Document:

EXECUTION COPY 

SHAREHOLDER AGREEMENT 

        THIS
SHAREHOLDER AGREEMENT (this “Agreement”) is made and entered into as of this
31st day of December, 2004, by and between REGAL-BELOIT Corporation, a
Wisconsin corporation (the “Company”), and General Electric Company, a New York
corporation (the “Shareholder”). 

RECITALS 

        WHEREAS,
the Company and the Shareholder have entered into a Purchase Agreement, dated as of
November 14, 2004 (the “Purchase Agreement”), pursuant to which the Company will
purchase substantially all of the assets of the Shareholder’s HVAC Business,
Capacitor Business and India Washing Machine Business (each as such term is defined in the
Purchase Agreement and referred to collectively herein as the “Business”); and 

        WHEREAS,
in connection with transactions contemplated by, and pursuant to the terms and conditions
of, the Purchase Agreement, the Company will issue to the Shareholder, and the Shareholder
will acquire record and beneficial ownership of 4,559,048 shares (the “Shares”)
of the Company’s common stock, $.01 par value (the “Common Stock”), as the
same shall be appropriately adjusted for stock dividends, stock splits, reverse stock
splits or other similar events; and 

        WHEREAS,
as a condition to closing the transactions contemplated by the Purchase Agreement, the
Company and the Shareholder have agreed to enter into this Agreement with respect to the
Shares and the Common Stock; and 

        WHEREAS,
the parties desire to define certain terms and conditions regarding the Shareholder’s
investment in the Company. 

AGREEMENT 

        NOW,
THEREFORE, in consideration of the foregoing and the respective representations,
warranties, covenants, agreements and conditions hereinafter set forth and intending to be
legally bound hereby, the parties hereto agree as follows: 

	 	1. 	REPRESENTATIONS
AND WARRANTIES OF THE SHAREHOLDER 

        The
Shareholder hereby represents and warrants to the Company as follows: 

		    (a)       The
Shareholder is a corporation duly organized and validly existing under the           laws
of the State of New York.  

		    (b)       The
Shareholder has full legal right, power and authority to enter into and           perform
this Agreement, and the execution and delivery of this Agreement by the
          Shareholder and the consummation by the Shareholder of the transactions
          contemplated hereby have been duly authorized by all necessary corporate action
          on behalf of the Shareholder. This Agreement constitutes a legally valid and
          binding agreement of the Shareholder, enforceable in accordance with its terms.  

		    (c)       Prior
to effecting the transactions contemplated by this Agreement and the           Purchase
Agreement, the Shareholder owned (either beneficially or otherwise) no           shares
of Common Stock. The Shareholder is acquiring the Shares pursuant to the
          Purchase Agreement, as principal, solely for investment for the
          Shareholder’s own account and not in conjunction with any other person,
          directly or indirectly, and not with a view to, or for offer or sale in
          connection with, any distribution of the Shares in violation of the Securities
          Act of 1933, as amended (the “Securities Act”), and not with a view
to           exercising control over the Company, merging or otherwise combining the
Company           with any other person or effecting any change in the corporate
structure of the           Company or (except as contemplated by this Agreement) the
manner in which the           Company conducts its business. For purposes of this
Agreement,           “person” shall mean any natural person, general or limited
          partnership, corporation, limited liability company, limited liability
          partnership, firm, association, or organization or other legal entity.  

		    (d)       The
Shareholder is an “accredited investor” as defined in Rule 501           under
the Securities Act. The Shareholder acknowledges that the Company has made
          available to the Shareholder the opportunity to obtain information respecting
          the business and financial condition of the Company and to evaluate the merits
          and risks of the investment in the Shares, including, without limitation,
          information contained in the Company’s public filings with the United
          States Securities and Exchange Commission (the “SEC”). The
Shareholder           also acknowledges that it has had an opportunity to ask questions
of the           officers of the Company regarding the financial merits and risks of the
          investment in the Shares. The Company has made available to the Shareholder all
          documents that the Shareholder has requested relating to the Shares.  

		    (e)       The
form of Schedule 13G attached hereto as Exhibit A, to be filed by the
          Shareholder pertaining to the Company, does not contain any untrue statement of
          a material fact or omit to state any material fact necessary in order to make
          the statements made, in light of the circumstances under which they were made,
          not misleading.  

		    (f)       All
future amendments to the Schedule 13G filed by the Shareholder pertaining to
          the Company will not contain any untrue statement of a material fact or omit to
          state any material fact necessary in order to make the statements made, in
light           of the circumstances under which they are made, not misleading. The
Shareholder           will not engage in any fraudulent, deceptive or manipulative acts
or practices           in connection with the Common Stock in violation of any applicable
law.  

	 	        The
Company acknowledges and agrees that the foregoing representations and warranties shall
not be deemed to limit the Shareholder’s rights relating to any breach or inaccuracy
of any of the Company’s representations and warranties contained herein or in the
Purchase Agreement. 

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	 	2. 	REPRESENTATIONS
AND WARRANTIES OF THE COMPANY 

        The
Company hereby represents and warrants to the Shareholder as follows: 

		    (a)       The
Company is a corporation duly organized and validly existing under the laws           of
the State of Wisconsin.  

		    (b)       The
Company has full legal right, power and authority to enter into and perform
          this Agreement, and the execution and delivery of this Agreement by the Company
          and the consummation by the Company of the transactions contemplated hereby
have           been duly authorized by the Board of Directors of the Company,
authorization by           no other body or party being required by law. This Agreement
constitutes a           legally valid and binding agreement of the Company, enforceable
in accordance           with its terms.  

		    (c)       As
of the date hereof, the Company’s authorized capital stock consists           of:  50,000,000
shares of Common Stock of which 24,468,590 shares are           issued and outstanding
and 1,567,559 shares are reserved for issuance pursuant           to options and other
rights to acquire Common Stock.  

		    (d)       The
Shares have been duly authorized for issuance and sale to the Shareholder
          pursuant to the Purchase Agreement and, when issued and delivered by the
Company           pursuant to the terms of the Purchase Agreement against payment of the
          consideration set forth therein, shall be validly issued, fully paid and
          nonassessable (except for certain statutory liabilities that may be imposed by
          Section 180.0622(2)(b) of the Wisconsin Business Corporation Law for unpaid
          employee wages).  

	 	3.	SHELF
REGISTRATION STATEMENT; INITIAL MARKETING EFFORT; SALES OF SHARES UNDER           THE
SHELF REGISTRATION STATEMENT; SALES PURSUANT TO RULE 144

		    (a)       As
soon as reasonably practicable following the date hereof, but in no event           later
than the earlier to occur of (i) 40 days after the Closing, if the Company           has
received from the Shareholder the unaudited financial statements for the
          Business for the nine-month periods ended September 30, 2003 and 2004 on or
          before the date that is 15 Business Days following the Closing (as such terms
          are defined in the Purchase Agreement) or (ii) 30 days after the receipt from
          the Shareholder of audited financial statements for the Business for the
          three-year period ended December 31, 2004 (the “2004 Audited Financial
          Statements”), together with the written consent of KPMG LLP to include in
          the Shelf Registration Statement (as defined herein) its report pertaining to
          the financial statements of the Business required to be filed therewith or
          included therein and to all references to KPMG LLP in the Shelf Registration
          Statement, the Company shall file with the SEC under the Securities Act a shelf
          registration statement on Form S-3 (or any successor form thereto) (the
          “Shelf Registration Statement”) registering the Shares for resale to
          the public. The Company may include in the Shelf Registration Statement the
          registration of shares of Common Stock for sale by the Company for its own
          account (“Primary Shares”). The Company shall use commercially
          reasonable best efforts to (i) cause the Shelf Registration Statement to be
          declared effective by the SEC as soon as is reasonably practicable following
the           filing thereof and (ii) keep the Shelf Registration Statement continuously
          effective for the period (the “Effectiveness Period”) ending on the
          earlier of (A) three years following the date the Shelf Registration is
declared           effective and (B) the date on which the Shareholder no longer owns any
Shares;           provided, however that in the event that (x) the Shareholder owns
Shares           following the three year anniversary of the date the Shelf Registration
is           declared effective and (y) the Shareholder is not eligible to sell Shares
          pursuant to Rule 144(k) of the Securities Act, the Effectiveness Period shall
          end on the earlier of (1) four years following the date the Shelf Registration
          is declared effective and (2) the date on which the Shareholder no longer owns
          any Shares. After the three year anniversary of the date the Shelf Registration
          Statement is declared effective, the Shareholder shall be permitted to Transfer
          any Shares pursuant to Rule 144 of the Securities Act, including, if
applicable,           Rule 144(k). The Shareholder shall use commercially reasonable best
efforts to           take all actions required to be taken by the Shareholder to enable
the Company           to file the Shelf Registration Statement within 30 days after the
receipt of the           2004 Audited Financial Statements.  

-3- 

		    (b)       Within
60 days following the effective date of the Shelf Registration Statement,           the
Company will use its commercially reasonable best efforts to complete a firm
          commitment underwritten public offering of shares of Common Stock registered
          under the Shelf Registration Statement, which offering shall include not less
          than 75% of the Shares (the “Initial Marketing Effort”); provided,
however, that if the completion of the Initial Marketing           Effort is
delayed as a result of the failure or refusal of KPMG LLP to deliver a
          commercially reasonable comfort letter to the underwriters, the date by which
          the Company is obligated to complete the Initial Marketing Effort shall be
          extended until such comfort letter is delivered by KPMG LLP. The Company may in
          its sole discretion include in the Initial Marketing Effort the sale of Primary
          Shares by the Company; provided, however, that the number of
          Primary Shares sold in the Initial Marketing Effort shall be subject to
          reduction (including, if necessary, reduction to zero) until a minimum of 75%
of           the Shares are sold. Subject to the requirement that the Initial Marketing
          Effort include 75% of the Shares prior to including any Primary Shares, the
          Company and the Shareholder shall participate in any over-allotment option
          exercised by the underwriter(s) in connection with the Initial Marketing Effort
          pro rata based upon the number of Primary Shares and Shares, respectively, sold
          by each in the Initial Marketing Effort. The Company shall establish the
pricing           for the sale of shares of Common Stock (including the Shares) in the
Initial           Marketing Effort in a commercially reasonable manner. The Shareholder
shall use           commercially reasonable best efforts to take all actions required to
be taken by           the Shareholder to enable the Company to complete the Initial
Marketing Effort           within 60 days following the effective date of the Shelf
Registration Statement.  

		    (c)       If
at any time the Shareholder holds 25% or less of the Shares, then the
          Shareholder shall have the right to sell the remaining Shares under the Shelf
          Registration Statement (pursuant to an appropriate prospectus or supplement or
          amendment) at any time during the Effectiveness Period through sales (including
          through block sales) that do not exceed the volume limitations established
under           Rule 144 of the Securities Act (it being understood that Rule 144 is not
          applicable to such sales); provided, however, that all such sales by the
          Shareholder shall be effected through “brokers’ transactions” (as
          such term is defined in Rule 144) or otherwise by sales to institutional
          investors that would be eligible to file on Schedule 13G if the beneficial
          ownership of shares of Common Stock of such institutional investors exceeded 5%
          of the shares of Common Stock outstanding.  

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	 	4.	DEMAND
REGISTRATION RIGHTS

		    (a)       During
the Effectiveness Period, until such time that the Shareholder holds 25%           or
less of the Shares, the Shareholder may make written demands of the Company           on
the form attached hereto as Exhibit B (a “Demand           Registration
Request”) to file a prospectus supplement or amendment, as may           be required
under the Securities Act, to the Shelf Registration Statement to           cover the sale
of Shares through a firm commitment underwritten public offering           without regard
to volume or other limitations, including as contemplated by           Section 3(c); provided,
however, that the Shareholder’s           rights to sell Shares under this
Section 4(a) shall not arise until the first           anniversary of the date of this
Agreement and the Shareholder shall not effect           more than one such firm
commitment underwritten public offering in any six-month           period; provided,
further that the Shareholder may not make a           Demand Registration Request
for less than that number of Shares equal to 33% of           the aggregate number of
Shares held by the Shareholder immediately following the           completion of the
Initial Marketing Effort, unless at any time the Shareholder           holds less than
such number of Shares, in which case the Shareholder may not           make a Demand
Registration Request for less than all of the Shares then held. If           required by
the underwriters, the Shareholder agrees to execute a customary           lock-up
agreement (for a duration not to exceed 90 days) in connection with an           offering
of Shares pursuant to this Section 4(a).  

		    (b)       Subject
to Section 6(f), upon receipt of a Demand Registration Request, the           Company
will, as promptly as practicable and in a manner consistent with the           proposed
marketing efforts of the underwriters, prepare and file with the SEC a
          prospectus supplement or amendment, as may be required under the Securities
Act,           to the Shelf Registration Statement covering such proposed resale of all
Shares           requested by the Shareholder to be sold pursuant to the Demand
Registration           Request. The Company will provide the reasonable support of its
management in           marketing efforts related to any such offering. Unless the
underwriter(s) advise           the Company in writing that marketing or other factors
require a limitation of           the number of Shares to be underwritten, the Company
may include shares of           Common Stock for its own account (or for the account of
other shareholders) in           such offering to the extent that, in the reasonable
opinion of such           underwriter(s), the inclusion of such additional shares of
Common Stock will not           adversely affect the offering of the Shares proposed to
be sold by the           Shareholder.  

	 	5.	PIGGY-BACK
REGISTRATION RIGHTS

		    (a)       At
any time after the Initial Marketing Effort, if the Company decides to
          undertake any marketing efforts relating to the public offering of Common Stock
          for its own account or for the account of any other holder of its Common Stock,
          then the Company will promptly give the Shareholder written notice thereof and,
          upon the election of the Shareholder to participate therein, not less that 75%
          of the shares of Common Stock being offered in such marketing efforts shall be
          Shares requested by the Shareholder to be included therein; provided, that in
          the event all of the Shares then held by the Shareholder constitute less than
          75% of the shares of Common Stock being offered in such marketing effort, then
          the Shareholder shall be entitled to offer all such Shares then held by the
          Shareholder in such marketing efforts. The Shareholder must give its request
for           inclusion of Shares in a marketing effort under this Section 5(a) to the
Company           in writing within 10 calendar days after receipt from the Company of
notice of           such pending marketing effort. The Company shall establish the
pricing for the           sale of shares of Common Stock (including the Shares) in any
such offering in a           commercially reasonable manner. The parties acknowledge that
the Company may in           its sole discretion terminate any offering under this
Section 5 at any time.  

-5- 

		    (b)       This
Section 5 shall not apply to any issuance, offering or sale of shares of           Common
Stock pursuant to (i) the registration statement of the Company on Form           S-3
(Registration No. 333-116706) declared effective by the SEC on October 1,           2004
(and any post-effective amendments or supplements thereto) and (ii)
          registration statements of the Company on Form S-4 or Form S-8 or their
          equivalents (relating to equity securities to be issued in connection with an
          acquisition of any entity or business, an exchange offer, an offering of equity
          securities issuable in connection with stock option or other employee benefit
or           director plans) or to registration statements that would otherwise not
permit           the registration of resales of previously issued securities.  

	 	6.	REGISTRATION

        In
connection with any offering of Shares pursuant to this Agreement: 

		    (a)        The
Shareholder shall be solely responsible for (i) taxes incurred by it in
          connection with the sale of Shares, together with the expenses of any
attorneys,           accountants or other advisors or professionals which it engages in
connection           with its sale of Shares; (ii) all brokerage and underwriter
commissions and           discounts, if any, associated with the Shares being sold by it;
and (iii) the           costs of the 2004 Audited Financial Statements. For any offerings
of Shares           pursuant to Sections 3(b), 4 or 5, the Company shall pay all other
costs and           expenses incurred in connection with any offering pursuant to this
Agreement           (including, without limitation, all legal and accounting fees and
expenses           (including the expenses of any special audits or “comfort” letters
          required by or incident to the completion of such offering, printing costs,
fees           of the NASD, stock exchange listing fees, fees and expenses of compliance
with           securities or blue sky laws, SEC registration fees, underwriting expenses
(other           than brokerage commissions and discounts), “road show” and
other           marketing expenses, and filing fees incurred by the Company).  

		    (b)        The
Shareholder shall furnish such information, and render such cooperation, to           the
Company and any underwriter as the Company or such underwriter may           reasonably
request for inclusion in or in connection with, as the case may be,           the Shelf
Registration Statement (and any supplement or amendment thereto) or           any other
registration statement (the “Applicable Registration           Statement”)
pursuant to which Shares are to be offered for sale.  

-6- 

		    (c)       The
Company shall furnish to the Shareholder, without charge, such number of
          conformed copies of the Applicable Registration Statement and each amendment or
          supplement thereto (including in each case all exhibits), and of a summary
          prospectus or other prospectus, including a preliminary prospectus, in
          conformity with the requirements of the Securities Act or applicable
          regulations, and such other documents, as the Shareholder may reasonably
          request. The Shareholder covenants and agrees that it will comply with the
          prospectus delivery requirements of the Securities Act as applicable to the
          Shareholder in connection with any sales of Shares pursuant to this Agreement.  

		    (d)       For
any proposed sale of Shares pursuant to a firm commitment underwritten           public
offering, the Company shall select the investment banker or investment           bankers
and manager or managers that will underwrite the offering of Shares           pursuant
thereto and the Shareholder and the Company shall enter into an           underwriting
agreement in customary form with such terms and conditions,           including the
number of Shares to be offered, and a post-offering lockup period           not to exceed
ninety (90) days, as are consistent with market conditions and           demand for
shares of the Common Stock and are otherwise agreed upon among the           Company and
the Shareholder (acting reasonably and in good faith) and such           underwriter(s).  

		    (e)       The
Company shall use commercially reasonable best efforts to register or           qualify
any Shares to be sold pursuant to this Agreement under such state           securities or
blue sky laws as the Shareholder shall reasonably request; provided, however,
that, with respect to the foregoing, the           Company shall not for any such purpose
be required to qualify generally to do           business as a foreign corporation in any
jurisdiction where, but for the           requirements of this Agreement, it would not be
obligated to be so qualified, to           subject itself to taxation in any such
jurisdiction, or to consent to general           service of process in any such
jurisdiction.  

		    (f)       The
Company will be entitled at any time, upon prior written notice to the
          Shareholder (a “Suspension Notice”) and for a period not to exceed
          sixty (60) days thereafter (the “Suspension Period”), to suspend the
          use or effectiveness of any registration statement (and the Shareholder hereby
          agrees not to offer or sell any Shares pursuant to such registration statement
          during the Suspension Period) if the Company in its reasonable judgment
          determines that the offering would interfere, in any material respect, with or
          require premature public disclosure of any financing, acquisition, corporate
          reorganization or other significant transaction involving the Company or its
          subsidiaries. Upon providing an additional Suspension Notice, the Company may
          extend a Suspension Period for an additional consecutive sixty (60) days. No
          more than two (2) Suspension Periods shall occur in any twelve (12) month
          period. In the event that the Company shall exercise its rights hereunder, the
          Effectiveness Period and the applicable time period during which any Applicable
          Registration Statement is to remain effective shall be extended by a period of
          time equal to the duration of each such Suspension Period.  

-7- 

		    (g)       The
Company shall use its commercially reasonable best efforts to cause all           Shares
to be sold in any offering to be listed on each securities exchange or
          quotation system on which similar securities issued by the Company are listed
or           traded.  

		    (h)       The
Company shall promptly give written notice to the Shareholder:  

	 	(i) 	when
the Applicable Registration Statement or any amendment thereto has been           filed
with the SEC and when such Applicable Registration Statement or any
          post-effective amendment thereto has become effective;  

	 	(ii) 	of
any request by the SEC for amendments or supplements to such Applicable
          Registration Statement or the prospectus included therein or for additional
          information;  

	 	(iii) 	of
any stop order issued or threatened to be issued by the SEC suspending the
          effectiveness of such Applicable Registration Statement or the initiation of
any           proceedings for that purpose;  

	 	(iv) 	of
the receipt by the Company or its legal counsel of any notification with
          respect to the suspension of the qualification of the Shares for sale in any
          jurisdiction or the initiation or threatening of any proceeding for such
          purpose; and  

	 	(v) 	of
the happening of any event that requires the Company to make changes in such
          Applicable Registration Statement, or the prospectus in order to make the
          statements therein not misleading (which notice shall be accompanied by an
          instruction to suspend the use of the prospectus until the requisite changes
          have been made).  

		    (i)       The
Company shall use its commercially reasonable best efforts to prevent the
          issuance or obtain the withdrawal of any order suspending the effectiveness of
          the Applicable Registration Statement at the earliest possible time;  

		    (j)       Upon
the occurrence of any event contemplated by Section 6(h)(v) above, the           Company
shall promptly prepare a post-effective amendment to the Applicable
          Registration Statement or a supplement to the related prospectus or file any
          other required document so that, as thereafter delivered to Shareholder, the
          prospectus will not contain an untrue statement of a material fact or omit to
          state any material fact necessary to make the statements therein, in light of
          the circumstances under which they were made, not misleading.  

		    (k)       Subject
to the execution of a customary and appropriate confidentiality           agreement, the
Company shall make reasonably available for inspection by any           representative of
the Shareholder, any underwriter participating in any offering           and any
attorney, accountant or other agent retained by such representative or           any such
underwriter all relevant financial and other records, pertinent           corporate
documents and properties of the Company and cause the Company’s           officers,
managers and employees to supply all relevant information reasonably           requested
by such representative or any such underwriter, attorney, accountant           or agent
in connection with the registration, in each case all as necessary to           enable
them to exercise their due diligence responsibilities and defenses under           the
Securities Act.  

-8- 

		    (l)       The
Company shall use commercially reasonable best efforts to procure the
          cooperation of the Company’s transfer agent in settling any offering or
          sale of Shares, including with respect to the transfer of physical stock or
unit           certificates into book-entry form in accordance with any procedures
reasonably           requested by the Shareholder or the underwriters.  

		    (m)       The
Company shall take such other actions as are reasonably required in order to
          expedite or facilitate the disposition of the Shares included in each such
          offering.  

        If
at any time, or from time to time, the Company is not eligible to file or register its
shares of Common Stock (including the Shares) on a shelf registration statement on Form
S-3 (or any successor form), the Company will use its commercially reasonable best efforts
to promptly comply with its obligations pursuant to Sections 2 through 6 of this Agreement
by registering with the SEC and otherwise facilitating the disposition of the Shares
pursuant to any other applicable forms of registration statements as are then available to
the Company. If the Company has not re-registered or otherwise facilitated disposition by
the Shareholder of the Shares within 90 days from the date it of the Company’s
ineligibility, then until such re-registration is effective, the Shareholder shall be free
to transfer the Shares under Rule 144 of the Securities Act; provided, that if the
Shareholder is not eligible to sell Shares pursuant to Rule 144(k) of the Securities Act,
the Shareholder shall be free to transfer in any other manner consistent with applicable
law. 

	 	7.	VALUE
SHARING

		    (a)       In
the event the Aggregate Net Proceeds received by the Shareholder from the           sale
of all of the Shares are (i) less than $109,000,000, the Company shall pay           the
Shareholder the difference between Aggregate Net Proceeds and $109,000,000
          (without interest), up to a maximum amount of $20,000,000, or (ii) greater than
          $119,000,000, the Shareholder shall pay to the Company (x) 100% of Aggregate
Net           Proceeds in excess of $119,000,000 until the Company has received aggregate
          payments of $6,700,000 (and Aggregate Net Proceeds total $125,700,000) and (y)
          50% of Aggregate Net Proceeds in excess of $125,700,000 (in each case without
          interest); provided that the Company shall not be entitled to receive
any           payments under clause (ii)(y) of this Section 7(a) if the Shareholder has
not           been able to sell at least 75% of the Shares issued to the Shareholder
pursuant           to the Purchase Agreement within 150 days following the Shareholder’s
          delivery of the 2004 Audited Financial Statements to the Company.
          “Aggregate Net  Proceeds” shall mean the actual aggregate
          proceeds received by the Shareholder in consideration or exchange for the
          Shares, less any commercially reasonable sales or brokerage commissions and
          discounts associated with the Shares sold, and excluding any interest earned on
          such proceeds; provided, however, that in connection with any Shares sold
          pursuant to an offering in which the Company selects the investment bankers
          and/or managers that will underwrite or market the offering, “Aggregate
          Net Proceeds” shall mean the actual aggregate proceeds received by the
          Shareholder in consideration or exchange for the Shares, less any sales or
          brokerage commissions and discounts associated with the Shares sold, and
          excluding any interest earned on such proceeds  

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		    (b)       The
parties shall make periodic payments of any amounts due in respect of           Section
7(a), with: (i) the first such payment to be made on the earlier of 15           days
following (x) the sale by the Shareholder of any Shares pursuant to the           Initial
Marketing Effort or (y) the sale by the Shareholder of an aggregate of
          1,150,000 Shares, in either case with the Shares Sold (as defined below) to be
          based upon the actual number of Shares sold; (ii) subsequent payments to be
made           on a semi-annual basis, beginning on the date that is 180 calendar days
          following the date of the payment under (i) of this paragraph, with the Shares
          Sold being based upon the number of Shares sold (during any such period) as of
          the date that is 15 days prior to the payment date; and (iii) the final payment
          to be made 15 days following the earlier to occur of (A) the sale by the
          Shareholder of the last Share, with the Shares Sold being all of the Shares
sold           in such final sale; (B) the sale by the Shareholder of any Shares if after
such           sale the Shareholder first holds less than 46,000 shares of the Company’s
          Common Stock or (C) the fifth anniversary of the date of this Agreement, with
          the Shares Sold pursuant to (iii)(B) and (C) being (x) all of the Shares held
by           the Shareholder on such date and the per share sale price deemed received by
the           Shareholder in such sale shall be equal to the average closing sale price
of one           share of Common Stock on the American Stock Exchange (or such other
primary           national stock exchange of market on which shares of Common Stock are
then           traded) during the immediately preceding 20 trading days ending on the
such date           (or if such date is not a trading day then the last trading day
immediately           preceding such date), and (y) in the case of the Shares Sold
pursuant to           (iii)(B), all of the Shares sold in such final sale. Each of the
periods           referred to in clauses (i), (ii) and (iii) is hereinafter referred to
as a           “Measurement Period”.  

		    (c)       Not
less than 10 days prior to the date of each potential payment to be made
          pursuant to Section 7(b), the Shareholder shall deliver to the Company a
          statement setting out the number of shares sold (or deemed sold pursuant to
          Section 7(b)(iii)(B) or (C) above) during the relevant Measurement Period (“Shares
Sold”) and the Aggregate Net Proceeds from such Shares           Sold (“Proportional
Proceeds”). The failure to provide the           notice referenced in the
preceding sentence shall not affect either of the           Shareholder’s or the
Company’s right or obligations under this Section           7. Each statement will
also contain a calculation of the value obtained by multiplying (x) the quotient
resulting from dividing Shares Sold by           4,559,048 (the total number of Shares
held by the Shareholder on the date of           this Agreement) by (y)
$109,000,000 (the “Proportional           Target”). In the event the
Proportional Proceeds received for the           relevant Measurement Period are (i) less
than the Proportional Target, the           Company will be obligated to pay the
Shareholder an aggregate of such           difference, subject to a maximum amount of
$20,000,000, or (ii) greater than the           Proportional Target (and, in connection
with all Shares Sold during such           Measurement Period together with all Shares
Sold in any prior Measurement           Period, the Shareholder has received Aggregate
Net Proceeds that exceeded the           sum of the Proportional Targets for all such
Measurement Periods by           $10,000,000), the Shareholder will be obligated to pay
the Company an aggregate           of (A) 100% of the amount of such difference up to an
aggregate of $6,700,000           and (B) 50% of such difference in excess of $6,700,000.
The actual payment to be           made by the Company or the Shareholder on any such
payment date will be the           amount determined pursuant to clause (i) or clause
(ii), as applicable, of this           paragraph, after taking into consideration any
prior payments made by either           party pursuant to this paragraph. The parties
further acknowledge and agree that           the aggregate amount of the payments made
pursuant to this paragraph shall be           consistent with the principles set forth in
Section 7(a). In the event that upon           the sale of all of the Shares by the
Shareholder, the aggregate amount of the           payments made between the Shareholder
and the Company in accordance with this           paragraph is inconsistent with the
principles set forth in Section 7(a), the           Company or the Shareholder, as
applicable, will remit to the other party any           amounts necessary to make
appropriate adjustments to the aggregate amount of           such payments. The examples
set forth in Section 7(f) below are intended to           illustrate the intended
operation of this Section 7.  

-10- 

		    (d)       The
Shareholder and the Company agree that this Article 7 shall only be           operative
in connection with any sales or other Transfers of Shares that are           made (i) to
third party purchasers that are not controlled affiliates of the           Shareholder
and that are negotiated on an arms length basis or (ii) pursuant to           public
offerings. The Shareholder agrees to provide promptly to the Company           reasonable
evidence confirming any sale of Shares as is necessary for the           calculation of
Aggregate Net Proceeds received by the Shareholder in such sale           of Shares,
including the sale date, number of Shares sold, sale price and the           sales or
brokerage commissions and discounts associated with the Shares sold and           any
other information reasonably requested by the Company relating to such sale           of
Shares.  

		    (e)       In
the event that the Company shall at any time issue a stock dividend on its
          outstanding shares of Common Stock or effect a recapitalization, stock split,
          reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
          combination, repurchase, or exchange of shares or other securities of the
          Company that affects the outstanding shares of Common Stock, the numbers
          4,559,048, 1,150,000 and 46,000 used for purposes of this Section 7 be adjusted
          accordingly.  

		    (f)       For
illustrative purposes only:  

	 	(i) 	In
the event the Aggregate Net Proceeds received by the Shareholder from the           sale
(in one or more installments) of all of the Shares is $100,000,000, the           Company
shall have made payments (in one or more installments) to the           Shareholder that,
in the aggregate, total $9,000,000 (taking into account any           amounts paid by the
Shareholder to the Company pursuant to Section 7(c) in           connection with any sale
installment).  

	 	(ii) 	In
the event the Aggregate Net Proceeds received by the Shareholder from the           sale
(in one or more installments) of all of the Shares is $130,000,000, the
          Shareholder shall have made payments (in one or more installments) to the
          Company that, in the aggregate, total $8,850,000 (taking into account any
          amounts paid by the Company to the Shareholder pursuant to Section 7(c) in
          connection with any sale installment).  

-11- 

	 	8. 	LIMITATION
ON TRANSFER 

		    (a)       Except
for Transfers of Shares (i) pursuant to the provisions of Sections 3           through 6,
(ii) pursuant to mergers, business combinations, tender offers or           other similar
transactions involving the Company or (iii) to Permitted           Transferees (as
defined), the Shareholder shall not be permitted to effect a           Transfer (as
defined herein) of any of the Shares.  

		    (b)       For
purposes of this Agreement, (i) the term “Transfer” shall mean the
          sale, exchange, pledge, hedge, transfer, assignment or other disposal (whether
          voluntary or involuntary) of any Shares held by the Shareholder or any other
          agreement, transaction, scheme or device with the purpose or intent to obtain
          the economic effect of a Transfer or to otherwise circumvent the restrictions
on           Transfer provided in this Section 8 and (ii) “Permitted Transferees”          shall
mean, with respect to any person, any subsidiary of such person; provided,
          however that each Permitted Transferee shall have executed and delivered to the
          Company, as a condition to any Transfer of Shares to it, an executed consent to
          be bound by the provisions of, and to become a party to, this Agreement.  

	 	9.	STANDSTILL

        During
the Standstill Period (as defined), neither the Shareholder nor any of its Representatives
(as defined herein) (acting on behalf of the Shareholder) will, directly or indirectly,
without the prior written consent of the Company or its Board of Directors: 

		    (a)       acquire,
offer to acquire, or agree to acquire, directly or indirectly, by           purchase or
otherwise, ownership (including without limitation “beneficial           ownership” as
defined in Rule 13d-3 under the Securities Exchange Act of           1934, as amended
(the “Exchange Act”)) of any additional (i.e.,           in addition to
the Shares) Voting Securities (as defined herein) or direct or           indirect rights
to acquire any additional Voting Securities of the Company or           any subsidiary
thereof, or any assets of the Company or any subsidiary or           division thereof; provided,
however, that the foregoing shall not           prohibit the Shareholder from
acquiring additional Voting Securities of the           Company as a result of a pro rata
dividend paid by the Company with respect to           the Shares;  

		    (b)       make,
or in any way participate in, directly or indirectly, any           “solicitation” of
“proxies” to vote (as such terms are used           in the rules of the SEC),
or otherwise seek to advise or influence any person or           entity with respect to
the voting of any Voting Securities of the Company;  

-12- 

		    (c)       (i)
take any action to solicit, initiate or encourage any inquiries or the           making
or implementation of any proposal or offer with respect to a merger,
          acquisition, consolidation or similar transaction involving, or any purchase of
          all or any significant portion of the assets or any equity securities of, the
          Company or any subsidiary thereof (a “Company Acquisition Proposal”),
          other than the transactions contemplated by this Agreement and the Purchase
          Agreement, (ii) agree to endorse any Company Acquisition Proposal (which shall
          not be deemed to prohibit or restrict the Shareholder’s right or ability
to           vote in favor of a Company Acquisition Proposal or to sell any of the Shares
          pursuant to any Company Acquisition Proposal (pursuant to a tender offer or
          otherwise); provided that, such Company Acquisition Proposal has been approved
          by the Company’s Board of Directors (“Board Acquisition
          Approval”); provided, further, that no Board Acquisition Approval shall be
          required in connection with the Shareholder’s right or ability to vote in
          favor of a Company Acquisition Proposal or to sell any of the Shares pursuant
to           any Company Acquisition Proposal occurring after the three year anniversary
of           the date of this Agreement provided that prior to such time the Shareholder
has           made a good faith effort to sell the Shares pursuant to the Shareholder’s
          rights set forth in Sections 3(b), 4 and 5 of this Agreement), or (iii) engage
          in negotiations with, or disclose any nonpublic information relating to the
          Company or any subsidiary thereof or afford access to the properties, books or
          records of the Company or any subsidiary thereof to, any person that the
          Shareholder believes may be considering making, or has made, a Company
          Acquisition Proposal;  

		    (d)       form,
join or in any way participate in a “group” as defined in           Section
13(d)(3) of the Exchange Act, in connection with any of the foregoing;  

		    (e)       otherwise
act, alone or in concert with others, to seek to control or influence           the
management, Board of Directors or policies of the Company;  

		    (f)       disclose
any intention, plan or arrangement inconsistent with the foregoing;  

		    (g)       advise,
assist or encourage any other persons in connection with any of the           foregoing;
or  

		    (h)       file
any application with any regulatory authority seeking approval or authority           in
connection with any action described above; or  

		    (i)       request
the Company, its Board of Directors or any of their Representatives,           directly
or indirectly, to amend or waive any provision of this Section 9.  

-13- 

        Notwithstanding
anything in this Section 9 to the contrary, this Section 9 shall not prohibit or restrict
any of the following: (v) the exercise by the Shareholder of its voting rights with
respect to the Shares and any other shares of capital stock of the Company or any
successor that the Shareholder may hold (pursuant to the issuance of a stock dividend,
recapitalization or otherwise), provided, however, that the Shareholder shall not exercise
such voting rights in a manner inconsistent with the recommendations of the Company’s
Board of Directors in connection with any Company Acquisition Proposal or any proposal for
which a person other than the Company or its Board of Directors solicits proxies or
contests the solicitation of proxies by the Company or its Board of Directors; provided
further that no limitation on the exercise by the Shareholder of its voting rights shall
exist in connection with the Shareholder’s voting rights in respect of any matter
occurring after the three year anniversary of the date of this Agreement provided that
prior to such time the Shareholder has made a good faith effort to sell the Shares
pursuant to the Shareholder’s rights set forth in Sections 3(b), 4 and 5 of this
Agreement); (w) the right of the Shareholder to dispose of the Shares pursuant to and in
accordance with the terms of this Agreement (including the disposition of the Shares
pursuant to any merger, business combination, tender offer or other similar transaction
involving the Company, provided that such transaction has been approved by the
Company’s Board of Directors); (x) the activities in the ordinary course of business
of the financial services business of any affiliate of the Shareholder, including, without
limitation, ordinary brokerage, discretionary money management, financial advisory,
arbitrage, sales, trading and passive market making activities; (y) the activities in the
ordinary course of business of any employee benefit plan maintained by or for the benefit
of the Shareholder, its affiliates or its or their employees or in which the Shareholder
or its affiliates participates; or (z) the Shareholder’s or any of its
affiliate’s ability to make any disclosure pursuant to Section 13(d) of the Exchange
Act or pursuant to any other law, rule or regulation binding upon the Shareholder or any
of its affiliates (including the rules of any securities exchange or quotation system on
which securities issued by the Shareholder or any of its affiliates are listed or traded). 

        As
used in this Section 9, the capitalized terms set forth below shall have the meanings
ascribed to them: 

        “Change
of Control of the Company” shall mean any of the following: (i) a merger,
consolidation or other business combination or transaction to which the Company is a party
if the shareholders of the Company immediately prior to the effective date of such merger,
consolidation or other business combination or transaction, as a result of such merger,
consolidation or other business combination or transaction do not have beneficial
ownership of Voting Securities representing more than 50% of the Total Current Voting
Power of the surviving corporation (or its parent corporation) following such merger,
consolidation or other business combination or transaction; (ii) an acquisition by any
person (other than the Shareholder and its controlled affiliates or any “group”
as defined in Section 13(d)(3) of the Exchange Act to which any of them is a member) of
the beneficial ownership of Voting Securities of the Company representing 30% or more of
the Total Current Voting Power of the Company; (iii) a sale of assets of the Company to
any person or persons (other than the Shareholder and its controlled affiliates or any
“group” as defined in Section 13(d)(3) of the Exchange Act to which any of them
is a member) for a total price in excess of 30% of the market value of the outstanding
shares of Common Stock (calculated using the sale price of the Common Stock on the last
full trading day immediately prior to date such sale transaction is entered into); or (iv)
a liquidation or dissolution of the Company. 

        “Representative”
means, as it relates to any person, such person’s controlled affiliates and its and
their directors, officers, employees, agents, advisors (including, without limitation,
financial advisors, counsel and accountants), controlling persons, lenders and investors. 

        “Standstill
Period” shall mean the period beginning on the date of this Agreement and ending on
the occurrence of a Standstill Termination Event. 

        “Standstill
Termination Event” shall mean the earlier to occur of the following: (i) the two year
anniversary following the date on which the Shareholder first owns Shares constituting
less than 5% of the then outstanding shares of Common Stock or (ii) the date upon which
any Change of Control of the Company occurs. 

-14- 

        “Total
Current Voting Power” shall mean, with respect to any person, the total number of
votes which may be cast in the election of members of the Board of Directors (or similar
governing body) of such person if all securities entitled to vote in the election of such
directors are present and voted. 

        “Voting
Securities” means, as it relates to any person, any securities of the person entitled
to vote generally for the election of directors or securities convertible into such
securities. 

	 	10. 	LEGENDS
AND STOP TRANSFER ORDERS 

        The
Shareholder understands that stop transfer instructions will be given to the
Company’s transfer agent with respect to the Shares and that there will be placed on
all certificates issued to the Shareholder representing the Shares, or any substitutions
or replacements therefore, a legend stating substantially as follows: 

	 	        “THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED, UNLESS AND UNTIL REGISTERED UNDER THE SECURITIES ACT OR
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.” 

	 	        “The
securities represented by this certificate are subject to the provisions of a Shareholder
Agreement, dated as of December 31, 2004, between REGAL-BELOIT Corporation and General
Electric Company, and may not be sold, transferred, assigned or otherwise disposed of
except in accordance therewith. A copy of said Shareholder Agreement is on file at the
office of the Secretary of REGAL-BELOIT Corporation.” 

        The
legends set forth above shall be promptly removed if and when (i) the Shares (or any
portion thereof) represented by such certificate are disposed of pursuant to an effective
registration statement under the Securities Act or (ii) the Shareholder delivers to the
Company an opinion of counsel reasonably satisfactory to the Company that such legends are
no longer necessary. 

-15- 

	 	11.	INDEMNIFICATION
AND CONTRIBUTION IN CONNECTION WITH REGISTRATION STATEMENTS

        In connection
with the Shelf Registration Statement and any amendments or supplements thereto that may
be filed pursuant to this Agreement and any other registration statement in which the
Shareholder elects to participate, the Shareholder shall indemnify and hold harmless the
Company or any underwriter, as the case may be, and any of their respective officers,
directors, controlling persons, agents, shareholders and trustees from any and all loss,
liability, claims, damages and expenses (including reasonable attorneys fees and
disbursements) incurred by them insofar as such losses, liabilities, claims, damages and
expenses arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in any such registration statement or prospectus covering the
Shares or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein
(in the case of a prospectus, in light of the circumstances under which they were made)
not misleading; provided, however, that the Shareholder shall only be liable
in any such case to the extent that any such loss arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission made therein
in reliance upon and in conformity with information relating to the Shareholder as
furnished to the Company by or on behalf of the Shareholder expressly for use in the
registration statement or prospectus covering the Shares; provided further
that the liability of the Shareholder hereunder shall be limited to the proportion of any
such loss, liability, claim, damage or expense which is equal to the proportion that the
net proceeds from the sales of the Shares sold by the Shareholder under such registration
statement or prospectus bears to the total net proceeds from the sale of all securities
sold thereunder, but not in any event to exceed the net proceeds received by the
Shareholder from the sale of its Shares covered by such registration statement. Except to
the extent set forth in the foregoing sentence, the Company shall indemnify and hold
harmless the Shareholder or any underwriter, as the case may be, and any of their
respective officers, directors, controlling persons, agents, stockholders and trustees
participating in the Shelf Registration Statement or any other registration statement in
which the Shareholder elects to participate from any and all loss, liability, claims,
damages and expenses (including reasonable attorneys fees and disbursements) incurred by
them insofar as such losses, liabilities, claims, damages and expenses arise out of or are
based upon (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement or prospectus related thereto or arise out of or
are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements made therein (in the case of a
prospectus, in light of the circumstances in which they were made) not misleading or (ii)
any violation or alleged violation by the Company of the Securities Act, the Exchange Act,
any applicable state securities laws or any rule or regulation promulgated under any of
the Securities Act, the Exchange Act or any applicable state securities laws. 

        If
the indemnification provided for in this Section 11 from the indemnifying party is
unavailable to an indemnified party hereunder in respect of any losses, liabilities,
claims, damages and expense referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of the
indemnifying party and indemnified parties in connection with the actions which resulted
in such losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and indemnified
parties shall be determined by reference to, among other things, whether any matter giving
rise to rights of indemnification under this Section 11 (a “Violation”) has been
committed by, or relates to information supplied by, such indemnifying party or
indemnified parties, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such Violation. The amount paid or
payable by a party as a result of the losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or proceeding. If
the allocation provided in this paragraph is not permitted by applicable law, the parties
shall contribute based upon the relevant benefits received by the Company from the
offering of its securities on the one hand and the net proceeds received by the
Shareholder from the sale of Shares on the other. 

-16- 

        The
parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 11 were determined solely by pro rata allocation or any other method
of allocation that does not take account of the equitable considerations referred to in
the immediately preceding paragraph. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. 

	 	12. 	TERM 

        This
Agreement shall remain in effect for so long as the Shareholder shall retain any interest
in all or any portion of the Shares; provided that (a) the provisions of Section 9 shall
survive termination of this Agreement for the period of time specified therein and (b) the
provisions of Section 11 shall survive termination of this Agreement for a period of time
equal to the expiration of all relevant statutes of limitation. 

	 	13. 	MISCELLANEOUS 

        13.1
Assignment; Parties in Interest.  

		    (a)       Assignment.
Except as set forth in Section 8 (in connection with any           Transfers of the
Shares to Permitted Transferees), the rights and obligations of           the parties
hereunder may not be assigned, transferred or encumbered without the           prior
written consent of the other party.  

		    (b)       Parties
in Interest. This Agreement shall be binding upon, inure to the           benefit of,
and be enforceable by the respective successors and permitted           assigns of the
parties hereto. Nothing contained herein shall be deemed to           confer upon any
other person any right or remedy under or by reason of this           Agreement.  

        13.2
Governing Law.  

        This
Agreement shall be governed and construed in accordance with the internal laws of the
State of Wisconsin, excluding any choice of law rules that may direct the application of
the laws of another jurisdiction. 

        13.3
Amendment and Modification.  

        This
Agreement may only be amended or modified in a writing signed by the parties hereto. 

-17- 

        13.4
Entire Agreement.  

        This Agreement
and the Purchase Agreement embody the entire agreement between the parties hereto with
respect to the subject matter hereof, and there have been and are no agreements,
representations or warranties between the parties other than those set forth or provided
for herein. 

        13.5
Counterparts.  

        This
Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

        13.6
Headings.  

        The
headings in this Agreement are inserted for convenience only and shall not constitute a
part hereof. 

        13.7
Severability.  

        In
the event any court of competent jurisdiction shall deem any provision of this Agreement
to be invalid or unenforceable, then the remaining provisions of this Agreement shall
remain in full force and effect notwithstanding the invalidity or unenforceability of the
offending provision. 

        13.8
Specific Performance.  

        The
Shareholder and the Company agree that any violation or breach of the provisions contained
in this Agreement will result in irreparable injury to the non-breaching party for which a
remedy at law would be inadequate and that, in addition to any relief at law that may be
available to the non-breaching party for such violation or breach and regardless of any
other provision contained in this Agreement, the non-breaching party shall be entitled to
such injunctive and other equitable relief as a court may grant. 

        13.9
Notices.  

        All
notices, requests, demands and other communications hereunder shall be given in writing
and shall be: (a) personally delivered; (b) sent by facsimile transmission or other
electronic means of transmitting written documents; or (c) sent to the parties at
their respective addresses indicated herein by registered or certified U.S. mail, return
receipt requested and postage prepaid, or by private overnight mail courier service. 

	 	
If
to the Company, to: 

	 	
REGAL-BELOIT
Corporation
200 State Street
Beloit, Wisconsin 53511
Attention: President
Facsimile: (608)
364-8818 

-18- 

	 	
with
a copy to:  

	 	
Foley
& Lardner LLP
U.S. Bank Center
777 East Wisconsin Avenue 
Milwaukee, Wisconsin
53202-5306 
Attention: Benjamin F. Garmer, III 
Facsimile: (414) 297-4900  

	 	
If
to the Shareholder, to: 

	 	
General
Electric Company 
c/o GE Equity 
120 Long Ridge Road 
Stamford, CT 06927-0001 
Attention:
General Counsel 
Facsimile: (203) 357-6527 

	 	
with
a copy to:  

	 	
Sidley
Austin Brown & Wood LLP
Bank One Plaza
10 South Dearborn Street
Chicago, IL 60603

Attention: Brian J. Fahrney and Chris Abbinante
Facsimile: (312) 853-7036 

        If
personally delivered, such communication shall be deemed delivered upon actual receipt; if
electronically transmitted, such communication shall be deemed delivered the next business
day after transmission; if sent by overnight courier, such communication shall be deemed
delivered upon receipt; and if sent by U.S. mail, such communication shall be deemed
delivered as of the date of delivery indicated on the receipt issued by the relevant
postal service, or, if the addressee fails or refuses to accept delivery, as of the date
of such failure or refusal. Either party to this Agreement may change its address for the
purposes of this Agreement by giving written notice thereof to the other party. 

