting provisions with respect to Investment Shares were amended. On October 8, 2014, the Plan was restated to reflect formally certain
procedures and practices followed with respect to Restricted Stock Grants and Discretionary Options. On December 9, 2015, the Plan was amended to provide for an additional 700,000 authorized shares of Class A Stock. 

2. Shares Covered By the Plan. The maximum number of shares of Class A Stock that may be issued under the Plan is 6,700,000
shares, subject to adjustment in accordance with Section 11 of the Plan. Shares of Class A Stock which are the subject of Restricted Stock Grants (as defined in Section 5) or Discretionary Options (as defined in Section 6) or
Management Options granted under the Plan prior to its amendment on December 19, 1997, which lapse unexercised or Investment Shares which do not become Vested Shares (as defined in Section 7) and are repurchased by the Company pursuant to
Section 7(g), or which are redeemed by the Company pursuant to Section 7(f) shall again be available for issuance hereunder. The maximum number of such shares that may be granted hereunder to an individual recipient per calendar year shall
not exceed 1,000,000. 
 3. Administration of the Plan. The Plan shall be administered by the Board. In its sole
discretion, the Board shall have the power to: 
  

	 	(i)	select employees to be granted Restricted Stock Grants pursuant to Section 5 of the Plan and Discretionary Options pursuant to Section 6 of the Plan; 

  
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	 	(ii)	authorize Restricted Stock Grants and the grant of Discretionary Options, pursuant to Sections 5 and 6 of the Plan; 

  

	 	(iii)	construe the Plan; 

  

	 	(iv)	determine all questions arising under the Plan; 

  

	 	(v)	including as hereinafter provided, delegate to the Compensation Committee of the Board or one or more officers of the Company power to make and administer grants to different categories of employees of the Company (in
which case such delegatee(s) shall be considered the “Board” hereunder for purposes of such grants); and 

  

	 	(vi)	adopt and amend such rules and regulations for the administration of the Plan as it may deem desirable. 

The decision of the Board as to all questions of interpretation and application of the Plan shall be final and binding on all persons. 

4. Eligibility. Employees eligible to participate in the Plan (“Eligible Employees”) are those employees of the
Company who: 
  

	 	(i)	except as otherwise determined by the Board on the recommendation of the Board’s Compensation Committee, have been employed by the Company for at least one (1) year or whose earlier participation is approved
by the Board in connection with his or her becoming an employee; 

  

	 	(ii)	have entered into an Employment Agreement (the “Employment Agreement”) with the Company containing such terms and conditions as the Board in its discretion may from time to time require; and 

 

	 	(iii)	In the case of Restricted Stock Grants and Discretionary Options, have been recommended to the Board by the Board’s Compensation Committee, taking into account each prospective grantee’s or optionee’s
level of responsibility, performance, potential and such other considerations as the Board or such Committee deems appropriate. 

5. Restricted Stock Grants. The Compensation Committee, subject to ratification by the Board and the holders of a majority of the Class
B Stock, may, from time to time, grant to Eligible Employees shares of Class A Stock, subject to such vesting criteria and other terms and conditions, as the Board shall determine. Except as otherwise determined from time to time by the Board
in connection with specific Restricted Stock Grants, Restricted Stock Grants shall vest over the period of five (5) years after the grant date at the rate of twenty percent (20%) of the shares covered thereby per year, so long as the
recipient continues to be employed by the Company as of each vesting date. All Restricted Stock Grants shall be reflected in a restricted stock agreement, setting forth the applicable vesting criteria, terms and conditions, and otherwise in a form
approved from time to time by the Board. 
  

	 	6.	Discretionary Options. 

 (a) The Compensation Committee, subject to ratification
by the Board and the holders of a majority of the Class B Stock, may also, from time to time, grant to Eligible Employees (individually, an Optionee and collectively, “Optionees”) options (“Discretionary Options”) to acquire
shares of Class A Stock (“Option Shares”), on such terms and conditions, including exercise price (which shall not be less than the fair market value of such shares as of the date of grant), as the Board shall determine. 

