Document:

Stock Purchase Agreement between the Company and Westham Partners, L.P.

 Exhibit 10.3 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (the “Agreement”), made as of
February 5, 2008, by and between Westham Partners, L.P. (the “Seller”) and Albemarle Corporation, a Virginia corporation (the “Company”), provides as follows: 
 ARTICLE I 
 DEFINITIONS 
 When used in this Agreement, the following terms shall have the meanings specified: 
 1.1 Closing. “Closing” shall mean the conference held at 10:00 a.m., local time on the Closing Date, at the offices of the Company in
Richmond, Virginia or such other place as the parties may mutually agree. 
 1.2 Closing Date. “Closing Date” shall mean the
third business day after the date hereof and the satisfaction of the conditions set forth in Article IV hereof, or such other date to which the parties may mutually agree. 
 1.3 Common Stock. “Common Stock” shall mean the Company’s authorized common stock, par value $0.01 per share. 
 1.4 Price Per Share. “Price Per Share” means $37.2174 per share of Common Stock. 
 1.5 Purchase Price. “Purchase Price” shall mean the sum of the Price Per Share multiplied by the total number of shares of Stock.

 1.6 Stock. “Stock” shall mean 700,000 shares of Common Stock. 

 ARTICLE II 
 PURCHASE AND SALE 
 2.1 Commitment to Sell. At the Closing, and upon all of the terms and
subject to all of the conditions of this Agreement, the Seller hereby agrees to sell, transfer, assign and deliver to the Company one or more certificates evidencing the Stock, free and clear of all liens, claims, mortgages, encumbrances and claims
of any third party. 
 2.2 Commitment to Purchase. Upon all of the terms and subject to all of the conditions of this Agreement, the
Company agrees to purchase the Stock and in full payment therefor the Company shall deliver the Purchase Price to the Seller on the Closing Date in immediately available funds. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Seller hereby represents and warrants to the Company that the Seller owns good and valid title to the Stock being sold by the Seller, free and clear
of any liens, encumbrances or claims and that the Seller has the right to sell such shares to the Company without violating any obligation. The Seller represents and warrants that he does not know of any non-public information about the Company that
a reasonable investor would consider material to a decision whether to sell Common Stock. 
  

 2 

 ARTICLE IV 
 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE PARTIES 
 Each and every obligation of the parties to
be performed on the Closing Date shall be subject to the satisfaction prior to or at the Closing of the following express conditions precedent (it being the understanding of the parties that any of such conditions may be waived by the parties):

 4.1 No Adverse Change. Since the date of this Agreement, neither the Company nor the Seller shall have sustained any change in its
or his businesses or assets that is likely to have a material adverse effect, in the reasonable judgment of any party, on the Company’s or the Seller’s financial condition. 
 4.2 Market Changes. Between the date of this Agreement and the Closing Date, there shall not have occurred any of the following: (i) a
suspension or material limitation in trading in securities generally on the New York Stock Exchange or the National Association of Securities Dealers, Inc. Automated Quotation National Market System; (ii) a general moratorium on commercial
banking activities in New York or Virginia declared by federal, New York or Virginia authorities; (iii) the engagement by the United States in hostilities which have resulted in the declaration of a national emergency or war or the escalation
of any such hostilities if any such event specified in this clause (iii) is likely to have a materially adverse effect, in a party’s reasonable judgment, on the Company’s financial condition or business prospects; or (iv) such a
material adverse change in general economic, political, financial or international conditions affecting financial markets in the United States having a material adverse impact on trading prices of securities in general as is likely to have a
materially adverse effect, in a party’s reasonable judgment, on the Company’s financial condition or business prospects. 
  

 3 

 ARTICLE V 
 MISCELLANEOUS 
 5.1 Expenses. Each of the parties hereto shall pay the fees and expenses of their
respective counsel, accountants, investment bankers and investment advisors, and any other expenses incident to the negotiation and preparation of this Agreement and consummation of the transactions contemplated hereby. 
 5.2 Governing Law. This Agreement shall be construed and interpreted according to the laws of the Commonwealth of Virginia, without regard to the
conflicts of law rules thereof. 
 5.3 Assignment. This Agreement and each party’s respective rights hereunder may not be
assigned at any time without the prior written consent of the other parties hereto. 
 5.4 Notices. All communications, notices and
disclosures required or permitted by this Agreement shall be in writing and shall be deemed to have been given at the earlier of the date when actually delivered to an officer of the Company or to in the case of the Seller, to William M. Gottwald.,
or when deposited in the United States mail, certified or registered mail, postage prepaid, return receipt requested and addressed as follows, unless and until either of such parties notifies the other in accordance with this Section 5.4 of a
change of address: 
  

			
	If to the Company:	  	Albemarle Corporation
		  	330 South Fourth Street
		  	Richmond, Virginia 23219
		  	Attention: Luther C. Kissam, IV, Esq.
		
