Document:

Exhibit 10.6

 

22 February 2017

 

Strictly Private and Confidential

 

Phil Wagstaff

 

Dear Phil

 

When you joined the board of Henderson Group plc we wrote to you to confirm the changes to your employment terms which would be effective from the date of your appointment.  We now write to restate your employment contract to consolidate your original employment contract dated 6 December 2011 (the “Original Contract”) with the amendments made to your Original Contract by paragraphs 1 to 11 of a side letter dated 24 May 2016 (the “Side Letter Amendments”).  Accordingly, the terms of the Original Contract, as amended by the Side Letter Amendments, shall be replaced by the terms of this letter with effect from the date hereof.

 

Under the FCA rules, the Company is required to ensure that appropriate employees have, or undergo training to acquire, the requisite knowledge and skills to enable them to perform their duties competently and with due regard to the needs of their clients and the requirements of the Financial Services and Markets Act 2000. You are required to demonstrate continuously that you remain Threshold Competent.  Should you at any stage fail to maintain Threshold Competence, the Company may terminate your employment.

 

The following terms include the statutory particulars we are required to give you in accordance with the terms of the Employment Rights Act 1996, which, together with the contractual sections of the Employee Handbook make up your contract of employment (the Agreement). Where there is any conflict between the statement of terms of employment and the contractual sections of the Employee Handbook the statement of terms will apply. We do not automatically send out copies of the Employee Handbook, as it is available on the Source (the Company’s intranet).

 

1.                                     Date of commencement of employment

 

1.1                              Your employment with the Company commenced on 3 January 2012 (such date being the Commencement Date).

 

1.2                              Your period of continuous employment for the purposes of the Employment Rights Act 1996 began on the Commencement Date.

 

 

2.                                     Duties

 

2.1                              Your Job title is Global Head of Distribution reporting to the Chief Executive Officer and you will perform and observe such duties as may from time to time be required of you by the Company. The Company reserves the right to change reporting lines and change, add or withdraw duties subject to giving you prior notice.

 

2.2                              You consent to the secondment or transfer of your employment under this Agreement to an Associated Employer (within the meaning of the Employment Rights Act 1996) at any time during your employment.

 

2.3                              Your normal place of work is the principal UK office of Henderson Group plc or such other location at which you and the Company or Henderson Group may from time to time agree that you will base yourself.

 

2.4                              You agree to such travel (both within and outside the UK) as may be required for the proper performance of your duties.

 

2.5                              You acknowledge that the duties which you may perform as an Executive Director of Henderson Group will include preparation for, travel to and attendance at all scheduled and emergency board meetings of Henderson Group, and any other meetings or events involving directors of Henderson Group such as away days and all annual and extraordinary meetings of Henderson Group.

 

2.6                              Your duties as a director of Henderson Group or any of its associates or subsidiaries are subject to the Articles of Association of the relevant company for the time being.

 

2.7                              While the Company or Henderson Group is listed on the Australian Securities Exchange, you will promptly provide the Company with the information specified in Schedule 1 at the dates and within the periods specified in Schedule 1. You authorise the Company to give that information to the Australian Securities Exchange on your behalf and as your agent.

 

3.                                     Remuneration and benefits

 

3.1                              Basic salary

 

3.1.1                    Your initial basic salary will be £375,000 per annum (Basic Salary) payable in equal monthly instalments in arrears on the 25th day of each month to a bank account in the UK, as directed by you. Where you have agreed with the Company that your Basic Salary will be reduced as part of a salary sacrifice arrangement, you will be paid instead an “Adjusted Salary”, being the Basic Salary less the authorised reduction.

 

2

 

3.1.2                    Salaries are reviewed on 1 April each year. The Company would, however, have no obligation to increase your salary consequent on any such review.

 

3.2                              Short Term Incentive (STI) Plan

 

3.2.1                    You will participate in the Company’s STI Plan, upon becoming eligible and subject to the rules of the Plan from time to time in force.  To receive any award, you must be in employment with, and not have given notice of termination to, or received notice of termination from, the Company by the date of payment.  Any award will be entirely at the discretion of the Company.  We have the right in our absolute discretion to amend the range, and/or any other terms of the Plan or to withdraw it completely.

 

3.2.2                    Award of bonuses (if any) is usually made in February or March, and any award which are made are determined by reference to performance in the calendar year (the Performance Year) preceding the award.  Annual bonuses and the amount and form of any award are dependent upon the performance of Henderson Group plc and the relevant business area, and the performance, contribution and conduct of the individual.  Your STI bonus range will be 0-300 per cent. of your basic salary with a target of 200% of your basic salary.  If your salary or STI range changes during a Performance Year, any award will be calculated on a pro rated basis by reference to the different salaries/STI ranges applicable during each part of that Performance Year.  An element of any award you may receive may be subject to mandatory deferral through the Company’s deferral scheme from time to time in force.

 

3.3                              Long Term Incentive Award (LTIP)

 

3.3.1                    You will be entitled to participate in LTIP grants on the same basis as other senior executives at the sole discretion of the Remuneration Committee.  For the avoidance of doubt there is no guarantee that there will be any future LTIP awards made by the Company, or if there are, that you will be made an award.

 

3.4                              Medical insurance

 

3.4.1                    The Company will pay contributions to a private medical insurance scheme to provide cover for you, subject to the rules of the scheme from time to time in place.  Details of the scheme will be available upon joining, and you will need to apply to join the scheme before receiving cover under it.  We have the right in our absolute discretion to amend the terms of the scheme or to withdraw it completely.

 

3

 

3.5                              Pension scheme

 

3.5.1                    You have automatically joined the money purchase section of the UK staff pension scheme, subject to the rules of the scheme. A copy of the Pension Scheme Booklet which sets out the rules of the scheme has been sent to you. You should familiarise yourself with this document.

 

3.5.2                    The pension scheme is contracted-out of the State Second Pension (previously known as the State Earnings Related Pension Scheme (SERPS)), and a contracting-out certificate is in force.

 

3.5.3                    The Company reserves the right to amend or discontinue the pension scheme or its rules at any time, subject to having given the employees affected prior notice.

 

3.5.4                    The trustees of the pension scheme and their advisers and administrators (as detailed in the Annual Scheme Report and Accounts) will need to process certain data about you. These may include items which are categorised as personal data and sensitive personal data under the Data Protection Act 1998 such as medical details or death benefit nominations. You accept that the trustees and their advisers and administrators need this data to calculate and pay benefits for statistical purposes for reference purposes and to administer the pension scheme as a whole. By signing this contract you agree to this processing taking place.

 

3.6                              Incentive schemes

 

3.6.1                    Any proportion of any award (including any guarantee) may at the Company’s discretion be paid in the form of shares in Henderson Group plc.  The Company may require you to defer a proportion of any award (including any guarantee or sign on award) into the Company’s deferral scheme from time to time in force.  The terms of the current deferral scheme will be communicated to you in the event that your bonus award reaches the appropriate deferral threshold.

 

3.6.2                    If, on termination of employment (whether lawfully or in breach of contract) you lose any of the rights or benefits under any incentive schemes in which you have participated during your employment (including rights or benefits which you would not have lost had your employment not been terminated) you will not be entitled, by way of compensation for loss of office, breach of contract or otherwise, to any compensation for the loss of any rights or benefits under any such scheme.

 

4

 

4.                                     Absence from work

 

4.1                              Sickness or injury

 

4.1.1                    If you are absent from work due to sickness or injury, you must notify the Company before 10.00 am on the first day of absence. Full details of the procedures in case of sickness or injury are set out in the Employee Handbook, which will be available to you on the Company’s intranet.

 

4.2                              Sick pay

 

4.2.1                    Subject to your compliance with the Company’s policy on notification and certification of periods of absence from work, you will continue to be paid your full salary during any period of absence from work due to sickness, injury or other incapacity, up to a maximum of six months in aggregate in any period of 12 consecutive months.

