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Hormel Foods (HRL) director receives new phantom stock unit grant

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Hormel Foods director Gary C. Bhojwani reported an equity-related award tied to the company’s common stock. On March 31, he acquired 2,665.560 phantom stock units at a reference price of $22.65 per unit, bringing his directly held phantom stock balance to 77,425.910 units.

Each phantom stock unit equals one share of common stock and was granted under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan pursuant to the 2026 Equity and Incentive Compensation Plan. These units will be paid in common shares in a lump sum or up to ten annual installments after his service as a director ends, or in a lump sum if separation occurs within six months following a change in control, as described in the plan. The filing also lists 4,328 shares of common stock held indirectly through an entity identified as GRAT 4.

Positive

  • None.

Negative

  • None.
Insider Bhojwani Gary C.
Role Director
Type Security Shares Price Value
Grant/Award Common Stock 2,665.56 $22.65 $60K
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 77,425.91 shares (Direct); Common Stock — 4,328 shares (Indirect, GRAT 4)
Footnotes (1)
  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). 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.
Phantom units granted 2,665.560 units Grant on March 31, 2026 to director
Reference price per unit $22.65 per unit Phantom stock units tied to common stock
Direct phantom units after grant 77,425.910 units Total phantom stock units held directly
Indirect common shares 4,328 shares Common stock held indirectly via GRAT 4
Installment limit up to ten annual installments Payout structure for phantom unit deferrals
phantom stock units financial
"Represents phantom stock units for deferrals under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan"
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.
Nonemployee Director Deferred Stock Subplan financial
"under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan pursuant to the Hormel Foods Corporation 2026 Equity and Incentive Compensation Plan"
2026 Equity and Incentive Compensation Plan financial
"pursuant to the Hormel Foods Corporation 2026 Equity and Incentive Compensation Plan"
dividend equivalents financial
"Includes phantom stock units received by the Reporting Person upon conversion of dividend equivalents under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan"
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.
GRAT 4 financial
"total_shares_following_transaction": "4328.0000", "direct_or_indirect": "I", "nature_of_ownership": "GRAT 4""
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock03/31/2026A2,665.56(1)A$22.6577,425.91(2)D
Common Stock4,328IGRAT 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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:
/s/ Benjamin S. Borden, Attorney-In-Fact04/02/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Hormel Foods (HRL) director Gary C. Bhojwani report in this Form 4?

He reported an acquisition of 2,665.560 phantom stock units tied to Hormel Foods common stock, granted under a nonemployee director deferred stock subplan, and updated his total direct phantom unit holdings to 77,425.910 units.

How do the phantom stock units for Hormel Foods (HRL) director work?

Each phantom stock unit equals one share of Hormel Foods common stock. They are payable in common shares in a lump sum or up to ten annual installments after the director’s service ends, based on the election described in the plan.

When will Gary C. Bhojwani receive shares for these Hormel phantom stock units?

The phantom stock units become payable in common shares on February 15 of the year after his service as director terminates, or on a later elected date, with payments in one lump sum or up to ten annual installments, as provided in the plan.

What happens to Hormel Foods (HRL) phantom stock units if there is a change in control?

If the director separates from service within six months following a change in control, the phantom stock units become payable immediately in a single lump sum of common shares, according to the 2026 Equity and Incentive Compensation Plan.

How many Hormel phantom stock units does Gary C. Bhojwani hold after this transaction?

Following the reported grant, he directly holds 77,425.910 phantom stock units, each equivalent to one share of Hormel Foods common stock, plus an additional 4,328 common shares reported as held indirectly through GRAT 4.

Do Hormel Foods (HRL) phantom stock units include dividend equivalents?

Yes. The filing notes that the total includes phantom stock units received upon conversion of dividend equivalents under the Nonemployee Director Deferred Stock Subplan since his last filing through the current transaction date.