Document:

The Company's Directors' Compensation Plan, Amended and Restated

 Exhibit 10.8 
 THE HERSHEY COMPANY 
 DIRECTORS’ COMPENSATION PLAN 
 (Amended and Restated 
 Effective as
of December 2, 2008) 
 1 
 PURPOSE 
 The purposes of the Directors’ Compensation Plan (“Plan”) are to provide Directors of The Hershey Company
(“Company”) with payment alternatives for the retainer and fees payable for services as members of the Board of Directors (“Board”) of the Company or as a chair of any committee thereof (together, “Director Fees”), to
provide Directors the opportunity to elect to receive all or a portion of the Directors Fees in Deferred Stock Units (“DSUs”), each representing an obligation of the Company to issue one share of Common Stock of the Company, $1.00 par
value per share (“Common Stock”), and to promote the identification of interests between such Directors and the stockholders of the Company by paying a portion of each Director’s compensation in Restricted Stock Units
(“RSUs”), each RSU representing an obligation of the Company to issue one share of Common Stock. The Plan is intended to comply with Internal Revenue Code (“Code”) section 409A and official guidance issued thereunder
(collectively, “Section 409A”). Notwithstanding anything herein to the contrary, this Plan shall be interpreted, operated and administered in a manner consistent with this intention. 
 2 
 ELIGIBILITY 
 Any Director of the Company who is not an employee of the Company or any of its subsidiaries shall be eligible to participate in the Plan. Except as the
context may otherwise require, references in this Plan to a “Director” shall mean only those directors of the Company who are participants in the Plan. 
 3 
 PAYMENT 
 (a) Director Fees. A Director shall be entitled to Director Fees, in such amounts as shall be determined by the Board, for services on the Board and as a chair of any committee of the Board. Pursuant to
Section 4 hereof, a Director may elect to have payment of Directors Fees made currently in cash and/or Common Stock or deferred for subsequent payment in cash or Common Stock; provided that if paid currently, fees payable for services as a
chair of any committee of the Board shall be payable only in cash. Any shares of Common Stock payable under this Section 3(a) shall be paid by the issuance to the Director of a number of shares of 

  

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Common Stock equal to the cash amount of the retainer so payable divided by the Fair Market Value of one share of the Common Stock, as defined in
Section 12 hereof. Any fractional share of Common Stock resulting from such payment shall be rounded to the nearest whole share. The Company shall issue share certificates to the Director for the shares of Common Stock acquired or, if requested
in writing by the Director and permitted under such plan, the shares acquired shall be added to the Director’s account under the Company’s Automatic Dividend Reinvestment Plan. As of the date on which the part or whole of the retainer is
payable in shares of Common Stock, the Director shall be a stockholder of the Company with respect to such shares. Unless otherwise elected in Section 4, any remaining Director Fees shall be payable in cash. 
 (b) Restricted Stock Units. A Director shall also be entitled to receive RSUs, in such amounts as shall be determined by the Board, for services
on the Board. Beginning January 1, 2008 and thereafter, unless otherwise directed by the Board, RSUs having a value of $30,000 (or such other amount as the Board shall from time to time determine) shall be awarded to each Director on the first
day of January, April, July and October. The number of full and fractional RSUs so awarded shall be determined by dividing $30,000 (or such other amount) by the average of the per share closing price of the Common Stock on the New York Stock
Exchange as published in The Wall Street Journal (or such other reliable publication as the Board or its delegates may determine) for the last three trading days of the month preceding the date of the award. Directors whose membership on the
Board commences after January 1, 2008 on a day which is not the first day of any January, April, July or October, shall be awarded a pro rata number of RSUs with respect to the quarter during which the Director joined the Board equal to the number
of RSUs awarded to each Director who was a member of the Board on the first day of the applicable quarter, multiplied by a fraction, the numerator of which equals the number of days remaining in the quarter after the first day on which such Director
became a member of the Board, and the denominator being the total number of days in the quarter. A Restricted Stock Unit Account shall be established on the books of the Company in the name of each Director. During the period of the Director’s
membership on the Board, the Director’s Restricted Stock Unit Account shall be subject to credits, adjustment and substitution to reflect any dividend or other distribution on the outstanding Common Stock or any split or consolidation or other
change affecting the Common Stock. Any such credit, adjustment or substitution shall be made in a manner similar to that set forth in Section 6(a) and 6(b) with respect to Deferred Stock Compensation Accounts. RSUs awarded prior to
January 1, 2008 shall vest upon termination of the Director’s membership on the Board by reason of retirement, death or disability, or such other circumstances as the Board, in its sole discretion, shall at any time determine (provided
that a termination of a Director’s membership on the Board following a Change in Control (as defined in the Company’s Executive Benefits Protection Plan (Group 3A), the (“EBPP”) shall be considered a retirement for this purpose).
RSUs not vested upon or within 120 days following the Director’s termination of membership on the Board, as aforesaid, shall be forfeited as of 11:59 p.m. (Eastern Time) on the 120th day following such Director’s termination of membership
on the Board, as aforesaid. The balance of the Director’s Restricted Stock Unit Account which becomes vested upon termination of the Director’s membership shall be paid in a lump sum in accordance with Section 7(c). RSUs awarded for
periods after 2007 (together with credits, adjustments or substitutions attributable thereto, “Post-2007 RSUs”) shall vest upon the first anniversary of the day upon which such Post-2007 RSUs were awarded, or such other date or dates as
set forth by the Board at the time of the award; provided, that the vesting of such Post-2007 RSUs shall be accelerated to the date of termination of the Director’s membership on 

  

