HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 4

What Happened
Hershey Trust Company, as trustee for the Milton Hershey School Trust (a >10% owner), sold a total of 30,000 Hershey Co. (HSY) shares in open‑market transactions between April 6 and April 8, 2026. The sales were executed across multiple trades (11 reported line items) at reported weighted‑average prices ranging roughly from $205.45 to $208.57, generating approximately $6,232,878 in proceeds. Trades were recorded as sales (code S).

Key Details

• Transaction dates and per‑lot detail (weighted‑average prices shown in filing):
  • 2026-04-06: 85 @ $205.45; 500 @ $206.63; 7,681 @ $207.68; 1,734 @ $208.27 — total 10,000 shares (~$2.08M)
  • 2026-04-07: 17 @ $205.98; 4,514 @ $206.71; 4,006 @ $207.52; 1,463 @ $208.41 — total 10,000 shares (~$2.07M)
  • 2026-04-08: 416 @ $206.77; 2,142 @ $207.63; 7,442 @ $208.57 — total 10,000 shares (~$2.08M)
• Aggregate: 30,000 shares sold for about $6.23 million.
• Notable footnotes: prices are reported as weighted averages; the filing includes ranges of actual trade prices and an undertaking to provide per‑trade price details on request. Hershey Trust Co. is wholly owned by the Milton Hershey School Trust and acts as trustee.
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Timeliness: Form 4 was filed on April 8, 2026 for transactions occurring April 6–8, 2026 — appears to be a timely filing (Form 4 is generally due within two business days).

Context

• The seller is an institutional/charitable trust (10% owner) acting as trustee, not an individual company executive. Institutional sales can reflect portfolio or trust management needs rather than insider views on company prospects.
• All reported trades are sales (not option exercises, awards, or gifts). Footnotes indicate the filing reports weighted average prices because multiple executions occurred at different prices.