Document:

exv10w1

 

Exhibit 10.1

AMENDED AND RESTATED MANAGEMENT AGREEMENT

     THIS AMENDED AND RESTATED MANAGEMENT AGREEMENT (“Agreement”), effective this 29th day of
December, 2006 (“Effective Date”), is entered into by and between David R. Helwig (“Executive”) and
InfraSource Services, Inc., a Delaware corporation (the “Company”).

     WHEREAS, the Company, InfraSource Incorporated, a Delaware corporation, and Executive
previously have entered into a Management Agreement dated September 24, 2003 (the “Original
Agreement”), pursuant to which the Company currently employs Executive;

     WHEREAS, the Company has completed its transition from a privately-held corporation to a
publicly-traded company and, whereas, Executive has been appointed Chairman of the Board, the
Company and Executive desire to have this Agreement amend and restate the Original Agreement in its
entirety and supersede the Original Agreement in all respects as of the Effective Date, except as
expressly provided otherwise by this Agreement; and

     WHEREAS, the Company desires to continue employing Executive, and Executive desires to
continue providing the Company and its subsidiaries with his services, on the terms and subject to
the conditions set forth herein;

     NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and
agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
agree as follows:

     1. Employment. Subject to the terms and conditions of this Agreement, the Company
agrees to employ Executive, and Executive agrees to be employed by the Company.

     2. Position. During the period of his employment hereunder, Executive agrees to serve
the Company, and the Company shall employ Executive, as Chief Executive Officer of the Company
(“CEO”) and Chairman of the Company’s Board of Directors (“Chairman”) or in such other executive
capacity or capacities as may be mutually agreed to from time to time by the Board of Directors of
the Company (the “Board”), on the one hand, and Executive, on the other hand. Executive shall have
such duties and responsibilities as may be consistent with such positions.

 

 

     3. At-Will Employment and Duties.

          (a) Status. Executive and the Company agree that Executive’s employment hereunder
will be at-will (as defined under applicable law), and may be terminated at any time, for any
reason, at the option of either party, subject to the provisions of Section 5 below.

          (b) Duties. During the period of his employment hereunder and except for illness,
reasonable vacation periods, and reasonable leaves of absence, Executive shall in good faith (i)
devote all of his business time, attention, skill and efforts to the business and affairs of the
Company and its affiliated companies and (ii) report to the Board.

     4. Salary; Incentive Bonus; Reimbursement of Expenses; Other Benefits.

          (a) Salary. During the period of employment under this Agreement Executive shall be
paid a salary at the rate of $500,000 per year (“Base Salary”). The Base Salary shall be reviewed
annually and may be increased (but not decreased, except in the circumstance when management
recommends and the Board approves an across-the-board compensation decrease for the officers of the
Company) as determined by the Board (or any duly authorized committee thereof) in its discretion
taking into account the compensation philosophy adopted by the Board, the Company’s performance,
Executive’s individual performance, benchmark information provided by nationally recognized
consultants retained by the Board (or any duly authorized committee thereof) and other factors it
may deem appropriate.

          (b) Annual Incentive Compensation Program. Executive shall be entitled to participate
in the Annual Incentive Compensation Program (“AICP”) pursuant to the terms and conditions of such
program as it may exist from time to time, provided that the AICP may be amended by the Board in
its discretion, provided:

               (i) Executive’s potential bonus opportunity shall be targeted at 100% of Base Salary which
target may be adjusted from time to time by the Board (or any duly authorized committee thereof) in
its discretion taking into account factors the Board (or such committee) shall determine to be
appropriate, including, without limitation, such factors as the goals of the compensation
philosophy adopted by the Board as applied to the CEO, and benchmark information provided by
nationally recognized consultants retained by the Board (or any duly authorized committee thereof),

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               (ii) Executive’s potential bonus opportunity under the AICP shall be based principally upon
the Company’s consolidated profitability, cash flow, economic value added or other related
financial performance parameters, and such other factors as the Board (or any duly authorized
committee thereof) in its discretion may deem appropriate, and his actual bonus amount shall be
based on achievement of established performance goals, with increased bonus potential for
performance exceeding goals,

               (iii) future changes to the AICP or its formulation shall be made in good faith consultation
with Executive, and

               (iv) if Executive reasonably concludes, and an independent consultant retained by the Board
(or any duly authorized committee thereof) confirms such conclusion, that the new formulation has
had a material negative impact on the Executive’s ability to achieve his bonus target, or the
amount of the Company’s projected bonus pool, the Board (or any duly authorized committee thereof)
shall reasonably consider an adjustment in the program to adjust for such impact.

          (c) Long Term Incentive Plan (LTIP). Executive shall be entitled to participate in
the Long Term Incentive Plan (“LTIP”) pursuant to the terms and conditions of such program as it
may exist from time to time, and as it may be amended by the Board in its discretion, provided:

               (i) Executive shall have a target annual award with a grant date value equal to 200% of Base
Salary, which target value may be adjusted from time to time by the Board (or any duly authorized
committee thereof) taking into account the goals of the compensation philosophy adopted by the
Board as applied to the CEO, the Company’s financial performance, Executive’s individual
performance, benchmark information provided by nationally recognized consultants retained by the
Board (or any duly authorized committee thereof), and other factors the Board (or any duly
authorized committee thereof) in its discretion may deem appropriate. The awards shall take the
form of shares of restricted stock of the Company or options to acquire the Company’s common stock,
pursuant to the terms and conditions of the Company’s 2004 Omnibus Stock Incentive Plan or any
successor thereto (the “Plan”), subject to such terms as the Board (or any duly authorized
committee thereof) shall determine in its discretion.

               (ii) Any option granted under this Section 4(c) and all other options to acquire Company stock
previously granted to Executive (collectively, the “Options”) shall continue to be and become
exercisable in

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accordance with the terms of the related agreements (the “Option Agreements”) evidencing such
Options and Executive shall continue to be able to exercise each such Option in accordance with the
terms of the applicable Option Agreement until the earlier of (1) the expiration of the general
term of the Option or (2) the later of the 15th day of the third month following the date at which,
or December 31 of the calendar year in which, such Option would otherwise have ceased to be
exercisable in accordance with the terms of the Option Agreement.

          (d) Reimbursement of Expenses. The Company shall pay or reimburse Executive, in
accordance with its normal policies and practices, for all reasonable travel and other
out-of-pocket expenses incurred by Executive in performing his obligations under this Agreement.

          (e) Other Benefits. During the period of employment under this Agreement, Executive
shall be entitled to participate in all other benefits of employment generally available to other
senior executives of the Company and those benefits for which such persons are or shall become
eligible, when and as he becomes eligible therefore (including but not limited to any deferred
compensation plan and 401(k) plan). Any material change of benefits actually or potentially
reducing benefits shall be made in good faith consultation with Executive.

     5. Termination of Employment.

          (a) Termination by the Company for Cause. The Company may terminate Executive’s
employment under this Agreement for “Cause” (as hereinafter defined) or otherwise at will at any
time immediately upon written notice, or where applicable, upon Executive’s failure to cure the
breach as provided below, whereupon the Company shall have no further obligation hereunder to
Executive, except for payment of amounts of Base Salary accrued through the termination date. For
purposes of this Agreement, “Cause” shall mean: (i) the continued willful failure by Executive to
substantially perform his duties with the Company, (ii) the willful engaging by Executive in
misconduct materially and demonstrably injurious to the Company or (iii) Executive’s material
breach of Sections 3, 6 or 7 of this Agreement; provided, that with respect to any breach that is
curable by Executive, as determined by the Board in good faith, the Company has provided Executive
written notice of the material breach and Executive has not cured such breach, as determined by the
Board in good faith, within fifteen (15) days following the date the Company provides such notice.
If Executive thereafter intentionally repeats the breach he previously cured, such breach shall no
longer be deemed curable.

