Document:

Exhibit 99.1 to General Mills, Inc. Form 10-Q dated November 28, 2004

Exhibit 4.2

EXECUTION COPY 

DIVIDEND RESTRICTION AGREEMENT 

        THIS DIVIDEND RESTRICTION
AGREEMENT (this “Agreement”), dated as of October 8, 2004, is executed and delivered by General Mills, Inc., a
Delaware corporation (“General Mills”), to Wells Fargo Bank, National Association, not in its individual capacity
but solely as paying agent for the common stock of General Mills (the “Paying Agent”). Capitalized terms used
herein but not defined shall have the meanings ascribed to them in the Third Amended and Restated Limited Liability Company
Agreement of General Mills Cereals, LLC, effective as of October 8, 2004 (the “LLC Agreement”). 

        WHEREAS, GM Class B, Inc., a
Delaware corporation (“GM Class B”), is the holder of 100% of the Series B-1 Limited Membership Interests (the
“Series B-1 Interests”) of General Mills Cereals, LLC, a Delaware limited liability company (the
“Company”). 

        WHEREAS, GM Class B desires
to sell to Lehman Brothers Special Financing Inc. (the “Purchaser”) preferred securities designated as Series B-1
Preferred Securities (the “Series B-1 Preferred Securities”), representing Series B-1 Interests each having an
initial Capital Account balance of $1,000. 

        WHEREAS, GM Class B is a
wholly owned subsidiary of General Mills and General Mills will receive a substantial benefit from the sale of the Series B-1
Preferred Securities. 

        WHEREAS, as an inducement for
the Purchaser to purchase the Series B-1 Preferred Securities, General Mills will irrevocably and unconditionally agree, to the
extent set forth herein, to refrain from paying any dividends on its common stock to the extent described herein in the event that
the Company fails to make preferred cash distribution payments to the Holders of the Series B-1 Preferred Securities. 

        NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally
and validly bound, hereby execute and deliver this Agreement and agrees for the benefit of the Purchaser and any subsequent
holders of the Series B-1 Preferred Securities (the “Holders”) as follows: 

        Section
1.      Restriction on Dividend Payments.    If the Company
fails to distribute on any Distribution Date to the Holders of the Series B-1 Preferred Securities, the entire amount of accrued
and undistributed Series B-1 Limited Member Preferred Return due to such Holders on such Distribution Date, then General Mills
shall not declare, pay or set aside for payment any dividend (other than dividends in the form of shares of common stock) or other
distributions on or in respect of, or repurchase or redeem its own shares of common or preferred stock, if any, until all such
accrued and undistributed Series B-1 Limited Member Preferred Return is subsequently distributed by the Company. The Company shall
provide notice to the Paying Agent, as provided in Section 5 below, immediately upon its failure to distribute on any Distribution
Date to the Holders of the Series B-1 Preferred Securities, the entire amount of accrued and undistributed Series B-1 Preferred
Return due to such Holders on such Distribution Date. General Mills shall give the Paying Agent prompt written notice as provided
in Section 5 below stating, as applicable, that the entire amount of 

 

the accrued and undistributed Series B-1 Limited Member Preferred Return (i)
has been paid to the Holders on the Distribution Date, (ii) has not been paid to the Holders on the Distribution Date, or (iii)
has been paid by General Mills to the Holders subsequent to the Distribution Date. The Paying Agent shall be entitled to
conclusively rely on such written notice received from General Mills. 

        Section
2.      Benefit.    This Agreement is solely for the benefit
of the Holders of the Series B-1 Preferred Securities. General Mills waives any right or remedy to require that any action be
brought first against the Company or any other Person before proceeding directly against General Mills. No agreement exists
between the Holders and the Paying Agent, or between the Company and the Paying Agent. The Holders may enforce this Agreement
directly against General Mills or the Company. 

