Document:

Exhibit 10.24

CV SCIENCES, INC.

NON-QUALIFIED STOCK
OPTION AGREEMENT 

 

This
NON-QUALIFIED STOCK OPTION AGREEMENT (this "Agreement") is made and entered into as of April 7, 2017, by and between
CV Sciences, Inc., a Delaware corporation (the "Company") and Michael Mona III ("Optionee").

 

RECITALS

 

A.     
       The Company granted options to Optionee pursuant to the resolutions of the Board of Directors
dated April 7, 2017 ("Grant Date") to provide an incentive to Optionee to focus on the long-term growth of the Company.

 

B.        
    The parties wish to memorialize the grant and in consideration of the mutual covenants hereinafter set
forth, and for other good and valuable consideration, the parties agree as follows:

 

AGREEMENT

 

1.          
  Grant of Option.  The Company hereby grants to Optionee the right and option (the "Option")
to purchase an aggregate of 1,000,000 shares of the common stock of the Company (the "Stock") (such number being subject
to adjustment as set forth herein) on the terms and conditions herein set forth.  This Option may be exercised in whole
or in part and from time to time as hereinafter provided.  The Option granted under this Agreement is not intended to
be an "incentive stock option" as set forth in Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").

 

2.         
   Vesting of Option.  

 

(a)        
Subject to the provisions set forth in this Agreement, the Option shall vest and become exercisable in accordance with the
following schedule:

  

(i)    
250,000 when the Company has final meeting minutes from a pre-investigational new drug application (“IND”) meeting
as authorized by the FDA for a drug development program utilizing CBD as the active pharmaceutical ingredient;

 

(ii)  
250,000 when the Company is granted an IND; and

 

(iii) 
500,000 when the Company commences its first human dosing under the IND.

  

Notwithstanding the
foregoing, vesting shall accelerate upon a Disposition Event as defined under the Agreement and Plan of Reorganization dated December
30, 2015 by and among CannaVest Corp., CannaVest Merger Sub, Inc. CannaVest Acquisition LLC, CanX, Inc. and The Starwood Trust,
as Shareholder Representative.

 

(b)             
Notwithstanding the foregoing, the right to exercise the Option shall accelerate automatically and vest in full (notwithstanding
the provisions above) effective as of immediately prior to the consummation of the “Change in Control” (as defined
below) unless this Option is to be assumed by the acquiring or successor entity (or parent thereof) or a new option or New Incentives
(as defined below) are to be issued in exchange therefor, as provided in subsection (c) below.

 

(c)             
The vesting of the Option shall not accelerate if and to the extent that: (i) the Option (including the unvested portion
thereof) is to be assumed by the acquiring or successor entity (or parent thereof) or a new option of comparable value is to be
issued in exchange therefor pursuant to the terms of the Change in Control transaction, or (ii) the Option (including the unvested
portion thereof) is to be replaced by the acquiring or successor entity (or parent thereof) with other incentives of comparable
value under a new incentive program (“New Incentives”) containing such terms and provisions as the Company’s
Board of Directors in its discretion may consider equitable. If the Option is assumed, or if a new option of comparable value is
issued in exchange therefor, then the Option or the new option shall be appropriately adjusted, concurrently with the Change in
Control, to apply to the number and class of securities or other property that the Optionee would have received pursuant to the
Change in Control transaction in exchange for the shares issuable upon exercise of the Option had the Option been exercised immediately
prior to the Change in Control, and appropriate adjustment also shall be made to the Purchase Price such that the aggregate Purchase
Price of this Option or the new option shall remain the same as nearly as practicable.

 

 

 

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(d)             
If the provisions of subsection (c) above apply, then the Option, the new option or the New Incentives shall continue to
vest as provided above for the remainder of the term of the Option in accordance with the terms hereof. However, in the event of
an Involuntary Termination (as defined below) of Optionee’s service with the Company or the acquiring or successor entity
(or parent thereof) within twelve (12) months following such Change in Control, then vesting of this Option, the new option or
the New Incentives shall accelerate in full automatically effective upon such Involuntary Termination.

 

(e)             
“Involuntary Termination” shall mean a termination of service by reason of: (i) Optionee’s involuntary
dismissal or discharge by the Company, or by the acquiring or successor entity (or parent or any subsidiary thereof employing the
Optionee) for reasons other than Misconduct (as defined below), or (ii)Optionee’s voluntary resignation following (x)
a reduction in Optionee’s compensation by more than ten percent (10%), or (y) a relocation of Optionee’s principal
place of employment by more than fifty (50) miles, provided and only if such change, reduction or relocation is effected without
Optionee’s written consent.

