<SEC-DOCUMENT>0001214659-24-006687.txt : 20240412
<SEC-HEADER>0001214659-24-006687.hdr.sgml : 20240412
<ACCEPTANCE-DATETIME>20240412110625
ACCESSION NUMBER:		0001214659-24-006687
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240412
DATE AS OF CHANGE:		20240412
EFFECTIVENESS DATE:		20240412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERSHEY CO
		CENTRAL INDEX KEY:			0000047111
		STANDARD INDUSTRIAL CLASSIFICATION:	SUGAR & CONFECTIONERY PRODUCTS [2060]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				230691590
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00183
		FILM NUMBER:		24840414

	BUSINESS ADDRESS:	
		STREET 1:		19 EAST CHOCOLATE AVENUE
		STREET 2:		EXTERNAL RPTG & COMPLIANCE
		CITY:			HERSHEY
		STATE:			PA
		ZIP:			17033
		BUSINESS PHONE:		7175344200

	MAIL ADDRESS:	
		STREET 1:		19 EAST CHOCOLATE AVENUE
		STREET 2:		EXTERNAL RPTG & COMPLIANCE
		CITY:			HERSHEY
		STATE:			PA
		ZIP:			17033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HERSHEY FOODS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HERSHEY CHOCOLATE CORP
		DATE OF NAME CHANGE:	19680401

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
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<TYPE>PX14A6G
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<FILENAME>x411243px14a6g.htm
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>Main Post Office,
    P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>Berkeley,
                                    CA 94704</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<BR>
Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: The Hershey Company<BR>
Name of persons relying on exemption:&nbsp;As You Sow&reg;<BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Hershey Company (HSY)<BR>
Vote Yes: Item #5 &ndash; Stockholder Proposal<BR>
Public Report on Packaging Reuse &amp; Recycling</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Annual Meeting:
May 6, 2024</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Kelly McBee | kmcbee@asyousow.org</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved:</B> Shareholders request that the Board issue a report,
at reasonable expense and excluding proprietary information, describing opportunities for Hershey&rsquo;s to support a circular economy
for packaging at its end-of-life.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement:</B> The report should assess, at Board discretion:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The reputational, financial, and operational risks associated with failing to promote a circular economy for packaging at its end-of-life;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The potential to increase packaging recyclability and transition to reusable packaging; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Opportunities to develop policies or goals to endorse EPR and determine an appropriate level of voluntary financial contributions
to recycling infrastructure.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The growing plastic pollution and packaging waste crises pose increasing
risks to The Hershey Company. Corporations could face an annual financial risk of approximately $100 billion should governments require
them to cover the waste management costs of the packaging they produce.<SUP>1</SUP> Laws to this effect have significant momentum, having
been recently adopted in four U.S. states with additional legislation introduced at the state and federal level.<SUP>2</SUP> The European
Union has already enacted a $1 per kilogram tax on all non-recycled plastic packaging waste.<SUP>3</SUP> Additionally, consumer demand
for sustainable packaging is increasing.<SUP>4</SUP></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.pewtrusts.org/-/media/assets/2020/07/breakingtheplasticwave_report.pdf,
p. 9</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.packworld.com/news/business-intelligence/article/22861621/extended-producer-responsibility-legislation-emerging-in-us</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://commission.europa.eu/strategy-and-policy/eu-budget/long-term-eu-budget/2021-2027/revenue/own-resources/plastics-own-resource_en</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.shorr.com/resources/blog/the-2022-sustainable-packaging-consumer-report/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Hershey Company| Packaging Reuse and Recycling</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<BR>
A circular economy for packaging, whereby packaging stays in the economy and out of the environment, plays an important role in a net-zero
emissions world. Hershey&rsquo;s acknowledges that its product packaging plays a significant role in reducing its Scope 3 emissions,
yet has taken insufficient action in ensuring its end-of-life packaging is recycled at scale.<SUP>5</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">More than 100 leading companies have committed to promoting a circular
economy for packaging by acknowledging responsibility for the collection, sorting, and recycling of packaging at end-of-life, a policy
known as Extended Producer Responsibility (EPR).<SUP>6</SUP> Hershey&rsquo;s cites insufficient recycling infrastructure as a barrier
to setting new packaging sustainability targets, yet fails to acknowledge and act on its responsibility to improve recycling systems as
other companies have done.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In the absence of legislated EPR, companies must voluntarily contribute
to improve the collection and recycling of their packaging. Leading estimates find that $17 billion is needed to modernize and expand
recycling infrastructure.<SUP>7</SUP> To meet this figure for plastics alone, companies must contribute at least $88 for every metric
ton of plastic used.<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Competitor Nestl&eacute; and at least 28 other major consumer goods
companies make voluntary contributions to expand recycling infrastructure.<SUP>9</SUP> Hershey&rsquo;s is not known to voluntarily contribute
to help ensure its packaging never becomes waste.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Hershey&rsquo;s also received an &ldquo;F&rdquo; grade on <I>As You
Sow&rsquo;s</I> recent report evaluating corporate packaging sustainability in part for its failure to financially support recycling infrastructure
and endorse EPR.<SUP>10</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Our Company could avoid regulatory, environmental, and competitive
risks by adopting a circular economy approach to <FONT STYLE="font-size: 9pt">packaging and contributing to recycling infrastructure.
