Omnibus Incentive Plan



 Exhibit 10.10 
 FORM OF 
 HANESBRANDS INC. OMNIBUS INCENTIVE PLAN OF 2006 
 1. Purpose. The purposes of the Plan are (a) to promote the interests of the Corporation and its subsidiaries and its
stockholders by strengthening the ability of the Corporation and its subsidiaries to attract and retain highly competent officers and other key employees, and (b) to provide a means to encourage Stock ownership and proprietary
interest in the Corporation. The Plan is intended to provide Plan Participants with forms of long-term incentive compensation that are not subject to the deduction limitation rules prescribed under Code
Section 162(m), and should be construed to the extent possible as providing for remuneration which is “performance-based compensation” within the meaning of Code Section 162(m) and the regulations promulgated
thereunder. 
 2. Definitions. Where the context of the Plan permits, words in the masculine gender shall include the feminine
gender, the plural form of a word shall include the singular form, and the singular form of a word shall include the plural form. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 
 (a) Award means the grant of incentive compensation under this Plan to a Participant. 
 (b) Board means the board of directors of the Corporation. 
 (c) Change of Control means: 
 (i) upon the acquisition by any individual, entity or group, including any Person, of beneficial ownership (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of 20% or more
of the combined voting power of the then outstanding capital stock of the Corporation that by its terms may be voted on all matters submitted to stockholders of the Corporation generally (“Voting Stock”); provided,
however, that the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Corporation (excluding any acquisition resulting from the exercise of a conversion or exchange privilege in
respect of outstanding convertible or exchangeable securities unless such outstanding convertible or exchangeable securities were acquired directly from the Corporation); (B) any acquisition by the 








 
Corporation; (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Corporation or any
corporation controlled by the Corporation; or (D) any acquisition by any corporation pursuant to a reorganization, merger or consolidation involving the Corporation, if, immediately after such reorganization, merger or
consolidation, each of the conditions described in clauses (A), (B) and (C) of subsection (ii) below shall be satisfied; and provided further that, for purposes of clause (B) above, if (1) any Person (other than the
Corporation or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any corporation controlled by the Corporation) shall become the beneficial owner of 20% or more of the Voting Stock
by reason of an acquisition of Voting Stock by the Corporation, and (2) such Person shall, after such acquisition by the Corporation, become the beneficial owner of any additional shares of the Voting Stock
and such beneficial ownership is publicly announced, then such additional beneficial ownership shall constitute a Change in Control; or 
 (ii) upon the consummation of a reorganization, merger or consolidation of the Corporation, or a sale, lease, exchange or other transfer of all or substantially all of the assets of the Corporation;
excluding, however, any such reorganization, merger, consolidation, sale, lease, exchange or other transfer with respect to which, immediately after consummation of such transaction: (A) all or substantially all of the beneficial owners of the
Voting Stock of the Corporation outstanding immediately prior to such transaction continue to beneficially own, directly or indirectly (either by remaining outstanding or by being converted into voting securities of the entity
resulting from such transaction), more than 50% of the combined voting power of the voting securities of the entity resulting from such transaction (including, without limitation, the Corporation or an entity which as a result of such
transaction owns the Corporation or all or substantially all of the Corporation’s property or assets, directly or 

  

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indirectly) (the “Resulting Entity”) outstanding immediately after such transaction, in substantially the same proportions relative to each
other as their ownership immediately prior to such transaction; and (B) no Person (other than any Person that beneficially owned, immediately prior to such reorganization, merger, consolidation, sale or other disposition, directly
or indirectly, Voting Stock representing 20% or more of the combined voting power of the Corporation’s then outstanding securities) beneficially owns, directly or indirectly, 20% or more of the combined voting power of the then
outstanding securities of the Resulting Entity; and (C) at least a majority of the members of the board of directors of the entity resulting from such transaction were Initial Directors of the Corporation at the time of the
execution of the initial agreement or action of the Board authorizing such reorganization, merger, consolidation, sale or other disposition; or 
 (iii) upon the approval of a plan of complete liquidation or dissolution of the Corporation; or 
 (iv) when the Initial Directors cease for any reason to constitute at least a majority of the Board. 
 (d) Code means the Internal Revenue Code of 1986, as amended. 
 (e) Committee
means the Compensation and Employee Benefits Committee of the Board; provided that the Compensation and Employee Benefits Committee of the Board of Directors of the Sara Lee Corporation shall serve as the Committee under the
Plan for as long as the Corporation is wholly-owned by Sara Lee Corporation. 
 (f) Corporation means
Hanesbrands Inc., a Maryland corporation, or any successor thereto. 
 (g) Covered Employees means covered employees
within the meaning of Code Section 162(m). 
  