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the Board by reason of retirement, death or disability, or for any reason following a Change in Control (as defined in the EBPP), or such other circumstances
as the Board, in its sole discretion, shall at any time determine. For purposes of this Plan, termination of a director’s membership on the Board at anytime following the director’s 60th birthday shall be deemed a retirement. The portion of a Director’s Restricted Stock Unit Account attributable to Post-2007 RSUs which becomes vested in accordance with the
second preceding sentence shall, unless deferred by the Director into the Director’s Deferred Stock Compensation Account pursuant to an election made under Section 4, be paid in a lump sum in accordance with Section 7(c). If payment
hereunder would result in the issuance of a fractional share of Common Stock, such fractional share shall not be issued and cash in lieu of such fractional share shall be paid to the Director based upon the average of the per share closing price of
the Common Stock on the New York Stock Exchange as published in The Wall Street Journal (or such other reliable publication as the Board or its delegates may determine) for the three trading days immediately preceding the date of payment. The
Company shall issue share certificates to the Director, or the Director’s designated beneficiary, for the shares of Common Stock represented by the Director’s vested RSUs, or if requested in writing by the Director and permitted under such
plan, the shares to be distributed shall be added to the Director’s account under the Company’s Automatic Dividend Reinvestment Plan. As of the date on which the Director is entitled to receive payment of shares of Common Stock, a Director
shall be a stockholder of the Company with respect to such shares. 
 4 
 ELECTIONS 
 (a) Director Fee Payment and RSU Payment Alternatives. A Director
may elect any one of the following alternatives with respect to payment of Director Fees and with respect to payment of Post-2007 RSUs: 
 (1) to receive currently full payment of Director Fees in cash and/or Common Stock, as set forth in Section 3(a) above, on the date or dates on which the Director Fees are payable; 
 (2) to defer payment of all or a portion of the Director Fees for subsequent payment in cash (a “Cash Deferral Election”);

 (3) to defer payment of all or a portion of the Director Fees for subsequent payment in shares of Common Stock (a
“Stock Deferral Election”); or 
 (4) to defer payment of all or a portion of the Post-2007 RSUs for subsequent
payment in shares of Common Stock (also a “Stock Deferral Election”); or 
 (5) a combination of (2), (3) and
(4). 
 (b) General Section 409A Definitions. For purposes of this Plan, the following words shall have the meanings set forth
below: 
  

	 	(1)	 “Change in Control Event” means an event described in IRS regulations or 

  

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other guidance under Code section 409A(a)(2)(A)(v). 

  

	 	(2)	“Separation from Service” or “Separate from Service” means a “separation from service” within the meaning of Code section 409A(a)(2)(A)(i).

 (c) Filing and Effectiveness of Elections. The election by a Director to receive payment of Director Fees other than
as set forth in Section 4(a)(1) on the date on which the Director Fees are otherwise payable, or to receive payment of shares of Common Stock attributable to the Post-2007 RSUs other than on the date which the shares are otherwise payable is
made by filing with the Secretary of the Company a Notice of Election in the form prescribed by the Company (an “Election”). In order to be effective for any calendar year, an Election must be received by the Secretary of the Company on or
before December 31 of the preceding calendar year, except that if a Director files a Notice of Election on or before 30 days subsequent to the Director’s initial election to the office of Director, the Election shall be effective on the
date of filing with respect to Director Fees and Post-2007 RSUs payable for any portion of the calendar year which remains at the date of such filing. An Election may not be modified or terminated after the beginning of a calendar year for which it
is effective. Unless modified or terminated by filing a new Notice of Election on or before December 31 immediately preceding the calendar year for which such modification or termination is effective, an Election shall be effective for and
apply to Director Fees payable for each subsequent calendar year. Director Fees earned or Post-2007 RSUs which vest at any time for which an Election is not effective shall be paid as set forth in Section 4(a)(1) on the date when the Director
Fees or Section 7 on the date the shares attributable to such Post-2007 RSUs are otherwise payable, as applicable. Any Election shall terminate on the date a Director Separates from Service. In addition to establishing the amount of each
year’s deferral, a Director may elect from the following time and form of payment alternatives: 
 (1) Change in Control Event. Notwithstanding any provision in the Plan to the contrary, a Director may make an Election each year to have the portion of his or her Deferred Cash Compensation Account and Deferred Stock
Compensation Account (collectively referred to hereafter as the “Account Balance”) related to amounts deferred under such Election (and earnings thereon) distributed in the form selected on the first business day next succeeding the 59
th day following the earlier of: (x) the date of a Change in Control Event; or (y) the date of the Director’s Separation from
Service. 
 (2) Installment Form of Payment. Notwithstanding any
provision in the Plan to the contrary, a Director may make an Election each year to have the portion of the Account Balance related to amounts deferred under such Election (and earnings thereon) distributed in annual installments over a period of up
to 15 years with payments commencing on the first business day next succeeding the 59th day following the applicable payment date. 
 (d) Cash Deferral Elections. Director Fees deferred pursuant to a Cash Deferral Election shall be deferred and paid as provided in Sections
5 and 7. 
 (e) Stock Deferral Elections. Director Fees and Post-2007 RSUs deferred pursuant to a Stock Deferral Election shall
be deferred and paid as provided in Sections 6 and 7. 
  

