Form 4: Brown-Forman Director Converts Class B Shares to Class A

William Austin Musselman Jr., a Director at Brown-Forman Corp., reported an internal exchange of 379,650 Class B common shares for an equal number of Class A common shares by an indirectly owned entity.

Summary

• William Austin Musselman Jr., a Director of Brown-Forman Corp. (BFA, BFB), filed a Form 4 reporting changes in beneficial ownership.
• On July 15, 2025, IBB 2023, LLC, an entity indirectly owned by the reporting person, disposed of 379,650 shares of Class B Common Stock.
• Concurrently, IBB 2023, LLC acquired 379,650 shares of Class A Common Stock in exchange for the Class B shares.
• This transaction represents a conversion of share classes rather than a sale or purchase on the open market.
• Following the reported transaction, William Austin Musselman Jr. beneficially owns a total of 770,974 Class B Common shares directly and 4,000,000 Class B Common shares indirectly through various trusts and LLCs.
• Additionally, 5,905,783 Class A Common shares are beneficially owned indirectly through various trusts and LLCs, including the newly acquired 379,650 Class A shares by IBB 2023, LLC.

Sentiment

Score: 5

Explanation: The document reports an internal share class conversion by a director, which is a neutral event regarding the company's operational performance or financial health. It does not indicate positive or negative sentiment.

Future Outlook

NA

Industry Context

This Form 4 filing details an internal share class conversion by a director, which is a routine compliance disclosure for insider holdings and does not reflect broader industry trends or competitive dynamics.

Related Party Transactions

• The transaction involved IBB 2023, LLC, an entity through which the reporting person, William Austin Musselman Jr., holds indirect beneficial ownership of shares.

Stakeholder Impact

• Shareholders: The transaction is an internal share class conversion by a director and does not directly impact the total outstanding shares or the company's market capitalization. It may slightly alter the distribution of voting rights if Class A and Class B shares have different voting powers, but the overall beneficial ownership stake of the director remains unchanged.
• Employees, Customers, Suppliers, Creditors: No direct impact.

Key Dates

Keywords

Brown-Forman, BFA, BFB, Form 4, Insider Transaction, Beneficial Ownership, Share Exchange, Class A Common Stock, Class B Common Stock, Director