  
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 (b) Except as the Board may from time to time otherwise determine with respect to a particular
Discretionary Option, each Discretionary Option shall be set forth in an Option Agreement, containing such terms and conditions as the Board in its discretion may from time to time require, which shall include in any event the following terms,
conditions and restrictions: 
 (i) Except as otherwise determined from time to time by the Board in connection with specific options, the
right to exercise each Discretionary Option shall vest over the period of five (5) years after the date on which the Option was granted (the “Option Date”), at the rate of twenty percent (20%) of the Option Shares covered thereby
per year, so long as the Optionee continues to be employed by the Company as of each vesting date, provided that (1) the Board may in its discretion permit accelerated vesting, (2) the Board may tie exercisability to performance
criteria determined by the Board in its discretion, and (3) the Board may tie exercisability to compliance by an Optionee with any applicable restrictive covenants. 

(ii) Except as determined by the Board from time to time, each Discretionary Option shall terminate on the earlier to occur of the expiration
of (1) ninety days after the Optionee ceases to be an employee of the Company and (2) ten (10) years after the Option Date. 

7. Performance-Based Measures for Certain Grants. The performance measure(s) to be used for Restricted Stock Grants or Discretionary
Options granted to senior executive employees that are designed to qualify for the performance-based compensation exception under Section 162(m) of the Internal Revenue Code of 1986 as amended shall be chosen from among: 

 

	 	(a)	Earnings per share; 

  

	 	(b)	Net income (before or after taxes); 

  

	 	(c)	Cash flow (including, but not limited to, operating cash flow and free cash flow); 

  

	 	(d)	Gross revenues or Gross Volume; 

  

	 	(e)	Depletions; 

  

	 	(f)	Gross Profit or Gross Margins; 

  

	 	(g)	EBITDA; 

  

	 	(h)	Percentage increases in any of the above measures; and 

  

	 	(i)	Any of the above measures compared to peer or other companies. Performance measures may be set either at the corporate level, subsidiary level, division level, or business unit level. 

8. Purchase of Investment Shares. Eligible Employees may also become “Participants” in the Plan and invest up to ten percent
(10%) of their most recent annual compensation (base salary and bonus, if any) in whole shares (“Investment Shares”) of Class A Stock. The number of Investment Shares which can be purchased by each Participant will be computed by
dividing 10% of the Participant’s eligible compensation up to a maximum of $175,000 by the Investment Share Value (as defined in Section 7(c)). After a Participant has been employed by the Company for at least two (2) years,
Investment Shares will be issued at a discount from Investment Share Value based on length of service. The cost to the Participant will be the Investment Share Value, discounted, if applicable, according to the schedule in Section 7(c). For
each full year Investment Shares are held after issuance and the Participant remains employed with the Company, twenty percent (20%) will become fully vested, except for those Participants who are age 64 or older, for whom one hundred percent
(100%) of the Investment Shares will become fully vested (“Vested Shares”). Investment Shares not yet vested shall cease to vest upon the termination of a Participant’s employment with the Company, except as otherwise then
determined by the Board, unless such termination was because of death or disability, whereupon such death or disability termination the Participant’s unvested Investment Shares shall vest. Notwithstanding the foregoing, unvested Investment
Shares outstanding at January 1, 2014 shall also vest upon the Participant’s attainment of age 65 while employed by the Company, and Investment Shares issued to a Participant on or after January 1, 2014 who is age 64 or older shall
vest on the first anniversary of issuance if the Participant is still then employed by the Company. 
 (a) The maximum number of Investment
Shares that may be issued to each Participant at any time will be equal to ten percent (10%) of his or her most recent annual compensation (base salary and bonus, if any) up to a maximum of $175,000, divided by the applicable Discounted
Investment Share Value then in effect under Section 7(c), below. 

