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                                                                  Exhibit 10(14)
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                     LONG-TERM PERFORMANCE INCENTIVE PLAN
                            FISCAL YEARS 2000- 2002

                               PLAN DESCRIPTION

Highlights

This booklet explains the plan provisions of the Sara Lee Corporation Long-Term
Performance Incentive Plan covering fiscal years 2000 through 2002 ("Performance
Cycle").  The following pages provide detailed information relating to the grant
of restricted stock units that you have received under the Plan.

The key features of this plan are summarized below.  In some countries other
than the United States, variations in plan design may occur in order to comply
with local laws and tax provisions.

Restricted Stock Units

 .  Restricted stock units (RSUs) are granted at the beginning of the Performance
   Cycle. At the end of the Performance Cycle, based upon the actual performance
   results, the appropriate number of RSUs are converted to shares of Sara Lee
   stock, on a one-for-one basis, and issued in your name.
 .  The number of shares, if any, that will be released to you is dependent upon
   the extent to which the pre-established performance goals are achieved during
   the Performance Cycle.
 .  An opportunity to earn additional shares is possible if performance results
   exceed the Superior performance level.
 .  You do not have voting rights on RSUs during the Performance Cycle.

Dividend Equivalents

 .  Dividend equivalents are accrued on your behalf through the Performance
   Cycle.
 .  Interest on accrued dividend equivalents is credited at the same rate as
   provided for under the Sara Lee Corporation Executive Deferred Compensation
   Plan.
 .  Accrued dividend equivalents and interest are distributed to you to the
   extent that shares are earned at the end of the Performance Cycle. No
   dividend equivalents or interest are paid in arrears on shares earned in
   excess of the Superior performance level.

Performance Measures

 .  The following Sara Lee Corporation performance measures apply to this
   performance cycle:
   .  3-Year Cumulative Diluted Earnings Per Share
   .  3-Year Average Return on Invested Capital
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Purpose

Sara Lee Corporation ("SLC") has adopted the Long-Term Performance Incentive
Plan ("LTPIP") for Fiscal Years 2000-2002 for eligible executives.  The LTPIP
exists in order to:

 .  Focus senior management's attention on the long-term performance results of
   Sara Lee Corporation

 .  Provide incentive compensation opportunities commensurate with the
   achievement of earnings per share and return on invested capital targets

 .  Enhance the competitiveness of the SLC's long-term compensation program and
   aid in attracting and retaining highly qualified and motivated executives.

Restricted Stock Units

LTPIP awards are authorized under the Sara Lee Corporation 1998 Long-Term
Incentive Stock Plan ("Stock Plan"). LTPIP awards are initially granted as
restricted stock units ("RSUs") at the beginning of the Performance Cycle.
Dividend equivalents that are payable on RSUs during the Performance Cycle are
escrowed on your behalf and credited with interest at the same rate paid under
SLC's Executive Deferred Compensation Plan.

RSUs have special restrictions that are based upon both your continued service
and SLC's performance against the financial goals that have been established.
These restrictions prohibit the transfer of the RSUs during the Performance
Cycle. The financial goals and their respective weightings are shown in Appendix
I. Any shares not earned at the end of the Performance Cycle are forfeited.

SLC may substitute alternative incentives, such as restricted cash units or
stock options with special provisions, in the event it determines that tax or
legal regulations in some countries outside the United States provide more
favorable treatment for these alternatives.

Dividend Equivalents

During the Performance Cycle, dividend equivalents that are payable on the RSUs
will be escrowed on your behalf. Interest on the escrowed amounts will be
credited at the same time and in the same manner as under SLC's Executive
Deferred Compensation Plan. No dividend equivalents or interest are paid in
arrears on any additional shares issued for performance above the Superior
performance level.

Amounts credited to the escrowed dividend equivalent account at the end of the
Performance Cycle are distributed in the same proportion as the restrictions on
the RSUs lapse. For example, if 75% of the RSUs are earned, then 75% of the
balance in the escrowed dividend equivalent account will be paid as soon as
possible after the end of FY02. Any remaining balance in the dividend equivalent
account will be forfeited.

