Document:

Agreement between Cary D. McMillan and Sara Lee Corp.

 Exhibit 10.20 
  
 AGREEMENT 
  
 Sara Lee Corporation (the “Employer”) and Cary D. McMillan (“Executive”) enter into this Agreement (this “Agreement”), which
was received by Executive on the 4th day of May 2004, signed by Executive on the 4th day of May, 2004, and is effective on the 11th day of May, 2004 (the “Effective Date”). The Effective Date shall be no less than 7 days after the date
signed by Executive. 
  
 W I T N E S S E T H:

  
 WHEREAS, Executive has been employed by the Employer as an
Executive Vice President. 
  
 WHEREAS, Executive and the Employer
have agreed that Executive’s employment with the Employer will terminate as of July 31, 2004 (the “Date of Resignation”); and 
  
 WHEREAS, Executive and the Employer have negotiated and reached an agreement with respect to all rights, duties and obligations arising between them,
including, but in no way limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to Executive’s employment with the Employer and the conclusion of that employment. 
  
 NOW, THEREFORE, in consideration of the covenants and mutual promises herein
contained, it is agreed as follows: 
  
 1. Date of
Resignation. Until the Date of Resignation, and subject to the terms and conditions of this Agreement, Employer will continue to employ Executive and Executive shall receive the same compensation and benefits Executive presently receives,
provided, however, that effective May 4, 2004 Executive shall cease being a Corporate Officer of the Employer. Executive agrees to resign Executive’s employment and all other appointments Executive holds with the Employer, its operating
divisions and its affiliates on the Date of Resignation. Executive understands and agrees that Executive’s employment with the Employer will conclude on the close of business on the Date of Resignation. 
  
 2. Salary Continuation Payments. Provided this Agreement is signed and
not revoked by the Executive as set forth in Paragraph 17(b) below, and subject to the terms of the Sara Lee Corporation Severance Plan for Corporate Officers effective as of June 26, 2002 (the “Severance Plan”), a copy of which Executive
acknowledges receiving, the Employer agrees to continue to pay Executive his current salary during the 24 month period commencing on the day following the Date of Resignation (the “Salary Continuation Period”), in equal monthly
installments in accordance with the Employer’s normal payroll practices, less all applicable withholding taxes and other customary payroll deductions (collectively, the “Salary Continuation Payments”). The Salary Continuation Payments
will commence on the first payroll date following the Date of Resignation or following the eighth day after Executive has signed this Agreement without revoking it pursuant to Paragraph 17(b) below, whichever is later. Salary Continuation Payments
are not eligible to be deferred under any of the Employer’s deferred compensation plans. The Salary Continuation Payment shall cease if the Executive is reemployed by the Employer. 
  
 3. Annual Bonus. 
  
 (a) Provided this Agreement is signed and not revoked by Executive as set forth in Paragraph 17(b) below, the Employer agrees to pay Executive the annual
bonus payable to Executive under the Annual Incentive Plan of the Employer with respect to the 2004 fiscal year. For purposes of 

 calculating the bonus, the Employer will use Executive’s actual financial or other quantitative performance criteria
to determine Executive’s bonus. With respect to any discretionary, non-quantitative component of the bonus, the Employer will pay Executive 25% (of a possible 30%). The bonus payment shall be reduced by applicable withholding and other
customary payroll deductions and shall be paid to Executive on the same date on which active participants under the plan are paid bonuses. Executive shall not participate in any annual bonus plan of the Employer for any fiscal year ending after the
2004 fiscal year. 
  
 (b) In lieu of Executive’s
participation in any annual bonus plan after the 2004 fiscal year and subject to Article III, Section 4(a)(iv) of the Severance Plan, Employer shall pay to Executive, in 24 equal monthly installments, an amount equal to 25% of the Executive’s
maximum annual incentive that otherwise would have been payable during the Salary Continuation Period. These payments shall be reduced by applicable withholding and other customary payroll deductions. 
  
 4. Stock Options and Long-Term Incentive Awards. 
  
 (a) During the Salary Continuation Period, Executive’s stock options
shall continue to vest and shall also be eligible for exercise in accordance with the terms and conditions of the stock option agreements in force between Executive and the Employer. During the Salary Continuation Period, Executive’s stock
options shall continue to be governed by all of the terms and conditions of the stock option agreements in force between Executive and the Employer. Any stock options not exercised before the close of business on the last day of the Salary
Continuation Period will be forfeited; provided, however, that options granted after June 26, 2002 may, to the extent vested, be exercised during the 90 day period following the end of the Salary Continuation Period at which time such options, if
unexercised, will be forfeited. Notwithstanding the foregoing, Executive shall not be entitled to receive any new stock option grants and shall not be eligible for restoration stock options after the Date of Resignation. 
  
