Document:

Offer of Employment between Marla Sanchez and the Registrant

 Exhibit 10.1 
 October 25, 2006 
 Ms. Marla Sanchez 
 OFFER OF EMPLOYMENT 
 Dear Marla: 
 I am very
pleased to extend to you this offer of employment to join Avanex (the “Company”). 
 The position offered to you is that of Senior Vice President,
Chief Financial Officer. Your place of work will be at the Company’s offices in Fremont, California and you will report to Jo Major, President and CEO. This is a full-time, regular, exempt position of considerable responsibility, integral to
our continued business development and success. In this position you will be expected to devote your full business time, attention and energies to the performance of your duties with the Company. 
 The specifics of this offer are as follows: 
 Base Salary: You will
be compensated at a bi-weekly rate of $10,000.00, paid every other Friday, subject to the usual, required withholding in accordance with the Company’s normal payroll procedures. (This represents an equivalent annual rate of pay of
$260,000.00). 
 Annual Bonus: You will be eligible to participate in the Executive Bonus Plan in accordance with the guidelines as established by the
Compensation Committee of the Board. Under this plan your annual target bonus amount will be 60% of your base salary, prorated for the 2007 fiscal year based on your tenure during the 2007 fiscal year. The Company operates on a fiscal year that
runs from July 1 to June 30. 
 Stock Options: Subject to approval by the Compensation Committee of the Board of Directors, you will be
granted a stock option under terms and conditions of the grant agreement under the Company’s 1998 Stock Plan (the “Plan”), as attached and incorporated herein, to purchase 450,000 shares of the Company’s Common Stock at an
exercise price equal to the then current fair market value on the date of grant, as determined under the Plan (the “Option”). Twenty-five percent (25%) of the shares subject to the option will first vest and become exercisable
one year from the date of grant, and 1/48 of the shares will vest each month thereafter. 
 Restricted Stock Units: Subject to approval by the
Compensation Committee of the Board of Directors, you will be granted restricted stock units for 255,000 shares under the terms and conditions of the grant agreement under the Plan. The terms and conditions of your specific grant will be included in
the Grant Agreement that will be provided to you within 6-8 weeks of your 

 Offer of Employment 
 Page 2

 start date, provided that the necessary approvals are obtained. Twenty-five percent (25%) of the restricted stock units will first vest one year from
the date of grant, and 1/48 of the shares will vest each month thereafter. 
 Employment Terms: 
  

	 	•	 	 In the event that your employment is terminated without cause after the commencement of employment, you shall be entitled to receive severance according to the
Company’s standard severance policy for executive officers of the company, as incorporated herein, subject to your execution of full release and waiver of claims in favor of the Company. 

  

	 	•	 	 For this purpose, “cause” is defined as (1) any act of personal dishonesty taken by you in connection with your responsibilities as an employee and
intended to result in your substantial personal enrichment, (2) your conviction of a felony that is injurious to Avanex, (3) a willful act by you that constitutes gross misconduct and which is injurious to Avanex, or (4) any gross
dereliction of your duties or standards acceptable to your position. 

  

	 	•	 	 The change in control and acceleration of vesting and post-termination periods of exercisability will be determined by the standard policy under the 1998 stock
plan and stock agreements between you and the Company, both of which documents are incorporated by reference. 

 Target Start Date:
October 27, 2006. 
 Benefits: As a regular employee, you will be eligible to participate in Avanex’s benefits plans and programs
available to U.S. full time employees, in accordance with the terms of those plans. 
 At-Will Employment: You should be aware that your employment
with the Company constitutes “at-will” employment. This means that your employment relationship with the Company may be terminated at any time with or without notice, with or without good cause or for any or no cause, at either
party’s option. You understand and agree that neither your job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by
implication or otherwise, of your at-will employment with the Company. 
 Conflict of Interest: You agree that, during the term of your employment
with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved 