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 (f) Special Transition Period Election.
Notwithstanding any Elections prior to 2009 or Plan provisions to the contrary, a Director may elect during 2008 to receive all amounts, if any, attributable to Elections made prior to 2009 and credited to his or her Account Balance in the form
selected on the first business day next succeeding the 59th day following the earlier of: (1) the date of the Director’s Separation from
Service; or (2) the date of a Change in Control Event. Any such transition period Election must become irrevocable on or before December 31, 2008 and must be made in accordance with the transition rules under Section 409A and the
procedures and distribution rules established by the Board. 
 5 
 DEFERRED CASH COMPENSATION ACCOUNT 
 (a) General. The amount of any Director Fees deferred in
accordance with a Cash Deferral Election shall be credited on the date on which such Director Fees are otherwise payable to a deferred cash compensation account maintained by the Company in the name of the Director (a “Deferred Cash
Compensation Account”). A separate Deferred Cash Compensation Account shall be maintained for each calendar year for which a Director has elected a different number of payment installments or as otherwise may be agreed between the Director and
the Company. 
 (b) Adjustment for Earnings or Losses. The amount in the Director’s Deferred Cash Compensation Account
shall be adjusted to reflect net earnings, gains or losses in accordance with the provisions of The Hershey Company Deferred Compensation Plan relating to Investment Credits and Investment Options. The adjustment for earnings, gains or losses shall
be equal to the amount determined under (1) below as follows: 
 (1) Deemed Investment Options. The
total amount determined by multiplying the rate earned (positive or negative) by each fund available (taking into account earnings distributed and share appreciation (gains) or depreciation (losses) on the value of shares of the fund) for the
applicable period by the portion of the balance in the Director’s Deferred Cash Compensation Account as of the end of each such period, respectively, which is deemed to be invested in such fund pursuant to paragraph (2) below. Subject to
elimination, modification or addition by the Board, the funds available for the Director’s election of deemed investments pursuant to paragraph (2) below shall be one or more of the funds available (excluding Common Stock) under the
Investment Options of The Hershey Company Deferred Compensation Plan. 
 (2) Deemed Investment
Elections. 
 (A) The Director shall designate, on a form prescribed by the Company, the percentage of the
deferred Director Fees that are to be deemed to be invested in the available funds under paragraph (1) above. Said designation shall be effective on a date specified therein and remain in effect and apply to all subsequent deferred Director
Fees until changed as provided below. 
  

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 (B) A Director may elect to change, on a calendar year basis (or on such other basis as
permitted from time to time by the Board), the deemed investment election under paragraph (A) above with respect to future deferred Director Fees among one or more of the options then available by written notice to the Secretary of the Company,
on a form prescribed by the Company (or by voice or other form of notice permitted by the Company), at least ten days before the first day of the calendar year for which the change is to be effective, with such change to be effective for Director
Fees credited to the Deferred Cash Compensation Account on and after the effective date of the change. 
 (C) A Director may
elect to reallocate the balance of his or her Deferred Cash Compensation Account, subject to limitations imposed by the Board, on a calendar year basis, among the deemed investment options then available. A Director may make such an election by
written notice to the Secretary of the Company, on a form prescribed by the Company (or by voice or other form of notice permitted by the Company), at least ten days before the first day of the calendar year for which the transfer election is to be
effective, with such transfer to be based on the value of the Deferred Cash Compensation Account on the last day of the calendar year preceding the effective date of the transfer election. 
 (D) The election of deemed investments among the options provided above shall be the sole responsibility of each Director. The Company and
Board members are not authorized to make any recommendation to any Director with respect to such election. Each Director assumes all risk connected with any adjustment to the value of his or her Deferred Cash Compensation Account. Neither the Board
nor the Company in any way guarantees against loss or depreciation. 
 (E) All payments from the Plan shall be made pro-rata
from the portion of the Director’s Deferred Cash Compensation Account which is deemed to be invested in such funds as may be available from time to time for deemed investment elections under the Plan. 
 (F) The Company shall not be required or obligated to invest any amounts in the funds provided as deemed investment options, and such
funds shall be used solely to measure investment performance. Further, the Company shall not be precluded from providing for its liabilities hereunder by investing in such funds or in any other investments deemed to be appropriate by the Board.

 (c) Manner of Payment. The balance of a Director’s Deferred Cash Compensation Account will be paid to the Director or,
in the event of the Director’s death, to the Director’s designated beneficiary. A Director may elect at the time of filing the Notice of Election for a Cash Deferral Election to receive payment of the Director Fees in annual installments
rather than a lump sum, provided that the payment period for installment payments shall not exceed fifteen years following the applicable payment date, as described in Section 7 hereof. The amount of any installment shall be determined by
multiplying (i) the balance in the Director’s Deferred Cash Compensation Account on the date of such installment by (ii) a fraction, the numerator of 

  