        13.10
   Dispute  Resolution.  Section  11.11  of the  Purchase  Agreement  is  incorporated
 herein  and  shall be applicable to any Dispute (as defined in the Purchase Agreement)
arising under this Agreement. 

        13.11
Adjustments For Stock Dividends, Stock Splits, Recapitalizations, Combinations, Etc.
If the Company shall at any time issue a stock dividend on its outstanding shares of
Common Stock or effect a recapitalization, stock split, reverse stock split,
reorganization, consolidation, split-up, combination, repurchase or exchange of shares of
its Common Stock or other securities of the Company that affects the outstanding number
of shares of Common Stock, all provisions set forth in this Agreement that are affected
by a specified number of shares of Common Stock shall be appropriately adjusted.  

-19- 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date and year
first above written. 

		REGAL-BELOIT CORPORATION
	

 	By:  /s/ James L. Packard
		        Name: James L. Packard
		        Title: Chairman and Chief Executive Officer
	

 	GENERAL ELECTRIC COMPANY
	

 	By:  /s/ Mark Gliebe
		        Name: Mark Gliebe
		        Title: General Manager, GE Motors & Controls, 
                    GE Consumer & Industrial

-20-Exhibit 99.2 to General Mills, Inc. Form 10-Q dated November 28, 2004

Exhibit 4.1

EXECUTION COPY  

THIRD AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 

GENERAL MILLS CEREALS, LLC, 

a Delaware Limited Liability Company 

 

TABLE OF CONTENTS 

			Page

	TABLE OF CONTENTS 	 	i	 
	SECTION 1.   THE COMPANY 	 	1	 
	1.1     	 	Formation; Amendment of Original Limited Liability Company Agreement	 	1	 
	1.2     	 	Name	 	2	 
	1.3     	 	Purpose; Powers	 	2	 
	1.4     	 	Principal Place of Business	 	3	 
	1.5     	 	Term	 	3	 
	1.6     	 	Filings; Agent for Service of Process	 	3	 
	1.7     	 	Title to Assets	 	4	 
	1.8     	 	Payments of Individual Obligations	 	4	 
	1.9      	 	Independent Activities; Transactions with Affiliates	 	4	 
	1.10   	 	Definitions	 	5	 
	1.11   	 	Other Terms	 	42	 
	SECTION 2.   MEMBERS’ CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS 	 	43	 
	2.1     	 	Initial Capital Contribution	 	43	 
	2.2     	 	Additional Contributions	 	45	 
	2.3     	 	Other Matters	 	45	 
	SECTION 3.   ALLOCATIONS 	 	46	 
	3.1      	 	Profits	 	46	 
	3.2      	 	Losses	 	48	 
	3.3      	 	Special Allocations	 	48	 
	3.4      	 	Curative Allocations	 	54	 
	3.5      	 	Other Allocation Rules	 	54	 
	3.6      	 	Tax Allocations: Code Section 704(c)	 	55	 
	3.7      	 	Adjustment of Allocations Upon Conversion of Class A Limited Membership Interests	 	55	 
	SECTION 4.   DISTRIBUTIONS 	 	56	 
	4.1      	 	Amounts Distributed	 	56	 
	4.2      	 	Amounts Withheld	 	58	 
	4.3      	 	Limitations on Distributions	 	58	 
	4.4      	 	Distributions and Payments to Members	 	58	 
	SECTION 5.   MANAGEMENT 	 	59 	 
	5.1      	 	Authority of the Managing Member	 	59	 
	5.2      	 	Duties and Obligations of the Managing Member	 	59	 
	5.3      	 	Restrictions on Authority of Managing Member	 	63	 
	5.4      	 	Compensation; Expenses	 	66	 
	5.5      	 	Indemnification of the Managing Member	 	67	 
	5.6      	 	Withdrawal	 	68	 
	5.7      	 	SPE Covenant re Status of Managing Member; Independent Director and Management Limitations	 	69	 
	5.8      	 	Indemnification by the Managing Member	 	70	 
	5.9      	 	Portfolio Requirements	 	70	 
	5.10   	 	Board of Directors	 	71	 

i 

			Page

	SECTION 6.   ROLE OF MEMBERS 	 	72 	 
	6.1      	 	Rights or Powers	 	72	 
	6.2      	 	Voting Rights	 	73	 
	6.3      	 	Meetings and Consents of the Members	 	73	 
	6.4      	 	Procedure for Consent	 	73	 
	6.5      	 	Withdrawal/Resignation	 	74	 
	6.6      	 	Member Compensation	 	74	 
	6.7      	 	Indemnification of Limited Members	 	74	 
	6.8      	 	Members’ Liability	 	74	 
	6.9      	 	Partition	 	75	 
	6.10   	 	Transactions Between a Member and the Company	 	75	 
	SECTION 7.   PREFERRED RETURN RESET AND REMARKETING	 	75 	 
	7.1      	 	Class A Preferred Return Rate Reset	 	75	 
	7.2      	 	Class B Remarketings	 	80	 
	SECTION 8.   REPRESENTATIONS AND WARRANTIES; COVENANTS 	 	85 	 
	8.1      	 	In General	 	85	 
	8.2      	 	Representations and Warranties	 	85	 
	8.3      	 	Covenant Regarding Tax Matters	 	88	 
	SECTION 9.   ACCOUNTING, BOOKS, AND RECORDS	 	89 	 
	9.1      	 	Accounting, Books, and Records	 	89	 
	9.2      	 	Reports	 	90	 
	9.3      	 	Tax Matters	 	94	 
	SECTION 10.   AMENDMENTS 	 	95 	 
	10.1   	 	Amendments	 	95	 
	SECTION 11.   TRANSFERS; PURCHASE 	 	96 	 
	11.1   	 	Restriction on Transfers	 	96	 
	11.2   	 	Permitted Transfers	 	96	 
	11.3   	 	Conditions to Permitted Transfers	 	98	 
	11.4   	 	Prohibited Transfers	 	104	 
	11.5   	 	Rights of Unadmitted Assignees	 	104	 
	11.6   	 	Admission as Substituted Members	 	105	 
	11.7   	 	Distributions and Allocations in Respect of Transferred Membership Interests	 	105	 
	11.8   	 	Class A Limited Membership Interest Purchase Option	 	106	 
	11.9   	 	Purchase of Class B Limited Membership Interests	 	108	 
	11.10	 	Form and Transfers of Class B Limited Membership Interests	 	110	 
	SECTION 12.   POWER OF ATTORNEY 	 	112 	 
	12.1   	 	Managing Member as Attorney-In-Fact	 	112	 
	12.2   	 	Nature of Special Power	 	112	 
	SECTION 13.   DISSOLUTION AND WINDING UP 	 	113 	 
	13.1   	 	Liquidating Events	 	113	 
	13.2   	 	Winding Up	 	114	 
	13.3   	 	Compliance With Certain Requirements of Regulations; Deficit Capital Accounts	 	115	 
	13.4   	 	Deemed Contribution and Distribution	 	115	 
	13.5   	 	Rights of Members	 	116	 
	13.6   	 	Notice of Dissolution	 	116	 
	13.7   	 	Guaranteed Payments During Period of Liquidation	 	116	 

ii 

			Page

	13.8   	 	Allocations and Distributions During Period of Liquidation	 	116	 
	13.9   	 	Character of Liquidating Distributions	 	116	 
	13.10	 	The Liquidator	 	117	 
	13.11	 	Mark-to-Market Methodology	 	117	 
	SECTION 14.   CLASS A NOTICE EVENTS; PURCHASE OPTIONS 	 	118 	 
	14.1   	 	Class A Notice Events	 	118	 
	14.2   	 	Liquidation Notice	 	119	 
	SECTION 15.   MISCELLANEOUS 	 	120 	 
	15.1   	 	Notices	 	120	 
	15.2   	 	Binding Effect	 	120	 
	15.3   	 	Construction	 	120	 
	15.4   	 	Time	 	120	 
	15.5   	 	Headings	 	121	 
	15.6   	 	Severability	 	121	 
	15.7   	 	Incorporation by Reference	 	121	 
	15.8   	 	Governing Law	 	121	 
	15.9   	 	Consent to Jurisdiction	 	121	 
	15.10	 	WAIVER OF JURY TRIAL	 	121	 
	15.11	 	Counterpart Execution	 	122	 
	15.12	 	Specific Performance	 	122	 
	15.13	 	No Material Impairment	 	122	 
	15.14	 	Entire Agreement	 	122	 
	15.15	 	No Third Party Beneficiaries	 	122	 
	15.16	 	Waiver	 	122	 
	Valuation of Fixed Assets 	 	1	 
	Valuation of Intellectual Property 	 	2	 

iii 

EXHIBITS 

	Exhibit A	 	Finance Note	 
	Exhibit B	 	GMI Guaranty	 
	Exhibit C	 	Permitted Intellectual Property License Agreement	 
	Exhibit D	 	Permitted PP&E License Agreement	 
	Exhibit E	 	Transferor Certificate	 
	Exhibit F	 	Transferee Certificate	 
	Exhibit G	 	Purchaser’s Letter	 
	Exhibit H	 	Series B-1 Preferred Certificate	 
	Exhibit I	 	Series B-2 Preferred Certificate	 

SCHEDULES 

	Schedule A	 	Membership Registry	 
	Schedule B	 	Baseline Amount	 
	Schedule C	 	Permitted Liens	 
	Schedule D	 	Valuation Methodology	 

iv 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

GENERAL MILLS CEREALS, LLC 

        This THIRD AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) is entered into as of the 8th
day of October, 2004, by and among GM CEREALS OPERATIONS, INC., a Delaware corporation
(“GMCO”), as the Managing Member, RBDB, INC., a Delaware corporation
(“RBDB”), as a Class A Limited Member, THE PILLSBURY COMPANY, a Delaware corporation
(“TPC”), as a Class A Limited Member and Class B Limited Member, GM CLASS B, INC.,
a Delaware corporation (“GM Class B”), as a Class B Limited Member, and GM CEREALS
HOLDINGS, INC., a Delaware corporation (“Cereals Holdings”), as a Class B Limited Member,
pursuant to the provisions of the Act, on the following terms and conditions (capitalized terms used herein without definition
shall have the meanings specified in Section 1.10): 

SECTION 1.  

THE COMPANY  

        1.1     Formation;
Amendment of Original Limited Liability Company Agreement.  

        General Mills Operations,
Inc., a Delaware corporation (“GMOI”), TPC, and Cereals Holdings (collectively, the “Original
Members”) formed General Mills Cereals, LLC (the “Company”) as a limited liability company
under and pursuant to the provisions of the Act and upon the terms and conditions set forth in the Limited Liability Company
Agreement of the Company, dated as of April 2, 2002 (the “Original LLC Agreement”). The fact that the
Certificate of Formation is on file in the office of the Secretary of State of the State of Delaware shall constitute notice that
the Company is a limited liability company. Pursuant to Section 18-201(d) of the Act, the Original LLC Agreement was
effective as of the date of the filing of the Certificate of Formation. Simultaneously with the execution of the Original LLC
Agreement and the formation of the Company, each of the Original Members was admitted as a member of the Company, and GMOI was
admitted as the manager (within the meaning of the Act) of the Company. 

        The Original LLC Agreement
was amended and restated in its entirety in connection with the sale by TPC to RBDB of a portion of TPC’s Class A
Limited Membership Interests, pursuant to the Amended and Restated Limited Liability Company Agreement of General Mills Cereals,
LLC, dated as of May 24, 2002 (the “Amended and Restated LLC Agreement”). In addition, GMOI Transferred to
GMCO, 100% of the Managing Membership Interest of the Company and GMCO became the manager (within the meaning of the Act) of the
Company, as evidenced by that certain Transferor Certificate dated May 24, 2002 by GMOI and that certain Transferee Certificate
dated May 24, 2002 by GMCO. Pursuant to the Signature Page Addendum to the 

1 

Amended and Restated Limited Liability Company Agreement of General Mills
Cereals, LLC dated as of May 24, 2002, GMCO became a party to the Amended and Restated LLC Agreement. 

        Pursuant to the First
Amendment to the Amended and Restated Limited Liability Company Agreement of General Mills Cereals, LLC dated as of July 24, 2002
(the “First Amendment”), the Amended and Restated LLC Agreement was amended to make technical
corrections to certain definitions contained therein. Pursuant to the Second Amendment to the Amended and Restated Limited
Liability Company Agreement of General Mills Cereals, LLC entered into as of November 28, 2003 (the “Second
Amendment”), the Amended and Restated LLC Agreement was further amended to amend and restate Section
13.1(a)(i). 

        The Amended and Restated LLC
Agreement was amended and restated in its entirety pursuant to the Second Amended and Restated Limited Liability Company Agreement
of General Mills Cereals, LLC, dated as of October 6, 2004 (the “Second Amended and Restated LLC
Agreement”) to (i) make further changes to the Amended and Restated LLC Agreement, (ii) convert a portion
of the Class A Limited Membership Interests held by TPC into Series B-1 Limited Membership Interests, and
(iii) convert the Class B Limited Membership Interests held by Cereals Holdings into Series B-1 Limited Membership
Interests and Series B-2 Limited Membership Interests. 

        As evidenced by (i) that
certain Transferor Certificate dated October 7, 2004 by Cereals Holdings and that certain Transferee Certificate dated
October 7, 2004 by GM Class B, (ii) that certain Transferor Certificate dated October 7, 2004 by TPC and that
certain Transferee Certificate dated October 7, 2004 by GM Class B, and (iii) Signature Page Addendum to the Second
Amended and Restated LLC Agreement, dated as of October 7, 2004, executed by GM Class B, Cereals Holdings and TPC
Transferred all of the Series B-1 Limited Membership Interests of the Company to GM Class B and GM Class B was admitted
to the Company as a Series B-1 Limited Member and became a party to the Second Amended and Restated LLC Agreement. In order
to facilitate the sale by GM Class B of all of the Series B-1 Limited Membership Interests held by GM Class B, the
Members have agreed to amend and restate the Second Amended and Restated LLC Agreement as set forth in this Agreement. From the
date hereof, the rights and liabilities of the Members and Managing Member shall be as provided under the Act, the Certificate of
Formation, and this Agreement. 

        1.2     Name.  

        The name of the Company shall
continue to be GENERAL MILLS CEREALS, LLC and all business of the Company shall be conducted in such name or, with the affirmative
written consent of all of the Members, under any other name. 

        1.3     Purpose; Powers.  

                (a)    The purposes of the Company are:  

                        (i)    to
acquire, either directly or from the Members, and to own, hold, vote, manage, protect, conserve, assign, sell, or otherwise
dispose of, either directly, or indirectly through one or more wholly owned Subsidiaries, the Permitted Assets, all in accordance
with this Agreement and the other Transaction Documents; 

2 

                (ii)    to
conduct the Permitted Lines of Business;  

                (iii)    to
receive and, subject to Sections 4 and 13.2, distribute to the Members (A) the proceeds of any sale, lease, license, or any
other disposition of the Company’s Permitted Assets received by the Company or (B) any distributions or payments
received by the Company; and 

                (iv)    to
do such other things and engage in any other activities that the Managing Member of the Company determines to be necessary,
convenient, or incidental to any of the foregoing purposes. 

        (b)    The
Company has the power to do any and all acts necessary, appropriate, proper, advisable, incidental, or convenient to, and in
furtherance of, the purposes of the Company set forth in this Section 1.3 and has, without limitation, any and all powers
that may be exercised on behalf of the Company by the Managing Member pursuant to Section 5. 

        1.4     Principal Place of Business.  

        The principal place of
business of the Company shall be at c/o GMI, Number One General Mills Boulevard, Minneapolis, Minnesota, 55426, Attention: Mr. Ian
R. Friendly, President. The Managing Member may change the principal place of business of the Company to any other place within or
without the State of Delaware with the affirmative written consent of all of the Members. The initial registered office of the
Company in the State of Delaware is located at Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of
New Castle, Delaware, 19801. 

        1.5     Term.  

        The term of the Company
commenced on the date the Certificate of Formation was filed in the office of the Secretary of State of the State of Delaware in
accordance with the Act and shall continue until the dissolution and the completion of the winding up of the Company in accordance
with Section 13. The existence of the Company as a separate legal entity and this Agreement shall continue until the
cancellation of the Certificate of Formation in accordance with the Act. 

        1.6     Filings; Agent for Service of Process.  

        (a)    GMOI,
or an agent of GMOI, was authorized to execute and cause the Certificate of Formation to be filed in the office of the Secretary
of State of the State of Delaware as an authorized person within the meaning of, and otherwise in accordance with, the Act. The
Managing Member shall take any and all other actions reasonably necessary to perfect and maintain the status of the Company as a
limited liability company under the laws of the State of Delaware, including the preparation, execution, and filing of such
amendments to the Certificate of Formation and such other assumed name certificates, documents, instruments, and publications as
may be required by law, including action to reflect: 

                (i)    A
change in the Company name;  

3 

                (ii)    A
correction of false or erroneous statements in the Certificate of Formation or the desire of the Members to make a change in any
statement therein in order that it shall accurately represent the agreement among the Members; or 

                (iii)    A
change in the time for dissolution of the Company as stated in the Certificate of Formation and in this Agreement. 

        (b)    The
Managing Member shall execute and cause to be filed original or amended certificates and shall take any and all other actions as
may be reasonably necessary to perfect and maintain the status of the Company as a limited liability company or similar type of
entity under the laws of any other jurisdictions in which the Company engages in business. 

        (c)    The
registered agent for service of process on the Company in the State of Delaware shall be The Corporation Trust Company or any
successor as appointed by the Members in accordance with the Act. 

        (d)    Upon
the dissolution and completion of the winding up of the Company in accordance with Section 13, the Liquidator, as an
authorized person within the meaning of the Act, shall promptly execute and cause to be filed a Certificate of Cancellation in
accordance with the Act and the laws of any other jurisdictions in which the Liquidator deems such filing or any similar filing to
be necessary or advisable. 

        1.7     Title to Assets.  

        All Property owned by the
Company shall be owned by the Company as an entity, and all Property owned by any Subsidiary of the Company shall be owned by such
Subsidiary, and no Member shall have any ownership interest in such assets in its individual name. Each Member’s Interest in
the Company shall be personal property for all purposes. The Company shall hold title to all of its assets in the name of the
Company, and each Subsidiary of the Company shall hold title to all of its assets in the name of such Subsidiary, and in each case
not in the name of any Member. 

        1.8     Payments of Individual Obligations.  

        The Company’s credit and
assets shall be used solely for the benefit of the Company and its Subsidiaries, and no asset of the Company or its Subsidiaries
shall be Transferred in satisfaction of, or encumbered for, or in payment of, any individual obligation of any Member. 

        1.9     Independent Activities; Transactions with Affiliates.  

        (a)     The
Managing Member (and any Director) shall be required to devote such time to the affairs of the Company as may be necessary
properly to manage and operate the Company, but otherwise shall be free to serve any other Person or enterprise in any capacity
that it may deem appropriate in its discretion. 

        (b)     Subject
to clause (c) of this Section 1.9, insofar as permitted by applicable law, neither this Agreement nor any activity
undertaken pursuant hereto shall prevent any Member or its Affiliates from engaging in whatever activities they choose;
provided that any such activities may 

4 

be undertaken without having or incurring any obligation to offer any
interest in such activities to the Company or any Member, or require any Member to permit the Company or any other Member or its
Affiliates to participate in any such activities, and as a material part of the consideration for the execution of this Agreement
by each Member, each Member hereby waives, relinquishes, and renounces any such right or claim of participation. 

        (c)     Notwithstanding
clause (b) of this Section 1.9, the Managing Member shall not, and shall procure that no GMI Entity shall, carry on or
be engaged or interested economically or otherwise in any manner whatsoever (whether alone or jointly with another and whether
directly or indirectly) in any business which competes with the Cereals Business or the Pet Business. 

        (d)    To
the extent permitted by applicable law, but subject to the provisions of this Agreement and the Transaction Documents, in
furtherance of the purposes of the Company set forth in Section 1.3, the Managing Member is hereby authorized to cause the
Company to purchase, lease, and license Property (whether real, personal, or mixed) from, sell, lease, and license Property to, or
otherwise deal with in ways contemplated by the Transaction Documents, any Member, acting on its own behalf, or any Affiliate of
any Member; provided that any such purchase, sale, lease, license, or other transaction shall be made on terms and
conditions that are no less favorable to the Company than if the purchase, sale, lease, license, or other transaction had been
made with an independent third party. 

        (e)    Notwithstanding
any provision in this Agreement, including Section 1.9(d) and Section 5, the Managing Member or any officer of the
Company, on behalf of the Company, is hereby authorized to cause the Company to execute and deliver, and perform its obligations
under, the Transaction Documents to which the Company is a party, all without any further action, consent, or approval of any
Person. 

        1.10     Definitions.  

        Unless otherwise specifically
stated, the capitalized terms used in this Agreement shall have the following meanings: 

        “Act”
means the Delaware Limited Liability Company Act, 6 Del. Code Ann. § 18-101, et seq.,
as amended from time to time (or any corresponding provisions of succeeding law).  

        “Adjustable
Rate” means, for any Class A Distribution Period or Class B Distribution Period during a Floating Rate Period, a rate
equal to the highest of the LIBOR, the 10-year Treasury CMT and the 30-year Treasury CMT for such Class A Distribution Period or
Class B Distribution Period. 

        “Adjusted
Capital Account” means, with respect to any Member, the balance in such Member’s Capital Account as of the end
of the relevant Allocation Year, after giving effect to the following adjustments: 

                (i)    Credit
to such Capital Account any amounts which such Member is deemed obligated to restore pursuant to the penultimate sentences of
Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

5 

                (ii)    Debit
to such Capital Account the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4),
1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6). 

        The foregoing definition of
Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith. 

        “Adjusted Capital
Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Adjusted
Capital Account as of the end of the relevant Allocation Year. 

        “Affiliate”
means, with respect to any specified Person, (i) any Person directly or indirectly controlling, controlled by, or under
common control with such specified Person, (ii) any Person, directly or indirectly, owning or controlling ten percent (10%)
or more of the outstanding voting interests or other ownership interests of such specified Person, (iii) any Person ten
percent (10%) of the outstanding voting stock or other ownership interests of which is, directly or indirectly, owned or
controlled by such specified Person, (iv) any officer, director, general partner, managing member or manager, trustee of, or
Person serving in a similar capacity with respect to, such specified Person, or (v) any Person who is an officer, director,
general partner, managing member or manager, trustee, or holder of ten percent (10%) or more of the voting interests or other
ownership interests of any Person described in clauses (i), (ii), (iii), or (iv) of this sentence. For purposes of this
definition, the terms “controlling,” “controlled by,” or “under common control with” shall mean the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person or
entity, whether through the ownership of voting securities, by contract, or otherwise. 

        “Agreement” has
the meaning set forth in the preamble. 

        “Albuquerque
Documents” means (i) the Lease Agreement, dated as of January 15, 1991, by and between the City of
Albuquerque, New Mexico and GMI, which has been assigned to GMOI pursuant to the Assignment Agreement (the “First
Albuquerque Assignment”), dated May 27, 1996, by and between GMI and GMOI, and which has been further assigned
by GMOI to Cereal Properties pursuant to the Second Assignment, dated April 3, 2002, by and between GMOI and Cereals
Properties (the “Second Albuquerque Assignment”), (ii) the Indenture, dated January 15, 1991,
among the City of Albuquerque, New Mexico, General Mills Products Corp., and Norwest Bank Minnesota, N.A., which has been assigned
to GMOI pursuant to the Assignment Agreement, and which has been further assigned to Cereals Properties pursuant to the Second
Albuquerque Assignment, and (iii) the Bond Purchase Agreement, dated January 30, 1991, among the City of Albuquerque,
New Mexico, General Mills Products, Inc., and GMI, which has been assigned to GMOI pursuant to the First Albuquerque Assignment,
and which has been further assigned to Cereals Properties pursuant to the Second Albuquerque Assignment. 

        “Allocation
Year” means (i) the period commencing on May 24, 2002 and ending on May 26, 2002, (ii) any subsequent
twelve (12) month period commencing on the day after the last day of the prior Allocation Year and ending on the last Sunday of
May of each subsequent year, or (iii) any portion of the period described in clauses (i) or (ii) for which the Company is 

6 

required to allocate Profits, Losses, and other items of Company income,
gain, loss, or deduction pursuant to Section 3. 

        “Amended and
Restated Contract Marketing Agreement” means the Amended and Restated Contract Marketing Agreement, dated May 24,
2002, between the Company and General Mills Marketing, Inc., as (i) amended May 1, 2003 in accordance with the terms
thereof and the terms of the Amended and Restated LLC Agreement and (ii) the same may be further amended from time to time in
accordance with the terms thereof and hereof. 

        “Amended and
Restated Contract Operating Agreement” means the Amended and Restated Contract Operating Agreement, dated May 24,
2002, between the Company and GMOI, as the same may be amended from time to time in accordance with the terms thereof and hereof.

        “Amended and
Restated Contract Sales Agreement” means the Amended and Restated Contract Sales Agreement, dated May 24, 2002,
between the Company and General Mills Sales, Inc., as the same may be amended from time to time in accordance with the terms
thereof and hereof. 

        “Amended and
Restated Employee Seconding Agreement” means the Amended and Restated Employee Seconding Agreement, dated as of May
24, 2002, between the Company and GMI, as the same may be amended from time to time in accordance with the terms thereof and
hereof. 

        “Amended and
Restated LLC Agreement” has the meaning set forth in Section 1.1. 

        “Amended and
Restated Receivables Purchase and Sale Agreement” means the Amended and Restated Receivables Purchase and Sale
Agreement, dated as of July 24, 2002, by and between the Company and General Mills Capital, Inc., as the same may be amended from
time to time in accordance with the terms thereof and hereof. 

        “Amended and
Restated Services Agreement” means the Second Amended and Restated Services Agreement, dated as of July 24, 2002, by
and among GMI, General Mills Sales, Inc., GMOI, General Mills Services, Inc., General Mills Direct Marketing, Inc., General Mills
Missouri, Gardetto’s Bakery, Inc., Lloyd’s Barbeque Company, Small Planet Foods, Inc., General Mills Finance, Inc.,
General Mills Factoring, LLC, General Mills Marketing, Inc., General Mills Entertainment, Inc., General Mills Properties, Inc.,
The Pillsbury Company, HDIP, Inc., HD JV Holding Company, The Haagen Dazs Shoppe Company, Inc., The Haagen Dazs International
Shoppe Company, Inc., Pet, Progresso Quality Foods Company, TPC-RF, Inc., Roush Products Company, Inc., IP Holdings I, IP Holdings
II, Cereals Holdings, Cereals Properties, Cereals Operations, General Mills Capital, Inc., and the Company, as (i) amended on
May 1, 2003 in accordance with the terms thereof and the terms of the Amended and Restated LLC Agreement and (ii) the
same may be further amended from time to time in accordance with the terms thereof and hereof. 

        “Applicable Tax
Rate” means, with respect to any Limited Member for any Allocation Year, the aggregate tax rate (expressed as a
percentage) described in clause (i) of Section 8.3(c) hereof. 

7 

        “Appraiser
1” has the meaning set forth in Section 13.11(b). 

        “Appraiser
2” has the meaning set forth in Section 13.11(b). 

        “Appraiser
3” has the meaning set forth in Section 13.11(b). 

        “A-Rated
Securities” means commercial paper and publicly traded bonds, debentures, or other debt obligations (including
municipal bonds and other tax-exempt obligations) of issuers, other than GMI or any of its Affiliates, organized under the laws of
the United States or any State that are: (i) commercial paper or other short-term debt rated A-1+ by S&P and P-1 by
Moody’s; (ii) medium or long-term debt rated at least A by S&P and A2 by Moody’s; or (iii) readily
marketable (A) direct obligations of the Government of the United States, (B) direct obligations of any agency or
instrumentality thereof rated AAA by S&P and Aaa by Moody’s, or (C) non-callable, non-amortizing U.S.
Dollar-denominated senior debt securities of fixed maturity in book entry form, issued by the Federal National Mortgage
Association or the Federal Home Loan Mortgage Corporation and rated AAA by S&P and Aaa by Moody’s; provided, that
all obligations and securities described in clauses (i) through (iii) above (1) are eligible for public sale or other
distribution without registration under the Securities Act, (2) will not include any obligations or securities denominated in
currency other than Dollars, (3) will not include any obligations or securities the payment or repayment of principal in
respect of which is in an amount determined by reference to any formula or index, or which is subject to any contingency,
(4) will not include any obligations or securities that require the holder thereof to make advances to, or to purchase
additional obligations or securities issued by, the issuer of such obligations or securities after the original date of issuance
of such obligations or securities, and (5) have a remaining maturity of not more than one (1) year. 

        “Bankruptcy”
means, with respect to any Person, a “Voluntary Bankruptcy” or an “Involuntary
Bankruptcy.” A “Voluntary Bankruptcy” means, with respect to any Person (i) the
inability of such Person generally to pay its debts as such debts become due, or an admission in writing by such Person of its
inability to pay its debts generally or a general assignment by such Person for the benefit of creditors, (ii) the filing of
any petition or answer by such Person seeking to adjudicate itself as bankrupt or insolvent, or seeking for itself any
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of such Person or its debts
under any law relating to bankruptcy, insolvency, or reorganization or relief of debtors, or seeking, consenting to, or
acquiescing in the entry of an order for relief or the appointment of a receiver, trustee, custodian, or other similar official
for such Person or for any substantial part of its property, or (iii) action taken by such Person to authorize any of the
actions set forth above. An “Involuntary Bankruptcy” means, with respect to any Person, without the
consent or acquiescence of such Person, the entering of an order for relief or approving a petition for relief or reorganization
or any other petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or other
similar relief under any present or future bankruptcy, insolvency, or similar statute, law, or regulation, or the filing of any
such petition against such Person, which petition shall not be dismissed within sixty (60) days, or without the consent or
acquiescence of such Person, the entering of an order appointing a trustee, custodian, receiver, or liquidator of such Person or
of all or any substantial part of the property of such Person, which order shall not be dismissed within sixty (60)
days.

8 

The foregoing is intended to supersede and replace the events listed in
Sections 18-101 and 18-304 of the Act with respect to any Member. 

        “Benchmark
Rates” means, collectively, the LIBOR, the 10-year Treasury CMT and the 30-year CMT. 

        “Bid”
means an irrevocable offer to purchase, in any Class A Remarketing prior to the second Scheduled Reset Date, all, but not a
portion, of the outstanding Class A Limited Membership Interests at a price per Class A Limited Membership Interest
equal to the Class A Mandatory Purchase Price with the applicable Class A Preferred Return Rate equal to the Bid Rate
specified in such Bid. 

        “Bid
Rate” means a rate per annum equal to (i) the LIBOR in effect from time to time plus (ii) a spread, where
such spread is proposed by bidders in connection with a Class A Remarketing prior to the second Scheduled Reset Date and made
with respect to the Preferred Return Capital amount set forth in the Class A Remarketing Notice. 

        “Board of
Directors” has the meaning set forth in Section 5.10(a). 

        “Board Triggering
Event” has the meaning set forth in Section 5.10(a). 

        “Budgeted Capital
Expenditures” means the capital expenditures set forth in the projections attached to the Securities Purchase
Agreement. 

        “Buffalo
Lease” means the Master Lease Agreement, dated as of April 2, 2002, by and between General Mills Properties,
Inc., as lessor, and the Company, as lessee, as amended pursuant to the First Amendment to Master Lease Agreement, dated as of May
24, 2002, by and between General Mills Properties, Inc. and the Company. 

        “Business
Day” means any day that is not a Saturday, a Sunday, or a day on which banking institutions located in New York, New
York, or Minneapolis, Minnesota are authorized or obligated by law to close. 

        “Calendar
Period” means a period of 180 calendar days. 

        “Capital
Account” means, with respect to any Member of the Company, the Capital Account maintained for such Member in
accordance with the following provisions: 

                (i)     To
each Member’s Capital Account there shall be credited (A) such Member’s Capital Contributions, (B) such
Member’s distributive share of Profits and any items in the nature of income or gain that are specially allocated to such
Member pursuant to Sections 3.3 or 3.4, and (C) the amount of any Company liabilities assumed by such Member or that are
secured by any Property distributed to such Member; 

                (ii)     To
each Member’s Capital Account there shall be debited (A) the amount of Cash and the Gross Asset Value of any Company
Property distributed to such Member pursuant to any provision of this Agreement, (B) such Member’s distributive share of
Losses and any items in the nature of deduction, expense, or loss which are specially allocated to such 

9 

Member pursuant to Sections 3.3 or 3.4, and (C) the amount of any
liabilities of such Member assumed by the Company or that are secured by any Property contributed by such Member to the Company;

                (iii)     In
the event an Interest is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital
Account of the transferor to the extent it relates to the Transferred Interest; and 

                (iv)     In
determining the amount of any liability for purposes of subparagraphs (i) and (ii) above there shall be taken into account Code
Section 752(c) and any other applicable provisions of the Code and Regulations. 

        The foregoing provisions and
the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations
Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. In the event the
Managing Member shall determine in good faith and on a commercially reasonable basis that it is prudent to modify the manner in
which the Capital Accounts, or any debits or credits thereto are computed in order to comply with such Regulations, the Managing
Member may make such modification; provided that the Managing Member shall promptly give each other Member written notice
of such modification. The Managing Member also shall, in good faith and on a commercially reasonable basis, (i) make any
adjustments to the Capital Accounts that are necessary or appropriate to maintain equality between the aggregate Capital Accounts
of the Members and the amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in
accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (ii) make any appropriate modifications to the
Capital Accounts in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations
Section 1.704-1(b). 

        “Capital
Contributions” means, with respect to any Member of the Company, the amount of Cash and the initial Gross Asset Value
of any Property (other than Cash) contributed to the Company by such Member. 

        “Capital Lease
Obligations” means, with respect to any Person, the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

        “Capital
Trust” means the trust established pursuant to that certain Deposit Trust Agreement (the “Capital Trust
Agreement”), dated as of October 8, 2004, among Lehman Brothers Special Financing Inc., as Depositor, Lehman
Brothers Inc., as Broker-Dealer, The Bank of New York (Delaware), as Delaware trustee, and The Bank of New York, as Owner Trustee.

        “Capital Trust
Agreement” has the meaning set forth in the definition of “Capital Trust.” 

        “Cash”
means funds denominated in United States currency. 

10 

        “Cash Available
for Distribution” means, for any Class A Distribution Period or Class B Distribution Period, the gross Cash proceeds
of the Company less the portion thereof used to pay or establish reasonable reserves for all Company Expenses (including
Taxes), all as determined by the Managing Member in good faith and in its commercially reasonable judgment. Cash Available for
Distribution will not be reduced by Depreciation or similar non-Cash allowances, and will be increased by any reductions of
reserves previously established pursuant to the first sentence of this definition. 

        “Cash
Equivalents” shall mean Cash and any of the following: (i) readily marketable (x) direct obligations of the
Government of the United States or (y) direct obligations of any agency or instrumentality thereof rated AAA by S&P and
Aaa by Moody’s or (ii) insured certificates of deposit of or time or demand deposits with any commercial bank that is a
member of the Federal Reserve System, the parent of which issues commercial paper rated P-1 (or the then equivalent grade) by
Moody’s and A-1+ (or the then equivalent grade) by S&P, is organized under the laws of the United States or any State
thereof and the long term unsecured debt of which is rated A2 or better by Moody’s and A or better by S&P;
provided that all obligations and securities described in clauses (i) and (ii) above (1) will not have an original
maturity of longer than ninety (90) days, (2) will not include any obligations or securities denominated in a currency other
than Dollars, (3) will not include any obligations or securities that provide for the extension of the original stated
maturity thereof without the consent of any holder thereof affected thereby, (4) will not include any obligations or
securities the payment or repayment of principal in respect of which is an amount determined by reference to any formula or index,
or which is subject to any contingency, (5) will not include any obligations or securities that require the holder thereof to
make advances to, or to purchase additional obligations or securities issued by, the issuer of such obligations or securities
after the original date of issuance of such obligations or securities, and (6) will not include any obligation of or security
issued by GMI or any of its Affiliates. 

        “Cash
Flow” means, for any period with respect to the Company and its Subsidiaries (determined on a consolidated basis in
accordance with GAAP) the excess, if any, of (i) the sum of (A) net income (or net loss) and (B) the sum of
(1) Taxes deducted in determining net income (or net loss) under GAAP, (2) interest expense deducted (net of interest
income received) in determining net income (or net loss) under GAAP, (3) depreciation and amortization expense and other
non-cash expenses, and (4) decreases in working capital, over (ii) the sum of (A) Taxes actually paid and
(B) capital expenditures, charitable contributions, and increases in working capital. 

        “Cereals
Business” means the manufacture and sale by the Company and its Subsidiaries of packaged cereals products, other than
organic cereal products, for sale in the United States, directly or indirectly, to consumers, other than in connection with the
Food Service Business. 

        “Cereals
Holdings” has the meaning set forth in the preamble. 

        “Cereals Properties”
means General Mills Cereals Properties, LLC, a Delaware limited liability company. 

11 

        “Cereals
Properties Interest” means 100% of the limited liability company interest in Cereals Properties. 

        “Certificate of
Cancellation” means a certificate filed in accordance with 6 Del. Code Ann. § 18-203. 

        “Certificate of
Formation” means the Certificate of Formation filed with the Secretary of State of the State of Delaware pursuant to
the Act to form the Company, as originally executed and as amended, modified, supplemented, or restated from time to time, as the
context requires. 

        “Class A
Adjustment Factor” equals (i) 96.5%, in the case of Class A Limited Membership Interests owned by RBDB and
its successors and (ii) 100.0%, in the case of all other Class A Limited Membership Interests. 

        “Class A
Distribution Date” means (i) prior to the second Scheduled Reset Date, the last Business Day of any Fiscal
Quarter; provided that a Class A Distribution Date shall also occur on the Business Day immediately prior to the
second Scheduled Reset Date and (ii) thereafter, January 15, April 15, July 15 and October 15, of each year, commencing on
January 15, 2012, provided that, if such Class A Distribution Date set forth in this clause (ii) is not a Business
Day, payment shall be made on the next succeeding Business Day. 

        “Class A
Distribution Period” means the applicable period from (and including) a Class A Distribution Date to (but excluding)
the next subsequent Class A Distribution Date. 

        “Class A
Interim Remarketing” means a Class A Remarketing, other than a Class A Mandatory Remarketing, that occurs
after the second Scheduled Reset Date. 

        “Class A
Limited Member” means (i) RBDB (unless it has ceased to be a Class A Limited Member) (ii) TPC (unless
it has ceased to be a Class A Limited Member), and (iii) any Person who has become a substituted Class A Limited
Member pursuant to the terms of this Agreement and has not ceased to be a Class A Limited Member. 

        “Class A
Limited Member Preferred Return” means, with respect to any Class A Limited Member, the return that will accrue
during each Class A Distribution Period or portion thereof (if such Class A Distribution Period is a Floating Rate Period,
computed using the actual number of days elapsed over a 360-day year, and if such Class A Distribution Period is a Fixed Rate
Period, computed on the basis of a 360-day year of twelve 30-day months) on the amount of such Class A Limited Member’s
Preferred Return Capital during such Class A Distribution Period, at a rate per annum equal to the applicable Class A
Preferred Return Rate. 

        “Class A
Limited Membership Interests” has the meaning set forth in Section 2.1(a). 

        “Class A
Mandatory Purchase Price” means, with respect to a Class A Remarketing, an amount per Class A Limited
Membership Interest determined pursuant to Section 7.1(e)(i) and set forth in the Class A Remarketing Notice.

        “Class A
Mandatory Remarketing” has the meaning set forth in Section 7.1(b). 

12 

        “Class A
Mandatory Remarketing Date” means the date on which a Class A Mandatory Remarketing is conducted. 

        “Class A
Notice Events” has the meaning set forth in Section 14.1. 

        “Class A Optional
Make Whole Amount” means, with respect to any Class A Limited Membership Interests being purchased pursuant to
Section 11.8 during a Fixed Rate Period, the amount of any make-whole payment to be made to the holders of such Class A
Limited Membership Interests in connection with such purchase, such amount to be calculated pursuant to a formula
(i) determined by the Managing Member, in consultation with the Class A Remarketing Agent, in connection with the
Class A Remarketing establishing such Fixed Rate Period, and (ii) based on then-existing market conditions and terms for
preferred equity interests similar to the Class A Limited Membership Interests being remarketed. 

        “Class A
Preferred Return Rate” means, with respect to the Class A Limited Membership Interests, (i) for any
Class A Distribution Period prior to the second Scheduled Reset Date or portion thereof during which the Class A Limited
Preferred Return is stated herein to accrue, a rate per annum equal to (a) the sum of (x) the LIBOR for such Fiscal
Quarter or portion thereof plus (y) the Class A Spread then in effect, divided by (b) the Class A Adjustment
Factor, and (ii) thereafter, such Fixed Rate or Floating Rate as shall be determined in accordance with Sections 7.1(d)
and 7.2. 

        “Class A
Purchase Date” has the meaning set forth in Section 11.8(d)(ii)(A). 

        “Class A
Purchase Election Date” has the meaning set forth in Section 11.8(b). 

        “Class A
Purchase Notice” has the meaning set forth in Section 11.8(a). 

        “Class A
Purchase Option” has the meaning set forth in Section 11.8(a). 

        “Class A
Purchase Premium” means amounts that would have accrued as Class A Limited Member Preferred Return on the
Preferred Return Capital attributable to the Class A Limited Membership Interests being purchased (without regard to
Undistributed Preferred Return included therein) for the period from and including the Class A Purchase Date to but excluding
the first Scheduled Reset Date if such amounts were to accrue at a rate per annum equal to 0.25% (computed on the basis of a year
of 360 days and actual days elapsed). 

        “Class A
Purchase Price” has the meaning set forth in Section 11.8(c). 

        “Class A
Purchase Valuation Date” has the meaning set forth in Section 11.8(c). 

        “Class A
Remarketing” means a Class A Mandatory Remarketing or a Class B Interim Remarketing. 

        “Class A
Remarketing Agent” means (i) with respect to any Class A Remarketing prior to the second Scheduled Reset
Date, a remarketing agent selected by the Company that would qualify as a Reference Corporate Dealer and (ii) thereafter, any
remarketing agent selected by the Company to conduct a Class A Remarketing pursuant to Sections 7.1(d) and 7.2.

13 

        “Class A
Remarketing Agreement” means (i) with respect to any Class A Remarketing prior to the second Scheduled
Reset Date, a remarketing agreement to be entered into by the Company and the Class A Remarketing Agent on such terms as are
customary in the remarketing of securities such as the Class A Limited Membership Interests, and including a Class A
Remarketing Fee acceptable to the Company, and (ii) thereafter, any remarketing agreement entered into by the Company in
connection with a Class A Remarketing conducted pursuant to Sections 7.1(d) and 7.2. 

        “Class A
Remarketing Fee” means the fee due to the Class A Remarketing Agent under the Class A Remarketing
Agreement. 

        “Class A
Remarketing Notice” has the meaning set forth in Section 7.1(c)(i) and includes any notice delivered pursuant to
Section 7.2(b) in connection with a Class A Remarketing conducted pursuant to Sections 7.1(d) and 7.2. 

        “Class A
Reset Date” means (i) with respect to any Class A Remarketing prior to the second Scheduled Reset Date,
June 28, 2007 and any other date on which a Class A Remarketing is required prior to the second Scheduled Reset Date and
(ii) thereafter, any reset date established pursuant to Section 7.2(a) in connection with a Class A Remarketing
conducted pursuant to Sections 7.1(d) and 7.2. 

        “Class A
Spread” means a rate per annum equal to 0.90%, subject to adjustment in accordance with Section 7.1. 

        “Class B
Distribution Date” means January 15, April 15, July 15 and October 15 of each year; provided that, if such
Class B Distribution Date is not a Business Day, payment shall be made on the next succeeding Business Day. 

        “Class B
Distribution Period” means the applicable period from (and including) a Class B Distribution Date to (but
excluding) the next subsequent Class B Distribution Date. 

        “Class B
Limited Member” means a Series B-1 Limited Member or a Series B-2 Limited Member, as the case may be.

        “Class B
Limited Member Preferred Return” means the Series B-1 Limited Member Preferred Return or the Series B-2
Limited Member Preferred Return, as the case may be. 

        “Class B
Limited Membership Interests” has the meaning set forth in Section 2.1(a). 

        “Class B
Mandatory Purchase Price” means, with respect to a Class B Remarketing of any Series of Class B Limited
Membership Interests held by any Class B Limited Member, an amount per Class B Limited Membership Interest being
remarketed determined pursuant to Section 7.2(b) and set forth in the Class B Remarketing Notice. 

        “Class B
Interim Remarketing” has the meaning set forth in Section 7.2(a). 

        “Class B
Mandatory Remarketing” has the meaning set forth in Section 7.2(a). 

14 

        “Class B
Mandatory Remarketing Date” means any date on which a Class B Mandatory Remarketing is conducted. 

        “Class B
Notice of Election” has the meaning set forth in Section 7.2(c)(i). 

        “Class B
Optional Make Whole Amount” means, with respect to any Series of Class B Limited Membership Interests being
purchased pursuant to Section 11.9 during a Fixed Rate Period, the amount of any make-whole payment to be made to the holders
of such Series in connection with such purchase, such amount to be calculated pursuant to a formula (i) determined by the
Managing Member, in consultation with the Class B Remarketing Agent, in connection with the Class B Remarketing
establishing such Fixed Rate Period, and (ii) based on then-existing market conditions and terms for preferred equity
interests similar to the Series of Class B Limited Membership Interests being remarketed. 

        “Class B
Preferred Distribution” means any amount distributable to a Class B Limited Member pursuant to
Section 4.1(a)(ii) with respect to any Series of Class B Limited Membership Interests. 

        “Class B
Purchase Date” has the meaning set forth in Section 11.9(d). 

        “Class B
Purchase Election Date” has the meaning set forth in Section 11.9(b). 

        “Class B
Purchase Notice” has the meaning set forth in Section 11.9(a). 

        “Class B
Purchase Option” has the meaning set forth in Section 11.9(a). 

        “Class B
Purchase Price” has the meaning set forth in Section 11.9(c). 

        “Class B
Purchase Valuation Date” has the meaning set forth in Section 11.9(c). 

        “Class B
Remarketing” means a Class B Mandatory Remarketing or a Class B Interim Remarketing. 

        “Class B
Remarketing Agent” means Lehman Brothers Inc. as exclusive remarketing agent until such time as Lehman Brothers Inc.
resigns or is removed in accordance with the Class B Remarketing Agreement entered into by Lehman Brothers Inc. and the Company,
and, thereafter, such other remarketing agent that would qualify as a Reference Corporate Dealer, selected by the Company with the
consent of holders of Series B-1 Limited Membership Interests representing at least two-thirds of the outstanding
Series B-1 Limited Membership Interests (other than the Series B-1 Limited Membership Interests held by GMI and its
Affiliates). 

        “Class B
Remarketing Agreement” means a remarketing agreement to be entered into by the Company and the Class B
Remarketing Agent on such terms as are customary in the remarketing of securities such as the Series B-1 Limited Membership
Interests, and including a Class B Remarketing Fee acceptable to the Company. 

15 

        “Class B
Remarketing Date” means any Business Day no later than the third Business Day prior to any Class B Settlement
Date. 

        “Class B
Remarketing Election Date” has the meaning set forth in Section 7.2(b). 

        “Class B
Remarketing Fee” means the fee due to the Class B Remarketing Agent under the Class B Remarketing Agreement.

