Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-28

Boston Beer CO (SAM)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$17,205,742
Philip Hodges total, FY2025
Chief Operating Officerhighest-paid officer; CEO C. James Koch: $5,695
1st
CEO (C. James Koch) pay percentile vs peers
88.5:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against SAM
1 company names SAM as a compensation peer

Each company listed discloses SAM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SAM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Philip Hodges$647,336$461,246$7,000,621$9,000,035$0$0$96,504$17,205,742
Chief Operating Officer
Michael Spillane803,519874,2811,000,1886,200,1610014,6858,892,835
Former President & Chief Executive Officer
Diego Reynoso639,120455,3733,500,51200014,7424,609,747
Treasurer and Chief Financial Officer
Michael Crowley443,269252,6632,000,62000018,2702,714,823
Chief Sales Officer
Tara Heath417,740238,1122,000,62000016,0602,672,532
Chief Legal Officer & General Counsel
C. James Koch0000005,6955,695
Chairman, President & Chief Executive Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Philip Hodges$17,205,742$1,030,231$9,259,501+16,175,511
Michael Spillane8,892,8358,291,323245,210+601,512
Diego Reynoso4,609,7471,817,0743,904,167+2,792,673
Michael Crowley2,714,8231,045,661717,741+1,669,162
Tara Heath2,672,5321,011,986905,386+1,660,546
C. James Koch5,695493,076933,768−487,381

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael SpillaneOPTION2025-03-0126,82526,825$3,100,091
Philip HodgesRSU2025-03-014,1031,000,188
Michael CrowleyRSU2025-03-014,1031,000,188
Tara HeathRSU2025-03-012,052500,216
Michael SpillaneOPTION2025-03-0127,36927,3693,100,070
Philip HodgesOptions/SARs2025-10-2888,26888,2689,000,035
Tara HeathRSU2025-03-014,1031,000,188
Diego ReynosoRSU2025-03-012,667650,135
Michael SpillaneRSU2025-03-014,1031,000,188
Diego ReynosoRSU2025-03-014,1031,000,188
Diego ReynosoRSU2025-08-115,5181,200,055
Philip HodgesRSU2025-08-119,1972,000,164
Philip HodgesRSU2025-08-114,5991,000,191
Michael CrowleyRSU2025-03-012,052500,216
Philip HodgesRSU2025-10-2813,1863,000,079
Tara HeathRSU2025-03-012,052500,216
Diego ReynosoRSU2025-03-012,667650,135
Michael CrowleyRSU2025-03-012,052500,216
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Spillane$1,000,188$0$6,200,1610.0%
Philip Hodges7,000,622000.0%
Michael Crowley2,000,620000.0%
Tara Heath2,000,620000.0%
Diego Reynoso3,500,513000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Tara HeathRSU2,052$404,347
Michael CrowleyRSU4,103808,496
Diego ReynosoRSU2,667525,532
Philip HodgesRSU13,1862,598,301
Philip HodgesRSU4,103808,496
Philip HodgesRSU4,599906,233
Diego ReynosoRSU4,103808,496
Diego ReynosoRSU5,5181,087,322
Tara HeathRSU19638,622
Michael CrowleyRSU14728,966
Philip HodgesRSU3,025596,076
Tara HeathRSU27153,401
Michael SpillaneOption27,369243.77
Diego ReynosoOption4,859333.5
Philip HodgesOption88,268227.52
Michael CrowleyRSU2,052404,347
Tara HeathRSU48896,160
Michael CrowleyRSU674132,812
Philip HodgesRSU9,0731,787,835
Diego ReynosoRSU1,299255,968
Diego ReynosoRSU2,250443,363
Michael CrowleyRSU23245,716
Tara HeathRSU650128,083
Tara HeathRSU4,103808,496
Tara HeathOption720323.8
Michael CrowleyRSU50699,707
Diego ReynosoRSU975192,124
Michael SpillaneOption21,205304.42
05

Incentive-plan design — the Compensation Discussion & Analysis

Boston Beer's executive compensation program is designed to attract, develop, engage, and retain highly talented executives, with a focus on pay for performance through bonuses linked to Company and individual performance and equity awards with performance-based vesting linked to Company performance and time-based vesting linked to retention.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
07