  
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 (b) The issuance price for Investment Shares will be based on the then Investment Share Value.
Investment Share Value shall be the closing price at which shares of Class A stock traded on the New York Stock Exchange or on any other exchange on which such shares may be traded, on the day next preceding the date of a Participant’s
investment in Investment Shares, which ordinarily shall be effective as of January 1 in each applicable year. The issuance price for Investment Shares will be the “Discounted Investment Share Value”, determined based on discounts from
Investment Share Value, keyed to each Eligible Employee’s tenure with the Company. 
 Prior to 2 full years of employment, there will
be no discount 
 After 2 full years of employment, the discount will be 20% 

After 3 full years of employment, the discount will be 30% 

After 4 full years of employment, the discount will be 40% 

(c) Each Participant will be responsible for the withholding taxes payable on his or her W-2 earnings, including on the amount of taxable
income realized by him or her by reason of the purchase of Investment Shares at Discounted Investment Share Value, whether recognized at the time of purchase or upon vesting. 

(d) All Investment Shares which have not yet vested shall be held in escrow by an escrow agent selected by the Board, pursuant to an
Investment Share Escrow Agreement, in a form approved from time to time by the Board. 
 (e) Each Participant who purchases Investment
Shares and who is not subject to the provisions of Section 16(b) of the 1934 Act shall have the right at any time to cause the Company to redeem all, but not less than all, of the Investment Shares previously purchased by him or her but which
have not yet vested at a price equal to the lesser of (i) the Discounted Investment Share Value at which the Shares were issued and (ii) the Investment Share Value, as of the date next preceding the date on which the Investment Shares are
tendered for redemption. 
 (f) In the event of the termination of the employment with the Company of any Participant who holds Investment
Shares, the Company shall have the right, but not the obligation, to redeem within ninety (90) days after such termination any or all of such Investment Shares which are not Vested Shares at a price, payable in cash, equal to the lesser of
(i) the Discounted Investment Share Value at which the Shares were issued and (ii) the Investment Share Value, as of the date next preceding the date on which the Investment Shares are called for redemption. 

9. Provisions Relating to Securities Act. Notwithstanding any other provision of the Plan, the Company may delay the issuance of
Option Shares covered by the exercise of a Discretionary Option or any Restricted Stock Grant shares that have vested or Investment Shares which have become Vested Shares (in any case, “Shares”) until one of the following conditions shall
be satisfied: 
  

	 	(i)	Such Shares are at the time of issuance effectively registered under applicable federal and state securities acts, as now in force or hereafter amended; or 

 

	 	(ii)	Counsel for the Company shall have given an opinion, which opinion shall not be unreasonably conditioned or withheld, that the issuance of such Shares is exempt from registration under applicable federal and state
securities acts, as now in force or hereafter amended. 

 Moreover, unless the Shares to be issued have been effectively registered under the
Securities Act of 1933, as amended (the “Act”), the Company shall be under no obligation to issue such Shares unless the person to whom the Shares are to be issued shall first give written representation to the Company, satisfactory in
form and scope to the Company’s counsel and upon which in the opinion of such counsel the Company may 

  
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reasonably rely, that he or she is acquiring the Shares to be issued to him or her as an investment and not with a view to or for sale in connection with any distribution thereof in violation of
the Act. The Company shall have no obligation, contractual or otherwise, to any person to register under any federal or state securities laws any Shares issued under the Plan to such person. 

10. Expenses of the Plan. All costs and expenses of the adoption and administration of the Plan shall be borne by the Company, and none
of such expenses shall be charged to any recipient of a Restricted Stock Grant, Optionee or Participant. 
 11. No Contractual Right to
Participate and No Right to Continued Employment. Nothing in the Plan shall be deemed to give any employee of the Company, or his or her legal representatives or assigns, or any other person claiming under or through him or her, any
contractual or other right to participate in the benefits of the Plan. Nothing in the Plan and no action or grant thereunder shall be construed to constitute or be evidence of any agreement or understanding, express or implied, on the part of the
Company to employ or retain in its employ for any specific period of time any recipient of a Restricted Stock Grant, Optionee or Participant. No Discretionary Option shall give to the recipient any rights as a stockholder in the Company or any
rights in any Option Shares, except to the extent the Option has been exercised and Option Shares issued. 
 12. Dilution and
Other Adjustments. In the event that the outstanding shares of Class A Stock are changed into or exchanged for a different number or kind of shares or other securities of the Company 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 which may be issued under
the Plan and as to which outstanding Discretionary 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; such
adjustment in outstanding Discretionary Options shall be made without change in the total price applicable to the unexercised portion of such Discretionary Options and with a corresponding adjustment in the exercise price per share. 

