Document:

EX-4.2

Exhibit 4.2

GENERAL MILLS, INC.

OFFICERS’ CERTIFICATE

AND

AUTHENTICATION ORDER

Pursuant to the Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between
General Mills, Inc. (the “Company”) and U.S. Bank National Association (formerly known as First
Trust of Illinois, National Association), as trustee (the “Trustee”), resolutions adopted by the
Board of Directors of the Company on April 24, 2012 and the Finance Committee of the Board of
Directors of the Company on June 24, 2013, this Officers’ Certificate and Authentication Order is
being delivered to the Trustee to establish the terms of a series of Securities in accordance with
Section 301 of the Indenture, to establish the form of the Securities of such series in accordance
with Section 201 of the Indenture, to request the authentication and delivery of the Securities of
such series pursuant to Section 303 of the Indenture and to comply with the provisions of
Section 102 of the Indenture.

Capitalized terms used but not defined herein and defined in the Indenture shall have the
respective meanings ascribed to them in the Indenture.

A. Establishment of Series Pursuant to Section 301 of Indenture. There is hereby established
pursuant to Section 301 of the Indenture a series of Securities which shall have the following
terms (the numbered clauses set forth below correspond to the numbered subsections of Section 301
of the Indenture):

(1) The series of Securities being authorized shall bear the title “3.650% Notes due
2024” (the “Notes”).

(2) There shall be no limit upon the aggregate principal amount of the Notes which may
be authenticated and delivered under the Indenture; provided, however, that the aggregate
principal amount of Notes to be authenticated and delivered under the Indenture pursuant to
this Officers’ Certificate and Authentication Order shall be limited to the amount set forth
in Section C below (except for Notes authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305,
306, 906 or 1107 of the Indenture and except for any Notes which, pursuant to Section 303 of
the Indenture, are deemed never to have been authenticated and delivered under the
Indenture).

(3) Interest on each Note will be paid to the Person in whose name the Note is
registered at the close of business on the Regular Record Date (as defined in paragraph 5
below), except that interest due at Maturity will be paid to the Person to whom the
principal of the Note is paid.

(4) The Notes will mature on February 15, 2024, unless the principal of any Note, or
any installment of principal, becomes due and payable prior to such date. If the date of
Maturity of a Note is not a Business Day, the payment due on such day shall be made on the
next succeeding Business Day and no additional interest shall accrue for the period from
Maturity to that next succeeding Business Day.

(5) Each Note will bear interest from and including January 28, 2014 or from and
including the most recent Interest Payment Date (as defined below) as to which interest on
such Note (or any Predecessor Security with respect to such Note) has been paid or made
available for payment at an annual rate of 3.650% until the principal of the Note is paid or
made available for payment. Each payment of interest on a Note will include interest to,
but excluding, as the case may be, the relevant Interest Payment Date or Maturity.

The “Interest Payment Dates” for the Notes will be February 15 and August 15 of each
year beginning on August 15, 2014 and the Regular Record Dates will be the February 1 or
August 1, respectively, next preceding such Interest Payment Date whether or not a Business
Day. If any Interest Payment Date is not a Business Day, the payment due on such day shall
be made on the next succeeding Business Day and no additional interest shall accrue for the
period from such Interest Payment Date to that next succeeding Business Day.

Interest (including interest for partial periods) will be calculated on the basis of a
360-day year of twelve 30-day months.

(6) Payment of principal of and premium (if any) and interest on each Note that is
represented by a Global Security will be made to the Depositary (as specified in paragraph
16 below) or its nominee, as the case may be, as the sole registered owner and the sole
Holder of the Notes represented thereby for all purposes under the Indenture.

Payment of principal of and premium (if any) and interest on each Note that is not
represented by a Global Security will be made upon presentation and surrender of such Note
at the office or agency maintained by the Company for that purpose in the Borough of
Manhattan, the City of New York (which shall initially be the office of the Trustee).
Registered Holders that wish to receive payment in immediately available funds must provide
appropriate written wire transfer instructions sufficiently in advance of the payment date
and present the Note in time for the party making the payment to make payments in such funds
in accordance with its normal procedures. Any wire transfer instructions received by a
party making payments shall remain in effect until revoked by the registered Holder.
Payment in accordance with written wire transfer instructions from a registered Holder shall
be deemed to constitute full and complete payment of all amounts so paid. The Company may,
at its option, elect to make payments of interest other than at Maturity by check mailed to
the address of the registered Holder thereof as of the close of business on the relevant
Regular Record Date as such address appears in the Security Register.

The “Place of Payment” with respect to the Notes shall be the City of New York.

(7) The Company may redeem the Notes, in whole or in part, at its option at any time or
from time to time. The Redemption Price for the Notes being redeemed on any Redemption Date
that is prior to November 15, 2023 (the date that is three months prior to the Maturity of
the Notes) will be equal to the greater of (i) 100% of the principal amount of the Notes
being redeemed on the Redemption Date and (ii) as determined by the Quotation Agent (as
defined below), the sum of the present values of the remaining scheduled payments of
principal and interest on the Notes being redeemed on the Redemption Date (not including any
portion of such payments of interest accrued as of the Redemption Date) discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months or in the case of an incomplete month, the number of days elapsed) at the Adjusted
Treasury Rate (as defined below) plus 15 basis points, plus, in the case of both (i) and
(ii) above, accrued and unpaid interest on the Notes to but excluding the Redemption Date.
The Redemption Price for the Notes being redeemed on any Redemption Date that is on or after
November 15, 2023 (the date that is three months prior to the Maturity of the Notes) will be
equal to 100% of the principal amount of the Notes being redeemed on the Redemption Date,
plus accrued and unpaid interest on the Notes to but excluding the Redemption Date.
Notwithstanding the foregoing, installments of interest on Notes that are due and payable on
Interest Payment Dates falling on or prior to a Redemption Date will be payable on the
Interest Payment Date to the Holders as of the close of business on the relevant Regular
Record Date. Notice of redemption will be given to the registered Holders of the Notes to
be redeemed not less than 30 nor more than 60 days prior to the Redemption Date, which date
and the applicable Redemption Price will be specified in the notice. Once notice of
redemption is mailed, the Notes or any portion of the Notes called for redemption will
become due and payable on the Redemption Date and at the applicable Redemption Price, plus
accrued and unpaid interest to, but excluding, the Redemption Date. On and after the
Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes
called for redemption (unless the Company defaults in the payment of the Redemption Price
and accrued interest). On or before the Redemption Date, the Company will deposit with a
Paying Agent (or the Trustee) money sufficient to pay the Redemption Price of and accrued
interest on the Notes or any portion of the Notes to be redeemed on that date. For purposes
of the foregoing: (a) “Adjusted Treasury Rate” means, with respect to any Redemption Date,
the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue (as defined below), calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price (as defined below) for such Redemption Date; the Adjusted Treasury Rate shall be
calculated on the third Business Day preceding the Redemption Date; (b) “Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes; (c) “Comparable Treasury Price” means, with respect to any Redemption Date,
the average of the Reference Treasury Dealer Quotations (as defined below) for such
Redemption Date; (d) “Quotation Agent” means the Reference Treasury Dealer (as defined
below) appointed by the Trustee after consultation with the Company; (e) “Reference Treasury
Dealer” means any primary U.S. government securities dealer in the United States selected by
the Trustee after consultation with the Company; (f) “Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the
Trustee by such Reference Treasury Dealer at 5:00 p.m. in the City of New York on the third
Business Day preceding such Redemption Date.

