[Form 4] CAMPBELL'S Co Insider Trading Activity

Rhea-AI Filing Summary

Bennett Dorrance, a director of Campbell's Co (CPB), reported multiple transactions on Form 4 dated 03/14/2025. The filing shows Code G dispositions (gifts) of Common Stock: 1,739 shares were disposed of indirectly with zero cash price and 24,978 shares were disposed of directly, also at $0. After these transactions the report lists substantial beneficial ownership positions held indirectly: 17,019,341 shares by ADB Investments LP, 8,082 shares by Hank, Inc., and 27,876,085 shares by Guillermo Investments, Inc., plus 2,176 shares held indirectly by the Bennett Dorrance Revocable Trust. The form includes standard disclaimers that Mr. Dorrance disclaims beneficial ownership except to his pecuniary interest and cites a Power of Attorney (Ex 24). The filing is signed by Georgia L. Moraga as Attorney-in-Fact on 09/22/2025.

Positive

• Timely, compliant disclosure of insider transactions via Form 4 showing the nature and amount of dispositions
• Transactions coded G indicate gifts (no cash proceeds), reducing ambiguity about the nature of transfers
• Detailed breakdown of indirect ownership across trusts and affiliated entities with explanatory footnotes

Negative

• High concentration of indirect ownership remains (e.g., 17,019,341 shares by ADB Investments LP and 27,876,085 shares by Guillermo Investments, Inc.)
• Form does not state percent ownership of the company or market value of reported holdings, limiting direct assessment of materiality

Insights

Corporate Governance Expert

TL;DR: Routine insider gift transactions disclosed; significant indirect holdings remain concentrated across related entities.

The Form 4 documents Code G dispositions indicating gifts rather than sales, which is a standard non‑cash transfer method for insiders. The report emphasizes that large positions are held indirectly through related entities and trusts, with explicit disclaimers of beneficial ownership except for pecuniary interest. From a governance perspective, transparency is provided via the filing and the Power of Attorney exhibit. The concentration of shares across affiliated entities is noteworthy for shareholder influence but is explicitly disclosed here.

Securities Analyst

TL;DR: Small direct gift and larger indirect holdings reported; transactions show no cash proceeds.

The reported transactions on 03/14/2025 are coded G and show dispositions at $0, consistent with gifts. Post-transaction beneficial ownership figures indicate multi-million share positions held indirectly by ADB Investments LP and Guillermo Investments, Inc., and smaller indirect holdings by Hank, Inc. and a revocable trust. No derivative securities are reported. The filing supplies clear counts of shares disposed and retained but does not provide contextual company percentages or market value in this form.

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).

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^*

DORRANCE BENNETT

(Last) (First) (Middle)

6263 N. SCOTTSDALE ROAD, SUITE 330

(Street)

SCOTTSDALE AZ 85250

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/14/2025

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	03/14/2025		G		1,739	D	$0	2,176	I	Bennett Dorrance Revocable Trust(1)
Common Stock	03/14/2025		G		24,978	D	$0	0	D
Common Stock								17,019,341	I	ADB Investments LP(2)
Common Stock								8,082	I	Hank, Inc.(3)
Common Stock								27,876,085	I	Guillermo Investments, Inc.(4)

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. Bennett Dorrance is the sole Trustee of the Bennett Dorrance Revocable Trust. Mr. Dorrance disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

2. Held by ABD Investments Limited Partnership of which Mr. Dorrance is a majority general partner. Mr. Dorrance disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

3. Held by Hank, Inc., of which Mr. Dorrance is the majority owner and sole director. Mr. Dorrance disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

4. Held by Guillermo Investments LLC, of which Hank Inc. is the sole manager. Mr. Dorrance disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

Remarks:

Ex 24 - Power of Attorney

	Georgia L. Moraga, Attorney-in-Fact	09/22/2025
	** 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 Bennett Dorrance report on Form 4?

The filing reports Code G dispositions (gifts) on 03/14/2025 of 1,739 shares and 24,978 shares, recorded at $0.

Does the Form 4 show cash proceeds from these CPB transactions?

No. Both reported dispositions are listed at a price of $0, indicating gifts rather than sales.

How many CPB shares does Bennett Dorrance beneficially own indirectly after the transactions?

The filing lists indirect holdings including 17,019,341 shares (ADB Investments LP), 8,082 shares (Hank, Inc.), 27,876,085 shares (Guillermo Investments, Inc.), and 2,176 shares via the Bennett Dorrance Revocable Trust.

Are any derivative securities reported for CPB in this Form 4?

No derivative securities are reported in Table II of the Form 4.

Who signed the Form 4 filing for Bennett Dorrance?

The filing shows Georgia L. Moraga signed as Attorney-in-Fact on 09/22/2025 and cites Ex 24 (Power of Attorney).