Document:

EX-10.5

   
 
 
 Exhibit 10.5
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

GENERAL
MILLS, INC.

 

2005 DEFERRED
COMPENSATION PLAN
  
  

 

  
  

 

  
  

 

  
  

 

  
  

 

  
  

 

  
  

 

  
  

 

 March 2021
  
    
 
 
 

 
 
 
 GENERAL MILLS, INC.
  

2005 DEFERRED
COMPENSATION PLAN

 

 

1. 
        PURPOSE OF PLAN
  

General Mills, Inc. (the "Company") originally established the General Mills, Inc. Deferred Compensation Plan for a select group of the key
management and highly compensated employees of the Company and its affiliates as a means of deferring a portion of income from current taxation while accumulating resources for future investments or retirement.  Under the Deferred Compensation
Plan, Participants could defer cash incentives, General Mills, Inc. common stock ("Common Stock") issued under the Company's stock option plans, and restricted stock and restricted stock units issued under the Company’s various stock
plans granting restricted stock.
  
 The General Mills, Inc. Deferred Compensation Plan was amended and restated effective
January 1, 2005, as the "General Mills, Inc. 2005 Deferred Compensation Plan" (the "Plan"), with respect to deferrals made or deferrals that are earned or vested after 2004.  The Plan's purpose is to continue to permit
eligible employees to defer receipt of certain compensation pursuant to the terms and provisions set forth below.  
  

As of January 1, 2005, all deferrals earned and vested (within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the
"Code") and regulations thereunder) prior to 2005 under the Deferred Compensation Plan will be governed by the "General Mills, Inc. Deferred Compensation Plan (Grandfathered)".

 
 As of January 1, 2014, the Plan is again amended and restated to reflect certain design
changes to the Plan.
  
 This Plan is intended (1) to comply with Code section 409A and official guidance issued
thereunder, and (2) to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of
sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.  Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions.

 
 2.         DEFINITIONS 

Wherever used in this Plan, the following terms have the meanings set forth
below:
 “Administrator” means the Company’s Vice President, Compensation and Benefits.  The Administrator
may delegate his/her authority under this Plan.
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“Base Salary Account” has the meaning set forth in Section 6.

“Board” means the Board of Directors of the Company.

“Change of Control” has the meaning set forth in Section 13.

“Code” means the Internal Revenue Code of 1986, as amended.

“Common Stock” means Company common stock.

“Company” means General Mills, Inc.

“Deferred Cash Incentive Account” has the meaning set forth in Section 6.

“Deferred Performance Award Account” has the meaning set forth in Section 8(i).

”Deferred Stock Unit Account” has the meaning set forth in Section 8(i).

“Election Form”  means a written form provided by the Company pursuant to which a Participant may elect to defer his or her base salary, cash incentive compensation, cash or Common Stock attributable to
performance awards, receipt of shares of Common Stock attributable to grants of restricted stock or restricted stock units and/or dividend equivalents, as well as electing the form and timing of distributions with respect to such deferrals, or the
composition, denomination, or mix of a stock award under the Company’s Stock Compensation Plan.
  
 "Key Employee" means a
Participant treated as a "specified employee" as of his or her Separation from Service under Code section 409A(a)(2)(B)(i); i.e., a key employee (as defined in Code section 416(i) without regard to paragraph (5) thereof) of the Company or
its affiliates if the Company’s stock is publicly traded on an established securities market or otherwise.  Key Employees shall be determined in accordance with Code section 409A using a December 31 identification date.  A listing of
Key Employees as of an identification date shall be effective for the 12-month period beginning on the April 1 following the identification date.

 

"Participant
" has the meaning set forth in Section 3.
  
 “Separation from Service” or “Separate from Service” means a "separation from service" within the meaning of Code section 409A; provided, however, for purposes of this determination, a reasonably
anticipated permanent reduction in the level of bona fide services to less than 21% of the average level of bona fide services provided in the immediately preceding 36 months shall be deemed to be a Separation from Service.

 

 3.         ELIGIBILITY 
  
             An individual is a Participant in the
Plan if, on or after January 1, 2005, 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 

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in this Plan,  or (iii) has an individual agreement,
approved by the Administrator, which provides for participation in this Plan, and has elected to defer cash compensation or receipt of Common Stock pursuant to the provisions of any of these programs or the agreement.  Notwithstanding the
foregoing, the Administrator may exclude from participation employees or groups of employees of the Company who would otherwise be eligible under this Plan.
  
  

4. 
        PLAN ADMINISTRATION
  

     
       (i)         Administrator.  Except as provided below, this Plan shall be administered by the Company’s Vice President, Compensation and Benefits.  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 shall administer certain portions of this
Plan.  

 

     
       (ii)        Plan Administration.   Administration of the Plan shall consist of interpreting and carrying out the provisions of the Plan.  The Administrator shall have the full authority and
discretion to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with this
Plan.  Any such action taken by the Administrator shall be final and conclusive on any party.  To the extent the Administrator has
been granted discretionary authority under the Plan, the Administrator’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter.  The Administrator shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant,
controller, counsel or other person employed or engaged by the Company with respect to the Plan.  The Administrator may, from time to time, employ agents and delegate to such agents, including employees of the Company, such administrative or
other duties as he/she sees fit.  It is the intent that the Administrator (and as appropriate the Claims Appeal Committee) shall be given deference to the fullest extent of the law should his/her/its decisions, interpretations, conclusions, or
anything else be disputed.

 

 
           (iii)       Claims Procedure.   
  
 (a)       Filing a Claim.  A Participant or his authorized representative may file a
claim for benefits under the Plan.  Any claim must be in writing and submitted to the Vice President, Compensation and Benefits at such address as may be specified from time to time.  Claimants will be notified in writing of approved
claims, which will be processed as claimed.  A claim is considered approved only if its approval is communicated in writing to a claimant.
 
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(b)       Denial of Claim.  In the case of the denial of a claim respecting benefits paid or payable with respect to a Participant, a written notice will be furnished to the claimant within 90
days of the date on which the claim is received by the Vice President, Compensation and Benefits.  If special circumstances (such as for hearing) require a longer period, the claimant will be notified in writing, prior to the expiration of the
90-day period, of the reasons for an extension of time and the date by which a decision is expected to be rendered; provided, however, that no extensions will be permitted beyond 90 days after the expiration of the initial 90-day
period.
 (c)        Reasons for Denial.  A denial or partial denial of a claim will be dated and signed by the Administrator (or his/her delegate) and will clearly set forth:

(i)         the specific reason or reasons for the denial;

(ii)        specific reference to pertinent Plan provisions on which the denial is based;

(iii)       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
 (iv)       an explanation of the procedure for review of the denied or partially denied claim set forth below, including the claimant's right
to bring a civil action under ERISA section 502(a) following an adverse benefit determination on review.
  