(8) If a Change of Control Triggering Event (as defined in the form of Note attached
hereto as Exhibit A) shall have occurred, holders of the Notes may require the Company to
repurchase all or any part of the Notes in the manner provided and subject to the
limitations set forth in the form of Note attached hereto as Exhibit A.

(9) The Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof.

(15) The Notes shall be defeasible, in whole or any specified part, pursuant to Section
1302 or Section 1303 of the Indenture or both such Sections.

(16) The Notes shall be issuable in whole or in part in the form of one or more Global
Securities registered in the name of the Depositary or its nominee. The Depositary with
respect to such Global Securities shall be The Depository Trust Company. The Global
Securities shall bear the legends set forth on the form of Note attached hereto as Exhibit
A. Such Global Security may not be exchanged in whole or in part for Securities registered,
and no transfer of such Global Security in whole or in part may be registered, in the name
or names of Persons other than the Depositary for such Global Security or a nominee thereof,
unless (a) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and, in either
case, the Company does not appoint a successor Depositary within 90 days after receiving
that notice or becoming aware that the Depositary is no longer so registered, (b) the
Company executes and delivers to the Trustee a Company Order that such Global Security shall
be so exchangeable or (z) an Event of Default with respect to such Global Security has
occurred and is continuing, and the Depositary requests the issuance of Securities
registered in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof. So long as the Depositary or its nominee is the registered
holder of any Global Security, the Depositary or its nominee, as the case may be, will be
considered the sole Holder of the Notes represented by such Global Security for all purposes
under the Notes and the Indenture.

B. Establishment of Form of Securities Pursuant to Section 201 of the Indenture. In
accordance with Section 201 of the Indenture, the form attached hereto as Exhibit A is hereby
established as the form to represent the Notes.

C. Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the
Indenture. Pursuant to Section 303 of the Indenture, you are hereby requested, as Trustee under
the Indenture, to authenticate, in the manner provided by the Indenture, $500,000,000 aggregate
principal amount of the Notes registered in the name of Cede & Co., which Notes have been
heretofore duly executed by the proper officers of the Company and delivered to you as provided in
the Indenture, and to deliver said authenticated Notes to Morgan Stanley & Co. LLC through the
facilities of The Depository Trust Company against payment therefor on January 28, 2014.

D. Certification Pursuant to Section 102 of the Indenture. Each of the undersigned has read
the pertinent sections of the Indenture, including Sections 201, 301 and 303 thereof and the
definitions in the Indenture relating thereto, and certain other corporate documents and records.
In the opinion of each of the undersigned, the undersigned has made such examination or
investigation as is necessary to enable the undersigned to express an informed opinion as to
whether or not the conditions precedent to (i) the establishment of (a) a series of Securities and
(b) the form of such Securities and (ii) the issuance, authentication and delivery of such series
of Securities contained in the Indenture have been complied with. In the opinion of the
undersigned, all conditions precedent to (x) the establishment of the Notes and the form of the
Notes and (y) the issuance, authentication and delivery of the Notes have been complied with.

Insofar as this Officers’ Certificate and Authentication Order relates to legal matters, it is
based upon the Opinion of Counsel delivered by the Company to the Trustee contemporaneously
herewith.

[Remainder of Page Intentionally Blank]

IN WITNESS WHEREOF, the undersigned have hereunto signed our names on behalf of the Company.

Dated: January 28, 2014

	 	 	GENERAL MILLS, INC.

	 	 	By /s/ Donal L. Mulligan

	 	 	Donal L. Mulligan

Its Executive Vice President, Chief Financial Officer

	 	 	By /s/ Kofi A. Bruce

	 	 	Kofi A. Bruce

Its Vice President, Treasurer

CERTIFICATION

I, Chris A. Rauschl, an Assistant Secretary of the Company, do hereby certify that Donal L.
Mulligan is on the date hereof the duly elected or appointed Executive Vice President, Chief
Financial Officer of the Company and the signature set forth above is his own true signature, and
further certify that Kofi A. Bruce is on the date hereof the duly elected or appointed Vice
President, Treasurer of the Company and the signature set forth above is his own true signature.

/s/ Chris A. Rauschl

Chris A. Rauschl

Assistant Secretary

EXHIBIT A

REGISTERED NO. PRINCIPAL AMOUNT: $

GENERAL MILLS, INC.

3.650% NOTES DUE 2024

CUSIP NO. 370334 BT0 ISIN No. US370334BT00 Common Code No. 102376366

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

GENERAL MILLS, INC., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &CO., or registered
assigns, the principal sum of            Dollars (U.S. $ ) on February 15, 2024
(the “Maturity Date”), and to pay interest thereon from and including January 28, 2014 or the most
recent Interest Payment Date (as defined below) as to which interest has been paid or made
available for payment, semiannually in arrears on February 15 and August 15 in each year (each an
“Interest Payment Date”), commencing on August 15, 2014, at the rate of 3.650% per annum until the
principal hereof has been paid or duly made available for payment. Interest (including interest
for partial periods) will be calculated on the basis of a 360-day year of twelve 30-day months.
Each payment of interest hereon will include interest to, but excluding, as the case may be, the
relevant Interest Payment Date or Maturity.

