Document:

EXHIBIT 10.4

                              AMENDED AND RESTATED

                               GENERAL MILLS, INC.

                            EXECUTIVE INCENTIVE PLAN

                JUNE 1, 2001 AND AS AMENDED THROUGH MAY 17, 2002

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                              AMENDED AND RESTATED

                               GENERAL MILLS, INC.

                            EXECUTIVE INCENTIVE PLAN

1.       PURPOSE OF THE PLAN

         The purpose of the General Mills, Inc., Executive Incentive Plan (the
         "Plan") is to provide financial rewards to key executives of General
         Mills, Inc. ("General Mills"), its subsidiaries and affiliates (defined
         as entities in which General Mills, Inc., has a significant equity or
         other interest) (collectively with General Mills, the "Company") in
         recognition of their contributions to the success of the Company, and
         to align the interests of such executives with the interests of the
         stockholders of the Company.

2.       EFFECTIVE DATE

         This Plan, as amended and restated herein, shall become effective as of
         September 25, 2000, subject to the approval of the stockholders of
         General Mills at the Annual Meeting of Stockholders on that date. This
         Plan is a successor to and replaces the Executive Incentive Plan,
         amended and approved by stockholders on September 30, 1996. Definitions
         used in the Plan can be found in Section 16.

3.       ELIGIBLE PERSONS

         All officers of the Company shall be "Participants" eligible to receive
         Awards under the Plan.

4.       AWARD TYPE

         Under this Plan, the Committee may award Participants Cash Bonuses and
         the right to receive shares of Common Stock subject to certain
         restrictions ("Restricted Stock" or "Restricted Stock Units"). Cash
         bonuses, Restricted Stock and Restricted Stock Units are sometimes
         referred to as "Awards."

5.       AWARDS OF CASH BONUSES, RESTRICTED STOCK and restricted stock UNITS

         (a)      Performance Goal. In order for any Participant to receive an
                  Award for a Performance Period, the Net Earnings of the
                  Company must be greater than zero.

         (b)      Grants. At the end of the Performance Period, if the Committee
                  certifies that the requirement of Section 5(a) has been met,
                  each Participant shall be deemed to have earned Awards equal
                  in value to the Maximum Amount, or such lesser amount as the
                  Committee shall determine in its discretion to be appropriate.
                  Such Awards

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                  shall consist of Cash Bonuses, Restricted Stock or Restricted
                  Stock Units, or a combination thereof, as determined by the
                  Committee, subject to the limitation that Restricted Stock and
                  Restricted Stock Units may not constitute more than 50 percent
                  of each Participant's Award. The Committee, in its discretion,
                  may require, as a condition to the grant of Restricted Stock
                  or Restricted Stock Units, the purchase and deposit of Common
                  Stock owned by the Participant receiving such grant and the
                  forfeiture of such grant if such deposit is not made or
                  maintained during a required holding period. Such shares of
                  deposited Common Stock may not be otherwise sold or disposed
                  of during the applicable holding period. For purpose of
                  computing the value of Awards, each Restricted Stock or
                  Restricted Stock Unit shall be deemed to have a value
                  equivalent to the Fair Market Value of one share of Common
                  Stock on the Grant Date.

         (c)      Delivery of Awards. As soon as practicable following the end
                  of the Performance Period, the Company shall cause Common
                  Stock to be issued on an unrestricted basis in respect of
                  Restricted Stock and all Restricted Stock Units earned by a
                  Participant and shall pay each Participant all Cash Bonuses
                  earned by the Participant, except to the extent the
                  Participant elects to defer receipt of such Restricted Stock,
                  Restricted Stock Units or Cash Bonuses pursuant to the General
                  Mills, Inc., Deferred Compensation Plan.

         (d)      Maximum Amount. Notwithstanding any other provision of this
                  Plan, in no event shall the total Awards value earned by any
                  Participant for any one Performance Period exceed 0.5 percent
                  of the Company's Net Earnings for that Performance Period
                  (such amount, the "Maximum Amount").

         (e)      Profit Sharing Resolution. All awards under this Plan shall be
                  subject to General Mills' 1933 Shareholder Resolution on
                  Profit Sharing, as amended.

6.       RESTRICTED STOCK AND RESTRICTED STOCK UNITS

         (a)      Vesting. Subject to the provisions of Sections 10 and 11, the
                  Vesting Date for Restricted Stock and Restricted Stock Units
                  shall be a date set forth in the applicable Grant Agreement
                  but which may not be earlier than 180 days after the
                  applicable Grant Date. The period between the applicable Grant
                  Date and the Vesting Date is referred to as the "Restricted
                  Period."

         (b)      Common Stock Issuance. As soon as reasonably practicable after
                  the Vesting Date for a Grant, General Mills shall issue to the
                  Participant a number of shares of Common Stock equal to the
                  number of shares of Restricted Stock or Restricted Stock Units
                  that vested on such Vesting Date, except to the extent the
                  Participant has elected to defer receipt of the Common Stock
                  pursuant to the General Mills, Inc., Deferred Compensation
                  Plan.

         (c)      Dividends and Cash Dividend Equivalents. Subject to the
                  restrictions set forth in Section 5(b), each Participant who
                  receives Restricted Stock shall have all rights as

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                  a Stockholder with respect to such shares, including the right
                  to vote the shares and receive dividends and other
                  distributions. A Participant who is credited with Restricted
                  Stock Units shall have no rights as a stockholder with respect
                  to such Restricted Stock Units until such time as share
                  certificates for Common Stock are issued to the Participant.
                  During the Restricted Period, however, the Company shall pay
                  to the Participant, on a quarterly basis, an amount (the "Cash
                  Dividend Equivalent") equal to the sum of all cash dividends
                  declared by General Mills with record dates during the prior
                  quarter with respect to that number of shares of Common Stock
                  equivalent to the number of Restricted Stock Units credited to
                  the Participant's Restricted Stock Units Account as of the
                  applicable record date.

         (d)      Grant Agreement. Each Grant shall be confirmed by, and be
                  subject to, the terms of an applicable Grant Agreement.

7.       COMMON STOCK

         (a)      Adjustments for Corporate Transactions. The Committee may
                  determine that a corporate transaction has occurred affecting
                  the Common Stock such that an adjustment or adjustments to
                  outstanding shares of Restricted Stock or Restricted Stock
                  Units is required to preserve (or prevent enlargement of) the
                  benefits or potential benefits intended at the time of grant.
                  For this purpose, a corporate transaction includes, but is not
                  limited to, any noncash dividend or other noncash distribution
                  (whether in the form of Common Stock, securities of a
                  subsidiary of the Company, other securities or other
                  property), recapitalization, stock split, reverse stock split,
                  reorganization, merger, consolidation, split-up, spin-off,
                  combination, repurchase or exchange of Common Stock or other
                  securities of the Company, issuance of warrants or other
                  rights to purchase Common Stock or other securities of the
                  Company, or any other similar corporate transaction. In the
                  event of such a corporate transaction, the Committee may, in
                  such manner as it deems equitable, adjust the number and kinds
                  of shares represented by outstanding Restricted Stock and
                  Restricted Stock Units.

