Document:

Long-Term Incentive Stock Program

 Exhibit 10.1 
 THE HILLSHIRE BRANDS COMPANY 
 FY12-14(a) LONG-TERM INCENTIVE STOCK AWARD
PROGRAM 
 FREQUENTLY ASKED QUESTIONS 
 Highlights 
 This document highlights in Question-and-Answer format the key features of the
awards granted in the 2013 fiscal year with respect to The Hillshire Brands Company’s (“Hillshire” or the “Company”) 2012 fiscal year (“FY12”) and covering the Company’s fiscal years 2013-2014. The following
pages provide detailed information relating to these grants of FY12 awards (the “FY12(a) Award Program”), which will be made from Company shares authorized under either the 1998 or 2002 Long-Term Incentive Stock Plans (each a
“Plan” and together, the “Plans”). 
 What is the purpose of the FY12(a) Award Program? 

The Company has created the Program for fiscal years 2013-2014 in order to: 

 

	 	•	 	 Motivate and reward selected employees of the Company for achieving long-term financial results that are aligned with the Company’s
stockholders’ interests; 

  

	 	•	 	 Reward selected employees of the Company – through grants of equity-based long-term incentives in the form of one or more of stock options,
restricted stock units or performance-based units – for their continued commitment to the Company; and 

  

	 	•	 	 Provide a competitive long-term compensation opportunity to participants and assist in retaining highly qualified and motivated employees.

 What forms of awards are granted under the FY12(a) Award Program? 

The Company may grant to employees who are selected to participate in the FY12(a) Award Program awards of one or more of stock options, restricted stock
units or performance-stock units. 
 How will I know the terms of the awards granted to me under the FY12(a) Award Program?

 Awards granted pursuant to the FY12(a) Award Program will be made from shares authorized under, and pursuant to the terms of, the
Plans. Additional terms and conditions of your award(s), including the potential number of Company shares underlying the award, will be contained in a separate Grant Notice and Agreement with respect to each type of award granted to you. The Grant
Notice and Agreement will be distributed electronically through your E*Trade account. You should retain a copy of your Grant Notice and Agreement along with other important legal documents. 
 The Compensation and Employee Benefits Committee of the Company’s Board of Directors (the “Committee”) is responsible for administering the FY12(a) Award Program and has full power and
authority to interpret the Plans and the awards granted under the Plans. All decisions of the Committee are final and binding on all persons. 

 How do I confirm my acceptance of awards granted to me under the FY12(a) Award Program?

 You must log into your E*Trade account and accept your grant(s) on-line. Instructions will be provided at the
appropriate time. The Company may from time to time modify the grant acceptance process and will notify you of any changes. 

In addition, in order to receive your grant(s), you must electronically accept a Non-Competition/Non-Solicitation/Confidentiality
Agreement even if you have previously accepted/signed the agreement. Signing the agreement is a condition of your receipt of your award(s) under the FY12(a) Award Program. You are advised to read the Non-Competition/Non-Solicitation/Confidentiality
Agreement in its entirety before accepting it. 
 Are my awards subject to forfeiture under any circumstances? 

Certain of the awards, or portions thereof, under the FY12(a) Award Program may be forfeited if your employment is terminated for certain
reasons prior to the date the awards vest. In addition, as set forth in greater detail in your Grant Notice and Agreement(s) applicable to your award(s) under the FY12(a) Award Program, awards will be subject to any clawback policy adopted by the
Company and may be subject to forfeiture, adjustment and/or repayment if you engage in certain misconduct or the Company restates its financial statements within two years after the date in which the award vested and it is determined that your award
should have been less than originally determined. 
 Key Features of Specific Awards 

The subsections below highlight certain key features of awards that may be granted to participants under the FY12(a) Award Program. The
descriptions below are intended only as a summary, are not intended to be complete and are qualified in their entirety by the terms of your individual Grant Notice and Agreement and the applicable Plan. You should review the terms of your Grant
Notice and Agreement and the applicable Plan for the specific terms applicable to your award(s) under the FY12(a) Award Program. 
 Stock
Options 
 What are the key features of stock options granted under the FY12(a) Award Program? 

A stock option entitles the participant to purchase shares of Hillshire common stock at a fixed price (i.e., the exercise price) for a
period of time following the vesting of the stock options. The value of the stock option increases when the market value of a share of Hillshire common stock exceeds the exercise price of the stock option. When you exercise an option and pay the
exercise price, you purchase and then own the Hillshire common shares you receive from the transaction. 
 Stock options granted
under the FY12(a) Award Program will vest on August 31, 2014, subject to your continued employment with the Company or any of its subsidiaries (collectively, the “Hillshire Companies”), through such vesting date. 

  
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 You do not have voting rights on stock options until you exercise the stock options to
purchase actual shares. You do not receive dividends or dividend equivalents on stock options. 
 When may I exercise my stock options?