 

(f)              
“Misconduct” shall mean (i) the commission of any act of fraud, embezzlement or dishonesty by Optionee which
affects the business of the Company, the acquiring or successor entity (or parent or any subsidiary thereof), (ii) any unauthorized
use or disclosure by Optionee of confidential information or trade secrets of the Company, the acquiring or successor entity (or
parent or any subsidiary thereof), (iii) the refusal or omission by the Optionee to perform any duties required of him if such
duties are consistent with duties customary for the position held with the Company, the acquiring or successor entity (or parent
or any subsidiary thereof), (iv) any act or omission by the Optionee involving malfeasance or gross negligence in the performance
of Optionee’s duties to, or material deviation from any of the policies or directives of, the Company or the acquiring or
successor entity (or parent or any subsidiary thereof), (v) conduct on the part of Optionee which constitutes the breach of any
statutory or common law duty of loyalty to the Company, the acquiring or successor entity (or parent or any subsidiary thereof),
or (vi) any illegal act by Optionee which materially and adversely affects the business of the Company, the acquiring or successor
entity (or parent or any subsidiary thereof), or any felony committed by Optionee, as evidenced by conviction thereof. The provisions
of this paragraph shall not limit the grounds for the dismissal or discharge of Optionee or any other individual in the service
of the Company, the acquiring or successor entity (or parent or any subsidiary thereof).

 

		(g)	“Change in Control” shall mean:

 

(i)              
The direct or indirect sale or transfer, in a single transaction or a series of related transactions, by the stockholders
of the Company of voting securities, in which the holders of the outstanding voting securities of the Company immediately prior
to such transaction or series of transactions hold, as a result of holding Company securities prior to such transaction, in the
aggregate, securities possessing less than twenty percent (20%) of the total combined voting power all outstanding voting securities
of the Company or of the acquiring entity immediately after such transaction or series of related transactions;

 

(ii)            
A merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the holders
of the outstanding voting securities of the Company immediately prior to such merger or consolidation hold as a result of holding
Company securities prior to such transaction, in the aggregate, securities possessing more than fifty percent (50%) of the total
combined voting power of all outstanding voting securities of the surviving entity (or the parent of the surviving entity) immediately
after such merger or consolidation;

 

(iii)           
A reverse merger in which the Company is the surviving entity but in which the holders of the outstanding voting securities
of the Company immediately prior to such merger hold as a result of holding Company securities prior to such transaction, in the
aggregate, securities possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting securities
of the Company or of the acquiring entity immediately after such merger; or

 

(iv)           
The sale, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially
all of the assets of the Company, except for a transaction in which the holders of the outstanding voting securities of the Company
immediately prior to such transaction(s) receive as a distribution with respect to securities of the Company, in the aggregate,
securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of
the acquiring entity immediately after such transaction(s).

 

3.       Purchase
Price. The price at which Optionee shall be entitled to purchase the Stock covered by the Option shall be $0.365 per share,
which is the closing price of the Company’s common stock on the Over The Counter Bulletin Board on April 7, 2017. the Board
has determined to be the Fair Market Value (as defined herein) as of the Grant Date, which is the "Fair Market Value in accordance
with the requirements set forth in Treasury Regulation Section 1.409A-1(b)(5)(iv)(B) or any successor provision thereof.

 

 

 

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4.       Term
of Option.  The Option granted under this Agreement shall expire, unless otherwise exercised, ten (10) years from
the Grant Date ("Expiration Date"), subject to earlier termination as provided in paragraph 8 hereof.

 

5.       Exercise
of Option.  The Option may be exercised by Optionee as to all or any part of the Stock then vested by delivery to
the Company of written notice of exercise in the form attached hereto as Exhibit A ("Exercise Notice") and payment of
the purchase price as provided in paragraphs 6 and 7 hereof.

