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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.