BROWN FORMAN CORP — Director's Dealing 2020

Jan 6, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2020-01-02

Reporting Person: MORREAU JANE C (EVP, Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-01-02	Class B Common	M	36588	$18.217	Acquired	45077.16	Direct
2020-01-02	Class B Common	F	20183	$67.60	Disposed	24894.16	Direct
2020-01-02	Class B Common	S	16405	$67.2965	Disposed	8489.16	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-01-02	Stock Appreciation Right	$18.217	M	36588	Disposed	2021-04-30	Class B Common (36588.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	8312.5873	Indirect

Footnotes

F1: Total has been updated to reflect dividend reinvestment.

F2: The closing price of BF-B on December 31, 2019 was used to calculate the withholding obligation.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $67.00 to $67.67, inclusive. The reporting person undertakes to provide to Brown-Forman Corporation, any security holder of Brown-Forman Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F4: Number of shares acquired through the issuer's employee stock purchase program as of December 23, 2019.