CEO pay ratio

Ratio (CEO : median employee)88.5 : 1
CEO total compensation$8,892,835
Median employee compensation$100,508
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Samuel A. Calagione IIIEmployee director · Audit · Compensation · Nominating/Governance$481,099$0$0$319,931$14,742$815,772
Julio N. NemethIndependent · Lead Independent Director · Compensation · Nominating/Governance115,00065,11065,0060245,116
Joseph H. JordanIndependent · Audit · Compensation (Chair)105,00065,11065,0060235,116
Meghan V. JoyceIndependent · Nominating/Governance (Chair) · Audit · Nom/Gov (Chair)105,00065,11065,0060235,116
Cynthia L. SwansonIndependent · Audit (Chair) · Compensation105,00065,11065,0060235,116
Christopher I. "Biz" StoneIndependent · Compensation · Nominating/Governance95,00065,11065,0060225,116
Cynthia A. FisherNot independent75,00065,11065,0060205,116
Michael SpillaneIndependent · Not standing for re-election · Departed during FY00000
C. James KochEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$130,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 20,000
Stock ownership guideline4x annual base cash director fee
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,081,099
Equity awards (grant-date value)$390,660
All other compensation$14,742
Total cost of the board$1,486,501

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

GOLF Acushnet CompanyBF.B Brown-Forman CorporationCBT Cabot CorporationCELH Celsius HoldingsCHD Church & Dwight Co., Inc.COLM Columbia Sportswear Co.HAS Hasbro, Inc. Lancaster Colony Corp.DECK Deckers Outdoor Corporation Flower Foods Inc.FIZZ National Beverage Corp.SN SharkNinjaTLRY Tilray Brands, Inc.COCO The Vita Coco CompanyVGR Vector Group Ltd.YETI YETI Holdings, Inc.
10a

Peer reciprocity

Of the companies Boston Beer CO names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Acushnet Company (GOLF) Brown-Forman Corporation (BF.B)47 Cabot Corporation (CBT)48 Celsius Holdings (CELH) Church & Dwight Co., Inc. (CHD) Columbia Sportswear Co. (COLM) Hasbro, Inc. (HAS)49 Deckers Outdoor Corporation (DECK)50 National Beverage Corp. (FIZZ)51 SharkNinja (SN) Tilray Brands, Inc. (TLRY) The Vita Coco Company (COCO) Vector Group Ltd. (VGR) YETI Holdings, Inc. (YETI)52

