Campbell's (CPB) Form 4: Sanzio Vesting Boosts Holdings to 27,964 Shares

Rhea-AI Filing Summary

Anthony Sanzio, Executive Vice President and Chief Communications Officer of Campbell's Co (CPB), reported multiple equity transactions on 09/30/2025 and 10/01/2025. The filing shows a disposition of 2,280 shares at $30.87 and vesting-based acquisitions of 2,219 shares (performance-restricted share units) on 09/30/2025 and 11,474 shares on 10/01/2025, all at $0 cost reflecting issuance on vesting. Following these transactions, the report lists 27,964 shares beneficially owned in total and indicates additional routine purchases under the issuer’s 401(k) plan. The filing was signed by an attorney-in-fact on 10/02/2025. The explanations state the acquired shares arose from PSRU vesting tied to a three-year total shareholder return metric and adjusted EPS CAGR.

Positive

• 13,693 shares acquired via vesting of performance-restricted share units (09/30/2025 and 10/01/2025)
• Total beneficial ownership increased to 27,964 shares, reflecting compensation and 401(k) plan activity
• Disclosure filed promptly and signed by attorney-in-fact on 10/02/2025

Negative

• 2,280 shares sold at $30.87 on 09/30/2025, reducing direct holdings
• No cash proceeds reported for vested PSRUs (acquisitions at $0 may dilute if issued new shares)

Insights

Corporate Governance Analyst

TL;DR: Officer executed routine vesting and a small sale, increasing reported holdings to 27,964 shares.

The filing documents a 2,280-share sale at $30.87 and vesting issuances of 2,219 and 11,474 shares from performance-restricted share units, which are reported as acquisitions at $0 because they reflect compensation vesting.

This is a customary disclosure showing compensation vesting tied to a three-year performance period and routine 401(k) transactions; it demonstrates alignment of executive compensation with long-term metrics without indicating extraordinary corporate action.

Insider Transaction Analyst

TL;DR: The sale is small relative to total holdings and was disclosed promptly under Section 16.

The sale of 2,280 shares reduces direct holdings but is followed by vesting-related issuances totaling 13,693 shares, increasing overall beneficial ownership to 27,964 shares.

The report also notes routine activity under the 401(k) plan, identified as ongoing since the last report. All transactions are dated 09/30/2025 and 10/01/2025 and were reported via Form 4.

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^*

Sanzio Anthony

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Comms Officer

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		2,280	D	$30.87	14,271	D
Common Stock	09/30/2025		A		2,219(1)	A	$0	16,490	D
Common Stock	10/01/2025		A		11,474	A	$0	27,964	D
Common Stock								119.65(2)	I	By 401K Plan

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.

2. Represents routine transactions under the issuer's 401(k) Plan since the date of the reporting person's last report.

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 insider transactions did CPB officer Anthony Sanzio report on 09/30/2025?

He reported a sale of 2,280 shares at $30.87 and a vesting-related acquisition of 2,219 shares from performance-restricted share units on 09/30/2025.

How many shares did Anthony Sanzio acquire from vesting and when?

He acquired 2,219 shares on 09/30/2025 and 11,474 shares on 10/01/2025 upon vesting of performance-restricted share units.

What is Anthony Sanzio's total beneficial ownership after these transactions?

The Form 4 reports a total of 27,964 shares beneficially owned following the reported transactions.

Were any transactions tied to the company's 401(k) plan?

Yes. The filing notes routine transactions under the issuer’s 401(k) plan since the last report, reflected as indirect ownership activity.

Why were some acquisitions reported at $0?

The acquisitions at $0 represent shares issued upon vesting of performance-restricted share units as compensation, not market purchases.