Campbell's (CPB) Director Adds 1,412.6 Phantom Stock Units, Now Owns 32,098.49 Shares

Rhea-AI Filing Summary

Howard M. Averill, a director of Campbell's Co (CPB), reported receipt of 1,412.6 phantom stock units on 09/25/2025. The filing states each phantom share equals one common share and the units are fully vested. The phantom units are payable in cash from the company’s Supplemental Retirement Plan upon the reporting person’s retirement, resignation, or termination. Following the reported acquisition, the reporting person beneficially owns 32,098.49 shares, which includes 366.20 shares acquired through dividend reinvestment since the last report.

Positive

• 1,412.6 phantom stock units acquired on 09/25/2025, and they are stated as fully vested
• Phantom shares equal one common share each, clarifying the economic linkage to common stock
• Post-transaction beneficial ownership of 32,098.49 shares, including 366.20 shares from dividend reinvestment

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received 1,412.6 fully vested phantom shares, raising beneficial ownership to 32,098.49 shares.

The Form 4 discloses a non-cash award of phantom stock on 09/25/2025 that is the economic equivalent of common shares and is fully vested. The award is payable in cash under the Supplemental Retirement Plan upon termination events specified in the filing. The report also notes 366.20 shares added via dividend reinvestment since the prior filing, and shows a post-transaction beneficial ownership of 32,098.49 shares. This filing documents an equity-linked compensation event rather than a market purchase or sale.

Corporate Governance Expert

TL;DR: Disclosure shows routine executive compensation via phantom stock with clear payout terms tied to retirement or termination.

The filing specifies the nature and payment mechanics of the phantom stock award: each unit mirrors one common share, units are fully vested, and payout is in cash from the Supplemental Retirement Plan upon retirement, resignation, or termination. The document is signed by an attorney-in-fact and filed individually by the reporting director. The disclosure appears complete for this award, identifying the class, amount, vesting status, and payout mechanism.

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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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^*

Averill Howard M

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

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2025

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

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
Phantom Stock	(1)	09/25/2025		A		1,412.6		(2)	(3)	Common Stock	1,412.6	$0	32,098.49(4)	D

Explanation of Responses:

1. Each share of Phantom Stock is the economic equivalent of one share of issuer common stock.

2. Phantom shares are fully vested.

3. The value of Phantom Stock is payable in cash from the Company's Supplemental Retirement Plan upon reporting person's retirement, resignation or termination.

4. Includes 366.20 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	Marci K. Donnelly, Attorney-in-Fact	09/26/2025
	** 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 did Howard M. Averill report on Form 4 for CPB?

The Form 4 reports acquisition of 1,412.6 phantom stock units on 09/25/2025, which are fully vested and payable in cash under the Supplemental Retirement Plan.

How many shares does the reporting person beneficially own after the transaction?

The filing shows 32,098.49 beneficially owned shares following the reported transaction, including 366.20 shares from dividend reinvestment.

Are the phantom shares immediately vested and how are they payable?

Yes, the filing states the phantom shares are fully vested and their value is payable in cash from the company’s Supplemental Retirement Plan upon retirement, resignation, or termination.

What is the economic relationship between the phantom stock and common shares?

Each phantom stock unit is described as the economic equivalent of one share of the issuer’s common stock.

When was the Form 4 signed and by whom?

The signature on the filing is by Marci K. Donnelly, Attorney-in-Fact dated 09/26/2025.