 

6.       Method
of Exercising Option.  Subject to the terms and conditions of this Agreement, the Option may be exercised by timely
delivery of written notice to the Company or such other person as the Board shall designate, which notice shall be effective on
the date received by the Company or such other person ("Effective Date").  The notice shall state Optionee's
election to exercise the Option, the number of shares in respect of which an election to exercise has been made, the method of
payment elected (see paragraph 7 hereof), the exact name or names in which the shares will be registered and the Social Security
number of Optionee.  Such notice shall be signed by Optionee and shall be accompanied by payment of the purchase price
of such shares.  In the event the Option shall be exercised by a person or persons other than Optionee pursuant to paragraph
8 and 14 hereof, such notice shall be signed by such other person or persons and shall be accompanied by proof acceptable to the
Company of the legal right of such person or persons to exercise the Option.  All shares delivered by the Company upon
exercise of the Option shall be fully paid and nonassessable upon delivery.  In the event the Stock purchasable pursuant
to the exercise of the Option has not been registered under the Securities Act of 1933, as amended, at the time the Option is exercised,
the Optionee shall, if requested by the Company, concurrently with the exercise of all or any portion of the Option, deliver to
the Company his or her Investment Representation Statement in the form attached hereto as Exhibit B.

 

7.       Method
of Payment for Options. Payment for shares purchased upon the exercise of the Option shall be made by Optionee in cash, previously-acquired
Stock held for more than six (6) months, promissory note net issuance, property (including broker-assisted arrangements) or other
forms of payment permitted by the Board and communicated to Optionee in writing prior to the date Optionee exercises all or any
portion of the Option.

 

8.       Termination
of Employment or Service.

 

(a)       General.  If
the Optionee's employment is terminated for any reason other than Cause (as defined below), death or Disability (as defined below),
then the Options shall continue to vest notwithstanding the termination of Optionee’s employment in accordance with paragraph
2(a), above. If the Company terminates the Optionee's employment or service for Cause, then the Optionee may at any time within
ninety (90) days after the effective date of termination of employment or service exercise the vested portion of the Option to
the extent that the Optionee was entitled to exercise the Option at the date of termination.

 

(b)       Death
or Disability of Optionee.  In the event of the death or Disability of Optionee within a period during which the
Option, or any part thereof, could have been exercised by Optionee, including ninety (90) days after termination of employment
or service (the "Option Period"), the Option shall, as of the date of death or Disability, immediately vest and become
exercisable by Optionee or his estate at any time within 90 days after Optionee’s death or Disability.

 

(c)       Definition
of Disability.  "Disability" or "Disabled" shall mean a physical or mental condition, verified
by a physician designated by the Company, which prevents Optionee from carrying out one or more of the material aspects of his
assigned duties for at least ninety (90) consecutive days, or for a total of ninety (90) days in any six (6) month period.

 

(d)       Definition
of Cause. "Cause" shall mean:

 

(i)              
Optionee shall have committed an act of fraud, embezzlement or theft with respect to the property or business of the Company,
in any such event in such a manner as to cause material loss, damage or injury to the Company;

 

(ii)            
Optionee shall have materially breached his Employment Agreement as determined by the Board and such breach shall have continued
for a period of twenty (20) days after receipt of written notice from the Board specifying such breach;

 

 

 

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(iii)           
Optionee shall have been grossly negligent in the performance of his duties hereunder, intentionally not performed or mis-performed
any of such duties, or refused to abide by or comply with the reasonable and lawful directives of the Board, in each case as reasonably
determined by the Board, which action shall have continued for a period of twenty (20) days after receipt of written notice from
the Board demanding such action cease or be cured; or

 

(iv)           
Optionee shall have been found guilty of, or has plead nolo contendere to, the commission of a felony offense or
other crime involving moral turpitude.

 

9.       Nontransferability.
The Option granted by this Agreement shall be exercisable only during the term of the Option provided in paragraph 4 hereof and,
except as provided in paragraph 8 and 13, only by Optionee during his lifetime and while in the employment or service of the Company.
Except set forth in paragraph 8 and as otherwise provided by the Board, this Option shall not be transferable by Optionee or any
other person claiming through Optionee, either voluntarily or involuntarily, except by will or the laws of descent and distribution
or such other circumstances as the Board deems acceptable.

 

10.       Adjustments
in Number of Shares and Option Price.  In the event of a stock dividend or in the event the stock shall be changed
into or exchanged for a different number or class of shares of stock of the Company or of another corporation, whether through
reorganization, recapitalization, stock split-up, combination of shares, merger or consolidation, the Board has the authority to
substitute for each such remaining share of stock then subject to this Option the number and class of shares of stock into which
each outstanding share of stock shall be so exchanged, all without any change in the aggregate purchase price for the shares then
subject to the Option.  Any substitution made pursuant to this paragraph shall be made in such a manner that is consistent
with the requirements of Section 409A of the Internal Revenue Code.

