Brown-Forman said the Board of Directors adopted and approved the Executive Change in Control Severance Plan on October 31, 2025, effective immediately. The company said the plan was part of its regular review of corporate governance documents and executive compensation policies and practices.

1. 01

   Brown-Forman said the Board of Directors adopted and approved the Executive Change in Control Severance Plan on October 31, 2025, effective immediately. The company said the plan was part of its regular review of corporate governance documents and executive compensation policies and practices.

2. 02

   Brown-Forman said the plan provides severance pay and benefits to Participants whose employment is involuntarily terminated due to a Qualifying Termination during the period commencing 30 days prior to the date a Change in Control is consummated and ending 24 months following the date of such consummation. Participants include all current Named Executive Officers and members of the Company's executive leadership team, as well as other select key employees.

3. 03

   Brown-Forman said the severance multiple is 3.0 for the Chief Executive Officer and 2.0 for other members of the executive leadership team. Benefits include an amount equal to the severance multiple multiplied by the sum of the Participant's annual base salary and the greater of the Participant's target bonus amount or annual bonus opportunity, 18 months of COBRA premiums for continued medical coverage, a $10,000 lump sum tax preparation payment, and full vesting of any unvested equity awards.

4. 04

   Brown-Forman said payment of severance benefits is subject to the Participant's execution and non-revocation of a general release of all claims in favor of the Company and certain related parties. The company said that for Participants eligible for severance benefits under another individual agreement with the Company, the plan will supersede all prior agreements, practices, policies, procedures and plans relating to severance benefits in the event of a Qualifying Termination during the Change in Control Protection Period.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.