Document:

Executive Management Long-Term Incentive Program Description

 Exhibit 10.3 
 EXECUTIVE MANAGEMENT LONG-TERM INCENTIVE PROGRAM 
 FISCAL YEARS 2010-2012 
 PROGRAM DESCRIPTION 
 Highlights 
 This booklet explains the
provisions of the Sara Lee Corporation (“SLC”) Executive Management Long-Term Incentive Program (the “EMLTIP” or the “Program”) which covers fiscal years 2010 - 2012 (the “Performance Cycle”). The following
pages provide detailed information relating to the grant of Performance Stock Units (“PSUs”) awarded under the Program. Awards granted under the Program are made from shares authorized under either the 1998 or 2002 Long-Term Incentive
Stock Plans (the “Plan(s)”). 
 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 regulations. 
 This brochure provides a summary of the
Program and in the case of a conflict between this document and the terms of the Plan, the Plan’s terms, shall govern. The Compensation and Employee Benefits Committee (the “Committee”) of the Sara Lee Corporation Board of Directors
retains the discretion to make changes in the Program and/or the performance measurement methodology and any such changes shall be binding on all Program Participants. 
 Purpose 
 SLC has created the Program for fiscal years 2010-2012 in order to:

  

	•	 	 Motivate and reward Global Leadership Team (“GLT”) executives for the achievement of Sara Lee’s FY10-12 long range plan for operating
income 

  

	•	 	 Provide, in combination with stock options and restricted stock units, a competitive long-term incentive compensation opportunity to Participants and
assist in attracting and retaining highly qualified and motivated executive talent 

 Participation 

 

	•	 	 Participation in the Program is limited to the GLT, which typically includes all executives in salary grades 33 and above.

 Performance Stock Units 
 EMLTIP awards are initially granted in the form of a target number of PSUs at the beginning of the Performance Cycle. If the Threshold performance goal is achieved and based upon the actual performance
results at the end of the Performance Cycle, the number of PSUs earned can range between 25% and 150% of the original number of PSUs granted and will be converted to shares of SLC’s common stock. 
 PSUs have special restrictions that are based upon both the continued service of Program Participants and SLC’s performance against the established
financial performance goal. These restrictions include a prohibition against the transfer of the PSUs during the Performance Cycle. Any shares not earned at the end of the Performance Cycle are forfeited and returned to the Plans. 

 SLC may substitute or offer alternative forms of incentive compensation in the event it is determined that
tax or legal regulations in a country provide more favorable treatment for those alternative forms of incentive compensation or as a voluntary alternative to PSUs. 
  

	•	 	 PSUs under this Program are granted only 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 PSUs are converted to shares of SLC common stock and issued to Program Participants. 

  

	•	 	 The number of shares that will be released to Participants is dependent upon the extent to which the pre-established performance goal is achieved
during the Performance Cycle. Once the Threshold performance goal is achieved, Participants may then earn between 25% - 150% of the PSUs originally granted based upon the actual performance results. 

  

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

  

	•	 	 PSUs are not considered as shares owned during the Performance Cycle for purposes of compliance with the Company’s Stock Ownership Program.

 Dividend Equivalents 
 During the Performance Cycle, Dividend Equivalents are accrued on behalf of the Participants. 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 PSUs lapse. For example, if 125% of the PSUs are earned, then 125% of the balance in the accrued Dividend Equivalent account will be paid at the same time the SLC shares of common stock
are released. Dividend Equivalents that were accrued but not earned based upon the actual performance results as determined at the end of the Performance Cycle will be forfeited. 
 Performance Measure 
 Performance under the Program is based upon the following measure:

  

	 	•	 	 Three-year cumulative adjusted operating income target, with adjusted operating income defined in a manner consistent with the definition used for the
Annual Incentive Plan and measured at FY10 foreign currency peg rates for the entire three-year Performance Cycle. Adjustments are made at the end of the Performance Cycle in the calculation of results to reflect the impact of, among other things,
mergers, acquisitions, and business dispositions. 

  

	 	•	 	 The Performance Cycle begins June 29, 2009 and ends June 29, 2012, and is aligned with SLC’s fiscal years 2010 through 2012.

  

	 	•	 	 The Performance Goals and Payout Levels are established at the beginning of the Incentive Plan Year and recorded in the minutes of the Compensation and
Employee Benefits Committee of the SLC Board of Directors the Committee meeting at which they were approved. 

