Document:

Form of Fiscal Year 2008-2010 Restricted Stock Unit Grant Notice and Agreement

 Exhibit 10.2 
 SARA LEE CORPORATION 
 RESTRICTED STOCK UNIT GRANT NOTICE AND AGREEMENT 
 FY 08-10 LTRSU 
  

					
	                         	 		 	
	 [INSERT PARTICIPANT NAME]
	 		 	

 This Restricted Stock Unit (RSU) Grant Notice and Agreement, made this August 30, 2007 (“Award
Date”), by Sara Lee Corporation, a Maryland corporation ( the “Company”) to you 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 and the FY 08-10 LTRSU Program Description (“Program Description”) have been provided to you and are 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
Program Description, the Plan and this Grant Notice and Agreement, the Company hereby awards to you as of the Award Date: 
              restricted stock units (RSUs) 
 from the
FY 08-10 LTRSU grant
 which vest as follows: 
 100% on August 31, 2010 
 which are considered Stock Awards under the Plan (the “Award”). These RSUs
will remain restricted until the Vesting Date (“Vesting Date”). Subject to paragraphs 6 and 7 below, if you are continuously employed by the Company or any of its subsidiaries (collectively the “Sara Lee Companies”) from the
Award Date until the applicable Vesting Date, this Award will vest as indicated above on the Vesting Date. 
 Prior to the Vesting Date, the RSUs are not
transferable by you by means of sale, assignment, exchange, pledge, or otherwise. 
 2. Acceptance of Terms and Conditions. By
electronically acknowledging and accepting this Award, you agree to be bound by the terms and conditions contained in this Grant Notice and Agreement, the Plan and the Program Description and any and all conditions established by the Company in
connection with Awards issued under the Plan and the Program Description, and understand that this Award neither confers any legal or equitable right (other than those rights constituting the Award itself) against the Company directly or indirectly,
nor does it give rise to any cause of action at law or in equity against the Company. In order to vest in the Award described in this Grant Notice and Agreement, you must have accepted this Award. 
 3. Dividend Equivalents. Subject to the restrictions, limitations and conditions as described in the Plan and the Program Description,
dividend equivalents payable on the RSUs will be accrued (in cash, without interest) on your behalf at the time that dividends are otherwise paid to owners of Sara Lee Corporation common stock. 
 4. 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 you. The net number of shares of Sara Lee Corporation common stock to be
distributed will be delivered to your electronic stock plan account as soon as practicable after the Vesting Date. If withholding of taxes is not required, none will be taken and the gross number of shares will be distributed. You are personally
responsible for the proper reporting and payment of all taxes related to this distribution. 