         (b)      Limits on Distribution. Notwithstanding any other provision of
                  the Plan, the Company shall have no obligation to deliver any
                  shares of Common Stock under the Plan unless all of the
                  following conditions have been fulfilled:

                  (i)      Listing or approval for listing upon notice of
                           issuance, of such shares on the New York Stock
                           Exchange; or such other securities exchange as may at
                           the time be the principal market for the Common
                           Stock, if applicable;

                  (ii)     Any registration or other qualification of such
                           shares of General Mills under any state or federal
                           law or regulation, or the maintaining in effect of
                           any such registration or other qualification that the
                           Committee shall, in its absolute discretion upon the
                           advice of counsel, deem necessary or advisable; and

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                  (iii)    Obtaining any other consent, approval or permit from
                           any state, federal or foreign governmental agency
                           which the Committee shall, in its absolute discretion
                           after receiving the advice of counsel, determine to
                           be necessary or advisable.

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

8.       TRANSFERABILITY OF GRANTS

         Except as otherwise provided by rules of the Committee, shares of
         Restricted Stock, Restricted Stock Units and other rights of
         Participants under this Plan shall not be transferable by a Participant
         otherwise than by (i) the Participant's last will and testament or (ii)
         by the applicable laws of descent and distribution.

9.       TAXES

         Whenever General Mills issues Common Stock under the Plan, the Company
         may require the recipient to remit to the Company an amount sufficient
         to satisfy any federal, state or local tax withholding requirements
         prior to the delivery of such Common Stock, or, in the discretion of
         the Committee, upon the election of the Participant, the Company may
         withhold from the cash payments and shares to be delivered cash and
         shares, respectively, sufficient to satisfy all or a portion of such
         tax-withholding requirements.

10.      CHANGE OF CONTROL

         (a)      Upon a Change of Control:

                  (i)      All shares of Restricted Stock and Restricted Stock
                           Units shall immediately vest and Common Stock free of
                           restrictions shall be distributed to Participants,
                           effective as of the date of the Change of Control,
                           and

                  (ii)     The Committee may make such additional adjustments
                           and/or settlements of outstanding Grants for the
                           Performance Period within which the Change of Control
                           occurs as it deems appropriate and consistent with
                           the Plan's purposes.

         (b)      "Change of Control" means the occurrence of any of the
                  following events:

                  (i)      The acquisition by any individual, entity or group
                           (within the meaning of Section 13(d)(3) or 14(d)(2)
                           of the 1934 Act), (a "Person") of beneficial
                           ownership (within the meaning of Rule 13d-3
                           promulgated under the 1934 Act) of voting securities
                           of General Mills where such acquisition causes

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                           such Person to own 20 percent or more of the combined
                           voting power of the then outstanding voting
                           securities of General Mills entitled to vote
                           generally in the election of directors (the
                           "Outstanding Voting Securities"); provided, however,
                           that for purposes of this subsection (i), the
                           following acquisitions shall not be deemed to result
                           in a Change of Control: (w) any acquisition directly
                           from General Mills, (x) any acquisition by the
                           Company, (y) any acquisition by any employee benefit
                           plan (or related trust) sponsored or maintained by
                           General Mills or any corporation controlled by
                           General Mills or (z) any acquisition by any
                           corporation pursuant to a transaction that complies
                           with clauses (x), (y) and (z) of subsection (iii)
                           below; and provided, further, that if any Person's
                           beneficial ownership of the Outstanding Voting
                           Securities reaches or exceeds 20 percent as a result
                           of a transaction described in clause (w) or (x)
                           above, and such Person subsequently acquires
                           beneficial ownership of additional voting securities
                           of General Mills, such subsequent acquisition shall
                           be treated as an acquisition that causes such Person
                           to own 20 percent or more of the Outstanding Voting
                           Securities; or

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

                  (iii)    The approval by the shareholders of General Mills of
                           a reorganization, merger or consolidation or sale or
                           other disposition of all or substantially all of the
                           assets of General Mills ("Business Combination") or,
                           if consummation of such Business Combination is
                           subject, at the time of such approval by
                           stockholders, to the consent of any government or
                           governmental agency, the obtaining of such consent
                           (either explicitly or implicitly by consummation);
                           excluding, however, such a Business Combination
                           pursuant to which (x) all or substantially all of the
                           individuals and entities who were the beneficial
                           owners of the Outstanding Voting Securities
                           immediately prior to such Business Combination
                           beneficially own, directly or indirectly, more than
                           60 percent of, respectively, the then outstanding
                           shares of common stock and the combined voting power
                           of the then outstanding voting securities entitled to
                           vote generally in the election of directors, as the
                           case may be, of the corporation resulting from such
                           Business Combination (including, without

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                           limitation, a corporation that as a result of such
                           transaction owns General Mills or all or
                           substantially all of the assets of General Mills
                           either directly or through one or more subsidiaries)
                           in substantially the same proportions as their
                           ownership, immediately prior to such Business
                           Combination of the Outstanding Voting Securities, (y)
                           no Person (excluding any employee benefit plan, or
                           related trust, of General Mills or such corporation
                           resulting from such Business Combination)
                           beneficially owns, directly or indirectly, 20 percent
                           or more of, respectively, the then outstanding shares
                           of common stock of the corporation resulting from
                           such Business Combination or the combined voting
                           power of the then outstanding voting securities of
                           such corporation, except to the extent that such
                           ownership existed prior to the Business Combination
                           and (z) at least a majority of the members of the
                           board of directors of the corporation resulting from
                           such Business Combination were members of the
                           Incumbent Board at the time of the execution of the
                           initial agreement, or of the action of the Board,
                           providing for such Business Combination; or

                  (iv)     Approval by the stockholders of General Mills of a
                           complete liquidation or dissolution of General Mills.

11.      TERMINATION OF EMPLOYMENT

         The following rules regarding the effect of a Participant's termination
         of employment on his or her Restricted Stock or Restricted Stock Units
         shall apply unless otherwise determined by the Committee.

         (a)      If the Participant's employment by the Company is terminated
                  by either:

                  (i)      the voluntary resignation of the Participant or

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

                  the Participant's shares of Restricted Stock or Restricted
                  Stock Units, which are unvested on the date of termination,
                  shall be forfeited.

         (b)      If the Participant's employment by the Company is terminated
                  for any reason other than specified in Section 11(a), (c), (d)
                  or (e), the following rules shall apply:

                  (i)      In the event that, at the time of such termination,
                           the sum of Participant's age and service with the
                           Company equals or exceeds 70, the Participant's
                           Restricted Stock and Restricted Stock Units shall
                           continue to vest according to the schedule
                           established at the time of grant, unless otherwise
                           provided in the Grant Agreement.

