Document:

Exhibit 10.30
	 

	 Irik
		P. Sevin

	 c/o
		Vinson & Elkins

	 866
		Fifth Avenue, 26th
		Floor

	 New
		York, NY 10103

	  

	 July 18,
		2006

	  

	 Mr.
		Thomas J. Edelman

	 Chairman

	 BioFuel
		Energy, LLC

	 667
		Madison Avenue –
		4th
		Floor
		

	 New
		York, NY 10021

	  

	 Re:
		Resignation and Retainer

	  

	 Dear
		Tom,

	  

	 This
		letter will confirm our discussions of recent weeks relating to my ongoing role
		at and work with BioFuel Energy, LLC (the “Company”). As you know,
		the Company’s decision to pursue a public offering in the very short term
		and to locate its headquarters in Denver, has made it difficult for me to see
		how I can contribute fully to BioFuel’s future while undertaking and
		fulfilling certain other responsibilities you are aware of. As a result, I do
		not believe it is practical for me to continue in my role as Managing
		Director-Corporate Development. However, as we have agreed, I would be
		delighted to assist the Company in the transition and for some period
		thereafter. Specifically, I will assist you for the next six weeks (excluding
		the vacation period I told you about) as you and the Company begin to prepare
		for a public offering. Starting on September 1st, I
		would then be pleased, as you requested, to provide general advisory services
		for a period of eighteen months. I would undertake both assignments for the
		monthly retainer you proposed of $20,000 a month.

	  

	 While it
		is understood that after September 1st
		I will
		not be required to undertake any material tasks, I will seek to furnish you and
		the Company assistance you may request to the extent I am
		available.

	  

	 If the
		foregoing is acceptable to you and the Board, I am prepared to and hereby
		resign effective immediately. My resignation is offered with the understanding
		that it will have no effect my rights or my obligations under the Amended and
		Restated Limited Liability Company Agreement of BioFuel Energy, LLC dated
		April 28, 2006. Instead, it will simply terminate my Executive Employment
		Agreement dated April 28, 2006 except as follows:

	  

	 
			 	i)	
				The
				  Company and I will promptly execute a Release in the form provided in
				  Exhibit A of the Executive Employment Agreement;
 

 

	  

	 
			 	ii)	
				Section 7,
				  relating to Nondisclosure, and Section 8, relating to the Non Compete and
				  Nonsolicitation, will remain in effect. However, I propose that we amend the
				  Non Compete to the extent that, should I become aware 
 

 

	  

	 1

	  

	 
 
	  

	 of
		opportunities relating to ethanol which I believe may be attractive, I commit
		to show them to BioFuel with the understanding that, should the Company
		determine it is not interested, I would be free to pursue such opportunities on
		my own;

	  

	 
			 	iii)	
				Section 10,
				  relating to Indemnification, would survive.
 

 

	  

	 It has
		been a real pleasure being a co-founder of BioFuel and I have enjoyed
		enormously the opportunity to work with you and our fellow principals on its
		formation. I hope we will find numerous opportunities to work together in the
		years ahead. If the above properly reflects our understandings, please so
		indicate by countersigning this letter in the space provided below and this
		resignation and retainer shall become binding on both of us.

	  

	 
			
				 
 	 	 	
				Sincerely
				  yours,
 
	 	 	 	 
	 	 	 	/s/ Irik P.
				Sevin

	 	 	 	
				Irik P.
				  Sevin
 

 

	  

	 Agreed
		and accepted as

	 of the
		day first written above:

	  

	 BioFuel
		Energy, LLC

	 
			 	 	 	 	 
	By: 	
				/s/ Thomas
				  J. Edelman

 	 	 	 
	 	
				Thomas
				  J. Edelman

				Chairman

					 	 	 

 

	  

	 
		2

		 

		
 
		 
 

	 EXHIBIT
		A1 

	  

	 1. Release

	  