 Form of
Payment 
 Vested awards are paid in shares of Sara Lee common stock while earned Dividend Equivalents are paid in cash. Any required tax
withholding will be taken first from the earned Dividend equivalents and any remaining tax withholding will then be taken from the SLC shares that have been earned, unless the Company determines otherwise. 
  

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 Award Grant Notice and Agreement 
 Each Participant will receive a PSU Grant Notice and Agreement (“Grant Notice”) specifying the number of PSUs that have been granted and the terms and conditions applicable to the grant. The
Grant Notice and Agreement and this Program Description should be retained with the Participant’s other important documents. 
 Tax
Consequences 
 United States 
 Under current United States tax laws, a Participant does not realize any taxable income from the PSUs when they are initially granted, or from accrued Dividend Equivalents. The “Vesting Date”, i.e., August 31, 2012, is the
date when the taxable event occurs, except to the extent that a Participant that is subject to the U.S. federal income tax 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 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 then from the shares that would be distributed to the Participant, unless the Company determines otherwise. Federal tax will be withheld at the required statutory
supplemental federal tax rate in effect at the time of the distribution. In 2009 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 PSUs when initially awarded, or on the accrued Dividend Equivalents, 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 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 required to be withheld by SLC
in the U.S. Each Participant is responsible for compliance with the relevant legal and tax regulations in his or her tax jurisdiction. 
 Impact on Other Benefits 
 Any shares or Dividend Equivalents 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, you may
forfeit all or a portion of the Award and/or be required to repay the Company, or you may be entitled to an increased Award, upon the occurrence of any of the following events. 
  

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 (a) Misconduct. If you engage in any activity contrary or harmful to the interests of the
Company, including but not limited to: (i) competing, directly or indirectly (either as owner, employee or agent), with any of the businesses of the Company, (ii) violating any Company policies, (iii) soliciting any present or future
employees or customers of the Company to terminate such employment or business relationship(s) with the Company, (iv) disclosing or misusing any confidential information regarding the Company, or (v) 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 (A) this Award, to the extent it remains restricted, shall terminate automatically on the date on which you first engaged in such wrongful conduct, (B) if the wrongful conduct occurred within six months of a Vesting
Date, you shall pay to the Company in cash any financial gain you realized from the vesting of the PSU, and (C) if the wrongful conduct occurred after the PSU has been deferred in the Deferred Compensation Plan and prior to the deferred payment
date, you shall forfeit the deferred PSU and this Award shall terminate automatically on the date on which you first engaged in such wrongful conduct. 
 (b) Restatement of Financial Results. This paragraph (8)(b) applies to you only if you are an “officer” of the Company, as defined in Rule 16a-1(f) under the Securities Exchange Act of
1934, at the time you received this Award (“Officer Participant”). If you are an Officer Participant and you vest in an Award (including if the distribution of an incentive award is deferred pursuant to the Deferred Compensation Plan),
which vesting was predicated upon the Company achieving certain financial results (the “Original Amount”), and within two years after the Vesting Date the Company restates its financial statements due to material noncompliance with
financial reporting requirements under the securities laws (such restated financial statements, the “Restated Financials”), then the vested amount of the Award shall be recalculated based on the Restated Financials (the “Adjusted
Amount”). If the Original Amount is greater than the Adjusted Amount, then on the date on which the Company files the Restated Financials with the Securities and Exchange Commission (“SEC”), any vested portion of this Award that has
not yet been distributed automatically shall be reduced by an amount equal to (i) the Original Amount, less (ii) the Adjusted Amount. If the Adjusted Amount is greater than the Original Amount, then on the date on which the Company files
the Restated Financials with the SEC, any vested amount that has not yet been distributed automatically shall be increased by an amount equal to (A) the Adjusted Amount, less (B) the Original Amount. If the incentive award already has been
distributed then, within 90 days after the date on which the Company files the Restated Financials with the SEC, (x) you shall pay to the Company, in cash, any financial gain you realized from the vesting of the incentive award that is
attributable to the excess of the Original Amount over the Adjusted Amount, if the Original Amount is greater than the Adjusted Amount, or (y) the Company shall pay to you, in cash, an amount equal to the excess of the Adjusted Amount over the
Original Amount, if the Adjusted Amount is greater than the Original Amount. No interest will be due to or paid by the Company or you to the other with respect to any such true up payment. If you elected to defer any portion of an incentive award
pursuant to the Deferred Compensation Plan and an adjustment under this paragraph 8(b) is required before the deferral payment date, then your account under the Deferred Compensation Plan shall be credited or charged so that the deferred award
equals the Adjusted Amount. The Compensation and Employee Benefits Committee of the Company’s Board of Directors may determine, in its discretion and based on the circumstances leading to the Company’s filing of Restated Financials with
the SEC, that any recoupment or payment under this paragraph 8(b) is not practical and may elect to forego the application of this paragraph 8(b) 
 Administrative Guidelines 
 The following guidelines apply to the Program. 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. 