	If to the Seller:	  	Westham Partners, L.P.
		  	ATTN: William M. Gottwald
		  	330 South Fourth Street
		  	Richmond, Virginia 23219

 [Signature page follows] 
  

 4 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year
first above written. 
  

			
	ALBEMARLE CORPORATION
		
	By:	 	 /s/ Mark C. Rohr

		 	Mark C. Rohr
		 	President and Chief Executive Officer
	
	WESTHAM PARTNERS, L.P.
	By:	 	Conagret Corporation, its general partner
		
	By:	 	 /s/ William M. Gottwald

		 	William M. Gottwald
		 	President

  

 5Annual Incentive Plan Fiscal Year 2008

 Exhibit 10.1 
 ANNUAL INCENTIVE PLAN FISCAL YEAR 2008 
 PROGRAM DESCRIPTION 
 For Salary Grades 28+ 
 Purpose 
 The objective of the Annual Incentive Plan (the “AIP” or the “Plan”) is to advance the interests of Sara Lee Corporation (“SLC”) by:

  

	a)	Rewarding financial performance that contributes to increased shareholder value; 

  

	b)	Measuring the effectiveness of SLC operating performance and capital management; 

  

	c)	Basing a significant portion of all executives’ incentives on operating plan results; 

  

	d)	Continuing to provide significant rewards for exceptional performance. 

 Incentive Opportunity & Performance Objectives 
 Attachment 1 shows the FY08 AIP Target and Maximum payout levels at the various
salary grades. 
 The following applies to the Plan goals: 
  

	 	•	 	 Financial and individual objectives are established at the beginning of the Incentive Plan Year. The financial objectives for Corporate Staff Participants and the
Plan parameters applicable to all Plan Participants are approved by the Compensation and Employee Benefits Committee of the SLC Board of Directors (“the Committee”) and recorded in the minutes of the Committee meeting at which they were
approved. 

  

	 	•	 	 Business Segment executive management will develop the financial objectives within their respective business. The SLC Chief Executive Officer (CEO) will approve the
Business Segment financial objectives for each business. 

  

	 	•	 	 The FY08 Performance Measures are: 

  

	 	•	 	 Operating Profit – (Operating Income will be used for Corporate Staff positions) – 35% of Target Bonus Opportunity 

  

	 	•	 	 Sales – 25% of Target Bonus Opportunity 

  

	 	•	 	 Cash Flow – (Free Cash Flow for Corporate Staff positions; Operating Cash Flow for Business Segment positions) – 20% of Target Bonus Opportunity

  

	 	•	 	 Individual Objectives – 20% of Target Bonus Opportunity 

  

	 	•	 	 In FY08, business segment CEOs will continue to have a range of flexibility to approve different weightings of the financial Performance Measures to allow better
alignment and line of sight of those measures with certain executives’ responsibilities, e.g. executives in a Sales function may have an increased weighting of the Sales Performance Measure and a reduced weighting of the Cash Flow Performance
Measure. However, there is no flexibility 

	 	 
to change any of the Plan Financial Performance Measures. So, for example, Cash Flow cannot be replaced by Continuous Improvement Initiatives (see attachment
4 for Performance Measure definitions). 

  

	 	•	 	 When expressed as a percentage of Target bonus opportunity, the weighting of each performance measure is approximately the same for each salary grade. A summary of
FY08 Performance Measures and the corresponding incentive opportunities for Participants are shown in Attachment 2. 

  

	 	•	 	 Financial performance within a business segment may be measured at different levels, ranging from a geographic or customer level, or a business unit/division level,
to the total business segment level. Business Segment CEOs are responsible for setting guidelines regarding the assignment of appropriate levels for performance measurement for the functions within their business segment, subject to the constraints
of the Plan. Business segment CEOs are responsible for setting guidelines for split weightings within their segments. 