 (b) Subject to the concurrence of the Compensation and Employee Benefits
Committee of the Employer’s Board of Directors (the “Committee”), Executive shall be entitled to pro-rated distributions of restricted share and share unit awards under the Employer’s long-term incentive plans. The Employer shall
recommend to the Committee that Executive receive the following distributions (collectively, the “Long Term Awards”): 
  

	 	•	8/29/2002 grant of 25,000 restricted share units under the FY03-05 LTRSU - distribute 19,583 shares (78.33% of award) after 8/29/2007. 5,417 shares shall be forfeited.

  

	 	•	1/30/2003 grant of 50,000 restricted share units pursuant to a retention award—distribute 35,000 shares (70% of award) after July 31, 2004. 15,000 shares shall be forfeited.

  

	 	•	8/28/2003 grant of 25,000 restricted share units under the FY04-06 LTRSU – distribute 24,306 shares (97.22% of award) as follows: 8,334 shares after 8/31/04, 8,333 shares after
8/31/05 and 7,639 shares after 8/31/06. 694 shares shall be forfeited. 

  

	 	•	8/28/2003 grant of 25,000 restricted share units under the FY04-06 EMLTIP — a maximum of 9,028 shares (36.11% of award) are eligible for distribution after 8/31/06. The actual
number of shares distributed will be based on the achievement of the FY04-06 EMLTIP performance measures. Shares not distributed shall be forfeited. 

  

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 The shares shall be distributed to Executive at the same time as other participants in these plans receive their awards
for the applicable grant. The awards shall be reduced by applicable withholding and other customary payroll deductions. Executive shall not be entitled to any other award under the Employer’s long-term incentive plans. 
  
 5. Health and Life Insurance Continuation. Executive’s
participation in the welfare benefit plans generally available to other Corporate Officers of the Employer shall cease as of the Date of Resignation; however, Executive shall have the right, at Executive’s expense, to exercise such conversion
privileges as may be available under such plans. In addition during the Salary Continuation Period, the Employer shall continue to pay premiums for the individual universal life insurance policy provided to Executive. Beginning on the Date of
Resignation, Executive shall be eligible to elect COBRA continuation coverage under the group medical and dental plan generally available to other Corporate Officers of the Employer. Executive’s Salary Continuation Period shall count toward the
period during which the Employer must offer COBRA continuation coverage to Executive. If Executive elects COBRA continuation coverage, Executive will be charged for such coverage at the active employee rates in effect during the Salary Continuation
Period. Since the Salary Continuation Period (24 months) exceeds the COBRA continuation period (18 months), the Employer will continue to charge Executive for COBRA continuation coverage at the active employee rates during the Salary Continuation
Period, and Executive will continue to receive coverage until the end of the Salary Continuation Period on the same terms and conditions as during the COBRA continuation period. If Executive dies prior to the end of the Salary Continuation Period
and Executive had elected COBRA continuation coverage, COBRA continuation coverage shall continue for Executive’s surviving spouse and dependents until the end of the Salary Continuation Period under the same terms and conditions that coverage
would have been provided to Executive under this Agreement. 
  
 6.
Non-Qualified Supplemental Executive Retirement Plan Benefits. For purposes of determining the amount of Executive’s supplemental pension benefit under the Sara Lee Corporation Supplemental Executive Retirement Plan (“Supplemental
Plan”) and Executive’s eligibility for such supplemental pension, the Salary Continuation Period shall be considered as vesting and benefit service and Executive’s Salary Continuation Payments and 75% of the total Annual Bonus paid to
Executive pursuant to Paragraph 3 of this Agreement shall be considered eligible pay. In addition, for purposes of determining the amount of Executive’s supplemental 401(k) plan annual company contribution benefit (formerly ESOP) under the
Supplemental Plan, the Salary Continuation Period shall be considered as vesting service and Executive’s Salary Continuation Payments and 75% of the total Annual Bonus paid to Executive pursuant to Paragraph 3 of this Agreement shall be
considered eligible pay. During the Salary Continuation Period, Executive will receive, through the Supplemental Plan, the 401(k) annual company contribution as if the Salary Continuation Period were deemed a period of employment with Employer.