13. Transferability. No right or interest under the Plan of any Eligible Employee shall be assignable or transferable, in whole
or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner, other than by will or the laws of descent and
distribution; and no such right or interest of any Eligible Employee shall be subject to any obligation or liability of such Eligible Employee. The Option shall be null and void and without effect upon the bankruptcy of the Optionee or upon any
attempted assignment or transfer, except as hereinabove provided, including without limitation any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition contrary to the provisions hereof, or levy
of execution, attachment, trustee process or similar process, whether legal or equitable, upon the Option. 
 14. Withholding of
Income Taxes. The Company shall have the right to deduct from amounts otherwise payable by the Company to any recipient of a Restricted Stock Grant, Optionee or Participant by way of salary or wages or otherwise, any Federal, state or
local taxes required by law to be withheld with respect to the exercise of a Discretionary Option granted under the Plan or the purchase or vesting under the Plan of Investment Shares or shares subject to a Restricted Stock Grant which results in
taxable income to the recipient of the Restricted Stock Grant, Optionee or Participant. 
 15. Amendment and Termination of the
Plan. The Board, subject to the approval of the holders of a majority in interest of the Company’s issued and outstanding Class B Stock, may at any time terminate, extend, or amend the Plan; provided, however, that termination or
amendment of the Plan shall not, without the consent of any person affected thereby, modify or in any way affect any Restricted Stock Grant or Discretionary Option granted, or Investment Shares purchased, prior to such termination or
amendment. 
 Approved by the Board of Directors on the recommendation of the Compensation Committee and by the sole holder of the Class B Common
Stock of the Company on December 9, 2015. 

  
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 Exhibit 10.15 
  

			
	Option No. 1393	  	Roper

 THE BOSTON BEER COMPANY, INC. 

STOCK OPTION AGREEMENT 

AGREEMENT entered into effective as of January 1, 2016, by and between THE BOSTON BEER COMPANY, INC., a Massachusetts corporation (the
“Company”), and Martin F. Roper, the Company’s President and Chief Executive Officer (“Mr. Roper”). 
 IN
CONSIDERATION OF services rendered and to be rendered by Mr. Roper to the Company and of the mutual covenants and agreements contained herein, the Company and Mr. Roper hereby agree as follows: 

1. Grant of Option. The Company hereby irrevocably grants to Mr. Roper an option (the “Option”) to purchase all or any
part of an aggregate of Five Hundred Seventy-Four Thousand Five Hundred and Seven (574,507) shares (the “Shares”) of the Company’s Class A Common Stock, on the terms and conditions hereinafter set forth. 

2. Exercise Price and Vesting of Exercisability. 

(a) Exercise Price. Subject to the provisions of Sections 2(b) and 2(c), the Exercise Price (“Exercise Price”) for the Shares shall be
determined by multiplying (i) $201.91 by (ii) the DJ Wilshire 5000 Index or in a successor broad market index selected by the Compensation Committee of the Company’s Board of Directors if the DJ Wilshire 5000 Index ceases to
exist (in either case, the “Index”) on the close of business on the trading date next preceding each date on which Mr. Roper exercises the Option (the “Determination Date”) plus an escalation factor of 1.5% per annum
(the “Escalation Factor”) divided by the Index on the close of business on December 31, 2015. The Escalation Factor is calculated for full years as 1.5% multiplied by the Index at the close of business on the last business day of
the December. The Escalation Factor is calculated for partial years as 1.5% multiplied by the Determination Date day of the year divided by 365 and multiplied by the Index at the close of business on the Determination Date. 

