[Form 4] Brown-Forman Corporation Insider Trading Activity

Rhea-AI Filing Summary

SM Energy (SM) Form 4 filing: Senior Vice President-Utah Richard A. Jenkins received 12,481 restricted stock units (RSUs) on 07/25/2025. Each RSU converts 1-for-1 into common shares at no cost to the executive. The award vests in three equal annual tranches beginning 07/01/2026; shares are issued on each vesting date and become unrestricted at that time. After the grant, Jenkins beneficially owns 12,481 derivative securities, all held directly. No shares were sold or disposed of, and no non-derivative transactions were reported.

The filing reflects routine equity compensation rather than an open-market purchase, but still aligns the executive’s incentives with shareholder value over the next three years.

Positive

• Insider equity alignment: RSUs link executive compensation to stock performance over a three-year horizon.

Negative

• None.

Insights

Corporate Governance Analyst

TL;DR – Routine RSU grant; minimal market impact.

The 12.5k-unit RSU award to SVP Jenkins is standard long-term incentive compensation, not an opportunistic buy. While it modestly increases insider ownership and links pay to stock performance, the size is immaterial to SM’s float and does not signal a directional view. Vesting over three years encourages retention and strategic focus on Utah assets. Investors should view the event as governance-neutral with negligible dilution.

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^*

Brown Campbell P

(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	31,836.6116	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 Campbell P. Brown	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 SM Energy (SM) shares did the executive acquire?

Richard A. Jenkins received 12,481 restricted stock units, each convertible into one common share.

Was this an open-market purchase?

No. The filing reports a grant of RSUs at $0 cost as part of compensation, not a market transaction.

When do the RSUs vest?

The award vests in three equal annual installments starting on 07/01/2026.

Does the grant change total insider ownership materially?

The 12,481-unit grant is modest relative to SM Energy’s share count, so ownership impact is minimal.

What is Richard Jenkins’ position at SM Energy?

He is Senior Vice President – Utah.