10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)
 
☑
 
QUARTERLY
 
REPORT
 
PURSUANT
 
TO
 
SECTION
 
13
 
OR
 
15(d)
 
OF
 
THE
 
SECURITIES
 
EXCHANGE
 
ACT
 
OF
 
1934
FOR THE QUARTERLY
 
PERIOD ENDED
AUGUST 24, 2025
☐
 
TRANSITION
 
REPORT
 
PURSUANT
 
TO
 
SECTION
 
13
 
OR
 
15(d)
 
OF
 
THE
 
SECURITIES
 
EXCHANGE
 
ACT
 
OF
 
1934
FOR THE TRANSITION PERIOD FROM
 
TO
 
Commission file number:
001-01185
________________
GENERAL MILLS, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
41-0274440
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
Number One General Mills Boulevard
 
Minneapolis
,
Minnesota
55426
(Address of principal executive offices)
(Zip Code)
(763)
764-7600
(Registrant’s telephone number,
 
including area code)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange
on which registered
Common Stock, $.10 par value
 
GIS
 
New York Stock Exchange
0.125% Notes due 2025
GIS 25A
New York Stock Exchange
0.450% Notes due 2026
 
GIS 26
 
New York Stock Exchange
1.500% Notes due 2027
 
GIS 27
 
New York Stock Exchange
3.907% Notes due 2029
GIS 29
New York Stock Exchange
3.650% Notes due 2030
GIS 30A
New York Stock Exchange
3.600% Notes due 2032
GIS 32
New York Stock Exchange
3.850% Notes due 2034
GIS 34
New York Stock Exchange
________________
Indicate
 
by
 
check
 
mark
 
whether
 
the
 
registrant
 
(1)
 
has
 
filed
 
all
 
reports
 
required
 
to
 
be
 
filed
 
by
 
Section
 
13
 
or
 
15(d)
 
of
 
the
 
Securities
Exchange Act of 1934
 
during the preceding 12
 
months (or for such shorter
 
period that the registrant
 
was required to file such
 
reports),
and (2) has been subject to such filing requirements for the past 90 days.
 
Yes
☑
 
No
☐
Indicate
 
by
 
check
 
mark
 
whether
 
the
 
registrant
 
has
 
submitted
 
electronically
 
every
 
Interactive
 
Data
 
File
 
required
 
to
 
be
 
submitted
pursuant to Rule 405
 
of Regulation S-T (§
 
232.405 of this chapter) during
 
the preceding 12 months (or
 
for such shorter period that
 
the
registrant was required to submit such files).
Yes
 
☑
 
No
☐
Indicate
 
by
 
check
 
mark
 
whether
 
the
 
registrant
 
is
 
a
 
large
 
accelerated
 
filer,
 
an
 
accelerated
 
filer,
 
a
 
non-accelerated
 
filer,
 
a
 
smaller
reporting
 
company,
 
or
 
an
 
emerging
 
growth
 
company.
 
See
 
the
 
definitions
 
of
 
“large
 
accelerated
 
filer,”
 
“accelerated
 
filer,”
 
“smaller
reporting company,” and
 
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
 
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
 
If
 
an
 
emerging
 
growth
 
company,
 
indicate
 
by
 
check
 
mark
 
if
 
the
 
registrant
 
has
 
elected
 
not
 
to
 
use
 
the
 
extended
 
transition
 
period
 
for
complying with any new or revised financial accounting standards provided
 
pursuant to Section 13(a) of the Exchange Act.
 
☐
Indicate by check mark whether the registrant is a shell company (as defined
 
in Rule 12b-2 of the Exchange Act).
Yes
☐
 
No
☑
Number of
 
shares of
 
Common Stock
 
outstanding
 
as of
 
September 10,
 
2025:
533,416,422
 
(excluding
221,196,906
 
shares held
 
in the
treasury).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
 
PART
 
I.
 
FINANCIAL INFORMATION
Item 1.
 
Financial Statements.
Consolidated Statements of Earnings
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions, Except per Share Data)
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Net sales
$
4,517.5
$
4,848.1
Cost of sales
2,984.7
3,159.3
Selling, general, and administrative expenses
845.1
855.1
Divestitures gain
(1,054.4)
-
Restructuring, transformation, impairment, and other exit costs
16.3
2.2
Operating profit
1,725.8
831.5
Benefit plan non-service income
(15.1)
(13.9)
Interest, net
132.8
123.6
Earnings before income taxes and after-tax earnings
 
from joint ventures
1,608.1
721.8
Income taxes
410.9
157.4
After-tax earnings from joint ventures
6.8
19.2
Net earnings, including (loss) earnings attributable to noncontrolling
 
interests
1,204.0
583.6
Net (loss) earnings attributable to noncontrolling interests
(0.2)
3.7
Net earnings attributable to General Mills
$
1,204.2
$
579.9
Earnings per share – basic
$
2.22
$
1.03
Earnings per share – diluted
$
2.22
$
1.03
See accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
 
Consolidated Statements of Comprehensive Income
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions)
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Net earnings, including (loss) earnings attributable to noncontrolling
 
interests
$
1,204.0
$
583.6
Other comprehensive (loss) income, net of tax:
Foreign currency translation
(64.7)
(61.9)
Net actuarial loss
(7.5)
-
Other fair value changes:
Hedge derivatives
5.0
(6.0)
Reclassification to earnings:
Hedge derivatives
0.8
-
Amortization of losses and prior service costs
11.4
11.6
Other comprehensive loss, net of tax
(55.0)
(56.3)
Total comprehensive
 
income
 
1,149.0
527.3
Comprehensive income attributable to noncontrolling interests
0.3
4.2
Comprehensive income attributable to General Mills
$
1,148.7
$
523.1
See accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
 
Consolidated Balance Sheets
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except Par Value)
Aug. 24, 2025
May 25, 2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
952.9
$
363.9
Receivables
1,804.3
1,795.9
Inventories
2,051.5
1,910.8
Prepaid expenses and other current assets
431.1
464.7
Assets held for sale
-
740.4
Total current
 
assets
5,239.8
5,275.7
Land, buildings, and equipment
3,583.2
3,632.6
Goodwill
15,660.2
15,622.4
Other intangible assets
7,087.3
7,081.4
Other assets
1,445.1
1,459.0
Total assets
$
33,015.6
$
33,071.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
3,740.0
$
4,009.5
Current portion of long-term debt
2,166.5
1,528.4
Notes payable
22.1
677.0
Other current liabilities
2,031.0
1,624.0
Liabilities held for sale
-
18.4
Total current
 
liabilities
7,959.6
7,857.3
Long-term debt
12,218.4
12,673.2
Deferred income taxes
2,056.9
2,100.8
Other liabilities
1,261.8
1,228.6
Total liabilities
23,496.7
23,859.9
Stockholders’ equity:
Common stock,
754.6
 
shares issued, $
0.10
 
par value
75.5
75.5
Additional paid-in capital
1,107.1
1,218.8
Retained earnings
22,791.1
21,917.8
Common stock in treasury,
 
at cost, shares of
219.9
 
and
212.2
(11,866.6)
(11,467.9)
Accumulated other comprehensive loss
(2,600.5)
(2,545.0)
Total stockholders’
 
equity
9,506.6
9,199.2
Noncontrolling interests
12.3
12.0
Total equity
9,518.9
9,211.2
Total liabilities and equity
$
33,015.6
$
33,071.1
See accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
 
Consolidated Statements of Total
 
Equity
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions, Except per Share Data)
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Shares
Amount
Shares
Amount
Total equity,
 
beginning balance
$
9,211.2
$
9,648.5
Common stock,
1
 
billion shares authorized, $
0.10
 
par value
754.6
75.5
754.6
75.5
Additional paid-in capital:
Beginning balance
1,218.8
1,227.0
Stock compensation plans
(11.0)
(5.2)
Unearned compensation related to stock unit awards
(65.5)
(77.1)
Earned compensation
14.8
19.9
Shares purchased
(50.0)
-
Ending balance
1,107.1
1,164.6
Retained earnings:
Beginning balance
21,917.8
20,971.8
Net earnings attributable to General Mills
1,204.2
579.9
Cash dividends declared ($
0.61
 
and $
0.60
 
per share)
(330.9)
(337.8)
Ending balance
22,791.1
21,213.9
Common stock in treasury:
Beginning balance
(212.2)
(11,467.9)
(195.5)
(10,357.9)
Shares purchased, including excise tax of $
4.0
 
and
 
$
2.2
 
million
(8.7)
(454.0)
(4.5)
(302.2)
Stock compensation plans
1.0
55.3
1.2
58.2
Ending balance
(219.9)
(11,866.6)
(198.8)
(10,601.9)
Accumulated other comprehensive loss:
Beginning balance
(2,545.0)
(2,519.7)
Comprehensive loss
(55.5)
(56.8)
Ending balance
(2,600.5)
(2,576.5)
Noncontrolling interests:
Beginning balance
12.0
251.8
Comprehensive income
0.3
4.2
Distributions to noncontrolling interest holders
-
(5.0)
Ending balance
12.3
251.0
Total equity,
 
ending balance
$
9,518.9
$
9,526.6
See accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
 
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions)
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Cash Flows - Operating Activities
Net earnings, including (loss) earnings attributable to noncontrolling
 
interests
$
1,204.0
$
583.6
Adjustments to reconcile net earnings to net cash provided by operating
 
activities:
Depreciation and amortization
138.7
139.6
After-tax earnings from joint ventures
(6.8)
(19.2)
Distributions of earnings from joint ventures
26.9
23.1
Stock-based compensation
15.1
20.3
Deferred income taxes
10.0
16.2
Pension and other postretirement benefit plan contributions
(5.2)
(7.5)
Pension and other postretirement benefit plan costs
(6.7)
(3.2)
Divestitures gain
(1,054.4)
-
Restructuring, transformation, impairment, and other exit costs
(2.7)
0.2
Changes in current assets and liabilities, excluding the effects of
 
 
acquisitions and divestitures
58.8
(107.6)
Other, net
19.3
(21.3)
Net cash provided by operating activities
397.0
624.2
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(109.5)
(140.3)
Acquisition, net of cash acquired
-
(7.7)
Proceeds from divestitures
1,803.4
-
Proceeds from disposal of land, buildings, and equipment
2.8
0.6
Other, net
(1.9)
(0.6)
Net cash provided by (used by) investing activities
1,694.8
(148.0)
Cash Flows - Financing Activities
Change in notes payable
(654.8)
238.0
Proceeds from common stock issued on exercised options
0.2
9.4
Purchases of common stock for treasury
(500.0)
(300.0)
Dividends paid
(330.9)
(337.8)
Distributions to noncontrolling interest holders
-
(5.0)
Other, net
(21.7)
(34.0)
Net cash used by financing activities
(1,507.2)
(429.4)
Effect of exchange rate changes on cash and cash equivalents
4.4
3.3
Increase in cash and cash equivalents
589.0
50.1
Cash and cash equivalents - beginning of year
363.9
418.0
Cash and cash equivalents - end of period
$
952.9
$
468.1
Cash Flows from changes in current assets and liabilities, excluding
 
the effects of
 
 
acquisitions and divestitures:
Receivables
$
0.9
$
(145.6)
Inventories
(135.2)
(95.7)
Prepaid expenses and other current assets
36.6
59.7
Accounts payable
(252.5)
(76.4)
Other current liabilities
409.0
150.4
Changes in current assets and liabilities
$
58.8
$
(107.6)
See accompanying notes to consolidated financial statements.
 
 
 
9
GENERAL MILLS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED
 
FINANCIAL STATEMENTS
(Unaudited)
 
(1) Background
The accompanying
 
Consolidated Financial
 
Statements of
 
General Mills,
 
Inc. (we,
 
us, our,
 
General Mills,
 
or the Company)
 
have been
prepared in
 
accordance with
 
accounting principles
 
generally accepted
 
in the
 
United States
 
(GAAP) for
 
interim financial
 
information
and with
 
the rules
 
and regulations
 
for reporting
 
on Form
 
10-Q. Accordingly,
 
they do
 
not include
 
certain information
 
and disclosures
required
 
for
 
comprehensive
 
financial
 
statements.
 
In
 
the
 
opinion
 
of
 
management,
 
all
 
adjustments
 
considered
 
necessary
 
for
 
a
 
fair
presentation
 
have
 
been
 
included
 
and
 
are
 
of
 
a
 
normal
 
recurring
 
nature,
 
including
 
the
 
elimination
 
of
 
all
 
intercompany
 
transactions.
Operating results for the fiscal quarter ended August
 
24, 2025, are not necessarily indicative of the results that may
 
be expected for the
fiscal year ending May 31, 2026.
 
These
 
statements
 
should
 
be
 
read
 
in
 
conjunction
 
with
 
the
 
Consolidated
 
Financial
 
Statements
 
and
 
footnotes
 
included
 
in
 
our
 
Annual
Report on Form
 
10-K for the fiscal
 
year ended May
 
25, 2025. The
 
accounting policies used
 
in preparing these
 
Consolidated Financial
Statements are the same as those described in Note 2 to the Consolidated Financial
 
Statements in that Form 10-K.
Certain
 
reclassifications
 
to
 
our
 
previously
 
reported
 
financial
 
information
 
have
 
been
 
made
 
to
 
conform
 
to
 
the
 
current
 
period
presentation.
Certain terms used throughout this report are defined in the “Glossary” section
 
below.
 
(2) Acquisition and Divestitures
 
 
 
 
 
During
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026,
 
we
 
completed
 
the
 
sale
 
of
 
our
 
United
 
States
 
yogurt
 
business
 
to
 
Groupe
 
Lactalis
 
S.A.
 
and
recorded a pre-tax gain of $
1,046.5
 
million.
 
During the
 
third quarter
 
of fiscal
 
2025, we
 
completed the
 
sale of
 
our Canada
 
yogurt business
 
to Sodiaal
 
International and
 
recorded a
pre-tax
 
gain
 
of $
95.9
 
million.
 
In
 
the first
 
quarter of
 
fiscal
 
2026,
 
we
 
recorded
 
a
 
sale price
 
adjustment
 
that resulted
 
in a
 
$
7.9
 
million
increase to the pre-tax gain.
 
 
 
 
 
 
 
 
 
During
 
the
 
third
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
acquired
 
NX
 
Pet
 
Holding,
 
Inc.,
 
representing
 
Whitebridge
 
Pet
 
Brands’
 
North
 
American
premium cat feeding
 
and pet treating
 
business, for a
 
purchase price of
 
$
1.4
 
billion (Whitebridge Pet
 
Brands acquisition). We
 
financed
the transaction
 
with cash
 
on hand
 
and new
 
debt. We
 
consolidated Whitebridge
 
Pet Brands
 
into our
 
Consolidated Balance
 
Sheets and
recorded goodwill of
 
$
1,086.7
 
million, an indefinite-lived
 
intangible asset for
 
the
Tiki Pets
 
brand totaling $
289.0
 
million, and a finite-
lived customer
 
relationship asset
 
of $
31.0
 
million. The
 
goodwill is
 
included in
 
the North
 
America Pet
 
segment and
 
is not
 
deductible
for tax purposes.
 
