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[Form 4] Brown-Forman Corporation Insider Trading Activity

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Rhea-AI Filing Summary

Paramount Global (PARAA) filed an 8-K reporting two disclosure items tied to its pending merger with Skydance Media.

Item 5.04 notifies directors and executives of a SOX-mandated trading blackout on the Paramount Global Class A and Class B Stock Funds in the company’s 401(k) Plan. The blackout will restrict purchases, sales, loans, withdrawals and distributions involving the Funds from the week of 27 Jul 2025 to the week of 10 Aug 2025, assuming the transaction closes on 7 Aug 2025. The blackout ensures all transactions settle and units are exchanged for cash or Paramount Skydance Corporation units at closing.

Item 7.01 furnishes a joint press release announcing: 1) the expected 7 Aug 2025 closing date (subject to customary conditions) and 2) shareholder election deadlines for consideration choice—31 Jul 2025, 5 p.m. ET for record holders; 28 Jul 2025, 4 p.m. ET for employee plan and Morgan Stanley Stock Plan accounts.

Exhibit 99.1 contains the blackout notice; Exhibit 99.2 is the press release. No financial results or revised guidance were provided.

Paramount Global (PARAA) ha presentato un modulo 8-K riportando due elementi di divulgazione legati alla sua fusione in corso con Skydance Media.

Voce 5.04 informa i direttori e i dirigenti di un periodo di blocco delle negoziazioni obbligatorio secondo SOX sui Fondi azionari Class A e Class B di Paramount Global nel piano 401(k) dell’azienda. Il blocco impedirà acquisti, vendite, prestiti, prelievi e distribuzioni relativi ai Fondi dalla settimana del 27 luglio 2025 alla settimana del 10 agosto 2025, assumendo che la transazione si chiuda il 7 agosto 2025. Questo periodo di blocco garantisce che tutte le transazioni vengano regolate e le quote convertite in contanti o in azioni di Paramount Skydance Corporation al momento della chiusura.

Voce 7.01 fornisce un comunicato stampa congiunto che annuncia: 1) la data prevista di chiusura il 7 agosto 2025 (soggetta alle condizioni consuete) e 2) le scadenze per la scelta degli azionisti—31 luglio 2025, ore 17:00 ET per i titolari di registro; 28 luglio 2025, ore 16:00 ET per i piani dipendenti e i conti del Morgan Stanley Stock Plan.

L’Esibizione 99.1 contiene l’avviso di blocco; l’Esibizione 99.2 è il comunicato stampa. Non sono stati forniti risultati finanziari o aggiornamenti delle previsioni.

Paramount Global (PARAA) presentó un formulario 8-K informando sobre dos elementos de divulgación relacionados con su fusión pendiente con Skydance Media.

Artículo 5.04 notifica a directores y ejecutivos sobre un periodo de bloqueo de negociación obligatorio por SOX en los Fondos de acciones Clase A y Clase B de Paramount Global dentro del plan 401(k) de la compañía. El bloqueo restringirá compras, ventas, préstamos, retiros y distribuciones relacionadas con los Fondos desde la semana del 27 de julio de 2025 hasta la semana del 10 de agosto de 2025, asumiendo que la transacción cierre el 7 de agosto de 2025. Este bloqueo asegura que todas las transacciones se liquiden y las unidades se conviertan en efectivo o en unidades de Paramount Skydance Corporation al cierre.

Artículo 7.01 proporciona un comunicado de prensa conjunto que anuncia: 1) la fecha esperada de cierre el 7 de agosto de 2025 (sujeta a condiciones habituales) y 2) las fechas límite para la elección de los accionistas—31 de julio de 2025, 5 p.m. ET para los titulares registrados; 28 de julio de 2025, 4 p.m. ET para planes de empleados y cuentas del Plan de Acciones Morgan Stanley.

El Anexo 99.1 contiene el aviso de bloqueo; el Anexo 99.2 es el comunicado de prensa. No se proporcionaron resultados financieros ni revisiones de las previsiones.

Paramount Global (PARAA)는 Skydance Media와의 진행 중인 합병과 관련된 두 가지 공시 항목을 보고하는 8-K를 제출했습니다.

항목 5.04는 이사회 및 임원들에게 회사의 401(k) 플랜 내 Paramount Global 클래스 A 및 클래스 B 주식 펀드에 대한 SOX 규정에 따른 거래 금지 기간을 알립니다. 거래 금지 기간은 2025년 7월 27일 주부터 2025년 8월 10일 주까지로, 거래가 2025년 8월 7일에 종료된다고 가정합니다. 이 기간 동안 펀드와 관련된 매수, 매도, 대출, 인출 및 분배가 제한됩니다. 거래 금지는 모든 거래가 정산되고 종료 시 Paramount Skydance Corporation 단위 또는 현금으로 교환되도록 보장합니다.

