BROWN FORMAN CORP — Director's Dealing 2025

Jul 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2025-07-24

Reporting Person: Farrer Marshall (Director, EVP, Chief Strategic Growth)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-24	Deferred Stock Units	$	A	5014.5584	Acquired		Class A Common (5014.5584)	Direct
2025-07-24	Stock Appreciation Right	$31.15	A	33513	Acquired	2035-04-30	Class B Common (33513)	Direct

Footnotes

F1: 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.

F2: 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.