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          (b) Termination as a Result of Executive’s Death or Disability. If Executive’s
employment hereunder is terminated by reason of Executive’s Disability (as hereinafter defined) or
death, Executive’s (or Executive’s estate’s) right to benefits under this Agreement will terminate
as of the date of such termination and all of the Company’s obligations hereunder shall immediately
cease and terminate, except that Executive or Executive’s estate, as the case may be, will be
entitled to receive accrued Base Salary and benefits through the date of termination as well as any
pro-rated share (based on the period of actual employment) of Executive’s target bonus under the
AICP for the year in which such termination occurs, such payment to be made in full within
forty-five (45) days following the date of termination and in accordance with the Company’s normal
payroll practices and procedures (and no part shall be contributed to a retirement or deferred
compensation mechanism). The amount of the AICP bonus shall be a pro-rated share, based on
Executive’s period of actual employment during the year of Termination. As used herein,
Executive’s Disability shall have the meaning set forth in any long-term disability plan in which
Executive participates, and in the absence thereof shall mean that, due to physical or mental
illness, Executive shall have failed to perform his duties on a full-time basis hereunder for one
hundred eighty (180) consecutive days and shall not have returned to the performance of his duties
hereunder on a full-time basis before the end of such period, and if Disability has occurred
termination shall occur within thirty (30) days after written notice of termination is given (which
notice may be given before the end of the one hundred eighty (180) day period described above so as
to cause termination of employment to occur as early as the last day of such period ).

          (c) Termination by Executive for Good Reason or by the Company other than as a Result of
Executive’s Death or Disability or other than for Cause.

               (i) If Executive’s employment is terminated by Executive for “Good Reason” (as hereinafter
defined) or by the Company for any reason other than (A) Executive’s death, (B) Disability or (C)
Cause, and subject to Executive entering into and not revoking a release of claims in favor of the
Company in the form attached hereto as Exhibit A (the “Release”) and abiding by the non-competition
provision set forth in Section 6(b), Executive shall be entitled to the following benefits:

     (A) Payment in cash of an amount equal to any unpaid bonus for a year prior
to the year of termination, plus the pro-rated share (based on Executive’s period
of actual employment during the year of Termination) of Executive’s target bonus
under the AICP for the year in which such termination occurs, such payment to be
made on the date such awards are normally paid to Company’s

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executive officers for the year in which such termination occurs and in
accordance with the Company’s normal payroll practices and procedures (and no part
shall be contributed to a retirement or deferred compensation mechanism).

     (B) Cash severance payments equal in the aggregate to two (2) times the sum
of (i) Executive’s Base Salary at the time of termination and (ii) Executive’s
target bonus under the AICP for the year in which such termination occurs. The
Base Salary component of the severance payment shall be payable in twenty-four
(24) equal monthly installments beginning at the end of the first full month
following termination of employment. The AICP component of the severance payment
shall be payable on the date that the Company normally pays AICP bonuses to
executive officers for the year in which termination occurs.

     (C) Continuation of Executive’s medical and health insurance benefits for a
period equal to the lesser of (i) twenty four (24) months, and (ii) the period
ending on the date Executive first becomes entitled to medical and health
insurance benefits under any plan maintained by any person for whom Executive
provides services as an employee or otherwise.

               (ii) For purposes of this Agreement, “Good Reason” shall mean (without Executive’s express
written consent) (a) a material reduction in Executive’s position or responsibilities, including
without limitation, loss of his position as Chairman, other than in connection with his death,
Disability or involuntary termination for Cause, (b) relocation of Executive’s primary place of
work more than thirty (30) miles from its current location, except if such relocation is proposed
by Executive, or (c) the Company’s material breach of Sections 2, 4 or 5 of this Agreement;
provided, that Executive has provided the Company written notice of the material breach and the
Company has not cured such breach within fifteen (15) days following the date Executive provides
such notice. If the Company thereafter intentionally repeats the breach it previously cured, such
breach shall no longer be deemed curable. Notwithstanding the foregoing, neither of the following
shall constitute Good Reason for termination: (1) any loss of Executive’s position as Chairman as
a result of a good faith determination by a majority of the Board that it is in the best interests
of the stockholders of the Company to split the positions of Chairman and CEO in order to respond
to (x) changes in law, (y) heightened expectations or requirements of regulators, the principal
exchange on which the Company’s common stock is traded or corporate governance rating agencies or
(z) a stockholder proposal which is either adopted by a majority
of the full Board or

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approved by a majority of the Company’s stockholders; or (2), subject to clause (iii) below,
any loss of one, but not both, of Executive’s positions as Chairman or CEO in connection with any
acquisition, merger, consolidation, reorganization or other transaction in which all or
substantially all of the business and assets of the Company are sold or combined with another
business (a “Combination”).

               (iii) If (a) the Executive remains in full-time employment for a period of one hundred and
eighty days following the effective date of a Combination in which the Executive loses one, but not
both, of his positions as Chairman or CEO, and (b) by the conclusion of such period, the Executive
in good faith determines that his remaining role has been substantially diminished, or that despite
Executive’s best efforts the sharing of roles is not successful due to differences in strategy,
management style, or other significant circumstances which materially and adversely affect the
Executive’s ability to perform his role, Executive may, by written notice delivered within thirty
(30) days after the end of such period, elect to terminate his employment, and such termination
shall constitute a termination for Good Reason.

          (d) Termination in Connection with a Change in Control Transaction.

               (i) Notwithstanding the provisions of Section 5(c), if, upon a Change in Control Transaction
(as defined in paragraph (d)(ii) below) or within two (2) years thereafter, Executive’s employment
is terminated by Executive for “Good Reason” or by the Company for any reason other than (A)
Executive’s death, (B) Disability or (C) Cause, and subject to Executive entering into and not
revoking the Release and abiding by the non-competition provision set forth in Section 6(b),
Executive shall be entitled to the following benefits:

     (A) Payment in cash of an amount equal to any unpaid bonus for a year prior to
the year of termination, plus the pro-rated share (based on the period of actual
employment) of Executive’s target bonus under the AICP for the year in which such
termination occurs, such payment to be made in full within forty-five (45) days
following the date of termination and in accordance with the Company’s normal
payroll practices and procedures (and no part shall be contributed to a retirement
or deferred compensation mechanism).

     (B) Cash severance payments equal in the aggregate to two (2) times the sum of
(i) Executive’s Base Salary at the time of termination and (ii) Executive’s target
bonus under the AICP for the year in which such termination occurs. The cash
severance payments shall be payable within forty-five (45) days following the

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date of termination and in accordance with the Company’s normal payroll
practices and procedures (and no part shall be contributed to a retirement or
deferred compensation mechanism).

     (C) Immediately upon such termination, all of Executive’s unexpired stock
options, restricted stock and other equity awards (whether received before or
after the Effective Date) shall become vested and, in the case of stock options,
exercisable to the extent not already vested and exercisable.