항목 7.01은 공동 보도자료를 제공하며, 1) 예상 종료일인 2025년 8월 7일(일반적인 조건에 따름)과 2) 주주 선택 마감일—등록 보유자의 경우 2025년 7월 31일 오후 5시 ET, 직원 플랜 및 Morgan Stanley 주식 플랜 계정의 경우 2025년 7월 28일 오후 4시 ET를 공지합니다.

첨부문서 99.1에는 거래 금지 공지가 포함되어 있으며, 첨부문서 99.2는 보도자료입니다. 재무 결과나 수정된 가이던스는 제공되지 않았습니다.

Paramount Global (PARAA) a déposé un formulaire 8-K rapportant deux éléments de divulgation liés à sa fusion en cours avec Skydance Media.

Article 5.04 informe les administrateurs et les dirigeants d'une période de blocage des transactions imposée par la loi SOX sur les fonds d’actions Classe A et Classe B de Paramount Global dans le plan 401(k) de l’entreprise. Le blocage limitera les achats, ventes, prêts, retraits et distributions concernant ces fonds de la semaine du 27 juillet 2025 à la semaine du 10 août 2025, en supposant que la transaction soit conclue le 7 août 2025. Ce blocage garantit que toutes les transactions seront réglées et que les unités seront échangées contre des liquidités ou des unités de Paramount Skydance Corporation à la clôture.

Article 7.01 fournit un communiqué de presse conjoint annonçant : 1) la date de clôture prévue le 7 août 2025 (sous réserve des conditions habituelles) et 2) les dates limites pour le choix des actionnaires — 31 juillet 2025, 17h00 ET pour les détenteurs enregistrés ; 28 juillet 2025, 16h00 ET pour les comptes des plans employés et du plan d’actions Morgan Stanley.

L’Exhibit 99.1 contient l’avis de blocage ; l’Exhibit 99.2 est le communiqué de presse. Aucun résultat financier ni révision des prévisions n’a été fourni.

Paramount Global (PARAA) hat ein 8-K eingereicht, in dem zwei Offenlegungspunkte im Zusammenhang mit der bevorstehenden Fusion mit Skydance Media gemeldet werden.

Punkt 5.04 informiert Direktoren und Führungskräfte über eine SOX-mandatierte Handelssperre für die Paramount Global Class A und Class B Aktienfonds im 401(k)-Plan des Unternehmens. Die Sperre beschränkt Käufe, Verkäufe, Darlehen, Abhebungen und Ausschüttungen der Fonds von der Woche des 27. Juli 2025 bis zur Woche des 10. August 2025, vorausgesetzt, die Transaktion wird am 7. August 2025 abgeschlossen. Die Sperre stellt sicher, dass alle Transaktionen abgewickelt werden und Einheiten bei Abschluss in Bargeld oder Paramount Skydance Corporation-Einheiten umgetauscht werden.

Punkt 7.01 enthält eine gemeinsame Pressemitteilung, die Folgendes ankündigt: 1) das erwartete Abschlussdatum am 7. August 2025 (vorbehaltlich üblicher Bedingungen) und 2) Fristen für Aktionärswahlen—31. Juli 2025, 17:00 Uhr ET für registrierte Inhaber; 28. Juli 2025, 16:00 Uhr ET für Mitarbeiterpläne und Morgan Stanley Aktienplan-Konten.

Anlage 99.1 enthält die Sperrmitteilung; Anlage 99.2 ist die Pressemitteilung. Es wurden keine Finanzergebnisse oder aktualisierte Prognosen veröffentlicht.

Positive
  • Deal timeline reaffirmed: management publicly targets 7 Aug 2025 closing, indicating regulatory and financing steps are progressing.
  • Clear shareholder election process: specific deadlines reduce uncertainty about consideration choices.
Negative
  • Temporary loss of 401(k) liquidity: employees cannot trade Paramount stock or access related funds for ~2 weeks.
  • Closing still conditional: filing notes transaction remains subject to customary conditions, leaving residual deal risk.

Insights

TL;DR: Filing confirms deal timeline, triggers temporary 401(k) blackout; neutral near-term valuation impact.

