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  4. [Form 4] HERSHEY CO Insider Trading Activity

Hershey Trust sells 30,000 Hershey shares

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

Rhea-AI Filing Summary

HERSHEY CO (HSY) reported that Hershey Trust Company, as trustee for Milton Hershey School and a more-than-10% owner, sold a total of 30,000 shares of common stock in 13 open-market or private transactions from September 14–16, 2026, under a Rule 10b5-1 trading plan, at weighted-average prices around the high-$160s to high-$170s per share.

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Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
Role 10% Owner
Sold 30,000 shs ($5.17M)
Type Security Shares Price Value
Sale Common Stock, $1.00 par value F11 3,299 $170.8128 $564K
Sale Common Stock, $1.00 par value F12 4,135 $171.5408 $709K
Sale Common Stock, $1.00 par value F13 2,566 $172.2141 $442K
Sale Common Stock, $1.00 par value F6 400 $169.7305 $68K
Sale Common Stock, $1.00 par value F7 6,586 $170.4637 $1.12M
Sale Common Stock, $1.00 par value F8 2,198 $171.3769 $377K
Sale Common Stock, $1.00 par value F9 676 $172.3273 $116K
Sale Common Stock, $1.00 par value F10 140 $173.10 $24K
Sale Common Stock, $1.00 par value F1 4,390 $173.8061 $763K
Sale Common Stock, $1.00 par value F2 3,993 $174.5004 $697K
Sale Common Stock, $1.00 par value F3 1,214 $175.4529 $213K
Sale Common Stock, $1.00 par value F4 203 $176.3851 $36K
Sale Common Stock, $1.00 par value F5 200 $177.6723 $36K
holding Class B Common Stock, $1.00 par value F16, F15 -- -- --
holding Common Stock, $1.00 par value F14 -- -- --
Holdings After Transaction: Common Stock, $1.00 par value — 786,119 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 (16)
  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 $173.5478 to $173.9900, 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 $174.0150 to $174.9800, 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.
  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 $175.0150 to $175.9850, 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 $176.0600 to $176.4000, 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 $177.5700 to $177.7300, 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 $169.4836 to $169.9754, 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 $170.0042 to $170.9954, 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 $171.0033 to $171.9463, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $172.0000 to $172.7447, 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. F10. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $173.0000 to $173.2800, 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. F11. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $170.7200 to $170.9931, 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. F12. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $171.0100 to $171.9923, 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. F13. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $172.0012 to $172.6230, 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.
  14. F14. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
  15. F15. 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.
  16. F16. The conversion price is the market price of the Common Stock on the previous business day.
Total shares sold 30,000 shares Aggregate common stock sales reported from September 14–16, 2026
Number of sale transactions 13 transactions Open-market or private sales of HSY common stock
Lowest weighted-average sale price $169.7305 per share Weighted-average price for one sale on September 15, 2026
Highest weighted-average sale price $177.6723 per share Weighted-average price for one sale on September 14, 2026
Underlying shares from Class B Common Stock 54,612,012 shares Class B common stock directly held, convertible share-for-share into common stock
Indirect common stock holdings 39,630 shares Common stock held indirectly by Hershey Trust Company
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 regulatory
"The filing indicates the box for Rule 10b5-1 was affirmed."
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.
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.
share-for-share financial
"convertible share-for-share into common stock, $1.00 par value"

FAQ

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

What did HSY’s major shareholder report in this Form 4?
Hershey Trust Company, as trustee for Milton Hershey School, reported selling 30,000 shares of Hershey Co common stock in 13 open-market or private transactions from September 14–16, 2026, at weighted-average prices in the high-$160s to high-$170s per share.

Over what dates were the HSY shares sold by the Hershey Trust Company?
The reported sales occurred on September 14, 15, and 16, 2026, with multiple transactions executed each day at different prices, each reported as a weighted-average price per transaction.

At what prices were the HSY shares sold in this filing?
Each transaction used a weighted-average price. Reported weighted-average prices per share ranged from about $169.73 to about $177.67, with footnotes stating underlying individual trade prices within specific ranges around each weighted average.

Was a Rule 10b5-1 trading plan used for these HSY insider sales?
Yes. The filing indicates the box for Rule 10b5-1 was affirmed, meaning the reported sales were executed pursuant to a pre-arranged trading plan rather than discretionary, opportunistic trades.

How many HSY sale transactions did the Hershey Trust Company report?
The Form 4 lists 13 separate sale transactions of Hershey Co common stock, all coded as open-market or private transaction sales, totaling 30,000 shares sold over the three-day period.

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

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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)
09/14/2026		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 value09/14/2026S4,390D$173.8061(1)811,729D
Common Stock, $1.00 par value09/14/2026S3,993D$174.5004(2)807,736D
Common Stock, $1.00 par value09/14/2026S1,214D$175.4529(3)806,522D
Common Stock, $1.00 par value09/14/2026S203D$176.3851(4)806,319D
Common Stock, $1.00 par value09/14/2026S200D$177.6723(5)806,119D
Common Stock, $1.00 par value09/15/2026S400D$169.7305(6)805,719D
Common Stock, $1.00 par value09/15/2026S6,586D$170.4637(7)799,133D
Common Stock, $1.00 par value09/15/2026S2,198D$171.3769(8)796,935D
Common Stock, $1.00 par value09/15/2026S676D$172.3273(9)796,259D
Common Stock, $1.00 par value09/15/2026S140D$173.1(10)796,119D
Common Stock, $1.00 par value09/16/2026S3,299D$170.8128(11)792,820D
Common Stock, $1.00 par value09/16/2026S4,135D$171.5408(12)788,685D
Common Stock, $1.00 par value09/16/2026S2,566D$172.2141(13)786,119D
Common Stock, $1.00 par value39,630IBy Hershey Trust Company(14)
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(16) (15) (15)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 $173.5478 to $173.9900, 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 $174.0150 to $174.9800, 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.
3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $175.0150 to $175.9850, 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 $176.0600 to $176.4000, 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 $177.5700 to $177.7300, 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 $169.4836 to $169.9754, 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 $170.0042 to $170.9954, 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 $171.0033 to $171.9463, 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 $172.0000 to $172.7447, 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 $173.0000 to $173.2800, 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 $170.7200 to $170.9931, 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 $171.0100 to $171.9923, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $172.0012 to $172.6230, 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.
14. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
15. 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.
16. The conversion price is the market price of the Common Stock on the previous business day.
/s/ Joshua D. Shannon, Deputy CIO09/16/2026
** 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

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