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Boston Beer CO.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Brown-Forman Corporation2026Lawson Whiting$1,314,365$10,772,703$2,366,434$2,493,150$25,304,882
2Hasbro, Inc.2025Chris Cocks1,500,00010,500,09906,000,00018,672,521
3Deckers Outdoor Corporation2026Stefano Caroti1,236,5386,999,94703,607,91511,904,992
4National Beverage Corp.2026Nick Caporella000011,805,522
5Church & Dwight Co., Inc.2025Richard Dierker986,5801,770,9735,313,1001,472,6569,799,678
6Cabot Corporation2025Sean Keohane1,100,0004,224,8472,274,9251,402,5019,307,883
7YETI Holdings, Inc.2025Matthew Reintjes1,057,3085,500,18701,126,0337,697,528
8Columbia Sportswear Co.2025Timothy Boyle1,080,000001,938,7203,036,220
9Boston Beer CO2025C. James Koch00005,695
Acushnet Companynot in coverage universe
Celsius Holdingsnot in coverage universe
SharkNinjanot in coverage universe
Tilray Brands, Inc.not in coverage universe
The Vita Coco Companynot in coverage universe
Vector Group Ltd.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Boston Beer COnot disclosedRSU 50 · PSU 50NoFrederic W. Cook & Co., Inc.
Acushnet Companynot disclosednot disclosednot disclosednot disclosed
Brown-Forman Corporationnot disclosedPSU 67 · Options 33Yes — Three-year TSRCompensation Advisory Partners
Cabot Corporation90%PSU 35 · Options 35 · RSU 30NoMeridian Compensation Partners
Celsius Holdingsnot disclosednot disclosednot disclosednot disclosed
Church & Dwight Co., Inc.125%Options 75 · PSU 15 · RSU 10NoSemler Brossy Consulting Group
Columbia Sportswear Co.57%not disclosedYes — three year relative total shareholder return (Relative TSR)FW Cook
Deckers Outdoor Corporation173%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Frederic W. Cook & Co., Inc.
Hasbro, Inc.200%PSU 50 · RSU 50NoMeridian Compensation Partners LLC
National Beverage Corp.not disclosedStock Options 100not disclosednot disclosed
SharkNinjanot disclosednot disclosednot disclosednot disclosed
The Vita Coco Companynot disclosednot disclosednot disclosednot disclosed
Tilray Brands, Inc.not disclosednot disclosednot disclosednot disclosed
Vector Group Ltd.not disclosednot disclosednot disclosednot disclosed
YETI Holdings, Inc.71.0%PBRSU 75 · RSU 25Yes — Relative Total Stockholder Return (TSR)FW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Philip HodgesDEF 14A2026-04-100001308179-26-000249Section “Summary Compensation Table” · page 41. As printed: 17,205,742. Filing ↗machine: span 476611–476621
2Section 01, Michael SpillaneDEF 14A2026-04-100001308179-26-000249Section “Summary Compensation Table” · page 41. As printed: 8,892,835. Filing ↗machine: t166 · r16 · c27 · span 495197–495206
3Section 01, Diego ReynosoDEF 14A2026-04-100001308179-26-000249Section “Summary Compensation Table” · page 41. As printed: 4,609,747. Filing ↗machine: r4 · c26 · span 470365–470374
4Section 01, Michael CrowleyDEF 14A2026-04-100001308179-26-000249Section “Summary Compensation Table” · page 41. As printed: 2,714,823. Filing ↗machine: r10 · c26 · span 482787–482796
5Section 01, Tara HeathDEF 14A2026-04-100001308179-26-000249Section “Summary Compensation Table” · page 41. As printed: 2,672,532. Filing ↗machine: r13 · c26 · span 489037–489046
6Section 01, C. James KochDEF 14A2026-04-100001308179-26-000249Section “Summary Compensation Table” · page 41. As printed: 5,695. Filing ↗machine: r1 · c23 · span 463828–463833
7Section 03, Michael Spillane OPTIONDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
8Section 03, Philip Hodges RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r15 · c21 · span 612735–612740
9Section 03, Michael Crowley RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r23 · c21 · span 624863–624868
10Section 03, Tara Heath RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r27 · c21 · span 630282–630287
11Section 03, Michael Spillane OPTIONDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r39 · c7 · span 647795–647801
12Section 03, Philip Hodges Options/SARsDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r11 · c7 · span 607104–607110
13Section 03, Tara Heath RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r30 · c21 · span 634849–634854
14Section 03, Diego Reynoso RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t159 · r1 · c4 · span 441442–441447
15Section 03, Michael Spillane RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r31 · c21 · span 636639–636644
16Section 03, Diego Reynoso RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t159 · r1 · c8 · span 441846–441851
17Section 03, Diego Reynoso RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r7 · c21 · span 601518–601523
18Section 03, Philip Hodges RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
19Section 03, Philip Hodges RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r12 · c21 · span 609084–609089
20Section 03, Michael Crowley RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r20 · c21 · span 620285–620290
21Section 03, Philip Hodges RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r13 · c21 · span 610303–610309
