[Form 4] Brown-Forman Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 144 filed for Shimmick Corp. (SHIM) discloses that insider Mitchell B. Goldsteen intends to sell 3,800 common shares on or about 25 Jul 2025 through TD Securities (USA) LLC on Nasdaq. At an assumed price of $2.08, the shares are valued at $7,910. Shimmick has 34.36 million shares outstanding, so the planned sale equals roughly 0.01 % of the float.

The filing also lists Goldsteen’s recent activity: ~255,000 shares sold between 28 Apr 2025 and 24 Jul 2025, generating gross proceeds of about $0.46 million. Cumulatively, those sales represent roughly 0.74 % of shares outstanding.

Rule 144 sales are routine for insiders but a continued cadence of dispositions may be interpreted by investors as a modest negative sentiment indicator. No new information on Shimmick’s operations, earnings, or strategic outlook is provided in this notice.

Positive

• None.

Negative

• Ongoing insider selling: ~255 k shares sold in the last three months plus a new 3.8 k share notice may be viewed as reduced insider confidence.

Insights

Securities Analyst

TL;DR: Ongoing insider selling—-0.75 % of float—signals mild bearish tone but volume is immaterial to trading liquidity.

The cumulative 255 k shares sold over three months plus the newly-noticed 3.8 k shares total under 1 % of the outstanding 34.4 M shares, limiting market impact. However, persistent sales by a single insider may reflect portfolio rebalancing or reduced conviction. Lack of offsetting insider buys amplifies the negative optics. Because the dollar amounts are small and no operational data are disclosed, I classify the filing as modestly negative but not financially material for most valuation models.

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).

1. Name and Address of Reporting Person^*

RONEY MICHAEL J

(Last) (First) (Middle)

850 DIXIE HIGHWAY

(Street)

LOUISVILLE KY 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
	Officer (give title below)		Other (specify below)

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

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)
			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)	07/24/2025		A		5,014.5584		(2)	(2)	Class A Common	5,014.5584	$0	45,137.2592	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 24, 2025, were based on the closing price of the Company's Class A common stock on that date ($30.91). 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 Michael J. Roney	07/25/2025
	** 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.

FAQ

How many Shimmick (SHIM) shares does the insider plan to sell under this Form 144?

The notice covers 3,800 common shares valued at about $7,910.

What percentage of Shimmick's shares outstanding are included in the planned sale?

Approximately 0.01 % of the 34.36 million shares outstanding.

How many shares has the same insider sold in the past three months?

The filing lists ~255,000 shares sold between 28 Apr 2025 and 24 Jul 2025.

Is any financial or operational guidance included in this Form 144?

No. The document only details proposed and recent insider sales; it offers no operational or earnings data.

Which broker will execute the proposed sale?

TD Securities (USA) LLC, 125 Park Ave, 20th Floor, New York, NY 10017.