Campbell's (CPB) Director Granted 1,402.9 Cash-Settled Phantom Shares

Rhea-AI Filing Summary

CAMPBELL'S Co (CPB) director Maria Teresa Hilado reported receipt of 1,402.9 units of Phantom Stock on 09/25/2025, each unit representing the economic equivalent of one share of common stock. The phantom shares are fully vested and payable in cash under the company’s Supplemental Retirement Plan upon the reporting person’s retirement, resignation, or termination. The filing shows these phantom units carry no purchase price and increase the director’s total beneficial ownership to 34,660.43 shares, which includes 396.89 shares acquired via dividend reinvestment since the last report. The Form 4 was signed by an attorney-in-fact on 09/26/2025. This disclosure documents a compensation-related, non-trade economic interest rather than an open-market purchase or sale.

Positive

• 1,402.9 phantom shares were granted and are fully vested, creating clear economic alignment between the director and shareholders
• Beneficial ownership increased to 34,660.43 shares, including 396.89 shares from dividend reinvestment since the last report
• Phantom shares settle in cash under the Supplemental Retirement Plan, avoiding immediate equity dilution

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received fully vested phantom shares, increasing economic ownership but no immediate equity issuance.

The reported grant of 1,402.9 phantom shares is compensation-linked and fully vested, which increases the director’s economic exposure to CPB without issuing additional common stock to the market. Because payment will be in cash under the Supplemental Retirement Plan upon termination or retirement, this is a deferred compensation event rather than a market transaction. Impact on diluted share count is none, and the filing is routine for director compensation disclosure. Investors should view this as corporate governance and compensation information, not an indicator of buying or selling pressure.

Corporate Governance Expert

TL;DR: This is a routine, fully vested deferred-compensation disclosure with limited material impact on shareholders.

Phantom stock provides economic alignment between directors and shareholders without expanding share count. The filing notes full vesting and cash settlement mechanics, which implies future cash liability for the company rather than equity dilution. The modest size relative to total outstanding shares suggests low materiality. Documentation and attorney-in-fact signature comply with Form 4 requirements. This is a standard governance disclosure reflecting director compensation practices.

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^*

Hilado Maria Teresa

(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		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		1,402.9		(2)	(3)	Common Stock	1,402.9	$0	34,660.43(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 396.89 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 CPB director Maria Teresa Hilado report on Form 4?

She reported receipt of 1,402.9 phantom shares on 09/25/2025, fully vested and payable in cash under the company Supplemental Retirement Plan.

Do the phantom shares issued to the director dilute CPB common stock?

No, phantom shares are a cash-settled economic interest and do not immediately increase the company’s outstanding common shares.

How many total shares does the director beneficially own after this transaction?

34,660.43 shares, which includes 396.89 shares acquired through dividend reinvestment since the last report.

When will the phantom stock be paid out to the reporting person?

The filing states payout is in cash upon the reporting person’s retirement, resignation, or termination as specified by the Supplemental Retirement Plan.

Was there a purchase price for the phantom shares?

No purchase price is reported; the phantom shares carry a price of $0 in the Form 4.