The interest so payable, and punctually paid or made available for payment, on any Interest
Payment Date will, as provided for in the Indenture, be paid to the Person in whose name this Note
(or one or more Predecessor Securities with respect hereto) is registered at the close of business
on the Regular Record Date for such Interest Payment Date, which shall be the February 1 or August
1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date;
except that interest due at Maturity will be paid to the Person to whom the principal is paid. Any
such interest not so punctually paid or made available for payment will forthwith cease to be
payable to the Person in whose name this Note (or one or more Predecessor Securities with respect
hereto) is registered at the close of business on such Regular Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to the Holder of this Note not less than 10 days
prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

Payment of principal of and premium (if any) and interest on this Note will be made to The
Depository Trust Company or its nominee, as the case may be, as the sole registered owner and the
sole Holder of the Note represented hereby for all purposes under the Indenture.

The “Place of Payment” with respect to this Note shall be the City of New York.

All payments on this Note will be made in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts.

Any payment on this Note due on a day that is not a Business Day will be made on the next
succeeding Business Day with the same force and effect as if made on the due date and no additional
interest shall accrue for the period from and after such date.

Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall have the same effect as though fully set forth in this
place.

Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the
Indenture, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and has caused
a facsimile of its corporate seal to be affixed hereto or imprinted hereon.

Dated:

	 	 	 	 	 
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 	GENERAL MILLS, INC.
	This is one of the Securities

of the series designated herein

referred to in the within-mentioned

Indenture.

	 	

By:
	 	

	
 
	 	 	 	 
	
 
	 	 	 	Kofi A. Bruce

Its Vice President, Treasurer

U. S. BANK NATIONAL ASSOCIATION, as Trustee

	 	 	 
	 	 	Attest:

	 	 	 

	By:      

Authorized Officer
	 	Chris A. Rauschl

Its Assistant Secretary

	OR
	 	

	     
	 	[SEAL]

as Authenticating Agent for the Trustee

By:      

Authorized Officer

1

[REVERSE OF NOTE]

GENERAL MILLS, INC.

3.650% NOTES DUE 2024

This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of
February 1, 1996 (herein called the “Indenture”, which term shall have the meaning assigned to it
in such instrument), between the Company and U.S. Bank National Association (f.k.a. First Trust of
Illinois, National Association), as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and
of the terms upon which the Securities are, and are to be, authenticated and delivered. By the
terms of the Indenture, additional Securities of other separate series, which may vary as to date,
amount, Stated Maturity, interest rate or method of calculating the interest rate and in other
respects as therein provided, may be issued in an unlimited principal amount. This Note is one of
a series of the Securities designated as 3.650% Notes due 2024 (the “Notes”).

In case an Event of Default with respect to the Notes shall have occurred and be continuing,
the unpaid principal hereof may be declared, and upon such declaration shall become, due and
payable in the manner, with the effect and subject to the conditions provided in the Indenture.

The Company may at its option redeem this Note in whole or from time to time in part either
(i) at the Make-Whole Price (as defined below), if the Redemption Date is prior to November 15,
2023 (the date that is three months prior to the Maturity Date) or (ii) at the Par Price (as
defined below), if the Redemption Date is on or after November 15, 2023 (the date that is three
months prior to the Maturity Date); provided that the principal amount of this Note remaining
outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess
thereof. The Company may exercise such option by mailing or causing the Trustee to mail a notice
of such redemption at least 30 but not more than 60 days prior to the Redemption Date. In the
event of redemption of this Note in part only, a new Note or Notes for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. If less than
all of the Securities with like tenor and terms to this Security are to be redeemed, the Securities
to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and
appropriate. The Company shall notify the Trustee of the Make-Whole Price with respect to any
redemption made prior to November 15, 2023 promptly after the calculation thereof, and the Trustee
shall not be responsible for such calculation.

“Make-Whole Price” means an amount equal to the greater of (i) 100% of the principal amount of
this Note to be redeemed and (ii) as determined by the Quotation Agent (as defined below), the sum
of the present values of the remaining scheduled payments of principal and interest thereon (not
including any portion of such payments of interest accrued as of the Redemption Date) discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months or in the case of an incomplete month, the number of days elapsed) at the Adjusted Treasury
Rate (as defined below) plus 0.15%, plus, in the case of both (i) and (ii), accrued and unpaid
interest to the Redemption Date. Unless the Company defaults in payment of the Make-Whole Price,
on and after the Redemption Date, interest will cease to accrue on the principal amount of this
Note to be redeemed.

“Par Price” means an amount equal to 100% of the principal amount of this Note to be redeemed
on the Redemption Date, plus accrued and unpaid interest to the Redemption Date. Unless the
Company defaults in payment of the Par Price, on and after the Redemption Date, interest will cease
to accrue on the principal amount of this Note to be redeemed.

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (as defined
below), calculated using a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price (as defined below) for such Redemption
Date. The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the date
of redemption.

“Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of this Note to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of this Note.

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the
Reference Treasury Dealer Quotations (as defined below) for such Redemption Date.

“Quotation Agent” means the Reference Treasury Dealer (as defined below) appointed by the
Trustee after consultation with the Company.

“Reference Treasury Dealer” means any primary U.S. government securities dealer in the United
States selected by the Trustee after consultation with the Company.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. in the City of New
York on the third Business Day preceding such Redemption Date.

If a Change of Control Triggering Event shall have occurred, the Holder of this Note may
require the Company to repurchase all or any part (equal to an integral multiple of $1,000) of this
Note at a purchase price equal to 101% of the principal amount of, plus accrued and unpaid
interest, if any, to the date of purchase on, the Note (or part thereof) to be purchased (unless
the Company shall have mailed or caused to be mailed a notice of redemption within 30 days after
such Change of Control Triggering Event stating that all of the Notes will be redeemed); provided
that the principal amount of this Note remaining outstanding after a repurchase in part shall be
$2,000 or an integral multiple of $1,000 in excess thereof. Within 30 days after any Change of
Control Triggering Event, the Company shall mail or cause the Trustee to mail a notice describing
the transaction or transactions constituting the Change of Control Triggering Event and offering to
repurchase the Notes. Such repurchase must occur no earlier than 30 days and no later than 60 days
after the date such notice is mailed.

