Document:

Employment Agreement -- Adrian Nuhn

 Exhibit 10.22 
  
 EMPLOYMENT AGREEMENT 
  
 The undersigned: 
  

	1.	SARA LEE/DE N.V., with its statutory seat in Joure, and having offices in Utrecht, represented in law for these purposes, in pursuance of the provision of Article 24, paragraph 2 of
the Company’s articles of association, by H.B. van Liemt, in his capacity as Chairman of the Supervisory Board, hereinafter referred to as “the Company” 

  
 and 
  

	2.	Mr. A. Nühn, resident of the Netherlands, hereinafter referred to as the “Managing Director” 

  
 TAKING INTO ACCOUNT THE FACT THAT: 
  
 the Managing Director entered the employment of Royal Douwe Egberts N.V. in the Netherlands
on September 1, 1990 as the General Manager of Grada BV, and successively held the positions of General Manager of Kortman Intradal Netherlands and Regional Vice President Benelux of the Household and Personal Care products; 
  
 in pursuance of Article 21, paragraph 1 of the Company’s Articles of Association, the
Company’s Supervisory Board decided by resolution dated April 20, 1995 to appoint the Managing Director as member of the Company’s Board of Management, in particular responsible for the Household and Personal Care Division, effective as of
June 1, 1995; 
  
 the Managing Director is familiar with the affiliation between
the Company and Sara Lee Corporation, Chicago, USA (SLC), the Company being part thereof; 
  
 the Managing Director was appointed as Senior Vice President of SLC on June 27, 1996; 
  
 the Company’s Supervisory Board, in accordance with Article 22 of the Company’s Articles of Association, has resolved on December 7, 1995, to revise the terms
and conditions of employment of the Managing Director, effective as of January 1, 1996; 
  
 the Managing Director accepts the above referred to revision of the terms and conditions of employment, applicable to him; 
  
 in consideration of the above referred to revision of the terms and conditions of employment the parties wish to arrange the terms and conditions of employment regarding
unaffected continuation of their working relationship of the Managing Director with the Company, taking into account the provisions of Article 22 of the Articles of Association of the Company. 
  
 COME TO THE FOLLOWING AGREEMENT: 
  
 Article 1 - Duration 
  

	a.	This agreement enters into force on January 1, 1996, and replaces all the employment agreements concluded between the Company and the Managing Director before that date, and/or
agreements concluded regarding their employment relationship, which hereby lapse. 

  

	b.	 Without prejudice to the provisions of Appendices A and B of this agreement, this agreement is concluded for an indeterminate period, and can be terminated by
either of the parties by 

	 	 
registered letter at the end of a calendar month, taking into account a six-month period of notice, as well as taking into account the provisions relating to
the dismissal of members of the Board of Management, laid down in the Articles of Association of the Company. 

  

	c.	This agreement legally ends in any case without any termination being required when a member of the Board of Management reaches the age at which he is obliged to retire in
accordance with the Articles of Association of the Company. 

  
 Article 2 - Task/scope of competence 
  

	a.	The Managing Director is obliged to perform his tasks in accordance with the provisions of the law and of the Articles of Association of the Company in this respect. Moreover, the
Managing Director is obliged to always observe the “Management Rules” laid down in accordance with Article 20, paragraph 2 of the Articles of Association, if these exist, and for as long as they exist. 

  

	b.	The Managing Director is member of the Board of Management, and this board is responsible for the management of the Company. The Managing Director is responsible in particular for
the Household and Personal Care Division of the Company. 

  
 The Supervisory Board has the right at any time to make additions or amendments to the job description, following consultation with the Board of Management and in consultation with the Managing Director. 
  
 Without prejudice to the accountability of managing directors of the Company
in conformity with the law and the Company’s Articles of Association vis a vis the Supervisory Board and the General meeting of Shareholders of the Company, the Managing Director will report to the Chairman of the Board of Management.

  

	c.	The Managing Director will be required to fulfill managing function(s) for the Company’s subsidiary and/or affiliated companies of the Company or being part of the concern of
SLC and to perform services for such companies in addition to his function as member of the Board of Management. 

  

	d.	The Managing Director will, apart from his position as member of the Board of management of the Company, continue to render services to SLC based upon his position of Senior Vice
President of SLC and his existing employment-agreement with SLC. 

  

	e.	The Managing Director is obliged to observe the Code of Conduct and comparable Codes of SLC, as drawn up at intervals. The Code of Conduct contains provisions, inter alia, relating
to restrictions imposed on private investments. 

  
 Article 3 -
Primary conditions of employment 
  

	a.	Salary 

  
 The Managing Director has the right to an annual gross salary of NLG 303,500 as of January 1, 1996. This salary includes all the legally compulsory
payments of any nature, including holiday pay and year-end allowance. 
  

	b.	Incentive award 

  
 The Managing Director is entitled to an annual cash incentive award of maximum 100% of his gross salary, earned during the fiscal year, depending on the
incentive award score expressing the performance of the Managing Director for his services in the respective passed fiscal year, 
  

 2 

 rendered to the Company. The incentive award will each year be established, based on the incentive award
criteria, which have been laid down in writing on forehand in consultation with the Managing Director by or on behalf of the Company’s Supervisory Board and the incentive award score determined after consultation with the Managing Director by
or on behalf of the Company’s Supervisory Board after the respective fiscal year has ended. 
  
 By or on behalf of the The Company’s Supervisory Board further specifications regarding the determination of incentive award criteria and
–scores may be established. 
  

	c.	Payment 

  
 Payment of salary will be made on a monthly basis, in arrears by the end of the respective month. Payment of the established incentive award will be made
in September of each year. 
  

	d.	Revision 

  
 The Managing Director’s salary may be revised annually on January 1 on the basis of the Managing Director’s performance, assessed by the
Company’s Supervisory Board, and of the general market developments relating to jobs at a comparable level. The Managing Director will be informed on each salary revision in writing. 
  
