STOCK TITAN

[Form 4] Brown-Forman Corporation Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Brown-Forman (BF) filed a Form 4 disclosing that EVP & CFO Leanne D. Cunningham received a stock appreciation right (SAR) covering 75,105 Class B shares on 07/24/2025. The SAR carries an exercise price of $31.15, becomes exercisable on 05/01/2028, and expires on 04/30/2035. No common shares were bought or sold; the filing records only the new derivative grant. After the award, Cunningham directly holds 75,105 derivative securities and no change is reported for her non-derivative ownership. The transaction appears to be routine long-term incentive compensation and does not materially affect Brown-Forman’s share count or control structure.

Brown-Forman (BF) ha presentato un Modulo 4 in cui si comunica che la EVP e CFO Leanne D. Cunningham ha ricevuto un diritto di apprezzamento azionario (SAR) su 75.105 azioni di Classe B il 24/07/2025. Il SAR ha un prezzo di esercizio di 31,15 $, diventa esercitabile il 01/05/2028 e scade il 30/04/2035. Non sono state acquistate o vendute azioni ordinarie; la comunicazione registra solo la nuova concessione derivata. Dopo l’assegnazione, Cunningham detiene direttamente 75.105 titoli derivati e non si segnala alcuna modifica nella sua proprietà non derivata. L’operazione sembra essere una consueta forma di compenso incentivante a lungo termine e non incide in modo significativo sul numero di azioni o sulla struttura di controllo di Brown-Forman.

Brown-Forman (BF) presentó un Formulario 4 revelando que la EVP y CFO Leanne D. Cunningham recibió un derecho de apreciación de acciones (SAR) sobre 75,105 acciones Clase B el 24/07/2025. El SAR tiene un precio de ejercicio de 31,15 $, será ejercitable a partir del 01/05/2028 y expirará el 30/04/2035. No se compraron ni vendieron acciones comunes; el informe solo registra la nueva concesión derivada. Tras la adjudicación, Cunningham posee directamente 75,105 valores derivados y no se reportan cambios en su propiedad no derivada. La transacción parece ser una compensación rutinaria de incentivos a largo plazo y no afecta materialmente el número de acciones ni la estructura de control de Brown-Forman.

Brown-Forman(BF)는 EVP 겸 CFO Leanne D. Cunningham이 2025년 7월 24일에 75,105주 클래스 B 주식에 대한 주식 가치 상승 권리(SAR)를 받았음을 공개하는 Form 4를 제출했습니다. 이 SAR의 행사가격은 31.15달러이며, 2028년 5월 1일부터 행사 가능하고 2035년 4월 30일에 만료됩니다. 보통주는 매수 또는 매도되지 않았으며, 이번 제출은 새로운 파생상품 부여만을 기록한 것입니다. 수여 후 Cunningham은 직접 75,105개의 파생 증권을 보유하고 있으며, 비파생 소유권에는 변동이 보고되지 않았습니다. 이 거래는 일상적인 장기 인센티브 보상으로 보이며 Brown-Forman의 주식 수나 지배구조에 실질적인 영향을 미치지 않습니다.

Brown-Forman (BF) a déposé un formulaire 4 révélant que la EVP et CFO Leanne D. Cunningham a reçu un droit d’appréciation d’actions (SAR) portant sur 75 105 actions de classe B le 24/07/2025. Le SAR a un prix d’exercice de 31,15 $, devient exerçable le 01/05/2028 et expire le 30/04/2035. Aucune action ordinaire n’a été achetée ou vendue ; le dépôt enregistre uniquement la nouvelle attribution dérivée. Après l’attribution, Cunningham détient directement 75 105 titres dérivés et aucun changement n’est signalé pour sa détention non dérivée. La transaction semble être une compensation incitative à long terme de routine et n’affecte pas matériellement le nombre d’actions ni la structure de contrôle de Brown-Forman.

Brown-Forman (BF) reichte ein Formular 4 ein, das offenlegt, dass EVP & CFO Leanne D. Cunningham am 24.07.2025 ein Aktienwertsteigerungsrecht (SAR) für 75.105 Class-B-Aktien erhalten hat. Der SAR hat einen Ausübungspreis von 31,15 $, wird am 01.05.2028 ausübbar und läuft am 30.04.2035 ab. Es wurden keine Stammaktien gekauft oder verkauft; die Meldung erfasst nur die neue derivative Zuteilung. Nach der Vergabe hält Cunningham direkt 75.105 derivative Wertpapiere, und es wird keine Änderung ihres nicht-derivativen Besitzes gemeldet. Die Transaktion scheint eine routinemäßige langfristige Anreizvergütung zu sein und beeinflusst die Aktienanzahl oder die Kontrollstruktur von Brown-Forman nicht wesentlich.

Positive
  • Equity-based incentive aligns CFO interests with shareholders
  • No insider selling; signals management retention and stability
Negative
  • Incremental dilution if SARs are exercised, albeit immaterial

Insights

TL;DR: Routine equity grant; neutral impact, minor dilution risk.

The Form 4 shows a single SAR grant to the CFO, typical for executive incentives. With 75,105 underlying shares (~0.02 % of BF’s ~480 m diluted shares), potential dilution is immaterial. No disposals suggest management confidence and retention. Investors should view the filing as neutral; it neither signals insider buying nor selling.

