HRL Form 4: Director Adds to 114,801.166 Beneficial Units

Rhea-AI Filing Summary

Hormel Foods (HRL) reporting person Christopher J. Policinski, a director, acquired 2,281.22 phantom stock units on 09/30/2025 under the company's Nonemployee Director Deferred Stock Subplan of the 2018 Incentive Compensation Plan at a recorded price of $24.74 per unit. Each phantom unit equals one share of common stock and will be paid in shares on or after the reporter's termination of director service, either in a lump sum or up to ten annual installments, at the reporting person's election, with accelerated payout if separation occurs within six months after a change in control. The filing shows the reporting person now beneficially owns 114,801.166 shares (or units), reflecting additional phantom units from converted dividend equivalents dated through the reported transaction.

Insights

Corporate Governance Expert

Director received deferred compensation in phantom units, increasing beneficial ownership.

The filing documents the grant/acquisition of 2,281.22 phantom stock units for Christopher J. Policinski on 09/30/2025, recorded at $24.74 per unit. These units are part of the Nonemployee Director Deferred Stock Subplan and convert 1:1 to shares on payout, which aligns director pay with shareholder interests without immediate dilution.

The reported 114,801.166 beneficial units include conversions of dividend equivalents through the transaction date, indicating accumulated deferred compensation rather than an open-market cash purchase.

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^*

Policinski Christopher J.

(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		2,281.22(1)	A	$24.74	114,801.166(2)	D

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 change did Christopher J. Policinski report on HRL Form 4?

The filing reports acquisition of 2,281.22 phantom stock units on 09/30/2025, increasing beneficial ownership to 114,801.166 units.

What are the payout terms for the phantom stock units?

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

Do the phantom stock units equal actual shares?

Yes; each phantom stock unit is the equivalent of one share of common stock and becomes payable in shares per the plan.

What price was recorded for the transaction?

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

Does the filing show dividends being converted?

Yes; the filing states the 114,801.166 amount reflects additional phantom units from conversion of dividend equivalents from March 31, 2025 through the reported transaction date.