Hormel (HRL) Director Adds 2,546.48 Deferred Shares; Holdings Now ~85k

Rhea-AI Filing Summary

Steven Andrew White, a director of Hormel Foods Corporation (HRL), reported an acquisition of 2,546.48 phantom stock units on 09/30/2025 under the company’s 2018 Incentive Compensation Plan. Each phantom unit equals one share of common stock and the reported price per unit was $24.74. After the grant and conversions of dividend equivalents through the transaction date, the reporting person’s total phantom/beneficial holdings equal 37,967.921 shares (direct) and there is an indirect holding of 47,127 shares through a spouse’s irrevocable trust. The phantom units become payable in shares on a director’s termination (lump sum or up to ten annual installments) or immediately if separation occurs within six months after a defined change in control.

Positive

• 2,546.48 phantom stock units acquired, increasing director alignment with shareholders
• Conversion of dividend equivalents added to holdings (covers period from 03/31/2025 through the transaction date)
• 37,967.921 beneficial direct units and 47,127 indirect shares via spouse’s trust show significant director ownership

Negative

• None.

Insights

Corporate Governance Specialist

Director received phantom units aligning compensation with shareholder value.

This Form 4 discloses a nonemployee director grant of 2,546.48 phantom stock units under the 2018 Incentive Compensation Plan, which convert to common shares after service ends. Such deferred equity grants are a common governance practice to align director interests with long‑term shareholders without immediate dilution.

The filing also shows the director holds 37,967.921 beneficial direct phantom/stock equivalents and an indirect stake of 47,127 shares via a spouse’s trust, indicating meaningful ownership relative to board oversight.

Insider Transactions Analyst

Transaction is a compensatory grant, not an open‑market purchase or sale.

The reported acquisition code (A) reflects receipt of phantom units, with a reported unit price of $24.74. The explanation states additional units resulted from conversion of dividend equivalents from 03/31/2025 through the transaction date, increasing the director’s deferred equity balance.

The units vest to shares upon termination or upon separation within six months after a change in control, which is a clear pay‑out trigger disclosed in the filing.

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^*

White Steven Andrew

(Last) (First) (Middle)

1 HORMEL PLACE

(Street)

AUSTIN MN 55912

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HORMEL FOODS CORP /DE/ [ HRL ]

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)
09/30/2025

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		A		2,546.48(1)	A	$24.74	37,967.921(2)	D
Common Stock								47,127	I	Spouse's Irrevocable Trust

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 phantom stock units for deferrals under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan pursuant to the Hormel Foods Corporation 2018 Incentive Compensation Plan (the "2018 Incentive Compensation Plan"). Each phantom stock unit is the equivalent of one share of common stock. The phantom stock units become payable in shares of common stock in one lump sum, or in up to ten annual installments, at the election of the reporting person, on February 15 of the year following termination of service as a director, or such later date as is elected by the reporting person. In addition, the phantom stock units become payable in shares of common stock in one lump sum immediately upon a director's separation from service within six months following a change in control (as defined in the 2018 Incentive Compensation Plan).

2. Reflects additional phantom stock units received by the Reporting Person upon conversion of dividend equivalents from March 31, 2025 through the date of the reported transaction.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Benjamin S. Borden, 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 did Steven Andrew White report on the Form 4 for HRL?

He reported acquiring 2,546.48 phantom stock units on 09/30/2025 under the 2018 Incentive Compensation Plan.

How many shares does the Form 4 show Steven White beneficially owns after the transaction?

37,967.921 beneficial shares (direct equivalents) and 47,127 indirect shares via a spouse’s irrevocable trust.

At what price were the phantom stock units reported?

The filing lists a reported price of $24.74 per phantom stock unit.

When do the phantom stock units become payable in actual shares?

Phantom units become payable on February 15 of the year following termination of service (lump sum or up to ten annual installments) or immediately if separation occurs within six months after a defined change in control.

Who signed the Form 4 and when was it signed?

The form was signed by Benjamin S. Borden, Attorney‑In‑Fact on 10/02/2025.