# EDGAR Filing Document

**Accession Number:** 0001314620
**File Stem:** 0001398344-25-017101
**Filing Date:** 2025-8
**Character Count:** 34901
**Document Hash:** 058e3c6ac75bd6905ad9dad62754f156
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017101.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001398344-25-017101

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hillman Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001314620

**ORGANIZATION NAME:**
- **EIN:** 522082740
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11091
- **FILM NUMBER:** 251276460

**BUSINESS ADDRESS:**
- **STREET 1:** 7255 WOODMONT AVE
- **STREET 2:** SUITE 260
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 410-269-7783

**MAIL ADDRESS:**
- **STREET 1:** 7255 WOODMONT AVE
- **STREET 2:** SUITE 260
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001314620

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Hillman Capital Management, Inc.

**Address:** 7255 WOODMONT AVE, BETHESDA, MD 20814

**Telephone number:** 240-744-4510

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-11091

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                         | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                              | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ADOBE INC.                             | 00724F101 | 04/22/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            370 |                0 | FOR         |                                      370 | FOR                         |  |
| ADVANCED MICRO DEVICES, INC.           | 007903107 | 05/14/2025     | Approve on a non-binding, advisory basis the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission. | SECTION 14A SAY-ON-PAY VOTES |           1639 |                0 | AGAINST     |                                     1639 | AGAINST                     |  |
| AIR PRODUCTS AND CHEMICALS, INC.       | 009158106 | 01/23/2025     | Advisory Vote Approving the Compensation of the Company's Executive Officers.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | ABSTAIN     |                                        0 | NONE                        |  |
| AIR PRODUCTS AND CHEMICALS, INC.       | 009158106 | 01/23/2025     | An advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |            656 |                0 | FOR         |                                      656 | FOR                         |  |
| AMAZON.COM, INC.                       | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |              7 |                0 | FOR         |                                        7 | FOR                         |  |
| AT INC.                                | 00206R102 | 05/15/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         118643 |                0 | FOR         |                                   118643 | FOR                         |  |
| AUTODESK, INC.                         | 052769106 | 06/18/2025     | Approve, on an advisory (non-binding) basis, the compensation of Autodesk, Inc.'s named executive officers.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | FOR         |                                        5 | FOR                         |  |
| BAXTER INTERNATIONAL INC.              | 071813109 | 05/06/2025     | Advisory Vote to Approve Named Executive Officer Compensation for 2024                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          65801 |                0 | FOR         |                                    65801 | FOR                         |  |
| BECTON, DICKINSON AND COMPANY          | 075887109 | 01/28/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            773 |                0 | FOR         |                                      773 | FOR                         |  |
| BEST BUY CO., INC.                     | 086516101 | 06/13/2025     | To approve in a non-binding advisory vote our named executive officer compensation                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |             18 |                0 | FOR         |                                       18 | FOR                         |  |
| BIOGEN INC.                            | 09062X103 | 06/17/2025     | Say on Pay - To hold an advisory vote on executive compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          16508 |                0 | FOR         |                                    16508 | FOR                         |  |
| BLACKROCK, INC.                        | 09290D101 | 05/15/2025     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            227 |                0 | FOR         |                                      227 | FOR                         |  |
| BRISTOL-MYERS SQUIBB COMPANY           | 110122108 | 05/06/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           3640 |                0 | FOR         |                                     3640 | FOR                         |  |
| CAMPBELL SOUP COMPANY                  | 134429109 | 11/19/2024     | To vote on an advisory resolution to approve the fiscal 2024 compensation of our named executive officers, commonly referred to as a "say on pay" vote.                                                                       | SECTION 14A SAY-ON-PAY VOTES |           4259 |                0 | FOR         |                                     4259 | FOR                         |  |
| CARMAX, INC.                           | 143130102 | 06/24/2025     | To approve, in an advisory (non-binding) vote, the compensation of our named executive officers.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          32242 |                0 | FOR         |                                    32242 | FOR                         |  |
| CATERPILLAR INC.                       | 149123101 | 06/11/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | FOR         |                                        4 | FOR                         |  |
| CHIPOTLE MEXICAN GRILL, INC.           | 169656105 | 06/11/2025     | An advisory vote to approve the compensation of our executive officers as disclosed in the proxy statement ("say on pay").                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             27 |                0 | AGAINST     |                                       27 | AGAINST                     |  |
| COMCAST CORPORATION                    | 20030N101 | 06/18/2025     | Advisory vote on executive compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           5453 |                0 | FOR         |                                     5453 | FOR                         |  |
| CONAGRA BRANDS, INC.                   | 205887102 | 09/18/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           6044 |                0 | AGAINST     |                                     6044 | AGAINST                     |  |
| CONSTELLATION BRANDS, INC.             | 21036P108 | 07/17/2024     | To approve, by an advisory vote, the compensation of the Company's named executive officers as disclosed in the Proxy Statement.                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            669 |                0 | FOR         |                                      669 | FOR                         |  |