 Offer of Employment 
 Page 3

 during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. 
 In accepting this offer, you are representing to the Company that (a) you are not a party to any employment agreement or other contract or arrangement which
prohibits your full-time employment with the Company, (b) you do not know of any conflict which would restrict your employment with the Company and (c) you have not and will not bring with you to your employment with the Company any
documents, records or other confidential information belonging to former employers. We ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that may affect your eligibility
to be employed by the Company or limit the manner in which you may be employed. 
 Employment, Confidential Information, and Invention Assignment
Agreement: As a condition of your employment with the Company, you must sign and comply with an Employment, Confidential Information, and Invention Assignment Agreement which requires, among other provisions, the assignment of rights to
any invention made during your employment at Avanex and non-disclosure of proprietary information. As a Company employee, you will be required to sign an acknowledgment that you have read and understand the Company policies and procedures (as set
forth on the Company’s Outlook “Public Files” system or other similar electronic system that the Company may designate), and you will be expected to abide by all Company policies and procedures.  
 Indemnification Agreement: The Company will offer you the opportunity to become a party to its standard form of indemnification agreement for officers and
directors. 
 Arbitration Agreement: As a condition of your employment, you are also required to sign and comply with an Arbitration Agreement.
Among other provisions, the Arbitration Agreement provides that in the event of certain disputes or claims relating to or arising out of our employment relationship, you and the Company agree that (i) those disputes between you and the Company
shall be fully and finally resolved by binding arbitration, (ii) you are waiving any and all rights to have such disputes resolved in court by a judge or jury; (iii) the arbitrator shall have the power to award any remedies available under
applicable law, except attorneys’ fees and costs, which can be awarded to the prevailing party only if authorized by statute or contract, (iv) such disputes shall be resolved by a neutral arbitrator, and (v) the Company shall pay for
any administrative or hearing fees charged by the arbitrator. Please note that we must receive your signed Arbitration Agreement before your first day of employment. 
 I-9 Employment Eligibility Verification: For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for 
  

 Offer of Employment 
 Page 4

 employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment
relationship with you may be terminated. 
 Governing Law: The internal substantive laws, but not the choice of law rules, of the State of California,
shall govern this letter. You hereby agree to exclusive personal jurisdiction and venue in the state and federal courts of the state of California. 
 Severability: In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this letter shall continue in full force and effect without such provision.

 General: This letter, along with the other aforementioned employment-related agreements and stock option described above, set forth the terms of
your employment with the Company and supersede in their entirety any and all prior agreements and understandings concerning your employment relationship with the Company, whether written or oral. The terms of this letter may only be amended,
canceled or discharged in writing signed by an authorized representative of the Company and by you. 
 We would appreciate a response to this offer no later
than October 27, 2006. To indicate your acceptance of this offer, please sign and date this letter in the space provided below and return it to Human Resources. A duplicate original is enclosed for your records. 
 Marla, it is a pleasure extending this offer to you. We are hopeful that you recognize, as we do, the tremendous opportunity we have ahead of us and we welcome you to
the Avanex team. 
 Sincerely, 

					
	AVANEX CORPORATION
	
	/s/ Jo Major
	
	Jo Major
	President and CEO
			
	Accepted:	 	 /s/ Marla Sanchez                                  
          
	 	    Date: 10-27-06

 Enclosures 
 Duplicate Offer Letter 

 Offer of Employment 
 Page 5

 Employment, Confidential Information, and Invention Assignment Agreement 
 Indemnification Agreement 
 Arbitration
Agreement 
 Standard Severance Agreement 
 Stock Option Grant Agreement 
 RSU Grant AgreementAmended 1995 Long-Term Incentive Stock Plan