 

4.2.2                    Any payments made by the Company on account of absence through sickness or injury will be inclusive of any entitlements you may have to Statutory Sick Pay and will be reduced by any benefits to which you may be entitled from the Department for Work and Pensions (DWP) as a result of such sickness or injury (whether or not claimed or recovered). You should claim any benefits due from the DWP.

 

4.3                              Medical examinations/reports

 

4.3.1                    We have the right to require you at any stage of absence to produce a medical certificate and/or we may require you at any time to undergo a medical examination by your own registered medical practitioner subject to your consent and your rights under the Access to Medical Reports Act. We also have the right to require you to undergo a medical examination by a registered medical practitioner of our own choice and at our own expense. You agree that such medical practitioner may disclose to us and discuss with us or a Company medical advisor the result of such examination and any matters which arise from it particularly any matters which in his/her opinion might hinder or prevent you (if during a period of incapacity) from returning to work or (in other circumstances) from efficiently performing any of your contractual duties.

 

5.                                     Hours of work

 

As a senior executive’s working time is not measured or pre-determined, you are responsible for determining your own hours of work, providing that such hours are consistent with the proper performance of your duties

 

5

 

6.                                     Holidays

 

6.1                              The Company’s holiday year runs from 1 January to 31 December.

 

6.2                              Your annual holiday entitlement is 30 days, in addition to the usual public holidays.  This includes your statutory holiday entitlement.

 

6.3                              If you join the Company or your holiday entitlement changes part way through the holiday year, your holiday entitlement(s) will be pro-rated on the basis of one-twelfth of the relevant annual entitlement per month.

 

6.4                              If you leave the Company part way through the holiday year, your entitlement will be calculated in the same way. You will be paid for any holiday which has accrued during the final holiday year of your employment, but which has not been taken by the last day of your employment. If you have taken holiday in excess of your entitlement, you will be required to repay to the Company the relevant amount, which may be deducted from your final salary payment or other sums otherwise owed from the Company.

 

6.5                              The method of calculating a day’s pay for holiday pay and unpaid leave will be your Basic Salary (or, if applicable, your Adjusted Salary) divided by 260 for full-time employees; for part-time employees, holiday pay will be calculated by the same method but on a pro-rated basis.

 

6.6                              Holiday may only be carried over into a new holiday year if there are legitimate business reasons which have prevented you from taking your full allowance, and subject to authorisation by the head of your business area.  Additional information regarding holidays is set out in the Employee Handbook.

 

7.                                     Employee Handbook

 

7.1                              The Company reserves the right to make alterations to the Employee Handbook at any time.

 

8.                                     Season ticket loan

 

8.1                              You are eligible to apply for a loan to purchase an annual season ticket; the granting of such a loan will be entirely at the Company’s discretion.  This loan is interest-free and will be recovered monthly from your salary. The outstanding amount of any loan will become immediately repayable upon the termination of your employment or the surrender of the ticket.

 

9.                                     Notice

 

9.1                              Subject to clause 10 below, in order to terminate your employment, either 

 

6

 

                                                party will be required to give the other party written notice as follows:

 

9.1.1                    from the Company to you:                                              12 months (or the statutory minimum, if longer)

 

9.1.2                    from you to the Company:                                              6 months.

 

9.2                              The Company will not be obliged to provide work to you at any time after notice of termination of your employment has been given either by you or by the Company and the Company may, at its discretion, take any one or more of the following steps in respect of all or part of an unexpired period of notice (Garden Leave):

 

9.2.1                    require you to comply with such conditions as it may specify in relation to attending at, or remaining away from, the places of business of the Company and any company in the Henderson Group;

 

9.2.2                    assign you to other duties;

 

9.2.3                    withdraw any powers vested in, or duties assigned to you;

 

9.2.4                    require you to take any outstanding holiday; or

 

9.2.5                    require you to resign with immediate effect from any offices you hold with Henderson Group or any of its associates or subsidiaries (and any related trusteeships).

 

9.3                              The Company may suspend you from employment during any period in which the Company is carrying out a disciplinary investigation into any alleged acts or defaults by you (including where the FCA is conducting an investigation into circumstances including a potential breach of FCA regulatory requirements).   Such suspension will be no longer than is reasonable and necessary on full salary and benefits (save that you will not be entitled to earn or be paid any bonus during any period of suspension).

 

10.                              Termination of employment without notice

 

10.1                       Notwithstanding the notice periods set out in clause 9 above the Company may, by written notice, terminate your employment immediately and without compensation (except for salary and holiday pay accrued, due but unpaid) in any of the following circumstances:

 

10.1.1             if you are in serious or repeated default of any of your obligations of employment;

 

10.1.2             if you are guilty of gross or persistent misconduct, dishonesty or any conduct tending to bring the Company into disrepute;

 

7

 

10.1.3             if you are imprisoned for any reason or convicted of a crime other than a minor offence under the Road Traffic Acts;

 

10.1.4             you fail to achieve or maintain any relevant regulatory approval appropriate to your position;

 

10.1.5             if employment references and/or verified evidence of your qualifications, identity or right to work are not forthcoming or prove inadequate or unsatisfactory (where you have commenced employment before the Company has received such documentation);

 

10.1.6             if you are disqualified from acting as a director of a company by order of a competent court;

 

10.1.7             if you are declared bankrupt or make any arrangement with or for the benefit of your creditors or have an administration order made against you under the County Courts Act 1984;

 

10.1.8             if you voluntarily resign your directorship of Henderson Group (other than at the explicit request of the board of directors of Henderson Group);

 

10.1.9             if you have your approval withdrawn by the FCA (or any other replacement or other relevant regulatory body) or Henderson Group reasonably believes that your acts or omissions will lead to such approval being withdrawn; or

 

10.1.10      if you materially breach the FCA’s (or any replacement or other relevant regulatory body’s) rules.

 

This Clause will not restrict any other right the Company may have to terminate your employment summarily. Any delay by the Company in exercising its rights under this Clause will not constitute a waiver of those rights.

 

10.2                       Without prejudice to the Company’s right to terminate summarily as set out in Clause 10.1, the Company may, in its sole discretion, terminate your employment in accordance with this Clause 10.2 and pay you a sum in lieu of notice (the Payment in Lieu of Notice) equal to the aggregate of the basic salary (calculated by reference to your basic salary at the date of the termination) which you would have been entitled to receive under this Agreement during the notice period referred to in Clause 9 if notice had been given (or, if notice has already been given, during the remainder of the notice period) (the Relevant Period).

 

10.3                       The Payment in Lieu of Notice will be paid within one month of the date of termination of your employment and will be paid net of tax and subject to such 

 

8

 

                                               deductions as may be required by law. The Payment in Lieu of Notice will be made in full and final settlement of any claims you may have against the Company or Henderson Group in connection with your notice period.

 

10.4                       Any entitlement that you have or may have under any share incentive plan will be determined in accordance with the rules of the relevant plan and will not be affected by your receipt of Payment in Lieu of Notice.

 

10.5                       For the avoidance of doubt, you will not be entitled to a payment in lieu of bonus, pension or other benefits to which you would have been entitled had you worked your notice.

 

10.6                       In consideration for the Payment in Lieu of Notice, you agree to remain bound by the provisions contained in Clauses 16 and 22 of this Agreement.

 

11.                              Location

 

11.1                       Your normal place of work will be the London office of the Company or such other place within the United Kingdom as the Company may from time to time determine.  You may also be required to travel to such places, whether in or outside the UK as the Company may from time to time require.

 

12.                              Disciplinary and grievance procedures

 

12.1                       Details of the Company’s disciplinary and grievance procedures are contained in the Employee Handbook.  These rules may be amended by the Company from time to time at its absolute discretion.

 

13.                              Collective agreements

 

13.1                       There are no collective agreements in force which directly affect your employment.

 

14.                              Health and safety

 

14.1                       You are required to observe such health and safety regulations as may from time to time be in force at your place of work.  The health and safety policy is displayed on notice boards in the Company’s London office.

 

15.                              Financial regulation

 

15.1                       You have an obligation to act and conduct yourself in conformity with the rules of the FCA, any other regulatory organisation constituted in accordance with the Financial Services and Markets Act 2000 and any other relevant overseas regulatory authority.