        “Class B
Remarketing Notice” has the meaning set forth in Section 7.2(b). 

        “Class B
Reset Date” has the meaning set forth in Section 7.2(a). 

        “Class B
Settlement Date” has the meaning set forth in Section 7.2(c)(vii). 

        “Closing
Date” means October 6, 2004.  

        “Code”
means the United States Internal Revenue Code of 1986, as amended from time to time or any
successor legislation. 

        “Combined
Receivables Purchase and Sale Agreement” means the Receivables Purchase and Sale Agreement, dated as of July 24,
2002, by and among General Mills Finance, Inc., General Mills Sales, Inc., and the Company, as the same may be amended from time
to time in accordance with the terms thereof and hereof. 

        “Company”
has the meaning set forth in Section 1.1. 

        “Company
Minimum Gain” has the same meaning as “partnership minimum gain” set forth in Regulations
Sections 1.704-2(b)(2) and 1.704-2(d). 

        “Conveyance
Agreements” means (i) the Stock Transfer Agreement, dated as of April 2, 2002, by and between GMI and Popcorn
Distributors, Inc., (ii) the Contribution Agreement, dated as of April 2, 2002, by and between GMI and IP Holdings I,
(iii) the Contribution Agreement, dated as of April 2, 2002, by and between GMI and IP Holdings II, (iv) the
Contribution Agreement, dated as of April 2, 2002, by and between GMOI and Cereals Properties, (v) the Subscription
Agreement, dated as of April 2, 2002, by and between GMI and Cereals Holdings, (vi) the Transfer Agreement, dated as of April
2, 2002, by and among GMI, Popcorn Distributors, Inc., and GMOI, (vii) the Contribution Agreement, dated as of April 2, 2002,
by and among GMOI, TPC, Cereals Holdings, and the Company, and (viii) the Contribution Agreement, dated as of April 5, 2002,
by and between GMI and General Mills Rights Holdings, LLC, in each case, as the same may be amended from time to time in
accordance with the terms thereof and hereof. 

        “Corporate
SPE” has the meaning set forth in Section 5.7(a). 

        “Custodial Agreement”
has the meaning set forth in Section 5.2(c)(i). 

        “Custodian”
has the meaning set forth in Section 5.2(c)(i). 

16 

        “Damages”
means, without duplication, claims, demands, damages, costs, and Expenses (including reasonable fees and disbursements of
counsel), liabilities, Liens, losses, fines, penalties, charges and administrative, judicial and arbitration awards, judgments,
settlement payments, and deficiencies or other charges. 

        “Depository
Participant” shall mean a member of the Securities Depository. 

        “Depreciation”
means, for each Allocation Year, an amount equal to the depreciation, amortization, depletion or other cost recovery deduction
allowable with respect to an asset for such Allocation Year for federal income tax purposes, except that (i) with respect to
any asset whose Gross Asset Value differs from its adjusted tax basis for federal income tax purposes and which difference is
being eliminated by use of the “remedial allocation method” defined by Regulations Section 1.704-3(d), Depreciation
for such Allocation Year shall be the amount of book basis recovered for such Fiscal Year under the rules prescribed by
Regulations Section 1.704-3(d)(2), and (ii) with respect to any other asset whose Gross Asset Value differs from its
adjusted basis for federal income tax purposes at the beginning of such Allocation Year, Depreciation shall be an amount that
bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost
recovery deduction for such Allocation Year bears to such beginning adjusted tax basis; provided, however, that if
the adjusted basis for federal income tax purposes of an asset at the beginning of such Allocation Year is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing
Member. 

        “Designee”
has the meaning set forth in Section 7.2(c)(i). 

        “Director”
has the meaning set forth in Section 5.10(b). 

        “Dollars”
means United States dollars.  

        “DTC”
means The Depository Trust Company.  

        “11.8(a)(i)
Purchase Date” has the meaning set forth in Section 11.8(d)(i). 

        “11.8(a)(ii)
Purchase Date” has the meaning set forth in Section 11.8(d)(ii)(A). 

        “Excess Cash
Flow” means, for any period with respect to the Company and its Subsidiaries (determined on a consolidated basis in
accordance with GAAP), the excess, if any, of (i) the sum of (A) Cash Flow for such period plus (B) capital
expenditures for such period in excess of Budgeted Capital Expenditures for such period over (i) the sum of (A) all
interest paid in cash during such period on Indebtedness (net of interest income received in cash during such period) plus
(B) the aggregate amount of principal repayments of long-term Indebtedness scheduled to be paid during such period.

        “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

        “Exchange
Agreement” means the Exchange Agreement dated as of October 8, 2004 by and among GMI and LBSFI. 

17 

        “Exchange
Valuation Date” means, with respect to any exchange of Class B Limited Membership Interests for preferred stock
of GMI pursuant to the terms of the Exchange Agreement, the last day of the Fiscal Quarter immediately prior to the Fiscal Quarter
in which such exchange occurs. 

        “Expenses”
means any and all costs, liabilities, obligations, losses, Damages, penalties, interest, Taxes, claims (including, but not limited
to negligence, strict or absolute liability, liability in tort and liabilities arising out of violation of laws or regulatory
requirements of any kind), actions, suits, costs, expenses, and disbursements (including, without duplication, reasonable legal
fees and expenses). 

        “Failed
Class A Remarketing” has the meaning set forth in Section 7.1(c)(iv). 

        “Federal
Reserve Board” means the Board of Governors of the Federal Reserve System. 

        “Finance
Note” has the meaning specified in the definition of Permitted Loans. 

        “Financial
Covenant” means any covenant in any agreement or instrument that relates to information included or required to be
included in the balance sheet, statement of income, stockholders’ equity, or cash flows of any Person (excluding any such
covenant relating solely to the delivery of financial information). 

        “First
Baseline Amount” means, with respect to any Allocation Year, an amount equal to the sum of (i) the amount set
forth opposite such Allocation Year on
Schedule B plus (ii) the amount of interest income included in Profits for
such Allocation Year. 

        “First
Tier Factor” means, with respect to the Permitted Operating Assets for any relevant Measurement Period, as of any
date of determination, 1.05 to the x power where x is equal to the quotient of (i) the number of days from the
date on which any such Permitted Operating Assets were acquired by the Company to the date of determination divided by
(ii) 360. If the Consumer Price Index during the period described in (i) increased at an annual rate greater than five
percent (5%), then the amount by which such increase exceeded five percent (5%) (expressed as a decimal) shall be added to 1.05.
For example, if the annual increase in the Consumer Price Index for the relevant period is six percent (6%), the amount added to
1.05 is .01, and the x power set forth in clause (i) shall be applied to 1.06. For purposes of this definition of
“First Tier Factor,” the acquisition date of all Permitted Operating Assets shall be deemed
to be the first day of the relevant Measurement Period except to the extent such Permitted Operating Assets were acquired by the
Company subsequent to such date in connection with a significant expansion or acquisition of one of the Permitted Lines of
Business, in which case the acquisition date shall be the date of such expansion or acquisition. 

        “First
Tier Growth Value” means, with respect to all Permitted Assets as of any date of determination during any relevant
Measurement Period, the sum of (i) the sum of the products derived by multiplying the initial Gross Asset Value of each
Permitted Operating Asset times the applicable First Tier Factor, plus (ii) the aggregate Gross Asset Value of all Permitted
Financial Assets. For purposes of this definition of “First Tier Growth Value,” (x) the
acquisition date of all Permitted Operating Assets shall be deemed to be the first day of such Measurement Period except to the
extent such Permitted Operating Assets were acquired by the Company subsequent 

18 

to such date in connection with a significant expansion or acquisition of one
of the Permitted Lines of Business, in which case the acquisition date shall be the date of such expansion or acquisition and
(y) the initial Gross Asset Value of each Permitted Operating Asset held by the Company on the first day of such Measurement
Period shall be (1) with respect to the initial Measurement Period beginning on May 24, 2002 the initial Gross Asset
Value of such Permitted Operating Asset on such date and (2) with respect to any subsequent Measurement Period, the
Mark-to-Market Value of such Permitted Operating Asset as of such day. The initial Gross Asset Value of any Permitted Operating
Asset not held by the Company on the first day of any Measurement Period shall be determined in accordance with
subparagraph (i) of the definition of “Gross Asset Value.” 

        “Fiscal
Quarter” means (i) the period commencing on May 24, 2002 and ending on May 26, 2002 and (ii) each
subsequent three-month period commencing on the day after the last day of the prior Fiscal Quarter and ending on the last Sunday
in August, November, February, and May next to occur, through the date on which all Company Property is distributed to the Members
pursuant to Section 13. 

        “Fiscal
Year” means (i) the period commencing on May 24, 2002 and ending on May 26, 2002 and (ii) each subsequent
twelve-month period commencing on the day after the last day of the prior Fiscal Year and ending on the last Sunday in May,
through the date on which all Company Property is distributed to the Members pursuant to Section 13. 

        “Five-Year
Credit Agreement” means the Five-Year Credit Agreement, dated as of January 24, 2001, among GMI, JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), Citigroup Global Markets Inc. (formerly known as Salomon Smith Barney Inc.),
Barclays Bank Plc and Credit Suisse First Boston, and the other financial institutions party thereto, as amended, replaced, or
modified from time to time; provided that (i) if any replacement thereof shall fail to provide for extensions of
credit (or commitments to extend credit) in an amount at least equal to $500,000,000, then “Five-Year Credit Agreement”
shall mean the relevant credit agreement as in effect immediately prior to such replacement and (ii) if the Five-Year Credit
Agreement shall be amended or otherwise modified in contemplation of any termination or expiration of commitments to extend credit
thereunder or any material voluntary reduction in the aggregate amount of extensions of credit (or commitments to extend credit)
thereunder, then “Five-Year Credit Agreement” shall mean the relevant credit agreement as in effect immediately prior to
such amendment or other modification. Any reference herein to “Offshore Rate” or “Applicable Margin” as
defined in the Five-Year Credit Agreement shall, in the case of any replacement Five-Year Credit Agreement, refer to the
comparable defined terms in such replacement Five-Year Credit Agreement (and, if there is no such comparable defined term, to the
Five-Year Credit Agreement in effect prior to such replacement (subject to the foregoing provisos)). 

        “Fixed
Rate” means, with respect to any Series of Class B Limited Membership Interests and, on and after the second
Scheduled Reset Date, the Class A Limited Membership Interests, a Fixed Rate of return determined in accordance with
Section 7.2. 

19 

        “Fixed
Rate Period” means, with respect to any Series of Class B Limited Membership Interests and, on and after the
second Scheduled Reset Date, the Class A Limited Membership Interests, a Fixed Rate Period determined in accordance with
Section 7.2. 

        “Floating
Rate” means, for any Floating Rate Period for any Series of Class B Limited Membership Interests and, on and
after the second Scheduled Reset Date, the Class A Limited Membership Interests, the Adjustable Rate plus the applicable
Initial Credit Spread. In the event that the Company determines in good faith that for any reason: 

                (i)     any
one of the Benchmark Rates cannot be determined for any Class A Distribution Period or Class B Distribution Period, the Adjustable
Rate for such distribution period will be equal to the higher of whichever two of such rates can be so determined; 

                (ii)     only
one of the Benchmark Rates can be determined for any Class A Distribution Period or Class B Distribution Period, the Adjustable
Rate for such distribution period will be equal to whichever such rate can be so determined; or 

                (iii)    none
of the Benchmark Rates can be determined for any Class A Distribution Period or Class B Distribution Period, the Adjustable Rate
for the preceding Class A Distribution Period or Class B Distribution Period, as applicable, will be continued for such
distribution period. 

        The Company will calculate,
as promptly as practicable, the Floating Rate with respect to each Floating Rate Period according to the appropriate method
described above. 

        “Floating
Rate Period” means any Class A Distribution Period or Class B Distribution Period for which a Floating Rate is in
effect pursuant to Section 7.2. 

        “Food
Service Business” means the manufacture and sale by GMI Entities of products marketed to retail and wholesale
bakeries and offered to the commercial and non-commercial foodservice sectors throughout the United States and Canada, such as
restaurants and school cafeterias. 

        “GAAP”
means generally accepted accounting principles in the United States in effect from time to time. 

        “Gardetto’s”
means Gardetto’s Bakery, Inc., a Wisconsin corporation. 

        “Gardetto’s
Stock” means 100% of the issued and outstanding capital stock of Gardetto’s. 

        “General
Mills Missouri” means General Mills Missouri, Inc., a Missouri corporation. 

        “General
Mills Missouri Stock” means 100% of the issued and outstanding capital stock of General Mills Missouri. 

        “GM
Class B” has the meaning set forth in the preamble. 

20 

        “GMCO”
has the meaning set forth in the preamble. 

        “GMI”
means General Mills, Inc., a Delaware corporation. 

        “GMI
Entity” means GMI or any of its Subsidiaries (other than the Company
and its Subsidiaries). 

        “GMI
Event” means there shall have occurred and remain continuing (i) a default by any GMI Entity (individually or
collectively) in making one or more payments on the due date thereof under or in respect of any Permitted Loan (subject to the
satisfaction of any applicable notice requirement and the lapse of any applicable grace period), (ii) a default, event of
default, or other similar condition or event (however described) in respect of any GMI Entity under one or more agreements or
instruments relating to Indebtedness of any of them (individually or collectively) in an aggregate principal amount of not less
than $50,000,000 which has resulted in such Indebtedness becoming, or in the case of any Financial Covenant becoming capable at
such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and
payable, (iii) a default by any GMI Entity (individually or collectively) in making one or more payments on the due date
thereof in an aggregate principal amount of not less than $50,000,000 under such agreements or instruments (subject to the
satisfaction of any applicable notice requirement and the lapse of any applicable grace period), or (iv) a Bankruptcy occurs
with respect to GMI or any of its Material Subsidiaries. 

        “GMI
Guaranty” means an unconditional guaranty by GMI, in the form of Exhibit B, of the obligations of any other
GMI Entity under any Transaction Document. 

        “GMI
Member” means GMCO, TPC, Cereals Holdings, and any other Affiliate of GMI that may from time to time own an Interest
hereunder. 

        “GMOI”
has the meaning set forth in Section 1.1. 

        “Government
Obligations” means readily marketable direct obligations of (i) the Government of the United States,
(ii) any agency or instrumentality thereof rated AAA by S&P and Aaa by Moody’s, or (iii) the Federal Home Loan
Mortgage Corporation or the Federal National Mortgage Association rated AAA by S&P and Aaa by Moody’s. 

        “Gross
Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes,
except as follows: 

                (i)     The
initial Gross Asset Value of any Property contributed by a Member to the Company shall be the gross fair market value of such
asset as agreed to by each Member or, in the absence of any such agreement, as determined pursuant to the methodology set forth in
Section 13.11; provided that the initial Gross Asset Values of the Property contributed to the Company on
April 2, 2002 shall be as set forth in Section 2.1(b); 

                (ii)     The
Gross Asset Values of all items of Property shall be adjusted to equal their respective Mark-to-Market Value as determined in
accordance with Section 13.11 as of the following times: (A) the acquisition of an additional interest in the Company by
any new or existing Member in exchange for more than a de minimis Capital Contribution (other than 

21 

pursuant to Section 2.2(a) or 2.2(b)), (B) the distribution by the
Company to a Member of more than a de minimis amount of Property as consideration for an interest in the Company, and
(C) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 

                (iii)     The
Gross Asset Value of any item of Property distributed to any Member shall be adjusted to equal the Mark-to-Market Value of such
item on the date of distribution as determined in accordance with Section 13.11; and 

                (iv)     The
Gross Asset Value of each item of Property shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Sections 734(b) or 743(b), but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and subparagraph (vi) of the
definition of “Profits” and “Losses”; provided, however, that Gross Asset
Values shall not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment pursuant to subparagraph
(ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph
(iv). 

        If the Gross Asset Value of
an asset has been determined or adjusted pursuant to subparagraph (i), (ii), or (iv), such Gross Asset Value shall thereafter be
adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing Profits and Losses. For the
purposes of this definition of “Gross Asset Value,” a Capital Contribution or distribution
shall be considered de minimis if its value is less than $250,000. 

        “Guarantee”
means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or
otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working
capital, or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the shares or equity
interests of any Person, or an agreement to purchase, sell, or lease (as lessee or lessor) property, products, materials,
supplies, or services primarily for the purpose of enabling a debtor to make payment of such debtor’s obligations or an
agreement to assure a creditor against loss, and including, without limitation, causing a bank or other financial institution to
issue a letter of credit or other similar instrument for account of the guaranteeing Person for the benefit of another Person, but
excluding endorsements for collection or deposit in the ordinary course of business. The words “Guarantee”
and “Guaranteed” used as a verb shall have a correlative meaning. 

        “Immateriality
Exception” means any threshold, exclusion, exception, or qualification to, or limitation on, any representation and
warranty, or any covenant, which threshold, exclusion, exception, qualification, or limitation is qualified by use of the term
“Material Adverse Effect.” 

        “Indebtedness”
means, with respect to a specified Person, (i) all indebtedness of such Person for borrowed money, (ii) all obligations
of such Person for the deferred purchase price of property or services, (iii) all obligations of such Person evidenced by
bonds, notes, debentures, or other similar instruments, (iv) all indebtedness of such Person created or arising under any
conditional sale or other title retention agreement (whether or not the rights and remedies of the 

22 

seller or lender under such agreement in the event of default are limited to
repossession or sale of such property), (v) all obligations of such Person as lessee under leases that have been or should
be, in accordance with GAAP, recorded as leases, including Capital Lease Obligations, (vi) all obligations, contingent or
otherwise, of such Person under acceptance, letter of credit or similar facilities, (vii) all obligations of such Person to
purchase, redeem, retire, defease, or otherwise acquire for value any partnership interests of such Person, and (viii) all
Indebtedness referred to in clauses (i) through (vii) above guaranteed directly or indirectly by such Person through an agreement
(A) to pay or purchase such Indebtedness or to advance or supply funds for the payment or purchase of such Indebtedness,
(B) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of
enabling the debtor to make payment of such Indebtedness or to assure the holder of such Indebtedness against loss, (C) to
supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective
of whether such property is received or such services are rendered), or (D) otherwise to assure (i) through (vii) above
secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any
Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has
not assumed or become liable for payment of such Indebtedness. 

        “Indemnified
Taxes” has the meaning set forth in Section 8.3(b). 

        “Indemnitee”
has the meaning set forth in Section 5.5(d)(i). 

        “Indemnitor” has
the meaning set forth in Section 5.5(d)(i). 

        “Independent
Director” has the meaning set forth in Section 5.7(a). 

        “Initial
Class A Valuation Date” means, with respect to the adjustment to the Capital Accounts of the Members on the
initial Class A Reset Date, the last day of the Fiscal Quarter preceding the Fiscal Quarter in which such Class A Reset
Date occurs. 

        “Initial
Credit Spread” means 1.61%, with respect to the Series B-1 Limited Membership Interests and the Series B-2
Limited Membership Interests, and 0.75%, with respect to the Class A Limited Membership Interests. 

        “Initial
Fixed Rate Period” means the period commencing on October 8, 2004 to and including October 15, 2007. 

        “Initial
GMI Intangibles” means (i) the patents, trademarks and other Intellectual Property Rights conveyed by GMI to IP
Holdings I and IP Holdings II pursuant to the Contribution Agreement, dated as of April 2, 2002, between GMI and IP Holdings I,
and the Contribution Agreement, dated as of April 2, 2002, between GMI and IP Holdings II, in each case, as the same may be
amended from time to time in accordance with the terms thereof and hereof, (ii) the Old El Paso Patents and Progresso
Patents, and (iii) the other Pet Intangibles. 

        “Initial
PP&E” means (i) the property, plant and equipment and all other interests, rights, duties, and obligations
(including under the Albuquerque Documents) conveyed by GMOI to Cereals Properties pursuant to the Contribution Agreement, dated
as of April 2, 2002, between 

23 

GMOI and Cereals Properties and (ii) the leasehold interests of the
company under the Buffalo Lease. 

        “Initial
Series B-1 Preferred Distribution Rate” means four and one-half percent (4.5%) per annum. 

        “Initial
Series B-2 Preferred Distribution Rate” means four and one-half percent (4.5%) per annum. 

        “Intellectual
Property Rights” means patents, trademarks, service marks, logos, trade dress, trade names, internet domain names,
rights in designs, inventions and discoveries (whether patentable or not), copyrights and moral rights, database rights, trade
secrets, semi-conductor topography rights, utility models, rights in know-how and other intellectual property rights, in each case
whether registered or unregistered and including applications for registration, any and all continuations, continuations-in-part,
divisions, reissues, re-examinations, extensions and renewals and all rights or forms of protection having equivalent or similar
effect anywhere in the world. 

        “Interest”
means any limited liability company interest in the Company authorized by Section 2.1(a) representing the Capital
Contributions made by a Member or its predecessors in interest, and including, except as set forth in Section 11.5, any and
all benefits to which the holder of such an interest may be entitled as provided in this Agreement, together with all obligations
of such Person to comply with the terms and provisions of this Agreement. Each Interest and a certificate, if any, representing
such Interest shall constitute a “security” within the meaning of (i) Article 8 of the Uniform Commercial Code
(including Section 8-102(a)(15) thereof) as in effect from time to time in the States of Delaware and New York and
(ii) the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994
revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform
State Laws (as amended in 1999 by the American Law Institute and the National Conference of Commissioners on Uniform State Laws).
In its capacity as issuer of the “securities” constituting Interests, the “issuer’s jurisdiction” (within
the meaning of Section 8-110(d) of the Uniform Commercial Code) is the State of Delaware. 

        “Inventory”
means any work in process consumed in, and any finished goods produced or sold in, any Permitted Line of Business. 

        “Investment
Company Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated
thereunder. 

        “Involuntary
Bankruptcy” has the meaning set forth in the definition of
“Bankruptcy.” 

        “IP
Holdings I” means General Mills IP Holdings I, LLC, a Delaware limited liability company. 

        “IP
Holdings II” means General Mills IP Holdings II, LLC, a Delaware limited liability company. 

24 

        “IP
Holdings I Interest” means 100% of the limited liability company interest in IP Holdings I. 

        “IP
Holdings II Interest” means 100% of the limited liability company interest in IP Holdings II. 

        “LBSFI”
means Lehman Brothers Special Financing Inc, a Delaware corporation. 

        “LBSFI
Purchase Agreement” means the Purchase Agreement dated October 4,
2004 by and among LBSFI, the Company, GMI, and GM Class B. 

        “LIBOR”
means, for any Fiscal Quarter or other period during which the Limited Member Preferred Return is stated herein to accumulate, the
rate for deposits in Dollars for a period of three months which appears on the Telerate Page 3750 (or such other page as may
replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of
displaying comparable rates) as of 11:00 a.m., London time, on the day that is two (2) London Banking Days preceding the first day
of such Fiscal Quarter or other period; provided that, if such rate does not appear on Telerate Page 3750 (or such other
page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the
purpose of displaying comparable rates), the rate for such date will be determined on the basis of the rates at which deposits in
Dollars are offered by four (4) major banks in the London interbank market selected in good faith by the Managing Member at
approximately 11:00 a.m., London time, on the day that is two (2) London Banking Days preceding the first day of such Fiscal
Quarter or other period to prime banks in the London interbank market for a period of three months commencing on the first day of
such Fiscal Quarter or other period and in an amount of $10,000,000. 

        “Lien”
means, with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge, or
security interest in, on or of such asset, (ii) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease, or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset, and (iii) in the case of securities, any purchase option, call, or similar right of a
third party with respect to such securities. 

        “Limited
Member” means any Person who is a Class A Limited Member or a Class B Limited Member. 

        “Limited
Member Indemnitee” has the meaning set forth in Section 6.7(a). 

        “Limited Member
Preferred Return” means the Class A Limited Member Preferred Return and the Class B Limited Member
Preferred Return, as applicable. 

        “Limited
Membership Interests” means (A) the Class A Limited Membership Interests and (B) the Class B
Limited Membership Interests, as applicable. 

        “Liquidating
Event” has the meaning set forth in Section 13.1(a). 

        “Liquidation Notice”
has the meaning set forth in Section 14.2. 

25 

        “Liquidation
Period” has the meaning set forth in Section 13.7. 

        “Liquidation Period
Guaranteed Payment” has the meaning set forth in Section 13.7. 

        “Liquidator”
has the meaning set forth in Section 13.10(a). 

        “LLC
SPE” has the meaning set forth in Section 5.7(d). 

        “London
Banking Day” means any day on which commercial banks are open for general business (including dealings in foreign
exchange and foreign currency deposits) in London. 

        “Losses”
has the meaning set forth in the definition of “Profits” and
“Losses.” 

        “Managing
Member” means GMCO so long as it continues to serve in such capacity and has not been replaced by a successor
Managing Member in accordance with Section 5.6 and shall also refer to any Person that is admitted to the Company as a
successor Managing Member of the Company in accordance with Section 5.6, in its capacity as a manager of the Company.

        “Managing
Member Indemnitee” has the meaning set forth in Section 5.5(a). 

        “Managing Membership
Interest” has the meaning set forth in Section 2.1(a). 

        “Mark-to-Market
Capital Account” means the Capital Account determined with respect to each Limited Membership Interest in connection
with a Class A Mandatory Remarketing or Class B Mandatory Remarketing pursuant to (i) with respect to a
Class A Limited Member, Section 7.1(e)(iii), and (ii) with respect to a Class B Limited Member,
Section 7.2(b)(iii). 

        “Mark-to-Market
Valuation” has the meaning set forth in Section 13.11(a). 

        “Mark-to-Market Value”
has the meaning set forth in Section 13.11(a). 

        “Material
Adverse Effect” means, with respect to any Person, a material adverse effect on (i) the business, operations,
properties, or condition (financial or otherwise) of such Person and its Subsidiaries taken as a whole, (ii) the ability of
such Person to perform its obligations under any of the Transaction Documents to which it is a party, or (iii) any of the
rights or remedies available against such Person under any of the Transaction Documents to which such Person is a party.

        “Material
Subsidiary” means (i) in the case of the Company, any Subsidiary of the Company and (ii) in the case of
GMI, any Subsidiary of GMI that as of such time meets the definition of “significant subsidiary” contained as of the
date of the Amended and Restated LLC Agreement in Regulation S-X of the Securities and Exchange Commission; provided that
notwithstanding the foregoing, each GMI Entity (other than GMI) that is a party to any Transaction Document shall be deemed to be
a “Material Subsidiary.” 

        “Measurement
Period” means (i) the period commencing on May 24, 2002 and ending on September 30, 2007 and (ii) each
subsequent five (5) year period commencing on the day 

26 

after the last day of the prior Measurement Period and ending on the last
Sunday in May in the fifth year of such five (5) year period. 

        “Member”
means a Limited Member or the Managing Member. A Member is a “member” of the Company for purposes of the Act.

        “Member
Indemnitee” has the meaning set forth in Section 5.8(a). 

        “Membership
Interests” means the Limited Membership Interests and the Managing Membership Interest. 

        “Member
Nonrecourse Debt” has the same meaning as the term “partner nonrecourse debt” set forth in Regulations
Section 1.704-2(b)(4). 

        “Member
Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company
Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance
with Regulations Section 1.704-2(i)(3). 

        “Member
Nonrecourse Deductions” has the same meaning as the term “partner nonrecourse deductions” set forth in
Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

        “Membership
Registry” means the registry of the Company containing the names and addresses of the Members, as such registry is
revised from time to time, and as attached hereto as Schedule A. 

        “Minimum
Transfer Amount” means 15,000 Series B-1 Limited Membership Interests. 

        “Moody’s”
means Moody’s Investor Service, Inc. or its successor. 

        “Nonrecourse
Deductions” has the meaning set forth in Regulations Sections 1.704-2(b)(1) and 1.704-2(c). 

        “Nonrecourse
Liability” has the meaning set forth in Regulations Section 1.704-2(b)(3). 

        “Old
El Paso Patents” means the Old El Paso patents used in the sale of packaged food products in the United States and
identified in the Intellectual Property License Agreement, dated May 24, 2002, by and between the Company, as licensor, and GMI,
as licensee, as (i) amended on May 1, 2003 in accordance with the terms thereof and the terms of the Amended and
Restated LLC Agreement and (ii) the same may be further amended from time to time in accordance with the terms thereof and
hereof. 

        “Original
LLC Agreement” has the meaning set forth in Section 1.1. 

        “Original Members”
has the meaning set forth in Section 1.1. 

27 

        “Other
GMI Entity Agreement” means any agreement entered into after the date of the Amended and Restated LLC Agreement by
and between the Company or any of its Subsidiaries and any GMI Entity. 

        “Other
Lines of Business” means any line of business that is not a Permitted Line of Business. 

        “Other
Products” means any products, other than the products manufactured, marketed, imported, distributed, or sold by, or
on behalf of, the Company or any of its Subsidiaries or otherwise relating to the Cereals Business or the Pet Business.

        “Permitted
Assets Requirement” means the requirement of the Company to hold only assets that are Permitted Assets. 

        “Permitted
Assets” means:  

                (i)    Permitted
Intangible Assets;  

                (ii)    Permitted
PP&E Assets;  

                (iii)    Raw
Materials;  

                (iv)    Inventory;  

                (v)    Permitted
Intellectual Property Licenses;  

                (vi)    Permitted
PP&E Licenses;  

                (vii)    Permitted
Loans;  

                (viii)    the
Pet Stock;  

                (ix)    the
Cereals Properties Interest;  

                (x)    the
IP Holdings I Interest;  

                (xi)    the
IP Holdings II Interest;  

                (xii)    the
General Mills Missouri Stock;  

                (xiii)    the
Gardetto’s Stock;  

                (xiv)    Cash
and Cash Equivalents; and  

                (xv)    A-Rated
Securities.  

        “Permitted
Financial Assets” means all Permitted Assets other than Permitted Operating Assets. 

28 

        “Permitted
Indebtedness” means Indebtedness of the Company or any Subsidiary (i) existing on May 24, 2002 and set forth on
Schedule D of the Amended and Restated LLC Agreement, or (ii) incurred to finance the acquisition, construction, or
improvement of any fixed or capital assets, including Capital Lease Obligations, and any Indebtedness assumed in connection with
the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions,
renewals, and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided
that, with respect to clause (ii), that (x) such Indebtedness is incurred prior to or within ninety (90) days after such
acquisition or the completion of such construction or improvement, (y) the aggregate principal amount of all such
Indebtedness shall not exceed $100 million at any time outstanding, and (z) the aggregate principal amount of such
Indebtedness does not exceed 100% of the cost of such fixed or capital assets. 

        “Permitted
Intangible Assets” means the Initial GMI Intangibles and any other patents, trademarks or other Intellectual Property
Rights (or a 100% interest in any limited liability company holding such patents, trademarks, or other Intellectual Property
Rights) contributed to the Company by any GMI Member or purchased or created by the Company or any of its Subsidiaries and
(i) used by the Company or any of its Subsidiaries in a Permitted Line of Business or (ii) licensed to GMI, consolidated
Subsidiaries of GMI, or to third parties for use in an Other Lines of Business pursuant to a Permitted Intellectual Property
License. 

        “Permitted
Intellectual Property License Agreements” means (i) a license agreement substantially in the form attached
hereto as Exhibit C-1 pursuant to which Permitted Intangible Assets may be licensed to GMI and its consolidated
Subsidiaries or to third parties for use in connection with the production and sale of Other Products, (ii) a license
agreement substantially in the form attached hereto as Exhibit C-1 pursuant to which Permitted Intangible Assets may be
licensed to GMI and its consolidated Subsidiaries or to third parties for use in connection with the research and development of
materials and products related to a Permitted Line of Business, and (iii) license agreements in the form attached hereto as
Exhibit C-2 related to Intellectual Property Rights with respect to the PET Business used outside the United States.

        “Permitted
Intellectual Property Licenses” means the intellectual property licenses that are the subject of the Permitted
Intellectual Property License Agreements. 

        “Permitted
Liens” means any of the following: 

                (i)    any
Lien existing on the Property of the Company or its Subsidiaries existing on May 24, 2002 and set forth on Schedule C
securing Indebtedness outstanding on such date; 

                (ii)    Liens
for taxes, fees, assessments, or other governmental charges that are not delinquent or are being contested in good faith by
appropriate proceedings and against which adequate reserves have been established in accordance with GAAP; 

                (iii)    mechanics’,
workmen’s, repairmen’s, materialmen’s, carrier’s, warehousemen’s, vendors’ Liens, and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty
(30) days; 

29 

                (iv)    pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance, and
other social security laws or regulations; 

                (v)    good
faith deposits in connection with bids, tenders, contracts (other than for the payment of money), or leases to which the Company
or any Subsidiary is a party, or deposits to secure public or statutory obligations of the Company or any Subsidiary, or deposits
in connection with obtaining or maintaining self-insurance, or to obtain the benefits of any law, regulation, or arrangement
pertaining to unemployment insurance, old age pensions, social security, or similar matters, or deposits of cash or obligations of
the United States of America to secure surety, appeal, or customs bonds to which the Company or any Subsidiary is a party, in each
case, made in the ordinary course of business and not securing any Indebtedness; 

                (vi)    easements,
rights-of-way, zoning restrictions, restrictions on the use of real property, and defects and irregularities in the title thereto,
landlords’ liens, and other similar liens and encumbrances none of which (A) secure Indebtedness, (B) interfere
materially with the use of the property covered thereby in the ordinary course of the business of the Company or such Subsidiary
or (C) materially detract from the value of such properties; 

                (vii)    Liens
on any fixed or capital assets, including Capital Lease Obligations, acquired, constructed, or improved by the Company or any
Subsidiary after May 24, 2002 that are created or assumed contemporaneously with such acquisition, construction, or improvement,
or within ninety (90) days after the completion thereof, to secure or provide for the payment of all or any part of the cost of
such acquisition, construction, or improvement (including related expenditures capitalized for Federal income tax purposes in
connection therewith) incurred after the date of the Amended and Restated LLC Agreement, provided that (A) such Liens
secure Permitted Indebtedness and (B) such Liens do not apply to any other property or assets of the Company or any of its
Subsidiaries; 

                (viii)    Liens
created by or resulting from any litigation or other proceeding which is being contested in good faith by appropriate proceedings,
including Liens arising out of judgments or awards against the Company or any Subsidiary with respect to which the Company or such
Subsidiary is in good faith prosecuting an appeal or proceedings for review; or Liens incurred by the Company or any Subsidiary
for the purpose of obtaining a stay or discharge in the course of any litigation or other proceeding to which the Company or such
Subsidiary is a party; provided that the aggregate amount of obligations or potential obligations secured by such Liens
shall not exceed $10,000,000; 

                (ix)    Liens
on any property created, assumed, or otherwise brought into existence in contemplation of the sale or other disposition of the
underlying property, whether directly or indirectly, by way of disposition of limited liability company membership interests or
otherwise; provided that (A) 180 days from the creation of such Liens the Company or the relevant Subsidiary must have
disposed of such property and (B) any Indebtedness secured by such Lien shall be without recourse to the Company or any
Subsidiary; 

                (x)    any
extension, renewal, or replacement (or successive extensions, renewals, or replacements), as a whole or in part, of any Lien
existing on the date of the 

30 

Amended and Restated LLC Agreement or of any Lien referred to in the
foregoing clauses (i), (vi) and (viii); provided that (1) such extension, renewal, or replacement Lien shall be
limited to all or a part of the same property, limited liability company membership interests, shares of stock, or Indebtedness
that secured the Lien extended, renewed or replaced (plus improvements on such property) and (2) the Indebtedness secured by
such Lien at such time is not increased; and 

                (xi)    Liens
granted to General Mills Finance, Inc. and General Mills Capital, Inc. pursuant to the Receivables Purchase and Sale Agreements. 

        “Permitted Lines
of Business” means the Pet Business and Cereals Business. 

        “Permitted
Loans” means loans that: (i) are arm’s length, Dollar-denominated, demand loans made by the Company to any
GMI Entity or any other Person chosen by the Managing Member and, with respect to loans made other than to any GMI Entity,
approved by the unanimous written consent of the Class A Limited Members and the Required Class B Limited Members,
(ii) bear interest, at any given time, at a floating rate of interest per annum equal to the Offshore Rate plus the
Applicable Margin (such terms having the meaning specified in the Five-Year Credit Agreement); (iii) evidenced by a note
substantially in the form attached hereto as Exhibit A (the “Finance Note”); (iv) are eligible
to be Transferred to any “qualified institutional buyer” under and in accordance with Rule 144A under the Securities
Act; and (v) in the case of loans to any GMI Entity (other than GMI), are unconditionally guaranteed by GMI pursuant to a GMI
Guaranty. 

        “Permitted
Operating Assets” means all Permitted Assets other than those described in clauses (vii), (xiv), and (xv) of the
definition of “Permitted Assets.” 

        “Permitted
PP&E Assets” means the Initial PP&E and any other property, plant, and equipment (or a 100% sole limited
liability company interest in any limited liability company holding such property, plant, and equipment) contributed to the
Company by any GMI Member or purchased or constructed by the Company or any of its Subsidiaries and (i) used by the Company
or any of its Subsidiaries in a Permitted Line of Business or (ii) leased to GMI, consolidated Subsidiaries of GMI, or third
parties for use in an Other Line of Business pursuant to a Permitted PP&E License. 

        “Permitted
PP&E License Agreement” means a license agreement substantially in the form attached hereto as Exhibit D,
pursuant to which Permitted PP&E Assets may be licensed to GMI and its consolidated Subsidiaries or to third parties for use
in connection with the production and sale of Other Products. 

        “Permitted
PP&E Licenses” means the permitted property, plant, and equipment licenses that are the subject of the Permitted
PP&E License Agreements. 

        “Permitted
Transfer” has the meaning set forth in Section 11.2(d). 

        “Permitted Transferee”
has the meaning set forth in Section 11.2(d). 

31 

        “Person”
means any individual, partnership (whether general or limited), limited liability company, corporation, trust, estate,
association, nominee, or other entity. 

        “Pet”
means Pet Incorporated, a Delaware corporation. 

        “Pet
Business” means the manufacture and sale by the Company and its Subsidiaries of packaged food products, other than
organic food products, for sale, directly or indirectly, to consumers under the “Progresso” and “Old El Paso”
brand names (or any variation thereof), other than in connection with the Food Service Business. 

        “Pet
Intangibles” means all Intellectual Property Rights owned by Pet. 

        “Pet Stock”
means 100% of the capital stock of Pet. 

        “Portfolio
Compliance Certificate” means a written certificate of the Managing Member signed by a Responsible Officer stating
whether or not, as of the date stated therein and for the period covered thereby, the Company satisfied the Permitted Assets
Requirement and the Portfolio Requirements (showing all calculations necessary to determine such compliance); provided
that, with respect to the certification regarding the asset coverage ratio set forth in Section 5.9(a)(i), such certificate
shall be based on the Managing Member’s determination as to the fair market value of the Company’s Permitted Assets in a
manner consistent with the Mark-to-Market Valuation methodology set forth in Section 13.11. 

        “Portfolio
Requirements” has the meaning set forth in Section 5.9(a). 

        “Portfolio
Value” has the meaning set forth in Section 5.9(b). 

        “Preferred
Return Capital” means:  

                (i)    with
respect to a Class A Limited Member, (A) for the initial Preferred Return Period, the sum of (1) such Class A
Limited Member’s initial Capital Account; provided that the initial Capital Account of TPC with respect to its
Class A Limited Membership Interest for purposes of this clause (a) shall be, (I) prior to the Closing Date,
$392,151,000 and (II) on an after the Closing Date, $88,851,000, plus (2) Undistributed Preferred Return, and
(B) for any subsequent Preferred Return Period, the sum of (1) the product of (a) the amount of the Mark-to-Market
Capital Account per Class A Limited Membership Interest determined in connection with the Class A Mandatory Remarketing
of the Class A Limited Membership Interests as of the Initial Class A Valuation Date or Reset Valuation Date, as the
case may be, with respect to the Class A Mandatory Remarketing Date constituting the first day of such Preferred Return
Period, times (b) the number of Class A Limited Membership Interests held by such Class A Limited Member, plus
(2) Undistributed Preferred Return; and 

                (ii)    with
respect to any Class B Limited Member and for any Series of Class B Limited Membership Interests held by such Member
(A) for the initial Preferred Return Period, the sum of (1) such Class B Limited Member’s initial Capital
Account attributable to such Series of Interests; provided that, for purposes of this definition of Preferred Return
Capital, TPC’s Capital Contributions shall equal (i) prior to the Closing Date, zero, and (ii) on an after the
Closing Date, $303,300,000, plus (2) Undistributed Preferred Return, (B) for any subsequent 

32 

Preferred Return Period, the sum (1) the product of (a) the amount
of the Mark-to-Market Capital Account per Class B Limited Membership Interest determined in connection with the Class B
Mandatory Remarketing of such Series of Class B Limited Membership Interests as of the Reset Valuation Date with respect to
the Class B Mandatory Remarketing Date constituting the first day of such Preferred Return Period, times (b) the number
of Class B Limited Membership Interests of such Series held by such Member, plus (2) Undistributed Preferred
Return. 

        In the event Class A
Limited Membership Interests or Class B Limited Membership Interests are Transferred in accordance with the terms of this
Agreement (other than in a Class A Remarketing or a Class B Remarketing), the transferee shall succeed to the Preferred
Return Capital of the transferor to the extent it relates to the Transferred Interests. 

        “Preferred Return
Period” means (i) the period commencing on May 24, 2002 and ending on the day prior to the first Scheduled
Reset Date; provided that, the initial Preferred Return Period with respect to the Class A Limited Membership
Interests shall end on the Class A Reset Date and (ii) each subsequent five (5) year period commencing on the day after
the last day of the prior Preferred Return Period and ending on the day prior to the next Scheduled Reset Date. 

        “Preferred
Securities” means any preferred securities represented by the Limited Membership Interests. 

        “Profits”
and “Losses” mean, for each Allocation Year, an amount equal to the Company’s taxable income or loss
for such Allocation Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain,
loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or
loss), with the following adjustments (without duplication): 

                (i)    Any
income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses
pursuant to this definition of “Profits” and “Losses” shall be added to such taxable income or loss; 

                (ii)    Any
expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or
Losses pursuant to this definition of “Profits” and “Losses” shall be subtracted
from such taxable income or loss; 

                (iii)    In
the event the Gross Asset Value of any item of Property is adjusted pursuant to subparagraph (ii) or (iii) of the definition of
Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset
Value of the item of Property) or an item of loss (if the adjustment decreases the Gross Asset Value of the item of Property) from
the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; 

                (iv)    Gain
or loss resulting from any disposition of any Property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference 

33 

to the Gross Asset Value of the item of Property disposed of, notwithstanding
that the adjusted tax basis of such Property differs from its Gross Asset Value; 

                (v)    In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such Allocation Year, computed in accordance with the definition of
“Depreciation”; 

                (vi)    To
the extent an adjustment to the adjusted tax basis of any item of Property pursuant to Code Sections 734(b) or 743(b) is required,
pursuant to Regulations Section 1.704-(b)(2)(iv)(m)(4), to be taken into account in determining Capital
Accounts as a result of a distribution other than in liquidation of a Member’s Interest, the amount of such adjustment shall
be treated as an item of gain (if the adjustment increases the basis of the item of Property) or loss (if the adjustment decreases
such basis) from the disposition of such item of Property and shall be taken into account for purposes of computing Profits or
Losses; and 

                (vii)    Notwithstanding
any other provision of this definition, any items that are specially allocated pursuant to Section 3.3 or 3.4 shall not be taken
into account in computing Profits or Losses. 

        The amounts of the items of
Company income, gain, loss, or deduction available to be specially allocated pursuant to Section 3.3 or 3.4 shall be determined by
applying rules analogous to those set forth in subparagraphs (i) through (vii) above. 

        “Progresso
Patents” means the Progresso patents used in the sale of packaged food products in the United States and owned by Pet
and licensed by Pet to the Company pursuant to the Intellectual Property License Agreement, dated May 24, 2002, by and between the
Company, as licensor, and GMI, as licensee. 

        “Property”
means all real and personal property acquired by the Company and its Subsidiaries, including Cash, and any improvements thereto,
and shall include both tangible and intangible property. 

        “PTP”
means a “publicly traded partnership,” as defined in Code Section 7704, taxable as a corporation for U.S. federal
income tax purposes. 

        “Public
Utility Holding Company Act” means the Public Utility Holding Company Act of 1935, as amended, and the rules and
regulations promulgated thereunder. 

        “Purchaser’s
Letter” has the meaning set forth in Section 11.3(f). 

        “Rating
Agency” means Moody’s or S&P, as the case may be. 

        “Raw
Materials” means raw materials, including, without limitation, ingredients and packaging materials used in any
Permitted Line of Business. 

        “RBDB”
has the meaning set forth in the preamble. 

34 

        “Receivables
Purchase and Sale Agreements” means the Amended and Restated Receivables Purchase and Sale Agreement and the Combined
Receivables Purchase and Sale Agreement. 

        “Reconstitution
Period” has the meaning set forth in Section 13.1(b). 

        “Regulations”
means the Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as such regulations are amended
from time to time. 

        “Regulatory
Allocations” has the meaning set forth in Section 3.4. 

        “Reference
Corporate Dealer” means a leading dealer of publicly traded debt securities selected by the Company, which dealer
shall be a Qualified Institutional Buyer (as defined in Rule 144A under the Securities Act). 

        “Required
Class A Limited Members” means the holder or holders of more than fifty percent (50%) of the Class A
Limited Membership Interests. In determining whether holders of the requisite percentage of the Class A Limited Membership
Interests have given any request, demand, authorization, direction, notice, consent, or waiver hereunder, the Class A Limited
Membership Interests owned by GMI or any of its Affiliates shall be disregarded and deemed not to be outstanding. 

        “Required
Class B Limited Members” means (i) the holder or holders representing more than two-thirds of the
outstanding Series B-1 Limited Membership Interests and (ii) the holder or holders representing more than two-thirds of
the outstanding Series B-2 Limited Membership Interests. In determining whether holders of the requisite percentage of the
Class B Limited Membership Interests have given any request, demand, authorization, direction, notice, consent, or waiver
hereunder, the Class B Limited Membership Interests owned by GMI or any of its Affiliates shall be disregarded and deemed not
to be outstanding. 

        “Reset
Valuation Date” means, with respect to the adjustment to the Capital Accounts of the Members on a Scheduled Reset
Date, the last day of the Fiscal Quarter preceding the Fiscal Quarter in which such Scheduled Reset Date occurs. 

        “Responsible
Officer” means an executive officer of the Managing Member familiar with the financial affairs of the Company.

        “S&P”
means Standard & Poor’s Rating Services, a division of The McGraw-Hill Corporation or its successor. 

        “Scheduled
Reset Date” means (i) October 15, 2007, and (ii) each sixty-month anniversary of such date; provided
that if such anniversary is not a Business Day, the Scheduled Reset Date shall be the first Business Day preceding such
anniversary. 

        “Second
Amended and Restated LLC Agreement” has the meaning set forth in Section 1.1. 

        “Second
Amendment” has the meaning set forth in Section 1.1. 

