Document:

Performance-Based Restricted Stock Unit Grant Notice

 Exhibit 10.3 
 THE HILLSHIRE BRANDS COMPANY 
 2002 LONG-TERM INCENTIVE STOCK PLAN

 PERFORMANCE-BASED RESTRICTED STOCK UNIT GRANT NOTICE AND AGREEMENT 

 
  
 [INSERT PARTICIPANT NAME] 
 This Performance-Based Restricted Stock Unit Grant Notice
and Agreement (the “Agreement”), made as of August 10, 2012 (“Award Date”), by The Hillshire Brands Company, a Maryland corporation (“Company”), to you is evidence of an award made under The Hillshire Brands
Company 2002 Long-Term Incentive Stock Plan (“Plan”), which is incorporated into this Agreement by reference. A copy of the Plan has been provided to you and is also available from The Hillshire Brands Company Compensation Department.

 1. Performance-Based Restricted Stock Unit Award. Subject to the restrictions, limitations, terms and conditions
specified in the Plan and this 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 the Award is based both upon the Company’s performance
during fiscal years 2013 – 2014 (FY 2013-2014) (the “Performance Period”) and your continued service with the Company or any of its subsidiaries (collectively, the “Hillshire Companies”) from the Award Date through
August 31, 2014 (the “Vesting Period”), subject in each case to the terms and conditions set forth in this Agreement. The actual number of PSUs ultimately released, if any, shall be determined as of the last day of the Vesting Period
(the “PSU Vesting Date”). The PSUs shall be settled in shares of common stock of the Company. 
 2. Vesting of the
Award. 
 (a) Performance-Based Vesting. A number of PSUs subject to the Award shall become earned (the “Earned
PSUs”) following the end of the Performance Period based on the Company’s FY 2013-2014 Relative Total Stockholder Return (as defined below) in accordance with the performance levels and payout percentages set forth in the table below;
provided that, subject to the remainder of this Agreement, the vesting of such Earned PSUs shall be contingent on you remaining continuously employed with the Hillshire Companies through the PSU Vesting Date. For the avoidance of doubt, your period
of continuous employment for purposes of vesting excludes any severance period. 
  

						
	 Hillshire % Percentile Rank (1)
	  	% of PSUs Earned (2)
	 >90th
	  	 	 	150	%
	   70th
	  	 	 	125	%
	   50th
	  	 	 	100	%
	   25th
	  	 	 	  50	%
	 <25th
	  	 	 	      0	%

  

	(1)	Percentile rank includes the Company in the calculation of Relative Total Stockholder Return performance. 

 

	(2)	Payouts between payout levels will be determined by linear interpolation. 

 (b) Committee Discretion. Notwithstanding the attainment of the performance measures with respect to the Award or anything herein to the contrary, in all cases, the Compensation and Employee
Benefits Committee of the Company’s Board of Directors (the “Committee”) shall have the sole and absolute discretion to reduce the amount of any payment with respect to any portion of the Award that would otherwise be made to any
participant or to decide that no payment shall be made. The Company shall not distribute the shares subject to the Award, unless and until the Committee has certified that the applicable performance measures have been satisfied, which certification
shall occur as soon as practicable following the last day of the Performance Period. 

 (c) Definitions. For purposes of this paragraph 2, the terms below have the following
meanings: 
  

	 	i.	Initial Average Stock Price means the average closing price of a share of common stock of company, as report on the principal national stock exchange on which
such common stock is traded, for the 20 trading days immediately following the first trading day of the Performance Period 

  

	 	ii.	Final Average Stock Price means the average closing price of a share of common stock of a company, as reported on the principal national stock exchange on which
such common stock is traded, for the 20 trading days immediately preceding the last trading day of the Performance Period 

  

	 	iii.	Peer Group means the following companies: 

  

			
	Boston Beer Company, Inc.	  	McCormick & Company, Incorporated
	Campbell Soup Company	  	Monster Beverage Corporation
	Chiquita Brands International, Inc.	  	National Beverage Corp.
	ConAgra Foods Inc.	  	Pilgrim’s Pride Corporation
	Dean Foods Company	  	Ralcorp Holdings Inc.
	Dr. Pepper Snapple Group, Inc.	  	Sanderson Farms, Inc.
	Flowers Foods, Inc.	  	Seneca Foods Corporation
	General Mills, Inc.	  	Smart Balance, Inc.
	Green Mountain Coffee Roasters, Inc.	  	Smithfield Foods, Inc.
	H.J. Heinz Company	  	Snyder’s-Lance, Inc.
	Hain Celestial Group, Inc.	  	The Clorox Company
	Hormel Foods Corporation	  	The Hershey Company
	J&J Snack Foods Corp.	  	The J.M. Smucker Company
	Kellogg Company	  	Tootsie Roll Industries, Inc.
	Lancaster Colony Corporation	  	Treehouse Foods, Inc.