     (D) Continuation of Executive’s medical and health insurance benefits for a
period equal to the lesser of (i) twenty-four (24) months, and (ii) the period
ending on the date Executive first becomes entitled to medical and health
insurance benefits under any plan maintained by any person for whom Executive
provides services as an employee or otherwise.

               (ii) For purposes of this Agreement “Change in Control Transaction” is defined as: (1) a
complete liquidation or dissolution of the Company; (2) a sale, exchange or other disposition of
all or substantially all of the Company’s businesses or assets; (3) any “person,” as such term is
used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
(other than the Company and any trustee or other fiduciary holding securities under any employee
benefit plan of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the combined voting power of the Company’s then outstanding equity securities; (4)
consummation of a merger, consolidation or reorganization involving the Company, unless such
merger, consolidation or reorganization results in the voting equity securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into voting equity securities of the surviving entity or direct or indirect
parent thereof) more than fifty percent (50%) of the total voting power represented by the voting
equity securities of the Company or such surviving entity or parent thereof outstanding immediately
after such merger, consolidation or reorganization; or (5) a change in the constituency of the
Board with the result that individuals (the “Incumbent Directors”) who are members of the Board as
of the Effective Date cease for any reason to constitute at least a majority of the Board; provided
that any individual who is elected or appointed to the Board after the Effective Date and whose
nomination for election or appointment was unanimously approved by the Incumbent Directors shall be
considered an Incumbent Director beginning on the date of his or her election or appointment to the
Board.

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               (iii) If Executive’s employment is terminated by the Company prior to the occurrence of a
Change in Control Transaction, and if it can be shown that Executive’s termination (A) was at the
direction or request of a third party that had taken steps reasonably calculated to effect the
Change in Control Transaction thereafter, or (B) otherwise occurred in connection with, or in
furtherance of, the Change in Control Transaction, Executive shall have the rights described in
Section 5(d)(i) above, as if a Change in Control Transaction had occurred on the date immediately
preceding such termination.

          (e) Termination by Executive other than for Good Reason. Executive may terminate his
employment with the Company other than for Good Reason upon thirty (30) days written notice to the
Company, after which the Company shall have no further obligation hereunder to Executive, except
for payment of amounts of Base Salary and other benefits accrued through the termination date, or
as otherwise provided in this Section 5(e) below.

                    In the event of such termination Executive shall be bound by the non-competition provision set
forth in Section 6(b) below for a period of one (1) year following termination of employment.

                    The Company may further elect in writing within ninety (90) days following the date of
termination of employment to extend the period for which Executive is bound under the
non-competition provision of Section 6(b) below for an additional year (the “Second Year”), in
which case, subject to Executive entering into and not revoking the Release and abiding by the
non-competition provision set forth in this Section 6(b), Executive shall be entitled to the
Non-Competition Payment, as determined below, and the Medical Insurance Benefit, as defined below.
The “Non-Competition Payment” shall equal Executive’s annual Base Salary at the time of termination
and shall be paid in cash in twelve (12) equal monthly installments commencing within thirty (30)
days following the first anniversary of the termination of Executive’s employment. The “Medical
Insurance Benefit” shall mean one hundred percent (100%) of Executive’s COBRA continuation premiums
through the end of the earlier of (A) the end of the statutory period for COBRA coverage, and (B)
the date on which Executive first becomes entitled to medical and health insurance benefits under
any plan maintained by any person for whom Executive provides services as an employee or otherwise.

     6. Confidential Information, Non-Competition; Non-Solicitation.

          (a) Confidential Information. Executive acknowledges that in his employment hereunder
he will occupy a position of trust and confidence. Executive shall not, except in the course of
the good faith performance of his duties

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hereunder or as required by applicable law, without limitation in time or until such
information shall have become public other than by Executive’s unauthorized disclosure, disclose to
others or use, whether directly or indirectly, any Confidential Information regarding the Company,
its subsidiaries and affiliates. “Confidential Information” shall mean information about the
Company, its subsidiaries or affiliates, or their respective clients or customers that was learned
by Executive in the course of his employment by the Company, its subsidiaries or affiliates,
including (without limitation) any proprietary knowledge, trade secrets, data, formulae,
information and client and customer lists and all papers, resumes, and records (including computer
records) of the documents containing such Confidential Information, but excludes information (i)
which is in the public domain through no unauthorized act or omission of Executive; or (ii) which
becomes available to Executive on a non-confidential basis from a source other than the Company or
its affiliates without breach of such source’s confidentiality or non-disclosure obligations to the
Company or any affiliate. Executive agrees to deliver or return to the Company, at the Company’s
request at any time or upon termination or expiration of his employment or as soon thereafter as
possible, (A) all documents, computer tapes and disks, records, lists, data, drawings, prints,
notes and written information (and all copies thereof) furnished by the Company, its subsidiaries
or affiliates, or prepared by Executive during the term of his employment by the Company, its
subsidiaries or affiliates, and (B) all notebooks and other data relating to research or
experiments or other work conducted by Executive in the scope of employment.

          (b) Non-Competition. During the period of Executive’s employment by the Company and,
if Executive’s employment is terminated for any reason (and provided the Company fulfills its
obligations under Section 5) until the second anniversary of the date of Executive’s employment
termination, provided that if Executive’s employment is terminated under Section 5(e), for the
period called for thereunder (the “Non-Competition Period”), Executive shall not, directly or
indirectly, without the prior written consent of the Company, provide consultative services or
otherwise provide services to (whether as an employee or a consultant, with or without pay) or,
own, manage, operate, join, control, participate in, or be connected with (as a stockholder,
partner, or otherwise), any business, individual, partner, firm, corporation, or other entity that
is then a competitor of the Company, its subsidiaries or affiliates (each such competitor a
“Competitor of the Company”); provided, however, that the “beneficial ownership” by
Executive, either individually or as a member of a “group,” as such terms are used in Rule 13d of
the General Rules and Regulations under the Exchange Act, of not more than five percent (5%) of the
voting stock of any publicly held corporation shall not alone constitute a violation of this
Agreement. Executive and the Company acknowledge and agree that the business of the Company
extends throughout the United States, and that the

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terms of the non-competition agreement set forth herein shall apply on a nationwide basis
throughout the United States.

          (c) Non-Solicitation of Customers and Suppliers. During the period of Executive’s
employment by the Company and, if Executive’s employment is terminated for any reason (and provided
the Company fulfills its obligations under Section 5) until the second anniversary of the date of
Executive’s employment termination, provided that if Executive’s employment is terminated under
Section 5(e), for the Non-Competition Period, Executive shall not, directly or indirectly,
influence or attempt to influence customers or suppliers of the Company or any of its subsidiaries
or affiliates to divert any of their business to any Competitor of the Company.

