Milton Hershey School Trust Sells $3.45M in Hershey Co Under Rule 10b5-1

Insider Transaction Summary

Hershey Trust Company, acting as Trustee for the Milton Hershey School, filed a Form 4 reporting sales of 20,000 shares of Hershey Co ($HSY) Common Stock across October 22 and October 23, 2026, for total gross proceeds of approximately $3.45 million.

Key Details:

• Dates of Execution: October 22, 2026 (10,000 shares) and October 23, 2026 (10,000 shares).
• Price Range: Sales were executed in multiple tranches with weighted average prices ranging from $169.29 to $175.51, arriving at an aggregate weighted average price of $172.46 per share.
• Rule 10b5-1 Trading Plan: The sales were executed under an affirmative defense Rule 10b5-1 trading arrangement, indicating pre-scheduled liquidity management rather than discretionary timing.

Ownership Context & Significance:

• Following these transactions, the Trust directly owns 516,119 shares of Common Stock and indirectly holds 39,630 shares.
• Additionally, the Trust continues to hold 54,612,012 shares of Class B Common Stock, convertible one-for-one into Common Stock, retaining controlling voting power.
• The 20,000 shares sold represent less than 0.04% of the Trust's total equity stake in Hershey Co. As a result, the trading significance is rated Low and represents standard portfolio cash generation for trust operations.