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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>As
filed with the Securities and Exchange Commission on December&nbsp;10, 2004</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Registration No.&nbsp;333-</B></TD>
</TR>


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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">


<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">


<P align="center" style="font-size: 24pt"><B>PYRAMID BREWERIES INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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<TR valign="bottom">
    <TD align="center" valign="top"><B>Washington</B><BR>
(State or other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>91-1258355</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>


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<P align="center" style="font-size: 10pt"><B>91 South Royal Brougham Way<BR>
Seattle, Washington 98134<BR>
(206)&nbsp;682-8322</B><BR>
(Address of principal executive offices, including zip code)



<P align="center" style="font-size: 10pt"><B>PYRAMID BREWERIES INC. 2003 EMPLOYEE STOCK PURCHASE PLAN</B>


<DIV align="center" style="font-size: 10pt">(Full title of the plans)</DIV>



<P align="center" style="font-size: 10pt"><B>JAMES K. HILGER<BR>
Vice President and Chief Financial Officer<BR>
91 South Royal Brougham Way<BR>
Seattle, Washington 98134<BR>
(206)&nbsp;682-8322</B><BR>
(Name, address and telephone number, including area code, of agent for service)



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">



<P align="center" style="font-size: 10pt"><B>Copy to:<BR>
Eric A. DeJong<BR>
Perkins Coie LLP<BR>
1201 Third Avenue, Suite&nbsp;4800<BR>
Seattle, Washington 98101<BR>
(206)&nbsp;359-8000</B>



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

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    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities </B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to Be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to Be Registered </B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered(2)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per Share(3)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering Price(3)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee(3)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>


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    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px;">Common Stock, par
value $0.01 per share,
reserved for issuance
under the Pyramid
Breweries Inc. 2003
Employee Stock
Purchase Plan(1)</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">467,182</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">2.09</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">976,410.38</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">123.71</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>


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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Also includes associated &#147;preferred share purchase rights&#148; to purchase shares of
Common Stock which are not currently separable from the shares of Common Stock and are
not currently exercisable.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes an indeterminate number of additional shares which may be necessary to
adjust the number of shares issued pursuant to the plan as the result of any future
stock split, stock dividend or similar adjustment of the Registrant&#146;s outstanding
Common Stock.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant
to Rule 457(c) and Rule&nbsp;457(h)(1) under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;). The Proposed Maximum Offering Price Per Share is estimated to be
$2.09 based on the average of the high sales price ($2.12) and the low sales price
($2.06) for the Registrant&#146;s Common Stock as reported by the Nasdaq National Market on
December&nbsp;7, 2004.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
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</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. DESCRIPTION OF SECURITIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. INTERESTS OF NAMED EXPERTS AND COUNSEL</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. EXEMPTION FROM REGISTRATION CLAIMED</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. EXHIBITS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. UNDERTAKINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="v03938exv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v03938exv23w1.txt">EXHIBIT 23.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v03938exv23w2.txt">EXHIBIT 23.2</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




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<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;)
are hereby incorporated by reference in this Registration Statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2003,
filed on March&nbsp;12, 2004, Amendment No.&nbsp;1 on Form 10-K/A, filed on September&nbsp;9, 2004, and Amendment
No.&nbsp;2 on Form 10-K/A, filed on December&nbsp;10, 2004, which contain audited financial statements for
the most recent fiscal year for which such statements have been filed;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Registrant&#146;s Quarterly Reports on Form 10-Q for the periods ended March&nbsp;31, 2004, June
30, 2004, and September&nbsp;30, 2004, filed on May&nbsp;17, 2004, August&nbsp;16, 2004, and November&nbsp;15, 2004,
respectively, which contain unaudited interim financial statements;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Registrant&#146;s Current Report on Form 8-K filed on August&nbsp;16, 2004 and the Registrant&#146;s
Current Report on Form 8-K/A filed on October&nbsp;18, 2004; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the description of the Registrant&#146;s Common Stock contained in the Registrant&#146;s
Registration Statement on Form 8-A, dated October&nbsp;27, 1995, filed pursuant to Section&nbsp;12 of the
Exchange Act, the description of the preferred share purchase rights contained in Item&nbsp;1 of the
Registrant&#146;s Registration Statement on Form 8-A filed with the Commission on June&nbsp;17, 1999, and any
amendments or reports filed for the purpose of updating these descriptions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date hereof, and prior to the filing of a post-effective amendment which
indicates that the securities offered hereby have been sold or which deregisters the securities
covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into
this Registration Statement and to be a part hereof commencing on the respective dates on which
such documents are filed.

