Hershey Trust (NYSE: HSY) trims stake with 30,000-share sale

Rhea-AI Filing Summary

Hershey Trust Company, as trustee for Milton Hershey School, reported open-market sales of 30,000 shares of The Hershey Company common stock. The sales took place over three days, from March 30 to April 1, 2026, at prices generally a little above $200 per share.

After these transactions, the reporting person holds 1,936,119 shares of common stock directly, plus 39,630 common shares indirectly held by Hershey Trust Company. It also directly holds 54,612,012 shares of Class B common stock, which are convertible share-for-share into common stock at any time without an expiration date and without additional payment.

Insider Trade Summary 10b5-1

Net Seller: 30,000 shares ($6,258,112)

Net Sell 24 txns

Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL

Role 10% Owner

Sold 30,000 shs ($6.26M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $1.00 par value	64	$200.7672	$13K
Sale	Common Stock, $1.00 par value	264	$201.5895	$53K
Sale	Common Stock, $1.00 par value	3,658	$202.701	$741K
Sale	Common Stock, $1.00 par value	3,303	$203.5553	$672K
Sale	Common Stock, $1.00 par value	2,630	$204.3373	$537K
Sale	Common Stock, $1.00 par value	81	$205.0554	$17K
Sale	Common Stock, $1.00 par value	37	$205.927	$8K
Sale	Common Stock, $1.00 par value	1,286	$206.4435	$265K
Sale	Common Stock, $1.00 par value	5,399	$207.7324	$1.12M
Sale	Common Stock, $1.00 par value	721	$208.4364	$150K
Sale	Common Stock, $1.00 par value	110	$209.1238	$23K
Sale	Common Stock, $1.00 par value	351	$210.4493	$74K
Sale	Common Stock, $1.00 par value	952	$211.3859	$201K
Sale	Common Stock, $1.00 par value	244	$212.2128	$52K
Sale	Common Stock, $1.00 par value	531	$213.5121	$113K
Sale	Common Stock, $1.00 par value	259	$214.463	$56K
Sale	Common Stock, $1.00 par value	110	$215.0655	$24K
Sale	Common Stock, $1.00 par value	46	$211.9374	$10K
Sale	Common Stock, $1.00 par value	415	$212.6634	$88K
Sale	Common Stock, $1.00 par value	7,231	$213.5724	$1.54M
Sale	Common Stock, $1.00 par value	2,274	$214.2219	$487K
Sale	Common Stock, $1.00 par value	34	$215.0586	$7K
holding	Class B Common Stock, $1.00 par value	--	--	--
holding	Common Stock, $1.00 par value	--	--	--

Holdings After Transaction: Common Stock, $1.00 par value — 1,946,055 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 (1)

1. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $211.9080 to $211.9791, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $212.3990 to $212.8895, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $213.0188 to $213.9956, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $214.0040 to $214.9748, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $215.0036 to $215.1021, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $205.7800 to $205.9924, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $206.0163 to $206.9957, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $207.0200 to $207.9946, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $208.0203 to $208.8541, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $209.0264 to $209.1335, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $210.1369 to $210.9616, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $211.1051 to $211.9958, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $212.0039 to $212.5100, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $213.0304 to $213.9899, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $214.0010 to $214.9850, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $215.0200 to $215.0700, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $200.6100 to $200.8700, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $201.0200 to $201.9200, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $202.0800 to $202.9900, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $203.0000 to $203.9985, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $204.0000 to $204.9900, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $205.0000 to $205.2800, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust. 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. The conversion price is the market price of the Common Stock on the previous business day.

Key Figures

Common shares sold: 30,000 shares Price range (selected trades): $200.61–$215.10 per share Direct common holdings after trades: 1,936,119 shares +3 more

6 metrics

Common shares sold 30,000 shares Open-market sales from March 30 to April 1, 2026

Price range (selected trades) $200.61–$215.10 per share Weighted average price ranges from multiple sale footnotes

Direct common holdings after trades 1,936,119 shares Common stock directly held after the final reported sale

Indirect common holdings 39,630 shares Common stock held indirectly by Hershey Trust Company

Class B common stock 54,612,012 shares Directly held, convertible share-for-share into common stock

Average sale example $213.57 per share One reported weighted average price on March 30, 2026

Key Terms

open-market sale, Class B common stock, weighted average price, convertible share-for-share, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Class B common stock financial

"All shares of Class B common stock, $1.00 par value convertible"

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.

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.

convertible share-for-share financial

"Class B common stock, $1.00 par value convertible share-for-share into common stock"

Milton Hershey School Trust financial

"Hershey Trust Company is wholly owned by Milton Hershey School Trust"

Form 4 Insider Transactions: What Each Field Means →

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).