  

	 	•	 	 When an employee reporting into a single business segment also supports another business segment, a split weighting between the two business segments may be
necessary. The business segment CEO managing the employee is responsible for determining the appropriate split after consulting with the CEO of the other supported business. 

  

	 	•	 	 As a general rule, corporate and enterprise-wide employees should be assigned financial performance measures at the total Sara Lee Corporation (SLC) level. However,
corporate and enterprise-wide employees who primarily support a specific business segment may instead have the assignment of financial performance measures split between SLC and the business segment. Splits for these employees will be determined by
the corporate function leader, working in conjunction with their HR and compensation business partners, and consulting with the leaders of the business segments supported. 

  

	 	•	 	 Whether within or across business segments, split weightings should only be applied to employees who dedicate at least 25% of their resources to directly supporting
a secondary business entity. 

  

	 	•	 	 For FY08, the number of individual bonus eligible objectives should be limited to two to provide focus on the major objectives for the year. These same objectives
should be reflected in the PMP system. These objectives must be quantitative, measurable, and have metrics across the entire bonus payout curve (i.e., Threshold to Maximum). The weighting of individual objectives remains at 20% of Target bonus
opportunity (below the SLC CEO level). There is no flexibility to alter the weighting of the individual objectives component. 

  

	 	•	 	 At the end of the fiscal year, the Participant’s manager will make an overall assessment of performance results for each of the specific Individual Objectives,
as well as any other accomplishments or criteria deemed relevant in determining the payout level. 

  

	 	•	 	 It is possible to achieve Maximum, i.e. 150% of Target, payout for individual objectives as well as financial objectives. 

  

 2 

 Performance Period 
 All objectives are measured over a one-year performance period, i.e. the Incentive Plan Year which is July 1, 2007 to June 28, 2008. 
 Performance Level Definitions 
 In FY08 Sara Lee will continue to provide an enhanced payout level in order to motivate executives to deliver
results that exceed Target levels. As shown in Attachment 3 the payout curve has been enhanced to payout at an increased rate between Target and 10% above Target. Attachment 3 graphically displays this enhancement. 
 For FY08, the definition of the Threshold performance level has been changed. Threshold performance for each of the financial measures is typically defined as the prior
year actual result for each measure. This definition does not however, apply to the Cash Flow performance measure. Cash Flow performance levels will be set based upon an independent assessment of factors such as planned capital expenditures for the
fiscal year. The purpose of the revised Threshold definition is to provide effective performance incentives beginning with the first dollar of improvement versus the prior year’s actual results. The Level 2—Below Target performance level
(50% of Target bonus) is the midpoint between the Threshold and Target performance levels. Similarly, the Level 4—Above Target performance level (135% of Target bonus) is the midpoint between the Target and Maximum performance levels.

 Level 5 – Maximum – An unusually high level of performance far exceeding targeted performance requiring significant “stretch”
to achieve. 
 Level 4 – Above Target – A high level of performance exceeding targeted performance requiring “stretch” to achieve.

 Level 3 – Target –Target level of performance typically equivalent to the Annual Operating Plan (“AOP”). 
 Level 2 – Below Target – The level of performance at which attainment of goals is below the Target level but above the Threshold level, mid-way between
Threshold and Target. 
 Level 1 – Threshold – Performance that is below an acceptable level and not warranting any payout. 
  

 3 

 Incentive Award Payout Levels  
 The following table is to be used in setting the performance goals at the various payout levels. 
 Performance Measure 
  

								
	 Performance Level
	 	Performance Goal
(Operating Profit, Individual
Objectives)	 	Performance Goal
(Sales)	 	Payout Level
as a % of
Target Bonus	 
	Level 5 – Maximum	 	110% of Target	 	105% of Target	 	150	%
	Level 4 – Above Target	 	105% of Target	 	102.5% of Target	 	135	%
	Level 3 – Target	 	Target	 	100% of Target	 	100	%
	Level 2 – Below Target	 	Midpoint between Threshold and Target	 	Midpoint between Threshold and Target	 	50	%
	Level 1 – Threshold	 	FY07 Actual	 	FY07 Actual	 	0	%

 Cash Flow goals for FY08 are based upon analyses completed by Financial Planning and Analysis and approved by the
Chief Financial Officer. 
 Straight-line interpolation is used for calculating results between performance levels. 
 Business Segment leaders are expected to use appropriate discretion in applying the revised Threshold definition in practice. For example, for Business Segments with low
growth targets (prior year results are above or equal to the Incentive Plan Year’s Target, or are greater than 90% of Target), Business Segment leaders should consider setting the Threshold at 90% of Target, or an alternatively appropriate
level. Similar discretion should be used in setting the Maximum performance level. If, for example, business conditions have changed significantly since the formulation of the FY08 AOP, and 10% improvement no longer provides an appropriate level of
stretch, or if a 10% performance improvement reflects too narrow a range of improvement relative to incremental payout, then Business Segment CEOs and CFOs should work with their Compensation business partner to set appropriate Maximum targets.