	 (a) General
		Release. As a
		material inducement for the Company to enter this Agreement, Executive does
		hereby agree to release and forever discharge the Company and all of their
		respective current and former affiliates, subsidiaries, predecessors,
		successors, divisions, other related entities, assigns, agents, attorneys,
		officers, directors, managers, members, stockholders, employees and heirs
		(hereinafter referred to “Releasees”)
		from any
		and all claims, complaints, liabilities or obligations of any kind whatsoever,
		whether known or unknown, arising in tort or contract, which Executive may
		have, now has, or has ever had arising from Executive’s employment with
		the Company or any predecessor or the termination of that employment, or any
		other matter or event which may have occurred as of the date of this Agreement
		(“Released
		Claims”) Executive
		understands and agrees that the Released Claims include, but are not limited
		to, any and all claims, complaints, liabilities or obligations under applicable
		federal, state or local law, including, but not limited to, Title VII of the
		Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, the
		Americans With Disabilities Act, the Employee Retirement Income Security Act,
		the Age Discrimination in Employment Act (“ADEA”), and
		the Older Worker Benefit Protection Act (“OWBPA”).

	  

	 (b) Waiver
		of Right to Bring Released Claims.
		Executive further agrees not to bring any Released Claims against the
		Releasees, either individually or collectively; provided however, that
		Executive may file a lawsuit to challenge the validity of the release of his
		ADEA claims under this Agreement, including the knowing and voluntary nature of
		the ADEA release under the OWBPA. Nothing in this Paragraph 1(b) shall
		interfere with Executive’s right to file a charge with, or cooperate or
		participate in an investigation or proceeding conducted by, the Equal
		Employment Opportunity Commission (“EEOC”)
		or other
		federal or state regulatory or law enforcement agency. However, the
		consideration provided to Executive in this Agreement shall be the sole relief
		provided for the Released Claims and Executive will not be entitled to recover
		and Executive agrees to waive any monetary benefits or recovery against the
		Releasees in connection with any such charge or proceeding without regard to
		who has brought such charge or proceeding.

	  

	 (c) Costs
		of Enforcement.
		Executive agrees that if Executive breaches this Agreement and brings a
		Released Claim against any of the Releasees or otherwise breaches this
		Agreement, Executive shall be liable for any and all expenses incurred by the
		person or entity who has to defend the action, including reasonable
		attorney’s fees; provided however, that this Paragraph 1(c) shall not
		apply to charges filed by Executive with the EEOC or other federal or state
		regulatory or law enforcement agency or to claims initiated by Executive to
		challenge the validity of the release of ADEA claims 

	  

	 
		

		

	 
		1 For
		  purposes of clarity, the contents of this Exhibit A will not be effected by
		  whether the Company, at the relevant time, is privately-held or
		  publicly-traded.

		 

		3

		 

		
 
		 

		under
		  this Agreement, including the knowing and voluntary nature of the ADEA release
		  under the OWBPA.

		 
 

	 (d) Equity
		Interests and Severance Payments. It is
		understood by the parties that this Agreement does not require Executive to
		(i) forfeit any equity securities issued by the Company that are held by
		Executive, (ii) release any rights to receive distributions, or voting
		rights, under the limited liability company agreement of the Company to the
		extent that any such rights are held by Executive and result from
		Executive’s ownership of equity securities issued by the Company,
		(iii) release any rights that Executive may have, under the second
		sentence of Section 5(a) of the Executive Employment Agreement, made and
		entered into as of the____ day of April, 2006 (the “Employment
		Agreement”) by and
		between the Company and the Executive, as may be amended from time to time, or
		(iv) release any rights Executive has to indemnification pursuant to
		Section 10 of the Employment Agreement or otherwise.

	  

	 (e) Non-Disparagement.
		Executive agrees that Executive shall not make any disparaging, derogatory or
		detrimental comments about the Company or any of its affiliates or any of their
		directors, officers, employees, partners, members, managers or shareholders, or
		any investor or other person or entity having a business relationship with the
		Company Executive also acknowledges that the terms of this Exhibit A and
		the other Severance and Release Documents (as defined in the Employment
		Agreement) constitute Confidential Information (as defined in the Employment
		Agreement).

	  

	 This
		Release has been executed below July 19, 2006 pursuant to the Resignation
		and Retainer Agreement between Irik P. Sevin and BioFuel Energy,
		LLC.

	  

	 BioFuel
		Energy, LLC

	  

	 
			 	 	 	 	 
	By: 	/s/ Thomas J.
				Edelman	 	 	/s/ Irik P.
				Sevin
	 	
				Thomas
				  J. Edelman

				Chairman

					 	 	
				Irik P.
				  Sevin
 

 

	 4exv4w1

 

Exhibit 4.1

GENERAL MILLS, INC.