  
 7. Participation In Other Plans. Except as otherwise
provided herein or in the applicable plan, Executive’s participation in all other plans available to Corporate Officers of the Employer shall cease on the Date of Resignation. 
  
 8. Executive Benefits. 
  
 (a) Executive shall be permitted to continue using the automobile provided to Executive by the Employer in accordance with the terms of the
Employer’s leased automobile policy until the earliest of, (i) the date on which Executive accepts full time employment with another employer, (ii) the end of the lease term, or (iii) the end of the Salary Continuation Period. During such
period the Employer shall be responsible for lease payments and insurance with respect to such automobile and Executive shall be responsible for all other expenses. Executive shall have the option to purchase such automobile at any time pursuant to
the current terms of the Employer’s Executive Auto Program. 
  

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 (b) Executive shall not be eligible for reimbursement of club memberships and expenses, or for
participation in the Employer’s Matching Grant Program, after the Date of Resignation. 
  
 (c) The Employer shall convey to Executive title to the laptop computer and associated peripheral equipment he currently uses. Executive will cooperate with the Employer to insure that all confidential information
regarding the Employer is deleted or removed. 
  
 (d) The Employer
will provide executive outplacement services to Executive with the person or entity of Executive’s choosing from among Employer’s preferred outplacement providers. 
  
 (e) The Employer will pay Executive for any earned but unused vacation time through the Date of Resignation. Such payment
will be included into the last payroll payment. 
  
 (f)
Executive’s existing deferred compensation balances will be maintained in the Employer’s Deferred Compensation Plan subject to the terms of the Deferred Compensation Plan and Executive’s prior elections. A copy of Executive’s
Deferred Compensation account summary is attached hereto as Exhibit A. Executive may continue to redefer existing deferral compensation balances, subject to the terms of the Deferred Compensation Plan. 
  
 (g) The Employer agrees to reimburse Executive for the expenses he occurs in
connection with North Carolina state income taxes arising from his employment duties in North Carolina. 
  
 9. Receipt of Other Compensation. Executive acknowledges and agrees that, other than as specifically set forth in this Agreement, following the
Date of Resignation, Executive is not and will not be due any compensation, including, but not limited to, compensation for unpaid salary (except for amounts unpaid and owing for Executive’s employment with the Employer, its operating divisions
or its affiliates prior to the Date of Resignation), unpaid bonus, severance and accrued or unused vacation time or vacation pay from the Employer or any of its operating divisions or affiliates. Except as provided herein, Executive will not be
eligible to participate in any of the benefit plans of the Employer after Executive’s Date of Resignation. However, Executive will be entitled to receive benefits which are vested and accrued prior to the Date of Resignation pursuant to the
employee benefit plans of the Employer. Any participation by Executive in any of the compensation or benefit plans of the Employer or any of its operating divisions or affiliates as of and after the Date of Resignation shall be subject to and
determined in accordance with the terms and conditions of such plans, except as otherwise expressly set forth in this Agreement. The Employer shall promptly reimburse Executive for business expenses incurred in the ordinary course of
Executive’s employment on or before the Date of Resignation, but not previously reimbursed, provided the Employer’s policies of documentation and approval are satisfied. 
  
 10. Death of Executive. In the event of Executive’s death prior to the end of the Salary Continuation Period,
the Salary Continuation Payments referred to in Paragraph 2, the Annual Bonus amounts referred to in Paragraph 3, and any Long-Term Awards referred to in Paragraph 4(b) shall, to the extent unpaid or undistributed, be payable or distributed to
Executive’s estate or beneficiary, whichever is applicable. Such payments shall not affect or reduce any other death benefits which Executive’s estate or beneficiary shall be entitled to receive under other plans of the Employer. Except to
the extent benefits contemplated herein are provided by their terms to Executive’s heirs or beneficiaries, the Employer shall have no obligations to Executive’s heirs or beneficiaries under this Agreement. 
  

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 11. Continuing Cooperation. Following the Date of Resignation, Executive agrees to cooperate with
all reasonable requests for information made by or on behalf of the Employer with respect to the operations, practices and policies of the Employer. In connection with any such requests, the Employer shall reimburse Executive for all out-of-pocket
expenses reasonably and necessarily incurred in responding to such request(s). 
  