Brown-Forman (BF) ha presentato un Modulo 4 in cui si comunica che la EVP e CFO Leanne D. Cunningham ha ricevuto un diritto di apprezzamento azionario (SAR) su 75.105 azioni di Classe B il 24/07/2025. Il SAR ha un prezzo di esercizio di 31,15 $, diventa esercitabile il 01/05/2028 e scade il 30/04/2035. Non sono state acquistate o vendute azioni ordinarie; la comunicazione registra solo la nuova concessione derivata. Dopo l’assegnazione, Cunningham detiene direttamente 75.105 titoli derivati e non si segnala alcuna modifica nella sua proprietà non derivata. L’operazione sembra essere una consueta forma di compenso incentivante a lungo termine e non incide in modo significativo sul numero di azioni o sulla struttura di controllo di Brown-Forman.

Brown-Forman (BF) presentó un Formulario 4 revelando que la EVP y CFO Leanne D. Cunningham recibió un derecho de apreciación de acciones (SAR) sobre 75,105 acciones Clase B el 24/07/2025. El SAR tiene un precio de ejercicio de 31,15 $, será ejercitable a partir del 01/05/2028 y expirará el 30/04/2035. No se compraron ni vendieron acciones comunes; el informe solo registra la nueva concesión derivada. Tras la adjudicación, Cunningham posee directamente 75,105 valores derivados y no se reportan cambios en su propiedad no derivada. La transacción parece ser una compensación rutinaria de incentivos a largo plazo y no afecta materialmente el número de acciones ni la estructura de control de Brown-Forman.

Brown-Forman(BF)는 EVP 겸 CFO Leanne D. Cunningham이 2025년 7월 24일에 75,105주 클래스 B 주식에 대한 주식 가치 상승 권리(SAR)를 받았음을 공개하는 Form 4를 제출했습니다. 이 SAR의 행사가격은 31.15달러이며, 2028년 5월 1일부터 행사 가능하고 2035년 4월 30일에 만료됩니다. 보통주는 매수 또는 매도되지 않았으며, 이번 제출은 새로운 파생상품 부여만을 기록한 것입니다. 수여 후 Cunningham은 직접 75,105개의 파생 증권을 보유하고 있으며, 비파생 소유권에는 변동이 보고되지 않았습니다. 이 거래는 일상적인 장기 인센티브 보상으로 보이며 Brown-Forman의 주식 수나 지배구조에 실질적인 영향을 미치지 않습니다.

Brown-Forman (BF) a déposé un formulaire 4 révélant que la EVP et CFO Leanne D. Cunningham a reçu un droit d’appréciation d’actions (SAR) portant sur 75 105 actions de classe B le 24/07/2025. Le SAR a un prix d’exercice de 31,15 $, devient exerçable le 01/05/2028 et expire le 30/04/2035. Aucune action ordinaire n’a été achetée ou vendue ; le dépôt enregistre uniquement la nouvelle attribution dérivée. Après l’attribution, Cunningham détient directement 75 105 titres dérivés et aucun changement n’est signalé pour sa détention non dérivée. La transaction semble être une compensation incitative à long terme de routine et n’affecte pas matériellement le nombre d’actions ni la structure de contrôle de Brown-Forman.

Brown-Forman (BF) reichte ein Formular 4 ein, das offenlegt, dass EVP & CFO Leanne D. Cunningham am 24.07.2025 ein Aktienwertsteigerungsrecht (SAR) für 75.105 Class-B-Aktien erhalten hat. Der SAR hat einen Ausübungspreis von 31,15 $, wird am 01.05.2028 ausübbar und läuft am 30.04.2035 ab. Es wurden keine Stammaktien gekauft oder verkauft; die Meldung erfasst nur die neue derivative Zuteilung. Nach der Vergabe hält Cunningham direkt 75.105 derivative Wertpapiere, und es wird keine Änderung ihres nicht-derivativen Besitzes gemeldet. Die Transaktion scheint eine routinemäßige langfristige Anreizvergütung zu sein und beeinflusst die Aktienanzahl oder die Kontrollstruktur von Brown-Forman nicht wesentlich.

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*
Cunningham Leanne D

(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, Chief Financial Officer
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 75,105 05/01/2028 04/30/2035 Class B Common 75,105 $0 75,105 D
Explanation of Responses:
Remarks:
Karleen M. Finnegan, Attorney in Fact for Leanne D. Cunningham 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

What did Brown-Forman (BF) report in this Form 4?

The company granted CFO Leanne D. Cunningham a 75,105-unit SAR at a $31.15 strike price.

Were any Brown-Forman shares bought or sold?

No. The filing records only a derivative grant; no common shares were transacted.

When can the CFO exercise the SAR?

The SAR becomes exercisable on 05/01/2028 and expires on 04/30/2035.

How large is the potential dilution from this grant?

75,105 shares represent roughly 0.02 % of Brown-Forman’s outstanding shares, a minimal impact.

Does the filing indicate insider sentiment?

Because it is a routine compensation award with no share sales, insider sentiment appears neutral.
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