This excerpt taken from the HBI 8-K filed Sep 5, 2006.
Following the spin off, we will have a continuing relationship with Sara Lee as a result of the agreements we will enter into in connection with the spin off, including the master separation agreement and the master transition services agreement. For more information, see Agreements with Sara Lee and Note 20 to our Combined and Consolidated Financial Statements.
Certain of our directors and executive officers own Sara Lee common stock and vested Sara Lee options or are employees or former employees of Sara Lee. Following the spin off, we expect our directors and executive officers to beneficially own 12,342 shares of Sara Lee common stock, based on their holdings as of July 3, 2006. In addition, as of July 3, 2006, our directors and executive officers beneficially held options to purchase 1,609,692 shares of Sara Lee common stock and 364,948 Sara Lee restricted stock units, which will be subject to adjustment in connection with the distribution. These options will continue to be options to purchase Sara Lee common stock and these restricted stock units will continue to be payable in Sara Lee common stock following the distribution. See ManagementTreatment of Sara Lee Stock Options Held by our Employees and ManagementTreatment of Sara Lee Restricted Stock Units Held by our Employees.