Campbell Soup (NYSE: CPB) director moves 26.7M family shares via trusts

Rhea-AI Filing Summary

Campbell Soup Company director and 10% owner Mary Alice Dorrance Malone Jr. reported an internal restructuring of her indirect holdings. On January 6, 2026, the Mary Alice Dorrance Malone Revocable Trust transferred 26,741,880 shares of Campbell Soup common stock to two family partnerships and one family LLC for cash as part of a substitution of assets at $27.01 per share.

Following the transaction, the revocable trust was reported with 13,218,457 shares held indirectly. Other indirect holdings reported include 18,426,809 shares held by Contango Limited LP, 4,271,414 shares by Quizhou, LP, 17,274,200 shares by Consul FL, LLC, and additional smaller positions in several family trusts and Hera Management LLC. Malone Jr. is a beneficiary, co-trustee, or co-manager of these entities and disclaims beneficial ownership of the shares except to the extent of her pecuniary interest.

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

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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^*

Malone Mary Alice Dorrance JR

(Last) (First) (Middle)

1 CAMPBELL PLACE

(Street)

CAMDEN NJ 08103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CAMPBELL'S Co [ CPB ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/06/2026

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	01/06/2026		J(1)		26,741,880	D	$27.01	13,218,457	I	Mary Alice Dorrance Malone Revocable Trust(2)
Common Stock								18,426,809	I	Contango Limited LP(3)
Common Stock								4,271,414	I	Quizhou, LP(4)
Common Stock								17,274,200	I	Consul FL, LLC(5)
Common Stock								80,572	I	Mary Alice Malone, Jr. Management Trust(6)
Common Stock								467,147	I	GRAT 9 Follow-On Trust fbo Mary Alice Malone, Jr.(6)
Common Stock								14,554	I	1984 Trust fbo Mary Alice Malone, Jr.(6)
Common Stock								14,554	I	1984 Trust fbo Catherine Dorrance Malone(7)
Common Stock								1,333	I	Hera Management LLC(8)

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. Reflects transfer of shares from the Mary Alice Dorrance Malone Revocable Trust to two family partnerships and one family LLC in exchange for cash pursuant to a substitution of assets. Ms. Malone, Jr. disclaims beneficial ownership of the shares held by such entities except in each case to the extent of her respective pecuniary interest therein.

2. Ms. Malone, Jr. is co-beneficiary and co-trustee of the trust. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

3. Held by Contango Limited LP, of which Hera Management LLC, of which Ms. Malone, Jr. is a co-manager, is the general partner. Reflects transfer of 5,196,266 shares from the Mary Alice Dorrance Malone Revocable Trust to Contango Limited LP on 1/6/26. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

4. Held by Quizhou, LP, of which Grandjaero Management, LLC, of which Ms. Malone, Jr. is a co-manager, is the general partner. Reflects transfer of 4,271,414 shares from the Mary Alice Dorrance Malone Revocable Trust to Quizhou, LP on 1/6/26. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

5. Held by Consul FL, LLC, of which Ms. Malone, Jr. is a co-manager. Reflects transfer of 17,274,200 shares from the Mary Alice Dorrance Malone Revocable Trust to Consul FL, LLC on 1/6/26. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

6. Ms. Malone, Jr. is the beneficiary and co-trustee of the trust.

7. Ms. Malone, Jr. is a co-trustee and a remainder beneficiary of the trust. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

8. Held by Hera Management LLC, of which Ms. Malone, Jr. is a co-manager. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

Remarks:

	Marci K. Donnelly, Attorney-in-Fact	01/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did CPB report for Mary Alice Dorrance Malone Jr.?

The filing reports that the Mary Alice Dorrance Malone Revocable Trust transferred 26,741,880 shares of Campbell Soup common stock on January 6, 2026 to related family entities for cash as part of a substitution of assets.

What was the reported price per Campbell Soup (CPB) share in this Form 4?

The transfer of 26,741,880 shares of Campbell Soup common stock from the revocable trust was reported at a price of $27.01 per share.

How many Campbell Soup (CPB) shares did the revocable trust hold after the transaction?

After the reported transfer, the Mary Alice Dorrance Malone Revocable Trust was shown as indirectly holding 13,218,457 Campbell Soup common shares.

Which entities now hold Campbell Soup (CPB) shares related to Mary Alice Dorrance Malone Jr.?

Indirect holdings reported include 18,426,809 shares held by Contango Limited LP, 4,271,414 shares by Quizhou, LP, 17,274,200 shares by Consul FL, LLC, plus smaller positions in the Mary Alice Malone Jr. Management Trust, GRAT 9 Follow-On Trust fbo Mary Alice Malone Jr., the 1984 trusts for Mary Alice and Catherine Dorrance Malone, and Hera Management LLC.

Was this Campbell Soup (CPB) insider transaction an open-market sale?

No. The Form 4 uses transaction code J and explains that the movement of 26,741,880 shares was a transfer from the revocable trust to family partnerships and a family LLC for cash under a substitution of assets, rather than an open-market trade.

Does Mary Alice Dorrance Malone Jr. claim full beneficial ownership of these Campbell Soup (CPB) shares?

No. The footnotes state that she is a beneficiary, co-trustee, or co-manager of the reporting entities and that she disclaims beneficial ownership of the shares held by them except to the extent of her pecuniary interest.