EXECUTIVE MANAGEMENT LONG-TERM INCENTIVE PROGRAM FISCAL YEARS 2007-2009

Exhibit 10.5

EXECUTIVE MANAGEMENT LONG-TERM INCENTIVE PROGRAM

FISCAL YEARS 2007-2009

PROGRAM DESCRIPTION

Highlights

This booklet explains the provisions of the Sara Lee Corporation (“SLC”) Executive Management Long-Term Incentive Program (the “EMLTIP” or the “Program”) which covers Fiscal Years 2007 through 2009 (the “Performance Cycle”). The following pages provide detailed information relating to the grant of Performance Stock Units (“PSUs”) awarded 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 Program for Fiscal Years 07-09 to:

Participation

Performance Stock Units

Dividend Equivalents

Performance Measures

Performance-Based Restricted Stock Units

EMLTIP awards are authorized under both the Sara Lee Corporation 1998 and 2002 Long-Term Incentive Stock Plans (“the 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.

PSUs have special restrictions that are based upon both the continued service of Program Participants and SLC’s performance against the established financial performance goal. These restrictions include a prohibition against the transfer of the PSUs during the Performance Cycle. The performance goal is shown in Appendix II. Any shares not earned above the minimum distribution amount 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. Dividend Equivalents are not paid on awards earned in excess of the original PSU grants, i.e. Dividend Equivalents are not paid on shares distributed for performance results above the Median Performance Level.

Amounts credited to the accrued dividend equivalent account at the end of the Performance Cycle 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 in the accrued dividend equivalent account will be paid at the same time the Sara Lee shares of common stock are released. Any excess Dividend Equivalents that were accrued and still remain after determining the number of PSUs earned will be forfeited.

Performance Standards

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

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

S&P Compustat will be used as the external measurement source to determine performance results, Appendix III contains a description of the Compustat metric to be used.

Interpolations are used for results that fall between the performance levels. For performance results above the median of the peer group, additional shares are issued after the end of the Performance Cycle.

Performance Results Examples

Award Grant Notice and Agreement

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

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, 2009, 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

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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 2006 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 the U.S. 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 Agreement to the contrary, if the Participant engages 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 Award, to the extent it remains restricted, shall terminate automatically on the date on which the Participant first engaged in such wrongful conduct, (ii) if the misconduct occurred within six months of a PSU Vesting Date, the Participant shall pay to the Company in cash any financial gain the Participant realized from the vesting of the PSU, and (iii) if the misconduct occurs prior to the Deferred Vesting Date, if applicable, the Participant shall forfeit the deferred PSU and this Award shall terminate automatically on the date on which the Participant first engaged in such wrongful conduct. For purposes of this section, financial gain shall equal, the fair market value of the Common Stock on the Vesting Date, multiplied by the number of PSUs actually distributed pursuant to this 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). By accepting this PSU, the Participant consents to and authorizes the Company to deduct from any amounts payable by the Company to the Participant, any amounts the Participant owes to the Company under this section. This right of set-off is in addition to any other remedies the Company may have against the Participant for breach of this Agreement.

Administrative Guidelines

The following guidelines apply to the FY07-09 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

FY07-09 EMLTIP

Peer Companies for EPS Comparison

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APPENDIX II

FY07-09 EMLTIP

Performance Goal and Weights

FY07-09 Cumulative Diluted EPS Compared to Peer Group

Interpolations are used for results that fall between the performance levels. For performance above median of the peer group, additional shares are issued after the end of the Performance Cycle. No Dividend Equivalents will be paid on any additional shares issued for performance above the median of the peer group performance level.

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APPENDIX III

FY07-09 EMLTIP

S&P COMPUSTAT EPS DEFINITIONS

EPS Diluted – Including Extraordinary Items

Mnemonic: EPSFI

This figure represents earnings per share including extraordinary items and discontinued operations after allowing for the conversion of convertible senior stock and debt, and the exercise of warrants, options outstanding, and agreements for issuance of common shares upon satisfaction of certain conditions. This figure is reported the same as Basic earnings per share if dilution is immaterial (i.e., less than 3%). This figure will always be presented if a diluted earnings per share figure is reported by the company. When a company reports that the calculation of dilutive earnings per share results in anti-dilution, but does not report the anti-dilutive earnings per share, the earnings per share basic will be carried down into earnings per share diluted.

Source: Compustat

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APPENDIX IV

Definitions

The impact of Major Acquisitions and Divestitures made during the Performance Cycle will be excluded from the performance results for the entire three-year Performance Cycle. The impact of all other acquisitions and divestitures will be included in the performance results.

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