OFFICERS’ CERTIFICATE

AND

AUTHENTICATION ORDER

     Pursuant to the Indenture dated as of February 1, 1996 (the “Indenture”) between General
Mills, Inc. (the “Company”) and U.S. Bank National Association (formerly known as First Trust of
Illinois, National Association), as trustee (the “Trustee”), and resolutions adopted by the Board
of Directors of the Company on December 17, 2001 and the Finance Committee of the Board of
Directors of the Company on December 7, 2006, this Officers’ Certificate and Authentication Order
is being delivered to the Trustee to establish the terms of a series of Securities in accordance
with Section 301 of the Indenture, to establish the form of the Securities of such series in
accordance with Section 201 of the Indenture, to request the authentication and delivery of the
Securities of such series pursuant to Section 303 of the Indenture and to comply with the
provisions of Section 102 of the Indenture.

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

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

     (1) The series of Securities being authorized shall bear the title “Floating Rate Notes
due 2010” (the “Notes”).

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

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

     (4) The Notes will mature on January 22, 2010, unless the principal of any Note, or any
installment of principal, becomes due and payable prior to such date. If the date of
Maturity of a Note is not a Business Day (as defined below), the payment due on

 

 

such day shall be made on the next succeeding Business Day and no additional interest
shall accrue for the period from Maturity to that next succeeding Business Day. “Business
Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which
banking institutions in The City of New York are authorized or obligated by law or executive
order to close, provided, that such day is also a London Business Day. “London Business
Day” means any day on which dealings in United States dollars are transacted on the London
interbank market.

     (5) Each Note will bear interest from and including January 24, 2007 or from and
including the most recent Interest Payment Date (as defined below) as to which interest on
such Note (or any Predecessor Security with respect to such Note) has been paid or made
available for payment at a rate per annum equal to the three-month LIBOR rate (as defined
below), as determined on the applicable Interest Determination Date (as defined below) by
the Calculation Agent (as defined below) (based on the actual number of days in each
quarterly Interest Period and a 360-day year), plus 0.13%, payable quarterly on January 22,
April 22, July 22 and October 22 of each year, beginning April 22, 2007, until the principal
of the Note is paid or made available for payment. Each such January 22, April 22, July 22
and October 22 shall be an “Interest Payment Date” for the Notes, and each January 8, April
8, July 8 and October 8 (whether or not a Business Day), as the case may be, immediately
preceding an Interest Payment Date for the Notes shall be a Regular Record Date for interest
payable on such Interest Payment Date. If an Interest Payment Date, other than the date of
Maturity, is not a Business Day, the payment due on such day shall be made on the next
succeeding Business Day, except that if such succeeding Business Day is in the next
succeeding calendar month, the payment due on such day shall be made on the immediately
preceding Business Day. Each payment of interest on a Note will include interest to, but
excluding, as the case may be, the relevant Interest Payment Date or Maturity.

     The rate of interest on the Notes will be 5.49% on January 24, 2007 and will be reset
on the first day of each Interest Period (as defined below) other than the Initial Interest
Period (as defined below) (the date on which each such reset occurs, an “Interest Reset
Date”). An “Interest Period” for the Notes means the period commencing on an Interest
Payment Date (or, in the case of the Initial Interest Period, commencing on January 24,
2007) and ending on the day preceding the next following Interest Payment Date. The
“Initial Interest Period” will be January 24, 2007 through April 21, 2007. The “Interest
Determination Date” for an Interest Period will be the second Business Day preceding such
Interest Period.

     “LIBOR” will be determined by the Calculation Agent in accordance with the following
provisions:

     (i) With respect to any Interest Determination Date, LIBOR will be the rate for
deposits in United States dollars having a maturity of three months commencing on the first
day of the applicable Interest Period that appears on Telerate Page 3750 (as defined below)
as of 11:00 a.m., London time, on that Interest Determination Date. If no rate appears,
then LIBOR, in respect of that Interest Determination Date, will be determined in accordance
with the provisions described in (ii) below.

