Campbell's CEO Reports Sale and 113,486 Shares Vesting

Rhea-AI Filing Summary

Mick J. Beekhuizen, who is listed as President and CEO and a director of Campbell's Co (CPB), reported multiple transactions on 09/30/2025 and 10/01/2025. On 09/30/2025 he disposed of 16,589 shares at $30.87, leaving 203,597 shares beneficially owned. Also on 09/30/2025 he acquired 16,868 shares and on 10/01/2025 he acquired 96,618 shares, both at $0, bringing his total to 317,083 shares. The filing explains the zero-price acquisitions represent shares earned on vesting of performance-restricted share units tied to total shareholder return and adjusted EPS compound annual growth rate over a three-year performance period.

Positive

• Net increase in beneficial ownership to 317,083 shares after vesting
• 96,618 shares acquired via performance-based vesting on 10/01/2025
• Vested awards explicitly tied to total shareholder return and adjusted EPS CAGR over a three-year period

Negative

• Disposition of 16,589 shares at $30.87 on 09/30/2025 reduced direct holdings to 203,597

Insights

Insider Transactions Analyst

Insider increased net holdings to 317,083 shares after performance-based vesting.

The report shows a net increase in beneficial ownership from 203,597 to 317,083 shares following the vesting of performance-restricted share units on 09/30/2025 and 10/01/2025.

The filing explicitly states the vested awards were tied to total shareholder return and adjusted EPS CAGR over a three-year period, indicating these shares were earned, not purchased.

Corporate Governance Specialist

Officer and director reported a small sale and multiple zero-cost vesting events.

The officer disposed of 16,589 shares at $30.87 on 09/30/2025, while later acquisitions of 16,868 and 96,618 shares were reported at $0, noted as performance-restricted share unit vestings.

This filing documents compensation-related equity vesting tied to multi-year performance metrics rather than open-market purchases.

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^*

BEEKHUIZEN MICK J

(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
X	Officer (give title below)		Other (specify below)
	President and CEO

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		16,589	D	$30.87	203,597	D
Common Stock	09/30/2025		A		16,868(1)	A	$0	220,465	D
Common Stock	10/01/2025		A		96,618	A	$0	317,083	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 (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.

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 transactions did CPB insider Mick J. Beekhuizen report?

He reported a sale of 16,589 shares at $30.87 on 09/30/2025, acquisitions of 16,868 shares on 09/30/2025 and 96,618 shares on 10/01/2025, resulting in 317,083 shares beneficially owned.

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

The filing states those shares were earned upon vesting of performance-restricted share units tied to total shareholder return and adjusted EPS CAGR over a three-year performance period.

What is Mick J. Beekhuizen's role at Campbell's Co (CPB)?

The Form 4 lists him as President and CEO and a director of Campbell's Co.

How many CPB shares did Beekhuizen own after the reported transactions?

Following the reported transactions, he beneficially owned 317,083 shares.

On what dates were the transactions reported in the Form 4?

The Form 4 lists transactions dated 09/30/2025 and 10/01/2025.