The pro forma
 
effects of
 
this acquisition
 
were not material.
 
We
 
have conducted
 
a preliminary
 
assessment of
 
the fair
value
 
of the
 
acquired
 
assets and
 
liabilities of
 
the business
 
and
 
we are
 
continuing our
 
review of
 
these items
 
during
 
the measurement
period.
 
If
 
new
 
information
 
is obtained
 
about
 
facts
 
and
 
circumstances
 
that
 
existed
 
at
 
the
 
acquisition
 
date,
 
the
 
acquisition
 
accounting
will
 
be
 
revised
 
to
 
reflect
 
the
 
resulting
 
adjustments
 
to
 
current
 
estimates
 
of
 
those
 
items.
 
The
 
consolidated
 
results
 
are
 
reported
 
in
 
our
North America Pet operating segment on a one-month lag.
 
(3) Restructuring, Transformation, Impairment,
 
and Other Exit Costs
In the first quarter
 
of fiscal 2026, we
 
did not undertake
 
any new restructuring
 
or transformation actions.
 
We
 
recorded $
18.3
 
million of
restructuring and transformation
 
charges in the
 
first quarter of fiscal
 
2026 and $
2.9
 
million of restructuring
 
charges in the
 
first quarter
of fiscal 2025 related to actions previously announced. We
 
expect these actions to be completed by the end of fiscal 2028.
We
 
paid net
 
$
21.0
 
million of
 
cash in
 
the first
 
quarter of
 
fiscal 2026,
 
related to
 
restructuring and
 
transformation actions.
 
We
 
paid net
$
2.7
 
million of cash in the same period of fiscal 2025.
Restructuring, transformation, and impairment charges
 
are recorded in our Consolidated Statements of Earnings as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Restructuring, transformation, impairment, and other exit costs
$
16.3
$
2.2
Cost of sales
2.0
0.7
Total restructuring,
 
transformation, and impairment charges
$
18.3
$
2.9
 
 
 
 
10
The roll forward of our restructuring, transformation, and other
 
exit cost reserves, included in other current liabilities, is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Reserve balance as of May 25, 2025
$
77.1
Fiscal 2026 charges, including foreign currency translation
0.6
Utilized in fiscal 2026
(8.4)
Reserve balance as of Aug. 24, 2025
$
69.3
The restructuring,
 
transformation, and
 
other exit
 
cost reserves
 
balance as
 
of August
 
24, 2025,
 
is primarily
 
related to
 
severance costs.
The charges
 
recognized in
 
the roll
 
forward of
 
our reserves
 
for restructuring,
 
transformation, and
 
other exit
 
costs do
 
not include
 
items
charged
 
directly
 
to
 
expense
 
(e.g.,
 
asset
 
impairment
 
charges,
 
the
 
gain
 
or
 
loss
 
on
 
the
 
sale
 
of
 
restructured
 
assets,
 
and
 
the
 
write-off
 
of
spare parts)
 
and other
 
periodic exit
 
costs recognized
 
as incurred,
 
as those
 
items are
 
not reflected
 
in our
 
restructuring, transformation,
and other exit cost reserves on our Consolidated Balance Sheets.
 
(4) Goodwill and Other Intangible Assets
The components of goodwill and other intangible assets are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Goodwill
$
15,660.2
$
15,622.4
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,827.2
6,816.7
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
421.9
420.9
Less accumulated amortization
(161.8)
(156.2)
Intangible assets subject to amortization, net
260.1
264.7
Other intangible assets
7,087.3
7,081.4
Total
$
22,747.5
$
22,703.8
Based on
 
the carrying
 
value of
 
finite-lived intangible
 
assets as
 
of August
 
24, 2025,
 
annual amortization
 
expense for
 
each of
 
the next
five fiscal years is estimated to be approximately $
20
 
million.
The changes in the carrying amount of goodwill during the first quarter of fiscal 2026
 
were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
North
America
Retail
North
America
Pet
North
America
Foodservice
International
(a)
Corporate and
Joint Ventures
Total
Balance as of May 25, 2025
$
6,323.5
$
7,149.5
$
755.5
$
951.7
$
442.2
$
15,622.4
Other activity, primarily
 
 
foreign currency translation
(0.7)
-
(0.1)
25.6
13.0
37.8
Balance as of Aug. 24, 2025
$
6,322.8
$
7,149.5
$
755.4
$
977.3
$
455.2
$
15,660.2
 
 
(a)
The carrying amounts of goodwill within the International segment as of
 
May 25, 2025, and August 24, 2025, were net of
accumulated impairment losses of $
117.1
 
million. For additional information, see Note 6 to the Consolidated Financial
Statements included in our Annual Report on Form 10-K for the fiscal year
 
ended May 25, 2025.
The changes in the carrying amount of other intangible assets during the first quarter
 
of fiscal 2026 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Balance as of May 25, 2025
$
7,081.4
Other activity, primarily
 
foreign currency translation and amortization
5.9
Balance as of Aug. 24, 2025
$
7,087.3
Our
 
annual
 
goodwill
 
and
 
indefinite-lived
 
intangible
 
assets
 
impairment
 
test
 
was
 
performed
 
on
 
the
 
first
 
day
 
of
 
the
 
second
 
quarter
 
of
fiscal
 
2025,
 
and
 
we
 
determined
 
there
 
was
no
 
impairment
 
of
 
our
 
intangible
 
assets
 
as
 
their
 
related
 
fair
 
values
 
were
 
substantially
 
in
excess of the
 
carrying values,
 
except for
 
the
Uncle Toby’s
 
brand intangible
 
asset. In addition,
 
while having
 
significant coverage
 
as of
 
 
11
our
 
fiscal
 
2025
 
assessment
 
date,
 
the
Progresso
,
Nudges
,
True
 
Chews
,
 
and
Kitano
 
brand
 
intangible
 
assets
 
had
 
risk
 
of
 
decreasing
coverage. We will continue
 
to monitor these businesses for potential impairment.
 
(5) Inventories
The components of inventories were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Finished goods
$
2,068.0
$
1,883.9
Raw materials and packaging
496.0
460.0
Grain
77.8
112.5
Excess of FIFO over LIFO cost
(590.3)
(545.6)
Total
$
2,051.5
$
1,910.8
 
(6) Risk Management Activities
 
Many commodities we
 
use in the
 
production and distribution
 
of our products
 
are exposed to
 
market price risks.
We
utilize derivatives
to manage price risk for our principal
 
ingredients and energy costs, including
 
grains (oats, wheat, and corn), oils
 
(principally soybean),
dairy products, natural
 
gas, and diesel fuel.
 
Our primary objective
 
when entering into
 
these derivative contracts
 
is to achieve
 
certainty
with
 
regard
 
to
 
the
 
future
 
price
 
of
 
commodities
 
purchased
 
for
 
use
 
in
 
our
 
supply
 
chain.
We
manage
 
our
 
exposures
 
through
 
a
combination of purchase orders, long-term
 
contracts with suppliers, exchange-traded
 
futures and options, and over-the-counter
 
options
and swaps.
We
offset
 
our exposures
 
based on
 
current and
 
projected market
 
conditions and
 
generally seek
 
to acquire
 
the inputs
 
at as
close as possible to or below our planned cost.
We
 
use derivatives
 
to manage
 
our exposure
 
to changes
 
in commodity
 
prices. We
 
do not
 
perform the
 
assessments required
 
to achieve
hedge accounting for
 
commodity derivative positions.
 
Accordingly,
 
the changes in
 
the values of
 
these derivatives are
 
recorded in
 
cost
of sales in our Consolidated Statements of Earnings.
Although we do
 
not meet the
 
criteria for
 
cash flow hedge
 
accounting, we believe
 
that these instruments
 
are effective
 
in achieving our
objective of providing certainty
 
in the future price of commodities purchased
 
for use in our supply chain.
 
Accordingly, for
 
purposes of
measuring
 
segment
 
operating
 
performance,
 
these
 
gains
 
and
 
losses
 
are
 
reported
 
in
 
unallocated
 
corporate
 
items
 
outside
 
of
 
segment
operating results
 
until such time
 
that the exposure
 
we are managing
 
affects earnings.
 
At that time,
 
we reclassify
 
the gain or
 
loss from
unallocated
 
corporate
 
items
 
to
 
segment
 
operating
 
profit,
 
allowing
 
our
 
operating
 
segments
 
to
 
realize
 
the
 
economic
 
effects
 
of
 
the
derivative without experiencing any resulting mark-to-market volatility,
 
which remains in unallocated corporate items.
 
Unallocated corporate items for the quarters ended August 24, 2025, and
 
August 25, 2024, included:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net loss on mark-to-market valuation of certain
 
 
commodity positions
$
(0.5)
$
(37.7)
Net (gain) loss on commodity positions reclassified from
 
 
unallocated corporate items to segment operating profit
(1.4)
17.2
Net mark-to-market revaluation of certain grain inventories
(6.6)
(8.3)
Net mark-to-market valuation of certain commodity
 
 
positions recognized in unallocated corporate items
$
(8.5)
$
(28.8)
 
As
 
of
 
August
 
24,
 
2025,
 
the
 
net
 
notional
 
value
 
of
 
commodity
 
derivatives
 
was
 
$
139.2
 
million,
 
of
 
which
 
$
70.3
 
million
 
related
 
to
agricultural inputs and
 
$
68.9
 
million related to
 
energy inputs. These
 
contracts relate to
 
inputs that generally
 
will be utilized
 
within the
next
12
 
months.
We
 
also have
 
net investments
 
in foreign
 
subsidiaries that
 
are denominated
 
in euros.
 
As of
 
August 24,
 
2025, we
 
hedged a
 
portion of
these investments with €
4,743.7
 
million of euro-denominated bonds.
The
 
fair
 
values
 
of
 
the
 
derivative
 
positions
 
used
 
in
 
our
 
risk
 
management
 
activities
 
and
 
other
 
assets
 
recorded
 
at
 
fair
 
value
 
were
 
not
material as of
 
August 24, 2025,
 
and were Level
 
1 or Level
 
2 assets and
 
liabilities in the
 
fair value
 
hierarchy.
 
We
 
did not significantly
change our valuation techniques from prior periods.
 
 
 
12
We
 
offer
 
certain
 
suppliers
 
access
 
to
 
third-party
 
services
 
that
 
allow
 
them
 
to
 
view
 
our
 
scheduled
 
payments
 
online.
 
The
 
third-party
services also
 
allow suppliers
 
to finance
 
advances on
 
our scheduled
 
payments at
 
the sole
 
discretion of
 
the supplier
 
and the third
 
party.
We
 
have no
 
economic interest
 
in these
 
financing arrangements
 
and no
 
direct relationship
 
with the
 
suppliers, the
 
third parties,
 
or any
financial institutions
 
concerning these
 
services, including
 
not providing
 
any form
 
of guarantee
 
and not
 
pledging assets
 
as security
 
to
the third
 
parties or
 
financial institutions.
 
All of
 
our accounts
 
payable remain
 
as obligations
 
to our
 
suppliers as
 
stated in
 
our supplier
agreements. As
 
of August
 
24, 2025,
 
$
1,332.2
 
million of
 
our total
accounts payable
 
were payable
 
to suppliers
 
who utilize
 
these third-
party services.
 
As of
 
May 25,
 
2025, $
1,427.5
 
million of
 
our total
accounts payable
 
were payable
 
to suppliers
 
who utilize
 
these third-
party services.
 
(7) Debt
The components of notes payable and their respective weighted-average
 
interest rates were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 24, 2025
May 25, 2025
In Millions
Notes Payable
Weighted-
Average
Interest Rate
Notes Payable
Weighted-
Average
Interest Rate
U.S. commercial paper
$
-
-
%
$
669.4
4.5
%
Financial institutions
22.1
6.0
7.6
5.8
Total
$
22.1
6.0
%
$
677.0
4.5
%
To ensure availability
 
of funds, we maintain bank credit lines and have commercial paper programs
 
available to us in the United States
and Europe.
The following table details the credit facilities and lines of credit we had available
 
as of August 24, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$
2,700.0
$
-
Uncommitted credit facilities and lines of credit
774.8
22.1
Total
$
3,474.8
$
22.1
The
 
credit
 
facilities
 
contain
 
covenants,
 
including
 
a
 
requirement
 
to
 
maintain
 
a
 
fixed
 
charge
 
coverage
 
ratio
 
of
 
at
 
least
2.5
 
times.
We
were in compliance with all credit facility covenants as of August 24, 2025.
Long-Term
 
Debt
 
The
 
fair
 
values
 
and
 
carrying
 
amounts
 
of
 
long-term
 
debt,
 
including
 
the
 
current
 
portion,
 
were
 
$
13,991.3
 
and
 
$
14,384.9
 
million,
respectively,
 
as
 
of
 
August
 
24,
 
2025.
 
The
 
fair
 
value
 
of
 
long-term
 
debt
 
was
 
estimated
 
using
 
market
 
quotations
 
and
 
discounted
 
cash
flows based
 
on our
 
current incremental
 
borrowing rates
 
for similar
 
types of
 
instruments. Long
 
-term debt
 
is a
 
Level 2
 
liability in
 
the
fair value hierarchy.
 
In
 
the
 
fourth
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
issued
 
€
750.0
 
million
 
of
3.6
 
percent
 
fixed-rate
 
notes
 
due
April 17, 2032
.
 
We
 
used
 
the
 
net
proceeds
 
to
 
repay
 
$
800.0
 
million
 
of
4.0
 
percent
 
fixed-rate
 
notes
 
due
April 17, 2025
 
and
 
a
 
portion
 
of
 
our
 
outstanding
 
commercial
paper, as well as for general corporate purposes.
 
In the third
 
quarter of fiscal 2025,
 
we repaid $
500.0
 
million of
5.241
 
percent fixed-rate notes
 
due
November 18, 2025
, using proceeds
from the issuance of commercial paper.
 
In the second quarter of
 
fiscal 2025, we issued $
750.0
 
million of
4.875
 
percent fixed-rate notes due
January 30, 2030
. We
 
used the net
proceeds to fund the Whitebridge Pet Brands acquisition.
 
In the second
 
quarter of fiscal
 
2025, we issued
 
$
750.0
 
million of
5.25
 
percent fixed-rate notes
 
due
January 30, 2035
. We
 
used the net
proceeds to fund the Whitebridge Pet Brands acquisition.
 