On the date specified for repurchase of the Notes, the Company shall, to the extent lawful:

	 	•	 	accept for payment all Notes or portions of Notes properly tendered pursuant to the
offer to repurchase the Notes;

	 	•	 	deposit with the Paying Agent the required payment for all Notes or portions of Notes
properly tendered pursuant to the offer to repurchase the Notes; and

	 	•	 	deliver to the Trustee the repurchased Notes, accompanied by an Officers’ Certificate
stating the aggregate principal amount of Notes repurchased pursuant to the offer to
repurchase the Notes.

The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act
of 1934, as amended, and any other securities laws and regulations applicable to the repurchase of
the Notes. To the extent that these securities laws and regulations conflict with the provisions
of this Note requiring repurchase of the Notes upon a Change of Control Triggering Event, the
Company shall comply with these securities laws and regulations instead of the repurchase
provisions of this Note, and the Company will not be considered to have breached its obligation to
repurchase the Notes. Additionally, if an Event of Default unrelated to the repurchase provisions
of this Note exists under the Indenture, including Events of Default arising with respect to other
issues of Securities, the Company shall not be required to repurchase the Notes, notwithstanding
the repurchase provisions of this Note.

The Company shall not be required to comply with obligations relating to repurchase of the
Notes upon a Change of Control Triggering Event if a third party satisfies such obligations.

“Change of Control” means the occurrence of any of the following: (a) the consummation of any
transaction (including, without limitation, any merger or consolidation) resulting in any “person”
(as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended)
(other than the Company or one of its subsidiaries) becoming the beneficial owner (as defined in
Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into which the
Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting
power rather than number of shares; (b) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in a transaction or a series of related
transactions, of all or substantially all of the assets of the Company and its subsidiaries, taken
as a whole, to one or more Persons (other than the Company or one of its subsidiaries); or (c) the
first day on which a majority of the members of the Board of Directors of the Company are not
Continuing Directors. Notwithstanding the foregoing, a transaction will not be considered to be a
Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary of a
holding company and (b)(y) immediately following such transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the Holders of the
Company’s Voting Stock immediately prior to such transaction or (z) immediately following such
transaction no Person is the beneficial owner, directly or indirectly, of more than 50% of the
Voting Stock of the holding company.

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Rating Event.

“Continuing Directors” means, as of any date of determination, any member of the Company’s
Board of Directors who (a) was a member of the Board of Directors on January 28, 2014 or (b) was
nominated for election, elected or appointed to the Board of Directors with the approval of a
majority of the Continuing Directors who were members of the Board of Directors at the time of such
nomination, election or appointment (either by a specific vote or by approval of a proxy statement
of the Company in which such member was named as a nominee for election as a director, without
objection to such nomination).

“Fitch” means Fitch Ratings.

“Investment Grade Rating” means a rating equal to or higher than BBB– (or the equivalent) by
Fitch, Baa3 (or the equivalent) by Moody’s and BBB– (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by
the Company.

“Moody’s” means Moody’s Investors Service, Inc.

“Rating Agencies” means (a) each of Fitch, Moody’s and S&P; and (b) if any of Fitch, Moody’s
or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical rating
organization’’ (as defined in Section 3(a)(62) of the Securities Exchange Act of 1934, as amended)
selected by the Company as a replacement Rating Agency for a former Rating Agency.

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the
Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within
the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the
earlier of (a) the occurrence of a Change of Control and (b) public notice of the occurrence of a
Change of Control or the Company’s intention to effect a Change of Control; provided that a Rating
Event will not be deemed to have occurred in respect of a particular Change of Control (and thus
will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering
Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm
or inform the Trustee in writing at the request of the Company that the reduction was the result,
in whole or in part, of any event or circumstance comprised of or arising as a result of, or in
respect of, the Change of Control (whether or not the applicable Change of Control has occurred at
the time of the Rating Event).

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.

“Voting Stock” means, with respect to any specified person (as that term is used in Section
13(d)(3) of the Securities Exchange Act of 1934, as amended) as of any date, the capital stock of
such person that is at the time entitled to vote generally in the election of the board of
directors of such person.

The Company may, without the consent of the Holders of the Notes, issue additional Securities
having the same ranking and the same interest rate, maturity and other terms as the Notes (except
for the public offering price and issue date and, in some cases, the first interest payment date).
Any additional Securities having the same terms, together with these Notes, will constitute a
single series of Notes under the Indenture; provided that, if the additional Securities are not
fungible with these Notes for U.S. federal income tax purposes, the additional Securities will have
a different CUSIP number. No such additional Securities having the same ranking and the same
interest rate, maturity and other terms as the Notes (except for the public offering price and
issue date and, in some cases, the first interest payment date) may be issued if an Event of
Default has occurred with respect to these Notes.

The Indenture contains provisions for defeasance at any time of either the entire principal of
the Notes or of certain covenants and Events of Default with respect to the Notes, in either case
upon compliance by the Company with certain conditions set forth in the Indenture.

This Global Security is exchangeable for definitive Notes only if (x) the Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for this Global Security or if
at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended, and, in either case, the Company does not appoint a successor Depositary
within 90 days after receiving that notice or becoming aware that the Depositary is no longer so
registered, (y) the Company executes and delivers to the Trustee a Company Order that this Global
Security shall be so exchangeable or (z) an Event of Default with respect to the Notes represented
hereby has occurred and is continuing and the Depositary requests the issuance of definitive Notes.
In such case, this Global Security shall be exchangeable into Notes issuable only in denominations
of $2,000 and integral multiples of $1,000 in excess thereof. No Notes shall be issuable in
denominations of less than $2,000. If this Global Security is exchangeable pursuant to the
preceding sentences, it shall be exchangeable for definitive Notes, bearing interest at the same
rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms in
registered form and of differing denominations aggregating a like amount.

As provided in the Indenture and subject to the limitations herein and therein set forth, the
transfer of this Note is registrable in the Security Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company in any place where the principal of
and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed by the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon
one or more new Notes of authorized denominations and for the same aggregate principal amount will
be issued to the designated transferee or transferees.

The Notes are issuable only in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. No Notes will be issuable in denominations of less
than $2,000. As provided in the Indenture and subject to the limitations herein and therein set
forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor
in denominations of $2,000 and integral multiples of $1,000 in excess thereof, as requested by the
Holder surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the places, at the respective times and at the rate
herein prescribed.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount of the Notes at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Note for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may deem and treat the Person in whose name this Note
is registered as the absolute owner of this Note at such holder’s address as it appears on the
Security Register (whether or not this Note shall be overdue) for the purpose of receiving payment
of or on account hereof and for all other purposes, and neither the Company nor the Trustee nor any
such agent shall be affected by any notice to the contrary. All payments made to or upon the order
of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and
discharge liability for moneys payable on this Note.

