Form 4: Campbell's Director Acquires Phantom Stock

Campbell's Director Keith R. McLoughlin acquired 3,037.3 shares of phantom stock, increasing his beneficial ownership to 61,749.96 shares.

Summary

• Keith R. McLoughlin, a Director of Campbell's Co (CPB), acquired 3,037.3 shares of phantom stock.
• The transaction date for this acquisition was December 29, 2025.
• Each share of phantom stock is the economic equivalent of one share of issuer common stock.
• The phantom shares are fully vested and their value is payable in cash from the Company's Supplemental Retirement Plan upon McLoughlin's retirement, resignation, or termination.
• Following this transaction, McLoughlin beneficially owns a total of 61,749.96 derivative securities (phantom stock).
• This total includes 755.71 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 6

Explanation: The filing reports a routine acquisition of phantom stock by a director as part of their compensation, which is a neutral to slightly positive event as it aligns the director's interests with the company's long-term performance.

Positives

• Director Keith R. McLoughlin acquired 3,037.3 shares of phantom stock, aligning his interests further with shareholders.
• An additional 755.71 shares were acquired through dividend reinvestment, indicating continued participation in the company's equity.

Future Outlook

The value of the phantom stock is payable in cash from the Company's Supplemental Retirement Plan upon the reporting person's retirement, resignation, or termination.

Industry Context

This transaction represents a routine equity compensation event for a director, common across publicly traded companies to align executive and director interests with long-term shareholder value.

Related Party Transactions

• The acquisition of phantom stock by Director Keith R. McLoughlin is a form of compensation from Campbell's Co, representing a transaction between a related party (director) and the issuer.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock by a director generally indicates continued alignment of management interests with shareholder value, potentially fostering confidence.

Next Steps

• The phantom stock will be paid out in cash from the Company's Supplemental Retirement Plan upon Keith R. McLoughlin's retirement, resignation, or termination.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock by a director as part of their compensation plan. It does not provide new fundamental information to alter an investment thesis, thus a 'hold' recommendation remains appropriate based solely on this filing.

Keywords

Campbell's, CPB, Phantom Stock, Insider Transaction, Form 4, Director Compensation, Equity Compensation, Keith R. McLoughlin