 Exhibit 10.1 
 SARA LEE CORPORATION 
 1995 LONG-TERM INCENTIVE STOCK PLAN 
 ARTICLE I—PURPOSES OF THE PLAN 
 The purposes of the Sara Lee Corporation 1995 Long-Term Incentive Stock Plan are to promote the interests of the Corporation and its stockholders by strengthening the Corporation’s ability to attract and retain highly competent
officers and other key employees, and to provide a means to encourage stock ownership and proprietary interest in the Corporation. The 1995 Long-Term Incentive Stock Plan is intended to provide plan participants with stock-based incentive
compensation which is not subject to the deduction limitation rules prescribed under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and should be construed to the extent possible as providing for
remuneration which is “performance-based compensation” within the meaning of Section 162(m) of the Code and the regulations promulgated thereunder. 
 ARTICLE II—DEFINITIONS 
 Unless the context clearly indicates otherwise, the following terms
shall have the following meanings: 
 a. “AWARD” means, individually or in the aggregate, an award granted to a Participant
under the Plan in the form of an Option, a Stock Award, or an SAR, or any combination of the foregoing. 
 b. “BOARD” means
the Board of Directors of Sara Lee Corporation. 
 c. “COMMITTEE” means the Compensation and Employee Benefits Committee of
the Board of Directors, a subcommittee thereof, or such other committee as may be appointed by the Board of Directors. The Committee shall be comprised of three or more non-employee members of the Board of Directors who shall qualify to administer
the Plan as “Non-Employee Directors” under Rule 16b-3 of the Exchange Act and as “outside directors” under Section 162(m) of the Code. 
 d. “CORPORATION” means Sara Lee Corporation, or any entity that is directly or indirectly controlled by Sara Lee Corporation. 
 e. “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended. 
 f. “FAIR MARKET VALUE” means the closing selling price per Share on the New York Stock Exchange Composite Transactions Tape on the
determination date, provided that if there are no sales of Shares reported on such date, the Fair Market Value of a Share on such date shall be deemed equal to the closing selling price of a Share on such Composite Tape for the last preceding date
on which sales of Shares were reported and provided further that in the case any transaction requiring a Fair Market Value determination that is consummated in an open-market purchase/sale, Fair Market Value shall mean the actual sales price per
Share. 
 g. “INCENTIVE STOCK OPTION” means a stock option which complies with Section 422 of the Code, or any
successor law. 
 h. “NON-QUALIFIED STOCK OPTION” means an Option that does not meet the requirements of Section 422 of
the Code, or any successor law. 

 i. “OPTION” means an option awarded under Article VI to purchase Shares. An Option may
be either an Incentive Stock Option or a Non-Qualified Stock Option, as determined by the Committee in its sole discretion. 
 j.
“PARTICIPANT” means any employee of the Corporation, or former employee of the Corporation for the purposes of adjustments to Awards pursuant to Article V(b) of the Plan, designated by the Committee as eligible to receive an Award
or Awards under the Plan. 
 k. “PLAN” means this Sara Lee Corporation 1995 Long-Term Incentive Stock Plan, as may be
amended and restated from time to time. 
 l. “PRIOR PLAN” means the Sara Lee Corporation 1989 Incentive Stock Plan, as
amended and restated from time to time. 
 m. “SAR” means a stock appreciation right. 
 n. “SHARES” means shares of the Corporation’s common stock, par value $1.33 1/3 per share. 
 o. “STOCK AWARD” means an Award made under Article VI in Shares. 
 In addition, the term “Change of Control” shall have the meaning set forth in Article X. 
 ARTICLE III—EFFECTIVE DATE OF THE PLAN AND DURATION 
 The Plan shall become effective upon its approval by the stockholders of the Corporation. Unless previously terminated by the Board, the Plan shall expire at the close of business on the tenth anniversary of such
stockholder approval. 
 ARTICLE IV—PLAN ADMINISTRATION 
 The Committee shall be responsible for administering the Plan, and shall have full and exclusive power to interpret the Plan and to adopt such rules,
regulations and guidelines for carrying out the Plan as it may deem necessary or appropriate, all of which power shall be executed in the best interests of the Corporation and in keeping with the provisions and objectives of the Plan. This power
includes, but is not limited to, selecting Award recipients, establishing all Award terms and conditions, adopting procedures and regulations governing Awards, and making all other determinations necessary or advisable for the administration of the
Plan. In no event, however, shall the Committee have the power to cancel outstanding stock options or SARs for the purpose of replacing or regranting such options or SARs with a purchase price that is less than the purchase price of the original
option or SAR. All decisions made by the Committee shall be final and binding on all Participants. 
 ARTICLE V—AVAILABLE SHARES OF
COMMON STOCK 
 a. LIMITATIONS — Subject to the provisions of Article V(b) of the Plan, the aggregate number of Shares which
may be issued to Participants under the Plan shall be: 
 (i) 25,000,000 Shares; plus 
 (ii) any Shares available for grants under the Prior Plan which have not been committed for issuance under awards made under the Prior
Plan; plus 
  