 

11.       Delivery
of Shares.  No shares shall be delivered upon exercise of the Option until (i) the purchase price shall have been
paid in full in the manner herein provided (unless a net issuance strategy is implemented); (ii) applicable taxes required to be
withheld have been paid or withheld in full; and (iii) approval of any governmental authority required in connection with the Option,
or the issuance of shares thereunder, has been received by the Company.

 

12.       Administration.  The
Board shall have the sole and complete discretion with respect to all matters reserved to it by this Agreement, and decisions of
the Board with respect to this Agreement shall be final and binding upon Optionee and the Company.  Notwithstanding any
other provision of this Agreement, the Board shall administer this Agreement, and exercise all authority and discretion under this
Agreement, to satisfy the requirement of Internal Revenue Code Section 409A or any exemption thereto.

 

13.           Stock
Certificates.  All stock certificates delivered pursuant to this Agreement are subject to any stop-transfer orders
and other restrictions as the Board deems necessary or advisable to comply with federal or state securities laws, rules and regulations
and the rules of any national securities exchange or automated quotation system on which the stock is listed, quoted, or traded.  The
Board may place legends on any stock certificate to reference restrictions applicable to the stock.

 

14.           Continuation
of Employment or Service.  THE OPTIONEE ACKNOWLEDGES AND AGREES THAT, EXCEPT AS SET FORTH HEREIN, THE SHARES SUBJECT
TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF OPTIONEE's CONTINUOUS SERVICE OR EMPLOYMENT, AS APPLICABLE, (NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER).  THE OPTIONEE FURTHER ACKNOWLEDGES
AND AGREES THAT NOTHING IN THIS AGREEMENT SHALL CONFER UPON THE OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF OPTIONEE's CONTINUOUS
SERVICE OR EMPLOYMENT, NOR SHALL IT INTERFERE IN ANY WAY WITH THE OPTIONEE's RIGHT OR THE COMPANY's RIGHT TO TERMINATE OPTIONEE's
CONTINUOUS SERVICE OR EMPLOYMENT, WITH OR WITHOUT CAUSE.

 

15.           Obligation
to Exercise.  Optionee shall have no obligation to exercise any option granted by this Agreement.

 

16.           Governing
Law.  This Agreement shall be interpreted and administered under the laws of the State of Delaware.

 

17.           Amendments.  This
Agreement may be amended only by a written agreement executed by the Company and Optionee.  In addition, except as otherwise
provided in paragraph 10, the terms of this Agreement may not be amended to reduce the exercise price of the Option or to cancel
the Option in exchange for cash, other Options with an exercise price that is less than the exercise price of the original Option
without stockholder approval.

 

 

[Signature Page Follows]

 

 

 

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IN WITNESS WHEREOF,
the Company has caused this Agreement to be signed by its duly authorized representative and Optionee has signed this Agreement
as of the date first written above.

 

 

CV SCIENCES, INC.

 

 

By: /s/ Michael Mona, Jr.

Name: Michael Mona, Jr.

Its: President and Chief Executive Officer

 

 

ACCEPTED AND AGREED TO:

 

 

/s/ Michael Mona III

Michael Mona III

 

 

 

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EXHIBIT A

 

CV SCIENCES, INC.

 

EXERCISE NOTICE

 

 

CV Sciences, Inc.

2688 South Rainbow Boulevard, Suite B

Las Vegas, Nevada 89146

Attention: Secretary

 

 

Effective as of today, ______________, ___
the undersigned (the "Optionee") hereby elects to exercise the Optionee's option to purchase ___________ shares of the
Common Stock (the "Shares") of CV Sciences, Inc. (the "Company") under and pursuant to the Non-Qualified Stock
Option Award Agreement (the "Option Agreement") dated April 7, 2017.

 

Representations of the Optionee. The Optionee
acknowledges that the Optionee has received, read and understood the Option Agreement and agrees to abide by and be bound by their
terms and conditions.

 

Rights as Stockholder. Until the stock certificate
evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the
Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate promptly
after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the
date the stock certificate is issued, except as provided in the Option Agreement.

 

Delivery of Payment. The Optionee herewith
delivers to the Company the full Exercise Price for the Shares in the form(s) provided for in the Option Agreement, or, if approved,
the Shares shall be delivered pursuant to a net issuance.