  

	 	iv.	Relative Total Stockholder Return means the Company’s Total Stockholder Return percentile rank compared to the Total Stockholder Return of the Peer Group
over the Performance Period. 

  

	 	v.	Total Stockholder Return (TSR) means the cumulative rate of return on a share of common stock, as measured by dividing (A) the sum of the cumulative amount
of dividends for the Performance Period, assuming dividend reinvestment, and the difference between the Initial Average Stock Price and the Final Average Stock Price by (B) the Initial Average Stock Price. 

3. Acceptance of Terms and Conditions. By electronically acknowledging and accepting this Award, you agree to be bound by the
terms and conditions contained in this Agreement and the Plan and any and all conditions established by the Company in connection with Awards issued under the Plan, 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 Agreement, you must
have accepted the Award within 45 calendar days after receipt of this Agreement. 

  
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 4. Dividend Equivalents. Subject to the restrictions, limitations and conditions as
described in the Plan, 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 the Company’s common stock. Dividend equivalents will be
settled and paid at the same time as the vested PSUs are settled pursuant to the terms of this Agreement. 

5. 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 the
Company to be distributed will be delivered to your electronic stock plan account on or as soon as practicable after the PSU Vesting Date (but in no event later than March 15th of the first calendar year immediately following the PSU Vesting Date). If withholding of taxes is not required, none
will be taken and the gross number of shares and dividend equivalents will be distributed to you in accordance with this paragraph 5. You are personally responsible for the proper reporting and payment of all taxes related to the settlement of the
Award. 
 6. Death, Total Disability or Retirement. If you cease active employment (i.e., cease to be coded as active on
the payroll system) with the Hillshire Companies, because of your death or because you become Totally Disabled (as defined under the appropriate long-term disability benefit plan, if applicable), the Award shall continue to vest after such
termination based on the Company’s actual performance and any Earned PSUs shall be distributed to you or your estate at the same time as the Earned PSUs, if any, are distributed 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 Hillshire Companies when your employment terminates, or in the case of your attaining age 65, regardless of service, the Award will continue to vest after your termination based on the
Company’s actual performance and any Earned PSUs shall be distributed to you at the same time the Earned PSUs, if any, are distributed to other participants. These provisions apply only to the Award under this Agreement; other awards may have
different provisions. 
 7. Involuntary Termination, Voluntary Termination and Non-Severance Event Termination. The
following provisions apply only to the Award granted under this Agreement; other awards may have different provisions 
 (a)
Involuntary Termination. If your employment with the Hillshire Companies is terminated and you are eligible to receive severance benefits under The Hillshire Brands Company 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 will be eligible to receive a prorated distribution that
is determined by multiplying the Earned PSUs covered by the Award by a fraction, the numerator of which is the number of months of your active service from Award Date through the date your employment terminates (not including the severance period),
and the denominator of which is the number of months from Award Date through the PSU Vesting Date. 
 In the event that the
division, business unit or business segment of the Company to which at least 80% of your time is dedicated or from which you are on leave of absence is sold, closed, spun off or otherwise divested and, as a result of such transaction, your
employment with the Hillshire Companies is terminated, the Committee shall have discretion regarding the treatment of your Award upon the consummation of such transaction, which treatment may include without limitation acceleration of vesting and
settlement of all or a portion of the Award or substitution of the Award. The decision of the Committee regarding any such treatment shall be final, binding and conclusive.

(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 Hillshire Companies or your employment is terminated by the Hillshire Companies such that you are not eligible for severance pay under any of the Company’s severance plans),
then the Award shall be canceled on the date your employment terminates, with no pro-rata vesting. 
 8.
Non-Competition/Non-Solicitation/Confidentiality. As a condition to your receipt of this PSU grant, you must electronically accept a Non-Competition, Non-Solicitation and Confidentiality Agreement within 45 calendars days after receipt of
this Agreement. Please carefully read the Non-Competition, Non-Solicitation and Confidentiality Agreement in its entirety and feel free to have your lawyer review it prior to accepting it. 