In the
 
second quarter
 
of fiscal
 
2025, we
 
issued €
250.0
 
million of
 
floating-rate notes
 
due
April 22, 2026
. We
 
used the
 
net proceeds
 
to
repay €
250.0
 
million of floating-rate notes due
November 8, 2024
.
 
 
 
 
13
In the
 
second quarter
 
of fiscal
 
2025, we
 
issued €
500.0
 
million of
 
floating-rate notes
 
due
October 22, 2026
. We
 
used the
 
net proceeds
to repay €
500.0
 
million of floating-rate notes due
November 8, 2024
.
Certain
 
of
 
our
 
long-term
 
debt
 
agreements
 
contain
 
restrictive
 
covenants.
As of August 24, 2025, we were in compliance with all of
these covenants.
 
(8) Noncontrolling Interests
During
 
the
 
fourth
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
purchased
 
the
 
outstanding
 
General
 
Mills
 
Cereals,
 
LLC
 
(GMC)
 
Class
 
A
 
limited
membership interests (GMC Class
 
A Interests) from the
 
third-party holder for $
252.8
 
million. The GMC Class A Interests
 
represented
our
 
principal
 
noncontrolling
 
interest. The
 
third-party
 
holder of
 
the GMC
 
Class A
 
Interests received
 
quarterly
 
preferred distributions
from
 
available
 
net
 
income
 
based
 
on
 
the
 
application
 
of
 
a
 
floating
 
preferred
 
return
 
rate
 
to
 
the
 
holder’s
 
capital
 
account
 
balance
established in the most recent
 
mark-to-market valuation. On June
 
1, 2024, the floating
 
preferred return rate was reset
 
to the sum of the
three-month Term SOFR
 
plus
261
 
basis points.
 
(9) Stockholders’ Equity
 
The following tables provide details of total comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
General Mills
Noncontrolling
Interests
 
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including (loss) earnings
 
 
attributable to noncontrolling interests
 
$
1,204.2
$
(0.2)
$
579.9
$
3.7
Other comprehensive (loss) income:
Foreign currency translation
$
(104.1)
$
38.9
(65.2)
0.5
$
(93.9)
$
31.5
(62.4)
0.5
Net actuarial loss
(7.5)
-
(7.5)
-
-
-
-
-
Other fair value changes:
Hedge derivatives
6.2
(1.2)
5.0
-
(7.5)
1.5
(6.0)
-
Reclassification to earnings:
Hedge derivatives (a)
0.9
(0.1)
0.8
-
(0.4)
0.4
-
-
Amortization of losses and
 
prior service costs (b)
14.6
(3.2)
11.4
-
14.5
(2.9)
11.6
-
Other comprehensive (loss) income
$
(89.9)
$
34.4
(55.5)
0.5
$
(87.3)
$
30.5
(56.8)
0.5
Total comprehensive income
$
1,148.7
$
0.3
$
523.1
$
4.2
(a)
 
Loss (gain)
 
reclassified from
 
AOCI into
 
earnings is
 
reported in
 
interest, net
 
for interest
 
rate swaps
 
and in
 
cost of
 
sales and
 
selling, general,
 
and administrative
(SG&A) expenses for foreign exchange contracts.
(b)
 
Loss reclassified from AOCI into earnings is reported in
 
benefit plan non-service income.
Accumulated other comprehensive loss balances, net of tax effects,
 
were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Aug. 24, 2025
May 25, 2025
Foreign currency translation adjustments
$
(941.9)
$
(876.7)
Unrealized loss from hedge derivatives
(1.6)
(7.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss
(1,718.9)
(1,726.8)
Prior service credits
61.9
65.9
Accumulated other comprehensive loss
$
(2,600.5)
$
(2,545.0)
 
(10) Stock Plans
We
have various
 
stock-based compensation
 
programs under
 
which awards,
 
including stock
 
options, restricted
 
stock, restricted
 
stock
units, and performance
 
awards, may be granted
 
to employees and non-employee
 
directors. These programs
 
and related accounting
 
are
described in Note
 
12 to the
 
Consolidated Financial
 
Statements included
 
in our Annual
 
Report on Form
 
10-K for the
 
fiscal year ended
May 25, 2025.
 
 
 
 
14
Compensation expense related to stock-based payments recognized
 
in the Consolidated Statements of Earnings was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Compensation expense related to stock-based payments
$
15.1
$
20.3
(Shortfall) windfall
 
tax impacts
 
of stock-based
 
payments in
 
income tax
 
expense in
 
our Consolidated
 
Statements of
 
Earnings were
 
as
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
(Shortfall) windfall tax impacts of stock-based payments
$
(1.5)
$
2.8
As
 
of
 
August
 
24,
 
2025,
 
unrecognized
 
compensation
 
expense
 
related
 
to
 
non-vested
 
stock
 
options,
 
restricted
 
stock
 
units,
 
and
performance share units was $
181.6
 
million. This expense will be recognized over
28
 
months on average.
Net cash proceeds from the exercise of stock options
 
less shares used for withholding taxes and the intrinsic
 
value of options exercised
were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net cash proceeds
$
0.2
$
9.4
Intrinsic value of options exercised
$
-
$
1.9
We
 
estimate the
 
fair value
 
of each
 
option on
 
the grant
 
date using
 
a Black-Scholes
 
option-pricing
 
model, which
 
requires us
 
to make
predictive assumptions
 
regarding future
 
stock price volatility,
 
employee exercise
 
behavior, dividend
 
yield, and
 
the forfeiture
 
rate. We
estimate our future
 
stock price volatility
 
using the historical
 
volatility over
 
the expected term
 
of the option,
 
excluding time
 
periods of
volatility we believe a marketplace participant would
 
exclude in estimating our stock price volatility.
 
We also have
 
considered, but did
not use, implied
 
volatility in our estimate,
 
because trading activity in
 
options on our stock,
 
especially those with
 
tenors of greater than
6 months, is
 
insufficient to
 
provide a reliable
 
measure of expected
 
volatility.
 
Our method of
 
selecting the other
 
valuation assumptions
is
 
explained
 
in
 
Note
 
12
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
included
 
in
 
our
 
Annual
 
Report
 
on
 
Form
 
10-K
 
for
 
the
 
fiscal
 
year
ended May 25, 2025.
The
 
estimated
 
fair
 
values
 
of
 
stock
 
options
 
granted
 
and
 
the
 
assumptions
 
used
 
for
 
the
 
Black-Scholes
 
option-pricing
 
model
 
were
 
as
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Estimated fair values of stock options granted
 
$
9.45
$
13.20
Assumptions:
Risk-free interest rate
4.2
%
4.5
%
Expected term
8.0
years
8.5
years
Expected volatility
22.3
%
21.6
%
Dividend yield
4.7
%
3.8
%
The total grant date fair value of restricted stock unit awards that vested during
 
the period was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Total grant date fair
 
value
$
98.6
$
90.8
 
 
15
 
(11) Earnings Per Share
Basic and diluted earnings per share (EPS) were calculated using the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions, Except per Share Data
Aug. 24, 2025
Aug. 25, 2024
Net earnings attributable to General Mills
$
1,204.2
$
579.9
Average number
 
of common shares – basic EPS
541.3
560.5
Incremental share effect from: (a)
Stock options
0.2
1.5
Restricted stock units and performance share units
1.0
1.8
Average number
 
of common shares – diluted EPS
542.5
563.8
Earnings per share – basic
$
2.22
$
1.03
Earnings per share – diluted
$
2.22
$
1.03
(a)
 
Incremental
 
shares
 
from
 
stock
 
options,
 
restricted
 
stock
 
units,
 
and
 
performance
 
share
 
units
 
are
 
computed
 
by
 
the
 
treasury
 
stock
method. Stock options, restricted
 
stock units, and performance
 
share units excluded from
 
our computation of diluted
 
EPS because
they were not dilutive were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Anti-dilutive stock options, restricted stock units, and
 
performance share units
 
11.6
4.4
 
(12) Share Repurchases
Share repurchases were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Shares of common stock
8.7
4.5
Aggregate purchase price
$
454.0
$
302.2
In the
 
first quarter
 
of fiscal
 
2026, we
 
entered into
 
two accelerated
 
share repurchase
 
(ASR) agreements
 
with an
 
unrelated
 
third-party
financial
 
institution
 
to
 
repurchase
 
an
 
aggregate
 
of
 
$
500.0
 
million
 
of
 
our
 
shares
 
of
 
common
 
stock.
 
We
 
paid
 
an
 
aggregate
 
of
 
$
500.0
million and received
 
an initial delivery
 
of
7.5
 
million shares of
 
our common stock
 
based on the
 
closing price of our
 
common stock on
July
 
1,
 
2025.
 
The value
 
of the
 
initial
 
shares
 
delivered
 
under
 
the
 
ASR agreements
 
represented
80
 
percent
 
of
 
the
 
aggregate
 
purchase
price, with
 
a fair
 
value of
 
$
400.0
 
million. The
 
ASR agreements
 
were funded
 
with proceeds
 
from the
 
sale of
 
the United
 
States yogurt
business.
 
The
 
first
 
ASR
 
agreement
 
was
 
settled
 
on
 
August
 
4,
 
2025,
 
with
 
a
 
final
 
delivery
 
of
1.2
 
million
 
additional
 
shares.
 
The
 
final
 
average
purchase price for the first ASR agreement was $
50.41
 
per share, not including costs of execution or excise tax.
The
 
unsettled
 
balance
 
of
 
$
50.0
 
million
 
as
 
of
 
August
 
24,
 
2025,
 
related
 
to
 
the
 
second
 
ASR
 
agreement
 
is
 
included
 
as
 
a
 
reduction
 
to
additional
 
paid-in
 
capital
 
in
 
our
 
Consolidated
 
Balance
 
Sheets.
 
The
 
amount
 
was
 
settled
 
subsequent
 
to
 
the
 
end
 
of
 
the
 
first
 
quarter
 
of
fiscal 2026, with a final delivery of
1.3
 
million shares. The final average purchase price for the second
 
ASR agreement was $
49.45
 
per
share, not including costs
 
of execution or excise
 
tax. The total number
 
of shares ultimately purchased
 
and the price paid per
 
share was
determined upon
 
final settlement
 
based on
 
the daily
 
volume-weighted
 
average price
 
of our
 
common stock
 
over the
 
term of
 
the ASR
agreement, less a discount, and subject to customary adjustments pursuant
 
to the terms and conditions of the ASR agreement.
The delivery
 
of
8.7
 
million shares of
 
our common stock
 
during the first
 
quarter of fiscal
 
2026 under the
 
ASR agreements reduced
 
the
outstanding
 
shares used
 
to determine
 
our weighted
 
average shares
 
outstanding
 
for purposes
 
of calculating
 
basic and
 
diluted EPS
 
for
the first
 
quarter of
 
fiscal 2026.
 
We
 
have also
 
evaluated,
 
as of
 
August 24,
 
2025, the
 
second ASR
 
agreement for
 
the potential
 
dilutive
effects
 
of the
 
shares remaining
 
to be
 
received upon
 
settlement, and
 
determined
 
that the
 
additional shares
 
would be
 
anti-dilutive
 
and
therefore were not included in our diluted EPS calculation for the first
 
quarter of fiscal 2026.
 
 
16
 
(13) Statements of Cash Flows
Our Consolidated Statements of Cash Flows include the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Net cash interest payments
$
125.9
$
83.7
Net income tax payments
$
24.8
$
18.7
 
(14) Retirement and Postemployment Benefits
Components of net periodic benefit expense (income) are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit
Pension Plans
Other Postretirement
 
Benefit Plans
Postemployment
Benefit Plans
Quarter Ended
Quarter Ended
Quarter Ended
In Millions
Aug. 24,
2025
Aug. 25,
2024
Aug. 24,
2025
Aug. 25,
2024
Aug. 24,
2025
Aug. 25,
2024
Service cost
$
10.5
$
13.0
$
0.6
$
1.1
$
1.7
$
1.8
Interest cost
72.9
76.7
4.2
5.3
0.9
1.0
Expected return on plan assets
(101.3)
(105.0)
(8.4)
(9.0)
-
-
Amortization of losses (gains)
26.3
25.1
(6.5)
(5.2)
0.1
0.1
Amortization of prior service costs (credits)
0.3
0.3
(5.3)
(5.5)
(0.3)
(0.3)
Other adjustments
-
-
-
-
2.0
2.6
Net expense (income)
$
8.7
$
10.1
$
(15.4)
$
(13.3)
$
4.4
$
5.2
 
(15) Income Taxes
On July 4,
 
2025, legislation known
 
as the One
 
Big Beautiful Bill
 
Act (OBBBA)
 
was signed
 
into law.
 
The OBBBA makes
 
changes to
the
 
United
 
States
 
corporate
 
income
 
tax
 
system,
 
including,
 
among
 
other
 
provisions,
 
the
 
immediate
 
expensing
 
of
 
research
 
and
development expenditures,
 
and 100 percent
 
bonus depreciation on
 
qualified property.
 
The impacts of
 
the OBBBA are
 
reflected in our
results for
 
the quarter
 
ended August
 
24, 2025,
 
and there
 
was no
 
material impact
 
to our
 
income tax
 
expense. As
 
of the
 
quarter ended
August 24,
 
2025, we
 
expect certain
 
provisions of
 
the OBBBA
 
will change
 
the timing
 
of cash
 
tax payments
 
in the
 
current fiscal
 
year
and future periods.
In
 
December
 
2021,
 
the
 
Organization
 
for
 
Economic
 
Cooperation
 
and
 
Development
 
(OECD)
 
established
 
a
 
framework,
 
referred
 
to
 
as
Pillar
 
2,
 
designed
 
to
 
ensure
 
large
 
multinational
 
enterprises
 
pay
 
a
 
minimum
 
15
 
percent
 
level
 
of
 
tax
 
on
 
the
 
income
 
arising
 
in
 
each
jurisdiction
 
in
 
which
 
they
 
operate.
 
Numerous
 
countries
 
have
 
already
 
enacted
 
the
 
OECD
 
model
 
rules
 
effective
 
for
 
taxable
 
years
beginning
 
after
 
December
 
31,
 
2023,
 
which
 
for
 
us
 
was
 
fiscal
 
2025.
 
There
 
was
 
no
 
material
 
impact
 
on
 
our
 
consolidated
 
financial
statements.
 
Several
 
other
 
countries
 
have
 
enacted
 
or
 
drafted
 
legislation
 
that
 
is
 
not
 
yet
 
effective
 
for
 
us,
 
and
 
we
 
do
 
not
 
expect
 
this
legislation
 
to
 
have
 
a
 
material
 
impact
 
on
 
our
 
consolidated
 
financial
 
statements.
 
We
 
will
 
continue
 
to monitor
 
for
 
new
 
legislation
 
and
guidance and evaluate potential impact on our consolidated financial
 
statements.
 