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in any indenture supplemental thereto or any Note, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, or against any past, present or future stockholder,
officer or director, as such, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such personal liability of every such incorporator, stockholder, officer and
director, as such, being expressly waived and released by acceptance hereof and as a condition of
and as part of the consideration for the issuance of this Note.

Capitalized terms used herein which are not defined herein shall have the respective meanings
assigned thereto in the Indenture.

The Indenture is, and this Note shall be, governed by and construed in accordance with the
laws of the State of New York.

2

___________________________

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 
	TEN COM	 	as tenants in common	 	 	UNIF TRAN MIN ACT ______CUSTODIAN______
	TEN ENT	 	as tenants by the entireties	 	 	(Cust) (Minor)
	JT TEN	 	as joint tenants with right	 	 	Under Uniform Transfers to Minors Act
	 	 	 	 	of survivorship and not as	 	 	 
	 	 	 	 	tenants in common	 	 	________________________________
	 	 	 	 	 	 	 	(State)

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

Please insert Social Security or

Other identifying Number of Assignee

      

/      /
     

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

     
     

     
     

the within Note of GENERAL MILLS, INC. and does hereby irrevocably constitute and appoint
     

     attorney to transfer said Note on the books of the
Company, with full power of substitution in the premises.

Dated:              

      

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.

3EX-10.78

EMPLOYMENT AGREEMENT

AGREEMENT made and entered into in Littleton, Massachusetts, by and between Dover Saddlery,
Inc. (the “Company”), a Delaware corporation with its principal place of business at Littleton,
Massachusetts, and David R. Pearce (the “Executive”), effective as of the 27th day of January 2014.

WHEREAS, the operations of the Company are a complex matter requiring direction and leadership
in a variety of arenas;

WHEREAS, the Executive possesses the experience and expertise to provide the direction and
leadership required by the Company and its Affiliates from his business experience prior to joining
the Company and his years of service to the Company; and

WHEREAS, subject to the terms and conditions hereinafter set forth, the Company therefore
wishes to establish the terms of the continued employment of the Executive as its Chief Financial
Officer, and the Executive agrees to so establish such terms of his employment;

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms,
provisions and conditions set forth in this Agreement, the parties hereby agree:

1. Employment. Subject to the terms and conditions set forth in this Agreement, the
Company hereby offers and the Executive hereby accepts employment on the terms set forth in this
Agreement.

2. Term. Subject to earlier termination as hereafter provided, this Agreement shall
have an initial twenty-four month term; the original term hereof shall end on December 15, 2015.
Unless terminated pursuant to another provision of this Agreement, this Agreement shall thereafter
have a rolling twelve-month term, but may at any time be terminated by either party by giving not
less than twelve months written notice of the termination date. The term of this Agreement, as
from time to time extended or renewed, is hereafter referred to as “the term of this Agreement” or
“the term hereof.”

3. Capacity and Performance.

(a) During the term hereof, the Executive shall serve the Company as its Chief Financial
Officer. In addition, and without further compensation, the Executive shall serve as a director of
the Company, if so elected by the stockholders of the Company, and shall serve as a director of one
or more of the Company’s Affiliates if so elected from time to time.

(b) During the term hereof, the Executive shall be employed by the Company on a full-time
basis and shall have all powers and duties consistent with the position of Chief Financial Officer,
subject to the direction of the President.

(c) During the term hereof, the Executive shall devote his full business time and his best
efforts, business judgment, skill and knowledge exclusively to the advancement of the business and
interests of the Company and its Affiliates and to the discharge of his duties and responsibilities
hereunder; provided, however, that this provision shall not prevent the Executive from managing his
personal investments, serving on outside advisory boards, boards of directors and engaging in civic
and charitable activities outside of normal business hours.

(d) Except for required travel on the Company’s business to an extent substantially consistent
with his present business travel obligations and except for attendance at meetings of the Board of
Directors of the Company and/or its Affiliates, the Executive shall not be required to work on a
regular basis at any location outside of the Commonwealth of Massachusetts.

4. Compensation and Benefits. As compensation for all services performed by the
Executive under and during the term hereof and subject to performance of the Executive’s duties and
of the obligations of the Executive to the Company and its Affiliates pursuant to this Agreement.

(a) Base Salary. During the term hereof, the Company shall pay the Executive a salary
at the rate of Two Hundred Twelve Thousand One Hundred Eighty Dollars ($212,180.00) per annum,
payable in accordance with the payroll practices of the Company for its executives. Such base
salary is hereafter referred to as the “Base Salary.” The Base Salary will be increased on
September 1 of each year to follow year-to-year increases in the Consumer Price Index for All Urban
Consumers (“CPI-U”) as reported in the immediately preceding December reports.

(b) Incentive and Bonus Compensation. The Executive shall continue to participate in
the Company’s current performance bonus program as described in Exhibit A attached hereto.
Further, if any other incentive or bonus compensation programs are made available to executives of
the Company, generally, the Executive shall be entitled during the term hereof to participate in
such program in accordance with the terms thereof, as such terms may be modified or amended by the
Company from time to time; provided, however, that nothing contained herein shall obligate the
Company to adopt or continue such additional incentive or bonus compensation programs. Any
compensation paid to the Executive under such an incentive or bonus compensation program shall be
in addition to the Base Salary.

(c) Vacations. During the term hereof, the Executive shall be entitled to four (4)
weeks of paid vacation annually, to be taken at such times and intervals as shall be determined by
the Executive, subject to the reasonable business needs of the Company.

(d) Retirement Plans. During the term hereof, the Employee shall be entitled to
participate in and enjoy the benefit of the Company’s 401-K Plan, and any other retirement or
similar plans, programs or arrangements available to Executive Management from time to time. For
purposes of the Agreement, “Executive Management” means the Employee and the other two most highly
paid non-shareholder executive officers of the Company from time to time.

(e) Health, Welfare and Fringe Benefit Plans, Etc. During the term hereof, the
Employee shall at no cost to him be entitled to participate in and enjoy the benefit of all of the
health, medical, dental, cafeteria, reimbursement, accident, travel, insurance, sick leave, other
leaves of absence, holidays and other similar welfare, fringe-benefit or employment-related plans,
programs, arrangements, policies or prerequisites available to Executive Management from time to
time. Participation shall be subject to the terms of the applicable plan documents and the
discretion of the Board or any administrative or other committee provided for in or contemplated by
such plan. The Company may alter, modify, add to or delete its employee benefit plans as they
apply to Executive Management at such times and in such manner as the Company determines to be
appropriate, without recourse by the Executive.