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                           In the event that, at the time of termination, the
                  sum of Participant's age and service with the Company is less
                  than 70, Restricted Stock and Restricted Stock Units shall
                  vest in a pro-rata amount based on full months of employment
                  completed during the Restricted Period from the date of grant
                  to termination, and the Participant's remaining Restricted
                  Stock and Restricted Stock Units shall be forfeited; except if
                  the Participant is an executive officer of the Company, all
                  Restricted Stock and Restricted Stock Units shall fully vest
                  as of the date of termination.

         (c)      Death. A Participant who dies during the Restricted Period for
                  any Restricted Stock or Restricted Stock Units granted on or
                  after June 1, 2002 shall fully vest in such shares of
                  Restricted Stock or Restricted Stock Units, effective as of
                  the date of death. A Participant who dies during the
                  Restricted Period, for any Restricted Stock or Restricted
                  Stock Units granted prior to June 1, 2002, shall vest in a
                  proportionate number of such shares of Restricted Stock or
                  Restricted Stock Units, effective as of the date of death.
                  Such proportionate vesting shall be pro-rata, based on the
                  number of full months of employment completed during the
                  Restricted Period prior to the date of death, as a percentage
                  of the applicable Restricted Period.

         (d)      Retirement. The Committee shall determine, at the time of a
                  Grant, the treatment of the Restricted Stock or Restricted
                  Stock Units upon the retirement of the Participant during the
                  Restricted Period. Unless other terms are specified in the
                  original Grant or the Grant Agreement, if the termination of
                  employment is due to a Participant's retirement on or after
                  age 55, the Participant shall fully vest in all Restricted
                  Stock or Restricted Stock Units effective as of the date of
                  retirement.

         (e)      Spin-offs. If the termination of employment during the
                  Restricted Period for any Restricted Stock or Restricted Stock
                  Units is due to the cessation, transfer or spin-off of a
                  complete line of business of the Company, the Committee, in
                  its sole discretion, shall determine the treatment of such
                  Restricted Stock and Restricted Stock Units.

12.      ADMINISTRATION OF THE PLAN

         (a)      Administration. The authority to control and manage the
                  operations and administration of the Plan shall be vested in
                  the Committee in accordance with this Section 12, subject to
                  the following:

                  (i)      Subject to the provisions of the Plan, the Committee
                           shall have the authority and discretion to select
                           from among the eligible Company employees those
                           persons who shall receive Awards, to determine the
                           time or times of receipt, to determine the types of
                           Awards and the Target Amounts covered by the grants,
                           to establish the terms, conditions, restrictions, and
                           other provisions of such Grants, and (subject to the
                           restrictions imposed by Section 13) to cancel or
                           suspend Grants. In making such determinations, the
                           Committee may take into account the

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                           nature of services rendered by the individual, the
                           individual's present and potential contribution to
                           the Company's success and such other factors as the
                           Committee deems relevant.

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

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

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

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

13.      AMENDMENTS OF THE PLAN

         The Committee may from time to time prescribe, amend and rescind rules
         and regulations relating to the Plan. Subject to the approval of the
         Board, where required, the Committee may at any time terminate, amend
         or suspend the operation of the Plan, provided that no action shall be
         taken by the Board or the Committee without the approval of the
         stockholders of General Mills which would amend the Maximum Amount, set
         forth in Section 5(d), that may be granted to any single Participant.
         No termination, modification, suspension or amendment of the Plan shall
         alter or impair the rights of any Participant pursuant to an
         outstanding Grant without the consent of the Participant. There is no
         obligation for uniformity of treatment of Participants under the Plan.

14.      FOREIGN JURISDICTIONS

         It is intended that in lieu of awarding Restricted Stock, the Committee
         may grant Restricted Stock Units to employees of the Company who are
         subject to the laws of foreign jurisdictions and entitled to receive
         Awards under the Plan. In addition, the Committee may adopt, amend and
         terminate arrangements, not inconsistent with the intent of the Plan,
         as it may deem necessary or desirable to make available tax or other
         benefits of the laws of any foreign jurisdiction, to employees of the
         Company who are subject to such laws and who receive Grants under the
         Plan.

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15.      NOTICE

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

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

16.      DEFINITIONS

         For purposes of this Plan, the following terms shall have the meanings
         set forth below.

         "1934 ACT" means the Securities Exchange Act of 1934.

         "AWARD" is defined in Section 4.

         "BOARD" means the Board of Directors of General Mills.

         "BUSINESS COMBINATION" is defined in Section 10(b)(iii).

         "CASH DIVIDEND EQUIVALENT" is defined in Section 6(c).

         "CHANGE OF CONTROL" is defined in Section 10(b).

         "COMMITTEE" means the Compensation Committee of the Board, or such
         other committee as the Board may from time to time select, provided
         that the Committee must at all times be composed of two or more members
         of the Board, each of whom qualifies as an "outside director" within
         the meaning of Section 162(m) of the Internal Revenue Code of 1986, as
         amended.

         "CASH BONUSES" means cash payments to Participants under this Plan.

         "COMMON STOCK" means the common stock, par value $0.10 per share, of
         General Mills.

         "COMPANY" is defined in Section 1.

         "FAIR MARKET VALUE" of a share of Common Stock as of any given date
         means, except as otherwise determined by the Committee, the mean of the
         highest and lowest reported sales prices during regular trading hours
         on that date (or, if there are no such reported sales on that date, on
         the last date prior to such date on which there were such sales) of the
         Common Stock on the New York Stock Exchange.

         "GENERAL MILLS" is defined in Section 1.

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         "GRANT" means a grant to an eligible employee of the opportunity to
         earn Awards under this Plan for any Performance Period pursuant to
         Section 5(b), including the awarding of Restricted Stock and crediting
         of Restricted Stock Units to a Restricted Stock Units Account.

         "GRANT AGREEMENT" is defined in Section 6(d).

         "GRANT DATE" is the first business day after the end of the applicable
         Performance Period.

         "INCUMBENT BOARD" is defined in Section 10(b)(ii).

         "MAXIMUM AMOUNT" is defined in Section 5(d).

         "NET EARNINGS" means the Company's earnings from continuing operations
         before unusual items and after taxes.

         "OUTSTANDING VOTING SECURITIES" is defined in Section 10(b)(i).

         "PARTICIPANT" is defined in Section 3.

          "PERFORMANCE PERIOD" means a fiscal year of the Company, or such other
         period as the Committee may from time to time establish.

         "PERSON" is defined in Section 10(b)(i).

         "PLAN" is defined in Section 1.

         "RESTRICTED PERIOD" is defined in Section 6(a).

         "RESTRICTED STOCK" is defined in Section 4.

         "RESTRICTED STOCK UNIT" IS DEFINED IN SECTION 4.

         "VESTING DATE" means the date on which Restricted Stock or Restricted
         Stock Units vest, pursuant to Sections 6, 10, or 11.

Effective September 25, 2000
Amended June 1, 2001
Amended May 17, 2002

                                      -10-EXHIBIT 10.12

                               GENERAL MILLS, INC.