 Incentive Award Payments 
 Incentive award payments are
distributed after the Incentive Plan Year results have been publicly announced and the individual awards requiring the review and approval of the Committee have been approved at its August, 2008 meeting. Generally, a Participant must be an employee
on the last day of the fiscal year in order to be eligible to receive any incentive award. 
 Administrative Provisions 
 The Committee and the Chief Executive Officer of SLC, whose decisions are final, shall administer the Plan jointly. The Executive Vice President Human Resources and Chief
Financial Officer will be responsible for the administrative procedures governing the Plan, including ensuring the existence of approved Performance Measures and Goals and the presentation of the performance results under the Plan to the Committee
for its approval. The following administrative procedures shall govern: 
  

	a)	The Committee will approve individual incentive awards for all corporate officers and those executives whose salaries are above the midpoint of salary grade 39. The Chief Executive
Officer and her direct reports may approve all other incentive awards. 

  

 4 

	b)	Incentive awards may be made in cash, stock or any combination of cash and stock as permitted under the 1998 and 2002 Long-Term Incentive Stock Plans. Any awards earned under the
FY08 AIP will be paid in cash. Participants paid in the U.S. and subject to taxation in the U.S. may elect to defer part or all of their incentive awards pursuant to the terms and conditions of the SLC Executive Deferred Compensation Plan.

  

	c)	A new Participant who begins participation during the Incentive Plan Year may be eligible for a pro-rata incentive award from the date of entry into the Plan. Typically, a new
Participant should have been actively employed for at least one calendar quarter of the Incentive Plan Year in order to receive consideration for a pro-rata incentive award. 

  

	d)	In the case of death, total disability, or retirement under a SLC retirement plan during the Incentive Plan Year, a Participant or the Participant’s estate is eligible for a
pro-rata incentive award based upon the Participant’s period of active service during the Incentive Plan Year. The award will be distributed at the same time as those of active Participants. 

  

	e)	A Participant who is terminated and who subsequently receives severance pay under a SLC severance plan may be eligible for a pro-rata incentive award. Management will determine the
amount of any pro-rata incentive award based upon the facts and circumstances related to the Participant’s termination as well as the amount of time the Participant was actively employed during the Incentive Plan Year. 

 

	f)	Unless otherwise approved by the Chief Executive Officer, any Participant who resigns or is terminated, regardless of eligibility for retirement status, during the Incentive Plan
Year (except as otherwise provided for above) will not be entitled to any incentive award attributable to the Incentive Plan Year. 

  

	g)	A Participant who is employed as of the end of the Incentive Plan Year shall be entitled to receive an incentive award regardless of whether the Participant resigns or is terminated
between the end of the Incentive Plan Year and the date the incentive awards are actually distributed. 

  

	h)	Performance results under the Plan will be measured in accordance with the Definitions in Attachment 4. 

  

	i)	SLC reserves the right to offset any funds from any incentive award due a terminating or terminated Participant to which SLC has a “claim of right”.

  

	j)	Nothing herein shall be construed as an agreement or commitment to employ any Participant or to employ a Participant for any fixed period of time or constitute a commitment by SLC
that any Participant will continue to receive an incentive award or will continue as a Participant in the Plan. 

  

	k)	The Committee reserves the right to amend, modify, interpret or terminate the Plan or awards to be paid under the Plan at any time for any reason. 

  

	l)	The Committee may delegate certain administrative responsibilities to the Chief Executive Officer except for the following: 

  

	 	1)	Any actions affecting the Chief Executive Officer, and other elected officers of SLC, 

  

 5 

	 	2)	Approval of corporate Financial standards of Performance and certification of performance results relative to such standards following the end of the Incentive Plan Year,

  

	 	3)	Approval of any substantive changes or amendments to the Plan. 

