Hormel Foods director acquires 3,028 stock units

The units are payable after director service ends, with up to ten annual installments or an immediate lump sum after a specified change-in-control separation.

Rhea-AI Filing Summary

Gary C. Bhojwani, a director of Hormel Foods Corp. (HRL), reported acquiring 3,028 phantom stock units on September 30, 2026, at a reported $19.94 per share. The units relate to deferrals under the Nonemployee Director Deferred Stock Subplan and include units from dividend equivalents. His direct holdings after the transaction were 33,205 shares; 32,002 shares were held indirectly through the Gary C. Bhojwani Revocable Trust. The units become payable in shares after director service ends, in a lump sum or up to ten annual installments.

Insider Trade Summary

Grant/Award: 3,027.83 shares

Grant/Award 2 txns

Insider Bhojwani Gary C.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2	3,027.83	$19.94	$60K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 33,205.07 shares (Direct); Common Stock — 32,002 shares (Indirect, Gary C. Bhojwani Revocable Trust)

Footnotes (2)

1. F1. Represents phantom stock units for deferrals under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan pursuant to the Hormel Foods Corporation 2026 Equity and Incentive Compensation Plan (the "2026 Equity and 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 2026 Equity and Incentive Compensation Plan).
2. F2. Includes phantom stock units received by the Reporting Person upon conversion of dividend equivalents under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan since the date of the Reporting Person's last filing through the date of the reported transaction.

Key Figures

Phantom stock units: 3,028 units Reported transaction price: $19.94 per share Direct holdings after transaction: 33,205 shares +2 more

5 metrics

Phantom stock units 3,028 units Reported acquisition on September 30, 2026; each unit is equivalent to one common share.

Reported transaction price $19.94 per share Reported for the acquisition on September 30, 2026.

Direct holdings after transaction 33,205 shares Gary C. Bhojwani's reported direct holdings.

Indirect holdings 32,002 shares Held through the Gary C. Bhojwani Revocable Trust.

Installment option Up to 10 annual installments Payment option for the phantom stock units.

Key Terms

phantom stock units, dividend equivalents, Nonemployee Director Deferred Stock Subplan

3 terms

phantom stock units financial

"Represents phantom stock units for deferrals"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

dividend equivalents financial

"conversion of dividend equivalents"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Nonemployee Director Deferred Stock Subplan financial

"under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan"

FAQ

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

How many HRL phantom stock units did Gary C. Bhojwani acquire?

Gary C. Bhojwani, a director, reported acquiring 3,028 phantom stock units on September 30, 2026, at a reported $19.94 per share. The units relate to deferrals under the Nonemployee Director Deferred Stock Subplan and include units received upon conversion of dividend equivalents. No Rule 10b5-1 plan is reported.

When do Gary C. Bhojwani's HRL phantom stock units become payable?

The units become payable in common shares on February 15 of the year after his director service ends, in one lump sum or up to ten annual installments at his election, or on a later date he elects. If he separates from service within six months following a change in control, they become payable immediately in a lump sum.

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

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Available on EDGAR 10/02/2026 - 05:18 PM Accepted by SEC EDGAR 10/02/2026 - 05:18 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^*

Bhojwani Gary C.

(Last) (First) (Middle)

1 HORMEL PLACE

(Street)

AUSTIN MINNESOTA 55912

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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
Common Stock	09/30/2026		A		3,027.83(1)	A	$19.94	33,205.07(2)	D
Common Stock								32,002	I	Gary C. Bhojwani Revocable 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 2026 Equity and Incentive Compensation Plan (the "2026 Equity and 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 2026 Equity and Incentive Compensation Plan).

2. Includes phantom stock units received by the Reporting Person upon conversion of dividend equivalents under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan since the date of the Reporting Person's last filing through the date of the reported transaction.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Benjamin S. Borden, Attorney-In-Fact	10/02/2026
	** 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)