The 8-K offers procedural updates rather than new economics. Setting a firm 7 Aug 2025 target signals the Skydance merger is on track, which marginally reduces deal-completion risk. However, no revised consideration mix, synergy estimates or regulatory status is disclosed, leaving valuation unchanged. The 401(k) blackout is standard for share-for-cash exchanges and has no cash-flow effect, though it limits employee liquidity for roughly two weeks. Overall, information content is low; investors already priced in the transaction when announced in 2024.

TL;DR: SOX-compliant blackout and clear election deadlines enhance governance transparency.

The company adheres to Rule 104 of Reg BTR, demonstrating sound compliance. Notifying insiders mitigates section 306 liability exposure, and publishing election cut-offs provides equitable treatment to all shareholder classes. No red flags arise; yet blackout length underscores execution sensitivity—any closing delay requires updated notices. Governance quality appears adequate, but impact on shareholder rights is neutral.

Paramount Global (PARAA) ha presentato un modulo 8-K riportando due elementi di divulgazione legati alla sua fusione in corso con Skydance Media.

Voce 5.04 informa i direttori e i dirigenti di un periodo di blocco delle negoziazioni obbligatorio secondo SOX sui Fondi azionari Class A e Class B di Paramount Global nel piano 401(k) dell’azienda. Il blocco impedirà acquisti, vendite, prestiti, prelievi e distribuzioni relativi ai Fondi dalla settimana del 27 luglio 2025 alla settimana del 10 agosto 2025, assumendo che la transazione si chiuda il 7 agosto 2025. Questo periodo di blocco garantisce che tutte le transazioni vengano regolate e le quote convertite in contanti o in azioni di Paramount Skydance Corporation al momento della chiusura.

Voce 7.01 fornisce un comunicato stampa congiunto che annuncia: 1) la data prevista di chiusura il 7 agosto 2025 (soggetta alle condizioni consuete) e 2) le scadenze per la scelta degli azionisti—31 luglio 2025, ore 17:00 ET per i titolari di registro; 28 luglio 2025, ore 16:00 ET per i piani dipendenti e i conti del Morgan Stanley Stock Plan.

L’Esibizione 99.1 contiene l’avviso di blocco; l’Esibizione 99.2 è il comunicato stampa. Non sono stati forniti risultati finanziari o aggiornamenti delle previsioni.

Paramount Global (PARAA) presentó un formulario 8-K informando sobre dos elementos de divulgación relacionados con su fusión pendiente con Skydance Media.

Artículo 5.04 notifica a directores y ejecutivos sobre un periodo de bloqueo de negociación obligatorio por SOX en los Fondos de acciones Clase A y Clase B de Paramount Global dentro del plan 401(k) de la compañía. El bloqueo restringirá compras, ventas, préstamos, retiros y distribuciones relacionadas con los Fondos desde la semana del 27 de julio de 2025 hasta la semana del 10 de agosto de 2025, asumiendo que la transacción cierre el 7 de agosto de 2025. Este bloqueo asegura que todas las transacciones se liquiden y las unidades se conviertan en efectivo o en unidades de Paramount Skydance Corporation al cierre.

Artículo 7.01 proporciona un comunicado de prensa conjunto que anuncia: 1) la fecha esperada de cierre el 7 de agosto de 2025 (sujeta a condiciones habituales) y 2) las fechas límite para la elección de los accionistas—31 de julio de 2025, 5 p.m. ET para los titulares registrados; 28 de julio de 2025, 4 p.m. ET para planes de empleados y cuentas del Plan de Acciones Morgan Stanley.

El Anexo 99.1 contiene el aviso de bloqueo; el Anexo 99.2 es el comunicado de prensa. No se proporcionaron resultados financieros ni revisiones de las previsiones.

Paramount Global (PARAA)는 Skydance Media와의 진행 중인 합병과 관련된 두 가지 공시 항목을 보고하는 8-K를 제출했습니다.

항목 5.04는 이사회 및 임원들에게 회사의 401(k) 플랜 내 Paramount Global 클래스 A 및 클래스 B 주식 펀드에 대한 SOX 규정에 따른 거래 금지 기간을 알립니다. 거래 금지 기간은 2025년 7월 27일 주부터 2025년 8월 10일 주까지로, 거래가 2025년 8월 7일에 종료된다고 가정합니다. 이 기간 동안 펀드와 관련된 매수, 매도, 대출, 인출 및 분배가 제한됩니다. 거래 금지는 모든 거래가 정산되고 종료 시 Paramount Skydance Corporation 단위 또는 현금으로 교환되도록 보장합니다.