35 

        “Secondary
Purchase Agreement” means an agreement containing customary terms and conditions to be dated as of the applicable
Class A Reset Date (or such other date permitted by applicable law) among the Company, the Selling Class A Holders, the
Class A Remarketing Agent, and the Secondary Purchasers (selected in the manner provided in Section 7.1(c)) providing
for the purchase of the Class A Limited Membership Interests by the Secondary Purchasers; provided that (i) the
only representations by a holder will be due authorization, power and authority, validity, enforceability, no approval, and good
and marketable title to the Class A Limited Membership Interests, (ii) the only obligation of a Selling Class A
Holder shall be to sell the Class A Limited Membership Interests pursuant to a successful Class A Remarketing and
(iii) such agreement is otherwise acceptable to the Selling Class A Holders. 

        “Secondary
Purchasers” has the meaning set forth in Section 7.1(c)(ii). 

        “Second
Baseline Amount” means, with respect to any Allocation Year, an amount equal to the sum of (i) the amount set
forth opposite such Allocation Year on Schedule B plus (ii) the amount of interest income included in Profits for such
Allocation Year. 

        “Second
Tier Factor” means, with respect to any Permitted Operating Asset for any relevant Measurement Period, as of any date
of determination, 1.06 to the x power where x is equal to the quotient of (i) the number of days from the date
on which any such Permitted Operating Assets were acquired by the Company to the date of determination divided by (ii) 360.
If the Consumer Price Index during the period described in (i) increased at an annual rate greater than five percent (5%), then
the amount by which such increase exceeded five percent (5%) (expressed as a decimal) shall be added to 1.06. For example, if the
annual increase in the Consumer Price Index for the relevant period is six percent (6%), the amount added to 1.06 is .01, and the
x power set forth in clause (i) shall be applied to 1.07. For purposes of this definition of “Second Tier
Factor,” the acquisition date of all Permitted Operating Assets shall be deemed to be the first day of
the relevant Measurement Period except to the extent such Permitted Operating Assets were acquired by the Company subsequent to
such date in connection with a significant expansion or acquisition of one of the Permitted Lines of Business, in which case the
acquisition date shall be the date of such expansion or acquisition. 

        “Second
Tier Growth Value” means, with respect to all Permitted Assets as of any date of determination during any relevant
Measurement Period, the sum of (i) the sum of the products derived by multiplying the initial Gross Asset Value of each
Permitted Operating Asset times the applicable Second Tier Factor, plus (ii) the aggregate Gross Asset Value of all Permitted
Financial Assets. For purposes of this definition of “Second Tier Growth Value,”
(x) the acquisition date of all Permitted Operating Assets shall be deemed to be the first day of such Measurement Period
except to the extent such Permitted Operating Assets were acquired by the Company subsequent to such date in connection with a
significant expansion or acquisition of one of the Permitted Lines of Business, in which case the acquisition date shall be the
date of such expansion or acquisition and (y) the initial Gross Asset Value of each Permitted Operating Asset held by the
Company on the first day of such Measurement Period shall be (1) with respect to the initial Measurement Period beginning on
May 24, 2002 the initial Gross Asset Value of such Permitted Operating Asset on such date and (2) with respect to any
subsequent Measurement Period, the Mark-to-Market Value of such Permitted Operating Asset as of such day. The initial Gross Asset
Value of any Permitted Operating Asset not held by the Company on 

36 

the first day of any Measurement Period shall be determined in accordance
with subparagraph (i) of the definition of “Gross Asset Value.” 

        “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

        “Securities
Depository” shall mean DTC and its successors and assigns or if the then Securities Depository resigns from its
function as depository of the Series B-1 Preferred Certificates or the Managing Member determines to discontinue use of the
then Securities Depository pursuant to Section 11.10, any other security depository selected as provided in such Section,
which agrees to follow the procedure required to be followed by such securities depository in connection with the Series B-1
Preferred Certificates. 

        “Securities
Purchase Agreement” means the securities purchase agreement dated as of May 24, 2002, by and among the Company and
its Subsidiaries, GMI and certain of its Affiliates and RBDB. 

        “Selling
Class A Holders” has the meaning set forth in Section 7.1(c)(iii). 

        “Series”
has the meaning set forth in Section 2.1(a). 

        “Series B-1
Limited Membership Interests” has the meaning set forth in Section 2.1(b)(iii). 

        “Series B-2
Limited Membership Interests” has the meaning set forth in Section 2.1(b)(iii). 

        “Series B-1
Limited Members” means (i) GM Class B (unless it has ceased to be a Series B-1 Limited Member) and
(ii) any Person who has become a substituted Series B-1 Limited Member pursuant to the terms of this Agreement and has
not ceased to be a Series B-1 Limited Member. 

        “Series B-2
Limited Members” means (i) Cereals Holdings (unless it has ceased to be a Series B-2 Limited Member) and
(ii) any Person who has become a substituted Series B-2 Limited Member pursuant to the terms of this Agreement and has
not ceased to be a Series B-2 Limited Member. 

        “Series B-1
Limited Member Preferred Return” means, with respect to any Series B-1 Limited Member, the return that will
accrue during each Class B Distribution Period or portion thereof (if such Class B Distribution Period is a Fixed Rate Period,
computed on the basis of a 360-day year of twelve 30-day months, and if such Class B Distribution Period is a Floating Rate
Period, computed using the actual number of days elapsed, including the first and excluding the last days thereof, over a 360-day
year) on the amount of such Series B-1 Limited Member’s Preferred Return Capital during such Class B Distribution
Period, at a rate per annum equal to the applicable Series B-1 Preferred Return Rate. 

        “Series B-2
Limited Member Preferred Return” means, with respect to any Series B-2 Limited Member, the return that will
accrue during each Class B Distribution Period or portion 

37 

thereof (if such Class B Distribution Period is a Fixed Rate Period, computed
on the basis of a 360-day year of twelve 30-day months, and if such Class B Distribution Period is a Floating Rate Period,
computed using the actual number of days elapsed, including the first and excluding the last days thereof, over a 360-day year) on
the amount of such Series B-2 Limited Member’s Preferred Return Capital during such Class B Distribution Period, at a
rate per annum equal to the applicable Series B-2 Preferred Return Rate. 

        “Series B-1
Preferred Certificate” means a certificate substantially in the form of Exhibit H hereto, evidencing the
Series B-1 Limited Membership Interests held by a Series B-1 Limited Member. 

        “Series B-2
Preferred Certificate” means a certificate substantially in the form of Exhibit I hereto, evidencing the
Series B-2 Limited Membership Interests held by a Series B-2 Limited Member. 

        “Series B-1
Preferred Return Rate” means, with respect to the Series B-1 Limited Membership Interests (i) during the
Initial Fixed Rate Period, the Initial Series B-1 Preferred Distribution Rate and (ii) thereafter, such Fixed Rate or
Floating Rate as shall be determined in accordance with Section 7.2. 

        “Series B-2
Preferred Return Rate” means, with respect to the Series B-2 Limited Membership Interests (i) during the
Initial Fixed Rate Period, the Initial Series B-2 Preferred Distribution Rate and (ii) thereafter, such Fixed Rate or
Floating Rate as shall be determined in accordance with Section 7.2. 

        “Special
Securities” means securities which can, at the option of the holder, be surrendered at face value in payment of any
Federal estate tax or which provide tax benefits to the holder and are priced to reflect such tax benefits or which were
originally issued at a deep or substantial discount. 

        “Specified
Financial Assets” means: (i) Permitted Loans, (ii) Cash and Cash Equivalents, and (iii) A-Rated
Securities.  

        “Specified
Financial Investment Level” means $140,000,000, plus in any Fiscal Year, fifty percent (50%) of the aggregate amount
of any Excess Cash Flow for such Fiscal Year and for each prior Fiscal Year, provided that the Specified Financial
Investment Level shall in no event exceed $600,000,000. 

        “Subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, association, or other entity, the accounts of which would be consolidated with those of the parent in the
parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such
date, as well as any other corporation, limited liability company, partnership, association, or other entity (i) of which
securities or other ownership interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%)
of the ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests
are, as of such date, owned, Controlled, or held or (ii) that is, as of such date, otherwise Controlled, by the parent or one
or more subsidiaries of the parent. For this purpose, “Control” means the 

38 

possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract, or
otherwise, and “Controlled” has a meaning correlative thereto. 

        “Taxes”
means any and all taxes (including net income, gross income, franchise, ad valorem, gross receipts, sales, use, property, and
stamp taxes), levies, imposts, duties, charges, assessments, or withholdings of any nature whatsoever, general or special,
ordinary or extraordinary, now existing or hereafter created or adopted, together with any and all penalties, fines, additions to
tax, and interest thereon. 

        “Tax
Matters Member” has the meaning set forth in Section 9.3(a). 

        “Telerate
Page 3750” means the display designated on page 3750 on Bridge Telerate Inc. (or such other page as may replace the
3750 page on the service or such other service as may be nominated by the British Bankers’ Association for the purpose of
displaying London interbank offered rates for Dollars deposits). 

        “10-year
Average Yield” means the average yield to maturity for actively traded marketable U.S. fixed interest rate securities
(adjusted to constant maturities of 10 years). 

        “10-year
Treasury CMT” for each Class A Distribution Period or Class B Distribution Period, the arithmetic average of the two
most recent weekly per annum 10-year Average Yields (as defined below) (or the total weekly per annum 10-year Average Yields, if
less than two such yields are published during the relevant Calendar Period), as published weekly by the Federal Reserve Board
during the Calendar Period immediately preceding the Class A Distribution Period or Class B Distribution Period for which the
Preferred Return Rate on the Preferred Securities is being determined. In the event that the Federal Reserve Board does not
publish such a weekly per annum 10-year Average Yield during any such Calendar Period, the 10-year Treasury CMT for such Class A
Distribution Period or Class B Distribution Period will be the arithmetic average of the two most recent weekly per annum 10-year
Average Yields (or the total weekly per annum 10-year Average Yields if less than two such yields are published during the
relevant Calendar Period), as published weekly during such Calendar Period by any Federal Reserve Bank or by any U.S. Government
department or agency selected by the Company. In the event that a per annum 10-year Average Yield is not published by the Federal
Reserve Board or by any Federal Reserve Bank or by any U.S. Government department or agency during such Calendar Period, the
10-year Treasury CMT for such Class A Distribution Period or Class B Distribution Period will be the arithmetic average of the two
most recent weekly per annum average yields to maturity (or the total weekly per annum average yields to maturity, if less than
two such yields are published during the relevant Calendar Period) for all of the actively traded marketable U.S. Treasury fixed
interest rate securities (other than Special Securities) then having remaining maturities of not less than eight nor more than
twelve years, as published during such Calendar Period by the Federal Reserve Board or, if the Federal Reserve Board does not
publish such yields, by any Federal Reserve Bank or by any U.S. Government department or agency selected by the Company. In the
event that the Company cannot determine the 10-year Treasury CMT for any Class A Distribution Period or Class B Distribution
Period as provided above in this paragraph, then the 10-year Treasury CMT for such Class A Distribution Period or Class B
Distribution Period will be the arithmetic average 

39 

of the per annum average yields to maturity based upon the closing bids
during such Calendar Period for each of the issues of actively traded marketable U.S. Treasury fixed interest rate securities
(other than Special Securities) with a final maturity date not less than eight nor more than twelve years from the date of each
such quotation, as chosen and quoted daily for each business day during such Calendar Period in New York City (or less frequently
if daily quotations are not generally available) to the Company by at least three recognized dealers in U.S. Government securities
selected by the Company. The 10-year Treasury CMT shall be rounded to the nearest hundredth of a percent. 

        “Third
Tier Factor” means, with respect to any Permitted Operating Assets for any relevant Measurement Period, as of any
date of determination, 1.08 to the x power where x is equal to the quotient of (i) the number of days
from the date on which any such Permitted Operating Assets were acquired by the Company to the date of determination divided by
(ii) 360. If the Consumer Price Index during the period described in (i) increased at an annual rate greater than five
percent (5%), then the amount by which such increase exceeded five percent (5%) (expressed as a decimal) shall be
added to 1.08. For example, if the annual increase in the Consumer Price Index for the relevant period is six percent (6%), the
amount added to 1.08 is .01, and the x power set forth in clause (i) shall be applied to 1.09. For purposes of this
definition of “Third Tier Factor,” the acquisition date of all Permitted Operating Assets
shall be deemed to be the first day of the relevant Measurement Period except to the extent such Permitted Operating Assets were
acquired by the Company subsequent to such date in connection with a significant expansion or acquisition of one of the Permitted
Lines of Business, in which case the acquisition date shall be the date of such expansion or acquisition. 

        “Third
Tier Growth Value” means, with respect to all Permitted Assets as of any date of determination during any relevant
Measurement Period, the sum of (i) the sum of the products derived by multiplying the initial Gross Asset Value of each
Permitted Operating Asset times the applicable Third Tier Factor, plus (ii) the aggregate Gross Asset Value of all Permitted
Financial Assets. For purposes of this definition of “Third Tier Growth Value,” (x) the
acquisition date of all Permitted Operating Assets shall be deemed to be the first day of such Measurement Period except to the
extent such Permitted Operating Assets were acquired by the Company subsequent to such date in connection with a significant
expansion or acquisition of one of the Permitted Lines of Business, in which case the acquisition date shall be the date of such
expansion or acquisition and (y) the initial Gross Asset Value of each Permitted Operating Asset held by the Company on the
first day of such Measurement Period shall be (1) with respect to the initial Measurement Period beginning on May 24,
2002 the initial Gross Asset Value of such Permitted Operating Asset on such date and (2) with respect to any subsequent
Measurement Period, the Mark-to-Market Value of such Permitted Operating Asset as of such day. The initial Gross Asset Value of
any Permitted Operating Asset not held by the Company on the first day of any Measurement Period shall be determined in accordance
with subparagraph (i) of the definition of “Gross Asset Value.” 

        “30-year
Average Yield” means the average yield to maturity for actively traded marketable U.S. Treasury fixed interest rate
securities (adjusted to constant maturities of 30 years). 

40 

        “30-year Treasury
CMT” for each Class A Distribution Period or Class B Distribution Period, the arithmetic average of the two most
recent weekly per annum 30-year Average Yields (as defined below) (or the total weekly per annum 30-Year Average Yields, if less
than two such yields are published during the relevant Calendar Period), as published weekly by the Federal Reserve Board during
the Calendar Period immediately preceding the Class A Distribution Period or Class B Distribution Period for which the Preferred
Return Rate on the Preferred Securities is being determined. In the event that the Federal Reserve Board does not publish such a
weekly per annum 30-year Average Yield during any such Calendar Period, the 30-year Treasury CMT for such Class A Distribution
Period or Class B Distribution Period will be the 30-year Average Yield (or total weekly per annum 30-year Average Yields, if less
than two such yields are published during the relevant Calendar Period), as published weekly during such Calendar Period by any
Federal Reserve Bank or by any U.S. Government department or agency selected by the Corporation. In the event that a per annum
30-year Average Yield is not published by the Federal Reserve Board or by any Federal Reserve Bank or by any U.S. Government
department or agency during such Calendar Period, the 30-year Treasury CMT for such Class A Distribution Period or Class B
Distribution Period will be the arithmetic average of the two most recent weekly per annum average yields to maturity (or total
weekly per annum average yields to maturity, if less than two such yields are published during the relevant Calendar Period) for
all of the actively traded marketable U.S. Treasury fixed interest rate securities (other than Special Securities) then having
remaining maturities of not less than 28 nor more than 30 years, as published during such Calendar Period by the Federal Reserve
Board or, if the Federal Reserve Board does not publish such yields, by any Federal Reserve Bank or by any U.S. Government
department or agency selected by the Company. In the event that the Company determines in good faith that for any reason the
Company cannot determine the 30-year treasury CMT for any Class A Distribution Period or Class B Distribution Period as provided
above in this paragraph, then the 30-year Treasury CMT for such Class A Distribution Period or Class B Distribution Period will be
the arithmetic average of the per annum average yields to maturity based upon the closing bids during such Calendar Period for
each of the issues of actively traded marketable U.S. Treasury fixed interest rate securities (other than Special Securities) with
a final maturity date of not less than 28 nor more than 30 years from the date of each such quotation, as chosen and quoted daily
for each business day during such Calendar Period in New York City (or less frequently if daily quotations are not generally
available) to the Company by at least three recognized dealers in U.S. Government securities selected by the Company. The 30-year
Treasury CMT shall be rounded to the nearest hundredth of a percent. 

        “TPC”
has the meaning set forth in Section 1.1. 

        “Transaction
Documents” means, collectively, this Agreement, the Conveyance Agreements, the Limited Liability Company Agreement of
Cereals Properties, dated as of April 2, 2002, the Limited Liability Company Agreement of IP Holdings I, dated as of
April 2, 2002, the Limited Liability Company Agreement of IP Holdings II, dated as of April 2, 2002, the Securities
Purchase Agreement, the LBSFI Purchase Agreement, the Conveyance Agreements, the Buffalo Lease, the Master Lease Agreement between
Cereals Properties and the Company, dated as of April 2, 2002, the Amended and Restated Employee Seconding Agreement, the
Amended and Restated Contract Marketing Agreement, the Amended and Restated Contract Operating Agreement, the Amended and Restated
Contract Sales Agreement, the Amended and 

41 

Restated Services Agreement, the Receivables Purchase and Sale Agreement, the
Finance Notes, the Other GMI Entity Agreements, the Permitted Intellectual Property License Agreements, the Permitted PP&E
Licenses, the GMI Guarantees, the Class A Remarketing Agreement, and each assignment, transfer, license or other agreement,
document or certificate referred to or contemplated therein. Each of such documents shall constitute a “Transaction
Document” at such time as such document is executed and delivered by all of the necessary parties thereto.

        “Transfer”
means, as a noun, any voluntary or involuntary transfer, sale, exchange, any instrument that seeks to transfer an economic
interest, or other disposition, and any hypothecation, pledge or other encumbrance, and, as a verb, voluntarily or involuntarily
to transfer, sell, exchange, enter into any instrument that seeks to transfer an economic interest, or otherwise dispose of, and,
except when used in reference to any Interest, to hypothecate, pledge or otherwise encumber. The word
“Transferred” has a meaning correlative thereto. 

        “Transfer
Agent” means Wells Fargo Delaware Trust Company or its successor. 

        “Transferee
Certificate” has the meaning set forth in Section 11.3(e). 

        “Transferor Certificate”
has the meaning set forth in Section 11.3(e). 

        “Undistributed
Preferred Return” means, with respect to any Class A Limited Member, Series B-1 Limited Member or
Series B-2 Limited Member, the aggregate amount of Class A Limited Member Preferred Return, Series B-1 Limited
Member Preferred Return, or Series B-2 Limited Member Preferred Return, as applicable, not distributed when required pursuant
to Section 4.1(a); provided that such amounts shall be included in Undistributed Preferred Return only during the
period from the date such distribution was required to be made to the date such distribution is made. 

        “Valuation
Methodology” has the meaning set forth in Schedule D. 

        “Voluntary Bankruptcy”
has the meaning set forth in the definition of “Bankruptcy.” 

        “Wholly-Owned
Affiliate” of any Person means an Affiliate of such Person (i) one hundred percent (100%) of the voting stock or
beneficial ownership interests of which is owned directly by such Person, or by any Person who, directly or indirectly, owns one
hundred percent (100%) of the voting stock or beneficial ownership interests of such Person, (ii) an Affiliate to such Person
who, directly or indirectly, owns one hundred percent (100%) of the voting stock or beneficial ownership interests of such Person,
and (iii) any Wholly-Owned Affiliate of any Affiliate described in clause (i) or clause (ii). 

        “Winning
Bid Rate” has the meaning set forth in Section 7.1(c)(i). 

        1.11     Other Terms.  

        Unless
the content shall require otherwise: 

        (a)    Words
importing the singular number or plural number shall include the plural number and singular number respectively; 

42 

        (b)    Words
importing the masculine gender shall include the feminine and neuter genders and vice versa; 

        (c)    Reference
to “include,” “includes,” and “including” shall be deemed to be followed by the phrase “without
limitation”; and 

        (d)    Reference
in this Agreement to “herein,” “hereby,” “hereof,” or “hereunder,” or any similar
formulation, shall be deemed to refer to this Agreement; provided that such reference shall be deemed to include exhibits,
schedules, annexes, or appendices only as provided in Section 15.14. 

        (e)    Except
as otherwise expressly provided for herein with respect to the Required Limited Members, references in this Agreement to the
consent of the “Limited Members” or to the consent of the “Class A Limited Members” or “Class B
Limited Members” shall be deemed to be a reference to the consent of each Limited Member or each Member holding a
Class A Limited Membership Interest or Class B Limited Membership Interest, as the case may be. 

        (f)    All
references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and
Exhibits and Schedules to, this Agreement unless the context requires otherwise. 

SECTION 2.  

MEMBERS’ CAPITAL
CONTRIBUTIONS AND CAPITAL ACCOUNTS  

        2.1     Initial Capital Contribution.  

        (a)    The
Company is authorized to issue three classes of Interests. One such Interest shall be designated as the “Managing
Membership Interest,” the second such Interest shall be designated as the “Class A
Limited Membership Interests,” and the third such Interest shall be designated as the
“Class B Limited Membership Interests.” The Class A Limited Membership Interests
and the Class B Limited Membership Interests may be issued in one or more series (“Series”), each
having such rights, powers, preferences and designations as shall be set forth herein or as shall be otherwise approved from time
to time by the Managing Member, the Required Class A Limited Members and the Required Class B Limited Members. As of the
date hereof, the Class B Limited Membership Interests are hereby divided into two Series to be known as
“Series B-1 Limited Membership Interests” and “Series B-2 Limited Membership
Interests” and having the respective rights, powers, preferences and designations set forth in this Agreement.

        (b)    (i) On
April 2, 2002, (A) GMOI contributed the Cereals Properties Interest, with an initial Gross Asset Value of $998,606,146,
subject to debt of $132,255,351, the IP Holdings II Interest, with an initial aggregate Gross Asset Value of $808,423,000, the
General Mills Missouri Stock, with an initial aggregate Gross Asset Value of $280,329,000, and all the Inventory located at any of
the Initial PP&E, having an initial aggregate Gross Asset Value of $204,712,513, solely in exchange for all of the Managing
Membership Interest and was admitted to the Company as the Managing Member, (B) TPC contributed the Pet Stock, the Old El
Paso Patents, and the Progresso Patents, with an initial aggregate Gross Asset Value of $542,151,000 solely in 

43 

exchange for all of the Class A Limited Membership Interests and was
admitted to the Company as a Class A Limited Member, and (C) Cereals Holdings contributed the IP Holdings I Interest,
with an initial aggregate Gross Asset Value of $1,594,280,000, solely in exchange for all of the Class B Limited Liability
Company Interests and was admitted to the Company as a Class B Limited Member. 

        (ii) On
May 24, 2002, (A) RBDB purchased from TPC, Class A Limited Membership Interests having a Capital Account balance of
$150,000,000 and was admitted to the Company as a Class A Limited Member, immediately whereafter TPC withdrew in respect
thereof and (B) GMOI Transferred to GMCO, as a capital contribution, 100% of the Managing Membership Interest and GMCO was
admitted to the Company as the Managing Member, immediately whereafter GMOI withdrew in respect thereof. 

        (iii) On
October 6, 2004, (A) a portion of the Class A Limited Membership Interests then owned by TPC were converted into
303,300 Series B-1 Limited Membership Interests, all of which were designated as Series B-1 Limited Membership
Interests, and (B) the Class B Limited Membership Interests owned by Cereals Holdings were converted into 531,700
Series B-1 Limited Membership Interests and 1,062,580 Series B-2 Limited Membership Interests. On October 7, 2004,
TPC and Cereals Holdings transferred all of their respective Series B-1 Limited Membership Interests to GM Class B.

        (iv) As
of the date hereof and after having given effect to the foregoing clause (iii), the name, address, and Membership Interests
of each Member is as follows: 

	Name and Address 
		Membership Interests 

	GM Cereals Operations, Inc.	 	Managing Membership Interest	 
	Number One General Mills Blvd	 
	Minneapolis, Minnesota 55426	 
	 
	RBDB, Inc.	 	150,000 Class A Limited	 
	c/o Rabobank New York	 	Membership Interests	 
	245 Park Avenue	 
	New York, NY 10167	 
	 
	The Pillsbury Company	 	88,851 Class A Limited	 
	Number One General Mills Blvd	 	Membership Interests	 
	Minneapolis, Minnesota 55426	 
	 
	GM Class B, Inc.	 	835,000 Class B Limited	 
	Number One General Mills Blvd	 	Membership Interests, all of	 
	Minneapolis, Minnesota 55426	 	which constitute Series B-1 
Limited Membership Interests	 

44 

	Name and Address 
		Membership Interests 

	GM Cereals Holdings, Inc.	 	1,062,580 Class B Limited	 
	Number One General Mills Blvd	 	Membership Interests, all of	 
	Minneapolis, Minnesota 55426	 	which constitute Series B-2 
Limited Membership Interests	 

        2.2     Additional Contributions.  

        (a)    Each
GMI Member may contribute from time to time such additional Cash or other property as it may determine; provided that any
Capital Contribution made by any GMI Member pursuant to this Section 2.2 shall consist of Permitted Assets and the Company
shall at all times satisfy, both before and after giving effect to the additional contribution, the Portfolio Requirements.

        (b)    At
such times as a GMI Member contributes assets consisting of Permitted Assets (other than Cash), such GMI Member shall enter into
an additional contribution agreement substantially similar to the Conveyance Agreements; provided that the representations
and warranties set forth in such additional contribution agreement shall be substantially the same as the representations and
warranties contained in the Conveyance Agreements, and such GMI Member shall indemnify the Company and hold it wholly harmless for
any Expenses or losses incurred by the Company resulting from or attributable to any representation or warranty made by such GMI
Member pursuant to this Section 2.2(b) proving to have been incorrect in any material respect when made. 

        (c)    The
Managing Member shall be required to contribute $250,000 of Cash to the capital of the Company on each Business Day immediately
preceding the Initial Class A Valuation Date and any Scheduled Reset Date. 

        2.3     Other Matters.  

        (a)    Except
as otherwise provided in Sections 4, 7, 11, and 13, or in the Act, no Member shall demand or receive a return of its Capital
Contributions or withdraw from the Company without the consent of all Members. Under circumstances requiring a return of any
Capital Contributions, no Member shall have the right to receive property other than Cash except as may be specifically provided
in this Agreement. 

        (b)    No
Member shall receive any interest or draw with respect to its Capital Contributions or its Capital Account, except as otherwise
provided in this Agreement. 

        (c)    The
Members shall not be liable for the debts, liabilities, contracts, or any other obligations of the Company. Except as otherwise
provided by mandatory provisions of applicable state law and except with respect to the obligation of the Members to return to the
Company a distribution made to any Member in violation of the Act at a time when such Member knew the distribution would violate
the Act, such Member shall be liable only to make its Capital Contribution and shall not be required to lend any funds to the
Company or, after its Capital Contribution has been made, to make any additional Capital Contributions to the Company. 

45 

Except as otherwise provided in Section 9.2(f), the Managing Member
shall not have any personal liability for the repayment of any Capital Contributions of the Members. 

SECTION 3.  

ALLOCATIONS  

        3.1     Profits.  

        After giving effect to the
special allocations set forth in Sections 3.3 and 3.4, Profits for any Allocation Year shall be allocated in the following order
and priority: 

        (a)    First,
to the Class A Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (i) the
cumulative amount of the Class A Limited Member Preferred Return for each such Class A Limited Member from May 24,
2002 through the last day of such Allocation Year, over (ii) the cumulative Profits allocated to such Class A Limited
Member pursuant to this Section 3.1(a) for all prior Allocation Years; 

        (b)    Second,
to the Class A Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (i) the
excess, if any, of (A) the cumulative Depreciation specially allocated to each such Class A Limited Member pursuant to
Section 3.3(h) for the current and all prior Allocation Years during the then current Measurement Period, over (B) the
cumulative items of gain specially allocated to such Class A Limited Member pursuant to Section 3.3(j)(v)(1) for the
current and all prior Allocation Years during the then current Measurement Period, over (ii) the cumulative Profits allocated
to such Class A Limited Member pursuant to this Section 3.1(b) for all prior Allocation Years during the then current
Measurement Period; 

        (c)    Third,
to the Class B Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (i) the
cumulative amount of each such Class B Limited Member Preferred Return from May 24, 2002 through the last day of such
Allocation Year, over (ii) the cumulative Profits allocated to such Class B Limited Member pursuant to this
Section 3.1(c) for all prior Allocation Years; 

        (d)    Fourth,
to the Class B Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (i) the
excess, if any, of (A) the cumulative Depreciation specially allocated to each such Class B Limited Member pursuant to
Section 3.3(h) for the current and all prior Allocation Years during the then current Measurement Period, over (B) the
cumulative items of gain specially allocated to such Class B Limited Member pursuant to Section 3.3(j)(v)(2) for the
current and all prior Allocation Years during the then current Measurement Period, over (ii) the cumulative Profits allocated
to such Class B Limited Member pursuant to this Section 3.1(d) for all prior Allocation Years during the then current
Measurement Period; 

        (e)    Fifth,
to the Class A Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (i) the
cumulative Losses allocated to each such Class A Limited Member pursuant to Sections 3.2(d), 3.2(e), and 3.2(f) for all
prior Allocation Years 

46 

during the then current Measurement Period, over (ii) the cumulative
Profits allocated to such Class A Limited Member pursuant to this Section 3.1(e) for all prior Allocation Years during
the then current Measurement Period; 

        (f)    Sixth,
to the Class B Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (i) the
cumulative Losses allocated to each such Class B Limited Member pursuant to Sections 3.2(d) and 3.2(e) for all prior
Allocation Years during the then current Measurement Period, over (ii) the cumulative Profits allocated to such Class B
Limited Member pursuant to this Section 3.1(f) for all prior Allocation Years during the then current Measurement Period;

        (g)    Seventh,
to the Managing Member in an amount equal to the excess, if any, of (i) the First Baseline Amount for the Allocation Year, over
(ii) the cumulative Profits allocated pursuant to Section 3.1(a) through (f), inclusive, for the current Allocation
Year; 

        (h)    Eighth,
95% to the Managing Member, 0.57% to the Class A Limited Members in proportion to their Preferred Return Capital, and 4.43%
to the Class B Limited Members in proportion to their Preferred Return Capital in an amount equal to the excess, if any, of
(i) the Second Baseline Amount for the Allocation Year, over (ii) the First Baseline Amount for the Allocation Year;
provided that, for the Allocation Year ending in which the Closing Date occurs, the Profits allocable pursuant to this
Section 3.1(h) shall be allocated as follows: 

                (i)    An
amount equal to the product of (x) such Profits times (y) a fraction, the numerator of which is the number of days from
(and including) the first day of such Allocation Year to (but excluding) the Closing Date, and the denominator of which is the
total number of days in such Allocation Year, shall be specially allocated 95% to the Managing Member, 1.3% to the Class A Limited
Members in proportion to their Preferred Return Capital, and 3.7% to the Class B Limited Members in proportion to their Preferred
Return Capital; and 

                (ii)    An
amount equal to the excess of (x) the amount of such Profits over (y) the amount of such Profits allocated pursuant to
clause (i) above, shall be specially allocated 95% to the Managing Member, 0.57% to the Class A Limited Members in
proportion to their Preferred Return Capital, and 4.43% to the Class B Limited Members in proportion to their Preferred Return
Capital; and 

        (i)    Ninth,
the balance, if any, 96% to the Managing Member, 0.46% to the Class A Limited Members in proportion to their Preferred Return
Capital, and 3.54% to the Class B Limited Members in proportion to their Preferred Return Capital provided
that, for the Allocation Year in which the           Closing Date occurs, the Profits
allocable pursuant to this Section 3.1(i)           shall be allocated as follows:  

                (i)    An
amount equal to the product of (x) such Profits times (y) a fraction, the numerator of which is the number of days from
(and including) the first day of such Allocation Year to (but excluding) the Closing Date, and the denominator of which is the
total number of days in such Allocation Year, shall be specially allocated 96% to the Managing Member, 1.04% to the Class A
Limited Members in proportion to their Preferred Return Capital, and 2.96% to the Class B Limited Members in proportion to their
Preferred Return Capital; and 

47 

                (ii)    An
amount equal to the excess of (x) the amount of such Profits over (y) the amount of such Profits allocated pursuant to
clause (i) above, shall be specially allocated 96% to the Managing Member, 0.46% to the Class A Limited Members in
proportion to their Preferred Return Capital, and 3.54% to the Class B Limited Members in proportion to their Preferred Return
Capital. 

        3.2     Losses.  

        After giving effect to the
special allocations set forth in Sections 3.3 and 3.4, Losses for any Allocation Year shall be allocated in the following order
and priority: 

        (a)       First,
to the Members in proportion to, and to extent of, an amount equal to the excess, if any, of (i) the cumulative Profits
allocated to each such Member pursuant to Section 3.1(i) for all prior Allocation Years during the then current Measurement
Period, over (ii) the cumulative Losses allocated to such Member pursuant to this Section 3.2(a) for all prior
Allocation Years during the then current Measurement Period; 

        (b)    Second,
to the Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (i) the cumulative Profits
allocated to each such Member pursuant to Section 3.1(h) for all prior Allocation Years during the then current Measurement
Period, over (ii) the cumulative Losses allocated to such Member pursuant to this Section 3.2(b) for all prior
Allocation Years during the then current Measurement Period; 

        (c)    Third,
to the Managing Member in an amount equal to the excess, if any, of (i) the cumulative Profits allocated to the Managing
Member pursuant to Section 3.1(g) for all prior Allocation Years during the then current Measurement Period, over
(ii) the cumulative Losses allocated to the Managing Member pursuant to this Section 3.2(c) for all prior Allocation
Years during the then current Measurement Period; 

        (d)    Fourth,
98% to the Managing Member, 1% to the Class A Limited Members in proportion to their Preferred Return Capital, and 1% to the
Class B Limited Members in proportion to their Preferred Return Capital until the Adjusted Capital Account of the Managing
Member is equal to zero; 

        (e)    Fifth,
99% to the Class B Limited Members in proportion to their Preferred Return Capital and 1% to the Class A Limited Members
in proportion to their Preferred Return Capital until the Adjusted Capital Account of each Class B Limited Member is equal to
zero; 

        (f)    Sixth,
100% to the Class A Limited Members in proportion to their Preferred Return Capital until the Adjusted Capital Account of
each Class A Limited Member is equal to zero; and 

        (g)    Seventh,
100% to the Managing Member.  

        3.3     Special Allocations.  

        The following special
allocations shall be made in the following order: 

48 

        (a)    Minimum
Gain Chargeback.   Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding any other provision of
this Section 3, if there is a net decrease in Company Minimum Gain during any Allocation Year, each Member shall be specially
allocated items of Company income and gain for such Allocation Year (and, if necessary, subsequent Allocation Years) in an amount
equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Regulations
Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with
Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 3.3(a) is intended to comply with the minimum gain
chargeback requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

        (b)    Member
Minimum Gain Chargeback.   Except as otherwise provided in Regulations Section 1.704-2(i)(4),
notwithstanding any other provision of this Section 3, if there is a net decrease in Member Nonrecourse Debt Minimum Gain
attributable to a Member Nonrecourse Debt during any Allocation Year, each Member who has a share of the Member Nonrecourse Debt
Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5),
shall be specially allocated items of Company income and gain for such Allocation Year (and, if necessary, subsequent Allocation
Years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to
such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the
previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto.
The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2).
This Section 3.3(b) is intended to comply with the minimum gain chargeback requirement in Regulations
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

        (c)    Qualified
Income Offset.   In the event that any Member unexpectedly receives any adjustments, allocations, or
distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or
1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be allocated to such Member in an amount and manner
sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as quickly
as possible; provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that
such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section 3 have
been tentatively made as if this Section 3.3(c) were not in this Agreement. 

        (d)    Gross
Income Allocation.   In the event that any Member has an Adjusted Capital Account Deficit at the end of any
Allocation Year, each such Member shall be allocated items of Company income and gain in the amount of such deficit as quickly as
possible; provided that an allocation pursuant to this Section 3.3(d) shall be made only if and to the extent that
such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section 3 have
been tentatively made as if Section 3.3(c) and this Section 3.3(d) were not in this Agreement. 

        (e)    Nonrecourse
Deductions.   Nonrecourse Deductions for any Allocation Year shall be specially allocated 90% to the Managing
Member, 1.1% to the Class A Limited Members in 

49 

proportion to their Preferred Return Capital, and 8.9% to the Class B Limited
Members in proportion to their Preferred Return Capital; provided that, for the Allocation Year in which the Closing Date
occurs, Nonrecourse Deductions shall be allocated as follows: 

                (i)    An
amount equal to the product of (x) the Nonrecourse Deductions for such Allocation Year times (y) a fraction, the
numerator of which is the number of days from (and including) the first day of such Allocation Year to (but excluding) the Closing
Date, and the denominator of which is the total number of days in such Allocation Year, shall be specially allocated 90% to the
Managing Member, 2.5% to the Class A Limited Members in proportion to their Preferred Return Capital, and 7.5% to the Class B
Limited Members in proportion to their Preferred Return Capital; and 

                (ii)    An
amount equal to the excess of (x) the amount of Nonrecourse Deductions for such Allocation Year over (y) the amount of
Nonrecourse Deductions for such Allocation Year allocated pursuant to clause (i) above, shall be specially allocated 90%
to the Managing Member, 1.1% to the Class A Limited Members in proportion to their Preferred Return Capital, and 8.9% to the Class
B Limited Members in proportion to their Preferred Return Capital. 

        (f)    Member
Nonrecourse Deductions.   Any Member Nonrecourse Deductions for any Allocation Year shall be specially
allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member
Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)(1). 

        (g)    Section 754
Adjustments.   To the extent an adjustment to the adjusted tax basis of any Company asset, pursuant to Code
Section 734(b) or Code Section 743(b) is required, pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in
determining Capital Accounts as the result of a distribution to a Member in complete liquidation of such Member’s Interest,
the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of
the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members in
accordance with their interests in the Company in the event Regulations Section 1.704-1(b)(2)(iv)(m)(2)
applies, or to the Member to whom such distribution was made in the event Regulations
Section 1.704-1(b)(2)(iv)(m)(4) applies. 

        (h)    Depreciation.   All
items of Depreciation of the Company shall be specially allocated 90% to the Managing Member, 1.1% to the Class A Limited Members
in proportion to their Preferred Return Capital, and 8.9% to the Class B Limited Members in proportion to their Preferred Return
Capital; provided that, for the Allocation Year in which the Closing Date occurs, Nonrecourse Deductions shall be allocated as
follows: 

                (i)    An
amount equal to the product of (x) the Depreciation for such Allocation Year times (y) a fraction, the numerator of
which is the number of days from (and including) the first day of such Allocation Year to (but excluding) the Closing Date, and
the denominator of which is the total number of days in such Allocation Year, shall be specially allocated 90% to the Managing
Member, 2.5% to the Class A Limited Members in proportion to their Preferred 

50 

Return Capital, and 7.5% to the Class B Limited Members in proportion to
their Preferred Return Capital; and 

                (ii)    An
amount equal to the excess of (x) the amount of Depreciation for such Allocation Year over (y) the amount of
Depreciation for such Allocation Year allocated pursuant to clause (i) above, shall be specially allocated 90% to the
Managing Member, 1.1% to the Class A Limited Members in proportion to their Preferred Return Capital, and 8.9% to the Class B
Limited Members in proportion to their Preferred Return Capital. 

        (i)    Interest
Income.   Ninety percent (90%) of the interest income attributable to the Permitted Loans made by the Company
to GMI or its Affiliates shall be specially allocated to the Managing Member, and the remaining 10% of such interest income shall
be allocated under Sections 3.1 and 3.2. 

        (j)    Gain
from Disposition of All or Substantially All of Permitted Assets.   In the event that, in any Allocation Year,
the Company realizes, or is deemed to realize, gain from the sale, disposition, or adjustment to the Gross Asset Value of all or
substantially all of its Permitted Assets, such gain shall be specially allocated as follows: 

                (i)    First,
100% to the Managing Member in an amount equal to the excess, if any, of (A) the cumulative loss specially allocated to the
Managing Member pursuant to Section 3.3(k)(viii) for all prior Allocation Years during the then current Measurement Period,
over (B) the cumulative gain specially allocated to the Managing Member pursuant to this Section 3.3(j)(i) for all
prior Allocation Years during the then current Measurement Period; 

                (ii)    Second,
100% to the Class A Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of
(A) the cumulative loss specially allocated to each such Class A Limited Member pursuant to Sections 3.3(k)(v),
3.3(k)(vi), and 3.3(k)(vii) for all prior Allocation Years during the then current Measurement Period, over (B) the
cumulative gain specially allocated to such Class A Limited Member pursuant to this Section 3.3(j)(ii) for all prior
Allocation Years during the then current Measurement Period; 

                (iii)    Third,
100% to the Class B Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of
(A) the cumulative loss specially allocated to each such Class B Limited Member pursuant to Sections 3.3(k)(v) and
3.3(k)(vi) for all prior Allocation Years during the then current Measurement Period, over (B) the cumulative gain specially
allocated to such Class B Limited Member pursuant to this Section 3.3(j)(iii) for all prior Allocation Years during the
then current Measurement Period; 

                (iv)    Fourth,
100% to the Managing Member in an amount equal to the excess, if any, of (A) the cumulative loss specially allocated to the
Managing Member pursuant to Section 3.3(k)(v) for all prior Allocation Years during the then current Measurement Period, over
(B) the cumulative gain specially allocated to the Managing Member pursuant to this Section 3.3(j)(iv) for all prior
Allocation Years during the then current Measurement Period; 

                (v)    Fifth,
an amount equal to the excess, if any, of (A) the aggregate initial Gross Asset Value of such Permitted Assets, over
(B) the aggregate Gross Asset Value of such Permitted Assets shall be allocated: 

51 

	  	                (1)       first,
100% to the Class A Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of
(x) the cumulative Depreciation specially allocated to each such Class A Limited Member pursuant to Section 3.3(h)
for the current and all prior Allocation Years during the then current Measurement Period, over (y) the sum of (i) the
cumulative Profits allocated to such Class A Limited Member pursuant to Section 3.1(b) for all prior Allocation Years
during the then current Measurement Period plus (ii) the cumulative gain specially allocated to such Class A Limited
Member pursuant to this Section 3.3(j)(v)(1) for all prior Allocation Years during the then current Measurement Period;

	  	                (2)       second,
100% to the Class B Limited Members in proportion to, and to the extent of, an amount equal to the excess, if any, of
(x) the cumulative Depreciation specially allocated to each such Class B Limited Member pursuant to
Section 3.3(h) for the current and all prior Allocation Years during the then current Measurement Period, over
(y) the sum of (i) the cumulative Profits allocated to such Class B Limited Member pursuant to Section 3.1(d)
for all prior Allocation Years during the then current Measurement Period plus (ii) the cumulative gain specially allocated
to such Class B Limited Member pursuant to this Section 3.3(j)(v)(2) for all prior Allocation Years during the then
current Measurement Period; and 

	  	                        (3)       third,
the balance, if any, 100% to the Managing Member;  

                (vi)    Sixth,
98.7% to the Managing Member, 0.29% to the Class A Limited Members in proportion to their Preferred Return Capital, and 1.01% to
the Class B Limited Members in proportion to their Preferred Return Capital in an amount equal to the excess, if any, of (A) the
aggregate First Tier Growth Value for such Permitted Assets, over (B) the aggregate Gross Asset Value of such Permitted Assets
determined as of the beginning of the then current Measurement Period in a manner consistent with the calculation of the First
Tier Growth Value; 

                (vii)    Seventh,
96% to the Managing Member, 0.88% to the Class A Limited Members in proportion to their Preferred Return Capital, and 3.12% to the
Class B Limited Members in proportion to their Preferred Return Capital in an amount equal to the excess, if any, of (A) the
lesser of (x) the amount realized or deemed realized from disposition of such Permitted Assets or (y) the Second Tier Growth Value
for such Permitted Assets, over (B) the First Tier Growth Value for such Permitted Assets; 

                (viii)    Eighth,
95% to the Managing Member, 1.1% to the Class A Limited Members in proportion to their Preferred Return Capital, and 3.9% to the
Class B Limited Members in proportion to their Preferred Return Capital in an amount equal to the excess, if any, of (A) the
lesser of (x) the amount realized or deemed realized from the disposition of such Permitted Assets or (y) the Third Tier Growth
Value for such Permitted Assets, over (B) the Second Tier Growth Value of such Permitted Assets; and 

                (ix)    Ninth,
the balance, if any, 98.7% to the Managing Member, 0.29% to the Class A Limited Members in proportion to their Preferred Return
Capital, and 1.01% to the Class B Limited Members in proportion to their Preferred Return Capital. 

52 

        (k)    Loss
from Disposition of All or Substantially All of Permitted Assets.   In the event that, in any Allocation Year,
the Company realizes, or is deemed to realize, a loss from the sale, disposition, or adjustment to the Gross Asset Value of all or
substantially all of its Permitted Assets, such loss shall be specially allocated as follows: 

                (i)    First,
to the Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (A) the cumulative gain
specially allocated to each such Member pursuant to Section 3.3(j)(ix) for the current and all prior Allocation Years
during the then current Measurement Period, over (B) the cumulative loss specially allocated to such Member pursuant to this
Section 3.3(k)(i) for all prior Allocation Years during the then current Measurement Period; 

                (ii)    Second,
to the Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (A) the cumulative gain
specially allocated to each such Member pursuant to Section 3.3(j)(viii) for the current and all prior Allocation Years
during the then current Measurement Period, over (B) the cumulative loss specially allocated to such Member pursuant to this
Section 3.3(k)(ii) for all prior Allocation Years during the then current Measurement Period; 

                (iii)    Third,
to the Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (A) the cumulative gain
specially allocated to each such Member pursuant to Section 3.3(j)(vii) for the current and all prior Allocation Years during
the then current Measurement Period, over (B) the cumulative loss specially allocated to such Member pursuant to this
Section 3.3(k)(iii) for all prior Allocation Years during the then current Measurement Period; 

                (iv)    Fourth,
to the Members in proportion to, and to the extent of, an amount equal to the excess, if any, of (A) the cumulative gain
specially allocated to each such Member pursuant to Section 3.3(j)(vi) for the current and all prior Allocation Years during
the then current Measurement Period, over (B) the cumulative loss specially allocated to such Member pursuant to this
Section 3.3(k)(iv) for all prior Allocation Years during the then current Measurement Period; 

                (v)    Fifth,
98% to the Managing Member, 1% to the Class A Limited Members in proportion to their Preferred Return Capital and 1% to the Class
B Limited Members in proportion to their Preferred Return Capital until the Adjusted Capital Account of the Managing Member is
equal to zero; 

                (vi)    Sixth,
99% to the Class B Limited Members in proportion to their Preferred Return Capital and 1% to the Class A Limited Members in
proportion to their Preferred Return Capital until the Adjusted Capital Account of each Class B Limited Member is equal to
zero; 

                (vii)    Seventh,
100% to the Class A Limited Members in proportion to their Preferred Return Capital until the Adjusted Capital Account of each
Class A Limited Member is equal to zero; and 

                (viii)    Eighth,
100% to the Managing Member.  

53 

        (l)    Loss
from Other Dispositions of Permitted Assets.   In the event that, in any Allocation Year, the Company realizes
a loss from (i) the sale or disposition of any Permitted Asset (other than Inventory) in the ordinary course of the
Company’s business or (ii) a bulk sale or general liquidation of Inventory (other than in connection with the sale of
all or substantially all of the Company’s Permitted Assets), such loss shall be specially allocated to the Managing Member.

        (m)     Charitable
Contribution Expenses.   All items of Expense attributable to charitable contributions made by the Company
during any Allocation Year shall be specially allocated 100% to the Managing Member. 