 

Tax Consultation. The Optionee understands
that the Optionee may suffer adverse tax consequences as a result of the Optionee's purchase or disposition of the Shares. The
Optionee represents that the Optionee has consulted with any tax consultants the Optionee deems advisable in connection with the
purchase or disposition of the Shares and that the Optionee is not relying on the Company for any tax advice.

 

Taxes. The Optionee agrees to satisfy all applicable
foreign, federal, state and local income and employment tax withholding obligations and herewith delivers to the Company the full
amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations.

 

Restrictive Legends. The Optionee understands
and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon
any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by
state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED
OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

Successors and Assigns. The Company may assign
any of its rights under this Exercise Notice to single or multiple assignees, and this agreement shall inure to the benefit of
the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall
be binding upon the Optionee and his or her heirs, executors, administrators, successors and assigns.

 

 

 

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Headings. The captions used in this Exercise
Notice are inserted for convenience and shall not be deemed a part of this agreement for construction or interpretation.

 

Interpretation. Any dispute regarding the interpretation
of this Exercise Notice shall be submitted by the Optionee or by the Company forthwith to the Board, which shall review such dispute
at its next regular meeting. The resolution of such a dispute by the Board shall be final and binding on all persons.

 

Governing Law; Severability. This Exercise
Notice is to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to
any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State
of Delaware to the rights and duties of the parties. Should any provision of this Exercise Notice be determined by a court of law
to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

 

Notices. Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail
by certified mail, with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature,
or to such other address as such party may designate in writing from time to time to the other party.

 

Further Instruments. The parties agree to execute
such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of
this agreement.

 

Entire Agreement. The Option Agreement is incorporated
herein by reference and together with this Exercise Notice constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes in their entirety all prior undertakings and agreements of the Company and the Optionee with
respect to the subject matter hereof, and may not be modified adversely to the Optionee's interest except by means of a writing
signed by the Company and the Optionee.

 

 

	SUBMITTED BY:	ACCEPTED BY:
	 	 
	 	CV SCIENCES, INC.
	 	 
	/s/ Michael Mona III	By: /s/ Michael Mona, Jr.
	Michael Mona III	Name: Michael Mona, Jr.
	 	Its: President and Chief Executive Officer
	 	 
	Address:	Address:
	 	 
	____________	2688 South Rainbow Boulevard, Suite B
	____________	Las Vegas, Nevada 89146

 

 

 

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EXHIBIT B

 

CV SCIENCES, INC.

 

INVESTMENT REPRESENTATION STATEMENT

 

	OPTIONEE:	Michael Mona III
	COMPANY:	CV Sciences, Inc.
	SECURITY:	Common Stock
	AMOUNT:	 __________
	Date: 	 __________

 

 

In connection with the purchase of the above-listed
Securities, the undersigned Optionee represents to the Company the following:

 

Optionee is aware of the Company's business
affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable
decision to acquire the Securities. Optionee is acquiring these Securities for investment for Optionee's own account only and not
with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act
of 1933, as amended (the "Securities Act").

 

Optionee acknowledges and understands that
the Securities constitute "restricted securities" under the Securities Act and have not been registered under the Securities
Act in reliance upon a specific exemption therefrom, which exemption depends upon among other things, the bona fide nature of Optionee's
investment intent as expressed herein. Optionee further understands that the Securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is available. Optionee further acknowledges
and understands that the Company is under no obligation to register the Securities. Optionee understands that the certificate evidencing
the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such
registration is not required in the opinion of counsel satisfactory to the Company.

 

Optionee further understands that in the event
all of the applicable requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation
A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the
Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities
other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who
participate in such transactions do so at their own risk. Optionee understands that no assurances can be given that any such other
registration exemption will be available in such event.

 

Optionee represents that he is a resident of
the state of _________________.

 

 

OPTIONEE:

 

_______________________________

Name (print): _____________________

 

Date: ___________________________

 

 

    	 	8EX-10.1

AMENDMENT TO CREDIT AGREEMENT

THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of March 27, 2018 by
and among THE BOSTON BEER COMPANY, INC. and BOSTON BEER CORPORATION (together, the
“Borrowers” and each individually, a “Borrower”) and BANK OF AMERICA, N.A., a
national banking association, successor-by-merger to Fleet National Bank (the “Bank”).