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Plastic pollution and packaging waste create growing regulatory risks to companies.</B><BR>
<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Hershey&rsquo;s fails to provide shareholders with sufficient information as to whether and how it will build a circular economy
for packaging, exposing the Company to reputational, financial, and operational risk. </B><BR>
<BR>
</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.thehersheycompany.com/content/dam/hershey-corporate/documents/pdf/hershey-2022-esg-report.pdf,
p. 71; https://www.asyousow.org/report-page/plastic-pollution-scorecard-2021/data-visualization</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://ellenmacarthurfoundation.org/extended-producer-responsibility/overview?_ga=2.194255722.613184023.1673367048-710010554.1662564816&amp;_gl=1*18c5mjb*_ga*NzEwMDEwNTU0LjE2NjI1NjQ4MTY.*_ga_V32N675KJX*MTY3MzM2NzA0OC4xNC4wLjE2NzMzNjcwNDguNjAuMC4w</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://recyclingpartnership.org/paying-it-forward/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://plasticiq.org/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.asyousow.org/report-page/plastic-pollution-scorecard-2021/
p. 17</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.asyousow.org/report-page/plastic-pollution-scorecard-2021/
p. 5</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Hershey Company| Packaging Reuse and Recycling</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Hershey&rsquo;s lags peers in creating a circular economy for packaging.</B></TD></TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Plastic
pollution and packaging waste create growing regulatory risks to companies.</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">As plastic pollution has grown into an international crisis, increasing
attention is being paid by governments, media, and citizens to the world&rsquo;s consumption and disposal of single-use products generally,
including packaging of all material types.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Recently, new laws adopted in Colorado, Maine, Oregon, and California
aim to shift the financial burden for waste management from consumers and local government to corporations. These EPR laws will effectively
tax corporations for the single-use packaging they produce based on various sustainability metrics.<SUP>11</SUP> Similar laws have been
introduced throughout the United States, including more than 75 bills between 2020 and 2022 alone, with packaging as the most common covered
product, demonstrating a rapidly growing trend of increased legal accountability for corporations for the financial costs of the packaging
waste they produce. <SUP>12</SUP> EPR for packaging laws have also been enforced for decades within European Union nations and many other
countries.<SUP>13</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Addressing pollution from plastic packaging is a key governmental priority
worldwide. Leaders from 193 United Nations member states are in the process of negotiating a global treaty to end plastic pollution; the
nations are considering a mandate for legally binding plastic use reductions and recyclability to transition the global market away from
disposable packaging and towards reusables.<SUP>14</SUP> Adoption of the agreement to negotiate a treaty was supported by a vast array
of businesses and investors united in recognition of plastic pollution as a severe threat to business&rsquo; social license to operate.<SUP>15</SUP>
The ramifications of the Global Plastics Treaty are expected to affect packaging of all materials by bolstering the transition to reusable,
returnable, and refillable packaging, making recyclability and use of recycled content standard, and holding producers financially accountable
for packaging at its end-of-life.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">EPR laws are increasingly becoming the norm in the United States and
around the world. With widespread adoption of these laws, corporations could be legally responsible for as much as $<FONT STYLE="font-size: 9pt">100
billion annually to cover the waste management costs of their packaging.<SUP>16</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Hershey&rsquo;s appears unprepared to meet the risks created by
EPR legislation and the forthcoming Global Plastics Treaty, </B>as the Company does not acknowledge financial responsibility for packaging
at end-of-life, makes no public contributions to support the collection and recycling of its packaging, lacks portfolio-wide recyclability