 (d)       Review of Denial.  Upon denial of a claim, in whole or in part, a claimant
or his duly authorized representative will have the right to submit a written request to the Claims Appeal Committee for a full and fair review of the denied claim by filing a written notice of appeal with the Claims Appeal Committee within 60 days
of the receipt by the claimant of written notice of the denial of the claim.  A claimant or the claimant's authorized representative will have, upon request and free of charge, reasonable access to, and copies of, all documents, records, and
other information relevant to the claimant's claim for benefits and may submit comments, documents, records and other information in writing.  The review will take into account all comments, documents, records, and other information submitted
by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
  
 
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 If the claimant fails to file a request for review within 60 days of the denial notification, the claim
will be deemed abandoned and the claimant precluded from reasserting it.  If the claimant does file a request for review, his request must include a description of the issues and evidence he deems relevant.  Failure to raise issues or
present evidence on review will preclude those issues or evidence from being presented in any subsequent proceeding or judicial review of the claim.

(e)       Decision Upon Review.  The Claims Appeal Committee will provide a prompt written decision on review.  If the claim is denied on review, the decision shall set forth:

(i)         the specific reason or reasons for the adverse determination;

(ii)        specific reference to pertinent Plan provisions on which the adverse determination is based;

(iii)       a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records, and other information relevant to the claimant's claim for benefits; and 
 (iv)      a statement describing any voluntary appeal procedures offered by the Plan
and the claimant's right to obtain the information about such procedures, as well as a statement of the claimant's right to bring an action under ERISA section 502(a).

A
decision will be rendered no more than 60 days after the Claims Appeal Committee's receipt of the request for review, except that such period may be extended for an additional 60 days if the Claims Appeal Committee determines that special
circumstances (such as a hearing) require such extension.  If an extension of time is required, written notice of the extension will be furnished to the claimant before the end of the initial 60-day period and will indicate the special
circumstances requiring an extension of time and the date by which the plan expects to render a decision.
 (f)        Finality of Determinations; Exhaustion of Remedies.  To the fullest extent permitted by law, decisions reached under the claims procedures set forth in this Section shall be final and binding on all
parties. No legal action for benefits under the Plan shall be brought unless and until the claimant has exhausted his/her remedies under this Section.  In any such legal action, the claimant may only present evidence and theories which the
claimant presented during the claims procedure.  Any claims which the claimant does not in good faith pursue through the 

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review stage of the procedure shall be
treated as having been irrevocably waived. Judicial review of a claimant's denied claim shall be limited to a determination of whether the denial was an abuse of discretion based on the evidence and theories the claimant presented during the claims
procedure.
  
 (g)       Limitations Period.  Any suit or legal action initiated by a claimant under
the Plan must be brought by the claimant no later than six months following a final decision on the claim for benefits by the Claims Appeal Committee.  The six months limitation on suits for benefits will apply in any forum where a claimant
initiates such suit or legal action.
  
 5.         DEFERRAL AND PAYMENT OF COMPENSATION
  

(i)         Base Salary and Cash Incentive Deferral Elections.  In order to elect to defer base salary and/or cash incentive compensation earned during a calendar year, a Participant shall file an irrevocable
Election Form before the beginning of such year.  Notwithstanding the foregoing, (1) if the Company determines that a cash incentive compensation award qualifies as "performance-based compensation" under Code section 409A, a
Participant may elect to defer a portion of such award by filing an irrevocable Election Form at such later time up until the date six months before the end of the performance period as permitted by the Company (but in no event later than the date
on which the amount of such cash incentive compensation award becomes readily ascertainable); provided that, the Participant continuously performs services during the period beginning on the later of commencement of the applicable performance period
or the date the applicable performance criteria are determined and ending on the date that the Election Form is filed, and (2) in the first year in which an employee becomes eligible to participate in the Plan, an irrevocable Election Form
applicable to base salary or a cash incentive compensation award may be filed with respect to services to be performed subsequent to the election within 30 days after the date the employee becomes eligible to participate in the Plan to the extent
permitted under Code section 409A.  Notwithstanding the other provisions of this subsection, a Participant may not defer more than 90% of his/her incentive compensation award, and all elections under the Plan shall be interpreted and
implemented consistent with this limitation.  In addition, if a Participant’s incentive compensation is less than the amount elected to be deferred, the election shall be 90% of the full incentive compensation payable to the
Participant.
  

A Participant may defer up to
50% of his or her base salary, or such other percentage or amount as the Administrator establishes as the limit, from time to time.  A Participant's cash incentive compensation award election may apply to:
 
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          (a)    a specified percentage (in whole numbers) up to 90% of the cash incentive compensation award,
  

 
                       (b)    any amount in excess of a specified dollar amount of the cash incentive compensation
award,
  
               
          (c)     any amount up to a specified dollar amount of the cash incentive compensation award.

 

                         For purposes of this Plan, the
term “cash incentive compensation” shall be deemed to include all amounts of cash compensation other than base salary, whether or not otherwise classified as incentive compensation, as permitted to be deferred under this Plan by the
Administrator.
  
 (ii)  
        Restricted Stock/Restricted Stock Unit/Performance
Award Deferral Elections.  A Participant can elect to defer receipt of shares of Common
Stock (or cash, if applicable) attributable to grants of restricted stock or restricted stock units, or performance awards  under the Company’s stock plans by completing and submitting to the Company an irrevocable Election Form.  A
Participant may not revoke such an election after it is received by the Company.  In order to elect to defer receipt of shares of Common Stock (or cash, if applicable), a Participant shall file an irrevocable Election Form before the beginning
of the calendar year in which the grant occurs.  Notwithstanding the foregoing, (1) if the Company determines that a grant of restricted stock, restricted stock units, or a performance award qualifies as "performance-based
compensation" under Code section 409A, a Participant may elect to defer receipt of a portion of the shares of Common Stock (or cash, if applicable) attributable to such grants by filing an irrevocable Election Form at such later time up until
the date six months before the end of the performance period applicable to the grant, as permitted by the Company (but in no event later than the date on which the compensation under such grant becomes readily ascertainable); provided that, the Participant continuously performs
services during the period beginning on the later of commencement of the applicable performance period or the date the applicable performance criteria are determined and ending on the date that the Election Form is filed; and (2) in the year in which an employee first becomes eligible to participate in this Plan, an irrevocable Election
Form may be filed with respect to grants of restricted stock or restricted stock units, or performance awards with respect to services to be performed subsequent to the election.  Such election must be made within 30 days after the date the
employee first becomes eligible to participate in the Plan to the extent permitted under Code section 409A.  
  

(iii)         Distributions.
 (a)    Base salary and cash incentive compensation that is deferred under this Plan, plus any earnings thereon, shall be paid in cash.  Performance
awards and restricted stock units shall be paid in 

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shares of Common Stock unless the terms of the award
provided for cash settlement, in which case such amounts, plus any earnings thereon, shall be paid in cash.
  
 (b)  
    At the time a Participant files his or her Election Form, he or she
must select (i) whether to receive his or her distribution of amounts deferred under the Election Form upon a Separation from Service or upon a specified distribution date, and (ii) a form of distribution (in a single lump-sum payment or in
substantially equal annual installments for a period not to exceed ten (10) years for such amounts).  
  
 (1)    If
a Participant elects distribution upon a Separation from Service, such distribution shall be made
(or commence) as soon as practicable following his or her Separation from Service; provided, however, that such distribution shall be made no later than 90 days following such Separation from Service.