 The first revision has taken place on January 1, 1996, and is included in
the annual gross salary, stated in Article 3, paragraph a. of this agreement. 
  

	e.	Illness 

  
 For the first year of illness in which the Health Act is applicable, and the following two years in which the party is unable to work because he is
incapacitated, the Company will supplement the payments made in accordance with the Health Act or Disability Act respectively (or a legal regulation which comes to replace or supplement these) to 100% of the salary applicable on the day preceding
the first day of illness, revised in the way described in paragraph d. of this article. Payments made on the basis of the above mentioned insurances will, in the case that the Managing Director reaches the age of retirement during the period of
illness or disability, be deducted from the pension payments for the period concerned. 
  

	f.	Clause relating to claims 

  
 The Company has no obligation to make any payment for disability as referred to in paragraph e. of this article, if and insofar as the Managing Director
is able to make a claim for compensation for loss of salary from a third party, in connection with his disability. In that case, the Company will only pay sums equivalent to those referred to in paragraph e. of this article, as an advance on the
compensation for damages to be received from the third party, and if the Managing Director cedes his right to the Company to collect compensation for damages up to the sum of the advances paid out by the Company. The Company’s obligation to pay
the Managing Director the sums collected for the compensation for damages is legally compensated with the advances paid out to him. 
  

	g.	Stock Option Plan 

  
 In consideration of your position as member of the Board of Management of the Company and the duties related hereto, the Managing Director shall be
entitled to participate in any stock option plan of SLC providing for the granting of options to purchase shares of the Company’s securities to a specified period of time at the market value of such shares on the date of grant of the options
and in any plans of SLC, which provide for the granting of shares under a restricted stock plan. The number of stock options and/or restricted shares, to which the Managing Director shall be entitled, will be established by the Board of Directors of
SLC or a committee thereof within the framework of the establishment of such plans by this Board respectively its Committee. The Managing Director shall be entitled to participate in the above described 

  

 3 

 
benefit plans on the basis of his position as member of the Board of Management of the Company as well as his position as Senior Vice President of SLC in
relation to the same employment grade and rank vis à vis comparable management positions within SLC. 
  
 The Company’s Supervisory Board acknowledges the above described entitlement of the Managing Director and gives its consent in regard of the
discretionary authority of the Board of Directors of SLC or a committee thereof. 
  
 Article 4 - Secondary conditions of employment 
  

	a.	Holiday rights 

  
 The Managing Director is entitled to thirty days holiday per year. The Managing Director takes his holiday in mutual consultation with the other members
of the Board of Management. In case of more lengthy absence, the Managing Director will inform the Chairman of the Company’s Supervisory Board thereof. 
  

	b.	Pension arrangements 

  
 The pension arrangements laid down in Appendix C. apply to the Managing Director. 
  

	c.	The surviving relatives of the Managing Director have the right to a payment as laid down in Article 7A, 1639.1 of the Civil Code. 

  
 Article 5 - Tertiary conditions of employment 
  

	a.	The Managing Director is, and will continue to be included in the voluntary collective sickness insurance concluded by the Company. The premiums for this are entirely at the
Managing Director’s expense. 60% of the premium payable by the Managing Director is reimbursed by the Company on the basis of insurance class 2a for the Managing Director and his wife, and class 3 for his children. 

  

	b.	Car arrangement 

  
 1. The Managing Director will have a suitable car at his disposal at the Company’s expense for business and private use. 
  
 2. Besides the arrangement in sub b.1., the Managing Director is entitled to
driver facilities, laid down in the car arrangement applicable to members of the Board of Management of the Company, for business as well as private purposes. 
  

	c.	Telephone expenses 

  
 The Company will reimburse the Managing Director the total cost of telephone- and fax connections and -communications at his home address with deduction
of an own contribution according to the arrangement, applicable to members of the Board of Management of the Company. 
  

	d.	Expenses which can be declared 

  
 Expenses incurred by the Managing Director in the context of the performance of his tasks on behalf of the Company, as a member of the Board of
Management, such as travelling and accommodation expenses, are reimbursed by the Company on the basis of the submission of statements, to be administered per quarter. The statements must on request be sent to the Chairman of the Supervisory Board of
the Company. 
  

	e.	Expenses which cannot be declared 

  
 The Company pays the Managing Director a representation fee for expenses which cannot be declared, which fee can be changed at any instance by the
Company’s Supervisory Board. 
  

 4 

 As of January 1, 1996 till the moment this representation fee is changed, this fee amounts to NLG 13.500.
— per year. Payment hereof will be made on a monthly basis. 
  

	f.	Insurance for legal liability 

  
 As member of the Board of Management, and in every capacity in which he acts for or in relation to the Company, the Managing Director is insured for the
duration of this agreement and afterwards for his legal liability, in accordance with the policy appended in Appendix D. The costs of the insurance are at the Company’s expense. If the Managing Director is pronounced to be legally liable for
damages on the basis of his above mentioned liability, and this is not covered by the above mentioned insurance policy, the Company will reimburse the Managing Director for the damages suffered by the Managing Director, unless by legal decision it
is established that the Managing Director was guilty of deliberate action or gross malpractice. The Managing Director is obliged to maintain confidentiality vis-à-vis everyone regarding the provision of this paragraph f. 
  
 Article 6 
  

	a.	If the Managing Director receives any payment or reimbursement for any function which he fulfills in his capacity of a member of the Company’s Board of Management, he shall pay
it (or have it paid) into the Company’s funds. 

  

	b.	For services, rendered by the Managing Director to companies being part of the concern of SLC or the Company, the Managing Director is entitled to receive compensations or benefits,
which may be considered privately earned employment income, provided these services are performed with the prior consent in writing of the Company’s Supervisory Board and provided these services have a structural basis and require a direct
involvement of the Managing Director with the respective companies in view of their business activities. 