 You may exercise your vested stock options – that is, purchase any or all of the vested shares in your grant at
the exercise price – at any time between the vesting date and the expiration date of the stock option (subject to earlier expiration upon death, disability or other termination of employment, as described in the applicable Plan and your Grant
Notice and Agreement). The minimum number of vested stock options that you may exercise at any time is 100 shares. For information on how to exercise your stock options, refer to your E*Trade Stock Plans account or contact E*Trade directly at
1-866-987-2339 or 1-678-319-7967. 
 Restricted Stock Units 
 What are the key features of restricted stock units granted under the FY12(a) Award Program? 
 Restricted stock units (“RSUs”) are earned and converted into shares of Hillshire common stock when they become vested. Subject to certain provisions for accelerated vesting as may be set forth
in your Grant Notice and Agreement, the RSUs granted under the FY12(a) Award Program generally will vest on August 31, 2014, subject to your continued active service with the Hillshire Companies through the vesting date. You do not have voting
rights on RSUs until the RSUs are converted to actual shares. 
 Dividend equivalents will accrue on the RSUs (in cash, without
interest) at the time dividends are otherwise paid to holders of Hillshire common stock. These dividend equivalents are paid to you in cash after the RSUs have vested. At the Company’s discretion, the dividend equivalents may be applied toward
your tax withholding obligations. 
 Performance-Based Units 
 What are the key features of performance-based units granted under the FY12(a) Award Program? 
 Performance-based units (“PSUs”) are restricted stock units, with vesting and payout generally contingent upon both the Company’s performance against established financial performance goals
and your continued service through a specified date. 
 If you are granted a PSU award under the FY12(a) Award Program, the
award will initially be granted as a target number of PSUs, which are first subject to a performance period that begins on July 1, 2012 and ends on June 30, 2014. The number of PSUs that will be deemed earned at the end of such performance
period will be based on the Company’s total stockholder performance relative to a peer group of companies (as described in greater detail in your applicable Grant Notice and Agreement). You should read your Grant Notice and Agreement carefully
to determine the specific terms applicable to your PSU grant, if applicable. 
 Under the PSU award, the required relative total
stockholder return and payout levels are as follows: 

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

  

	 	•	 	 Payouts between payout levels will be determined by linear interpolation 

 

	 	•	 	 Total stockholder return performance below 25% of the peer group will result in a zero payout 

The number of PSUs that are earned during the performance period will be subject to a vesting period ending on August 31, 2014,
subject to your continued employment with the Hillshire Companies through such date. Vested PSUs generally will be converted into shares of the Company. As indicated above, you should review your Grant Notice and Agreement carefully for the specific
terms applicable to your PSU award. 
 If you are granted a PSU award under the FY12(a) Award Program, during the performance
period and the subsequent vesting period, dividend equivalents will accrue (in cash, without interest) on your behalf at the time dividends are otherwise paid to holders of Company common stock. These dividend equivalents are paid to you in cash if
and after the PSUs vest. Amounts credited to the accrued dividend equivalent account at the end of the performance period are distributed in the same proportion as the PSUs that are earned. For example, if 150% of the PSUs are earned, then 150% of
the balance in the accrued dividend equivalent account will be paid at the same time that shares of the Company are released. Dividend equivalents that were accrued but not earned based upon the actual performance results determined at the end of
the performance period will be forfeited. At the Company’s discretion, the dividend equivalents may be applied toward your tax withholding obligations. 
 Participants do not have voting rights on PSUs during the performance period. 

  
 4Stock Option Grant Notice and Agreement

 Exhibit 10.2 
 THE HILLSHIRE BRANDS COMPANY 
 1998 LONG-TERM INCENTIVE STOCK PLAN

 STOCK OPTION GRANT NOTICE AND AGREEMENT 
 [INSERT PARTICIPANT NAME] 
 The Hillshire Brands Company (the “Company”)
is pleased to confirm that you have been granted a stock option (an “Option”), effective as of August 10, 2012 (the “Grant Date”), as provided in this Stock Option Grant Notice and Agreement (the “Agreement”):

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

 

