SARA LEE CORPORATION

Exhibit 10.1

SARA LEE CORPORATION

EXECUTIVE MANAGEMENT LONG-TERM INCENTIVE PROGRAM

FISCAL YEARS 2005- 2007

PROGRAM DESCRIPTION

Highlights

This booklet explains the Program provisions of the Sara Lee Corporation (“SLC”) Executive Management Long-Term Incentive Program (the “Program”) covering fiscal years 2005 through 2007 (the “Performance Cycle”). The following pages provide detailed information relating to the grant of Performance Stock Units (“PSUs”) that you have received under the Program.

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 provisions.

Purpose

SLC has created the Executive Management Long-Term Incentive Program (“EMLTIP” or the “Program”) for Fiscal Years 05-07 to:

Participation

Participation in the Program is limited to Senior Corporate Officers, i.e. those at or above the SLC Senior Vice President level, and any additional Participants as named by the Compensation and Employee Benefits Committee of the Board of Directors (the “Committee”).

Performance Stock Units

EMLTIP awards are authorized under both the Sara Lee Corporation 1998 and 2002 Long-Term Incentive Stock Plans (“Stock Plans”). EMLTIP awards are initially granted in the form of PSUs at the beginning of the Performance Cycle. At the end of the Performance Cycle, any PSUs that are earned will be converted to shares of Sara Lee common stock. Dividend Equivalents are credited on PSUs during the Performance Cycle.

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PSUs have special restrictions that are based upon both the continued service of Program Participants and SLC’s performance against the established financial performance goals. These restrictions include a prohibition against the transfer of the PSUs during the Performance Cycle. The financial goals and their respective weightings were approved by the Committee and are contained in the minutes of the meeting at which the Program was approved. Any shares not earned at the end of the Performance Cycle are forfeited and returned to the Stock Plans.

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

Dividend Equivalents

During the Performance Cycle, Dividend Equivalents that are payable on the PSUs will be accrued on behalf of the Participants. No Dividend Equivalents are paid in arrears on any additional shares issued for performance above the Mid-level performance level.

Accrued dividend equivalents are distributed in the same proportion as the restrictions on the PSUs lapse. For example, if 75% of the PSUs are earned, then 75% of the balance of the accrued dividend equivalents will be paid at the same time the PSUs/Sara Lee shares of common stock are released. Any remaining balance of accrued dividend equivalents, after determining the number of shares to be distributed, will be forfeited.

Performance Measures

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Performance Standards

Performance under the EMLTIP is measured using the following corporate financial measures:

Both of these financial measures are independent of one another for purposes of measuring results and determining how many, if any, of the PSUs are earned. Definitions of these measures are included in Appendix I. The performance measures are equally weighted for purposes of determining performance results, i.e., 50% of the results are based upon EPS and 50% are based upon VAE. The performance levels for EPS and VAE targets were approved by the Committee and are contained in the minutes of the meeting at which the Program was approved.

The performance levels and the percentage of PSUs earned at each performance level are as follows:

Interpolations are used for results that fall between the performance levels. For performance above Mid-level, additional shares are issued after the end of the Performance Cycle. Dividend Equivalents are not paid on any shares issued for performance above the Mid-level performance level. No shares are earned for performance results at or below the Threshold performance level.

Award Grant Notice

Each Participant will receive a Performance Stock Unit Grant Notice (“Grant Notice”) specifying the number of PSUs that have been granted, and the terms and conditions applicable to the grant. The Grant Notice and this Program Description should be retained with your other important legal documents.

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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, 2007, is the date when the taxable event occurs, except to the extent that a Participant 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 otherwise have been distributed to the Participant. Federal tax will be withheld at the required statutory supplemental federal tax rate in effect at the time of the distribution. In 2004 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 withheld by SLC in Chicago. 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 ultimately 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, if a Participant should engage in any activity inimical, contrary or harmful to the interests of the Company, including but not limited to: (1) competing, directly or indirectly (either as owner, employee or agent), with any of the businesses of the Company, (2) violating any Company policies, (3) soliciting any present or future employees or customers of the Company to terminate such employment or business relationship(s) with the Company, (4) disclosing or misusing any confidential information regarding the Company, or (5) participating in any activity not approved by the Board of Directors 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 (i) this PSU award, to the extent it remains restricted, shall terminate automatically on the date on which the Participant first engaged in such wrongful

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conduct and (ii) if the misconduct occurred within 6 months following the Vesting Date, the Participant shall pay to SLC in cash any financial gain the Participant realized from the vesting of the PSUs. For purposes of this section, financial gain shall equal, the difference between the fair market value of the Common Stock on the Vesting Date, multiplied by the number of PSUs reduced by any taxes paid in countries other than the United States where taxes are not otherwise eligible for refund from the taxing authorities. By accepting this PSU grant, the Participant consents to and authorizes SLC to deduct from any amounts payable from SLC to the Participant, any amounts owed by the Participant to SLC. This right of “set-off” is in addition to any other remedies SLC may have against the Participant for the wrongful conduct.

Administrative Guidelines

The following guidelines apply to the FY05-07 EMLTIP. Additional Administrative Guidelines may be adopted, as needed, during the Performance Cycle for the efficient administration of the Program.

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Appendix I

Definitions

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