Campbell's (CPB) EVP Sells 5,876 Shares; 34,835 RSUs Vest

Rhea-AI Filing Summary

Daniel L. Poland, identified as EVP / Chief ETO of Campbell's Co (CPB), reported section 16 transactions showing both a sale and subsequent vesting-based acquisitions. On 09/30/2025 he sold 5,876 shares at $30.87, reducing reported holdings to 76,850 shares. Also on 09/30/2025 7,057 shares were reported as acquired at no cash cost from vesting performance-restricted share units, bringing beneficial ownership to 83,907 shares. On 10/01/2025 an additional 27,778 shares were reported acquired at no cash cost, raising total reported beneficial ownership to 111,685 shares. The filing explains these acquisitions reflect vesting of performance-restricted share units tied to total shareholder return and adjusted EPS compound annual growth rate over three-year performance periods. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• Beneficial ownership increased to 111,685 shares after vesting of performance RSUs
• 34,835 shares acquired via vesting of performance-restricted share units tied to 3-year TSR and adjusted EPS CAGR

Negative

• 5,876 shares sold on 09/30/2025 at $30.87 (insider sale)

Insights

Corporate Governance Analyst

Insider sold a modest position then recorded material RSU vesting, increasing reported ownership to 111,685 shares.

The filing documents a 5,876-share sale at $30.87 on 09/30/2025, followed by vesting-related acquisitions of 7,057 and 27,778 shares on 09/30/2025 and 10/01/2025. The purchases at $0 reflect performance-restricted share units converting to stock based on 3-year TSR and adjusted EPS CAGR goals.

For shareholders, the net effect is a reported rise in beneficial ownership to 111,685 shares. The transactions are routine compensation-related vesting rather than open-market buying, and the single small sale appears contemporaneous with vesting events.

Equity Compensation Specialist

Vested performance RSUs increased holdings by 34,835 shares across two reported acquisitions.

The filing explicitly attributes the 7,057 and 27,778 share increases to vesting of performance-restricted share units tied to TSR and adjusted EPS CAGR over three years. These are non-cash acquisitions reported as $0 price events.

This pattern is consistent with scheduled incentive vesting rather than discretionary purchases; the filing contains no information about future grants, acceleration, or changes to award terms.

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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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^*

Poland Daniel L

(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 ETO

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		5,876	D	$30.87	76,850	D
Common Stock	09/30/2025		A		7,057(1)	A	$0	83,907	D
Common Stock	10/01/2025		A		27,778	A	$0	111,685	D

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 shares earned upon vesting of performance restricted share units based on total shareholder return over a three-year performance period and shares earned upon vesting of performance-restricted share units based on adjusted EPS compound annual growth rate over a three-year performance period.

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.
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FAQ

What transactions did Daniel L. Poland report for CPB?

He reported a 5,876-share sale at $30.87 on 09/30/2025 and acquisitions of 7,057 shares (09/30/2025) and 27,778 shares (10/01/2025) from vesting RSUs.

Why were some shares acquired at $0 in the Form 4?

Those entries represent shares delivered upon vesting of performance-restricted share units, reported as acquisitions at $0 because no cash purchase was made.

What is the total reported beneficial ownership after these transactions?

The Form 4 shows total reported beneficial ownership of 111,685 shares following the reported transactions.

What performance metrics determined the vested awards?

The filing states vesting was based on total shareholder return and adjusted EPS compound annual growth rate over a three-year performance period.

When was the Form 4 filed and who signed it?

The Form 4 was signed by an attorney-in-fact, Marci K. Donnelly, on 10/02/2025.