 2 

 (iii) any Shares that are represented by Awards or portions of Awards under the Plan or
the Prior Plan that are forfeited, expired, canceled, or are settled without the issuance of Shares; plus 
 (iv) any Shares
that may be tendered, either actually or by attestation, by a Participant as full or partial payment made to the Corporation in connection with the exercise price of any Option granted under the Plan or the Prior Plan. 
 The aggregate number of Shares that may be represented by Awards made to any individual Participant under the Plan shall not exceed 2,000,000 Shares for
any five consecutive fiscal years during which the Plan is in effect, with respect to Awards granted under paragraphs (a)(i) and (ii) of Article VI, except that such amount shall not exceed 4,000,000 Shares for the initial five consecutive
fiscal years during which a Participant who is a new employee begins service as Chief Executive Officer, and shall not exceed 150,000 Shares for any three-year performance cycle, with respect to Awards granted under paragraph (a)(iii) of Article VI.
The aggregate number of Shares that may be used in settlement of Awards granted pursuant to Article VI(a)(iii) of the Plan shall not exceed 8,500,000 Shares. Any Shares issued under the Plan shall consist of authorized and unissued Shares and no
fractional Shares shall be issued under the Plan. Cash may be paid in lieu of any fractional Shares in settlement of Awards under the Plan. 
 b. ADJUSTMENTS — In the event of any change in the capital structure of the Corporation (including but not limited to a stock dividend, stock split, reverse stock split, combination or exchange of securities, merger,
consolidation, recapitalization, spin-off, split off, liquidation or other distribution of any or all of the assets of the Corporation to stockholders, other than normal cash dividends) or any change in any rights attendant to any class of
authorized securities of the Corporation (an “Adjustment Event”), the Committee shall make proportionate adjustments with respect to the number and class of securities available under the Plan (including any limitation on the number of any
particular type of Award authorized under the Plan), the number and class of securities subject to each outstanding Option and the purchase price per Share, the terms of each outstanding SAR, and the number and class of securities subject to each
outstanding Stock Award to reflect such Adjustment Event and to maintain each outstanding Award’s intrinsic and fair value; provided, that the Committee shall retain discretion with respect to how any such proportionate adjustments shall be
made. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive. 
 ARTICLE VI—AWARDS

 a. GENERAL — The Committee shall determine the type or types of Award(s) to be made to each Participant. Awards may be
granted singly, in combination or in tandem. In the sole discretion of the Committee, Awards also may be made in combination or in tandem with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other
employee or compensation plan of the Corporation including a plan of any acquired entity. The types of Awards that may be granted under the Plan are: 
 (i) OPTIONS — An Option shall represent the right to purchase a specified number of Shares during a specified period as determined by the Committee. The purchase price per Share for each Option shall not
be less than 100% of the Fair Market Value on the date of grant. In addition, if an Option is granted retroactively in substitution for an SAR, the designated Fair Market Value in the applicable award agreement may be the Fair Market Value on the
date such SAR was awarded. An Option may be in the form of an Incentive Stock Option or a Non-Qualified Stock Option, as determined by the Committee in its sole discretion. The Shares covered by an Option may be purchased, in accordance with the
applicable Award agreement, by cash payment or such other method permitted by the Committee, including (i) tendering (either 

  

 3 

 
actually or by attestation) Shares valued at the Fair Market Value at the date of exercise; (ii) authorizing a third party to sell the Shares (or a
sufficient portion thereof) acquired upon exercise of an Option, and assigning the delivery to the Corporation of a sufficient amount of the sale proceeds to pay for all the Shares acquired through such exercise and any tax withholding obligations
resulting from such exercise; or (iii) any combination of the above. The Committee may grant Options that provide for the grant of a replacement Option if the exercise price and the related taxes due are satisfied by tendering (either actually
or by attestation) Shares to, or having Shares withheld by, the Corporation. The replacement Option would cover the number of Shares tendered (either actually or by attestation) or withheld, would have an option purchase price per Share set at the
Fair Market Value per Share on the date of exercise of the original Option, and would have a term equal to the remaining term of the original Option. 
 (ii) SARS — An SAR shall represent a right to receive a payment, in cash, Shares or a combination, equal to the excess of the Fair Market Value of a specified number of Shares on the date the SAR is
exercised over the Fair Market Value on the date the SAR was granted as set forth in the applicable Award agreement; except that if an SAR is granted retroactively in substitution for an Option, the designated Fair Market Value in the applicable
award agreement may be the Fair Market Value on the date such Option was granted. 
 (iii) STOCK AWARDS — A Stock
Award shall represent an Award made in Shares. All or part of any Stock Award may be subject to conditions and restrictions established by the Committee, and set forth in the Award agreement, which may include, but are not limited to, continuous
service with the Corporation, and/or the achievement of performance goals. The performance criteria that may be used by the Committee in granting Stock Awards contingent on performance goals shall consist of total stockholders’ return,
earnings, earnings per share, revenues, and profitability as measured by return ratios, including but not limited to return on invested capital and return on equity. The Committee may select one criterion or multiple criteria for measuring
performance, and the measurement may be based on absolute Corporation or business unit performance, or based on comparative performance with other companies. 
 ARTICLE VII—DIVIDENDS AND DIVIDEND EQUIVALENTS 
 The Committee may provide that any Awards under
the Plan earn dividends or dividend equivalents. Such dividends or dividend equivalents may be paid currently or may be credited to a Participant’s Plan account. Any crediting of dividends or dividend equivalents may be subject to such
restrictions and conditions as the Committee may establish, including reinvestment in additional Shares or Share equivalents. 
 ARTICLE
VIII—PAYMENTS AND PAYMENT DEFERRALS 
 Payment of Awards may be in the form of cash, Shares, other Awards or combinations thereof as
the Committee shall determine, and with such restrictions as it may impose. The Committee, either at the time of grant or by subsequent amendment, may require or permit Participants to elect to defer the issuance of Shares or the settlement of
Awards in cash under such rules and procedures as it may establish under the Plan. It also may provide that deferred settlements include the payment or crediting of interest on the deferral amounts, or the payment or crediting of dividend
equivalents where the deferral amounts are denominated in Share equivalents. 
  