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 (h) Deferred Stock Unit (“DSU”) means a vested right to a future award
of Stock granted pursuant to section 10 below. 
 (i) Exchange Act means the Securities Exchange Act of 1934, as
amended. 
 (j) Fair Market Value means the fair market value of Stock determined at any time in such manner as
the Committee may deem equitable, or as required by applicable law or regulation. 
 (k) Incentive Stock Options
means a Stock Option designed to meet the requirements of Code Section 422 or any successor law. 
 (l)
Initial Directors means those individuals initially appointed as the directors of the Corporation once it ceased to be wholly-owned by Sara Lee Corporation; provided, however, that any individual who becomes a director of the
Corporation at or after the first annual meeting of stockholders of the Corporation whose election, or nomination for election by the Corporation’s stockholders, was approved by the vote of at least a majority of the
Initial Directors then comprising the Board (or by the nominating committee of the Board, if such committee is comprised of Initial Directors and has such authority) shall be deemed to have been an Initial
Director; and provided further, that no individual shall be deemed to be an Initial Director if such individual initially was elected as a director of the Corporation as a result of: (i) an actual or threatened solicitation by
a Person (other than the Board) made for the purpose of opposing a solicitation by the Board with respect to the election or removal of directors; or (ii) any other actual or threatened solicitation of proxies or consents
by or on behalf of any Person (other than the Board). 
 (m) Nonqualified Stock Option means a Stock
Option that is not an Incentive Stock Option. 
  

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 (n) Participant means (i) an employee of the Corporation or its
Subsidiaries; or (ii) a non-employee director of the Corporation designated by the Committee as eligible to receive an Award under the Plan. 
 (o) Performance Cash Awards means cash incentives subject to the satisfaction of long-term Performance Criteria and granted
pursuant to section 12 below. 
 (p) Performance Criteria means business criteria within the meaning of Code
Section 162(m), including, but not limited to: revenue, revenue growth; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; earnings per share; operating income; pre-or after-tax income; net
operating profit after taxes; economic value added (or an equivalent metric); ratio of operating earnings to capital spending; cash flow (before or after dividends); cash-flow per share (before or after dividends); net earnings; net sales; sales
growth; share price performance; return on assets or net assets, return on equity, return on capital (including return on total capital or return on invested capital); cash flow return on investment, total shareholder return; improvement in or
attainment of expense levels, and improvement in or attainment of working capital levels or Performance Criteria. Any Performance Criteria may be used to measure our performance as a whole or any of our business units and may be
measured relative to a peer group or index. 
 (q) Performance Period means the period as designated by the
Committee with a minimum of one year and a maximum of five years. 
 (r) Performance Shares means Awards
subject to the satisfaction of long-term Performance Criteria and granted pursuant to section 11 below. 
 (s) Person
means any individual, entity or group, including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act. 
 (t) Plan means the Hanesbrands Omnibus Incentive Plan of 2006. 
  

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 (u) Restricted Stock means Stock subject to a vesting condition specified
by the Committee in an Award in accordance with section 9 below. 
 (v) Resulting Entity means the entity
resulting from a transaction (including, without limitation, the Corporation or an entity which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s property or assets,
directly or indirectly). 
 (w) RSU means a restricted stock unit providing a Participant with the right to
receive Stock at a date on or after vesting in accordance with the terms of such grant and/or upon the attainment of Performance Criteria specified by the Committee in the Award in accordance with section 9 below.