 5. Election to Defer Distribution. If the distribution is subject to U.S. tax law, you may elect
to defer the distribution of all of the RSUs. Such election must be received by the Company in the form required by the Company no later than 30 days after the Award Date and is contingent upon the Company’s allowing deferrals into the Sara Lee
Corporation Executive Deferred Compensation Plan (the “Deferred Compensation Plan”) at that time. The deferral, if elected, will result in the transfer of the RSUs into the Deferred Compensation Plan’s Stock Equivalent Fund in
effect at the time the RSUs would have otherwise been distributed. The Deferred Compensation Plan rules will govern the administration of this Award beginning on the date the RSUs are credited to the Deferred Compensation Plan. 
 6. Death, Total Disability or Retirement. If you cease active employment with the Sara Lee Companies, 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 Sara Lee Companies 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 this Grant Notice and
Agreement; other types of awards may have different provisions. 
 7. Involuntary Termination, Voluntary Termination and Non-Severance
Event Termination. The following provisions apply only to the Award granted herein; other types of Awards may have different provisions: 
 (a) Involuntary Termination. If your employment with the Sara Lee Companies is terminated 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 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 determined by multiplying the Award by a fraction, the numerator of which is your service from the Date of this Grant Notice and Agreement through the end of the period for which severance is payable, and the
denominator of which is three years. 
 In the event your employment with the Sara Lee Companies is terminated as a result of the sale,
closing or spin-off of a division, business unit, segment, 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 employment with the Sara Lee Companies or your employment is terminated by the Sara Lee Companies and you are not eligible for severance pay under any of the Company’s severance plans), then this Award shall be
canceled on the date of your termination of employment. 
 8. Forfeiture. Notwithstanding anything contained in this Grant Notice
and Agreement to the contrary, if you engage in any activity inimical, contrary or harmful to the interests of the Company, including but not limited to: (a) competing, directly or indirectly (either as owner, employee or agent), with any of
the businesses of the Company, (b) violating any Company policies, (c) soliciting any present or future employees or customers of the Company to terminate such employment or business relationship(s) with the Company, (d) disclosing or
misusing any confidential information regarding the Company, or (e) participating in any activity not approved by the Board of Directors of the Company 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 Award, to the extent it remains restricted, shall terminate automatically on the date on which you first
engaged in such wrongful conduct, (ii) if the misconduct occurred within six months of a Vesting Date, you shall pay to the Company in cash any financial gain you realized from the vesting of the RSU, and (iii) if the misconduct occurred
after the RSU has been deferred in the Deferred Compensation Plan and prior to the deferred payment date, you shall forfeit the deferred RSU and this Award shall terminate automatically on the date on which you first engaged in such wrongful
conduct. For purposes of this section, financial gain shall equal, the fair market value of the Sara Lee Corporation 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 

  

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otherwise eligible for refund from the taxing authorities. By accepting this RSU, you consent to and authorize the Company to deduct from any amounts payable
by the Company 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 breach of this Grant Notice and Agreement. 
 9. 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. 
 10. 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 and Agreement, the Plan or the Program Description shall be resolved in accordance with the terms of the Plan. By your acceptance of this Grant Notice and
Agreement, you agree to be bound by all of the terms of this Grant Notice and Agreement, the Plan and the Program Description. 
 11.
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 and Agreement or the Program Description will
be determined and resolved by the Compensation and Employee Benefits Committee of the Company’s Board of Directors (“Committee”) or its delegate. Such determination or resolution by the Committee or its delegate will be final, binding
and conclusive for all purposes. 
 12. Employment Rights. Nothing in the Plan, this Grant Notice and Agreement or the Program
Description confers on any Participant any right to continue in the employ of the Sara Lee Companies or in any way affects a Sara Lee Company’s right to terminate your employment without prior notice any time for any reason. 
 13. Consent to Transfer Personal Data. By accepting this Award, you voluntarily acknowledge and consent to the collection, use, processing and
transfer of personal data as described in this paragraph. You are not obliged to consent to such collection, use, processing and transfer of personal data. The Company holds certain personal information about you, that may include your name, home
address and telephone number, fax number, email address, sex, beneficiary information, age, language skills, date of birth, social security number or other employee identification number, job title, employment or severance contract, current wage and
benefit information, tax-related information, plan or benefit enrollment forms and elections, option or benefit statements, any shares of stock or directorships in the Company, details of all options or any other entitlements to shares of stock
awarded, canceled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and administering the Plan (“Data”). The Company and/or its Subsidiaries will transfer Data amongst themselves as necessary for the
purpose of implementation, administration and management of your participation in the Plan, and the Company may further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan or
Program Description. These recipients may be located throughout the world, including the United States. You authorize them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on your behalf to a broker or other third
party with whom you may elect to deposit any shares of stock acquired pursuant to the Plan. You may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company.

 14. Miscellaneous.  
 (a) Modification. This Award 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 Award 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 Grant Notice and Agreement without your consent. Except as in accordance with the two immediately preceding sentences and paragraph 15, this Grant Notice and 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 Grant Notice and Agreement 

  

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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 Grant Notice and 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 Grant Notice and 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 Grant Notice and Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Grant Notice and 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 Grant Notice and Agreement. 
 15. Amendment. Notwithstanding anything in the Plan, the Program Description or this Grant Notice and Agreement to the contrary, this Award may be
amended by the Company without the consent of you, including but not limited to modifications to any of the rights granted to you under this Award, at such time and in such manner as the Company may consider necessary or desirable to reflect changes
in law. 
  