(f) Additional Benefits. In addition to the other compensation and benefits described
in this Section, the Company shall pay or reimburse the Executive for disability, long term care
and life insurance at an annual cost of an amount not to exceed Seven Thousand Five Hundred Dollars
($7,500.00).

(g) Business Expenses. The Company shall pay or reimburse the Executive for all
reasonable business expenses incurred or paid by the Executive in the performance of his duties and
responsibilities hereunder including cell phone reimbursement, subject to any restrictions on such
expenses set by the Board and to such reasonable substantiation and documentation as may be
specified by the Company from time to time.

5. Termination of Employment and Severance Benefits. Notwithstanding the provisions
of Section 2 hereof, the Executive’s employment hereunder shall terminate prior to the expiration
of the term hereof under the following circumstances:

(a) Retirement or Death. In the event of the Executive’s retirement or death during
the term hereof, the Executive’s employment hereunder shall immediately and automatically
terminate. In the event of the Executive’s death during the term hereof, the Company shall pay to
the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive,
to his estate, any earned and unpaid Base Salary and any incentive or bonus compensation that is
earned but unpaid, pro rated through the date of his death.

(b) Disability.

(i) The Company may terminate the Executive’s employment hereunder, upon notice to the
Executive, in the event that the Executive becomes disabled during his employment hereunder through
any illness, injury, accident or condition of either a physical or psychological nature and, as a
result, is unable to perform substantially all of his duties and responsibilities hereunder for a
period of twelve consecutive months, subject to any applicable provisions of the Americans with
Disabilities Act.

(ii) The Board may designate another employee to act in the Executive’s place during any
period of the Executive’s disability. Notwithstanding any such designation, the Executive shall
continue to receive the Base Salary and other benefits in accordance with Section 4 to the extent
provided by the then-current terms of the applicable benefit plans, until the termination of his
employment.

(iii) If any question shall arise as to whether during any period the Executive is disabled
through any illness, injury, accident or condition of either a physical or psychological nature so
as to be unable to perform substantially all of his duties and responsibilities hereunder, the
Executive may, and at the request of the Company shall, submit to a medical examination by a
physician selected by the mutual agreement of the Company and the Executive or his duly appointed
guardian, if any, to determine whether the Executive is so disabled and such determination shall
for the purposes of this Agreement be conclusive of the issue. In the event that the Company and
the Executive are unable to agree upon the selection of the physician to conduct such medical
examination, the Company and the Executive shall each select a physician and the two physicians
shall select a third physician, and the three physicians so selected shall conduct the medical
examination; the determination of the two physicians who agree on whether the Executive is disabled
shall for the purposes of this Agreement be conclusive of the issue. If the question of the
Executive’s disability shall arise and the Executive shall fail to submit to such medical
examination, the Company’s determination of the issue shall be binding on the Executive.

(c) By the Company for Cause. The Company may terminate the Executive’s employment
hereunder for cause at any time upon notice to the Executive setting forth in reasonable detail the
nature of such cause. The following, as determined by the Board in its reasonable judgment, shall
constitute cause for termination:

(i) The Executive’s falsification of the accounts of the Company, embezzlement of funds of the
Company or other fraud with respect to the Company or any of its Affiliates; or

(ii) Conviction of, or a plea of nolo contendre to, a felony; or

(iii) Conduct engaged in by the Executive the continuation of which is not in the best
interests of the Company and which is or if continued would be materially harmful to the business,
interests of reputation of the Company or any of its Affiliates and as to which the Board of
Directors has given the Executive notice in person at a duly called and scheduled meeting of the
Board of Directors and at a minimum a thirty (30) day opportunity to cure.

Upon the giving of notice of termination of the Executive’s employment hereunder for cause, the
Company shall have no further obligation or liability to the Executive, other than the payment of
Base Salary earned and unpaid at the date of termination, and the contribution by the Company to
the cost of the Executive’s participation (subject to any required employee contribution by the
Executive under the terms of the applicable plans) in the Company’s group medical and dental
insurance plans as the same are in effect from time to time for so long as the Executive is
entitled to continue such participation under applicable law and plan terms.

(d) By the Company other than for Cause. The Company may terminate the Executive’s
employment hereunder other than for cause at any time after the initial term upon notice to the
Executive. In the event of such termination, then until the conclusion of a period equal to twelve
(12) months from the date such termination is effective, the Company shall continue to pay the
Executive the Base Salary at the rate in effect on the date of termination. If the date of
termination is on or after July 1st of any year, then the Executive shall also be
entitled to receive a prorated portion of his annual incentive compensation, provided that at the
time of termination the Company is meeting or exceeding the goals previously established under the
annual incentive plan.

(e) By the Executive for Good Reason. The Executive may terminate his employment
hereunder for Good Reason, upon notice to the Company setting forth in reasonable detail the nature
of such Good Reason. The following shall constitute (“Good Reason” for termination by the
Executive:

(i) Failure of the Company to continue the Executive in the position of Chief Financial
Officer;

(ii) Breach by the Company of Section 3(d) hereof or material diminution in the nature or
scope of the Executive’s responsibilities, duties or authority; or

(iii) Any other material breach of this Agreement by the Company and, if such breach may be
cured, the Company’s failure to do so within ten (10) days after written notice thereof.

In the event of termination in accordance with this Section 5(e), then until the conclusion of a
period equal to twelve (12) months from the date such termination is effective, the Company shall
continue to pay the Executive the Base Salary at the rate in effect on the date of termination. If
the date of termination is on or after July 1st of any year, then the Executive shall
also be entitled to receive a prorated portion of his annual incentive compensation, provided that
at the time of termination the Company is meeting or exceeding the goals previously established
under the annual incentive plan.