                           DEFERRED COMPENSATION PLAN

                As Amended and Restated Effective April 1, 2002,
                          and Amended January 27, 2003

<PAGE>

                               GENERAL MILLS, INC.

                           DEFERRED COMPENSATION PLAN

1.       PURPOSE OF PLAN

         General Mills, Inc. (the "Company") hereby establishes a Deferred
         Compensation Plan (the "Plan") for a select group of the key management
         and highly compensated employees of the Company and its affiliates as a
         means of sheltering a portion of income from current taxation while
         accumulating resources for future investments or retirement. Under the
         Plan, Participants may defer cash incentives, common stock issued under
         the Company's stock option plans, and restricted stock units issued
         under the Company's various stock plans granting restricted stock, as
         they may be amended from time to time. In addition, Participants may
         "defer" shares of General Mills, Inc. common stock ("Common Stock")
         attributable to restricted stock issued under the Company's various
         stock plans granting restricted stock, as they may be amended from time
         to time, by cancellation of such shares in exchange for deferred
         restricted stock units under this Plan. As to deferred cash incentives,
         Participants shall earn a "rate of return" on the deferred amounts
         which track the investment return achieved under the General Mills
         401(k) Savings Plan ("401(k) Savings Plan ") and/or rates equivalent to
         investment results of other funds or portfolios as may be made
         available from time to time pursuant to the provisions of the Plan. As
         to stock options, Participants may defer receipt of the net shares of
         Common Stock resulting from a Participant's stock-for-stock option
         exercise and dividend equivalents on the net shares. As to deferrals
         related to restricted stock and restricted stock units, Participants
         may defer the receipt of shares of Common Stock attributable to such
         grants and to dividend equivalents on such shares. Under current tax
         law, amounts properly deferred and the "rate of return" or earnings
         credited to such amounts are not taxable (except for FICA taxation, as
         required) as income until they are distributed to the Participants.
         Under current tax law, distributions from this Plan will be taxed as
         ordinary income in the year in which they are received. In addition,
         this Plan is intended to be a successor plan with respect to certain
         liabilities on behalf of certain individuals who had deferred
         compensation accounts under the Nonqualified Plan for Pillsbury
         Management and the Pillsbury Deferred Compensation Program for Officers
         on U.S. Assignment immediately before April 1, 2002, which liabilities
         are being transferred to this Plan as a result of the merger of The
         Pillsbury Company and General Mills, Inc.

2.       ELIGIBILITY

         An individual is a Participant in the Plan if such individual (i) is a
         Participant in the Executive Incentive Plan, as it may be amended from
         time to time, (ii) has been selected by management to participate in
         "Compensation Plus," or (iii) has an individual agreement, approved by
         the Minor Amendment Committee, which provides for participation in this
         Plan, and has elected to defer compensation or receipt of Common Stock
         pursuant to the provisions of any of these programs or the agreement.
         Former employees of the Company who have retired from the Company may
         also participate if they would have been eligible to participate at the
         time they retired from the Company. Notwithstanding the foregoing, the
         Minor Amendment Committee may exclude from participation employees or

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         groups of employees of the Company who would otherwise be eligible
         under this Plan.

3.       PLAN ADMINISTRATION

         (i)      Minor Amendment Committee. Except as provided below, this Plan
                  shall be administered by the Minor Amendment Committee (the
                  "Minor Amendment Committee"). The Minor Amendment Committee
                  shall act by affirmative vote of a majority of its members at
                  a meeting or in writing without a meeting. The Minor Amendment
                  Committee shall appoint a secretary who may be but need not be
                  one of its own members. The secretary shall keep complete
                  records of the administration of the Plan. The Minor Amendment
                  Committee may authorize each and any one of its members to
                  perform routine acts and to sign documents on its behalf. To
                  the extent necessary to maintain any exemption under Rule
                  16b-3 or any successor rule ("Rule 16b-3") under the
                  Securities Exchange Act of 1934 as to certain officers of the
                  Company, the Compensation Committee of the Board of Directors
                  (the "Committee") shall administer certain portions of this
                  Plan.

         (ii)     Plan Administration. The Minor Amendment Committee may appoint
                  such persons or establish such subcommittees, employ such
                  attorneys, agents, accountants or investment advisors
                  necessary or desirable to advise or assist it in the
                  performance of its duties hereunder, and the Minor Amendment
                  Committee may rely upon their respective written opinions or
                  certifications.

                  Administration of the Plan shall consist of interpreting and
                  carrying out the provisions of the Plan. The Minor Amendment
                  Committee shall, in its discretion, determine the eligibility
                  of employees to participate in the Plan, the rights of
                  Participants in the Plan, the nature and amount of benefits to
                  be received therefrom, and decide any disputes that may arise
                  under the Plan. The Minor Amendment Committee may provide
                  rules and regulations for the administration of the Plan
                  consistent with its terms and provisions. Any construction or
                  interpretation of the Plan and any determination of fact in
                  administering the Plan made in good faith by the Minor
                  Amendment Committee shall be final and conclusive for all Plan
                  purposes.

         (iii)    Claims Procedure.

                  (a)      The Minor Amendment Committee shall prescribe a form
                           for the presentation of claims under the terms of the
                           Plan.

                  (b)      Upon presentation to the Minor Amendment Committee of
                           a claim on the prescribed form, the Minor Amendment
                           Committee shall make a determination of the validity
                           thereof. If the determination is adverse to the
                           claimant, the Minor Amendment Committee shall furnish
                           to the claimant within a reasonable period of time
                           after the receipt of the claim a written notice
                           setting forth the following:

                           (1)      The specific reason or reasons for the
                                    denial;

                                       2
<PAGE>

                           (2)      Specific reference to pertinent provisions
                                    of the Plan on which the denial is based;

                           (3)      A description of any additional material or
                                    information necessary for the claimant to
                                    perfect the claim and an explanation of why
                                    such material or information is necessary;
                                    and

                           (4)      An explanation of the Plan's claim review
                                    procedure.

                  (c)      In the event of a denial of a claim, the claimant may
                           appeal such denial to the Minor Amendment Committee
                           for a full and fair review of the adverse
                           determination. The claimant's request for review must
                           be in writing and be made to the Minor Amendment
                           Committee within 60 days after receipt by the
                           claimant of the written notification required under
                           subsection (b) above. The claimant or his or her duly
                           authorized representative may submit issues and
                           comments in writing which shall be given full
                           consideration by the Minor Amendment Committee in its
                           review.

                  (d)      A decision on a request for review shall be made by
                           the Minor Amendment Committee not later than 60 days
                           after receipt of the request; provided, however, in
                           the event of special circumstances, such decision
                           shall be made not later than 120 days after receipt
                           of such request.

                  (e)      The Minor Amendment Committee's decision on review
                           shall state in writing the specific reasons and
                           references to the Plan provisions on which it is
                           based. Such decision shall be immediately provided to
                           the claimant.