 4Fiscal Year 2008-2010 Executive Management Long-Term Incentive Program

 Exhibit 10.3 
 EXECUTIVE MANAGEMENT LONG-TERM INCENTIVE PROGRAM 
 FISCAL YEARS 2008-2010 
 -FISCAL YEAR 2007- 
 PROGRAM
DESCRIPTION 
 Highlights 
 This booklet explains the
provisions of the Sara Lee Corporation (“SLC”) Executive Management Long-Term Incentive Program (the “EMLTIP” or the “Program”) which covers fiscal years 2008—2010 (the “Performance Cycle”). The following
pages provide detailed information relating to the grant of Performance Stock Units (“PSUs”) awarded under the Program. Awards granted under the Program are made from shares authorized under either the 1998 or 2002 Long-Term Incentive
Stock Plans (the “Plan(s)”). 
 The key features of this Program are summarized below. In some countries other than the United States, variations
in Program design may occur in order to comply with local laws and tax regulations. 
 This brochure provides a summary of the Program and in the case of a
conflict between this document and the terms of the Plan, the Plan’s terms, shall govern. The Compensation and Employee Benefits Committee (the “Committee”) of the Sara Lee Corporation board of directors retains the discretion to make
changes in the peer group and performance measurement methodology and any such changes shall be binding on all Program Participants. 
 Purpose

 SLC has created the Program for fiscal years 2008-2010 in order to: 
  

	•	 	 Focus executive management’s attention on the long-term performance results of Sara Lee Corporation as measured by total shareholder return (“TSR”)

  

	•	 	 Provide incentive compensation opportunities commensurate with the achievement of specific TSR results 

  

	•	 	 Provide, in combination with stock options, a competitive long-term compensation opportunity to Participants and assist in attracting and retaining highly qualified
and motivated executive talent 

 Participation 
 Participation in the Program is limited to the Senior Corporate Officers at and above the board-appointed Senior Vice President level. 
 Performance Stock Units 
 EMLTIP awards are initially granted in the form of a target number of PSUs at the
beginning of the Performance Cycle. Based upon the actual performance results, at the end of the Performance Cycle, the number of PSUs earned, which can range between 0% and 200% of the PSUs granted, will be converted to shares of SLC’s common
stock. 

 PSUs have special restrictions that are based upon both the continued service of Program Participants and SLC’s
performance against the established financial performance goal. These restrictions include a prohibition against the transfer of the PSUs during the Performance Cycle. Any shares not earned at the end of the Performance Cycle are forfeited and
returned to the Plans. 
 SLC may substitute or offer alternative forms of incentive compensation in the event it is determined that tax or legal regulations
in a country provide more favorable treatment for those alternative forms of incentive compensation or as a voluntary alternative to PSUs. 
  

	•	 	 PSUs under this Program are granted only during the first fiscal year of the Performance Cycle. At the end of the Performance Cycle, based upon the actual
performance results, the appropriate number of PSUs are converted to shares of SLC common stock and issued to Program Participants. 

  

	•	 	 The number of shares that will be released to Participants is dependent upon the extent to which the pre-established performance goal is achieved during the
Performance Cycle. Participants may earn between 0%—200% of the PSUs originally granted based upon the performance results. 

  

	 •
	 	 Additional shares, above the number of PSUs originally granted, may be distributed if performance results exceed
specified performance levels, i.e., results are above the 51st percentile. 

  

	•	 	 Participants do not have voting rights on PSUs during the Performance Cycle. 