During the
 
second quarter
 
of fiscal
 
2024, we
 
received a
 
notice of
 
proposed adjustment
 
from the
 
Internal Revenue
 
Service associated
with a capital loss
 
from fiscal 2019.
 
We
 
believe that we
 
have meritorious defenses
 
against this assessment
 
and will vigorously
 
defend
our
 
position. We
 
do
 
not
 
expect
 
the
 
resolution
 
of
 
the
 
proposed
 
adjustment
 
to
 
have
 
a
 
material
 
impact
 
on
 
our
 
financial
 
position
 
or
liquidity.
 
 
 
 
 
 
 
 
(16) Business Segment and Geographic Information
We
operate
 
in
 
the
 
packaged
 
foods
 
industry.
 
Our
 
operating
 
segments
 
are
 
as
 
follows:
 
North
 
America
 
Retail,
 
International,
 
North
America Pet, and North America Foodservice.
Our North America Retail
 
operating segment reflects business
 
with a wide variety of
 
grocery stores, mass merchandisers, membership
stores,
 
natural
 
food
 
chains,
 
drug,
 
dollar
 
and
 
discount
 
chains,
 
convenience
 
stores,
 
and
 
e-commerce
 
grocery
 
providers.
 
Our
 
product
categories in
 
this business
 
segment include
 
ready-to-eat cereals,
 
soup, meal
 
kits, refrigerated
 
and frozen
 
dough products,
 
dessert and
baking mixes, frozen
 
pizza and pizza
 
snacks, snack bars, fruit
 
snacks, savory snacks,
 
and a wide variety
 
of organic products
 
including
ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks,
 
and snack bars.
17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Our
 
International
 
operating
 
segment
 
consists
 
of
 
retail
 
and
 
foodservice
 
businesses
 
outside
 
of
 
the
 
United
 
States
 
and
 
Canada.
 
Our
product categories include super-premium
 
ice cream and frozen desserts, meal kits, salty snacks,
 
snack bars, dessert and baking mixes,
shelf-stable
 
vegetables,
 
and
 
pet
 
food
 
products.
 
We
 
also
 
sell
 
super-premium
 
ice
 
cream
 
and
 
frozen
 
desserts
 
directly
 
to
 
consumers
through owned
 
retail shops. Our
 
International segment
 
also includes products
 
manufactured in
 
the United States
 
for export, mainly
 
to
Caribbean and Latin American markets, as well as products we
 
manufacture for sale to our international joint ventures. Revenues
 
from
export activities are reported in the region or country where the end customer
 
is located.
Our North
 
America Pet
 
operating segment
 
includes pet
 
food products
 
sold primarily
 
in the
 
United States
 
and Canada
 
in national
 
pet
superstore
 
chains,
 
e-commerce
 
retailers,
 
grocery
 
stores,
 
regional
 
pet
 
store
 
chains,
 
mass
 
merchandisers,
 
and
 
veterinary
 
clinics
 
and
hospitals.
 
Our
 
product
 
categories
 
include
 
dog
 
and
 
cat
 
food
 
(dry
 
foods,
 
wet
 
foods,
 
and
 
treats)
 
made
 
with
 
whole
 
meats,
 
fruits,
vegetables,
 
and other
 
high-quality
 
natural
 
ingredients.
 
Our tailored
 
pet product
 
offerings
 
address
 
specific dietary,
 
lifestyle,
 
and
 
life-
stage needs
 
and span
 
different product
 
types, diet
 
types, breed
 
sizes for
 
dogs, life-stages,
 
flavors, product
 
functions,
 
and textures
 
and
cuts for wet foods.
Our
 
North
 
America
 
Foodservice
 
segment
 
consists
 
of
 
foodservice
 
businesses
 
in
 
the
 
United
 
States
 
and
 
Canada.
 
Our
 
major
 
product
categories
 
in
 
our
 
North
 
America
 
Foodservice
 
operating
 
segment
 
are
 
ready-to-eat
 
cereals,
 
snacks,
 
frozen
 
meals,
 
unbaked
 
and
 
fully
baked frozen
 
dough products,
 
baking mixes,
 
and bakery
 
flour.
 
Many products
 
we sell
 
are branded
 
to the
 
consumer and
 
nearly all
 
are
branded
 
to
 
our
 
customers.
We
sell
 
to
 
distributors
 
and
 
operators
 
in
 
many
 
customer
 
channels
 
including
 
foodservice,
 
vending,
 
and
supermarket bakeries.
Our chief
 
operating decision
 
maker (CODM)
 
is the
 
Chairman of
 
the Board
 
and Chief
 
Executive Officer.
 
The CODM
 
predominantly
uses
 
segment
 
operating
 
profit
 
in
 
the
 
annual
 
planning
 
process
 
which
 
includes
 
segment
 
operating
 
profit
 
performance
 
targets.
 
The
CODM assesses
 
progress
 
against performance
 
targets
 
by comparing
 
segment
 
operating profit
 
actual-to-plan
 
variances on
 
a monthly
basis. The performance assessment
 
completed by the CODM is used
 
to determine whether resource
 
allocations require adjustment and
contributes to the determination of incentive compensation.
Operating
 
profit
 
for
 
these
 
segments
 
excludes
 
unallocated
 
corporate
 
items,
 
gain
 
or
 
loss
 
on
 
divestitures,
 
and
 
restructuring,
transformation,
 
impairment,
 
and
 
other
 
exit
 
costs.
 
Results
 
from
 
certain
 
businesses
 
managed
 
by
 
our
 
Strategic
 
Growth
 
Office
 
are
included within corporate and other net
 
sales and unallocated corporate items
 
within operating profit. Unallocated corporate
 
items also
include
 
corporate
 
overhead
 
expenses,
 
variances
 
to
 
planned
 
North
 
American
 
employee
 
benefits
 
and
 
incentives,
 
certain
 
charitable
contributions, restructuring
 
initiative project-related
 
costs, gains and
 
losses on corporate
 
investments, and
 
other items that
 
are not part
of our
 
measurement
 
of segment
 
operating
 
performance.
 
These include
 
gains and
 
losses arising
 
from the
 
revaluation of
 
certain
 
grain
inventories
 
and
 
gains
 
and
 
losses
 
from
 
mark-to-market
 
valuation
 
of
 
certain
 
commodity
 
positions
 
until
 
passed
 
back
 
to
 
our
 
operating
segments.
 
These items
 
affecting
 
operating profit
 
are centrally
 
managed
 
at the
 
corporate level
 
and
 
are excluded
 
from the
 
measure
 
of
segment
 
profitability
 
reviewed by
 
executive
 
management.
 
Under
 
our
 
supply chain
 
organization,
 
our
 
manufacturing,
 
warehouse,
 
and
distribution activities
 
are substantially
 
integrated across
 
our operations
 
in order
 
to maximize
 
efficiency
 
and productivity.
 
As a
 
result,
fixed assets and depreciation and amortization expenses are neither maintained
 
nor available by operating segment.
 
 
 
 
 
18
 
Our operating segment results were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended August 24, 2025
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
2,625.5
$
760.2
$
610.0
$
516.7
$
4,512.4
Corporate and other net sales
5.1
Total net sales
$
4,517.5
Cost of sales
$
1,664.5
$
538.8
$
368.6
$
402.3
Selling, general, and
 
administrative expenses
396.8
155.7
128.5
43.8
Segment operating profit
$
564.2
$
65.7
$
112.9
$
70.6
$
813.4
Unallocated corporate items
125.7
Divestitures gain
(1,054.4)
Restructuring, transformation,
 
 
impairment, and other
 
exit costs
16.3
Operating profit
$
1,725.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended August 25, 2024
In Millions
North
America
Retail
International
North
America Pet
North
America
Foodservice
Total
Segment net sales
$
3,016.6
$
717.0
$
576.1
$
536.2
$
4,845.9
Corporate and other net sales
2.2
Total net sales
$
4,848.1
Cost of sales
$
1,836.4
$
548.3
$
338.1
$
421.1
Selling, general, and
 
administrative expenses
434.5
147.8
118.6
43.6
Segment operating profit
$
745.7
$
20.9
$
119.4
$
71.5
$
957.5
Unallocated corporate items
123.8
Restructuring, transformation,
 
 
impairment, and other
 
exit costs
2.2
Operating profit
$
831.5
Net sales for our North America Retail operating units were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
U.S. Meals & Baking Solutions
$
921.4
$
946.3
Big G Cereal & Canada (a)
866.9
1,159.8
U.S. Snacks
837.2
910.5
Total
$
2,625.5
$
3,016.6
 
 
 
(a)
 
Upon
 
completion
 
of
 
the
 
United
 
States
 
yogurt
 
business
 
divestiture,
 
the
 
former
 
U.S.
 
Morning
 
Foods
 
and
 
Canada
 
operating
 
units
were
 
combined
 
into
 
a
 
new
 
Big
 
G
 
Cereal
 
&
 
Canada
 
operating
 
unit.
 
Prior
 
period
 
amounts
 
have
 
been
 
recast
 
to
 
conform
 
to
 
the
current period presentation. This did
 
not result in a change
 
to the composition of our reportable
 
segments or information reviewed
by our CODM.
 
 
19
Net sales by class of similar products were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Snacks
$
1,049.7
$
1,106.8
Cereal
767.2
793.1
Convenient meals
650.8
678.9
Pet
643.0
604.6
Dough
515.1
517.8
Baking mixes and ingredients
448.0
457.1
Super-premium ice cream
221.4
212.9
Yogurt
102.0
371.9
Other
120.3
105.0
Total
$
4,517.5
$
4,848.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20
Item 2.
 
Management’s Discussion and Analysis
 
of Financial Condition and Results of Operations.
INTRODUCTION
This
 
Management’s
 
Discussion
 
and
 
Analysis
 
of
 
Financial
 
Condition
 
and
 
Results
 
of
 
Operations
 
(MD&A)
 
should
 
be
 
read
 
in
conjunction
 
with
 
the
 
MD&A
 
included
 
in
 
our
 
Annual
 
Report
 
on
 
Form
 
10-K
 
for
 
the
 
fiscal
 
year
 
ended
 
May
 
25,
 
2025,
 
for
 
important
background
 
regarding,
 
among other
 
things, our
 
key business
 
drivers.
 
Significant
 
trademarks and
 
service marks
 
used in
 
our business
are set forth in
italics
herein. Certain terms used throughout this report are defined in the
 
“Glossary” section below.
Our key
 
priorities in
 
fiscal 2026
 
are to
 
return North
 
America Retail
 
to volume
 
growth, accelerate
 
North America
 
Pet growth
 
with an
expanded
 
portfolio,
 
and
 
drive efficiencies
 
to reinvest
 
in growth.
 
We
 
expect
 
category
 
growth to
 
be below
 
our
 
long-term
 
projections,
reflecting
 
less
 
benefit
 
from
 
net
 
price
 
realization
 
and
 
mix
 
amid
 
a
 
continued
 
challenging
 
consumer
 
backdrop.
 
To
 
strengthen
 
our
categories
 
and
 
market
 
share
 
performance,
 
we
 
plan
 
to
 
increase
 
investment
 
in
 
consumer
 
value,
 
product
 
news,
 
innovation,
 
and
 
brand
building, guided by our remarkable
 
experience framework. This includes a
 
significant strategic investment to launch
 
Blue Buffalo into
the fast-growing United
 
States fresh pet food
 
sub-category in calendar
 
2025. We
 
expect the combination
 
of these growth investments,
input
 
cost
 
inflation,
 
and
 
normalization
 
of
 
corporate
 
incentive
 
will outpace
 
expected
 
Holistic Margin
 
Management
 
cost
 
savings
 
of
 
5
percent
 
of
 
cost
 
of
 
goods
 
sold,
 
savings
 
from
 
our
 
global
 
transformation
 
initiative,
 
and
 
benefits
 
from
 
a
 
53rd
 
week
 
in
 
fiscal
 
2026.
 
In
addition,
 
we
 
expect
 
the
 
net
 
impact
 
of
 
the
 
divestitures
 
of
 
our
 
North
 
American
 
yogurt
 
businesses
 
and
 
the
 
Whitebridge
 
Pet
 
Brands
acquisition will reduce adjusted operating profit growth by approximately
 
5 points in fiscal 2026.
CONSOLIDATED
 
RESULTS
 
OF OPERATIONS
First Quarter Results
In the
 
first quarter
 
of fiscal
 
2026,
 
net sales
 
decreased
 
7 percent
 
,
 
including
 
the net
 
impact of
 
the divestitures
 
of our
 
North
 
American
yogurt
 
businesses
 
(Divestitures),
 
partially
 
offset
 
by
 
the
 
acquisition
 
of
 
Whitebridge
 
Pet
 
Brands
 
(Acquisition).
 
Organic
 
net
 
sales
decreased 3 percent
 
compared to the
 
same period last
 
year. Operating
 
profit increased 108
 
percent to $1,726
 
million, primarily driven
by a divestiture gain related to the sale of our United
 
States yogurt business and favorable net price realization and mix,
 
partially offset
by a
 
decrease
 
in contributions
 
from
 
volume growth
 
and higher
 
input costs.
 
Operating
 
profit margin
 
of
 
38.2 percent
 
increased 2,100
basis points. Adjusted
 
operating profit
 
of $711
 
million decreased 18
 
percent on a
 
constant-currency basis,
 
including the net
 
impact of
the Divestitures and
 
Acquisition, primarily driven
 
by a decrease in
 
contributions from volume
 
growth and higher
 
input costs, partially
offset by favorable
 
net price realization
 
and mix. Adjusted
 
operating profit margin
 
decreased 210 basis
 
points to 15.7
 
percent. Diluted
earnings
 
per
 
share
 
of
 
$2.22
 
increased
 
116
 
percent
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026.
 
Adjusted
 
diluted
 
earnings
 
per
 
share
 
of
 
$0.86
decreased 20 percent on a constant-currency
 
basis compared to the first quarter
 
of fiscal 2025. See the “Non-GAAP
 
Measures” section
below for a description of our use of measures not defined by GAAP.
A summary of our consolidated financial results for the first quarter of
 
fiscal 2026 follows:
 
Quarter Ended Aug. 24, 2025
In millions,
except per share
Quarter Ended
Aug. 24, 2025 vs.
Aug. 25, 2024
Percent
of Net
Sales
Constant-
Currency
Growth (a)
Net sales
 
$
4,517.5
(7)
%
Operating profit
1,725.8
108
%
38.2
%
Net earnings attributable to General Mills
1,204.2
108
%
Diluted earnings per share
$
2.22
116
%
Organic net sales growth rate (a)
(3)
%
Adjusted operating profit (a)
711.2
(18)
%
15.7
%
(18)
%
Adjusted diluted earnings per share (a)
$
0.86
(20)
%
(20)
%
(a)
 
See the “Non-GAAP Measures” section below for our use of measures not defined by
 
GAAP.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21
Consolidated
net sales
 
were as follows:
 
Quarter Ended
Aug. 24, 2025
Aug. 24, 2025 vs.
 