 4 

 ARTICLE IX—TRANSFERABILITY 
 Awards granted under the Plan shall not be transferable or assignable other than by will or the laws of descent and distribution, except that the
Committee may provide for the transferability of any particular Award in the manner set forth in the related Award agreement. 
 In the event
that a Participant terminates employment with the Corporation to assume a position with a governmental, charitable, educational or similar non-profit institution, the Committee may subsequently authorize a third party, including but not limited to a
“blind” trust, to act on behalf of and for the benefit of such Participant regarding any outstanding awards held by the Participant subsequent to such termination of employment. If so permitted by the Committee, a Participant may designate
a beneficiary or beneficiaries to exercise the rights of the participant and receive any distribution under the plan upon the death of the Participant. 
 ARTICLE X—CHANGE OF CONTROL 
 Either in contemplation of or in the event that the Corporation
undergoes a Change in Control (as defined below) or is not the surviving corporation in a merger or consolidation with another corporation, the Committee may provide for appropriate adjustments (including acceleration of vesting and settlements of
Awards either at the time an Award is granted or at a subsequent date). 
 A “Change of Control” shall occur when: 
 (a) a “Person” (which term, when used in this Article X, shall have the meaning it has when it is used in Section 13(d) of the Exchange
Act, but shall not include the Corporation, any trustee or other fiduciary holding securities under an employee benefit plan of the Corporation, or any corporation owned, directly or indirectly, by the stockholders of the Corporation in
substantially the same proportions as their ownership of Voting Stock (as defined below) of the Corporation) is or becomes, without the prior consent of a majority of the Continuing Directors of the Corporation (as defined below), the Beneficial
Owner (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of Voting Stock (as defined below) representing twenty percent or more of the combined voting power of the Corporation’s then outstanding securities;
or 
 (b) the stockholders of the Corporation approve a definitive agreement or plan to merge or consolidate the Corporation with or into
another corporation (other than a merger or consolidation which would result in the Voting Stock (as defined below) of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than fifty percent of the combined voting power of the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation), or to
sell, or otherwise dispose of, all or substantially all of the Corporation’s property and assets, or to liquidate the Corporation; or 
 (c) the individuals who are Continuing Directors of the Corporation (as defined below) cease for any reason to constitute at least a majority of the Board of the Corporation. 
 The term “Continuing Director” means (i) any member of the Board who is a member of the Board on March 30, 1995, or (ii) any
person who subsequently becomes a member of the Board whose nomination for election or election to the Board is recommended or approved by a majority of the Continuing Directors. The term “Voting Stock” means all capital stock of the
Corporation which by its terms may be voted on all matters submitted to stockholders of the Corporation generally. 
  

