HSY » Topics » A. PURPOSE OF THE PLAN

These excerpts taken from the HSY 8-K filed Jul 21, 2005.

A.    PURPOSE OF THE PLAN

        The purpose of The Hershey Company 2005 Early Retirement Plan for E-Grade Employees is to provide additional benefits in accordance with the terms set forth herein to certain employees of the Company, as defined below, who voluntarily elect to terminate their employment under the terms and conditions described below. Specifically, this Plan is intended to (1) consolidate the benefit enhancements to be provided to Participants under various separate Company plans, and (2) satisfy any applicable disclosure requirements (e.g., summary plan description or summary of material modification) of the underlying plans with respect to these benefit enhancements.

A.    PURPOSE OF THE PLAN

        The purpose of The Hershey Company 2005 Enhanced Mutual Separation Plan is to provide additional benefits and compensation in accordance with the terms set forth herein to certain employees of the Company, as defined below, who voluntarily elect to terminate their employment under the terms and conditions described below. Specifically, this Plan is intended to (1) consolidate the benefit enhancements to be provided to Participants under various separate Company plans, and (2) satisfy any applicable disclosure requirements (e.g., summary plan description or summary of material modification) of the underlying plans with respect to these benefit enhancements.

        This Plan is an ERISA welfare plan and is intended to comply with the applicable rules for severance plans in Labor Regulation section 2510.3-2(b). The fact that this Plan document includes provisions relating to non-ERISA covered benefits (Section F.1.(b), (c), (j), (k), (l), (m), (n)) will not cause such benefits to be covered by ERISA. This Plan will be interpreted, operated and administered in a manner consistent with this intention.

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Jul 21, 2005

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