Document:

Long-Term Restricted Stock Unit Grant program for Fiscal Years 2006-2008

 Exhibit 10.34 
  
 LONG-TERM RESTRICTED STOCK UNIT GRANT 
 FISCAL YEARS 2006 – 2008 
  
 Program Description 
  
 Highlights 
  
 This booklet explains the plan provisions of the Sara Lee Corporation Long-Term Restricted
Stock Unit (LTRSU) grant covering fiscal years 2006 through 2008 (“Service Period”) with the restricted stock units (“RSUs”) vesting one-third each year on August 31, 2006, August 31, 2007 and August 31, 2008, the “Vesting
Dates”. The following pages provide detailed information relating to the grant of RSUs 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 and rules may occur in order to comply with
local laws and tax provisions. 
  
 Purpose 
  
 The LTRSU is a significant component of Sara Lee’s long-term compensation program. It
enhances the competitiveness of Sara Lee’s total executive compensation package and facilitates the attraction and retention of highly qualified executives. 
  
 Restricted Stock Units 
  
 LTRSU awards are authorized under the Sara Lee Corporation 1998 Long-Term Incentive Stock Plan (“Stock Plan”). LTRSU awards are initially granted as RSUs at the
beginning of the Service Period. On each of the Vesting Dates, one-third of the RSUs that are earned will be converted to shares of Sara Lee common stock. Dividend equivalents that are payable on RSUs during the vesting periods are accrued on your
behalf. 
  
 The release of RSUs on each of the Vesting Dates is contingent upon
your continued active employment by the Corporation until the Vesting Dates. 
  
 SLC may substitute or offer alternative forms of incentive in the event it either determines that tax or legal regulations in some countries outside the United States provide more favorable treatment for these alternative forms of incentive
or as a voluntary alternative to RSUs. 
  

	 	•	 	RSUs are approved on August 25, 2005 and January 26, 2006. Based upon your continued active service through the Vesting Dates the RSUs are converted to actual shares of Sara Lee
stock, on a one-for-one basis, and issued in your name. 

  

	 	•	 	You do not have voting rights on RSUs until the RSUs are converted to actual shares. 

  
 Dividend Equivalents 
  
 During the Service Period, dividend equivalents that are payable on the RSUs will be accrued on your behalf. These dividend equivalents are paid to you in cash after the
RSUs have vested. 

 Award Grant Notice 
  
 Each Participant will receive a Restricted Stock Unit Grant Notice and Agreement (“Grant Notice”) specifying the number of RSUs that have been granted, and
certain terms and conditions applicable to the grant. The Grant Notice should be retained by the Participant along with your other important legal documents. The Grant Notice will be distributed electronically through Sara Lee’s Desktop
application in Insite. You must go into Desktop and actually accept this grant on-line and instructions will be provided. Sara Lee may from time to time modify the grant acceptance process and will notify participants of any changes.

  
 Tax Consequences 
  
 United States 
  
 Under current United States tax law, a Participant receives no taxable income from the RSUs when initially granted, or from accrued dividend
equivalents. The Vesting Date, the release date of the RSUs, is the date when the taxable event will occur, except to the extent a Participant paid in the U.S. and subject to U.S. taxation has elected to defer eligible distributions of the shares
until a later date (“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 are considered income to the Participant. This amount is then subject to any applicable federal,
state and local withholding. Amounts necessary to settle the tax-withholding obligation will be withheld from the cash and/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, or on the accrued 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 distributed are typically considered income. For those individuals residing outside the U.S. and not subject to U.S. tax laws, tax withholding for certain countries may be taken by SLC in Chicago. 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 or dividend equivalents ultimately earned under this LTRSU grant are not considered compensation for purposes of any retirement plan, severance arrangement or
other benefit plans in which a Participant currently participates or may become eligible to participate in at a later date. 
  
 Stock Ownership Compliance 
  
 These RSUs will count toward the Corporation’s stock ownership guidelines during the Service Period. 
  