  
 Article 7 - Subsidiary jobs 
  
 Notwithstanding the provision in Article 6, paragraph b. of this agreement, the Managing Director undertakes not to work for any other employer, either directly or
indirectly, to refrain from doing business at his own expense, and not to accept any post or take any salaried and/or time consuming unsalaried position without the prior consent in writing of the Chairman of the Supervisory Board of the Company for
the duration of his employment. 
  
 The Managing Director declares that on the
date of signing of this agreement he is fulfilling the subsidiary jobs, listed in Appendix E. of this agreement, for which the Supervisory Board hereby grants the above mentioned consent. 
  
 The payments and/or reimbursements in connection with the subsidiary jobs referred to in this article do not have to be deducted from the
salary mentioned in Article 3, paragraph a, or from any payment or reimbursement mentioned in this agreement. 
  
 Article 8 - Non-competition 
  

	a.	The Managing Director shall not, either directly or indirectly and either on his own behalf or on behalf of any other, carry on or be engaged in any business whatsoever which
competes with the business of the Company and its affiliated companies, nor render services, in whatever form, directly or indirectly in this respect during the continuance of the employment as well as during a period of twenty four months after
termination of the employment with the Company. 

  

 5 

 The Chairman of the Supervisory Board may on request waive the non competition obligation regarding a
specific activity or engagement of the Managing Director, taking into account the potential damage to the Company and its affiliated companies. Such request of the Managing Director will not be withheld unreasonably. 
  
 Moreover, the Managing Director agrees not to attempt to entice away from
the Company or its affiliated companies any employee thereof during the above mentioned period. 
  

	b.	In the event of a breach of the obligations referred sub a. of this article by the Managing Director, the Company shall be entitled, without any notification being required, a
contract penalty in the amount of one time the latest gross annual salary of the Managing Director as well as a contract penalty in the amount of NLG 50,000.- for each day the violation continues after notification of the detection thereof by the
Company, notwithstanding the right of the Company to claim the total damage instead of the contract penalty. 

  
 Article 9 - Confidentiality 
  

	a.	The Managing Director shall keep confidential all specific information relating to the business of the Company and its affiliated companies. 

  

	b.	The Managing Director agrees, during the term of employment and after the employment has been terminated for whatever cause, not in any way to disclose to anyone any information,
knowledge or data relating to the business of the Company and its affiliated companies, which he has obtained by virtue of his employment with the Company and for which the Company has imposed on him an obligation of confidentiality or which he
knows or should know that such information has to be considered confidential. 

  

	c.	The Managing Director shall only use the information, knowledge and data, referred to sub b. of this article, within the framework of the exercise of his duties pursuant to his
employment with the Company. 

  

	d.	In the event of a breach of the obligations, referred to sub a., b. and c. of this article, the Company shall be entitled to a contract penalty for each case of violation in the
amount of one time the latest annual gross salary of the Managing Director, notwithstanding the right of the Company to claim the total damage instead of the contract penalty. 

  
 Article 10 - Documents 
  
 The Managing Director is prohibited in any way from having or keeping in his private
possession any documents or correspondence or copies thereof which have become available to him in connection with his work, except insofar and for as long as this is necessary for the performance of his tasks for the company. In any case, the
Managing Director is obliged, even without any request to do so, to make such documents, correspondence or copies thereof forthwith available to the Company at the end of his employment, or in the event that he becomes inactive for any reason.

  
 Article 11 - Discharge 
  
 The Company has the right to discharge the Managing Director of his post as a member of the
Board of Management of the Company, without terminating the Managing Director’s employment, if and insofar as the Company considers that the Managing Director is unable, because of sickness, accident or for other reasons, to adequately fulfill
his activities as a member of the Board of Management, and in that case the Company will not be liable for any compensation for damages. 
  

 6 

 The above is without prejudice to the Company’s right to terminate the employment subsequently in accordance with
the provisions of this agreement. 
  
 Article 12 
  

	a.	Any disputes which may arise from this agreement or from other agreements resulting from this agreement, will be settled in accordance with the regulations of the Dutch Arbitration
Institute in Rotterdam. The Court of Arbitration will consist of three arbitrators. The place of arbitration will be located in Utrecht. 

  

	b.	Dutch law applies to this agreement. 

  

	c.	Amendments and additions to this agreement must be made in writing in order to be legally valid. 

  
 Article 13 
  
 The appendices form an integral part of this agreement. They are: 
  
 A. Regulations for early retirement 
  
 B. Regulations for terminating the employment 
  
 C. Pension arrangement 
  
 D. Legal liability insurance 
  
 E. Subsidiary jobs 
  
 Drawn up in duplicate and signed in Utrecht on June 11, 1997. 
  

			
	 SARA LEE ¦ DE N.V.
	 	 
		
	 /s/ H.B. van Liemt

	 	 /s/ A. Nühn

  

 7 

 Appendix A 
  
 This Appendix is an integral part of the employment agreement dated June 11, 1997 
  

	1.	For reasons of its own, the Company reserves the right to insist that the Managing Director takes early retirement from his position of member of the Board of Management, before
reaching the age of retirement on his 62nd birthday, but after reaching the age of 57.5 years. 

  
 If the Company’s Supervisory Board requests the Managing Director to retire in this way, the Company must take into account a period of notice of at
least six months, the Managing Director will accept this retirement without any reservations, and with his full co-operation at the time requested and indicated by the Company. 
  

	2.	The Company hereby gives the Managing Director the right to take voluntary retirement at his own request when he reaches the age of 60. In this case, the Managing Director will take
into account a period of notice of at least six months. 

  

	3.	In the case of his retirement as member of the Board of Management as a result of the provisions sub 1 and sub 2 of this Appendix respectively, the Managing Director shall, during
the period starting on the date of the termination of his employment with the company, up to the date of his retirement at the age of 62, be entitled to a treatment in accordance with the voluntary early retirement arrangement, as has been or may be
established by the Company’s Supervisory Board, applicable to members of the Company’s Board of Management. 