 

9

 

15.2                       All employees must comply and co-operate fully with all instructions, directions, requirements or requests made or imposed by or on behalf of our regulators under the relevant rules.  In particular you must comply with all relevant principles, rules and requirements of the FCA including, in the case of Approved Persons, the “Statements of Principle” and the “Code of Practice” for Approved Persons. If you are an Approved Person you will also be required to comply with your Statement of Regulatory Responsibilities. You will comply with all codes of conduct adopted from time to time by the board of directors of Henderson Group and with all applicable rules and regulations of the UK Listing Authority. While the Henderson Group is listed on the Australian Securities Exchange, you will comply with all applicable rules and regulations of the Australian Securities Exchange and those provisions of the Australian Corporations Act relating to dealings in securities.

 

15.3                       You are required to comply with the rules for employees’ personal investment transactions (the “Personal Account Dealing Rules”), relating to the purchase and sale of securities, details of which have been provided to you.

 

16.                              Confidentiality

 

16.1                       There is a need for strict confidentiality in connection with all the Company’s business. You agree that you will not, either during your employment or thereafter, use to the detriment or prejudice of the Company or the Henderson Group or, except in the proper course of your duties, divulge to any person any trade secret or any other confidential information concerning the business or affairs of the Company or the Henderson Group, which may have come to your knowledge during your employment and you will use your best endeavours to prevent the publication or disclosure by others of any such trade secret or confidential information.

 

17.                              Return of papers etc.

 

On termination of your employment for whatever reason (and whether in breach of contract or otherwise) you will:

 

17.1                       immediately deliver to the Company all books, documents, papers, computer records, computer data, credit cards, and any other property relating to the business of or belonging to the Company or Henderson Group which is in your possession or under your control.  You are not entitled to retain copies or reproductions of any documents, papers or computer records relating to the business of or belonging to the Company or Henderson Group;

 

17.2                       immediately resign from any office you hold with Henderson Group or any associate or subsidiary (and from any related trusteeships) without any compensation for loss of office.  Should you fail to do so, you hereby 

 

10

 

irrevocably authorise the Company to appoint some person in your name and on your behalf to sign any documents and do anything to give effect to your resignation from  office; and

 

17.3                       immediately pay to the Company or, as the case may be, Henderson Group all outstanding loans or other amounts due or owed to the Company or Henderson Group.  You confirm that, should your fail to do so, the Company is to be treated as authorised to deduct from any amounts due or owed to you by the Company (or Henderson Group) a sum equal to such amounts.

 

18.                              Other employment

 

18.1                       During your employment, you must not be engaged in any other business without prior written consent of the Company.

 

19.                              Deductions

 

19.1                       We are entitled to deduct from your pay or any other sums payable to you by the Company any sums which you may owe us including (without limitation):

 

19.1.1             loans including advances of salary;

 

19.1.2             a day’s pay for each day of unauthorised absence (including any unauthorised absence during your notice period or failure to make yourself available for work).  Unauthorised absence means failure to notify us in accordance with the sickness notification provisions or to obtain our written consent before being absent from work other than as authorised by and subject to the terms of your contract.

 

19.2                       All sums payable by the Company will be subject to deductions required by law.

 

20.                              Third party rights

 

20.1                       You and the Company agree that any rights which a third party (other than a member of the Henderson Group) may acquire under this contract of employment by reason of the Contracts (Rights of Third Parties) Act 1999 are excluded.

 

21.                              Data protection

 

21.1                       You are obliged to comply with our data protection policy set out in the Employee Handbook. We may treat any breach of the data protection policy as gross misconduct which may result in your immediate dismissal without notice.

 

11

 

21.2                       You must not use any personal computer which is not under the custody or control of the Company (or other electronic equipment capable of holding/processing personal data) for any business of the Company without first obtaining authorisation from your manager. If you wish to change the nature  and/or extent of such authorised usage you must first obtain approval from your manager.

 

21.3                       If we instruct you to do so (and in any event when your employment terminates for whatever reason) you must surrender all manual data relating to any business of the Company and erase all data relating to any business of the Company from any computer to which you have access but which is not under the custody or control of the Company.  In such circumstances you must also surrender (or destroy) any paper copies made of such data.

 

21.4                       You agree that for the purposes of your employment with us:

 

21.4.1             we may process any data that we hold in respect of you (including any data provided to any company in the Henderson Group even if this data was not provided in connection with your employment with us). The purposes include recruitment, pay and benefits, appraisals, promotions, development, redeployment, employee resourcing, marketing, public relations, job applications, training, transfers, proposed transfers of undertakings and shares, demotions, managing performance, managing sickness absence, administration, pay review, credit searches and other financial and employment checks, investigations, regulatory and statutory requirements, disciplinary proceedings, the data uses in the disciplinary code, appeals, grievances, resignations, dismissals, exit interviews, disciplinary warnings and other sanctions, references, certificates of employment and any other purposes similar to those listed in this clause.

 

21.4.2             we may share this data with and/or transfer it to any other company in the Henderson Group either within or outside the United Kingdom and/or share it with the FCA or any other regulatory or statutory body to the extent necessary to satisfy any of our regulatory requirements.  We may also share this data with any person firm or company to whom we have outsourced any function or to whom we are advertising or marketing our services.

 

21.5                       By signing this Statement you consent to our processing any Sensitive Personal Data we hold in respect of you in connection with your employment with us.  You further consent to our sharing and/or transferring any such data (where appropriate) to any other company in the Henderson Group either within or outside the United Kingdom and/or sharing it with the FCA or any other regulatory or statutory body to the extent necessary to satisfy any of our regulatory requirements. For the purposes of this clause “Sensitive Personal Data” means any personal information relating to physical or mental health, 

 

12

 

racial or ethnic origins, political opinions, religious beliefs, sexual orientation, trade union membership and alleged or actual criminal offences or any proceedings for the offences committed or allegedly committed including the outcome of these.

 

21.6                       Where we hold data about any third party which you have provided to us for the purposes of your employment (such as information about your dependants), you agree that you have been able to obtain the consent of that third party and that he/she is aware of the purposes for which such data is being held.

 

For the avoidance of doubt, processing includes the monitoring of your e-mails and computer use to the extent we consider necessary to ensure compliance with our e-mail policy, legal and regulatory obligations and any other roles or policies which apply from time to time.

 

22.                              Post-termination Covenants

 

22.1                       For the purposes of clause 22, Termination Date means the date of the termination of your employment howsoever caused (including, without limitation, termination by the Company which is in repudiatory breach of this Agreement).

 

22.2                       You covenant with the Company (for itself and as trustee and agent for each other company in the Henderson Group) that you will not, whether directly or indirectly, on your own behalf or on behalf of or in conjunction with any other person, firm, company or other entity:

 

22.2.1             for the period of 12 months following the Termination Date (subject to clause 22.3 below), for the purposes of any business which competes or is about to compete with any business carried on by the Company or any company in the Henderson Group, canvass, solicit, deal with or accept business or custom from or endeavour to canvass, solicit, deal with or accept business or custom from any person, firm, company or other entity who is, or was, in the 12 month period immediately prior to the Termination Date, a client of the Company or any company in the Henderson Group with whom you had business dealings in the course of your employment in that 12 month period. Nothing in this clause 22.2.1 prohibits the seeking or doing of business not in direct or indirect competition with the business of the Company or any Henderson Group Company;

 

22.2.2             for the period of 12 months following the Termination Date (subject to clause 22.3 below), solicit or entice away or endeavour to solicit or entice away any individual who is employed or engaged by the Company or any company in the Henderson Group as a director, fund manager or in a senior managerial or 

 

13

 

other specialist capacity and with whom you had business dealings in the course of your employment in the 12 month period immediately prior to the Termination Date;

 

22.2.3             for the period of 6 months following the Termination Date (subject to clause 22.3 below), so as to compete with the Company or any company in the  Henderson Group, carry on, set up, be employed, engaged or interested in a business which is itself or is about to be in competition with the business of the Company or any company in the Henderson Group as at the Termination Date with which you were actively involved during the 12 month period immediately prior to the Termination Date. It is agreed that in the event that any such business ceases to be in competition with the Company and/or any company in the Henderson Group this paragraph will, with effect from that date, cease to apply in respect of such business. The provisions of this paragraph will not, at any time following the Termination Date, prevent you from holding shares or other capital not amounting to more than 3% of the total issued share capital of any company whether listed on a recognised stock exchange or not and, in addition, will not prohibit the seeking or doing of business not in competition with the business of the Company or any company in the Henderson Group.