        (n)    Tax
Indemnity Payments.   In the event that, in any Allocation Year, the Company makes a tax indemnity payment
pursuant to Section 8.3, the deduction attributable to such payment shall be specially allocated to the Managing Member.

        3.4     Curative Allocations.  

        The allocations set forth in
Sections 3.3(a), 3.3(b), 3.3(c), 3.3(d), 3.3(e), 3.3(f), and 3.3(g) (the “Regulatory Allocations”)
are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible,
the Regulatory Allocations shall be offset either with special allocations of other items of Company income, gain, loss, or
deduction pursuant to this Section 3.4. Therefore, notwithstanding any other provision of this Section 3 (other than the
Regulatory Allocations), the Managing Member shall make such offsetting special allocations of Company income, gain, loss, or
deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s
Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the
Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Sections 3.1, 3.2,
and 3.3 (other than the Regulatory Allocations). 

        3.5     Other Allocation Rules.  

        (a)    Profits,
Losses, and any other items of income, gain, loss, or deduction shall be allocated to the Members pursuant to this Section 3
as of the last day of each Fiscal Year; provided that Profits, Losses, and such other items shall also be allocated at such
times as the Gross Asset Values of the Company’s assets are adjusted pursuant to subparagraph (ii) of the definition of
“Gross Asset Value” in Section 1.10. 

        (b)    Allocations
made for the Allocation Year in which the Closing Date occurs shall take into account the conversion of a portion of TPC’s
Class A Limited Membership Interest into 303,300 Series B-1 Limited Membership Interests. 

        (c)    For
purposes of determining the Profits, Losses, or any other items allocable to any period, Profits, Losses, and any such other items
shall be determined on a daily proration basis by the Managing Member under Code Section 706 and the Regulations thereunder.

        (d)    The
Members are aware of the income tax consequences of the allocations made by this Section 3 and hereby agree to be bound by
the provisions of this Section 3 in reporting their 

54 

shares of Company income and loss for income tax purposes, except as
otherwise required by law. 

        3.6     Tax Allocations: Code Section 704(c).  

        In accordance with Code
Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any Property contributed to
the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation
between the adjusted basis of such Property to the Company for federal income tax purposes and its initial Gross Asset Value
(computed in accordance with the definition of Gross Asset Value). Such allocation shall be made in accordance with the remedial
allocation method described by Regulations Section 1.704-3(d). Notwithstanding any provision in this Agreement to the
contrary, in the event that any such Property is subject to the “anti-churning” rules of Code Section 197(f)(9), no
remedial allocations of income or deduction shall be made to any Member with respect to such Property until such time at which
such asset is sold by the Company. 

        In the event the Gross Asset
Value of any Property is adjusted pursuant to subparagraph (ii) of the definition of Gross Asset Value, subsequent
allocations of income, gain, loss, and deduction with respect to such Property shall take account of any variation between the
adjusted basis of such Property for federal income tax purposes and its Gross Asset Value in the same manner as under Code
Section 704(c) and the Regulations thereunder. Such allocation shall be made in accordance with the remedial allocation
method described by Regulations Section 1.704-3(d). 

        Any elections or other
decisions relating to such allocations shall be made by the Managing Member in any manner that reasonably reflects the purpose and
intention of this Agreement. Allocations pursuant to this Section 3.6 are solely for purposes of federal, state, and local
Taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of
Profits, Losses, other items, or distributions pursuant to any provision of this Agreement. 

        3.7     Adjustment
of Allocations Upon Conversion of Class A Limited Membership Interests.  

        In the event that any
Class A Limited Membership Interests are converted into Class B Limited Membership Interests at any time in the future,
the sharing percentages set forth in Sections 3.1(h), 3.1(i), 3.3(e), 3.3(h), 3.3(j)(vi), 3.3(j)(vii), 3.3(j)(viii), and
3.3(j)(ix) shall be adjusted to reflect such conversion in accordance with this Section 3.7. The percentage of Profits,
Losses, gain, or loss otherwise allocated to the Class A Limited Members pursuant to any of the above listed provisions shall
be reduced by subtracting from the relevant pre-conversion percentage an amount (expressed as a percentage) equal to the product
of (i) the relevant pre-conversion percentage, times (ii) a fraction (expressed as a percentage), the numerator of which
is the Preferred Return Capital attributable to the Class A Limited Member ship Interests being converted, and the
denominator of which is the aggregate Preferred Return Capital of the Class A Limited Members immediately prior to such
conversion. The amount derived in the preceding sentence shall be added to the relevant pre-conversion percentage applicable to
the Class B Limited Membership Interests. By way of example, if Class A Limited Membership Interests 

55 

with an aggregate Preferred Return Capital of $50 million were converted into
Class B Limited Membership Interests at a time when the aggregate Preferred Return Capital of all Class A Limited
Membership Interests was $200 million, the percentage of Profits allocated to the Class A Limited Members pursuant to
Section 3.1(h) hereof subsequent to the conversion would be reduced from 0.57% to 0.43% (i.e., 0.57% - [0.57 x ($50
million / $200 million]). 

SECTION 4.  

DISTRIBUTIONS  

        4.1     Amounts Distributed.  

        (a)    Preferred
Return Distributions.   Except as otherwise provided in Section 13, the Managing Member shall cause the
Company to distribute Cash Available for Distribution (determined as of the time such distributions are required to be made
pursuant to this Section 4.1(a)) to the Limited Members as follows: 

                (i)    First,
on each Class A Distribution Date, to the Class A Limited Members in proportion to, and to the extent of, an amount
equal to the excess, if any, of (i) the cumulative amount of the Class A Limited Member Preferred Return accrued during
the period from and including May 24, 2002 to but excluding the last day of the Fiscal Quarter ending on or immediately
following such Class A Distribution Date for each such Class A Limited Member, over (ii) the cumulative amount of Cash
previously distributed to such Class A Limited Member pursuant to this Section 4.1(a)(i); and 

                (ii)    Second,
on each Class B Distribution Date, commencing January 15, 2005, to the Class B Limited Members in proportion to,
and to the extent of, an amount equal to the excess, if any, of (i) the cumulative amount of the Class B Limited Member
Preferred Return accrued during the period from and including the May 24, 2002 to but excluding Class B Distribution Date,
over (ii) the cumulative amount of Cash previously distributed to such Class B Limited Member pursuant to this
Section 4.1(a)(ii); provided that no distributions shall be made pursuant to this Section 4.1(a)(ii) unless
(A) at the time such distribution is otherwise required to be made and as of the immediately preceding Class A
Distribution Date, Cash Available for Distribution was at least equal to the sum of (x) the amounts required to be
distributed on such preceding Class A Distribution Date pursuant to Section 4.1(a)(i) plus (y) the amounts required
to be distributed on the current Class B Distribution Date pursuant this Section 4.1(a)(ii); (B) Profits of the
Company for the current Allocation Year through such Class B Distribution Date (calculated as if such date were the last day of
the Allocation Year) equal or exceed the amounts required to be distributed pursuant to Section 4.1(a)(i) and (a)(ii) as of
such Class B Distribution Date; and (C) at the time of such distribution no Class A Notice Event, Liquidating Event or
other event or condition that, but for the requirement that time elapse or notice be given, or both, would constitute a
Class A Notice Event or Liquidating Event has occurred and is continuing. 

        Distributions pursuant to
this Section 4.1(a) (including any distributions made subsequent to the Class A Distribution Date or Class B Distribution
Date, as applicable, on which they were required to be made but prior to the succeeding Class A Distribution Date or Class B
Distribution 

56 

Date, as applicable, on which distributions are required to be made) shall be
made to Members of record fifteen (15) days prior to the relevant Class A Distribution Date or Class B Distribution Date, as
applicable. Notwithstanding any provision to the contrary in this Section 4.1(a), the Managing Member shall cause, to the extent
there is sufficient Cash Available for Distribution, there to be distributed to the Limited Members as constituted immediately
prior to the sale by GM Class B of all of its Series B-1 Limited Membership Interests, any accrued but undistributed Limited
Member Preferred Return with respect to such Limited Membership Interests and such distributions shall for all purposes of this
Agreement be deemed to have been made pursuant to Section 4.1(a). 

        (b)    Annual
Distribution of Certain Profits and Gains.   Except as otherwise provided in Section 13 and provided all
distributions required to be made pursuant to Section 4.1 have been made, the Managing Member shall cause the Company to
notify, within 150 days after the end of each Allocation Year, each Member of the amount to be distributed to it pursuant to
this Section 4.1(b), and to distribute Cash Available for Distribution no later than 180 days after the end of each
Allocation Year, such distribution to be made to the Members of record during such Allocation Year in proportion to the number of
days such Members held their respective Limited Membership Interests during such Allocation Year, in the following order and
priority: 

                (i)    First,
to the Class A Limited Members in an amount equal to the sum of (x) the Profits, if any, allocated to such Class A
Limited Member pursuant to Sections 3.1(h) and 3.1(i) for such Allocation Year, plus (y) if the Company sold or disposed
of all or substantially all of its Permitted Assets during the Allocation Year, the aggregate amount of gain, if any, from such
sales or dispositions that was allocated to such Class A Limited Member pursuant to Sections 3.3(j)(vi), 3.3(j)(vii),
3.3(j)(viii), and 3.3(j)(ix) for such Allocation Year; and 

                (ii)    Second,
to the Class B Limited Members in an amount equal to the sum of (x) the Profits, if any, allocated to such Class B
Limited Member pursuant to Sections 3.1(h) and 3.1(i) for such Allocation Year plus (y) if the Company sold or disposed
of all or substantially all of its Permitted Assets during the Allocation Year, the aggregate amount of gain, if any, from such
sales or dispositions that was allocated to such Class B Limited Member pursuant to Sections 3.3(j)(vi), 3.3(j)(vii),
3.3(j)(viii), and 3.3(j)(ix) for such Allocation Year; 

provided that any distributions of Cash Available for Distribution
required to be made to a GMI Member pursuant to this Section 4.1(b) shall be made at such times as are determined by the
Managing Member in its sole discretion and any amounts otherwise distributable to a GMI Member pursuant to this
Section 4.1(b) that are deferred by the Managing Member shall be added to the distribution to which such GMI Member is
entitled to receive at such times as the Managing Member makes distribution to the GMI Member pursuant to this
Section 4.1(b); provided, further, that any such deferred distributions shall not be made until all distributions
otherwise required to be made pursuant to this Section 4.1(b) have been made. To the extent there is insufficient Cash
Available for Distribution to make the distributions required by this Section 4.1(b), the amount not distributed shall be
distributed as soon as there is sufficient Cash Available for Distribution, such distributions to be made after any distributions
required pursuant to Section 4.1(a) but prior to any other distributions required under this Section 4. 

57 

        (c)    Requirements
Regarding Undistributed Cash.   Cash Available for Distribution that is not distributed pursuant to
Sections 4.1(a) and 4.1(b) shall, unless used by the Company to satisfy a requirement set forth herein, either be
(i) distributed to the Managing Member at such times and in such amounts as are determined by the Managing Member;
provided that no Class A Notice Event, Liquidating Event or other event or condition that, but for the requirement
that time elapse or notice be given, or both, would constitute a Class A Notice Event or Liquidating Event has occurred and
is continuing or would result from any such distribution, at such times and in such amounts as are determined by the Managing
Member, or (ii) invested in Permitted Assets. 

        (d)    Limitation.   Notwithstanding
any provision to the contrary contained in this Agreement, the Company shall not make a distribution to a Member on account of its
Membership Interests if such distribution would violate the Act or other applicable law. 

        4.2     Amounts Withheld.  

        All amounts properly withheld
pursuant to the Code or any provision of any state, local, or foreign tax law with respect to any payment, distribution, or
allocation to the Company or the Members shall be treated as amounts paid or distributed, as the case may be, to the Members with
respect to which such amount was withheld pursuant to this Section 4.2 for all purposes under this Agreement. The Company is
authorized to withhold from payments and distributions, or with respect to allocations, to the Members, and to pay over to any
federal, state, and local government or any foreign government, any amounts required to be so withheld pursuant to the Code or any
provisions of any other federal, state, or local law or any foreign law, and shall allocate any such amounts to the Members with
respect to which such amount was withheld. 

        4.3     Limitations on Distributions.  

        The Company shall make no
distributions to the Members except (i) as provided in this Section 4 and Section 13, or (ii) to the extent
not inconsistent with Section 4 and Section 13 or with the provisions of any of the Transaction Documents, as agreed to
by all of the Members. 

        4.4     Distributions and Payments to Members.  

        It is the intent of the
Members that no distribution or payment to any Member (including distributions under Sections 4.1 and 13.2) shall be deemed a
return of money or other property in violation of the Act. The payment or distribution of any such money or property to a Member
shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Act, and the Member receiving any such
money or property shall not be required to return any such money or property to the Company, any creditor of the Company or any
other Person. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any
Member is obligated to return such money or property, such obligation shall be the obligation of such Member and not of the
Company, any other Member or the Managing Member. Any amounts required to be paid under such obligation shall be treated as a
permitted additional Capital Contribution pursuant to Section 2.2. 

58 

SECTION 5.  

MANAGEMENT  

        5.1     Authority of the Managing Member.  

        The Managing Member
constitutes a “manager” of the Company for purposes of the Act. The Members acknowledge that the Company shall be
managed by the Managing Member, in its capacity as a manager of the Company, in accordance with Section 18-402 of the Act and
subject to any restrictions set forth in the Certificate of Formation or this Agreement, all powers to control and manage the
business and affairs of the Company and to bind the Company shall be exclusively vested in the Managing Member, in such capacity,
and the Managing Member may exercise all powers of the Company and do all such lawful acts as are not by statute, the Certificate
of Formation or this Agreement directed or required to be exercised or done by the Members and in so doing shall have the right
and authority to take all actions that the Managing Member deems necessary, useful, or appropriate for the management and conduct
of the Company’s business and affairs and in the pursuit of the purposes of the Company, including delegating the right and
authority to take such actions to employees of the Managing Member as are designated by the Managing Member or officers or
employees of the Company (whether employed directly or seconded from another GMI Entity); provided, however that any
officers of the Company shall have the authority to enter into the Transaction Documents or any other document as may be
contemplated from time to time. The Managing Member and each such employee or officer and any other “manager,” including
the Independent Director, if any, shall be an “authorized person” on behalf of the Company, as such term is used in the
Act. 

        5.2     Duties and Obligations of the Managing Member.  

        (a)    The
Managing Member shall take all actions that may be necessary or appropriate for the (i) continuation of the Company’s
and the Subsidiaries’ valid existence as a limited liability company or corporation, as applicable, under the laws of the
State of Delaware and of each other jurisdiction in which such existence is necessary to protect the limited liability of the
Members or to enable the Company to conduct the business in which it is engaged, (ii) accomplishment of the Company’s
and the Subsidiaries’ purposes, including the acquisition, development, maintenance, and preservation of the Permitted
Assets, and operation of Property in accordance with the provisions of this Agreement, the Transaction Documents and applicable
laws and regulations, (iii) provision or arrangement for all of the Company’s and the Subsidiaries’ management,
reporting, legal, and tax services, (iv) causation of the Company’s and the Subsidiaries’ business and assets to be
maintained separate and apart from the business and assets of each of the Members and their Affiliates and any other Person, and
(v) the making available of the books and records of the Company and the Subsidiaries for the Members’ inspection.

        (b)    Except
as provided in Section 1.9(c), the Managing Member shall be under a fiduciary duty to conduct the affairs of the Company and
its Subsidiaries in the best interests of the Company and of the Members, including the safekeeping and use of all of the Property
and the use thereof for the exclusive benefit of the Company. Without limiting the foregoing, the Managing Member agrees to
perform its duties hereunder in good faith and in accordance with prudent industry practices for the consumer food business (and
in any event using a degree of 

59 

skill and attention no less than which GMI exercises with respect to assets
of such character that it manages for itself). The Managing Member shall not take any affirmative action, and shall not fail to
take any action required of it under this Agreement or any Transaction Document, that would result in a breach or violation by the
Company or any of its Subsidiaries of, or conflict with, any provision of any Transaction Document. 

        (c)    The
Managing Member shall cause the Company and its Subsidiaries to conduct the business and operations of the Company and its
Subsidiaries separate and apart from that of any Member, any Affiliates of the Company and its Subsidiaries, and any other Person.
The Managing Member shall take any action necessary to cause the Company and its Subsidiaries to satisfy the foregoing
obligations, including: 

                (i)    Segregating
the assets of the Company and its Subsidiaries and not allowing funds or other assets of the Company and its Subsidiaries to be
commingled with the funds or other assets of, held by, or registered in the name of, any Member, any Affiliates of the Company and
its Subsidiaries, or any other Person, and maintaining the assets of the Company and its Subsidiaries such that the assets of the
Company and its Subsidiaries are readily identifiable as assets of the Company and its Subsidiaries and not those of any other
Person, including maintaining bank accounts of the Company and its Subsidiaries separate from any other Person and maintaining a
custodial account with a financial institution (the “Custodian”) whose unsecured and unsupported long-term
debt or other similar obligations is at all times rated “A2” or better by Moody’s and “A” or better by
S&P or that is a wholly owned subsidiary of a bank holding company whose unsecured and unsupported long-term debt or other
similar obligations is at all times rated “A2” or better by Moody’s and “A” or better by S&P pursuant
to a custodial agreement regularly employed by the Custodian (the “Custodial Agreement”) pursuant to which
the Company shall, upon acquiring any interest in a Finance Note, promptly cause the instrument evidencing such Finance Note to be
delivered to the Custodian to be held by the Custodian subject to and in accordance with the Custodial Agreement, provided that
the Managing Member shall cause the Custodial Agreement to provide that all Finance Notes held by the Custodian shall be delivered
to the Liquidator upon its request; 

                (ii)    Maintaining
books and financial statements and records of the Company and its Subsidiaries separate from the books and financial statements
and records of any Member, any Affiliates of the Company and its Subsidiaries, or any other Person, and observing all procedures
and organizational formalities of the Company and its Subsidiaries, including those required by this Agreement or the Act,
including maintaining minutes of meetings of the Company and its Subsidiaries and acting on behalf of the Company and its
Subsidiaries only pursuant to due authorization of the managers or directors of the Company and its Subsidiaries or the Members,
as applicable; 

                (iii)    Maintaining
the A-Rated Securities and other certificated ownership securities and interests of the Company and its Subsidiaries to be held in
a custodial account at a reputable financial institution located in the United States established for the safekeeping of such
certificated ownership securities and interests and separate from the certificated ownership securities and interests of any
Member, any Affiliates of the Company and its Subsidiaries or the Members, as applicable; 

60 

                (iv)    Conducting
their dealings with third parties, including the Members and Affiliates of the Company and its Subsidiaries, and otherwise holding
the Company and its Subsidiaries out to the public, in the Company’s and its Subsidiaries own name, as separate and
independent entities; 

                (v)    Using
separate telephone numbers and separate stationery, invoices, and checks or, in the case of invoices, (A) purchase invoices
which clearly distinguish the obligations of the Company and its Subsidiaries from the obligations of any other Person and
(B) sales invoices which clearly distinguish products sold by the Company and its Subsidiaries from products sold by any
other Person, and, to the extent reasonably required in light of its contemplated business operations, maintaining offices
separate from the offices of any Affiliate of the Company and its Subsidiaries or other Person and conspicuously identifying such
office as offices of the Company and its Subsidiaries; 

                (vi)    Conducting
their dealings with third parties, including the Members and Affiliates of the Company and its Subsidiaries, on an
arm-length’s basis by, among other things, paying to any such third party fair value for shared overhead or for any services
or leased premises provided by such third party or any of their employees or agents; 

                (vii)    For
purposes of transacting business on an arm’s-length basis with a GMI Entity, (x) maintain and periodically update
transfer pricing schedules in accordance with the principles outlined in Code Section 482 and the corresponding Regulations and
(y) incorporate rates prescribed in such schedules in such business; provided that such actions cannot reasonably be
anticipated to, and do not, (a) cause a decrease in the revenue or an increase in the expense of more than 10% in the
underlying intercompany transaction or (b) cause or result in any Class A Notice Event, Liquidating Event or other event
or condition that, but for the requirement that time elapse or notice be given, or both, would constitute a Class A Notice
Event or Liquidating Event; 

                (viii)    Filing
their own tax returns, if any, as may be required under applicable law, to the extent not part of a consolidated group or treated
as a division of another taxpayer; 

                (ix)    Paying
liabilities of the Company and its Subsidiaries out of the funds of the Company and its Subsidiaries and not paying the
liabilities of any other Person out of the funds of the Company and its Subsidiaries; 

                (x)    Not
guaranteeing, becoming obligated on, holding itself out as being obligated or available to satisfy, acquiring or assuming the
liabilities of any Member, any Affiliates of the Company and its Subsidiaries, or any other Person, or pledging the assets of the
Company and its Subsidiaries for the benefit of any Member, any Affiliate of the Company and its Subsidiaries, or any other
Person; 

                (xi)    Correcting
any known misunderstanding regarding the Company’s and its Subsidiaries’ separate and distinct legal identity and
refraining from engaging in any activity that compromises the separate legal identity of the Company and its Subsidiaries or the
separateness of the assets; 

61 

                (xii)    Not
forming, or causing to be formed, any Subsidiaries, except wholly owned Subsidiaries engaged in a Permitted Line of Business or
wholly owned Subsidiaries that hold Permitted Assets; 

                (xiii)    Ensuring
that the Company at all times controls each of its Subsidiaries and that the Managing Member at all times has the authority to act
on behalf of each of the Company’s Subsidiaries for purposes of this Section 5.2; 

                (xiv)    Ensuring
that its capitalization is adequate in light of its business and purpose; 

                (xv)    Allocating
fairly and reasonably the salaries of, and the expenses related to providing the benefits of, officers or other employees shared
with any Member or any other Affiliate of the Company and its Subsidiaries; 

                (xvi)    If
the business of the Company and its Subsidiaries is so limited as to reasonably be conducted from the premises of an Affiliate of
the Company and its Subsidiaries, allocating fairly and reasonably any overhead for office space shared with any Member or any
other Affiliate of the Company and its Subsidiaries; 

                (xvii)    Not
identifying itself as being a division or a part of any other Person other than for purposes of consolidated financial reporting
under GAAP, and, except to the extent such characterization is required for purposes of GAAP financial reporting of another
Person, not permitting any Person to identify the Company and its Subsidiaries as being a division or a part of such Person;

                (xviii)    Not
acquiring any securities or obligations of any Affiliate of the Company and its Subsidiaries, other than as contemplated by this
Agreement and the Transaction Documents; 

                (xix)    Causing
the financial statements of the Company and its Subsidiaries to be prepared in accordance with GAAP in a manner that indicates the
separate existence of the Company and its Subsidiaries and the assets and liabilities, including marking in any consolidated
financial statements of any Member or any Affiliate of the Company and its Subsidiaries that includes the financial statements of
the Company and its Subsidiaries with notes that clearly state that the Company and its Subsidiaries are separate legal entities
and that the assets will be available first and foremost to satisfy the claims of the creditors of the Company and its
Subsidiaries; and 

                (xx)    Not
being bound by the business decisions of its Members or its managers unless such business decisions have been approved in
accordance with the governance procedures set forth herein; provided that failure by the Company and its Subsidiaries to
comply with any of the foregoing shall not affect the status of the Company and its Subsidiaries as separate legal entities.

        (d)    The
Managing Member shall notify the Members of the occurrence of any Class A Notice Event or Liquidating Event or any event
which with notice or lapse of time or both would constitute a Class A Notice Event or Liquidating Event and the action which
the Managing 

62 

Member has taken or proposes to take with respect thereto, promptly but no
later than five (5) Business Days, after the Managing Member has actual knowledge of such occurrence. 

        (e)    The
Managing Member has provided to the Company a certificate of an officer or authorized representative naming the Responsible
Officer that will be responsible for the management and operations of the Company in accordance with this Section 5 until
such time as the Managing Member has provided to the Company another certificate naming others of its officers or authorized
representatives to be Responsible Officers, and the Managing Member hereby covenants and agrees that such Responsible Officers
shall maintain the separateness of the Company’s operations and otherwise comply with all of the terms of this Agreement.

        (f)    The
Managing Member shall, upon the request of a Class A Limited Member, convert such Member’s Class A Limited
Membership Interests to Series B-2 Limited Membership Interests or a new Series of Class B Limited Membership Interests.
Any amendments to this Agreement necessary to effect such a conversion shall be subject to the provisions of Section 10.

        5.3     Restrictions on Authority of Managing Member  

        (a)    Notwithstanding
any other provision of this Agreement, without the consent of all of the Class A Limited Members (and, in the case of clauses
(v), (ix), (xiv), (xv), (xvi) and (xvii) below, without the consent of the Independent Director, if any), the Company shall not,
and the Managing Member shall not be authorized to, nor shall the Managing Member permit or cause the Company to, nor shall the
Company permit or cause any of its Subsidiaries to, take any of the following actions: 

                (i)    Any
act that would be in contravention of the Agreement or any Transaction Document or, if on behalf of the Company or any of its
Subsidiaries, inconsistent with the purposes of the Company or any of its Subsidiaries; 

                (ii)    Any
act that would, to the Managing Member’s knowledge make it impossible to carry on the normal business of the Company or any
of its Subsidiaries; 

                (iii)    Possess
or assign rights in the Property for other than a purpose of the Company or any of its Subsidiaries; 

                (iv)    Perform
any act that would subject any Member to liability for the liabilities or obligations of the Company or any of its Subsidiaries;

                (v)    Cause
or permit the Company or any of its Subsidiaries to incur, assume, Guarantee, or otherwise become liable for any Indebtedness
(other than Permitted Indebtedness) or create any Liens (other than Permitted Liens) on any Property. 

                (vi)    Make
any loan or other advance of money to any Person (other than Permitted Loans) or Guarantee obligations of any Person; 

                (vii)    Acquire,
by purchase or contribution: (A) any assets other than Permitted Assets, (B) any Permitted Asset that is in default at
the time of its acquisition, (C) the capital stock issued by any Subsidiary other than a direct or indirect wholly owned
Subsidiary, or (D) in 

63 

the case of any Subsidiary of the Company, Permitted Assets described in
clauses (vii) through (xii) and clause (xv) of the definition of “Permitted Assets”; 

                (viii)    Make,
purchase or acquire by contribution any Permitted Loans unless (A) the borrowing evidenced by such Permitted Loan has been
duly authorized by all required corporate action, such action has been duly certified by the secretary or assistant secretary of
the borrower, and such certification has been delivered to the Company together with certificates as to incumbency and due
authorization of the officers of the borrower authorized to execute and deliver such Permitted Loan, (B) such Permitted Loan
is legal, valid, binding and enforceable in accordance with its terms against the borrower, and (C) the GMI Guaranty with
respect to such Permitted Loan, if any (1) has been duly authorized by all required corporate action, such action has been
duly certified by the secretary or assistant secretary of GMI and such certification has been delivered to the Company together
with certificates as to incumbency and due authorization of the officers of GMI authorized to execute and deliver such guaranty,
(2) ranks at least pari passu with all other unsecured Indebtedness of GMI, and (3) is legal, valid, binding, and
enforceable in accordance with its terms against GMI; 

                (ix)    Commit
or authorize any act of Voluntary Bankruptcy with respect to the Company or any of its Subsidiaries, acquiesce in any act of
Involuntary Bankruptcy with respect to the Company or any of its Subsidiaries, or cause or permit the Company or any of its
Subsidiaries to admit in writing its inability to pay its debts generally;

                (x)    Cause
the Company to distribute to any Member any asset, other than as provided in this
Agreement and in the course of the liquidation of the Company;  

                (xi)    Cause
or permit the Company or any of its Subsidiaries to merge, consolidate, or engage in any other business consolidation with, or
sell all or any substantial part of its assets to, any Person; provided that the foregoing restriction shall not apply to
transactions between any Subsidiary of the Company and the Company or any other Subsidiary of the Company; 

                (xii)    Cause
or permit the admission of any Member other than in accordance with Sections 2, 7, or 11, issue any Membership Interests that rank
senior to or pari passu with the Class A Limited Membership Interests, or issue any ownership interests in any
Subsidiary of the Company to any Person other than the Company or any other Subsidiary of the Company; 

                (xiii)    Except
as otherwise provided in Section 5.2(c)(vii), cause or consent to any amendment to, modification of, or waiver of any of the
rights and obligations of the Company or any of its Subsidiaries under, or any termination of, or any assignment or delegation by
any Person other than the Company or any of its Subsidiaries of such Person’s rights or obligations under, or give any
consent or make any election under, or fail to enforce any of the material rights or remedies of the Company or any of its
Subsidiaries under, any Transaction Document; provided that any such amendment, modification, waiver, consent, or election
may be made without the consent of the Class B Limited Members, in respect of any of the Amended and Restated Employee
Seconding Agreement, the Amended and Restated Contract Marketing Agreement, the Amended and Restated Contract Operating Agreement,
the Amended and Restated Contract Sales Agreement, the Amended and Restated Services Agreement, the 

64 

Permitted Intellectual Property License Agreements, the Permitted PP&E
License Agreement, the Receivables Purchase and Sale Agreements, and the Other GMI Entity Agreements so long as no such amendment,
modification, waiver, consent, or election, either individually or in the aggregate, would have a Material Adverse Effect with
respect to the Company or any of its Subsidiaries; 

                (xiv)    Make
discretionary distributions to the Members, except as expressly permitted herein; 

                (xv)    Change
its independent accountants to other than a “Big Four” accounting firm; 

                (xvi)    Adopt
or change a significant tax or accounting practice or principle, make any significant tax or accounting election, or adopt any
position for purposes of any tax return that will have a Material Adverse Effect or a material adverse effect on any Limited
Member (unless the making of such election is expressly contemplated by this Agreement); 

                (xvii)    To
the fullest extent permitted by law, cause or permit the dissolution, winding up or termination of the Company; 

                (xviii)    Cause
or permit the Company to change its Fiscal Year;  

                (xix)    Fail
to preserve and maintain the legal name, permits, licenses, approvals, privileges, and franchises of the Company or any of its
Subsidiaries or fail to comply with the requirements of any applicable laws, rules, regulations, and orders of governmental or
regulatory authorities, if such failure, either individually or in the aggregate, has or could reasonably be expected to have a
Material Adverse Effect with respect to the Company; 

                (xx)    Lease,
sublease, assign, license, or grant any other rights with respect to any of the Properties (except as otherwise provided in the
Transaction Documents); or 

                (xxi)    Enter
into any Other GMI Entity Agreement without receiving a GMI Guaranty with respect to such Other GMI Entity Agreement. 

        (b)    Notwithstanding
any other provision of this Agreement, without the consent of the Required Class B Limited Members, the Company shall not,
and the Managing Member shall not be authorized to, nor shall the Managing Member permit or cause the Company to, nor shall the
Company permit or cause any of its Subsidiaries to, take any of the following actions: 

                (i)    Amend,
modify or waive the Permitted Assets Requirement; 

                (ii)    Amend,
modify or waive the Portfolio Requirements;  

                (iii)    Amend,
modify or waive any GMI’s obligations under the Exchange Agreement;  

                (iv)    Convert
the Managing Membership Interest into any other Class or Series of Membership Interests; 

65 

                (v)    Make,
purchase or acquire any Permitted Loans, other than Permitted Loans to GMI Entities; 

                (vi)    Issue
any Membership Interests that rank senior to or pari passu with the Class B Limited Membership Interests,
provided that notwithstanding the foregoing, (x) additional Membership Interests may be issued regardless of the
ranking of such Membership Interests if such issuance does not cause a downgrade of the credit ratings by Moody’s or S&P
of the Series B-1 Limited Membership Interests and (y) Class A Limited Membership Interests may be converted
pursuant to Section 5.2(f); 

                (vii)    Issue
any Membership Interests or sell or authorize the sale of any Membership Interests if such action would cause the number of
holders of Class B Membership Interests, excluding the holders of the Series B-1 Memberships Interests, to exceed
nineteen. 

                (viii)    Sell
or authorize the sale of (A) any Series B-2 Limited Membership Interests currently outstanding to any Person that is not
GMI or an Affiliate of GMI or another GMI Entity if, subsequent to such sale, such Series B-2 Limited Membership Interests
rank senior to the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests or (B) any
Class A Limited Membership Interests currently held by TPC to any Person that is not GMI or an Affiliate of GMI, another GMI
Entity, or another Class A Member if, subsequent to such sale, such Class A Limited Membership Interests rank senior to
the Series B-1 Limited Membership Interests or the Series B-2 Limited Membership Interests; provided that
notwithstanding this clause (viii), to the extent not otherwise prohibited by this Agreement, currently outstanding Membership
Interests may be sold regardless of the ranking of such Membership Interests subsequent to such sale if such sale does not cause a
downgrade of the credit ratings by Moody’s or S&P of the Series B-1 Limited Membership Interests; and 

                (ix)    Issue
any Indebtedness to third Persons in excess of an amount equal to fifteen percent (15%) of the Capital Account of the Managing
Member. 

        (c)    The
Managing Member shall not amend Section 5.3(a) without the consent of all of the Members. The Managing Member shall not amend
Section 5.3(b) without the consent of the Required Class B Limited Members and any amendment of Section 5.3(b) that
is consented to by the Required Class B Limited Members shall not require the consent of the Class A Limited Members.

        5.4     Compensation; Expenses.  

        (a)    Except
as otherwise provided in Sections 5.4(b) and 5.5, the Managing Member shall not receive any salary, fee, or draw for services
rendered to, or on behalf of, the Company or any of its Subsidiaries or otherwise in its capacity as a manager of the Company or a
Member, nor shall the Managing Member be reimbursed for any Expenses incurred by the Managing Member on behalf of the Company or
any of its Subsidiaries or otherwise in its capacity as a manager of the Company or a Member. 

        (b)    The
Managing Member will be paid an annual fee not to exceed $100,000 as compensation for providing administrative and managerial
services to the Company. The 

66 

Managing Member may charge the Company, and shall be reimbursed, for all
reasonable out-of-pocket operating expenses necessary for running the business of the Company and its Subsidiaries. Such
reimbursement shall be treated as operating expenses of the Company and its Subsidiaries and shall not be deemed to constitute
distributions to any Member of profit, loss, or capital of the Company or any of its Subsidiaries. 

        5.5     Indemnification of the Managing Member.  

        (a)    Subject
to Section 5.5(b), the Company, its receiver, or its trustee (in the case of its receiver or trustee, to the extent of the
Company’s assets) shall indemnify, save harmless, and pay any and all reasonable out-of-pocket expenses incurred by the
Managing Member or any officers, directors, employees, or agents (each, a “Managing Member Indemnitee”) of
the Managing Member in connection with (i) the performance under this Agreement of its obligations as the manager of the
Company, or (ii) for any extraordinary liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses, or disbursements of any kind or nature whatsoever by reason of any act performed or omitted to be performed by
the Managing Member Indemnitee in connection with the business of the Company including attorneys’ fees incurred by a
Managing Member Indemnitee, in connection with the defense of any action based on any such act or omission, which attorneys’
fees may be paid as incurred; provided that any payment for indemnification owed by the Company to such Managing Member
Indemnitee shall be subordinate in right of payments to the payment in full of the Limited Member Preferred Return and any amount
owing or distributable to the Limited Members upon any liquidation of the Company. 

        (b)    Section 5.5(a)
shall be enforced only to the maximum extent permitted by law and no Managing Member Indemnitee shall be indemnified (i) for
any liability for the fraud, bad faith, willful misconduct, gross negligence, or failure to perform in accordance with this
Agreement, of itself or any of its Affiliates, (ii) for any Taxes or (iii) for any expenses, obligations, losses,
damages, penalties, actions, judgments, suits, costs or disbursements arising from or in connection with any matter described in
clause (d), (e) or (f) in Section 14.1. 

        (c)    Notwithstanding
anything to the contrary in this Agreement, in no event will any indemnification obligation of the Company or a receiver or
trustee to indemnify, save harmless, or pay all Expenses set forth in this Section 5.5 subject any Member to personal
liability. 

        (d)    Indemnification Procedures. 

                (i)    In
the event any claim is made by a third party against the Company, the Managing Member, a Class A Limited Member, a
Class B Limited Member, the Independent Director, the Liquidator, or any affiliate, officer, director, agent, employee,
successor or assign of any of them (each of them being referred to as an “Indemnitee”), with respect to an actual or
potential liability for which any such Person is otherwise entitled to be indemnified under any provisions of Sections 5.5(a),
5.8(a), 6.7(a), and 13.10(b), and any such Person wishes to be indemnified with respect thereto, such Person shall promptly notify
the appropriate indemnitor(s) as provided in each such Section (the “Indemnitor”); provided
that the failure of any such Person to notify any Indemnitor shall not
          relieve such Indemnitor from any liability which it otherwise may have to such
          Person hereunder.  

67 

                (ii)    Each
Indemnitee may by notice to the Indemnitor take control of all aspects of the investigation and defense of all claims asserted
against it and may employ counsel of its choice and at the expense of the Indemnitor; provided that (A) the amount of
any settlement such Indemnitee may enter into must be consented to by the Indemnitor, and no Indemnitee may in connection with any
such investigation, defense or settlement, without the consent of the Indemnitor, require the Indemnitor or any of its
Subsidiaries to take or refrain from taking any action (other than payment of such a settlement amount) or to make any public
statement, which such Person reasonably considers to materially adversely affect its interest, (B) such Indemnitee may not
take control of any investigation, defense or settlement which could entail a risk of criminal liability to the Indemnitor or any
of its Subsidiaries, and (C) no Indemnitor may take control of any investigation, defense or settlement, without the consent
of any Indemnitee, if the liabilities involved in such proceedings involve any material risk of the sale, forfeiture or loss of,
or the creation of any Lien on, any property of such Indemnitee. Upon the request of any Indemnitee, the Indemnitor shall use its
best efforts to keep such Indemnitee reasonably apprised of the status of those aspects of such investigation and defense
controlled by such Indemnitor and shall provide such information with respect thereto as such Indemnitee may reasonably request.
The Indemnitees shall cooperate with the Indemnitor in all reasonable respects with respect thereto. 

        5.6     Withdrawal.  

        (a)    The
Managing Member may at any time deliver to the Members written notice of the Managing Member’s intent to withdraw as a
manager of the Company (within the meaning of the Act). 

        (b)    In
the event that the Managing Member seeks to withdraw as a manager of the Company, the Managing Member shall remain as a manager
until a successor manager is appointed. A successor manager shall be appointed by the Managing Member; provided that
(i) any successor manager shall be an Affiliate of GMI, (ii) at least 30 days’ written notice of such appointment
is given to all the Class A Limited Members and Class B Limited Members, and (iii) the Required Class A
Limited Members and the Required Class B Limited Members have approved of such appointment. 

        (c)    Any
withdrawal of the Managing Member as a manager shall not affect the status of such Managing Member as a Member, except to the
extent otherwise provided in this Agreement, including, without limitation, Section 11. 

        Notwithstanding
the foregoing, while GMI or any of its Subsidiaries is the Managing Member, upon any Transfer by the Managing Member of all or any
portion of the Managing Membership Interest to GMI or any of its Subsidiaries satisfying the requirements set forth in
Section 11.2(a), such Permitted Transferee may, at the election of the Managing Member, succeed to the rights of the Managing
Member hereunder to be the manager of the Company (within the meaning of the Act), without obtaining the consent of the Required
Class A Limited Members and Required Class B Limited Members and, in such event, such successor shall be deemed admitted
to the Company as a manager (within the meaning of the Act) and shall have all rights of the Managing Member hereunder.

68 

        5.7     SPE Covenant re Status of Managing Member; Independent Director and Management Limitations.  

        (a)    The
Managing Member covenants that, unless the Required Class A Limited Members otherwise consent, it shall at all times be a
special purpose bankruptcy remote entity (an “SPE”) that is, except as otherwise provided in
subsection (e) below, a corporation (a “Corporate SPE”) whose articles of incorporation:
(1) limit the activities of the Corporate SPE to acting as the Managing Member of the Company; (2) contain separateness
covenants and limitations on activities substantially similar to those set forth in Section 5.2(c); (3) require that one
member of its board of directors be an Independent Director; and (4) require the affirmative vote of the Independent Director to
approve, with respect to the Corporate SPE or the Company, any Bankruptcy, sale of substantially all of the assets, merger or
consolidation, change of accountants, or adoption or change of significant tax or accounting principle. The
“Independent Director” shall at all times be a Person who at the time of such appointment, at any time
during the preceding five (5) years, or at any time thereafter while serving as the Independent Director is not (i) other than
serving as an Independent Director or director of the Managing Member, a director, officer, or employee of any Member or any
Affiliate thereof, or of any creditor, customer or supplier thereof that, in the case of a customer, accounted for more than a
de minimis amount (not to exceed 5%) of such Member’s or Affiliate’s gross revenues or, in the case of a creditor
or supplier, received more than a de minimis amount (not to exceed 5% of its gross revenues from payments for goods and
services sold to such Member or Affiliate, (ii) the direct or indirect legal or beneficial owner of more than a de minimis
amount (not to exceed 5% of ownership interests in any Member or any Affiliate thereof, or (iii) any member of the immediate
family of a Person described in clause (i) or (ii). For purposes of this Agreement, any action that requires the affirmative
written consent of the Independent Director shall refer also to the consent of the Corporate SPE or the LLC SPE, as appropriate,
with the affirmative written consent of the Independent Director. To the fullest extent permitted by applicable law, the
Independent Director shall consider only the interests of the Company, including, whether or not the Company is insolvent, its
respective creditors, in acting or otherwise voting on the matters referred to in Section 5.3(a). 

        (b)    The
Managing Member covenants that, unless the Required Class A Limited Members have consented to it no longer being an SPE, its
governing documents will provide that the Independent Director shall have no duties or functions except as expressly provided in
this Agreement or pursuant to the certificate of incorporation of the Managing Member. In the event that the Managing Member or
any other Member approves of any action set forth in Section 5.3(a), or any other action described in this Agreement,
expressly requiring the consent or approval of the Independent Director, it shall be a condition precedent to the taking of any
such action that the Independent Director approves such action. Unless any such proposed action is duly approved by the
Independent Director, the approval by the Managing Member or any other Member of such action shall have no force or effect and the
Company and such Members shall be prohibited from taking any action to implement, or give effect to, such action. In the event
that any such proposed action is adopted by the Company or such Members, but is not approved by the Independent Director as
provided herein, and the Managing Member or any other Member or the Company takes any action to implement, or give effect to, such
action, the Independent Director shall have full power and authority to enforce the provisions of this Agreement prohibiting the
Company from implementing, or giving effect to, such action; 

69 

provided, however, that the Independent Director shall not have
a duty, or be under an obligation, to seek such enforcement. 

        (c)    The
Managing Member covenants that, unless the Required Class A Limited Members have consented to it no longer being an SPE, its
governing documents will provide that (i) the Independent Director may not delegate its duties, authorities, or
responsibilities herein and (ii) no resignation, retirement, or removal of the Independent Director, and no appointment of a
successor Independent Director, shall be effective until the successor Independent Director shall have accepted his or her
appointment. 

        (d)    The
Managing Member may, if so elects, convert to a limited liability company (the “LLC SPE”) formed under the
laws of the State of Delaware in which one of the members of the limited liability company is a Corporate SPE and whose limited
liability agreement: (1) limits the activities of the LLC SPE to acting as the Managing Member of the Company; (2) contains
separateness covenants and limitations on activities substantially similar to those set forth in Section 5.2(c); and (3)
requires the affirmative vote of the Independent Director of the Corporate SPE to approve, with respect to the LLC SPE or the
Company, any Bankruptcy, sale of substantially all of the assets, merger, or consolidation, change of accountants, or adoption or
change of significant tax or accounting principle. 

        5.8     Indemnification by the Managing Member.  

        (a)    Subject
to Section 5.8(b), the Managing Member shall indemnify, save harmless, and pay all Expenses of any Member, or any members,
managers, partners, stockholders, officers, directors, employees, and agents of such Member (each, a “Member
Indemnitee”) against any reasonable out-of-pocket costs paid directly by such Member or Member Indemnitee (including
the reasonable costs of investigation and litigation and of enforcing this Section 5.8) and resulting from any of the
activities of the Company. The indemnification contemplated by this Section 5.8(a) shall not include any items of Loss
allocated to any Limited Member in accordance with the Allocations. 

        (b)    Section 5.8(a)
shall be enforced only to the maximum extent permitted by law and the Members shall not be indemnified from any liability for
fraud, bad faith, willful misconduct, gross negligence, or a failure to perform in accordance with this Agreement. 

        5.9     Portfolio Requirements.  

        (a)    Portfolio
Requirements.   The Company and, with respect to clause (iii) below, its Subsidiaries (on a consolidated
basis) shall at all times comply with the requirements of this Section 5.9(a) (the “Portfolio
Requirements”). 

                (i)    Asset
Coverage.   The (x) ratio of the aggregate Mark-to-Market Values of the Permitted Assets held by the
Company to the aggregate Preferred Return Capital of the Class A Limited Members shall not, as of any given day, be less than
2:1 and (y) the ratio of the Portfolio Values (as determined pursuant to Section 5.9(b)) of the Permitted Assets held by
the Company to the aggregate Preferred Return Capital of the Limited Members shall not, as of any given day, be less than 2:1.

70 

                (ii)    Financial
Assets.   The aggregate Mark-to-Market Value of Specified Financial Assets held by the Company shall at all
times be at least equal to the Specified Financial Investment Level at such time; provided that the aggregate
Mark-to-Market Value of Specified Financial Assets (other than (i) Government Obligations and (ii) obligations issued or fully and
unconditionally guaranteed by GMI) held by the Company that are obligations of or issued by any single issuer or any of its
Affiliates shall not at any time exceed 5% of the aggregate Mark-to-Market Value of Specified Financial Assets held by the Company
at such time. 

                (iii)    Cash
Flow.   The ratio of the Cash Flow of the Company and its Subsidiaries for the four most recent Fiscal
Quarters to the Limited Member Preferred Return for the same four Fiscal Quarters shall not be less than 1.5:1. 

                (iv)    Profits.   As
of the end of each Fiscal Quarter, the ratio of (A) the Profits of the Company for the current Allocation Year to such date
(calculated as if such date were the last day of the Allocation Year) to (B) the Limited Member Preferred Return for such
period shall not be less than 1:1. 

        (b)    Determination
of Portfolio Values.   For purposes of this Section 5.9, the Managing Member shall determine a value
(“Portfolio Value”) for each Permitted Asset held by the Company in a manner reasonably consistent with
the Mark-to-Market Methodology set forth in Section 13.11. 

        (c)    Sale
or Pledge of the Permitted Assets.   Subject to the limitations set forth in Section 5.2, the Company and
the Company’s Subsidiaries may sell or transfer Permitted Assets, or cause any Permitted Assets to be sold or transferred on
its or their behalf, to the extent such sale or Transfer is permitted under the Transaction Documents and provided further that
(i) the proceeds of such sale or Transfer are promptly reinvested in Permitted Assets and (ii) after giving effect to
any such sale or Transfer the Portfolio Requirements shall be satisfied. 

        5.10     Board of Directors.  

        (a)    Board
Triggering Events.   In the event that any amount of Series B-1 Limited Member Preferred Return remains
undistributed for a period of six consecutive Class B Distribution Periods; (a “Board Triggering Event”),
the Managing Member will cause the Company to create a board of directors (the
“Board of           Directors”).  