 12. Executive’s Representation and Warranty. Executive hereby represents and warrants that, during Executive’s period of employment with the Employer, Executive did not willfully or negligently breach
Executive’s duties as an employee or officer of the Employer, did not commit fraud, embezzlement, or any other similar dishonest conduct, and did not violate the Employer’s Global Business Standards. 
  
 13. Non-Solicitation and Non-Competition. In consideration for
receiving the payments and the other benefits provided herein, Executive agrees that, during Executive’s employment and for the duration of the Salary Continuation Period, Executive: 
  
 (a) will not, without the prior written consent of Employer, either alone or
in association with others, solicit for employment or assist or encourage the solicitation for employment, any employee of the Employer, or any of its operating divisions or affiliates; and 
  
 (b) will not, without the prior written consent of Employer, directly or
indirectly counsel, advise, perform services for, or be employed by, or otherwise engage or participate in any Competing Business (regardless of whether Executive receives compensation of any kind). For purposes of this Agreement, a “Competing
Business” shall mean any business (and any respective parents, subsidiaries, affiliates, successors or assigns, including successors through a plan of reorganization of such business) that competes with the apparel business(es) of the Employer.
“Competing Business” shall also include any entity which acquires any portion of the business of any of the entities described above, whether by acquisition, merger, reorganization or other method or manner. 
  
 14. Confidentiality. At all times after the Effective Date, Executive
will maintain the confidentiality of all information in whatever form concerning the Employer or any of its operating divisions or affiliates relating to its or their businesses, customers, finances, strategic or other plans, marketing, employees,
trade practices, trade secrets, know-how or other matters which are not generally known outside the Employer or any of its operating divisions or affiliates, and Executive will not, directly or indirectly, make any disclosure thereof to anyone, or
make any use thereof, on Executive’s own behalf or on behalf of any third party, unless specifically requested by or agreed to in writing by an executive officer of the Employer. Executive will promptly after the Effective Date return to the
Employer all reports, files, memoranda, records, computer equipment and software (other than computer equipment conveyed to Executive pursuant to Paragraph 8(c) of this Agreement), credit cards, cardkey passes, door and file keys, computer access
codes or disks and instructional manuals, and other physical or personal property which Executive received or prepared or helped prepare in connection with Executive’s employment with the Employer, its operating divisions and affiliates, and
Executive will not retain any copies, duplicates, reproductions or excerpts thereof. Any confidentiality agreement signed by Executive upon his employment with the Employer shall remain in full force and effect and will not be affected by the
execution of this Agreement. The obligations of this Paragraph 14 shall survive the expiration of this Agreement. 
  
 15. Non-Disparagement. At all times after the Effective Date, Executive will not disparage or criticize, orally or in writing, the business,
products, policies, decisions, directors, officers or employees of the Employer or any of its operating divisions or affiliates to any person. The Employer also agrees that none of its Executive Officers will disparage or criticize Executive to any
person or entity. The obligations of this Paragraph 15 shall survive the expiration of this Agreement. 
  

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 16. Breach of Agreement. 
  
 (a) In the event of any actual or threatened breach of this Agreement, the party who claims such breach or threatened breach
shall give the other party written notice and, except in the case of a breach of this Agreement which is not susceptible to being cured (expressly including, without limitation, any violation of Paragraph 12, 13, 14, or 15 of this Agreement), ten
calendar days in which to cure. 
  
 (b) In the event of a breach
of this Agreement, including, but not limited to Paragraphs 12, 13, 14, or 15 by Executive, (i) Executive shall reimburse the Employer: (x) the full amount of any Salary Continuation Payments received hereunder, (y) the Annual Bonus amounts referred
to in Paragraphs 3(a) and 3(b) of this Agreement, and (z) the Long-Term Awards distributed pursuant to Paragraph 4(b), (ii) Executive shall pay to the Employer by check any gross financial gain Executive realized from exercising any stock options in
the six months prior to the breach pursuant to Paragraph 4(a) of this Agreement, (iii) Executive shall not receive non-qualified supplemental retirement benefits described in Paragraph 6 of this Agreement, (iv) the Employer shall have the right, in
addition to and without waiving any other rights to monetary damages or other relief that may be available to the Employer at law or in equity, to immediately discontinue any remaining Salary Continuation Payments and other obligations of the
Employer to Executive under this Agreement, but excluding any obligation to provide vested and accrued pension benefits under any qualified Employer pension plan and any payments due Executive under any deferred compensation plan of the Employer,
and (v) the Salary Continuation Period shall thereupon cease, provided that Executive’s obligations under Paragraphs 13 and 14 of this Agreement shall continue in full force and effect in accordance with their terms for the entire duration of
the Salary Continuation Period set forth in Paragraph 2 above. 
  