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Performance Standards

Performance under the LTPIP is measured using the corporate financial measures
described below. Both of these financial measures are independent of one another
for purposes of measuring results and determining how many, if any, of the RSUs
are earned.

 .  Cumulative Diluted Earnings Per Share (Diluted EPS)
 .  Three-year average SLC Return on Invested Capital (ROIC)

Definitions of these measures are included in Appendix II.

The performance levels for Diluted EPS and ROIC targets are shown in
Appendix I.

The performance levels and the percentage of RSUs that will be distributed are
as follows:

----------------------------------------------------------
           Performance Level     % of Shares
                                 Distributed
----------------------------------------------------------
              Threshold                0%
                Good                  50%
              Superior               100%
             Outstanding             125%
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Interpolations are used for results that fall between performance levels. For
performance above Superior, additional shares are issued after the end of the
Performance Cycle. No dividend equivalents or interest are paid in arrears on
any additional shares issued for performance above the Superior performance
level. No shares are earned for performance results at or below the Threshold
performance level.

Award Grant Notice

Each Participant will receive a Restricted Stock Unit Grant Notice ("Grant
Notice") specifying the number of RSUs that have been granted, and the specific
terms and conditions applicable to the grant. The Grant Notice should be
retained by the Participant along with his or her other important legal
documents. A second copy of the Grant Notice will be kept on file in SLC's
Corporate Compensation Department.

Tax Consequences

United States

Under current United States tax legislation, a Participant receives no taxable
income from RSUs awarded, dividend equivalents escrowed or interest credited
thereon. The date ("Vesting Date") when the Committee reviews the performance
results for the Performance Cycle and determines the number of shares earned by
Participants serves as the date when the taxable event will occur, except to the
extent any Participant has elected to defer distribution of the shares until a
later date

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("Deferred Vesting Date"). The market value of SLC common stock on the Vesting
Date or the Deferred Vesting Date, as the case may be, will determine the amount
of taxable income. When the number of shares actually earned has been
determined, the market value of the shares on the Vesting Date or the Deferred
Vesting Date, as well as the proportionate dividend equivalents and interest
thereon are considered income to the Participant. This amount is then subject to
applicable federal, state and local withholding. Amounts necessary to settle the
tax-withholding obligation will be withheld from the cash or shares otherwise to
be distributed to the Participant.

Countries other than the United States

Tax laws vary significantly from country to country, so advice should be
obtained from appropriate counsel concerning the tax consequences of this grant
in your country. In most cases, Participants incur no taxable income from RSUs
when initially awarded, on escrowed dividend equivalents or interest credited on
the dividend equivalents until the Vesting Date. When the shares are earned,
both the market value of the shares on the Vesting Date as well as the dividends
and interest distributed are typically considered income. For those individuals
residing outside the U.S. and not subject to U.S. tax laws, no tax withholding
will be made by SLC in Chicago. Any required withholding tax should be withheld
at the local operating unit level. Each Participant is responsible for
compliance with the relevant legal and tax regulations in his or her tax
jurisdiction.

Impact on Other Benefits

Any shares, dividend equivalents or interest ultimately earned under the LTPIP
are not considered compensation for purposes of any retirement plan, severance
arrangement or other benefit plans in which you may participate in now or become
eligible to participate in at a later date.

Administrative Guidelines

The following guidelines apply to the FY00-02 LTPIP.  Additional Administrative
Guidelines may be adopted, as needed, during the Performance Cycle for the
efficient administration of the Plan.

 .  The Committee is responsible for administering the Plan and has full power
   and authority to interpret the Plan and to adopt rules, regulations and
   guidelines for carrying out the Plan, as it deems necessary.

 .  The Committee functions as the Plan Administrator and its decisions are
   binding on all persons.

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 .  The Committee reserves the right, in its absolute discretion, to reduce the
   awards earned by any Participant. In determining whether to reduce awards,
   the Committee may take into account the positive effect of the Exclusions
   specified in Appendix II.