        Section
3.      Successors and Assigns.    This Agreement shall bind
the successors, assigns, receivers, trustees and representatives of General Mills and shall inure to the benefit of the Holders of
the Series B-1 Preferred Securities then outstanding. Except in connection with any merger or consolidation of General Mills with
or into another entity or any sale, transfer or lease of General Mills’ assets to another entity in which the surviving
organization, if other than General Mills, assumes General Mills’ obligations under this Agreement, General Mills may not
assign its rights or delegate its obligations under this Agreement without the prior written consent of the Holders of Series B-1
Preferred Securities representing not less than 66 2/3% of the outstanding Series B-1 Interests (excluding any Series B-1
Preferred Securities held by General Mills or any of its Affiliates). 

        Section
4.      Amendments.    Except as provided in the immediately
succeeding sentence, this Agreement may be amended by the parties hereto only with the prior written consent of the Holders of
Series B-1 Preferred Securities representing not less than 66 2/3% of the outstanding Series B-1 Interests (excluding any Series
B-1 Preferred Securities held by General Mills or any of its affiliates). This Agreement may be amended without the consent of the
Holders to (a) cure any ambiguity, (b) correct or supplement any provision in this Agreement that may be defective or
inconsistent with any other provision of this Agreement, or (c) add to the covenants, restrictions or obligations of General
Mills. Any amendment hereof in accordance with this Section 4 shall be binding on all the Holders. 

        Section
5.      Notices.    All notices provided for in this Agreement
shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class
mail, as follows: 

	 	If to General Mills:	General Mills, Inc.
	 	 	One General Mills Boulevard
	 	 	Minneapolis, Minnesota 55440
	 	 	Attention: Elizabeth L. Wittenberg
	 	 	Telecopy: (763) 764-5011
	 	 	Telephone: (763) 764-7600
	 
	 	If to Paying Agent:	Wells Fargo Bank, N.A.
	 	 	161 North Concord Exchange
	 	 	South St. Paul, Minnesota 55075
	 	 	Attention: Barbara M. Novak
	 	 	Telecopy: (651) 450-4078

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        All such notices shall be
deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which
no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability
to deliver. 

        Section
6.      Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

        Section
7.      Counterparts.    The parties may sign any number of
copies of this Agreement. Each signed copy shall be an original, but all of them together represent the same agreement. Any signed
copy shall be sufficient proof of this Agreement. 

        Section
8.      Severability.    Every provision of this Agreement is
intended to be severable, and, if any term or provision of this Agreement is illegal or invalid for any reason whatsoever, such
illegality or invalidity shall not affect the validity or legality of the remainder of this Agreement. The preceding sentence of
this Section 8 shall be of no force or effect if the consequence of enforcing the remainder of this Agreement without such illegal
or invalid term or provision would be to cause any party to lose the material benefit of its economic bargain. 

[this space intentionally left blank] 

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        IN WITNESS WHEREOF, this
Agreement is executed as of the day and year first above written. 

	 	GENERAL MILLS, INC.
	 
	 	By:	/s/David B. VanBenschoten
	 	 	David B. VanBenschoten
	 	 	Vice President, Treasurer
	 
	 	WELLS FARGO BANK, N.A., AS PAYING AGENT
	 
	 	By:	/s/Barbara M. Novak
		 	Barbara M. Novak
	 	 	Vice President

4Exhibit 99.4 to General Mills, Inc. Form 10-Q dated November 28, 2004

Exhibit 4.3

Execution 

AMENDED AND RESTATED EXCHANGE AGREEMENT 

        THIS AMENDED AND RESTATED
EXCHANGE AGREEMENT (this “Agreement”), dated as of November 29, 2004 and effective as of October 8, 2004, is
executed and delivered by and between General Mills, Inc., a Delaware corporation (“General Mills”), and Capital
Trust, a Delaware statutory trust (the “Trust”). Capitalized terms used herein but not defined shall have the
meanings ascribed to them in the Third Amended and Restated Limited Liability Company Agreement of General Mills Cereals, LLC, a
Delaware limited liability company (“Cereals LLC”), dated and effective as of October 8, 2004 (the “LLC
Agreement”). 

