Hershey Trust Co Sells $3.38M of Hershey Co Common Stock Under Rule 10b5-1 Plan

Executive Summary

On September 21, 2026, Hershey Trust Co Trustee in Trust for Milton Hershey School, a 10% owner of The Hershey Company ($HSY), filed Form 4 detailing open-market sales totaling 20,000 shares of Common Stock executed across September 17 and September 18, 2026. The dispositions were completed under a pre-established Rule 10b5-1 trading plan at weighted-average prices between $166.77 and $171.34, yielding gross proceeds of approximately $3,381,564.19.

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Transaction Breakdown

The transactions were executed in multiple blocks across two consecutive trading sessions:

• September 17, 2026:

  • 4,400 shares sold at a weighted average price of $168.5581
  • 4,431 shares sold at a weighted average price of $169.4784
  • 972 shares sold at a weighted average price of $170.3020
  • 197 shares sold at a weighted average price of $171.3418
  • Subtotal: 10,000 shares

• September 18, 2026:

  • 143 shares sold at a weighted average price of $166.7684
  • 2,036 shares sold at a weighted average price of $167.6788
  • 2,258 shares sold at a weighted average price of $168.2600
  • 5,068 shares sold at a weighted average price of $169.7428
  • 495 shares sold at a weighted average price of $170.1664
  • Subtotal: 10,000 shares

Total Sold: 20,000 shares at a volume-weighted average price of $169.08.

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Post-Transaction Ownership

Following the transactions, the reporting owner retains:

• 766,119 shares of Common Stock held directly.
• 39,630 shares of Common Stock held indirectly by Hershey Trust Company.
• 54,612,012 shares of Class B Common Stock held directly, each convertible share-for-share into Common Stock, retaining the Trust's dominant voting control over the company.

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Market Significance & Context

This transaction carries Low trading significance:

1. Routine Execution: The trades were conducted under a Rule 10b5-1 plan, mitigating concerns regarding non-public information.
2. Proportion of Holdings: The 20,000 shares sold represent roughly 2.5% of the reporting owner's direct Common Stock position and less than 0.04% of its aggregate equity ownership when accounting for the 54.6M+ Class B shares.
3. Governance Impact: The transaction has zero impact on the voting structure or governance of Hershey Co, as voting power is overwhelmingly concentrated in the Class B shares.