 

22.3                       The period during which the restrictions referred to in clauses 22.2.1 and 22.2.2 and 22.2.3 will apply following the Termination Date will be reduced by the amount of time during which, if at all, you are placed on garden leave under the provisions of clause 9.2.

 

22.4                       You agree that if, during your employment with the Company or the period of the restrictions set out in clauses 22.2.1 and 22.2.2 and 22.2.3 (subject to the provisions of clause 22.3), you receive an offer of employment or engagement, you will provide a copy of clause 22 to the offeror as soon as is reasonably practicable after receiving the offer and will inform the Company of the identity of the offeror as soon as possible after the offer is accepted.

 

22.5                       You will, at the request and expense of the Company, enter into a separate agreement with any company in the Henderson Group under the terms of which you will agree to be bound by restrictions corresponding to those contained in clauses 22.2.1 and 22.2.2 and 22.2.3 (or such as may be appropriate in the circumstances).

 

22.6                       Each and every obligation under this clause 22 will be treated as a separate obligation and will be severally enforceable as such. If any restriction contained in this clause 22 will be adjudged by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances but would be valid if part of the wording were deleted the 

 

14

 

said restriction will apply with such deletions as may be necessary to make it valid and effective.

 

23.                              General

 

23.1                       The headings to clauses are for convenience only and have no legal effect.

 

23.2                       Any reference to ‘Henderson Group’ means Henderson Group plc and any and all of its subsidiaries (as such term is defined in s.1159 Companies Act 2006).

 

23.3                       The validity construction and performance of this contract will be governed by English law and subject to the exclusive jurisdiction of the English courts.

 

23.4                       The Agreement sets out the entire agreement and understanding between you and the Company regarding the terms of your employment. This Agreement supersedes all prior discussions between you the Company and all representations terms and conditions and warranties (other than in relation to anything affecting your suitability for employment) whenever given and whether orally or in writing and any other contracts of employment (oral or written) which you may have from or with the Company, except that nothing herein will limit liability for fraud.

 

I should be grateful if you would sign the attached copy and return it to me in the envelope supplied

 

	
Yours sincerely
    	
 
    
	
 
    	
 
    
	
/s/ Kathleen Reeves
    	
 
    

 

Kathleen Reeves

Global Head of HR

 

	
Signed
    	
/s/ Phil Wagstaff
    	
 
    
	
 
    	
 
    	
 
    
	
Dated
    	
22 February 2017
    	
 
    

 

15

 

SCHEDULE 1

 

Introduction

 

Due to its admission to official list of the Australian Securities Exchange Limited (ASX) Henderson Group will be required, under the ASX Listing Rules, to disclose to ASX details of Henderson Group’s directors’ interests in securities of the Company, and in contracts relevant to such securities.  Henderson Group is also required to enter into an agreement with directors under which directors are obliged to provide the necessary information to Henderson Group.

 

For the purposes of this Schedule, ‘securities’ means securities of Henderson Group or a related body corporate of Henderson Group.

 

Ongoing disclosure

 

1.             You will provide the following information:

 

(a)                                 Details of changes in securities registered in your name other than changes occurring as a result of corporate actions by Henderson Group.  These details include the date of the changes, the number and class of the securities held before and after the change, and the nature of the change, for example on-market transfer.  You will also provide details of the consideration payable in connection with the change, or if a market consideration is not payable, the value of the securities the subject of the change.

 

(b)                                 Details of changes in securities not registered in your name but in which you have a relevant interest within the meaning of section 9 of the Corporations Act 2001 (Cth).  These details shall include the date of the change, the number and class of the securities held before and after the change, the name of the registered holder before and after the change, and the circumstances giving rise to the relevant interest.  You will also provide details of the consideration payable in connection with the change, or if a market consideration is not payable, the value of the securities the subject of the change.

 

(a)                                 Details of all changes to contracts (other than contracts to which Henderson Group is a party) to which you a party or under which the Non-Executive Director is entitled to a benefit, and that confer a right to call for or deliver shares in, debentures of, or interests in a managed investment scheme made available by, the Company or a related body corporate.  These details include the date of the change, the number and class of the shares, debentures or interests to which the interest relates before and after the change, the name of the registered holder if the shares, debentures or interests have been issued, and the nature your interest under the contract.

 

16

 

2.             You will provide the following information as at the date of ceasing to be a director of Henderson Group:

 

(a)                                 Details of all securities registered in your name.  These details include the number and class of the securities.

 

(b)                                 Details of all securities not registered in your name but in which you have a relevant interest within the meaning of section 9 of the Corporations Act 2001(Cth).  These details include the number and class of the securities, the name of the registered holder and the circumstances giving rise to the relevant interest.

 

17EX-4.1

Exhibit 4.1

GENERAL MILLS, INC.

OFFICERS’ CERTIFICATE

AND

AUTHENTICATION ORDER

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

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

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

(1) The series of Securities being authorized shall bear the title “Floating Rate Notes
due 2019” (the “Notes”).

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

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

(4) The Notes will mature on March 20, 2019, unless the principal of any Note, or any
installment of principal, becomes due and payable prior to such date.

As used herein, “Business Day” means any day that is not a Saturday or Sunday and that
is not a day on which banking institutions are authorized or obligated by law or executive
order to close in the City of New York or London and on which the Trans-European Automated
Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor
thereto, operates.

(5) The Notes will bear interest from and including March 20, 2017 or from and
including the most recent Interest Payment Date (as defined below) as to which interest on
the Notes (or any Predecessor Security with respect to the Notes) has been paid or made
available for payment quarterly in arrears on March 20, June 20, September 20 and December
20 in each year (each an “Interest Payment Date”), commencing on June 20, 2017, at the rate
per annum determined in accordance with the provisions set forth below, until the Notes are
paid or made available for payment.

The interest so payable, and punctually paid or made available for payment, on any
Interest Payment Date will, as provided for in the Indenture, be paid to the Person in whose
name the Notes (or one or more Predecessor Securities with respect hereto) are registered at
the close of business on the Regular Record Date for such Interest Payment Date, which shall
be the 15th calendar day (whether or not a Business Day) immediately preceding such Interest
Payment Date or, if the Notes are a Global Security, the close of business on the Business
Day (for this purpose, a day on which Clearstream Banking, Société Anonyme and Euroclear
Bank, S.A./N.V. are open for business) immediately preceding such Interest Payment Date;
except that interest due on the Maturity Date or Redemption Date will be paid to the Person
to whom the principal is paid.

If any Interest Payment Date (other than the Maturity Date or any Redemption Date) is
not a Business Day, then such Interest Payment Date will be postponed to the next succeeding
day which is a Business Day and interest will accrue to but excluding such Interest Payment
Date, except that if such Business Day falls in the next succeeding calendar month, then the
applicable Interest Payment Date will be the immediately preceding Business Day.
Notwithstanding the foregoing, if the Maturity Date or any Redemption Date with respect to
the Notes falls on a day that is not a Business Day, the payment of principal, premium, if
any, and interest, if any, otherwise payable on such date will be postponed to the next
succeeding Business Day, and no interest on such payment will accrue from and after the
Maturity Date or the Redemption Date, as applicable.

The Interest Rate (as defined below) on the Notes will be reset quarterly on March 20,
June 20, September 20 and December 20, beginning on June 20, 2017 (each, an “Interest Reset
Date”). However, if any Interest Reset Date would otherwise be a day that is not a Business
Day, such Interest Reset Date will be the next succeeding day that is a Business Day, except
that if the next succeeding Business Day falls in the next succeeding calendar month, the
applicable Interest Reset Date will be the immediately preceding Business Day.