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 Forfeiture 
  
 Notwithstanding anything contained in this document to the contrary, if you engage in any activity inimical, contrary or harmful to the interests of the Company,
including but not limited to: (1) competing, directly or indirectly (either as owner, employee or agent), with any of the businesses of the Company, (2) violating any Company policies, (3) soliciting any present or future employees or customers of
the Company to terminate such employment or business relationship(s) with the Company, (4) disclosing or misusing any confidential information regarding the Company, or (5) participating in any activity not approved by the Board of Directors which
could reasonably be foreseen as contributing to or resulting in a Change of Control of the Company (as defined in the Plan) (such activities to be collectively referred to as “wrongful conduct”), then (i) this RSU award, to the extent it
remains restricted, shall terminate automatically on the date on which you first engaged in such wrongful conduct and (ii) if the misconduct occurred within 6 months following a Vesting Date, you shall pay to the Company in cash any financial gain
you realized from the vesting of the RSUs. For purposes of this section, financial gain shall equal, the difference between the fair market value of the Common Stock on the Vesting Date, multiplied by the number of RSUs pursuant to the vesting
(without reduction for any shares of Common Stock surrendered or attested to) reduced by any taxes paid in countries other than the United States which taxes are not otherwise eligible for refund from the taxing authorities. By accepting this RSU
grant, you consent to and authorize the Sara Lee Companies to deduct from any amounts payable by the Sara Lee Companies to you, any amounts you owe to the Company under this section. This right of set-off is in addition to any other remedies the
Company may have against you for the wrongful conduct. 
  
 Administrative
Guidelines 
  
 The following guidelines apply to the FY06-08 LTRSU grant.
Additional Administrative Guidelines may be adopted, as needed, during the Service Period for the efficient administration of the Plan. 
  

	 	•	 	The Compensation and Employee Benefit Committee (“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. 

  

	 	•	 	The Committee reserves the right, in its absolute discretion, to make further adjustments in awards granted to any Participant prior to the release of those RSUs.

  

	 	•	 	The Committee may, as it deems appropriate, delegate some or all of its power to the Chief Executive Officer of Sara Lee Corporation 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 Committee will approve the awards at the time they are granted for all Corporate Officers and Key Executives. The RSUs to be distributed along with the related dividend
equivalents will be distributed as soon as practicable after the Vesting Dates. 

  

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

  

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

  

	 	•	 	In the event of death or permanent and total disability (as defined under the appropriate disability benefit plan if applicable) the RSUs immediately vest and will be distributed to
the estate or participant as soon as practicable after that event date. 

  

	 	•	 	In the case of a Participant attaining age 55 or older and having at least 10 years of service with the Corporation when a Participant’s employment terminates or attain age 65
regardless of service, the RSUs will continue to vest under the normal vesting schedule (no pro-ration) and payout will occur at the normal payout times. 

  

	 	•	 	A Participant who resigns or is terminated for cause during the Service Period generally forfeits the rights to all RSUs and any accrued dividend equivalents. Exceptions to this
rule must be approved by the Chief Executive Officer of Sara Lee Corporation. 

  

	 	•	 	A Participant who is involuntarily terminated and receives severance from the Company may be eligible for a pro-rated distribution of shares and any accrued dividend
equivalents. Active service as well as the severance period will be used to determine the pro-ration and payout will occur at the normal payout times. 

  

	 	•	 	In the event of a sale, closing, spin-off or other disposition of the Participant’s business unit, resulting in the termination of the Participant’s employment with the
Company, the Participant will be eligible for a full distribution of shares and any accrued dividend equivalents. The shares will be distributed as soon as practicable after the event. 

  

	 	•	 	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 Descriptions
collectively comprise all terms and conditions applicable to the FY06-08 LTRSU grant. 

  

	 	•	 	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 LTRSU grant 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 I 
  

FY06-08 LTRSU 
  
 Definitions 
  

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

  

	b)	Award Date means the date upon which the Committee approved the awards under this Plan. In this case the Award Date can mean August 25,2005 or January 26, 2006, unless an
alternate date was required for tax and/or legal reasons in locations outside the United States. 

  

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

  

	d)	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 LTRSU award. 

  

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

  

	f)	Grant Notice means the electronic document provided to each Participant evidencing the number of restricted stock units awarded, Vesting Dates and the basic terms and
conditions of the award. 

  

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

  

	h)	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. 

  

	i)	Restricted Stock Units (“RSUs”) has the same meaning as “stock awards” as that term is used in the Stock Plan. 

  

	j)	Service Period is the three-year period of August 25, 2005 through and including August 31, 2008. 