  

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	•	 	 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.

  

	•	 	 The Committee reserves the right, in its absolute discretion, to make 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 Program award to the Participants, including the definition of
adjusted operating income, 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. 

  

	•	 	 The Chief Financial Officer will be responsible for confirming the financial results under the Program. The Committee will approve the awards when
granted during fiscal year 2010 and approve distributions to be made at the end of the Performance Cycle for all Program Participants. The portion of the shares earned along with the related accrued Dividend Equivalents will be distributed as soon
as practicable after the completion of the Performance Cycle and the Vesting Date. 

  

	•	 	 Awards may be made to new Participants during the first year of the Performance Cycle. The number of PSUs 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 the
Participant’s qualifying for an increased level of award. 

  

	•	 	 In the event of a Participant’s death, total disability (as defined under the appropriate disability benefit plan if applicable) or if a
Participant retires at age 55 or later and has at least 10 years of service with SLC (or as otherwise defined under the appropriate retirement benefit plan of SLC) or if the Participant has attained age 65, regardless of the service period prior to
the last day of fiscal year 2009, all PSUs granted would continue to vest and 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 will be distributed at the normal payout time. 

  

	•	 	 A Participant who voluntarily resigns or is terminated without severance benefits during the Performance Cycle forfeits the rights to all PSUs, RSUs
and any accrued Dividend Equivalents. Participants who are involuntarily terminated and receive severance benefits are eligible for a prorated distribution, subject to Committee approval. 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. Active service as well as the severance period will be used to determine the pro-ration and payout will occur at the
normal payout time. 

  

	•	 	 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 will be eligible for a distribution of shares at the end of the Performance Cycle, pro-rated only for performance, subject to approval of the Committee. 

  

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	•	 	 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 Plans, the Plans prevail. The Plans, Grant Notice and
Agreement and Program Description collectively comprise all terms and conditions applicable to the Program. 

  

	•	 	 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 Plans. 

  

	•	 	 Nothing in the Program 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 
  

	a)	Adjusted Operating Income is defined in the same way for the EMLTIP as for the FY10 Annual Incentive Plan, and means pre-tax income, before interest, and tobacco
proceeds, with the following adjustment(s): 

  

	 	-	Actual Operating Income shall be measured using plan currency rates at FY10 peg rates 

  

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

  

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

  

	b)	Award Date means the date upon which the Board of Directors or the Committee approved the awards under this Program. 

  

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

  

	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 LTI award. 

  

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

  

	g)	Grant Notice and Agreement means the document provided to each Participant evidencing the number of Performance Stock Units awarded and the basic terms and
conditions of the award. 

  

	h)	Participant means an executive of the company who has been determined to be an eligible Participant and who has received a Grant Notice and Agreement specifying
the basic terms of participation in this Program. Participants for the FY10-12 Performance Cycle include all GLT members which typically includes all executives in salary grades 33 and above. 

  

	i)	Performance Cycle is the three-year period consisting of SLC’s fiscal years 2010 through and including 2012. 

  

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

  

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

  

	l)	Program means the FY10-12 Executive Management Long-Term Incentive Plan. 

  

	m)	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.

  

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

  

	o)	Vesting Date means August 31, 2012.Form of Executive Management Long-Term Incentive Program Grant Notice&Agreement

 Exhibit 10.4 
 SARA LEE CORPORATION 
 EXECUTIVE MANAGEMENT LONG-TERM
INCENTIVE PROGRAM 
 (FY10-12 EMLTIP) 
 Grant Notice and Agreement 
  
  
 [INSERT PARTICIPANT NAME]

 This Performance-Based Restricted Stock Unit (PSU) Grant Notice and Agreement, made this August 27, 2009 (“Award
Date”), by Sara Lee Corporation, a Maryland corporation (“Company”) to you is evidence of an award made under the Sara Lee Corporation 2002 Long-Term Incentive Stock Plan (“Plan”) which is incorporated into this “Grant
Notice and Agreement” by reference. A copy of the Plan and the FY10-12 EMLTIP Program Description (“Program Description”) have been or will be provided to you and are also available from the Sara Lee Corporate Compensation Department.

