11 unchanged sentences
There were no purchases of shares of Common Stock made by or on behalf of Hershey, or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended) of Hershey, for each fiscal month in the three months ended December 31, 2025.
−Removed: In July 2018, our Board of Directors approved a $500 million share repurchase authorization to repurchase shares of our Common Stock.
−Removed: As a result of the February 2023 Stock Purchase Agreement with Hershey Trust Company, as trustee for the Milton Hershey School Trust (the “School Trust”), the July 2018 share repurchase authorization was completed.
−Removed: In May 2021, our Board of Directors approved an additional $500 million share repurchase authorization, which was completed as of March 31, 2024.
−Removed: In December 2023, our Board of Directors approved an additional $500 million share repurchase authorization.
−Removed: This program commenced after the existing May 2021 authorization was completed and is to be utilized at management’s discretion.
+Added: In December 2023, our Board of Directors approved a $500 million share repurchase authorization.
+Added: This program is to be utilized at management’s discretion.
Approximately $470 million remains available for repurchases under our December 2023 share repurchase authorization.
3 unchanged sentences
In February 2023, the Company entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company purchased 1,000,000 shares of the Company’s Common Stock from the School Trust at a price equal to $239.91 per share, for a total purchase price of $239.9 million.
−Removed: In February 2022, the Company entered into a Stock Purchase Agreement with Hershey Trust Company, as trustee for the School Trust, pursuant to which the Company purchased 1,000,000 shares of the Company’s Common Stock from the School Trust at a price equal to $203.35 per share, for a total purchase price of $203.4 million.
The Hershey Company | 2025 Form 10-K | Page 20
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.