Document:

Stock Option Grant Program Description

 Exhibit 10.5 
 STOCK OPTION GRANT PROGRAM 
 FISCAL YEARS 2010-2012

 PROGRAM DESCRIPTION 
 Highlights 
 This booklet explains the plan provisions of the Sara Lee Corporation Stock
Option grant covering fiscal years 2010 through 2012 (“Service Period”) with the Stock Options (“Options”) vesting 100% on August 31, 2012 (the “Vesting Date”). The following pages provide detailed information
relating to the grant of Options 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 and rules may occur in order to comply with local laws and tax provisions. 
 Purpose 
 The Option program is a significant component of Sara Lee’s long-term incentive compensation program. It enhances
the competitiveness of Sara Lee’s total executive compensation package, aligns senior executives with stockholder interests, and facilitates the attraction and retention of highly qualified executives. 
 Stock Options 
 A stock option entitles the
Participant to purchase shares of Sara Lee stock at a fixed price over a period of time, typically 10 years. The value of the stock option increases when the market value of Sara Lee stock exceeds the “Exercise Price” of the stock option.
When you exercise an option, you purchase and then own the Sara Lee common shares you receive from the transaction. 
 Option awards are
authorized under the Sara Lee Corporation 1998 Long-Term Incentive Stock Plan (“Stock Plan”). Option awards are granted at the beginning of the Service Period. The vesting of the Options on the Vesting Date is contingent upon your
continued active employment by the Corporation until the Vesting Date, which is August 31, 2012. 
 SLC may substitute or offer alternative
forms of incentive compensation in the event it either determines that tax or legal regulations in some countries outside the United States provide more favorable treatment for these alternative forms of incentive compensation or as a voluntary
alternative to Options. 
  

	•	 	 Individual Option awards are approved on August 27, 2009 and on the January 2010 meeting of the Compensation and Employee Benefit Committee. Based
upon your continued active service through the Vesting Date, the Options become fully vested and are eligible to be exercised. 

  

	•	 	 You do not have voting rights on Options until you exercise the Option to purchase actual shares. 

  

	•	 	 You do not receive dividends or dividend equivalents on Options. 

 Award Grant Notice 
 You will receive a Stock Option Grant Notice and Agreement (“Grant
Notice”) specifying the number of Options that have been granted, and certain terms and conditions applicable to the grant. You should retain a copy of your Grant Notice along with other important legal documents. The Grant Notice will be
distributed electronically through your E*Trade account. You must log into your E*Trade account and accept your grant(s) on-line. Instructions will be provided at the appropriate time. Sara Lee may from time to time modify the grant
acceptance process and will notify you of any changes. 

 Tax Consequences 
 United States 
 Under current United States tax law, a Participant receives no
taxable income from the Options when initially granted. The Exercise Date is the date when the taxable event occurs. The amount of taxable income, or the gain, is the difference between the market value of SLC common stock on the Exercise Date and
the Option’s Exercise Price. This amount is then subject to any applicable federal, state and local withholding. Amounts necessary to settle the tax-withholding obligation will be withheld from shares otherwise to be distributed to the
Participant, unless otherwise determined by the Company. 
 Countries other than the United States 
 Tax laws vary significantly from country to country, so professional advice should be obtained from appropriate counsel concerning the tax consequences of
this grant. In most cases, Participants incur no taxable income from Options when initially granted. When the Options are exercised, the difference between the market value of the shares on the Exercise Date and the Option Exercise Price is
typically considered taxable income. For Participants residing outside the U.S. and not subject to U.S. tax laws, tax withholding for certain countries may be required and will be taken by Sara Lee Corporation in the U.S. Each Participant is
responsible for compliance with the relevant legal and tax regulations in his or her tax jurisdiction. 
 Exercising Stock Options