 

Notwithstanding the foregoing, distributions
may not be made to a Key Employee upon a Separation from Service before the date which is six months after the date of the Key Employee's Separation from Service (or, if earlier, the date of death of the Key Employee).  If a Participant's
distribution is delayed under this provision, the distribution shall be made paid on the first day of the seventh month following the Participant's Separation from Service (or, if earlier, the first day of the month after the Participant's
death).  

 

(2)    If a
Participant elects a distribution upon a specified distribution date, the specified distribution date may be any date that is at least one year following: (1) in the case of base salary and cash incentive compensation, the date the amount 
would otherwise be payable; and (2) in the case of deferrals related to performance awards, restricted stock or restricted stock units, the date such awards are otherwise vested under the terms of the Company’s various stock plans granting the
award, as they may be amended from time to time.  Notwithstanding the immediately
preceding, in all cases, the specified distribution date must be no later than the date the Participant attains age 70.
  
 (c)     Common Stock issuable under a single performance award, or restricted stock or
restricted stock unit grant, shall have the same distribution date and form of distribution.

 

(d)   
Notwithstanding the above, the following provisions shall apply:
  
 
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 (1)    Changes in Time or Form of
Distribution.  A Participant shall be permitted to change the time or form of a distribution for a deferred amount, but each such
election shall be effective only if the following conditions are satisfied:
  
 (A)     The election may not take effect until at least twelve (12) months after the date on which the election is
made;

 

(B)     A distribution may not be made earlier than at least five (5) years from the date the distribution would have otherwise been made;

 

(C)     In the case of an election to change the time or form of a distribution made pursuant to a specified date, the election must be made at least twelve (12) months before the
date the distribution is scheduled to be paid; and

 

(D)   
 An election under this Section will not be effective if it results in a specified distribution
date beyond the Participant’s 70th birthday and no new election may be made under this Section after the Participant’s 65th birthday.
  

For purposes of elections made under this Section, a
distribution payable in installments shall be treated as a single distribution.
  
 (2)    Effect of Taxation.  If a portion of the Participant's Accounts are includible in income under Code section 409A, such portion shall be distributed immediately to the Participant. 

  

(3)    Permitted Delays.   Any payment to a Participant under the Plan shall be delayed upon the Administrator's reasonable anticipation that the making of the payment would violate Federal securities laws or other applicable law; provided, that any payment delayed
pursuant to this Section shall be paid in accordance with Code section 409A. 
  
 .
  
 (e)    Unless payable in cash under the award terms, the Company shall issue to the Participant shares of Common Stock equal to the number of restricted stock
units or performance share units credited to his or her Account on the date elected by the Participant for distribution.
  
 
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             (iv)      
Rabbi Trust.  The Company has established a Supplemental
Benefits Trust with Wells Fargo Bank Minnesota, 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 of Control" (as defined in Section  13 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.

 

 (v)          Common Stock Distribution; Change of Control.  In the event of a Change of Control Event, shares of Common Stock and cash attributable to restricted stock units and performance awards, and their dividend
equivalents (if any) credited to each Participant's Accounts shall be immediately distributed to the Participant.  For purposes of this Section 5(v), a Change of Control Event means a Change of Control (as defined in Section 13) that is also an
event described in IRS regulations or other guidance under Code section 409A(a)(2)(A)(v).  
  
 (vi)         Notwithstanding any other Plan provision, all participant elections over the composition, denomination, or
mix of stock award (for example, as between restricted stock units, restricted stock, stock options, performance awards, and/or cash) under the Company’s Stock Compensation Plan shall be made on an Election Form and be subject to the rules of
this Section 5.

 

6. 
        BASE SALARY AND DEFERRED CASH INCENTIVE ACCOUNTS AND INVESTMENT RETURNS 

 

                         
        Separate base salary deferral and deferred cash incentive compensation accounts (“Base Salary Account” or "Deferred Cash Incentive Account,” as appropriate) will be established on
behalf of each Participant electing to defer cash compensation under Section 5 above, and the amount of deferred cash compensation will be credited to each Participant's appropriate Account as soon as administratively practicable following the date
in which the cash compensation would otherwise be payable.  Each Participant's Account will be credited daily with a "rate of return" on the total deferred cash amount accruing as of the first day next following the date deferred cash
compensation is credited to the Participant's Account.  Such "rate of return" shall be based upon the actual 

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investment performance of 401(k) Savings
Plan funds or portfolios established under a qualified benefit plan
maintained by the Company which the Administrator 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 any portion of amounts in their Accounts, 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" daily by notifying the Company in writing, in accordance with procedures established by the
Administrator.

 

     
       Each Participant's Accounts will be credited daily with the "rate(s) of return" elected by the Participant until the amount in each Participant's Accounts are distributed to the Participant on the
distribution date(s) elected by the Participant.
  
 7.         COMPANY CONTRIBUTIONS TO DEFERRED ACCOUNTS

 
 With respect to cash incentive compensation or restricted stock units which, in the
absence of a deferral hereunder, would have been included as “earnable compensation” under the 401(k) Savings Plan and which were granted in respect to service periods starting before June 1, 2014, 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 Incentive 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 Incentive 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 

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be credited with additional stock
units in an amount equal 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.
  

As of January 1, 2014, no additional credits on deferred amounts will be made under this Section 7 (other than earnings credits as otherwise provided
under the terms of this Plan, if any).
  
 8.         DEFERRED STOCK UNIT AND PERFORMANCE AWARD ACCOUNTS
  

(i)            Establishment of Accounts.  A Deferred Stock Unit Account, and a Deferred Performance Award Account will be established for each grant of restricted stock or restricted stock units, or
performance awards, covered by a Participant election to defer under Section 5(ii) above.  Such Accounts either shall have an appropriate number of stock units or performance share units credited, or if the award is payable in cash rather than
shares of Common Stock, the value of the award shall be credited as determined by multiplying the number of restricted stock units originally awarded by the closing price of the Common Stock on the New York Stock Exchange on the date the award
vests, or for performance awards payable in cash a monetary amount equal to the value of the performance award on the date said award vests. 
  
 (ii)  
        Dividend equivalents on stock settled
awards.  Participants shall make elections either to receive dividend
equivalent cash amounts on stock units and/or performance awards at the time that dividends are actually paid to shareholders or to have the amounts reinvested.  Such elections shall be made at the same time and in the same form as elections
made with respect to the deferral of restricted stock or restricted stock units and/or performance awards in Section 5(ii) above, and are irrevocable once received by the Company.  If the dividend equivalent cash amounts are reinvested, on each
dividend payment date for Common Stock on or after the date on which a stock unit and/or performance awards are deferred under this Plan, the Company will credit each relevant Account 

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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 or performance share units in the Account.  Dividend equivalent amounts may not be reinvested prior to the time when the underlying restricted stock unit or performance
award is vested and deferred under this Plan.  Dividend equivalent amounts credited to each Account shall be used to hypothetically "purchase" additional stock units or performance share units for the Account at a price equal to the
closing price of the Common Stock on the New York Stock Exchange on the dividend date.  Dividend equivalents shall be distributed at the same time and in the same form as the stock units and/or performance awards in an Account that generates
such dividend equivalents.  If the Participant fails to make an election, the dividend equivalent amounts shall be reinvested. 
  