 (c) Executive and the Employer acknowledge and agree that the Employer will or would suffer irreparable injury in the event of a breach or violation or threatened breach or violation of the provisions set forth in Paragraphs 12, 13, 14, or
15 and agree that in the event of an actual or threatened breach or violation of such provisions the Employer shall be awarded injunctive relief in the federal or state courts located in Illinois to prohibit any such violation or breach or
threatened violation or breach, without necessity of posting any bond or security, and such right to injunctive relief shall be in addition to any other right available under this Agreement. 
  
 17. Release. 
  
 (a) Executive on behalf of Executive, Executive’s heirs, executors,
administrators and assigns, does hereby knowingly and voluntarily release, acquit and forever discharge the Employer and any of its operating divisions, affiliates, successors, assigns and past, present and future directors, officers, employees,
trustees and shareholders (the “Released Parties”) from and against any and all charges, complaints, claims, cross-claims, third-party claims, counterclaims, contribution claims, liabilities, obligations, promises, agreements,
controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, foreseen or unforeseen, matured or unmatured, which, at any time up to
and including the date on which Executive signs this Agreement, exists, have existed, or may arise from any matter whatsoever occurring, including, but not limited to, any claims arising out of or in any way related to Executive’s employment
with the Employer or its operating divisions or affiliates and the conclusion thereof, which Executive, or any of Executive’s heirs, executors, administrators and assigns and affiliates and agents ever had, now has or at any time hereafter may
have, own or hold against any of the Released Parties based on any matter existing on or before the date on which Executive signs this Agreement. Executive acknowledges that in exchange for this release, the Employer is providing Executive with
total consideration, financial or otherwise, which exceeds what Executive would have been given without the release. By executing this Agreement, Executive is waiving, without limitation, 
  

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all claims against the Released Parties arising under federal, state and local labor and antidiscrimination laws and any other restriction on the right to
terminate employment, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, as amended, and the Illinois Human Rights Act, as amended. Nothing herein shall release any
party from any obligation under this Agreement. 
  
 (b) EXECUTIVE
SPECIFICALLY WAIVES AND RELEASES THE RELEASED PARTIES FROM ALL CLAIMS EXECUTIVE MAY HAVE AS OF THE DATE EXECUTIVE SIGNS THIS AGREEMENT REGARDING CLAIMS OR RIGHTS ARISING UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, 29 U.S.C.
§ 621 (“ADEA”). EXECUTIVE FURTHER AGREES: (A) THAT EXECUTIVE’S WAIVER OF RIGHTS UNDER THIS RELEASE IS KNOWING AND VOLUNTARY AND IN COMPLIANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990; (B) THAT EXECUTIVE UNDERSTANDS
THE TERMS OF THIS RELEASE; (C) THAT EXECUTIVE’S WAIVER OF RIGHTS IN THIS RELEASE IS IN EXCHANGE FOR CONSIDERATION THAT WOULD NOT OTHERWISE BE OWING TO EXECUTIVE PURSUANT TO ANY PREEXISTING OBLIGATION OF ANY KIND HAD EXECUTIVE NOT SIGNED THIS
RELEASE; (D) THAT EXECUTIVE HEREBY IS AND HAS BEEN ADVISED IN WRITING BY THE EMPLOYER TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS RELEASE; (E) THAT THE EMPLOYER HAS GIVEN EXECUTIVE A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS WITHIN WHICH TO
CONSIDER THIS RELEASE; (F) THAT EXECUTIVE REALIZES THAT FOLLOWING EXECUTIVE’S EXECUTION OF THIS RELEASE, EXECUTIVE HAS SEVEN (7) DAYS IN WHICH TO REVOKE THIS RELEASE BY WRITTEN NOTICE TO THE UNDERSIGNED, AND (G) THAT THIS ENTIRE AGREEMENT SHALL
BE VOID AND OF NO FORCE AND EFFECT IF EXECUTIVE CHOOSES TO SO REVOKE, AND IF EXECUTIVE CHOOSES NOT TO SO REVOKE, THAT THIS AGREEMENT AND RELEASE THEN BECOME EFFECTIVE AND ENFORCEABLE UPON THE EIGHTH DAY AFTER EXECUTIVE SIGNS THIS AGREEMENT.