 You may exercise your vested stock option – that is, purchase any or all of the vested shares in your grant at the Exercise Price, at
any time between the Vesting Date and the Expiration Date (subject to earlier expiration upon death, disability or other termination of employment, as provided below). The minimum number of vested Options that you may exercise is 100 shares. For
information on how to exercise your options, refer to your E*TRADE Stock Plans account or contact E*TRADE directly at 1-866-987-2339 or 1-678-319-7967. 
 Impact on Other Benefits 
 Any shares acquired upon the exercise of Options under this
Option grant are not considered compensation for purposes of any retirement plan, severance arrangement or other benefit plans in which a Participant currently participates or may become eligible to participate in at a later date. 
 Stock Ownership Compliance 
 Any shares
acquired and retained upon the exercise of Options will count towards the Corporation’s stock ownership guidelines during the Service Period. Stock Options do not count towards compliance with the stock ownership guidelines. 
 Forfeiture 
 Notwithstanding anything
contained in this Grant Notice and Agreement to the contrary, if you engage in any activity contrary or harmful to the interests of the Company, including but not limited to: (a) competing, directly or indirectly (either as owner, employee or
agent), with any of the businesses of the Company, (b) violating any Company policies, (c) soliciting any present or future employees or customers of the Company to terminate such employment or business relationship(s) with the Company,
(d) disclosing or misusing any confidential information regarding the Company, or (e) participating in any activity not approved by the Board of Directors of the Company which could reasonably be foreseen as contributing to or resulting in
a Change of Control of the Company (as defined in the Plan) (such activities to be collectively referred to as “wrongful conduct”), then (i) this Option, to the extent it remains unexercised, shall terminate automatically on the date
on which you first engaged in such wrongful conduct and (ii) you shall pay to the Company in cash any financial gain you realized from exercising all or a portion of this Option within the six month period immediately preceding such wrongful
conduct. For purposes of this section, financial gain shall equal, on each date of exercise during the six month period immediately preceding such wrongful conduct, the difference between the fair market value of the Common Stock on the date of
exercise and the Exercise Price, multiplied by the number of shares of Common Stock purchased pursuant to that exercise (without reduction for any shares of Common Stock surrendered or attested to) reduced by any taxes paid in countries other than
the United States to acquire and or exercise and which taxes are not otherwise eligible for refund from the taxing authorities. By accepting this Option, you consent to and authorize the Company to deduct from any amounts payable by the Company to
you, any amounts you owe to the Company under this section. This right of set-off is in addition to any other remedies the Company may have against you for your breach of this Grant Notice and Agreement. 
  

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 Administrative Guidelines 
 The following guidelines apply to the FY10-12 Stock Option grant. Additional Administrative Guidelines may be adopted, as needed, during the Service Period for the efficient administration of the Plan.

  

	•	 	 The Compensation and Employee Benefit Committee (“Committee”) is responsible for administering the Plan and has full power and authority to
interpret the Plan and to adopt rules, regulations and guidelines for administering the Plan, as it deems necessary. 

  

	•	 	 The Committee functions as the Plan Administrator and its decisions are binding on all Participants. 

  

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

  

	•	 	 The Committee may, as it deems appropriate, delegate some or all of its power to the Chief Executive Officer of Sara Lee Corporation. However, the
Committee may not delegate its power concerning the grant, timing, pricing or amount of an award to any person who is a corporate officer or Key Executive. 

  

	•	 	 The Committee approves the awards granted to all Corporate Officers and Key Executives. 

  

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

  

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

  

	•	 	 In the event of death or permanent and total disability (as defined under the appropriate disability benefit plan if applicable) the Options
immediately vest and the last date on which your Options may be exercised will be the earlier of five years from the date of death or disability or the Expiration Date of the Option. 

  

	•	 	 In the case of a Participant attaining age 55 or older and having at least 10 years of service with the Corporation when a Participant’s
employment terminates or attaining age 65 regardless of service, the Option will continue to vest after your termination and the last date on which your Options may be exercised will be the Expiration Date. 

  

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

  

	•	 	 A Participant who is involuntarily terminated and receives severance from the Company is eligible for a pro-rated vesting of stock options. Active
service as well as the severance period will be used to determine the pro-ration period. The option will remain exercisable until the earlier of the end of the severance period or 90 days. 

  

	•	 	 In the event of a sale, closing, spin-off or other disposition of the Participant’s business unit, resulting in the termination of the
Participant’s employment with the Company, all Options will vest upon the closing date of the transaction and remain exercisable for six months following the date of the transaction. 

  

	•	 	 Should a change in control occur (as defined in the Stock Plan), the Committee will decide what effect, if any, this should have on the awards which
are outstanding under this Plan. 

  

	•	 	 If any statement in this Program Description or any oral representation differs from the Stock Plan, the Stock Plan document prevails. The Stock Plan,
the Grant Notice, and the Program Description collectively comprise all terms and conditions applicable to the FY10-12 Stock Option grant. 

  

	•	 	 Any stock dividend, stock split, combination or exchange of securities, merger, consolidation, recapitalization, spin-off or other distribution of any
or all of the assets of the Company will be handled as provided for in the Stock Plan. 

  

	•	 	 Nothing in the Stock Option grant shall confer on a Participant any right to continue in the employ of SLC or in any way affect SLC’s right to
terminate the Participant’s employment in accordance with applicable laws. 