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which is one and the denominator of which is the number of remaining unpaid installments (including the installment payment then being determined). The
balance of the Deferred Cash Compensation Account shall be appropriately reduced on the date of payment to the Director or the Director’s designated beneficiary to reflect the installment payment made hereunder. Amounts held pending
distribution pursuant to this Section 5(c) shall continue to be credited with the earnings, gains or losses as described in Section 5(b) hereof. 
 6 
 DEFERRED STOCK COMPENSATION ACCOUNT 
 (a) General. The amount of any Director Fees and Post-2007 RSUs deferred in accordance with a Stock Deferral Election shall be credited to
a deferred stock compensation account maintained by the Company in the name of the Director (a “Deferred Stock Compensation Account”). A separate Deferred Stock Compensation Account shall be maintained for each calendar year for which a
Director has elected a different number of payment installments or as otherwise determined by the Board. On each date on which Director Fees and/or Post-2007 RSUs become vested and are otherwise payable and a Stock Deferral Election applicable to
such Directors Fees and/or Post-2007 RSUs is effective for a Director, the Director’s Deferred Stock Compensation Account for that calendar year shall be credited with a number of full and fractional Deferred Stock Units (“DSUs”)
equal, in the case of Directors Fees, to the cash amount of the Director Fees payable divided by the Fair Market Value of one share of the Common Stock, as defined in Section 12 hereof, on the date on which such Director Fees are payable and,
in the case of Post-2007 RSUs, to the number of Post-2007 RSUs which became vested and were otherwise payable. If a dividend or distribution is paid on the Common Stock in cash or property other than Common Stock, on the date of payment of the
dividend or distribution to holders of the Common Stock each Deferred Stock Compensation Account shall be credited with a number of full and fractional DSUs equal to the number of full and fractional DSUs credited to such Account on the date fixed
for determining the stockholders entitled to receive such dividend or distribution times the amount of the dividend or distribution paid per share of Common Stock divided by the Fair Market Value of one share of Common Stock, as defined in
Section 12 hereof, on the date on which the dividend or distribution is paid, it being intended that the number of full and fractional DSUs credited as a result of the dividend or distribution shall be equal to the number of full and fractional
shares that would be issued if the DSUs credited to the Account were actual shares participating in the Company’s dividend reinvestment plan. If the dividend or distribution is paid in property, the amount of the dividend or distribution shall
equal the fair market value of the property on the date on which the dividend or distribution is paid. The Deferred Stock Compensation Account of a Director shall be charged on the date of distribution with any distribution of shares of Common Stock
made to the Director from such Account pursuant to Section 6(c) hereof. 
 (b) Adjustment and Substitution. The number of
DSUs credited to each Deferred Stock Compensation Account shall be proportionately adjusted to reflect any dividend or other distribution on the outstanding Common Stock payable in shares of Common Stock or any split or consolidation of the
outstanding shares of Common Stock. If the outstanding Common Stock shall, in whole or in part, be changed into or exchangeable for a different class or classes of securities of the Company or securities of another Company or cash or property other
than 

  

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Common Stock, whether through reorganization, reclassification, recapitalization, merger, consolidation or otherwise, the Board shall adopt such amendments
to the Plan as it deems necessary to carry out the purposes of the Plan, including the continuing deferral of any amount of any Deferred Stock Compensation Account. 
 (c) Manner of Payment. The balance of a Director’s Deferred Stock Compensation Account will be paid in shares of Common Stock to the Director or, in the event of the Director’s death, to the
Director’s designated beneficiary. A Director may elect at the time of filing of the Notice of Election for a Stock Deferral Election to receive payment of the shares of Common Stock credited to the Director’s Deferred Stock Compensation
Account in annual installments rather than a lump sum, provided that the payment period for installment payments shall not exceed fifteen years following the applicable payment date, as described in Section 7 hereof. The number of shares of
Common Stock distributed in each installment shall be determined by multiplying (i) the number of DSUs credited to such Director’s Deferred Stock Compensation Account on the date of payment of such installment, by (ii) a fraction, the
numerator of which is one and the denominator of which is the number of remaining unpaid installments (including the installment payment then being determined) and by rounding such result down to the nearest whole number of shares. The balance of
the number of DSUs credited to such Director’s Deferred Stock Compensation Account shall be appropriately reduced in accordance with this Section 6(c) to reflect the installment payments made hereunder. DSUs remaining in a Deferred Stock
Compensation Account pending distribution of shares of Common Stock pursuant to this Section 6(c) shall continue to be credited with respect to dividends or distributions paid on the Common Stock pursuant to Section 6(a) hereof and shall
be subject to adjustment pursuant to Section 6(b) hereof. If a lump sum payment or the final installment payment hereunder would result in the issuance of a fractional share of Common Stock, such fractional share shall not be issued and cash in
lieu of such fractional share shall be paid to the Director based on the Fair Market Value of a share of Common Stock, as defined in Section 12 hereof, on the date immediately preceding the date of such payment. The Company shall issue share
certificates to the Director, or the Director’s designated beneficiary, for the shares of Common Stock distributed hereunder, or if requested in writing by the Director and permitted under such plan, the shares to be distributed shall be added
to the Director’s account under the Company’s Automatic Dividend Reinvestment Plan. As of the date on which the Director is entitled to receive payment of shares of Common Stock, a Director shall be a stockholder of the Company with
respect to such shares. 
 7 
 PAYMENT COMMENCEMENT DATE 
 (a) Payment of Account Balance Upon
Separation. Unless otherwise elected by the Director under Section 4, payment of the Director’s Account Balance shall be distributed to the Director in a lump sum on the first business day next succeeding the 59th day following the date of the Director’s Separation from Service (e.g., when the Director ceases to be a member of the Board for any reason and no longer
provides services to the Board or the Company). 
 (b) Distribution to Key Employees. Notwithstanding any Elections or anything
herein to the contrary, in the case of a Separation from Service of a Key Employee (as defined below), no payments may be made before the date which is six months after the date of the Key Employee’s Separation from Service (hereinafter called
the “Waiting Period”); provided, 

  