RECITALS

A. The Bank and the Borrowers are parties to that certain Second Amended and Restated Credit
Agreement dated as of July 1, 2002, as modified by letter agreements dated as of August 4, 2004,
and December 30, 2005, an Amendment to Credit Agreement dated as of February 27, 2007, an Amendment
to Credit Agreement dated as of March 10, 2008, an Amendment to Credit Agreement dated as of June
14, 2010, a letter agreement dated as of June 8, 2012, and an Amendment to Credit Agreement dated
as of January 24, 2014 (as amended, restated, supplemented or further modified from time to time,
the “Credit Agreement”). Capitalized terms used herein without definition have the
meanings assigned to them in the Credit Agreement.

B. The Borrowers have requested certain amendments to the Credit Agreement and the Bank is
willing to make such amendments, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained,
the parties hereto hereby agree as follows:

1. Amendments to Credit Agreement.

A. Extension of Expiration Date. Section 1.1 of the Credit Agreement is amended so
that the “Expiration Date”, as defined therein, shall be March 31, 2023.

B. Amendment to Section 1.6 of Credit Agreement. Section 1.6 of the Credit Agreement
is hereby amended and restated in its entirety, as follows:

“1.6 Fees. The Borrowers shall pay to the Bank during the Revolving Credit
Period a non-refundable commitment fee, payable quarterly in arrears on the last day of
March, June, September and December of each year, on any difference between the Commitment
and the outstanding principal amount of the Loans, determined on the basis of the daily
outstanding principal amount of the Loans during the applicable calendar quarter. Such
commitment fee will be calculated at the rate of 0.15% per annum.”

C. Amendment to Section 3 of Credit Agreement. Section 3 of the Credit Agreement is
hereby amended by inserting the following new Section 3.16, immediately after Section 3.15 thereof:

“3.16 Government Sanctions.

“(a) Each Borrower represents that neither Borrower nor any Subsidiary, nor, to the
knowledge of any Borrower, any owner, trustee, director, officer, employee, agent, affiliate
or representative of any Borrower or Subsidiary is an individual or entity (“Person”)
currently the subject of any sanctions administered or enforced by the United States
Government, including, without limitation, the U.S. Department of Treasury’s Office of
Foreign Assets Control, the United Nations Security Council, the European Union, Her
Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor is any Borrower or any Subsidiary located, organized or resident
in a country or territory that is the subject of Sanctions.

“(b) Each Borrower represents and covenants that it will not, directly or indirectly,
use the proceeds of the credit provided under this Agreement, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other
Person, to fund any activities of or business with any Person, or in any country or
territory, that, at the time of such funding, is the subject of Sanctions, or in any other
manner that will result in a violation by any Person (including any Person participating in
the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.”

D. Amendment to Section 7.1(i) of Credit Agreement. Section 7.1(i) of the Credit Agreement is
hereby amended, restated and replaced in its entirety as follows:

“(i) [Reserved]; or”.

E. Amendment to Section 7.1(k) of Credit Agreement. Section 7.1(k) of the Credit Agreement is
hereby amended, restated and replaced in its entirety as follows:

“(k) for any reason, (i) C. James Koch and (ii) either Martin F. Roper or David A. Burwick
(or David A. Burwick’s successor, approved as provided below) shall cease to be actively engaged in
the management of the Borrowers, unless a manager or management team with qualifications,
experience and reputation within the consumer beverage business reasonably acceptable to the Bank
commences management of the Borrowers within 180 days after each cessations; or”.

F. Amendments to Schedule B. Schedule B to the Credit Agreement is hereby amended as
follows:

i. The definition of “LIBOR Rate” is hereby amended and restated in its
entirety, as follows:

“LIBOR Rate: the interest rate determined by the following formula.
(All amounts in the calculation will be determined by the Bank as of the first day
of the applicable LIBOR Period). Notwithstanding any provision to the contrary set
forth in this Agreement, in no event shall the LIBOR Rate be less than zero.

ii. The following definitions of “LIBOR” and “Reserve Percentage” are
hereby inserted into Schedule B, in appropriate alphabetical order:

“LIBOR: for any LIBOR Period with respect to a LIBOR Loan, the rate per
annum equal to the London Interbank Offered Rate (or a comparable or successor rate
which rate is approved by the Bank), as published by Bloomberg (or such other
commercially available source providing such quotations as may be designated by the
Bank from time to time) at or about 11:00 a.m., London time, two (2) London Banking
Days prior to the commencement of such LIBOR Period, for U.S. dollar deposits (for
delivery on the first day of such LIBOR Period) with a term equivalent to such LIBOR
Period. If such rate is not available at such time for any reason, then the rate
for that LIBOR Period will be determined by such alternate method as reasonably
selected by the Bank. A “London Banking Day” is a day on which banks in London are
open for business and dealing in offshore dollars.”

