Document:

EXHIBIT 10.11

                               GENERAL MILLS, INC.

                             1995 SALARY REPLACEMENT

                                STOCK OPTION PLAN

                         As Amended Through July 1, 2000

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                               GENERAL MILLS, INC.

                    1995 SALARY REPLACEMENT STOCK OPTION PLAN

1.       PURPOSE OF THE PLAN

         The purpose of the General Mills, Inc. 1995 Salary Replacement Stock
         Option Plan (the "Plan") is to give management employees of General
         Mills, Inc. (the "Company") and its subsidiaries the opportunity to
         receive stock option grants in lieu of salary increases and certain
         other compensation and benefits thereby encouraging focus on the growth
         and profitability of the Company and its Common Stock. Restricted stock
         is not permitted to be issued under the terms of this Plan.

2.       EFFECTIVE DATE OF PLAN

         This Plan shall become effective as of September 18, 1995, subject to
         the approval of the stockholders of the Company at the Annual Meeting
         on September 18, 1995.

3.       ADMINISTRATION OF THE PLAN

         The Plan shall be administered by the Compensation Committee (the
         "Committee"). The Committee shall be made up of non-management members
         of the Board of Directors (the "Board") appointed in accordance with
         the Company's Certificate of Incorporation. The Committee shall have
         authority to adopt rules and regulations for carrying out the purpose
         of the Plan, select the employees to whom grants will be made
         ("Optionees"), the number of shares to be optioned and interpret,
         construe and implement the provisions of the Plan; provided that if at
         any time Rule 16b-3 or any successor rule ("Rule 16b-3") under the
         Securities Exchange Act of 1934, as amended (the "1934 Act"), so
         permits without adversely affecting the ability of the Plan to comply
         with the conditions for exemption from Section 16 of the 1934 Act (or
         any successor provisions) provided by Rule 16b-3, the Committee may
         delegate the administration of the Plan in whole or in part, on such
         terms and conditions, and to such person or persons as it may determine
         in its discretion. Decisions of the Committee (or its delegate as
         permitted herein) shall be final, conclusive and binding upon all
         parties, including the Company, stockholders and Optionees.

4.       COMMON STOCK SUBJECT TO THE PLAN

         The shares of "Common Stock" of the Company ($.10 par value) to be
         issued upon the exercise of a non-qualified option to purchase Common
         Stock granted hereunder (an "Option") may be made available from the
         authorized but unissued Common Stock, shares of Common Stock held in
         the treasury, or Common Stock purchased on the open market or
         otherwise.

         Approval of the Plan by the stockholders of the Company shall
         constitute authorization to use such shares for the Plan, subject to
         the discretion of the Board or as such discretion may be delegated to
         the Committee.

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         Subject to the provisions of the next succeeding paragraph, the maximum
         aggregate number of shares authorized under the Plan for which Options
         may be granted under the Plan shall be 14,000,000 shares. If an Option
         granted under the Plan is terminated without having been exercised in
         full, the unpurchased or forfeited shares or rights to receive shares
         shall become available for grant to other employees. The number of
         shares of Common Stock subject to Options granted under this Plan to
         any Optionee shall not exceed 5% of the total number of shares of
         Common Stock which may be issued under this Plan.

         In the event that the 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 is determined by
         the Committee to be appropriate to prevent dilution or enlargement of
         the benefits or potential benefits intended to be made available under
         the Plan, then the Committee may, in its sole discretion and in such
         manner as it may deem equitable, adjust any or all of (i) the number of
         shares of Common Stock subject to the Plan, subject to Section 15, (ii)
         the number of shares of Common Stock subject to outstanding Options,
         and (iii) the grant or exercise price with respect to any Option and,
         if deemed appropriate, make provision for a cash payment to the holder
         of an outstanding Option; provided, that the number of shares of Common
         Stock subject to any Option denominated in Common Stock shall always be
         a whole number.

5.       ELIGIBLE PERSONS

         Only persons who are officers or management employees of the Company or
         a subsidiary shall be eligible to receive grants under the Plan. No
         grant shall be made to any member of the Committee or any other
         non-employee director.

6.       PURCHASE PRICE OF STOCK OPTIONS

         The purchase price for each share of Common Stock issuable under an
         Option shall not be less than 100 percent of the Fair Market Value of
         the Shares of Common Stock of the Company subject to such Option on the
         date of grant. "Fair Market Value" as used in the Plan shall equal the
         mean of the high and low price of the Common Stock on the New York
         Stock Exchange on the applicable date.

7.       OPTION TERM

         The term of each Option grant as determined by the Committee shall not
         exceed ten (10) years and one (1) month from the date of that grant and
         shall expire as of the last day of the designated term, unless
         terminated earlier under the provisions of the Plan.