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however, in the event of the Key Employee’s death during the Waiting Period, distribution shall be made on the first business day next succeeding the 59
th day following the date of the Key Employee’s death. Any payments that would otherwise be made during the Waiting Period shall be accumulated
and paid in the first month following the Waiting Period, and thereafter, made in accordance with the Director’s Election, if any, in Section 4. During the Waiting Period, a Key Employee’s Account Balance will continue to accrue
investment credits in accordance with Section 5. For purposes of this Section 7(b), “Key Employee” means a “specified employee” under Section 409A(a)(2)(B)(i) (i.e., a key employee (as defined under Code section
416(i) (without regard to paragraph (5) thereof)) of a corporation any stock in which is publicly traded on an established securities market or otherwise) and applicable Treasury regulations and other guidance under Section 409A. Key
Employees shall be determined in accordance with Section 409A and pursuant to the methodology established by the Company. 
 (c) Payment of RSUs. Payment of shares of Common Stock attributable to a
Director’s Restricted Stock Unit Account (including Post-2007 RSUs) which become vested on or prior to the Director’s Separation from Service and for which the Director has not made an effective Stock Deferral Election shall be paid in a
lump sum on the earlier of: (1) the date of the Director’s Separation from Service; or (2) the first anniversary of the date of grant. In the event of payment upon the Director’s Separation from Service, the vested portion of the
Post-2007 RSUs shall be paid to the Director, subject to Section 7(b), on the first business day next succeeding the 59th day following the
date of such event. Otherwise, payments upon the first anniversary of the date of grant shall be paid as soon as practicable and within the period permitted under Section 409A. 
 (d) Effect of Taxation. If a portion of the Director’s Account Balance is includible in income under Section 409A, such portion
shall be distributed immediately to the Director. 
 8 
 DEATH BENEFITS; BENEFICIARY DESIGNATION 
 A Director
may designate, in the Beneficiary Designation form prescribed by the Company, any person to whom a lump sum payment of cash or shares of Common Stock shall be paid on the first business day next succeeding the 59th day following the date of the Director’s death if he or she dies before receiving payment of any or all amounts due hereunder. A beneficiary designation will be effective only
after the signed beneficiary designation form is filed with the Secretary of the Company while the Director is alive and will cancel all beneficiary designations signed and filed earlier. If the Director fails to designate a beneficiary, or if all
designated beneficiaries of the Director die before the Director or before complete payment of any or all amounts due hereunder, any remaining unpaid amounts shall be paid on the first business day next succeeding the 59th day following the date of the Director’s death in one lump sum payment to the estate of the last to die of the Director or the Director’s designated
beneficiaries, if any. 
  

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 9 
 NON-ALIENABILITY OF BENEFITS 
 Neither the Director nor any beneficiary designated by the Director shall have the right to,
directly or indirectly, alienate, assign, transfer, pledge, anticipate or encumber (except by reason of death) any amount that is or may be payable hereunder, nor shall any such amount be subject to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Director or the Director’s designated beneficiary or to the debts, contracts, liabilities, engagements, or torts of any Director or designated beneficiary, or
transfer by operation of law in the event of bankruptcy or insolvency of the Director or any beneficiary, or any legal process. 
 10

 NATURE OF ACCOUNTS 
 Any
Restricted Stock Unit Account, Deferred Cash Compensation Account or Deferred Stock Compensation Account shall be established and maintained only on the books and records of the Company, and no assets or funds of the Company or the Plan or shares of
Common Stock of the Company shall be removed from the claims of the Company’s general or judgment creditors or otherwise made available until such amounts are actually payable to Directors or their designated beneficiaries as provided herein.
The Plan constitutes a mere promise by the Company to make payments in the future. The Directors and their designated beneficiaries shall have the status of, and their rights to receive a payment of cash or shares of Common Stock under the Plan
shall be no greater than the rights of, general unsecured creditors of the Company. No person shall be entitled to any voting rights with respect to shares credited to any RSU or Deferred Stock Compensation Account which is not yet payable to a
Director or the Director’s designated beneficiary. The Company shall not be obligated under any circumstance to fund its financial obligations under the Plan, and the Plan is intended to constitute an unfunded plan for tax purposes. However,
the Company may, in its discretion, set aside funds in a trust or other vehicle, subject to the claims of its creditors, in order to assist it in meeting its obligations under the Plan, if such arrangement will not cause the Plan to be considered a
funded deferred compensation plan under the Code. 
 11 
 ADMINISTRATION OF PLAN; HARDSHIP WITHDRAWAL 
 Full power and authority to construe, interpret, and
administer the Plan shall be vested in the Board. Decisions of the Board shall be final, conclusive, and binding upon all parties. Notwithstanding the terms of a Cash Deferral Election or a Stock Deferral Election made by a Director hereunder, the
Board may, in its sole discretion, permit the withdrawal of amounts credited to a Deferred Cash Compensation Account or shares credited to a Deferred Stock Compensation Account with respect to Director Fees previously payable, or permit the early
vesting and payment of RSUs previously awarded, upon the request of a Director or the 

  

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Director’s representative, or following the death of a Director upon the request of a Director’s beneficiary or such beneficiary’s
representative, if the Board determines that the Director or the Director’s beneficiary, as the case may be, is confronted with an “unforeseeable emergency,” as described in Code section 409A(a)(2)(A)(vi). An unforeseeable emergency
is a severe financial hardship to the Director resulting from illness or accident of the Director, the Director’s spouse, beneficiary or dependent, loss of the Director’s property due to casualty or similar extraordinary and unforeseeable
circumstances beyond the Director’s control, which hardship cannot be relieved through insurance, cessation of deferrals under the Plan or liquidation of assets that would not cause a severe financial hardship. Cash needs arising from
foreseeable events, such as the purchase or building of a house or education expenses, will not be considered to be the result of an unforeseeable financial emergency. The Director or the Director’s beneficiary shall provide to the Board such
evidence as the Board, in its discretion, may require to demonstrate that such emergency exists and financial hardship would occur if the withdrawal were not permitted. The withdrawal shall be limited to the amount or to the number of shares, as the
case may be, necessary to meet the emergency. Payment shall be made within 30 days after the Board approves the payment and determines the amount of the payment or number of shares which shall be withdrawn. In the case of a distribution as a result
of an unforeseeable emergency from the Deferred Cash Compensation Account or Deferred Stock Compensation Account, payment shall be made in a single lump sum from the portion of the Deferred Cash Compensation Account or Deferred Stock Compensation
Account, as applicable, with the largest number and in reverse order of installment payments, in each case in accordance with Section 5(b)(2)(E) if the distribution is from the Deferred Cash Compensation Account. No Director shall participate
in any decision of the Board regarding such Director’s request for a withdrawal under this Section 11. 
 12 
 FAIR MARKET VALUE 
 Fair Market Value of the
Common Stock (“Fair Market Value”) on a single date shall be the closing price on the applicable date (or if not a trading date, the next preceding trading date), and Fair Market Value, where the determination is made over a period of more
than one day, shall be the average of the closing price for all trading dates for the applicable period covered by a payment. For purposes of Section 3(a) and 6(a) hereof, the applicable period for a quarterly Directors Fees payment or credit
shall be the three calendar months immediately preceding the calendar month during which the day on which the payment or credit is being made, and the applicable period for a Directors Fees payment relating to a period other than a quarter shall be
determined under similar principles. The closing price of the Common Stock for a single date or for each day within the applicable period shall be as quoted in The Wall Street Journal (or in such other reliable publication as the Board or its
delegate, in its discretion, may determine to rely upon). 
  

