BROWN FORMAN CORP — Director's Dealing 2018

Mar 31, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2018-03-28

Reporting Person: Hayes John V. (SVP, Chief Marketing Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-03-28	Class B Common	M	16783	$14.20	Acquired	26835	Direct
2018-03-28	Class B Common	F	8451	$53.82	Disposed	18384	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-03-28	Stock Appreciation Right	$14.2	M	16783	Disposed	2018-04-30	Class B Common (16783.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	5894	Indirect
Class B Common	32.9326	Indirect
Class B Common	14267	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$10.82	2019-04-30	Class B Common (32498.0)	32498	Direct
Stock Appreciation Right	$15.372	2020-04-30	Class B Common (27275.0)	27275	Direct
Stock Appreciation Right	$18.56	2021-04-30	Class B Common (28378.0)	28378	Direct
Stock Appreciation Right	$23.48	2022-04-30	Class B Common (21403.0)	21403	Direct
Stock Appreciation Right	$28.968	2023-04-30	Class B Common (8853.0)	8853	Direct
Stock Appreciation Right	$36.788	2024-04-30	Class B Common (7068.0)	7068	Direct
Stock Appreciation Right	$40.9	2025-04-30	Class B Common (9020.0)	9020	Direct
Stock Appreciation Right	$39.204	2026-04-30	Class B Common (12440.0)	12440	Direct
Stock Appreciation Right	$40.504	2027-04-30	Class B Common (10494.0)	10494	Direct

Footnotes

F1: On February 28, 2018, Brown-Forman Corporation completed a stock split resulting in the distribution of one share of Class B common stock for every four shares of either Class A or Class B common stock held. This total has been adjusted to reflect 2,443 Class B shares received in the stock split.

F2: The closing price of BF-B on March 28, 2018 was used to calculate the withholding obligation.

F3: Number of shares acquired through the issuer's employee stock purchase program as of March 28, 2018. Total has been adjusted to reflect shares received in the stock split.

F4: Total has been adjusted to reflect 3,695 Class B shares received in the stock split.

F5: These stock appreciation rights were previously reported as covering 13,426 shares at an exercise price of $17.755, but were adjusted to reflect the February 2018 stock split.

F6: These stock appreciation rights were previously reported as covering 25,998 shares at an exercise price of $13.525, but were adjusted to reflect the February 2018 stock split.

F7: These stock appreciation rights were previously reported as covering 21,820 shares at an exercise price of $19.215, but were adjusted to reflect the February 2018 stock split.

F8: These stock appreciation rights were previously reported as covering 22,702 shares at an exercise price of $23.20, but were adjusted to reflect the February 2018 stock split.

F9: These stock appreciation rights were previously reported as covering 17,122 shares at an exercise price of $29.35, but were adjusted to reflect the February 2018 stock split.

F10: These stock appreciation rights were previously reported as covering 7,082 shares at an exercise price of $36.21, but were adjusted to reflect the February 2018 stock split.

F11: These stock appreciation rights were previously reported as covering 5,654 shares at an exercise price of $45.985, but were adjusted to reflect the February 2018 stock split.

F12: These stock appreciation rights were previously reported as covering 7,216 shares at an exercise price of $51.125, but were adjusted to reflect the February 2018 stock split.

F13: These stock appreciation rights were previously reported as covering 9,952 shares at an exercise price of $49.005, but were adjusted to reflect the February 2018 stock split.

F14: These stock appreciation rights were previously reported as covering 8,395 shares at an exercise price of $50.63, but were adjusted to reflect the February 2018 stock split.