                  (f)      The Minor Amendment Committee may allocate its
                           responsibilities among its several members, except
                           that all matters involving the decision on claims and
                           the review of the determination of benefits shall be
                           made by the full Minor Amendment Committee. No member
                           of the Minor Amendment Committee shall participate in
                           any matter relating solely to himself or herself.

4.       DEFERRAL AND PAYMENT OF COMPENSATION

         (i)      Cash Incentive Deferral Election. A Participant can elect to
                  defer cash incentive compensation by completing and submitting
                  to the Company a cash deferral election form by December 31 of
                  each year. Such election shall apply to the Participant's cash
                  incentive compensation, if any, to be paid in the next
                  calendar year. A Participant's cash incentive deferral
                  election may apply to:

                  (a)      100% of the cash incentive compensation,

                  (b)      any amount in excess of a specified dollar amount,

                  (c)      any amount up to a specified dollar amount, or

                  (d)      a specified percentage (in whole numbers) of the cash
                           incentive compensation.

                                       3
<PAGE>

                  For purposes of this Plan, the term "cash incentive
                  compensation" shall be deemed to include all amounts of cash
                  compensation, whether or not otherwise classified as incentive
                  compensation, as permitted to be deferred under this Plan by
                  the Minor Amendment Committee.

         (ii)     Stock Option Gain Deferral Election. A Participant can elect
                  to defer receipt of Net Shares (defined below) of Common Stock
                  resulting from a stock-for-stock exercise of an exercisable
                  stock option issued to the Participant by completing and
                  submitting to the Company an irrevocable stock option deferral
                  election at least six months in advance of exercising the
                  stock option (which exercise must be done on or prior to the
                  expiration of the stock option) and, on or prior to the
                  exercise date, delivering personally-owned shares equal in
                  value to the option exercise price on the date of the
                  exercise. At the time of the deferral election, the
                  Participant can also choose to use some of the shares subject
                  to the stock option to satisfy any FICA, Medicare or any other
                  taxes due upon the exercise. "Net Shares" means the difference
                  between the number of shares of Common Stock subject to the
                  stock option exercise and the number of shares of Common Stock
                  delivered to satisfy the exercise price less any shares used
                  to satisfy FICA, Medicare or any other taxes due upon the
                  exercise. A Participant may not revoke a stock option gain
                  deferral election after it is received by the Company. A
                  Participant may choose to defer receipt of all or only a
                  portion of the Net Shares to be received upon exercise of a
                  stock option. If only a portion of the Net Shares is deferred,
                  the balance will be issued at the time of exercise.

         (iii)    Restricted Stock/Restricted Stock Unit Deferral Election. A
                  Participant can elect to defer receipt of the shares of Common
                  Stock of the Company attributable to nonvested restricted
                  stock or restricted stock units under the Company's restricted
                  stock plan(s) by completing and submitting to the Company an
                  irrevocable restricted stock deferral election within the
                  period specified by the Minor Amendment Committee on the
                  applicable deferral election form and prior to the date such
                  restricted stock or restricted stock units become vested as
                  determined under the Company's various stock plans granting
                  restricted stock, as they may be amended from time to time. A
                  Participant may not revoke a restricted stock or restricted
                  stock unit deferral election after it is received by the
                  Company. A Participant may choose to defer receipt of all or
                  only a portion of the shares of Common Stock attributable to
                  nonvested restricted stock or the restricted stock units that
                  have been granted to the Participant by the Company. Any
                  election to defer receipt of shares of Common Stock
                  attributable to restricted stock shall result in the
                  restricted stock being cancelled and replaced with the promise
                  of the Company to pay deferred compensation (in the form of
                  deferred restricted stock units) pursuant to the terms of the
                  Plan.

         (iv)     Distribution of Deferred Cash Incentive and Common Stock. At
                  the time of a Participant's deferral election, a Participant
                  must also select a distribution date and a form of
                  distribution. The distribution date may be any date that is at
                  least one year following: (1) in the case of cash incentive
                  compensation, the date the cash incentive would otherwise be
                  payable; (2) in the case of stock option gain deferrals, the
                  exercise date for the related stock option; and (3) in the
                  case of deferrals related to

                                       4
<PAGE>

                  restricted stock or restricted stock units, the date such
                  restricted stock or restricted stock units are otherwise
                  vested under the terms of the Company's various stock plans
                  granting restricted stock, as they may be amended from time to
                  time; provided that, in all cases, the Participant's deferral
                  election must provide that distribution shall be made or
                  commenced no later than the date the Participant attains age
                  70.

                  A Participant may elect to have deferred cash amounts paid or
                  Common Stock distributed, as the case may be, in a single
                  payment or in substantially equal annual installments for a
                  period not to exceed ten (10) years, or up to fifteen (15)
                  years for elections made until December 31, 1985, or in
                  another form requested by the Participant, in writing, and
                  approved by the Minor Amendment Committee. Common Stock
                  issuable under a single stock option grant or a single
                  restricted stock or restricted stock unit grant shall have the
                  same distribution date and form of distribution.
                  Notwithstanding the above, the following provisions shall
                  apply:

                  (a)      If the employment of a Participant terminates for any
                           reason other than retirement at or after age 55 prior
                           to the date any cash incentive compensation award
                           would otherwise have been made, then any cash
                           deferral election made with respect to such incentive
                           compensation award shall not become effective.

                  (b)      If a stock option, as to which a Participant has made
                           a stock option gain deferral election, terminates
                           prior to the exercise date selected by the
                           Participant, or if the Participant dies or fails to
                           deliver personally-owned shares in payment of the
                           exercise price, then the deferral election shall not
                           become effective.

                  (c)      In the event of the voluntary resignation of a
                           Participant (other than retirement at or after age 55
                           or if age plus years of service equals or exceeds 70)
                           or a Company discharge due to a Participant's illegal
                           activities, poor work performance, misconduct or
                           violation of the Company's policies or practices,
                           distribution of all cash and Stock Units (as defined
                           in Section 7(i) below) allocated to a Participant's
                           Deferred Cash Accounts or Deferred Stock Unit
                           Accounts (as defined in Section 7(i) below) shall be
                           paid the earlier of the date elected in the deferral
                           election or the first business day of the calendar
                           year next following the date of termination. The
                           Minor Amendment Committee may, in its sole and
                           complete discretion, require alternate distributions
                           if it determines that such alternate distributions
                           are in the best interest of the Company.

                  (d)      As to all previous and future Plan years, a
                           Participant who (A) has elected a distribution date
                           and distribution in either a single distribution or
                           substantially equal installments and (B) is not
                           within twelve (12) months of the date that such
                           deferred amount, deferred Common Stock or the first
                           installment thereof would be distributed under this
                           Plan, shall be permitted to make no more than two
                           amendments to the initial election to defer
                           distributions such that his or her distribution date
                           is either in the same calendar year as the date of
                           the distribution which would have been made in the
                           absence of such election amendment(s) or is at least
                           one year after the date

                                       5
<PAGE>

                           of the distribution which would have been made in the
                           absence of such election amendment(s). A Participant
                           satisfying the conditions set forth in the preceding
                           sentence may also amend such election so that his or
                           her form of distribution is changed to substantially
                           equal annual installments for a period not to exceed
                           ten (10) years or is changed to a single
                           distribution.