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. DESCRIPTION OF SECURITIES</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. INTERESTS OF NAMED EXPERTS AND COUNSEL</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;23B.08.320 of the Washington Business Corporations Act (the &#147;WBCA&#148;) permits a
corporation to limit its directors&#146; liability to the corporation or its shareholders for monetary
damages for acts or omissions as a director, except for (a)&nbsp;acts or omissions involving intentional
misconduct or a knowing violation of law, (b)&nbsp;certain unlawful distributions or loans in violation
of Section&nbsp;23B.08.310 of the Revised Code of Washington, or (c)&nbsp;transactions whereby the director
received an improper personal benefit. Article&nbsp;VI of the Registrant&#146;s Amended and Restated
Articles of Incorporation contains provisions limiting the liability of Registrant&#146;s directors to
the Registrant or its shareholders to the fullest extend permitted by Washington law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;23B.08.500 through 23B.08.600 of the WBCA authorize a corporation to indemnify its
directors, officers, employees and agents against certain liabilities they may incur in such
capacities, including liabilities arising under the Securities Act provided they acted in good
faith and in a manner reasonably believed to be in or not opposed to the best interests of the
corporation. Article&nbsp;IX of the Registrant&#146;s Amended and Restated Bylaws requires the Registrant to
indemnify its directors to the fullest extent permitted by Washington law, and the Registrant may
indemnify its officers, employees and agents.


<P align="center" style="font-size: 10pt">II - 1
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above discussion of the WBCA and the Registrant&#146;s Amended and Restated Bylaws and Amended
and Restated Articles of Incorporation is not intended to be exhaustive and is qualified in its
entirety by reference to such statute, the Amended and Restated Bylaws and the Amended and Restated
Articles of Incorporation, respectively.

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<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. EXEMPTION FROM REGISTRATION CLAIMED</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. EXHIBITS</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

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<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
<br>
<BR>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Perkins Coie <FONT style="font-variant: SMALL-CAPS">LLP</FONT> regarding legality of the Common Stock
being registered</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP, Independent Registered Public Accounting Firm</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice Regarding Lack of Consent of Arthur Andersen LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Perkins Coie <FONT style="font-variant: SMALL-CAPS">LLP</FONT> (included in opinion filed as Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pyramid Breweries Inc. 2003 Employee Stock Purchase Plan (incorporated by
reference to Exhibit&nbsp;10.17 filed with the Registrant&#146;s Annual Report on Form
10-K for the year ended December&nbsp;31, 2002)</TD>
</TR>


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</TABLE>
</DIV>


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<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. UNDERTAKINGS</B>


<P align="left" style="font-size: 10pt">A. The undersigned Registrant hereby undertakes:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement;

<P align="left" style="font-size: 10pt"><U>provided</U>, <U>however</U>, that paragraphs (1)(a) and (1)(b) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed or furnished by the Registrant pursuant to Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) that are incorporated by reference
in this Registration Statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.

<P align="left" style="font-size: 10pt">B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the

<P align="center" style="font-size: 10pt">II - 2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that, in the opinion of the Commission, such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.



<P align="center" style="font-size: 10pt">II - 3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Seattle, State of
Washington, on the 10<sup>th</sup>&nbsp;day of
December, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">PYRAMID BREWERIES INC. <br><br></TD>
</TR>


<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">/s/&nbsp;John&nbsp;J.
Lennon</TD>
</TR>


<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR align="left" size="1" noshade width="45%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John J. Lennon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose individual signature appears below hereby authorizes Jason W. Rees and James
K. Hilger, or either of them, as attorneys-in-fact with the power of substitution, to execute in
the name of and on behalf of each person, individually and in each capacity stated below, and to
file, any and all amendments to this Registration Statement, including any and all post-effective
amendments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated
below on the 10<sup>th</sup>&nbsp;day of December,
2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature </B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top">/s/&nbsp;John&nbsp;J.
Lennon<BR>
<HR size="1" noshade>
John J. Lennon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer, President and Director (Principal Executive
Officer)</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;James&nbsp;K.
Hilger<BR>
<HR size="1" noshade>
James K. Hilger</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Chief Financial Officer (Principal
Financial Officer)</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;Jason&nbsp;W. Rees<BR>
<HR size="1" noshade>
Jason W. Rees</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Controller and Chief Accounting Officer (Principal
Accounting Officer)</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;George Hancock<BR>
<HR size="1" noshade>
George Hancock</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board, Director and Founder</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;Scott&nbsp;S.
Barnum<BR>
<HR size="1" noshade>
Scott S. Barnum</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;Kurt Dammeier<BR>
<HR size="1" noshade>
Kurt Dammeier</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II - 4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Perkins Coie <FONT style="font-variant: SMALL-CAPS">LLP</FONT> regarding legality of the
Common Stock being registered</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP, Independent Registered Public Accounting Firm</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice Regarding Lack of Consent of Arthur Andersen LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Perkins Coie <FONT style="font-variant: SMALL-CAPS">LLP</FONT> (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see Signature Page)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pyramid Breweries Inc. 2003 Employee Stock Purchase Plan
(incorporated by reference to Exhibit&nbsp;10.17 filed with the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2002)</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">II - 5
</DIV>