(f) By the Executive Other than for Good Reason. The Executive may terminate his
employment hereunder at any time upon thirty (30) days’ notice to the Company. In the event of
termination of employment by the Executive pursuant to this Section 5(f), the Board may elect to
waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will
pay the Executive his Base Salary for the notice period (or for any remaining portion of the
period), and the Company shall contribute to the cost of the Executive’s participation (subject to
any required employee contribution by the Executive under the terms of the applicable plans) in the
Company’s group medical and dental insurance plans as the same are in effect from time to time for
so long as the Executive is entitled to continue such participation under applicable law and plan
terms. Except as may be necessary or appropriate in connection with successor employment, the
Executive will keep confidential the termination of his employment pursuant to this Section 5(f)
until the earlier of the Company’s announcement thereof or the expiration of a period of forty-five
(45) days from the Executive’s notice hereunder.

	 	(g)	 	Upon a Change of Control.

(i) If a Change of Control occurs and within two years following such Change of Control the
Company terminates the Executive’s employment other than for Cause or the Executive terminates his
employment for Good Reason, then, in lieu of any payments to or on behalf of the Executive under
Section 5(d) or 5(e) hereof, the Company shall pay the Executive, within ten business days of such
termination, in a lump sum and amount equal to his Base Salary for a twelve (12) month period.

(ii) A Change of Control shall be deemed to take place if at some time after the initial
public offering of the Company’s common shares (A) any Person or “group” (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934), in any transaction or series
of related transactions, becomes a beneficial owner (within the meaning of Rule 13d-3 as
promulgated under the Securities Exchange Act of 1934), directly or indirectly, of securities
representing fifty percent (50%) or more of the total number of votes that may be cast for the
election of directors of the Company; (B) any merger or consolidation involving the Company (other
than a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) at
least 51% of the combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation); (C) the sale , lease,
conveyance or other disposition of all or substantially all of the Company’s assets as an entirety
or substantially as an entirety to any Person or group (as defined above) acting in concert, other
than in the ordinary course of business; or (D) the stockholders of the Company approve a plan of
complete liquidation of the Company or an agreement for the sale or disposition by the Company of
all or substantially all the Company’s assets.

(h) The Company shall promptly reimburse the Executive for the

amount of all reasonable attorneys’ fees and expenses incurred by the Executive in seeking to
obtain or enforce any right or benefit provided the Executive under this Section 5.

(i) Post-Agreement Employment. In the event the Executive remains in the employ of
the Company or any of its Affiliates following termination of this Agreement, by the expiration of
the term hereof or otherwise, then such employment shall be at will.

6. Effect of Termination. The provisions of this Section 6 shall apply to termination
due to the expiration of the term hereof pursuant to Section 5 or otherwise.

(a) The Company may, as a condition of fulfilling its obligations to the Executive under
Section 5, require the Executive to execute and deliver a release to the effect that performance by
the Company under this Agreement shall constitute full settlement of any claim that the Executive
might otherwise assert against the Company, its Affiliates or any of their shareholders, directors,
officers, employees or agents on account of such termination.

(b) Unless otherwise specifically provided herein, benefits shall terminate pursuant to the
terms of the applicable benefit plans based on the date of termination of the Executive’s
employment without regard to any continuation of Base Salary or other payment to the Executive
following such date of termination.

(c) Provisions of this Agreement shall survive any termination if so provided herein or if
necessary or desirable fully to accomplish the purposes of such provision, including without
limitation the obligations of the Executive under Sections 7 and 8 hereof. The obligation of the
Company to make payments to or on behalf of the Executive under Sections 5(d), 5(e) or 5(g) hereof
is expressly conditioned upon the Executive’s continued full performance of his obligations under
Sections 7 and 8 hereof. The Executive recognizes that, except as expressly provided in sections
5(d), 5(e) or 5 (g), no compensation is earned after termination of employment.

7. Confidential Information.

	 	(a)	 	The Executive acknowledges that the Company and its Affiliates

continually develop Confidential Information, that the Executive may develop Confidential
Information for the Company or its Affiliates and that the Executive may learn of Confidential
Information during the course of employment. The Executive will comply with the policies and
procedures of the Company and its Affiliates for protecting Confidential Information and shall
never disclose to any Person (except as required by applicable law or for the proper performance of
his duties and responsibilities to the Company and its Affiliates), or use for his own benefit or
gain, any Confidential Information obtained by the Executive incident to his employment or other
association with the Company or any of its Affiliates. The Executive understands that this
restriction shall continue to apply after his employment terminates, regardless of the reason for
such termination.

(b) All documents, records, tapes and other media of every kind and description relating to
the business, present or otherwise, of the Company or its Affiliates and any copies, in whole or in
part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and
exclusive property of the Company and its Affiliates. The Executive shall safeguard all Documents
and shall surrender to the Company at the time his employment terminates, or at such earlier time
or times as the Board or its designee may specify, all Documents then in the Executive’s possession
or control.

8. Restricted Activities. In consideration of the foregoing, the Executive agrees
that some restrictions on his activities during and after his employment are necessary to protect
the goodwill, Confidential Information and other legitimate interests of the Company and its
Affiliates.

(a) While the Executive is employed by the Company and until the conclusion of a period equal
to twenty-four (24) months from the date the Executive’s employment terminates, (the
“Non-Competition Period”), the Executive shall not, directly or indirectly, whether as
owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the
Company or any of its Affiliates within the United States of America or undertake any planning for
any business competitive with the Company or any of its Affiliates. Specifically, but without
limiting the foregoing, the Executive agrees not to engage in any manner in any activity that is
competitive with the business of the Company or any of its Affiliates as conducted during the
Executive’s employment in the retail store, retail catalog or Internet retail sale of equestrian
products.

(b) The Executive agrees that, during his employment with the Company, will not undertake any
outside activity, whether or not competitive with the business of the Company or its Affiliates,
that could reasonably give rise to a conflict of interest or otherwise interfere with his duties
and obligation to the Company or any of its Affiliates.

(c) The Executive further agrees that while he is employed by the Company and during the
Non-Competition Period, the Executive will not hire or attempt to hire any employee of the Company
or any of its Affiliates, assist in such hiring by any Person, encourage any such employee to
terminate his or her relationship with the Company or any of its Affiliates, or solicit or
encourage any customer or vendor of the Company or any of its Affiliates to terminate its
relationship with them.

(d) The Executive shall specifically not be able to shorten the Non-Competition Period
by waiving his right to receive payments under paragraph 5(d) or 5(e).