        (b)    Directors.   The
Board of Directors shall consist of nine (9) directors (each, a “Director”) or such other number of
Directors as the Members shall agree upon,of which: (i) the Required Class A Limited Members, voting as a
separate class, will have the right (but not the obligation) to appoint one (1) Director; (ii) the holders of two-thirds of
the outstanding Series B-1 Limited Membership Interests, voting as a separate class, will have the right (but not the
obligation) to appoint one (1) Director; (iii) the holders of two-thirds of the outstanding Series B-2 Limited
Membership Interests, voting as a separate class, will have the right (but not the obligation) to appoint one two (2) Directors;
and (iv) the Managing Member will appoint five (5) Directors or as many Directors as shall be necessary to provide the
Managing Member with a 

71 

majority of the votes on the Board of Directors. No individual Director shall
constitute a “manager” within the meaning of the Act. 

        (c)    Management
Responsibilities.   Following the creation of a Board of Directors, the Board of Directors will automatically
succeed to all of the Managing Member’s management responsibilities under this Agreement (other than under this
Section 5.10) and shall have all of the rights of the Managing Member under this Section 5 including, without
limitation, the right to delegate the right and authority to manage and conduct the Company’s business and affairs to
officers or employees (whether employed directly or seconded from another GMI Entity) of the Company. The responsibilities and
authority of the Board of Directors shall be subject to the limitations and restrictions on the authority of the Managing Member
(including the restrictions set forth in Section 5.3). All actions taken by the Board of Directors shall require the
affirmative vote of a majority of its Directors. 

        (d)    Meetings
of the Board of Directors.   The Board of Directors shall meet at such times and places as shall be determined
by the Board of Directors at its initial meeting. The Board of Directors also shall determine notice, quorum, voting, and meeting
requirements and procedures at the initial meeting. 

        (e)    Compensation.   Each
Director who is not an Affiliate of GMI or Company or otherwise associated with any of the Company’s Affiliates or service
providers will be paid a modest fee for attendance at meetings of the Board of Directors, such amount to be determined by the
Board of Directors in accordance with customary market practices. 

        (f)    Indemnification.   Each
Director shall be indemnified to the same extent as the Managing Member and for such purposes, each Director shall be deemed to be
a “Managing Member Indemnitee” for purposes of Section 5.5. 

        (g)    Dissolution.   Upon
the determination by the Board of Directors of the satisfaction of the Board Triggering Event that gave rise to the creation of a
Board of Directors, the Board of Directors shall be dissolved, each Director shall be removed, and all management responsibilities
and restrictions under this Agreement shall revert back to the Managing Member. 

SECTION 6.  

ROLE OF MEMBERS  

        6.1     Rights or Powers.  

        Other than the rights and
powers expressly granted to the Managing Member pursuant to Section 5 and the rights expressly granted to the Members
pursuant to Section 5.10, the Members, in their capacities as members of the Company, hereby agree not to exercise any right
or power to take part in the management or control of the Company or its business and affairs and shall not have any right or
power to act for or bind the Company in any way. Without limiting the generality of the foregoing, the Members, in such
capacities, have all of the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with
this Agreement, in the Act. 

72 

        6.2     Voting Rights.  

        No Member has any voting
right except with respect to those matters specifically reserved for a Member vote that are set forth in this Agreement and as
required in the Act. 

        6.3     Meetings and Consents of the Members.  

        (a)    Meetings
of the Members may be called by the Managing Member and shall be called upon the written request of the Required Class A
Limited Members or the Required Class B Limited Members. The call shall state the nature of the business to be transacted.
Notice of any such meeting shall be given to all Members not less than five (5) Business Days nor more than thirty (30) days prior
to the date of such meeting; provided that the Members may agree in writing to a shorter notice period than five (5)
Business Days. Members may vote in person, by proxy or by telephone at such meeting and may waive advance notice of such meeting.
Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given at a
meeting of the Members or may be given in accordance with the procedure prescribed in Section 6.4. Except as otherwise
expressly provided in this Agreement, the unanimous vote or consent of the Members (or any Class or Series of Limited Membership
Interests) shall be required to constitute the act of the Members (or any Class or Series of Limited Membership Interests) or the
consent of the Members (or any Class or Series of Limited Membership Interests). 

        (b)    For
the purpose of determining the Members entitled to vote on, or to vote at, any meeting of the Members or any adjournment thereof,
the Managing Member or the Member requesting such meeting may fix, in advance, a date as the record date for any such
determination. Such date shall not be more than thirty (30) days nor less than five (5) Business Days before any such meeting.

        (c)    Each
Member may vote in any manner permitted under the Act. Each Member may authorize any Person or Persons to act for it by proxy on
all matters in which a Member is entitled to participate, including waiving notice of any meeting, or voting, or participating at
a meeting. Every proxy must be signed by the Member or its attorney-in-fact or delivered by means of electronic communication. No
proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy.
Every proxy shall be revocable at the pleasure of the Member executing it. 

        (d)    Each
meeting of Members shall be conducted by the Managing Member or such other individual Person as the Managing Member deems
appropriate pursuant to such rules for the conduct of the meeting as the Managing Member or such other Person deems appropriate.

        6.4     Procedure for Consent.  

        In any circumstances
requiring the agreement, approval, or consent of the Members specified in this Agreement, such agreement, approval, or consent
may, except where a standard for such agreement, approval, or consent is provided for expressly in this Agreement and
notwithstanding any provisions of law or in equity to the contrary, be given or withheld in the sole and absolute discretion of
the Members in any manner permitted under the Act, and each Member shall be entitled to consider only such factors and interests
as it desires, including its 

73 

own interests, and shall have, to the fullest extent permitted by applicable
law, no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person. If
the Managing Member receives the necessary agreement, approval, or consent of the Members to such action, the Managing Member
shall be authorized and empowered to implement such action without further authorization by the Members. Such agreement, approval,
or consent must be obtained in writing or by facsimile or electronic communication. 

        6.5     Withdrawal/Resignation. 

        Except as otherwise provided
in Sections 4, 7, 11, and 13, no Member shall demand or receive a return on or of its Capital Contributions or withdraw or resign
as a Member from the Company without the affirmative written consent of all Members. If any Member resigns or withdraws from the
Company in breach of this Section 6.5, such resigning or withdrawing Member shall not be entitled to receive any distribution
under this Agreement. Under circumstances requiring a return of any Capital Contribution, no Member has the right to receive
Property other than Cash except as may be specifically provided herein. 

        6.6     Member Compensation.  

        No Member shall receive any
interest, salary, or draw for services rendered on behalf of the Company, or otherwise, in its capacity as a Member, except as
otherwise provided in Section 5.4(b). 

        6.7     Indemnification of Limited Members.  

        (a)    Subject
to Section 6.7(b), the Company, its receiver or its trustee (in the case of its receiver or trustee, to the extent of
Property) shall indemnify, save harmless, and pay all Expenses of any Limited Member, and any members, managers, partners,
stockholders, officers, directors, employees, or agents of such Limited Member (each, a “Limited Member
Indemnitee”) relating to any liability or damage incurred by reason of any act performed or omitted to be performed
by such Limited Member or Limited Member Indemnitee in connection with the business of the Company, including attorneys’ fees
incurred by such Limited Member or Limited Member Indemnitee in connection with the defense of any action based on any such act or
omission, which attorneys’ fees may be paid as incurred, including all such liabilities under federal and state securities
laws (including the Securities Act) as permitted by law. 

        (b)    Section 6.7(a)
shall be enforced only to the maximum extent permitted by law and the Limited Members shall not be indemnified from any liability
for fraud, bad faith, willful misconduct, gross negligence, or a failure to perform in accordance with this Agreement. 

        6.8     Members’ Liability.  

        (a)    Except
as otherwise provided herein and by applicable law, no Member shall be liable under a judgment, decree, or order of a court, or in
any other manner for any other obligations or liabilities of the Company solely by reason of being a Member. A Member shall be
liable only to make its Capital Contribution pursuant to Section 2.1 and shall not be required to restore a deficit balance
in its Capital Account (other than pursuant to Section 13.3) or to lend any funds to the Company or, after its Capital
Contribution has been made pursuant to Section 2.1, to make any 

74 

additional contributions, assessments, or payments to the Company;
provided that a Member may be required to repay distributions made to it as provided in the Act, subject to
Section 4.4. 

        (b)    Notwithstanding
anything to the contrary in this Agreement, in no event will any indemnification obligation of the Company or a receiver or
trustee to indemnify, save harmless, or pay all Expenses set forth in Section 6.7 subject any Member to personal liability.

        6.9     Partition.  

        While the Company remains in
effect or is continued and prior to the occurrence of a Liquidating Event, each Member agrees not to have any Property partitioned
or file a complaint or institute any suit, action, or proceeding at law or in equity to have any Property partitioned, and each
Member, on behalf of itself, its successors, and its assigns hereby waives any such right. 

        6.10     Transactions Between a Member and the Company.  

        (a)    Except
as otherwise provided by applicable law, any Member may, but shall not be obligated to, enter into the transactions described in
Sections 1.9(c) and 1.9(d) and transact other business contemplated by the Transaction Documents with the Company and have the
same rights and obligations when transacting such business with the Company as a Person or entity who is not a Member. A Member,
any Affiliate thereof or an employee, stockholder, agent, director, manager, or officer of a Member or any Affiliate thereof, may
also be an employee or a manager of the Company. 

        (b)    No
Member shall, or shall permit its Affiliates to, guarantee any liabilities of the Company or become obligated on, or hold itself
out as being obligated or available to satisfy, any liabilities of the Company. 

SECTION 7.  

PREFERRED RETURN RESET AND REMARKETING  

        7.1     Class A Preferred Return Rate Reset.  

        (a)    In
General.   The Class A Preferred Return Rate is subject to reset as provided herein on each Class A
Reset Date. 

                (i)    Initial
Class A Reset Date.   The initial reset date with respect to the Class A Limited Membership Interests
shall be June 28, 2007; provided that (i) in the case of a Failed Class A Mandatory Remarketing (as defined
below) on the initial Class A Reset Date, a reset date shall occur on the three (3) month anniversary of the initial Class A
Reset Date; provided, further, that, notwithstanding any provision to the contrary in this Section 7.1(a)(i), in the
event of a Failed Class A Mandatory Remarketing that occurs as a result of any failure of (i) the Class A
Remarketing Agent to completely perform its obligations under the Class A Remarketing Agreement or (ii) a Secondary
Purchaser to settle the purchase and sale of the Class A Limited Membership Interests on or before the relevant Class A
Reset Date, the Company shall cause a new Class A Mandatory Remarketing to be held as soon as practicable 

75 

(and, in no event, more than 10 Business Days) after such Failed Class A
Mandatory Remarketing. In connection with the initial Class A Reset Date, the Capital Accounts of all the Members (including
the Class A Limited Members) shall be redetermined as set forth in Section 7.1(c). The Class A Preferred Return Rate so
determined on such Class A Reset Date shall remain in effect until the second Scheduled Reset Date. The Capital Accounts of
all the Members shall be redetermined as of the initial Class A Reset Date as set forth in Section 7.1(e)(iii). 

                (ii)    Subsequent
Class A Reset Dates.   Beginning on the second Scheduled Reset Date and thereafter, the Class A
Preferred Return Rate shall be reset as provided in Section 7.1(d). 

        (b)    Initial Class A
Reset Procedure.   During the period commencing ninety (90) days and ending forty-five (45) days prior to the
initial Class A Reset Date, the Company and the holders of all the Class A Limited Membership Interests shall consult
with one another to determine whether they are able to agree upon a Class A Preferred Return Rate in advance of such
Class A Reset Date. In the event agreement is reached at least forty-five (45) days before such Class A Reset Date, the
Class A Preferred Return Rate will be reset as of such Class A Reset Date pursuant to such agreement and will remain in
effect until the second Scheduled Reset Date. In the event no agreement pursuant to this Section 7.1(b) is reached at least
forty-five (45) days before the initial Class A Reset Date, the Company shall, on a date no later than such Class A
Reset Date, conduct an auction or mandatory remarketing (a “Class A Mandatory Remarketing”) to set
the applicable Class A Preferred Return Rate pursuant to Section 7.1(c)(i). In the event of any Class A Mandatory
Remarketing, each holder of Class A Limited Membership Interests hereby agrees that the Company shall have the right to, and the
Company shall, enter into a Class A Remarketing Agreement with the Class A Remarketing Agent to effect the sale of the
Class A Limited Membership Interests to the Person or Persons providing the Winning Bid Rate in such Class A Mandatory
Remarketing, and each holder of Class A Limited Membership Interests shall be bound by the Class A Remarketing Agreement;
provided that any Class A Remarketing Agreement shall not obligate any holder to make or provide any representation,
warranty, or covenant, or take any action or enter into an agreement other than to sell the Class A Limited Membership
Interests, pursuant to a Secondary Purchase Agreement, if there is a successful Class A Mandatory Remarketing. 

        (c)    Initial
Class A Remarketing Procedure.   Any Class A Mandatory Remarketing of the Class A Limited
Membership Interests held prior to the second Scheduled Reset Date shall be conducted pursuant to the provisions of this
Section 7.1(c). 

                (i)    In
the event that any such Class A Mandatory Remarketing occurs, the Company shall, by notice (the “Class A
Remarketing Notice”) delivered to the Class A Remarketing Agent no later than five (5) Business Days prior to
the Class A Mandatory Remarketing Date, select and specify three (3) Reference Corporate Dealers. The Class A
Remarketing Notice shall set forth such information as is necessary to facilitate the Class A Mandatory Remarketing,
including, without limitation, the Class A Mandatory Purchase Price and Preferred Return Capital per Class A Limited
Membership Interest as determined pursuant to Section 7.1(e)(iii) and the applicable formula for determining the Class A
Optional Make Whole Amount, if any, applicable to such Class A Limited Membership Interests being remarketed. The 

76 

Class A Remarketing Agent shall request that Bids be received from such
Reference Corporate Dealers and all other bidders by 3:00 p.m., New York City time, on the Business Day immediately preceding the
relevant Class A Mandatory Remarketing Date. The Company, any holder of Class A Limited Membership Interests, the
Class A Remarketing Agent, or an Affiliate of any such Person may, at its option, enter a Bid but shall have no obligation to
do so. The Class A Remarketing Agent shall disclose to the Company the Bids obtained and determine the lowest single Bid Rate
at which the Class A Remarketing Agent will be able to remarket all of the Class A Limited Membership Interests at a
purchase price equal to the Class A Mandatory Purchase Price (as determined pursuant to Section 7.1(e)(i)) to at least
one (1), but in no event more than ten (10), purchasers (the “Winning Bid Rate”), from among the Bids
obtained by 3:00 p.m., New York City time, on the Business Day immediately preceding the Class A Mandatory Remarketing Date;
provided that in connection with any sale to such bidders, the Class A Limited Membership Interests held by RBDB shall
be deemed at all times to be held by ten (10) Persons. The Winning Bid Rate determined by the Class A Remarketing Agent,
absent manifest error, shall be binding and conclusive upon the Company and all holders of the Class A Limited Membership
Interests; provided that each of the holders of the Class A Limited Membership Interests shall have the option to decline
to accept the Winning Bid Rate and may continue to hold their Class A Limited Membership Interests with the current
Class A Preferred Return Rate remaining in effect until the second Scheduled Reset Date. 

                (ii)    On
the Business Day immediately preceding the Class A Mandatory Remarketing Date, the Class A Remarketing Agent, in
consultation with the Company, shall designate as the Secondary Purchasers (the “Secondary Purchasers”)
the Persons providing Bids at the Winning Bid Rate. If the Winning Bid Rate is specified in Bids submitted by two or more bidders,
the Class A Remarketing Agent shall, in consultation with the Company, designate such bidders as it deems appropriate to be
the Secondary Purchasers; provided, however, that there may not be more than ten (10) Secondary Purchasers and such
purchases must be made in accordance with the conditions of Transfer set forth in this Agreement. If any holder of the
Class A Limited Membership Interests submitted a Bid containing the Winning Bid Rate, it shall continue to hold the
Class A Limited Membership Interests with the Preferred Return Rate equal to the Winning Bid Rate; provided that the
provisions of Section 7.1(c)(iii) shall not apply to such holder.Settlement of the sale of the Class A Limited
Membership Interests to the Secondary Purchaser shall occur on the relevant Class A Reset Date, all as provided in
Section 7.1(c)(iii). 

                (iii)    On
or before the Class A Mandatory Remarketing Date, each Secondary Purchaser shall enter into a Secondary Purchase Agreement
for the purchase by such Secondary Purchaser, at the Class A Mandatory Purchase Price, of the applicable number of
Class A Limited Membership Interests with a Class A Preferred Return Rate equal to the Winning Bid Rate. If, for any
reason, (i) a successful Class A Mandatory Remarketing does not occur, (ii) a successful Class A Mandatory
Remarketing shall have occurred pursuant to this Section 7.1(c) but settlement of the purchase and sale of any Class A
Limited Membership Interest does not occur on or before the corresponding Class A Reset Date, or (iii) a Class A
Limited Member is not provided reasonable opportunity to enter a Bid in connection with the relevant Class A Mandatory
Remarketing, then, in any such case, a Failed Class A Mandatory Remarketing shall be deemed to have occurred on such
Class A Mandatory Remarketing Date. To consummate the settlement of the purchase and sale of the Class A Limited
Membership Interests, each Secondary 

77 

Purchaser shall on the Class A Reset Date pay to the holders selling the
applicable Class A Limited Membership Interests (the “Selling Class A Holders”) an amount in
Dollars and immediately available funds equal to the Class A Mandatory Purchase Price for such Class A Limited
Membership Interests. Delivery of the Class A Limited Membership Interests shall be made on a delivery when payment is made
basis. Any outstanding Class A Limited Membership Interests purchased on the Class A Reset Date shall be deemed to be
Transferred to each of the applicable Secondary Purchasers; provided that payment has been timely received from all such
Secondary Purchasers pursuant to this Section 7.1(c)(iii). Upon consummation of the purchase and sale of the Class A
Limited Membership Interests, the Secondary Purchasers shall be admitted as Class A Limited Members with respect to the
Class A Limited Membership Interests purchased pursuant to the Secondary Purchase Agreements, and the Selling Class A
Holders shall be deemed to have withdrawn with respect to such Class A Limited Membership Interests, and the Company shall
cause the Membership Registry attached hereto as Schedule A to reflect the Secondary Purchasers’ ownership of the
Class A Limited Membership Interests that they purchased pursuant to the Secondary Purchase Agreements. 

                (iv)    If
for any reason (including failure of the Class A Remarketing Agent to receive a Bid from any of the three (3) Reference
Corporate Dealers) settlement of the purchase and sale of all of the Class A Limited Membership Interests as provided in
Section 7.1(c)(iii) does not occur on or before the corresponding Class A Reset Date (a “Failed Class A
Remarketing”), the holders of the Class A Limited Membership Interests shall continue to hold their Class A
Limited Membership Interests and the Class A Spread shall be increased by 0.75% until the next Class A Reset Date.

                (v)    The
Company shall be responsible for payment of the Class A Remarketing Fee and all other fees associated with any Class A
Remarketing, including customary fees for trust companies and brokers, as well as any placement fee required in respect of the
first Class A Remarketing. 

        (d)    Subsequent
Class A Preferred Return Rate Resets.   The Managing Member shall reset the Class A Preferred Return
Rate on and after the second Scheduled Reset Date consistent with the manner in which the Class B Preferred Return Rate is
reset pursuant to Section 7.2, such Section 7.2 to be administered by the Managing Member as if the Class A Limited
Membership Interests were a separate Series of Class B Limited Membership Interests. The Managing Member shall be authorized
to administer Section 7.2 in such manner as is reasonable to effect the intent of this Section 7.1(d), including
selecting a remarketing agent and making any reasonable adjustments to the remarketing procedures set forth in Section 7.2(c)
as the Managing Member deems necessary. For the avoidance of doubt, the Class A Mandatory Purchase Price and Preferred Return
Capital per Class A Limited Membership Interest being remarketed pursuant to Section 7.2 shall be determined pursuant to
(x) in the case of a Class A Mandatory Remarketing, Section 7.1(e)(i), and (y) in the case of a Class A
Interim Remarketing, Section 7.1(e)(ii). 

        (e)    Purchase
Price; Capital Accounts. 

                (i)    Class A
Mandatory Remarketing.   In connection with any Class A Remarketing that is a Class A Mandatory Remarketing, the purchase
price per Class A Limited 

78 

Membership Interest being remarketed (the “Class A Mandatory
Purchase Price”) shall be equal to the amount derived by dividing (x) sum of (1) the aggregate Capital
Accounts of the Class A Limited Members determined pursuant to Section 7.1(e)(iii), plus (2) any accrued but
undistributed Class A Limited Member Preferred Return with respect to such Class A Limited Membership Interest from and
including the Reset Valuation Date to but excluding the Class A Mandatory Remarketing Date, by (y) the number of
Class A Limited Membership Interests then outstanding; provided that if, at the time of the Class A Mandatory
Remarketing, there are any amounts owing to the Selling Class A Holders from the Company, then the amount of the Class A
Mandatory Purchase Price shall include such amounts and the Secondary Purchasers shall succeed to all rights of the Selling
Class A Holders to receive such amounts from the Company. In the event the Class A Limited Membership Interests are
being remarketed to more than one purchaser, the Class A Mandatory Purchase Price shall be appropriately apportioned among
such purchasers based on the relative number of Class A Limited Membership Interests being purchased by each such purchaser.

                (ii)    Class A
Interim Remarketing.   In connection with any Class A Remarketing that is a Class A Interim
Remarketing, the Class A Mandatory Purchase Price per Class A Limited Membership Interest shall be equal to the amount
derived by dividing (x) the sum of (1) the then aggregate Preferred Return Capital of the Class A Limited Members
(or, if less, the aggregate Capital Accounts of the Class A Limited Members determined in accordance with
Section 7.1(e)(iii) as if the Class A Interim Remarketing were a Class A Mandatory Remarketing), plus (2) the
aggregate amount of any accrued but undistributed Class A Limited Member Preferred Return from and including the Reset
Valuation Date to but excluding the date of such Class A Interim Remarketing, by (y) the number of Class A Limited
Membership Interests then outstanding. If the Class A Mandatory Purchase Price per Class A Limited Membership Interest
being remarketed is based on the amount set forth in the parenthetical in clause (x)(1) of the preceding sentence, the Managing
Member must deliver a certificate issued by an appraiser of national standing selected in good faith by the Managing Member
stating that if the Capital Accounts of the Class A Limited Members were determined pursuant to Section 7.1(e)(iii), the
aggregate amount of such Capital Accounts so determined would be less than the then aggregate Preferred Return Capital of the
Class A Limited Members. 

                (iii)    Determination
of Capital Account.   For purposes of this Section 7.1(e), the Class A Limited Members’ Capital
Accounts shall be determined as of (i) with respect to any Class A Mandatory Remarketing occurring prior to the second
Scheduled Reset Date, the Initial Class A Valuation Date, and (ii) in all other instances, the applicable Reset
Valuation Date by (x) determining the Mark-to-Market Value of the Company’s Permitted Assets pursuant to
Section 13.11 as of the last day of the Fiscal Quarter preceding the Fiscal Quarter in which the Initial Class A
Valuation Date or the Reset Valuation Date occurs and adjusting the Gross Asset Values of all the Company’s Property pursuant
to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.10 as of the Initial
Class A Valuation Date or the Reset Valuation Date (assuming, for purposes of this Section 7.1(e)(iii), that such
Mark-to-Market Value remained unchanged since the last day of such preceding Fiscal Quarter as of the Initial Class A
Valuation Date or the applicable Reset Valuation Date), and (y) allocating the Profits, Losses, and other items of Company
income, gain, loss, or deduction pursuant to Section 3 for the period beginning on the first day of the Allocation Year during
which the Initial Class A Valuation Date or applicable Reset Valuation Date occurs and ending on the applicable Initial
Class A Valuation 

79 

Date or applicable Reset Valuation Date; provided that, solely for
purposes of determining the Class A Limited Member’s Capital Account as of the Initial Class A Valuation Date,
Section 3 shall be applied by deeming the initial Measurement Period to have ended on the last Sunday of May 2007. In the
event that a Class A Mandatory Remarketing is held, as provided in Section 7.1(a), on the three (3) month anniversary of
the initial Class A Reset Date with respect to which a Failed Class A Mandatory Remarketing occurred or subsequent to a
Failed Mandatory Remarketing that occurred as a result of any failure of (i) the Class A Remarketing Agent to completely
perform its obligations under the Class A Remarketing Agreement or (ii) a Secondary Purchaser to settle the purchase and
sale of the Class A Limited Membership Interests on or before the relevant Class A Reset Date, the Capital Accounts of
the Members shall be deemed to equal the amount determined pursuant to this Section 7.1(c) in connection with such Failed
Class A Mandatory Remarketing. 

        7.2    Class B Remarketings.  

        (a)    In
General.   Unless the Managing Member or its designee purchases the Series B-1 Limited Membership
Interests pursuant to Section 11.9, there shall be a mandatory remarketing (a “Class B Mandatory
Remarketing”) of the Series B-1 Limited Membership Interests to reset the Series B-1 Preferred Return Rate
on each Scheduled Reset Date. At any time during a Floating Rate Period, the Managing Member may elect to reset the Class B
Preferred Return with respect to any Series of Class B Limited Membership Interests by remarketing such Series (a
“Class B Interim Remarketing”). A Fixed Rate or Floating Rate that is determined pursuant to a
Class B Remarketing shall be in effect on the first day after the expiration of the then current Fixed Rate Period or
Floating Rate Period (each, a “Class B Reset Date”). 

        (b)    Election
to Remarket; Determination of Preferred Return Capital and Mandatory Purchase Price.   If the Managing Member
is required or elects to reset the Class B Preferred Return Rate with respect to any Series of Class B Limited
Membership Interests to a new Fixed Rate on an applicable Class B Reset Date, the Managing Member shall provide written
notice (a “Class B Remarketing Notice”) of a remarketing of such Series of Class B Limited
Membership Interests to the applicable Class B Remarketing Agent and all other Persons that are required to receive notice
under the applicable Class B Remarketing Agreement, not more than 35 Business Days nor less than 20 Business Days prior to
the proposed Class B Remarketing Date. Such Class B Remarketing Notice will: (i) describe the remarketing;
(ii) indicate the length of the new Fixed Rate Period, which shall not be less than six months; (iii) indicate the
proposed Class B Remarketing Date, which shall be a date not more than 30 Business Days nor less than 1 Business Day prior to
the related Class B Reset Date; provided that, in the case of the first Class B Mandatory Remarketing, the Class B
Remarketing Date shall occur three (3) Business Days prior to the Scheduled Reset Date and settlement shall occur on such
Scheduled Reset Date; (iv) set forth the Class B Mandatory Purchase Price per Class B Interest being remarketed, as
determined pursuant to (1) in the case of a Mandatory Remarketing, Section 7.2(b)(i), and (2) in the case of an
Interim Remarketing, Section 7.2(b)(ii), (v) indicate the Preferred Return Capital per Class B Interest being
remarketed determined as of the Reset Valuation Date; (vi) the applicable formula for determining the Class B Optional Make
Whole Amount, if any, applicable to such series of Class B Limited Membership Interests being remarketed; and (vii) specify a
date not more than 5 Business Days prior to the Class B Remarketing Date (the “Class B Remarketing Election
Date”) on which the holders of the 

80 

applicable Class B Limited Membership Interests must deliver a
Class B Notice of Election (as defined below). The Managing Member shall be permitted to terminate any such Class B
Remarketing (other than a Class B Mandatory Remarketing) at any time prior to the Class B Remarketing Election Date by
providing notice of such termination to the applicable Class B Remarketing Agent and all other Persons that are required to
receive notice under the applicable Class B Remarketing Agreement. 

                (i)    Class B
Mandatory Remarketing.   In connection with any Class B Remarketing of a Series of Class B Limited Membership
Interests that is a Class B Mandatory Remarketing, the purchase price per Class B Limited Membership Interest being
remarketed (the “Class B Mandatory Purchase Price”) shall be equal to the amount derived by dividing
(x) the sum of (1) the aggregate Capital Accounts of the Class B Limited Members with respect to such Series
determined pursuant to Section 7.2(b)(iii), plus (2) any accrued but undistributed Class B Limited Member Preferred
Return with respect to such Class B Limited Membership Interests from and including the Reset Valuation Date to but excluding
the Class B Mandatory Remarketing Date, by (y) the number of Class B Limited Membership Interests of such Series
then outstanding; provided that, in the case of the first Class B Mandatory Remarketing of the Series B-1 Limited
Membership Interests, if the Class B Mandatory Purchase Price is less than the amount derived by dividing (x) the sum of
(1) ninety percent of the initial Capital Account for such Series B-1 Limited Membership Interests, plus (2) any
accrued but undistributed Class B Limited Member Preferred Return with respect to such Series B-1 Limited Membership
Interests from and including the Reset Valuation Date to but excluding the Class B Mandatory Remarketing Date by (y) the
number of Series B-1 Limited Membership Interests, the Class B Remarketing Agent shall terminate such Class B
Mandatory Remarketing and it shall be deemed for all purposes to constitute a failed remarketing. 

                (ii)    Class B
Interim Remarketing.   In connection with any Class B Interim Remarketing, the Class B Mandatory
Purchase Price per Class B Limited Membership Interest of a Series being remarketed shall be equal to the amount derived by
dividing (x) the sum of (1)  the then aggregate Preferred Return Capital of the Class B Limited Members with
respect to such Series or (if less, the aggregate Capital Accounts of the Class B Limited Members with respect to such
Series determined in accordance with Section 7.2(b)(iii) as if the Class B Interim Remarketing were a Class B
Mandatory Remarketing), plus (2) the aggregate amount of any accrued but undistributed Class B Limited Member Preferred
Return with respect to such Class B Limited Membership Interests from and including the Reset Valuation Date to but excluding
the date of such Interim Remarketing, by (y) the number of Class B Limited Membership Interests with respect to such
Series then outstanding. If the Preferred Return Capital per Class B Limited Membership Interest of a Series being
remarketed is the amount set forth in the parenthetical in clause (x)(1) of the second preceding sentence, the Managing Member
must deliver a certificate issued by an appraiser of national standing selected in good faith by the Managing Member stating that
if the Capital Accounts of the Class B Limited Members with respect to the Series of Class B Limited Membership
Interests being remarketed were determined pursuant to Section 7.2(b)(iii), the aggregate amount of such Capital Accounts so
determined would be less than the then aggregate Preferred Return Capital of the Class B Limited Members with respect to the
Series of Class B Limited Membership Interests being remarketed. The Preferred Return Capital per Class B Limited
Membership Interest being remarketed shall be equal to the amount derived by dividing (x) the then aggregate Preferred 

81 

Return Capital of the Class B Limited Members with respect to such
Series being remarketed, by (y) the number of Class B Limited Membership Interests of such Series then outstanding.

                (iii)    Determination
of Capital Account.   For purposes of this Section 7.2(b), the Class B Limited Members’ Capital
Accounts with respect to the Series of Class B Limited Membership Interests being remarketed shall be determined as of the
Reset Valuation Date by (x) determining the Mark-to-Market Value of the Company’s Permitted Assets pursuant to
Section 13.11 as of the last day of the Fiscal Quarter preceding the Fiscal Quarter in which the Reset Valuation Date occurs
and adjusting the Gross Asset Values of all the Company’s Property pursuant to subparagraph (ii) of the definition of
“Gross Asset Value” in Section 1.10 as of the Reset Valuation Date (assuming, for purposes of this
Section 7.2(b)(iii), that such Mark-to-Market Value remained unchanged since the last day of such preceding Fiscal Quarter as
of the Reset Valuation Date), and (y) allocating the Profits, Losses, and other items of Company income, gain, loss, or
deduction for the period beginning on the first day of the Allocation Year during which the applicable Reset Valuation Date occurs
and ending on the Reset Valuation Date pursuant to Section 3; provided that, if the Reset Valuation Date is the last
day of an Allocation Year, any amount included in the Capital Account of a Class B Limited Member as a result of an
allocation pursuant to Sections 3.1(c), 3.1(h), 3.1(i), or 3.3.(j) for which such Class B Limited Member is entitled to
receive a distribution pursuant to Sections 4.1(a)(ii) or 4.1(b)(ii) shall be deemed to have been distributed to such
Class B Limited Member as of the Reset Valuation Date. In the event a Class B Limited Member holds a Series of
Class B Limited Membership Interests other than the Series being remarketed, the calculations described in this
Section 7.2(b)(iii) shall be performed in a manner that determines the Capital Account solely with respect to the
Series being remarketed. 

        (c)    Remarketing Procedures. 

                (i)    Upon
receipt of a Class B Remarketing Notice, each holder of Class B Limited Membership Interests subject to such
Class B Remarketing Notice shall have until 3:00 p.m., New York City time, on the Class B Remarketing Election Date, to
deliver to the applicable Class B Remarketing Agent or such other Person as is provided for in the applicable Class B
Remarketing Agreement (a “Designee”), notice of such holder’s election (“Class B
Notice of Election”) to either (i) retain and not have all or any portion of the applicable Class B Limited
Membership Interests held by such holder remarketed in the remarketing or (ii) to tender all or any portion of the applicable
Class B Limited Membership Interests held by such holder for purchase in the remarketing; provided that it shall not
tender, nor retain, less than the Minimum Transfer Amount. Each Class B Notice of Election shall be irrevocable and shall not
be conditioned upon the level at which the Fixed Rate is established in the remarketing. Any holder of Class B Limited
Membership Interests subject to a Class B Remarketing Notice that desires to continue to retain a number of such Class B
Limited Membership Interests (but not less than the Minimum Transfer Amount), but only if the Fixed Rate is not less than a
specified rate per annum, should submit a Class B Notice of Election to tender such Class B Limited Membership Interests
and separately notify the Class B Remarketing Agent or its Designee of its interest at the telephone number set forth in the
Class B Remarketing Notice. If such holder so notifies the Class B Remarketing Agent or its Designee, the Class B
Remarketing Agent or such Designee will give priority to such holder’s purchase of such number of Class B Limited
Membership Interests providing that the Fixed Rate is not less than such specified rate; provided that the 

82 

Class B Remarketing Agent shall not (nor shall it be obligated to) give
priority to such holder’s purchase if doing so would cause the Company to be classified as a PTP; and provided, further,
that if such holder purchases such Class B Limited Membership Interests pursuant to this Section 7.2(c)(i), it shall
be deemed for all purposes to have continued as a Class B Limited Member to the extent of the Class B Limited Membership
Interests so purchased. 

                (ii)    All
applicable Class B Limited Membership Interests for which the holders thereof have properly and timely delivered Class B
Notices of Election stating that such Class B Limited Membership Interests will be tendered for purchase in the remarketing
will be deemed tendered for purchase in the remarketing, notwithstanding any failure by any such holders to properly and timely
deliver to the Class B Remarketing Agent or its Designee such Class B Limited Membership Interests for purchase in the
Class B Remarketing. 

                (iii)    Any
applicable Class B Limited Membership Interest for which no Class B Notice of Election is delivered on or prior to the
Class B Remarketing Election Date will be deemed tendered for purchase in such Class B Remarketing, notwithstanding such
failure or failure by the holder of such Class B Limited Membership Interest to properly or timely deliver such Class B
Limited Membership Interests to the Class B Remarketing Agent or its Designee for purchase in the Class B Remarketing.

                (iv)    Promptly
after 3:30 p.m., New York City time, on each Class B Remarketing Election Date, the Class B Remarketing Agent or its
Designee will notify the Managing Member of the number of applicable Class B Limited Membership Interests to be retained by
the Class B Limited Members and the number of applicable Class B Limited Membership Interests to be tendered for
purchase in the Class B Remarketing. 

                (v)    If
all of the holders of Class B Limited Membership Interests subject to a Class B Remarketing Notice deliver Class B
Notices of Election indicating that they wish to retain all of such Class B Limited Membership Interests, the new Fixed Rate
will be the rate determined by the Remarketing Agent or its Designee, in its sole discretion, as the rate that would have been
established with respect to the Preferred Return Capital set forth in the Class B Remarketing Notice had a Class B
Remarketing been held on the applicable Class B Remarketing Date. 

                (vi)    On
each Class B Remarketing Date, the Class B Remarketing Agent or its Designee will use commercially reasonable efforts to
remarket, at a price equal to the Class B Mandatory Purchase Price at a Fixed Rate determined with respect to the Preferred
Return Capital set forth in the Class B Remarketing Notice, the applicable Class B Limited Membership Interests tendered
or deemed tendered for purchase. If, as a result of such efforts, the Class B Remarketing Agent or its Designee determines
that it will be able to remarket all of the applicable Class B Limited Membership Interests tendered or deemed tendered for
purchase in such Class B Remarketing at a Fixed Rate and at the Class B Mandatory Purchase Price, then prior to 3:00
p.m., New York City time, on such Class B Remarketing Date, the Class B Remarketing Agent or its Designee will determine
the Fixed Rate, which will be the rate per annum (rounded to the nearest one-thousandth (0.001) of one percent per annum) which
the Class B Remarketing Agent or its Designee determines, in its sole judgment, to be the lowest fixed rate per annum, if
any, that will enable it to remarket all of the applicable Class B 

83 

Limited Membership Interests tendered or deemed tendered for remarketing at
the Class B Mandatory Repurchase Price. 

                (vii)    If
the Class B Remarketing Agent or its Designee is unable to remarket by 3:00 p.m., New York City time, on the third Business
Day prior to the remarketing settlement date specified in the applicable Class B Remarketing Agreement (the
“Class B Settlement Date”), all of the applicable Class B Limited Membership Interests tendered
or deemed tendered for purchase at the Class B Mandatory Purchase Price, the Class B Preferred Return Rate for the
applicable Series of Class B Limited Membership Interests shall be the Floating Rate. In such case, none of the applicable
Class B Limited Membership Interests will be sold in the Class B Remarketing and each holder thereof will continue to
hold such Class B Limited Membership Interests at the Floating Rate. 

                (viii)    If
any holder selling Class B Limited Membership Interests in a Class B Remarketing fails to deliver such Class B
Limited Membership Interests, then the selling holder shall be deemed to not have tendered any of its Class B Limited
Membership Interests, such sale and purchase shall fail, and such holder shall be solely liable for any damages suffered by its
purchaser or purchasers as a result of such failure to deliver. 

                (ix)    Neither
the Class B Remarketing Agent nor its Designee is obligated to purchase any Class B Limited Membership Interests that
would otherwise remain unsold in a remarketing. Neither the Class B Remarketing Agent nor its Designee will be obligated in
any case to provide funds to make payment upon tender of Class B Limited Membership Interests for a Class B Remarketing.

                (x)    The
right of each holder of Class B Limited Membership Interests subject to a Class B Remarketing Notice shall be limited to
the extent that: (i) the Class B Remarketing Agent or its Designee conducts a Class B Remarketing pursuant to the
terms of the applicable Class B Remarketing Agreement; (ii) the applicable Class B Limited Membership Interests
have not been called for purchase pursuant to Section 11.9; (iii) the Class B Remarketing Agent or its Designee is able
to find a purchaser or purchasers for all of the tendered Class B Limited Membership Interests; (iv) the number of such
purchasers will not cause the Company to be classified as a PTP; and (v) such purchaser or purchasers deliver the purchase
price and the Purchaser’s Letter therefor to the Class B Remarketing Agent or its Designee. 

                (xi)    Upon
a successful Class B Remarketing, the new Fixed Rate so established will be in effect for the applicable Fixed Rate Period,
which Fixed Rate Period shall not be less than 6 months. Class B Preferred Distributions with respect to the applicable
Series of Class B Limited Membership Interests will be made quarterly in arrears determined based on the Class B
Remarketing Date. Prior to the expiration of any Fixed Rate Period, the Company will have the option to again remarket the
applicable Class B Limited Membership Interests to establish a new Fixed Rate for and a new Fixed Rate Period for such Series
of Class B Limited Membership Interests (to be in effect after the expiration of the then current Class A Distribution Period
or Class B Distribution Period). 

                (xii)    If
the Managing Member elects not to remarket any Series of Class B Limited Membership Interests to a new Fixed Rate on any
Class B Reset Date occurring at the 

84 

end of the Initial Fixed Rate Period or any subsequent Fixed Rate Period, or
if the Company is unable to successfully remarket all of the Class B Limited Membership Interests tendered for sale in a
Class B Remarketing, distributions on the applicable Series of Class B Limited Membership Interests will thereafter be
made at the Floating Rate, subject to the right of the Company to subsequently remarket such Series of Class B Limited
Membership Interests. The Company may elect to remarket such Series of Class B Limited Membership Interests prior to any
Class B Distribution Date in order to again establish a Fixed Rate for a Fixed Rate Period (to be in effect after the
expiration of the then current Class B Distribution Period). 

        (d)    The
Company shall be responsible for payment of the Class B Remarketing Fee and all other fees associated with any Class B
Remarketing, including customary fees for trust companies, brokers and counsel to the Class B Remarketing Agent. 

SECTION 8.  

REPRESENTATIONS AND WARRANTIES; COVENANTS  

        8.1     In General.  

        Each Member hereby severally
makes each of the representations and warranties applicable to such Member (but as to no other Member) as set forth in
Section 8.2, and such representations and warranties shall survive the execution of this Agreement. 

        8.2     Representations and Warranties.  

        (a)    Due
Formation or Incorporation; Authorization of Agreement.   Each Member hereby represents and warrants that such
Member is a corporation, Delaware business trust (in the case of Capital Trust) or limited liability company duly organized,
validly existing, and in good standing under the laws of its jurisdiction of organization and has the organizational power and
authority to own its property and carry on its business as owned and carried on as of the date hereof and, with respect to each
Member other than GM Class B, as of May 24, 2002. Each Member hereby represents and warrants that such Member is duly
licensed or qualified to do business and is in good standing in each of the jurisdictions in which the failure to be so licensed
or qualified, either individually or in the aggregate with all other Immateriality Exceptions, has or could reasonably be expected
to have, a Material Adverse Effect. Each Member hereby represents and warrants that such Member has the organizational power and
authority to execute and deliver this Agreement and to perform its obligations hereunder. Each Member hereby represents and
warrants that the execution, delivery, and performance by such Member of this Agreement have been duly authorized by all necessary
organizational action. Each Member hereby represents and warrants that this Agreement constitutes the legal, valid, and binding
obligation of such Member and is enforceable against such Member in accordance with its terms (except to the extent that
enforcement is affected by laws pertaining to bankruptcy, reorganization, insolvency, and creditors’ rights and by the
availability of injunctive relief, specific performance, and other equitable remedies). 

        (b)    No
Conflict with Restrictions; No Default.   Each Member hereby represents and warrants that neither the execution
and delivery by each Member of this Agreement nor such 

85 

Member’s performance and compliance with the terms and provisions
hereof, (i) will conflict with, violate or result in a breach of any of the terms, covenants, conditions, or provisions of
any law or governmental regulation in effect on the date hereof applicable to, or any order, writ, injunction, decree,
determination or award of any court, governmental department, board, agency or instrumentality, domestic or foreign, or arbitrator
directed to or binding on such Member or any of its Material Subsidiaries which conflict, violation, or breach, either
individually or in the aggregate with all other Immateriality Exceptions, has or could reasonably be expected to have, a Material
Adverse Effect, (ii) will conflict with, violate, result in a breach of, or constitute a default under any agreement or
instrument to which such Member is a party or by which such Member is or may be bound or to which any of its properties or assets
is subject which conflict, violation, breach or default, either individually or in the aggregate with all other Materiality
Exceptions, has or could reasonably be expected to have, a Material Adverse Effect, or any of the terms or provisions of the
limited liability company agreement, certificate of incorporation or bylaws of such Member or any of its Material Subsidiaries,
(iii) will conflict with, violate, result in a breach of, constitute a default under (whether with notice or lapse of time or
both), accelerate or permit the acceleration of the performance required by, or require any consent, authorization, or approval
under any of the terms or provisions of any material indenture, mortgage, lease, agreement, or instrument to which such Member is
a party or by which such Member or such Member’s property or assets is or may be bound, or (iv) will result in the
creation or imposition of any material Lien upon any of the properties or assets of such Member or any of its Material
Subsidiaries. 

        (c)    Existence
of the Company.   Each Member hereby represents and warrants to the Company and each other Member that prior to
the time that the Certificate of Formation was filed, such Member neither represented to third parties the existence of the
Company nor held himself or herself out as a member or manager of the Company. 

        (d)    Governmental
Authorizations.   Each Member hereby represents and warrants that no registration, declaration or filing with,
or consent, approval, license, permit, or other authorization or order by, any governmental or regulatory authority, domestic or
foreign, is required in connection with the valid execution, delivery, and performance by such Member of this Agreement, which, if
not obtained, either individually or in the aggregate with all other Immateriality Exceptions, has or could reasonably be expected
to have, a Material Adverse Effect. 

        (e)    Litigation.   Each
Member hereby represents and warrants that (i) there are no actions, suits, proceedings, or investigations pending or, to the
knowledge of such Member, threatened against or affecting such Member or any of its Material Subsidiaries or any of their
respective properties, assets, rights or businesses, in any court or before or by any governmental department, board, agency or
instrumentality, domestic or foreign, or any arbitrator which could (or, in the case of an investigation, could lead to any
action, suit or proceeding, which could) reasonably be expected to impair such Member’s ability to perform its obligations
under this Agreement or to have a Material Adverse Effect or bring into question the validity of this Agreement or the
transactions contemplated hereby; and (ii) no Member or any of its Material Subsidiaries has received any currently effective
notice of any default, and such Member is not in default, under any applicable order, writ, injunction, decree, permit,
determination or award of any court, any governmental department, board, agency or instrumentality, domestic or foreign, or any
arbitrator 

86 

which could reasonably be expected to impair its ability to perform its
obligations under this Agreement or to have a Material Adverse Effect. 

        (f)    Investment
Company Act; Public Utility Holding Company Act.   Each Member hereby represents and warrants that such Member
is a “qualified purchaser” within the meaning given to such term under Section 2(a)(51) of the Investment Company
Act and the rules of the Securities and Exchange Commission thereunder.Each Member hereby represents and warrants that such
Member is not a “holding company,” “an affiliate of a holding company,” or a “subsidiary of a holding
company” as defined in, or subject to regulation under, the Public Utility Holding Company Act. 

        (g)    Investigation;
Intent.   Each Member hereby represents and warrants that (i) such Member is acquiring its Membership
Interests based upon its own investigation, and the exercise by such Member of its rights and the performance of its obligations
under this Agreement will be based upon its own investigation, analysis and expertise, (ii) its acquisition of its Membership
Interests is being made for its own account for investment, and not with a view to the sale or distribution thereof, and
(iii) it intends to participate as a member in a Delaware limited liability company in accordance with this Agreement for the
purpose of making an economic profit from the transactions proposed to be entered into by the Company. 

        (h)    Sole
Owner.   Each Member hereby represents and warrants that it is acquiring it Membership Interests for its own
account and is, and will remain, the sole beneficial owner of such Membership Interests at all times unless and until it Transfers
ownership of all, or some part, of such Membership Interests in accordance with and only to the extent permitted under
Section 11.2. 