  

	4.	If the Managing Director retires as a Chairman of the Board of Management in accordance with the provisions sub 1 or 2 of this Appendix, in deviation from the conditions which apply
for the other employees of the Company, a payment on the basis of 90% of the gross annual salary which he earned during the last year, referred to in Article 3 paragraph a. of this agreement, will apply for the first year, starting on the date of
the termination of his employment with the Company, and on the basis of 80% of the annual salary earned in the last year, for the remaining period until he reaches the age of 62, with the understanding that the Company’s Supervisory Board may
resolve to index this salary on an annual basis. 

  
 The provisions necessary for this regulation will be made by the Company. The Company is entitled to transfer the rights and duties arising from the regulation laid down in this Appendix A. to a Foundation established for this purpose.

  

	5.	Insofar as the Managing Director receives income from work from another source after the entry into force of the above mentioned arrangement, or obtains income from independent
enterprises, the additional part will be deducted from the payment owed by the Company, insofar as this gross income, together with the payments in accordance with sub 3 and 4 of Appendix A., amount to more than 100% of the above mentioned gross
annual salary earned during the last year of employment. The honoraria paid for performing the tasks of a supervisor are not deemed to form part of the above mentioned income from work or from independent enterprise respectively. In the case of the
income referred to here, the Managing Director will always submit a specified statement to the Company. 

  

	6.	At the end of the employment the Managing Director will retire from all positions, in which the Managing Director is appointed, in accordance with Article 2 paragraph c. of this
agreement, and will sign all the necessary documents and co-operate fully in this respect. 

  
 Drawn up in duplicate and signed at Utrecht on June 11, 1997. 
  

			
	 SARA LEE | DE N.V.
	 	 
		
	 /s/ H.B. van Liemt

	 	 /s/ A. Nühn

  

 1 

 Appendix B 
  
 This Appendix is an integral part of the employment agreement dated June 11, 1997. 
  
 The following arrangement applies for the Managing Director for the period from his
appointment as member of the Board of Management to the time when he reaches the age of 57.5 years. 
  

	1.	If the Company terminates the employment before the Managing Director reaches the age of 57.5 years without taking into account a period of notice of six months, or, taking into
account the period of notice of six months, for reasons which are not urgent reasons, as described in Article 7a: 1639.p of the Civil Code, -if necessary, in the case of a dispute in this respect, as determined by arbitration, as referred to in
Article 12 of this agreement,- the Company shall owe the Managing Director a sum equal to: 

  

	a.	either 1.5 (one and a half) times the last gross annual salary, as described in Article 3, paragraph a. of the employment agreement, in the case of termination without taking into
account the period of notice of six months; 

  

	b.	or 1 (one) times the last gross annual salary, as described in Article 3, paragraph a. of the employment agreement, in the case of termination taking into account the period of
notice of six months; 

  

	c.	or, respectively a compensation in excess of the compensation sub a. or b., in consideration of the termination of the employment, deemed to be reasonable, taking into account all
relevant circumstances within the then prevailing situation. 

  
 In case it is concluded that such compensation cannot be agreed upon in an amicable manner between the Managing Director and the Company, any party hereto will on basis of arbitration, as referred to in Article 12 of
this agreement, initiate the procedure to have such compensation established. The decision of the arbitration-committee will be binding upon the Managing Director as well as the Company. 
  
 The above compensation sub a., b. or c. respectively will be paid by the Company, after deducting of taxes, premiums etc.
due, as per the date of termination of the employment respectively forthwith after receipt of the decision of said arbitration-committee, if such decision is made at a later date. 
  

	2.	At the end of the employment, a premium-free policy will be granted on the basis, of an actuarial calculation, for the pension rights accrued during the period of employment till
the date of termination thereof. 

  

	3.	Provided a notice in writing has been timely received by the Company, the Managing Director can stay covered by the collective sickness insurance scheme concluded by the Company,
though without being able to make a claim on the Company for a contribution to the premiums. 

  

	4.	All the conditions of employment are automatically terminated at the end of the employment, unless expressly provided otherwise above. 

  

	5.	At the end of the employment the Managing Director will resign from all positions, in which he has been appointed, in accordance with Article 2 paragraph c. of this agreement, and
will sign all the necessary documents and co-operate fully in this respect. 

  
 Drawn up in duplicate and signed at Utrecht on June 11, 1997. 
  

			
	 SARA LEE | DE N.V.
	 	 
		
	 /s/ H.B. van Liemt

	 	 /s/ A. Nühn

  

 1 

 Appendix C 
  
 Mr. A. Nühn 
 {home address} 
  
 Dear Mr Nühn, 
  
 It is our pleasure to inform you that, due to your appointment as a member of the Board of Management, we have set up a pension scheme for
you, which will commence on June 1. 1995. In connection with this, we have registered you as a member of Stichting Excedentenpensioenfonds Douwe Egberts (Douwe Egberts Supplementary Pension Fund Foundation), hereinafter “the Foundation”.

  

	I.	The pension scheme comprises the following rights: 

  

	 	1.	a retirement pension in your favour, commencing on the first day of the month in which you attain the age of 62 years, hereinafter “the retirement date”, and payable
thereafter for the remainder of your life; 

  

	 	2.	a temporary retirement pension in your favour, commencing on the retirement date and payable thereafter for the remainder of your life, but at the latest up until the first day of
the month in which you attain the age of 65 years; 

  

	 	3.	a widow’s pension for your present spouse, commencing directly upon your death, irrespective of when this occurs, payable thereafter for the remainder of your spouse’s
life. 

  

	 	4.	an orphan’s pension for your legal and acknowledged children below the age of 18 years, commencing immediately upon your death and payable thereafter for as long as your child
lives, but at the latest up until the age of 18 years; an orphan’s pension may commence or be paid for children over the age of 18 years up until the age of 27 years at the latest, if and for as long as the child is a student in terms of the
provisions of the Student Finance Act (Wet op de studiefinanciering) or the Child Benefits Act (Algemene Kinderbijslagwet). 