 Dividend Equivalents 
 During the Performance Cycle, Dividend Equivalents are accrued on behalf of the Participants.
Dividend Equivalents are not paid on awards earned in excess of the original number of PSUs granted. 
 Amounts credited to the accrued Dividend Equivalent
account at the end of the Performance Cycle are distributed in the same proportion as the restrictions on the PSUs lapse. For example, if 75% of the PSUs are earned, then 75% of the balance in the accrued Dividend Equivalent account will be paid at
the same time the SLC shares of common stock are released. Dividend Equivalents are not paid on awards earned in excess of the original number of PSUs granted. 
 Dividend Equivalents that were accrued but not earned based upon the actual performance results as determined at the end of the Performance Cycle will be forfeited. 
 Performance Measure 
 Performance under the Program is based upon the following measure: 
  

	•	 	 Relative Total Shareholder Return (“RTSR”) compared to peer companies (Appendix I) is the FY08-10 performance measure. Relative Total Shareholder Return
is defined as the percentile rank of SLC’s Total Shareholder Return compared to the Total Shareholder Return of SLC’s peer companies over the Performance Cycle. Total Shareholder return is the annualized rate of return on a share of common
stock, reflecting stock price appreciation plus reinvestment of dividends and the compounding effect of dividends, adjusted appropriately to reflect stock splits, spin-offs and similar transactions. 

  

 2 

 The Performance Cycle begins July 1, 2007 and ends June 30, 2010, and is aligned with SLC’s fiscal years
2008 through 2010. 
 The Base Price of SLC’s common stock, and each peer company’s common stock, is the average of the closing prices for the last
20 trading days before the start of Performance Cycle. The average closing price for last 20 trading days of FY07 preceding the FY08-10 Performance Cycle is $17.645 and serves as the base for relative comparisons over the Performance Cycle.

 The payment levels at various percentile rankings against the peer companies are shown in the following table: 
  

			
	 SLC %Percentile Rank
	  	 % of PSUs Earned

	 100th
	  	200%
	 91st
	  	180%
	 81st
	  	160%
	 71st
	  	140%
	 61st
	  	120%
	 51st
	  	100%
	 44.5th
	  	  80%
	 38th
	  	  60%
	 31.5th
	  	  40%
	 25th
	  	  20%
	 <25th

	  	    0%
	
	 •        With linear interpolation between percentiles

	
	 •        Percentile rank includes SLC

 Earnout Opportunities During the Performance Cycle: 
  

	 	 —
	 	 The Program provides the opportunity for the interim earnout of up to one-third of the PSUs originally granted both at
the end of FY08 and again at the end of the FY 08-09 period (in this case cumulative TSR for a two-year period) based upon the individual percentile ranking for these two distinct measurement periods. The maximum interim earnout during the
Performance Cycle is capped at one-third of PSUs originally granted for each of the two interim measurement periods, even if the interim measurement period’s performance results are above the 51st percentile. 

  

	 	—	 	 Any PSUs earned during the interim measurement periods are effectively converted to service-based restricted stock units (RSUs) and are then subject to the
Participant’s continued employment with SLC until end of 3-year Performance Cycle. 

  

 3 

	 	—	 	 The Program also provides the opportunity for the cumulative earnout of up to 200% of the original PSUs granted, the maximum payout level for the entire Performance
Cycle, at end of the full 3-year Performance Cycle, offset by any PSUs earned during the interim measurement periods. 

 The following examples show how the interim measurement feature works: 
 Example 1: 
 Assumptions: 
  

	 	•	 	 3,000 PSUs originally granted 

  

	 	 •
	 	 Year 1 performance (FY08) = 25th%ile 

  

	 	 •
	 	 Years 1 & 2 (FY08-09) cumulative performance = 61st%ile 

  

	 	 •
	 	 Years 1 through 3 (FY08-10) cumulative performance = 51st%ile 

 Earnout:  
 Earned 
  

	 	 •
	 	 Year 1: 25thpercentile
results = 20% interim earnout level based upon actual results during the interim measurement period 

  

	
	 •     20% X (1/3 of original PSU grant of 3,000 PSUs)

	
	 •     20% X 1,000 = 200 PSUs earned and converted to 200 RSUs

  