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8.       OPTION TYPE

         Option grants will be non-qualified stock options governed by Section
         83 of the Internal Revenue Code of 1986, as amended (the "Code") or any
         successor provision.

9.       NON-TRANSFERABILITY OF OPTIONS

         Except as provided by rule adopted by the Committee, no Option granted
         under this Plan shall be transferable by the Optionee otherwise than by
         the Optionee's last will and testament or by the applicable laws of
         descent and distribution and an Option may be exercised during the
         Optionee's lifetime only by the Optionee or his or her guardian or
         legal representative. An Optionee shall forfeit any Option assigned or
         transferred, voluntarily or involuntarily, other than as permitted
         under this Section.

10.      EXERCISE OF OPTIONS

         Except as provided in Sections 12, 13 and 14, each Option shall be
         vested and may be exercised in accordance with such terms and
         conditions as may be determined by the Committee for grants to officers
         or executives and by the Chief Executive Officer of the Company for
         grants to other management participants.

         Subject to the provision of this Section 10, each Option may be
         exercised in whole or, from time to time, in part with respect to the
         number of then exercisable shares in any sequence desired by the
         Optionee without regard to the date of grant of stock options under
         other plans of the Company.

         An Optionee exercising an Option shall give notice to the Company of
         such exercise and of the number of shares elected to be purchased prior
         to 4:30 P.M. CST/CDT on the day of exercise, which must be a business
         day at the executive offices of the Company. At the time of purchase,
         the Optionee shall tender the full purchase price of the shares
         purchased. Until such payment has been made and either a certificate or
         certificates for the shares purchased has been issued in the Optionee's
         name or the ownership of such shares by the Optionee has been entered
         by the Company's transfer agent on the master stockholder records of
         the Company, the Optionee shall possess no stockholder rights with
         respect to any such shares. Payment of such purchase price shall be
         made to the Company, subject to any applicable rule or regulation
         adopted by the Committee:

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

                  (ii)     through the delivery of shares of Common Stock owned
                           by the Optionee; or

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

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

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11.      WITHHOLDING TAXES ON OPTION EXERCISE

         Each Optionee shall deliver to the Company cash in an amount equal to
         all federal, state and local withholding taxes required to be collected
         by the Company in respect of the exercise of an Option, and until such
         payment is made, the Company may, in its discretion, retain all or a
         portion of the shares to be issued.

         Notwithstanding the foregoing, to the extent permitted by law and
         pursuant to such rules as the Committee may adopt, an Optionee may
         authorize the Company to satisfy any such withholding requirement by
         directing the Company to withhold from any shares to be issued such
         number of shares as shall be sufficient to satisfy the withholding
         obligation.

12.      EXERCISE OF OPTIONS IN EVENT OF CERTAIN CHANGES OF CONTROL

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

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

         (b)      Individuals who, as of the date hereof, constitute the Board
                  of Directors (the "Incumbent Board") cease for any reason to
                  constitute at least a majority of the Board; provided,
                  however, that any individual becoming a director subsequent to
                  the date hereof whose election, or nomination for election by
                  the Company's shareholders, was approved by a vote of at least
                  of 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

                                       -4-
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                  election or removal of directors or other actual or threatened
                  solicitation of proxies or consents by or on behalf of a
                  Person other than the Board; or

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

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

         After such one (1) year period the normal option exercise provisions of
         the Plan shall govern. In the event an Optionee is terminated as an
         employee of the Company or a subsidiary within two (2) years of any of
         the events specified in (a), (b), (c) or (d), all outstanding Options
         at that date of termination shall become immediately exercisable for a
         period of six (6) months, subject to the provisions of Section 7.

                                       -5-
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13.      TERMINATION OF EMPLOYMENT OF AN OPTIONEE

         (a)      Resignation or Termination for Cause

                  If the Optionee's employment by the Company is terminated by
                  either

                  (i)      the voluntary resignation of the Optionee, or

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

                  then the Options shall terminate three months after such
                  termination (but in no event beyond the original full term of
                  the Options) and no Options shall become exercisable after
                  such termination.

         (b)      Other Termination

                  If the Optionee's employment by the Company terminates for any
                  reason other than specified in Sections 12, 13(a), (c), (d) or
                  (e) or Section 14, the following rules shall apply:

                  (i)      In the event that, at the time of such termination,
                           the sum of the Optionee's age and service with the
                           Company equals or exceeds 70, the outstanding Options
                           shall continue to become exercisable in accordance
                           with the schedule established at the time of grant.
                           The Options shall remain exercisable for the
                           remaining full term of such Options.