  
 All pension amounts shall be paid in monthly instalments in arrears. 
  

	II.	The pension amounts shall be determined as follows: 

  

	 	1.	The annual retirement pension shall amount to 2% of your pensionable annual income for each year of service. The number of years of service shall be determined precisely in months,
whereby a part of a month shall be ignored. On January 1 of each year the pension shall be adjusted in accordance with the new pensionable annual salary, if this amounts to more than the salary in the year immediately preceding this.

  
 In this regard, years of service shall be
deemed to be years in which you are a member of the Board of Management, as well as years obtained in terms of this pension scheme by means of an asset transfer. 
  
 The pensionable annual income shall be set at 12 times your monthly salary, as stipulated in your contract of employment,
including the holiday bonus and year-end bonus, multiplied by a factor of 1.33 (hereinafter “the annual salary”). 
  

 1 

 The retirement pension determined in this way shall be decreased as of the first day of the month in
which you attain the age of 65 years by an amount (hereinafter “the deductible”), which shall amount to the total of the gross combined pension payments payable on January 1 of the year in which you attain the age of 65 years, including
the holiday bonus, in terms of the General Old-Age Pensions Act (Algemene Ouderdomswet) as applicable to pensioners married to each other who are both 65 years or older. 
  

	 	2.	The temporary retirement pension shall amount to the sum of the Social Insurance premiums payable by you and the compensation allowance applicable on January 1 of the year of
retirement. 

  

	 	3.	The annual widow’s pension shall amount to 70% of the most recently determined retirement pension described under II.1 from the age of 65 years, on the understanding that the
deductible shall be determined in accordance with the situation as at January 1 of the year of death. 

  

	 	4.	The annual orphan’s pension shall amount to 14% of the most recently determined retirement pension described under II.1 from the age of 65 years for each child, on the
understanding that the deductible shall be determined in accordance with the situation as at 1 January of the year of death. The orphan’s pension shall be doubled if a widow’s pension is not paid. 

  
 In so far as the funds of the Foundation allow of this, pensions in payment,
including bonuses already granted earlier, shall be adjusted by means of a supplement. This supplement shall be determined on the basis of the increase in the price index, as applicable for the 12 months prior to the month of October of the
preceding year. 
  
 The price index shall be understood to be the
derived consumer price index figure for the families of employees (low) published by the Central Bureau of Statistics of the Netherlands. 
  

	III.	The pension rights shall be covered by the Foundation in accordance with the relevant provisions of the Foundation’s charter. 

  
 You shall receive an annual statement of the pension rights obtained by you
and the pension rights to be obtained by you up until the retirement date. 
  

	IV.	In the event of divorce, the following conditions shall apply: 

  

	 	a.	in the event of a divorce, your former spouse shall retain the right to a special widow’s pension for the amount of the widow’s pension which would have been obtained if
the pension scheme had been terminated on the date of divorce in the manner referred to in VI. 

  

	 	b.	the right to a special widow’s pension shall not be granted if you and your spouse were married under an antenuptial contract or have agreed otherwise in a written agreement in
relation to the divorce. This agreement shall only be valid if a declaration by the Foundation is appended to the agreement, in which the Foundation states that it is willing to provide cover for any pension risk arising from the deviation.

  

	V.	 In the event of a divorce, pension settlement shall occur in accordance with the Divorce (Settlement of Pension Rights) Act (Wet verevening pensioenrechten bij
scheiding). In terms 

  

 2 

	 	 
of this Act, the rights to a retirement pension obtained during the marriage shall be divided equally between you and your former spouse. Notification of
this must be given to the Foundation within two years subsequent to the date of the divorce by means of a form intended for this purpose, which may be obtained from the Foundation. 

  

	VI.	On the termination of employment, other than due to death or the attainment of the pensionable age, the following conditions shall apply: 

  

	 	a.	you shall retain a non-contributory right to a retirement pension and a widows/orphan’s pension for your spouse and children. 

  

	 	b.	the non-contributory right to a retirement pension referred to under a. shall be equal to the difference between the retirement pension, which you would have obtained on the
retirement date if the pension scheme had been continued at a constant salary, and the portion thereof which would have accrued to you in the period between the date of termination of the pension scheme and the retirement date.

  

	 	c.	the non-contributory right to a widow’s pension shall be equal to 70% of the non-contributory retirement pension calculated in accordance with b. 

  

	 	d.	you shall receive a statement of the non-contributory rights. 

  

	VII.	If you give notice that you wish to exercise your right to transfer the value of your pension rights obtained during employment with a former employer, or the value of your pension
rights after the termination of your employment, this asset transfer shall be carried out in accordance with the provisions of Article 32b of the Pensions and Savings Funds Act (Pensioen- en Spaarfondsenwet) and the provisions of the Decree in
Respect of Calculations and Procedural Rules in Relation to Asset Transfers (Besluit reken- en procedureregels recht op waardeoverdracht) of August 15, 1994. 

  

	VIII.	The cost of this pension scheme shall be borne entirely by us. 

  

	IX.	We reserve the right to cease payment of the costs, fully or in part, and to adjust the pension scheme for this purpose, if new mandatory retirement and survivor’s provisions
are introduced by public authorities, or if present provisions are amended in such a way that additional costs are incurred by us for this pension scheme as a result of such amendments. 

  
 If we exercise the aforementioned right, we shall notify you of this
immediately and shall consider the necessity of adjusting the pension scheme in relation to the changed circumstances. If a decision is taken to make such an adjustment, this pension letter shall be amended. 
  
 The abovementioned amendment, the result of which shall be a reduction or
limitation of the rights deriving from the pension scheme or the termination of the pension scheme, shall have no affect on your rights in so far as these may be attributed to completed years of service, in accordance with the provisions of this
pension letter. 
  

	X.	Pension entitlements, accrued prior to the date of commencement of this pension scheme pursuant to your employment with Sara Lee/DE NV or one of its group companies, will be
continued as non-contributory rights as of June 1, 1995. 

