=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-10-12
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: 2026-10-12 | Code: S (Open market sale)
Shares: -211 | Price: $160.84
Total Value: $33,936.97
Shares Owned After: 615,908 | 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 $160.8200 to $160.9100, 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: 2026-10-12 | Code: S (Open market sale)
Shares: -1,664 | Price: $161.68
Total Value: $269,036.52
Shares Owned After: 614,244 | 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 $161.0430 to $161.9963, 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: 2026-10-12 | Code: S (Open market sale)
Shares: -894 | Price: $162.25
Total Value: $145,048.73
Shares Owned After: 613,350 | 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 $162.0110 to $162.9411, 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: 2026-10-12 | Code: S (Open market sale)
Shares: -7,185 | Price: $163.63
Total Value: $1,175,684.42
Shares Owned After: 606,165 | 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 $163.0600 to $163.9859, 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: 2026-10-12 | Code: S (Open market sale)
Shares: -46 | Price: $164.04
Total Value: $7,545.67
Shares Owned After: 606,119 | 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 $164.0039 to $164.0650, 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: 2026-10-13 | Code: S (Open market sale)
Shares: -4,123 | Price: $162.81
Total Value: $671,278.82
Shares Owned After: 601,996 | 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 $162.4500 to $162.9958, 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: 2026-10-13 | Code: S (Open market sale)
Shares: -4,997 | Price: $163.25
Total Value: $815,748.76
Shares Owned After: 596,999 | 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 $163.0000 to $163.9986, 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 #8]
Security: Common Stock, $1.00 par value
Date: 2026-10-13 | Code: S (Open market sale)
Shares: -741 | Price: $164.27
Total Value: $121,723.85
Shares Owned After: 596,258 | 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 $164.0222 to $164.7850, 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: 2026-10-13 | Code: S (Open market sale)
Shares: -139 | Price: $165.21
Total Value: $22,964.19
Shares Owned After: 596,119 | Ownership: D (Direct)
[Transaction #10]
Security: Common Stock, $1.00 par value
Date: 2026-10-14 | Code: S (Open market sale)
Shares: -12 | Price: $161.95
Total Value: $1,943.40
Shares Owned After: 596,107 | Ownership: D (Direct)
[Transaction #11]
Security: Common Stock, $1.00 par value
Date: 2026-10-14 | Code: S (Open market sale)
Shares: -2,783 | Price: $162.51
Total Value: $452,254.48
Shares Owned After: 593,324 | 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 $162.0700 to $162.9745, 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 #12]
Security: Common Stock, $1.00 par value
Date: 2026-10-14 | Code: S (Open market sale)
Shares: -2,476 | Price: $163.67
Total Value: $405,237.51
Shares Owned After: 590,848 | Ownership: D (Direct)
Footnotes:
[F10] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0091 to $163.9950, 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 #13]
Security: Common Stock, $1.00 par value
Date: 2026-10-14 | Code: S (Open market sale)
Shares: -4,649 | Price: $164.28
Total Value: $763,721.91
Shares Owned After: 586,199 | Ownership: D (Direct)
Footnotes:
[F11] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0012 to $164.9870, 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 #14]
Security: Common Stock, $1.00 par value
Date: 2026-10-14 | Code: S (Open market sale)
Shares: -80 | Price: $165.02
Total Value: $13,201.94
Shares Owned After: 586,119 | Ownership: D (Direct)
Footnotes:
[F12] The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $165.0185 to $165.0353, 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:
[F13] 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:
[F15] The conversion price is the market price of the Common Stock on the previous business day.
[F14] 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.
[F14] 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 $160.8200 to $160.9100, 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: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $163.0091 to $163.9950, 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.
F11: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0012 to $164.9870, 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.
F12: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $165.0185 to $165.0353, 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.
F13: Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
F14: 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.
F15: 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 $161.0430 to $161.9963, 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 $162.0110 to $162.9411, 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 $163.0600 to $163.9859, 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 $164.0039 to $164.0650, 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 $162.4500 to $162.9958, 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 $163.0000 to $163.9986, 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.
F8: The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $164.0222 to $164.7850, 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 $162.0700 to $162.9745, 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/ Muzzamil Mussani, VP, Investment Operations and Portfolio Analytics (2026-10-14)