 (iii)  
       Dividend equivalents on cash settled Restricted
Stock Unit awards.  Participants shall make elections either to receive
dividend equivalent cash amounts on stock units at the time dividends are actually paid to shareholders or to have the amounts reinvested.  Such elections shall be made at the same time and in the same form as elections made with respect to the
deferral of restricted stock units in Section 5(ii) above, and are irrevocable once received by the Company.  The amount of the dividend equivalent shall equal the then current dividend amount payable on one share of Common Stock on each
dividend payment date, multiplied by the number of restricted stock units initially covered by the deferral election under Section 5(ii) above.  If the dividend equivalent payments are reinvested, on each dividend payment date for Common Stock
on or after the date on which a stock unit is deferred under this Plan the Deferred Stock Unit Account will be credited as of the dividend payment date for Common Stock and said amount will be “invested” as provided in (iv) immediately
below.  Dividend equivalent amounts may not be reinvested prior to the time when the underlying restricted stock unit is vested and deferred under this Plan.
  
 (iv)  
       Investment returns on cash settled
awards.  Amounts payable in cash credited to a Deferred Stock Unit Account or
a Deferred Performance Award Account will be credited daily with a “rate of return” on the total amount in the Account which shall be based upon the actual investment performance of 401(k) Savings Plan funds or portfolios established
under a qualified benefit plan maintained by the Company which the Administrator may establish as an available rate of return under this Plan.  Participant elections concerning these amounts and their “investment” will be handled as
described above in Section 6. 
  
 (v)  
        Coordination with stock
plans.  The Plan governs the deferral of restricted stock and restricted stock
units, and/or performance awards issued by the Company.  The granting of such awards is governed by the Company’s 

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various stock plans, as they may be amended from time to
time.  No restricted stock, restricted stock units, performance awards, or shares of Common Stock are authorized to be issued under this Plan.  Participants who elect under the Plan to defer shares of Common Stock will have no rights as
stockholders of the Company with respect to allocations made to their Account(s) except the right to receive dividend equivalent allocations under Section 8(ii) or (iii) above.

 
 (vi)  
       Certain corporate transactions.  If a corporate transaction has occurred affecting the Common Stock such that an adjustment to
Deferred Stock Unit Accounts and/or Deferred Performance Award Accounts is required to preserve (or prevent enlargement of) the value of such Accounts, then in such manner as the Administrator deems equitable, an appropriate adjustment shall be made
to the number of stock units or performance share units credited to a Deferred Stock Unit Account or Deferred Performance Award Account.  For this purpose a corporate transaction includes, but is not limited to, any dividend or other
distribution (whether in the form of cash, Common Stock, securities of a subsidiary of the Company, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transactions.

 

9. 
        UNFORESEEABLE EMERGENCY
  

     
       A Participant may request a withdrawal of all or any portion of his Account balances for an Unforeseeable Emergency. Subject to Section 4, the Administrator may, in his/her sole discretion, either approve or deny
the request.  The determination made by the Administrator will be final and binding on all parties.  The amounts distributed with respect to an Unforeseeable Emergency may not exceed the amounts necessary to satisfy such Unforeseeable
Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise
or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by cessation of deferrals under the Plan. 
 “Unforeseeable Emergency” means for this purpose a severe financial hardship to a Participant resulting from an illness or accident of the Participant, the
Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant.
  
 10.       DEATH OF A PARTICIPANT
  
 
14 
 
 

 
 
 
             If the death of a Participant occurs
before a full distribution of all the Participant's Accounts is made, a single distribution shall be made to the beneficiary designated by the Participant to receive such amounts.  This distribution shall be made within 60 days of death. 
In the absence of any such designation, the distribution shall be made to the personal representative, executor or administrator of the Participant's estate.
  

11. 
      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 received had income not been deferred.  If such a supplemental benefit is due, such benefit
would be subject to all of the provisions and payable 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.  
  
 12.       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 Administrator, which, in his/her  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.
  
  
  
  
  
  
  
  
 
15 
 
 

 
 
 
 13.       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 of Control
without the written consent of a majority of Participants determined as of the day before such Change of Control occurs.  A "Change of Control" means:
  

    
     (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 of 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 consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company 

  16 
 
 

 
 
 
 
("Business Combination"); 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 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.
  
 14.       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.
  
 15.       PLAN TERMINATION

Upon termination of the Plan, distribution
of Accounts shall be made as described in the Plan document, unless the Administrator determines in his/her sole discretion that all such amounts shall be distributed upon termination in accordance with the requirements under Code section
409A.  Upon termination of the Plan, no further deferrals of cash compensation, restricted stock, restricted stock units, or performance awards shall be permitted; however, earnings, gains and losses shall continue to be credited to the Account
balances and with respect to dividend equivalents credited to the Account balances hereunder until the Account balances and dividend equivalents credited thereon are fully distributed.

 
 
17 
 
 

 
 
 
 16.       TAXES 

The Company or other payor may withhold from a payment
under the Plan or a Participant's wages, or the Company may reduce a Participant’s Deferred Cash Accounts, Deferred Stock Unit Account balances and/or Deferred Performance Award Account, in order to meet any federal, state, or local tax
withholding obligations with respect to Plan payments.  The Company or other payor shall report Plan payments and other Plan-related information to the appropriate governmental agencies as required under applicable laws.
  

 
 17.       EFFECTIVE DATE AND PLAN YEAR
  
             This Plan became effective as of January
1, 2005.  It shall operate on a calendar year basis.
  
  
 
18EX-10.6

   
 
 
 Exhibit 10.6

 
  

 
  

 
  

 
  

 
  

 
  

 
  
 SUPPLEMENTAL RETIREMENT PLAN I
  
 (Effective as of June 1, 2018)
 (Applicable to Amounts Earned or Vested after December 31, 2004)
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 
  
  

 
                               
                                         
                                         
             March 2021
    
 
 
 

 
 
 
 SUPPLEMENTAL RETIREMENT PLAN I
 OF GENERAL MILLS, INC. 
  
  (Applicable to Amounts Earned or Vested after December 31, 2004)

 
 This Plan is spun off from and comprised of certain benefit accruals credited under the 2005 Supplemental Retirement Plan of General Mills, Inc.
(“Prior Plan”) prior to June 1, 2018 as well as benefit credits earned directly under this Plan on and after June 1, 2018 (if any). Participants in this Plan experienced a Separation from Service on or before June 1, 2018. The provisions
of this Plan are applicable only to amounts that are not covered by the terms of the Supplemental Retirement Plan I of General Mills, Inc. (As Grandfathered Effective January 1, 2005), referred to herein as the "Grandfathered Plan".
Amounts earned and vested by December 31, 2004 are covered exclusively by the terms of the Grandfathered Plan.
  
 This
Plan is intended (1) to comply with Code section 409A and official guidance issued thereunder, and (2) to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly
compensated employees” within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.  Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these
intentions.
  
               
 
   
 
1  
 

 
 
 
 ARTICLE I
  
 INTRODUCTION
  

            Section 1.1      Name of Plan. The name of the Plan is the "Supplemental Retirement Plan I of General Mills,
Inc.” It is also referred to as the "Plan."
  