  
 As
confirmation that you agree to the aforementioned, you and your spouse are requested to sign the enclosed copy of this pension letter and return it to us. 
  
 Utrecht, 11 June 1997 
  

			
	 Sara Lee/DE N.V.
	 	for approval:
		
	 /s/ H.B. van Liemt

	 	 /s/ A. Nühn

		
	 	 	 /s/ G. Nühn-Morris

  

 3 

 Appendix D 
  
 Mr. A. Nühn 
 {home address} 
  
 Utrecht, June 11, 1997 
  
 Dear Mr. Nühn, 
  
 With reference to our discussion re the revision of your employment agreement, drawn up and duly signed June 11, 1997, pursuant to the resolution, dated December 7, 1995,
of the Supervisory Board of Sara Lee/DE, I herewith confirm -on behalf of this Supervisory Board- what has been agreed upon between Sara Lee/DE and you. What is stated in this letter by way of addition to your employment contract, will be regarded
as being appropriately documented between us. 
  
 In addition to your employment
agreement, dated June 11, 1997, the following terms and conditions will be applicable: 
  

	1.	As basis for the computation of the incentive award, laid down in article 3, paragraph b., the annual gross salary, stated in article 3, paragraph a. and adjusted with salary
increases in accordance with article 3, paragraph d., will be increased with the annual gross salaries respectively compensations, which you have earned during the respective fiscal year in consideration for your services for any other company in
which you might have been appointed in any salaried position in conformity with article 2, paragraph c.. This, therefore, does not include your annual gross salary you receive on basis of your employment agreement with Sara Lee Corporation, USA.

  

	2.	Since the Supervisory Board of Sara Lee/DE establishes your performance in the passed fiscal respectively calendar year, generally in consultation with representatives of Sara Lee
Corporation, the incentive award score and salary increases expressed in the percentages will in principle also be applicable re the computation of your incentive award and the adjustment of your annual gross salary related to your employment with
Sara Lee Corporation. 

  

	3.	In case the Supervisory Board of Sara Lee/DE resolves, in accordance with article 3, paragraph d., to increase your annual gross salary stated in article 3, paragraph a. in relation
to your employment with Sara Lee/DE, it will be proposed to the respective competent bodies of the companies, referred to in sub 1. of this letter, to resolve that an increase in the same percentage will be established re the annual gross salaries
respectively compensations you receive for the services you perform for these companies. 

  

	4.	With reference to the retirement benefit arrangement applicable to you, as indicated in article 4, paragraph b., the pensionable salary as per the 1st of January of each year will
be -for the computation of the retirement benefits granted to you- increased with the amount equal to the aggregate sum of the annual gross salaries respectively compensations from the companies, indicated in sub 1. of this letter, as well as of the
annual gross salary pursuant to your employment with Sara Lee Corporation. 

  

	5.	With respect to what has been stated in article 3, sub e. re disability, the sum of annual salaries, as indicated in sub 4. of this letter, will -in case you become disable-
represent the determining salary within the framework of arrangements re the establishment of disability allowances applicable to members of the Board of Management. 

  

	6.	Your latest annual gross salary, as meant in article 4 and 5 of Annex A, as well as in article 1 of Annex B, being part of your employment contract, will be increased to the amount
corresponding with the sum of salaries indicated in sub 4. of this letter. 

  

 1 

 Assuming you are in agreement with the phrasing of the above said additional terms and conditions of your employment
agreement, I request you to duly sign copy of this letter for agreement. 
  

			
	 Yours sincerely,
	 	 Signed for approval,

		
	 /s/ H.B. van Liemt

	 	 /s/ A. Nühn

	 Chairman of the Supervisory Board
	 	 

  

 2 

 Appendix E 
  
 This Appendix is an integral part of the employment agreement dated June 11, 1997. 
  
 Subsidiary jobs, as referred to in Article 7 of this Agreement, fulfilled by the Managing Director at the time that this Agreement is
signed: 
  

	None.	

  

 1Executive Management Long-Term Incentive Program

 Exhibit 10.23 
  
 EXECUTIVE MANAGEMENT 
 LONG-TERM INCENTIVE PROGRAM 
 FISCAL YEARS 2004-2006 
  
 PROGRAM DESCRIPTION 
  
 Highlights 
  
 This booklet explains the Program provisions of the Sara Lee Corporation (“SLC”) Executive Management Long-Term Incentive Program
(the “Program”) covering fiscal years 2004 through 2006 (the “Performance Cycle”). The following pages provide detailed information relating to the grant of Restricted Stock Units (“RSUs”) that you have received under
the Program. 
  
 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 provisions. 
  
 Purpose 
  
 SLC has created the Executive Management Long-Term Incentive Program (“EMLTIP”) for Fiscal Years 04-06 to: 
  

	•	Focus executive management’s attention on the long-term performance results of Sara Lee Corporation 

  

	•	Provide incentive compensation opportunities commensurate with the achievement of specific EPS and VAE results 

  

	•	Provide a competitive long-term compensation program to Participants and assist in attracting and retaining highly qualified and motivated executive talent 

 
 Participation 
  
 Participation in the Program is limited to the seven Participants listed below and any additional Participants as named by the Compensation
and Employee Benefits Committee of the Board of Directors (the “Committee”): 
  

	 	•	C. Steven McMillan 

  

	 	•	Cary McMillan 

  

	 	•	Adriaan Nühn 

  

	 	•	Theo de Kool 

  

	 	•	Lee Chaden 

  

	 	•	Robert Kopriva 

  

	 	•	Richard Noll 

  
 Restricted Stock Units 
  

	•	RSUs are granted 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
RSUs are converted to shares of Sara Lee stock, on a one-for-one basis, and issued to Program Participants. 

  

	•	The number of shares, if any, which will be released to Participants is dependent upon the extent to which the pre-established performance goals are achieved during the Performance
Cycle. 

