Brown-Forman director awarded deferred stock units

Clouse Mark A. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Clouse Mark A. reported acquisition or exercise transactions in this Form 4 filing.

Brown-Forman Corp director Mark A. Clouse received a grant of 9,523.8095 Deferred Stock Units (DSUs) on July 23, 2026 under the Non-Employee Director Deferred Stock Unit Program. Each DSU represents one share of Class A common stock, increasing his direct DSU holdings to 27,229.1976. Grants were sized using the July 23, 2026 Class A closing price of $26.25 per share and vest over the Board year. DSUs are settled in Class A stock on the first February 1 at least six months after the director leaves the Board, and are credited with additional DSU equivalents on dividend payment dates.

Insider Trade Summary

Grant/Award: 9,523.8095 shares

Grant/Award 1 txn

Insider Clouse Mark A.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units F1, F2	9,523.8095	$0.00	$0.00

Holdings After Transaction: Deferred Stock Units — 27,229.1976 contracts (Direct)

Footnotes (2)

1. F1. Under the Brown-Forman Corporation Amended and Restated Non-Employee Director Deferred Stock Unit Program, each DSU represents the right to receive one share of the Company's Class A stock. Grants made on July 23, 2026, were based on the closing price of the Company's Class A common stock on that date ($26.25). On each dividend payment date, participants are credited with DSU equivalents, and the DSU total on this form has been updated to reflect such credits.
2. F2. Annual grants of DSUs vest over the course of the Board year. DSUs are paid out in Class A common stock on the first February 1 that is at least six months following the director's termination from Board service.

Key Figures

Deferred Stock Units granted: 9,523.8095 units DSU holdings after transaction: 27,229.1976 units Class A closing price: $26.25 per share +2 more

5 metrics

Deferred Stock Units granted 9,523.8095 units Annual DSU grant to director on July 23, 2026

DSU holdings after transaction 27,229.1976 units Total direct Deferred Stock Units held by Mark A. Clouse after grant

Class A closing price $26.25 per share Price used to determine DSU grant size on July 23, 2026

DSU-to-share ratio 1 DSU : 1 share Each DSU represents the right to receive one Class A share

Settlement timing First February 1 ≥ six months post-termination DSUs paid in Class A stock after director leaves the Board

Key Terms

Deferred Stock Units, Non-Employee Director Deferred Stock Unit Program, vest, dividend payment date, +1 more

5 terms

Deferred Stock Units financial

"Each DSU represents the right to receive one share of the Company's Class A stock."

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

Non-Employee Director Deferred Stock Unit Program financial

"Under the Brown-Forman Corporation Amended and Restated Non-Employee Director Deferred Stock Unit Program"

vest financial

"Annual grants of DSUs vest over the course of the Board year."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

dividend payment date financial

"On each dividend payment date, participants are credited with DSU equivalents"

Class A common stock financial

"Grants made on July 23, 2026, were based on the closing price of the Company's Class A common stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

FAQ

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

What transaction did Brown-Forman (BF) director Mark A. Clouse report?

Mark A. Clouse reported an award of 9,523.8095 Deferred Stock Units (DSUs) on July 23, 2026. The DSUs were granted under Brown-Forman’s Non-Employee Director Deferred Stock Unit Program and are settled in Class A common stock after Board service ends.

How many Brown-Forman (BF) Deferred Stock Units does Mark A. Clouse hold after this grant?

After the July 23, 2026 DSU grant, Mark A. Clouse holds 27,229.1976 Deferred Stock Units directly. Each DSU represents the right to receive one share of Brown-Forman’s Class A common stock upon payout, subject to the program’s vesting and settlement rules.

What does each Deferred Stock Unit represent for Brown-Forman (BF) directors?

Each Brown-Forman Deferred Stock Unit (DSU) represents one share of the company’s Class A common stock. DSUs accrue additional DSU equivalents on dividend payment dates and are ultimately paid out in Class A shares after a director leaves the Board, following plan rules.

How were the 9,523.8095 Brown-Forman (BF) DSUs granted to Mark A. Clouse determined?

The DSU grant to Mark A. Clouse was based on Brown-Forman Class A’s closing price of $26.25 on July 23, 2026. That closing price was used to size the annual DSU award under the Amended and Restated Non-Employee Director Deferred Stock Unit Program.

When do Brown-Forman (BF) director Deferred Stock Units vest and pay out?

Annual DSU grants vest over the Board year and are paid in Class A common stock on the first February 1 that is at least six months after a director’s termination of Board service, in accordance with the program’s terms.

Was Mark A. Clouse’s Brown-Forman (BF) DSU award under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not marked as a trading plan, and the footnotes describe the transaction as an annual DSU grant under the Non-Employee Director Deferred Stock Unit Program rather than a pre-arranged trading plan.

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

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Available on EDGAR 07/24/2026 - 04:51 PM Accepted by SEC EDGAR 07/24/2026 - 04:51 PM 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^*

Clouse Mark A.

(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)
07/23/2026

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)

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
Deferred Stock Units	(1)	07/23/2026		A		9,523.8095		(2)	(2)	Class A Common	9,523.8095	$0	27,229.1976	D

Explanation of Responses:

1. Under the Brown-Forman Corporation Amended and Restated Non-Employee Director Deferred Stock Unit Program, each DSU represents the right to receive one share of the Company's Class A stock. Grants made on July 23, 2026, were based on the closing price of the Company's Class A common stock on that date ($26.25). On each dividend payment date, participants are credited with DSU equivalents, and the DSU total on this form has been updated to reflect such credits.

2. Annual grants of DSUs vest over the course of the Board year. DSUs are paid out in Class A common stock on the first February 1 that is at least six months following the director's termination from Board service.

Remarks:

	Karleen M. Finnegan, Attorney in Fact for Mark A. Clouse	07/24/2026
	** 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)