  

 6 

 Attachment 1 
 SARA LEE CORPORATION 
 FY08 ANNUAL INCENTIVE PLAN 
 TARGETS AND MAXIMUMS 
  

							
	FY08 Annual Incentive Plan	 
			
	 Salary
 Grades
	 	Target –
%s Of Salary	 	 	Maximum -
%s Of Salary	 
	50	 	200	%	 	300	%
	49	 	200	%	 	300	%
	48	 	165	%	 	250	%
	47	 	160	%	 	240	%
	46	 	150	%	 	225	%
	45	 	145	%	 	220	%
	44	 	135	%	 	205	%
	43	 	130	%	 	195	%
	42	 	125	%	 	190	%
	41	 	125	%	 	190	%
	40	 	120	%	 	180	%
	39	 	120	%	 	180	%
	38	 	115	%	 	175	%
	37	 	115	%	 	175	%
	36	 	115	%	 	175	%
	35	 	95	%	 	145	%
	34	 	75	%	 	115	%
	33	 	65	%	 	100	%
	32	 	55	%	 	85	%
	31	 	45	%	 	70	%
	30	 	40	%	 	60	%
	29	 	30	%	 	45	%
	28	 	30	%	 	45	%

 Attachment 2 
 SARA LEE CORPORATION 
 FY08 ANNUAL INCENTIVE PLAN 
 PERFORMANCE MEASURES AND WEIGHTINGS 
  

																
	Performance Measures as a % of Target Annual Incentive Opportunity	 
						
	 	 	Operating
Income	 	 	Sales	 	 	Cash Flow	 	 	Individual
Objectives	 	 	Target Annual
Incentive
Opportunity	 
		 	35	%	 	25	%	 	20	%	 	20	%	 	100	%
						
	 Salary
 Grades
	 	Operating
Profit	 	 	Sales	 	 	Cash Flow	 	 	Individual
Objectives	 	 	Target Annual
Incentive
Opportunity	 
	50	 	85.0	%	 	65.0	%	 	50.0	%	 	0.0	%	 	200	%
	49	 	85.0	%	 	65.0	%	 	50.0	%	 	0.0	%	 	200	%
	48	 	55.0	%	 	40.0	%	 	35.0	%	 	35.0	%	 	165	%
	47	 	54.0	%	 	40.0	%	 	33.0	%	 	33.0	%	 	160	%
	46	 	50.0	%	 	40.0	%	 	30.0	%	 	30.0	%	 	150	%
	45	 	50.0	%	 	35.0	%	 	30.0	%	 	30.0	%	 	145	%
	44	 	49.0	%	 	32.0	%	 	27.0	%	 	27.0	%	 	135	%
	43	 	46.0	%	 	32.0	%	 	26.0	%	 	26.0	%	 	130	%
	42	 	44.0	%	 	31.0	%	 	25.0	%	 	25.0	%	 	125	%
	41	 	44.0	%	 	31.0	%	 	25.0	%	 	25.0	%	 	125	%
	40	 	42.0	%	 	30.0	%	 	24.0	%	 	24.0	%	 	120	%
	39	 	42.0	%	 	30.0	%	 	24.0	%	 	24.0	%	 	120	%
	38	 	41.0	%	 	30.0	%	 	22.0	%	 	22.0	%	 	115	%
	37	 	41.0	%	 	30.0	%	 	22.0	%	 	22.0	%	 	115	%
	36	 	41.0	%	 	30.0	%	 	22.0	%	 	22.0	%	 	115	%
	35	 	32.0	%	 	23.0	%	 	20.0	%	 	20.0	%	 	95	%
	34	 	25.0	%	 	20.0	%	 	15.0	%	 	15.0	%	 	75	%
	33	 	22.0	%	 	17.0	%	 	13.0	%	 	13.0	%	 	65	%
	32	 	20.0	%	 	13.0	%	 	11.0	%	 	11.0	%	 	55	%
	31	 	16.0	%	 	11.0	%	 	9.0	%	 	9.0	%	 	45	%
	30	 	14.0	%	 	10.0	%	 	8.0	%	 	8.0	%	 	40	%
	29	 	10.0	%	 	8.0	%	 	6.0	%	 	6.0	%	 	30	%
	28	 	10.0	%	 	8.0	%	 	6.0	%	 	6.0	%	 	30	%

 Attachment 3 
 FY08 AIP Payout Curve 
 Operating Profit, Cash Flow, and Individual Measures 
 

 

 AIP Payout Curve 
 FY08 Sales Component 
 

 

 Attachment 4 
 Definitions 
  

	a)	Base Salary means base salary earned or actually paid (dependent upon the practice of the business unit) to the Participant during the Incentive Plan Year disregarding any
deferral elections, premiums, expatriate allowances, expense reimbursements, commissions, other incentives, severance or termination pay, lump sum merit awards, retention awards, payments from deferred compensation arrangements and compensation
attributable to the exercise of stock options or other forms of long-term incentive compensation. 