항목 7.01은 공동 보도자료를 제공하며, 1) 예상 종료일인 2025년 8월 7일(일반적인 조건에 따름)과 2) 주주 선택 마감일—등록 보유자의 경우 2025년 7월 31일 오후 5시 ET, 직원 플랜 및 Morgan Stanley 주식 플랜 계정의 경우 2025년 7월 28일 오후 4시 ET를 공지합니다.

첨부문서 99.1에는 거래 금지 공지가 포함되어 있으며, 첨부문서 99.2는 보도자료입니다. 재무 결과나 수정된 가이던스는 제공되지 않았습니다.

Paramount Global (PARAA) a déposé un formulaire 8-K rapportant deux éléments de divulgation liés à sa fusion en cours avec Skydance Media.

Article 5.04 informe les administrateurs et les dirigeants d'une période de blocage des transactions imposée par la loi SOX sur les fonds d’actions Classe A et Classe B de Paramount Global dans le plan 401(k) de l’entreprise. Le blocage limitera les achats, ventes, prêts, retraits et distributions concernant ces fonds de la semaine du 27 juillet 2025 à la semaine du 10 août 2025, en supposant que la transaction soit conclue le 7 août 2025. Ce blocage garantit que toutes les transactions seront réglées et que les unités seront échangées contre des liquidités ou des unités de Paramount Skydance Corporation à la clôture.

Article 7.01 fournit un communiqué de presse conjoint annonçant : 1) la date de clôture prévue le 7 août 2025 (sous réserve des conditions habituelles) et 2) les dates limites pour le choix des actionnaires — 31 juillet 2025, 17h00 ET pour les détenteurs enregistrés ; 28 juillet 2025, 16h00 ET pour les comptes des plans employés et du plan d’actions Morgan Stanley.

L’Exhibit 99.1 contient l’avis de blocage ; l’Exhibit 99.2 est le communiqué de presse. Aucun résultat financier ni révision des prévisions n’a été fourni.

Paramount Global (PARAA) hat ein 8-K eingereicht, in dem zwei Offenlegungspunkte im Zusammenhang mit der bevorstehenden Fusion mit Skydance Media gemeldet werden.

Punkt 5.04 informiert Direktoren und Führungskräfte über eine SOX-mandatierte Handelssperre für die Paramount Global Class A und Class B Aktienfonds im 401(k)-Plan des Unternehmens. Die Sperre beschränkt Käufe, Verkäufe, Darlehen, Abhebungen und Ausschüttungen der Fonds von der Woche des 27. Juli 2025 bis zur Woche des 10. August 2025, vorausgesetzt, die Transaktion wird am 7. August 2025 abgeschlossen. Die Sperre stellt sicher, dass alle Transaktionen abgewickelt werden und Einheiten bei Abschluss in Bargeld oder Paramount Skydance Corporation-Einheiten umgetauscht werden.

Punkt 7.01 enthält eine gemeinsame Pressemitteilung, die Folgendes ankündigt: 1) das erwartete Abschlussdatum am 7. August 2025 (vorbehaltlich üblicher Bedingungen) und 2) Fristen für Aktionärswahlen—31. Juli 2025, 17:00 Uhr ET für registrierte Inhaber; 28. Juli 2025, 16:00 Uhr ET für Mitarbeiterpläne und Morgan Stanley Aktienplan-Konten.

Anlage 99.1 enthält die Sperrmitteilung; Anlage 99.2 ist die Pressemitteilung. Es wurden keine Finanzergebnisse oder aktualisierte Prognosen veröffentlicht.

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*
Farrer Marshall

(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
X Officer (give title below) Other (specify below)
EVP, Chief Strategic Growth
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 5,014.5584 D
Stock Appreciation Right $31.15 07/24/2025 A 33,513 05/01/2028 04/30/2035 Class B Common 33,513 $0 33,513 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 Marshall B. Farrer 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

When does Paramount Global (PARAA) expect the Skydance transaction to close?

The companies target August 7, 2025, subject to customary closing conditions.

What are the 401(k) blackout dates related to the Paramount-Skydance merger?

If the deal closes as planned, the blackout runs from the week of July 27 to August 10, 2025.

Which shareholders face election deadlines for merger consideration, and when?

Record holders: July 31 2025 5 p.m.; employees/Morgan Stanley accounts: July 28 2025 4 p.m.; 401(k) participants: July 28 2025 4 p.m. (all ET).

Does the 8-K include new financial results or guidance for Paramount Global?

No. The filing focuses solely on blackout procedures and transaction timing; it contains no earnings or guidance updates.

How can investors confirm the actual blackout period once it begins?

For two years investors may request dates free of charge from the Acting General Counsel at (212) 258-6000 or 1515 Broadway, New York.
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