	 	 •
	 	 Years 1 & 2: 61stpercentile results = 120% earnout level based upon actual results but earnout is capped at 100% during interim measurement period 

  

					
	 •     100% X (1/3 of original PSU grant of 3,000 PSUs)

			
	 •     100%(1) X 1,000 = 1,000 PSUs earned and converted to RSUs
	    	1,000	  	
		    	 	  	
	 Cumulative Subtotal of Interim Earnout
	    	1,200	  	

  

	 	 •
	 	 Years 1- 3: 51stpercentile
results = 100% earnout level based upon actual results for full 3-year Performance Cycle 

  

						
	 •     100% X 3,000 original PSU grant = 3,000 PSUs earned

			
		    	TOTAL	 	 	
		    	3,000	(2)	 	
		    	 	 	 	

	 (1)
	 Interim earnout potential is capped at 100% 

	 (2)
	 The 1,200 PSUs earned over the first two years of the Performance Cycle are
included in this 3,000 PSU Total, i.e., an additional 1,800 PSUs are earned for the full three-year Performance Cycle results. 

  

 4 

 Example 2: 
 Assumptions: 
  

	 	•	 	 3,000 PSUs originally granted 

  

	 	 •
	 	 Year 1 performance = 25th%ile 

  

	 	 •
	 	 Years 1& 2 cumulative performance = 100st%ile 

  

	 	 •
	 	 Years 1-3 cumulative performance = 10st%ile 

 Earnout: 
 Earned 
  

	 	 •
	 	 Year 1: 25thpercentile
results = 20% earnout level based upon 

  

	 	•	 	 actual results during the interim measurement period 

  

	
	 •     20% X (1/3 of original PSU grant of 3,000 PSUs)

	
	 •     20% X 1,000 = 200 PSUs earned and converted to 200 RSUs

  

	 	 •
	 	 Years 1 & 2: 100stpercentile results = 100% earnout level based upon actual results during interim measurement period 

  

					
	 •     100% X (1/3 of original PSU grant of 3,000 PSUs)

			
	 •     100%
X 1,000 = 1,000 PSUs earned and converted to RSUs
	    	1,000	  	
		    	 	  	
	 Cumulative Subtotal
	    	1,200	  	

  

	 	 •
	 	 Years 1-3 : 10stpercentile
results = 0% earnout level based upon actual results for full 3-year Performance Cycle 

  

						
	 •     0% X 3,000 original PSU grant = 0 PSUs earned

			
		    	TOTAL	 	 	
		    	1,200	(2)	 	
		    	 	 	 	

	 (2)
	 Even though the final performance earns a cumulative 0% payout, the Participant
had an interim earnout of 1,200 PSUs for year 1 and years 1 & 2. 

 Form of Payment 
 Vested awards are paid in shares of Sara Lee common stock while earned Dividend Equivalents are paid in cash. Any required tax withholding will be taken first from the
earned Dividend equivalents and any remaining tax withholding will then be taken from the SLC shares that have been earned. 
 Award Grant Notice and
Agreement 
 Each Participant will receive a PSU Grant Notice and Agreement (“Grant Notice”) specifying the number of PSUs that have been
granted and the terms and conditions applicable to the grant. The Grant Notice and Agreement and this Program Description should be retained with the Participant’s other important documents. 
  

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 Tax Consequences 
 United States 
 Under current United States tax laws, a Participant does not realize any taxable income from the PSUs when they are initially
granted, or from accrued Dividend Equivalents. The “Vesting Date”, i.e., August 31, 2010, is the date when the taxable event occurs, except to the extent that a Participant that is subject to the U.S. federal income tax has elected to
defer distribution 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 applicable federal, state and local withholding. Amounts necessary to settle the tax-withholding obligation will first be withheld from the accrued Dividend Equivalents and then from the shares that would otherwise have been distributed
to the Participant. Federal tax will be withheld at the required statutory supplemental federal tax rate in effect at the time of the distribution. In 2007 that rate was 25%. Under U.S. tax law, Participants will not be taxed until the end of the
Performance Cycle on any PSUs that may be “earned” in an interim measurement period during the Performance Cycle, as these RSUs are still subject to the Participant’s continued employment through the end of the Performance Cycle.