 5 

 ARTICLE XI—AWARD AGREEMENTS 
 Awards under the Plan shall be evidenced by agreements that set forth the terms, conditions and limitations for each Award. Such terms may include, but
are not limited to, the term of the Award, the provisions applicable in the event the Participant’s employment terminates, and the Corporation’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind any Award.
The Committee need not require the execution of any such agreement by a Participant, in which case acceptance of the Award by the respective Participant shall constitute agreement by the Participant to the terms of the Award. 
 ARTICLE XII—PLAN AMENDMENT 
 The
Board may amend the Plan at any time as it deems necessary or appropriate to better achieve the purposes of the Plan, provided that no such amendment shall be effective unless approved within 12 months after the date of the adoption of such
amendment by such affirmative vote of the stockholders of the Corporation as may be required by Rule 16b-3 under the Exchange Act if such stockholder approval is required for the Plan to continue to comply with the requirements of Rule 16b-3 under
the Exchange Act. The Board may suspend the Plan or discontinue the Plan at any time; provided, however, that no such action shall adversely affect any outstanding benefit. 
 ARTICLE XIII—MISCELLANEOUS PROVISIONS 
 a. EMPLOYMENT RIGHTS —
The Plan does not constitute a contract of employment and participation in the Plan will not give a Participant the right to continue in the employ of the Corporation on a full-time, part-time, or any other basis. Participation in the Plan will not
give any Participant any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. 
 b. COMMITTEE’S DECISION FINAL — Any interpretation of the Plan and any decision on any matter pertaining to the Plan which is made by the Committee in its discretion in good faith shall be binding on
all persons. 
 c. GENDER AND NUMBER — Where the context permits, words in the masculine gender shall include the feminine and
neuter genders, the plural form of a word shall include the singular form, and the singular form of a word shall include the plural form. 
 d. GOVERNING LAW — Except to the extent superseded by the laws of the United States, the laws of the State of Illinois, without regard to its conflict of laws principles, shall govern in all matters relating to the Plan.

 e. INTERESTS NOT TRANSFERABLE — The interests of Participants under the Plan are not subject to their debts or other
obligations and, except as may be required by the tax withholding provisions of the Internal Revenue Code or any state’s income tax act, or pursuant to an agreement between a Participant and the Corporation or as provided in Article IX, may not
be voluntarily sold, transferred, alienated, assigned or encumbered. 
 f. SEVERABILITY — In the event any provision of the Plan
shall be held to be illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provisions had never been contained in
the Plan. 
  

 6 

 g. WITHHOLDING — The Corporation will withhold from any amounts payable under this Plan all
federal, state, foreign, city and local taxes as shall be legally required. 
 h. EFFECT ON OTHER PLANS OR AGREEMENTS — Payments
or benefits provided to a Participant under any stock, deferred compensation, savings, retirement or other employee benefit plan are governed solely by the terms of such plan. 
 i. FOREIGN EMPLOYEES — Without amending this Plan, the Committee may grant awards to eligible persons who are foreign nationals on such terms
and conditions different from those specified in this Plan as may, in the judgement of the Committee, be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes, the Committee may
make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or is subsidiaries operates or has employees.

 As adopted on August 31, 1995 and approved by stockholders on October 26, 1995 and amended on each of January 30,
1997, June 26, 1997, August 28, 1997 and January 25, 2007. 
  

 7 

 SARA LEE CORPORATION 
 1995 LONG TERM INCENTIVE STOCK PLAN 
 (Subplan for France) 
 This Subplan has been adopted by the Committee pursuant to Section I of Article XIII of the Sara Lee Corporation 1995 Long Term Incentive Stock Plan (“the
Plan”) and is intended to ensure the Plan can be treated as a qualifying stock option plan under French Law. Pursuant to this objective, this Subplan is intended to supplement only those Articles hereinafter described and is applicable only to
individuals who are resident in France (“French participants”), as determined under French law. All other terms and conditions of the Plan are intended to remain in force as originally drafted in the Plan. 
 1. Article V(b) of the Plan is hereby amended to read in its entirety as follows: 
 The Committee shall not modify the exercise price per share for any outstanding option, except in the event of a capital increase in cash, a capital
increase with distribution of shares following capitalization of premiums or realized earnings, an issuance of bonds giving a right to acquire shares, a distribution of retained earnings in cash or in shares held by the company, a capital reduction
due to losses or the issuance of non-voting preferred shares. 
 2. Article IX of the Plan is hereby amended to read in its entirety as
follows: 
 The Committee shall not allow for the transferability of any unexercised options under the terms of Article IX. 
 Adopted by the Compensation and Employee Benefits Committee as of August 27, 1997 and ratified by the Board of Directors on August 28, 1997.

  

 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]