Aug. 25, 2024
Aug. 25, 2024
Net sales (in millions)
$
4,517.5
(7)
%
$
4,848.1
Contributions from volume growth (a)
(8)
pts
Net price realization and mix
1
pt
Foreign currency exchange
Flat
Note: Table may
 
not foot due to rounding.
(a)
 
Measured in tons based on the stated weight of our product shipments.
Net sales
 
in the
 
first quarter
 
of fiscal
 
2026
 
decreased 7
 
percent compared
 
to the
 
same period
 
in fiscal
 
2025,
 
driven by
 
a decrease
 
in
contributions from volume
 
growth, partially offset
 
by favorable net
 
price realization
 
and mix, both
 
of which include
 
the net impact
 
of
the Divestitures and Acquisition.
Components of organic net sales growth are shown in the following
 
table:
 
 
Quarter Ended Aug. 24, 2025 vs.
Quarter Ended Aug. 25, 2024
Contributions from organic volume growth (a)
(1)
pt
Organic net price realization and mix
(2)
pts
Organic net sales growth
(3)
pts
Foreign currency exchange
Flat
Acquisition and divestitures
(4)
pts
Net sales growth
(7)
pts
Note: Table may
 
not foot due to rounding.
(a)
 
Measured in tons based on the stated weight of our product shipments.
Organic
 
net
 
sales
 
decreased
 
3
 
percent
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026
 
compared
 
to
 
the
 
same
 
period
 
in
 
fiscal
 
2025,
 
driven
 
by
unfavorable organic net price realization and mix
 
and a decrease in contributions from organic volume growth.
Cost of
 
sales
decreased $175 million
 
to $2,985
 
million in
 
the first
 
quarter of
 
fiscal 2026
 
compared to
 
the same
 
period in
 
fiscal 2025.
The decrease
 
was primarily
 
driven by
 
a $252 million
 
decrease attributable
 
to lower volume,
 
partially offset
 
by a $97
 
million increase
attributable
 
to
 
product
 
rate
 
and
 
mix,
 
both
 
of
 
which
 
include
 
the
 
net
 
impact
 
of
 
the
 
Divestitures
 
and
 
Acquisition.
We
recorded
 
an
$8 million net increase in
 
cost of sales related to the
 
mark-to-market valuation of
 
certain commodity positions and
 
grain inventories in
the first quarter
 
of fiscal 202
 
6, compared
 
to a $29 million
 
net increase in
 
the first
 
quarter of
 
fiscal 2025.
 
We
 
also recorded
 
$2 million
of restructuring
 
charges in
 
cost of
 
sales in
 
the first
 
quarter of
 
fiscal 2026,
 
compared to
 
$1 million
 
of restructuring
 
charges in
 
cost of
sales in the same period last year (please refer to Note 3 to the Consolidated Financial Statements
 
in Part I, Item 1 of this report).
Selling,
 
general,
 
and
 
administrative
 
(SG&A)
 
expenses
decreased
 
$10 million
 
to
 
$845 million
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026,
compared to the same period
 
in fiscal 2025,
 
primarily driven by lower
 
media and advertising expenses and
 
including the net impact of
the Divestitures
 
and Acquisition,
 
partially offset
 
by transaction
 
costs related
 
to the
 
sale of
 
our United
 
States yogurt
 
business.
 
SG&A
expenses as
 
a percent
 
of net
 
sales in
 
the first
 
quarter of
 
fiscal 2026
 
increased 110
 
basis points
 
compared to
 
the first
 
quarter of
 
fiscal
2025.
Divestitures
 
gain
 
totaled
 
$1,054
 
million
 
in the
 
first quarter
 
of fiscal
 
2026,
 
primarily
 
related
 
to the
 
sale of
 
our
 
United
 
States yogurt
business (please refer to Note 2 to the Consolidated Financial Statements in Part I, Item
 
1 of this report).
Restructuring, transformation, impairment,
 
and other exit costs
totaled $16 million in the first
 
quarter of fiscal 2026, compared
 
to
$2 million in the same period last year (please refer to Note 3 to the Consolidated
 
Financial Statements in Part I, Item 1 of this report).
Benefit plan
 
non-service income
totaled $15 million
 
in the
 
first quarter
 
of fiscal
 
2026, compared
 
to $14 million
 
in the
 
same period
last year, primarily driven by lower interest
 
costs partially offset by lower expected return on plan assets.
 
Interest,
 
net
for
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026
 
totaled
 
$133 million,
 
up
 
$9 million
 
from
 
the
 
first
 
quarter
 
of
 
fiscal
 
2025,
 
primarily
driven by higher average long-term debt levels.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22
The
effective tax rate
 
for the first quarter of fiscal
 
2026 was 25.6 percent compared
 
to 21.8 percent for the first
 
quarter of fiscal 2025.
The
 
3.8
 
percentage
 
point
 
increase
 
was
 
primarily
 
due
 
to
 
certain
 
unfavorable
 
tax components
 
related
 
to
 
the
 
sale of
 
our United
 
States
yogurt business,
 
certain nonrecurring
 
discrete tax benefits
 
in fiscal 2025,
 
and unfavorable earnings
 
mix by
 
jurisdiction in fiscal
 
2026.
Our effective
 
tax rate excluding
 
certain items affecting
 
comparability was 24.1
 
percent in the
 
first quarter of
 
fiscal 2026, compared
 
to
21.9 percent
 
in the
 
same period
 
last year
 
(see the
 
“Non-GAAP Measures”
 
section below
 
for a
 
description of
 
our use of
 
measures not
defined
 
by GAAP).
 
The 2.2
 
percentage
 
point increase
 
was primarily
 
due
 
to certain
 
nonrecurring
 
discrete tax
 
benefits
 
in fiscal
 
2025
and unfavorable earnings mix by jurisdiction in fiscal 2026.
The impacts of
 
the One Big
 
Beautiful Bill Act
 
(OBBBA) are reflected
 
in our results
 
for the quarter
 
ended August 24,
 
2025, and there
was no material impact to
 
our income tax expense. As
 
of the fiscal quarter ended
 
August 24, 2025, we expect
 
certain provisions of the
OBBBA
 
will
 
change
 
the
 
timing
 
of
 
cash
 
tax
 
payments
 
in
 
the
 
current
 
fiscal
 
year
 
and
 
future
 
periods.
 
Please
 
refer
 
to
 
Note
 
15
 
to
 
the
Consolidated Financial Statements in Part I, Item 1 of this report for additional
 
information.
 
After-tax
 
earnings
 
from
 
joint ventures
 
for
 
the first
 
quarter of
 
fiscal
 
2026
decreased
 
to $7
 
million
 
compared
 
to $19
 
million
 
in the
same period
 
in fiscal
 
2025, primarily
 
driven by
 
our share
 
of asset
 
impairment
 
charges
 
and transaction
 
costs related
 
to certain
 
assets
held for sale
 
at Cereal Partners
 
Worldwide
 
(CPW) in fiscal
 
2026.
 
On a constant-currency
 
basis, after-tax
 
earnings from joint
 
ventures
decreased 64 percent (see the “Non-GAAP Measures” section below for
 
a description of our use of measures not defined by GAAP).
 
The components of our joint ventures’ net sales growth are shown in the following
 
table:
 
Quarter Ended Aug. 24, 2025 vs.
Quarter Ended Aug. 25, 2024
CPW
HDJ (a)
Total
Contributions from volume growth (b)
(5)
pts
2
pts
Net price realization and mix
3
pts
5
pts
Net sales growth in constant currency
(2)
pts
7
pts
(1)
pt
Foreign currency exchange
3
pts
5
pts
4
pts
Net sales growth
1
%
13
%
3
%
Note: Table may
 
not foot due to rounding.
(a)
 
Häagen-Dazs Japan, Inc. (HDJ).
(b)
 
Measured in tons based on the stated weight of our product shipments.
Average
 
diluted
 
shares
 
outstanding
decreased
 
by
 
21
 
million
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026
 
from
 
the
 
same
 
period
 
a
 
year
 
ago
primarily due to share repurchases.
SEGMENT OPERATING
 
RESULTS
Our
 
businesses
 
are
 
organized
 
into
 
four
 
operating
 
segments:
 
North
 
America
 
Retail,
 
International,
 
North
 
America
 
Pet,
 
and
 
North
America Foodservice. Please refer
 
to Note 16 to the
 
Consolidated Financial Statements in
 
Part I, Item 1 of
 
this report for a description
of our operating segments.
North America Retail Segment Results
North America Retail net sales were as follows:
 
Quarter Ended
Aug. 24, 2025
Aug. 24, 2025 vs
Aug. 25, 2024
Aug. 25, 2024
Net sales (in millions)
$
2,625.5
(13)
%
$
3,016.6
Contributions from volume growth (a)
(16)
pts
Net price realization and mix
3
pts
Foreign currency exchange
Flat
Note: Table may
 
not foot due to rounding.
(a)
 
Measured in tons based on the stated weight of our product shipments.
North
 
America
 
Retail net
 
sales decreased
 
13 percent
 
in the
 
first
 
quarter
 
of
 
fiscal
 
2026
 
compared
 
to
 
the
 
same period
 
in
 
fiscal
 
2025,
driven by
 
a decrease
 
in contributions
 
from volume
 
growth,
 
partially offset
 
by favorable
 
net price
 
realization and
 
mix, both
 
of which
include the impact from Divestitures.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23
The components of North America Retail organic net
 
sales growth are shown in the following table:
 
Quarter Ended
Aug. 24, 2025
Contributions from organic volume growth (a)
(1)
pt
Organic net price realization and mix
(4)
pts
Organic net sales growth
(5)
pts
Foreign currency exchange
Flat
Divestitures (b)
(8)
pts
Net sales growth
(13)
pts
Note: Table may
 
not foot due to rounding.
(a) Measured in tons based on the stated weight of our product shipments.
(b) Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada
 
yogurt business in the third
 
 
quarter of fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I,
 
Item 1 of this report.
North
 
America
 
Retail organic
 
net sales
 
decreased
 
5 percent
 
in the
 
first quarter
 
of fiscal
 
2026 compared
 
to the
 
same period
 
in fiscal
2025, driven by unfavorable organic net price realization
 
and mix and a decrease in contributions from organic volume growth.
North America Retail net sales percentage change by operating unit are shown
 
in the following table:
 
Quarter Ended
Aug. 24, 2025
Big G Cereal & Canada (a)
(25)
%
U.S. Snacks
(8)
%
U.S. Meals & Baking Solutions
(3)
%
Total
(13)
%
(a)
 
Upon
 
completion
 
of
 
the
 
United
 
States
 
yogurt
 
business
 
divestiture,
 
the
 
former
 
U.S.
 
Morning
 
Foods
 
and
 
Canada
 
operating
 
units
were
 
combined
 
into
 
a
 
new
 
Big
 
G
 
Cereal
 
&
 
Canada
 
operating
 
unit.
 
Please
 
refer
 
to
 
Note
 
16
 
to
 
the
 
Consolidated
 
Financial
Statements in Part I, Item 1 of this report.
Segment
 
operating
 
profit
 
decreased
 
24
 
percent
 
to
 
$564
 
million
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026,
 
including
 
the
 
impact
 
from
Divestitures, compared to $746
 
million in the same period
 
in fiscal 2025,
 
primarily driven by a decrease
 
in contributions from volume
growth.
 
Segment operating profit
 
decreased 24 percent
 
on a constant-currency
 
basis in the first
 
quarter of fiscal
 
2026 compared to
 
the
same period in fiscal 2025 (see the “Non-GAAP Measures” section below for
 
our use of this measure not defined by GAAP).
International Segment Results
International net sales were as follows:
 
Quarter Ended
Aug. 24, 2025
Aug. 24, 2025 vs
Aug. 25, 2024
Aug. 25, 2024
Net sales (in millions)
$
760.2
6
%
$
717.0
Contributions from volume growth (a)
(2)
pts
Net price realization and mix
6
pts
Foreign currency exchange
3
pts
Note: Table may
 
not foot due to rounding.
(a)
 
Measured in tons based on the stated weight of our product shipments.
International
 
net
 
sales
 
increased
 
6
 
percent
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026
 
compared
 
to
 
the
 
same
 
period
 
in
 
fiscal
 
2025,
 
driven
 
by
favorable
 
net
 
price
 
realization
 
and
 
mix
 
and
 
favorable
 
foreign
 
currency
 
exchange
 
impacts,
 
partially
 
offset
 
by
 
a
 
decrease
 
in
contributions from volume growth.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24
The components of International organic net sales growth
 
are shown in the following table:
 
Quarter Ended
Aug. 24, 2025
Contributions from organic volume growth (a)
(2)
pts
Organic net price realization and mix
6
pts
Organic net sales growth
4
pts
Foreign currency exchange
3
pts
Net sales growth
6
pts
Note: Table may
 
not foot due to rounding.
(a) Measured in tons based on the stated weight of our product shipments.
International organic net
 
sales increased 4 percent in
 
the first quarter of fiscal 2026
 
compared to the same period
 
in fiscal 2025, driven
by favorable organic net price realization and mix, partially offset
 
by a decrease in contributions from organic volume
 
growth.
Segment operating
 
profit increased 214
 
percent to $66
 
million in the
 
first quarter of
 
fiscal 2026, compared
 
to $21 million
 
in the same
period in fiscal
 
2025, primarily driven
 
by favorable net price
 
realization and mix,
 
partially offset by
 
higher SG&A expenses.
 
Segment
operating profit
 
increased 196
 
percent on
 
a constant-currency
 
basis in
 
the first
 
quarter of
 
fiscal 2026
 
compared to
 
the same
 
period in
fiscal 2025 (see the “Non-GAAP Measures” section below for our use
 
of this measure not defined by GAAP).
North America Pet Segment Results
North America Pet net sales were as follows:
 
Quarter Ended
Aug. 24, 2025
Aug. 24, 2025 vs
Aug. 25, 2024
Aug. 25, 2024
Net sales (in millions)
$
610.0
6
%
$
576.1
Contributions from volume growth (a)
1
pt
Net price realization and mix
5
pts
Foreign currency exchange
Flat
Note: Table may
 
not foot due to rounding.
(a)
 
Measured in tons based on the stated weight of our product shipments.
North America
 
Pet net
 
sales increased
 
6 percent
 
in the first
 
quarter of
 
fiscal 2026
 
compared to
 
the same
 
period in
 
fiscal 2025,
 
driven
by favorable
 
net price
 
realization and
 
mix and
 
an increase
 
in contributions
 
from volume
 
growth, both
 
of which
 
include the
 
impact of
the Acquisition.
The components of North America Pet organic net sales growth are
 
shown in the following table:
 
Quarter Ended
Aug. 24, 2025
Contributions from organic volume growth (a)
(4)
pts
Organic net price realization and mix
Flat
Organic net sales growth
(5)
pts
Foreign currency exchange
Flat
Acquisition (b)
11
pts
Net sales growth
6
pts
Note: Table may
 
not foot due to rounding.
(a) Measured in tons based on the stated weight of our product shipments.
(b) Acquisition of Whitebridge Pet Brands business in fiscal 2025.
 
