=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-09-21
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: HERSHEY CO (HSY)
CIK: 0000047111
--- Reporting Owner ---
Name: HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
CIK: 0000938543
Role: 10%+ Owner
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Common Stock, $1.00 par value
Date: 2026-09-21 | Code: S (Open market sale)
Shares: -6,432 | Price: $167.66
Total Value: $1,078,414.20
Shares Owned After: 759,687 | Ownership: D (Direct)
Footnotes:
[F1] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.1750 to $167.9986, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #2]
Security: Common Stock, $1.00 par value
Date: 2026-09-21 | Code: S (Open market sale)
Shares: -2,638 | Price: $168.39
Total Value: $444,224.16
Shares Owned After: 757,049 | Ownership: D (Direct)
Footnotes:
[F2] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0000 to $168.9963, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #3]
Security: Common Stock, $1.00 par value
Date: 2026-09-21 | Code: S (Open market sale)
Shares: -730 | Price: $169.19
Total Value: $123,506.36
Shares Owned After: 756,319 | Ownership: D (Direct)
Footnotes:
[F3] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0021 to $169.9880, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #4]
Security: Common Stock, $1.00 par value
Date: 2026-09-21 | Code: S (Open market sale)
Shares: -200 | Price: $170.10
Total Value: $34,019.50
Shares Owned After: 756,119 | Ownership: D (Direct)
Footnotes:
[F4] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $170.0000 to $170.2799, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #5]
Security: Common Stock, $1.00 par value
Date: 2026-09-22 | Code: S (Open market sale)
Shares: -7,662 | Price: $168.55
Total Value: $1,291,441.59
Shares Owned After: 748,457 | Ownership: D (Direct)
Footnotes:
[F5] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0800 to $168.9956, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #6]
Security: Common Stock, $1.00 par value
Date: 2026-09-22 | Code: S (Open market sale)
Shares: -2,338 | Price: $169.13
Total Value: $395,423.13
Shares Owned After: 746,119 | Ownership: D (Direct)
Footnotes:
[F6] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0000 to $169.5000, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #7]
Security: Common Stock, $1.00 par value
Date: 2026-09-23 | Code: S (Open market sale)
Shares: -1,296 | Price: $167.81
Total Value: $217,480.85
Shares Owned After: 744,823 | Ownership: D (Direct)
Footnotes:
[F7] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.5253 to $167.9990, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #8]
Security: Common Stock, $1.00 par value
Date: 2026-09-23 | Code: S (Open market sale)
Shares: -7,121 | Price: $168.49
Total Value: $1,199,821.56
Shares Owned After: 737,702 | Ownership: D (Direct)
Footnotes:
[F8] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0003 to $168.9964, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
[Transaction #9]
Security: Common Stock, $1.00 par value
Date: 2026-09-23 | Code: S (Open market sale)
Shares: -1,583 | Price: $169.20
Total Value: $267,838.22
Shares Owned After: 736,119 | Ownership: D (Direct)
Footnotes:
[F9] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0003 to $169.6374, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
--- Holdings ---
[Holding #1]
Security: Common Stock, $1.00 par value
Ownership: I (Indirect)
Footnotes:
[F10] Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
[Holding #2]
Security: Class B Common Stock, $1.00 par value
Ownership: D (Direct)
Footnotes:
[F12] The conversion price is the market price of the Common Stock on the previous business day.
[F11] All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock, $1.00 par value, at any time, and without payment other than for the fact of conversion. There is no expiration date.
[F11] All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock, $1.00 par value, at any time, and without payment other than for the fact of conversion. There is no expiration date.
--- Footnotes (Complete Index) ---
F1: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.1750 to $167.9986, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F10: Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
F11: All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock, $1.00 par value, at any time, and without payment other than for the fact of conversion. There is no expiration date.
F12: The conversion price is the market price of the Common Stock on the previous business day.
F2: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0000 to $168.9963, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F3: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0021 to $169.9880, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F4: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $170.0000 to $170.2799, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F5: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0800 to $168.9956, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F6: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0000 to $169.5000, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F7: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.5253 to $167.9990, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F8: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0003 to $168.9964, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
F9: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0003 to $169.6374, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
--- Signature ---
/s/ /s/ Joshua D. Shannon, Deputy CIO (2026-09-23)