  
 (c) To the maximum extent permitted by law, Executive
covenants not to sue or to institute or cause to be instituted any action in any federal, state, or local agency or court against any of the Released Parties, including, but not limited to, any of the claims released this Agreement. Notwithstanding
the foregoing, nothing herein shall prevent Executive or any of the Released Parties from instituting any action required to enforce the terms of this Agreement and this release. In addition, nothing herein shall be construed to prevent Executive
from enforcing any rights Executive may have under the Employee Retirement Income Security Act of 1974, as amended. 
  
 (d) Executive represents and warrants that: (i) Executive has not filed or initiated any legal, equitable, administrative, or other proceeding(s) against
any of the Released Parties; (ii) no such proceeding(s) have been initiated against any of the Released Parties on Executive’s behalf; (iii) Executive is the sole owner of the actual or alleged claims, demands, rights, causes of action, and
other matters that are released in this Paragraph 17; (iv) the same have not been transferred or assigned or caused to be transferred or assigned to any other person, firm, corporation or other legal entity; and (v) Executive has the full right and
power to grant, execute, and deliver the releases, undertakings, and agreements contained in this Agreement. 
  
 (e) The consideration offered herein is accepted by Executive as being in full accord, satisfaction, compromise and settlement of any and all claims or
potential claims, and Executive expressly agrees that Executive is not entitled to and shall not receive any further payments, benefits, or other compensation or recovery of any kind from the Employer or any of the other Released Parties. Executive
further agrees that in the event of any further proceedings whatsoever based upon any matter released herein, the Employer and each of the other Released Parties shall have no further monetary or other obligation of any kind to Executive, including
without limitation any obligation for any costs, expenses and attorneys’ fees incurred by or on behalf of Executive. 
  

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 18. Executive’s Understanding. Executive acknowledges by signing this Agreement that
Executive has read and understands this document, that Executive has conferred with or had opportunity to confer with Executive’s attorney regarding the terms and meaning of this Agreement, that Executive has had sufficient time to consider the
terms provided for in this Agreement, that no representations or inducements have been made to Executive except as set forth in this Agreement, and that Executive has signed the same KNOWINGLY AND VOLUNTARILY. 
  
 19. Non-Reliance. Executive represents to the Employer and the
Employer represents to Executive that in executing this Agreement they do not rely and have not relied upon any representation or statement not set forth herein made by the other or by any of the other’s agents, representatives or attorneys
with regard to the subject matter, basis or effect of this Agreement, or otherwise. 
  
 20. Severability of Provisions. In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this Agreement are held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed
by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. 
  
 21. Non-Admission of Liability. Executive agrees that neither this Agreement nor the performance by the parties hereunder constitutes an admission
by any of the Released Parties of any violation of any federal, state, or local law, regulation, common law, breach of any contract, or any other wrongdoing of any type. 
  
 22. Assignability. The rights and benefits under this Agreement are personal to Executive and such rights and
benefits shall not be subject to assignment, alienation or transfer, except to the extent such rights and benefits are lawfully available to the estate or beneficiaries of Executive upon death. The Employer may assign this Agreement to any parent,
affiliate or subsidiary or any entity which at any time whether by merger, purchase, or otherwise acquires all or substantially all of the assets, stock or business of the Employer. 
  
 23. Choice of Law. This Agreement shall be constructed and interpreted in accordance with the internal laws of the
State of Illinois. 
  
 24. Entire Agreement. This
Agreement, together with the Severance Plan, sets forth all the terms and conditions with respect to compensation, remuneration of payments and benefits due Executive from the Employer and supersedes and replaces any and all other agreements or
understandings Executive may have or may have had with respect thereto. This Agreement may not be modified or amended except in writing and signed by both Executive and an authorized representative of the Employer. In the event of a direct conflict
between this Agreement and the Severance Plan, the language of the Severance Plan shall govern. 
  
 25. Notice. Any notice to be given hereunder shall be in writing and shall be deemed given when mailed by certified mail, return receipt requested,
addressed as follows: 
  
 To Executive at:

  
 His home address as listed on the books of
the Corporation 
  

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 To the Employer at: 
  
 Sara Lee Corporation 
 Three First National Plaza 
 Chicago, Illinois 60602-4260 
 Attention: General Counsel 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above. 
  