(b) Minimum Exercise Price. Notwithstanding the provisions of Section 2(a), the Exercise Price shall in all events be not
less than $201.91. 
 (c) Cap on Option Value. Notwithstanding the provisions of Section 2(a), if the excess of
(i) the closing price of the Company’s Class A Common Stock on the New York Stock Exchange or on any other exchange on which such shares may be traded, on the day next preceding a date on which Mr. Roper exercises the Option over
(ii) the Exercise Price determined in accordance with Section 2(a) is greater than $150.00, the Exercise Price shall be increased to the extent necessary to reduce such excess (i.e., the excess as of the close of business on the
trading date next preceding the date on which Mr. Roper exercises the Option) to $150.00. 
 (d) Vesting Schedule.
So long as Mr. Roper continues to be employed by the Company or an affiliate of the Company, the Option shall become exercisable as follows: 
  

									
	 	  	Incremental
Shares Vested	 	  	Cumulative
Shares Vested	 
	 January 1, 2019
	  	 	114,901	  	  	 	114,901	  
	 January 1, 2020
	  	 	114,901	  	  	 	229,802	  
	 January 1, 2021
	  	 	114,901	  	  	 	344,703	  
	 January 1, 2022
	  	 	114,902	  	  	 	459,605	  
	 January 1, 2023
	  	 	114,902	  	  	 	574,507	  

 (e) Vesting on Change in Control. Notwithstanding the provisions of subsection
2(d), if, within twelve (12) months after C. James Koch and/or members of his family cease to control a majority of the Company’s issued and outstanding Class B Common Stock (a “Change in Control”), Mr. Roper’s
employment with the Company or any successor employer following the Change in Control (in either case, his “Employer”) is terminated by the Employer without Cause or by Mr. Roper for Good Reason, the Option shall become immediately
exercisable to the extent provided below. 
 If a Change in Control occurs while the Option remains in effect: 

 

					
	(i)	  	Prior to January 1, 2017	  	No accelerated vesting
			
	(ii)	  	On or after January 1, 2017 but prior to January 1, 2018	  	Vesting as to 20% of the unvested Shares
			
	(iii)	  	On or after January 1, 2018 but prior to January 1, 2019	  	Vesting as to 25% of the unvested Shares
			
	(iv)	  	On or after January 1, 2019 but prior to January 1, 2020	  	Vesting as to 40% of the unvested Shares
			
	(v)	  	On or after January 1, 2020 but prior to January 1, 2021	  	Vesting as to 60% of the unvested Shares
			
	(vi)	  	On or after January 1, 2021 but prior to January 1, 2022	  	Vesting as to 80% of the unvested Shares
			
	(vii)	  	On or after January 1, 2022	  	Vesting as to all Shares remaining unvested

 (f) Definitions. For purposes of paragraph 2(e), the terms “Cause” and “Good
Reason” shall have the following meanings: 
 “Cause” shall mean: (i) engaging in knowing and intentional illegal
conduct that was or is materially injurious to the Company or its affiliates; (ii) violating a federal or state law or regulation applicable to the Company’s business, which violation was or is reasonably likely to be injurious to the
Company; (iii) being convicted of, or entering a plea of nolo contendere to, a felony or committing any act of moral turpitude, dishonesty or fraud against, or (iv) the misappropriation of material property belonging to the Company or its
affiliates. 
 “Good Reason” shall mean without Mr. Roper’s written consent, (i) a reduction in his base
salary; or (ii) a relocation of his principal place of work to a location more than 50 miles away from his workplace prior to the relocation; or (iii) the significant reduction of his duties or responsibilities when compared to his duties
or responsibilities in effect immediately prior to the Change in Control. 
 3. Manner of Exercise of Option. To the extent
exercisable, the Option may be exercised in full at one time or in part from time to time, by giving written notice, signed by the person or persons exercising the Option, to the Company, stating the number of Shares with respect to which the Option
is being exercised, accompanied by payment in full of the Exercise Price for such Shares in cash. There shall be no exercise at any one time as to fewer than two thousand (2,000) Shares or all of the remaining Shares then purchasable by the
person or persons exercising the Option, if fewer than two thousand (2,000) Shares. 
 4. Term of Option. The Option shall
terminate on the sooner to occur of (i) the expiration of twelve (12) months after Mr. Roper ceases to be an employee of the Company or a successor employer following a Change in Control, regardless of the reason therefore and
(ii) the close of business on December 31, 2025. 

