Heat oven to 350F. Melt 2 oz. chocolate; set aside. Beat cream cheese, butter and granulated sugar in large bowl with mixer until blended.
Add eggs and 1 tsp. vanilla; mix well.
Mix flour, baking soda and salt.
Add to cream cheese mixture; mix well. Blend in melted chocolate. Stir in cherries and nuts.
Spread into greased and floured 15x10x1-inch pan.
Bake 25 to 30 min. or until toothpick inserted in center comes out clean. Melt remaining chocolate in medium microwaveable bowl. Stir in powdered sugar, 2 Tbsp. milk and remaining vanilla.
Add remaining 1 Tbsp. milk, if necessary for desired glaze consistency.