Hershey Trust Co (HSY) reports 30,000-share open‑market sale, retains large Class B stake

Rhea-AI Filing Summary

Hershey Trust Company, as trustee for the Milton Hershey School Trust and a ten percent owner of Hershey Co (HSY), reported net open‑market sales of 30,000 shares of common stock. The sales took place over May 11–13, 2026 at weighted average prices between $184.5800 and $196.3826 per share, executed across multiple trades within each price range.

After these transactions, the trust directly holds 1,646,119 shares of Hershey common stock and indirectly holds 39,630 shares through Hershey Trust Company. It also directly owns 54,612,012 shares of Class B Common Stock, which are convertible share‑for‑share into common stock without an expiration date.

Insider Trade Summary 10b5-1

Net Seller: 30,000 shares ($5,741,243)

Net Sell 19 txns

Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL

Role null

Sold 30,000 shs ($5.74M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $1.00 par value	365	$191.4311	$70K
Sale	Common Stock, $1.00 par value	156	$192.7998	$30K
Sale	Common Stock, $1.00 par value	2,311	$193.6933	$448K
Sale	Common Stock, $1.00 par value	2,413	$194.4243	$469K
Sale	Common Stock, $1.00 par value	4,289	$195.6967	$839K
Sale	Common Stock, $1.00 par value	466	$196.2199	$91K
Sale	Common Stock, $1.00 par value	226	$188.9044	$43K
Sale	Common Stock, $1.00 par value	567	$189.4672	$107K
Sale	Common Stock, $1.00 par value	551	$190.3891	$105K
Sale	Common Stock, $1.00 par value	5,038	$191.7512	$966K
Sale	Common Stock, $1.00 par value	3,618	$192.2569	$696K
Sale	Common Stock, $1.00 par value	181	$184.7428	$33K
Sale	Common Stock, $1.00 par value	1,308	$185.7182	$243K
Sale	Common Stock, $1.00 par value	1,931	$186.4107	$360K
Sale	Common Stock, $1.00 par value	2,137	$187.3619	$400K
Sale	Common Stock, $1.00 par value	826	$188.4294	$156K
Sale	Common Stock, $1.00 par value	3,617	$189.3107	$685K
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 — 1,655,754 shares (Direct, null); Class B Common Stock, $1.00 par value — 54,612,012 shares (Direct, null); 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 $184.5800 to $184.8700, 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 $185.1300 to $185.9900, 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 $186.0124 to $186.9900, 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 $187.0000 to $187.9585, 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 $188.0000 to $188.9976, 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 $189.0987 to $189.6700, 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 $188.6700 to $188.9900, 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 $189.0300 to $189.9882, 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 $190.0090 to $190.9306, 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 $191.1581 to $191.9986, 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 $192.0000 to $192.5098, 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 $191.2449 to $191.9873, 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 $192.5409 to $192.9527, 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 $193.0105 to $193.9998, 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 $194.0000 to $194.9949, 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 $195.0098 to $195.9870, 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 $196.0029 to $196.3826, 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 Sale price range: $184.5800–$196.3826 per share Direct common shares after sales: 1,646,119 shares +3 more

6 metrics

Common shares sold 30,000 shares Net open‑market sales reported for May 11–13, 2026

Sale price range $184.5800–$196.3826 per share Weighted average price ranges from transaction footnotes

Direct common shares after sales 1,646,119 shares Total Hershey common stock directly held following transactions

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

Class B shares held 54,612,012 shares Class B Common Stock directly held, convertible share‑for‑share

Net buy/sell direction net-sell 30,000 shares Form 4 transaction summary for this reporting period

Key Terms

open-market sale, weighted average price, Class B Common Stock, ten percent owner, +2 more

6 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.

