Form 4: Campbell's Director Sarah Hofstetter Increases Beneficial Ownership Through Phantom Stock Acquisition

Sentiment:

Insider Transaction Report 30 June 2025 4:28 PM

Campbell's Director Sarah Hofstetter reported the acquisition of 1,348.51 shares of phantom stock, bringing her total beneficial ownership to 25,710.86 phantom shares, which are economic equivalents of common stock.

Better than expectedDirector Sarah Hofstetter increased her beneficial ownership of phantom stock by 1,348.51 shares, indicating continued alignment with shareholder interests.The total beneficial ownership of phantom stock increased to 25,710.86 shares, including shares acquired through dividend reinvestment, reflecting a growing stake in the company's performance.

Summary

Sarah Hofstetter, a Director of Campbell's Co (CPB), acquired 1,348.51 shares of phantom stock on June 26, 2025.
Each share of phantom stock is the economic equivalent of one share of Campbell's common stock.
The phantom shares are fully vested, and their value is payable in cash from the Company's Supplemental Retirement Plan upon the reporting person's retirement, resignation, or termination.
Following this transaction, Sarah Hofstetter beneficially owns a total of 25,710.86 phantom shares.
This total includes 262.25 shares acquired through dividend reinvestment since the previous report.
A Power of Attorney, dated February 27, 2025, was filed, authorizing specific individuals to prepare, execute, and submit SEC Forms 3, 4, 5, and 144 on Hofstetter's behalf.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by a director, coupled with dividend reinvestment, indicates a positive alignment of interests and confidence in the company's long-term performance, despite being a cash-settled instrument rather than direct equity.

Positives

Increase in a director's beneficial ownership through phantom stock acquisition, which aligns their economic interests with shareholders.
The phantom shares are fully vested, indicating an immediate and concrete economic interest in the company's performance.
The inclusion of shares acquired through dividend reinvestment suggests a long-term holding strategy and confidence in the company.

Negatives

The transaction involves phantom stock, which is cash-settled and does not represent a direct acquisition of common stock, limiting direct equity exposure.

Future Outlook

Industry Context

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Authorization of Attorney-in-Fact	Sarah Hofstetter granted a Power of Attorney to specific individuals to prepare, execute, and file Forms 3, 4, 5, and 144 on her behalf with the SEC, streamlining compliance with Section 16 and Rule 144.	02/27/2025	Enhances efficiency and ensures timely compliance with insider trading reporting requirements for the director.

Stakeholder Impact

Shareholders: Increased alignment of a director's economic interests with shareholders through phantom stock ownership.

Key Dates

Date	Description
02/27/2025	Date Power of Attorney was executed by Sarah Hofstetter.
06/26/2025	Date of phantom stock acquisition transaction.
06/30/2025	Date Form 4 was signed by Attorney-in-Fact.

Recommendation

hold

Keywords

Campbell's Co, CPB, Sarah Hofstetter, Director, SEC Form 4, Phantom Stock, Insider Ownership, Beneficial Ownership, Dividend Reinvestment, Corporate Governance

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