Please refer to Note 2 to the Consolidated Financial Statements in
 
Part I, Item 1 of this report.
North America Pet
 
organic net sales decreased
 
5 percent in the first
 
quarter of fiscal 2026
 
compared to the same
 
period in fiscal 2025,
driven by a decrease in contributions from organic volume
 
growth.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25
Segment
 
operating
 
profit
 
decreased
 
5
 
percent
 
to
 
$113
 
million
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026,
 
including
 
the
 
impact
 
of
 
the
Acquisition,
 
compared
 
to
 
$119 million
 
in
 
the
 
same
 
period
 
in
 
fiscal
 
2025,
 
primarily
 
driven
 
by
 
higher
 
input
 
costs and
 
higher
 
SG&A
expenses,
 
partially
 
offset
 
by
 
favorable
 
net
 
price
 
realization
 
and
 
mix.
 
Segment
 
operating
 
profit
 
decreased
 
5
 
percent
 
on
 
a
 
constant-
currency basis
 
in the
 
first quarter
 
of fiscal
 
2026 compared
 
to the
 
same period
 
in fiscal
 
2025 (see
 
the “Non-GAAP
 
Measures” section
below for our use of this measure not defined by GAAP).
North America Foodservice Segment Results
North America Foodservice net sales were as follows:
 
Quarter Ended
Aug. 24, 2025
Aug. 24, 2025 vs
Aug. 25, 2024
Aug. 25, 2024
Net sales (in millions)
$
516.7
(4)
%
$
536.2
Contributions from volume growth (a)
(2)
pts
Net price realization and mix
(2)
pts
Foreign currency exchange
Flat
Note: Table may
 
not foot due to rounding.
(a)
 
Measured in tons based on the stated weight of our product shipments.
North America Foodservice net sales decreased 4 percent
 
in the first quarter of fiscal 2026 compared to the same
 
period in fiscal 2025,
driven by
 
a decrease
 
in contributions
 
from volume
 
growth and
 
unfavorable net
 
price realization
 
and mix,
 
both of
 
which include
 
the
impact from Divestitures.
The components of North America Foodservice organic
 
net sales growth are shown in the following table:
 
Quarter Ended
Aug. 24, 2025
Contributions from organic volume growth (a)
1
pt
Organic net price realization and mix
Flat
Organic net sales growth
1
pt
Foreign currency exchange
Flat
Divestitures (b)
(5)
pts
Net sales growth
(4)
pts
Note: Table may
 
not foot due to rounding.
(a) Measured in tons based on the stated weight of our product shipments.
(b) Divestiture of the United States yogurt business in the first quarter of fiscal 2026 and the Canada
 
yogurt business in the third
 
 
quarter of fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part
 
I, Item 1 of this report.
North
 
America
 
Foodservice
 
organic
 
net
 
sales increased
 
1
 
percent
 
in the
 
first
 
quarter
 
of fiscal
 
2026
 
compared
 
to the
 
same
 
period
 
in
fiscal 2025, driven by an increase in contributions from organic
 
volume growth.
Segment operating profit
 
decreased 1 percent
 
to $71 million in
 
the first quarter
 
of fiscal 2026,
 
including the impact
 
from Divestitures,
compared to $72
 
million in the
 
same period in
 
fiscal 2025. Segment
 
operating profit decreased
 
1 percent on
 
a constant-currency basis
in the
 
first quarter
 
of fiscal
 
2026 compared
 
to the
 
same period
 
in fiscal
 
2025 (see
 
the “Non-GAAP
 
Measures” section
 
below for
 
our
use of this measure not defined by GAAP).
UNALLOCATED
 
CORPORATE
 
ITEMS
Unallocated corporate expenses totaled
 
$126 million in the first quarter
 
of fiscal 2026, compared to
 
$124 million in the same period
 
in
fiscal
 
2025.
 
In the
 
first
 
quarter
 
of
 
fiscal
 
2026,
 
we
 
recorded
 
$12
 
million
 
of
 
transaction
 
costs related
 
to
 
the
 
sale of
 
our
 
United
 
States
yogurt
 
business.
 
We
 
recorded
 
$2 million
 
of restructuring
 
charges
 
in cost
 
of sales
 
in the
 
first quarter
 
of
 
fiscal 2026,
 
compared
 
to $1
million
 
of
 
restructuring
 
charges
 
in
 
cost
 
of
 
sales
 
in
 
the
 
same
 
period
 
last
 
year.
 
In
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026,
 
we
 
recorded
 
an
 
$8
million
 
net
 
increase
 
in
 
expense
 
related
 
to
 
the
 
mark-to-market
 
valuation
 
of
 
certain
 
commodity
 
positions
 
and
 
grain
 
inventories,
compared to a $29 million net increase
 
in expense in the same period last year.
 
In addition, we recorded $1 million
 
of integration costs
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026
 
primarily
 
related
 
to
 
the
 
Acquisition,
 
compared
 
to
 
$2 million
 
of
 
integration
 
costs
 
during
 
the
 
same
period last year related to the acquisition of a pet food business in Europe.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26
LIQUIDITY
 
AND CAPITAL
 
RESOURCES
During the first quarter of
 
fiscal 2026,
 
cash provided by operations was $397 million
 
compared to $624 million in the same
 
period last
year.
 
The
 
$227
 
million
 
decrease
 
was
 
primarily
 
driven
 
by
 
a
 
$434
 
million
 
decrease
 
in
 
net
 
earnings
 
excluding
 
the
 
pretax
 
gain
 
on
Divestitures,
 
partially offset
 
by a
 
$166 million
 
change in
 
current assets
 
and liabilities.
 
The $166
 
million change
 
in current
 
assets and
liabilities was
 
primarily
 
driven by
 
a $259
 
million change
 
in other
 
current liabilities
 
largely
 
driven by
 
higher accrued
 
federal income
taxes payable in fiscal 2026,
 
which includes the tax expense of $277 million to be paid associated with the Divestitures
 
.
 
Cash provided
 
by investing
 
activities during
 
the first
 
quarter
 
of fiscal
 
2026
 
was $1,695
 
million
 
compared
 
to cash
 
used by
 
investing
activities of
 
$148 million
 
for the
 
same period
 
in fiscal
 
2025. In
 
the first
 
quarter of
 
fiscal 2026,
 
we completed
 
the sale
 
of our
 
United
States yogurt
 
business for
 
$1,798
 
million
 
cash. We
 
also received
 
an additional
 
$6 million
 
of cash
 
related
 
to a
 
sale price
 
adjustment
related
 
to
 
the
 
sale
 
of
 
our
 
Canada
 
yogurt
 
business.
 
In
 
addition,
 
during
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026,
 
we
 
spent
 
$110
 
million
 
on
purchases of land, buildings, and equipment, compared to $140 million
 
in the same period last year.
Cash
 
used
 
by
 
financing
 
activities
 
during
 
the
 
first
 
quarter
 
of
 
fiscal
 
2026
 
was
 
$1,507
 
million
 
compared
 
to
 
$429 million
 
in
 
the
 
same
period in fiscal 2025. We
 
paid $500 million for purchases of
 
common stock for treasury in the first
 
quarter of fiscal 2026, compared to
$300 million in the same
 
period in fiscal 2025.
 
We had
 
$655 million of net debt
 
payments in the first quarter
 
of fiscal 2026, compared
to $238 million
 
of net debt
 
issuances in the
 
same period a
 
year ago. In
 
addition, we paid
 
$331 million of dividends
 
in the first
 
quarter
of fiscal 2026, compared to $338 million in the same period last year.
As of August
 
24, 2025, we had
 
$484 million of cash
 
and cash equivalents
 
in foreign jurisdictions. In
 
anticipation of repatriating
 
funds
from foreign
 
jurisdictions, we
 
record local
 
country withholding
 
taxes on
 
our international
 
earnings, as
 
applicable. We
 
may repatriate
our
 
cash
 
and
 
cash
 
equivalents
 
held
 
by
 
our
 
foreign
 
subsidiaries
 
without
 
such
 
funds
 
being
 
subject
 
to
 
further
 
U.S.
 
income
 
tax
liability. Earnings
 
prior to fiscal 2018 from our foreign subsidiaries remain permanently reinvested in
 
those jurisdictions.
The following table details the fee-paid committed and uncommitted credit
 
lines we had available as of August 24, 2025:
 
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$
2,700.0
$
-
Uncommitted credit facilities and lines of credit
774.8
22.1
Total
$
3,474.8
$
22.1
To ensure availability
 
of funds, we maintain bank credit lines and have commercial paper programs
 
available to us in the United States
and Europe.
Certain of
 
our
 
long-term
 
debt agreements
 
and
 
our credit
 
facilities contain
 
restrictive
 
covenants.
 
As of
 
August
 
24,
 
2025,
 
we were
 
in
compliance with all of these covenants.
 
We have
 
$2,166 million of long-term debt maturing
 
in the next 12 months that
 
is classified as current, including €500 million
 
of 0.125
percent fixed-rate
 
notes due November
 
15, 2025, €600
 
million of 0.45
 
percent fixed-rate notes
 
due January 15,
 
2026, €250
 
million of
floating-rate notes
 
due April 22,
 
2026, and €500
 
million of floating-rate
 
notes redeemable April
 
22, 2026. We
 
believe that cash
 
flows
from operations,
 
together with
 
available short-
 
and long-term
 
debt financing,
 
will be
 
adequate to meet
 
our liquidity
 
and capital
 
needs
for at least the next 12 months.
 
CRITICAL ACCOUNTING ESTIMATES
Our significant accounting policies are described in Note 2
 
to the Consolidated Financial Statements included in
 
our Annual Report on
Form
 
10-K for
 
the fiscal
 
year ended
 
May 25,
 
2025. The
 
accounting policies
 
used in
 
preparing our
 
interim fiscal
 
2026 Consolidated
Financial
 
Statements
 
are
 
the
 
same
 
as
 
those
 
described
 
in
 
our
 
Form
 
10-K.
 
Please
 
refer
 
to
 
Note
 
1
 
to
 
the
 
Consolidated
 
Financial
Statements in Part I, Item 1 of this report for additional information.
Our
 
critical
 
accounting
 
estimates
 
are
 
those
 
that
 
have
 
meaningful
 
impact
 
on
 
the
 
reporting
 
of
 
our
 
financial
 
condition
 
and
 
results
 
of
operations.
 
These estimates
 
include
 
our accounting
 
for revenue
 
recognition,
 
valuation of
 
long-lived
 
assets, intangible
 
assets, income
taxes,
 
and
 
defined
 
benefit
 
pension,
 
other
 
postretirement
 
benefit,
 
and
 
postemployment
 
benefit
 
plans.
 
The
 
assumptions
 
and
methodologies
 
used
 
in
 
the
 
determination
 
of
 
those
 
estimates
 
as
 
of
 
August
 
24,
 
2025,
 
are
 
the
 
same
 
as
 
those
 
described
 
in
 
our
 
Annual
Report on Form 10-K for the fiscal year ended May 25, 2025.
 
 
 
 
 
 
 
27
Our
 
annual
 
goodwill
 
and
 
indefinite-lived
 
intangible
 
assets
 
impairment
 
test
 
was
 
performed
 
on
 
the
 
first
 
day
 
of
 
the
 
second
 
quarter
 
of
fiscal
 
2025,
 
and
 
we
 
determined
 
there
 
was
 
no
 
impairment
 
of
 
our
 
intangible
 
assets
 
as
 
their
 
related
 
fair
 
values
 
were
 
substantially
 
in
excess of the
 
carrying values,
 
except for
 
the
Uncle Toby’s
 
brand intangible
 
asset. In addition,
 
while having
 
significant coverage
 
as of
our
 
fiscal
 
2025
 
assessment
 
date,
 
the
Progresso
,
Nudges,
 
True
 
Chews,
and
 
Kitano
 
brand
 
intangible
 
assets
 
had
 
risk
 
of
 
decreasing
coverage.
 
We will continue
 
to monitor these businesses for potential impairment.
RECENTLY
 
ISSUED ACCOUNTING PRONOUNCEMENTS
In November 2024, the Financial Accounting
 
Standards Board (FASB
 
)
 
issued Accounting Standards Update (ASU)
 
2024-03 requiring
additional income
 
statement disclosures.
 
The ASU
 
requires the
 
disaggregation
 
of specific
 
categories of
 
expenses underlying
 
the line
items presented
 
on the
 
income statement.
 
Additionally,
 
the ASU
 
requires enhanced
 
disclosure of
 
selling expenses.
 
The requirements
of the ASU are effective for annual periods beginning
 
after December 15, 2026, and interim periods within fiscal years
 
beginning after
December
 
15,
 
2027.
 
For
 
us,
 
annual
 
reporting
 
requirements
 
will
 
be
 
effective
 
for
 
our
 
fiscal
 
2028
 
Form
 
10-K
 
and
 
interim
 
reporting
requirements will be
 
effective beginning
 
with our first
 
quarter of fiscal
 
2029. Early adoption
 
is permitted and
 
the amendments
 
should
be applied on a prospective
 
basis. Retrospective application is permitted.
 
We are
 
in the process of analyzing
 
the impact of the ASU on
our related disclosures.
 
In
 
December
 
2023,
 
the
 
FASB
 
issued
 
ASU
 
2023-09
 
requiring
 
enhanced
 
income
 
tax
 
disclosures.
 
The
 
ASU
 
requires
 
disclosure
 
of
specific
 
categories
 
and
 
disaggregation
 
of
 
information
 
in
 
the
 
rate
 
reconciliation
 
table.
 
The
 
ASU
 
also
 
requires
 
disclosure
 
of
disaggregated
 
information
 
related
 
to
 
income
 
taxes
 
paid,
 
income
 
or
 
loss
 
from
 
continuing
 
operations
 
before
 
income
 
tax
 
expense
 
or
benefit, and
 
income tax
 
expense or benefit
 
from continuing
 
operations. The
 
requirements of
 
the ASU are
 
effective for
 
annual periods
beginning after December 15, 2024,
 
which for us is fiscal 2026.
 
Early adoption is permitted
 
and the amendments should be
 
applied on
a prospective
 
basis. Retrospective
 
application is
 
permitted. We
 
are in
 
the process
 
of analyzing
 
the impact
 
of the
 
ASU on
 
our related
disclosures.
NON-GAAP MEASURES
We
 
have
 
included
 
in
 
this
 
report
 
measures
 
of
 
financial
 
performance
 
that
 
are not
 
defined
 
by
 
GAAP.
 
