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  4. [Form 4] HERSHEY CO Insider Trading Activity

Hershey Trust (NYSE: HSY) sells 20,000 shares under plan

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

HERSHEY CO (HSY) reported insider activity by HERSHEY TRUST CO, as trustee for Milton Hershey School, which sold a total of 20,000 shares of common stock in open‑market transactions on August 27–28, 2026, under a Rule 10b5-1 trading plan. The shares were sold in multiple trades at weighted average prices per block, including 3,956 shares at $180.7249 and 5,703 shares at $181.4053 on August 27, and 5,866 shares at $179.4091 on August 28. Footnotes state the exact sales occurred across price ranges from about $179.05 to $183.81 per share. The reporting person also reports direct holdings of 54,612,012 shares of Class B Common Stock, each convertible share‑for‑share into common stock with no expiration date, and indirect ownership of 39,630 common shares held by Hershey Trust Company.

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Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
Role 10% Owner
Sold 20,000 shs ($3.61M)
Type Security Shares Price Value
Sale Common Stock, $1.00 par value F4 5,866 $179.4091 $1.05M
Sale Common Stock, $1.00 par value F5 2,898 $180.3362 $523K
Sale Common Stock, $1.00 par value F6 642 $181.397 $116K
Sale Common Stock, $1.00 par value F7 478 $182.6398 $87K
Sale Common Stock, $1.00 par value F8 116 $183.5758 $21K
Sale Common Stock, $1.00 par value F1 3,956 $180.7249 $715K
Sale Common Stock, $1.00 par value F2 5,703 $181.4053 $1.03M
Sale Common Stock, $1.00 par value F3 341 $182.2261 $62K
holding Class B Common Stock, $1.00 par value F11, F10 -- -- --
holding Common Stock, $1.00 par value F9 -- -- --
Holdings After Transaction: Common Stock, $1.00 par value — 906,119 shares (Direct); Class B Common Stock, $1.00 par value — 54,612,012 shares (Direct); Common Stock, $1.00 par value — 39,630 shares (Indirect, By Hershey Trust Company)
Footnotes (11)
  1. F1. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $180.1700 to $180.9800, 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. F2. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $181.0000 to $181.9973, 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. F3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $182.0394 to $182.5800, 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. F4. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $179.0500 to $179.9984, 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. F5. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $180.0000 to $180.9905, 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. F6. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $181.0506 to $181.8977, 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. F7. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $182.2000 to $182.9761, 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. F8. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $183.2266 to $183.8100, 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. F9. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
  10. F10. 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.
  11. F11. The conversion price is the market price of the Common Stock on the previous business day.
Total shares sold 20,000 shares of Common Stock Aggregate of eight open‑market sales on August 27–28, 2026
Sale price (example block) $180.7249 per share 3,956 shares sold on August 27, 2026 (weighted average price)
Sale price (example block) $181.4053 per share 5,703 shares sold on August 27, 2026 (weighted average price)
Sale price (example block) $179.4091 per share 5,866 shares sold on August 28, 2026 (weighted average price)
Price ranges for August 27 sales $180.1700–$182.5800 per share Footnotes F1–F3 describe intraday ranges for those sale blocks
Price ranges for August 28 sales $179.0500–$183.8100 per share Footnotes F4–F8 describe intraday ranges for those sale blocks
Direct Class B holdings 54,612,012 shares of Class B Common Stock Reported as directly owned; convertible share‑for‑share into common stock
Indirect common holdings 39,630 shares of Common Stock Held indirectly, nature of ownership: By Hershey Trust Company
Rule 10b5-1 regulatory
"The filing’s Rule 10b5-1 checkbox indicates trades under a trading plan"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
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.
Class B Common Stock financial
"All shares of Class B common stock, $1.00 par value convertible share-for-share"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
beneficial owner regulatory
"The reporting person undertakes to provide to any security holder or beneficial owner"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
convertible share-for-share financial
"Class B common stock, $1.00 par value convertible share-for-share into common stock"

FAQ

What insider transactions did HSY disclose in this Form 4?
The filing reports that HERSHEY TRUST CO, as trustee for Milton Hershey School, sold 20,000 shares of Hershey common stock in open‑market transactions on August 27–28, 2026, in eight separate trades at various weighted average prices around $179–$183 per share.

Were the HSY insider stock sales made under a Rule 10b5-1 plan?
Yes. The Form 4 indicates the Rule 10b5-1 checkbox is marked, meaning the reported sales by HERSHEY TRUST CO were executed pursuant to an affirmed trading plan, which can reduce the informational value of the specific timing of these transactions.

What prices were received for the HSY shares sold in this Form 4?
Each transaction is reported at a weighted average price. Examples include $180.7249, $181.4053, $182.2261, and $179.4091 per share, with footnotes stating the underlying trades occurred across ranges from about $179.05 to $183.81 per share.

How many HSY shares did the reporting person sell on each day?
On August 27, 2026, the trustee sold 3,956, 5,703, and 341 shares in three blocks. On August 28, 2026, it sold 5,866, 2,898, 642, 478, and 116 shares in five blocks, totaling 20,000 shares across both days.

What indirect HSY ownership is reported in this Form 4?
The filing shows 39,630 shares of Hershey common stock held indirectly, described as held "By Hershey Trust Company." A footnote adds that Hershey Trust Company is wholly owned by the Milton Hershey School Trust and serves as its trustee.

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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).
X
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)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/27/2026		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 Stock, $1.00 par value08/27/2026S3,956D$180.7249(1)922,163D
Common Stock, $1.00 par value08/27/2026S5,703D$181.4053(2)916,460D
Common Stock, $1.00 par value08/27/2026S341D$182.2261(3)916,119D
Common Stock, $1.00 par value08/28/2026S5,866D$179.4091(4)910,253D
Common Stock, $1.00 par value08/28/2026S2,898D$180.3362(5)907,355D
Common Stock, $1.00 par value08/28/2026S642D$181.397(6)906,713D
Common Stock, $1.00 par value08/28/2026S478D$182.6398(7)906,235D
Common Stock, $1.00 par value08/28/2026S116D$183.5758(8)906,119D
Common Stock, $1.00 par value39,630IBy Hershey Trust Company(9)
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
Class B Common Stock, $1.00 par value(11) (10) (10)Common Stock, $1.00 par value54,612,01254,612,012D
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 $180.1700 to $180.9800, 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 $181.0000 to $181.9973, 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 $182.0394 to $182.5800, 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 $179.0500 to $179.9984, 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 $180.0000 to $180.9905, 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 $181.0506 to $181.8977, 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 $182.2000 to $182.9761, 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 $183.2266 to $183.8100, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
10. 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.
11. The conversion price is the market price of the Common Stock on the previous business day.
/s/ Joshua D. Shannon, Deputy CIO08/31/2026
** 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