  

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 Appendix I 
  

					
	Definitions	  	FY10- 12 STOCK OPTION	  	

  

	 	a)	Award Date means the date upon which the Committee approved the awards under this Plan. In this case the Award Date can mean August 27, 2009 or the January
2010 meeting of the Committee, unless an alternate date was required for tax and/or legal reasons in locations outside the United States. 

  

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

  

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

  

	 	d)	E*Trade is Sara Lee Corporation’s executive equity outsourcing vendor. 

  

	 	e)	Exercise means the purchase of some or all of the stock from Options that have been granted. 

  

	 	f)	Exercise Date is the date that the payment for exercise is received. Participants may pay using cash or shares of Sara Lee Corporation common stock already
owned. 

  

	 	g)	Exercise Period is the period during which a stock option can be exercised (subject to meeting the vesting period requirement), ending no later than the
Expiration Date of the Option. 

  

	 	h)	Exercise Price is the price per share that must be paid to exercise a stock option. Typically, the exercise price equals the fair market value of Sara Lee
Corporation common stock on the date the option was granted. May also be referred to as “grant price” or “option price.” 

  

	 	i)	Expiration Date is August 27, 2019. 

  

	 	j)	Fair Market Value (FMV) For purposes of the Program, fair market value is the closing price of Sara Lee Corporation common stock as reported by the New York
Stock Exchange Composite Transactions Tape on a given day. 

  

	 	k)	Gain is the difference between the exercise price and the fair market value on the Exercise Date. 

  

	 	l)	Grant Date is either August 27, 2009 or the date of the January 2010 meeting of the Committee. 

  

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

  

	 	n)	Key Executive means an employee in salary grade 38 and above. 

  

	 	o)	Participant means an executive of the company who has been determined to be an eligible Participant and who has received a Grant Notice specifying the basic
terms of participation in this Plan. 

  

	 	p)	Service Period is the three-year period of August 27, 2009 through and including August 31, 2012. 

  

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

  

	 	r)	Vesting Date means August 31, 2012. 

  

	 	s)	Vesting Period is the time between the Grant Date and the Vesting Date.Form of Stock Option Grant Notice & Agreement

 Exhibit 10.6 
 SARA LEE CORPORATION 
 1998 Long-Term Incentive Stock
Plan 
 Stock Option Grant Notice and Agreement 
 [PARTICIPANT NAME] 
 Sara Lee Corporation (the “Company”) is pleased to
confirm that you have been granted a stock option (an “Option”), effective as of August 27, 2009 (the “Grant Date”), as provided in this Stock Option Grant Notice and Agreement (the “Grant Notice and Agreement”):

 1. Option Right. Your Option is to purchase, on the terms and conditions set forth below, the following number of
shares (the “Option Shares”) of the Company’s Common Stock, par value $.01 per share (the “Common Stock”) at the exercise price specified below (the “Exercise Price”). 
  

			
	 Number of Option Shares
	  	 Exercise Price Per Option

		  	
		  	
		  	

 which vests as follows: 
 100% on August 31, 2012 
 2. Acceptance of Terms and Conditions. By acknowledging and accepting this Option, you agree to be bound by the terms and conditions contained in this Grant Notice and Agreement, the Plan and any
and all conditions established by the Company in connection with Options issued under the Plan, and understand that this Option neither confers any legal or equitable right (other than those rights constituting the Option itself) against the Company
directly or indirectly, nor does it give rise to any cause of action at law or in equity against the Company. In order to vest in the Option described in this Grant Notice and Agreement, you must accept this Option. 
 3. Option. This Option is a non-qualified stock option that is intended to conform in all respects with the 1998 Long-Term Incentive
Stock Plan (the “Plan”), a copy of which has been provided to you, and the provisions of which are incorporated herein by reference. This Option is not intended to qualify as an incentive stock option within the meaning of Section 422
of the Internal Revenue Code of 1986, as amended. 
 4. Expiration Date. This Option expires on the tenth
anniversary of the Grant Date (the “Expiration Date”), subject to earlier expiration upon your death, disability or other termination of employment, as provided below. 
 5. Vesting. This Option may be exercised only to the extent it has vested. Subject to paragraphs 6 and 7 below, if you are
continuously employed by the Company or any of its subsidiaries (collectively, the “Sara Lee Companies”) from the Grant Date until the Vesting Date, this Option will vest as indicated above on that Vesting Date. 
 6 Death, Total Disability or Retirement. If you cease active employment with the Sara Lee Companies, because of your death or
permanent and total disability (as defined under the appropriate disability benefit plan if applicable), your Option Shares will vest immediately and the last date on which your Option Shares may be exercised will be the earlier of five years from
the date of death or disability or the expiration date of this award. In the case of your attaining age 55 or older and, if you have at least 10 years of service with the Sara Lee Companies when your employment terminates or attain age 65 regardless
of service, the Option will continue to vest after your termination and the last date on which your Option Shares may be exercised will be the Expiration Date. These provisions apply only to the awards granted herein; other types of awards may have
different provisions. 