        WHEREAS, GM Class B, Inc. a
Delaware corporation (“GM Class B”), on October 8, 2004 sold preferred securities designated as the Series B-1
preferred securities (the “Series B-1 Preferred Securities”), representing Series B-1 Limited Membership
Interests of Cereals LLC (the “Series B-1 Interests”), each having an initial Capital Account balance of $1,000,
to Lehman Brothers Special Financing Inc. (the “Initial Purchaser”), which immediately subsequent transferred
such Series B-1 Preferred Securities to the Trust. 

        WHEREAS, GM Class B is a
wholly owned subsidiary of General Mills and General Mills received and will receive substantial benefits from the sale of the
Series B-1 Preferred Securities. 

        WHEREAS, as an inducement to
the Initial Purchaser to purchase the Series B-1 Preferred Securities, General Mills and the Initial Purchaser entered into an
exchange agreement, dated as of October 8, 2004 (the “Original Exchange Agreement”), and binding upon subsequent
holders of the Series B-1 Preferred Securities (the “Holders”), providing that upon the occurrence of certain
events described therein, the Series B-1 Preferred Securities will be automatically exchanged for Series A Cumulative Preference
Stock of General Mills (the “Perpetual Preferred Stock”). 

        WHEREAS, Capital Trust, as
the Holder, and General Mills have agreed to amend and restate the Original Exchange Agreement to correct one of the events that
constitutes an Exchange Event (as defined below) and to clarify the terms of the Perpetual Preferred Stock. 

        NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally
and validly bound, hereby execute and deliver this Agreement for the benefit of the Initial Purchaser and any subsequent Holders
as follows: 

        Section 1.      Automatic Exchange. 

        (a)    Upon
the occurrence of an Exchange Event, the Series B-1 Preferred Securities shall be automatically exchanged (the “Automatic
Exchange”) for Perpetual Preferred Stock having an aggregate liquidation preference equal to the deemed Mark-to-Market
Capital Account balance determined in accordance with Section 9.2(k) of the LLC Agreement with respect to the Series B-1 Interests
represented by such Series B-1 Preferred Securities. 

 

        (b)    An
Automatic Exchange shall occur if: (i) the senior unsecured debt rating of General Mills falls below either Ba3 as rated by
Moody’s Investors Service, Inc. or BB- as rated by Standard & Poor’s, a division of The McGraw Hill Corporation or
BB- by Fitch, Inc.; (ii) a Bankruptcy or liquidation of General Mills occurs; (iii) a default on any senior Indebtedness of
General Mills results in an acceleration of Indebtedness having an outstanding principal balance in excess of $50,00,000; (iv)
General Mills fails to pay a dividend on its common stock in any fiscal quarter or (iv) a Liquidating Event shall occur under
Section 13.1(a)(i) of the LLC Agreement (each, an “Exchange Event”). 

        (c)    The
Automatic Exchange shall occur as of 11:00 a.m., New York City time, on the earliest possible date such exchange could occur, but
in no event more than 30 days following the Exchange Event (the “Time of Exchange”). General Mills will mail
notice of the occurrence of the Time of Exchange to the Holders at least 20 days prior to the Time of Exchange. At the Time of
Exchange, each Holder of Series B-1 Preferred Securities will be unconditionally obligated to surrender to General Mills the
certificates representing the Series B-1 Preferred Securities held by such Holder and General Mills will be unconditionally
obligated to deliver to the Holders, in exchange for such Series B-1 Preferred Securities, certificates for Perpetual Preferred
Stock having an aggregate liquidation preference equal to the deemed Mark-to-Market Capital Account balance determined in
accordance with Section 9.2(k) of the LLC Agreement with respect to the Series B-1 Interests represented by such Series B-1
Preferred Securities. Until such certificates are delivered (or in the event such certificates are not delivered), certificates
previously representing the Series B-1 Preferred Securities will be deemed for all purposes to represent corresponding shares of
Perpetual Preferred Stock. If, at the time of the Automatic Exchange, the Series B-1 Preferred Securities are held by The
Depository Trust Company (“DTC”) in global form, the Automatic Exchange will be effected by DTC automatically
upon receipt of notice from General Mills that an Exchange Event has occurred. 

