Hormel (HRL) director boosts deferred holdings to 67,710.41 phantom units
Rhea-AI Filing Summary
On 09/30/2025, director Gary C. Bhojwani reported acquiring 2,652.59 phantom stock units under Hormel Foods Corporation's Nonemployee Director Deferred Stock Subplan at an implied price of $24.74 per unit. Each phantom unit equals one share of common stock and becomes payable in shares after termination of director service (either in a lump sum or up to ten annual installments) or immediately if separation occurs within six months following a change in control. The report shows 67,710.41 total phantom units owned after the transaction; an additional 4,328 units are held indirectly through a GRAT. The filing was signed by an attorney-in-fact on 10/02/2025.
Positive
- 2,652.59 phantom stock units acquired on 09/30/2025, increasing director alignment with shareholders
- 67,710.41 total phantom units beneficially owned after the transaction
- 4,328 units held indirectly in a GRAT, showing structured ownership
Negative
- None.
Insights
Director received additional deferred compensation units, modestly increasing stake.
The filing shows 2,652.59 phantom stock units acquired on 09/30/2025 under the company's deferred stock subplan, bringing total phantom units to 67,710.41. Phantom units are payable in shares after service termination or on accelerated terms following a change in control, which aligns director compensation with shareholder value.
This is a routine director compensation event and is notable primarily as a disclosure of the director's ongoing deferred equity accumulation rather than a market-facing transaction.
Deferral mechanics and dividend-equivalent conversion increased phantom holdings.
The explanation states the 2,652.59 units represent deferrals and that an additional units conversion occurred from dividend equivalents through the transaction date, contributing to the post-transaction total of 67,710.41. An indirect holding of 4,328 units is held in a GRAT, indicating an estate-planning ownership vehicle.
The payment schedule (lump sum or up to ten annual installments on the February 15 after termination) and change-in-control acceleration are explicit plan terms disclosed in the filing.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 2,652.59 | $24.74 | $66K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Represents phantom stock units for deferrals under the Hormel Foods Corporation Nonemployee Director Deferred Stock Subplan pursuant to the Hormel Foods Corporation 2018 Incentive Compensation Plan (the "2018 Incentive Compensation Plan"). Each phantom stock unit is the equivalent of one share of common stock. The phantom stock units become payable in shares of common stock in one lump sum, or in up to ten annual installments, at the election of the reporting person, on February 15 of the year following termination of service as a director, or such later date as is elected by the reporting person. In addition, the phantom stock units become payable in shares of common stock in one lump sum immediately upon a director's separation from service within six months following a change in control (as defined in the 2018 Incentive Compensation Plan). Reflects additional phantom stock units received by the Reporting Person upon conversion of dividend equivalents from March 31, 2025 through the date of the reported transaction.
