Hershey Trust (HSY) reports sale of 20,000 Hershey Co shares

Rhea-AI Filing Summary

Hershey Trust Company, trustee for the Milton Hershey School, reported open‑market sales of 20,000 shares of The Hershey Company common stock. The sales occurred on March 16–17, 2026 at prices generally between $215 and $221 per share.

After these transactions, the trust directly holds 2,046,119 shares of common stock and also directly holds 54,612,012 shares of Class B common stock. The Class B shares are convertible share‑for‑share into common stock with no stated expiration date and a conversion price based on the market price of the common stock on the previous business day.

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).

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $1.00 par value	03/16/2026		S		470	D	$218.5417(1)	2,065,649	D
Common Stock, $1.00 par value	03/16/2026		S		4,592	D	$219.5859(2)	2,061,057	D
Common Stock, $1.00 par value	03/16/2026		S		4,700	D	$220.2355(3)	2,056,357	D
Common Stock, $1.00 par value	03/16/2026		S		238	D	$221.2604(4)	2,056,119	D
Common Stock, $1.00 par value	03/17/2026		S		543	D	$215.5715(5)	2,055,576	D
Common Stock, $1.00 par value	03/17/2026		S		2,214	D	$216.7372(6)	2,053,362	D
Common Stock, $1.00 par value	03/17/2026		S		7,068	D	$217.5071(7)	2,046,294	D
Common Stock, $1.00 par value	03/17/2026		S		51	D	$218.6541(8)	2,046,243	D
Common Stock, $1.00 par value	03/17/2026		S		10	D	$219.3951	2,046,233	D
Common Stock, $1.00 par value	03/17/2026		S		114	D	$220.7327(9)	2,046,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company(10)

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
Class B Common Stock, $1.00 par value	(12)							(11)	(11)	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 a price ranging from $218.0950 to $218.9157, 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 a price ranging from $219.0412 to $219.9865, 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 a price ranging from $220.0129 to $220.9162, 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 a price ranging from $221.1700 to $221.3500, 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 $215.0937 to $215.9930, 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 a price ranging from $216.1373 to $216.9992, 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 a price ranging from $217.0058 to $217.9022, 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 a price ranging from $218.2907 to $218.9757, 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 $220.0301 to $220.9300, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.

11. 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.

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

	/s/ Joshua D. Shannon, Deputy CIO	03/18/2026
	** 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)

FAQ

What insider transactions did Hershey Trust report for HSY?

Hershey Trust Company reported selling 20,000 shares of Hershey common stock in open‑market transactions. The sales took place on March 16–17, 2026 at per‑share prices generally between $215 and $221, according to the Form 4 filing.

Who executed the recent HSY stock sales disclosed in the Form 4?

The sales were executed by Hershey Trust Company, acting as trustee for the Milton Hershey School Trust. The reporting person is identified as a ten percent owner of The Hershey Company, rather than an individual executive or director.

How many HSY shares does the Hershey Trust hold after these sales?

Following the reported sales, Hershey Trust directly holds 2,046,119 shares of Hershey common stock. The filing also shows direct holdings of 54,612,012 Class B common shares, which are convertible into common stock on a share‑for‑share basis.

At what prices were the HSY shares sold by Hershey Trust?

The Form 4 shows weighted average sale prices generally between about $215 and $221 per share. Footnotes explain that each reported price reflects multiple trades within stated ranges, and full transaction details are available on request from Hershey Trust.

What is the significance of the Class B common stock in the HSY filing?

The filing lists 54,612,012 shares of Class B common stock held directly by the trust. These Class B shares are convertible share‑for‑share into common stock at any time, with no expiration date and a conversion price based on the prior day’s market price.

Does the Form 4 for HSY mention indirect holdings by Hershey Trust?

Yes. In addition to direct holdings, the Form 4 shows 39,630 shares of Hershey common stock held indirectly, noted as held "By Hershey Trust Company". This clarifies that some shares are reported as indirect ownership in the filing.