01—Abstract
Summary
Summary of the 8-K filed February 25, 2025. Cited figures are marked; the original filing is the authoritative source.
The Hershey Company filed this Form 8-K on February 25, 2025 under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
On February 19, 2025, the Compensation and Human Capital Committee of the Board of Directors approved retention awards for three senior executives: Steven E. Voskuil, Senior Vice President and Chief Financial Officer; Jason R. Reiman, Senior Vice President and Chief Supply Chain Officer; and Deepak Bhatia, Senior Vice President and Chief Technology Officer.
The awards consist of time-based restricted stock units (RSUs). Mr. Voskuil received a contingent grant of 30,507 RSUs, Mr. Reiman received 15,254 RSUs, and Mr. Bhatia received 12,203 RSUs. The RSUs generally vest if the recipient remains employed by the Company as of March 19, 2027, with earlier vesting possible upon termination by the Company without cause or termination by the executive for good reason.
The awards were made under a Notice of Special Award of Restricted Stock Units (Retention Equity), the form of which the Committee approved on February 19, 2025 and which is filed as Exhibit 10.1 to the report. The filing contains no financial results or operating metrics; its investor relevance lies in executive retention arrangements tied to a March 2027 service date.
02—Key points
Key Highlights
- On February 19, 2025, the Compensation and Human Capital Committee approved retention RSU awards for three senior executives.
- Steven E. Voskuil, SVP and Chief Financial Officer, received a contingent grant of 30,507 RSUs.
- Jason R. Reiman, SVP and Chief Supply Chain Officer, received a contingent grant of 15,254 RSUs.
- Deepak Bhatia, SVP and Chief Technology Officer, received a contingent grant of 12,203 RSUs.
- The RSUs generally vest if the executive remains employed through March 19, 2027, with earlier vesting on termination without cause or for good reason.
- The form of award agreement, the Notice of Special Award of Restricted Stock Units (Retention Equity), is filed as Exhibit 10.1.
03—Questions
Frequently Asked Questions
Why did the company grant these RSU awards?
The filing describes the awards as retention awards approved by the Compensation and Human Capital Committee. It does not state the specific business rationale beyond retaining the recipients.
When do the retention RSUs vest?
In general, the RSUs vest if the recipient remains employed by the Company as of March 19, 2027. They may vest earlier upon termination by the Company without cause or termination by the executive with good reason.
Who received the awards and how many units did each receive?
Steven E. Voskuil (SVP, CFO) received 30,507 RSUs, Jason R. Reiman (SVP, Chief Supply Chain Officer) received 15,254 RSUs, and Deepak Bhatia (SVP, CTO) received 12,203 RSUs.
Where can the full terms of the award be found?
The full terms are set out in the Notice of Special Award of Restricted Stock Units (Retention Equity), the form of which is filed as Exhibit 10.1 to the Current Report on Form 8-K.
04—Continue