  

	b)	Board means the SLC Board of Directors. 

  

	c)	Business Segment means one of the four Sara Lee business units, i.e. Sara Lee North America Food & Beverage, Coffee & Tea, Household & Body Care or
Sara Lee North America Food Service. 

  

	d)	Committee is the Compensation and Employee Benefits Committee of the Board. 

  

	e)	Division means an operating profit center of SLC. 

  

	f)	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): 

  

	 	1.	Any significant and unusual charges or income (accounting definition) that are quantified and identified separately on the face of the Income Statement, including Transformation
expenses 

  

	 	2.	Revisions to the U.S. Internal Revenue Code 

  

	 	3.	Changes in generally accepted accounting principles 

  

	 	4.	Impairments, pension settlements or curtailments, and gains or losses related to businesses reported as discontinued operations 

  

	 	5.	Impairments, pension settlements or curtailments, and gains or losses related to the sale of asset groups which are not reported as discontinued operations 

 

	 	6.	Charges, cash disbursements or cash receipts related to exit and business transformation activities or business dispositions reported as continuing or discontinued operations

  

	 	7.	Gains or losses resulting from currency hedges 

  

	g)	Free Cash Flow shall be measured using actual currency rates and is defined as Net Cash from Operating Activities, plus Tobacco Divestiture Proceeds, less Capital
Expenditures, with the following exceptions: 

  

	 	1.	Cash Flow of businesses acquired during the year and not included in the Annual Operating Plan shall be excluded. 

  

	 	2.	Cash Flow of businesses divested and not included in the Annual Operating Plan as divestments will only be included through the date of divestment, and targets will be
adjusted accordingly. 

  

	h)	Incentive Plan Year is the same as SLC’s fiscal year beginning on July 1, 2007 and ending June 28, 2008. 

  

	i)	Net Sales means net outside sales, as shown on Line 5 of the EO-200 income statement, with the following adjustment(s): 

  

	 	1.	Actual Net Sales shall be measured using plan currency rates 

  

	 	2.	Net Sales of businesses acquired during the year and not included in the Annual Operating Plan shall be excluded. 

  

	 	3.	Net Sales of businesses divested and not included in the Annual Operating Plan as divestments will only be included through the date of divestment, and targets will be
adjusted accordingly. 

  

	 	4.	Net sales of live hogs, which were not included in the FY08 AOP or sales target, will be excluded when measuring actual sales results. 

  

	j)	Operating Cash Flow means cash flow as calculated in the EO-600 – cash flow statement, using FY 08 peg currency rates, with the flowing exceptions:

  

	 	1.	Operating Cash Flow of businesses acquired during the year and not included in the Annual Operating Plan shall be excluded. 

	 	2.	Operating Cash Flow of businesses divested and not included in the Annual Operating Plan as divestments will only be included through the date of divestment, and targets will be
adjusted accordingly. 

  

	k)	Operating Income means pre-tax income, before interest, and tobacco proceeds, with the following adjustment(s): 

  

	 	1.	Actual Operating Income shall be measured using plan currency rates 

  

	 	2.	Operating Income of businesses acquired during the year and not included in the Annual Operating Plan shall be excluded. 

  

	 	3.	Operating Income of businesses divested and not included in the Annual Operating Plan as divestments will only be included through the date of divestment, and targets will be
adjusted accordingly. 

  

	l)	Operating Profit means Line 16 of the EO-200 income statement, using FY 08 peg currency rates, with the following exceptions: 

  

	 	1.	Operating Profit of businesses acquired during the year and not included in the Annual Operating Plan shall be excluded. 

  

	 	2.	Operating Profit of businesses divested and not included in the Annual Operating Plan as divestments will only be included through the date of divestment.

  

	m)	Participant means an SLC executive in salary grades 28 through and including 50. 

  

	n)	Standards of Performance means a Financial or Individual performance measure. 

  

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

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