SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CROWN JAMES S

(Last)

(First)

(Middle)

222 N LASALLE STREET

STE 2000

(Street)

CHICAGO

60601

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Sara Lee Corp [ SLE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2011

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	09/12/2011		P		7,500	A	$17	40,000	I	See ftn.⁽¹⁾
Common Stock	09/12/2011		P		7,500	A	$17	27,500	I	Se ftn.⁽²⁾⁽⁶⁾
Common Stock	09/12/2011		P		7,500	A	$17	27,500	I	See ftn.⁽³⁾⁽⁶⁾
Common Stock	09/12/2011		P		7,500	A	$17	27,500	I	See ftn.⁽⁴⁾⁽⁶⁾
Common Stock	09/12/2011		P		7,500	A	$17	27,500	I	See ftn.⁽⁵⁾⁽⁶⁾
Common Stock								293,529⁽⁹⁾	D
Common Stock								465,000	I	See ftn.⁽⁷⁾
Common Stock								465,000	I	See ftn.⁽⁸⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Held by Spouse

2. Trust owned by child of Reporting Person (SOHC Trust No. 1). The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

3. Trust owned by child of Reporting Person (VSC Trust No. 1). The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

4. Trust owned by child of Reporting Person (HCC Trust No. 1). The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

5. Trust owned by child of Reporting Person (WAHC Trust no. 1). The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

6. Longview Trust Company LLC, an entity for which Reporting Person is a Manager, is the trustee of SOHC Trust No. 1, VSC Trust No. 1, HCC Trust No. 1, and WAHC Trust No. 1, which are trusts whose direct beneficiaries are the Reporting Person's children.

7. Owned by a partnership, Crown Fund, of which Reporting Person is a partner.

8. Owned by a partnership, Crown Fund II, of which Reporting Person is a partner.

9. Includes 103,366 RSUs that may be settled only for shares of common stock. RSUs generally vest one year after the grant date and, on the settlement date, are convertible into shares of common stock on a one-for-one basis. The settlement date is six months after Reporting Person ceases to be a directyor of Sara Lee.

	James S. Crown	09/13/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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