[Form 4] Brown-Forman Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 snapshot: On 23 Jul 2025, Wupen Yuen—President, Cloud & Networking at Lumentum Holdings (LITE)—sold 265 common shares at $99.92 via a Rule 10b5-1 plan adopted 11 Feb 2025. Gross proceeds were roughly $26.5 k.

• Post-sale holdings: 79,773 shares held directly
• Portion of stake sold: ≈0.3% of pre-trade position

The transaction is small relative to the insider’s total ownership and pre-scheduled, suggesting routine portfolio diversification rather than a directional signal on Lumentum’s fundamentals.

Positive

• Insider retains significant ownership after the trade, keeping alignment with shareholders.
• Sale executed under a Rule 10b5-1 plan, reducing potential insider-information risk.

Negative

• Incremental share supply added to market through insider selling, albeit immaterial.

Insights

Securities Analyst

TL;DR Minor, pre-planned sale; negligible impact on insider ownership or valuation.

The divestiture involves 265 shares—well under 1% of Mr. Yuen’s stake—yielding ~$26 k. Execution under a 10b5-1 plan mitigates concern about information asymmetry and implies no discretionary timing based on undisclosed data. Insider still holds nearly 80 k shares, maintaining meaningful alignment with shareholders. Absent other insider activity or company-specific catalysts, the filing is operationally immaterial and should not influence investment theses.

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^*

SMITH ELIZABETH A

(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		7,602.7176		(2)	(2)	Class A Common	7,602.7176	$0	17,915.0151	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 Elizabeth A. Smith	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 Lumentum (LITE) shares did Wupen Yuen sell?

He sold 265 common shares on 23 Jul 2025.

What was the sale price in the Form 4 filing?

The shares were sold at $99.92 per share.

How many LITE shares does the insider still own?

After the transaction, Yuen directly owns 79,773 shares.

Was the transaction discretionary?

No. It was made under a Rule 10b5-1 trading plan adopted 11 Feb 2025.

Is the sale size material to insider ownership?

The 265 shares represent roughly 0.3% of Yuen's pre-trade position, indicating a minor, routine sale.