Hershey Chief Financial Officer Sells 1,500 Shares Under Pre-Established Trading Plan

Insider Transaction Details and Timeline

Steven E. Voskuil, who serves as SVP and Chief Financial Officer of The Hershey Company, filed an insider transaction report disclosing the sale of common stock shares on July 20, 2026. The transaction involved the disposal of 1,500 shares at a reported price of $170 per share. The filing indicates that Voskuil holds his residence at 19 East Chocolate Avenue in Hershey, Pennsylvania, the location of the chocolate manufacturer's headquarters and principal operations.

The timing and execution of this transaction were governed by a Rule 10b5-1 trading plan that Voskuil had previously adopted on May 20, 2025. Such trading plans allow corporate insiders to establish predetermined schedules and prices for equity sales, helping to demonstrate that transactions are made in good faith and not based on material nonpublic information. The pre-established nature of this plan underscores that the July 2026 transaction followed parameters set months in advance.

Beneficial Ownership Position Following the Transaction

After completing the stock sale, Voskuil retained direct beneficial ownership of 53,195 shares of Hershey common stock. This represents his direct holding in the company following the reported disposition. The filing indicates that Voskuil held all of these remaining shares in direct form rather than through any indirect ownership structure, which is typical for equity held by senior company executives.

The disclosure demonstrates that despite the sale of 1,500 shares, Voskuil maintained a substantial equity position in the confectionery company. His continued ownership of over 53,000 shares reflects ongoing alignment with shareholder interests in the performance of The Hershey Company, which is a major manufacturer and distributor of chocolate and confectionery products serving global markets.

Rule 10b5-1 Trading Plan Framework and Insider Compliance

The transaction executed by Voskuil falls under the regulatory framework established by Rule 10b5-1(c) of the Securities Exchange Act of 1934. This rule permits insiders to establish binding trading plans during periods when they possess material nonpublic information, provided that certain conditions are met. By establishing such a plan in advance, insiders can demonstrate that their subsequent transactions were not motivated by access to confidential company information, thereby reducing potential concerns about trading on inside information.

The reporting checkbox on the insider transaction report confirms that this particular transaction was executed pursuant to a contract, instruction, or written plan designed to satisfy the affirmative defense conditions of Rule 10b5-1(c). This compliance mechanism is commonly used by corporate officers and directors to structure equity sales in a manner transparent to regulators and investors. Voskuil's reliance on this pre-established plan structure provides clarity regarding the nature and timing of his stock disposition.

Hershey Company Overview and Executive Role Significance

The Hershey Company operates as one of the world's largest manufacturers of quality chocolate and confectionery products, with a diverse portfolio serving consumers across multiple continents. The company's business model centers on the development, production, and distribution of branded chocolate bars, candies, and related products, supported by strong distribution networks and established consumer relationships. As Chief Financial Officer, Voskuil holds responsibility for financial planning, accounting, treasury operations, and investor relations functions at the multinational confectionery corporation.

The CFO position at a publicly traded company of Hershey's scale involves significant stewardship of shareholder capital and financial strategy. Voskuil's continued equity ownership demonstrates that senior financial leadership at the company maintains personal investment in shareholder returns. His filing also indicates his status as an officer of the issuer, though the report does not indicate concurrent service as a director or as a beneficial owner of ten percent or more of the company's shares.

SEC Disclosure Requirements for Officer Transactions

Officers of public companies traded on national securities exchanges are required to report changes in beneficial ownership under Section 16(a) of the Securities Exchange Act of 1934. These disclosure requirements, commonly referred to as Form 4 filings, mandate that corporate insiders report transactions in company securities within two business days of execution. The reporting obligation applies to officers, directors, and significant shareholders to provide transparency regarding insider trading activity to the investment public and regulators.

Voskuil's transaction report was filed on July 21, 2026, which represents timely disclosure of his July 20, 2026 stock sale. The detailed information provided in the report includes transaction dates, security amounts, prices, and post-transaction ownership levels. This transparency mechanism is designed to allow investors and analysts to monitor insider activity as one data point when evaluating company developments and executive confidence in business prospects.

Direct Ownership Structure and Reporting Classification

The insider transaction report indicates that Voskuil holds his remaining 53,195 shares in direct form, meaning he owns the securities personally rather than through trusts, entities, or other indirect structures. Direct ownership is the standard holding method for corporate officers and provides straightforward disclosure of beneficial ownership relationships. The filing checkbox confirms that this represents a single reporting person filing rather than a joint or group filing, which would be the case if multiple insiders had coordinated a transaction.

The distinction between direct and indirect beneficial ownership can have significance for understanding executive commitment to the company. Direct holdings eliminate any ambiguity about personal exposure to company performance, whereas indirect ownership through entities or trusts may introduce additional layers of analysis. In this instance, Voskuil's reported holding structure reflects straightforward personal ownership of his equity position in Hershey.

Stock Sale Pricing and Market Context

The reported sale price of $170 per share establishes the execution value for Voskuil's transaction on July 20, 2026. This price point was established under the terms of his Rule 10b5-1 trading plan, which had been established previously on May 20, 2025. The pre-established pricing mechanism built into the trading plan eliminates the possibility that Voskuil selected the sale timing based on any sudden awareness of price movements or material company developments occurring between plan establishment and execution.

Investors analyzing insider transactions often consider the price at which shares are sold as one indicator of executive sentiment about future company performance. However, when such sales occur pursuant to pre-established trading plans, the price determination is mechanical rather than discretionary, which reduces the analytical significance of the specific price point. The filing does not provide information regarding the opening, closing, or other price points for Hershey stock on the transaction date, so the relative value of the $170 execution price compared to prevailing market prices cannot be determined from the disclosed information.

Regulatory Compliance and Verification Mechanisms

The insider transaction report was signed by Kathleen S. Purcell, identified as an agent for Steven E. Voskuil, on July 21, 2026. The use of an authorized agent to execute the filing is permitted under Securities Exchange Commission rules and procedures. The signature line on the form includes a legal reminder that intentional misstatements or omissions of facts constitute federal criminal violations under 18 U.S.C. Section 1001 and 15 U.S.C. Section 78ff(a), emphasizing the importance of accurate disclosure in insider transaction reports.

The report references specific instruction numbers from the SEC's Form 4 instructions, indicating compliance with prescribed disclosure formats and content requirements. These standardized formats ensure that all insider transaction disclosures contain consistent information organized in a manner that permits investors and analysts to compare transactions across multiple companies and time periods. The submission of the report through the SEC's electronic data gathering system provides public access to the filing within the same business day of submission.

Investment Implications and Investor Monitoring Considerations

Insider trading activity, when properly disclosed, provides investors with information about the buying and selling decisions of company executives and directors. Such transactions can sometimes reflect executive views regarding the company's valuation or near-term prospects, though pre-established trading plans reduce the informational content of individual transactions. The fact that Voskuil maintained more than 53,000 shares following this sale suggests continued confidence in the company, as his personal wealth remains substantially exposed to Hershey stock performance.

Investors tracking insider activity at The Hershey Company may wish to monitor patterns of insider buying and selling over time, as such patterns can provide cumulative insights into executive sentiment. A single stock sale by one officer represents limited data, but when combined with other transactions and company developments, insider activity can form part of a broader analytical framework. The disclosure system ensures that all such transactions are reported publicly, allowing investors full transparency regarding insider dealings.