 (x) SAR means a stock appreciation right granted pursuant to section 8 below. 
 (y) Stock means a share of common stock of the Corporation that, by its terms, may be voted on all matters submitted to
stockholders of the Corporation generally. 
 (z) Stock Option means the right to acquire shares of Stock
at a certain price that is granted pursuant to section 7 below. The term Stock Option includes both Incentive Stock Options and Nonqualified Stock Options. 
 (aa) Subsidiary or Subsidiaries means any corporation or entity of which the Corporation owns directly or indirectly,
at least 50% of the total voting power or in which it has at least a 50% economic interest, and which is authorized to participate in the Plan. 
 3. Administration. The Plan will be administered by the Committee consisting of two or more directors of the Corporation as the Board may designate from time to time, each of whom
shall satisfy such requirements as: 
 (a) the Securities and Exchange Commission may establish for administrators acting
under plans intended to qualify for exemption under Rule 16b-3 or its successor under the Exchange Act; 
  

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 (b) the New York Stock Exchange may establish pursuant to its rule-making authority; and

 (c) the Internal Revenue Service may establish for outside directors acting under plans intended to qualify for exemption
under Code Section 162(m). 
 The Committee shall have the discretionary authority to construe and interpret the
Plan and any Awards granted thereunder, to establish and amend rules for Plan administration, to change the terms and conditions of Awards at or after grant (subject to the provisions of section 20 below), to correct any
defect or supply any omission or reconcile any inconsistency in the Plan or in any Award granted under the Plan, and to make all other determinations which it deems necessary or advisable for the administration of the
Plan. 
 Awards under the Plan to a Covered Employee may be made subject to the satisfaction of one or more
Performance Criteria. Performance Criteria shall be established by the Committee for a Participant (or group of Participants) no later than ninety (90) days after the commencement of each Performance
Period (or the date on which 25% of the Performance Period has elapsed, if earlier). The Committee may select one or more Performance Criteria and may apply those Performance Criteria on a corporate-wide or
division/business segment basis; provided, however, that the Committee may not increase the amount of compensation payable to a Covered Employee upon the satisfaction of Performance Criteria. 
 The Committee or the Board may authorize one or more officers of the Corporation to select employees to participate in the
Plan and to determine the number and type of Awards to be granted to such Participants, except with respect to Awards to officers subject to Section 16 of the Exchange Act, or to non-employee directors of the
Corporation, or to officers who are, or who are reasonably expected to be, Covered Employees. 
 The determinations of the
Committee shall be made in accordance with their judgment as to the best interests of the Corporation and its stockholders and in accordance with the purposes of the Plan. Any determination of the Committee under the
Plan may be made without notice or meeting of the Committee, if in writing signed by all the Committee members. 
  

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 4. Participants. Participants may consist of all employees of the Corporation and
its subsidiaries and all non-employee directors of the Corporation; provided, however, the following individuals shall be excluded from participation in the Plan: (a) contract labor; (b) employees whose base wage or base
salary is not processed for payment by the payroll department of the Corporation or any subsidiary; and (c) any individual performing services under an independent contractor or consultant agreement, a purchase order, a supplier
agreement or any other agreement that the Corporation enters into for service. Designation of a Participant in any year shall not require the Committee to designate that person to receive an Award in any other year or to
receive the same type or amount of Award as granted to the Participant in any other year or as granted to any other Participant in any year. The Committee shall consider all factors that it deems relevant in selecting
Participants and in determining the type and amount of their respective Awards. 
 5. Shares Available under the Plan.
There is hereby reserved for issuance under the Plan an aggregate of shares of Stock. Stock covered by an Award granted under the Plan shall not be counted as used unless and until actually issued and
delivered to a Participant. Accordingly, if there is (a) a lapse, expiration, termination or cancellation of any Stock Option or other Award outstanding under this Plan prior to the issuance of Stock
thereunder or (b) a forfeiture of any shares of Restricted Stock or Stock subject to Awards granted under this Plan prior to vesting, then the Stock subject to these Stock Options or other Awards
shall be added to the Stock available for Awards under the Plan. In addition, any Stock covered by an SAR (including an SAR settled in Stock which the Committee, in its discretion, may
substitute for an outstanding Stock Option) shall be counted as used only to the extent Stock is actually issued to the Participant upon exercise of the right. Finally, any Stock exchanged by an optionee as full or
partial payment of the exercise price under any Stock Option exercised under the Plan, any Stock retained by the Corporation to comply with applicable income tax withholding requirements, and any Stock covered by
an Award which is settled in cash, shall be added to the Stock available for Awards under the Plan. 
 All
Stock issued under the Plan may be either authorized and unissued Stock or issued Stock reacquired by the Corporation. All of the available Stock may, but need not, be issued pursuant to the exercise of
Incentive Stock Options; provided, however, notwithstanding a Stock Option’s designation, to the extent that Incentive Stock Options are exercisable for the first time 