“Reserve Percentage: the total of the maximum reserve percentages for
determining the reserves to be maintained by member banks of the Federal Reserve
System for Eurocurrency Liabilities, as defined in Federal Reserve Board Regulation
D, rounded upward to the nearest 1/100 of one percent. The percentage will be
expressed as a decimal, and will include, but not be limited to, marginal,
emergency, supplemental, special, and other reserve percentages.”

ii. Clause (a) of Paragraph B(3) of Schedule B is hereby amended and restated in its
entirety, as follows:

	 	 	 	“(a) Notwithstanding anything to the contrary in this Agreement or any other Loan
Documents, if the Lender determines (which determination shall be conclusive absent
manifest error), or the Borrowers notify the Lender that the Borrowers have determined,
that:

	 	(i)	 	adequate and reasonable means do not exist for ascertaining the
LIBOR Rate for any requested LIBOR Period, because the LIBOR Screen Rate is not
available or published on a current basis and such circumstances are unlikely
to be temporary; or

	 	(ii)	 	the administrator of the LIBOR Screen Rate or a Governmental
Authority having jurisdiction over the Lender has made a public statement
identifying a specific date after which the LIBOR Rate or the LIBOR Screen Rate
shall no longer be made available, or used for determining the interest rate of
loans (such specific date, the “Scheduled Unavailability Date”), or

	 	(iii)	 	loans currently being executed, or that include language
similar to that contained in this Section, are being executed or amended (as
applicable) to incorporate or adopt a new benchmark interest rate to replace
the LIBOR Rate,

then, reasonably promptly after such determination by the Lender or receipt by
the Lender of such notice , as applicable, the Lender and the Borrowers may amend
this Agreement to replace the LIBOR Rate with an alternate benchmark rate (including
any mathematical or other adjustments to the benchmark (if any) incorporated
therein), giving due consideration to any evolving or then existing convention for
similar U.S. dollar denominated credit facilities for such alternative benchmarks
(any such proposed rate, a “LIBOR Successor Rate”), together with any
proposed LIBOR Successor Rate Conforming Changes (as defined below). It is
understood and agreed that notwithstanding any provision contained herein to the
contrary, the LIBOR Successor Rate shall be the then lowest interest rate determined
and used by the Lender for its “most favored” borrowers, and if the Lender
thereafter agrees at any time or times to a LIBOR Successor Rate that is, at such
time, lower that the LIBOR Successor Rate then in effect under this Agreement, then
the Lender shall promptly (a) notify the Borrowers of such lower LIBOR Successor
Rate and (b) thereafter apply such lower LIBOR Successor Rate to the Loans.

If no LIBOR Successor Rate has been determined and the circumstances under
clause (i) above exist or the Scheduled Unavailability Date has occurred (as
applicable), the Lender will promptly so notify the Borrower. Thereafter, the
obligation of the Lender to make or maintain LIBOR Loans shall be suspended, (to the
extent of the affected LIBOR Loans or LIBOR Periods). Upon receipt of such notice,
the Borrowers may revoke any pending request for a borrowing of, conversion to or
continuation of LIBOR Loans (to the extent of the affected LIBOR Loans or LIBOR
Periods) or, failing that, will be deemed to have converted such request into a
request for a borrowing of Prime Rate Loans in the amount specified therein.

Notwithstanding anything else herein, any definition of LIBOR Successor Rate
shall provide that in no event shall such LIBOR Successor Rate be less than zero for
purposes of this Agreement.

As used above:

“LIBOR Screen Rate” means the LIBOR Rate quote on the applicable screen
page the Lender designates to determine the LIBOR Rate (or such other commercially
available source providing such quotations as may be designated by the Lender from
time to time).

“LIBOR Successor Rate Conforming Changes” means, with respect to any
proposed LIBOR Successor Rate, any conforming changes to the definition of LIBOR
Period, timing and frequency of determining rates and making payments of interest
and other administrative matters as may be appropriate, in the discretion of the
Lender, to reflect the adoption of such LIBOR Successor Rate and to permit the
administration thereof by the Lender in a manner substantially consistent with
market practice (or, if the Lender determines that adoption of any portion of such
market practice is not administratively feasible or that no market practice for the
administration of such LIBOR Successor Rate exists, in such other manner of
administration as the Lender determines in consultation with the Borrowers).”