The “Initial Interest Period” will be the period from and including March 20, 2017 to,
but excluding, the first Interest Reset Date. The Interest Rate in effect during the
Initial Interest Period will be equal to EURIBOR plus 20 basis points (0.20%), determined
two TARGET System Days prior to March 20, 2017. A “TARGET System Day” is any day in which
the TARGET2 System, or any successor thereto, is open for business and a day on which
commercial banks are open for dealings in euro deposits in the London interbank market. If
the Notes are in definitive form, the reference to “Business Day” will also mean a day on
which banking institutions generally are open for business in the location of each office of
a transfer agent, but only with respect to a payment or other action to occur at that
office.

After the Initial Interest Period, the Interest Periods will be the periods from, and
including, an Interest Reset Date to, but excluding, the immediately succeeding Interest
Reset Date, except that the final Interest Periods will be the period from, and including,
the Interest Reset Date immediately preceding the Maturity Date to, but excluding, the
Maturity Date (each, an “Interest Period”). The interest rate per annum for the Notes in
any Interest Period will be equal to EURIBOR plus 20 basis points (0.20%) (the “Interest
Rate”), as determined by the Calculation Agent (as defined below). The Interest Rate in
effect for the 15 calendar days prior to any Redemption Date earlier than the Maturity Date
will be the Interest Rate in effect on the 15th calendar day immediately preceding such
earlier Redemption Date.

The Interest Rate on the Notes will be limited to the maximum rate permitted by New
York law, as the same may be modified by United States law of general application, and shall
not be less than 0.00%.

“EURIBOR,” with respect to any Interest Determination Date (as defined below) will be
the offered rate for deposits of euros having a maturity of three months that appears on
“Reuters Page EURIBOR 01” at approximately 11:00 a.m., Brussels time, on such Interest
Determination Date. If on an Interest Determination Date, such rate does not appear on the
“Reuters Page EURIBOR 01” as of 11:00 a.m., Brussels time, or if “Reuters Page EURIBOR 01”
is not available on such date, the Calculation Agent will obtain such rate from Bloomberg
L.P.’s page “BBAM.” If no offered rate appears on “Reuters Page EURIBOR 01” or Bloomberg
L.P.’s page “BBAM” on an Interest Determination Date, EURIBOR will be determined for such
Interest Determination Date on the basis of the rates at approximately 11:00 a.m., Brussels
time, on such Interest Determination Date at which deposits in euros are offered to prime
banks in the euro-zone inter-bank market by the principal euro-zone office of each of four
major banks in such market selected and identified by the Company (the “Reference Banks”),
for a term of three months commencing on the applicable Interest Reset Date and in a
principal amount of not less than €1,000,000 that is representative for a single transaction
in euros in such market at such time. The Company will ensure the Calculation Agent is
provided with the complete contact details of the relevant personnel at each of the
Reference Banks that it will be required to contact in order to obtain the relevant Interest
Rate. The Calculation Agent will request the principal euro-zone office of each of such
banks to provide a quotation of its rate. If at least two such quotations are provided,
EURIBOR for the related Interest Period will be the arithmetic mean (rounded upwards) of
such quotations. If fewer than two such quotations are provided, EURIBOR for such Interest
Period will be the arithmetic mean (rounded upwards) of the rates quoted at approximately
11:00 a.m., Brussels time, on such Interest Determination Date by three major banks in the
euro- zone, selected and identified by the Company, for loans in euros to leading European
banks, for a term of three months, commencing on the applicable Interest Reset Date and in a
principal amount of not less than €1,000,000 that is representative for a single transaction
in such market at such time; provided, however, that if the banks so selected are not
quoting as mentioned above, the then-existing EURIBOR rate will remain in effect for such
Interest Period, or, if none, the Interest Rate will be the Interest Rate applicable in the
Initial Interest Period.

All percentages resulting from any calculation of any Interest Rate for the Notes will
be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with
five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545)
would be rounded to 9.87655% (or .0987655)), and all euro amounts will be rounded to the
nearest cent, with one-half cent being rounded upward. The amount of interest payable in
respect of the Notes will be calculated by applying the applicable Interest Rate for such
Interest Period to the outstanding principal amount of such Notes, multiplying the product
by the actual number of days in the related Interest Period and dividing by 360. Each
calculation of the Interest Rate on the Notes by the Calculation Agent will (in the absence
of manifest error) be final and binding on the Company, the Trustee and the Holders of the
Notes. Upon the request of any Holder of the Notes, the Calculation Agent will provide the
Interest Rate then in effect and, if determined, the Interest Rate that will become
effective on the next Interest Reset Date.

The “Calculation Agent” shall be the agent appointed by the Company to calculate the
Interest Rate on the Notes and will initially be the Elavon Financial Services DAC. The
Calculation Agent will determine EURIBOR for each Interest Period on the second TARGET
System Day prior to the first day of such Interest Period (the “Interest Determination
Date”).

Subject to the exceptions and limitations set forth below, additional interest will be
paid on the Notes in such additional amounts as are necessary in order that the net payment
of the principal of and interest on the Notes to a Holder (or the beneficial owner for whose
benefit such Holder holds such Note) who is not a United States Person (as defined below),
after withholding or deduction for any present or future tax, assessment or other
governmental charge imposed by the United States or a taxing authority in the United States,
will not be less than the amount provided in the Notes to be then due and payable; provided,
however, that the foregoing obligation to pay additional amounts shall not apply:

(i) to any tax, assessment or other governmental charge that is imposed by
reason of the Holder (or the beneficial owner for whose benefit such Holder holds
such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the
Holder if the Holder is an estate, trust, partnership or corporation, or a person
holding a power over an estate or trust administered by a fiduciary Holder, being
considered as:

(a) being or having been engaged in a trade or business in the United
States or having or having had a permanent establishment in the United
States;

(b) having a current or former connection with the United States (other
than a connection arising solely as a result of the ownership of the Notes
or the receipt of any payment or the enforcement of any rights thereunder),
including being or having been a citizen or resident of the United States;

(c) being or having been a personal holding company, a passive foreign
investment company or a controlled foreign corporation for United States
federal income tax purposes or a corporation that has accumulated earnings
to avoid United States federal income tax;

(d) being or having been a “10-percent shareholder” of the Company as
defined in section 871(h)(3) of the United States Internal Revenue Code of
1986, as amended (the “Code”), or any successor provision; or

(e) being a bank receiving payments on an extension of credit made
pursuant to a loan agreement entered into in the ordinary course of its
trade or business;

(ii) to any Holder that is not the sole beneficial owner of the Notes, or a
portion of the Notes, or that is a fiduciary, partnership or limited liability
company, but only to the extent that a beneficial owner with respect to the Holder,
a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or
member of the partnership or limited liability company would not have been entitled
to the payment of an additional amount had the beneficiary, settlor, beneficial
owner or member received directly its beneficial or distributive share of the
payment;

(iii) to any tax, assessment or other governmental charge that would not have
been imposed but for the failure of the Holder or any other person to comply with
certification, identification or information reporting requirements concerning the
nationality, residence, identity or connection with the United States of the Holder
or beneficial owner of the Notes, if compliance is required by statute, by
regulation of the United States or any taxing authority therein or by an applicable
income tax treaty to which the United States is a party as a precondition to
exemption from such tax, assessment or other governmental charge;

(iv) to any tax, assessment or other governmental charge that is imposed
otherwise than by withholding by the Company or an applicable withholding agent from
the payment;

(v) to any tax, assessment or other governmental charge that would not have
been imposed but for a change in law, regulation, or administrative or judicial
interpretation that becomes effective more than 15 days after the payment becomes
due or is duly provided for, whichever occurs later;

(vi) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital
gains or personal property tax or similar tax, assessment or other governmental
charge;

(vii) to any tax, assessment or other governmental charge required to be
withheld by any paying agent from any payment of principal of or interest on any
Note, if such payment can be made without such withholding by at least one other
paying agent;

(vii) to any tax, assessment or other governmental charge that would not have
been imposed but for the presentation by the Holder of any Note, where presentation
is required, for payment on a date more than 30 days after the date on which payment
became due and payable or the date on which payment thereof is duly provided for,
whichever occurs later;

(ix) to any tax, assessment or other governmental charge imposed under Sections
1471 through 1474 of the Code (or any amended or successor provisions), any current
or future regulations or official interpretations thereof, any agreement entered
into pursuant to Section 1471(b) of the Code or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement
entered into in connection with the implementation of such sections of the Code; or

(x) in the case of any combination of items (i), (ii), (iii), (iv), (v), (vi),
(vii), (viii) and (ix).

