[Form 4] CAMPBELL'S Co Insider Trading Activity

Rhea-AI Filing Summary

Charles A. Brawley III, EVP, General Counsel and Corporate Secretary of Campbell's Co (CPB), reported changes in his beneficial ownership on a Form 4. On 09/30/2025 he sold 2,186 shares at $30.87, reducing his direct holdings to 35,404 shares. Also on 09/30/2025 he received 2,161 shares and on 10/01/2025 received 21,135 shares at no purchase price following the vesting of performance-restricted share units, bringing total beneficial ownership to 58,700 shares. The vested PRSUs were earned based on total shareholder return and adjusted EPS compound annual growth rate measured over three years.

Positive

• 23,296 shares were acquired through vesting of performance-restricted share units tied to long-term metrics
• Vested PRSUs were explicitly based on Total Shareholder Return and Adjusted EPS CAGR over a three-year performance period

Negative

• Reported open-market sale of 2,186 shares at $30.87

Insights

Corporate Insider Transactions Analyst

Insider reported a small open-market sale and significant PRSU vesting totaling 23,296 shares.

What it means: The reporting person sold 2,186 shares at $30.87 and separately received 2,161 and 21,135 shares from vesting events, increasing total beneficial ownership to 58,700 shares.

Why it matters: The acquisitions were the result of performance-restricted share units tied to total shareholder return and adjusted EPS CAGR over a three-year period, showing compensation payout rather than a market purchase. The small sale is a disclosed disposition but the filing does not state any trading plan or broader liquidity intent.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Brawley Charles A. III

(Last) (First) (Middle)

ONE CAMPBELL PLACE

(Street)

CAMDEN NJ 08103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CAMPBELL'S Co [ CPB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Gen Counsel, and Corp Sec

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		F		2,186	D	$30.87	35,404	D
Common Stock	09/30/2025		A		2,161(1)	A	$0	37,565	D
Common Stock	10/01/2025		A		21,135	A	$0	58,700	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents (i) shares earned upon vesting of performance-restricted share units based on total shareholder return over a three-year performance period; and (ii) shares earned upon vesting of performance-restricted share units based on adjusted EPS compound annual growth rate over a three-year performance period.

Remarks:

	Marci K. Donnelly, Attorney-in-Fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Charles A. Brawley III report on the Form 4 for CPB?

He reported a sale of 2,186 shares at $30.87 on 09/30/2025, and receipt (vesting) of 2,161 shares on 09/30/2025 and 21,135 shares on 10/01/2025.

How many Campbell's (CPB) shares does the reporting person beneficially own after these transactions?

Following the reported transactions, the reporting person beneficially owns 58,700 shares.

Why were the shares received at no cost in the Form 4 filing?

The shares were earned upon vesting of performance-restricted share units tied to Total Shareholder Return and Adjusted EPS CAGR over a three-year performance period.

When were the transactions signed and filed on the Form 4?

The filing includes a signature by Marci K. Donnelly, Attorney-in-Fact dated 10/02/2025.

What is the reporting person's role at Campbell's?

The reporting person, Charles A. Brawley III, is listed as EVP, General Counsel, and Corporate Secretary.