  

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by the Participant during any calendar year with respect to Stock whose aggregate Fair Market Value exceeds $100,000, such Stock
Options shall be treated as Nonqualified Stock Options. 
 No Participant may receive in any calendar year Awards
relating to more than shares of Stock. 
 The Stock reserved for issuance and the other limitations set forth above shall be
subject to adjustment in accordance with section 15 hereto. 
 6. Types of Awards, Payments, and Limitations. Awards under the
Plan shall consist of Stock Options, SARs, Restricted Stock, RSUs, DSUs, Performance Shares, Performance Cash Awards, and other Stock or cash Awards, all as described below.
Payment of Awards may be in the form of cash, Stock, other Awards or combinations thereof as the Committee shall determine, and with the expectation that any Award of Stock shall be styled to preserve such
restrictions as it may impose. The Committee, either at the time of grant or by subsequent amendment, and subject to the provisions of sections 20 and 21 hereto, may require or permit Participants to elect to defer the issuance of
Stock or the settlement of Awards in cash under such rules and procedures as the Committee may establish under the Plan. 
 The Committee may provide that any Awards under the Plan earn dividends or dividend equivalents and interest on such dividends or dividend equivalents. Such dividends or dividend equivalents may
be paid currently or may be credited to a Participant’s Plan account and are subject to the same vesting or Performance Criteria as the underlying Award. Any crediting of dividends or dividend equivalents may be subject to
such restrictions and conditions as the Committee may establish, including reinvestment in additional Stock or Stock equivalents. 
 Awards shall be evidenced by an agreement that sets forth the terms, conditions and limitations of such Award. Such terms may include, but are not limited to, the term of the Award, the provisions
applicable in the event the Participant’s employment terminates, and the Corporation’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind any Award including without limitation the
ability to amend such Awards to comply with changes in applicable law. An Award may also be subject to other provisions (whether or not applicable to similar Awards granted to other Participants) as the Committee
determines appropriate, including provisions intended to comply with federal or state securities laws and stock exchange requirements, understandings or conditions as to the Participant’s employment, 

  

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requirements or inducements for continued ownership of Stock after exercise or vesting of Awards, or forfeiture of Awards in the event
of termination of employment shortly after exercise or vesting, or breach of noncompetition or confidentiality agreements following termination of employment. 
 The Committee may make retroactive adjustments to and the Participant shall reimburse to the Corporation any cash or equity based incentive compensation paid to the Participant where such
compensation was predicated upon achieving certain financial results that were substantially the subject of a restatement, and as a result of the restatement it is determined that the Participant otherwise would not have been paid such
compensation, regardless of whether or not the restatement resulted from the Participant’s misconduct. In each such instance, the Corporation will, to the extent practicable, seek to recover the amount by which the
Participant’s cash or equity based incentive compensation for the relevant period exceeded the lower payment that would have been made based on the restated financial results. The Corporation will, to the extent permitted by
governing law, require reimbursement of any cash or equity based incentive compensation paid to any named executive officer (for purposes of this policy “named executive officers” has the meaning given that term in Item 402(a)(3) of
Regulation S-K under the Securities Exchange Act of 1934) where: (i) the payment was predicated upon the achievement of certain financial results that were subsequently the subject of a substantial restatement, and (ii) in the
Committee’s view the officer engaged in fraud or misconduct that caused or partially caused the need for the substantial restatement. In each instance described above, the Corporation will, to the extent practicable, seek to
recover the described cash or equity based incentive compensation for the relevant period, plus a reasonable rate of interest. 
 Measurement
of the attainment of Performance Criteria may exclude, if the Committee provides in an Award agreement, impact of charges for restructurings, discontinued operations, extraordinary items and other unusual or non-recurring items,
and the cumulative effects of tax or accounting changes, each as defined by Generally Accepted Accounting Principles and as identified in the financial statements, in the notes to the financial statements, in the Management’s Discussion and
Analysis section of the financial statements, or in other Securities and Exchange Commission filings. 
  

