[Form 4] The Campbell's Company Insider Trading Activity

Rhea-AI Filing Summary

Worthington Steel, Inc. (WS) has filed a Form 4 indicating that Executive Chairman and Director John B. Blystone received 17,065 restricted common shares on 06/27/2025 pursuant to the company’s 2023 Long-Term Incentive Plan. The transaction is coded “A,” signifying an equity award granted at $0 rather than an open-market purchase. After the grant, Blystone’s direct beneficial ownership rises to 236,314 shares. The award will vest on 06/27/2026, strengthening the executive’s equity stake and aligning leadership incentives with shareholders. No sales, option exercises, or derivative transactions were reported in this filing.

Positive

• Executive Chairman increased direct holdings by 17,065 shares, bringing his stake to 236,314 shares, enhancing insider alignment.
• Restricted stock vests in one year, providing a retention and performance incentive without immediate shareholder dilution.

Negative

• None.

Insights

Financial Analyst

TL;DR – 17,065-share restricted stock award adds to insider stake; neutral short-term impact.

The award increases the Executive Chairman’s direct ownership to 236,314 shares, but because it is a zero-cost grant rather than an open-market buy, near-term valuation impact is limited. Still, a larger equity position marginally improves alignment incentives, which can be viewed as a modest positive governance signal. No cash outflow or earnings effect is involved, so the market reaction is likely muted.

Corporate Governance Expert

TL;DR – Standard annual equity grant; aligns pay with performance, limited strategic signal.

The use of restricted stock that vests after one year reflects common best practice for executive compensation, encouraging retention and long-term focus. The single-year cliff vest is shorter than multi-year tranches seen at larger peers, indicating a relatively near-term alignment horizon. Because the award is routine and represents a small percentage of outstanding shares, I classify the disclosure as not materially impactful for governance risk assessments.

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^*

Lautenbach Marc Bradley

(Last) (First) (Middle)

ONE 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)
06/26/2025

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)	06/26/2025		A		1,449.45		(2)	(3)	Common Stock	1,449.45	$0	39,296.55(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 407.41 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

Ex 24 - Power of Attorney

	Marci K. Donnelly, Attorney-in-Fact	06/30/2025
	** 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

How many Worthington Steel (WS) shares did Executive Chairman John B. Blystone acquire?

He was granted 17,065 restricted common shares on 06/27/2025.

What is John B. Blystone’s total direct beneficial ownership after the transaction?

Following the award, he directly owns 236,314 WS shares.

What transaction code appears in the Form 4 for this grant?

The filing lists transaction code "A", indicating an equity award or acquisition from the issuer.

When will the restricted shares granted to Blystone vest?

The restricted stock will vest on 06/27/2026, one year after the grant date.

Was any cash paid for the newly acquired shares?

No. The restricted stock was granted at a price of $0 per share.