[Form 4] Cal-Maine Foods Inc Insider Trading Activity

Rhea-AI Filing Summary

Melanie Boulden, a Director of Cal-Maine Foods, Inc. (CALM), was granted 938 shares of time-vesting restricted common stock on 08/11/2025. The award was recorded at a $0 price and increases her direct beneficial ownership to 938 shares. The restricted shares are scheduled to vest on January 14, 2028. The Form 4 was submitted on 08/14/2025 and signed on her behalf under power of attorney. The filing documents a routine director equity grant that becomes unrestricted only after the stated vesting date.

Positive

• Director-share alignment: The restricted stock grant ties the directors interests to long-term company performance through vesting.
• Clear disclosure: The Form 4 documents the transaction date, share amount, vesting date, and beneficial ownership, meeting reporting requirements.

Negative

• None.

Insights

Financial Analyst

TL;DR: Small director equity grant; limited near-term market impact but aligns incentives with shareholders until vesting.

This 938-share restricted stock grant represents a modest compensation event for a board member. At a reported price of $0 the instrument is compensatory rather than a market purchase and will not immediately affect public float or cash flow. Materiality is low given the small share count relative to typical public company floats, but the vesting schedule (01/14/2028) ties the directors interest to multi-year performance horizons, which can be viewed positively for long-term alignment.

Corporate Governance Expert

TL;DR: Standard governance practice: time-vesting equity for a director with customary disclosure; no governance red flags evident.

The disclosure identifies the reporting person as a director and describes a time-vesting restricted stock grant with a clear vesting date. The Form 4 was properly filed and executed via power of attorney, which is common. There are no indications of unusual option repricing, non-standard transfer restrictions, or immediate disposal. From a governance perspective this is routine director compensation disclosure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Boulden Melanie

(Last) (First) (Middle)

1052 HIGHLAND COLONY PKWY

SUITE 200

(Street)

RIDGELAND MS 39157

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CAL-MAINE FOODS INC [ CALM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/11/2025		A(1)		938	A	$0	938	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents a grant of time-vesting restricted stock, which will vest on January 14, 2028.

Remarks:

	/s/Robert L. Holladay, Jr., on behalf of Melanie Boulden, pursuant to a power of attorney	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Melanie Boulden report on Form 4 for CALM?

She reported a grant of 938 time-vesting restricted shares of Cal-Maine Foods common stock on 08/11/2025.

When do the restricted shares granted to Melanie Boulden vest?

The restricted shares are scheduled to vest on January 14, 2028.

How many shares does Melanie Boulden beneficially own after the transaction?

The filing shows she beneficially owns 938 shares following the reported transaction.

Was there a purchase price reported for the restricted shares?

The Form 4 reports a $0 price for the granted restricted shares, indicating a compensatory grant.

When was the Form 4 filed and who signed it?

The Form 4 was filed on 08/14/2025 and signed on behalf of Melanie Boulden by Robert L. Holladay, Jr. under power of attorney.