        (i)    No
Intent to Avoid PTP Rules.   Each Member hereby represents and warrants that (i) it is not, and will not
become, a trust, estate, partnership, or “S corporation” (within the meaning of Code Section 1361(a)) for U.S.
federal income tax purposes or (ii) if it is, or if it becomes, a trust, estate, partnership, or S corporation for such
purposes, then (x) less than 50% of the value of any direct or indirect equity or other beneficial interest in such trust,
estate, partnership or S corporation is, and will at all times continue to be, attributable to its Membership Interests or any
other Interest in the Company and (y) the principal purpose of the purchase of the Membership Interests is not to permit the
Company or any entity of which the Company is a direct or indirect partner to satisfy the 100 partner limitation set forth in
Treasury Regulation Section 1.7704-1(h)(1)(ii). 

        (j)    No
Sales on Established Securities Market.   Each Member agrees that it will not sell, market, transfer, assign,
participate, pledge, or otherwise dispose of its Membership Interests (or any interest therein) on or through an “established
securities market” within the meaning of Code Section 7704(b)(1) and the Treasury Regulations promulgated thereunder,
including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy
or sell quotations. 

87 

        8.3     Covenant Regarding Tax Matters.  

        (a)    Character
of Company Items.   The Managing Member hereby covenants to the Limited Members that, for U.S. federal, state,
and local income tax purposes, the Company’s items of income, gain, deduction, and loss will consist solely of
(i) ordinary income from the sale of goods manufactured by the Company, (ii) interest income, (iii) dividends paid
by any Subsidiary of the Company, (iv) rent received with respect to any Permitted PP&E Licenses, (v) royalties
received with respect to Permitted Intellectual Property Licenses, (vi) Code Section 162 ordinary and necessary expenses
paid or incurred in connection with carrying on the trade or business of the Company, (vii) Code Section 1231 gain or
loss from the disposition of property used in the trade or business of the Company, (viii) depreciation and amortization
deductions under Code Sections 167, 168, and 197, and (ix) capital gain or loss from the sale of A-Rated Securities, the Pet
Stock, or the General Mills Missouri Stock, and will not include expenditures described in Code Section 705(a)(2)(B) or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i).

        (b)    Cash
and Taxable Income of Limited Members.   The Managing Member hereby covenants to the Limited Members that, for
U.S. federal, state, and local income tax purposes, the net taxable income includible by each such Limited Member with respect to
its Limited Membership Interests (excluding, for the avoidance of doubt, any such income solely attributable to a sale or
disposition of such Limited Membership Interests) will not exceed the amount of Cash distributed to such Limited Member with
respect to such Allocation Year (disregarding for this purpose any allocations of (x) loss pursuant to Section 3.3 and
(y) Profits pursuant to Sections 3.1(h) and 3.1(i); provided that, the covenant set forth herein shall not apply to a
Class B Limited Member to the extent the net taxable income described in this Section 8.3(b) is attributable to gain
(including income arising from remedial allocations associated with such gain) allocated to the Capital Account of a Member
pursuant to Sections 7.1(e)(iii) or 7.2(b)(iii) in connection with a successful Class B Mandatory Remarketing and such
Member failed to sell its Class B Limited Membership Interests in such Class B Mandatory Remarketing. The product of
(i) any excess described in the previous sentence times (ii) the Applicable Tax Rate shall be the Limited Member’s
“Indemnified Taxes.” 

        (c)     Indemnification.   The
Company and the Managing Member, jointly and severally, shall indemnify each Limited Member who held a Limited Membership Interest
during any Allocation Year for any breach or falsity of the covenant set forth in this Section 8.3 on the basis that
(i) such Limited Member is subject to tax on its net income at the highest marginal federal income tax rate, the highest
generally applicable state and local rates in the jurisdiction where such Limited Member has its primary place of business, and
any actually applicable foreign tax rates, and (ii) such Limited Member has no available items of loss, capital gain, or
other tax attributes not attributable to its investment in the Company, and any charitable contribution deductions or expenses of
the Company are nondeductible expenses for U.S. federal income tax purposes. 

        (d)    Automatic
Indemnification Payment.   In the event that there occurs a breach of the covenant set forth in
Section 8.3(b) with respect to any Allocation Year, the Company shall, no later than 180 days after such Allocation Year, pay
to each Limited Member an amount equal to the quotient of (i)  Indemnified Taxes, divided by (ii) 100% minus the
Applicable Tax Rate. 

88 

SECTION 9.  

ACCOUNTING, BOOKS, AND RECORDS 

        9.1     Accounting, Books, and Records.  

        (a)    The
Company shall keep on site at its principal place of business each of the following: 

                (i)    Separate
books of account for the Company and its Subsidiaries which shall show a true and accurate record in Dollars of all costs and
Expenses incurred, all charges made, all credits made and received, and all income derived in connection with the conduct of the
Company and its Subsidiaries and the operation of their business in accordance with GAAP; 

                (ii)    Separate
books of account that reflect the Capital Accounts of the Members as maintained pursuant to the provisions of this Agreement;

                (iii)    The
Membership Registry and a list of the full name and last known business, residence, or mailing address of each past and present
Member; 

                (iv)    A
copy of the Certificate of Formation and all amendments thereto, together with executed copies of any powers of attorney pursuant
to which any amendment has been executed; 

                (v)    A
copy of the Company’s federal, state, and local income tax returns and reports, if any, for the six most recent years;

                (vi)    A
copy of this Agreement; 

                (vii)    A
copy of any writings permitted or required under Section 18-502 of the Act regarding the obligation of a Member to perform
any enforceable promise to contribute Cash or property or to perform services as consideration for such Member’s Membership
Interests; and 

                (viii)    Any
written consents obtained from the Members pursuant to Section 6.3 of this Agreement and Section 18-302(d) of the Act
regarding action taken by the Members without a meeting. 

        (b)    The
Company shall use the accrual method of accounting in preparation of its financial reports and for tax purposes and shall keep its
books and records accordingly. 

        (c)    Any
Member or its designated representative has the right at the Company’s cost and expense, upon reasonable notice, to have
access to and inspect and copy the contents of the books or records of the Company or any of its Subsidiaries and to make
inquiries with regard to the contents of the books or records at any time and on as many occasions as such Member 

89 

reasonably considers necessary or desirable; provided that so long as
no Class A Notice Event shall have occurred and be continuing, the Company shall only be required to bear the cost and
expense of (i) one such inspection per Fiscal Year requested by any Class A Limited Member and (ii) one such
inspection per Fiscal Year requested by any Class B Limited Member. 

        (d)    The
books of account and records of the Company and its Subsidiaries shall be audited as of the end of each Fiscal Year by a “Big
Four” independent certified public accounting firm designated from time to time by the Managing Member. 

        9.2     Reports.  

        (a)    In
General.   The Managing Member shall be responsible for the preparation of financial reports of the Company and
the coordination of financial matters of the Company with the Company’s accountants. Each report delivered by the Company to
the Members pursuant to this Section 9 shall be accompanied by a written certification of the Company executed by a
Responsible Officer familiar with the affairs of the Company that (x) such report has been prepared and fairly stated in all
material respects in accordance with GAAP or, to the extent inconsistent therewith, in accordance with this Agreement and
(y) with respect to the reports described in Sections 9.2(b) and (c), no Liquidating Event or Class A Notice Event or
event that with notice or lapse of time or both would constitute a Liquidating Event or Class A Notice Event has occurred and
is continuing or, if any such event has occurred and is continuing, the action that the Managing Member has taken or proposes to
take with respect thereto. 

        (b)    Annual
Reports.   Within 120 days after the end of each Fiscal Year (or in the case of clause (vii) below, 180 days
after the end of each taxable year of the Company), the Managing Member shall cause to be prepared and furnished to each Member
the following: 

                (i)    In
the case of the Class A Limited Members, a balance sheet as of the last day of such Fiscal Year and an income statement and
statement of cash flows for the Company and its consolidated Subsidiaries for such Fiscal Year and notes associated with each;

                (ii)    A
statement of the Members’ Capital Accounts and changes therein for such Fiscal Year; 

                (iii)    A
Portfolio Compliance Certificate for such Fiscal Year;  

                (iv)    A
certificate of a nationally recognized accounting firm selected in accordance with Section 9.1(d) stating that the statements
referred to in clause (ii) above have been prepared in accordance with the Agreement; 

                (v)    In
the case of the Class A Limited Members, a report by a nationally recognized accounting firm selected in accordance with
Section 9.1(d) (without a “going concern” or like qualification or exception and without any qualification or
exception as to the scope of such audit) to the effect that the unconsolidated and consolidated financial statements in clause
(i) above present fairly in all material respects the financial position and results of operations of the Company on an
unconsolidated basis, and the financial condition and results of operations of the Company and its Subsidiaries on a consolidated
basis, in accordance with GAAP consistently applied; and 

90 

                (vi)    The
information required to be provided on a U.S. Internal Revenue Service Schedule K-1 to Form 1065 for each Limited Member,
provided that the Managing Member shall, upon the request of any Limited Member, provide to any such Limited Member any
information reasonably necessary for such Limited Member to compute its estimated income tax payments. 

        (c)    Quarterly
Reports.   Within sixty (60) days after the close of each of the first three Fiscal Quarters of each year, the
Managing Member shall cause to be prepared and each Class A Limited Member to be furnished with a Portfolio Compliance
Certificate for such Fiscal Quarter; provided that such Certificate is not required to include any statement regarding the
asset coverage ratio described in Section 5.9(a)(i). 

        (d)    Class A
Remarketing Reports; Reset Report.   Simultaneously with the Company’s delivery of a Class A
Remarketing Notice, the Managing Member shall cause to be delivered to the Class A Limited Members and the Class A
Remarketing Agent a statement setting forth the Preferred Return Capital and Class A Mandatory Purchase Price for each
Class A Limited Membership Interest being remarketed in the Class A Remarketing, together with a certificate of a
nationally recognized accounting firm selected in accordance with Section 9.1(d) stating that such statement has been
prepared in accordance with this Agreement (such statement, together with such certificate, being the “Class A
Remarketing Report.”). A Class A Remarketing Report prepared in accordance with this Section 9.2(d) shall be
prepared and delivered to the Class A Limited Members on each Class A Mandatory Remarketing Date irrespective of whether or
not the Class A Mandatory Remarketing on such Class A Mandatory Remarketing Date is successful. 

        In the event that, on any
Class A Reset Date occurring prior to the second Scheduled Reset Date, a Class A Mandatory Remarketing is not required
to be conducted, the Managing Member shall cause to be delivered to each Member a statement setting forth the Capital Account for
each Member as determined pursuant to Section 7.1(e)(iii) and the Preferred Return Capital for each Class A Limited Member, in
each case as of such Class A Reset Date, together with a certificate of a nationally recognized accounting firm selected in
accordance with Section 9.1(d) stating that such statement has been prepared in accordance with this Agreement. 

        (e)    Class B
Remarketing Reports.   Simultaneously with the Company’s delivery of a Class B Remarketing Notice,
the Managing Member shall cause to be delivered to the Class B Limited Members and the Class B Remarketing Agent a
statement setting forth the Preferred Return Capital and Class B Mandatory Purchase Price for each Class B Limited
Membership Interest being remarketed in the Class B Remarketing, together with a certificate of a nationally recognized
accounting firm selected in accordance with Section 9.1(d) stating that such statement has been prepared in accordance with
this Agreement. A Class B Remarketing Report prepared in accordance with this Section 9.2(e) shall be prepared and
delivered to the Class B Limited Members on each Class B Mandatory Remarketing Date irrespective of whether or not the
Class B Mandatory Remarketing on such Class B Mandatory Remarketing Date is successful. 

        (f)    Class A
Purchase Option Reports.   Upon the Managing Member’s delivery of a Class A Purchase Notice, the
Managing Member shall deliver to each Class A Limited Member whose Class A Limited Membership Interests are being
purchased a statement of the balance in the Capital Account of such Class A Limited Member determined in accordance with this 

91 

Section 9.2(g), together with a certificate of a nationally recognized
accounting firm selected in accordance with Section 9.1(d) stating that such statement has been prepared in accordance with
this Agreement; provided that, if the Class A Purchase Notice is delivered within the ten (10) day period prior to the
effectiveness of a Liquidation Notice, the report required by this Section 9.2(f) shall be delivered not later than fifty
(50) days after the Class A Purchase Election Date. If such nationally recognized accounting firm determines that the balance
of the Class A Limited Member’s Capital Account is greater than that determined by the Managing Member, then the Managing
Member shall pay the difference between such determinations to such Class A Limited Member in immediately available funds within
five (5) Business Days of the Managing Member’s receipt of such accounting firm’s determination. 

        For purposes of this
Section 9.2(f), the Class A Limited Members’ Capital Accounts shall be determined as of the Class A Purchase
Valuation Date by taking into account the adjustments that would result from (x) determining the Mark-to-Market Value of the
Company’s Permitted Assets pursuant to Section 13.11 as of the Class A Purchase Valuation Date and
(y) allocating the Profits, Losses, and other items of Company income, gain, loss, or deduction for the period beginning on
the first day of the Allocation Year during which the applicable Class A Purchase Valuation Date occurs and ending on the
Class A Purchase Valuation Date pursuant to Section 3. Such Capital Accounts shall reflect all distributions made to
such Class A Limited Members during such period. Such Capital Accounts shall reflect all distributions made to such
Class A Limited Members during or with respect to such period. 

        (g)    Class B
Purchase Option Reports.   Simultaneously with the Managing Member’s delivery of a Class B Election
Notice, the Managing Member shall deliver to each Class B Limited Member whose Class B Limited Membership Interests are
being purchased a statement of the balance in the Capital Account of such Class B Limited Member determined in accordance
with this Section 9.2(g), together with a certificate of a nationally recognized accounting firm selected in accordance with
Section 9.1(d) stating that such statement has been prepared in accordance with this Agreement. 

        For purposes of this
Section 9.2(g), the Class B Limited Members’ Capital Accounts shall be determined as of the Class B Purchase
Valuation Date by taking into account the adjustments that would result from (x) determining the Mark-to-Market Value of the
Company’s Permitted Assets pursuant to Section 13.11 as of the Class B Purchase Valuation Date and
(y) allocating the Profits, Losses, and other items of Company income, gain, loss, or deduction for the period beginning on
the first day of the Allocation Year during which the applicable Class B Purchase Valuation Date occurs and ending on the
Class B Purchase Valuation Date pursuant to Section 3. Such Capital Accounts shall reflect all distributions made to
such Class B Limited Members during such period. 

        (h)    Default
Date Reports.   Promptly but in any event within five (5) Business Days of a Responsible Officer obtaining
actual knowledge of any event resulting in a fifty percent (50%) or greater reduction in the Gross Asset Value for any Permitted
Asset having a Gross Asset Value of $25,000,000 or more immediately prior to such event, the Managing Member shall cause to be
prepared a Class A Portfolio Compliance Certificate applicable to the period ending on the day after the occurrence of such
event. 

92 

        (i)    Class A
Notice Event Reports.   In the event that during any Fiscal Year a Class A Notice Event described in
Section 14.1(b) occurs and the Members have not delivered a Liquidation Notice to the Managing Member prior to the date on
which a certification would otherwise be required to be delivered to the Class A Limited Members pursuant to this
Section 9.2; on or before the later to occur of (i) the date on which reports are furnished to the Class A Limited
Members pursuant to Section 9 for the immediately preceding Fiscal Year or (ii) sixty (60) days after receipt by the
Managing Member of a request from the Class A Limited Members, the Managing Member shall cause to be prepared and the Members
furnished with a certification by a nationally recognized accounting firm to be selected in accordance with Section 9.1(d)
that the statements furnished to the Class A Limited Members for such immediately preceding Fiscal Year pursuant to
Section 9 were prepared in accordance with this Agreement. 

        (j)    Liquidation
Date Reports.   On the date on which final distributions are made to the Members pursuant to Section 13.2,
the Liquidator shall cause to be prepared and each Member furnished with each of the following statements: 

                (i)    A
Balance Sheet as of the date of such distribution setting forth as individual line items the aggregate Mark-to-Market Capital
Values for each Permitted Asset held by the Company; 

                (ii)    A
statement of the Members’ Capital Accounts as adjusted immediately prior to such distribution pursuant to Section 13.2;
and 

                (iii)    Not
later than sixty (60) days after the distributions referred to in this Section 9.2(j) have been made, a certificate of a
nationally recognized accounting firm selected in accordance with Section 9.1(d) shall have been prepared and delivered to
the Members stating that the statement in clause (i) above has been prepared in accordance with this Agreement. 

        (k)    Class B
Exchange Date Reports.   No later than the date on which Class B Limited Membership Interests will be
exchanged for securities of GMI or one of its Affiliates pursuant to the terms of the Exchange Agreement, the Managing Member
shall cause to be prepared and each Class B Limited Member furnished with each of the following statements: 

                (i)    a
statement of the Class B Limited Members’ Capital Accounts specially determined pursuant to this Section 9.2(k);
and 

                (ii)    a
certificate of a nationally recognized accounting firm selected in accordance with Section 9.1(d) stating that the statement
in clause (i) above has been prepared in accordance with this Agreement. 

        For purposes of this
Section 9.2(k), the Class B Limited Members’ Capital Accounts shall be determined as of the Exchange Valuation Date
by taking into account the adjustments that would result from (x) determining the Mark-to-Market Value of the Company’s
Permitted Assets pursuant to Section 13.11 as of the last day of the Fiscal Quarter preceding the Fiscal Quarter in which the
Exchange Valuation Date occurs and adjusting the Gross Asset Values of all the Company’s Property pursuant to subparagraph
(ii) of the definition of “Gross Asset Value” in

93 

Section 1.10 as of the Exchange Valuation Date (assuming, for purposes
of this Section 9.2(k), that such Mark-to-Market Value remains unchanged since the last day of such prior Fiscal Quarter as
of the Exchange Valuation Date), and (y) allocating the Profits, Losses, and other items of Company income, gain, loss, or
deduction for the period beginning on the first day of the Allocation Year during which the Exchange Valuation Date occurs and
ending on the Exchange Valuation Date pursuant to Section 3. Such capital accounts shall reflect all distributions made to
such Class B Limited Members during such period. If a Class B Limited Member owns more than one Series of Class B
Limited Membership Interests, the capital account determined for such Class B Limited Member pursuant to this
Section 9.2(k) shall be determined with respect to each Series of Class B Limited Membership Interests being exchanged
by such Class B Limited Member. 

        (l)    GMI
Events.   Promptly but in any event within five (5) Business Days of a Responsible Officer obtaining actual
knowledge of (A) any notice from Moody’s or S&P that such Rating Agency is considering lowering the senior unsecured
debt rating of GMI below “Baa3” with respect to Moody’s or “BBB” with respect to S&P, (B) the
lowering of the senior unsecured debt rating of GMI below “Baa3” by Moody’s or “BBB” by S&P,
(C) any event resulting in a reduction of the Mark-to-Market Value of any Permitted Loan under which GMI or one of its
Affiliates is a borrower or (D) any GMI Event, the Managing Member shall deliver to each of the other Members a notice of the
occurrence of such event. 

        (m)    Rule
144A Information.   At the request of any Member or any prospective Member, the Managing Member shall provide,
with respect to the Company, the information required by Rule 144A(d)(4)(i) under the Securities Act. 

        9.3     Tax Matters.  

        (a)    The
Managing Member is specifically authorized to act as the “Tax Matters Member” under the Code and in any
similar capacity under state or local law. The Tax Matters Member shall have the authority without any further consent of the
Members being required (except as specifically required herein, and provided that reasonable notice is provided to Members) to
make any and all elections for federal, state, local, and foreign tax purposes including any election, if permitted by applicable
law: (i) provided for in Code Section 6231(a)(1)(B)(ii); (ii) to adjust the basis of the Company’s assets
pursuant to Code Sections 754, 734(b), and 743(b), or comparable provisions of state, local, or foreign law, in connection with
Transfers of Interests and Company distributions; (iii) to extend the statute of limitations for assessment of tax
deficiencies against the Members with respect to adjustments to the Company’s federal, state, local, or foreign tax returns;
(iv) to determine the appropriate forum in which any potential tax controversy shall be litigated; and (v) to the extent
provided in Code Sections 6221 through 6231 and similar provisions of federal, state, local, or foreign law, to represent the
Company and the Members before taxing authorities or courts of competent jurisdiction in tax matters affecting the Company or the
Members in their capacities as Members and to file any tax returns and execute any agreements or other documents relating to or
affecting such tax matters, including agreements or other documents that bind the Members with respect to such tax matters or
otherwise affect the rights of the Company and the Members. The Company has made a valid election under Code Section 754 and
such election has not been and will not be revoked. 

94 

        (b)    No
Member shall make any election under Treasury Regulations Section 301.7701-3 to cause the Company to be treated as a
corporation for federal income tax purposes. To the extent permitted by applicable law and regulation at the relevant time, each
Member will (i) treat the Membership Interests as representing equity interests in the Company for all U.S. federal income
tax purposes and for all relevant state and local income, franchise, and other similar tax purposes, (ii) treat the Company
as a partnership for U.S. federal income tax purposes that is not taxable as an association or a PTP, and (iii) take no
position on any tax return or with any taxing or other governmental authority that is inconsistent with such treatment.

        (c)    Other
than such information delivered pursuant to Section 9.2(b)(vii), all other necessary tax information shall be delivered to
each Member as soon as practicable after the end of each Fiscal Year of the Company but not later than eight (8) months after the
end of each Fiscal Year. 

SECTION 10.  

AMENDMENTS  

        10.1     Amendments.  

        (a)    Amendments
to this Agreement may be proposed by the Managing Member, a Class A Limited Member, or upon a written request from the
holders of at least 25% of the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests.
Following such proposal, the Managing Member shall submit to the Members a verbatim statement of any proposed amendment, and the
Managing Member shall include in any such submission a recommendation as to the proposed amendment. The Managing Member shall seek
the affirmative written consent of the Members on the proposed amendment or shall call a meeting to vote thereon and to transact
any other business that it may deem appropriate. Except as expressly provided in Section 5.3(c), a proposed amendment shall
be adopted and be effective as an amendment hereto if it receives the affirmative written consent or vote of (i) the Required
Class A Limited Members, (ii) holders of Series B-1 Limited Membership Interests representing at least two-thirds
of the outstanding Series B-1 Limited Membership Interests (other than the Series B-1 Limited Membership Interests held
by GMI and its Affiliates, which are not entitled to vote), (iii) holders of Series B-2 Limited Membership Interests
representing at least two-thirds of the outstanding Series B-2 Limited Membership Interests (other than the Series B-2
Limited Membership Interests held by GMI and its Affiliates, which are not entitled to vote) and (iv) the Managing Member;
provided that, with respect to any amendment that solely concerns the right and obligations of a Class A Limited Member under
this Agreement, such amendment shall only require the consent the Managing Member and the Required Class A Limited Members,
and provided, further, that, so long as the consent of the Required Class B Limited Members is not otherwise required
pursuant to Section 5.3(b), the approval of the holders of the Class B Limited Membership Interests shall not be
required for any amendment that is executed in connection with, and in order to give effect to, (i) the sale of the
Class A Limited Membership Interests held by TPC or the Series B-2 Limited Membership Interests held by Cereals Holdings
to any Person that is not GMI or an Affiliate of GMI or another GMI Entity, (ii) the issuance of additional Membership
Interests, or (iii) the conversion of the Class A Limited Membership Interests; and provided, further, that the
form of the Series B-1 Preferred Certificate or Series B-2 Preferred 

95 

Certificate and any provision of this Agreement may be at any time and from
time to time be amended, without the consent of the holders of the Class B Limited Membership Interests, to the extent that
such amendment shall cure any ambiguity, defect, or inconsistency or shall be of a ministerial or technical nature. 

        (b)    Any
provision herein to the contrary notwithstanding, in connection with a sale of the Series B-2 Limited Membership Interests
currently outstanding to any Person that is not GMI or an Affiliate of GMI or another GMI Entity, the provisions herein with
respect to the Series B-2 Preferred Return Rate, the Initial Fixed Rate Period and Class B Distribution Period with respect
to the Series B-2 Limited Membership Interests may be amended without the consent of the holders of the Series B-1
Limited Membership Interests; provided that such amendments are in accordance with then current market terms for comparable
securities. 

SECTION 11.  

TRANSFERS; PURCHASE  

        11.1     Restriction on Transfers.  

        (a)    Except
as otherwise permitted by this Agreement, no Member shall Transfer all or any portion of its Membership Interests. In the event
any Member pledges or otherwise encumbers its Interest as security for the payment of a liability, any such pledge or
hypothecation shall be made pursuant to a pledge or hypothecation agreement that requires the pledgee or secured party to be bound
by all of the terms and conditions of this Section 11. 

        (b)    Notwithstanding
any other provisions of this Agreement (including without limitation, Sections 11.2, 11.3(a), 11.3(c), and 11.6), (i) the
Class A Limited Members may Transfer their respective Class A Limited Membership Interests to the Managing Member (or
its designee) pursuant to the Class A Purchase Option as set forth in Section 11.8, and upon such Transfers, the
Managing Member (or its designee) shall be admitted as the Class A Limited Member and the prior Class A Limited Members
shall be deemed withdrawn as Class A Limited Members with respect to such Transferred Class A Limited Membership
Interests and (ii) the Class B Limited Members may Transfer their respective Class B Limited Membership Interests
to the Managing Member (or its designee) pursuant to the Class B Purchase Option as set forth in Section 11.9, and upon
any such Transfers, the Managing Member (or its designee) shall be admitted as a Class B Limited Member of the applicable
Series and the prior Class B Limited Members shall be deemed withdrawn as Class B Limited Members with respect to
such Transferred Class B Limited Membership Interests. 

        11.2     Permitted Transfers.  

        (a)    Managing
Member.   Subject to the conditions and restrictions set forth in Section 11.3 and Section 5.6, the
Managing Member may at any time Transfer all or any portion of its Managing Membership Interest (i) while GMI or any of its
Subsidiaries is the Managing Member, to GMI or any of its Subsidiaries (so long as, in the case of a Transfer to a Subsidiary, its
obligations as Managing Member are fully guaranteed pursuant to a GMI Guaranty) or (ii) any other Person approved by all the
Members; provided that (A) the indemnification obligation of 

96 

the Managing Member shall be unaffected by such Transfer and
(B) in the event that any such transferee (other than GMI) ceases to be a Subsidiary of GMI, such transferee shall Transfer
back to GMI or to another Subsidiary of GMI any such Managing Membership Interest immediately prior to such transferee ceasing to
be a Subsidiary of GMI. 

        (b)    Class A
Limited Members.   Subject to the conditions and restrictions set forth in Section 11.3: (i) without
the consent of any other Member, a Class A Limited Member may (A) pledge all (but not less than all) of its Class A
Limited Membership Interests to a single lender as a bona fide pledge in connection with financing obtained to purchase such
Class A Limited Membership Interests and transfer such Class A Limited Membership Interests to such lender in connection
with any foreclosure of such pledge, (B) Transfer all (but not less than all) of its Class A Limited Membership
Interests to (1) any other Member, (2) any wholly owned Subsidiary or any entity of which it is a wholly owned
Subsidiary, and (3) any Person(s) pursuant to a Class A Remarketing, and (C) Transfer all or any portion of its
Class A Limited Membership Interests to any Person upon the occurrence of a continuing Liquidating Event; and (ii) with
the unanimous written consent of the other Members, which consent shall not be unreasonably withheld, a Class A Limited
Member may Transfer its Class A Limited Membership Interests to any other Person. 

        (c)    Class B
Limited Members.   Subject to the conditions and restrictions set forth in Section 11.3: (i) without
the consent of any other Member, a Class B Limited Member may (A) pledge all (but not less than all) of its Class B
Limited Membership Interests to a single lender as a bona fide pledge in connection with financing obtained to purchase such
Class B Limited Membership Interests and transfer such Class B Limited Membership Interests to such lender in connection
with the foreclosure of such, (B) Transfer all of its Class B Limited Membership Interests to (1) any other Member,
(2) any wholly owned Subsidiary or any entity of which it is a wholly owned Subsidiary, and (3) GMI or any Affiliate of
GMI in exchange for securities of GMI or an Affiliate of GMI, (C) Transfer all or any portion of its Class B Limited
Membership Interests to any Person pursuant to a Class B Remarketing, and (D) in the case of Series B-1 Limited
Membership Interests, transfer such Interests in accordance with Section 11.3(f); and (ii) with the written consent of
the Managing Member and Required Class A Limited Members, which consent shall not be unreasonably withheld, a Class B
Limited Member may Transfer its Class B Limited Membership Interests to any other Person; provided that the Members
agree that, without any further consent of the Members, (x) GM Class B may Transfer all of its Series B-1 Limited
Membership Interests to LBSFI and LBSFI may be admitted as a Series B-1 Limited Member in respect thereof and (y)  LBSFI
may thereafter Transfer and deposit such Series B-1 Limited Membership Interests into Capital Trust, and Capital Trust may be
admitted as a Series B-1 Limited Member in respect thereof. For purposes of this Section 11, the issuance of securities
representing beneficial interests in the Capital Trust in the manner contemplated by the Capital Trust Agreement shall not (and
shall not be deemed) to constitute a Transfer of the Series B-1 Limited Membership Interests. In addition, subject to the
conditions and restrictions set forth in Section 11.3, Cereals Holdings may Transfer the Series B-2 Limited Membership
Interests to one or more purchasers and, upon such Transfer, such purchasers will be admitted as Class B Limited Members,
immediately whereafter, Cereals Holdings shall be deemed withdrawn in respect of the Series B-2 Limited Membership Interests
so Transferred. 

97 

        (d)    Any
Transfer permitted by this Section 11.2 shall be referred to in this Agreement as a “Permitted
Transfer,” and the Person to which the Interest is Transferred shall be a “Permitted
Transferee.” 

        11.3     Conditions to Permitted Transfers.  

        A Transfer shall not be
treated as a Permitted Transfer under Sections 11.2 unless and until the following conditions are satisfied: 

        (a)    The
transferee shall execute and deliver to the Company such documents and instruments of conveyance as may be reasonably required to
effect such Transfer and to confirm the agreement of the transferee to be bound by the provisions of this Agreement applicable to
the relevant Member. 

        (b)    Such
Transfer shall not cause the Company to have more than 100 Members for purposes of Regulation Section 1.7704-1(h)(1)(ii) or
otherwise be treated as a PTP assuming, for the purposes of this Section 11.3(b) that (i) in the case of a Transfer of any
Class B Limited Membership Interests, the Class A Limited Membership Interests held by RBDB are held by ten (10) Persons
and (ii) in the case of a Transfer of any Class A Limited Membership Interests that the Class B Limited Membership
Interests are held by 90 Persons. Any Transfer for which the Company does not receive a transferee letter shall be null and void.

        (c)    The
transferor and transferee shall furnish the Company with the transferee’s taxpayer identification number, sufficient
information to determine the transferee’s initial tax basis in the Interest Transferred, and any other information reasonably
necessary to permit the Company to file all required federal and state tax returns and other legally required information
statements or returns.  Without limiting the generality of the foregoing, the Company shall not be required to make any
distribution otherwise provided for in this Agreement with respect to any Transferred Interest until it has received such
information. 

        (d)    The
transferee shall represent and warrant to the Company that the transferee: (1) is an institutional “accredited
investor” (as such term is defined in Rule 501(a) promulgated under the Securities Act); (2) has sufficient knowledge
and experience in financial and investment matters to be capable of evaluating the risks and merits involved in acquiring such
Interest, understands the risks and merits applicable to such Interest (including, without limitation, any legal, tax, and
accounting issues inherent therein) and is financially able to bear such risks; (3) has sufficient knowledge of, and
experience with, financial markets that it is able to determine that its acquiring such Interest is suitable for its financial and
investment objectives; and (4) understands that the Interest is not registered or entitled to be registered under the
Securities Act or any state securities law or other applicable federal securities or other similar law. 

        (e)    Each
transferor and transferee of Class A Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable,
shall execute certificates substantially similar to the certificates (the “Transferor Certificate” and
Transferee Certificate”) attached hereto as Exhibit E and Exhibit F, respectively;
provided that this Section 11.3(e) shall also apply to any transfer by GM Class B of its Series B-1 Limited
Membership Interests to LBSFI. 

98 

        (f)    In
the case of a transferee of any of the Series B-1 Limited Membership Interests or Series B-2 Limited Membership
Interests, unless waived by the Managing Member, and the Required Class A Limited Members each prospective purchaser will be
required to sign and deliver to a Broker-Dealer a purchaser’s letter (a “Purchaser’s
Letter”) substantially similar to the form attached hereto as Exhibit G, and will be deemed to
have acknowledged, represented and agreed that: 

	  	                (i)    It
understands and acknowledges that the Series B-1 Limited Membership Interests or Series B-2 Limited Membership
Interests, as applicable, have not been registered under the Securities Act or any other applicable securities law and, unless so
registered, may not be re-offered, resold, pledged or otherwise Transferred except in compliance with the registration
requirements of the Securities Act or any other applicable securities law, or pursuant to an exemption therefrom or in a
transaction not subject thereto, and in each case, in compliance with the conditions for Transfer set forth in
paragraph (vii) below. 

	  	                (ii)    It
is a Qualified Institutional Buyer (QIB) within the meaning of Rule 144A under the Securities Act and is aware that any sale
of the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, to it will be
made in reliance on Rule 144A. Such acquisition will be for its own account or for the account of another QIB. 

	  	                (iii)    It
agrees that it will give to each Person to whom it Transfers the Series B-1 Limited Membership Interests or Series B-2
Limited Membership Interests, as applicable, notice of any restrictions on Transfer of the Series B-1 Limited Membership
Interests or Series B-2 Limited Membership Interests, as applicable. 

	  	                (iv)    It
acknowledges that as a purchaser of either Series B-1 Limited Membership Interests or Series B-2 Limited Membership
Interests, as applicable, it will be holding membership interests in a limited liability company, it will be admitted to the
Company as a member, and therefore, it will be subject to rights and obligations as set forth in this Agreement. 

	  	                (v)    It
acknowledges that prior to any proposed Transfer of the Series B-1 Limited Membership Interests or Series B-2 Limited
Membership Interests, as applicable, (other than pursuant to an effective registration statement) it may be required to provide
certification or other documentation relating to the Transfer as provided in this Agreement. 

	  	                (vi)    It
acknowledges that none of the Company, Cereals Holdings, any Class A Limited Member or GMI or the Person representing any
such Person, has made any representation to it with respect to the Company, Cereals Holdings, GMI, or the offering of the
Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable. It has had access to
such financial and other information concerning the Company, Cereals Holdings, GMI, and the Series B-1 Limited Membership
Interests or Series B-2 Limited Membership Interests, as applicable, as it deemed necessary in connection with its decision
to purchase any of the Series B-1 

99 

	  	Limited Membership Interests or Series B-2 Limited Membership
Interests, as applicable, including an opportunity to ask questions and request information from the Company, Cereals Holdings,
and GMI. 

	  	                (vii)    It
is purchasing the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, for
its own account, or for one or more investor accounts for which it is acting as a fiduciary or agent, in each case for investment,
and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act,
subject to any requirement of law that the disposition of its property or the property of such investor account or accounts be at
all times within its or their control and subject to its or their ability to resell such Series B-1 Limited Membership
Interests or Series B-2 Limited Membership Interests, as applicable, pursuant to Rule 144A or any exemption from
registration available under the Securities Act. It agrees on its own behalf and on behalf of any investor account for which it is
purchasing the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, and
each subsequent holder of the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as
applicable, by its acceptance thereof will agree, to offer, sell or otherwise Transfer such Series B-1 Limited Membership
Interests or Series B-2 Limited Membership Interests, as applicable, only (a) to the Company, (b) pursuant to a
registration statement which has been declared effective under the Securities Act, (c) for so long as the Series B-1
Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, are eligible for resale pursuant to
Rule 144A, to a Person it reasonably believes is a QIB that purchases for its own account or for the account of a QIB to whom
notice is given that the Transfer is being made in reliance on Rule 144A, or (d) pursuant to another available exemption
from the registration requirements of the Securities Act and, in each case, in accordance with the applicable securities laws of
any state of the United States or any other applicable jurisdiction and, subject to any requirement of law that the disposition of
its property or the property of such investor account or accounts be at all times within its or their control. Each purchaser
acknowledges that the Company reserves the right prior to any offer, sale or other Transfer prior to the Resale Restriction
Termination Date of the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as
applicable, pursuant to clause (d) above to require the delivery of an opinion of counsel, certifications or other information
acceptable to us in form and substance. Each purchaser acknowledges that each Series B-1 Preferred Certificate or
Series B-2 Preferred Certificate, as applicable, will contain a legend substantially to the following effect: 

        “THIS SECURITY (OR ITS
PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT
THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, REPRESENTS, ACKNOWLEDGES AND AGREES FOR THE BENEFIT OF GENERAL
MILLS CEREALS, LLC, GM CLASS B, INC., AND GENERAL MILLS, INC. THAT: (i) IT 

100 

HAS ACQUIRED A “RESTRICTED” SECURITY WHICH HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT; (II) IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY,
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS
THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY
APPLICABLE JURISDICTION; AND (III) IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THIS
SECURITY OF THE RESALE RESTRICTIONS SET FORTH IN (II) ABOVE. ANY OFFER, SALE OR OTHER DISPOSITION PURSUANT TO THE FOREGOING
CLAUSE (II)(D) IS SUBJECT TO THE RIGHT OF THE COMPANY TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS OR
OTHER INFORMATION ACCEPTABLE TO IT IN FORM AND SUBSTANCE. 

        THE SECURITIES WILL BE ISSUED
AND MAY BE TRANSFERRED ONLY IN BLOCKS CONSISTING OF NOT LESS THAN 15,000 SECURITIES. A TRANSFEROR OF THE SECURITIES MAY NOT RETAIN
SECURITIES UNLESS IT RETAINS AT LEAST 15,000 SECURITIES. ANY ATTEMPTED TRANSFER OF SECURITIES IN A BLOCK CONSISTING OF LESS THAN
15,000 SECURITIES SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT
TO BE THE HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON SUCH
SECURITIES, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH SECURITIES. 

        SO LONG AS THE SECURITIES ARE
“RESTRICTED SECURITIES” (AS SUCH TERM IS DEFINED IN RULE 144(a)(3) UNDER THE SECURITIES ACT), THE COMPANY AGREES TO MAKE
AVAILABLE TO EACH HOLDER AND EACH PROSPECTIVE PURCHASER OF THE SECURITIES DESIGNATED BY A HOLDER, UPON REQUEST, THE INFORMATION
REQUIRED TO BE PROVIDED PURSUANT TO RULE 144A(d)(4) UNDER THE SECURITIES ACT. 

        EACH HOLDER AND SUBSEQUENT
TRANSFEREE OF THE SECURITIES WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT: (i) IT IS NOT USING THE ASSETS OF ANY
PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR
OTHER PROVISIONS OF FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT CONTAIN ONE OR MORE PROVISIONS THAT ARE
SIMILAR TO ANY OF THE PROHIBITED TRANSACTION PROVISIONS THAT ARE CONTAINED IN TITLE I OF ERISA OR SECTION 4975 OF THE CODE
(“SIMILAR LAWS”), OR ANY ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH
PLAN, ACCOUNT OR ARRANGEMENT; OR (II) ITS ACQUISITION AND HOLDING OF SUCH SECURITIES OR ANY INTEREST THEREIN WILL NOT
CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR A VIOLATION OF
ANY SIMILAR LAW. 

        THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR THE PURPOSE OF PREVENTING THE COMPANY FROM BEING CLASSIFIED AS A
PUBLICLY TRADED PARTNERSHIP UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND FOR THE PURPOSE OF
PREVENTING TRANSFERS TO NON-U.S. PERSONS. ANY ATTEMPTED TRANSFER OF SECURITIES THAT WOULD CAUSE THE COMPANY 

101 

TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP OR ANY ATTEMPTED TRANSFER
OF SECURITIES TO NON-U.S. PERSONS SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. 

        EACH HOLDER AND SUBSEQUENT
TRANSFEREE OF THE SECURITIES, OTHER THAN THE CAPITAL TRUST SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT (I) IS
NOT, AND WILL NOT BECOME, A PARTNERSHIP, A SUBCHAPTER S CORPORATION OR A GRANTOR TRUST, IN EACH CASE, AS DESCRIBED IN THE CODE OR
(II) IS A PARTNERSHIP, SUBCHAPTER S CORPORATION OR A GRANTOR TRUST, IN EACH CASE, AS DESCRIBED IN THE CODE, BUT LESS THAN 50% OF
THE AGGREGATE VALUE OF ITS ASSETS WILL AT ALL TIMES CONSIST OF THE SECURITIES. 

        ALL CAPITALIZED TERMS IN THIS
LEGEND HAVE THE MEANINGS DEFINED IN GENERAL MILLS CEREALS, LLC’S LIMITED LIABILITY COMPANY AGREEMENT AS THE SAME MAY BE
AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER, WILL BE SENT WITHOUT CHARGE TO EACH HOLDER OF
SECURITIES WHO SO REQUESTS. 

        UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 

	  	                (viii)    If
it is acquiring any Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable,
as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to
each such account and it has full power to make the foregoing acknowledgments and agreements on behalf of each such account.

	  	                (ix)    (A) It
is not using the assets of any plan, individual retirement account or other arrangement subject to Title I of ERISA,
Section 4975 of the Code or any Similar Law, or any entity whose underlying assets are considered to include “plan
assets” of any such plan, account or arrangement; or (B) its acquisition and holding of such Series B-1 Limited
Membership Interests, Series B-2 Limited Membership Interests or Series B-3 Limited Membership Interests, as applicable,
or any interest therein will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code, or a violation of any Similar Law. The purchaser acknowledges, represents and agrees that any
attempt to Transfer any Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as
applicable, to such a plan or arrangement or to any Person acting on behalf of or using the assets of such a plan or arrangement
in violation of this restriction shall be null and void. 

	  	                (x)    It
understands and acknowledges that if the Managing Member is, at any time and in good faith, of the opinion that ownership of the
Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, has or 

102 

	  	may become widely disseminated to an extent that may cause us to
qualify as a PTP, then the Managing Member will have the power to prevent the Transfer of the Series B-1 Limited Membership
Interests or Series B-2 Limited Membership Interests, as applicable. It also acknowledges that upon any Transfer of its
Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, the prospective
transferee will be required to execute a Purchaser’s Letter. 

	  	                (xi)    Series B-1
Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, may not be purchased by or
Transferred to any non-U.S. Person. Allocations to non-U.S. Persons would require the Company to pay withholding taxes, at the
highest effective tax rate applicable to taxpayers of the relevant type. The Company, therefore, will not allow any non-U.S.
Person to acquire its membership interests. 

	  	                (xii)    It
(other than the Capital Trust) represents and covenants that (A) it is not, and will not become, a partnership, a Subchapter
S corporation or a grantor trust, in each case, as defined in the Code or (B) it is a partnership, Subchapter S corporation
or a grantor trust, in each case, as described in the Code, but at all time less than 50% of the aggregate value of its assets
will consist of the Series B-1 Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable.

	  	                (xiii)    It
represents and covenants that it will not market Transfer, assign, participate, pledge or otherwise dispose of its Series B-1
Limited Membership Interests or Series B-2 Limited Membership Interests, as applicable, (or any interest therein) on or
through an “established securities market” within the meaning of Section 7704(b)(1) of the Code (and the Treasury
Regulations promulgated thereunder), including, without limitation, an over-the-counter market or an inter-dealer quotation system
that regularly disseminates firm buy or sell quotations. 

	  	                (xiv)    It
acknowledges that as a purchaser of either the Series B-1 Limited Membership Interests or Series B-2 Limited Membership
Interests, as applicable, it will be subject to the rights and obligations set forth in, and bound by the terms and provisions of,
the Exchange Agreement or other documents to which the Series B-1 Limited Membership Interests or Series B-2 Limited
Membership Interests, as applicable, are bound. 

	  	                (xv)    It
acknowledges that the Company, Cereals Holdings, GMI, and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations and agreements and agrees that if any of the acknowledgments, representations and agreements
deemed to have been made by purchase of the Series B-1 Limited Membership Interests or Series B-2 Limited Membership
Interests, as applicable, are no longer accurate, it will promptly notify the Company. 

        (g)    Paragraphs (a)
through (e) of this Section 11.3 shall not be applicable to any Transfer described in Section 11.2(b)(i)(A) or
Section 11.2(c)(i)(A). 

103 

        (h)    A
Transfer of Series B-1 Limited Membership Interests shall not be a Permitted Transfer if fewer than 15,000Interests are
Transferred; provided that this restriction shall not affect the denominations of securities issued by the Capital Trust
that represent beneficial interests in the Series B-1 Limited Membership Interests held by Capital Trust so long as holders
of such interests are counted for purposes of Section 11.3(b). A Transfer of any Membership Interests other than a
Series B-1 Limited Membership Interests shall not be a Permitted Transfer if such Transfer would result in there being more
than nineteenbeneficial owners of the Membership Interests, excluding the owners of the Series B-1 Limited Membership
Interests. 

        11.4     Prohibited Transfers.  

        Any purported Transfer of a
Membership Interest that is not a Permitted Transfer shall be null and void and of no effect whatsoever; provided that, if
the Company is required to recognize a Transfer that is not a Permitted Transfer, the Membership Interest Transferred shall be
strictly limited to the transferor’s rights to allocations and distributions as provided by this Agreement with respect to
the Transferred Membership Interest, which allocations and distributions may be applied (without limiting any other legal or
equitable rights of the Company) to satisfy any debts, obligations, or liabilities for damages that the transferor or transferee
of such Membership Interest may have to the Company. In the case of a Transfer or attempted Transfer of a Membership Interest that
is not a Permitted Transfer, the parties engaging or attempting to engage in such Transfer shall be liable to indemnify and hold
harmless the Company and the other Members from all cost, liability, and damage that any of such indemnified Persons may incur
(including, without limitation, incremental tax liability and lawyers’ fees and expenses) as a result of such Transfer or
attempted Transfer and efforts to enforce the indemnity granted hereby. Notwithstanding any provision in this Agreement to the
contrary, the Managing Member shall prohibit (i) any Transfer that would result in the Company being treated as a PTP or
(ii) any Transfer (other than a Transfer by RBDB) that would result in a violation of the requirements of Section 11.3(b).

        11.5     Rights of Unadmitted Assignees.  

        (a)    In
General.   A Person who acquires one or more Interests but who is not admitted as a substituted Member pursuant
to Section 11.6 shall be entitled only to allocations and distributions with respect to such Membership Interests in
accordance with this Agreement, but shall have no right to any information or accounting of the affairs of the Company, shall not
be entitled to inspect the books or records of the Company, and shall not have any of the rights of a Managing Member or a Limited
Member under the Act or this Agreement. 

        (b)    Managing
Member.   A transferee who acquires a Membership Interest from the Managing Member under this Agreement by
means of a Transfer that is permitted under this Section 11, but who is not admitted as the Managing Member, shall have no
authority to act for or bind the Company, to inspect the Company books, or otherwise to be treated as a Managing Member. Following
such a Transfer, the transferor shall not cease to be the Managing Member of the Company and shall continue to be the Managing
Member until such time as the transferee is admitted as the Managing Member. 

104 

        (c)    Limited
Members.   Following a Transfer to a transferee who acquires a Membership Interest from a Limited Member under
this Agreement by means of a Transfer that is permitted under this Section 11, but who is not admitted as a Limited Member,
the transferor shall not cease to be a Limited Member of the Company and shall continue to be a Limited Member until such time as
the transferee is admitted as a Limited Member under this Agreement. 

        11.6     Admission as Substituted Members.  

        (a)    A
Person shall be admitted to the Company as a Class B Limited Member without execution of this Agreement upon the acquisition
of a Series B-1 Preferred Certificate or Series B-2 Preferred Certificate in a Permitted Transfer. 

