Form 4: Brown-Forman Executive Acquires Stock Appreciation Rights

Jeremy J. Shepherd, an Executive Vice President at Brown-Forman, acquired stock appreciation rights on July 25, 2024, according to a Form 4 filing with the SEC.

Summary

• On July 25, 2024, Jeremy J. Shepherd, an EVP at Brown-Forman Corp, acquired 17,441 stock appreciation rights (SARs) at an exercise price of $45.07.
• The SARs become exercisable on May 1, 2027, and expire on April 30, 2034.
• The filing also includes a Power of Attorney, granting certain individuals the authority to act on Shepherd's behalf in matters related to SEC filings.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to executive compensation, indicating a neutral sentiment.

Industry Context

Executive compensation in the form of stock appreciation rights is a common practice in publicly traded companies like Brown-Forman to align management's interests with those of shareholders.

Comparison to Industry Standards

• Stock appreciation rights are a common form of executive compensation, similar to stock options, used by companies like Diageo, Pernod Ricard, and Constellation Brands.
• The vesting schedule and expiration date of these SARs are typical for executive compensation packages.

Stakeholder Impact

• The acquisition of stock appreciation rights aligns the executive's interests with those of shareholders, potentially incentivizing performance that benefits shareholders.

Key Dates