			
	 EXECUTIVE:
	 	 SARA LEE CORPORATION:

		
	 /s/ Cary D. McMillan

	 	 /s/ Lois Huggins

	 	 	 Senior Vice President-Human Resources

  

 9Employment Agreement -- Adrian Nuhn

 Exhibit 10.21 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT entered into as of January 1, 1996 by and between Sara Lee Corporation, a Maryland corporation, with its principal place of business
at Three First National Plaza, Suite 4600, Chicago, Illinois 60602 U.S.A. 60602 (“Sara Lee”), and A. Nühn, an individual whose principal residence is in the Netherlands (“Nühn”). 
  
 Introduction 
  

	A.	Nühn is a Senior Vice President of Sara Lee. Nühn also serves as Member of the Board of Management of Sara Lee/DE N.V., an indirect, wholly-owned subsidiary of Sara Lee,
incorporated in the Netherlands (“Sara Lee/DE”). 

  

	B.	Nühn has agreed to continue to serve Sara Lee and Sara Lee/DE as a Senior Vice President and as Member of Sara Lee/DE’s Board of management, respectively, in consideration
for certain compensation and benefits. 

  

	C.	Sara Lee has granted certain compensation and benefits to Nühn in consideration for his services as Senior Vice President. 

  

	D.	Nühn has entered into a written employment agreement with Sara Lee/DE dated as June 6, 1990, amended as of June 1, 1995, providing for certain compensation and benefits related
to his services as member of the Board of Management of Sara Lee/DE (the “Sara Lee/DE Employment Agreement”). 

  

	E.	Nühn and Sara Lee desire to amend the terms and conditions for servicing Sara Lee and to enter into a written employment agreement (the “Employment Agreement”).

  
 Now therefore, Sara Lee and Nühn hereby agree as follows:

  

	1.	Employment - Duties and Responsibilities 

  
 Subject to the terms and conditions of this Agreement, Sara Lee agrees to continue to employ Nühn in the capacity of Senior Vice President. In
consideration of the compensation and benefits provided for in this Agreement, Nühn agrees to perform such services as may be requested from time to time by Sara Lee. Without limiting the foregoing, Nühn agrees to assist with the ongoing
design and development of Sara Lee’s business strategies, acquisition and divestment policies, human resources policies and communications policies, in particular in relation to the Household & Body Care division. In addition, Nühn
agrees to (i) represent Sara Lee externally and enhances investor relations and (ii) contribute to and establish programs and policies to optimize the financial results of the respective operating companies of Sara Lee. In undertaking the foregoing
duties and responsibilities, the parties acknowledge and agree that Nühn requires to be in the U.S.A. for at least twenty days per year. 
  

	2.	Employment at Will 

  
 The parties acknowledge and agree that Nühn shall hold his office as a Senior Vice President of Sara Lee at the pleasure of the Board of Directors of
Sara Lee, and that consequently, Nühn is an “at will” employee and this Agreement and his employment may be terminated by Sara Lee at any time without reason or cause. 

	3.	Annual Salary 

  
 In consideration for the services rendered by Nühn to Sara Lee, during the term of this Agreement and commencing as of January 1, 1996 Sara Lee shall
pay Nühn an annual gross salary of NLG 138,500. Sara Lee shall evaluate Nühn’s performance at least annually and may adjust his annual gross salary as of January 1 of each succeeding year that this Agreement remains in effect. Sara
Lee shall pay Nühn’s salary, after deducting or withholding all applicable payroll taxes and premiums due in the U.S.A., paid in advance, in four quarterly installments, on or about the last business day of December, March, June and
September. At Nühn’s request, Sara lee will arrange for the direct deposit (via wire transfer or other electronic delivery) of Nühn’s quarterly annual salary payments to Nühn’s bank or other financial institution.

