Hershey (HSY) Form 4: CFO Disposes of 1,500 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Steven E. Voskuil, identified as an officer (SVP, Chief Financial Officer) of Hershey Co. (HSY), reported a sale of 1,500 shares of Hershey common stock on 09/18/2025 at a price of $189.12 per share. After the transaction he beneficially owned 58,319 shares, held directly. The filing states the sale was effected under a Rule 10b5-1 trading plan adopted on May 20, 2025, indicating the transaction followed a pre-established plan rather than an ad hoc decision. The Form 4 was signed by an agent on behalf of the reporting person.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-established, compliant trading rules
• Prompt disclosure via Form 4 providing transparency into officer trading activity

Negative

• Disposition of 1,500 shares reduces the reporting officer's direct holdings from prior levels

Insights

Corporate Governance Expert

TL;DR: Routine insider sale executed under a pre-established 10b5-1 plan; indicates procedural compliance rather than new governance concerns.

The sale of 1,500 shares by the CFO was disclosed promptly on Form 4 and attributed to a Rule 10b5-1 plan adopted May 20, 2025. That compliance detail reduces concerns about opportunistic trading around material non-public information. Holdings after the sale remain meaningful at 58,319 shares, preserving alignment with shareholder interests. No indication in the filing of related-party transactions, amendments, or atypical timing that would raise governance flags.

Securities Analyst

TL;DR: Minor, pre-planned liquidation by a senior officer; not likely material to HSY valuation or liquidity.

The reported disposition — 1,500 shares at $189.12 — represents a small portion of the officer's total reported direct holdings and was executed under a documented 10b5-1 plan. As a single-line Form 4 reporting a routine sale, it provides transparency about insider liquidity without signaling company-specific news. There are no derivative transactions or additional context in this filing to suggest broader insider activity.

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

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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^*

Voskuil Steven E

(Last) (First) (Middle)

19 EAST CHOCOLATE AVENUE

(Street)

HERSHEY PA 17033

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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	09/18/2025		S(1)		1,500	D	$189.12	58,319	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. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 20, 2025.

	/s/ Kathleen S. Purcell, Agent for Steven E. Voskuil	09/19/2025
	** 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 did HSY insider Steven E. Voskuil sell on 09/18/2025?

He sold 1,500 shares of Hershey common stock at $189.12 per share on 09/18/2025.

Was the sale by HSY CFO part of a pre-planned trading arrangement?

Yes. The Form 4 states the sale was effected pursuant to a Rule 10b5-1 trading plan adopted on May 20, 2025.

How many HSY shares does Steven E. Voskuil beneficially own after the sale?

Following the reported transaction he beneficially owned 58,319 shares held directly.

What is the reporting person's role at Hershey (HSY)?

The filing identifies the reporting person as an Officer with the title SVP, Chief Financial Officer.

Does the Form 4 report any options or derivative transactions for this filing?

No. Table II for derivative securities contains no reported transactions in this filing.