Michele Buck - 15 May 2023 Form 4 Insider Report for HERSHEY CO (HSY)

Role: Chairman, President and CEO, Director
Signature: /s/ Lauren H. Lacey, Agent for Michele G. Buck
Issuer symbol: HSY
Transactions as of: 15 May 2023
Net transactions value: -$3,411,542
Form type: 4
Filing time: 16 May 2023, 16:17:47 UTC
Previous filing: 17 Apr 2023
Next filing: 15 Jun 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HSY	Common Stock	Options Exercise	$450,436	+4,251	+3%	$105.96	146,002	15 May 2023	Direct
transaction	HSY	Common Stock	Sale	$903,329	-3,337	-2.3%	$270.70	142,665	15 May 2023	Direct	F1
transaction	HSY	Common Stock	Sale	$163,071	-600	-0.42%	$271.78	142,065	15 May 2023	Direct	F2
transaction	HSY	Common Stock	Sale	$81,780	-300	-0.21%	$272.60	141,765	15 May 2023	Direct	F3
transaction	HSY	Common Stock	Sale	$3,838	-14	-0.01%	$274.13	141,751	15 May 2023	Direct
transaction	HSY	Common Stock	Sale	$1,044,863	-3,860	-2.7%	$270.69	137,891	15 May 2023	Direct	F4
transaction	HSY	Common Stock	Sale	$244,745	-900	-0.65%	$271.94	136,991	15 May 2023	Direct	F5
transaction	HSY	Common Stock	Sale	$54,567	-200	-0.15%	$272.84	136,791	15 May 2023	Direct	F6
transaction	HSY	Common Stock	Sale	$10,964	-40	-0.03%	$274.11	136,751	15 May 2023	Direct	F7
transaction	HSY	Common Stock	Sale	$1,033,731	-3,819	-2.8%	$270.68	132,932	15 May 2023	Direct	F8
transaction	HSY	Common Stock	Sale	$234,901	-865	-0.65%	$271.56	132,067	15 May 2023	Direct	F9
transaction	HSY	Common Stock	Sale	$81,801	-300	-0.23%	$272.67	131,767	15 May 2023	Direct	F10
transaction	HSY	Common Stock	Sale	$4,387	-16	-0.01%	$274.17	131,751	15 May 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HSY	Non-qualified Stock Option (Right to Buy)	Options Exercise	$0	-4,251	-33%	$0.000000	8,502	15 May 2023	Common Stock	4,251	$105.96	Direct	F11

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $270.240 to $271.220. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F2	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $271.450 to $272.190. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F3	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $272.470 to $272.670. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F4	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $270.280 to $271.215. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F5	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $271.655 to $272.505. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F6	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $272.820 to $272.850. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F7	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $274.100 to $274.330. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F8	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $270.240 to $271.190. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F9	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $271.290 to $271.810. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F10	This reflects the weighted average price for the shares, which were sold in multiple transactions at prices that ranged from $272.660 to $272.680. Upon the request of the SEC staff, the issuer or a security holder of the issuer, the reporting person undertakes to provide information regarding the number of shares sold at each separate price.
F11	The options vested according to the following schedule: 25% vested on February 18, 2015, 25% vested on February 18, 2016, 25% vested on February 18, 2017 and 25% vested on February 18, 2018.