  

	4.	Short-Term (Annual) Performance Incentive Plan 

  
 During the term of this Agreement, Nühn shall be entitled to participate in the Sara Lee Corporation Short-Term (Annual) Performance Incentive Plan
(the “Annual Plan”) in accordance with the terms and conditions of the Annual Plan. The Annual Plan currently provides for the opportunity to earn additional compensation payable in cash (the “Annual Bonus”). The potential amount
of the Annual Bonus may be related to the performance of operating businesses for which Nühn is responsible, the performance of Sara Lee Corporation in its entirety, and the performance of Nühn in meeting certain individual performance
criteria. Under the terms of the Annual Plan Nühn shall be eligible to earn an incentive award, payable in cash, of up to 100% of his annual salary during each fiscal year. The performance standards against which his award will be determined
shall be established at the beginning of each fiscal year during the term of this Agreement by the Sara Lee executive to whom Nühn reports and the terms and provisions established for the Annual Plan by Sara Lee’s Board of Directors, or a
committee thereof. Any award earned by Nühn under the Annual Plan payable in cash shall be paid to Nühn at the same time as awards under the Annual Plan are paid to other Sara Lee executives. 
  

	5.	Financial Counseling 

  
 During the term of this Agreement, Sara Lee shall reimburse Nühn for amounts paid by him related to his personal financial counseling in accordance
with the terms and conditions of the Sara Lee Corporation Personal Financial Counseling Program. 
  

	6.	Agreement with Respect to Confidential Information 

  
 (a) Nondisclosure of Confidential Information 
  
 Nühn agrees, during the term of employment and after employment to keep confidential all information relating to the business of Sara Lee which he
learns or develops or has access to during the term of this employment, excepting only such information as is already known to the public, or becomes known to the public through no fault of Nühn, and not to use (except in the ordinary course of
his employment), release, or disclose the same except with the prior written permission of Sara Lee. As used in this Agreement, “confidential information” means any information or compilation of information relating to the business of Sara
Lee not publicly known or readily ascertainable by proper means. It includes, but is not limited to, trade secrets, customer lists, price lists, and information relating to products, technology, research, development, manufacturing, purchasing,
accounting, engineering, marketing, merchandising, and selling. 
  
 (b) Sara Lee Property 
  
 Nühn agrees that
all Sara Lee property including records, files, memoranda, reports, price lists, customer lists, plans, documents, equipment and the like, relating to the business of Sara Lee, which Nühn shall use or prepare or come into contact with, shall be
the exclusive property of Sara Lee. Nühn further agrees that, upon request by Sara Lee, and in any event upon termination of employment, Nühn shall turn over to Sara Lee such property in his possession or under his control. 
  

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	7.	Remedies 

  
 Nühn agrees that this Agreement is intended to protect and preserve legitimate business interests of Sara Lee and that it will be difficult, if not
impossible, to compute the amount of loss and damage to Sara Lee if Nühn should breach his covenants under this Agreement. It is further agreed that any breach or threatened breach of this Agreement may render irreparable harm to Sara Lee.
Accordingly, in the event of a breach or threatened breach by Nühn, Sara Lee shall have available to it all remedies provided by law or equity, including, but not limited to, preliminary and permanent injunctive relief, without the requirement
to deliver or post security, to restrain Nühn from violating this Agreement. Nothing herein shall be construed as prohibiting Sara Lee from pursing any other remedies available to it. Notwithstanding any legal remedies available to Sara Lee as
a result of a breach of this Agreement, in the event of a breach by Nühn, Sara Lee shall be entitled to withhold and avoid payment of any money or other benefits due or to become due under this or any other agreement between Nühn and Sara
Lee with the exception of any basic compensation earned prior to termination. 
  

	8.	Termination and Severance 

  
 In the event this Agreement is terminated by Sara Lee, Nühn shall be eligible for severance benefits subject to the terms and conditions of the Sara
Lee Corporation Severance Policy for Corporate Officers, as amended from time to time (the “Policy”). The severance benefits, if any, payable under the Policy shall be the sole and exclusive severance benefits payable to Nühn.

  

	9.	Other Terms and Conditions of Employment 

  
 This Agreement shall not be deemed to amend or modify the terms and conditions of the Sara Lee/DE Agreement. The Sara Lee/DE Agreement shall remain in
full force and effect in accordance with its provisions. 
  

	10.	Governing Conditions 

  
 This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Illinois.

  

	11.	Entire Agreement/Amendments 

  
 This Agreement supersedes all existing agreements between the parties, whether written or oral. No change, modification or amendment of this Agreement
shall be of any effect unless in writing and signed by Nühn and Sara Lee. 
  

			
	         /s/ Adriaan Nühn

	 	SARA LEE CORPORATION
		
	 	 	 /s/ Gary C. Grom

	 	 	Senior Vice President, Human Resources

  

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