</BODY>
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sv8
Table of Contents
As
filed with the Securities and Exchange Commission on December 10, 2004
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PYRAMID BREWERIES INC.
(Exact name of Registrant as specified in its charter)
Washington
(State or other jurisdiction of incorporation or organization)
91-1258355
(I.R.S. Employer Identification No.)
91 South Royal Brougham Way
Seattle, Washington 98134
(206) 682-8322
(Address of principal executive offices, including zip code)
PYRAMID BREWERIES INC. 2003 EMPLOYEE STOCK PURCHASE PLAN
(Full title of the plans)
JAMES K. HILGER
Vice President and Chief Financial Officer
91 South Royal Brougham Way
Seattle, Washington 98134
(206) 682-8322
(Name, address and telephone number, including area code, of agent for service)
Copy to:
Eric A. DeJong
Perkins Coie LLP
1201 Third Avenue, Suite 4800
Seattle, Washington 98101
(206) 359-8000
CALCULATION OF REGISTRATION FEE
Title of Securities
Amount to Be
Proposed Maximum
Proposed Maximum
Amount of
to Be Registered
Registered(2)
Offering Price Per Share(3)
Aggregate Offering Price(3)
Registration Fee(3)
Common Stock, par
value $0.01 per share,
reserved for issuance
under the Pyramid
Breweries Inc. 2003
Employee Stock
Purchase Plan(1)
467,182
$
2.09
$
976,410.38
$
123.71
(1)
Also includes associated "preferred share purchase rights" to purchase shares of
Common Stock which are not currently separable from the shares of Common Stock and are
not currently exercisable.
(2)
Includes an indeterminate number of additional shares which may be necessary to
adjust the number of shares issued pursuant to the plan as the result of any future
stock split, stock dividend or similar adjustment of the Registrant's outstanding
Common Stock.
(3)
Estimated solely for the purpose of calculating the registration fee pursuant
to Rule 457(c) and Rule 457(h)(1) under the Securities Act of 1933, as amended (the
"Securities Act"). The Proposed Maximum Offering Price Per Share is estimated to be
$2.09 based on the average of the high sales price ($2.12) and the low sales price
($2.06) for the Registrant's Common Stock as reported by the Nasdaq National Market on
December 7, 2004.
TABLE OF CONTENTS
PART II
Item 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
Item 4. DESCRIPTION OF SECURITIES
Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
Item 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Item 7. EXEMPTION FROM REGISTRATION CLAIMED
Item 8. EXHIBITS
Item 9. UNDERTAKINGS
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 5.1
EXHIBIT 23.1
EXHIBIT 23.2
Table of Contents
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed with the Securities and Exchange Commission (the "Commission")
are hereby incorporated by reference in this Registration Statement:
(a) the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2003,
filed on March 12, 2004, Amendment No. 1 on Form 10-K/A, filed on September 9, 2004, and Amendment
No. 2 on Form 10-K/A, filed on December 10, 2004, which contain audited financial statements for
the most recent fiscal year for which such statements have been filed;
(b) the Registrant's Quarterly Reports on Form 10-Q for the periods ended March 31, 2004, June
30, 2004, and September 30, 2004, filed on May 17, 2004, August 16, 2004, and November 15, 2004,
respectively, which contain unaudited interim financial statements;
(c) the Registrant's Current Report on Form 8-K filed on August 16, 2004 and the Registrant's
Current Report on Form 8-K/A filed on October 18, 2004; and
(d) the description of the Registrant's Common Stock contained in the Registrant's
Registration Statement on Form 8-A, dated October 27, 1995, filed pursuant to Section 12 of the
Exchange Act, the description of the preferred share purchase rights contained in Item 1 of the
Registrant's Registration Statement on Form 8-A filed with the Commission on June 17, 1999, and any
amendments or reports filed for the purpose of updating these descriptions.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date hereof, and prior to the filing of a post-effective amendment which
indicates that the securities offered hereby have been sold or which deregisters the securities
covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into
this Registration Statement and to be a part hereof commencing on the respective dates on which
such documents are filed.
Item 4. DESCRIPTION OF SECURITIES
Not applicable.
Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
None.
Item 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Section 23B.08.320 of the Washington Business Corporations Act (the "WBCA") permits a
corporation to limit its directors' liability to the corporation or its shareholders for monetary
