Hershey Trust sells 30,000 shares under trading plan

Q: How are The Hershey Company's Class B shares convertible?

The Class B common shares are convertible share-for-share into common stock at any time, without payment other than for the fact of conversion, and have no expiration date.

The ten percent owner’s sales were reported under a Rule 10b5-1 plan; separately listed Class B shares are convertible share-for-share into common stock.

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Rhea-AI Filing Summary

Hershey Trust Co., listed as trustee in trust for Milton Hershey School and a ten percent owner of The Hershey Company (HSY), reported direct sales of 30,000 common shares from October 12 through October 14, 2026, pursuant to a Rule 10b5-1 plan.

Separate holdings reported as of October 12 include 54,612,012 Class B common shares held directly and 39,630 common shares held indirectly through Hershey Trust Company. Class B shares are convertible share-for-share into common stock.

Insights

Analyzing...

Insider Trade Summary 10b5-1

Net Seller: 30,000 shares

Net Sell 16 txns

Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL

Role 10% Owner

Sold 30,000 shs ($4.90M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $1.00 par value	12	$161.9503	$2K
Sale	Common Stock, $1.00 par value ^F9	2,783	$162.5061	$452K
Sale	Common Stock, $1.00 par value ^F10	2,476	$163.6662	$405K
Sale	Common Stock, $1.00 par value ^F11	4,649	$164.2766	$764K
Sale	Common Stock, $1.00 par value ^F12	80	$165.0242	$13K
Sale	Common Stock, $1.00 par value ^F6	4,123	$162.8132	$671K
Sale	Common Stock, $1.00 par value ^F7	4,997	$163.2477	$816K
Sale	Common Stock, $1.00 par value ^F8	741	$164.2697	$122K
Sale	Common Stock, $1.00 par value	139	$165.21	$23K
Sale	Common Stock, $1.00 par value ^F1	211	$160.8387	$34K
Sale	Common Stock, $1.00 par value ^F2	1,664	$161.6806	$269K
Sale	Common Stock, $1.00 par value ^F3	894	$162.2469	$145K
Sale	Common Stock, $1.00 par value ^F4	7,185	$163.6304	$1.18M
Sale	Common Stock, $1.00 par value ^F5	46	$164.0363	$8K
holding	Class B Common Stock, $1.00 par value ^{F15, F14}	--	--	--
holding	Common Stock, $1.00 par value ^F13	--	--	--

Holdings After Transaction: Common Stock, $1.00 par value — 586,119 shares (Direct); Class B Common Stock, $1.00 par value — 54,612,012 contracts (Direct); Common Stock, $1.00 par value — 39,630 shares (Indirect, By Hershey Trust Company)

Footnotes (15)

F1. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $160.8200 to $160.9100, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F2. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $161.0430 to $161.9963, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $162.0110 to $162.9411, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F4. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0600 to $163.9859, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F5. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0039 to $164.0650, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F6. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $162.4500 to $162.9958, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F7. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0000 to $163.9986, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F8. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0222 to $164.7850, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F9. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $162.0700 to $162.9745, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F10. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0091 to $163.9950, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F11. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0012 to $164.9870, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F12. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $165.0185 to $165.0353, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F13. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
F14. All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock, $1.00 par value, at any time, and without payment other than for the fact of conversion. There is no expiration date.
F15. The conversion price is the market price of the Common Stock on the previous business day.

Key Figures

Common shares sold: 30,000 shares Sale price: $161.9503 per share Weighted-average sale price: $162.5061 per share +2 more

5 metrics

Common shares sold 30,000 shares Reported sales from October 12 through October 14, 2026

Sale price $161.9503 per share 12 shares sold October 14, 2026

Weighted-average sale price $162.5061 per share 2,783 shares sold October 14, 2026

Class B common shares held directly 54,612,012 shares Reported October 12, 2026; convertible share-for-share into common stock

Common shares held indirectly 39,630 shares Held through Hershey Trust Company; reported October 12, 2026

Key Terms

weighted average price, Rule 10b5-1 plan, share-for-share, conversion price

4 terms

weighted average price financial

"The Price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Rule 10b5-1 plan regulatory

"transactions were made pursuant to a Rule 10b5-1 plan"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

conversion price financial

"The conversion price is the market price of the Common Stock"

The conversion price is the fixed price at which a convertible security, like a bond or preferred stock, can be exchanged for shares of common stock. It acts like a set rate that determines how many shares an investor can receive if they choose to convert their investment. This helps investors understand the value and potential benefits of converting their securities into company shares.