The Notes are subject in all cases to any tax, fiscal or other law or regulation or
administrative or judicial interpretation applicable to the Notes. Except as specifically
provided above, no payment will be required for any tax, assessment or other governmental
charge imposed by any government or a political subdivision or taxing authority of or in any
government or political subdivision.

As used herein, the term “United States” means the United States of America, the states
of the United States, and the District of Columbia, and the term “United States Person”
means any individual who is a citizen or resident of the United States for United States
federal income tax purposes, a corporation, partnership or other entity created or organized
in or under the laws of the United States, any state of the United States or the District of
Columbia, or any estate or trust the income of which is subject to United States federal
income taxation regardless of its source.

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

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

The “Place of Payment” with respect to the Notes shall be London, England.

(7) If, as a result of any change in, or amendment to, the laws (or any regulations or
rulings promulgated under the laws) of the United States (or any taxing authority in the
United States), or any change in, or amendment to, an official position regarding the
application or interpretation of such laws, regulations or rulings, which change or
amendment is announced or becomes effective on or after March 20, 2017, the Company becomes
or, based upon a written opinion of independent counsel selected by the Company, will become
obligated to pay additional amounts as described in Paragraph 5 above with respect to the
Notes, then the Company may at any time at the Company’s option redeem, in whole, but not in
part, the Notes on not less than 15 nor more than 45 days’ prior notice, at a Redemption
Price equal to 100% of their principal amount, together with accrued and unpaid interest on
the Notes to, but not including, the Redemption Date.

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

(9) The Notes shall be issuable in denominations of €100,000 and integral multiples of
€1,000 in excess thereof.

(11) All payments of interest and principal, including payments made upon any
redemption of the Notes, will be payable in such coin or currency of the member states of
the European Monetary Union that have adopted or that adopt the single currency in
accordance with the Treaty establishing the European Community, as amended by the Treaty on
European Union as at the time of payment shall be legal tender for the payment of public and
private debts. If such coin or currency (the “euro”) is unavailable due to the imposition
of exchange controls or other circumstances beyond the Company’s control or if the euro is
no longer being used by the then member states of the European Monetary Union that have
adopted the euro as their currency or for the settlement of transactions by public
institutions of or within the international banking community, then all payments in respect
of the Notes will be made in United States dollars until the euro is again available to the
Company or so used. The amount payable on any date in euro will be converted into United
States dollars on the basis of the most recently available market exchange rate for euro.
Any payment in respect of the Notes so made in United States dollars will not constitute an
Event of Default under the Notes or the Indenture. The most recently available market
exchange rate will be the basis for determining the equivalent of the euro in the currency
of the United States of America for any purpose under the Indenture, including for purposes
of the definition of “Outstanding” in Section 101 of the Indenture. Neither the Trustee nor
the paying agent shall have any responsibility for any calculation or conversion in
connection with the foregoing.

(15) The Notes shall not be subject to defeasance or covenant defeasance, in whole or
any specified part, and will not be entitled to the benefit of Article 13 of the Indenture.

(16) The Notes shall be issuable in whole or in part in the form of one or more Global
Securities registered in the name of the Depositary or its nominee. The Depositary with
respect to such Global Securities shall be Elavon Financial Services DAC. The Global
Securities shall bear the legends set forth on the form of Note attached hereto as Exhibit
A. In lieu of the provisions set forth in clause (2) of the last paragraph of Section 305
of the Indenture, such Global Security may not be exchanged in whole or in part for
Securities registered, and no transfer of such Global Security in whole or in part may be
registered, in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof, unless (i) the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security and the Company does
not appoint a successor Depositary within 90 days after receiving that notice or becoming
aware that the Depositary is no longer so registered or (ii) the Company executes and
delivers to the Trustee a Company Order that such Global Security shall be so exchangeable.
So long as the Depositary or its nominee is the registered holder of any Global Security,
the Depositary or its nominee, as the case may be, will be considered the sole Holder of the
Notes represented by such Global Security for all purposes under the Notes and the
Indenture.

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

C. Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the
Indenture. Pursuant to Section 303 of the Indenture, you are hereby requested, as Trustee under
the Indenture, to authenticate, in the manner provided by the Indenture, €300,000,000 aggregate
principal amount of the Notes registered in the name of USB Nominees (UK) Limited which Notes have
been heretofore duly executed by the proper officers of the Company and delivered to you as
provided in the Indenture, and to deliver said authenticated Notes to Elavon Financial Services DAC
against payment therefor on March 20, 2017.

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

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

1

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

Dated: March 20, 2017

GENERAL MILLS, INC.

By /s/ Donal L. Mulligan

Donal L. Mulligan

Its Executive Vice President, Chief Financial Officer

By /s/ Robert B. Polansky

Robert B. Polansky

Its Assistant Treasurer

CERTIFICATION

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

/s/ Chris A. Rauschl

Chris A. Rauschl

Assistant Secretary

Exhibit A

REGISTERED NO. PRINCIPAL AMOUNT: €

GENERAL MILLS, INC.

FLOATING RATE NOTES DUE 2019

ISIN No. XS1584979055

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK,
S.A./N.V. (“EUROCLEAR”) AND CLEARSTREAM BANKING, SOCIéTé ANONYME (“CLEARSTREAM” AND, TOGETHER WITH
EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM
(AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, USB NOMINEES
(UK) LIMITED, HAS AN INTEREST HEREIN.

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

GENERAL MILLS, INC., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to USB NOMINEES (UK) LIMITED,
or registered assigns, the principal sum of            euros (€ ) on March 20, 2019
(the “Maturity Date”), and to pay interest thereon from and including March 20, 2017 or the most
recent Interest Payment Date (as defined below) as to which interest has been paid or made
available for payment, quarterly in arrears on March 20, June 20, September 20 and December 20 in
each year (each an “Interest Payment Date”), commencing on June 20, 2017, at the rate per annum
determined in accordance with the provisions set forth on the reverse hereof, until the principal
hereof has been paid or duly made available for payment.

The interest so payable, and punctually paid or made available for payment, on any Interest
Payment Date will, as provided for in the Indenture, be paid to the Person in whose name this Note
(or one or more Predecessor Securities with respect hereto) is registered at the close of business
on the Regular Record Date for such Interest Payment Date, which shall be the 15th
calendar day (whether or not a Business Day, as hereinafter defined) immediately preceding such
Interest Payment Date or, if this Note is a Global Security, the close of business on the Business
Day (for this purpose, a day on which Clearstream and Euroclear are open for business) immediately
preceding such Interest Payment Date; except that interest due on the Maturity Date or Redemption
Date will be paid to the Person to whom the principal is paid. Any such interest not so punctually
paid or made available for payment will forthwith cease to be payable to the Person in whose name
this Note (or one or more Predecessor Securities with respect hereto) is registered at the close of
business on such Regular Record Date and may either be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to the Holder of this Note not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture.

As set forth herein, the Company will pay additional interest on this Note in certain
circumstances.

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

The “Place of Payment” with respect to this Note shall be London, England.