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

         (c)      Death

                  If the termination of employment is due to the Optionee's
                  death, the Options may be exercised as provided in Section 14.

                                       -6-
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         (d)      Retirement

                  If the termination of employment is due to the Optionee's
                  retirement, the Optionee thereafter may exercise an Option
                  within the period remaining under the original term of the
                  Option.

         (e)      Discontinuation of a Complete Line of Business

                  If the termination of employment is due to the cessation,
                  transfer, or spin-off of a complete line of business of the
                  Company, the Committee, in its sole discretion, may determine
                  that all outstanding Options granted to the Optionee prior to
                  such termination shall immediately become exercisable for a
                  period of up to five (5) years after the date of such
                  termination, subject to the provisions of Section 7.

14.      DEATH OF OPTIONEE

         If an Optionee should die while employed by the Company or a
         subsidiary, any Option previously granted to the Optionee under this
         Plan may be exercised by the person designated in such Optionee's last
         will and testament or, in the absence of such designation, by the
         Optionee's estate, to the full extent that such Option could have been
         exercised by such Optionee immediately prior to the Optionee's death,
         subject to the original term of the Option. Further, with respect to
         outstanding Options which, as of the date of death, are not yet
         exercisable, any such Option shall vest and become exercisable in a pro
         rata amount, based on the number of full months of employment completed
         during the full vesting period of the Option from the date of grant to
         the date of death.

15.      AMENDMENTS TO THE PLAN

         The Committee and the Board of Directors may amend, suspend or
         terminate the Plan or any portion thereof at any time, provided that no
         amendment shall be made without stockholder approval if such
         stockholder approval is necessary to comply with any tax or regulatory
         requirement, including for these purposes any approval requirement that
         is a prerequisite for exemptive relief from Section 16(b) of the 1934
         Act. Notwithstanding anything to the contrary contained herein, any
         amendment, suspension or termination made in accordance with this
         Section 15 that would adversely affect an Optionee's rights under an
         Option granted under the Plan may not be made without such Optionee's
         consent.

         The Committee shall have authority to cause the Company to take any
         action related to the Plan which may be required to comply with the
         provisions of the Securities Act of 1933, as amended, the 1934 Act, and
         the rules and regulations prescribed by the Securities and Exchange
         Commission. Any such action shall be at the expense of the Company.

16.      FOREIGN JURISDICTIONS

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

                                       -7-
<PAGE>

17.      DURATION OF THE PLAN

         Grants may be made under the Plan until September 30, 2002.

18.      NOTICE

         All notices and communications to the Company 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
                  If by Telex: 170360 Gen Mills
                  If by Facsimile: (763) 764-4925

19.      SECTION 16 OFFICERS

                  With respect to persons subject to Section 16 of the 1934 Act,
         transactions under the Plan are intended to comply with all applicable
         conditions of Rule 16b-3. To the extent any provision of the Plan or
         action by the Committee fails to so comply, it shall be deemed null and
         void, to the extent permitted by law and deemed advisable by the
         Committee.

                  Effective as of September 18, 1995
                  Amended as of June 22, 1998
                  Amended as of December 13, 1999
                  Amended as of July 1, 2000

                                       -8-EXHIBIT 10.12

                               GENERAL MILLS, INC.

                           DEFERRED COMPENSATION PLAN

                       As Amended Through December 1, 1999

<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 its key management
         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 both cash incentive compensation and delivery and receipt of
         common stock issued under the Company's stock option plans. As to
         deferred cash, Participants shall earn a "rate of return" on the
         deferred amounts which track the investment return achieved under the
         Voluntary Investment Plan of General Mills, Inc. (the "VIP") 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 General Mills, Inc. common stock ("Common Stock")
         resulting from a Participant's stock-for-stock option exercise and
         dividend equivalents on the net 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.

2.       ELIGIBILITY

         An individual is a Participant in the Plan if such individual (i) is a
         Participant in the Executive Incentive Plan, (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.

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, certain portions of this Plan shall be administered
                  by the Compensation Committee.

<PAGE>

         (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 determine the eligibility of employees to
                  participate in the Plan, their rights while Participants in
                  the Plan and the nature and amount of benefits to be received
                  therefrom. The Minor Amendment Committee shall decide any
                  disputes which 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)      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)      The Minor Amendment Committee may, in its sole
                           discretion, conduct a hearing. A request for a
                           hearing will be given full

<PAGE>

                           consideration. At such hearing, the claimant shall be
                           entitled to appear and present evidence and be
                           represented by counsel.

                  (e)      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 a hearing or other special
                           circumstances, such decision shall be made not later
                           than 120 days after receipt of such request.

