Brown-Forman (NYSE: BF) CEO Whiting discloses Rule 10b5-1 stock sales

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Brown-Forman Corporation’s President and CEO, Lawson E. Whiting, reported stock sales in both Class A and Class B shares. On 12/04/2025, he sold 7,746 shares of Class A Common Stock at $31.01 per share and 4,785 shares of Class B Common Stock at $31 per share in open-market transactions coded as sales.

These transactions were carried out under a pre-arranged Rule 10b5-1 trading plan that had been adopted on March 31, 2025. After these trades, Whiting directly owned 41,767 Class A shares and 2 Class B shares. In addition, as of December 5, 2025, he held 3.086 Class A shares and 0.7283 Class B shares indirectly through the company’s dividend reinvestment plan, reflecting automatic share accumulation from reinvested dividends.

Insider Trade Summary

Net Seller: 12,531 shares ($388,538)

Net Sell 4 txns

Insider Whiting Lawson E

Role President & CEO

Sold 12,531 shs ($389K)

Type	Security	Shares	Price	Value
Sale	Class A Common	7,746	$31.01	$240K
Sale	Class B Common	4,785	$31.00	$148K
holding	Class A Common	--	--	--
holding	Class B Common	--	--	--

Holdings After Transaction: Class A Common — 41,767 shares (Direct); Class B Common — 2 shares (Direct); Class A Common — 3.086 shares (Indirect, DRIP); Class B Common — 0.728 shares (Indirect, DRIP)

Footnotes (1)

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person, dated March 31, 2025. Number of shares acquired through the issuer's dividend reinvestment plan as of December 5, 2025.

Form 4 Insider Transactions: What Each Field Means →

12/05/2025 - 07:02 PM

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^*

Whiting Lawson E

(Last)

(First)

(Middle)

850 DIXIE HIGHWAY

(Street)

LOUISVILLE

40210

(City)

(State)

(Zip)

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
X	Officer (give title below)	Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common	12/04/2025		S		7,746	D	$31.01	41,767	D⁽¹⁾
Class B Common	12/04/2025		S		4,785	D	$31	2	D⁽¹⁾
Class A Common								3.086⁽²⁾	I	DRIP
Class B Common								0.7283⁽²⁾	I	DRIP

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person, dated March 31, 2025.

2. Number of shares acquired through the issuer's dividend reinvestment plan as of December 5, 2025.

Remarks:

	Karleen M. Finnegan, Attorney in Fact for Lawson E. Whiting	12/05/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BF’s CEO report in this Form 4?

Brown-Forman’s President and CEO, Lawson E. Whiting, reported selling 7,746 shares of Class A Common Stock at $31.01 per share and 4,785 shares of Class B Common Stock at $31 per share on 12/04/2025.

Was the BF CEO’s stock sale done under a Rule 10b5-1 trading plan?

Yes. The sales were effected under a Rule 10b5-1 trading plan that Lawson E. Whiting had previously adopted on March 31, 2025.

How many Brown-Forman Class A and Class B shares does the CEO hold after the reported transaction?

Following the reported transactions, Lawson E. Whiting directly owned 41,767 Class A Common shares and 2 Class B Common shares.

What is disclosed about the CEO’s holdings in Brown-Forman’s dividend reinvestment plan?

As of December 5, 2025, the filing states that Lawson E. Whiting had 3.086 Class A shares and 0.7283 Class B shares acquired through Brown-Forman’s dividend reinvestment plan.

What does a Form 4 filing generally indicate for Brown-Forman (BF) investors?

Form 4 reports changes in insider ownership, such as the CEO’s stock sales and dividend reinvestment plan acquisitions, providing transparency about how company insiders are trading the stock.

Who signed the Form 4 on behalf of Brown-Forman’s CEO?

The Form 4 was signed by Karleen M. Finnegan as Attorney-in-Fact for Lawson E. Whiting, indicating she is authorized to file ownership reports on his behalf.