We
 
believe
 
that
 
these
 
measures
provide useful information to investors, and include these measures in other
 
communications to investors.
For each
 
of these
 
non-GAAP financial
 
measures, we
 
are providing
 
below a
 
reconciliation of
 
the differences
 
between the
 
non-GAAP
measure and the most
 
directly comparable GAAP measure,
 
an explanation of why
 
we believe the non-GAAP
 
measure provides useful
information to
 
investors, and
 
any additional
 
material purposes
 
for which
 
our management
 
or Board
 
of Directors
 
uses the
 
non-GAAP
measure. These non-GAAP measures should be viewed in addition to, and not
 
in lieu of, the comparable GAAP measure.
Significant Items Impacting Comparability
Several
 
measures
 
below
 
are
 
presented
 
on
 
an
 
adjusted
 
basis.
 
The
 
adjustments
 
are
 
either
 
items
 
resulting
 
from
 
infrequently
 
occurring
events or items that, in management’s
 
judgment, significantly affect the year-to-year
 
assessment of operating results.
 
The following are descriptions of significant items impacting comparability
 
of our results.
 
Divestitures
 
gain
Divestitures
 
gain
 
recorded
 
in fiscal
 
2026
 
related
 
to
 
the
 
sale
 
of
 
our
 
United
 
States
 
yogurt
 
business
 
in
 
fiscal
 
2026
 
and
 
Canada
 
yogurt
business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial
 
Statements in Part I, Item 1 of this report.
 
Restructuring and transformation charges
Restructuring and transformation
 
charges related to
 
previously announced actions recorded
 
in fiscal 2026
 
and fiscal 2025. Please refer
to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report.
CPW asset impairments and transaction costs
CPW asset impairment charges and transaction costs related to certain
 
assets held for sale recorded in fiscal 2026.
Transaction costs
Fiscal
 
2026
 
transaction
 
costs
 
related
 
to
 
the
 
sale
 
of
 
our
 
United
 
States
 
yogurt
 
business.
 
Please
 
refer
 
to
 
Note
 
2
 
to
 
the
 
Consolidated
Financial Statements in Part I, Item 1 of this report.
Mark-to-market effects
Net mark-to-market
 
valuation of
 
certain commodity
 
positions recognized
 
in unallocated
 
corporate items.
 
Please refer to
 
Note 6 to
 
the
Consolidated Financial Statements in Part I, Item 1 of this report.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
28
Acquisition integration costs
Integration costs
 
related to the
 
Whitebridge Pet
 
Brands acquisition
 
in fiscal 2025
 
and the acquisition
 
of a pet
 
food business in
 
Europe
in fiscal 2024 recorded
 
in fiscal 2026
 
and fiscal 2025. Please refer
 
to Note 2 to the
 
Consolidated Financial Statements in
 
Part I, Item 1
of this report.
Investment activity,
 
net
Valuation
 
adjustments of certain corporate investments in fiscal 2026
 
and fiscal 2025.
 
Project-related costs
Restructuring initiative project-related costs related to previously
 
announced restructuring actions recorded in fiscal 2025.
Organic Net Sales Growth Rates
We
 
provide organic
 
net sales
 
growth rates
 
for our
 
consolidated net
 
sales and
 
segment net
 
sales. This
 
measure is
 
used in
 
reporting to
our
 
Board
 
of
 
Directors
 
and
 
executive
 
management
 
and
 
as
 
a
 
component
 
of
 
the
 
measurement
 
of
 
our
 
performance
 
for
 
incentive
compensation purposes.
 
We
 
believe that
 
organic net
 
sales growth
 
rates provide
 
useful information
 
to investors
 
because they
 
provide
transparency
 
to
 
underlying
 
performance
 
in
 
our
 
net
 
sales
 
by
 
excluding
 
the
 
effect
 
that
 
foreign
 
currency
 
exchange
 
rate
 
fluctuations,
acquisitions, divestitures,
 
and a 53
rd
 
week, when applicable,
 
have on year-to-year comparability.
 
A reconciliation of
 
these measures to
reported net
 
sales growth
 
rates, the
 
relevant GAAP
 
measures, are
 
included in
 
our Consolidated
 
Results of
 
Operations and
 
Results of
Segment Operations discussions in the MD&A above.
Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating
 
Profit Margin)
We believe
 
this measure provides useful information
 
to investors because it is important
 
for assessing our operating profit margin
 
on a
comparable basis.
Our adjusted operating profit margins are calculated as follows:
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
In Millions
Value
Percent of
Net Sales
Value
 
Percent of
Net Sales
Operating profit as reported
$
1,725.8
38.2
%
$
831.5
17.2
%
Divestitures gain
(1,054.4)
(23.3)
%
-
-
%
Restructuring and transformation charges
18.3
0.4
%
2.9
0.1
%
Transaction costs
11.8
0.3
%
-
-
%
Mark-to-market effects
8.5
0.2
%
28.8
0.6
%
Acquisition integration costs
1.4
-
%
1.6
-
%
Investment activity, net
(0.2)
-
%
0.4
-
%
Project-related costs
-
-
%
0.1
-
%
Adjusted operating profit
$
711.2
15.7
%
$
865.3
17.8
%
Note: Table may not foot due to rounding.
 
For more information on the reconciling items, see the Significant Items Impacting Comparability section above.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29
Adjusted Operating Profit and Related Constant-currency Growth Rate
This measure is used in reporting
 
to our Board of Directors and
 
executive management and as a
 
component of the measurement of
 
our
performance for
 
incentive compensation purposes.
 
We
 
believe that
 
this measure provides
 
useful information
 
to investors because
 
it is
the
 
operating
 
profit
 
measure
 
we
 
use
 
to
 
evaluate
 
operating
 
profit
 
performance
 
on
 
a
 
comparable
 
year-to-year
 
basis.
 
Additionally,
 
the
measure
 
is
 
evaluated
 
on
 
a
 
constant-currency
 
basis
 
by
 
excluding
 
the
 
effect
 
that
 
foreign
 
currency
 
exchange
 
rate
 
fluctuations
 
have
 
on
year-to-year comparability given the volatility in foreign
 
currency exchange rates.
 
Our adjusted operating profit growth on a constant-currency basis is calculated
 
as follows:
 
Quarter Ended
Aug. 24, 2025
Aug. 25, 2024
Change
Operating profit as reported
$
1,725.8
$
831.5
108
%
Divestitures gain
(1,054.4)
-
Restructuring and transformation charges
18.3
2.9
Transaction costs
11.8
-
Mark-to-market effects
8.5
28.8
Acquisition integration costs
1.4
1.6
Investment activity, net
(0.2)
0.4
Project-related costs
-
0.1
Adjusted operating profit
$
711.2
$
865.3
(18)
%
Foreign currency exchange impact
Flat
Adjusted operating profit growth, on a constant-currency basis
(18)
%
Note: Table may not foot due to rounding.
For more information on the reconciling items, see the Significant Items Impacting Comparability section above.
Adjusted Diluted EPS and Related Constant-currency Growth Rate
This measure
 
is used in
 
reporting to
 
our Board of
 
Directors and executive
 
management. We
 
believe that
 
this measure provides
 
useful
information to
 
investors because it
 
is the profitability
 
measure we use
 
to evaluate earnings
 
performance on
 
a comparable year-to-year
basis.
The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted
 
EPS and the related constant-currency growth rates follows:
 
Quarter Ended
Per Share Data
Aug. 24, 2025
Aug. 25, 2024
Change
Diluted earnings per share, as reported
$
2.22
$
1.03
116
%
Divestitures gain
(1.43)
-
Restructuring and transformation charges
0.03
-
CPW asset impairments and transaction costs
0.02
-
Transaction costs
0.02
-
Mark-to-market effects
0.01
0.04
Adjusted diluted earnings per share
$
0.86
$
1.07
(20)
%
Foreign currency exchange impact
Flat
Adjusted diluted earnings per share growth, on a constant-currency basis
(20)
%
Note: Table may not foot due to rounding.
For more information on the reconciling items, see the Significant Items Impacting Comparability section above.
See our reconciliation
 
below of the effective
 
income tax rate as
 
reported to the adjusted
 
effective income tax
 
rate for the tax
 
impact of
each item affecting comparability.
 
 
 
 
 
 
 
 
 
 
 
30
Constant-currency After-tax Earnings from Joint Ventures
 
Growth Rates
 
We
 
believe that
 
this measure
 
provides useful
 
information to
 
investors because
 
it provides
 
transparency to
 
underlying performance
 
of
our joint
 
ventures by
 
excluding the
 
effect
 
that foreign
 
currency exchange
 
rate fluctuations
 
have on
 
year-to-year
 
comparability given
volatility in foreign currency exchange markets.
 
After-tax earnings from joint ventures growth rates on a constant-currency
 
basis are calculated as follows:
 
Percentage Change in
After-Tax
 
Earnings from Joint
Ventures
 
as Reported
Impact of Foreign
Currency
Exchange
Percentage Change in After-Tax
Earnings from Joint Ventures
on Constant-Currency Basis
Quarter Ended Aug. 24, 2025
(65)
%
Flat
(64)
%
Note: Table may not foot due to rounding.
Constant-currency Segment Operating Profit Growth Rates
 
We
 
believe that
 
this measure
 
provides useful
 
information to
 
investors because
 
it provides
 
transparency to
 
underlying performance
 
of
our
 
segments
 
by
 
excluding
 
the
 
effect
 
that
 
foreign
 
currency
 
exchange
 
rate
 
fluctuations
 
have
 
on
 
year-to-year
 
comparability
 
given
volatility in foreign currency exchange markets.
 
Our segments’ operating profit growth rates on a constant-currency
 
basis are calculated as follows:
 
Quarter Ended Aug. 24, 2025
Percentage Change in
Operating Profit
as Reported
Impact of Foreign
Currency
Exchange
Percentage Change in Operating
Profit on Constant-Currency
Basis
North America Retail
(24)
%
Flat
(24)
%
International
214
%
19
pts
196
%
North America Pet
(5)
%
Flat
(5)
%
North America Foodservice
(1)
%
Flat
(1)
%
Note: Table may not foot due to rounding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31
Adjusted Effective Income Tax
 
Rates
 
We
 
believe
 
this
 
measure
 
provides
 
useful
 
information
 
to
 
investors
 
because
 
it
 
presents
 
the
 
adjusted
 
effective
 
income
 
tax
 
rate
 
on
 
a
comparable year-to-year basis.
 
Adjusted effective income tax rates are calculated as follows:
 
 
Quarter Ended
 
Aug. 24, 2025
Aug. 25, 2024
In Millions
(Except Per Share Data)
Pretax
Earnings
(a)
Income
Taxes
Pretax
Earnings
(a)
Income
Taxes
As reported
$
1,608.1
$
410.9
$
721.8
$
157.4
Divestitures gain
(1,054.4)
(276.9)
-
-
Restructuring and transformation charges
18.3
4.3
2.9
0.7
Transaction costs
11.8
2.7
-
-
Mark-to-market effects
8.5
2.0
28.8
6.6
Acquisition integration costs
1.4
0.3
1.6
0.4
Investment activity, net
(0.2)
(0.1)
0.4
0.1
Project-related costs
-
-
0.1
-
As adjusted
$
593.5
$
143.2
$
755.6
$
165.3
Effective tax rate:
As reported
25.6%
21.8%
As adjusted
24.1%
21.9%
Sum of adjustments to income taxes
$
(267.7)
$
7.8
Average number
 
of common shares - diluted EPS
542.5
563.8
Impact of income tax adjustments on adjusted diluted EPS
$
0.49
$
(0.01)
Note: Table may not foot due to rounding.
(a)
Earnings before income taxes and after-tax earnings from joint ventures.
 
For more information on the reconciling items, see the Significant Items Impacting Comparability section above.
32
Glossary
AOCI
. Accumulated other comprehensive income (loss).
Adjusted diluted EPS.
 
Diluted EPS adjusted for certain items affecting year-to-year
 
comparability.
Adjusted operating profit.
 
Operating profit adjusted for certain items affecting year-to-year
 
comparability.
Adjusted operating profit
 
margin.
Operating profit adjusted
 
for certain items
 
affecting year-over-year
 
comparability,
 
divided by net
sales.
Constant currency.
 
Financial results
 
translated to
 
United States
 
dollars using
 
constant foreign
 
currency exchange
 
rates based
 
on the
rates
 
in
 
effect
 
for
 
the
 
comparable
 
prior-year
 
period.
 
To
 
present
 
this
 
information,
 
current
 
period
 
results
 
for
 
entities
 
reporting
 
in
currencies other
 
than United
 
States dollars
 
are translated
 
into United
 
States dollars
 
at the
 
average exchange
 
rates in
 
effect during
 
the
corresponding
 
period
 
of
 
the
 
prior
 
fiscal
 
year,
 
rather
 
than
 
the
 
actual
 
average
 
exchange
 
rates
 
in
 
effect
 
during
 
the
 
current
 
fiscal
 
year.
Therefore,
 
the
 
foreign
 
currency
 
impact
 
is
 
equal
 
to
 
current
 
year
 
results
 
in
 
local
 
currencies
 
multiplied
 
by
 
the
 
change
 
in
 
the
 
average
foreign currency exchange rate between the current fiscal period and the corresponding
 
period of the prior fiscal year.
 
Derivatives.
Financial instruments such
 
as futures, swaps,
 
options, and forward
 
contracts that we
 
use to manage
 
our risk arising
 
from
changes in commodity prices, interest rates, foreign exchange rates, and stock
 
prices.
Fair value
 
hierarchy.
For purposes
 
of fair
 
value measurement,
 
we categorize
 
assets and
 
liabilities into
 
one of
 
three levels
 
based on
the assumptions
 
(inputs) used
 
in valuing
 
the asset or
 
liability.
 
Level 1 provides
 
the most reliable
 
measure of
 
fair value, while
 
Level 3
generally requires significant management judgment. The three levels are
 
defined as follows:
 
Level 1:
 
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:
 
Observable inputs other than quoted prices included in
 
Level 1, such as quoted prices for similar assets or liabilities in
active markets or quoted prices for identical assets or liabilities in inactive markets.
Level 3:
 
Unobservable inputs reflecting management’s
 
assumptions about the inputs used in pricing the asset or liability.
Free cash flow.
 
Net cash provided by operating activities less purchases of land, buildings, and equipment.
Generally Accepted
 
Accounting Principles
 
(GAAP).
Guidelines, procedures,
 
and practices
 
that we
 
are required
 
to use in
 
recording
and reporting accounting information in our financial statements.
Goodwill.
The difference
 
between the purchase
 
price of acquired
 
companies plus the fair
 
value of any noncontrolling
 
and redeemable
interests and the related fair values of net assets acquired.
Gross margin.
 