          (d) Non-Solicitation of Employees. Executive recognizes that he possesses and will
possess Confidential Information about other employees of the Company, its subsidiaries or
affiliates, relating to their education, experience, skills, abilities, compensation and benefits,
and inter-personal relationships with customers of the Company, its subsidiaries or affiliates.
Executive recognizes that the information he possesses and will possess about these other employees
is not generally known, is of substantial value to the Company, its subsidiaries or affiliates in
developing their business and in securing and retaining customers, and has been and will be
acquired by him because of his business position with the Company, its subsidiaries or affiliates.
Executive agrees that, during the period of Executive’s employment by the Company and for a period
of two (2) years thereafter, he will not, directly or indirectly, solicit, recruit, induce, or
encourage or attempt to solicit, recruit, induce, or encourage any employee of the Company, its
subsidiaries or affiliates (i) for the purpose of being employed by him or by any Competitor of the
Company on whose behalf he is acting as an agent, representative or employee or (ii) to terminate
his or her employment or any other relationship with the Company, its subsidiaries, or affiliates.
Executive also agrees that Executive will not convey any such Confidential Information or trade
secrets about other employees of the Company, its subsidiaries, or affiliates to any other person.

          (e) Injunctive Relief. It is expressly agreed that the Company will or would suffer
irreparable injury if Executive were to violate any of the provisions of this Section 6 and that
the Company would by reason of such violation be entitled to injunctive relief in a court of
appropriate jurisdiction, and Executive further consents and stipulates to the entry of such
injunctive relief in such a court prohibiting Executive from so violating Section 6 of this
Agreement.

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          (f) Survival of Provisions. The obligations contained in this Section 6 shall survive
the termination or expiration of Executive’s employment with the Company and shall be fully
enforceable thereafter.

     7. No Conflict. Executive represents and warrants that Executive is not subject to
any agreement, instrument, order, judgment or decree of any kind, or any other restrictive
agreement of any character, which would prevent Executive from entering into this Agreement or
would conflict with the performance of Executive’s duties pursuant to this Agreement. Executive
represents and warrants that Executive will not engage in any activity which would conflict with
the performance of Executive’s duties pursuant to this Agreement.

     8. Term of Agreement. The employment period under this Agreement shall terminate upon
the first anniversary of the date hereof (the “Initial Term”); provided, however, that at the end
of the Initial Term, the employment period shall be extended automatically for successive one (1)
year terms of employment (each a “Term”), unless the Company or Executive notifies the other party
in writing (the “Notice”) at least ninety (90) days prior to the end of the Initial Term or any
later Term of an intention not to renew this Agreement, in which case this Agreement will terminate
at the end of the Initial Term or Term, as applicable. Notwithstanding the foregoing, if the
Company (i) provides Executive the Notice of its intent not to renew this Agreement, or (ii)
requires renegotiation of the material terms of this Agreement and Executive does not agree to
renew this Agreement upon such renegotiated terms, Executive may terminate his employment with the
Company for Good Reason and the provisions of paragraph 5 (c) above shall apply. For purposes of
clarity, if Executive provides the Notice to the Company of his intention not to renew this
Agreement or otherwise terminates this Agreement for any reason other than for Good Reason, such
termination shall be subject to all the provisions of paragraph 5(e) above, and Executive shall not
be entitled to the benefits set forth in paragraph 5(c) above.

     9. Notices. All notices and other communications under this Agreement shall be in
writing and shall be given by courier service or first-class mail, certified or registered with
return receipt requested, and shall be deemed to have been duly given on the date receipt is
recorded by the appropriate delivery service, or may be delivered personally by hand to the
respective persons named below:

	 	 	 
	If to Company:
	 	InfraSource Services, Inc.

100 West Sixth Street, Suite 300

Media, PA 19063

Attention: Deborah C. Lofton, Esq.

General Counsel

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	with copies to:
	 	the then Lead Independent Director and the then Chairman of
the Compensation Committee at the addresses of record for Board notices

	 	 	 

	If to Executive:
	 	David R. Helwig

525 Guinevere Drive

Newton Square, PA 19073

	 	 	 

	with a copy to:
	 	Bachelder & Dowling, P.A.

22 Free Street

Portland, ME 04101

Attn: Stephan G. Bachelder, Esq.

Either party may change such party’s address for notices by notice duly given pursuant hereto.

     10. Dispute Resolution. The Company and Executive agree that any dispute arising as
to the parties’ rights and obligations hereunder, other than with respect to Section 6, shall, at
the election and upon written demand of either party, be submitted to arbitration before a single
arbitrator in Delaware County, Pennsylvania under the National Rules for the Resolution of
Employment Disputes of the American Arbitration Association.

     11. Assignment; Successors. This Agreement is personal in its nature and neither of
the parties hereto shall, without the consent of the other, assign or transfer this Agreement or
any rights or obligations hereunder; provided that, in the event of the merger, consolidation,
transfer, or sale of all or substantially all of the assets of the Company with or to any other
individual or entity, this Agreement shall, subject to the provisions hereof, be binding upon and
inure to the benefit of such successor and such successor shall discharge and perform all the
promises, covenants, duties, and obligations of the Company hereunder.

     12. Governing Law. This Agreement and the legal relations thus created between the
parties hereto shall be governed by and construed under and in accordance with the laws of the
State of Delaware.

     13. Withholding. The Company shall make such deductions and withhold such amounts
from each payment made to Executive hereunder as may be required from time to time by law,
governmental regulation or order.

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     14. Headings. Section headings in this Agreement are included herein for convenience
of reference only and shall not constitute a part of this Agreement for any other purpose.

     15. Waiver; Modification. Failure to insist upon strict compliance with any of the
terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or
condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance
with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of
such right or power at any other time or times. This Agreement shall not be modified in any
respect except by a writing executed by each party hereto.

     16. Severability. If for any reason any term or provision containing a restriction
set forth herein is held to be for a length of time which is unreasonable or in other way is
construed to be too broad or to any extent invalid, such term or provision shall not be determined
to be null, void and of no effect, but to the extent the same is or would be valid or enforceable
under applicable law, any court shall construe and reform this Agreement to provide for a
restriction having the maximum time period and other provisions as shall be valid and enforceable
under applicable law. If, notwithstanding the previous sentence, any term or provision of this
Agreement is held to be invalid or unenforceable, all other valid terms and provisions hereof shall
remain in full force and effect, and all of the terms and provisions of this Agreement shall be
deemed to be severable in nature.

     17. Entire Agreement; Effect on Certain Prior Agreements. This Agreement constitutes
the entire agreement between the parties with respect to the subject matter hereof and, except as
provided below, supersedes the Original Agreement and any prior agreements between them with
respect to the subject matter hereof, including all prior employment, retention, severance or
related agreements between Executive and the Company or any successor, predecessor or affiliate.
Without limiting the generality of the foregoing, except as provided below, the obligations under
this Agreement with respect to any termination of employment of Executive, for whatever reason,
supersede any severance or related obligations of the Company or any of its successors,
predecessors or affiliates in any plan of the Company or any of its successors, predecessors or
affiliates or any agreement between Executive and the Company or any of its successors,
predecessors or affiliates.

     18. Special Rule for U.S. Income Tax Compliance. All payments due and owing hereunder
shall be made in compliance with Section 409A, including, as applicable and without limitation,
Section 409A(a)(2)(b)(i) requiring that certain payments to selected employees occur no sooner than
six (6) months following

14

 

termination of employment. The Company and Executive agree that this Agreement shall be
amended as necessary to comply with such Section 409A. For purposes of this Agreement, the term
“Section 409A” means section 409A of the Internal Revenue Code of 1986, as amended and the written
guidance thereunder issued by the Internal Revenue Service and the Department of Treasury.

     19. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

15

 

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and Executive has hereunto signed this Agreement, as of the date first above
written.

