HSY » Topics » Death or Disability

This excerpt taken from the HSY DEF 14A filed Mar 16, 2009.

Death or Disability

If an executive officer dies and has not met the vesting requirements to be eligible to receive a benefit from the DB SERP, no benefits are paid. Messrs. West and Snyder were fully vested in their DB SERP benefits as of December 31, 2008.

A maximum monthly long-term disability benefit of $35,000 is provided for Mr. West and $25,000 for all other named executive officers in the event of long-term disability. Long-term disability benefits are payable until age 65. Long-term disability benefits are offset by other benefits such as Social Security. The maximum amount of the monthly long-term disability payments from all sources, assuming long-term disability on December 31, 2008, is set forth in the tables below. The additional lump sum DB SERP amount that would be payable for Ms. Buck and Messrs. West and

 

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Bilbrey at age 65, attributable to vesting and benefit service credited during the disability period for the DB SERP, if the executive’s disability started on December 31, 2008, is shown on the table below. Mr. Alfonso participates in the DC SERP which provides two additional years of credit after approval for long-term disability and that amount is listed in the table below:

 

Name   Long-Term Disability Benefit  
 

Maximum   

Monthly   

Amount   

($)   

 

Years and
  Months to Age 65  

(#)

 

  Total of Payments  

to Age 65

($)

 

Lump Sum
DB SERP/

DC SERP
Benefit

($)

 

D. J. West

 

35,000   

  19 years 3 months         8,085,000   4,382,230 (1)  

H. P. Alfonso

 

25,000   

  13 years 6 months         4,050,000   288,957  

J. P. Bilbrey

 

25,000   

  12 years 7 months         3,775,000   3,699,743 (1)  

B. H. Snyder

 

25,000   

  3 years 11 months         1,175,000   (2)  

M. G. Buck

 

25,000   

  17 years 9 months         5,325,000   2,303,030 (1)  

 

 

 

(1) Reflects additional lump sum amount of DB SERP benefit payable at age 65 attributable to vesting and benefit service credited during the disability period.

 

(2) Mr. Snyder has exceeded the DB SERP age and service requirements and would receive no incremental amount if he became disabled.
This excerpt taken from the HSY DEF 14A filed Mar 10, 2008.

Death or Disability

If an executive officer other than Mr. West dies and has not met the vesting requirements to be eligible to receive a benefit from the SERP, no benefits are paid. Mr. Snyder was fully vested in his SERP benefit as of December 31, 2007.

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A maximum monthly long-term disability benefit of $35,000 is provided for Mr. West and $25,000 for all other named executive officers in the event of long-term disability. Long-term disability benefits are payable until age 65. Long-term disability benefits are offset by other benefits such as Social Security. The maximum amount of the monthly long-term disability payments from all sources, assuming long-term disability on December 31, 2007, is set forth in the tables below. The additional lump sum SERP amount that would be payable for Messrs. West and Bilbrey at age 65 attributable to vesting and benefit service credited during the disability period for the SERP, if the executive’s disability started on December 31, 2007, is shown on the table below. Mr. Alfonso participates in the DC SERP which provides two additional years of credit after approval for long-term disability and that amount is listed in the table below:

 

Name   Long-Term Disability Benefit  
 

Maximum
Monthly
Amount

($)

   

Years and
  Months to Age 65  

(#)

 

Total of Payments    

to Age 65

($)

 

Lump Sum
SERP Benefit

($)

 

D. J. West

  35,000        20 years 3 months   8,505,000   6,231,540 (1)

H. P. Alfonso

  25,000     14 years 6 months   4,350,000   193,384  

J. P. Bilbrey

  25,000     13 years 7 months   4,075,000   3,673,481 (1)

B. H. Snyder

  25,000     3 years 11 months   1,175,000   (2)

 

 

 

(1) Reflects additional lump sum amount of SERP benefit payable at age 65 attributable to vesting and benefit service credited during disability period.

 

(2) Mr. Snyder is currently vested in his SERP benefit and would receive no incremental amount if he became disabled.
This excerpt taken from the HSY DEF 14A filed Mar 16, 2007.

Death or Disability

If an executive officer other than Mr. Lenny dies and has not met the vesting requirements to be eligible to receive a benefit from the SERP, no benefits are paid. Except for Mr. Lenny, none of the named executive officers were vested in their SERP benefit as of December 31, 2006. No benefits would be paid as of December 31, 2006 in the event of the death of any of our named executive officers other than Mr. Lenny.

A maximum monthly benefit of $35,000 is provided for our CEO and $25,000 for all other named executive officers in the event of disability. Disability benefits are payable until age 65. Disability

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benefits are offset by other benefits such as Social Security. The maximum amount of the monthly disability payments from all sources assuming disability on December 31, 2006, is set forth in the table below and also shows the additional lump sum SERP amount that would be payable at age 65 due to service credited while disabled, if the executive’s employment had terminated due to disability on December 31, 2006:

 

Name   Disability Benefit  
 

Maximum
Monthly
Amount

($)

   

Years and
 Months to Age 65 

(#)

 

Total of Payments

to Age 65

($)

 

Lump Sum
SERP Benefit
at Age 65(1)

($)

 

R. H. Lenny

  35,000        10 years   4,200,000   6,650,568     

D. J. West

  25,000     21 years 3 months   6,375,000   4,387,469  

M. K. Arline

  25,000     10 years 3 months   3,075,000   2,730,438  

J. P. Bilbrey

  25,000     14 years 7 months   4,375,000   3,528,358  

T. K. Hernquist

  25,000     16 years 3 months   4,875,000   4,130,569  

 


(1) Reflects additional lump sum amount of SERP benefit payable at age 65 attributable to vesting and benefit service credited during disability period.

"Death or Disability" elsewhere:

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