in practice and at scale, and has minimal investment in reusable packaging.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.huntonnickelreportblog.com/2024/01/extended-producer-responsibility-for-packaging-whats-ahead-in-2024/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.ncsl.org/environment-and-natural-resources/extended-producer-responsibility</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.oecd.org/environment/extended-producer-responsibility.htm</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.unep.org/news-and-stories/story/plastic-treaty-progress-puts-spotlight-circular-economy</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.businessforplasticstreaty.org/endorsers</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.pewtrusts.org/-/media/assets/2020/07/breakingtheplasticwave_report.pdf,
p. 9</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Hershey Company| Packaging Reuse and Recycling</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2</B>.</TD><TD><B>Hershey&rsquo;s fails to provide shareholders with sufficient information as to whether and how it will build a circular economy
for packaging, exposing the Company to reputational, financial, and operational risk.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Hershey&rsquo;s has a notable goal for 100% of its plastic packaging
to be recyclable, reusable, or compostable (RRC) by 2030, yet will most likely fail to meet this goal without drastic new action. Hershey&rsquo;s
abides by the U.S. Federal Trade Commission&rsquo;s definition of &ldquo;recyclable,&rdquo; whereby at least 60% of consumers or communities
must have access to a collection system that accepts the package for recycling. Accordingly, Hershey&rsquo;s efforts to produce recyclable
packaging cannot solely focus on packaging design but must extend downstream to ensure that wherever the Company does business, a collection
and recycling infrastructure are available to receive the package at its end-of-life.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Hershey&rsquo;s acknowledges that engaging in packaging end-of-life
and improving recycling infrastructure are key components to reducing Scope 3 emissions and improving recyclability, yet has failed to
communicate even one new action it plans to take to address these needs. <SUP>17</SUP> The Company reports only 17% of its plastic packaging
as recyclable, reusable, or compostable &ndash; far from its goal for 100% by 2030 &ndash; and, in the absence of any planned new actions,
is sure to fail to meet this goal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Outside of its trade associations that have little engagement on EPR,
Hershey&rsquo;s does not have a company statement on extended producer responsibility, nor has the Company made any known contributions
to support recycling infrastructure. The proposal&rsquo;s requested report would allow Hershey&rsquo;s to consider investing in the expansion
and modernization of U.S. recycling infrastructure, which would support the Company&rsquo;s long-term packaging recyclability and circular
economy goals for its packaging.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In 2021, the Company earned an &ldquo;F&rdquo; grade in <I>As You Sow&rsquo;s</I>
Corporate Plastic Pollution Scorecard (Plastic Scorecard). The Plastic Scorecard rated 50 of the largest, fast-moving consumer goods companies
on 44 metrics to evaluate action and goals across all areas of circular packaging. Of the 50 leading companies researched and ranked,
Hershey&rsquo;s received one of the lowest scores, failing 42 of 44 ranked indicators for circular packaging.<SUP>18</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.thehersheycompany.com/content/dam/hershey-corporate/documents/pdf/hershey-2022-esg-report.pdf
p. 71</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.asyousow.org/report-page/plastic-pollution-scorecard-2021/
p. 24</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Hershey Company| Packaging Reuse and Recycling</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3</B>.</TD><TD><B>Hershey&rsquo;s
lags peers in creating a circular economy for packaging.</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">More than 100 leading companies, including Nestl&eacute; and Ferrero,
have committed to promoting a circular economy by taking financial responsibility for the collection, sorting, and recycling of packaging
through the Ellen MacArthur Foundation&rsquo;s Statement and Position Paper, <I>Extended Producer Responsibility - a necessary part of
the solution to packaging waste and pollution.<SUP>19</SUP></I> The Coca-Cola Company&lsquo;s Vice President of Global Policy &amp; Sustainability
Michael Goltzman stated: &ldquo;We support this statement on the important role that well-designed EPR systems can play in keeping packaging
material out of the environment and in the circular economy. Good EPR schemes can motivate businesses and help us achieve our circular
economy targets.&rdquo;<SUP>20</SUP> Hershey&rsquo;s has no public company statement of support for EPR for packaging, nor has the Company
publicly acknowledged that its packaging waste is its financial responsibility.<SUP>21</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In countries, states, or regions lacking EPR for packaging, companies