	 	 	 
	INFRASOURCE SERVICES, INC.
	 
	 	 
	By:

	 	/s/ David Watts
	 

	 	 
	Its:

	 	Chair of the Compensation Committee
of the Board of Directors
	 
	 	 
	EXECUTIVE
	 
	 	 
	/s/ David R. Helwig

16Exhibit 10.1 to General Mills, Inc. Form 10-Q for the period ended November 26, 2006

Exhibit 10.1  

GENERAL MILLS, INC. 

2005 STOCK
COMPENSATION PLAN 

	1. 	
PURPOSE OF THE PLAN 

	  	
The
purpose of the General Mills, Inc. 2005 Stock Compensation Plan (the “Plan”) is
to attract and retain able individuals by rewarding employees of General Mills, Inc., its
subsidiaries and affiliates (defined as entities in which General Mills, Inc. has a
significant equity or other interest) (collectively, the “Company”) and to align
the interests of employees with those of the stockholders of the Company. 

	2. 	
EFFECTIVE DATE AND DURATION OF PLAN  

	  	
This
Plan shall become effective as of September 26, 2005, subject to the approval of the
stockholders of the Company at the Annual Meeting on September 26, 2005. Awards may
be made under the Plan until December 31, 2007. 

	3. 	
ELIGIBLE PERSONS  

	  	
Only
persons who are employees of the Company shall be eligible to receive grants of Stock
Options, Restricted Stock or Restricted Stock Units (each defined below) and become
“Participants” under the Plan. The Compensation Committee of the Company’s
Board of Directors (the “Committee”) shall exercise the discretionary power to
determine from time to time the employees of the Company who are eligible to participate
in this Plan. 

	4. 	
AWARD TYPES  

          	  	(a) 	
               Stock Option Awards. Under this Plan, the Committee may award
               Participants options (“Stock Options”) to purchase common stock of the
               Company ($.10 par value) (“Common Stock”). The grant of a Stock Option
               entitles the Participant to purchase shares of Common Stock at an “Exercise
               Price” established by the Committee. 

               

          	  	(b) 	
               Stock Option Exercise Price. The Exercise Price for each share of Common
               Stock issuable under a Stock Option shall not be less than 100% of the Fair
               Market Value of the Common Stock on the date of grant, and may exceed the Fair
               Market Value on the grant date, at the Committee’s discretion. “Fair
               Market Value” shall equal the average of the intraday high and low price of
               the national market composite price of the Company’s Common Stock on the
               applicable date. 

               

          	  	(c) 	
               Restricted Stock Awards. The Committee may also grant Participants shares
               of Common Stock or the right to receive shares of Common Stock subject to
               certain restrictions (“Restricted Stock” or “Restricted Stock
               Units”) (Stock Options, Restricted Stock and Restricted Stock Units are
               sometimes referred to as “Awards”). 

               

	5.	
COMMON STOCK SUBJECT TO THE PLAN 

	  	(a)  	Maximum
Shares Available for Delivery. Subject to Section 5(c), the maximum number of shares of Common Stock available for issuance to
Participants under the Plan shall be 15,000,000. The Company will repurchase a number of shares of Common Stock at least equal to
the number of shares of Common Stock issued under this Plan. 

	  	
In
addition, any Common Stock covered by a Stock Option granted under the Plan which is
forfeited prior to the end of the vesting period shall be deemed not to be delivered for
purposes of determining the maximum number of shares of Common Stock available for grants
under the Plan. If (i) any Stock Option that is exercised through the delivery of Common
Stock in satisfaction of the exercise price, and (ii) withholding tax requirements arising
upon exercise of any Stock Option are satisfied through the withholding of Common Stock
otherwise deliverable in connection with such exercise, the full number of shares of
Common Stock underlying any such Stock Option that is exercised shall count against the
maximum number of shares available for grants under the Plan. 

	  	
Upon
forfeiture or termination of Restricted Stock or Restricted Stock Units prior to vesting,
the shares of Common Stock subject thereto shall again be available for Awards under the
Plan. 

-1-

          	  	(b) 	
               Individual Share Limits. The number of shares of Common Stock subject to
               Stock Options or available for Restricted Stock or Restricted Stock Unit Awards
               granted under the Plan to any single Participant over the duration of the Plan
               shall not exceed 10% of the original number of shares available under the Plan. 

               

          	  	(c) 	
               Adjustments for Corporate Transactions. The Committee may determine that
               a corporate transaction has occurred affecting the Common Stock such that an
               adjustment or adjustments to outstanding Awards is required to preserve (or
               prevent enlargement of) the benefits or potential benefits intended at the time
               of grant. For this purpose a corporate transaction includes, but is not limited
               to, any dividend or other distribution (whether in the form of cash, Common
               Stock, securities of a subsidiary of the Company, other securities or other
               property), recapitalization, stock split, reverse stock split, reorganization,
               merger, consolidation, split-up, spin-off, combination, repurchase or exchange
               of Common Stock or other securities of the Company, issuance of warrants or
               other rights to purchase Common Stock or other securities of the Company, or
               other similar corporate transaction. In the event of such a corporate
               transaction, the Committee may, in such manner as the Committee deems equitable,
               adjust (i) the number and kind of shares which may be awarded under the
               Plan both individually and in the aggregate; (ii) the number and kind of
               shares subject to outstanding Awards; and (iii) the exercise price of
               outstanding Stock Options. 

               

          	  	(d) 	
               Limits on Distribution. Distribution of shares of Common Stock or other
               amounts under the Plan shall be subject to the following: 

               

	(i)  	  	The
total number of shares of Common Stock that shall be available for           Restricted
Stock and Restricted Stock Unit Awards under the Plan shall be           limited to 25%
of the total shares authorized for Awards hereunder.  

	(ii)  	  	Notwithstanding
any other provision of the Plan, the Company shall have no           liability to deliver
any shares of Common Stock under the Plan or make any other           distribution of
benefits under the Plan unless such delivery or distribution           would comply with
all applicable laws (including, without limitation, the           requirements of the
Securities Act of 1933), and the applicable requirements of           any securities
exchange or similar entity.  

	(iii)  	  	To
the extent that the Plan provides for issuance of stock certificates to reflect the
issuance of shares of Common Stock or Restricted Stock, the issuance may be effected on a
non-certificated basis, to the extent not prohibited by applicable law or the applicable
rules of any stock exchange.  

          	  	(e) 	
               Stock Deposit Requirements and other Restrictions. The Committee, in its
               discretion, may require as a condition to the grant of Awards, the deposit of
               Common Stock owned by the Participant receiving such grant, and the forfeiture
               of such grants, if such deposit is not made or maintained during the required
               holding period. Such shares of deposited Common Stock may not be otherwise sold
               or disposed of during the applicable holding period or restricted period. The
               Committee may also determine whether any shares issued upon exercise of a Stock
               Option shall be restricted in any manner. 

               

	6.	
STOCK OPTION TERM AND TYPE 

          	  	(a) 	
               General. Stock Options granted under the Plan shall be Non-Qualified
               Stock Options governed by Section 83 of the Internal Revenue Code of 1986, as
               amended (the “Code”). The term of any Stock Option granted under the
               Plan shall be determined by the Committee, provided that the term of a Stock
               Option shall not exceed 10 years and one month. 

