[Form 4] The Hershey Company Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing — The Hershey Company (HSY)

Senior Vice President, General Counsel & Secretary James Turoff disclosed an open-market sale of Hershey common stock.

• Date of transaction: 01 Jul 2025
• Shares sold: 1,300
• Sale price: $175 per share (≈ $227,500 total)
• Shares still held: 25,321 (direct ownership)
• Trading arrangement: Sale executed under a Rule 10b5-1 plan adopted 25 Feb 2025

No derivative transactions were reported, and the insider maintains a substantial equity position, suggesting continued alignment with shareholders. The filing is routine in nature and does not indicate any broader strategic changes at Hershey.

Positive

• Pre-planned 10b5-1 trade reduces concerns about opportunistic selling and supports governance best practices.
• Insider retains 25,321 shares, maintaining meaningful skin in the game and alignment with shareholders.

Negative

• Insider selling, even if modest, can be perceived as a weak confidence signal by some investors.

Insights

Equity Analyst

TL;DR: Small 10b5-1 sale, neutral impact on HSY valuation.

The 1,300-share sale represents roughly 5% of Turoff’s direct holdings and is immaterial relative to Hershey’s 206 million shares outstanding. Execution under a pre-planned 10b5-1 arrangement minimizes signaling risk. Insider still holds >25 k shares, indicating ongoing exposure to price movements. From a valuation or liquidity standpoint, the transaction is non-impactful for investors.

Corporate Governance Specialist

TL;DR: Governance-friendly, transparent filing; no red flags.

The prompt filing, manual signature, and use of a 10b5-1 plan conform to best-practice governance standards. Volume and timing suggest routine diversification rather than adverse insider sentiment. No derivative hedging was disclosed. Overall, the transaction is compliant and neutral for governance risk assessments.

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^*

Turoff James

(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)
	SVP, GC & Secretary

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		S(1)		1,300	D	$175	25,321	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 James Turoff	07/03/2025
	** 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 Hershey (HSY) shares did James Turoff sell?

He sold 1,300 shares of HSY common stock.

At what price were the HSY shares sold on July 1, 2025?

The shares were sold at $175 per share.

Was the transaction executed under a 10b5-1 trading plan?

Yes, the sale was made under a Rule 10b5-1 plan adopted on February 25, 2025.

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

He directly owns 25,321 shares following the transaction.

What is James Turoff’s role at The Hershey Company?

He is Senior Vice President, General Counsel & Secretary.

When was the Form 4 filed?

The filing was signed and dated on July 3, 2025.