22Section 03, Tara Heath RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r27 · c21 · span 630282–630287
23Section 03, Diego Reynoso RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t159 · r1 · c4 · span 441442–441447
24Section 03, Michael Crowley RSUDEF 14A2026-04-100001308179-26-000249Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t180 · r20 · c21 · span 620285–620290
25Section 07, pay ratioDEF 14A2026-04-100001308179-26-000249Section “CEO Pay Ratio”. As printed: 88.5 : 1. Filing ↗
26Section 08, Samuel A. Calagione IIIDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 815,772. Filing ↗machine: r1 · c15 · span 276185–276192
27Section 08, Julio N. NemethDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 245,116. Filing ↗machine: t93 · r4 · c15 · span 263610–263617
28Section 08, Joseph H. JordanDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 235,116. Filing ↗machine: t93 · r2 · c15 · span 261701–261708
29Section 08, Meghan V. JoyceDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 235,116. Filing ↗machine: t93 · r3 · c15 · span 262650–262657
30Section 08, Cynthia L. SwansonDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 235,116. Filing ↗machine: t93 · r6 · c15 · span 266200–266207
31Section 08, Christopher I. "Biz" StoneDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 225,116. Filing ↗machine: t93 · r5 · c15 · span 264581–264588
32Section 08, Cynthia A. FisherDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 205,116. Filing ↗machine: t93 · r1 · c15 · span 260740–260747
33Section 08, Michael SpillaneDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 0. Filing ↗
34Section 08, C. James KochDEF 14A2026-04-100001308179-26-000249Section “Director Compensation”. As printed: 0. Filing ↗
35Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
36Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
37Section 09b board cost (computed)ComputedcomputedCash 1,081,099 + equity 390,660 + all other 14,742 = 1,486,501, summed across the director compensation table rows.machine: formula: Σ = 1,486,501
38Brown-Forman Corporation, Section 10b CEO totalDEF 14A2026-06-180001193125-26-275853CEO total compensation as printed in Brown-Forman Corporation's own proxy. As printed: 25,304,882. Filing ↗machine: t132 · r4 · c35 · span 757502–757512
39Hasbro, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-160426CEO total compensation as printed in Hasbro, Inc.'s own proxy. As printed: 18,672,521. Filing ↗machine: span 717146–717156
40Deckers Outdoor Corporation, Section 10b CEO totalDEF 14A2026-07-240000910521-26-000018CEO total compensation as printed in Deckers Outdoor Corporation's own proxy. As printed: 11,904,992. Filing ↗machine: r3 · c21 · span 866385–866395
41National Beverage Corp., Section 10b CEO totalDEF 14A2026-08-280001437749-26-029176CEO total compensation as printed in National Beverage Corp.'s own proxy. As printed: 11,805,522. Filing ↗
42Church & Dwight Co., Inc., Section 10b CEO totalDEF 14A2026-03-190001193125-26-115994CEO total compensation as printed in Church & Dwight Co., Inc.'s own proxy. As printed: 9,799,678. Filing ↗machine: r2 · c38 · span 2534673–2534682
43Cabot Corporation, Section 10b CEO totalDEF 14A2026-01-270001193125-26-023681CEO total compensation as printed in Cabot Corporation's own proxy. As printed: 9,307,883. Filing ↗machine: r3 · c39 · span 853934–853943
44YETI Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011375CEO total compensation as printed in YETI Holdings, Inc.'s own proxy. As printed: 7,697,528. Filing ↗machine: r2 · c22 · span 1046975–1046984
45Columbia Sportswear Co., Section 10b CEO totalDEF 14A2026-04-240001050797-26-000062CEO total compensation as printed in Columbia Sportswear Co.'s own proxy. As printed: 3,036,220. Filing ↗machine: t61 · r3 · c27 · span 566267–566276
46Boston Beer CO (subject), Section 10b CEO totalDEF 14A2026-04-100001308179-26-000249CEO total compensation as printed in Boston Beer CO's own proxy. As printed: 5,695. Filing ↗machine: r1 · c23 · span 463828–463833
47Section 10a, Brown-Forman Corporation reciprocityDEF 14A0001193125-26-275853Brown-Forman Corporation names Boston Beer CO in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Cabot Corporation reciprocityDEF 14A0001193125-26-023681Cabot Corporation's most recent proxy was read; its disclosed peer group does not include Boston Beer CO. Filing ↗
49Section 10a, Hasbro, Inc. reciprocityDEF 14A0001193125-26-160426Hasbro, Inc.'s most recent proxy was read; its disclosed peer group does not include Boston Beer CO. Filing ↗
50Section 10a, Deckers Outdoor Corporation reciprocityDEF 14A0000910521-26-000018Deckers Outdoor Corporation's most recent proxy was read; its disclosed peer group does not include Boston Beer CO. Filing ↗
51Section 10a, National Beverage Corp. reciprocityDEF 14A0001437749-26-029176National Beverage Corp.'s most recent proxy was read; its disclosed peer group does not include Boston Beer CO. Filing ↗
52Section 10a, YETI Holdings, Inc. reciprocityDEF 14A0001140361-26-011375YETI Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Boston Beer CO. Filing ↗