  

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

  

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

  

	m)	Vesting Dates mean August 31, 2006, August 31, 2007 and August 31, 2008.Form of Restricted Stock Unit Grant Notice & Agreement for FY 06-08 LTRSU

 Exhibit 10.35 
  
 SARA LEE CORPORATION 
 FORM OF RESTRICTED STOCK UNIT GRANT NOTICE & AGREEMENT 
 FY 06-08 LTRSU 
  

 (“Participant”)

  
 This Restricted Stock Unit (RSU) Grant Notice made this August 25,
2005 (“Award Date”), by Sara Lee Corporation, a Maryland Corporation (“Corporation”) to Participant is evidence of an award made under the Sara Lee Corporation 1998 Long-Term Incentive Stock Plan (“Plan”) which is
incorporated into this Grant Notice and Agreement by reference. A copy of the Plan has been provided to the Participant and is also available from the Sara Lee Corporate Compensation department. 
  
 1. Restricted Stock Unit Award. Subject to the restrictions,
limitations, terms and conditions specified in the FY06-08 LTRSU Program Description (“Program Description”), the Plan and this Grant Notice, the Corporation hereby awards to the Participant as of the Award Date 
  
              restricted stock units (RSUs) 
  
 from the FY06-08 LTRSU grant 
  
 which vest as follows: 
  
          RSUs on Aug-31, 2006 
  
          RSUs on Aug-31, 2007 
  
          RSUs on Aug-31,
2008 
  
 which are considered Stock Awards under the Plan. These RSUs will
remain restricted until the end of each Vesting Date (“Vesting Date”). 
  
 Prior to the Vesting Dates, the RSUs are not transferable by the Participant by means of sale, assignment, exchange, pledge, or otherwise. 
  
 2. Dividend Equivalents. Subject to the restrictions, limitations and conditions as described in the Plan, Dividend Equivalents payable on the RSUs
will be accrued on behalf of the Participant at the time that dividends are otherwise paid to owners of Sara Lee Corporation common stock. 
  
 3. Distribution of the Award. If the distribution is subject to tax withholding, such taxes will be settled by withholding cash and/or a number of
shares with a market value not less than the amount of such taxes. Any cash from Dividend Equivalents remaining after withholding taxes are paid will be paid in cash to the Participant. The net number of shares of Sara Lee Corporation stock to be
distributed will be delivered to the Participant as soon as practicable after each of the Vesting Dates. If withholding of taxes is not required, none will be taken and the gross number of shares will be distributed. The Participant is personally
responsible for the proper reporting and payment of all taxes related to distribution. 
  
 4. Election to Defer Distribution. If the distribution is subject to U.S. tax law, the Participant may elect to defer the distribution of some or all of the RSUs vesting in the second or third tranche. Such
election must be received in writing by the Corporation no later than 12 months prior to each of the eligible Vesting Dates. The deferral, if elected, will result in the transfer of the RSUs into the Corporation’s Executive Deferred
Compensation Plan’s Stock Equivalent Fund in effect at the time the RSUs would have otherwise been distributed. The Executive Deferred Compensation Plan rules will govern the administration of this award beginning on the date the RSUs are
credited to the Executive Deferred Compensation Plan. 

 5. Death, Total Disability or Retirement. If you cease active employment with the Corporation,
because of your death or permanent and total disability (as defined under the appropriate disability benefit plan if applicable), the award will vest immediately and be distributed to you or your estate as soon as practical. In the case of your
attaining age 55 or older and, if you have at least 10 years of service with the Corporation when your employment terminates or attain age 65 regardless of service, the award will continue to vest after your termination. These provisions apply only
to awards under the FY06-08 LTRSU; other types of RSU awards may have different provisions. 
  
 6. Involuntary Termination, Voluntary Termination and Non-Severance Event Termination. 
  
 (a) Involuntary Termination. If your employment with the Company is terminated by the Company and you are eligible to receive
severance benefits under the Sara Lee Corporation Severance Plan for Corporate Officers, the Severance Pay Plan, the Severance Pay Plan for A & B Level Executives, the Severance Pay Plan for Certain Events or any other written severance plan of
the Company (collectively, a “Severance Event Termination”), you will receive a prorated portion of the non-vested shares after the vesting date(s). 
  

In the event your employment with the Company is terminated as a result of the sale, closing or spin-off of a division, business unit
or other component of the Company, all RSUs will vest as of the closing date of the transaction and be distributed as soon as practicable after the closing date of the transaction, unless otherwise determined by the Company. This provision does not
apply with respect to any transaction that would be considered a Change of Control as defined in Article X of the Plan. 
  
 (b) Voluntary Termination and Non-Severance Event Termination. If your employment terminates for reasons other than those described
above (i.e., you voluntarily terminate your employment with the Company or your employment is terminated by the Company and you are not eligible for severance pay under any of the Company’s severance plans), then the non-vested portion of this
RSU award shall be canceled on the date of your termination of employment. 
  