| COSTAR GROUP, INC.                     | 22160N109 | 06/26/2025     | Proposal to approve, on an advisory basis, the Company's executive compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |             17 |                0 | AGAINST     |                                       17 | AGAINST                     |  |
| CVS HEALTH CORPORATION                 | 126650100 | 05/15/2025     | Say on Pay, a Proposal to Approve, on an Advisory Basis, the Company's Executive Compensation.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          42978 |                0 | AGAINST     |                                    42978 | AGAINST                     |  |
| DUPONT DE NEMOURS, INC.                | 26614N102 | 05/22/2025     | Advisory Resolution to Approve Executive Compensation                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          31670 |                0 | FOR         |                                    31670 | FOR                         |  |
| EBAY INC.                              | 278642103 | 06/25/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |             21 |                0 | FOR         |                                       21 | FOR                         |  |
| EQUIFAX INC.                           | 294429105 | 05/08/2025     | Advisory vote to approve named executive officer compensation ("say-on-pay").                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           9933 |                0 | FOR         |                                     9933 | FOR                         |  |
| EXXON MOBIL CORPORATION                | 30231G102 | 05/28/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           1937 |                0 | FOR         |                                     1937 | FOR                         |  |
| GE AEROSPACE                           | 369604301 | 05/06/2025     | Advisory Approval of Our Named Executives' Compensation                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           1112 |                0 | AGAINST     |                                     1112 | AGAINST                     |  |
| HONEYWELL INTERNATIONAL INC.           | 438516106 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |              6 |                0 | FOR         |                                        6 | FOR                         |  |
| INGERSOLL RAND INC.                    | 45687V106 | 06/12/2025     | Non-binding vote to approve executive compensation.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |             17 |                0 | FOR         |                                       17 | FOR                         |  |
| INTERNATIONAL FLAVORS  FRAGRANCES INC. | 459506101 | 05/01/2025     | Approve, on an advisory basis, the compensation of our named executive officers in 2024.                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          31514 |                0 | AGAINST     |                                    31514 | AGAINST                     |  |
| IRON MOUNTAIN INC.                     | 46284V101 | 05/29/2025     | The approval of a non-binding, advisory resolution approving the compensation of our named executive officers as described in the Iron Mountain Incorporated Proxy Statement.                                                 | SECTION 14A SAY-ON-PAY VOTES |             16 |                0 | FOR         |                                       16 | FOR                         |  |
| MASTERCARD INCORPORATED                | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | FOR         |                                        2 | FOR                         |  |
| MCDONALD'S CORPORATION                 | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            400 |                0 | FOR         |                                      400 | FOR                         |  |
| MEDTRONIC PLC                          | G5960L103 | 10/17/2024     | Approving, on an advisory basis, the Company's executive compensation.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           2145 |                0 | FOR         |                                     2145 | FOR                         |  |
| MERCK  CO., INC.                       | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |             15 |                0 | FOR         |                                       15 | FOR                         |  |
| META PLATFORMS, INC.                   | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                             | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | FOR         |                                        2 | FOR                         |  |
| META PLATFORMS, INC.                   | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                   | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | 1 Year      |                                        2 | AGAINST                     |  |
| MICROSOFT CORPORATION                  | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           8924 |                0 | FOR         |                                     8924 | FOR                         |  |
| MONSTER BEVERAGE CORPORATION           | 61174X109 | 06/12/2025     | Proposal to approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers.                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              6 |                0 | FOR         |                                        6 | FOR                         |  |
| NETFLIX, INC.                          | 64110L106 | 06/05/2025     | Advisory approval of named executive officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | FOR         |                                        1 | FOR                         |  |
| NUCOR CORPORATION                      | 670346105 | 05/08/2025     | Approval, on an advisory basis, of Nucor's named executive officer compensation in 2024                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           1440 |                0 | AGAINST     |                                     1440 | AGAINST                     |  |
| NVIDIA CORPORATION                     | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |             12 |                0 | FOR         |                                       12 | FOR                         |  |
| PFIZER INC.                            | 717081103 | 04/24/2025     | 2025 advisory approval of executive compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          92745 |                0 | FOR         |                                    92745 | FOR                         |  |
| ROPER TECHNOLOGIES, INC.               | 776696106 | 06/10/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | FOR         |                                        2 | FOR                         |  |
| RTX CORPORATION                        | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           1661 |                0 | FOR         |                                     1661 | FOR                         |  |
| SALESFORCE, INC.                       | 79466L302 | 06/05/2025     | Approval, on an advisory basis, of the fiscal 2025 compensation of our named executive officers.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            700 |                0 | AGAINST     |                                      700 | AGAINST                     |  |
