Form 4: Campbell's Director Kurt Schmidt Acquires Phantom Stock

Campbell's Director Kurt Schmidt reported the acquisition of 2,219.81 shares of phantom stock, increasing his total beneficial ownership to 47,392.7 shares.

Summary

• Kurt Schmidt, a Director of Campbell's Co (CPB), reported a change in beneficial ownership.
• The transaction involved the acquisition of 2,219.81 shares of phantom stock on September 25, 2025.
• Each share of phantom stock is the economic equivalent of one share of issuer common stock.
• The phantom shares are fully vested and have a transaction price of $0, indicating a grant.
• The value of the phantom stock is payable in cash from the Company's Supplemental Retirement Plan upon Schmidt's retirement, resignation, or termination.
• Following this transaction, Schmidt beneficially owns a total of 47,392.7 shares of phantom stock.
• This total includes 539.09 shares acquired through dividend reinvestment since his last report.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by a director, especially with dividend reinvestment, generally signals confidence in the company's future performance, even if it's not direct equity.

Positives

• Director Kurt Schmidt's acquisition of 2,219.81 phantom shares demonstrates continued alignment with shareholder interests.
• The inclusion of 539.09 shares acquired through dividend reinvestment indicates a commitment to increasing holdings in the company.

Negatives

• The acquired securities are phantom stock, which are not direct equity shares but rather an economic equivalent payable in cash, limiting direct voting rights or immediate market liquidity.

Stakeholder Impact

• Shareholders may view the director's increased beneficial ownership, even in phantom stock, as a positive signal of management alignment and confidence in the company's long-term prospects.

Key Dates

Keywords

Campbell's Co, CPB, Kurt Schmidt, Director, Phantom Stock, Insider Transaction, Beneficial Ownership, SEC Form 4, Equity Compensation