Brown-Forman director granted 5,586 SARs

Brown-Forman director Marshall Farrer reported an amended Form 4 showing a grant of 5,586 Stock Appreciation Rights tied to Class B Common stock.

Rhea-AI Filing Summary

Brown-Forman director Marshall Farrer reported an amended Form 4 showing a grant of 5,586 Stock Appreciation Rights tied to Class B Common stock. These rights have a conversion or exercise price of $31.15 per share, become exercisable on May 1, 2028, and expire on April 30, 2035. The amendment corrects the number of stock appreciation rights previously reported due to a clerical error and shows Farrer's direct derivative holdings at 5,586 rights following the transaction.

Insider Trade Summary

Grant/Award: 5,586 shares

Grant/Award 1 txn

Insider Farrer Marshall

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Appreciation Right	5,586	$0.00	$0.00

Holdings After Transaction: Stock Appreciation Right — 5,586 contracts (Direct)

Footnotes (1)

1. F1. Amended to correct the number of stock appreciation rights reported on Form 4 filed on July 25, 2025, due to a clerical error.

Key Figures

Stock appreciation rights granted: 5,586 rights Exercise price: $31.15 per share Total rights after transaction: 5,586 rights +2 more

5 metrics

Stock appreciation rights granted 5,586 rights Grant to director Marshall Farrer

Exercise price $31.15 per share Conversion or exercise price of SARs

Total rights after transaction 5,586 rights Direct derivative holdings following grant

Exercise date May 1, 2028 Date SARs become exercisable

Expiration date April 30, 2035 SARs termination date

Key Terms

Stock Appreciation Right, conversion or exercise price, Class B Common, Form 4, +1 more

5 terms

Stock Appreciation Right financial

"security_title: "Stock Appreciation Right""

A stock appreciation right (SAR) is a form of employee pay that gives the holder the right to receive the increase in a company's share price over a set reference price, paid in cash or shares, without having to buy stock first. It matters to investors because SARs can create future cash outflows or dilute existing shareholders if settled in stock, and they align employee incentives with share-price performance like a bonus tied to a home's price rise.

conversion or exercise price financial

"conversion_or_exercise_price: "31.1500""

Class B Common financial

"underlying_security_title: "Class B Common""

Form 4 regulatory

"number of stock appreciation rights reported on Form 4 filed on July 25, 2025"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

clerical error other

"due to a clerical error"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Brown-Forman (BF) report for Marshall Farrer?

Brown-Forman reported that director Marshall Farrer received a grant of 5,586 Stock Appreciation Rights tied to Class B Common shares. This is a compensation-related award, not an open-market stock purchase or sale, and is reported as an acquisition on an amended Form 4.

Why was Marshall Farrer's Brown-Forman Form 4 filing amended?

The Form 4 was amended to correct the number of stock appreciation rights reported in the original July 25, 2025 filing. The amendment states the prior figure was affected by a clerical error, and now shows 5,586 rights as the accurate amount awarded.

What are the key terms of Marshall Farrer's stock appreciation rights at Brown-Forman (BF)?

Marshall Farrer's stock appreciation rights cover 5,586 underlying Class B Common shares at a conversion or exercise price of $31.15. They become exercisable on May 1, 2028 and expire on April 30, 2035, defining the timeframe during which he can realize value from the award.

Does the Brown-Forman (BF) insider filing show any stock sales by Marshall Farrer?

The filing does not show any stock sales by Marshall Farrer. It reports only a grant of 5,586 stock appreciation rights coded as an acquisition, with no buy or sell transactions in common stock, indicating this event is compensation-related rather than a market trade.

How many stock appreciation rights does Marshall Farrer hold after this Brown-Forman transaction?

After the reported grant, Marshall Farrer holds 5,586 stock appreciation rights directly. This total matches the number awarded in the transaction, reflecting his derivative position in rights linked to Brown-Forman Class B Common shares following the amended Form 4 filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/29/2026 - 05:13 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Farrer Marshall

(Last) (First) (Middle)

850 DIXIE HIGHWAY

(Street)

LOUISVILLE KENTUCKY 40210

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BROWN FORMAN CORP [ BFA, BFB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)
07/25/2025

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$31.15	07/24/2025		A		5,586(1)		05/01/2028	04/30/2035	Class B Common	5,586	$0	5,586	D

Explanation of Responses:

1. Amended to correct the number of stock appreciation rights reported on Form 4 filed on July 25, 2025, due to a clerical error.

Remarks:

	Karleen M. Finnegan, Attorney in fact for Marshall B. Farrer	05/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)