                  (e)      A Participant may, at any time prior or subsequent to
                           the commencement of cash benefit payments under this
                           Plan, elect in writing to have his or her form of
                           payment of any or all amounts due under this Plan
                           changed to an immediate lump-sum distribution which
                           shall be paid within one (1) business day of receipt
                           by the Company of such request; provided that the
                           amount of any such lump-sum distribution shall be
                           reduced by an amount equal to the product of (X) the
                           total lump-sum distribution otherwise payable (based
                           on the value of the account as of the first day of
                           the month in which the lump-sum amount is paid,
                           adjusted by a pro-rata portion of the rate of return
                           for the prior month in which the lump-sum is paid,
                           determined by multiplying the actual rate of return
                           on the last business day for such prior month by a
                           fraction, the numerator of which is the number of
                           days in the month in which the request is received
                           prior to the date of payment, and the denominator of
                           which is the number of days in the month), and (Y)
                           the rate set forth in Statistical Release H.15(519),
                           or any successor publication, as published by the
                           Board of Governors of the Federal Reserve System for
                           one-year U.S. Treasury notes under the heading
                           "Treasury Constant Maturities" for the first day of
                           the calendar month in which the request for a
                           lump-sum distribution is received by the Company.

                  (f)      A Participant may, at any time prior or subsequent to
                           the commencement of distribution of Common Stock
                           under this Plan, elect to have his or her form of
                           distribution of any or all distributions of Common
                           Stock to be made under this Plan changed to an
                           immediate single distribution which shall be made
                           within three (3) days of receipt by the Company of
                           such request; provided, that the number of shares of
                           Common Stock to be distributed in the single
                           distribution shall be reduced by the number of shares
                           equal in value to the product of (X) the number of
                           Stock Units allocated to the Participant's Deferred
                           Stock Unit Account, (Y) the mean of the high and low
                           price of the shares of Common Stock as quoted on the
                           New York Stock Exchange on the date of the request,
                           and (Z) the rate set forth in Statistical Release
                           H.15(519), or any successor publication published by
                           the Board of Governors of the Federal Reserve System
                           for one-year U.S. Treasury notes under the heading
                           "Treasury Constant Maturities" for the first day of
                           the calendar month in which the request for a single
                           Common Stock distribution is received by the Company.
                           Only whole numbers of shares will be issued, with any
                           fractional share amounts paid in cash.

                  (g)      At the time elected by the Participant for
                           distribution of Common Stock attributable to
                           allocations under the Participant's Deferred Stock
                           Unit Account, the Company shall issue to the
                           Participant, within three (3) days of the date of
                           distribution, shares of Common Stock equal to the
                           number of Stock Units credited to the Deferred

                                       6
<PAGE>

                           Stock Unit Account. Prior to distribution and
                           pursuant to any rules the Committee may adopt, a
                           Participant may authorize the Company to withhold a
                           portion of the shares of Common Stock to be
                           distributed for the payment of all federal, state,
                           local and foreign withholding taxes required to be
                           collected in respect of the distribution.

         (v)      Rabbi Trust. The Company has established a Supplemental
                  Benefits Trust with Wells Fargo Bank Minnesota, N.A. (f/k/a
                  Norwest Bank Minneapolis, N.A.) as Trustee to hold assets of
                  the Company under certain circumstances as a reserve for the
                  discharge of the Company's obligations as to deferred
                  compensation under the Plan and certain other plans of
                  deferred compensation of the Company. In the event of a
                  "Change in Control" (as defined in Section 11 below), the
                  Company shall be obligated to immediately contribute such
                  amounts to the Trust as may be necessary to fully fund all
                  cash benefits payable under the Plan. Any Participant in the
                  Plan shall have the right to demand and secure specific
                  performance of this provision. All assets held in the Trust
                  remain subject only to the claims of the Company's general
                  creditors whose claims against the Company are not satisfied
                  because of the Company's bankruptcy or insolvency (as those
                  terms are defined in the Trust Agreement). No Participant has
                  any preferred claim on, or beneficial ownership interest in,
                  any assets of the Trust before the assets are paid to the
                  Participant and all rights created under the Trust, as under
                  the Plan, are unsecured contractual claims of the Participant
                  against the Company.

         (vi)     Common Stock Distribution. In the event of a Change of
                  Control, shares of Common Stock and cash attributable to Stock
                  Units and dividend equivalents credited to each Participant's
                  Deferred Stock Unit Account shall be immediately distributed
                  to the Participant.

         (vii)    Vesting of Matching Contributions. In connection with the
                  transfer of deferred compensation liabilities under the
                  Nonqualified Plan for Pillsbury Management and the Pillsbury
                  Deferred Compensation Program for Officers on U.S. Assignment,
                  except as provided in individual written agreements, all
                  deferred amounts attributable to credited Company matching
                  contribution deferrals made under such plans and interest
                  thereon, which amounts are held in a Participant's Deferred
                  Account shall be fully vested as of April 1, 2002 for those
                  Participants who are employed by the Company on April 1, 2002.

5.       DEFERRED CASH ACCOUNTS AND INVESTMENT RETURNS ON AMOUNTS IN DEFERRED
         ACCOUNTS

         A deferred cash incentive compensation account ("Deferred Cash
         Account") will be established on behalf of each Participant electing to
         defer cash incentive compensation under Section 4(i) above, and the
         amount of deferred cash incentive compensation will be credited to each
         Participant's Deferred Cash Account as of the first of the month
         coincident with or next following the month in which the deferral
         becomes effective. Each Participant's Deferred Cash Account will be
         credited monthly with a "rate of return" on the total deferred cash
         incentive amount accruing as of the first of the month coincident with
         or next following the date deferred cash incentive compensation is
         credited to the Participant's

                                       7
<PAGE>

         Deferred Cash Account. Such "rate of return" shall be based upon the
         actual investment performance as of the last business day of the prior
         month of 401(k) Savings Plan funds or portfolios established under a
         qualified benefit plan maintained by the Company which the Minor
         Amendment Committee may establish as an available rate of return under
         this Plan. Participants may elect to have any combination of the above
         "rates of return" accrue on amounts in their Deferred Cash Account,
         from 1% to 100%, provided that the sum of the percentages attributable
         to such rates with respect to each account equals 100%. A Participant
         may change the "rate(s) of return" to be credited to his or her
         Deferred Cash Account as of the first day of any month by notifying the
         Company, in writing, of such election by the last business day of the
         preceding month.

         Each Participant's Deferred Cash Account will be credited monthly with
         the "rate(s) of return" elected by the Participant until the amount in
         each Participant's Deferred Cash Account is distributed to the
         Participant on the distribution date(s) elected by the Participant.
         Each Participant shall receive a periodic statement of the balance of
         his or her Deferred Cash Account.