        (b)    Subject
to the other provisions of this Section 11, a transferee of Membership Interests may be admitted to the Company as a
substituted Member only upon satisfaction of the conditions set forth below in this Section 11.6: 

                (i)    The
Membership Interests with respect to which the transferee is being admitted were acquired by means of a Permitted Transfer;

                (ii)    The
transferee of a Class A Limited Membership Interest or the Managing Membership Interest becomes a party to this Agreement as
a Member and executes such documents and instruments as the Managing Member may reasonably request (including, without limitation,
amendments to the Certificate of Formation) as may be necessary or appropriate to confirm such transferee as a Member in the
Company and such transferee’s agreement to be bound by the terms and conditions of this Agreement; 

                (iii)    Unless
the requirements of this Section 11.6(b)(iii) have been waived by the Managing Member, the transferee pays or reimburses the
Company for all reasonable legal, filing, and publication costs that the Company incurs in connection with the admission of the
transferee as a Member with respect to the Transferred Interests; 

                (iv)    Unless
the requirements of this Section 11.6(b)(iv) have been waived by the Members, the transferee of a Class A Limited
Membership Interest or the Managing Membership Interest provides the Company with evidence satisfactory to counsel for the Company
that such transferee has made representations equivalent to those contained in Section 8.2 as of the date of the Transfer;
and 

                (v)    In
the event that the transferee of a Membership Interest from any Member is admitted under this Agreement, such transferee shall be
deemed admitted to the Company as a substituted Member immediately prior to the Transfer, and with respect to the transferee of
the Managing Member, such transferee shall continue the business of the Company without dissolution. 

        11.7     Distributions and Allocations in Respect of Transferred Membership Interests.  

        If any Membership Interest is
Transferred during any Allocation Year in compliance with the provisions of this Section 11, Profits, Losses, each item
thereof, and all other items 

105 

attributable to the Transferred Interest for such Allocation Year shall be
divided and allocated between the transferor and the transferee by taking into account their varying Membership Interests during
the Fiscal Year in accordance with Code Section 706(d), using the daily proration convention. Notwithstanding the date of
such Transfer, all distributions shall be made to the holder of record as of the relevant date as set forth in Section 4.1.
The Company shall recognize a Permitted Transfer of Series B-1 Limited Membership Interests, as of the date of such Permitted
Transfer, when it receives the Purchaser’s Letter with respect to such Permitted Transfer. The Company shall recognize a
Permitted Transfer of any other Membership Interests not later than the end of the calendar month during which it is given notice
of a Permitted Transfer; provided that, if the Company is given notice of such a Permitted Transfer at least fourteen (14)
Business Days prior to the Transfer, the Company shall recognize a Permitted Transfer as of the date of such Permitted Transfer;
and provided, further, that if the Company does not receive a notice stating the date such Interest was Transferred
and such other information as the Managing Member may reasonably require within thirty (30) days after the end of the Allocation
Year during which the Permitted Transfer occurs, then all such items shall be allocated, and all distributions shall be made, to
the Person who, according to the books and records of the Company, was the owner of the Interest on the last day of such
Allocation Year. Neither the Company nor the Managing Member shall incur any Liability for making allocations and distributions in
accordance with the provisions of this Section 11.7, whether or not the Managing Member or the Company has knowledge of any
Transfer of ownership of any Interest. 

        11.8     Class A Limited Membership Interest Purchase Option.  

        (a)    Class A
Purchase Option.   The Managing Member or, in the sole discretion of the Managing Member, its designee (for
purposes of this Section 11.8, references to the Managing Member shall, as the context requires, include such designee) may,
by delivery of a written notice to the Class A Limited Members (a “Class A Purchase Notice”),
elect to purchase (the “Class A Purchase Option”) (x) with respect to subparagraph
(i) below, all of the Class A Limited Membership Interests of any Class A Limited Member and (y) with respect
to subparagraphs (ii) below, all the Class A Limited Membership Interests then outstanding at the following times:

                (i)    At
any time prior to the delivery of a Liquidation Notice to the Managing Member pursuant to Section 14.2; provided that,
prior to the initial Class A Reset Date, the Capital Account of such Class A Limited Member on the Class A Purchase
Valuation Date as determined pursuant to Section 9.2(f) is not less than such Class A Limited Member’s Preferred
Return Capital; or 

                (ii)    Within
the ten (10) day period prior to the effectiveness of any Liquidation Notice delivered to the Managing Member pursuant to
Section 14.2; provided that the Required Class A Limited Members have not rescinded such Liquidation Notice
during such ten (10) day period; and provided, further, that no GMI Event shall have occurred and be continuing.

        Upon consummation of the
Class A Purchase Option, the Managing Member shall be admitted as a Class A Limited Member with respect to the
Class A Limited Membership Interests purchased pursuant to the Class A Purchase Option, and the Class A Limited
Members from whom such Class A Limited Membership Interests were purchased shall be deemed withdrawn with respect to such
Class A Limited Membership Interests. 

106 

        (b)    Class A
Purchase Election Date.   The “Class A Purchase Election Date” shall be the day on
which the Managing Member delivers the Class A Purchase Notice; provided that, if the Managing Member elects to
purchase all of the Class A Limited Membership Interests then outstanding during the ten (10) day period following the
delivery of a Liquidation Notice, the Class A Purchase Election Date shall be the day on which such Liquidation Notice is
delivered to the Managing Member. Except as provided in Section 14.2 with respect to a rescinded Liquidation Notice, a
Class A Purchase Notice given pursuant to this Section 11.8 shall be irrevocable and binding on the Managing Member.

        (c)    Class A
Purchase Price.   The purchase price (the “Class A Purchase Price”) for each
Class A Limited Member’s Limited Membership Interest shall be equal to the excess, if any, of (i) the sum of
(x) the balance in such Class A Limited Member’s Capital Account determined pursuant to Section 9.2(f) as of
the last day of the Fiscal Quarter preceding the Fiscal Quarter in which the Class A Purchase Election Date occurs (the
“Class A Purchase Valuation Date”), plus (y) an amount equal to such Class A Limited
Member’s accrued but undistributed Class A Limited Member Preferred Return for the period from and including the
Class A Purchase Valuation Date to but excluding the Class A Purchase Date, plus (z) the Class A Purchase
Premium or Class A Optional Make Whole Amount, if any, over (ii) any amounts distributed to such Class A Limited
Member from and including the Class A Purchase Valuation Date to but excluding the Class A Purchase Date 

        (d)    Purchase. 

                (i)    Single
Payment.   In the case of a Class A Purchase Option exercised in any case not described in
Section 11.8(a)(ii), the Class A Purchase Price shall be paid in Dollars and immediately available funds on the last
Business Day of the Fiscal Quarter during which the Class A Purchase Election Date occurs or, if such last Business Day of
such Fiscal Quarter is less than five Business Days after the Election Date, the last Business Day of the following Fiscal Quarter
(the “11.8(a)(i) Purchase Date”) in accordance with Section 11.8(e). 

                (ii)    Installments.   In
the case of a Class A Purchase Option exercised in any case described in Section 11.8(a)(ii), the Class A Purchase
Price shall be payable in two (2) installments, each in Dollars and immediately available funds: 

                        (A)    The
first installment shall be made on the date specified in the Purchase Notice, which date shall be a Business Day that is on or
before the fortieth (40th) day following the Class A Purchase Election Date (such date of payment being the
“11.8(a)(ii) Purchase Date,” together with the 11.8(a)(i) Purchase Date, each a
“Class A Purchase Date”) and shall be equal to applicable Class A Limited Member’s Preferred
Return Capital as of the Class A Purchase Valuation Date. In the event that, on the Class A Purchase Date, the rating
assigned to the senior unsecured and unsupported long-term debt obligations of a Class A Limited Member is below A- by
S&P or A3 by Moody’s, then such Class A Limited Member will be required, unless its repayment obligation under
clause (b) below is guaranteed by a Person whose debt obligations are so rated, to hold in escrow any amount of the first
installment remaining after payment of its obligations to its creditors; and 

107 

                        (B)    If
the Class A Purchase Price is greater than the first installment, to the extent that the first installment was required to be
held in an escrow account pursuant to clause (A) above, the balance in the escrow account shall be released to the applicable
Class A Limited Member and the second installment shall be made as soon as practicable after the Capital Account statements
described in Section 9.2(f) are received by the Class A Limited Members, but in no event later than sixty (60) days
following the Class A Purchase Election Date. The second installment shall be equal to the excess, if any, of the
Class A Purchase Price over the amount of the first installment. If the first installment exceeds the Class A Purchase
Price, an amount equal to the lesser of (1) such excess or (2) the balance in the escrow account shall be returned to
the Managing Member. 

        (e)    Closing.   The
closing of the purchase contemplated by this Section 11.8 shall occur on the Class A Purchase Date at such place as is
mutually agreeable to the Members, or upon the failure to agree, at the principal place of business of the Company. At the
closing, the Class A Limited Members shall deliver to the Managing Member good title, free and clear of any Liens, claims,
encumbrances, security interests, or options, to its Class A Limited Membership Interests thus purchased other than such
Liens, claims, encumbrances, security interest or options permitted hereunder. The reasonable costs of such Transfer and closing,
including, without limitation, attorneys’ fees and filing expenses, shall be paid by the Managing Member. At the closing, the
Class A Limited Members shall execute such documents and instruments of conveyance as may be reasonably necessary to
effectuate the transaction contemplated hereby, including the Transfer of the Class A Limited Membership Interests.

        (f)    Treatment
as Purchase Under Section 741.   The Class A Limited Members agree to treat the Transfer of the
Class A Limited Membership Interests to the Managing Member pursuant to this Section 11.8 as a purchase and sale under
Code Section 741 and not as a retirement under Code Section 736. 

        11.9     Purchase of Class B Limited Membership Interests.  

        (a)    Class B
Purchase Option.   The Managing Member or, in the sole discretion of the Managing Member, its designee (for
purposes of this Section 11.9, references to the Managing Member shall, as the context requires, include its designee) may,
by delivery of a written notice complying with the requirements set forth in Section 11.9(e) (a “Class B
Purchase Notice”), elect to purchase (the “Class B Purchase Option”) all (but not less
than all) of the Series B-1 Limited Membership Interests and/or the Series B-2 Limited Membership Interests.
Notwithstanding the preceding sentence, the Managing Member or its designee may not elect to purchase the Series B-1 Limited
Membership Interests under any circumstances prior to the first Scheduled Reset Date. Any such purchases shall be in Cash, unless
otherwise consented to by the Class B Limited Members whose interests are being purchased. 

        Upon consummation of the
Class B Purchase Option, the Managing Member shall be admitted as a Class B Limited Member with respect to the
Class B Limited Membership Interests purchased pursuant to the Class B Purchase Option, and the Class B Limited
Members from whom such Class B Limited Membership Interests were purchased shall be deemed withdrawn with respect to such
Class B Limited Membership Interests. 

108 

        (b)    Class B
Purchase Election Date.   The “Class B Purchase Election Date” shall be the day on
which the Managing Member delivers the Class B Purchase Notice. A Class B Purchase Notice given pursuant to this
Section 11.9 shall be irrevocable and binding on the Managing Member. 

        (c)    Class B
Purchase Price.   The purchase price (the “Class B Purchase Price”) for each
Class B Limited Member’s Limited Membership Interests being purchased shall be equal to the excess, if any, of
(i) the sum of (x) the balance in such Class B Limited Member’s Capital Account determined pursuant to
Section 9.2(g) as of the last day of the Fiscal Quarter preceding the Fiscal Quarter in which the Class B Purchase
Election Date occurs (the “Class B Purchase Valuation Date”), plus (y) an amount equal to such
Class B Limited Member’s accrued but undistributed Class B Limited Member Preferred Return for the period from and
including the Class B Purchase Valuation Date to but excluding the Class B Purchase Date, plus (z) the applicable
Class B Optional Make Whole Amount, if any, over (ii) any amounts distributed to such Class B Limited Member from
and including the Class B Purchase Valuation Date to but excluding the Class B Purchase Date, provided that, if
the Class B Purchase Valuation Date is the last day of an Allocation Year, any amount included in the Capital Account of a
Class B Limited Member pursuant to clause (i)(x)(1) above as a result of an allocation pursuant to Sections 3.1(c),
3.1(h), 3.1(i), or 3.3(j) for which such Class B Limited Member is entitled to receive a distribution pursuant to
Sections 4.1(a)(ii) or 4.1(b)(ii) shall be deemed to have been distributed to such Class B Limited Member for purposes
of this clause (ii). In the event a Class B Limited Member holds a Series of Class B Limited Membership Interests other
than the Series being purchased pursuant to this Section 11.9, the calculations described in this Section 11.9(c)
shall be performed by the Managing Member in a manner that determines the Class B Purchase Price solely with respect to the
Series being purchased. Notwithstanding the two preceding sentences, if the Managing Member elects to purchase all (but not
less than all) the Series B-1 Limited Membership Interests on the first Scheduled Reset Date, then the Class B Purchase
Price for the purchase of a specific SeriesB-1 Limited Member’s Series B-1 Limited Membership Interests shall be equal to the
excess, if any, of (i) the sum of (x) the greater of the balance in such Series B-1 Limited Member’s Capital
Account determined pursuant to Section 9.2(g) hereof as of the Class B Purchase Valuation Date and ninety percent of
such Series B-1 Limited Member’s initial Capital Account, plus (y) an amount equal to such Series B-1 Limited
Member’s accrued but undistributed Class B Limited Member Preferred Return for the period for and including the
Class B Purchase Valuation Date to but excluding the Class B Purchase Date, over (ii) any amount distributed to
such Series B-1 Limited Member from and including the Class B Purchase Valuation Date to but excluding the Class B
Purchase Date, provided that, if the Class B Purchase Valuation Date is the last day of an Allocation Year, any amount
included in the Capital Account of a Class B-1 Limited Member pursuant to Section 3.1(c), 3.1(h), 3.1(i), or 3.3(j) for which
such Class B-1 Limited Member is entitled to receive a distribution pursuant to Section 4.1(a)(ii) or 4.1(b)(ii) shall
be deemed to have been distributed to such Class B-1 Limited Member for purposes of this clause (ii). 

        (d)    Purchase.   The
Class B Purchase Price shall be paid in Dollars and immediately available funds on the last Business Day of the Fiscal
Quarter during which the Class B Purchase Election Date occurs (the “Class B Purchase Date”) in
accordance with Section 11.9(e). Provided that, if the Managing Member elects to purchase all (but not less than all) of the 

109 

Series B-1 Limited Membership Interests on the first Scheduled Reset
Date, then the Class B Purchase Price shall be paid in immediately available funds on such Scheduled Reset Date. 

        (e)    Closing.   In
the event that the Managing Member has elected to purchase any Series of Class B Limited Membership Interests from a
Class B Limited Member pursuant to Section 11.9(a), then such Member’s Class B Limited Membership Interests
shall be purchased, at 11:00 a.m., New York City time, on the Class B Purchase Date (which shall be specified in the
Class B Purchase Notice), which date shall not be less than thirty (30) Days or more than sixty (60) Days after the date on
which such Class B Purchase Notice was given pursuant to Section 11.9(a); provided, however, that the failure to
give such Class B Purchase Notice or any defect in such Class B Purchase Notice or in the mailing of such Class B
Purchase Notice will not effect the validity of the proceeding for the purchase of any Class B Limited Membership Interests
to be purchased except as to a Member to whom the Company has failed to give such notice or except as to a Member to whom notice
was defective. A Class B Purchase Notice will be sent to each Member whose Class B Limited Membership Interests are
being called for purchase at such Member’s address as it appears in the Membership Registry. Each Class B Purchase
Notice will state: (i) the applicable Class B Purchase Date; (ii) the applicable Class B Purchase Price as
determined under Section 11.9(c); (iii) the Class B Special Make Whole Amount or Class B Optional Make Whole
Amount, if any; and (iv) the place or places where certificates, if any, for the Membership Interests are to be surrendered
for payment of the Class B Purchase Price. 

        (f)    Treatment
as Purchase Under Section 741.   The Class B Limited Members agree to treat the Transfer of the
Class A Limited Membership Interests to the Managing Member pursuant to this Section 11.9 as a purchase and sale under
Code Section 741 and not as a retirement under Code Section 736. 

        11.10     Form and Transfers of Class B Limited Membership Interests  

        (a)    The
Series B-1 Preferred Certificates and Series B-2 Preferred Certificates (unless any such certificates are held by GMI or
one of its affiliates) shall be issued substantially in the form set forth in Exhibits I and J, respectively. No
such certificate shall be valid for any purpose unless it shall have been executed on behalf of the Company by the manual or
facsimile signature of an officer of the Company. 

        (b)    Except
as otherwise provided in this Section 11.10, Series B-1 Preferred Certificates shall be issued solely in the form of one
or more global certificates registered in the name of the Securities Depository or its nominee, and ownership thereof shall be
maintained in book-entry form by the Securities Depository for the account of the Depository Participants thereof. Except as
provided in subparagraph (e) of this Section 11.10, the Series B-1 Preferred Certificates may be Transferred, in whole
but not in part, only to the Securities Depository or a nominee of the Securities Depository, or to a successor Securities
Depository selected by the Managing Member, or to a nominee of such successor Securities Depository. 

        (c)    The
Company shall have no responsibility or obligation with respect to: the accuracy of the records of the Securities Depository or
any Depository Participant with respect to any beneficial ownership interest in the Series B-1 Preferred Certificates; the
delivery to any 

110 

Depository Participant, beneficial owner of the Series B-1 Preferred
Certificates or other Person, other than the Securities Depository, of any notice with respect to the Series B-1 Preferred
Certificates; or the payment to any Depository Participant or beneficial owner of the Series B-1 Preferred Certificates,
other than the Securities Depository, of any amount with respect to distributions on the Series B-1 Preferred Certificates.

        (d)    So
long as the certificates for Series B-1 Preferred Certificates are not issued pursuant to subparagraph (e) of this
Section 11.10, the Company may treat the Securities Depository as, and deem the Securities Depository to be the absolute
owner of such Series B-1 Preferred Certificates for all purposes whatsoever, including without limitation: any right to
consent or vote with respect to the Series B-1 Preferred Certificates; the payment of distributions on the Series B-1
Preferred Certificates; giving purchase notices and other matters with respect to the Series B-1 Preferred Certificates; and
registering Transfers with respect to the Series B-1 Preferred Certificates. 

        (e)    If
(A) the Securities Depository shall give notice that it is unwilling or unable to continue as such, or (B) the
Securities Depository shall no longer be registered or in good standing under the Exchange Act or other applicable statute or
regulation, and if the Managing Member shall not have selected a substitute Securities Depository within ninety (90) days after
the Managing Member receives notice or becomes aware of such condition, then this Section 11.10 shall no longer be applicable
and the Series B-1 Preferred Certificates shall be registered for Transfer or exchange, and new certificates shall be issued,
in the name or names of the designated transferee or transferees, upon surrender of the old certificates in form deemed by the
Transfer Agent properly endorsed for Transfer with all necessary endorsers’ signatures guaranteed, in such manner and form as
the Transfer Agent may require, by a guarantor reasonably believed by the Transfer Agent to be responsible, accompanied by such
assurance as the Transfer Agent shall deem necessary or appropriate to evidence the genuineness and effectiveness of each
necessary endorsement and satisfactory evidence of compliance with all applicable laws relating to the collection of taxes or
funds necessary for the payment of such taxes. Certificates issued pursuant to this subparagraph (e) shall bear an appropriate
legend indicating the restrictions on Transfer under applicable securities laws, which shall be substantially identical to the
legend set forth on the form of Series B-1 Preferred Certificate attached as Exhibit I hereto. 

        (f)    All
requests for removal of legends on definitive certificates indicating restrictions on Transfer shall be accompanied by an opinion
of counsel addressed to the Transfer Agent stating that such legends may be removed and all such requests for removal of legends
on definitive certificates indicating restrictions on Transfer shall be accompanied by an opinion of counsel addressed to the
Transfer Agent stating that such legends may be removed and the Series B-1 Preferred Certificates represented thereby freely
Transferred in compliance with the federal securities laws. No legend may be removed without the consent of the Managing Member
and the Required Class A Limited Members. 

        (g)    The
Transfer Agent shall issue and register replacement certificates for certificates represented to have been lost, stolen or
destroyed upon the fulfillment of such requirements as shall be deemed appropriate by the Transfer Agent, subject at all times to
provisions of law. The Transfer Agent may issue new certificates in exchange for and upon the cancellation of mutilated 

111 

certificates. Any request by a holder to the Transfer Agent to issue a
replacement or new certificate pursuant to this Section shall be deemed to be a representation and warranty by the holder to
the Transfer Agent that such issuance will comply with such provisions of law. 

        (h)    Any
Transfer shall be automatically void if such Transfer was effected through an established securities market (within the meaning of
Treasury Regulation § 1.7704-1(b)). 

SECTION 12.  

POWER OF ATTORNEY  

        12.1     Managing Member as Attorney-In-Fact.  

        Each Limited Member hereby
makes, constitutes, and appoints the Managing Member, each successor Managing Member, and the Liquidator, severally, with full
power of substitution and resubstitution, its true and lawful attorney-in-fact for it and in its name, place, and stead and for
its use and benefit, to sign, execute, certify, acknowledge, swear to, file, publish, and record (i) all certificates of
formation, amended name or similar certificates, and other certificates and instruments (including counterparts of this Agreement)
which the Managing Member or Liquidator may deem necessary to be filed by the Company under the laws of the State of Delaware or
any other jurisdiction in which the Company is doing or intends to do business; (ii) any and all amendments, restatements, or
changes to this Agreement and the instruments described in clause (i), as now or hereafter amended, which the Managing Member may
deem necessary to effect a change or modification of the Company in accordance with the terms of this Agreement, including
amendments, restatements, or changes to reflect (A) the admission of any additional or substituted Member and (B) the
disposition by any Member of its Membership Interests; (iii) all certificates of cancellation and other instruments which the
Liquidator reasonably deems necessary or appropriate to effect the dissolution and termination of the Company pursuant to the
terms of this Agreement; and (iv) any other instrument which is now or may hereafter be required by law to be filed on behalf
of the Company to carry out fully the provisions of this Agreement in accordance with its terms; provided that nothing in
this Section 12.1 shall authorize such attorney-in-fact to take any action that could reasonably be anticipated to have an
adverse effect on a Limited Member or the Company. 

        12.2     Nature of Special Power.  

        The power of attorney granted
to the Managing Member pursuant to this Section 12: 

        (a)    Is
a special power of attorney coupled with an interest and is irrevocable; provided, however, that, with respect to the power
of attorney granted to the Managing Member, such power shall terminate upon the appointment of the Liquidator; 

        (b)    May
be exercised by such attorney-in-fact with the single signature of any such attorney-in-fact acting as attorney-in-fact for such
Members; and 

        (c)    Shall
survive and not be affected by the subsequent Bankruptcy, insolvency, dissolution, or cessation of existence of a Limited Member
and shall survive the delivery of an assignment by a Limited Member of the whole or a portion of its Membership Interests (except 

112 

that where the assignment is of such Limited Member’s entire Membership
Interests and the assignee, with the affirmative written consent of the other Members, is admitted as a substituted Limited
Member, the power of attorney shall survive the delivery of such assignment for the sole purpose of enabling any such
attorney-in-fact to effect such substitution) and shall extend to such Limited Member’s or assignee’s successors and
assigns. 

SECTION 13.  

DISSOLUTION AND WINDING UP  

        13.1     Liquidating Events.  

        (a)    The
Company shall dissolve and shall commence winding up and liquidation upon the first to occur of any of the following (each, a
“Liquidating Event”): 

                (i)    The
date upon which a Liquidation Notice (as defined below) becomes effective to cause a Class A Notice Event (as defined below)
to become a Liquidating Event; 

                (ii)    The
Bankruptcy of the Company or any of its Subsidiaries or any GMI Member; 

                (iii)    The
unanimous vote or consent of the Members to dissolve, wind up, and liquidate the Company; 

                (iv)    In
the event the Managing Member has elected pursuant to the Class A Purchase Option to purchase all of the Class A Limited
Membership Interests, (x) the failure of the Managing Member, or its designee, to pay the Class A Purchase Price in Cash
in the amount and at such times as are required pursuant to Section 11.8 or (y) the occurrence of any GMI Event;

                (v)    The
happening of any other event which makes it unlawful, impossible, or impractical to carry on the business of the Company;

                (vi)    GMCO,
another consolidated Subsidiary of GMI, or another Managing Member approved by the Limited Members ceases to be the Managing
Member; or 

                (vii)    The
entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. 

        The Members hereby agree
that, notwithstanding any provision of the Act, the Company shall not dissolve prior to the occurrence of a Liquidating Event.

        (b)    Reconstitution.   If
it is determined, by a court of competent jurisdiction, that the Company has dissolved prior to the occurrence of a Liquidating
Event, then within an additional ninety (90) days after such determination (the “Reconstitution
Period”), all of the Members may elect to reconstitute the Company and continue its business on the same
terms and conditions set forth in this Agreement by forming a new limited liability company on terms identical to those set forth
in this Agreement. Unless such an election is made within the Reconstitution Period, the 

113 

Company shall dissolve and wind up its affairs in accordance with
Section 13.2. If such an election is made within the Reconstitution Period, then: 

                (i)    The
reconstituted limited liability company shall continue until the occurrence of a Liquidating Event as provided in
Section 13.1(a); and 

                (ii)    Unless
otherwise agreed to by all of the Members, the Certificate of Formation, and this Agreement shall, subject to any requirement
under the Act to file a new certificate of formation, automatically constitute the certificate of formation and agreement of such
new Company. All of the assets and liabilities of the dissolved Company shall be deemed to have been automatically assigned,
assumed, conveyed, and transferred to the new Company. No bond, collateral, assumption, or release of any Member’s or the
Company’s liabilities shall be required; provided that the right of the Members to select successor managers and to
reconstitute and continue the business of the Company shall not exist and may not be exercised unless the Company has received an
opinion of counsel that the exercise of the right would not result in the loss of limited liability of any Member and neither the
Company nor the reconstituted limited liability company would cease to be treated as a partnership for federal income tax purposes
upon the exercise of such right to continue. 

        (c)    Notwithstanding
any other provision of this Agreement, the Bankruptcy of a Member shall not cause such Member to cease to be a Member. 

        13.2     Winding Up.  

        Upon the occurrence of a
(i) Liquidating Event or (ii) the determination by a court of competent jurisdiction that the Company has dissolved
prior to the occurrence of a Liquidating Event (unless the Company is reconstituted pursuant to Section 13.1(b)), the Company
shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the
claims of its creditors and Members, and no Member shall take any action that is inconsistent with, or not necessary to or
appropriate for, the winding up of the Company’s business and affairs; provided that, to the extent not inconsistent
with the foregoing, all covenants contained in this Agreement and obligations provided for in this Agreement shall continue to be
fully binding upon the Members until such time as the Property has been distributed pursuant to this Section 13.2 and the
Certificate of Formation has been canceled pursuant to the Act. The Liquidator shall be responsible for overseeing the winding up
and dissolution of the Company, which winding up and dissolution shall be completed within ninety (90) days of the occurrence of
the Liquidating Event and within ninety (90) days after the last day on which the Company may be reconstituted pursuant to
Section 13.1(b). The Liquidator shall take full account of the Company’s liabilities and Property and shall cause the
Property or the proceeds from the sale thereof (as determined pursuant to Section 13.11), to the extent sufficient therefor,
to be applied and distributed, to the maximum extent permitted by law, in the following order: 

        (a)    First,
to creditors in satisfaction of all of the Company’s debts and other liabilities (whether by payment or the making of
reasonable provision for payment thereof to the extent required by Section 18-804 of the Act), other than the liabilities for
distribution to Members under Section 18-601 or 18-604 of the Act; 

114 

        (b)    Second,
to the Members and former Members of the Company in satisfaction of liabilities for distribution under Sections 18-601 or 18-604
of the Act; and 

        (c)    Third,
the balance, if any, to the Members in accordance with the positive balance in their Capital Accounts, after giving effect to a
Mark-to-Market Valuation pursuant to Section 13.11 and a determination and allocation of all Profits, Losses, and other items
of the Company’s income, gain, loss or deduction pursuant to Section 3. 

        No Member shall receive
additional compensation for any services performed pursuant to this Section 13. 

        13.3     Compliance With Certain Requirements of Regulations; Deficit Capital Accounts.  

        In the event the Company is
“liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made
pursuant to this Section 13 to the Members who have positive Capital Accounts in compliance with Regulations
Section 1.704-1(b)(2)(ii)(b)(2). If any Member has a deficit balance in such Member’s Capital Account,
determined after debiting and crediting such Member’s Capital Account for all income, gain, and loss allocations and
distributions occurring prior to dissolution, such Member shall have no obligation to make any contribution to the capital of the
Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person
for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be
made to the Members pursuant to this Section 13 may be: 

        (a)    
Distributed to a trust established for the benefit of the Members for the purposes of liquidating Company assets, collecting
amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company. The assets of any
such trust shall be distributed to the Members from time to time, in the reasonable discretion of the Liquidator, in the same
proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Members pursuant
to Section 13.2; or 

        (b)    Withheld
to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any
installment obligations owed to the Company; provided that such withheld amounts shall be distributed to the Members as
soon as practicable. 

        13.4     Deemed Contribution and Distribution.  

        Notwithstanding any other
provision of this Section 13, in the event the Company is liquidated within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g) but no Liquidating Event has occurred, the Property shall not be liquidated, the
Company’s liabilities shall not be paid or discharged, and the Company’s affairs shall not be wound up. Instead, solely
for federal income tax purposes, the Company shall be deemed to have contributed all its Property and liabilities to a new limited
liability company in exchange for an interest in such new company and, immediately thereafter, the Company will be deemed to
liquidate by distributing interests in the new company to the Members. 

115 

        13.5     Rights of Members.  

        Except as otherwise provided
in this Agreement, each Member shall look solely to the Property of the Company for the return of its Capital Contributions and
has no right or power to demand or receive Property other than Cash from the Company. If the assets of the Company remaining after
payment or discharge of the Indebtedness or liabilities of the Company are insufficient to return such Capital Contributions, the
Members shall have no recourse against the Company, the Managing Member, or any other Member, except as expressly set forth in
Section 5.8 or in any other Transaction Document. 

        13.6     Notice of Dissolution.  

        In the event a Liquidating
Event occurs or an event occurs that would, but for provisions of Section 13.1, result in a dissolution of the Company, the
Managing Member shall, within thirty (30) days thereafter, provide written notice thereof to each of the Members and to all other
parties with whom the Company regularly conducts business (as determined in the discretion of the Managing Member) and shall
publish notice thereof in a newspaper of general circulation in each place in which the Company regularly conducts business (as
determined in the discretion of the Managing Member). 

        13.7     Guaranteed Payments During Period of Liquidation.  

        During the period commencing
on the first day of the Fiscal Quarter during which a Liquidating Event occurs and ending on the date on which all of the assets
of the Company have been distributed to the Members pursuant to Section 13.2 (the “Liquidation Period”),
the Company shall pay to each Limited Member no less frequently than on the last day of each Fiscal Quarter during such
Liquidation Period and on the date on which all of the assets of the Company are distributed to the Members, Cash in an amount
(the “Liquidation Period Guaranteed Payment”) equal to the Limited Member Preferred Return on such Limited
Member’s Preferred Return Capital at the beginning of such quarter. 

        13.8     Allocations and Distributions During Period of Liquidation.  

        During the period commencing
on the first day of the Fiscal Quarter during which a Liquidating Event occurs and ending on the date on which all of the assets
of the Company have been distributed to the Members pursuant to Section 13.2, the Members shall continue to share Profits,
Losses, gain, loss, and other items of Company income, gain, loss, or deduction in the manner provided in Section 3 (other
than pursuant to Sections 3.1(a) and 3.1(c)) but no distributions shall be made pursuant to Section 4. 

        13.9     Character of Liquidating Distributions.  

        (a)    All
payments made in liquidation of the Membership Interests of a Member in the Company shall be made in exchange for the Membership
Interests of such Member in the Company Property pursuant to Code Section 736(b)(1), including the interest of such Member in
Company goodwill. 

116 

        (b)    For
purposes of making distributions required by Section 13.2, the Liquidator may determine whether to distribute all or any
portion of the Property in-kind or to sell all or any portion of such assets and distribute the proceeds therefrom;
provided that the Liquidator shall not distribute Property other than Cash to a Limited Member without such Limited
Member’s consent and the Liquidator shall be required to reduce Property to Cash to the extent necessary to make
distributions in Cash to the Limited Member pursuant to Section 13.2. 

        13.10     The Liquidator.  

        (a)    The
“Liquidator” shall be the Managing Member or any other Person appointed by the Managing Member, unless
(i) such liquidation arises as a result of (1) the Bankruptcy of the Company or the Managing Member, (2) a
Liquidating Event described in clauses 13.1(a)(iv) or (vi) or (3) a Class A Notice Event described in clause (c), (d),
or (f) of Section 14.1 occurs, (ii) final liquidating distributions have not been made by the ninetieth (90th) day
following the date of the Liquidating Event, or (iii) a GMI Event has occurred and is continuing, in which case, the holder
or holders of more than 50% of the Class A Limited Membership Interests may appoint the Liquidator. 

        (b)    The
Company is authorized to pay such reasonable compensation to the Liquidator for its services performed pursuant to this
Section 13 as shall be agreed upon by the Liquidator and the Limited Members and to reimburse the Liquidator for its
reasonable costs and Expenses incurred in performing those services. 

        13.11     Mark-to-Market Methodology.  

        (a)    For
purposes of determining the amount of any adjustment to the Gross Asset Values of the Company’s Property pursuant to
paragraphs (ii) or (iii) of the definition of “Gross Asset Value” in Section 1.10, the values of each of the
Company’s Permitted Assets must be determined (such value being the “Mark-to-Market
Value,” and any calculation of such Mark-to-Market Value, the “Mark-to-Market
Valuation”). The Gross Asset Value and Mark-to-Market Value of the Company’s Permitted Assets shall be
determined in accordance with the Valuation Methodology described on Schedule D hereto. 

        (b)    In
the event that it is necessary to determine the Mark-to-Market Value of the Company’s Permitted Assets pursuant to this
Section 13.11, such Mark-to-Market Valuation shall be performed by any nationally recognized independent accounting firm or
other appraiser of national standing selected by the Managing Member and, if RBDB retains any of its Class A Limited
Membership Interests, approved by RBDB; provided that any appraiser appointed hereunder shall be disinterested and
qualified to appraise property similar to the Permitted Assets being appraised; and provided, further, that, solely for
purposes of determining compliance with the Portfolio Requirements, the Mark-to-Market Valuation of all Permitted Loans that are
obligations of any GMI Entity may be performed by the Managing Member. In the event the parties cannot agree on one appraiser,
then the Managing Member shall select an appraiser (“Appraiser 1”) and the Required Class A Limited
Members shall jointly select an appraiser (“Appraiser 2”) and the two appraisers shall jointly select a
third appraiser (“Appraiser 3”). The value arrived at by appraisal shall be determined by Appraiser 1 and
Appraiser 2 submitting their separate appraisals to Appraiser 3. Appraiser 3 shall independently review the appraisals and 

117 

shall select one appraisal between the two appraisals submitted as the
appraisal that, in the opinion of Appraisal 3, best represents the value of the Permitted Assets. Where the appraisal process
provided by this Section 13.11 is invoked, the parties and the appraisers shall all act promptly and diligently so as to
determine the value of the Permitted Assets in a commercially reasonable period. The cost of all appraisals shall be borne by the
Company. 

        (c)    The
Gross Asset Value and Mark-to-Market Value of all Permitted Loans that are obligations of any GMI Entity shall be equal to their
stated principal amount; provided that, solely for the purposes of determining compliance with the Portfolio Requirements,
if there has occurred and is continuing any GMI Event, the Gross Asset Value and Mark-to-Market Value of such Permitted Loans
shall be equal to zero. 

        (d)    The
Gross Asset Value and Mark-to-Market Value of any Cash Equivalents shall be determined by reference to their face value, less
unamortized discount, if any, and plus unamortized premium, if any. 

        (e)    Except
as provided above, the Gross Asset Value and Mark-to-Market Value of any A-Rated Securities shall be determined by reference to
their average of the bid-side, market prices quoted by three investment or commercial banks of recognized standing. 

SECTION 14.  

CLASS A NOTICE EVENTS; PURCHASE OPTIONS 

        14.1     Class A Notice Events.  

        In the event that any of the
following events (“Class A Notice Events”) shall occur, the Class A Limited Members shall have
the rights described in Section 14.2; provided that with respect to a Class A Notice Event pursuant to
Section 14.1(h), only the holders of the Class A Limited Membership Interests other than GMI or any of its Affiliates
shall have such rights described in Section 14.2: 

        (a)    The
failure of the Company to distribute to the Class A Limited Members in immediately available funds on the last Business Day
of each Fiscal Quarter an amount equal to the cumulative Class A Limited Member Preferred Return and such failure continues
for a period of three (3) Business Days; 

        (b)    The
failure of the Company to comply with the Class A Portfolio Requirements at any time and solely with respect to a failure to
comply with clause 5.9(a)(iii) or clause 5.9(a)(iv)) such failure continues unabated for five (5) Business Days; 

        (c)    The
failure of the Company to dispose of any asset that ceases to be a Permitted Asset within five (5) Business Days after the date on
which such asset ceases to be a Permitted Asset; 

        (d)    The
Managing Member or any Affiliate of the Managing Member fails to (i) be in compliance with its obligations to deal with the
Company on an arm’s length basis and as a separate entity, (ii) observe or perform any covenant, condition, or agreement
contained in Sections 5.2(b), 5.2(c), 5.2(d), and 5.3 of this Agreement, or (iii) observe or perform any other 

118 

covenant, condition, or agreement contained in the Agreement or any other
Transaction Document and such failure continues for a period of ten (10) Business Days after notice from either Limited Member;

        (e)    Any
representation or warranty made or deemed made by the Managing Member, the Company, or any of its Subsidiaries, GMI, or any
Affiliate of GMI under or in connection with this Agreement or any Transaction Document shall prove to have been incorrect in any
material respect when made or deemed made except for the covenant in Section 8.3; 

        (f)    The
failure of the Managing Member, in the event that there is a default, event of default or any similar condition or event (however
described) with respect to any GMI Entity under any Transaction Document to which any GMI Entity is a party to give prompt notice
thereof to the Limited Members, to declare due and payable and collect any amount owing under the relevant Transaction Document
(subject to the satisfaction of any applicable notice requirement and the lapse of any grace period) or to preserve, protect and
enforce the Company’s rights with respect to such Transaction Document; 

        (g)    One
or more judgments for the payment of money in an aggregate amount in excess of $1,000,000 shall be rendered against the Company or
any of its Subsidiaries or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive
days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach
to or levy upon any assets of the Company or any of its Subsidiaries to enforce any such judgment; 

        (h)    The
senior unsecured debt rating of GMI falls below either Baa3 by Moody’s or BBB by S&P; 

        (i)    A
Failed Class A Mandatory Remarketing shall have occurred as a result of any failure of the Company to completely perform its
obligations under the Class A Remarketing Agreement; or 

        (j)    A
Class A Limited Member is not provided a reasonable opportunity to enter a Bid in connection with a Class A Mandatory
Remarketing. 

        The Managing Member shall be
obligated to notify the Limited Members of the occurrence of any Class A Notice Event when an officer of the Managing Member
has actual knowledge of such occurrence. 

        14.2     Liquidation Notice.  

        At any time on or after the
occurrence of a Class A Notice Event, the Required Class A Limited Members may elect to cause such Class A Notice
Event to result in a Liquidating Event by delivering to the Managing Member a notice (a “Liquidation
Notice”) of such election; provided that: (i) such Class A Notice Event shall not result in a
Liquidating Event until the expiration of ten (10) days following such delivery, (ii) the Required Class A Limited
Members may rescind such Liquidation Notice by delivering to the Managing Member a notice prior to such tenth (10th) day, and
(iii) a Liquidation Notice automatically will be deemed rescinded upon the irrevocable election within such ten (10) day
period by the Managing Member or its 

119 

designee pursuant to the Class A Purchase Option to purchase all of the
Class A Limited Membership Interests. 

SECTION 15.  

MISCELLANEOUS  

        15.1     Notices.  

        Any notice, payment, demand,
or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be deemed to
have been delivered, given, and received for all purposes (i) as of the date so delivered, if delivered personally to the
Person or to an officer of the Person to whom the same is directed or (ii) when the same is actually received, if sent either
by overnight courier, registered or certified mail, postage and charges prepaid, or by facsimile, if such facsimile is followed by
a hard copy of the facsimile communication sent promptly thereafter by overnight courier, charges prepaid and addressed as
follows, or to such other address as such Person may from time to time specify by notice to the Members: 

        (a)    If
to the Company, to the principal place of business address set forth in Section 1.4; and 

        (b)    If
to a Member, to the address set forth in Section 2.1 or, in the case of a Permitted Transferee who becomes a Member, the
address specified by such Member. 

        15.2     Binding Effect.  

        Except as otherwise provided
in this Agreement, every covenant, term, and provision of this Agreement shall be binding upon and inure to the benefit of the
Members and their respective successors, transferees, and assigns. 

        15.3     Construction.  

        It is the intent of the
parties hereto that every covenant, term, and provision of this Agreement shall be construed simply according to its fair meaning
and not strictly for or against any Member. The terms of this Agreement are intended to embody the economic relationship among the
Members and shall not be subject to modification by, or be conformed with, any actions by the Internal Revenue Service except as
this Agreement may be explicitly so amended and except as may relate specifically to the filing of tax returns. 

        15.4     Time.  

        In computing any period of
time pursuant to this Agreement, the day of the act, event, or default from which the designated period of time begins to run
shall be included. 

120 

        15.5     Headings.  

        Section and other
headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define, or limit
the scope, extent, or intent of this Agreement or any provision hereof. 

        15.6     Severability.  

        Except as otherwise provided
in the succeeding sentence, every provision of this Agreement is intended to be severable, and, if any term or provision of this
Agreement is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity or legality
of the remainder of this Agreement. The preceding sentence of this Section 15.6 shall be of no force or effect if the
consequence of enforcing the remainder of this Agreement without such illegal or invalid term or provision would be to cause any
Member to lose the material benefit of its economic bargain. 

        15.7     Incorporation by Reference.  

        No exhibit, schedule, or
other appendix attached to this Agreement and referred to herein is incorporated in this Agreement by reference unless this
Agreement expressly otherwise provides. 

        15.8     Governing Law.  

        The laws of the State of
Delaware, without application of the conflicts of laws principles thereof, shall govern the validity of this Agreement, the
construction of its terms, and the interpretation of the rights and duties arising hereunder. 

        15.9     Consent to Jurisdiction.  

        Each Member
(i) irrevocably submits to the non-exclusive jurisdiction of any New York State or Delaware State court or Federal court
sitting in New York County or Wilmington, Delaware, in any action arising out of this Agreement, (ii) agrees that all claims
in such action may be decided in such court, (iii) waives, to the fullest extent it may effectively do so, the defense of an
inconvenient forum, and (iv) consents, to the fullest extent it may effectively do so, to the service of process by mail in
accordance with Section 15.1. A final judgment in any such action shall be conclusive and may be enforced in other
jurisdictions. Nothing herein shall affect the right of any party to serve legal process in any manner permitted by law or affect
its right to bring any action in any other court. 

        15.10     WAIVER OF JURY TRIAL.  

        EACH OF THE MEMBERS
IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ALL RIGHTS TO TRIAL BY JURY AND ALL RIGHTS TO IMMUNITY BY SOVEREIGNTY OR
OTHERWISE IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

121 

        15.11     Counterpart Execution.  

        This Agreement may be
executed in any number of counterparts with the same effect as if all of the Members had signed the same document. All
counterparts shall be construed together and shall constitute one agreement. 

        15.12     Specific Performance.  

        Each Member agrees with the
other Members that the other Members would be irreparably damaged if any of the provisions of this Agreement are not performed in
accordance with their specific terms and that monetary damages would not provide an adequate remedy in such event. Accordingly, it
is agreed that, in addition to any other remedy to which the nonbreaching Members may be entitled, at law or in equity, the
nonbreaching Members shall be entitled to injunctive relief to prevent breaches of the provisions of this Agreement and
specifically to enforce the terms and provisions hereof in any action instituted in any court of the United States or any state
thereof having subject matter jurisdiction thereof. 

        15.13     No Material Impairment.  

        No Member shall take any
action that could impair materially such Member’s ability to perform its duties and obligations under this Agreement.

        15.14     Entire Agreement.  

        This Agreement and the
Transaction Documents and the Annexes, Exhibits and Schedules hereto and thereto constitute the entire agreement among the parties
hereto and their respective Affiliates and contain all of the agreements among such parties with respect to the subject matter
hereof and thereof. This Agreement and the Transaction Documents and the Annexes, Exhibits and Schedules hereto and thereto
supersede any and all other agreements, either oral or written, between such parties with respect to the subject matter hereof and
thereof. 

        15.15     No Third Party Beneficiaries.  

        Except as otherwise provided
herein, no Person other than a party hereto shall have any rights or remedies under this Agreement. Without limiting the
foregoing, any obligations of the Members to satisfy their respective obligations to make Capital Contributions under this
Agreement is an agreement only among the Members and no other Person shall have any rights to enforce such obligations.

        15.16     Waiver.  

        Any term or provision of this
Agreement may be waived, or the time for its performance may be extended, by the party or parties entitled to the benefit thereof.
Any such waiver shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any party, it is
authorized in writing by an authorized representative of such party. The failure of any party hereto to enforce at any time any
provision of this Agreement shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this
Agreement or any part hereof or the right of any party thereafter to enforce each and every such provision. No waiver 

122 

of any breach of this Agreement shall be held to constitute a waiver of any
other or subsequent breach. 

[Signature Page Follows] 

123 

        IN WITNESS WHEREOF,
the parties have executed and entered into this Agreement of the Company as of the day first above set forth. 

	 	MANAGING MEMBER:

GM CEREALS OPERATIONS, INC., as 
Managing Member
	 
	 	By:	/s/   David B. VanBenschoten
	 	 	

	 	 	David B. VanBenschoten 
	 	 	Vice President 
	 
	 	CLASS A LIMITED MEMBERS:

RBDB, INC., as a Class A Limited Member
	 
	 	By:	/s/   Nancy J. McIver
	 	 	

		 	Name:   Nancy J. McIver
	 	 	

	 	 	Title:     Vice President
	 	 	

	 
	 	By:	 /s/   J. W. den Baas
	 	 	

		 	Name:   J. W. den Baas
	 	 	

	 	 	Title:     Vice President
	 	 	

	 
	 	THE PILLSBURY COMPANY, as Class A 
Limited Member 
	 
	 	By:	/s/   David B. VanBenschoten
	 	 	

	 	 	David B. VanBenschoten
	 	 	Vice President

 

	 	CLASS B LIMITED MEMBERS:

GM Class B, Inc., as a Class B Limited Member 
	 
	 	By:	/s/   David B. VanBenschoten
	 	 	

		 	Name:   David B. VanBenschoten
	 	 	

	 	 	Title:    Vice President, Treasurer
	 	 	

	 
	 	GM CEREALS HOLDINGS, INC., as a Class B 
Limited Member 
	 
	 	By:	/s/   David B. VanBenschoten
	 	 	

		 	Name:   David B. VanBenschoten
	 	 	

	 	 	Title:    Vice President

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