9. Notification Requirement. Until the conclusion of the Non-Competition Period, the
Executive shall give notice to the Company of each new business activity he plans to undertake, at
least thirty (30) days prior to beginning any such activity. Such notice shall state the name and
address of the Person for whom such activity is undertaken and the nature of the Executive’s
business relationship(s) and position(s) with such Person. Subject to reasonable confidentiality
requirements of a successor employer, the Executive shall provide the Company with such other
pertinent information concerning such business activity as the Company may reasonably request in
order to determine the Executive’s continued compliance with his obligations under Sections 7 and 8
hereof.

10. Enforcement of Covenants. The Executive acknowledges that he has carefully read
and considered all the terms and conditions of this Agreement, including the restraints imposed
upon him pursuant to Sections 7 and 8 hereof. The Executive agrees that said restraints are
necessary for the reasonable and proper protection of the Company and its Affiliates and that each
of the restraints is reasonable in respect to subject matter, length of time and geographic area.
The Executive further acknowledges that, were he to breach any of the covenants contained in
Sections 7 or 8 hereof, the damage to the Company would be irreparable. The Executive therefore
agrees that the Company, in addition to any other remedies available to it, shall be entitled to
preliminary and permanent injunctive relief against any breach or threatened breach by the
Executive of any of said covenants, without having to post bond. The parties further agree that,
in the event that any provision of Sections 7 or 8 hereof shall be determined by any court of
competent jurisdiction to be unenforceable by reason of its being extended over too great a time,
too large a geographic area or too great a range of activities, such provision shall be deemed to
be modified to permit its enforcement to the maximum extent permitted by law.

11. Definitions. Words or phrases, which are initially capitalized or are within
quotation marks shall have the meanings provided in this Section 11 and as provided elsewhere
herein. For purposes of this Agreement, the following definitions apply:

(a) “Affiliates” means all persons and entities directly or indirectly controlling,
controlled by or under common control with the Company, within the meaning of Rule 405 promulgated
under the Securities Act of 1933, as amended.

(b) “Confidential Information” means any and all information of the Company and its
Affiliates that is not generally known by others with whom they compete or do business, or with
whom they plan to compete or do business and any and all information, publicly known in whole or in
part or not, which, if disclosed by the Company or its Affiliates would assist in competition
against them. Confidential Information includes without limitation non-public information relating
to (i) the development, research, testing, manufacturing, marketing and financial activities of the
Company, (ii) the Manufacturing Processes, (iii) the costs, sources of supply, financial
performance and strategic plans of the Company and its Affiliates, (iv) the identity and special
needs of the customers of the Company and its Affiliates and (v) the people and organizations with
whom the Company and its Affiliates have business relationships and the existence of those
relationships. Confidential Information also includes comparable information that the Company or
any of its Affiliates have received belonging to others or which was received by the Company or any
of its Affiliates with any understanding that it would not be disclosed.

(c) “Manufacturing Processes” means all manufacturing processes planned,
researched, used, licensed or otherwise put into use by the Company or any of its Affiliates,
together with the identity of all subcontractors dealt with during the Executive’s employment.

(d) “Person” means an individual, a corporation, an association, a partnership, an
estate, a trust and any other entity or organization, other than the Company or any of its
Affiliates.

12. Withholding. All payments made by the Company under this Agreement shall be
reduced by any tax or other amounts required to be withheld by the Company under applicable law.

13. Assignment. Neither the Company nor the Executive may make any assignment of this
Agreement or any interest herein, by operation of law or otherwise, without the prior written
consent of the other; provided, however, that the Company may assign its rights and obligations
under this Agreement without the consent of the Executive in the event that the Company shall
hereafter effect a reorganization, consolidate with, or merge into, any other Person or transfer
all or substantially all of its properties or assets to any other Person, subject in such case to
the provisions of Section 5(g) hereof. The Agreement shall inure to the benefit of and be binding
upon the Company and the Executive, their respective successors, executors, administrators, heirs
and permitted assigns. Without limiting the generality of the foregoing, this Agreement shall be
binding upon any successor to the business of the Company as a result of a Change-of-Control
transaction described in Section 5(g)(ii) hereof.

14. Severability. If any portion or provision of this Agreement shall to any extent
be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of
this Agreement, or the application of such portion or provision in circumstances other than those
as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each
portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

15. Waiver. No waiver of any provisions hereof shall be effective unless made in
writing and signed by the waiving party. The failure of either party to require the performance of
any term or obligation of this Agreement, or the waiver by either party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a
waiver of any subsequent breach.

16. Notices. Any and all notices, requests, demands and other communications provided
for by this Agreement shall be in writing and shall be sent by telecopy or sent postage prepaid by
certified mail (return receipt requested) or reputable courier service and shall be deemed given
when so delivered by hand, telex or telecopy, or if mailed, five days after mailing (two business
days in the case of courier service) to the parties as follows: to the Executive at his last known
address on the books of the Company and, in the case of the Company, to its principal place of
business, attention of Chief Executive Officer or to such other address as either party may specify
by notice to the other.

17. Entire Agreement. This Agreement constitutes the entire agreement between the
parties and supersedes all prior communications, agreements and understandings, written or oral,
with respect to the terms and conditions of the Executive’s employment, including the prior
Employment Agreement, dated January 1, 2008.

18. Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by an expressly authorized representative of the Company.

19. Headings. The headings and captions in this Agreement are for convenience only
and in no way define or describe the scope or content of any provision of this Agreement.

20. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be an original and all of which together shall constitute one and the same instrument.

21. Governing Law. This is a Massachusetts contract and shall be construed and
enforced under and be governed in all respects by the laws of the Commonwealth of Massachusetts,
without regard to the conflict of laws principles thereof.

Signature Page Follows.

IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company,
by its duly authorized representative, and by the Executive, as of the date first above written.

	 	 	 
	THE EXECUTIVE
	 	DOVER SADDLERY, INC.

	     
	 	By:     

	 
	 	 

	David R. Pearce
	 	Stephen L. Day

Its President, duly authorized

	 	 	 

1

Exhibit A

Bonus Program

The Executive’s annual bonus will be calculated on the basis of the following table:

	 	 	 
	EBITDA Goal Achievement
	 	EBITDA

Bonus

	 
	 	 

	Below 75%

75% of goal

87.5% of goal

100% of goal
	 	No Bonus

11.67% of salary

23.33% of salary

35.00% of salary

	 	 	 

To the extent that the Company’s actual “Earnings Before Payment of Interest Taxes
Depreciation and Amortization” (“EBITDA”) falls between two of the foregoing milestones, the
Executive’s bonus will be prorated based on a straight-line interpolation.

2

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