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This excerpt taken from the HSY 10-Q filed Aug 6, 2008. David J. West |
100 Crystal A
Drive
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| President and CEO |
P. O. Box
810
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Hershey,
PA 17033-0810
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Phone:
717-508-3900
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Fax:
717-534-4055
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June 16, 2008
Mr.
Burton H. Snyder
Senior
Vice President, General Counsel
and
Secretary
Dear
Burt:
In
recognition of your leadership and significant contributions, I’m pleased to
confirm changes in your compensation. As we discussed, both the Board
and I are very interested in your continued employment through at least December
31, 2010. On June 4, 2008, the Compensation and Executive
Organization Committee (“Committee”) approved a special Restricted Stock Unit
(RSU) retention award of 10,000 units. The RSU’s shall vest in equal
proportions on December 31, 2009 and December 31, 2010 and payment will be made
in shares. The details of your award will be provided by the
compensation department shortly.
The
Committee is also providing protection of your Supplemental Executive Retirement
Plan (“SERP”) lump sum benefit in recognition that your continuing to work is
not likely to add to, and could instead erode significantly, the value of the
retirement benefits you have earned under the plan. Providing that you retire
after December 31, 2008, at retirement you will receive an aggregate lump sum
benefit equal to the greater of a) $5,290,335; or b) the amount
actually payable to you if greater under the SERP. The terms of the
SERP will otherwise apply, including those pertaining to the timing of payment
following retirement and forfeiture in the event of termination for
cause.
I trust
these benefits demonstrate our commitment to retain you and sincerely thank you
for your contributions as we continue to build the foundation for the company’s
long-term prosperity.
Regards,
/s/ David J.
West