Hershey Trust Co Sells $3.39M in HSY Shares Under Rule 10b5-1 Plan

Transaction Summary

On October 15 and October 16, 2026, Hershey Trust Co Trustee in Trust for Milton Hershey School, a 10% beneficial owner of The Hershey Company (NYSE: HSY), executed sales totaling 20,000 shares of common stock for an aggregate value of approximately $3,391,681.36.

The sales were executed in eight separate tranches:

• October 15, 2026: 10,000 shares sold at weighted average prices ranging between $166.9713 and $169.1797 per share.
• October 16, 2026: 10,000 shares sold at weighted average prices ranging between $169.7220 and $172.0127 per share.

The overall weighted average sale price was approximately $169.58 per share.

Ownership Impact and Context

• Direct Ownership: Following these transactions, the reporting entity retains direct ownership of 566,119 shares of Common Stock.
• Indirect Ownership: The trust also holds an indirect interest in 39,630 shares through Hershey Trust Company.
• Class B Common Stock: The trust holds 54,612,012 shares of Class B Common Stock, each convertible share-for-share into Common Stock at any time without expiration.
• Rule 10b5-1 Trading Plan: The filing indicates that these sales were conducted pursuant to a pre-arranged Rule 10b5-1 trading plan (aff10b5One flagged as true).

Market Impact & Significance

This filing carries Low trading significance:

1. Proportion of Holdings: The 20,000 shares sold represent roughly 3.4% of the reporting owner's directly held common stock and less than 0.04% of its aggregate equity ownership when factoring in the 54.6 million Class B convertible shares.
2. Rule 10b5-1 Safe Harbor: The transactions were executed under a pre-established trading plan, standard for institutional trustees managing ongoing portfolio rebalancing and operational funding.
3. Control Retention: Hershey Trust continues to maintain substantial voting control through its super-voting Class B shares, ensuring no impact on corporate governance.