               

          	  	(b) 	
               No Reload Rights. Stock Options granted under this Plan shall not contain
               any provision entitling the optionee to the automatic grant of additional
               options in connection with any exercise of the original option. 

               

          	  	(c) 	
               No Repricing. Subject to Section 5(c), outstanding Stock Options granted
               under this Plan shall under no circumstances be repriced. 

               

	7.	
GRANT, EXERCISE AND VESTING OF STOCK OPTIONS 

          	  	(a) 	
               Grant. Subject to the limits otherwise imposed by the terms of this Plan,
               the Committee has discretionary authority to determine the size of a Stock
               Option grant, which may be tied to meeting performance-based requirements. 

               

          	  	(b) 	
               Exercise. Except as provided in Sections 11 and 12 (Change of Control and
               Termination of Employment), each Stock Option may be exercised only in
               accordance with the terms and conditions of the Stock Option grant and during
               the periods as may be established by the Committee. A Participant exercising a
               Stock Option shall give notice to the Company of such exercise and of the number
               of shares elected to be purchased prior to 4:30 P.M. CST/CDT on the day of
               exercise, which must be a business day at the executive offices of the Company. 

               

-2-

          	  	(c) 	
               Vesting. Stock Options shall not be exercisable unless vested. Subject to
               Sections 11 and 12 Stock Options shall be fully vested only after four years of
               the Participant’s continued employment with the Company following the date
               of the Stock Option grant. 

               

          	  	(d) 	
               Payment. The Exercise Price shall be paid to the Company at the time of
               such exercise, subject to any applicable rule or regulation adopted by the
               Committee: 

               

	(i)  	  	in
cash (including check, draft, money order or wire transfer made payable to           the
order of the Company);  

	(ii)  	  	through
the tender of shares of Common Stock owned by the Participant (by           either actual
delivery or attestation); or  

	(iii) 	  	by
a combination of (i) and (ii) above.  

	  	
For
determining the amount of the payment, Common Stock delivered pursuant to (ii) or
(iii) shall have a value equal to the Fair Market Value of the Common Stock on the
date of exercise. 

	8.	
RESTRICTED STOCK AND RESTRICTED STOCK UNITS 

	  	
Restricted
Stock and Restricted Stock Units may be awarded on either a discretionary or
performance-based method. 

          	  	(a) 	
               Discretionary Awards. With respect to discretionary Awards of Restricted
               Stock and Restricted Stock Units, the Committee shall 

               

	(i) 	  	Select
Participants to whom Awards will be made;  

	(ii)  	  	Determine
the number of shares of Restricted Stock or the number of Restricted           Stock
Units to be awarded to a Participant;  

	(iii)  	  	Determine
the length of the restricted period, which shall be no less than four           years;  

	(iv)  	  	Determine
the purchase price, if any, to be paid by the Participant for           Restricted Stock
or Restricted Stock Units; and  

	(v)  	  	Determine
any restrictions other than those set forth in this Section 8.  

          	  	(b) 	
               Performance-Based Awards. With respect to Awards of performance-based
               Restricted Stock and Restricted Stock Units, the intent is to grant such Awards
               so as to satisfy the requirements for “qualified performance-based
               compensation” under Internal Revenue Code section 162(m). Performance-based
               Awards are subject to the following: 

               

	(i)  	  	The
Committee has exclusive authority to determine which Participants may be
          awarded performance-based Restricted Stock and Restricted Stock Units.  

	(ii)  	  	In
order for any Participant to be awarded Restricted Stock or Restricted Stock
          Units for a Performance Period (defined below), the net earnings from
continuing           operations excluding items identified and disclosed by the Company
as           non-recurring or special costs and after taxes (“Net Earnings”) of
the           Company for such Performance Period must be greater than zero.  

	(iii)  	  	 At the end of the Performance Period, if the
Committee determines that the requirement of Section 8(b)(ii) has been met, each Participant eligible for a performance-based
Award shall be deemed to have earned an Award equal in value to the Maximum Amount, or such lesser amount as the Committee shall
determine in its discretion to be appropriate. The Committee may base this determination of grant size on performance-based
criteria. For purposes of computing the value of Awards, each Restricted Stock or Restricted Stock Unit shall be deemed to have a
value equivalent to the Fair Market Value of one share of Common Stock on the date the Award is granted. 

-3-

	(iv)  	  	In
addition to the limitation on the number of shares of Common Stock available
          for Awards under section 5(b) hereof, in no event shall the total value of
          the performance-based Restricted Stock or Restricted Stock Unit Award granted
to           any Participant for any one Performance Period exceed 0.5% of the Company’s
          Net Earnings for that Performance Period (such amount is the “Maximum
          Amount”).  

	(v)  	  	The
Committee shall determine the length of the restricted period which,           subject to
Sections 11 and 12, shall be no less than four years.  

	(vi)  	  	“Performance
Period” means a fiscal year of the Company, or such           other period as the
Committee may from time to time establish.  

	  	
Subject
to the restrictions set forth in this Section 8, each Participant who receives Restricted
Stock shall have all rights as a stockholder with respect to such shares, including the
right to vote the shares and receive dividends and other distributions. 

	  	
Each
Participant who receives Restricted Stock Units shall be eligible to receive, at the
expiration of the applicable restricted period, one share of Common Stock for each
Restricted Stock Unit awarded, and the Company shall issue to each such Participant that
number of shares of Common Stock. Participants who receive Restricted Stock Units shall
have no rights as stockholders with respect to such Restricted Stock Units until such time
as share certificates for Common Stock are issued to the Participants; provided, however,
that quarterly during the applicable restricted period for all Restricted Stock Units
awarded hereunder, the Company shall pay to each such Participant an amount equal to the
sum of all dividends and other distributions paid by the Company during the prior quarter
on that equivalent number of shares of Common Stock. 

	  	
The
Committee may in its discretion permit a Participant to defer receipt of any Common Stock
issuable upon the lapse of any restriction of Restricted Stock or Restricted Stock Units,
subject to such rules and procedures as it may establish. In particular, the Committee
shall establish rules relating to such deferrals intended to comply with the requirements
of Internal Revenue Code §409A, including without limitation, the time when a
deferral election can be made, the period of the deferral, and the events that would
result in payment of the deferred amount. 

	9.	
TRANSFERABILITY OF AWARDS 

	  	
Except
as otherwise provided by rules of the Committee, no Stock Options shall be transferable by
a Participant otherwise than (i) by the Participant’s last will and testament or
(ii) by the applicable laws of descent and distribution, and such Stock Options shall
be exercised during the Participant’s lifetime only by the Participant or his or her
guardian or legal representative. Except as otherwise provided in Section 8, no shares of
Restricted Stock and no Restricted Stock Units shall be sold, exchanged, transferred,
pledged or otherwise disposed of during the restricted period. 

	10.	
 TAXES  

	  	
Whenever
the Company issues Common Stock under the Plan, the Company may require the recipient to
remit to the Company an amount sufficient to satisfy any Federal, state or local tax
withholding requirements prior to the delivery of such Common Stock, or the Company may in
its discretion withhold from the shares to be delivered shares sufficient to satisfy all
or a portion of such tax withholding requirements. 