        (d)    Any
Series B-1 Preferred Securities redeemed by Cereals LLC prior to the Time of Exchange shall not be deemed outstanding and shall
not be subject to the Automatic Exchange. Additionally, any Series B-1 Preferred Securities held by General Mills or any of its
affiliates shall not be subject to the Automatic Exchange. Holders of the Series B-1 Preferred Securities cannot exchange their
Series B-1 Preferred Securities for corresponding shares of Perpetual Preferred Stock prior to the occurrence of an Exchange
Event. Absent the occurrence of an Automatic Exchange, Holders of the Series B-1 Preferred Securities will have no distribution,
voting, liquidation, preference or other rights with respect to the Perpetual Preferred Stock. 

        (e)    The
dividend rate on the Perpetual Preferred Stock at the Time of Exchange shall equal the Series B-1 Preferred Return Rate in effect
at such time (the “Perpetual Preferred Return Rate”). Dividends will be cumulative and will accrue from, and
include, the date the Perpetual Preferred Stock is issued. If the Series B-1 Preferred Return Rate is a Fixed Rate, the
Perpetual Preferred Return Rate will remain a Fixed Rate until such time as the Fixed Rate Period ends. After the end of the Fixed
Rate Period, General Mills will have the option of: (i) conducting a Remarketing of the Perpetual Preferred Stock to set a
new Fixed Rate and a new Fixed Rate Period; provided that, with respect to any remarketing of the Perpetual Preferred Stock at the
end of the Initial Fixed Rate Period, if the remarketing proceeds are less than ninety percent of the initial Capital Account of
the Series B-1 Preferred Securities, a failed remarketing shall be deemed to have occurred or (ii) resetting the
dividend 

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rate on the Perpetual Preferred Stock to a Floating Rate equal to 1.61% plus
the greater of (A) the 3-month LIBOR Rate, (B) the 10-year Treasury CMT or (C) the 30-year Treasury CMT. Dividends
on the Perpetual Preferred Stock shall be payable on each Class B Distribution Date and shall be payable in cash; provided,
however, that if General Mills has failed to pay regularly scheduled dividends on its Common Stock, par value $0.10 per share
(the “Common Stock”), in any quarterly period, the Corporation may, at its option, pay the dividend on the
Perpetual Preferred Stock payable in such quarterly period in a number of shares of Common Stock having a Fair Market Value equal
to the amount of such dividend payment. “Fair Market Value” means the average of the closing price of the Common
Stock, as reported on composite transaction tape of The New York Stock Exchange, during the five trading days immediately
preceding the date on which the dividend is declared. 

        (f)    The
Perpetual Preferred Stock shall not be redeemable prior to the first Scheduled Reset Date. General Mills may redeem all or part of
the Perpetual Preferred Stock on or after the first Scheduled Reset Date at a per share redemption price equal to the stated
value, plus accrued and unpaid dividends thereon to the date of redemption, provided that the Perpetual Preferred Stock may
not be redeemed on the first Scheduled Reset Date if the aggregate redemption price as of the first Scheduled Reset Date is less
than 90% of the initial Capital Account balance of the Series B-1 Preferred Securities. 

        (g)       If
the Time of Exchange occurs prior to the first Scheduled Reset Date and General Mills has not given notice to the Holders at least
30 Business Days prior to the first Scheduled Reset Date that the Perpetual Preferred Stock will be redeemed on the first
Scheduled Reset Date, then the Perpetual Preferred Stock shall be remarketed pursuant to the procedures described in Section 7.2
of the LLC Agreement, as if it were the first Class B Mandatory Remarketing of the Series B-1 Interests. 