            Section 1.2      Effective Date. The effective date of the Plan is June 1, 2018. The Plan, except as may otherwise be
specifically provided herein, shall not apply to individuals who separated from active service prior to January 1, 2005, or who participate in the 2005 Supplemental Retirement Plan of General Mills; such Participants shall be governed exclusively by
the plan document applicable to them and in existence at the time of their separation.  Also, this Plan does not apply to the benefits of any Participant where such benefits were earned and vested as of December 31, 2004.

 
             Section 1.3 Base Plans
Freeze.  The Retirement Income Plan of the General Mills Pension Plan I, as well as the Retirement Income Plan of the General Mills Pension Plan, have been
frozen as of January 1, 2028.  The provisions of this Plan, and particularly Article III, are interpreted consisted with this.
  

  
  
    
2  
 

 
 
 
 ARTICLE II
  
 DEFINITIONS

 
             Section 2.1     
Base Plan shall mean a defined benefit pension plan sponsored by the Company, which
is qualified under the provisions of Code Section 401.  
  

            Section 2.2     
Board  shall mean the Board of Directors of General Mills,
Inc.
  
             Section 2.3      Change in Control occurs:
  
 (a)               upon the acquisition by an 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 of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by an employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a transaction that complies with clauses (i), (ii) and (iii) of subsection (c) below; and provided, further,
that if any Person's beneficial ownership of the Outstanding Company Voting Securities reaches or exceeds 20% as a result of a transaction described in clause (i) or (ii) above, and such Person subsequently acquires beneficial ownership of
additional voting securities of the Company, such subsequent acquisition shall be treated as an acquisition that causes such Person to own 20% or more of the Outstanding Company Voting Securities; or

 
 (b)             
 if individuals who, as of a given date, 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 such date 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
 
3  
 

 
 
 

 
 (c)             
 upon 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 (i) 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 securities
entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that as a result of such transaction owns the Company or all or
substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Voting Securities,
(ii) no person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares
of common stock or the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination
and (iii) at least a majority of the members of the board of directors or the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the
Board, providing for such Business Combination; or
  

(d)             
  upon approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

 
             Section 2.4     
Code  shall mean the Internal Revenue Code of 1986, as it may be amended from
time to time.
  
             Section 2.5      Company  shall mean General Mills, Inc. and any of its subsidiaries or affiliated business
entities as shall be authorized to participate in the Plan by the Board, or its delegate.  

 
             Section 2.6      Compensation Committee shall mean the Compensation Committee of the Board.

 
 
4  
 

 
 
 

            Section 2.7      Deferred Cash Award shall mean the cash amount deferred by an individual under any formal plan of
deferred compensation sponsored by the Company. A Deferred Cash Award shall not include:

 
 (a)             
 any base salary which was deferred during calendar year 1986;

 
 (b)             
 any interest or investment increment applied to the amount of the cash award which is deferred; or

 
 (c)             
 Any cash amount deferred by any person under any individual contract or arrangement with the Company or any of its subsidiaries or
affiliated business entities.
  
             Section 2.8      ERISA  shall mean the Employee Retirement Income Security Act of 1974, as it may be amended
from time to time.
  
             Section 2.9      Grandfathered Plan shall mean the Supplemental Retirement Plan I of General Mills, Inc.
(Grandfathered) under which benefits were earned and vested as of December 31, 2004 (within the meaning of Code section 409A and official guidance thereunder).
  

            Section 2.9A   Involuntary Termination shall mean a Participant’s Separation from Service on account of an
involuntary termination of employment with the Company, other than for misconduct, which occurs solely due to the Company’s independent exercise of its unilateral authority to terminate the Participant’s employment and not due to the
Participant’s voluntary termination of employment.  In addition, to qualify as an Involuntary Termination under this Plan, the Participant must execute such release agreement otherwise provided by the Company.

 
 Section 2.10    Key Employee shall mean an employee treated as a “specified employee” as of his Separation from Service under Code section 409A(a)(2)(B)(i) of the Company if the Company’s stock
is publicly traded on an established securities market or otherwise (i.e., a key
employee (as defined in Code section 416(i) without regard to paragraph (5) thereof)).  Key Employees shall be determined in
accordance with Code section 409A using a December 31 identification date.  A listing of Key Employees as of an identification date shall be effective for the 12-month period beginning on the April 1 following the identification
date.
  
             Section 2.11    Minor
Amendment Committee shall mean the Minor Amendment Committee appointed by the Compensation Committee, and shall include said Committee’s
delegates.
  

            Section 2.12    Maximum Benefit shall mean the maximum annual benefit payable in dollars permitted to be either
accrued or paid to a participant of any Base Plan, as determined under all applicable provisions of the Code and ERISA, specifically taking into account the limitations of Code Sections 401(a)(17) and 415, and any applicable 

  5  
 

 
 
 
 
regulations thereunder. It is specifically intended that the Maximum Benefit, as defined herein, shall take
into account changes in the dollar limits under Code sections 401(a)(17) and 415, and benefits payable from this Plan and the Base Plan shall be adjusted accordingly. In addition, if a Base Plan limits the accrued benefits of any Participant by
restricting the application of future changes in such dollar limits with respect to such Participant, benefits payable under this Plan shall nevertheless be determined on the full amount that would have been permissible absent such restrictions
under the Base Plan.
  
             Section 2.12A Modified Final Average Earnings shall mean the greater of: (a) the average of the
Participant’s Earnable Compensation for the Participant’s final sixty months of employment; or (b) the average of the five highest calendar years of Earnable Compensation received by a Participant prior to the Determination Date, with
the result divided by 12.  If the Participant has less than sixty months of Earnable Compensation, Modified Final Average Earnings shall mean the average of all Earnable Compensation received by such Participant prior to the Determination Date,
stated on a monthly basis.  Notwithstanding any other Plan provision, for a Participant who, as of June 30, 2016, was both (1) an active employee (not on a termination leave of absence) paid on U.S. payroll, and (2) an officer on the
Company’s records, his or her Modified Final Average Earnings shall not be less than what it was as of June 30, 2016.
  

            Section 2.13    Participant  shall mean an individual who experienced a Separation from Service on or before
June 1, 2018, is a participant in a Base Plan, as well as either the Company's Executive Incentive Plan or who is eligible to defer compensation under a formal deferred compensation program maintained by the Company, and:

 
 (a)             
 Whose accrued benefits, determined on the basis of the provisions of a Base Plan without regard to the Maximum Benefit, exceeded
the Maximum Benefit;
  

(b)             
  An individual with a Deferred Cash Award, which, if included as compensation under any Base Plan in which such individual is a
participant, would result in a greater accrued benefit under the provisions of such Base Plan; or
  
 (c)               An active participant of the General Mills, Inc. Executive Incentive Plan who is entitled to a vested Pension under a Base Plan and who is involuntarily
terminated prior to attainment of age 55, if the sum of such individual's age and length of company service at the date of termination equals or exceeds 75.  Notwithstanding the previous sentence, no individual shall be a Participant by virtue
of this subsection if his/her age plus length of Company service did not equal or exceed 75 on or before December 31, 2017.
  