2

 

     (ii) With respect to an Interest Determination Date on which no rate appears on
Telerate Page 3750, as specified in (i) above, the Calculation Agent will request the
principal London offices of each of four major reference banks in the London interbank
market, as selected by the Calculation Agent, to provide the Calculation Agent with its
offered quotation for deposits in United States dollars for the period of three months,
commencing on the first day of the applicable Interest Period, to prime banks in the London
interbank market at approximately 11:00 a.m., London time, on that Interest Determination
Date and in a principal amount that is representative for a single transaction in United
States dollars in that market at that time. If at least two quotations are provided, then
LIBOR on that Interest Determination Date will be the arithmetic mean of those quotations.
If fewer than two quotations are provided, then LIBOR on the Interest Determination Date
will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in The City of
New York, on the Interest Determination Date by three major banks in The City of New York
selected by the Calculation Agent for loans in United States dollars to leading European
banks, having a three-month maturity and in a principal amount that is representative for a
single transaction in United States dollars in that market at that time; provided, however,
that if the banks selected by the Calculation Agent are not providing quotations in the
manner described by this sentence, LIBOR will be the same as the rate determined for the
immediately preceding Interest Reset Date.

     “Telerate Page 3750” means the display designated as “Page 3750” on the Telerate
Service (or such other page as may replace Page 3750 on that service).

     All percentages resulting from any of the above calculations will be rounded, if
necessary, to the nearest one hundred thousandth of a percentage point, with five
one-millionths of a percentage point being rounded upwards (e.g., 8.986865% (or 0.08986865)
being rounded to 8.98687% (or 0.0898687)) and all dollar amounts used in or resulting from
such calculations will be rounded to the nearest cent (with one-half cent being rounded
upwards).

     The “Calculation Agent” shall be the agent appointed by the Company to calculate the
interest rate on the Notes and will initially be the Trustee. The Calculation Agent shall
calculate the interest rate in accordance with the foregoing. On or before each Calculation
Date (as defined below), the Calculation Agent will determine the interest rate and notify
the Paying Agent. All calculations of the Calculation Agent, in the absence of manifest
error, shall be conclusive and binding and neither the Trustee nor the Paying Agent shall
have the duty to verify determinations of interest rates made by the Calculation Agent. The
“Calculation Date” pertaining to any Interest Determination Date on a Note will be the
earlier of (i) the tenth calendar day after such Interest Determination Date, or, if any
such day is not a Business Day, the next succeeding Business Day, and (ii) the Business Day
immediately preceding the applicable Interest Payment Date or the date of Maturity, as the
case may be.

     Notwithstanding the foregoing, the interest rate shall in no event be higher than the
maximum rate permitted by New York law, as the same may be modified by United States law of
general application.

3

 

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

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

     The “Place of Payment” with respect to the Notes shall be The City of New York.

     (7) The Notes will not be redeemable prior to Stated Maturity.

     (8) The Company shall have no obligation to redeem or repurchase any Notes either
pursuant to any sinking fund or analogous provision or at the option of any Holder thereof.

     (9) The Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof.

     (15) The Notes shall be defeasible, in whole or any specified part, pursuant to Section
1302 or Section 1303 of the Indenture or both such Sections.

     (16) The Notes shall be issuable in whole or in part in the form of one or more Global
Securities registered in the name of the Depositary or its nominee. The Depositary with
respect to such Global Securities shall be The Depository Trust Company. The Global
Securities shall bear the legends set forth on the form of Note attached hereto as Exhibit
A. Such Global Security may not be exchanged in whole or in part for Securities registered,
and no transfer of such Global Security in whole or in part may be registered, in the name
or names of Persons other than the Depositary for such Global Security or a nominee thereof,
unless (a) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and, in either
case, the Company does not appoint a successor Depositary within 90 days after receiving
that notice or becoming aware that

4

 

the Depositary is no longer so registered, (b) the Company executes and delivers to the
Trustee a Company Order that such Global Security shall be so exchangeable or (z) an Event
of Default with respect to such Global Security has occurred and is continuing, and the
Depositary requests the issuance of Securities registered in the name or names of Persons
other than the Depositary for such Global Security or a nominee thereof. So long as the
Depositary or its nominee is the registered holder of any Global Security, the Depositary or
its nominee, as the case may be, will be considered the sole Holder of the Notes represented
by such Global Security for all purposes under the Notes and the Indenture.