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 The Committee, in its sole discretion, may require a Participant to have amounts or
Stock that otherwise would be paid or delivered to the Participant as a result of the exercise or settlement of an Award under the Plan credited to a deferred compensation or stock unit account established for the
Participant by the Committee on the Corporation’s books of account. In addition, the Committee may permit Participants to defer the receipt of payments of Awards pursuant to such rules, procedures or
programs as may be established for purposes of this Plan. 
 The Committee need not require the execution of any such agreement
by a Participant. Acceptance of the Award by the respective Participant shall constitute agreement by the Participant to the terms of the Award. 
 7. Stock Options. Stock Options may be granted to Participants, at any time as determined by the Committee. The
Committee shall determine the number of shares subject to each Stock Option and whether the Stock Option is an Incentive Stock Option. The exercise price for each Stock Option shall be determined by the
Committee but shall not be less than 100% of the Fair Market Value of the Stock on the date the Stock Option is granted unless the Stock Option is a substitute or assumed Stock Option granted pursuant to
section 16 hereto. Each Stock Option shall expire at such time as the Committee shall determine at the time of grant. Stock Options shall be exercisable at such time and subject to such terms and conditions as the
Committee shall determine; provided, however, that no Stock Option shall be exercisable later than the tenth anniversary of its grant. The exercise price, upon exercise of any Stock Option, shall be payable to the
Corporation in full by: (a) cash payment or its equivalent; (b) tendering previously acquired Stock purchased on the open market having a Fair Market Value at the time of exercise equal to the exercise price or
certification of ownership of such previously-acquired Stock; (c) to the extent permitted by applicable law, delivery of a properly executed exercise notice, together with irrevocable instructions to a broker to promptly deliver to the
Corporation the amount of sale proceeds from the Stock Option shares or loan proceeds to pay the exercise price and any withholding taxes due to the Corporation; and (d) such other methods of payment as the
Committee, in its discretion, deems appropriate. In no event shall the Committee cancel any outstanding Stock Option with an exercise price less than the then current Fair Market Value of the Stock for the purpose
of reissuing any other Award to the Participant at a lower exercise price nor reduce the exercise price of an outstanding Stock Option without stockholder approval. 
  

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 8. Stock Appreciation Rights. SARs may be granted to Participants at any time as
determined by the Committee. Notwithstanding any other provision of the Plan, the Committee may, in its discretion, substitute SARs which can be settled only in Stock for outstanding Stock Options. The grant
price of a substitute SAR shall be equal to the exercise price of the related Stock Option and the substitute SAR shall have substantive terms (e.g., duration) that are equivalent to the related Stock Option. The
grant price of any other SAR shall be equal to the Fair Market Value of the Stock on the date of its grant unless the SARs are substitute or assumed SARs granted pursuant to section 16 hereto. An SAR may be
exercised upon such terms and conditions and for the term the Committee in its sole discretion determines; provided, however, that the term shall not exceed the Stock Option term in the case of a substitute SAR or ten years in
the case of any other SAR, and the terms and conditions applicable to a substitute SAR shall be substantially the same as those applicable to the Stock Option which it replaces. Upon exercise of an SAR, the
Participant shall be entitled to receive payment from the Corporation in an amount determined by multiplying (a) the difference between the Fair Market Value of a share of Stock on the date of exercise and the grant
price of the SAR by (b) the number of shares with respect to which the SAR is exercised. The payment may be made in cash or Stock, at the discretion of the Committee, except in the case of a substitute SAR
payment which may be made only in Stock. In no event shall the Committee cancel any outstanding SAR with an exercise price less than the then current Fair Market Value of the Stock for the purpose of reissuing any
other Award to the Participant at a lower grant price nor reduce the grant price of an outstanding SAR without stockholder approval. 
 9. Restricted Stock and RSUs. Restricted Stock and RSUs may be awarded or sold to Participants under such terms and conditions as shall be established by the Committee. Restricted
Stock and RSUs shall be subject to such restrictions as the Committee determines, including, without limitation, any of the following: 
 (a) a prohibition against sale, assignment, transfer, pledge, hypothecation or other encumbrance for a specified period; 
 (b) a requirement that the holder forfeit (or in the case of Stock or RSUs sold to the Participant, resell to the Corporation at cost) such Stock or RSUs in 