 7. Involuntary Termination, Voluntary Termination and Non-Severance Event Termination.

 (a) Involuntary Termination. If your employment with the Sara Lee Companies is terminated and you are
eligible to receive severance benefits under the Sara Lee Corporation Severance Plan for Corporate Officers, the Severance Pay Plan, the Severance Pay Plan for Executives, the Severance Pay Plan for Certain Events or any other written severance plan
of the Company (collectively, a “Severance Event Termination”), the last day on which this Option may be exercised is the earlier of (i) the Expiration Date or (ii) 90 days following the last day of your severance period as
defined in your severance agreement. This Option will continue to vest only through the last day of your severance period. 
 In
the event your employment with the Sara Lee Companies is terminated as a result of the sale, closing or spin-off of a division, business unit or other component of the Company, all Option Shares will vest as of the closing date of the transaction
and be exercisable for six months following the closing date of the transaction, subject to the provisions of paragraph 6, unless otherwise determined by the Company. This provision does not apply with respect to any transaction that would be
considered a Change of Control as defined in Article X of the Plan. 
 (b) Voluntary Termination and Non-Severance
Event Termination. If your employment terminates for reasons other than those described in 6 and 7(a), (i.e., you voluntarily terminate your employment with the Sara Lee Companies or your employment is terminated by the Sara Lee Companies and
you are not eligible for severance pay under the Company’s severance plans), then this Option shall terminate 90 days after the date of your termination of employment. Vesting of this Option ends on the date of your termination of employment.

 8. Exercise. This Option may be exercised in whole or in part for the number of shares specified with the
Company’s designated agent by remitting full payment of the Exercise Price for such number of Option Shares. A number of exercise alternatives are available through the Company’s agent. This Option will be considered exercised on the date
that (a) your execution of the exercise with the Agent and (b) your payment of the Exercise Price have both been received by the Agent. Your written acceptance of the grant as well as the exercise of any portion of this Option will be
considered your acceptance of all terms and conditions specified in this Grant Notice and Agreement. 
  

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 9. Forfeiture. Notwithstanding anything contained in this Grant Notice and Agreement
to the contrary, if you engage in any activity inimical, contrary or harmful to the interests of the Company, including but not limited to: (a) competing, directly or indirectly (either as owner, employee or agent), with any of the businesses
of the Company, (b) violating any Company policies, (c) soliciting any present or future employees or customers of the Company to terminate such employment or business relationship(s) with the Company, (d) disclosing or misusing any
confidential information regarding the Company, or (e) participating in any activity not approved by the Board of Directors of the Company which could reasonably be foreseen as contributing to or resulting in a Change of Control of the Company
(as defined in the Plan) (such activities to be collectively referred to as “wrongful conduct”), then (i) this Option, to the extent it remains unexercised, shall terminate automatically on the date on which you first engaged in such
wrongful conduct and (ii) you shall pay to the Company in cash any financial gain you realized from exercising all or a portion of this Option within the six month period immediately preceding such wrongful conduct. For purposes of this
section, financial gain shall equal, on each date of exercise during the six month period immediately preceding such wrongful conduct, the difference between the fair market value of the Common Stock on the date of exercise and the Exercise Price,
multiplied by the number of shares of Common Stock purchased pursuant to that exercise (without reduction for any shares of Common Stock surrendered or attested to) reduced by any taxes paid in countries other than the United States to acquire and
or exercise and which taxes are not otherwise eligible for refund from the taxing authorities. By accepting this Option, you consent to and authorize the Company to deduct from any amounts payable by the Company to you, any amounts you owe to the
Company under this section. This right of set-off is in addition to any other remedies the Company may have against you for your breach of this Grant Notice and Agreement. 
 10. Rights as a Stockholder. You will have no rights as a stockholder with respect to any Option Shares until and unless ownership of
such Option Shares has been transferred to you. 
 11. Transferability of Option Shares. You may not offer, sell or
otherwise dispose of any Common Stock covered by the Option in a way which would: (i) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any
other country) or to amend or supplement any such filing or (ii) violate or cause the Company to violate the Securities Act of 1933, as amended, the Securities Act of 1934, as amended, the rules and regulations promulgated thereunder, any other
state or federal law, or the laws of any other country. The Company reserves the right to place restrictions on Common Stock received by you pursuant to this Option. 
 12. Conformity with the Plan. This Option is intended to conform in all respects with, and is subject to, all applicable provisions of the Plan. Any inconsistencies between this Grant Notice and
Agreement and the Plan shall be resolved in accordance with the terms of the Plan. By your acceptance of this Grant Notice and Agreement, you agree to be bound by all of the terms of this Grant Notice and Agreement and the Plan. 
 13. Interpretations. Any dispute, disagreement or question which arises under, or as a result of, or in any way relates to the
interpretation, construction or application of the Plan or this Grant Notice and Agreement will be determined and resolved by the Compensation and Employee Benefits Committee of the Company’s Board of Directors (“Committee”) or its
authorized delegate. Such determination or resolution by the Committee or its authorized delegate will be final, binding and conclusive for all purposes. 
 14. Employment Rights. Nothing in the Plan or this Grant Notice and Agreement confers on any Participant any right to continue in the employ of the Sara Lee Companies or in any way affects a Sara
Lee Company’s right to terminate your employment without prior written notice any time for any reason. 
  

