[Form 4] CAMPBELL'S Co Insider Trading Activity

Rhea-AI Filing Summary

Marc B. Lautenbach, a director of Campbell's Co (CPB), reported receipt of 1,393.2 units of Phantom Stock on 09/25/2025. Each phantom unit is economically equivalent to one share of Campbell's common stock and the units are fully vested. The reported phantom units carry a $0 exercise price and are payable in cash under the Company’s Supplemental Retirement Plan upon the reporting person’s retirement, resignation, or termination. After this transaction, the reporting person beneficially owns 41,164.38 shares (this total includes 474.63 shares acquired through dividend reinvestment since the last report).

Positive

• 1,393.2 phantom stock units awarded and fully vested, aligning director compensation with shareholder value
• Total beneficial ownership updated to 41,164.38 shares, increasing transparency for investors
• Includes 474.63 shares from dividend reinvestment, showing continued participation in shareholder returns

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received fully vested phantom shares payable in cash, increasing reported beneficial ownership but not adding voting shares.

The filing documents an award of 1,393.2 phantom stock units that are economically tied to common shares but settle in cash under the Supplemental Retirement Plan. From a governance perspective, phantom units align director compensation with shareholder value without immediate dilution or transfer of voting stock. The filing clarifies that the units are fully vested and that cash settlement occurs upon departure events, which affects the timing of any economic transfer but not current voting power.

Securities Analyst

TL;DR: This is a routine, non-derivative compensation-related transaction with limited immediate market impact.

The Form 4 reports a non-derivative economic award equivalent to 1,393.2 shares and updates total beneficial ownership to 41,164.38 shares. The transaction code indicates acquisition via award and the disclosure that 474.63 shares came from dividend reinvestment provides useful granularity on ownership changes. Because settlement is in cash and no new common shares were issued, the transaction is unlikely to materially affect share count or near-term valuation.

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^*

Lautenbach Marc Bradley

(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)

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		1,393.2		(2)	(3)	Common Stock	1,393.2	$0	41,164.38(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 474.63 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 Marc B. Lautenbach report on Form 4 for CPB?

He reported acquiring 1,393.2 units of Phantom Stock on 09/25/2025, which are fully vested and economically equal to one share each.

Are the phantom stock units payable in shares or cash?

The phantom units are payable in cash from the Company’s Supplemental Retirement Plan upon the reporting person's retirement, resignation, or termination.

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

The Form 4 shows beneficial ownership of 41,164.38 shares following the reported transaction.

Did the filing indicate any newly issued common stock or voting changes?

No. The transaction involved phantom stock with cash settlement, so no new common shares were issued and voting power was not increased by this award.

Does the report mention dividend reinvestment activity?

Yes. It states 474.63 shares were acquired through dividend reinvestment since the reporting person's last report.