  
 (d)               For purposes of eligibility for the special benefits described in Section 3.14(b), an individual who is otherwise eligible to defer compensation

  6  
 

 
 
 
 
under the General Mills, Inc. 2005 Deferred Compensation Plan, whether or not he or she has actually
deferred any compensation.

 

An eligible individual shall remain a Participant under this Plan until all amounts payable on his or her behalf
from this Plan have been paid.
  

Section 2.14    Separation from Service shall mean a “separation from service” within the meaning of
Code section 409A; provided, however, for purposes of this determination, a reasonably anticipated permanent reduction in the level of bona fide services to 21% or less of the average level of bona fide services provided in the immediately preceding
36 months shall be deemed to be a Separation from Service.
  

            Section 2.15    Defined Terms. Capitalized terms which are not defined herein shall have the meaning ascribed to
them in the relevant Base Plan.  
    
7  
 

 
 
 
 ARTICLE III
  
 BENEFITS
  

This Article describes how a Participant's total benefit under the Plan and the Grandfathered Plan
(if applicable) is calculated.  Any portion of a Participant's benefit covered by the Grandfathered Plan will be distributed in accordance with the terms of the Grandfathered Plan and will not be subject to the distribution rules of this
Article III.  The remaining portion of a Participant’s benefit will be distributed in accordance with the terms of this Article III.
  

            Section 3.1      Effect of Retirement. Upon the Normal, Early, or Late Retirement of a Participant, as provided under
a Base Plan, such Participant shall be entitled to a benefit equal to the amount determined in accordance with the provisions of the Base Plan without regard to the limitations of the Maximum Benefit, and further calculated subject to the following
adjustments: (1) by using Modified Final Average Earnings in lieu of Final Average Earnings under the Base Plan; (2) including as compensation for purposes of such calculation any Deferred Cash Award (as if actually paid at the time of the award);
and then (3) reduced (but not below zero) by the lesser of the Participant's actual accrued benefit under such Base Plan or the Maximum Benefit.  
  

            Section 3.2      Spouse's Pension. Upon the death of a Participant whose surviving spouse is eligible for a Spouse's
Pension under a Base Plan, such surviving spouse shall be entitled to a benefit under this Plan, determined in accordance with the provisions of the Base Plan without regard to the limitations of the Maximum Benefit, and further calculated subject
to the following adjustments: (1) by using Modified Final Average Earnings in lieu of Final Average Earnings under the Base Plan; (2) and including as compensation for purposes of such calculation any Deferred Cash Award (as if actually paid at the
time of the award), and then (3) reduced (but not below zero) by the lesser of the actual Spouse's Pension payable under such Base Plan or the Maximum Benefit.  To the extent a benefit becomes payable to a registered domestic partner, the
entire benefit shall be payable under the terms of this Plan and no portion of such benefit shall be payable under the Grandfathered Plan.
  

            Section 3.3     
Effect of Termination Prior to Retirement Eligibility.  If a Participant
terminates employment with the Company and is entitled to a Vested Deferred Pension under a Base Plan, such Participant shall be entitled to a benefit equal to the amount determined in accordance with the provisions of the Base Plan without regard
to the limitations of the Maximum Benefit, and further calculated subject to the following adjustments: (1) by using Modified Final Average Earnings in lieu of Final Average Earnings under the Base Plan; (2) and including as compensation for
purposes of such calculation any Deferred Cash Award (as if actually paid at the time of the award), and then (3) reduced (but not below zero) by the lesser of the Participant's actual accrued benefit under such Base Plan or the Maximum
Benefit.
  
 
8  
 

 
 
 

            Section 3.4      Benefits Prior to Separation from Service. Prior to a Participant's Separation from Service due to
Retirement, termination, or death, benefits shall accrue under this Plan, based on the Participant's actual accrued benefit under a Base Plan or Plans, the Maximum Benefit, the foregoing modifications, including Modified Final Average Earnings (in
lieu of Final Average Earnings), and Deferred Cash Awards, if any; provided, however, that in no event shall a Participant’s benefit be reduced below zero due to any adjustments or offsets hereunder. A Participant's benefit under this Plan may
increase or decrease, before or after Retirement or termination, as a result of changes in the formula under any Base Plan, the Maximum Benefit, or changes in the earnings used to calculate benefits under a Base Plan formula. 

  
             Any benefit accrued under this Plan as a result of a Participant's Deferred Cash Award shall be payable only if, and
to the extent that on the date of his or her termination of employment, both of the following conditions are satisfied:
  

            (a)        The
Participant has a vested accrued benefit under the applicable Base Plan; and

 
             (b)        A Deferred Cash Award was made during a year which is used in the
calculation of Final Average Earnings under this Plan on the date of termination.

 
             Section 3.5      Effect of Involuntary Termination of EIP Participants Prior to Retirement Eligibility. In the event
of the involuntary termination of an active Participant of the General Mills, Inc. Executive Incentive Plan, where the sum of such Participant's age and years of service with the Company equals or exceeds 75 at the date of termination, and who is
entitled to a Vested Deferred Pension under a Base Plan, the provisions of this Section shall apply. Subject to the aggregate limits of Section 4.4, such Participant shall be entitled to receive benefits determined under this Section, in addition to
any benefit provided under Section 3.3. Such additional benefits shall be in the form of a retirement supplement, calculated as the difference between an Early Retirement Pension under the provisions of such Base Plan and a Vested Deferred Pension
under such Base Plan.  For purposes of clarification, no additional age or service credit is granted hereunder, and benefits may not commence prior to the time allowed under Section 3.8.  Notwithstanding the other provisions hereof, this
Section shall not apply to anyone whose age plus length of Company service did not equal or exceed 75 on or before December 31, 2017.
  

            Section 3.6      Effect of Change in Control.  Upon a Change in Control, all Participants shall be immediately
vested in their Plan benefits, regardless of their vested status under any Base Plan.  In the event of the termination of an otherwise applicable Base Plan within five years after a Change in Control each Participant of said plan whose benefits
would then exceed the Maximum Benefit as a result of the changes required under Section 11.4 of said plan shall be entitled to receive such excess benefits under this Plan.
  
 
9  
 

 
 
 

            Section 3.7      Form of Payment. Any benefit amount payable under the Plan to a married Participant shall be
adjusted and paid in the form of a joint and 100% to survivor annuity. Any benefit amount payable under the Plan to an unmarried Participant shall be paid in the form of a single life annuity. Notwithstanding the above, all Participants may request
to have such benefit amounts adjusted (if applicable) and paid as a joint and 100% to survivor annuity, joint and 50% to survivor annuity or as a single life annuity.  Any request for an alternate form of benefit may be made at any time before
payment commences under Section 3.8. 
  

             A benefit payable to a surviving spouse under Section 3.2 shall be paid in the form of a single life annuity.

 
 Notwithstanding the above, if the present value of a Participant’s benefit amount under this Plan is $10,000 or less at the time such benefit amount is scheduled to commence,
the entire benefit amount shall be distributed in an immediate lump sum payment.  For purposes of this Section 3.7, the present value of benefits is calculated using the applicable interest rate under Code section 417(e) as of the October
immediately preceding the calendar year in which a distribution is to be made and the applicable mortality table under Code section 417(e) in effect as of said date.
  