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 15. Consent to Transfer Personal Data. By accepting this Award, you voluntarily
acknowledge and consent to the collection, use, processing and transfer of personal data as described in this paragraph. You are not obliged to consent to such collection, use, processing and transfer of personal data. The Company holds certain
personal information about you, that may include your name, home address and telephone number, fax number, email address, sex, beneficiary information, age, date of birth, social security number or other employee identification number, job title,
employment or severance contract, current wage and benefit information, tax-related information, plan or benefit enrollment forms and elections, option or benefit statements, any shares of stock or directorships in the Company, details of all
options or any other entitlements to shares of stock awarded, canceled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and administering the Plan (“Data”). The Company and/or its Subsidiaries will
transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Company may further transfer Data to any third parties assisting the Company in the
implementation, administration and management of the Plan. These recipients may be located throughout the world, including the United States. You authorize them to receive, possess, use, retain and transfer the Data, in electronic or other form, for
the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on your
behalf to a broker or other third party with whom you may elect to deposit any shares of stock acquired pursuant to the Plan. You may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by
contacting the Company. 
 16. Miscellaneous.  
 (a) Modification. The grant of this Option is documented by the minutes of the Committee and or as approved by the CEO for
non-corporate officers, which records are the final determinant of the number of Option Shares granted and the conditions of this grant. The Committee may amend or modify this Option in any manner to the extent that the Committee would have had the
authority under the Plan initially to grant such Option, provided that no such amendment or modification shall impair your rights under this Grant Notice and Agreement without your consent. Except as in accordance with the two immediately preceding
sentences and paragraph 18, this Agreement may be amended, modified or supplemented only by an instrument in writing signed by both parties hereto. 
 (b) Governing Law. All matters regarding or affecting the relationship of the Company and its stockholders shall be governed by the General Corporation Law of the State of Maryland. All other
matters arising under this Grant Notice and Agreement shall be governed by the internal laws of the State of Illinois, including matters of validity, construction and interpretation. You and the Company agree that all claims in respect of any action
or proceeding arising out of or relating to this Grant Notice and Agreement shall be heard or determined in any state or federal court sitting in Chicago, Illinois, and you agree to submit to the jurisdiction of such courts, to bring all such
actions or proceedings in such courts and to waive any defense of inconvenient forum to such actions or proceedings. A final judgment in any action or proceeding so brought shall be conclusive and may be enforced in any manner provided by law.

 (c) Successors and Assigns. Except as otherwise provided herein, this Grant Notice and Agreement will bind and inure
to the benefit of the respective successors and permitted assigns of the parties hereto whether so expressed or not. 
 (d)
Severability. Whenever feasible, each provision of this Grant Notice and Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Grant Notice and Agreement is held to be
prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Grant Notice and Agreement. 
  

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 17. Confidentiality. You agree that you will not disclose the existence or terms of
this Grant Notice and Agreement to any other employees of the Company or third parties with the exception of your accountants, attorneys, or spouse, and shall ensure that none of them discloses such existence or terms to any other person, except as
required to comply with legal process. 
 18. Amendment. Notwithstanding anything in the Plan or this Grant Notice
and Agreement to the contrary, this Option may be amended by the Company without your consent, including but not limited to modifications to any of the rights granted to you under this Option, at such time and in such manner as the Company may
consider necessary or desirable to reflect changes in law. 
 SARA LEE CORPORATION 
  

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