damages for acts or omissions as a director, except for (a) acts or omissions involving intentional
misconduct or a knowing violation of law, (b) certain unlawful distributions or loans in violation
of Section 23B.08.310 of the Revised Code of Washington, or (c) transactions whereby the director
received an improper personal benefit. Article VI of the Registrant's Amended and Restated
Articles of Incorporation contains provisions limiting the liability of Registrant's directors to
the Registrant or its shareholders to the fullest extend permitted by Washington law.
Sections 23B.08.500 through 23B.08.600 of the WBCA authorize a corporation to indemnify its
directors, officers, employees and agents against certain liabilities they may incur in such
capacities, including liabilities arising under the Securities Act provided they acted in good
faith and in a manner reasonably believed to be in or not opposed to the best interests of the
corporation. Article IX of the Registrant's Amended and Restated Bylaws requires the Registrant to
indemnify its directors to the fullest extent permitted by Washington law, and the Registrant may
indemnify its officers, employees and agents.
II - 1
Table of Contents
The above discussion of the WBCA and the Registrant's Amended and Restated Bylaws and Amended
and Restated Articles of Incorporation is not intended to be exhaustive and is qualified in its
entirety by reference to such statute, the Amended and Restated Bylaws and the Amended and Restated
Articles of Incorporation, respectively.
Item 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
Item 8. EXHIBITS
Exhibit
Number
Description
5.1
Opinion of Perkins Coie
LLP
regarding legality of the Common Stock
being registered
23.1
Consent of KPMG LLP, Independent Registered Public Accounting Firm
23.2
Notice Regarding Lack of Consent of Arthur Andersen LLP
23.3
Consent of Perkins Coie
LLP
(included in opinion filed as Exhibit 5.1)
24.1
Power of Attorney (see signature page)
99.1
Pyramid Breweries Inc. 2003 Employee Stock Purchase Plan (incorporated by
reference to Exhibit 10.17 filed with the Registrant's Annual Report on Form
10-K for the year ended December 31, 2002)
Item 9. UNDERTAKINGS
A. The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(a) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(b) To reflect in the prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement; and
(c) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement;
provided
,
however
, that paragraphs (1)(a) and (1)(b) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed or furnished by the Registrant pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") that are incorporated by reference
in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the
II - 2
Table of Contents
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that, in the opinion of the Commission, such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
II - 3
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Seattle, State of
Washington, on the 10
th
day of
December, 2004.
PYRAMID BREWERIES INC.
/s/ John J.
Lennon
By:
John J. Lennon
Chief Executive Officer and President
POWER OF ATTORNEY
Each person whose individual signature appears below hereby authorizes Jason W. Rees and James
K. Hilger, or either of them, as attorneys-in-fact with the power of substitution, to execute in
the name of and on behalf of each person, individually and in each capacity stated below, and to
file, any and all amendments to this Registration Statement, including any and all post-effective
amendments.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated
below on the 10
th
day of December,
2004.
Signature
Title
/s/ John J.
Lennon
John J. Lennon
Chief Executive Officer, President and Director (Principal Executive
Officer)
/s/ James K.
Hilger
James K. Hilger
Vice President and Chief Financial Officer (Principal
Financial Officer)
/s/ Jason W. Rees
Jason W. Rees
Controller and Chief Accounting Officer (Principal
Accounting Officer)
/s/ George Hancock
George Hancock
Chairman of the Board, Director and Founder
/s/ Scott S.
Barnum
Scott S. Barnum
Director
/s/ Kurt Dammeier
Kurt Dammeier
Director
II - 4
Table of Contents
INDEX TO EXHIBITS
Exhibit
Number
Description
5.1
Opinion of Perkins Coie
LLP
regarding legality of the
Common Stock being registered
23.1
Consent of KPMG LLP, Independent Registered Public Accounting Firm
23.2
Notice Regarding Lack of Consent of Arthur Andersen LLP
23.3
Consent of Perkins Coie
LLP
(included in Exhibit 5.1)
24.1
Power of Attorney (see Signature Page)
99.1
Pyramid Breweries Inc. 2003 Employee Stock Purchase Plan
(incorporated by reference to Exhibit 10.17 filed with the
Registrant's Annual Report on Form 10-K for the year ended
December 31, 2002)
II - 5