  
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 9. Adjustment of the Award. In the event of any change in the capital structure of
the Company (including but not limited to a stock dividend, stock split, reverse stock split, combination or exchange of securities, merger, consolidation, recapitalization, spin-off, split off, liquidation or other distribution of any or all of the
assets of the Company to stockholders, other than normal cash dividends) or any change in any rights attendant to any class of authorized securities of the Company (an “Adjustment Event”), the Committee shall make proportionate adjustments
with respect to the number and class of securities subject to the Award and the performance measures set forth in paragraph 2 to reflect such Adjustment Event and to maintain the Award’s intrinsic and fair value; provided, that the Committee
shall retain discretion with respect to how any such proportionate adjustments shall be made. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive. 

10. Forfeiture/Adjustment. 
 (a) Misconduct/Restatement. Notwithstanding anything contained in this 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 a decreased or increased Award, upon the occurrence of any of the following events. 
 (i)
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) the Award, to the extent it remains restricted, shall terminate automatically on the date on which you first engaged in such
wrongful conduct, and (B) if the wrongful conduct occurred within six months following the PSU Vesting Date, you shall pay to the Company in cash any financial gain you realized from the vesting of the PSU. For purposes of this paragraph 10,
financial gain shall equal the fair market value of the shares of the Company common stock on the PSU Vesting Date multiplied by the number of PSUs actually distributed pursuant to the Award, reduced by any taxes paid in countries other than the
United States which taxes are not otherwise eligible for refund from the taxing authorities. 
 (ii)
Restatement of Financial Results. This paragraph 11(a)(ii) 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 PSU 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 

  
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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. The Committee 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 10(a)(ii) is not practical and may elect to forego the application of this paragraph 10(a)(ii). 

(b) Clawback. The Award and the shares of common stock delivered pursuant to this Agreement are subject to forfeiture, recovery by
the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform
and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law. 
 (c)
Offset. By accepting this PSU, 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 paragraph 11. This right of set-off is in addition to any other
remedies the Company may have against you for breach of this Agreement or the Non-Competition, Non-Solicitation and Confidentiality Agreement electronically accepted by you pursuant to paragraph 8. 

11. Rights as a Stockholder. You will have no rights as a stockholder with respect to any of the PSUs subject to the Award until
and unless you receive shares of the Company following vesting of these PSUs. 
 12. Conformity with the Plan. The Award
is intended to conform in all respects with, and is subject to, all applicable provisions of the Plan. Any inconsistencies between this Agreement or the Plan shall be resolved in accordance with the terms of this Agreement. 

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 Agreement will be determined and resolved by the Committee or its delegate. Such determination or resolution by the Committee or its delegate will be final, binding and conclusive for
all purposes. 
 14. Employment Rights. Nothing in the Plan or this Agreement confers on you any right to continue in the
employ of the Hillshire Companies or in any way affects the Hillshire Companies’ right to terminate your employment without prior notice any time for any reason. 
 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 Hillshire Companies hold 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 Hillshire Companies will transfer Data amongst themselves as necessary for the purpose of implementation, administration and
management of your participation in the Plan, and the Hillshire Companies may further transfer Data to any third parties assisting the Hillshire Companies 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. 

  
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 16. Miscellaneous.  

(a) Modification. The 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 the 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 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 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 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 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 Agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this 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 Agreement. 
 17. Amendment. Notwithstanding anything in the Plan or this
Agreement to the contrary, the 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 the Award, at such time and in such manner as the Company may
consider necessary or desirable to reflect changes in law. 
 18. Section 409A. This Agreement is intended to be
exempt from Section 409A of the Internal Revenue Code of 1986, as amended, pursuant the short-term deferrals exception described in Treasury Regulation Section 1.409A-1(b)(4)) and any Earned PSUs shall be distributed no later than the
later of (1) the 15th day of the third month of the calendar year following the calendar year in which your right to the Earned PSUs ceased being subject to a substantial risk of forfeiture, and (2) the 15th day of the third month of the
Company’s fiscal year following the Company’s fiscal year in which your right to the Earned PSUs ceased being subject to a substantial risk of forfeiture. 