 Any
joint and survivor annuity shall be the actuarial equivalent of a single life annuity based on the following factors, determined using the ages of the Participant and spouse on the effective date of the payment:

 
             Interest Rate:               7.5% per
year
  

Mortality Table:          Basic
Table – 94 GAR per Revenue Ruling 2001-62; unisex Adjustment – 50% male, or such other table as is provided under Code section 417(e).
  

            Section 3.8      Time of Payment. Plan benefits shall be paid or commence within 90 days following the later to occur
of (a) the Participant attaining age 55, or (b) the Participant's Separation from Service.

 
             For purposes of payment commencement to a surviving spouse under Section 3.2, the first annuity payment shall be
made within 90 days following the later to occur of (a) the date the Participant would have attained age 55, and (b) the date of the Participant’s death.
  

Notwithstanding the above,  in the event that a Participant is a Key Employee and payments
are to commence based on his Separation from Service, the distributions to such Participant shall commence no earlier than six months following the date of his Separation from Service (or, if earlier, the date of the Participant’s
death).  Amounts payable to the Participant during such period of delay shall be accumulated and paid on the first day of the seventh month following the Participant’s Separation from Service (or, if earlier, the first day of the month
after the Participant’s death).  Interest shall accrue on 

  10  
 

 
 
 
 
such amounts during the period of delay at an annual rate equal to the Prime Rate plus one-percent
(1%).  For purposes of this Section 3.8, "Prime Rate" means the prime rate listed in the Wall Street Journal banking survey for the business day coincident with or next following the date of the Participant's benefit commencement
date.
  
             Section 3.9     
Effect of Increases in the Maximum Benefit. In the event the dollar amount of the
Maximum Benefit increases as a result of federal legislation, the benefits of any Participant payable under the Plan, whether or not in pay status, shall be recalculated to take into account the higher Maximum Benefit payable from the applicable
Base Plan. If payments have already commenced under the provisions of the applicable Base Plan and the Plan, benefit amounts under both Plans shall be adjusted to reflect the higher Maximum Benefit, by increasing the amount paid under the Base Plan
and decreasing the amount paid under the Plan, as soon as administratively possible after such a change. Notwithstanding the above, if a Base Plan is terminated, no adjustments shall be made to benefits payable under the Plan with respect to changes
in the Maximum Benefit after the date of termination of the Base Plan.

             

            Section 3.10    Effect of Early Taxation.  If the Participant’s benefits under the Plan are includible in
income pursuant to Code section 409A, such benefits shall be distributed immediately to the Participant.
  
 Section
3.11    Permitted Delays.   Any payment to a Participant under the Plan shall be delayed upon the Minor Amendment Committee's reasonable anticipation that the making of the payment
would violate Federal securities laws or other applicable law; provided, that any payment delayed pursuant to this Section shall be paid in accordance with Code section 409A. 
  

            Section 3.12    Special Transition Rule During 2005.  Any Participant who Separated from Service during 2005
shall have his or her benefit that is otherwise payable from this Plan paid in a lump sum as soon as administratively feasible after said Separation from Service.  These distributions shall be made in accordance with the relevant provisions of
IRS Notice 2005-1.  After 2005, the provisions of this Article III shall apply as otherwise applicable.  
  

            Section 3.13    Special Eligibility and Vesting Rule.  Notwithstanding any other provision of this Article III,
for purposes of this Plan if a Participant is entitled to the special vesting acceleration provided under Sections 4.4 (of Plan A) or 4.7 (of Plan B)  of the Separation Pay and Benefits Program for Officers of General Mills, Inc., he or she
will be treated as being fully vested and eligible for a Normal, Early or Late Retirement under the relevant Base Plan.  The determination of whether a retirement is a Normal, Early or Late Retirement shall be made without regard to any service
requirements under the Base Plan.  For purposes of clarity, Participants entitled to a benefit solely as a result of this Section 3.13 shall have the entire amount of their benefit, including the portion which is below the Maximum Benefit, paid
under this Plan.
  
 Section 3.14    Special Limited Time Benefit
Enhancement.   
  
 
11
  
 

 
 
 
 (a)               In the event that a Participant’s employment is terminated due to an Involuntary Termination at any time between June 1, 2012 and May 31, 2013 and, on
the date of such Involuntary Termination, the Participant has attained age 53 (but not age 55) and completed at least 10 years of Eligibility Service, the Participant’s benefit under this Plan shall be determined as if the Participant
continued to work until and terminated employment upon attainment of age 55.  For this purpose, the Participant will be credited with additional years of Benefit Service recognizing the period between the date of Involuntary Termination and the
date the Participant would attain age 55.  All benefits under this Section 3.14(a) will be calculated as though the Participant had attained age 55.  In addition, the Participant’s Earnable Compensation shall be determined as of the
date of Involuntary Termination without any further adjustment.  In all events, the timing of payment of benefits under this Plan shall be governed solely by Section 3.8 and no payment shall be made prior to the time a Participant actually
attains age 55.
  

(b)             
  In the event that the employment of a Participant is terminated due to an Involuntary Termination between November 1, 2014 and
May 22, 2015 and, on the date of such Involuntary Termination, the Participant has attained age 53 (but not age 55) and completed at least 10 years of Eligibility Service, each Participant’s benefit under this Plan shall be determined as if
the Participant continued to work until and terminated employment upon attainment of age 55.  For this purpose, the Participant will be credited with additional years of Benefit Service recognizing the period between the date of Involuntary
Termination and the date the Participant would attain age 55.  All benefits under this Section 3.14(b) will be calculated as though the Participant had attained age 55.  In addition, the Participant’s Earnable Compensation shall be
determined as of the date of Involuntary Termination without any further adjustment.  In all events, the timing of payment of benefits under this Plan shall be governed solely by Section 3.8 and no payment shall be made prior to the time a
Participant actually attains age 55.

 
             Section 3.15    Non Duplication of Benefits. The Plan was created from a spinoff from the Prior Plan and provides
for benefit accruals for services performed prior to the Plan’s Effective Date (such benefits were initially earned under the Prior Plan). On and after the Effective Date, it is the intent that all benefits previously accrued under the Prior
Plan (or any other predecessor plan) for an individual who is a Participant of this Plan be provided solely under this Plan and none from the Prior Plan. Accordingly, if any Participant in this Plan has a period of service that is recognized for
benefit accrual purposes under both this Plan and the Prior Plan, the benefits under this Plan shall be reduced by the value of the Participant’s benefit under the Prior Plan applicable to such service.

 
    
12
  
 

 
 
 
 ARTICLE IV
  
 PLAN ADMINISTRATION

 
             Section 4.1     
Administration.  The Plan shall be administered by the Company’s Vice
President, Compensation & Benefits, who has the authority to delegate said responsibilities hereunder (“Administrator”).  The Company’s Vice President, Compensation & Benefits, and authorized delegates, shall have the
discretionary authority to interpret and construe the terms of the Plan; determine the eligibility to participate in the Plan, the nature and amount of benefits, the rights of Participants in the Plan; and decide any disputes that may arise under
the Plan.  Any such interpretation and/or determination shall be final and binding on all parties.  
  

