[Form 4] HORMEL FOODS CORP /DE/ Insider Trading Activity

Rhea-AI Filing Summary

On 09/30/2025, director Gary C. Bhojwani reported acquiring 2,652.59 phantom stock units under Hormel Foods Corporation's Nonemployee Director Deferred Stock Subplan at an implied price of $24.74 per unit. Each phantom unit equals one share of common stock and becomes payable in shares after termination of director service (either in a lump sum or up to ten annual installments) or immediately if separation occurs within six months following a change in control. The report shows 67,710.41 total phantom units owned after the transaction; an additional 4,328 units are held indirectly through a GRAT. The filing was signed by an attorney-in-fact on 10/02/2025.

Positive

• 2,652.59 phantom stock units acquired on 09/30/2025, increasing director alignment with shareholders
• 67,710.41 total phantom units beneficially owned after the transaction
• 4,328 units held indirectly in a GRAT, showing structured ownership

Negative

• None.

Insights

Corporate Governance Analyst

Director received additional deferred compensation units, modestly increasing stake.

The filing shows 2,652.59 phantom stock units acquired on 09/30/2025 under the company's deferred stock subplan, bringing total phantom units to 67,710.41. Phantom units are payable in shares after service termination or on accelerated terms following a change in control, which aligns director compensation with shareholder value.

This is a routine director compensation event and is notable primarily as a disclosure of the director's ongoing deferred equity accumulation rather than a market-facing transaction.

Compensation Plan Specialist

Deferral mechanics and dividend-equivalent conversion increased phantom holdings.

The explanation states the 2,652.59 units represent deferrals and that an additional units conversion occurred from dividend equivalents through the transaction date, contributing to the post-transaction total of 67,710.41. An indirect holding of 4,328 units is held in a GRAT, indicating an estate-planning ownership vehicle.

The payment schedule (lump sum or up to ten annual installments on the February 15 after termination) and change-in-control acceleration are explicit plan terms 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^*

Bhojwani Gary C.

(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		2,652.59(1)	A	$24.74	67,710.41(2)	D
Common Stock								4,328	I	GRAT 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. 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 transaction did HRL director Gary C. Bhojwani report on 09/30/2025?

He reported acquiring 2,652.59 phantom stock units under the Hormel Foods Nonemployee Director Deferred Stock Subplan at an implied price of $24.74 per unit.

How many phantom stock units does Gary C. Bhojwani beneficially own after the reported transaction?

The filing reports a post-transaction total of 67,710.41 phantom stock units.

What are the payout terms for these phantom stock units in HRL's plan?

Phantom units become payable in shares in one lump sum or up to ten annual installments on February 15 after termination of director service, or immediately if separation occurs within six months following a change in control.

Does the Form 4 show any indirect holdings for Gary C. Bhojwani in HRL?

Yes, the Form 4 discloses 4,328 units held indirectly through a GRAT.

Was the Form 4 signed and when was it filed?

The signature on the form is by an attorney-in-fact, dated 10/02/2025; the reported transaction date is 09/30/2025.