All payments on this Note will be made in such coin or currency of the member states of the
European Monetary Union that have adopted or that adopt the single currency in accordance with the
Treaty establishing the European Community, as amended by the Treaty on European Union as at the
time of payment shall be legal tender for the payment of public and private debts. If such coin or
currency (the “euro”) is unavailable due to the imposition of exchange controls or other
circumstances beyond the Company’s control or if the euro is no longer being used by the then
member states of the European Monetary Union that have adopted the euro as their currency or for
the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of this Note will be made in United States dollars until
the euro is again available to the Company or so used. The amount payable on any date in euro will
be converted into United States dollars on the basis of the most recently available market exchange
rate for euro. Any payment in respect of this Note so made in United States dollars will not
constitute an Event of Default under this Note or the Indenture. The most recently available
market exchange rate will be the basis for determining the equivalent of the euro in the currency
of the United States of America for any purpose under the Indenture, including for purposes of the
definition of “Outstanding” in Section 101 of the Indenture. Neither the Trustee nor the paying
agent shall have any responsibility for any calculation or conversion in connection with the
foregoing.

If any Interest Payment Date (other than the Maturity Date or any Redemption Date) is not a
Business Day, then such Interest Payment Date will be postponed to the next succeeding day which is
a Business Day and interest will accrue to but excluding such Interest Payment Date, except that if
such Business Day falls in the next succeeding calendar month, then the applicable Interest Payment
Date will be the immediately preceding Business Day. Notwithstanding the foregoing, if the
Maturity Date or any Redemption Date with respect to this Note falls on a day that is not a
Business Day, the payment of principal, premium, if any, and interest, if any, otherwise payable on
such date will be postponed to the next succeeding Business Day, and no interest on such payment
will accrue from and after the Maturity Date or the Redemption Date, as applicable.

“Business Day” means any day that is not a Saturday or Sunday and that is not a day on which
banking institutions are authorized or obligated by law or executive order to close in the City of
New York or London and on which the Trans-European Automated Real-time Gross Settlement Express
Transfer system (the “TARGET2 System”), or any successor thereto, operates.

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

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

2

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

Dated: March 20, 2017

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

of the series designated herein

referred to in the within-mentioned

Indenture.

	 	

By:
	 	

	
 
	 	 	 	 
	
 
	 	 	 	Donal L. Mulligan

Its Executive Vice President and

Chief Financial Officer

U. S. BANK NATIONAL ASSOCIATION, as Trustee

	 	 	 
	 	 	Attest:

	 	 	 

	By:      

Authorized Officer
	 	Chris A. Rauschl

Its Assistant Secretary

	OR
	 	

	     
	 	[SEAL]

as Authenticating Agent for the Trustee

By:      

Authorized Officer

3

[REVERSE OF NOTE]

GENERAL MILLS, INC.

FLOATING RATE NOTES DUE 2019

This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of
February 1, 1996 (herein called the “Indenture”, which term shall have the meaning assigned to it
in such instrument), between the Company and U.S. Bank National Association (f.k.a. First Trust of
Illinois, National Association), as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and
of the terms upon which the Securities are, and are to be, authenticated and delivered. By the
terms of the Indenture, additional Securities of other separate series, which may vary as to date,
amount, Stated Maturity, interest rate or method of calculating the interest rate and in other
respects as therein provided, may be issued in an unlimited principal amount. This Note is one of
a series of the Securities designated as Floating Rate Notes due 2019 (the “Notes”).

Subject to the exceptions and limitations set forth below, additional interest will be paid on
the Notes in such additional amounts as are necessary in order that the net payment of the
principal of and interest on the Notes to a Holder (or the beneficial owner for whose benefit such
Holder holds such Note) who is not a United States Person (as defined below), after withholding or
deduction for any present or future tax, assessment or other governmental charge imposed by the
United States or a taxing authority in the United States, will not be less than the amount provided
in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay
additional amounts shall not apply:

(i) to any tax, assessment or other governmental charge that is imposed by reason of the
Holder (or the beneficial owner for whose benefit such Holder holds such Note), or a
fiduciary, settlor, beneficiary, member or shareholder of the Holder if the Holder is an
estate, trust, partnership or corporation, or a person holding a power over an estate or
trust administered by a fiduciary Holder, being considered as:

(a) being or having been engaged in a trade or business in the United States or
having or having had a permanent establishment in the United States;

(b) having a current or former connection with the United States (other than a
connection arising solely as a result of the ownership of the Notes or the receipt
of any payment or the enforcement of any rights thereunder), including being or
having been a citizen or resident of the United States;

(c) being or having been a personal holding company, a passive foreign investment
company or a controlled foreign corporation for United States federal income tax
purposes or a corporation that has accumulated earnings to avoid United States
federal income tax;

(d) being or having been a “10-percent shareholder” of the Company as defined in
section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended
(the “Code”), or any successor provision; or

(e) being a bank receiving payments on an extension of credit made pursuant to a
loan agreement entered into in the ordinary course of its trade or business;

(ii) to any Holder that is not the sole beneficial owner of the Notes, or a portion of the
Notes, or that is a fiduciary, partnership or limited liability company, but only to the
extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with
respect to the fiduciary, or a beneficial owner or member of the partnership or limited
liability company would not have been entitled to the payment of an additional amount had
the beneficiary, settlor, beneficial owner or member received directly its beneficial or
distributive share of the payment;

(iii) to any tax, assessment or other governmental charge that would not have been imposed
but for the failure of the Holder or any other person to comply with certification,
identification or information reporting requirements concerning the nationality, residence,
identity or connection with the United States of the Holder or beneficial owner of the
Notes, if compliance is required by statute, by regulation of the United States or any
taxing authority therein or by an applicable income tax treaty to which the United States is
a party as a precondition to exemption from such tax, assessment or other governmental
charge;

(iv) to any tax, assessment or other governmental charge that is imposed otherwise than by
withholding by the Company or an applicable withholding agent from the payment;

(v) to any tax, assessment or other governmental charge that would not have been imposed but
for a change in law, regulation, or administrative or judicial interpretation that becomes
effective more than 15 days after the payment becomes due or is duly provided for, whichever
occurs later;

(vi) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or
personal property tax or similar tax, assessment or other governmental charge;

(vii) to any tax, assessment or other governmental charge required to be withheld by any
paying agent from any payment of principal of or interest on any Note, if such payment can
be made without such withholding by at least one other paying agent;

(vii) to any tax, assessment or other governmental charge that would not have been imposed
but for the presentation by the Holder of any Note, where presentation is required, for
payment on a date more than 30 days after the date on which payment became due and payable
or the date on which payment thereof is duly provided for, whichever occurs later;

(ix) to any tax, assessment or other governmental charge imposed under Sections 1471 through
1474 of the Code (or any amended or successor provisions), any current or future regulations
or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)
of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to
any intergovernmental agreement entered into in connection with the implementation of such
sections of the Code; or

(x) in the case of any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii)
and (ix).

The Notes are subject in all cases to any tax, fiscal or other law or regulation or
administrative or judicial interpretation applicable to the Notes. Except as specifically provided
above, no payment will be required for any tax, assessment or other governmental charge imposed by
any government or a political subdivision or taxing authority of or in any government or political
subdivision.

As used herein, the term “United States” means the United States of America, the states of the
United States, and the District of Columbia, and the term “United States Person” means any
individual who is a citizen or resident of the United States for United States federal income tax
purposes, a corporation, partnership or other entity created or organized in or under the laws of
the United States, any state of the United States or the District of Columbia, or any estate or
trust the income of which is subject to United States federal income taxation regardless of its
source.

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

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings
promulgated under the laws) of the United States (or any taxing authority in the United States), or
any change in, or amendment to, an official position regarding the application or interpretation of
such laws, regulations or rulings, which change or amendment is announced or becomes effective on
or after March 20, 2017, the Company becomes or, based upon a written opinion of independent
counsel selected by the Company, will become obligated to pay additional amounts as described above
with respect to the Notes, then the Company may at any time at the Company’s option redeem, in
whole, but not in part, the Notes on not less than 15 nor more than 45 days’ prior notice, at a
Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest
on the Notes to, but not including, the Redemption Date.

Unless the Company defaults on the payment of the Redemption Price, on and after the
Redemption Date interest will cease to accrue on the principal amount of this Note to be redeemed.