 7. Forfeiture. Notwithstanding anything contained in this Agreement to the contrary, if you engage in any activity inimical, contrary or harmful to the interests of the Corporation, including but not
limited to: (1) competing, directly or indirectly (either as owner, employee or agent), with any of the businesses of the Corporation, (2) violating any Corporation policies, (3) soliciting any present or future employees or customers of the
Corporation to terminate such employment or business relationship(s) with the Corporation, (4) disclosing or misusing any confidential information regarding the Corporation, or (5) participating in any activity not approved by the Board of Directors
which could reasonably be foreseen as contributing to or resulting in a Change of Control of the Corporation (as defined in the Plan) (such activities to be collectively referred to as “wrongful conduct”), then (i) this RSU award, to the
extent it remains restricted, shall terminate automatically on the date on which you first engaged in such wrongful conduct and (ii) if the misconduct occurred within 6 months of a RSU Vesting Date, you shall pay to the Corporation in cash any
financial gain you realized from the vesting of the RSU. For purposes of this section, financial gain shall equal, the difference between the fair market value of the Common Stock on the Vesting Date, multiplied by the number of RSUs actually
distributed pursuant to this award, reduced by any taxes paid in countries other than the United States which taxes are not otherwise eligible for refund from the taxing authorities. By accepting this RSU, you consent to and authorize the
Corporation to deduct from any amounts payable by the Corporation to you, any amounts you owe to the Corporation under this section. This right of set-off is in addition to any other remedies the Corporation may have against you for your breach of
this Agreement. 
  
 8. Rights as a Stockholder. You
will have no rights as a stockholder with respect to any RSUs until and unless ownership of such RSUs have been transferred to you. 
  
 9. Conformity with the Plan. This award is intended to conform in all respects with, and is subject to, all applicable provisions of the Plan. Any
inconsistencies between this Grant Notice, the Plan or the Program Description shall be resolved in accordance with the terms of the Plan. By your acceptance of this Grant Notice, you agree to be bound by all of the terms of this Grant Notice, the
Plan and Program Description. 
  
 10. Interpretations. Any
dispute, disagreement or question which arises under, or as a result of, or in any way relates to the interpretation, construction or application of the Plan, this Grant Notice or the Program 

  

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Description will be determined and resolved by the Compensation and Employee Benefits Committee of the Corporation’s Board of Directors
(“Committee”). Such determination or resolution by the Committee will be final, binding and conclusive for all purposes. 
  
 11. Employment Rights. Nothing in the Plan, this Grant Notice or the Program Description confers on any Participant any right to continue in
the employ of the Corporation or in any way affects the Corporation’s right to terminate the Participant’s employment without prior notice any time for any reason. 
  
 12. Miscellaneous. 
  
 (a) Modification. This RSU grant is documented by the minutes of the Committee and or as approved by the CEO for non-corporate
officers, which records are the final determinant of the number of RSUs granted and the conditions of this grant. The Committee may amend or modify this RSU grant in any manner to the extent that the Committee would have had the authority under the
Plan initially to grant such RSUs, provided that no such amendment or modification shall impair your rights under this Agreement without your consent. Except as in accordance with the two immediately preceding sentences and paragraph 13, this
Agreement may be amended, modified or supplemented only by an instrument in writing signed by both parties hereto. 
  
 (b) Governing Law. All matters regarding or affecting the relationship of the Company and its stockholders shall be governed by the
General Corporation Law of the State of Maryland. All other matters arising under this Agreement shall be governed by the internal laws of the State of Illinois, including matters of validity, construction and interpretation. You and the Company
agree that all claims in respect of any action or proceeding arising out of or relating to this Agreement shall be heard or determined in any state or federal court sitting in Chicago, Illinois, and you agree to submit to the jurisdiction of such
courts, to bring all such actions or proceedings in such courts and to waive any defense of inconvenient forum to such actions or proceedings. A final judgment in any action or proceeding so brought shall be conclusive and may be enforced in any
manner provided by law. 
  
 (c)
Successors and Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit of the respective successors and permitted assigns of the parties hereto whether so expressed or not. 
  
 (d) Severability. Whenever feasible, each provision
of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
  
 13. Amendment. Notwithstanding anything in the Plan, the Program Description or this Grnat Notice to the contrary, this award may be amended by the
Corporation without the consent of the Participant, including but not limited to modifications to any of the rights granted to the Participant under this award, at such time and in such manner as the Corporation may consider necessary or desirable
to reflect changes in law. 
  

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