Sara Lee Corporation Retention & Recognition Program for 'C' Level and Below Employees

Contract Categories: Human Resources › Retention Agreements
Summary

Sara Lee Corporation has established a Retention & Recognition Program for employees at 'C' level and below who are critical to specific projects. The program provides a lump sum cash bonus, calculated as a percentage of the employee's salary, based on how long the employee is needed and their criticality to the project. The bonus is in addition to standard severance but does not count toward employee benefits. The program aims to retain key staff who may face job loss at the end of their assignment or project.

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EX-10.32 4 dex1032.htm RETENTION & RECOGNITION PROGRAM FOR INDIVIDUALS AT "C" LEVEL AND BELOW Retention & Recognition Program for Individuals at "C" Level and Below

Exhibit 10.32

 

SARA LEE CORPORATION

RETENTION & RECOGNITION PROGRAM

FOR INDIVIDUALS AT “C” LEVEL AND BELOW

 

Assumptions:

 

•   The critical dimensions are the length of time the person is needed and the criticality of the individual

 

•   All awards are paid as a lump sum cash bonus

 

•   Participants may face the possibility of job loss at end of assignment/project

 

•   Retention bonus is in addition to standard severance but is not covered compensation for employee benefits purposes

 

Est. Retention Time

(months)

    % of Salary Paid as Retention Bonus
    
   Employee Criticality
    
   3
   2
   1
    
12 +    30%   40%   50%    
10 - 12    25%   35%   40%    
7 - 9    15%   25%   30%    
3 - 6    10%   15%   20%    

 

DEFINITIONS OF EMPLOYEE CRITICALITY

 

#1

 

•   Individual is extremely critical to the project

 

•   Skills are extremely scarce both within Sara Lee and the external marketplace

 

•   Skills are unique to Sara Lee and of a proprietary nature

 

•   Loss of the person seriously jeopardizes the successful completion of the project

 

•   Staffing alternatives are extremely limited, even from external temporary sources

 

#2

 

•   Individual is critical to the completion of the project

 

•   Skills are scarce both within Sara Lee and the marketplace but there are back-up staffing sources

 

•   Loss of this person would delay the project completion and result in higher costs as a result of alternative staffing and lost productivity

 

#3

 

•   Individual is important to the project’s completion but may be a member of a team that could back-fill in event of loss

 

•   Skills are in short supply but alternatives would be available but at a higher cost and lower productivity level

 

•   Loss of person would be disruptive to the process and would complicate but not jeopardize the completion of the project