	11.	
CHANGE OF CONTROL 

	  	
Each
outstanding Stock Option shall become immediately and fully exercisable for a period of
one (1) year following the date of the following occurrences, each constituting a
“Change of Control”: 

          	  	(a) 	
               The acquisition by any individual, entity or group (within the meaning of
               Section 13(d)(3) or 14(d)(2) of the 1934 Act), (a “Person”) of
               beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
               1934 Act) of voting securities of the Company where such acquisition causes such
               Person to own 20% or more of the combined voting power of the then outstanding
               voting securities of the Company entitled to vote generally in the election of
               directors (the “Outstanding Voting Securities”); provided, however,
               that for purposes of this subsection (a), the following acquisitions shall not
               be deemed to result in a Change of Control: (i) any acquisition directly
               from the Company, (ii) any acquisition by the Company, (iii) any
               acquisition by any employee benefit plan (or related trust) sponsored or
               maintained by the Company or any corporation controlled by the Company or
               (iv) any acquisition by any corporation pursuant to a transaction that
               complies with clauses (i), (ii) and (iii) of subsection
               (c) below; and provided, further, that if any Person’s beneficial
               ownership of the Outstanding Voting Securities reaches or exceeds 20% as a
               result of a transaction described in clause (i) or (ii) above, and
               such Person subsequently acquires beneficial ownership of additional voting
               securities of the Company, such subsequent acquisition shall be treated as an
               acquisition that causes such Person to own 20% or more of the Outstanding Voting
               Securities; or 

               

-4-

          	  	(b) 	
               Individuals who, as of the date hereof, constitute the Board of Directors (the
               “Incumbent Board”) cease for any reason to constitute at least a
               majority of the Board; provided, however, that any individual becoming a
               director subsequent to the date hereof whose election, or nomination for
               election by the Company’s shareholders, was approved by a vote of at least
               a majority of the directors then comprising the Incumbent Board shall be
               considered as though such individual was a member of the Incumbent Board, but
               excluding, for this purpose, any such individual whose initial assumption of
               office occurs as a result of an actual or threatened election contest with
               respect to the election or removal of directors or other actual or threatened
               solicitation of proxies or consents by or on behalf of a Person other than the
               Board; or 

               

          	  	(c) 	
               The approval by the shareholders of the Company of a reorganization, merger or
               consolidation or sale or other disposition of all or substantially all of the
               assets of the Company (“Business Combination”) or, if consummation of
               such Business Combination is subject, at the time of such approval by
               stockholders, to the consent of any government or governmental agency, the
               obtaining of such consent (either explicitly or implicitly by consummation);
               excluding, however, such a Business Combination pursuant to which (i) all
               or substantially all of the individuals and entities who were the beneficial
               owners of the Outstanding Voting Securities immediately prior to such Business
               Combination beneficially own, directly or indirectly, more than 60% of,
               respectively, the then outstanding shares of common stock and the combined
               voting power of the then outstanding voting securities entitled to vote
               generally in the election of directors, as the case may be, of the corporation
               resulting from such Business Combination (including, without limitation, a
               corporation that as a result of such transaction owns the Company or all or
               substantially all of the Company’s assets either directly or through one or
               more subsidiaries) in substantially the same proportions as their ownership,
               immediately prior to such Business Combination of the Outstanding Voting
               Securities, (ii) no Person (excluding any employee benefit plan (or related
               trust) of the Company or such corporation resulting from such Business
               Combination) beneficially owns, directly or indirectly, 20% or more of,
               respectively, the then outstanding shares of common stock of the corporation
               resulting from such Business Combination or the combined voting power of the
               then outstanding voting securities of such corporation except to the extent that
               such ownership existed prior to the Business Combination and (iii) at least
               a majority of the members of the board of directors of the corporation resulting
               from such Business Combination were members of the Incumbent Board at the time
               of the execution of the initial agreement, or of the action of the Board,
               providing for such Business Combination; or 

               

          	  	(d) 	
               Approval by the stockholders of the Company of a complete liquidation or
               dissolution of the Company. 

               

	  	
After
such one (1) year period the normal Stock Option exercise provisions of the Plan shall
govern. Notwithstanding any other provision of the Plan, but subject to Section 6, in the
event a Participant’s employment with the Company is terminated within two (2) years
of any of the events specified in (a), (b), (c) or (d), all outstanding Stock Options
of such Participant at that date of termination shall be exercisable for a period of six
(6) months beginning on the date of termination. 

	  	
With
respect to Stock Option grants outstanding as of the date of any such Change of Control
which require the deposit of owned Common Stock as a condition to obtaining rights, the
deposit requirement shall be terminated as of the date of the Change of Control. 

	  	
In
the event of a Change of Control, a Participant shall vest in all shares of Restricted
Stock and Restricted Stock Units, effective as of the date of such Change of Control. 

	12.	
TERMINATION OF EMPLOYMENT 

          	  	(a) 	
               Resignation or Termination for Cause. If the Participant’s
               employment by the Company is terminated by either 

               

	(i) 	  	the
voluntary resignation of the Participant, or  

	(ii)  	  	a
Company discharge due to Participant’s illegal activities, poor work
          performance, misconduct or violation of the Company’s Code of Conduct,
          policies or practices,  

-5-

	  	
then
Participant’s Stock Options shall terminate three months after such termination (but
in no event beyond the original full term of the Stock Options) and no Stock Options shall
become exercisable after such termination, and all shares of Restricted Stock and
Restricted Stock Units which are subject to restriction on the date of termination shall
be forfeited. 

          	  	(b) 	
               Other Termination. If the Participant’s employment by the Company
               terminates for any reason other than specified in Sections 11, 12 (a), (c), (d)
               or (e), the following rules shall apply: 

               

	(i)  	  	In the event that, at the time of such termination,
the sum of the Participant’s age and service with the Company equals or exceeds 70, the Participant’s outstanding Stock
Options shall continue to become exercisable according to the schedule established at the time of grant unless otherwise provided
in the applicable Award agreement, and all shares of Restricted Stock and Restricted Stock Units shall vest. Stock Options shall
remain exercisable for the remaining full term of such Stock Options. 

	(ii)  	  	In
the event that, at the time of such termination, the sum of           Participant’s
age and service with the Company is less than 70,           Participant’s
outstanding unexercisable Stock Options and unvested           Restricted Stock and
Restricted Stock Units shall become exercisable or vest, as           the case may be, as
of the date of termination, in a pro-rata amount based on           the full months of
employment completed during the full vesting period from the           date of grant to
the date of termination with such newly-vested Stock Options           and Stock Options
exercisable on the date of termination remaining exercisable           for the lesser of
one year from the date of termination and the original full           term of the Stock
Option. All other Stock Options, shares of Restricted Stock           and Restricted
Stock Units shall be forfeited as of the date of termination.           Provided,
however, that if the Participant is an executive officer of the           Company, the
Participant’s outstanding Stock Options which, as of the date           of
termination are not yet exercisable, shall become exercisable effective as of
          the date of such termination and, with all outstanding Stock Options already
          exercisable on the date of termination, shall remain exercisable for the lesser
          of one year following the date of termination and the original full term of the
          Stock Option, and all shares of Restricted Stock and Restricted Stock Units
          shall vest as of the date of termination.  

          	  	(c) 	
               Death. If a Participant dies while employed by the Company, any Stock
               Option previously granted under this Plan shall fully vest and become
               exercisable upon death and may be exercised by the person designated in such
               Participant’s last will and testament or, in the absence of such
               designation, by the Participant’s estate. 

