[Form 4] CAMPBELL'S Co Insider Trading Activity

Rhea-AI Filing Summary

Elizabeth Maire Duggan, EVP, President, Snacks of Campbell's Co (CPB), reported multiple transactions on 09/30/2025 and 10/01/2025. She sold 2,563 shares of Common Stock on 09/30/2025 at $30.87 per share and, on the same date, received 2,379 shares at no cost representing vested performance-restricted share units tied to total shareholder return and adjusted EPS over three years. On 10/01/2025 she received an additional 21,135 shares at no cost, bringing her total beneficial ownership to 49,083 shares. The filing lists the award vesting mechanics but contains no additional financial guidance or transactions.

Positive

• 21,135 shares vested on 10/01/2025 increasing insider stake
• 2,379 shares vested on 09/30/2025 from performance-restricted units tied to TSR and adjusted EPS
• Total beneficial ownership rose to 49,083 shares

Negative

• None.

Insights

Corporate Insider Transactions Analyst

Insider received performance-based shares, modest open-market sale occurred.

The filing shows the reporting person increased her stake through vesting of performance-restricted share units: 2,379 shares vested on 09/30/2025 and 21,135 shares vested on 10/01/2025, raising beneficial ownership to 49,083 shares. The vesting is explicitly tied to a three-year performance period measuring total shareholder return and adjusted EPS compound annual growth rate, as stated in the explanation.

The filing also discloses a contemporaneous open-market sale of 2,563 shares at $30.87 on 09/30/2025. The SEC Form 4 reports these items but does not provide intent or use of proceeds, so the document is purely transactional and factual.

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
Estimated average burden
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).

1. Name and Address of Reporting Person^*

Duggan Elizabeth Maire Meiman

(Last) (First) (Middle)

ONE 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, President, Snacks

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		F		2,563	D	$30.87	25,569	D
Common Stock	09/30/2025		A		2,379(1)	A	$0	27,948	D
Common Stock	10/01/2025		A		21,135	A	$0	49,083	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 (i) shares earned upon vesting of performance-restricted share units based on total shareholder return over a three-year performance period; and (ii) shares earned upon vesting of performance-restricted share units based on adjusted EPS compound annual growth rate over a three-year performance period.

Remarks:

	Marci K. Donnelly, Attorney-in-Fact	10/02/2025
	** 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 transactions did CPB insider Elizabeth Duggan report on Form 4?

She reported a sale of 2,563 shares at $30.87 on 09/30/2025, vesting-based acquisitions of 2,379 shares on 09/30/2025, and 21,135 shares on 10/01/2025.

How many shares does Elizabeth Duggan beneficially own after these transactions?

The Form 4 reports total beneficial ownership of 49,083 shares following the reported transactions.

Were the shares acquired by Duggan purchased or awarded?

The acquired shares on 09/30/2025 and 10/01/2025 were reported at a $0 price and represent vested performance-restricted share units.

What performance metrics governed the vested awards?

The explanation states the PRSUs vested based on total shareholder return over a three-year period and adjusted EPS compound annual growth rate over a three-year period.

Who signed the Form 4 on behalf of the reporting person?

The form is signed by Marci K. Donnelly, Attorney-in-Fact on 10/02/2025.