 1. Performance-Based Restricted Stock Unit Award. Subject to the restrictions, limitations, terms and conditions
specified in the Program Description, the Plan and this Grant Notice and Agreement, the Company hereby awards to you as of the Award Date: 
              Performance Stock Units (PSUs) 
 which are considered Stock Awards under the Plan (the “Award”). The vesting of this Award is based both upon your continued service with the Company or any of its subsidiaries (collectively the
“Sara Lee Companies”) and the Company’s performance during the “Performance Cycle”, as detailed in the Program Description, and therefore the actual number of PSUs ultimately released, if any, is determined at the end of the
Performance Cycle. Prior to the date the PSUs vest (“Vesting Date”), the PSUs are not transferable by you by means of sale, assignment, exchange, pledge, or otherwise. 
 2. Acceptance of Terms and Conditions. By acknowledging and accepting this Award, you agree to be bound by the terms and conditions
contained in this Grant Notice and Agreement, the Plan and the Program Description and any and all conditions established by the Company in connection with Awards issued under the Plan and the Program Description, and understand that this Award
neither confers any legal or equitable right (other than those rights constituting the Award 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 Award described in this Grant Notice and Agreement, you must have accepted this Award. 
 3. Dividend Equivalents.
Subject to the restrictions, limitations and conditions as described in the Plan and the Program Description, dividend equivalents payable on the PSUs will be accrued (in cash, without interest) on your behalf at the time that dividends are
otherwise paid to owners of Sara Lee Corporation common stock. 
 4. Distribution of the Award. If the distribution is
subject to tax withholding, such taxes will be settled by withholding cash and/or a number of shares with a market value not less than the amount of such taxes. Any cash from dividend equivalents remaining after withholding taxes are paid will be
paid in cash to you. The net number of shares of Sara Lee Corporation common stock to be distributed will be delivered to your electronic stock plan account as soon as practicable after the Vesting Date. If withholding of taxes is not required, none
will be taken and the gross number of shares will be distributed. You are personally responsible for the proper reporting and payment of all taxes related to this distribution. 

 5. Election to Defer Distribution. If the distribution is subject to U.S. tax law,
you may elect to defer the distribution of all of the PSUs. Such election must be received by the Company in the form required by the Company no later than 30 days after the Award Date and is contingent upon the Company’s allowing deferrals
into the Sara Lee Corporation Executive Deferred Compensation Plan (the “Deferred Compensation Plan”) at that time. The deferral, if elected, will result in the transfer of the PSUs into the Deferred Compensation Plan’s Stock
Equivalent Fund in effect at the time the PSUs would have otherwise been distributed. The Deferred Compensation Plan rules will govern the administration of this Award beginning on the date the PSUs are credited to the Deferred Compensation Plan.

 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), the Award will continue to vest and be distributed to your estate at the same time as it is to other Participants. 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 Award will continue to vest after your termination. These provisions
apply only to Awards under this Grant Notice and Agreement; other types of awards may have different provisions. 
 7.
Involuntary Termination, Voluntary Termination and Non-Severance Event Termination. The following provisions apply only to the Award granted herein; other types of Awards may have different provisions 
 (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”), you must have completed at least twelve full months of active service during the Performance Cycle to be eligible to receive a pro-rated distribution based upon your service through the
separation period and the Company’s performance results. If the twelve months of active service requirement is not met, all the PSUs under this grant will be canceled. 
 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, segment or other component of the Company, PSUs will continue to vest during the Performance Cycle and are subject to pro-ration only for performance results. 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 above (i.e., you voluntarily terminate 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 any of the Company’s severance plans), then this Award shall be canceled on the date of your termination of employment. 
 8. Forfeiture or Adjustment. Notwithstanding anything contained in this Grant Notice and Agreement to the contrary, you may forfeit all or a portion of the Award and/or be required to repay the
Company, or you may be entitled to an increased Award, upon the occurrence of any of the following events. 
  

