[144] The Hershey Company SEC Filing

Rhea-AI Filing Summary

Form 144 filing for The Hershey Company (HSY) indicates that CEO Michele Buck plans to sell 19,290 common shares on or around 07/21/2025 through Fidelity Brokerage on the NYSE. At the stated aggregate market value of $3.472 million, the implied price is roughly $180 per share. The shares stem from an option granted on 03/01/2017 and exercised for cash on the same day as the planned sale.

The filing also lists two prior sales by Buck within the last three months: 31,210 shares on 05/30/2025 for $5.018 million and 19,290 shares on 07/01/2025 for $3.376 million. If the new sale is completed, insider disposals by the CEO will total 69,790 shares worth roughly $11.85 million during the period—about 0.05 % of the company’s 147.99 million shares outstanding.

The notice contains no operational updates or financial results, but repeated insider selling by the chief executive can be a sentiment signal. Sales may, however, be executed under a Rule 10b5-1 trading plan, as referenced in the form.

Insights

Equity Analyst

TL;DR: CEO plans another 19k-share sale, bringing 3-month total to ~70k; negative sentiment signal but small vs. float.

Insider activity matters most when it clusters and involves top leadership. Michele Buck’s third planned sale in as many months suggests a pattern, with cumulative proceeds near $12 million. While the absolute amount is modest at 0.05 % of shares outstanding, the optics of repeated CEO selling during a period of operational headwinds (if any) can pressure sentiment and be cited in bearish narratives. Investors should check whether these trades fall under a pre-arranged 10b5-1 plan and monitor forthcoming earnings for context. No fundamental metrics change, so valuation impact should be limited unless the market interprets the activity as a confidence signal.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	19290	3472200.00	147990276	07/21/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/21/2025	Option Granted - 03/01/2017	Issuer			19290	07/21/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Michele Buck 19 East Chocolate Avenue Hershey PA 17033	Common	05/30/2025	31210	5018568.00
Michele Buck 19 East Chocolate Avenue Hershey PA 17033	Common	07/01/2025	19290	3375750.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)