6.       COMPANY CONTRIBUTIONS TO DEFERRED ACCOUNTS

         With respect to cash incentive compensation, deferred restricted stock
         or restricted stock units under this Plan which, in the absence of a
         deferral hereunder, would have been included as "earnable compensation"
         under the 401(k) Savings Plan, additional deferrals shall be credited
         to Participants as follows, without regard to Internal Revenue Code
         limitations:

         (i)      Deferred Cash Accounts
                  Base Allocation. As of the first of the month coincident with
                  or next following the month in which a deferral is made
                  hereunder, each Participant's Deferred Cash Account will be
                  credited with an additional amount that will equal the value
                  of the "Base Allocation" (as that term is defined in the
                  401(k) Savings Plan), which would have been allocated to the
                  Participant if the Participant had contributed such deferred
                  cash incentive compensation amount to the 401(k) Savings Plan
                  in such year.

                  Variable Allocation. In addition, as soon as practicable
                  following the end of each fiscal year of the Company, each
                  Participant's Deferred Cash Account will be credited with an
                  additional amount that will equal the value of the "Variable
                  Allocation" (as that term is defined in the 401(k) Savings
                  Plan), if any, which would have been allocated to the
                  Participant if the Participant had contributed such deferred
                  cash incentive compensation amount to the 401(k) Savings Plan
                  in such year.

         (ii)     Deferred Stock Unit Accounts
                  Base Allocation. As of the first of the month coincident with
                  or next following the month in which a deferral is made
                  hereunder, each Participant's Deferred Stock Unit Account will
                  be credited with additional Stock Units in an amount equal

                                       8
<PAGE>

                  to the value of the "Base Allocation" (as that term is defined
                  in the 401(k) Savings Plan), which would have been allocated
                  to the Participant if the Participant had contributed the cash
                  equivalent of such deferred restricted stock or restricted
                  stock units to the 401(k) Savings Plan in such year.

                  Variable Allocation. In addition, as soon as practicable
                  following the end of each fiscal year, each Participant's
                  Deferred Stock Unit Account will be credited with Stock Units
                  in an amount equal to the value of the "Variable Allocation"
                  (as that term is defined in the 401(k) Savings Plan, if any,
                  which would have been allocated to the Participant if the
                  Participant had contributed the cash equivalent of such
                  restricted stock or restricted stock units to the 401(k)
                  Savings Plan in such year.

         (iii)    Impact on General Mills International Retirement Plan
                  Company contributions under this Section 6 shall not be made
                  as to deferrals that were included in a Participant's earnable
                  compensation under the General Mills International Retirement
                  Plan or to accounts established for the benefit of the
                  Participants in the Pillsbury Deferred Compensation Program
                  for Officers on U.S. Assignment.

7.       DEFERRED STOCK UNIT ACCOUNTS AND DIVIDEND EQUIVALENTS

         (i)      A deferred stock unit account ("Deferred Stock Unit Account")
                  will be established for each stock option grant covered by a
                  Participant election to defer the receipt of Common Stock
                  under Section 4(ii) above and, for each Net Share deferred, a
                  Stock Unit ("Stock Unit") will be credited to the Deferred
                  Stock Unit Account as of the date of the stock option
                  exercise. In addition, a Deferred Stock Unit Account will be
                  established for each grant of restricted stock or restricted
                  stock units covered by a Participant election to defer under
                  Section 4(iii) above and, for each share of Common Stock of
                  the Company attributable to deferred restricted stock or
                  restricted stock units, a deferred Stock Unit will be credited
                  to the Participant's Deferred Stock Unit Account. Participants
                  may make elections, which shall become effective six months
                  after they are made, either to receive dividend equivalent
                  cash amounts on Stock Units currently or to have the amounts
                  reinvested. If the amounts are reinvested, on each dividend
                  payment date for the Company's Common Stock, the Company will
                  credit each Deferred Stock Unit Account with an amount equal
                  to the dividends paid by the Company on the number of shares
                  of Common Stock equal to the number of Stock Units in the
                  Deferred Stock Unit Account. Dividend equivalent amounts
                  credited to each Deferred Stock Unit Account shall be used to
                  hypothetically "purchase" additional Stock Units for the
                  Deferred Stock Unit Account at a price equal to the mean of
                  the high and low price of the Common Stock on the New York
                  Stock Exchange on the dividend date. The Minor Amendment
                  Committee may, in its sole discretion, direct either that all
                  dividend equivalent amounts be paid currently or all such
                  amounts be reinvested if, for any reason, such Committee
                  believes it is in the best interest of the Company to do so.
                  If the Participant fails to make an election, the dividend
                  equivalent amounts shall be reinvested. Each

                                       9
<PAGE>

                  Participant will receive a periodic statement of the number of
                  Stock Units in his or her Deferred Stock Unit Account(s).

         (ii)     The Plan governs the deferral of receipt of Common Stock
                  issuable upon the exercise of stock options of the Company.
                  The stock options are governed by the stock option plan under
                  which they are granted. The Plan also governs the deferral of
                  restricted stock and restricted stock units issued by the
                  Company. The granting of restricted stock and restricted stock
                  units are governed by the Company's various stock plans
                  granting restricted stock, as they may be amended from time to
                  time. No stock options, restricted stock, restricted stock
                  units, or shares of Common Stock are authorized to be issued
                  under the Plan. Participants who elect under the Plan to defer
                  the receipt of Common Stock issuable upon the exercise of
                  stock options and Participants who elect under the Plan to
                  defer shares of Common Stock attributable to restricted stock
                  or the receipt of restricted stock units will have no rights
                  as stockholders of the Company with respect to allocations
                  made to their Deferred Stock Unit Account(s) except the right
                  to receive dividend equivalent allocations under Section 7(i)
                  above.

         (iii)    In the event that the Compensation Committee determines that
                  any dividend or other distribution (whether in the form of
                  cash, Common Stock, securities of a subsidiary of the Company,
                  other securities or other property), recapitalization, stock
                  split, reverse stock split, reorganization, merger,
                  consolidation, split-up, spin-off, combination, repurchase or
                  exchange of Common Stock or other securities of the Company,
                  issuance of warrants or other rights to purchase Common Stock
                  or other securities of the Company, or other similar corporate
                  transaction or event affects the Common Stock such that an
                  adjustment to the Participants' allocations to their Deferred
                  Stock Unit Account(s) is appropriate to prevent reduction or
                  enlargement of the benefits or potential benefits intended to
                  be made available under the Plan, then the Compensation
                  Committee may, in its sole discretion and in such manner as it
                  may deem equitable, adjust the Stock Units allocated to
                  Participants' Deferred Stock Unit Account(s).