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 (a) Misconduct. If you engage in any activity contrary or harmful to the interests of
the Company, including but not limited to: (i) competing, directly or indirectly (either as owner, employee or agent), with any of the businesses of the Company, (ii) violating any Company policies, (iii) soliciting any present or
future employees or customers of the Company to terminate such employment or business relationship(s) with the Company, (iv) disclosing or misusing any confidential information regarding the Company, or (v) 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 (A) this Award, to the extent it remains restricted, shall terminate automatically on the date on which you first engaged in such wrongful conduct, (B) if the wrongful conduct occurred within six months of a Vesting
Date, you shall pay to the Company in cash any financial gain you realized from the vesting of the PSU, and (C) if the wrongful conduct occurred after the PSU has been deferred in the Deferred Compensation Plan and prior to the deferred payment
date, you shall forfeit the deferred PSU and this Award shall terminate automatically on the date on which you first engaged in such wrongful conduct. 
 (b) Restatement of Financial Results. This paragraph (8)(b) applies to you only if you are an “officer” of the Company, as defined in Rule 16a-1(f) under the Securities Exchange Act
of 1934, at the time you received this Award (“Officer Participant”). If you are an Officer Participant and you vest in an Award (including if the distribution of an incentive award is deferred pursuant to the Deferred Compensation Plan),
which vesting was predicated upon the Company achieving certain financial results (the “Original Amount”), and within two years after the Vesting Date the Company restates its financial statements due to material noncompliance with
financial reporting requirements under the securities laws (such restated financial statements, the “Restated Financials”), then the vested amount of the Award shall be recalculated based on the Restated Financials (the “Adjusted
Amount”). If the Original Amount is greater than the Adjusted Amount, then on the date on which the Company files the Restated Financials with the Securities and Exchange Commission (“SEC”), any vested portion of this Award that has
not yet been distributed automatically shall be reduced by an amount equal to (i) the Original Amount, less (ii) the Adjusted Amount. If the Adjusted Amount is greater than the Original Amount, then on the date on which the Company files
the Restated Financials with the SEC, any vested amount that has not yet been distributed automatically shall be increased by an amount equal to (A) the Adjusted Amount, less (B) the Original Amount. If the incentive award already has been
distributed then, as soon as practicable after the date on which the Company files the Restated Financials with the SEC, (x) you shall pay to the Company, in cash, any financial gain you realized from the vesting of the incentive award that is
attributable to the excess of the Original Amount over the Adjusted Amount, if the Original Amount is greater than the Adjusted Amount, or (y) the Company shall pay to you, in cash, an amount equal to the excess of the Adjusted Amount over the
Original Amount, if the Adjusted Amount is greater than the Original Amount. No interest will be due to or paid by the Company or you to the other with respect to any such true up payment. If you elected to defer any portion of an incentive award
pursuant to the Deferred Compensation Plan and an adjustment under this paragraph 8(b) is required before the deferral payment date, then your account under the Deferred Compensation Plan shall be credited or charged so that the deferred award
equals the Adjusted Amount. The Compensation and Employee Benefits Committee of the Company’s Board of Directors may determine, in its discretion and based on the circumstances leading to the Company’s filing of Restated Financials with
the SEC, that any recoupment or payment under this paragraph 8(b) is not practical and may elect to forego the application of this paragraph 8(b). 
 9. Rights as a Stockholder. You will have no rights as a stockholder with respect to any PSUs until and unless ownership of such PSUs have been transferred to you. 
 10. Conformity with the Plan. This Award 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, the Plan or the Program Description 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, the Plan and the Program Description. 
  

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 11. 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, this Grant Notice and Agreement or the Program Description will be determined and resolved by the Compensation and Employee Benefits Committee of the
Company’s Board of Directors (“Committee”) or its delegate. Such determination or resolution by the Committee or its delegate will be final, binding and conclusive for all purposes. 
 12. Employment Rights. Nothing in the Plan, this Grant Notice and Agreement or the Program Description 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 notice any time for any reason. 
 13. 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, language skills, 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 or Program Description. 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. 
 14. Miscellaneous.  
 (a) Modification. This Award 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 PSUs granted and the conditions of this grant. The Committee may amend or modify this Award in any manner to the extent that the Committee would have had the authority under the Plan initially
to grant such PSUs, 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 15, this
Grant Notice and Agreement may be amended, modified or supplemented only by an instrument in writing signed by both parties hereto. 
  

 4 

 (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. 
 15. Amendment. Notwithstanding anything in the
Plan, the Program Description or this Grant Notice and Agreement to the contrary, this Award may be amended by the Company without the consent of you, including but not limited to modifications to any of the rights granted to you under this Award,
at such time and in such manner as the Company may consider necessary or desirable to reflect changes in law. 
  

 5

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