  

	•	An opportunity to earn additional shares is possible if performance results exceed the specified performance levels. 

  

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

 Dividend Equivalents 
  

	•	Dividend Equivalents are accrued during the Performance Cycle. 

  

	•	Interest on accrued Dividend Equivalents is credited at the same rate as provided for under the Sara Lee Corporation Executive Deferred Compensation Plan. 

 

	•	Accrued Dividend Equivalents and interest are distributed to Participants to the extent that shares are earned at the end of the Performance Cycle. Dividend Equivalents and interest
are not paid on awards earned in excess of the Mid-level performance level. 

  
 Performance Measures 
  

	•	The following corporate-level performance measures apply to the FY04-06 Performance Cycle: 

  
 Þ
3-Year Cumulative Diluted Earnings Per Share (“EPS”) 
  
 Þ FY06 Value Added Earnings (“VAE”) 
  
 Restricted Stock Units 
  
 EMLTIP awards are authorized under both the Sara Lee Corporation 1998 and 2002 Long-Term Incentive Stock Plans (“Stock Plans”). EMLTIP awards are initially
granted in the form of RSUs at the beginning of the Performance Cycle. At the end of the Performance Cycle, any RSUs that are earned will be converted to shares of Sara Lee common stock. Dividend Equivalents that are earned on RSUs during the
Performance Cycle are accrued and credited with interest at the same rate paid under SLC’s Executive Deferred Compensation Plan. 
  
 RSUs have special restrictions that are based upon both the continued service of Program Participants and SLC’s performance against the established financial
performance goals. These restrictions include a prohibition against the transfer of the RSUs during the Performance Cycle. The financial goals and their respective weightings are shown in Appendix I. Any shares not earned at the end of the
Performance Cycle are forfeited and returned to the Stock Plans. 
  
 SLC may
substitute or offer alternative forms of incentive compensation in the event it either determines that tax or legal regulations in a country provides more favorable treatment for those alternative forms of incentive compensation or as a voluntary
alternative to RSUs. 
  
 Dividend Equivalents 
  
 During the Performance Cycle, Dividend Equivalents that are payable on the RSUs will be
accrued on behalf of the Participants. Interest on the accrued amounts will be credited at the same time and in the same manner as under SLC’s Executive Deferred Compensation Plan. No Dividend Equivalents or interest are paid in arrears on any
additional shares issued for performance above the Mid-level performance level. 
  
 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 RSUs lapse. For example, if 75% of the RSUs are earned, then 75% of the
balance in the accrued dividend equivalent account will be paid at the same time the RSUs/Sara Lee shares of common stock are released. Any remaining balance left in the dividend equivalent account, after determining the number of shares to be
distributed, will be forfeited. 
  
 Performance Standards 
  
 Performance under the EMLTIP is measured using the following corporate financial measures:

  

	•	Cumulative Diluted Earnings Per Share (Diluted EPS) 

  

	•	FY06 VAE 

  

 2 

 Both of these financial measures are independent of one another for purposes of measuring results and determining how
many, if any, of the RSUs are earned. Definitions of these measures are included in Appendix II. The performance measures are equally weighted for purposes of determining performance results, i.e., 50% of the results are based upon EPS and 50% are
based upon VAE. The performance levels for Diluted EPS and VAE targets are shown in Appendix I. 
  
 The performance levels and the percentage of RSUs earned at each performance level are as follows: 
  

			
	Performance Level	 	% of Shares
Distributed
	 Threshold
	 	      0%
	 Mid-level
	 	100%
	 Maximum
	 	200%

  
 Interpolations are used for results
that fall between the performance levels. For performance above Mid-level, additional shares are issued after the end of the Performance Cycle. No Dividend Equivalents or interest will be paid on any additional shares issued for performance above
the Mid-level performance level. No shares are earned for performance results at or below the Threshold performance level. 
  
 Award Grant Notice 
  
 Each Participant will receive a Restricted Stock Unit Grant Notice (“Grant Notice”) specifying the number of RSUs that have been granted, and certain terms and conditions applicable to the grant. The Grant
Notice and this Program Description should be retained with your other important legal documents. 
  
 Tax Consequences 
  
 United States

  
 Under current United States tax laws, a Participant does not realize
any taxable income from the RSUs when they are initially granted, or from accrued Dividend Equivalents or the interest credited thereon. The “Vesting Date”, i.e., August 31, 2006, is the date when the taxable event occurs, except to the
extent that a Participant 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 and interest
thereon are considered income to the Participant. This amount is then subject to applicable federal, state and local withholding. Amounts necessary to settle the tax-withholding obligation will first be withheld from the accrued Dividend Equivalents
and interest 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 2003 that rate
was 25%. 
  
 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 RSUs when initially awarded, or on the accrued Dividend Equivalents and interest credited, 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 and interest 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 withheld by SLC in Chicago. Each Participant is responsible for compliance with the relevant legal and tax regulations in his or her tax jurisdiction. 
  

 3 

 Impact on Other Benefits 
  

Any shares, Dividend Equivalents or interest ultimately 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 a Participant should engage in any activity inimical, contrary or harmful to the interests of the Company, including but not limited to: (1)
competing, directly or indirectly (either as owner, employee or agent), with any of the businesses of the Company, (2) violating any Company policies, (3) soliciting any present or future employees or customers of the Company to terminate such
employment or business relationship(s) with the Company, (4) disclosing or misusing any confidential information regarding the Company, or (5) participating in any activity not approved by the Board of Directors which could reasonably be foreseen as
contributing to or resulting in a Change of Control of the Company (as defined in the Plan) (such activities to be collectively referred to as “wrongful conduct”), then (i) this RSU award, to the extent it remains restricted, shall
terminate automatically on the date on which the Participant first engaged in such wrongful conduct and (ii) if the misconduct occurred within 6 months following the Vesting Date, the Participant shall pay to SLC in cash any financial gain the
Participant realized from the vesting of the RSUs. For purposes of this section, financial gain shall equal, the difference between the fair market value of the Common Stock on the Vesting Date, multiplied by the number of RSUs reduced by any taxes
paid in countries other than the United States where taxes are not otherwise eligible for refund from the taxing authorities. By accepting this RSU, the Participant consents to and authorizes SLC to deduct from any amounts payable from SLC to the
Participant, any amounts owed by the Participant to SLC. This right of “set-off” is in addition to any other remedies SLC may have against the Participant for the wrongful conduct. 
  