        Section
2.      Benefit.    This Agreement is solely for the benefit
of General Mills and the Holders of the Series B-1 Preferred Securities. General Mills waives any right or remedy to require that
any action be brought first against any other Person before proceeding directly against General Mills for failure to perform its
respective obligations hereunder. The Holders may enforce this Agreement directly against General Mills. 

        Section
3.      Successors and Assigns.    This Agreement shall bind
the successors, assigns, receivers, trustees and representatives of General Mills and the Holders of the Series B-1 Preferred
Securities then outstanding. Except in connection with any merger or consolidation of General Mills with or into another entity or
any sale, transfer or lease of General Mills’ assets to another entity in which the surviving organization, if other than
General Mills, assumes General Mills’ obligations under this Agreement, General Mills may not assign its rights or delegate
its obligations under this Agreement without the prior approval of the Holders of Series B-1 Preferred Securities representing not
less than 66 2/3% of the outstanding Series B-1 Interests (excluding any Series B-1 Preferred Securities held by General Mills or
any of its affiliates). 

        Section
4.      Amendments.    Except as provided in the immediately
succeeding sentence, this Agreement may be amended by the parties hereto only with the prior approval of the Holders of Series B-1
Preferred Securities representing not less than 66 2/3% of the outstanding Series B-1 Interests (excluding any Preferred
Securities held by General Mills or any of its affiliates). This Agreement may be amended without the consent of the Holders to

3 

(a) cure any ambiguity, (b) correct or supplement any provision in
this Agreement that may be defective or inconsistent with any other provision of this Agreement or (c) add to the covenants,
restrictions or obligations General Mills. Any amendment hereof in accordance with this Section 4 shall be binding on all the
Holders. 

        Section
5.      Notices.    All notices provided for in this Agreement
shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class
mail, as follows: 

	 	If to General Mills:	General Mills, Inc.
	 	 	One General Mills Boulevard
	 	 	Minneapolis, Minnesota 55440
	 	 	Attention: Elizabeth L. Wittenberg
	 	 	Telecopy: (763) 764-5011
	 	 	Telephone: (763) 764-7600
	 
	 	If to the Trust:	The Bank of New York
	 	 	101 Barclay Street, Floor 8W,
	 	 	New York, New York 10286
	 	 	Attention: Corporate Trust Administration

        All such notices shall be
deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which
no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability
to deliver; provided, that any notice to the Trust shall not be deemed to have been given to the Trust until received by the Trust
at its address set forth above. 

        Section
6.      Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

        Section
7.      Counterparts.    The parties may sign any number of
copies of this Agreement. Each signed copy shall be an original, but all of them together represent the same agreement. Any signed
copy shall be sufficient proof of this Agreement. 

        Section
8.      Severability.    Every provision of this Agreement is
intended to be severable, and, if any term or provision of this Agreement is illegal or invalid for any reason whatsoever, such
illegality or invalidity shall not affect the validity or legality of the remainder of this Agreement. The preceding sentence of
this Section 8 shall be of no force or effect if the consequence of enforcing the remainder of this Agreement without such illegal
or invalid term or provision would be to cause any party to lose the material benefit of its economic bargain. 

4 

        IN WITNESS WHEREOF, this
Agreement is executed as of the day and year first above written. 

	 	GENERAL MILLS, INC.
	 
	 	By:	/s/David B. VanBenschoten
	 	 	David B. VanBenschoten
	 	 	Vice President and Treasurer
	 
	 	CAPITAL TRUST,

By The Bank of New York, as Trustee
	 
	 	By:	/s/Stacey B. Poindexter
		 	Stacey B. Poindexter
	 	 	Assistant Vice President

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