               

	  	
With
respect to Stock Options which require the deposit of owned Common Stock as a condition to
obtaining exercise rights, in the event a Participant dies while employed by the Company,
such Stock Options may be exercised as provided in the first paragraph of this Section
12(c) and any deposit requirement shall be terminated. 

	  	
A
Participant who dies while employed by the Company during any applicable restricted
period, shall fully vest in such shares of Restricted Stock or Restricted Stock Units,
effective as of the date of death. 

          	  	(d) 	
               Retirement. The Committee shall determine, at the time of grant, the
               treatment of the Stock Options, Restricted Stock and Restricted Stock Units upon
               the retirement of the Participant. Unless other terms are specified in the
               original Grant, if the termination of employment is due to a Participant’s
               retirement on or after age 55, the Participant may exercise a Stock Option,
               subject to the original terms and conditions of the Stock Option and shall fully
               vest in all shares of Restricted Stock or Restricted Stock Units effective as of
               the date of retirement (unless any such Award specifically provides otherwise). 

               

          	  	(e) 	
               Spin-offs. If the termination of employment is due to the cessation,
               transfer, or spin-off of a complete line of business of the Company, the
               Committee, in its sole discretion, shall determine the treatment of all
               outstanding Awards under the Plan. 

               

	13.	
ADMINISTRATION OF THE PLAN 

          	  	(a) 	
               Administration. The authority to control and manage the operations and
               administration of the Plan shall be vested in the Committee in accordance with
               this Section 13. 

               

-6-

          	  	(b) 	
               Selection of Committee. The Committee shall be selected by the Board, and
               shall consist of two or more members of the Board. 

               

          	  	(c) 	
               Powers of Committee. The authority to manage and control the operations
               and administration of the Plan shall be vested in the Committee, subject to the
               following: 

               

	(i)  	  	Subject
to the provisions of the Plan, the Committee will have the authority           and
discretion to select from among the eligible Company employees those persons
          who shall receive Awards, to determine the time or times of receipt, to
          determine the types of Awards and the number of shares covered by the Awards,
to           establish the terms, conditions, performance criteria, restrictions, and
other           provisions of such Awards, and (subject to the restrictions imposed by
Section           14) to cancel or suspend Awards. In making such determinations, the
Committee           may take into account the nature of services rendered by the
individual, the           individual’s present and potential contribution to the
Company’s           success and such other factors as the Committee deems relevant.  

	(ii)  	  	The
Committee will have the authority and discretion to establish terms and
          conditions of Awards as the Committee determines to be necessary or appropriate
          to conform to applicable requirements or practices of jurisdictions outside of
          the United States.  

	(iii)  	  	                   The
Committee will have the authority and discretion to interpret the Plan, to
                    establish, amend, and rescind any rules and regulations relating to
the Plan, to                     determine the terms and provisions of any agreements
made pursuant to the Plan,                     and to make all other determinations that
may be necessary or advisable for the                     administration of the Plan.  

	(iv)  	  	Any
interpretation of the Plan by the Committee and any decision made by it           under
the Plan is final and binding.  

	(v)  	  	The
Plan shall at all times be managed and operated in accordance with           applicable
laws.  

          	  	(d) 	
               Delegation by Committee. Except to the extent prohibited by applicable
               law or the applicable rules of a stock exchange, the Committee may allocate all
               or any portion of its responsibilities and powers to any one or more of its
               members and may delegate all or any part of its responsibilities and powers to
               any person or persons selected by it. Any such allocation or delegation may be
               revoked by the Committee at any time. 

               

	14.	
AMENDMENTS OF THE PLAN 

	  	
The
Committee may from time to time prescribe, amend and rescind rules and regulations
relating to the Plan. Subject to the approval of the Board of Directors, where required,
the Committee may at any time terminate, amend, or suspend the operation of the Plan,
provided that no action shall be taken by the Board of Directors or the Committee without
the approval of the stockholders which would 

          	  	(a) 	
               except as provided in Section 5(c), materially increase the number of shares
               which may be issued under the Plan; 

               

          	  	(b) 	
               permit granting of Stock Options at less than Fair Market Value; 

               

          	  	(c) 	
               except as provided in Section 5(c), permit the repricing of outstanding Stock
               Options; or 

               

          	  	(d) 	
               amend the maximum shares set forth in Section 5(b) which may be granted to
               any single Participant. 

               

	  	
No
termination, modification, suspension, or amendment of the Plan shall alter or impair the
rights of any Participant pursuant to an outstanding Award without the consent of the
Participant. There is no obligation for uniformity of treatment of Participants under the
Plan. 

	15.	
FOREIGN JURISDICTIONS 

	  	
The
Committee may adopt, amend, and terminate such arrangements, not inconsistent with the
intent of the Plan, as it may deem necessary or desirable to make available tax or other
benefits of the laws of any foreign jurisdiction, to employees of the Company who are
subject to such laws and who receive Awards under the Plan. 

-7-

	16.	
NON-ALIENATION OF RIGHTS AND BENEFITS 

	  	
Subject
to Section 9, no right or benefit under the Plan shall be subject to alienation, sale,
assignment, pledge, or encumbrance and any attempt to do so shall be void. No right or
benefit under the Plan shall be subject to the debts, contacts, liabilities or torts of
the person entitled to such rights or benefits. 

	17.	
LIMITATION OF LIABILITY OR OBLIGATION OF THE COMPANY 

	  	
Nothing in the Plan shall be construed  

          	  	(a) 	
               to give any employee of the Company any right to be granted any Award other than
               at the sole discretion of the Committee; 

               

          	  	(b) 	
               to give any Participant any rights whatsoever with respect to shares of Common
               Stock except as specifically provided in the Plan; 

               

          	  	(c) 	
               to limit in any way the right of the Company or any Subsidiary to terminate,
               change or modify, with or without cause, the employment of any Participant at
               any time; or 

               

          	  	(d) 	
               to be evidence of any agreement or understanding, express or implied, that the
               Company or any Subsidiary will employ any Participant in any particular position
               at any particular rate of compensation or for any particular period of time. 

               

	  	
Payments
and other benefits received by a Participant under an Award shall not be deemed part of a
Participant’s regular, recurring compensation for purposes of any termination,
indemnity or severance pay laws and shall not be included in, nor have any effect on, the
determination of benefits under any other employee benefit plan, contract or similar
arrangement provided by the Company or any Subsidiary, unless expressly so provided by
such other plan, contract or arrangement. 

	18.	
NO LOANS 

	  	
The
Company shall not lend money to any Participant to finance a transaction under this Plan.  

	19.	
NOTICES 

	  	
All
notices to the Company regarding the Plan shall be in writing, effective as of actual
receipt by the Company, and shall be sent to: 

	  	
Attention:
Corporate Compensation
General Mills, Inc.
Number One General Mills Boulevard
Minneapolis,
MN 55426  

	20.	
RECOGNITION AWARDS 

	  	
Up to 10,000 shares of Common Stock may be awarded as Recognition Awards in any calendar year during the duration of the Plan. A
Company officer may identify employees of the Company who have made special contributions to the business and/or performance of
the Company and request that the Corporate Secretary deliver Recognition Awards to such Participants in recognition of such
contributions. Each year, the Committee shall review the grants of Recognition Awards made in the prior year. Recognition Award
shares may be fully vested upon grant or subject to such vesting conditions as the Committee may authorize.

-8-

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