 Administrative Guidelines 
  
 The following guidelines apply to the FY04-06 EMLTIP. 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. In determining whether to reduce or eliminate awards, the
Committee may take into account the positive effect of the Exclusions specified in Appendix II. 

  

	•	 	The Committee reserves the right, in its absolute discretion, to make further adjustments in reported performance (for purposes of measuring results vs. the goals) or in awards
earned by reference to that performance with respect to any Participant who 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 FY04-06 EMLTIP award to the Participants, including the definitions of Diluted EPS and VAE, 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. 

  

 4 

	•	 	The SLC Controller’s Department will be responsible for providing financial results under the EMLTIP. The Committee will approve the awards when granted at the beginning of the
Performance Cycle (i.e., during fiscal year 2004) and ratify distributions to be made at the end of the Performance Cycle for all EMLTIP Participants. The portion of the shares earned along with the related balance of the accrued Dividend
Equivalents account will be distributed as soon as practicable after the completion of the final accounting for the FY04-06 Performance Cycle and the Vesting Date. 

  

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

  

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

  

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

  

	•	 	In the event of death, total disability (as defined under the appropriate disability benefit plan if applicable) or retirement at age 55 or later and if you have at least 10 years
of service with SLC (or as otherwise defined under the appropriate retirement benefit plan of SLC) prior to the last day of fiscal year 2006, all RSUs granted would 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 and interest will be distributed at the normal payout time. 

  

	•	 	A Participant who resigns or is terminated during the Performance Cycle generally forfeits the rights to all RSUs and any accrued Dividend Equivalents and interest. However,
Participants may be eligible for a prorated distribution, subject to Committee approval. Eligibility for a prorated distribution and the number of shares that may be recommended for distribution would be dependent upon the circumstances resulting in
the individual’s termination. 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 employment ceases
before the end of that time, all RSUs granted under that Performance Cycle would be forfeited. Only periods of active service will be recognized for purposes of computing any prorated distribution. This means that any period of time during which
services may be provided to the company but the individual is not then a regular, full-time employee of the company, will be disregarded for purposes of calculating any prorated distribution. 

  

	•	 	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 may be eligible for a prorated distribution of shares. Only periods of active service from the beginning of the Performance Cycle will be considered and payout will occur after the Vesting Date. 

  

	•	 	Should a change in control (as defined in the Stock 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 Stock Plans, the Stock Plans prevail. The Stock Plans, Grant Notice and Program Description
collectively comprise all terms and conditions applicable to the FY04-06 EMLTIP. 

  

	•	 	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 Stock Plans. 

  

	•	 	Nothing in the EMLTIP 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. 

  

 5 

 Appendix I 
  

Performance Goals and Weights 
  
 FY04-06 Cumulative Diluted EPS 
  

									
	 CAGR
 Payout Level
	  	FY04	  	FY05	  	FY06	  	Cumulative
	 	 
	 0% CAGR
 Payout Level – 0%
	  	Specific target levels distributed to each individual participant.
	 	 
	 4% CAGR
 Payout Level – 100%
	  	 
	 	 
	 8% CAGR
 Payout Level – 200%
	  	 

  
 FY06 VAE (in $
millions) 
  

							
	Actual FY03	  	FY06 Payout Level – 0%	  	FY06 Payout Level – 100%	  	FY06 Payout Level – 200%
	 	 
	 $547.8
	  	Specific target levels distributed to each individual participant.
	 			 
	 % Increase Over
FY03
	  	 	  	 	  	 

  
 Each performance measure is equally
weighted in determining performance results, i.e., 50% of the results for the Performance Cycle will be based upon EPS and 50% will be based upon VAE. 

 Appendix II 
  

Definitions 
  

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

  

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

  

	c)	Award Date means the date upon which the Board of Directors or the Committee approved the awards under this Program. In this case the Award Date may mean either August 28,
2003 or January 29, 2004, unless an alternate date was required for tax and/or legal reasons in locations outside the United States. 

  

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

  

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

  

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

  

	g)	Earnings Per Share (“EPS”) means reported diluted earnings per share for the fiscal years in the Performance Cycle subject to applicable Adjustments and Exclusions
as defined in this Appendix. 

  

	h)	Exclusions mean 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 other extraordinary or unusual charges or income (accounting definition) that are quantified and identified separately on the face of the Income Statement

  

	 	2.	Revisions to the U.S Internal Revenue Code 

  

	 	3.	Changes in generally accepted accounting principles 

  

	 	4.	Gains or losses from discontinued operations (accounting definition) 

  

	 	5.	Restructuring charges 

  

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

  

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

  

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

  

	k)	Participant means an executive of the company who has been determined to be an eligible Participant and who has received a Grant Notice specifying the basic terms of
participation in this PROGRAM. Participants for the FY04-06 Performance Cycle includes the Executive Management Group of the Corporation, C. Steven McMillan, Cary McMillan, Adriaan Nühn, Theo de Kool, Lee Chaden, Robert Kopriva, Richard Noll
and any other executive the Committee may name as a Participant. 

  

	l)	Performance Cycle is the three-year period consisting of SLC’s fiscal years 2004 through and including 2006. 

  

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

  

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

  

	o)	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.

  

	p)	Value Added Earnings (“VAE”) means Net Operating Profit After Taxes (NOPAT) less a Capital Charge as defined in SLC Finance Policy 130. 

  

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

  

	r)	Vesting Date means August 31, 2006.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]