FAQ

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

How many HSY shares did Hershey Trust Co. sell?

Hershey Trust Co., listed as trustee in trust for Milton Hershey School, reported direct sales of 30,000 common shares from October 12 through October 14, 2026. The transactions were reported pursuant to a Rule 10b5-1 plan.

How are The Hershey Company's Class B shares convertible?

The Class B common shares are convertible share-for-share into common stock at any time, without payment other than for the fact of conversion, and have no expiration date.

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

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Available on EDGAR 10/14/2026 - 05:21 PM EDT Accepted by SEC EDGAR 10/14/2026 - 05:20 PM EDT

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^*

HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL

(Last)

(First)

(Middle)

1 EAST CHOCOLATE AVENUE

SUITE 400

(Street)

HERSHEY

PENNSYLVANIA

17033

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HERSHEY CO [ HSY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/12/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $1.00 par value	10/12/2026		S		211	D	$160.8387⁽¹⁾	615,908	D
Common Stock, $1.00 par value	10/12/2026		S		1,664	D	$161.6806⁽²⁾	614,244	D
Common Stock, $1.00 par value	10/12/2026		S		894	D	$162.2469⁽³⁾	613,350	D
Common Stock, $1.00 par value	10/12/2026		S		7,185	D	$163.6304⁽⁴⁾	606,165	D
Common Stock, $1.00 par value	10/12/2026		S		46	D	$164.0363⁽⁵⁾	606,119	D
Common Stock, $1.00 par value	10/13/2026		S		4,123	D	$162.8132⁽⁶⁾	601,996	D
Common Stock, $1.00 par value	10/13/2026		S		4,997	D	$163.2477⁽⁷⁾	596,999	D
Common Stock, $1.00 par value	10/13/2026		S		741	D	$164.2697⁽⁸⁾	596,258	D
Common Stock, $1.00 par value	10/13/2026		S		139	D	$165.21	596,119	D
Common Stock, $1.00 par value	10/14/2026		S		12	D	$161.9503	596,107	D
Common Stock, $1.00 par value	10/14/2026		S		2,783	D	$162.5061⁽⁹⁾	593,324	D
Common Stock, $1.00 par value	10/14/2026		S		2,476	D	$163.6662⁽¹⁰⁾	590,848	D
Common Stock, $1.00 par value	10/14/2026		S		4,649	D	$164.2766⁽¹¹⁾	586,199	D
Common Stock, $1.00 par value	10/14/2026		S		80	D	$165.0242⁽¹²⁾	586,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company⁽¹³⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock, $1.00 par value	⁽¹⁵⁾							⁽¹⁴⁾	⁽¹⁴⁾	Common Stock, $1.00 par value	54,612,012		54,612,012	D

Explanation of Responses:

1. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $160.8200 to $160.9100, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

2. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $161.0430 to $161.9963, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $162.0110 to $162.9411, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

4. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0600 to $163.9859, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

5. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0039 to $164.0650, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

6. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $162.4500 to $162.9958, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

7. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0000 to $163.9986, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

8. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0222 to $164.7850, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

9. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $162.0700 to $162.9745, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

10. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0091 to $163.9950, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

11. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0012 to $164.9870, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

12. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $165.0185 to $165.0353, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

13. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.

14. All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock, $1.00 par value, at any time, and without payment other than for the fact of conversion. There is no expiration date.

15. The conversion price is the market price of the Common Stock on the previous business day.

	/s/ Muzzamil Mussani, VP, Investment Operations and Portfolio Analytics	10/14/2026
	** 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)

Source: View Original Filing on SEC EDGAR