Preheat oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.

In a large bowl, whisk together flour, sugar, cocoa powder, baking soda, baking powder, and salt.

In a separate bowl, whisk together eggs, buttermilk, oil, and vanilla extract.

Add the wet ingredients to the dry ingredients and mix until just combined. Do not overmix.

Gradually add the hot water, mixing until the batter is smooth.

Gently fold in the chopped maraschino cherries.

Pour the batter evenly into the prepared cake pans.

Bake for 30-35 minutes, or until a wooden skewer inserted into the center comes out clean.

Let the cakes cool in the pans for 10 minutes before inverting them onto a wire rack to cool completely.

While the cakes are cooling, prepare the chocolate glaze. In a medium saucepan, melt butter over medium heat. Whisk in cocoa powder until smooth.

Gradually whisk in powdered sugar and milk, alternating between them, until the glaze is smooth and reaches your desired consistency.

Stir in vanilla extract.

Once the cakes are completely cool, place one layer on a serving plate and spread a generous amount of glaze over the top. Place the second cake layer on top and spread the remaining glaze over the top and sides of the entire cake.

Let the glaze set before slicing and serving.