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 13 
 SECURITIES LAWS; ISSUANCE OF SHARES; NONCERTIFICATED SHARES 
 The obligation of the Company to issue or credit shares of Common
Stock under the Plan shall be subject to (i) the effectiveness of a registration statement under the Securities Act of 1933, as amended, with respect to such shares, if deemed necessary or appropriate by counsel for the Company, (ii) the
condition that the shares shall have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange, if any, on which the Common Stock shares may then be listed and (iii) all other applicable laws,
regulations, rules and orders which may then be in effect. If, on the date on which any shares of Common Stock would be issued sufficient shares of Common Stock are not available under the Plan or the Company is not obligated to issue shares
pursuant to this Section 13, then no shares of Common Stock shall be issued but rather, in the case of Common Stock to be issued currently, cash shall be paid in payment of the Director Fees payable. The Board shall adopt appropriate rules and
regulations to carry out the intent of the immediately preceding sentence if the need for such rules and regulations arises. To the extent the Plan provides for issuance of share certificates to reflect the transfer of shares of Common Stock, the
transfer of such shares may be effected on a noncertificated or “book-entry” basis. 
 14 
 GOVERNING LAW 
 The provisions of this Plan
shall be interpreted and construed in accordance with the laws of the State of Delaware. 
 15 
 EFFECTIVE DATE; AMENDMENT AND TERMINATION 
 The Plan was adopted by the Board on December 4, 1996, and became effective as of January 1, 1997. The Plan was previously amended and restated effective October 2, 2001, December 3, 2002, June 14,
2007, November 11, 2007, December 4, 2007 and February 13, 2008. The Plan, as amended and restated herein, shall be effective as of December 2, 2008. The Board may amend or terminate the Plan at any time, provided that
no such amendment or termination shall adversely affect rights with respect to amounts or shares then credited to any Deferred Cash Compensation Account or Deferred Stock Compensation Account, unless the Board determines, in its sole discretion,
that all such amounts shall be distributed upon Plan termination in accordance with the requirements under Section 409A. Upon termination of the Plan, no further deferrals of Director Fees or Post-2007 RSUs shall be permitted; however,
earnings, gains and losses shall continue to be credited to the Account Balance in accordance with Section 5 until such amounts are fully distributed. 
  

 12 

 16 
 AUTHORIZED SHARES; DESIGNATION AS AWARD 
 UNDER EQUITY AND INCENTIVE COMPENSATION PLAN 
 Shares issued hereunder with respect to RSUs and DSUs credited prior to April 17, 2007 shall be deemed issued as part of the aggregate of 300,000
(reflecting prior stock splits and stock dividends and as shall be adjusted and subject to adjustment to reflect future stock splits and stock dividends) shares of Common Stock previously authorized for issuance hereunder. Effective as of
April 17, 2007, the crediting of RSUs and the ability to make elections to receive Directors Fees in shares of Common Stock or to defer payment of Directors Fees and Post-2007 RSUs and have such fees and/or RSUs credited as DSUs shall
constitute a non-employee directors award under The Hershey Company Equity and Incentive Compensation Plan (the “EICP”). This Plan and the related Notice of Election and other documents contemplated hereunder shall constitute the award
agreement for purposes of the EICP and shares of Common Stock issued with respect to such RSUs, Directors Fees or DSUs shall be deemed issued from the shares authorized for issuance under the EICP. 
  

			
	THE HERSHEY COMPANY
		
	By:	 	 /s/ Burton H. Snyder

		 	Burton H. Snyder,
		 	Senior Vice President,
		 	General Counsel and Secretary

  

 13Second Amendment to First Amended and Restated Rights Agreement

 Exhibit 4.1 
 SECOND AMENDMENT TO FIRST AMENDED AND RESTATED RIGHTS AGREEMENT 
 This Second Amendment, dated as of
February 19, 2009 (this “Second Amendment”), amends that certain First Amended and Restated Rights Agreement, dated as of July 19, 2000, and amended on January 28, 2009 (as so amended, the “Rights
Agreement”), between CV Therapeutics, Inc., a Delaware corporation (the “Company”), and Wells Fargo Bank Minnesota, N.A. (“Rights Agent”). Unless the context otherwise requires, capitalized terms used but
not defined herein have the respective meanings ascribed to them in the Rights Agreement. 
 WHEREAS, since the Company and Rights Agent
originally entered into the Rights Agreement the nature of equity ownership in U.S. publicly traded companies has changed due to the proliferation of derivative, swap and other transactions and investment strategies; 
 WHEREAS, the Company and Rights Agent wish to update the Rights Agreement to specifically address these transactions and strategies; 
 WHEREAS, the Board of Directors of the Company has approved this Second Amendment and the Company has directed the Rights Agent to enter into this Second
Amendment; and 
 WHEREAS, in accordance with the terms of the Rights Agreement, including Section 27 thereof, the Company and the
Rights Agent have the right to enter into this Second Amendment and amend the Rights Agreement; 
 NOW THEREFORE, in consideration of the
premises herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Amendment. 