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

     C. Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the
Indenture. Pursuant to Section 303 of the Indenture, you are hereby requested, as Trustee under
the Indenture, to authenticate, in the manner provided by the Indenture, $500,000,000 aggregate
principal amount of the Notes registered in the name of Cede & Co., which Notes have been
heretofore duly executed by the proper officers of the Company and delivered to you as provided in
the Indenture, and to deliver said authenticated Notes to J.P. Morgan Securities Inc. through the facilities of The Depository Trust Company against
payment therefor on January 24, 2007.

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

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

5

 

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

Dated: January 24, 2007

	 	 	 	 	 
	 	GENERAL MILLS, INC.

 	 
	 	By  	/s/ James A. Lawrence
 	 
	 	 	James A. Lawrence 	 
	 	 	Its Vice Chairman and Chief Financial

     Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	By  	                        /s/ Kenneth L. Thome
 	 
	 	 	Kenneth L. Thome 	 
	 	 	Its Senior Vice President,

     Financial Operations 	 
	 

CERTIFICATION

     I, Christopher A. Rauschl, an Assistant Secretary of the Company, do hereby certify that James
A. Lawrence is on the date hereof the duly elected or appointed Vice Chairman and Chief Financial
Officer of the Company and the signature set forth above is his own true signature, and further
certify that Kenneth L. Thome is on the date hereof the duly elected or appointed Senior Vice
President, Financial Operations of the Company and the signature set forth above is his own true
signature.

	 	 	 	 	 
	 	 	 
	 	                                                     /s/ Christopher A. Rauschl
 	 
	 	Christopher A. Rauschl 	 
	 	Assistant Secretary 	 
	 

6

 

Exhibit A

	 	 	 	 	 	 	 	 	 
	REGISTERED NO.                      	 	 	 	PRINCIPAL AMOUNT:	 	 
	$

	 	                                        	 	 	 	 	 	 

GENERAL MILLS, INC.

FLOATING RATE NOTES DUE 2010

	 	 	 	 	 
	CUSIP NO. 370334BA1

	 	ISIN No. US370334BA19
	 	Common Code No.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

     GENERAL MILLS, INC., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                                         , or registered
assigns, the principal sum of                                          (U.S. $                                   
     ) on January 22, 2010 (the “Maturity
Date”), and to pay interest thereon from and including January 24, 2007 or the most recent Interest
Payment Date (as defined below) as to which interest has been paid or made available for payment,
quarterly on January 22, April 22, July 22 and October 22 in each year (each an “Interest Payment
Date”), commencing on April 22, 2007, at the rate per annum determined in accordance with the
provisions set forth on the reverse hereof, until the principal hereof has been paid or duly made
available for payment. Each payment of interest hereon will include interest to, but excluding, as
the case may be, the relevant Interest Payment Date or Maturity.

 

 

     The interest so payable, and punctually paid or made available for payment, on any Interest
Payment Date will, as provided for in the Indenture, be paid to the Person in whose name this Note
(or one or more Predecessor Securities with respect hereto) is registered at the close of business
on the Regular Record Date for such Interest Payment Date, which shall be the January 8, April 8,
July 8 or October 8 (whether or not a Business Day, as hereinafter defined), as the case may be,
next preceding such Interest Payment Date; except that interest due at Maturity will be paid to the
Person to whom the principal is paid. Any such interest not so punctually paid or made available
for payment will forthwith cease to be payable to the Person in whose name this Note (or one or
more Predecessor Securities with respect hereto) is registered at the close of business on such
Regular Record Date and may either be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the
Holder of this Note not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in the Indenture.

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

     The “Place of Payment” with respect to this Note shall be The City of New York.

     All payments on this Note will be made in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts.

     If the Maturity Date is not a Business Day, the payment due on such day shall be made on the
next succeeding Business Day with the same force and effect as if made on the due date and no
additional interest shall accrue for the period from and after the Maturity Date to such next
succeeding Business Day. If an Interest Payment Date, other than the Maturity Date, is not a
Business Day, the payment due on such day shall be made on the next succeeding Business Day, except
that if such succeeding Business Day is in the next succeeding calendar month, the payment due on
such day shall

2

 

be made on the immediately preceding Business Day. “Business Day” means any Monday, Tuesday,
Wednesday, Thursday or Friday that is not a day on which banking institutions in The City of New
York are authorized or obligated by law or executive order to close, provided, that such day is
also a London Business Day. “London Business Day” means any day on which dealings in United States
dollars are transacted on the London interbank market.

