[Form 4] The Hershey Company Insider Trading Activity

Rhea-AI Filing Summary

On 07/21/2025, Rohit Grover, President, International of The Hershey Company (HSY), sold 1,334 common shares at an average price of $180 per share. The sale was made under a Rule 10b5-1 trading plan adopted on 02/25/2025. After the transaction, Grover directly owns 38,068 HSY shares.

No derivative securities were reported and there were no accompanying acquisitions. The disposition represents roughly 3.4% of Grover’s prior direct holdings and is modest relative to his remaining stake. While the filing is routine and does not reflect company fundamentals, investors often monitor insider activity as a sentiment gauge.

Positive

• None.

Negative

• Insider sale may be read as a mild bearish signal despite limited size

Insights

Securities Analyst

TL;DR: Small insider sale; minimal impact on HSY fundamentals.

The $240k sale represents a low-single-digit fraction of Grover’s position and less than 0.02% of HSY’s market cap. Executed through a pre-arranged 10b5-1 plan, it is unlikely to signal adverse internal views. Insider ownership remains significant at ~38k shares, preserving alignment with shareholders. I view the event as neutral to sentiment and valuation.

Corporate Governance Expert

TL;DR: Governance-compliant trade under 10b5-1; no red flags.

The use of an established 10b5-1 plan limits informational asymmetry concerns. Filing timeliness and disclosure detail meet Section 16 requirements. Given the small size and clear compliance, the trade poses no governance or control risk. Ongoing insider retention supports continued stewardship incentives.

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).

1. Name and Address of Reporting Person^*

Grover Rohit

(Last) (First) (Middle)

THE HERSHEY COMPANY

19 EAST CHOCOLATE AVENUE

(Street)

HERSHEY PA 17033

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/21/2025		S(1)		1,334	D	$180	38,068	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 25, 2025.

	/s/ Kathleen S. Purcell, Agent for Rohit Grover	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many HSY shares did Rohit Grover sell?

1,334 shares were sold on 07/21/2025.

At what price were the HSY shares sold?

The reported sale price was $180 per share.

How many HSY shares does Grover still own after the sale?

He directly owns 38,068 shares following the transaction.

Was the transaction part of a pre-planned program?

Yes, it was executed under a Rule 10b5-1 plan adopted on 02/25/2025.

Does this Form 4 filing indicate any company-level financial changes for HSY?

No, the filing only discloses an individual insider transaction and does not affect Hershey’s financials.