Campbell's director granted phantom stock units

Campbell's Co director Howard M. Averill received a grant of 2,051.39 units of Phantom Stock, each economically equivalent to one share of common stock.

Rhea-AI Filing Summary

Campbell's Co director Howard M. Averill received a grant of 2,051.39 units of Phantom Stock, each economically equivalent to one share of common stock. This award is fully vested and payable in cash from the Company's Supplemental Retirement Plan upon his retirement, resignation or termination.

Following the grant, his Phantom Stock balance totals 36,668.31 units, which includes 483.55 units acquired through dividend reinvestment since his prior report. This transaction reflects a compensation-related award rather than an open-market share purchase or sale.

Insider Trade Summary

Grant/Award: 2,051.39 shares

Grant/Award 1 txn

Insider Averill Howard M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	2,051.39	$0.00	$0.00

Holdings After Transaction: Phantom Stock — 36,668.31 contracts (Direct)

Footnotes (4)

1. F1. Each share of Phantom Stock is the economic equivalent of one share of issuer common stock.
2. F2. Phantom shares are fully vested.
3. F3. 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. F4. Includes 483.55 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom Stock grant: 2,051.39 units Total Phantom Stock holdings: 36,668.31 units Dividend reinvestment units: 483.55 units

3 metrics

Phantom Stock grant 2,051.39 units Awarded on 2026-03-30; economic equivalent of common stock

Total Phantom Stock holdings 36,668.31 units Balance following the reported transaction

Dividend reinvestment units 483.55 units Phantom Stock units accumulated via dividend reinvestment

Key Terms

Phantom Stock, Supplemental Retirement Plan, dividend reinvestment

3 terms

Phantom Stock financial

"Each share of Phantom Stock is the economic equivalent of one share of issuer common stock."

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Supplemental Retirement Plan financial

"payable in cash from the Company's Supplemental Retirement Plan upon reporting person's retirement"

An extra retirement savings arrangement offered in addition to a company’s primary pension or retirement plan, designed to boost an employee’s income after leaving the workforce; it can be funded by the employer, the employee, or both and sometimes targets higher-paid staff. Investors care because these plans can create future cash obligations or influence payroll costs and employee retention—think of it as a second savings jar a company keeps for workers’ later years.

dividend reinvestment financial

"Includes 483.55 shares acquired through dividend reinvestment since the reporting person's last report."

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Campbell's Co (CPB) director Howard M. Averill report on this Form 4?

Howard M. Averill reported receiving 2,051.39 units of Phantom Stock, a cash-settled award tied to Campbell's Co common stock. The units are fully vested and increase his total Phantom Stock balance to 36,668.31 units.

Is the Campbell's Co (CPB) Form 4 a stock buy or sell transaction?

The Form 4 does not show a stock buy or sell. It reports a compensation-related grant of 2,051.39 Phantom Stock units, economically equivalent to Campbell's Co common shares but payable in cash under a supplemental retirement plan.

How many Phantom Stock units does the Campbell's Co (CPB) director now hold?

After the award, Howard M. Averill holds 36,668.31 Phantom Stock units. This total includes the new 2,051.39-unit grant and 483.55 units accumulated through dividend reinvestment since his previous ownership report.

What is Phantom Stock in the context of Campbell's Co (CPB)?

Phantom Stock is a cash-settled incentive where each unit mirrors one Campbell's Co common share in economic value. For this grant, value will be paid in cash from the Supplemental Retirement Plan at retirement, resignation or termination.

When will the Campbell's Co (CPB) Phantom Stock reported on this Form 4 be paid?

The Phantom Stock value is payable in cash from Campbell's Co Supplemental Retirement Plan. Payment occurs upon the reporting person's retirement, resignation or termination, rather than immediately at the time of this Form 4 transaction.

Does the Campbell's Co (CPB) Form 4 mention dividend reinvestment?

Yes. The filing notes that 483.55 Phantom Stock units were acquired through dividend reinvestment since the director's last report, increasing his overall Phantom Stock balance alongside the new 2,051.39-unit award.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/31/2026 - 04:25 PM Learn about SEC filing dates

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Averill Howard M

(Last) (First) (Middle)

1 CAMPBELL PLACE

(Street)

CAMDEN NEW JERSEY 08103

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	03/30/2026		A		2,051.39		(2)	(3)	Common Stock	2,051.39	$0	36,668.31(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 483.55 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	Marci K. Donnelly, Attorney-in-Fact	03/31/2026
	** 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.
* Form 4: SEC 1474 (03-26)