Campbell's (CPB) Director Receives 2,219.81 Cash-Settled Phantom Units

Rhea-AI Filing Summary

Kurt Schmidt, a director of Campbell's Co (CPB), received 2,219.81 fully vested phantom stock units on 09/25/2025. Each phantom share equals one share of common stock and is payable in cash under the Company's Supplemental Retirement Plan upon the reporting person's retirement, resignation, or termination. Following the grant the filing reports beneficial ownership of 47,392.7 common shares, which includes 539.09 shares acquired via dividend reinvestment since the last report. The Form 4 was filed by one reporting person and executed by an attorney-in-fact on 09/26/2025.

Positive

• Grant is fully vested, providing immediate economic value to the reporting person through phantom units
• Clear disclosure of settlement terms (cash payable under Supplemental Retirement Plan) and inclusion of dividend reinvestment amount improves transparency

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received a fully vested cash-settled phantom stock award that increases reported beneficial ownership modestly.

The filing documents a non-cash, fully vested grant of 2,219.81 phantom stock units to Director Kurt Schmidt on 09/25/2025. Phantom units mirror common shares but are settled in cash under the Supplemental Retirement Plan on termination events rather than producing immediate voting common stock. Reporting of 47,392.7 beneficially owned shares provides transparency on insider holdings; the inclusion of 539.09 dividend-reinvested shares clarifies recent changes in reported ownership. This is a routine, disclosed compensation-related transaction rather than an open-market purchase or sale.

Compensation & Benefits Analyst

TL;DR: The award is a compensation event with deferred cash settlement, indicating continued use of phantom equity in executive retirement arrangements.

The 2,219.81 phantom shares are fully vested and have a stated cash payoff mechanism tied to the company's Supplemental Retirement Plan, meaning the value tracks share price but will be paid in cash upon a triggering employment event. The filing specifies zero per-unit price for the derivative instrument and shows the post-transaction beneficial ownership tally. This is a standard retirement-plan grant and appears procedural given the immediate vesting and settlement terms disclosed.

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^*

Schmidt Kurt

(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		2,219.81		(2)	(3)	Common Stock	2,219.81	$0	47,392.7(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 539.09 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 Kurt Schmidt report on Form 4 for CPB?

Kurt Schmidt reported receipt of 2,219.81 fully vested phantom stock units on 09/25/2025, increasing his reported beneficial ownership to 47,392.7 shares.

How are the phantom stock units settled for CPB's Form 4 filing?

Phantom shares are payable in cash from the Company's Supplemental Retirement Plan upon the reporting person's retirement, resignation, or termination.

Are the phantom stock units exercisable or convertible into common stock?

No conversion is reported; each phantom share is the economic equivalent of one common share and will be settled in cash, not issued as common stock.

When was the Form 4 transaction dated and filed?

The transaction date is 09/25/2025 and the Form 4 was executed by attorney-in-fact on 09/26/2025.

Does the filing show changes from dividend reinvestment?

Yes, the beneficial ownership total includes 539.09 shares acquired through dividend reinvestment since the last report.