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

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

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

Dated: January 24, 2007

	 	 	 	 	 	 	 	 	 
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 	 	 	GENERAL MILLS, INC.	 	 
	This is one of the Securities
	 	 	 	 	 	 	 	 
	of the series designated herein
	 	 	 	 	 	 	 	 
	referred to in the within-mentioned
	 	 	 	 	 	 	 	 
	Indenture.

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Donal L. Mulligan	 	 
	 

	 	 	 	 	 	Its Vice President, Treasurer	 	 

	 	 	 	 	 	 	 	 	 	 	 
	U. S. BANK NATIONAL ASSOCIATION, as Trustee	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Attest:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 By:

	 	 

Authorized Officer
	 	 	 	 	 	Christopher A. Rauschl

Its Assistant Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	OR	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	as Authenticating Agent for the Trustee	 	 	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Authorized Officer	 	 	 	 	 	 	 	 

3

 

[REVERSE OF NOTE]

GENERAL MILLS, INC.

FLOATING RATE NOTES DUE 2010

     This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of
February 1, 1996 (herein called the “Indenture”, which term shall have the meaning assigned to it
in such instrument), between the Company and U.S. Bank National Association (f.k.a. First Trust of
Illinois, National Association), as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and
of the terms upon which the Securities are, and are to be, authenticated and delivered. By the
terms of the Indenture, additional Securities of other separate series, which may vary as to date,
amount, Stated Maturity, interest rate or method of calculating the interest rate and in other
respects as therein provided, may be issued in an unlimited principal amount. This Note is one of
a series of the Securities designated as Floating Rate Notes due 2010 (the “Notes”).

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

     This Note is not subject to redemption prior to Stated Maturity.

     This Note shall bear interest at a rate per annum equal to the three-month LIBOR rate (as
defined below), as determined on the applicable Interest Determination Date (as defined below) by
the Calculation Agent (as defined below) (based on the actual number of days in each quarterly
Interest Period and a 360-day year), plus 0.13%.

     The rate of interest on this Note will be 5.49% on January 24, 2007 and will be reset on the
first day of each Interest Period (as defined below) other than the Initial Interest Period (as
defined below) (the date on which each such reset occurs, an “Interest Reset Date”). An “Interest
Period” for the Notes

4

 

means the period commencing on an Interest Payment Date (or, in the case of the Initial Interest
Period, commencing on January 24, 2007) and ending on the day preceding the next following Interest
Payment Date. The “Initial Interest Period” will be January 24, 2007 through April 21, 2007. The
“Interest Determination Date” for an Interest Period will be the second Business Day preceding such
Interest Period.

     “LIBOR” will be determined by the Calculation Agent in accordance with the following
provisions:

     (i) With respect to any Interest Determination Date, LIBOR will be the rate for deposits in
United States dollars having a maturity of three months commencing on the first day of the
applicable Interest Period that appears on Telerate Page 3750 (as defined below) as of 11:00 a.m.,
London time, on that Interest Determination Date. If no rate appears, then LIBOR, in respect of
that Interest Determination Date, will be determined in accordance with the provisions described in
(ii) below.

     (ii) With respect to an Interest Determination Date on which no rate appears on Telerate Page
3750, as specified in (i) above, the Calculation Agent will request the principal London offices of
each of four major reference banks in the London interbank market, as selected by the Calculation
Agent, to provide the Calculation Agent with its offered quotation for deposits in United States
dollars for the period of three months, commencing on the first day of the applicable Interest
Period, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on
that Interest Determination Date and in a principal amount that is representative for a single
transaction in United States dollars in that market at that time. If at least two quotations are
provided, then LIBOR on that Interest Determination Date will be the arithmetic mean of those
quotations. If fewer than two quotations are provided, then LIBOR on the Interest Determination
Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in The City of
New York, on the Interest Determination Date by three major banks in The City of New York selected
by the Calculation Agent for loans in United States dollars to leading European banks, having a
three-month maturity and in a principal amount that is representative for a single transaction in
United States dollars in that market at that time; provided, however, that if the banks selected by
the Calculation Agent are not providing quotations in the manner described by this

5

 

sentence, LIBOR will be the same as the rate determined for the immediately preceding Interest
Reset Date.

