SEC Contract Filing

Filing Date: 2017-02-22

Document Content:
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<TYPE>EX-10.20
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<DESCRIPTION>EX-10.20
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.20 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;7, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>PERSONAL AND CONFIDENTIAL</U> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jonathan N. Potter </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">250 Putnam Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New Canaan, CT 06840 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Jonathan: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are pleased to offer you the position of Chief Marketing Officer of The Boston Beer Company, Inc., reporting directly to me. This position will be based in
Boston. The following are the parameters of our offer: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><U>Title</U></B>: Chief Marketing Officer </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><U>Anticipated Start Date</U></B>: No later than <FONT STYLE="white-space:nowrap">mid-August</FONT> 2016 </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><U>Base Annualized Salary</U><U>:</U></B> $475,000, payable in <FONT STYLE="white-space:nowrap">bi-weekly</FONT> installments, subject to applicable payroll and withholding taxes. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B><U>Annual Bonus Potential</U><U>:</U></B> 50% of paid salary each calendar year. The bonus will be tied to Company Goals that are determined annually. Bonuses are paid on calendar year performance and you must be
employed on December 31st of the applicable year to receive the bonus. Bonus multiplier of 1.5x is available for significant performance above Target. Bonus payout for 2016 performance is currently projected to be significantly below Target due to
current brand trends, thus no bonus payout should be expected for this calendar year. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><U>Options Grant</U><U>:</U></B> You will be granted options for Class&nbsp;A Common Stock of The Boston Beer Company, Inc. valued at approximately $2,750,000 (accounting value of the options &#151; estimated to be
approximately 37,500 options at current stock price). The Option will be granted on the third business day after the first release of quarterly financial results following the date on which you commenced full-time employment (our next results dates
are end of July and end of October). The number of shares will be determined based on the market price on the day prior to the date of grant and the per share exercise price will be that market price. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">The options will vest on the following schedule: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">20% vest on <B>third</B> anniversary of date of grant </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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