  

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the event of termination of employment during the period of restriction; and 
 (c) the attainment of Performance Criteria. 
 All restrictions shall expire at such times as the Committee shall specify, but generally shall require the Participant to complete three years of service to fully vest in the Award. 

10. DSUs. DSUs provide a Participant a vested right to receive Stock in lieu of other compensation at termination of
employment or service or at a specific future designated date. 
 11. Performance Shares. The Committee shall designate the
Participants to whom Performance Shares are to be awarded and determine the number of shares, the length of the Performance Period and the other terms and conditions of each such Award; provided the stated Performance
Period will not be less than 12 months and to the extent the Award is designed to constitute performance-based compensation under Code Section 162(m), Performance Criteria shall be established within 90 days of the
period of service to which the Performance Criteria relate has elapsed. Each Award of Performance Shares shall entitle the Participant to a payment in the form of Stock upon the attainment of Performance
Criteria and other terms and conditions specified by the Committee. 
 Notwithstanding satisfaction of any Performance
Criteria, the number of shares issued under a Performance Shares Award may be adjusted by the Committee on the basis of such further consideration as the Committee in its sole discretion shall determine. However, the
Committee may not, in any event, increase the number of shares earned upon satisfaction of any Performance Criteria by any Participant who is a Covered Employee. The Committee may, in its discretion, make a cash
payment equal to the Fair Market Value of Stock otherwise required to be issued to a Participant pursuant to a Performance Share Award. 
 12. Performance Cash Awards. The Committee shall designate the Participants to whom Performance Cash Awards are to be awarded and determine the amount of the Award and the terms and
conditions of each such Award; provided the Performance Period will not be less than 12 months and to the extent the Award is designed to constitute performance-based compensation under Code Section 162(m),
Performance Criteria shall be established within 90 

  

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days of the period of service to which the Performance Criteria relate has elapsed. Each Performance Cash Award shall entitle the
Participant to a payment in cash upon the attainment of Performance Criteria and other terms and conditions specified by the Committee. No Award may be paid to a Participant in excess of $5,000,000 for any single
year. If an Award is earned in excess of $5,000,000, the amount of the Award in excess of this amount shall be deferred in accordance with the date the Participant ceases to be covered by Code Section 162(m) (or six months
after that date if the Participant ceases to be covered by Code Section 162(m) because of Participant’s separation from service (as defined in Code Section 409A). 
 Notwithstanding the satisfaction of any Performance Criteria, the amount to be paid under a Performance Cash Award may be adjusted by the
Committee on the basis of such further consideration as the Committee in its sole discretion shall determine. However, the Committee may not, in any event, increase the amount earned under Performance Cash Awards upon
satisfaction of any Performance Criteria by any Participant who is a Covered Employee. The Committee may, in its discretion, substitute actual Stock for the cash payment otherwise required to be made to a
Participant pursuant to a Performance Cash Award. 
 13. Other Stock or Cash Awards. In addition to the incentives
described in sections 6 through 12 above, the Committee may grant other incentives payable in cash or in Stock under the Plan as it determines to be in the best interests of the Corporation and subject to such other terms
and conditions as it deems appropriate; provided an outright grant of Stock will not be made unless it is offered in exchange for cash compensation that has otherwise already been earned by the recipient including without limitation awards
earned under the Hanesbrands Inc. Performance-Based Annual Incentive Plan (or any successor annual incentive plan of the Corporation) or under the Hanesbrands Inc. Non-Employee Director Deferred Compensation Plan. 
 14. Change of Control. Except as otherwise determined by the Committee at the time of grant of an Award, upon a Change of
Control, all outstanding Stock Options and SARs shall become vested and exercisable; all restrictions on Restricted Stock and RSUs shall lapse; all Performance Criteria shall be deemed achieved at target levels
and all other terms and conditions met; all Performance Shares shall be delivered; all Performance Cash Awards, DSUs 

