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HSY » Topics » What are annual incentive awards?

This excerpt taken from the HSY DEF 14A filed Mar 16, 2007.

What are annual incentive awards?

Currently, we make our annual cash incentive awards for the Company’s executive officers under the annual incentive program (AIP) of the Incentive Plan. This approach is continued under the EICP. Annual cash incentive awards for employees not eligible to participate in the AIP are made under the Broad Based Annual Incentive Plan. These awards would also be made under the EICP.

The Committee determines the individual cash awards which the participants are eligible to receive and the performance goals that must be achieved in order to earn the annual incentive, but during any calendar year, no participant may receive an AIP award in excess of $10 million. See the Executive Compensation section of this proxy statement, beginning on page 33, for more information about AIP awards made to our named executive officers under the Incentive Plan in 2006 and 2007.

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