Sara Lee Corporation (“SLC”) and its wholly-owned subsidiary, Sara Lee/DE, N.V. (“SL/DE”) enter into this Retirement
Agreement (this “Agreement”) with Frank L. Meysman (“Executive”) as of the 13 th day of February, 2003 (the “Effective Date”).
SLC and SL/DE are collectively referred to in this Agreement as the “Company.”
W I T N E S S E T H :
WHEREAS, Executive has been employed by the Company since 1986 and is currently (i) a director and Executive Vice
President of SLC and (ii) Chairman of the Board of Management and Chief Executive Officer of SL/DE.
WHEREAS, Executive and SLC entered into an Employment Agreement dated as of January 1, 1996 (the “SLC Employment
Agreement”) and Executive and SL/DE entered into an Employment Agreement dated as of June 11, 1997 (the “SL/DE
WHEREAS, Executive desires to retire from his positions with the Company and the Company desires to ensure an orderly
transition to his successor.
WHEREAS, the parties desire to enter into an agreement relating to Executive’s retirement from his positions with the
Company and the termination of the SLC Employment Agreement and the SL/DE Employment Agreement.
NOW, THEREFORE, in consideration of the covenants and mutual promises herein contained, it is agreed as follows:
1. Retirement Date . The Executive’s Retirement Date shall be June 30, 2003, provided, however that if Executive desires to
accept a full-time position prior to June 30, 2003, then the parties shall cooperate to accelerate Executive’s Retirement Date,
subject to insuring an orderly transfer of Executive’s responsibilities to his successor. From the Effective Date until April 1,
2003, Executive shall continue to devote his full time and attention to the affairs of the Company. From April 1, 2003 until the
Retirement Date, Executive shall continue as an employee of SLC and SL/DE, but shall only be required to devote 50% of his