On January 21, 2020, Hasbro, Inc. and Hasbro B.V. (together with their affiliated entities, the “Company”) and Wiebe Tinga, Executive Vice President, Chief Commercial Officer entered into a Transitional Advisory Services Agreement (the “Transition Agreement”) pursuant to which Mr. Tinga will transition to retirement from the Company, with a scheduled retirement date of December 31, 2021 (the “Retirement Date”).  In order to provide for an orderly transition of his responsibilities and duties, Mr. Tinga has stepped down from his position as the Company’s Executive Vice President, Chief Commercial Officer effective immediately, and will continue his employment with the Company as a special commercial retail advisor until the Retirement Date (the “Transition Period”).

Pursuant to the Transition Agreement, in exchange for his services during the Transition Period, Mr. Tinga will continue to (i) receive his current base salary as in effect on December 31, 2019, payable in accordance with the Company’s regular payroll practices, (ii) generally participate in the benefit plans and arrangements in which he participated as of the effective date of his transition, and (iii) continue to vest in outstanding equity-based awards subject to, and in accordance with, their respective terms through the Retirement Date.  No additional equity awards are expected to be granted to Mr. Tinga during the Transition Period.  During the Transition Period, Mr. Tinga will be paid a bonus under the Company’s Senior Management Annual Incentive Plan (the “Plan”) for fiscal 2019 based on corporate performance, and, if Mr. Tinga remains employed by the Company through December 31, 2020, he will be paid a bonus for fiscal 2020 equal to the average of the bonuses he received under the Plan for the fiscal years 2017, 2018, and 2019.  During the Transition Period, Mr. Tinga will also continue to receive an annual payment in order to compensate him for the loss of pension value as a result of legislative changes in the Netherlands that capped pensionable salary, as further described in the Company’s Annual Proxy Statement, filed with the U.S. Securities and Exchange Commission on April 2, 2019.

If Mr. Tinga’s employment with the Company terminates for any reason prior to the Retirement Date, including by voluntary termination, then Mr. Tinga would generally only be entitled to any payments or benefits under the Transition Agreement or applicable benefit plans or arrangements that have accrued through the date of termination.  Additionally, subject to certain exceptions set forth in the Transition Agreement, if Mr. Tinga accepts employment with, or otherwise performs work for, a third party not affiliated with the Company prior to the Retirement Date, provided such employment or work does not violate Mr. Tinga’s restrictive covenant obligations, Mr. Tinga will receive an amount equal to 50% of the remaining base salary payments he would otherwise have received through the Retirement Date.  Mr. Tinga will not be entitled to any other payments or benefits in the event of his termination of employment.