     “Telerate Page 3750” means the display designated as “Page 3750” on the Telerate Service (or
such other page as may replace Page 3750 on that service).

     All percentages resulting from any of the above calculations will be rounded, if necessary, to
the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage
point being rounded upwards (e.g., 8.986865% (or 0.08986865) being rounded to 8.98687% (or
0.0898687)) and all dollar amounts used in or resulting from such calculations will be rounded to
the nearest cent (with one-half cent being rounded upwards).

     The “Calculation Agent” shall be the agent appointed by the Company to calculate the interest
rate on the Notes and will initially be the Trustee. The Calculation Agent shall calculate the
interest rate in accordance with the foregoing. On or before each Calculation Date (as defined
below), the Calculation Agent will determine the interest rate and notify the Paying Agent. All
calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive and
binding and neither the Trustee nor the Paying Agent shall have the duty to verify determinations
of interest rates made by the Calculation Agent. The “Calculation Date” pertaining to any Interest
Determination Date on a Note will be the earlier of (i) the tenth calendar day after such Interest
Determination Date, or, if any such day is not a Business Day, the next succeeding Business Day,
and (ii) the Business Day immediately preceding the applicable Interest Payment Date or the
Maturity Date, as the case may be.

     Notwithstanding the foregoing, the interest rate shall in no event be higher than the maximum
rate permitted by New York law, as the same may be modified by United States law of general
application.

     The Company may, without the consent of the Holders of the Notes, issue additional Securities
having the same ranking and the same interest rate, maturity and other terms as the Notes. Any
additional Securities having the same terms, together with these Notes, will constitute a single
series of Notes under the Indenture. No such additional Securities may be issued if an Event of
Default has occurred with respect to these Notes.

6

 

     The Indenture contains provisions for defeasance at any time of either the entire principal of
the Notes or of certain covenants and Events of Default with respect to the Notes, in either case
upon compliance by the Company with certain conditions set forth in the Indenture.

     This Note is exchangeable for definitive Notes only if (x) the Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for this Global Security or if at any time
the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934,
as amended, and, in either case, the Company does not appoint a successor Depositary within 90 days
after receiving that notice or becoming aware that the Depositary is no longer so registered, (y) the
Company executes and delivers to the Trustee a Company Order that this Note shall be so
exchangeable or (z) an Event of Default with respect to the Notes represented hereby has occurred
and is continuing. In such case, this Global Security shall be exchangeable into Notes issuable
only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. No Notes shall
be issuable in denominations of less than $2,000. If this Note is exchangeable pursuant to the
preceding sentences, it shall be exchangeable for definitive Notes, bearing interest at the same
rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms in
registered form and of differing denominations aggregating a like amount.

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

     The Notes are issuable only in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. No Notes will be issuable in denominations of less
than $2,000. As provided in the Indenture and subject to the limitations herein and therein set
forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor
in denominations of

7

 

$2,000 and integral multiples of $1,000 in excess thereof, as requested by the Holder surrendering
the same.

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

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

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

     As provided in and subject to the provisions of the Indenture, the Holder of this Note shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount of the

8

 

Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the
enforcement of any payment of principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein.

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

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

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

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

9

 

 

ABBREVIATIONS

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

	 	 	 	 	 
	TEN COM

	 	—as tenants in common
	 	UNIF TRAN MIN ACT—                    CUSTODIAN                    
	TEN ENT

	 	—as tenants by the entireties
	 	(Cust)                 (Minor)
	JT TEN

	 	—as joint tenants with right
	 	Under Uniform Transfers to Minors Act
	 

	 	    of survivorship and not as	 	 
	 

	 	    tenants in common
	 	 

(State)

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

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

Please insert Social Security or

Other identifying Number of Assignee

 

/                                            /

 

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

 

 

the within Note of GENERAL MILLS, INC. and does hereby irrevocably constitute and appoint                                                             
     
                                                                                 attorney to
transfer said Note on the books of the Company, with full power of substitution in the premises.

	 	 	 
	Dated:

	 	 
	 

	 	 
	 
	 	 
	 

	 	 

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

10

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