should make voluntary financial contributions to improve recycling rates. The Recycling Partnership finds that $17 billion is needed to
modernize and expand recycling infrastructure.<SUP>22</SUP> At least 29 major consumer goods companies make voluntary contributions to
expand recycling infrastructure.<SUP>23</SUP> Hershey&rsquo;s is not known to voluntarily contribute any financial resources to help ensure
its packaging never becomes waste.<SUP>24</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Hershey&rsquo;s has next to zero public engagement on reusable packaging,
expected to be significantly financially incentivized under forthcoming EPR and Global Plastics Treaty regulations. Coca-Cola Co. has
announced the largest corporate goal for reusable packaging, pledging to deliver 25% of beverages by volume in reusables or refillables
by 2030.<SUP>25</SUP> PepsiCo followed suit shortly thereafter with the second-largest corporate reusables goal, committing to deliver
20% of beverages in reusables by 2030.<SUP>26</SUP> Hershey&rsquo;s must embrace this zero-waste form of packaging delivery and commit
to new explorations of reusable packaging opportunities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO BOARD
OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, Hershey's demonstrates its reporting on
packaging reduction. Though an important aspect of packaging sustainability, the Company still has a glaring omission of disclosures regarding
packaging end-of-life, recyclability, and reusability, as this proposal requests. The Company does not describe how it will ensure that
more of its packaging waste is collected for recycling, either through financial contributions or support of legislation, nor how it will
embrace reusable packaging.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Hershey&rsquo;s notes its membership in the National Confectioners
Association (NCA) and endorsement of NCA&rsquo;s EPR Principles. Regrettably, NCA does not disclose whether it sponsors, supports, or
is opposed to any recent EPR legislation, or if it is active in any EPR legislative development. Absent such disclosure, Hershey&rsquo;s
should engage in the development and/or support of EPR legislation at the company level.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://ellenmacarthurfoundation.org/extended-producer-responsibility/overview?_ga=2.194255722.613184023.1673367048-710010554.1662564816&amp;_gl=1*18c5mjb*_ga*NzEwMDEwNTU0LjE2NjI1NjQ4MTY.*_ga_V32N675KJX*MTY3MzM2NzA0OC4xNC4wLjE2NzMzNjcwNDguNjAuMC4w</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://ellenmacarthurfoundation.org/extended-producer-responsibility/overview?_ga=2.194255722.613184023.1673367048-710010554.1662564816&amp;_gl=1*18c5mjb*_ga*NzEwMDEwNTU0LjE2NjI1NjQ4MTY.*_ga_V32N675KJX*MTY3MzM2NzA0OC4xNC4wLjE2NzMzNjcwNDguNjAuMC4w</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.asyousow.org/report-page/plastic-pollution-scorecard-2021/data-visualization</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://recyclingpartnership.org/paying-it-forward/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.asyousow.org/report-page/plastic-pollution-scorecard-2021/,
p. 17</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.asyousow.org/report-page/plastic-pollution-scorecard-2021/data-visualization</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.coca-colacompany.com/media-center/coca-cola-announces-industry-leading-target-for-reusable-packaging</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.prnewswire.com/news-releases/pepsico-introduces-new-packaging-goal-doubling-down-on-scaling-reusable-packaging-options-301692662.html</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">The Hershey Company| Packaging Reuse and Recycling</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Company must significantly bolster its actions to ensure a sustainable
end-of-life for packaging to minimize regulatory, reputational, financial, and operational risks, as evidenced most immediately in the
growing number of EPR laws for packaging and the forthcoming Global Plastics Treaty.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal #5 Regarding
Packaging Reuse and Recycling. </B>By failing to evaluate the full range of opportunities available to meaningfully bolster the collection
and recycling of its packaging, Hershey's has fallen behind peers like Nestl&eacute; and is vulnerable to reputational, financial, and
operational risks. Our Company must avoid these risks by evaluating new circularity actions for packaging, such as exploration of reusable
packaging, voluntary financial support for packaging collection and recycling, and support for EPR policies. We urge a &ldquo;Yes&rdquo;
vote on this resolution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Kelly McBee, As You Sow, </I><I>kmcbee@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">6</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