The Interest Rate (as defined below) on this Note will be reset quarterly on March 20, June
20, September 20 and December 20, beginning on June 20, 2017 (each, an “Interest Reset Date”).
However, if any Interest Reset Date would otherwise be a day that is not a Business Day, such
Interest Reset Date will be the next succeeding day that is a Business Day, except that if the next
succeeding Business Day falls in the next succeeding calendar month, the applicable Interest Reset
Date will be the immediately preceding Business Day.

The “Initial Interest Period” will be the period from and including March 20, 2017 to, but
excluding, the first Interest Reset Date. The Interest Rate in effect during the Initial Interest
Period will be equal to EURIBOR plus 20 basis points (0.20%), determined two TARGET System Days
prior to March 20, 2017. A “TARGET System Day” is any day in which the TARGET2 System, or any
successor thereto, is open for business and a day on which commercial banks are open for dealings
in euro deposits in the London interbank market. If this Note is in definitive form, the reference
to “Business Day” will also mean a day on which banking institutions generally are open for
business in the location of each office of a transfer agent, but only with respect to a payment or
other action to occur at that office.

After the Initial Interest Period, the Interest Periods will be the periods from, and
including, an Interest Reset Date to, but excluding, the immediately succeeding Interest Reset
Date, except that the final Interest Periods will be the period from, and including, the Interest
Reset Date immediately preceding the Maturity Date to, but excluding, the Maturity Date (each, an
“Interest Period”). The interest rate per annum for this Note in any Interest Period will be equal
to EURIBOR plus 20 basis points (0.20%) (the “Interest Rate”), as determined by the Calculation
Agent (as defined below). The Interest Rate in effect for the 15 calendar days prior to any
Redemption Date earlier than the Maturity Date will be the Interest Rate in effect on the 15th
calendar day immediately preceding such earlier Redemption Date.

The Interest Rate on this Note will be limited to the maximum rate permitted by New York law,
as the same may be modified by United States law of general application, and shall not be less than
0.00%.

“EURIBOR,” with respect to any Interest Determination Date (as defined below), will be the
offered rate for deposits of euros having a maturity of three months that appears on “Reuters Page
EURIBOR 01” at approximately 11:00 a.m., Brussels time, on such Interest Determination Date. If on
an Interest Determination Date, such rate does not appear on the “Reuters Page EURIBOR 01” as of
11:00 a.m., Brussels time, or if “Reuters Page EURIBOR 01” is not available on such date, the
Calculation Agent will obtain such rate from Bloomberg L.P.’s page “BBAM.” If no offered rate
appears on “Reuters Page EURIBOR 01” or Bloomberg L.P.’s page “BBAM” on an Interest Determination
Date, EURIBOR will be determined for such Interest Determination Date on the basis of the rates at
approximately 11:00 a.m., Brussels time, on such Interest Determination Date at which deposits in
euros are offered to prime banks in the euro-zone inter-bank market by the principal euro-zone
office of each of four major banks in such market selected and identified by the Company (the
“Reference Banks”), for a term of three months commencing on the applicable Interest Reset Date and
in a principal amount of not less than €1,000,000 that is representative for a single transaction
in euros in such market at such time. The Company will ensure the Calculation Agent is provided
with the complete contact details of the relevant personnel at each of the Reference Banks that it
will be required to contact in order to obtain the relevant Interest Rate. The Calculation Agent
will request the principal euro-zone office of each of such banks to provide a quotation of its
rate. If at least two such quotations are provided, EURIBOR for the related Interest Period will
be the arithmetic mean (rounded upwards) of such quotations. If fewer than two such quotations are
provided, EURIBOR for such Interest Period will be the arithmetic mean (rounded upwards) of the
rates quoted at approximately 11:00 a.m., Brussels time, on such Interest Determination Date by
three major banks in the euro- zone, selected and identified by the Company, for loans in euros to
leading European banks, for a term of three months, commencing on the applicable Interest Reset
Date and in a principal amount of not less than €1,000,000 that is representative for a single
transaction in such market at such time; provided, however, that if the banks so selected are not
quoting as mentioned above, the then-existing EURIBOR rate will remain in effect for such Interest
Period, or, if none, the Interest Rate will be the Interest Rate applicable in the Initial Interest
Period.

All percentages resulting from any calculation of any Interest Rate for this Note will be
rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be
rounded to 9.87655% (or .0987655)), and all euro amounts will be rounded to the nearest cent, with
one-half cent being rounded upward. The amount of interest payable in respect of this Note will
be calculated by applying the applicable Interest Rate for such Interest Period to the outstanding
principal amount of this Note, multiplying the product by the actual number of days in the related
Interest Period and dividing by 360. Each calculation of the Interest Rate on this Note by the
Calculation Agent will (in the absence of manifest error) be final and binding on the Company, the
Trustee and the Holders of this Note. Upon the request of any Holder of this Note, the Calculation
Agent will provide the Interest Rate then in effect and, if determined, the Interest Rate that will
become effective on the next Interest Reset Date.

The “Calculation Agent” shall be the agent appointed by the Company to calculate the Interest
Rate on the Notes and will initially be the Elavon Financial Services Limited. The Calculation
Agent will determine EURIBOR for each Interest Period on the second TARGET System Day prior to the
first day of such Interest Period (the “Interest Determination Date”).

If a Change of Control Triggering Event shall have occurred, the Holder of this Note may
require the Company to repurchase all or any part (equal to an integral multiple of €1,000) of this
Note at a purchase price equal to 101% of the principal amount of, plus accrued and unpaid
interest, if any, to the date of purchase on, the Note (or part thereof) to be purchased; provided
that the principal amount of this Note remaining outstanding after a repurchase in part shall be
€100,000 or an integral multiple of €1,000 in excess thereof. Within 30 days after any Change of
Control Triggering Event, the Company shall mail or cause the Trustee to mail a notice describing
the transaction or transactions constituting the Change of Control Triggering Event and offering to
repurchase the Notes. Such repurchase must occur no earlier than 30 days and no later than 60 days
after the date such notice is mailed.

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

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

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

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

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

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

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

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

“Continuing Directors” means, as of any date of determination, any member of the Company’s
Board of Directors who (a) was a member of the Board of Directors on March 20, 2017 or (b) was
nominated for election, elected or appointed to the Board of Directors with the approval of a
majority of the Continuing Directors who were members of the Board of Directors at the time of such
nomination, election or appointment (either by a specific vote or by approval of a proxy statement
of the Company in which such member was named as a nominee for election as a director, without
objection to such nomination).

“Fitch” means Fitch Ratings.

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

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

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

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

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

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

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

This Note is not subject to defeasance or covenant defeasance and shall not be entitled to the
benefit of Article 13 of the Indenture.

In lieu of the provisions set forth in clause (2) of the last paragraph of Section 305 of the
Indenture, this Global Security is exchangeable for definitive Notes only if (i) the Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for this Global
Security and the Company does not appoint a successor Depositary within 90 days after receiving
that notice or becoming aware that the Depositary is no longer so registered or (ii) the Company
executes and delivers to the Trustee a Company Order that this Global Security shall be so
exchangeable. In such case, this Global Security shall be exchangeable into Notes issuable only in
denominations of €100,000 and integral multiples of €1,000 in excess thereof. No Notes shall be
issuable in denominations of less than €100,000. If this Global Security is exchangeable pursuant
to the preceding sentences, it shall be exchangeable for definitive Notes, bearing interest at the
same rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms
in registered form and of differing denominations aggregating a like amount.

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

The Notes are issuable only in registered form without coupons in denominations of €100,000
and integral multiples of €1,000 in excess thereof. No Notes will be issuable in denominations of
less than €100,000. As provided in the Indenture and subject to the limitations herein and therein
set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like
tenor in denominations of €100,000 and integral multiples of €1,000 in excess thereof, as requested
by the Holder surrendering the same.

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

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

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

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

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

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

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

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

4

___________________________

ABBREVIATIONS

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

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

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

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

Please insert Social Security or

Other identifying Number of Assignee

      

/      /
     

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

     
     

     
     

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

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

Dated:              

      

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

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]