NUHN ADRIAAN 4

4 · LEE SARA CORP · Filed Jan 31, 2005

Form 4

Period: 2005-01-27

Executive Vice President

Transactions

Award
common stock
2005-01-27$22.93/sh+26,684$611,998→ 233,929 total
Award
employee stock option (right to buy)
2005-01-27+59,500→ 59,500 total
Exercise: $22.93From: 2005-01-27Exp: 2009-08-26→ common stock (59,500 underlying)
Award
employee stock option (right to buy)
2005-01-27+8,121→ 8,121 total
Exercise: $31.23From: 2005-01-27Exp: 2009-08-24→ common stock (8,121 underlying)
Award
employee stock option (right to buy)
2005-01-27+4,487→ 4,487 total
Exercise: $31.23From: 2005-01-27Exp: 2009-08-24→ common stock (4,487 underlying)

Footnotes (2)

[F1]Consists of restricted stock units that may be settled only for shares of common stock. The restricted stock units will vest in full on January 27, 2008, subject to continued employment with Sara Lee through such date. Upon vesting, the restricted stock units will be converted into shares of common stock on a one-for-one basis.
[F2]Before changes in applicable tax laws, Sara Lee employees in the Netherlands were granted stock options with a 5-year term, rather than the 10-year term of options granted to employees in other countries. To provide Dutch employees with substantially similar economic value as non-Dutch employees, Sara Lee has provided for the automatic grant of a new 5-year option to Dutch employees upon the expiration of an unexercised 5-year option, subject to certain predetermined parameters. The option was granted under this Dutch option regrant program.

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