8.       FINANCIAL HARDSHIP PAYMENTS

         In the event of a severe financial hardship occasioned by an emergency,
         including, but not limited to, illness, disability or personal injury
         sustained by the Participant or a member of the Participant's immediate
         family, a Participant may apply to receive a distribution, including a
         distribution of Common Stock related to allocations of Stock Units
         under his or her Deferred Stock Unit Accounts earlier than initially
         elected. Subject to Section 3(i), the Minor Amendment Committee may, in
         its sole discretion, either approve or deny the request. The
         determination made by the Minor Amendment Committee will be final and
         binding on all parties. If the request is granted, the distributions
         will be accelerated only to the extent reasonably necessary to
         alleviate the financial hardship.

9.       DEATH OF A PARTICIPANT

         If the death of a Participant occurs before a full distribution of the
         Participant's Deferred Cash Account(s) or Deferred Stock Unit
         Account(s) is made, a single distribution shall be made to the
         beneficiary designated by the Participant to

                                       10
<PAGE>

         receive such amounts. This distribution shall be made as soon as
         practical following notification that death has occurred. In the
         absence of any such designation, the distribution shall be made to the
         personal representative, executor or administrator of the Participant's
         estate.

10.      IMPACT ON OTHER BENEFIT PLANS

         The Company may maintain life, disability, retirement and/or savings
         plans under which benefits earned or payable are related to earnings of
         a Participant.

         Life and disability plan benefits will generally be based upon the
         earnings that a Participant would have earned in a given calendar year
         in the absence of any deferral hereunder.

         Retirement benefits under a qualified pension plan maintained by the
         Company or an affiliate will be based upon earnings actually paid to a
         Participant during any given Plan year. If a person terminates
         employment with a right to a vested benefit under a qualified plan
         maintained by the Company or an affiliate, and if the actual income for
         pension purposes was reduced because of a cash deferral under this
         Plan, the Company will provide a supplemental pension equal to the
         difference between the actual benefit payable from the pension plan and
         the benefit that such Participant would have been received had income
         not been deferred. If such a supplemental benefit is due, such benefit
         would be subject to all of the provisions and in accordance with the
         terms and conditions of the Supplemental Retirement Plan of General
         Mills, Inc. This supplemental retirement benefit will not apply to
         Participants who terminate before becoming vested under the qualified
         pension plan.

11.      NON-ASSIGNABILITY OF INTERESTS

         The interests herein and the right to receive distributions under this
         Plan may not be anticipated, alienated, sold, transferred, assigned,
         pledged, encumbered, or subjected to any charge or legal process, and
         if any attempt is made to do so, or a Participant becomes bankrupt, the
         interests of the Participant under the Plan may be terminated by the
         Minor Amendment Committee, which, in its sole discretion, may cause the
         same to be held or applied for the benefit of one or more of the
         dependents of such Participant or make any other disposition of such
         interests that it deems appropriate. Notwithstanding the foregoing, in
         the event a Participant has received an overpayment from the
         Supplemental Retirement Plan of General Mills, Inc. and has failed to
         repay such amounts upon written demand of the Company, the Company
         shall be authorized and empowered, at the discretion of the Company, to
         deduct such amount from the Participant's Deferred Cash Account(s).

12.      AMENDMENTS TO PLAN

         The Company, or if specifically delegated, its delegate, reserves the
         right to suspend, amend or otherwise modify or terminate this Plan at
         any time, without notice. However, this Plan may not be suspended,
         amended, otherwise modified, or terminated after a Change in Control
         without the written consent of a majority of Participants determined as
         of the day before such Change in Control occurs. A "Change in Control"
         means:

                                       11
<PAGE>

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

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

         (iii)    The approval by the shareholders of the Company of a
                  reorganization, merger or consolidation or sale or other
                  disposition of all or substantially all of the assets of the
                  Company ("Business Combination") or, if consummation of such
                  Business Combination is subject, at the time of such approval
                  by shareholders, to the consent of any government or
                  governmental agency, the obtaining of such consent (either
                  explicitly or implicitly by consummation); excluding, however,
                  such a Business Combination pursuant to which (a) all or
                  substantially all of the individuals and entities who were the
                  beneficial owners of the Outstanding Company Voting Securities
                  immediately prior to such Business Combination beneficially
                  own, directly or indirectly, more than 60% of, respectively,
                  the then outstanding shares of common stock and the combined
                  voting power of the then outstanding voting securities
                  entitled to vote generally in the election of directors, as
                  the case may be, of the corporation resulting from such
                  Business Combination (including, without limitation, a
                  corporation that as a result of such transaction owns the
                  Company or all or substantially all of the Company's assets
                  either directly or through one or more subsidiaries) in
                  substantially the same proportions as their

                                       12
<PAGE>

                  ownership, immediately prior to such Business combination of
                  the Outstanding Company Voting Securities, (b) no Person
                  (excluding any employee benefit plan (or related trust) of the
                  Company or such corporation resulting from such Business
                  Combination) beneficially owns, directly or indirectly, 20% or
                  more of, respectively, the then outstanding shares of common
                  stock of the corporation resulting from such Business
                  Combination or the combined voting power of the then
                  outstanding voting securities of such corporation except to
                  the extent that such ownership existed prior to the Business
                  Combination and (c) at least a majority of the members of the
                  board of directors of the corporation resulting from such
                  Business Combination were members of the Incumbent Board at
                  the time of the execution of the initial agreement, or of the
                  action of the Board, providing for such Business Combination;
                  or

         (iv)     Approval by the shareholders of the Company of a complete
                  liquidation or dissolution of the Company.

         Notwithstanding any other provision of this Plan to the contrary and
         except as provided in Section 3(i), the Minor Amendment Committee may,
         in its sole discretion, direct that distributions be made before such
         distributions are otherwise due to be made if, for any reason
         (including, but not limited to a change in the tax or revenue laws of
         any foreign jurisdiction or the United States of America, a published
         ruling or similar announcement issued by the Internal Revenue Service,
         a regulation issued by the Secretary of the Treasury or his delegate,
         or a decision by a foreign or United States court of competent
         jurisdiction involving a Participant or beneficiary), such Committee
         believes that Participants or their beneficiaries have recognized or
         will recognize income for federal income tax purposes with respect to
         distributions that are or will be distributed to such Participants
         under the Plan before such distributions are scheduled to be paid. In
         making this determination, the Minor Amendment Committee shall take
         into account the hardship that would be imposed on Participants or
         their beneficiaries by the payment of federal income taxes under such
         circumstances.

13.      CONTROLLING LAW

         Except to the extent superseded by the laws of the United States, the
         laws of Minnesota shall be controlling in all matters relating to the
         Plan.

14.      EFFECTIVE DATE AND PLAN YEAR

         This Plan became effective as of May 1, 1984. It shall operate on a
         calendar year basis thereafter. The Plan was amended and restated
         effective as of January 1, 1986; and amended as of February 9, 1987;
         July 1, 1987; June 21, 1990; April 29, 1991; May 1, 1991; November 15,
         1991; December 15, 1992, December 1, 1994, January 1, 1995, June 3,
         1996, November 7, 1996, March 31, 1998 and December 1, 1999. The Plan
         has been amended and restated effective as of January 1, 2001, and as
         of April 1, 2002; and amended as of January 27, 2003.

                                       13

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