 .  The Committee reserves the right, in its absolute discretion, to make further
   adjustments in reported performance (for purposes of measuring results vs.
   the goals) or in awards earned by reference to that performance with respect
   to any Participant who is not an SLC Executive Officer during FY02.

 .  The Committee reserves the right to change any of the terms and conditions of
   the FY00-02 LTPIP award to Executive Officers, including the definitions of
   Diluted EPS and ROIC, if deemed necessary on advice of counsel to meet the
   requirements for a "performance-based exemption" under the regulations or
   rulings of (S)162(m) of the Internal Revenue Code.

 .  The Committee may make additional changes that it deems appropriate for the
   effective administration of the LTPIP, including the establishment of
   appropriate performance measure weights for newly created executive levels.
   However, other than as described above, these changes may not reduce the
   benefits to which Participants are entitled under the LTPIP, nor change the
   pre-established performance measures and goals that have been approved.

 .  The Committee may, as it deems appropriate, delegate some or all of its power
   to the Chairman and Chief Executive Officer or other executive officer of the
   Corporation. However, the Committee may not delegate its power concerning the
   grant, timing, pricing or amount of an award to any person who is a corporate
   officer or Key Executive.

 .  The SLC Controller's Department will be responsible for providing financial
   results under the LTPIP. The Committee will approve the awards and
   distributions for all Corporate Officers and Key Executives. The portion of
   the shares earned along with the related balance of the escrowed dividend
   equivalents account will be distributed as soon as practicable after the
   completion of the final accounting for the FY00-02 Performance Cycle and
   after approval of the recommended share distributions by the Committee.

 .  Awards may be made to new Participants during the first year of the
   Performance Cycle. The number of RSUs awarded may be adjusted to reflect that
   the executive is not a Participant for the entire Performance Cycle.

 .  Awards may be made to Participants who change positions during the first year
   of the Performance Cycle, if such a change would have resulted in qualifying
   for an increased level of award.

 .  The impact of Major Acquisitions and Divestitures made during the Performance
   Cycle will be excluded from the performance results for the entire three-year
   Performance Cycle. The impact of all other acquisitions and divestitures will
   be included in the performance results.

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 .  In the event of death, total disability or retirement under a retirement plan
   of SLC prior to the last day of fiscal year 2002, the restrictions may lapse
   on a pro-rata number of the RSUs which are earned under the provisions
   described in this plan, subject to approval of the Committee. If applicable,
   the shares and related dividend equivalents and interest will be distributed
   at the normal payout time.

 .  A Participant who resigns or is terminated during the Performance Cycle
   generally forfeits the rights to all RSUs and any accrued dividend
   equivalents and interest. Participants may be eligible for a prorated
   distribution, subject to Committee approval. Eligibility for a prorated
   distribution and the number of shares that may be recommended for
   distribution would be dependent upon the circumstances resulting in the
   individual's termination; the number of shares distributed to a participant
   under these circumstances would never exceed the amount distributed in the
   event of his or her retirement, death or total disability. In order to be
   considered for any prorated distribution, a Participant must be actively
   employed at least through one-half, i.e. 18 months, of the Performance Cycle.
   If employment ceases before the end of that time, all RSUs granted under that
   Performance Cycle would be forfeited. Following the same procedures
   applicable to retirement, death or total disability, only periods of active
   service will be recognized for purposes of computing any prorated
   distribution. This means that any period of time during which services may be
   provided to the company but the individual is not then a regular, full-time
   employee of the company, will be disregarded for purposes of calculating any
   prorated distribution.

 .  Should a change in control occur (as defined in the Stock Plan), the
   Committee will decide what effect, if any, this should have on the awards
   which are outstanding under this Plan.

 .  If any statement in this Plan Description or any oral representation differs
   from the Stock Plan, the Stock Plan document prevails. The Stock Plan, Grant
   Notice and Plan Description collectively comprise all terms and conditions
   applicable to the FY00-02 LTPIP.

 .  Any stock dividend, stock split, combination or exchange of securities,
   merger, consolidation, recapitalization, spin-off or other distribution of
   any or all of the assets of the Company will be handled as provided for in
   the Stock Plan.