 Countries other than the United States 
 Tax laws vary
among countries, so Participants should seek reputable tax counsel concerning the tax consequences of this grant in their respective countries of taxation. In most cases, Participants incur no taxable income from PSUs 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 Equivalents distributed are typically considered income. For those individuals
residing outside the U.S. and not subject to U.S. tax laws, tax due for some countries may be required to be withheld by SLC in the U.S. 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 earned under the EMLTIP 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. 
 Forfeiture 
 Notwithstanding anything
contained in this document to the contrary, if the Participant engages 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 

  

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Directors which could reasonably be foreseen as contributing to or resulting in a Change of Control of the Company (as defined in the Plans) (such activities
to be collectively referred to as “wrongful conduct”), then (i) this Award, to the extent it remains restricted, shall terminate automatically on the date on which the Participant first engaged in such wrongful conduct, (ii) if
the misconduct occurred within six months of a PSU Vesting Date, the Participant shall pay to the Company in cash any financial gain the Participant realized from the vesting of the PSU, and (iii) if the misconduct occurs prior to the Deferred
Vesting Date, if applicable, the Participant shall forfeit the deferred PSU and this Award shall terminate automatically on the date on which the Participant first engaged in such wrongful conduct. For purposes of this section, financial gain shall
equal, the fair market value of the Common Stock on the Vesting Date, multiplied by the number of PSUs 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 PSU grant, the Participant consents to and authorizes the Company to deduct from any amounts payable by the Company to the Participant, any amounts the Participant owes to the
Company under this section. This right of set-off is in addition to any other remedies the Company may have against the Participant for breach of the terms and conditions of this Program. 
 Administrative Guidelines 
 The following guidelines apply to the
Program. Additional Administrative Guidelines may be adopted, as needed, during the Performance Cycle for the efficient administration of the Program. 
  

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

  

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

  

	•	 	 The Committee reserves the right, in its absolute discretion, to reduce or eliminate the awards earned by any Participant. 

  

	•	 	 The Committee reserves the right, in its absolute discretion, to make 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 would not qualify as a Participant at the end of the Performance Cycle. 

  

	•	 	 The Committee reserves the right to change any of the terms and conditions of the Program award to the Participants, including the definition of relative TSR, if
deemed necessary on advice of counsel to meet the requirements for a “performance-based exemption” under the regulations or rulings of §162(m) of the Internal Revenue Code. 

  

	•	 	 The Committee may, as it deems appropriate, delegate some or all of its power to the 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 Program Participant. 

  

	•	 	 The Chief Financial Officer will be responsible for confirming the financial results under the Program. The Committee will approve the awards when granted during
fiscal year 2008 and approve distributions to be made at the end of the Performance Cycle for all Program Participants. The portion of the shares earned along with the related accrued Dividend Equivalents will be distributed as soon as practicable
after the completion of the Performance Cycle and the Vesting Date. 

  

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	•	 	 Awards may be made to new Participants during the first year of the Performance Cycle. The number of PSUs 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 the
Participant’s qualifying for an increased level of award. 

  

	•	 	 In the event of a Participant’s death, total disability (as defined under the appropriate disability benefit plan if applicable) or if a Participant retires at
age 55 or later and has at least 10 years of service with SLC (or as otherwise defined under the appropriate retirement benefit plan of SLC) or if the Participant has attained age 65, regardless of the service period prior to the last day of fiscal
year 2009, all PSUs granted would continue to vest and be eligible for distribution at the end of the Performance Cycle based upon proration for performance only, subject to approval of the Committee. If applicable, the shares and related Dividend
Equivalents will be distributed at the normal payout time. 

