Hershey Trust Co Sells $3.26M in HSY Under Rule 10b5-1 Plan

Executive Summary

On November 2, 2026, Hershey Trust Co Trustee in Trust for Milton Hershey School, a 10% beneficial owner of The Hershey Company ($HSY), filed a Form 4 disclosing open-market sales of 20,000 shares of common stock across October 29 and October 30, 2026. The sales generated aggregate proceeds of approximately $3.26 million at a volume-weighted average price of $163.22 per share. The transactions were executed pursuant to a pre-arranged Rule 10b5-1 trading plan.

Transaction Details

• Dates of Execution: October 29, 2026 (10,000 shares) and October 30, 2026 (10,000 shares)
• Price Range: Prices ranged from $160.00 to $165.94 across multiple tranches.
• Aggregate Shares Sold: 20,000 shares
• Aggregate Consideration: $3,264,345.33
• Post-Transaction Direct Common Stock Ownership: 466,119 shares

Holding Context and Control Position

Despite the disposition, the Trust's voting and economic stake in Hershey remains largely unchanged:

• Direct Common Stock: 466,119 shares
• Indirect Common Stock: 39,630 shares held by Hershey Trust Company
• Class B Common Stock: 54,612,012 shares (convertible one-for-one into common stock, granting super-voting rights)

The 20,000 shares sold represent less than 0.04% of the Trust's total combined equity holding in The Hershey Company.

Assessment

The trading significance is rated as Low. The disposition represents routine portfolio diversification by the institutional trust under an affirmative Rule 10b5-1 defense plan and has negligible impact on the Trust's controlling interest in the issuer.