  
 - 6 -Restricted Stock Unit Grant Notice and Agreement

 Exhibit 10.4 
 THE HILLSHIRE BRANDS COMPANY 
 1998 LONG-TERM INCENTIVE STOCK PLAN

 RESTRICTED STOCK UNIT GRANT NOTICE AND AGREEMENT 

 
  
 [INSERT PARTICIPANT NAME] 
 This Restricted Stock Unit (RSU) Grant Notice and Agreement
(the “Agreement”), made as of August 10, 2012 (“Award Date”), by The Hillshire Brands Company, a Maryland corporation (“Company”), to you is evidence of an award made under The Hillshire Brands Company 1998
Long-Term Incentive Stock Plan (“Plan”), which is incorporated into this Agreement by reference. A copy of the Plan has been provided to you and is also available from The Hillshire Brands Company Compensation Department. 

1. Restricted Stock Unit Award. Subject to the restrictions, limitations, terms and conditions specified in the Plan and this
Agreement, the Company hereby awards to you as of the Award Date: 

            Restricted Stock Units (RSUs) 

which are considered Stock Awards under the Plan (the “Award”). The vesting of the Award is based on your continued service with the Company or
any of its subsidiaries (collectively, the “Hillshire Companies”) from the Award Date through August 31, 2014 (the “Vesting Period”), subject to the terms and conditions set forth in this Agreement. The RSUs will vest 100%
on August 31, 2014, and shall be settled in shares of common stock of the Company. For the avoidance of doubt, your period of continuous employment for purposes of vesting excludes any severance period. 

2. Acceptance of Terms and Conditions. By electronically acknowledging and accepting this Award, you agree to be bound by the
terms and conditions contained in this Agreement and the Plan and any and all conditions established by the Company in connection with Awards issued under the Plan, 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 Agreement, you must
have accepted the Award within 45 calendar days after receipt of this Agreement. 
 3. Dividend Equivalents. Subject to
the restrictions, limitations and conditions as described in the Plan, dividend equivalents payable on the RSUs will be accrued (in cash, without interest) on your behalf at the time that dividends are otherwise paid to owners of the Company’s
common stock. Dividend equivalents will be settled and paid at the same time as the vested RSUs are settled pursuant to the terms of this Agreement. 
 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 the Company to be distributed will be delivered to your electronic stock plan account on or
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 and dividend equivalents will be distributed to you in accordance with this paragraph 4. You are personally
responsible for the proper reporting and payment of all taxes related to the settlement of the Award. 
 5. Death, Total
Disability or Retirement. If you cease active employment (i.e., cease to be coded as active on the payroll system) with the Hillshire Companies, because of your death or because you become Totally Disabled (as defined under the appropriate
long-term disability benefit plan, if applicable), the Award shall vest immediately and be distributed to you or your estate as soon as practical. In the case of your attaining age 55 or older and if you have at least 10 years of service with the
Hillshire Companies when your employment terminates, or in the case of your attaining age 65, regardless of service, the Award will continue to vest after your termination. These provisions apply only to the Award under this Agreement; other awards
may have different provisions. 

 6. Involuntary Termination, Voluntary Termination and Non-Severance Event
Termination. The following provisions apply only to the Award granted under this Agreement; other awards may have different provisions 
 (a) Involuntary Termination. If your employment with the Hillshire Companies is terminated and you are eligible to receive severance benefits under The Hillshire Brands Company 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 will be
eligible to receive a prorated portion of the non-vested shares determined by multiplying the number of shares subject to the Award by a fraction, the numerator of which is the number of months of your active service from Award Date through the date
your employment terminates (not including the severance period), and the denominator of which is the number of months from Award Date through the Vesting Date. 
 In the event that the division, business unit or business segment of the Company to which at least 80% of your time is dedicated or from which you are on leave of absence is sold, closed, spun off or
otherwise divested and, as a result of such transaction, your employment with the Hillshire Companies is terminated, the Committee shall have discretion regarding the treatment of your Award upon the consummation of such transaction, which treatment
may include without limitation acceleration of vesting and settlement of all or a portion of the Award or substitution of the Award. The decision of the Committee regarding any such treatment shall be final, binding and conclusive.

