UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 28, 2011
The Boston Beer Company, Inc.
(Exact name of registrant as specified in its charter)
Massachusetts | 001-14092 | 04-3284048 |
One Design Center Place, Boston, MA | 02210 |
Registrant's telephone number, including area code (617) 368-5000
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
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[ ] | Pre-commencement communications pursuant to Rule 13e-4© under the Exchange Act |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
At its meeting on February 28, 2011, the Compensation Committee of the Company’s Board of Directors approved payment of bonuses earned in 2010 and set 2011 base salaries for the Company’s Chief Executive Officer, Martin F. Roper, its Chairman, C. James Koch, and other named executive officers of the Company.
Bonuses for 2010 Performance
The Committee approved the following bonuses for the Chief Executive Officer, the Chairman, and the other named executive officers of the Company, based on the Committee’s assessment of their respective achievement against the 2010 performance targets and overall performance of the Company previously set by the Committee:
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| Bonus | Percent of |
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Martin F. Roper | President and CEO | $398,315* | 39.8%* |
C. James Koch | Chairman | $262,500* | 70.0%* |
William F. Urich | Treasurer and CFO | $176,700 | 95.0% |
Thomas W. Lance | Vice President of Operations | $141,684 | 86.0% |
John C. Geist | Vice President of Sales | $127,575 | 81.0% |
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The Compensation Committee was not able to determine whether one goal had been attained due to insufficient information. When the information needed to measure performance with respect to that goal becomes available for the Committee’s review, the bonus award may be increased by the Committee.
Salaries for 2011
The Committee approved base salaries for the Chief Executive Officer, the Chairman, and the other named executive officers of the Company as follows:
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| Base Salary | Percent |
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Martin F. Roper | President and CEO | $700,485 | 2.0% |
C. James Koch | Chairman | $382,500 | 2.0% |
William F. Urich | Treasurer and CFO | $385,000 | 3.5% |
Thomas W. Lance | Vice President of Operations | $338,000 | 2.7% |
John C. Geist | Vice President of Sales | $336,000 | 6.7% |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Boston Beer Company, Inc. |
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Date: March 4, 2011 | /s/ Martin F. Roper |
| Martin F. Roper |
*Print name and title of the signing officer under his signature.
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