                  (f)      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. In the event the claimant disagrees
                           with the findings of the Minor Amendment Committee,
                           the matter shall be referred to arbitration in
                           accordance with Section 14 hereof.

                  (g)      The Minor Amendment Committee may allocate its
                           responsibilities among its several members, except
                           that all matters involving the hearing of and
                           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.

4.       DEFERRAL AND PAYMENT OF COMPENSATION

         (i)      Cash 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 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.

         (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 stock option exercise. "Net Shares" means
                  the difference between the number of shares of Common Stock
                  subject to the stock option exercise and the number of

<PAGE>

                  shares of Common Stock delivered to satisfy the stock option
                  exercise price less any shares used to satisfy FICA, Medicare
                  or any other taxes due upon the stock option 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)    Distribution of Deferred Cash 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
                  subsequent to either the date the compensation would otherwise
                  be payable or the exercise date for the related stock option,
                  as the case may be. The deferral election must provide that
                  distribution shall be made or commenced as of 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 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 prior to the date of
                           receipt of any incentive compensation award, 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 termination of a Participant
                           other than by retirement, the Minor Amendment
                           Committee may, with sole and complete discretion, if
                           it determines that such distribution is in the best
                           interest of the Company, require that distribution of
                           all cash and Stock Units (as defined in Section 8(i)
                           below) allocated to a Participant's Deferred Cash
                           Accounts or Deferred Stock Unit Accounts (as defined
                           in Section 8(i) below) be accelerated and distributed
                           as of the first business day of the calendar year
                           next following the date of termination.

                  (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

<PAGE>

                           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 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
                           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 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 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 single
                           Common Stock distribution is received by the Company.
                           Only whole numbers of shares will be issued, with any

<PAGE>

                           fractional share amounts and dividend equivalents not
                           used to "purchase" additional Stock Units 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 Accounts, 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 Stock
                           Unit Account and cash equal to any dividend
                           equivalent amounts which had not been used to
                           "purchase" additional Stock Units as provided below.
                           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.

         (iv)     Rabbi Trust. The Company has established a Supplemental
                  Benefits Trust with 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 cash incentive 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
                  12 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. 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.

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 a deferral becomes
         effective. Each Participant's Deferred Cash Account will be credited
         monthly with a "rate of return" on the total deferred cash amount
         accruing as of the first of the month coincident with or next following
         the date deferred incentive compensation is credited to the
         Participant's Deferred Cash Account. Such "rate of return" shall be
         based upon the actual investment

<PAGE>

         performance of funds in the VIP, or at such other rates as may be made
         available to Participants from time to time pursuant to the provisions
         of the Plan. A Participant may elect to have the "rate of return"
         credited to his or her Deferred Cash Account at any of the following
         rates:

                  (a)      the rate of return as from time to time earned by the
                           Fixed Income Fund of the VIP;

                  (b)      the rate of return as from time to time earned by the
                           Equity Fund of the VIP; or

                  (c)      any other rates of return of other 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 equals 100%. A Participant may change the "rate(s) of return" to
         be credited to his or her Deferred Cash Account, except as to a Unit
         Performance Fund, 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 CASH ACCOUNTS

         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 hypothetical interest in an
         amount equal to 2 1/2% of the Participant's deferred cash incentive
         compensation, or such amount as will otherwise equal the value of the
         "Base Allocation" (as that term is defined in the VIP) which would have
         been allocated to the Participant if the Participant had contributed
         such deferred cash incentive compensation amount to the VIP. In
         addition, as soon as practicable following the end of each fiscal year,
         each Participant's Deferred Cash Account may be credited with
         hypothetical interest in an amount not to exceed 2 1/2% of the
         Participant's deferred cash incentive compensation, or such amount as
         will otherwise equal the value of the "Variable Allocation" (as that
         term is defined in the VIP) which would have been allocated to the
         Participant if the Participant had contributed such deferred cash
         incentive compensation amount to the VIP. Company contributions under
         this Section 6 shall not be made as to deferrals which were included in
         a Participant's earnable compensation under the General Mills
         International Retirement Plan.

7.       SHORT-TERM DEFERRALS

         Notwithstanding the foregoing provisions of the Plan, the Company may
         also permit Participants to elect to defer all or part of cash
         incentive compensation, if any, to a date certain selected by the
         Company within the taxable year it would

<PAGE>

         otherwise be paid, upon written notice to the Company received by
         December 31 of the preceding calendar year. Interest shall be credited
         on such deferred cash amount at a rate selected by the Company and
         communicated to the Participants at the same time the availability of
         any such short-term deferral opportunity is communicated to
         Participants.

