Campbell's (CPB) Director Reports 1,296.18 Phantom Stock Grant

Rhea-AI Filing Summary

Sarah Hofstetter, a director of Campbell's Co (CPB), reported acquiring 1,296.18 units of Phantom Stock on 09/25/2025. Each phantom unit is economically equivalent to one share of Campbell's common stock and is 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 this transaction, Hofstetter beneficially owns 27,317.58 shares equivalent, which includes 310.54 shares acquired through dividend reinvestment since her last report. The reported acquisition was coded as an acquisition (A) at a $0 price because these are phantom units, not open-market purchases.

Positive

• Acquisition of 1,296.18 fully vested Phantom Stock units increases director alignment with company performance
• Post-transaction beneficial ownership reported at 27,317.58 shares, providing clear disclosure
• 310.54 shares added via dividend reinvestment since the last report, indicating ongoing reinvestment

Negative

• None.

Insights

Financial Analyst

TL;DR Director received fully vested phantom shares equivalent to 1,296.18 common shares, increasing reported beneficial ownership.

The filing documents a non-cash grant of 1,296.18 Phantom Stock units that are fully vested and payable in cash under the Supplemental Retirement Plan upon termination events. Because these are phantom units paid in cash rather than newly issued common shares, there is no immediate dilution to shareholders. The economic exposure aligns the director with company equity performance, though payout timing depends on future employment termination or retirement.

Corporate Governance Expert

TL;DR A routine, vested supplemental retirement-plan grant reported under Section 16; disclosure is standard and non-material to capital structure.

The Form 4 transparently discloses the nature, vesting, and payout mechanism of the phantom shares and reconciles the post-transaction beneficial ownership total. The inclusion of 310.54 dividend-reinvested shares shows ongoing passive accumulation. This appears to be an administrative compensation-related transaction rather than a strategic change in insider holdings or control.

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^*

Hofstetter Sarah

(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		1,296.18		(2)	(3)	Common Stock	1,296.18	$0	27,317.58(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 310.54 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 Sarah Hofstetter report on the Form 4 for CPB?

She reported acquiring 1,296.18 Phantom Stock units on 09/25/2025, which are economically equivalent to common shares and fully vested.

Are the phantom units convertible into common stock for CPB?

No. Each phantom unit is the economic equivalent of one share but is payable in cash from the Supplemental Retirement Plan upon retirement, resignation, or termination.

How many shares does Hofstetter beneficially own after the transaction?

27,317.58 shares equivalent, which includes 310.54 shares acquired through dividend reinvestment since her last report.

Was there an open-market purchase or cash price reported for the transaction?

No price was reported ($0) because the transaction involved phantom stock units granted/credited under a retirement plan, not a market purchase.

When was the Form 4 signed and filed?

The signature by attorney-in-fact Marci K. Donnelly is dated 09/26/2025 in the filing remarks.