RIDGWAY ROZANNE L 4
4 · LEE SARA CORP · Filed Oct 30, 2006
Insider Transaction Report
Form 4
RIDGWAY ROZANNE L
Director
Transactions
- Exercise/Conversion
Employee Stock Option (right to buy)
2006-10-27−3,903→ 0 totalExercise: $15.63Exp: 2006-11-01→ Common Stock (3,903 underlying) - Exercise/Conversion
Common Stock
2006-10-27$15.63/sh+3,903$61,001→ 40,990 total
Footnotes (3)
- [F1]Includes 14,281 restricted stock units ("RSUs") that may be settled only for shares of common stock. RSUs vest one year after the grant date and, on the settlement date, are converted into shares of common stock on a one-for-one basis. The settlement date is either three years after the date of grant, for RSUs granted before July 2005, or six months after the reporting person ceases to be a director of Sara Lee, for other RSUs.
- [F2]On September 5, 2006, Sara Lee Corporation ("Sara Lee") distributed, as a pro rata stock dividend, all of the shares of its wholly-owned subsidiary, Hanesbrands Inc. ("Hanesbrands"), to holders of record of Sara Lee common stock as of the close of business on August 18, 2006 (the "spin off"). Effective upon completion of the spin off, the Compensation and Employee Benefits Committee of Sara Lee?s Board of Directors adjusted all outstanding Sara Lee RSUs to preserve the pre-spin off intrinsic value of such RSUs. As a result, on September 6, 2006, 12,296 RSUs held by the reporting person immediately prior to the spin off were adjusted to equal 14,281 RSUs.
- [F3]Option is fully vested and immediately exercisable.