8.       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. 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 "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. No fractional Stock Units will
                  be credited. 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 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. No stock options 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 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 8(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

<PAGE>

                  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).

9.       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 Deferred Stock Unit Account(s), 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.

10.      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 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.

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 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.

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

<PAGE>

         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).

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

                  (a)      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: (i) any acquisition directly from
                           the Company, (ii) any acquisition by the Company,
                           (iii) any acquisition by any employee benefit plan
                           (or related trust) sponsored or maintained by the
                           Company or any corporation controlled by the Company
                           or (iv) any acquisition by any corporation pursuant
                           to a transaction that complies with clauses (i), (ii)
                           and (iii) of subsection (c) below; and provided,
                           further, that if any Person's beneficial ownership of
                           the Outstanding 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)      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

<PAGE>

                           this purpose, any such individual whose initial
                           assumption of office occurs as a result of an actual
                           or threatened election contest with respect to the
                           election or removal of directors or other actual or
                           threatened solicitation of proxies or consents by or
                           on behalf of a Person other than the Board; or

                  (c)      The approval by the shareholders of the Company of a
                           reorganization, merger or consolidation or sale or
                           other disposition of all or substantially all of the
                           assets of the Company ("Business Combination") or, if
                           consummation of such Business Combination is subject,
                           at the time of such approval by 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 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, (ii) no Person (excluding any
                           employee benefit plan (or related trust) of the
                           Company or such corporation resulting from such
                           Business Combination) beneficially owns, directly or
                           indirectly, 20% or more of, respectively, the then
                           outstanding shares of common stock of the corporation
                           resulting from such Business Combination or the
                           combined voting power of the then outstanding voting
                           securities of such corporation except to the extent
                           that such ownership existed prior to the Business
                           Combination and (iii) at least a majority of the
                           members of the board of directors of the corporation
                           resulting from such Business Combination were members
                           of the Incumbent Board at the time of the execution
                           of the initial agreement, or of the action of the
                           Board, providing for such Business Combination; or

                  (d)      Approval by the 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
         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 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

<PAGE>

         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.

14.      ARBITRATION

         (i)      Any controversy or claim arising out of or relating to this
                  Plan, or any alleged breach of the terms or conditions
                  contained herein, shall be settled by arbitration in
                  accordance with the Commercial Arbitration Rules of the
                  American Arbitration Association (the "AAA") as such rules may
                  be modified herein.

         (ii)     An award rendered in connection with an arbitration pursuant
                  to this Section shall be final and binding and judgment upon
                  such an award may be entered and enforced in any court of
                  competent jurisdiction.

         (iii)    The forum for arbitration under this Plan shall be
                  Minneapolis, Minnesota and the governing law for such
                  arbitration shall be laws of the State of Minnesota.

         (iv)     Arbitration under this Section shall be conducted by a single
                  arbitrator selected jointly by the Company and the Participant
                  or Beneficiary, as applicable (the "Complainant"). If within
                  thirty (30) days after a demand for arbitration is made, the
                  Company and the Complainant are unable to agree on a single
                  arbitrator, three arbitrators shall be appointed. Each party
                  shall select one arbitrator and those two arbitrators shall
                  then select a third neutral arbitrator within thirty (30) days
                  after their appointment. In connection with the selection of
                  the third arbitrator, consideration shall be given to
                  familiarity with executive compensation plans and experience
                  in dispute resolution between parties, as a judge or
                  otherwise. If the arbitrators selected by the parties cannot
                  agree on the third arbitrator, they shall discuss the
                  qualifications of such third arbitrator with the AAA prior to
                  selection of such arbitrator, which selection shall be in
                  accordance with the Commercial Arbitration Rules of the AAA.

         (v)      If an arbitrator cannot continue to serve, a successor to an
                  arbitrator selected by a party shall be also selected by the
                  same party, and a successor to a neutral arbitrator shall be
                  selected as specified in subsection (d) of this Section. A
                  full rehearing will be held only if the neutral arbitrator is
                  unable to continue to serve or if the remaining arbitrators
                  unanimously agree that such a rehearing is appropriate.

         (vi)     The arbitrator or arbitrators shall be guided, but not bound,
                  by the Federal Rules of Evidence and by the procedural rules,
                  including discovery provisions, of the Federal Rules of Civil
                  Procedure. Any discovery shall be limited to information
                  directly relevant to the controversy or claim in arbitration.

         (vii)    The parties shall each be responsible for their own costs and
                  expenses, except for the fees and expenses of the arbitrators,
                  which shall be shared equally by the Company and the
                  Complainant.

<PAGE>

15.      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 has been 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.

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