  

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and RSUs shall be paid out as promptly as practicable; and all other Stock or cash Awards shall be delivered or paid. 
 In the event that a payment or delivery of an Award following a Change of Control would not be a permissible distribution event, as defined
in Code Section 409A(a)(2) or any regulations or other guidance issued thereunder, then the payment or delivery shall be made on the earlier of: (a) the date of payment or delivery originally provided for such Award; or
(b) the date of termination of the Participant’s employment or service with the Corporation or six months after such termination in the case of a “specified employee” (as defined in Code
Section 409A(a)(2)(B)(i)). 
 15. Adjustment Provisions. 
 (a) In the event of any change affecting the number, class, market price or terms of the Stock by reason of share dividend, share
split, recapitalization, reorganization, merger, consolidation, spin-off, disaffiliation of a subsidiary, combination of Stock, exchange of Stock, Stock rights offering, or other similar event, or any distribution to the holders
of Stock other than a regular cash dividend, the Committee shall substitute or adjust the number or class of Stock which may be issued under the Plan in the aggregate or to any one Participant in any calendar year
and the number, class, price or terms of shares of Stock subject to outstanding Awards granted under the Plan as it deems appropriate. 
 (b) In the event of any merger, consolidation or reorganization of the Corporation with or into another corporation which results in the outstanding Stock of the Corporation being converted into
or exchanged for different securities, cash or other property, or any combination thereof, there shall be substituted, on an equitable basis as determined by the Committee in its discretion, for each share of Stock then subject to an
Award granted under the Plan, the number and kind of shares of stock, other securities, cash or other property to which holders of Stock will be entitled pursuant to the transaction. 
  

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 16. Substitution and Assumption of Awards. The Board or the Committee may authorize
the issuance of Awards under this Plan in connection with the assumption of, or substitution for, outstanding Awards previously granted to individuals who become employees of the Corporation or any subsidiary as a result
of any merger, consolidation, acquisition of property or stock, or reorganization, upon such terms and conditions as the Committee may deem appropriate. Any substitute Awards granted under the Plan shall not count against the
Stock limitations set forth in section 5 hereto, to the extent permitted by Section 303A.08 of the Corporate Governance Standards of the New York Stock Exchange. 
 17. Nontransferability. Each Award granted under the Plan shall not be transferable other than by will or the laws of descent and
distribution, and each Stock Option and SAR shall be exercisable during the Participant’s lifetime only by the Participant or, in the event of disability, by the Participant’s personal representative. In
the event of the death of a Participant, exercise of any Award or payment with respect to any Award shall be made only by or to the beneficiary, executor or administrator of the estate of the deceased Participant or the
person or persons to whom the deceased Participant’s rights under the Award shall pass by will or the laws of descent and distribution. Subject to the approval of the Committee in its sole discretion, Stock Options
may be transferable to charity or to members of the immediate family of the Participant and to one or more trusts for the benefit of such family members, partnerships in which such family members are the only partners, or corporations in
which such family members are the only stockholders. Members of the immediate family means the Participant’s spouse, children, stepchildren, grandchildren, parents, grandparents, siblings (including half brothers and sisters), and
individuals who are family members by adoption. 
 18. Taxes. The Corporation shall be entitled to withhold the amount of any
tax attributable to any amounts payable or Stock deliverable under the Plan, after giving notice to the person entitled to receive such payment or delivery, and the Corporation may defer making payment or delivery as to any
Award, if any such tax is payable, until indemnified to its satisfaction. A Participant may pay all or a portion of any withholding limited to the minimum statutory amount arising in connection with the exercise of a Stock
Option or SAR or the receipt or vesting of Stock hereunder by electing to have the Corporation withhold Stock having a Fair Market Value equal to the amount required to be withheld. 
  