 (a) The text of Section 1(a) of
the Rights Agreements is amended and restated in its entirety to read as follows: 
 “Acquiring Person” shall mean
any Person who or which, together with all Affiliates and Associates of such Person, and together with any other Person with whom such Person is Acting in Concert (or any Affiliate or Associate thereof), from and after the Effective Time, shall be
the Beneficial Owner of 15% or more of the Common Stock of the Company then outstanding, but shall not include (i) an Exempt Person or (ii) any Existing Holder, unless and until such time as such Existing Holder shall become the Beneficial
Owner of (A) a percentage of the Common Stock of the Company then outstanding that is more than the aggregate percentage of the outstanding Common Stock that such Existing Holder Beneficially 

 
Owns as of the Effective Time (such aggregate amount being the “Exempt Ownership Percentage”) or (B) less than 15% of the Common Stock of the
Company then outstanding (after which time, if such Person shall be the Beneficial Owner of 15% or more of the Common Stock of the Company then outstanding, such Person shall be or become deemed an “Acquiring Person”). Notwithstanding the
foregoing, no Person shall become an “Acquiring Person” as the result of an acquisition of Common Stock by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by
such Person to 15% (or, in the case of an Existing Holder, the Exempt Ownership Percentage) or more of the Common Stock of the Company then outstanding; provided, however, that if a Person shall become the Beneficial Owner of 15% (or, in the
case of an Existing Holder, the Exempt Ownership Percentage) or more of the Common Stock of the Company then outstanding solely by reason of share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial
Owner of one or more additional shares of Common Stock of the Company (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Stock in Common Stock or pursuant to a split or subdivision of the
outstanding Common Stock), then such Person shall be deemed to be an “Acquiring Person” unless, upon becoming the Beneficial Owner of such additional Common Stock, such Person does not Beneficially Own 15% (or, in the case of an Existing
Holder, the Exempt Ownership Percentage) or more of the Common Stock then outstanding. Notwithstanding the foregoing, if the Board of Directors determines in good faith that a Person who would otherwise be an “Acquiring Person,” as defined
pursuant to the foregoing provisions of this Section 1(a), has become such inadvertently (including, without limitation, because (A) such Person was unaware that it Beneficially Owned a percentage of Common Stock that would
otherwise cause such Person to be an “Acquiring Person” or (B) such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this
Agreement), and without any intention of changing or influencing control of the Company, and such Person divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no longer be an Acquiring Person, as
defined pursuant to the foregoing provisions of this Section 1(a), then such Person shall not be deemed to be or have become an “Acquiring Person” at any time for any purposes of this Agreement. For all purposes of this
Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, for purposes of determining the particular percentage of such 

 
outstanding Common Stock of which any Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding at the time of such
calculation that such Person has the Right to Acquire (i) within sixty (60) days thereafter, or (ii) at any time thereafter if such Person acquired such Right to Acquire with the purpose or effect of changing or influencing the
control of the Company or as a participant in any transaction having such purpose or effect. The number of shares of Common Stock not outstanding which are subject to such Right to Acquire shall be deemed to be outstanding for the purpose of
computing the percentage of outstanding number of shares of Common Stock owned by such Person but shall not be deemed to be outstanding for the purpose of computing the percentage of outstanding Common Stock owned by any other Person. 
 A Person shall be deemed to be “Acting in Concert” with another Person if such Person knowingly acts (whether or not pursuant to an express
agreement, arrangement or understanding) in concert with, or towards a common goal relating to changing or influencing the control of the Company or in connection with or as a participant in any transaction having that purpose or effect, in parallel
with, such other Person where (i) each Person is conscious of the other Person’s conduct and this awareness is an element in their decision-making processes and (ii) at least one additional factor supports a determination by the Board
of Directors that such Persons intended to act in concert or in parallel, which such additional factors may include, without limitation, exchanging information, attending meetings, conducting discussions, or making or soliciting invitations to act
in concert or in parallel. A Person which is Acting in Concert with another Person shall also be deemed to be Acting in Concert with any third party who is also Acting in Concert with such other Person. 
 (b) The text of Section 1(c) of the Rights Agreements is amended and restated in its entirety to read as follows: 
 A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own” or have
“Beneficial Ownership” of any securities: 
  

	 	(i)	 in which such Person or any of such Person’s Affiliates or Associates, or any other Person with whom such Person is Acting in Concert (or any Affiliate or
Associate thereof), directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (A) voting power which includes the power to vote, or to direct the voting of, such security 

	 	 
(except that a Person shall not be deemed to be the Beneficial Owner of any security under this clause (A) if such voting power arises solely
from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, Section 14(a) of the Exchange Act by means of a solicitation statement filed on Schedule
14A), and/or (B) investment power which includes the power to dispose, or to direct the disposition of such security; 

  

	 	(ii)	which such Person or any of such Person’s Affiliates or Associates, or any other Person with whom such Person is Acting in Concert (or any Affiliate or Associate thereof),
directly or indirectly, has the Right to Acquire; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, (w) securities tendered pursuant to a tender or exchange offer made by or on behalf
of such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, (x) securities which such Person has a Right to Acquire upon the exercise of Rights at any time prior to
the time that any Person becomes an Acquiring Person, or (y) securities issuable upon the exercise of Rights from and after the time that any Person becomes an Acquiring Person if such Rights were acquired by such Person or any of such
Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Section 3(a) or Section 7 (“Original Rights”) or pursuant to Section 11(i) or Section 11(o) with respect
to an adjustment to Original Rights; 

  

	 	(iii)	which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof), or any other Person with whom such Person is Acting in Concert (or
any Affiliate or Associate thereof), with whom such Person or any of such Person’s Affiliates or Associates, or any other Person with whom such Person is Acting in Concert (or any Affiliate or Associate thereof), has an agreement, arrangement
or understanding to act together for the purpose of acquiring, holding, voting or disposing of any securities of the Company (except that a Person shall not be deemed to be the Beneficial Owner of any security under this
Section 1(c)(iii) if such voting power arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, Section 14(a) of the
Exchange Act by means of a solicitation statement filed on Schedule 14A); or 

  

	 	(iv)	of which such Person would otherwise be deemed to be the beneficial owner pursuant to Rule 13d-3 under the Exchange Act. 

