Campbell's (CPB) Insider Filing Shows Large Indirect Holdings and Small Share Acquisition

Rhea-AI Filing Summary

Mary Alice Dorrance Malone Jr, a director and reported 10% owner of Campbell's Co (CPB), filed a Form 4 reporting an acquisition on 09/25/2025 of 1,071 shares of Campbell's common stock at a reported price of $0. The filing lists substantial indirect beneficial ownership across multiple trusts and entities, including 79,089 shares in the Mary Alice Malone, Jr. Management Trust, 467,147 shares in a GRAT follow-on trust, two 1984 trusts holding 14,554 shares each, 13,230,543 shares held by Contango Limited LP, 1,333 shares held by Hera Management LLC, and 39,960,337 shares in the Mary Alice Dorrance Malone Revocable Trust. The filer includes standard disclaimers that she disclaims beneficial ownership of certain shares except to the extent of her pecuniary interest. The form is signed by an attorney-in-fact on 09/26/2025.

Positive

• Insider acquisition reported: 1,071 shares were acquired on 09/25/2025 (reported price $0), indicating continued insider engagement.
• Substantial disclosed holdings: The filing shows large indirect positions including 13,230,543 shares in Contango Limited LP and 39,960,337 shares in the Mary Alice Dorrance Malone Revocable Trust, demonstrating concentrated ownership.

Negative

• None.

Insights

Securities Analyst

TL;DR: A small acquisition was reported within a larger, significant indirect ownership structure; transaction is unlikely to materially change control.

The Form 4 records an acquisition of 1,071 shares at a reported price of $0 on 09/25/2025 by Mary Alice Dorrance Malone Jr, who is identified as both a director and a 10% owner. The filing documents large indirect holdings across multiple trusts and affiliated entities, notably over 13.2 million shares via Contango Limited LP and nearly 40.0 million shares via the Revocable Trust, indicating concentrated ownership. The reported acquisition size is immaterial relative to the aggregated indirect holdings; no derivative positions or dispositions are reported. Given the scale of disclosed indirect ownership, this single acquisition is unlikely to alter voting control or materially affect market perceptions absent further filings.

Corporate Governance Expert

TL;DR: Insider filing confirms controlling-level family/affiliate holdings and a minor internal transfer or acquisition; governance implications appear unchanged.

The Form 4 confirms that the reporting person serves as a director and maintains significant indirect ownership through multiple trusts and related entities, with explicit disclaimers of beneficial ownership except for pecuniary interest where noted. The acquisition of 1,071 shares at $0 suggests an internal transfer, gift, or non‑priced allocation rather than an open‑market purchase; the form does not provide a narrative for the zero price. The presence of large aggregated holdings concentrated in related-party structures underscores continued family/affiliate influence over the company. No new governance arrangements, option grants, or control transfers are documented in this filing.

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

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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^*

Malone Mary Alice Dorrance JR

(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	X	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
Common Stock	09/25/2025		A		1,071	A	$0	79,089	I	Mary Alice Malone, Jr. Management Trust(1)
Common Stock								467,147	I	GRAT 9 Follow-On Trust fbo Mary Alice Malone, Jr.(1)
Common Stock								14,554	I	1984 Trust fbo Mary Alice Malone, Jr.(1)
Common Stock								14,554	I	1984 Trust fbo Catherine Dorrance Malone(2)
Common Stock								13,230,543	I	Contango Limited LP(3)
Common Stock								1,333	I	Hera Management LLC(4)
Common Stock								39,960,337	I	Mary Alice Dorrance Malone Revocable Trust(5)

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. Ms. Malone, Jr. is the beneficiary and co-trustee of the trust.

2. Ms. Malone, Jr. is a co-trustee and a remainder beneficiary of the trust. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

3. Held by Contango Limited LP, of which Hera Management LLC, a single member LLC of which Mary Alice Dorrance Malone Revocable Trust is the sole member, is the general partner. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

4. Held by Hera Management LLC, of which Mary Alice Dorrance Malone Revocable Trust is the sole member. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

5. Ms. Malone, Jr. is co-beneficiary and co-trustee of the trust. Ms. Malone, Jr. disclaims beneficial ownership of all of these shares except to the extent of her pecuniary interest therein.

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.
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FAQ

What transaction did Mary Alice Dorrance Malone Jr report on Form 4 for CPB?

The Form 4 reports an acquisition of 1,071 shares of Campbell's common stock on 09/25/2025 at a reported price of $0.

How much beneficial ownership does the filing show for Mary Alice Dorrance Malone Jr?

The filing lists multiple indirect holdings including 79,089, 467,147, 14,554, 14,554, 13,230,543, 1,333, and 39,960,337 shares across named trusts and entities.

Does the filing indicate Mary Alice Dorrance Malone Jr is an insider at Campbell's (CPB)?

Yes. The Form 4 identifies her as a Director and a 10% owner of the issuer.

Were any derivative securities reported on this Form 4?

No. Table II (derivative securities) contains no reported derivative transactions or holdings.

Who signed the Form 4 and when?

The filing was signed by Marci K. Donnelly, Attorney-in-Fact on 09/26/2025.