  

	•	 	 A Participant who voluntarily resigns or is terminated without severance benefits during the Performance Cycle forfeits the rights to all PSUs, RSUs and any accrued
Dividend Equivalents. Participants who are involuntarily terminated and receive severance benefits are eligible for a prorated distribution, subject to Committee approval. In order to be considered for any prorated distribution under this Program
provision, a Participant must be actively employed for at least one-third, i.e. 12 months, of the Performance Cycle. If a prorated distribution is approved after PSUs had already been “earned” during an interim measurement period, i.e. at
the end of FY08 or the end of the FY08-09 period, these PSUs will not be prorated for service. 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 (by way of example, if the Participant provides services under a consulting agreement), that time will be disregarded for purposes of
calculating any prorated distribution. 

  

	•	 	 In the event of a sale, closing, spin-off or other disposition of the Participant’s business unit that results in the termination of the Participant’s
employment with the Company, the Participant will be eligible for a distribution of shares pro-rated only for performance, subject to approval of the Committee. 

  

	•	 	 Should a change in control (as defined in the Plans) occur, the Participant’s entitlements under the Program will be determined as provided for under the terms
of the Sara Lee Corporation Severance Plans for Corporate Officers. 

  

	•	 	 If any statement in this Program Description or any oral representation differs from the Plans, the Plans prevail. The Plans, Grant Notice and Agreement and Program
Description collectively comprise all terms and conditions applicable to the Program. 

  

 8 

	•	 	 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 SLC will be handled as provided for in the Plans. 

  

	•	 	 Nothing in the Program 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. 

  

 9 

 APPENDIX I 
 FY08-10 EMLTIP 
 Peer Companies for Relative TSR Comparison 
  

			
	Campbell Soup Company	  	Kellogg Company
	The Clorox Company	  	Kimberly-Clark Company
	Colgate-Palmolive Company	  	Kraft Foods, Inc.
	ConAgra Foods, Inc.	  	McCormick
	Dean Foods	  	The Procter & Gamble Co.
	General Mills, Inc.	  	Tyson Foods
	H. J. Heinz Company	  	Unilever N.V.
	The Hershey Company	  	Wm.Wrigley Jr. Company

 Note: These peer companies are the companies that comprise the S&P index at the time the EMLTIP for
‘08-’10 was approved. At the point of measurement for each of the fiscal years in the Performance Cycle, i.e., as of June 30, 2008, 2009 and 2010, the actual companies then comprising the S&P index will be the actual companies
used for calculating relative TSR. 

 APPENDIX II 
 Definitions 
  

	a)	Award Date means the date upon which the Board of Directors or the Committee approved the awards under this Program. 

  

	b)	Base Price is $17.645 which is the average of the closing prices for the last 20 trading days preceding the Performance Cycle. 

  

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

  

	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 LTI award. 

  

	f)	Dividend Equivalents has the same meaning as in the Plans. 

  

	g)	Grant Notice and Agreement means the document provided to each Participant evidencing the number of Performance Stock Units awarded and the basic terms and conditions of the
award. 

  

	h)	Participant means an executive of the company who has been determined to be an eligible Participant and who has received a Grant Notice and Agreement specifying the basic
terms of participation in this Program. Participants for the FY08-10 Performance Cycle include elected Senior Corporate Officers at or above the Senior Vice President level. 

  

	i)	Performance Cycle is the three-year period consisting of SLC’s fiscal years 2008 through and including 2010. 

  

	j)	Performance Stock Units has the same meaning as “performance units” as that term is used in the Plans. 

  

	k)	Plans mean the Sara Lee Corporation 1998 and 2002 Long-Term Incentive Stock Plans or the successor plan or plans. 

  

	l)	Program means the FY08-10 Executive Management Long-Term Incentive Plan. 

  

	m)	Relative Total Shareholder Return means stock price appreciation plus reinvested dividends during the Performance Cycle relative to the peer companies.

  

	n)	Total Disability as defined under the SLC Long-Term Disability Plan or the specific Sara Lee sponsored disability plan under which the Participant is covered.

  

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

  

	p)	Vesting Date means August 31, 2010.

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