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

"Class B Common Stock, $1.00 par value"

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.

ten percent owner financial

""is_ten_percent_owner": 1"

convertible share-for-share financial

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

underlying security financial

""underlying_security_title": "Common Stock, $1.00 par value""

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)
05/11/2026

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	05/11/2026		S		181	D	$184.7428(1)	1,675,938	D
Common Stock, $1.00 par value	05/11/2026		S		1,308	D	$185.7182(2)	1,674,630	D
Common Stock, $1.00 par value	05/11/2026		S		1,931	D	$186.4107(3)	1,672,699	D
Common Stock, $1.00 par value	05/11/2026		S		2,137	D	$187.3619(4)	1,670,562	D
Common Stock, $1.00 par value	05/11/2026		S		826	D	$188.4294(5)	1,669,736	D
Common Stock, $1.00 par value	05/11/2026		S		3,617	D	$189.3107(6)	1,666,119	D
Common Stock, $1.00 par value	05/12/2026		S		226	D	$188.9044(7)	1,665,893	D
Common Stock, $1.00 par value	05/12/2026		S		567	D	$189.4672(8)	1,665,326	D
Common Stock, $1.00 par value	05/12/2026		S		551	D	$190.3891(9)	1,664,775	D
Common Stock, $1.00 par value	05/12/2026		S		5,038	D	$191.7512(10)	1,659,737	D
Common Stock, $1.00 par value	05/12/2026		S		3,618	D	$192.2569(11)	1,656,119	D
Common Stock, $1.00 par value	05/13/2026		S		365	D	$191.4311(12)	1,655,754	D
Common Stock, $1.00 par value	05/13/2026		S		156	D	$192.7998(13)	1,655,598	D
Common Stock, $1.00 par value	05/13/2026		S		2,311	D	$193.6933(14)	1,653,287	D
Common Stock, $1.00 par value	05/13/2026		S		2,413	D	$194.4243(15)	1,650,874	D
Common Stock, $1.00 par value	05/13/2026		S		4,289	D	$195.6967(16)	1,646,585	D
Common Stock, $1.00 par value	05/13/2026		S		466	D	$196.2199(17)	1,646,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company(18)

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	(20)							(19)	(19)	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 $184.5800 to $184.8700, 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.

2. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $185.1300 to $185.9900, 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.

3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $186.0124 to $186.9900, 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.

4. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $187.0000 to $187.9585, 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 $188.0000 to $188.9976, 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 $189.0987 to $189.6700, 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 $188.6700 to $188.9900, 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.

8. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $189.0300 to $189.9882, 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 $190.0090 to $190.9306, 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 $191.1581 to $191.9986, 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 $192.0000 to $192.5098, 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 $191.2449 to $191.9873, 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 $192.5409 to $192.9527, 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 $193.0105 to $193.9998, 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 $194.0000 to $194.9949, 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 $195.0098 to $195.9870, 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 $196.0029 to $196.3826, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.

19. 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.

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

	/s/ Joshua D. Shannon, Deputy CIO	05/13/2026
	** 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 did Hershey Trust Company report in this HSY Form 4 filing?

Hershey Trust Company reported selling 30,000 HSY common shares in open‑market trades. The sales occurred over May 11–13, 2026 at various weighted average prices, and the filing updates the trust’s remaining direct and indirect ownership positions in Hershey common and Class B shares.

How many Hershey (HSY) shares did the Milton Hershey School Trust sell?

The trust reported net sales of 30,000 shares of Hershey common stock. These shares were sold in 17 separate open‑market transactions at different weighted average prices, as detailed in the Form 4 transaction table and accompanying price‑range footnotes.

What prices did Hershey Trust Company receive for the HSY share sales?

The reported weighted average sale prices ranged from $184.5800 to $196.3826 per share. Each Form 4 line reflects an average price from multiple trades, with footnotes listing the specific price ranges for those underlying transactions during May 11–13, 2026.

How many Hershey (HSY) common shares does the trust hold after these sales?

Following the transactions, the trust directly holds 1,646,119 Hershey common shares. The filing also shows an additional 39,630 common shares held indirectly by Hershey Trust Company, giving investors an updated picture of the trust’s total visible common‑stock exposure.

What is the significance of Hershey Class B Common Stock in this Form 4?

The trust directly holds 54,612,012 shares of Class B Common Stock. Footnotes state these Class B shares are convertible share‑for‑share into Hershey common stock, with a conversion price based on the prior day’s market price and no stated expiration date.

Is this Hershey (HSY) Form 4 mainly about new derivative exercises or existing holdings?

The Form 4 focuses on open‑market sales of existing common shares and discloses large Class B holdings. The derivative section describes 54,612,012 Class B shares convertible into common stock, rather than new option exercises or other derivative transactions.