CAMPBELL'S Co — Director's Dealing 2010

Dec 21, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CAMPBELL SOUP CO (CPB)
CIK: 0000016732
Period of Report: 2010-12-09

Reporting Person: PERRIN CHARLES R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-09	Common Stock	J	10000	$0.00	Disposed	10000	Indirect
2010-12-17	Common Stock	M	4880	$34.375	Acquired	14880	Indirect
2010-12-17	Common Stock	F	4780	$35.10	Disposed	10100	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-17	Stock Option	$34.375	M	4880	Disposed	2011-01-01	Common Stock (4880)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10000	Indirect
Common Stock	100	Direct

Footnotes

F1: Contribution of 10,000 shares by the Reporting Person to the Charles Perrin 2010-4 GRAT, of which the Reporting Person is the annuitant, grantor and trustee.

F2: The shares are held by the Charles Perrin 2010-4 GRAT, for which the reporting person serves as trustee.

F3: Following the transaction, the reporting person held 100 shares directly and 10,000 shares indirectly via the Charles Perrin 2010-4 GRAT for which the reporting person serves as trustee.

F4: The options vested cumulatively over three years at the rate of 30%, 60% and 100% respectively on the first three anniversaries of the grant date of 1/1/2001.