BF insider receives 31k stock appreciation rights, no shares traded

Rhea-AI Filing Summary

On 25 Jul 2025, Brown-Forman (NYSE: BF) filed a Form 4 reporting that Yiannis Pafilis—EVP & President for Europe, Africa and Asia—received 31,317 Stock Appreciation Rights (SARs) on 24 Jul 2025. Each SAR carries a $31.15 exercise price, first becomes exercisable on 1 May 2028 and expires on 30 Apr 2035. The award was coded “A” (grant) and is held directly; no Class A or Class B common shares were bought or sold. The filing reflects routine, compensation-related equity issuance and does not indicate open-market trading by the insider.

Insights

Securities Analyst

TL;DR Routine equity grant; neutral signal—no open-market buy or sell, minimal immediate valuation impact.

The Form 4 shows a standard long-term incentive award: 31,317 SARs at a $31.15 strike to EVP Yiannis Pafilis. Because SARs deliver value only if the stock price rises above the strike, they align management with shareholders but do not require an upfront cash outlay by the executive. No common shares changed hands, so supply-demand dynamics are unchanged. For investors, the filing is non-material; it neither conveys bullish insider buying nor bearish selling. Dilution from 31k SARs is immaterial within Brown-Forman’s ~480 million outstanding shares.

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^*

Pafilis Yiannis

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Pres., EU, Africa, Asia

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
Stock Appreciation Right	$31.15	07/24/2025		A		31,317		05/01/2028	04/30/2035	Class B Common	31,317	$0	31,317	D

Explanation of Responses:

Remarks:

	Karleen M. Finnegan, Attorney in Fact for Yiannis Pafilis	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

Who is the insider named in Brown-Forman (BF) Form 4 filed 25 Jul 2025?

Yiannis Pafilis, Executive Vice President & President, Europe, Africa and Asia.

What type of security was reported in the Brown-Forman Form 4?

31,317 Stock Appreciation Rights (SARs) tied to Class B common shares.

What is the exercise price and term of the SARs granted to Yiannis Pafilis?

Exercise price is $31.15; exercisable from 01 May 2028 and expires 30 Apr 2035.

Did the insider buy or sell any Brown-Forman common stock?

No. The filing shows an equity award grant; no Class A or Class B shares were traded.

Is the Form 4 transaction considered material to shareholders?

The award is routine compensation and represents an immaterial fraction of total shares outstanding.