  
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 5. Non-Transferability. The right of
Mr. Roper to exercise the Option shall not be assignable or transferable by Mr. Roper otherwise than by will or the laws of descent and distribution, and the Option may be exercised during the lifetime of Mr. Roper only by him or her.
The Option shall be null and void and without effect upon the bankruptcy of Mr. Roper or upon any attempted assignment or transfer, except as hereinabove provided, including without limitation any purported assignment, whether voluntary or by
operation of law, pledge, hypothecation or other disposition contrary to the provisions hereof, or levy of execution, attachment, trustee process or similar process, whether legal or equitable, upon the Option. 

6. Restrictions on Issue of Shares. 

(a) Notwithstanding the provisions of Section 3 hereof, the Company may delay the issuance of Shares covered by the exercise of the Option
until one of the following conditions shall be satisfied: 
 (i) The Shares with respect to which the Option has been
exercised are at the time of the issuance of such Shares effectively registered under applicable federal and state securities acts, as now in force or hereafter amended; or 

(ii) Counsel for the Company shall have given an opinion, which opinion shall not be unreasonably conditioned or withheld, that
the issuance of such Shares is exempt from registration under applicable federal and state securities acts, as now in force or hereafter amended. 

(b) In the event that for any reason the Shares to be issued upon exercise of the Option shall not be effectively registered under the
Securities Act of 1933 (the “1933 Act”), upon any date on which the Option is exercised in whole or in part, the Company shall be under no further obligation to issue Shares covered by the Option, unless the person exercising the Option
shall give a written representation to the Company that such person is acquiring the Shares issued to him or her pursuant to such exercise of the Option for 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 the 1933 Act and the rules and regulations promulgated thereunder and then in force, and in such event, the Company may place an “investment
legend”, so-called, upon any certificate for the Shares which may be issued by reason of such exercise. 

7. Adjustments Upon Changes in Capitalization. In the event that shares of the Company’s Class A Common Stock are changed
into or exchanged for a different number or kind of securities of the Company or of another entity by reason of any reorganization, merger, consolidation, recapitalization, reclassification, stock split-up,
combination of shares or dividend payable in capital stock or other securities, appropriate adjustment shall be made in the number and kind of securities as to which the Option, or any part thereof then unexercised, shall be exercisable, to the end
that the proportionate interest of Mr. Roper shall remain as before the occurrence of such event; such adjustment in the Option shall be made without change in the total price applicable to the unexercised portion of the Option and with a
corresponding adjustment in the Option price per share or other security unit. 
 8. Compliance with Post-Employment Obligations.
Mr. Roper understands and agrees that his rights hereunder are conditioned on continued compliance with all of his obligations to the Company, including obligations to protect the confidentiality of the Company’s proprietary information
and the proprietary information of any of the Company’s affiliates and not to compete with the Company or any of its affiliates after Mr. Roper’s employment with the Company or any of its affiliates has terminated. In furtherance of
Mr. Roper’s understanding and agreement, Mr. Roper further agrees that, if Mr. Roper breaches any post-employment confidentiality covenants or covenants not to compete with the Company or any of its affiliates, the Company shall
be entitled, in addition to any other remedies it may then have available to it, to recover all profit realized by Mr. Roper as a result of exercises of the Option during Mr. Roper ’s last twelve (12) months of employment with
the Company or any of its affiliates or at any time following termination of such employment. 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and its corporate seal
to be hereto affixed by its officer thereunto duly authorized, and Mr. Roper has hereunto set his hand and seal, all as of the day and year first above written. 

 

			
	THE BOSTON BEER COMPANY, INC.
		
	By:	 	 /s/ William F. Urich

		 	William F. Urich, Chief Financial Officer
		
		 	 /s/ Martin F. Roper

		 	Mr. Roper’s Signature
		
		 	Martin F. Roper
		 	109 Chestnut Street
		 	Weston, MA 02493

  
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