(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 Hillshire Companies or your employment is terminated by the Hillshire Companies such that you are not eligible for severance pay under any of the Company’s severance plans),
then the Award shall be canceled on the date your employment terminates, with no pro-rata vesting. 
 7.
Non-Competition/Non-Solicitation/Confidentiality. As a condition to your receipt of this RSU grant, you must electronically accept a Non-Competition, Non-Solicitation and Confidentiality Agreement within 45 calendars days after receipt of
this Agreement. Please carefully read the Non-Competition, Non-Solicitation and Confidentiality Agreement in its entirety and feel free to have your lawyer review it prior to accepting it. 

8. Adjustment of the Award. In the event of any change in the capital structure of the Company (including but not limited to a
stock dividend, stock split, reverse stock split, combination or exchange of securities, merger, consolidation, recapitalization, spin-off, split off, liquidation or other distribution of any or all of the assets of the Company to stockholders,
other than normal cash dividends) or any change in any rights attendant to any class of authorized securities of the Company (an “Adjustment Event”), the Committee shall make proportionate adjustments with respect to the number and class
of securities subject to the Award to reflect such Adjustment Event and to maintain the Award’s intrinsic and fair value; provided, that the Committee shall retain discretion with respect to how any such proportionate adjustments shall be made.
The decision of the Committee regarding any such adjustment shall be final, binding and conclusive. 
 9.
Forfeiture/Adjustment. 
 (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 

  
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activities to be collectively referred to as “wrongful conduct”), then (A) the Award, to the extent it remains restricted, shall terminate automatically on the date on which you
first engaged in such wrongful conduct, and (B) if the wrongful conduct occurred within six months following the Vesting Date, you shall pay to the Company in cash any financial gain you realized from the vesting of the RSU. For purposes of
this paragraph 11, financial gain shall equal the fair market value of the shares of the Company common stock on the Vesting Date multiplied by the number of RSUs actually distributed pursuant to the Award, reduced by any taxes paid in countries
other than the United States which taxes are not otherwise eligible for refund from the taxing authorities. 
 (b)
Clawback. The Award and the shares of common stock delivered pursuant to this Agreement are subject to forfeiture, recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to
time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

 (c) Offset. By accepting this RSU, 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 paragraph 11. This right of set-off is in addition to any other remedies the Company may have against you for breach of this Agreement or the Non-Competition, Non-Solicitation and
Confidentiality Agreement electronically accepted by you pursuant to paragraph 7. 
 10. Rights as a Stockholder. You
will have no rights as a stockholder with respect to any of the RSUs subject to the Award until and unless you receive shares of the Company following vesting of these RSUs. 
 11. Conformity with the Plan. The Award is intended to conform in all respects with, and is subject to, all applicable provisions of the Plan. Any inconsistencies between this Agreement or the
Plan shall be resolved in accordance with the terms of this Agreement. 
 12. 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 Agreement will be determined and resolved by the Committee or its delegate. Such determination or
resolution by the Committee or its delegate will be final, binding and conclusive for all purposes. 
 13. Employment
Rights. Nothing in the Plan or this Agreement confers on you any right to continue in the employ of the Hillshire Companies or in any way affects the Hillshire Companies’ right to terminate your employment without prior notice any time for
any reason. 
 14. 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 Hillshire Companies hold 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 Hillshire Companies will transfer Data
amongst themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Hillshire Companies may further transfer Data to any third parties assisting the Hillshire Companies 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. 

  
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 15. Miscellaneous.  

(a) Modification. The 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 RSUs granted and the conditions of this grant. The Committee may amend or modify the Award in any manner to the extent that the Committee would have had the authority under the Plan
initially to grant such RSUs, provided that no such amendment or modification shall impair your rights under this Agreement without your consent. Except as in accordance with the two immediately preceding sentences and paragraph 17, 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 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 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 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 Agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this 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 Agreement. 
 16. Amendment. Notwithstanding anything in the Plan or this
Agreement to the contrary, the 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 the Award, at such time and in such manner as the Company may
consider necessary or desirable to reflect changes in law. 
 17. Section 409A. This Agreement is intended to be
exempt from Section 409A of the Internal Revenue Code of 1986, as amended, pursuant the short-term deferrals exception described in Treasury Regulation Section 1.409A-1(b)(4)) and any vested RSUs shall be distributed no later than the
later of (1) the 15th day of the third month of the calendar year following the calendar year in which your right to the vested RSUs ceased being subject to a substantial risk of forfeiture, and (2) the 15th day of the third month of the
Company’s fiscal year following the Company’s fiscal year in which your right to the vested RSUs ceased being subject to a substantial risk of forfeiture. 

  
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