G. No Other Amendments. Except as expressly amended hereby, the Credit Agreement, the
other Loan Documents and all related documents shall remain otherwise unmodified and continue in
full force and effect in accordance with the provisions thereof as of the date hereof. Whenever
the terms or sections amended hereby shall be referred to in the Credit Agreement, the Loan
Documents or such other documents (whether directly or by incorporation into other defined terms),
such defined terms shall be deemed to refer to those terms or sections as amended by this
Amendment.

2. Certain Representations of the Borrowers. As a material inducement to the Bank to
enter into this Amendment, the Borrowers hereby represent and warrant to the Bank (which
representations and warranties shall survive the delivery of this Amendment), after giving effect
to this Amendment, as follows:

A. The execution and delivery of this Amendment has been duly authorized by all requisite
corporate action on the part of the Borrowers.

B. The representations and warranties contained in the Credit Agreement are true and correct
in all material respects as of the date of this Amendment as though made at and as of such date
(except for representations and warranties made as of a specified date, which shall be true and
correct as of such date) and (b) no Default has occurred and is continuing.

C. This Amendment and the other Loan Documents constitute the legal, valid and binding
obligations of the Borrowers, enforceable against them in accordance with their respective terms,
subject to bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the rights
and remedies of creditors generally or the application of principles of equity, whether in any
action at law or proceeding in equity, and subject to the availability of the remedy of specific
performance or of any other equitable remedy or relief to enforce any right thereunder.

3. Conditions Precedent. The effectiveness of this Amendment shall be subject to the
satisfaction of the following conditions precedent:

A. Counterparts of Amendment. The Bank shall have received counterparts of
this Amendment, duly executed by the Borrowers.

B. Good Standing Certificates. The Bank shall have received a good standing
certificate for each Borrower, issued by the Secretary of State or other appropriate
official of such Borrower’s jurisdiction of organization.

C. Secretary’s Certificate. The Bank shall have received a secretary’s
certificate from each Borrower, certifying (i) either (a) that the attached or previously
delivered copies of such Borrower’s organizational documents are or remain to be true and
complete, and in full force and effect, without amendments except as shown or previously
delivered or (b) that the copies of such Borrower’s organizational documents attached
thereto are true and complete and in full force and effect, without amendment; (ii) as to
(and attaching copies of) any resolutions of such Borrower’s stockholders and/ or directors
required to authorize the execution and delivery of this Amendment by such Borrower and the
transactions contemplated hereby; and (iii) to the incumbency of the officer executing this
Amendment on behalf of such Borrower.

D. Amendment Fee. The Borrowers shall have paid to the Bank, in immediately
available funds, a nonrefundable amendment fee of $150,000, which amendment fee shall be
deemed to have been fully earned as of the date hereof.

E. Legal Fees and Expenses. The Borrowers shall have reimbursed the Bank for
all reasonable legal fees and expenses incurred by the Bank in connection with this
Amendment and the transactions contemplated hereby.

4. Miscellaneous.

A. As provided in the Credit Agreement, the Borrowers agree to reimburse the Bank upon demand
for all reasonable out-of-pocket costs, charges, liabilities, taxes and expenses of the Bank
(including reasonable fees and disbursements of counsel to the Bank) in connection with the (a)
preparation, negotiation, interpretation, execution and delivery of this Amendment and any other
agreements, instruments and documents executed pursuant or relating hereto, and (b) any enforcement
hereof.

B. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS AND SHALL TAKE EFFECT AS A SEALED INSTRUMENT IN ACCORDANCE WITH SUCH
LAWS.

C. This Amendment may be executed in any number of counterparts and by different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original,
but all of which counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed signature page of this Amendment by facsimile or electronic
transmission shall be effective as an in-hand delivery of an original executed counterpart hereof.

(Remainder of page intentionally left blank) IN WITNESS WHEREOF, the parties have caused
this Amendment to be executed under seal by their duly authorized officers under seal as of the day
and year first above written.

THE BOSTON BEER COMPANY, INC.

By:       /Martin F. Roper/      

Name: Martin F. Roper

Title: President and Chief Executive Officer

	 	 	 	BOSTON BEER CORPORATION

By:       /Martin F. Roper/      

Name: Martin F. Roper

Title: President and Chief Executive Officer

BANK OF AMERICA, N.A.

By:      /Christopher P. Busconi/      

Name: Christopher P. Busconi

Title: Senior Vice President

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