| SANOFI                                 | 80105N105 | 04/30/2025     | Approval of the compensation policy for directors                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| SANOFI                                 | 80105N105 | 04/30/2025     | Approval of the compensation policy for the Chairman of the Board of Directors                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| SANOFI                                 | 80105N105 | 04/30/2025     | Approval of the compensation policy for the Chief Executive Officer                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| SANOFI                                 | 80105N105 | 04/30/2025     | Approval of the components of the compensation paid or awarded in respect of the year ended December 31, 2024 to Fr?d?ric Oud?a, Chairman of the Board                                                                        | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| SANOFI                                 | 80105N105 | 04/30/2025     | Approval of the components of the compensation paid or awarded in respect of the year ended December 31, 2024 to Paul Hudson, Chief Executive Officer                                                                         | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| STRYKER CORPORATION                    | 863667101 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            371 |                0 | FOR         |                                      371 | FOR                         |  |
| T. ROWE PRICE GROUP, INC.              | 74144T108 | 05/08/2025     | Approve, by a non-binding advisory vote, the compensation paid by the Company to its Named Executive Officers.                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           1542 |                0 | FOR         |                                     1542 | FOR                         |  |
| TARGET CORPORATION                     | 87612E106 | 06/11/2025     | Company proposal to approve, on an advisory basis, our executive compensation (Say on Pay).                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |             13 |                0 | FOR         |                                       13 | FOR                         |  |
| THE ALLSTATE CORPORATION               | 020002101 | 05/29/2025     | Advisory vote to approve the compensation of the named executives.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              7 |                0 | FOR         |                                        7 | FOR                         |  |
| THE BOEING COMPANY                     | 097023105 | 04/24/2025     | Approve, on an Advisory Basis, Named Executive Officer Compensation.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          15299 |                0 | FOR         |                                    15299 | FOR                         |  |
| THE ESTEE LAUDER COMPANIES INC.        | 518439104 | 11/08/2024     | Advisory vote to approve executive compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          21787 |                0 | AGAINST     |                                    21787 | AGAINST                     |  |
| THE HOME DEPOT, INC.                   | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            354 |                0 | FOR         |                                      354 | FOR                         |  |
| THE KRAFT HEINZ COMPANY                | 500754106 | 05/08/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          74237 |                0 | FOR         |                                    74237 | FOR                         |  |
| THE SOUTHERN COMPANY                   | 842587107 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |             15 |                0 | FOR         |                                       15 | FOR                         |  |
| THE WALT DISNEY COMPANY                | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           1878 |                0 | FOR         |                                     1878 | FOR                         |  |
| THE WESTERN UNION COMPANY              | 959802109 | 05/15/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          16554 |                0 | FOR         |                                    16554 | FOR                         |  |
| U.S. BANCORP                           | 902973304 | 04/15/2025     | An advisory vote to approve the compensation of our executives disclosed in the proxy statement.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           4500 |                0 | FOR         |                                     4500 | FOR                         |  |
| UNITEDHEALTH GROUP INCORPORATED        | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            278 |                0 | FOR         |                                      278 | FOR                         |  |
| UNIVERSAL DISPLAY CORPORATION          | 91347P105 | 06/18/2025     | Advisory resolution to approve the compensation of the Company's named executive officers.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              9 |                0 | FOR         |                                        9 | FOR                         |  |
| VERIZON COMMUNICATIONS INC.            | 92343V104 | 05/22/2025     | Advisory vote to approve executive compensation                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           4339 |                0 | FOR         |                                     4339 | FOR                         |  |
| WALMART INC.                           | 931142103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             16 |                0 | FOR         |                                       16 | FOR                         |  |
| WARNER BROS. DISCOVERY, INC.           | 934423104 | 06/02/2025     | To vote on an advisory resolution to approve the 2024 compensation of Warner Bros. Discovery, Inc.'s named executive officers, commonly referred to as a "Say-on-Pay" vote.                                                   | SECTION 14A SAY-ON-PAY VOTES |         290723 |                0 | AGAINST     |                                   290723 | AGAINST                     |  |
| ZIMMER BIOMET HOLDINGS, INC.           | 98956P102 | 05/29/2025     | Approve, on a non-binding advisory basis, named executive officer compensation ("Say on Pay").                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          23487 |                0 | FOR         |                                    23487 | FOR                         |  |
| ZOETIS INC.                            | 98978V103 | 05/21/2025     | Advisory vote to approve our executive compensation.                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |              8 |                0 | FOR         |                                        8 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Hillman Capital Management, Inc.

**By (Signature):** Mark A. Hillman

**By (Printed Signature):** Mark A. Hillman

**By (Title):** CEO

**Date:** 08/29/2025