 A Person who or which, together with all Affiliates and Associates of such Person, and
together with any other Person with whom such Person is Acting in Concert (or any Affiliate or Associate thereof), shall be the “Beneficial Owner” (within the meaning of Sections 1(c)(i) through 1(c)(iv) hereof) of 5% or more of the Common
Stock of the Company then outstanding, shall also be deemed to be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially Own” any securities that are the subject of derivative transactions
entered into by, or derivative securities acquired by, such Person or any of such Person’s Affiliates or Associates, or any other Person with whom such Person is Acting in Concert (or any Affiliate or Associate thereof), which gives any such
Person the economic equivalent of ownership of an amount of such securities due to the fact that the value of the derivative is determined by reference to the price or value of such securities, without regard to whether (A) such derivative
conveys any voting rights in such securities to any such Person, (B) the derivative is required to be, or capable of being, settled through delivery of such securities, or (C) any such Person may have entered into other transactions that
hedge the economic effect of such derivative. In determining the number of shares deemed beneficially owned by virtue hereof, the subject Person shall be deemed to Beneficially Own (without duplication) the number of shares that are synthetically
owned pursuant to such derivative transactions or such derivative securities. 
 No Person shall be deemed to be the
“Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially Own” any securities which such Person or any of such Person’s Affiliates or Associates would otherwise be deemed to “Beneficially
Own” pursuant to this Section 1(c) solely as a result of any merger or other acquisition agreement between the Company and such Person (or one or more of such Person’s Affiliates or Associates), or any tender, voting or support
agreement entered into by such Person (or one or more of such Person’s Affiliates or Associates) in connection therewith, if, prior to such Person becoming an Acquiring Person, the Board of Directors has approved such merger or other
acquisition agreement, or such tender, voting or support agreement. 
 No Person who is an officer, director or employee of an
Exempt Person shall be deemed, solely by reason of such Person’s status or authority as such, to be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially Own” any securities that are
“Beneficially Owned” (as defined in this Section 1(c)), including, without limitation, in a fiduciary capacity, by an Exempt Person or by any other such officer, director or employee of an Exempt Person. 

 The term “beneficially own” will have the same meaning as the term “Beneficially
Own”. 
 (c) Section 1(f) of the Rights Agreement is hereby amended by inserting the text “or “Common Stock””
immediately after the words “Common Shares” and immediately preceding the words “shall mean.” 
 (d) Section 1 of the
Rights Agreement is hereby amended by inserting the following clauses immediately after Section 1(q): 
 (r) “Effective Time”
shall mean the time and date of the execution and delivery of the Second Amendment to the First Amended and Restated Rights Agreement, dated as February 19, 2009, relating to this Agreement. 
 (s) “Exempt Person” shall mean the Company, any Subsidiary of the Company, in each case including, without limitation, the officers and members
of the board of directors thereof acting in their fiduciary capacities, or any employee benefit plan of the Company or of any Subsidiary of the Company or any entity or trustee holding shares of capital stock of the Company for or pursuant to the
terms of any such plan, or for the purpose of funding other employee benefits for employees of the Company or any Subsidiary of the Company. 
 (t) “Existing Holder” shall mean any Person who, as of the Effective Time, is the Beneficial Owner of 15% or more of the Common Stock of the Company outstanding as of the Effective Time, together with any Affiliates and Associates
of such Person. 
 (u) “Right to Acquire” shall mean a legal, equitable or contractual right to acquire (whether directly or
indirectly and whether exercisable immediately, or only after the passage of time, compliance with regulatory requirements, fulfillment of a condition or otherwise), pursuant to any agreement, arrangement or understanding, whether or not in writing
(excluding customary agreements entered into in good faith with and between an underwriter and selling group members in connection with a firm commitment underwriting registered under the Securities Act of 1933, as amended, or upon the exercise of
any option, warrant or right, through conversion of a security, pursuant to the power to revoke a trust, discretionary account or similar arrangement, pursuant to the power to terminate a repurchase or similar so-called “stock borrowing”
agreement or arrangement, or pursuant to the automatic termination of a trust, discretionary account or similar arrangement. 

	 	2.	No Other Amendments or Waivers. Except for the amendments set forth above in this Second Amendment, the text of the Rights Agreement shall remain unchanged and in full force
and effect. 

  

	 	3.	Counterparts. This Amendment may be executed in multiple counterparts (including by facsimile signature), each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 

  

	 	4.	Governing Law. This Second Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed entirely within such State. 

 [Signature page follows.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed and
delivered as of the date first above written. 
  

			
	CV THERAPEUTICS, INC.
		
	By:	 	/s/ TRICIA BORGA SUVARI
	Name:	 	Tricia Borga Suvari
	Title:	 	Senior Vice President & General Counsel
	
	WELLS FARGO BANK MINNESOTA, N.A. 
		
	By:	 	/s/ JENNIFER L. LENO
	Name:	 	Jennifer L. Leno
	Title:	 	Vice President

 [Second Amendment to the First Amended and Restated Rights Agreement]

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