            Section 4.2     
Delegated Duties.  The Company’s Vice President, Compensation &
Benefits, shall have the authority to delegate the duties and responsibilities of administering the Plan, maintaining records, issuing such rules and regulations as it deems appropriate, and making the payments hereunder to such employees or agents
of the Company as he/she deems proper.  All authority vested in the Company’s Vice President, Compensation & Benefits shall also be vested in said delegates. 
  

            Section 4.3      Amendment and Termination. The Minor Amendment Committee may amend, modify or terminate the Plan at
any time; provided, however, that no such amendment, modification or termination shall adversely affect any accrued benefit under the Plan to which a Participant, or the Participant's Beneficiary, is entitled under Article III prior to the date of
such amendment or termination, and in which such Participant, or the Participant's Beneficiary, would have been vested if such benefit had been provided under the applicable Base Plan.  Notwithstanding the above, no amendment, modification, or termination which would affect
benefits accrued under this Plan prior to such amendment, modification or termination may occur after a Change in Control without the written consent of a majority of the Participants determined as of the day before such Change in Control.

  
             Upon termination of the Plan, distribution of Plan benefits shall be made to Participants and Beneficiaries in the
same manner and at the time described in Article III, unless the Company determines in its sole discretion that all such amounts be distributed upon termination in accordance with the requirements under Code section 409A.  Upon termination of
the Plan, no further benefit accruals shall occur.
  

            Section 4.4      Payments.  General Mills, Inc.  will pay all benefits arising under this Plan and all costs, charges and expenses relating
thereto. The benefits payable under this Plan to each Participant shall not be greater than what would have been paid in the aggregate under the Base Plan (i) in the absence of federal limitations on benefit amounts, (ii) if amounts deferred had
been paid to the Participant when earned, and (iii) with respect to Section 3.5, the Participant had actually been eligible for Early Retirement under the Base Plan.
  
 
13
  
 

 
 
 
       Section 4.5      Claims for
Benefits.  

 
 (a)        Filing a Claim.  A Participant or his/her authorized representative may file a claim for benefits under the Plan.  Any claim must be in writing and submitted to the Administrator at such
address as may be specified from time to time.  The Administrator may delegate his/her responsibilities and discretionary authority to make initial claim determinations under the Plan.  Claimants will be notified in writing of approved
claims.  A claim is considered approved only if its approval is communicated in writing to a claimant.
 (b)        Denial of Claim. In the case of the denial of a claim respecting benefits paid or payable with respect to a Participant, a written notice will be furnished to the claimant within 90 days of the date
on which the claim is received by the Administrator.  If special circumstances (such as a hearing) require a longer period, the claimant will be notified in writing, prior to the expiration of the 90-day period, of the reasons for an extension
of time; provided, however, that no extensions will be permitted beyond 90 days after the expiration of the initial 90-day period.   
 (c)        Reasons for Denial.  A denial or partial denial of a claim will be dated and signed by the Administrator or his/her delegate and will clearly set forth:

(i)    
     the specific reason or reasons for the denial;
 (ii)        specific reference to pertinent Plan provisions on which the denial is based;

(iii)   
    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

(iv)       an
explanation of the procedure for review of the denied or partially denied claim set forth below, including the claimant’s right to bring a civil action under ERISA section 502(a) following an adverse benefit determination on
review.

 

(d)       Review of Denial.  Upon denial of a claim, in whole or in part, a claimant or his duly
authorized representative will have the right to submit a written request to the Minor Amendment Committee for a full and fair review of the denied claim by filing a written notice of appeal with the Minor Amendment Committee within 60 days of the
receipt by the claimant of written notice of the denial of the claim.  A claimant or the claimant’s authorized representative will have, upon request and free of charge, reasonable access to, and copies of, all documents, records, and
other information relevant to the claimant’s claim for benefits and may submit issues and comments in writing.  The review will take into account all comments, documents, records, and other information submitted by the claimant relating
to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.  
 
14
  
 

 
 
 
 If the claimant fails to file a request for review within 60 days of the denial notification, the claim will be deemed abandoned and the claimant
precluded from reasserting it.  If the claimant does file a request for review, his request must include a description of the issues and evidence he deems relevant.  Failure to raise issues or present evidence on review will preclude those
issues or evidence from being presented in any subsequent proceeding or judicial review of the claim.
  
 (e)        Decision Upon Review.  The Minor Amendment Committee will provide a prompt written decision on review.  If the claim is denied on review, the decision shall set forth:

(i)    
     the specific reason or reasons for the adverse determination;
 (ii)        specific reference to pertinent Plan provisions on which the adverse determination is
based;

(iii)   
    a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; and

 (iv)
     a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain the information about such procedures, as well as a statement of the claimant’s right to bring an
action under ERISA section 502(a).
 A decision
will be rendered no more than 60 days after the Minor Amendment Committee’s receipt of the request for review, except that such period may be extended for an additional 60 days if the Minor Amendment Committee determines that special
circumstances (such as for a hearing) require such extension.  If an extension of time is required, written notice of the extension will be furnished to the claimant before the end of the initial 60-day period.

 
 (f)        Finality of Determinations; Exhaustion of Remedies.  To
the extent permitted by law, decisions reached under the claims procedures set forth in this Section shall be final and binding on all parties. No legal action for benefits under the Plan shall be brought unless and until the claimant has exhausted
his/her remedies under this Section. In any such legal action, the claimant may only present evidence and theories which the claimant presented during the claims procedure. Any claims which the claimant does not in good faith pursue through the review stage of the procedure shall be treated as having been irrevocably waived. Judicial review of a claimant’s denied claim shall be limited to a determination of whether the denial was an abuse of discretion based on the evidence and
theories the claimant presented during the claims procedure.  
  
 (g)        Limitations
Period.   Any suit or
legal action initiated by a claimant under the Plan must be brought by the claimant no later than twelve (12) months  following a 

  15  
 

 
 
 
 
final decision on the claim for benefits by the Minor Amendment Committee (or twelve (12) months following
the date the claim is abandoned, if earlier).  The twelve-month limitation on suits for benefits will apply in any forum where a claimant initiates such suit or legal action.

 
             Section 4.6     
Non-Assignability of Benefits. Neither any benefit payable hereunder nor the right
to receive any future benefit payable under the Plan may 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 person eligible for any
benefits becomes bankrupt, the interest under the Plan of the person affected 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 person or make any other disposition of such benefits that it deems appropriate.

 
             Section 4.7     
Applicable Law. All questions pertaining to the construction, validity and effect of
the Plan shall be determined in accordance with the laws of the United States and the laws of the State applicable to the Base Plan covering  the Participant.
  

            Section 4.8     
Supplemental Benefits Trust.  The Company has established a Supplemental
Benefits Trust with Wells Fargo 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 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 2.3 hereof, the Company shall be obligated to immediately contribute such amounts to the Trust as may be necessary to fully fund all benefits payable under
the Plan.  Any Participant of the Plan shall have the right to demand and secure specific performance of this provision.  The Company may fund the Trust in the event of the occurrence of a potential Change in Control as determined by the
Finance Committee of the Board.  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 General Mills, Inc. 
  
 
16

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