 .  Nothing in the LTPIP shall confer on a Participant any right to continue in
   the employ of SLC or in any way affect SLC's right to terminate the
   Participant's employment in accordance with applicable laws.

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                                                                     APPENDIX II

Definitions                     FY00-02 LTPIP

a)  Adjustments means changes to the goal to appropriately reflect the effect of
    stock splits or combinations, stock dividends and spin-offs or special
    distributions to stockholders other than normal cash dividends

b)  The Committee means the Compensation and Employee Benefits Committee of the
    Sara Lee Corporation Board of Directors.

c)  Award Date means the date upon which the Board of Directors or the Committee
    approved the awards under this Plan. In this case the Award Date means
    either August 26, 1999 or January 27, 2000, unless an alternate date was
    required for tax and/or legal reasons in locations outside the United
    States.

d)  Company or Corporation means Sara Lee Corporation or any entity that is
    directly or indirectly controlled by Sara Lee Corporation, and its
    subsidiaries.

e)  Deferred Vesting Date means the Distribution Date specified under the Sara
    Lee Corporation Executive Deferred Compensation Plan, in the event the
    Participant elected to defer his or her LTPIP award.

f)  Dividend Equivalents has the same meaning as in the Stock Plan.

g)  Earnings Before Interest and Amortization ("EBIA") means SLC pre-tax income
    adjusted to add back the following: after-tax interest expense, non-cash
    amortization including that on goodwill and trademarks, and the change in
    deferred taxes from the consolidated statement of cash flow; this value is
    then reduced by the tax provision on the consolidated income statement.

h)  Earnings per share ("EPS") means reported diluted earnings per share for the
    fiscal years in the Performance Cycle subject to applicable Adjustments and
    Exclusions as defined in this section.

i)  Exclusions means the automatic exclusion of the following from relevant
    financial data for purposes of measuring performance (subject to the
    Committee's use of negative discretion):

    --  extraordinary or unusual charges (accounting definition)
    --  revisions to the U.S Internal Revenue Code
    --  changes in generally accepted accounting principles
    --  gains or losses from discontinued operations (accounting definition)
    --  changes in definition of diluted earnings per share
    --  restructuring charges
    --  any other extraordinary or unusual charges that are quantified and
        identified separately on the face of the Income Statement.
    --  Major Acquisitions and Divestitures (i.e. those with a purchase or sale
        price of $500 million or more) made during the Performance Cycle will be
        excluded for the entire Performance Cycle, while all other acquisitions
        and divestitures will be included in the financial data for purposes of
        measuring corporate performance during the Performance Cycle

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i)  Grant Notice means the document provided to each Participant evidencing the
    number of restricted stock units awarded and the basic terms and conditions
    of the award.

j)  Key Executive means an employee whose salary, when expressed in U.S.
    dollars, is above the midpoint of salary grade 39

k)  Participant means an executive of the company who has been determined to be
    an eligible Participant and who has received a Grant Notice specifying the
    basic terms of participation in this Plan. Participants for the FY00-02
    Performance Cycle include Senior Vice Presidents and above of the
    Corporation.

l)  Performance Cycle is the three-year period consisting of SLC's fiscal years
    2000 through and including 2002.

m)  Restricted Stock Units has the same meaning as "performance units" as that
    term is used in the Stock Plan.

n)  Return on Invested Capital ("ROIC") means the ratio of SLC EBIA to SLC
    average total capital (on a two-point basis) as defined by First Boston. The
    Average ROIC is calculated as the simple average of ROIC for each of the
    three fiscal years in the Performance Cycle, subject to the applicable
    Adjustments and Exclusions defined above.

o)  Stock Plan means the Sara Lee Corporation 1998 Long-Term Incentive Stock
    Plan or its successor plan or plans.

p)  Total Disability is defined in the Key Executive Long-Term Disability Plan
    of SLC.

q)  Vesting means the determination made at the end of the Performance Cycle as
    to how many, if any, of the RSUs are actually earned by a Participant based
    upon actual performance results.

r)  Vesting Date means the date on which the Committee approves the distribution
    of shares at the end of the Performance Cycle.

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