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 19. Duration of the Plan. No Award shall be made under the Plan more than ten years
after the date of its adoption by the Board; provided, however, that the terms and conditions applicable to any Stock Option granted on or before such date may thereafter be amended or modified by mutual agreement between the
Corporation and the Participant, or such other person as may then have an interest therein. 
 20. Amendment and
Termination. The Board or the Committee may amend the Plan from time to time or terminate the Plan at any time. However, unless expressly provided in an Award or the Plan, no such action shall reduce the
amount of any existing Award or change the terms and conditions thereof without the Participant’s consent; provided, however, that the Committee may, in its discretion, substitute SARs which can be settled only in
Stock for outstanding Stock Options, and may require an Award be deferred pursuant to section 6 hereto, without a Participant’s consent; and further provided that the Committee may amend or terminate an
Award to comply with changes in law without a Participant’s consent. Notwithstanding any provision of the Plan to the contrary, the final sentence in each of section 7 and section 8 of the Plan (regarding the
reissuing at a relatively reduced price, Stock Options and SARs respectively) shall not be amended without stockholder approval. Notwithstanding any provision of the Plan to the contrary, to the extent that Awards under
the Plan are subject to the provisions of Code Section 409A, then the Plan as applied to those amounts shall be interpreted and administered so that it is consistent with such Code section. 
 The Corporation shall obtain stockholder approval of any Plan amendment to the extent necessary to comply with applicable laws,
regulations, or stock exchange rules. 
 21. Other Provisions. 
 (a) In the event any Award under this Plan is granted to an employee who is employed or providing services outside the
United States and who is not compensated from a payroll maintained in the United States, the Committee may, in its sole discretion, modify the provisions of the Plan as they pertain to such individuals to comply with applicable law,
regulation or accounting rules consistent with the purposes of the Plan. 
  

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 (b) Neither the Plan nor any Award shall confer upon a Participant
any right with respect to continuing the Participant’s employment with the Corporation; nor interfere in any way with the Participant’s right or the Corporation’s right to terminate such relationship at any
time, with or without cause, to the extent permitted by applicable laws and any enforceable agreement between the employee and the Corporation. 
 (c) No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee, in its discretion, shall determine whether cash, other securities, or
other property shall be paid or transferred in lieu of any fractional shares of Stock, or whether such fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 
 (d) In the event any provision of the Plan shall be held to be illegal or invalid for any reason, such illegality or invalidity
shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provisions had never been contained in the Plan. 
 (e) Payments and other benefits received by a Participant under an Award made pursuant to the Plan generally shall
not be deemed a part of a Participant’s compensation for purposes of determining the Participant’s benefits under any other employee benefit plans or arrangements provided by the Corporation or a subsidiary, unless the
Committee expressly provides otherwise in writing or unless expressly provided under such plan. The Committee shall administer, construe, interpret, and exercise discretion under the Plan and each Award in a manner that
is consistent and in compliance with a reasonable, good faith interpretation of all applicable laws, and that avoids (to the extent practicable) the classification of any Award as “deferred compensation” for purposes of Code
Section 409A, as determined by the Committee. 
  

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 22. Governing Law. The Plan and any actions taken in connection herewith shall be governed
by and construed in accordance with the laws of the state of North Carolina without regard to any state’s conflict of laws principles. Any legal action related to this Plan shall be brought only in a federal or state court located in
North Carolina. 
 23. Stockholder Approval. This Plan shall be effective as of July 2, 2006, as approved by Sara Lee
Corporation as the sole shareholder of the Corporation. 
  

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