			
	 Number of Option Shares
	  	Exercise Price Per Option

 which vests as follows: 
 100% on August 31, 2014 (the “Vesting Date”) 
 2. Acceptance of Terms and
Conditions. By electronically acknowledging and accepting this Option, you agree (i) to be bound by the terms and conditions contained in this Agreement, the 1998 Long-Term Incentive Stock Plan (the “Plan”) and any and all
conditions established by the Company in connection with Options issued under the Plan, and (ii) that this Option neither confers any legal or equitable right (other than those rights constituting the Option itself) against the Company directly
or indirectly, nor does it give rise to any cause of action at law or in equity against the Company. In order to vest in the Option described in this Agreement, you must have accepted the Award within 45 calendar days after receipt of this
Agreement. 
 3. Option. This Option is a non-qualified stock option that is intended to conform in all respects with the
Plan, a copy of which has been provided to you, and the provisions of which are incorporated herein by reference. This Option is not intended to qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code
of 1986, as amended. 
 4. Expiration Date. This Option expires on the tenth anniversary of the Grant Date (the
“Expiration Date”), subject to earlier expiration upon your death, disability or other termination of employment, as provided below. 
 5. Vesting. This Option may be exercised only to the extent it has vested. Subject to paragraphs 6 and 7 below, if you are continuously employed by the Company or any of its subsidiaries
(collectively, the “Hillshire Companies”) from the Grant Date until the Vesting Date, this Option will vest on the Vesting Date. For the avoidance of doubt, your period of continuous employment for purposes of vesting excludes any
severance period. 
 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), your Option will vest immediately and the
last date on which your Option Shares may be exercised will be the earlier of five years from the date of death or disability or the Expiration Date. 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 Option will continue to vest after your termination and the last date on which your Option Shares may be exercised will be the
Expiration Date. These provisions apply only to the Option granted herein; other awards may have different provisions. 
 7.
Involuntary Termination, Voluntary Termination and Non-Severance Event Termination. The following provisions apply only to the Option granted herein; 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”), this Option will vest on a prorated basis, as of the date your employment terminates, determined by multiplying the Option by a fraction, the
numerator of which is the number of months of your active service from Grant Date through the date your employment terminates (not including the severance period), and the denominator of which is the number of months from Grant Date through the
Vesting Date. The last day on which this Option may be exercised is the earlier of (i) the Expiration Date or (ii) 90 days following the date your employment terminates. 

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
Option 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 Option. 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 in 6 and 7(a), (i.e., you voluntarily terminate your employment with the Hillshire Companies or your employment is terminated by the Hillshire Companies and you are not eligible
for severance pay under any of the Company’s severance plans), then to the extent this Option has vested prior to the date of your termination, this Option shall remain exercisable until 90 days after the date your employment terminated.
Vesting of this Option ends 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 Option, 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. 

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

11. Forfeiture. Notwithstanding anything contained in this Agreement to the contrary, 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 

  
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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 Option, to the extent it remains unexercised, 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 exercising all or a portion of this Option within the six month period immediately preceding such wrongful conduct. For purposes of this
paragraph 11, financial gain shall equal, on each date of exercise during the six month period immediately preceding such wrongful conduct, the difference between the fair market value of the Common Stock on the date of exercise and the Exercise
Price, multiplied by the number of shares of Common Stock purchased pursuant to that exercise (without reduction for any shares of Common Stock surrendered or attested to) reduced by any taxes paid in countries other than the United States to
acquire and or exercise and which taxes are not otherwise eligible for refund from the taxing authorities. By accepting this Option, you consent to and authorize the Company to deduct from any amounts payable by the Company to you, any amounts you
owe to the Company under this paragraph. This right of set-off is in addition to any other remedies the Company may have against you for breach of this Agreement. 
 12. Rights as a Stockholder. You will have no rights as a stockholder with respect to any Option Shares until and unless you receive ownership of Option Shares upon exercise of this Option.

 13. Transferability of Option Shares. You may not offer, sell or otherwise dispose of any Common Stock covered by
the Option in a way which would: (i) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other country) or to amend or supplement any such
filing or (ii) violate or cause the Company to violate the Securities Act of 1933, as amended, the Securities Act of 1934, as amended, the rules and regulations promulgated thereunder, any other state or federal law, or the laws of any other
country. The Company reserves the right to place restrictions on Common Stock received by you pursuant to this Option. 

14. Conformity with the Plan. This Option is intended to conform in all respects with, and is subject to, all applicable
provisions of the Plan. Any inconsistencies between this Agreement and the Plan shall be resolved in accordance with this Agreement.  
 15. 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 authorized delegate. Such determination or resolution by the Committee or its authorized delegate will be final, binding and conclusive for all purposes. 

16. Employment Rights. Nothing in the Plan or this Agreement confers on any Participant 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 written notice any time for any reason. 
 17. Consent to Transfer Personal Data. By accepting this Option, 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, 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 Hillshire Companies, 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 

  
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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. 

18. Miscellaneous.  
 (a) Modification. The grant of this Option is documented by the minutes of the Committee and/or as approved by the CEO for non-corporate officers, which records are the final determinant of the
number of Option Shares granted and the conditions of this grant. The Committee may amend or modify this Option in any manner to the extent that the Committee would have had the authority under the Plan initially to grant such Option, provided that
no such amendment or modification shall impair your rights under this Agreement without your consent. Except as in accordance with the two immediately preceding sentences and paragraph 19, 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. 
 19. Amendment. Notwithstanding anything in the Plan or this Agreement to the
contrary, this Option may be amended by the Company without your consent, including but not limited to modifications to any of the rights granted to you under this Option, at such time and in such manner as the Company may consider necessary or
desirable to reflect changes in law. 

  
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