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)
03/30/2026

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	03/30/2026		S		46	D	$211.9374(1)	1,966,073	D
Common Stock, $1.00 par value	03/30/2026		S		415	D	$212.6634(2)	1,965,658	D
Common Stock, $1.00 par value	03/30/2026		S		7,231	D	$213.5724(3)	1,958,427	D
Common Stock, $1.00 par value	03/30/2026		S		2,274	D	$214.2219(4)	1,956,153	D
Common Stock, $1.00 par value	03/30/2026		S		34	D	$215.0586(5)	1,956,119	D
Common Stock, $1.00 par value	03/31/2026		S		37	D	$205.927(6)	1,956,082	D
Common Stock, $1.00 par value	03/31/2026		S		1,286	D	$206.4435(7)	1,954,796	D
Common Stock, $1.00 par value	03/31/2026		S		5,399	D	$207.7324(8)	1,949,397	D
Common Stock, $1.00 par value	03/31/2026		S		721	D	$208.4364(9)	1,948,676	D
Common Stock, $1.00 par value	03/31/2026		S		110	D	$209.1238(10)	1,948,566	D
Common Stock, $1.00 par value	03/31/2026		S		351	D	$210.4493(11)	1,948,215	D
Common Stock, $1.00 par value	03/31/2026		S		952	D	$211.3859(12)	1,947,263	D
Common Stock, $1.00 par value	03/31/2026		S		244	D	$212.2128(13)	1,947,019	D
Common Stock, $1.00 par value	03/31/2026		S		531	D	$213.5121(14)	1,946,488	D
Common Stock, $1.00 par value	03/31/2026		S		259	D	$214.463(15)	1,946,229	D
Common Stock, $1.00 par value	03/31/2026		S		110	D	$215.0655(16)	1,946,119	D
Common Stock, $1.00 par value	04/01/2026		S		64	D	$200.7672(17)	1,946,055	D
Common Stock, $1.00 par value	04/01/2026		S		264	D	$201.5895(18)	1,945,791	D
Common Stock, $1.00 par value	04/01/2026		S		3,658	D	$202.701(19)	1,942,133	D
Common Stock, $1.00 par value	04/01/2026		S		3,303	D	$203.5553(20)	1,938,830	D
Common Stock, $1.00 par value	04/01/2026		S		2,630	D	$204.3373(21)	1,936,200	D
Common Stock, $1.00 par value	04/01/2026		S		81	D	$205.0554(22)	1,936,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company(23)

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	(25)							(24)	(24)	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 $211.9080 to $211.9791, 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 $212.3990 to $212.8895, 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 $213.0188 to $213.9956, 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 $214.0040 to $214.9748, 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 $215.0036 to $215.1021, 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 $205.7800 to $205.9924, 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 $206.0163 to $206.9957, 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 $207.0200 to $207.9946, 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 $208.0203 to $208.8541, 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 $209.0264 to $209.1335, 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 $210.1369 to $210.9616, 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 $211.1051 to $211.9958, 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.

13. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $212.0039 to $212.5100, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $213.0304 to $213.9899, 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.

15. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $214.0010 to $214.9850, 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.

16. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $215.0200 to $215.0700, 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.

17. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $200.6100 to $200.8700, 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.

18. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $201.0200 to $201.9200, 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.

19. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $202.0800 to $202.9900, 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.

20. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $203.0000 to $203.9985, 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.

21. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $204.0000 to $204.9900, 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.

22. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $205.0000 to $205.2800, 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.

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

24. 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.

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

	/s/ Joshua D. Shannon, Deputy CIO	04/01/2026
	** 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

How many HSY shares did Hershey Trust Company sell in this Form 4?

Hershey Trust Company reported selling 30,000 shares of The Hershey Company common stock. These were open-market sales spread over three trading dates, with each trade reported at a specific weighted average price per share.

What prices did Hershey Trust Company receive for the HSY shares it sold?

The reported sales prices for HSY common stock were weighted averages around $200–$215 per share. Individual footnotes state narrower price ranges for each trade, reflecting multiple executions within those bands on the trade dates.

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

Following the reported transactions, Hershey Trust Company holds 1,936,119 HSY common shares directly. It also reports 39,630 common shares indirectly, held by Hershey Trust Company, in addition to its large Class B common stock position.

What is the Class B common stock position reported for HSY?

The filing shows 54,612,012 shares of Class B common stock held directly. Footnotes explain these Class B shares are convertible share-for-share into HSY common stock at any time, with no expiration date and no additional payment required.

Who is the reporting person in this HSY Form 4?

The reporting person is Hershey Trust Company, trustee in trust for Milton Hershey School. A footnote notes Hershey Trust Company is wholly owned by the Milton Hershey School Trust and serves as its trustee in this capacity.

Are the HSY share sale prices in this Form 4 exact or averages?

The reported prices are weighted average prices for multiple trades within stated ranges. Footnotes explain that the shares were sold in several transactions and that full per-trade price details are available upon request to regulators, shareholders, or the company.