Net sales less cost of sales.
Hedge accounting.
Accounting for qualifying
 
hedges that allows changes in
 
a hedging instrument’s
 
fair value to offset
 
corresponding
changes in
 
the hedged
 
item in
 
the same
 
reporting period.
 
Hedge accounting
 
is permitted
 
for certain
 
hedging instruments
 
and hedged
items
 
only
 
if
 
the
 
hedging
 
relationship
 
is
 
highly
 
effective,
 
and
 
only
 
prospectively
 
from
 
the
 
date
 
a
 
hedging
 
relationship
 
is
 
formally
documented.
Holistic Margin Management
 
(HMM).
 
Company-wide initiative to
 
use productivity savings, mix
 
management, and price realization
to offset input cost inflation, protect margins,
 
and generate funds to reinvest in sales-generating activities.
Mark-to-market.
The act of determining a value for
 
financial instruments, commodity contracts, and
 
related assets or liabilities based
on the current market price for that item.
Net
 
mark-to-market
 
valuation of
 
certain
 
commodity
 
positions.
Realized
 
and
 
unrealized
 
gains
 
and
 
losses on
 
derivative
 
contracts
that will be allocated to segment operating profit when the exposure we are hedging
 
affects earnings.
Net price realization.
The impact of list and promoted price changes, net of trade and other price
 
promotion costs.
Noncontrolling interests.
Interests of subsidiaries held by third parties.
 
 
 
33
Notional
 
amount.
The
 
amount
 
of
 
a
 
position
 
or
 
an
 
agreed
 
upon
 
amount
 
in
 
a
 
derivative
 
contract
 
on
 
which
 
the
 
value
 
of
 
financial
instruments are calculated.
OCI.
Other Comprehensive Income (Loss).
 
Organic net sales growth
. Net sales growth adjusted
 
for foreign currency translation,
 
acquisitions, divestitures and a
 
53
rd
 
fiscal week,
when applicable.
Project-related costs.
Costs incurred related to our restructuring initiatives not included in restructuring
 
charges.
Reporting unit
. An operating segment or a business one level below an operating
 
segment.
SOFR.
 
Secured Overnight Financing Rate.
Strategic
 
Revenue
 
Management
 
(SRM).
 
A
 
Company-wide
 
capability
 
focused
 
on
 
generating
 
sustainable
 
benefits
 
from
 
net
 
price
realization
 
and
 
mix
 
by
 
identifying
 
and
 
executing
 
against
 
specific
 
opportunities
 
to
 
apply
 
tools
 
including
 
pricing,
 
sizing,
 
mix
management, and promotion optimization across each of our businesses.
Supply chain
 
input costs.
 
Costs incurred
 
to produce
 
and deliver
 
product,
 
including costs
 
for
 
ingredients
 
and
 
conversion, inventory
management, logistics, and warehousing.
Translation
 
adjustments.
The impact
 
of the conversion
 
of our foreign
 
affiliates’ financial
 
statements to United
 
States dollars
 
for the
purpose of consolidating our financial statements.
 
 
 
 
 
 
 
 
 
 
 
34
CAUTIONARY STATEMENT
 
RELEVANT
 
TO FORWARD
 
-LOOKING INFORMATION
 
FOR THE PURPOSE OF “SAFE
HARBOR” PROVISIONS OF THE PRIVATE
 
SECURITIES LITIGATION
 
REFORM ACT OF 1995
This report
 
contains or
 
incorporates by
 
reference
 
forward-looking
 
statements within
 
the meaning
 
of the
 
Private Securities
 
Litigation
Reform Act
 
of 1995
 
that are
 
based on
 
our current
 
expectations and
 
assumptions. We
 
also may
 
make written
 
or oral
 
forward-looking
statements,
 
including
 
statements
 
contained
 
in
 
our
 
filings
 
with
 
the
 
Securities
 
and
 
Exchange
 
Commission
 
and
 
in
 
our
 
reports
 
to
stockholders.
The words or
 
phrases “will likely
 
result,” “are expected
 
to,” “may continue,”
 
“is anticipated,” “estimate,”
 
“plan,” “project,” or
 
similar
expressions identify
 
“forward-looking statements”
 
within the
 
meaning of
 
the Private
 
Securities Litigation
 
Reform Act
 
of 1995.
 
Such
statements are
 
subject to
 
certain risks
 
and uncertainties
 
that could
 
cause actual
 
results to
 
differ
 
materially from
 
historical results
 
and
those currently anticipated or projected. We
 
caution you not to place undue reliance on any such forward-looking statements.
In connection
 
with the “safe
 
harbor” provisions
 
of the Private
 
Securities Litigation
 
Reform Act of
 
1995, we are
 
identifying important
factors
 
that could
 
affect
 
our financial
 
performance
 
and could
 
cause our
 
actual results
 
in future
 
periods
 
to differ
 
materially
 
from any
current opinions or statements.
Our future results could
 
be affected by a
 
variety of factors, such
 
as: imposed and threatened
 
tariffs by the United
 
States and its trading
partners; disruptions
 
or inefficiencies
 
in the
 
supply chain;
 
competitive
 
dynamics in
 
the consumer
 
foods industry
 
and the
 
markets for
our
 
products,
 
including
 
new
 
product
 
introductions,
 
advertising
 
activities,
 
pricing
 
actions,
 
and
 
promotional
 
activities
 
of
 
our
competitors;
 
economic
 
conditions,
 
including
 
changes
 
in
 
inflation
 
rates,
 
interest
 
rates,
 
tax
 
rates,
 
tariffs,
 
or
 
the
 
availability
 
of
 
capital;
product development
 
and innovation;
 
consumer acceptance
 
of new products
 
and product improvements;
 
consumer reaction
 
to pricing
actions and
 
changes in
 
promotion levels;
 
acquisitions or
 
dispositions of
 
businesses or
 
assets; changes
 
in capital
 
structure; changes
 
in
the legal and
 
regulatory environment, including
 
tax legislation, labeling
 
and advertising regulations,
 
and litigation; impairments
 
in the
carrying value
 
of goodwill, other
 
intangible assets,
 
or other long
 
-lived assets, or
 
changes in the
 
useful lives of
 
other intangible assets;
changes
 
in accounting
 
standards
 
and
 
the impact
 
of critical
 
accounting
 
estimates; product
 
quality
 
and
 
safety issues,
 
including
 
recalls
and
 
product
 
liability;
 
changes
 
in
 
consumer
 
demand
 
for
 
our
 
products;
 
effectiveness
 
of
 
advertising,
 
marketing,
 
and
 
promotional
programs; changes in
 
consumer behavior,
 
trends, and preferences, including
 
weight loss trends; consumer
 
perception of health-related
issues, including obesity; consolidation
 
in the retail environment; changes
 
in purchasing and inventory
 
levels of significant customers;
fluctuations
 
in
 
the
 
cost
 
and
 
availability
 
of
 
supply
 
chain
 
resources,
 
including
 
raw
 
materials,
 
packaging,
 
energy,
 
and
 
transportation;
effectiveness of
 
restructuring, transformation,
 
and cost
 
saving initiatives;
 
volatility in
 
the market
 
value of
 
derivatives used
 
to manage
price risk for certain
 
commodities; benefit plan expenses
 
due to changes in plan
 
asset values and discount
 
rates used to determine plan
liabilities; failure or
 
breach of our
 
information technology systems;
 
foreign economic
 
conditions, including
 
currency rate fluctuations;
and political unrest in foreign markets and economic uncertainty
 
due to terrorism or war.
You
 
should also
 
consider the risk
 
factors that we
 
identify in Item
 
1A of Part
 
I of our
 
Annual Report on
 
Form 10-K for
 
the fiscal year
ended May 25, 2025, which could also affect our future results.
We undertake
 
no obligation to publicly revise any forward-looking
 
statements to reflect events or circumstances
 
after the date of those
statements or to reflect the occurrence of anticipated or unanticipated events.
Item 3.
 
Quantitative and Qualitative Disclosures About Market Risk.
 
The
 
estimated
 
maximum
 
potential
 
value-at-risk
 
arising
 
from
 
a
 
one-day
 
loss
 
in
 
fair
 
value
 
for
 
our
 
interest
 
rate,
 
foreign
 
exchange,
commodity, and equity
 
market-risk-sensitive instruments outstanding as of August 24, 2025,
 
was as follows:
 
In Millions
One-day Risk
of Loss
Change During
Quarter Ended
Aug. 24, 2025
Analysis of Change
Interest rate instruments
$
41
$
(5)
Decrease in interest rate volatility
Foreign currency instruments
54
3
Immaterial
Commodity instruments
2
(1)
Immaterial
Equity instruments
3
-
Immaterial
For additional information, see Item 7A of Part II of our Annual Report on Form 10-K
 
for the fiscal year ended May 25, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35
Item 4.
 
Controls and Procedures.
 
We,
 
under the
 
supervision and
 
with the
 
participation of
 
our management,
 
including our
 
Chief Executive
 
Officer and
 
Chief Financial
Officer,
 
have
 
evaluated
 
the
 
effectiveness
 
of
 
the design
 
and
 
operation
 
of
 
our
 
disclosure
 
controls
 
and
 
procedures
 
(as
 
defined
 
in
 
Rule
13a-15(e)
 
under
 
the
 
Securities
 
Exchange
 
Act
 
of
 
1934).
 
Based
 
on
 
our
 
evaluation,
 
our
 
Chief
 
Executive
 
Officer
 
and
 
Chief
 
Financial
Officer have
 
concluded that,
 
as of
 
August 24,
 
2025, our
 
disclosure controls
 
and procedures
 
were effective
 
to ensure
 
that information
required to
 
be disclosed
 
by us
 
in reports
 
that we file
 
or submit
 
under the
 
Securities Exchange
 
Act of
 
1934 is (1)
 
recorded, processed,
summarized,
 
and
 
reported
 
within
 
the
 
time
 
periods
 
specified
 
in
 
Securities
 
and
 
Exchange
 
Commission
 
rules
 
and
 
forms,
 
and
 
(2)
accumulated and
 
communicated to
 
our management,
 
including our
 
Chief Executive
 
Officer and
 
Chief Financial
 
Officer,
 
in a
 
manner
that allows timely decisions regarding required disclosure.
There were no changes in our internal
 
control over financial reporting (as defined
 
in Rule 13a-15(f) under the Securities Exchange
 
Act
of 1934)
 
during the
 
quarter ended
 
August 24,
 
2025, that
 
materially affected,
 
or are reasonably
 
likely to
 
materially affect,
 
our internal
control over financial reporting.
PART
 
II.
 
OTHER INFORMATION
Item 2.
 
Unregistered Sales of Equity Securities and Use of Proceeds.
 
The
 
following
 
table
 
sets forth
 
information
 
with
 
respect
 
to
 
shares
 
of
 
our
 
common
 
stock
 
that we
 
purchased
 
during
 
the quarter
 
ended
August 24, 2025:
Period
Total
 
Number
 
of Shares
Purchased (a)
Average
Price Paid
Per Share (b)
Total
 
Number of Shares
Purchased as Part of a Publicly
Announced Program (c)
Maximum Number of Shares
that may yet be Purchased
Under the Program (c)
May 26, 2025 -
June 29, 2025
-
$
-
-
36,918,163
June 30, 2025 -
July 27, 2025 (d)
7,520,212
49.92
7,520,212
29,397,951
July 28, 2025 -
 
August 24, 2025 (d)
1,199,631
50.41
1,199,631
28,198,320
Total
8,719,843
$
49.99
8,719,843
28,198,320
(a)
 
The total number
 
of shares purchased
 
includes shares of
 
common stock withheld
 
for the payment
 
of withholding taxes
 
upon the distribution
 
of
deferred option units.
(b)
 
Excludes commissions paid and other costs of execution, including excise taxes.
(c)
 
On June
 
27, 2022,
 
our Board
 
of Directors approved
 
an authorization
 
for the
 
repurchase of
 
up to
 
100,000,000 shares of
 
our common stock
 
and
terminated the
 
prior authorization.
 
Purchases can
 
be made
 
in the
 
open market
 
or in
 
privately negotiated
 
transactions, including
 
the use
 
of call
options
 
and
 
other
 
derivative
 
instruments,
 
Rule
 
10b5-1
 
trading
 
plans,
 
and
 
accelerated
 
repurchase
 
programs.
 
The
 
Board
 
did
 
not
 
specify
 
an
expiration date for the authorization.
(d)
 
In the
 
first quarter
 
of fiscal
 
2026, we
 
entered into
 
two accelerated
 
share repurchase
 
(ASR) agreements
 
with an
 
unrelated third-party
 
financial
institution to repurchase an aggregate of $500.0 million of our
 
shares. We paid
 
an aggregate of $500.0 million and received an initial delivery of
7.5 million
 
shares of
 
our common stock
 
based on
 
the closing
 
share price of
 
our common
 
stock on July
 
1, 2025.
 
The value
 
of the
 
initial shares
delivered under the
 
ASR agreements represented 80
 
percent of the
 
aggregate purchase price,
 
with a fair value
 
of $400.0 million.
 
The first ASR
agreement was
 
settled on
 
August 4,
 
2025, with
 
a final
 
delivery of
 
1.2 million
 
additional shares.
 
The final
 
average purchase
 
price for
 
the first
ASR
 
agreement
 
was
 
$50.41
 
per
 
share,
 
not
 
including
 
costs
 
of
 
execution
 
or
 
excise
 
tax.
 
The
 
final
 
settlement
 
of
 
the
 
second
 
ASR
 
agreement
occurred on August
 
29, 2025, during
 
the second quarter
 
of fiscal 2026,
 
with a final
 
delivery of 1.3
 
million additional shares.
 
The final average
purchase price for the second ASR agreement was $49.45 per share, not including costs of execution or excise tax.
 
Item 5.
 
Other Information.
 
During the fiscal
 
quarter ended August
 
24, 2025, no
 
director or officer
 
of the Company
adopted
 
or
terminated
 
a “Rule 10b5-1
 
trading
arrangement” or “
non-Rule
10b5-1
 
trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
 
36
PART
 
II. OTHER INFORMATION
Item 6.
Exhibits.
 
10.1
 
10.2
 
10.3
 
31.1
 
31.2
 
32.1
 
32.2
 
101
Financial
 
Statements
 
from
 
the Quarterly
 
Report
 
on Form
 
10-Q
 
of the
 
Company
 
for
 
the quarter
 
ended
 
August
 
24,
2025,
 
formatted
 
in
 
Inline
 
Extensible
 
Business
 
Reporting
 
Language:
 
(i)
 
Consolidated
 
Statements
 
of
 
Earnings;
 
(ii)
Consolidated
 
Statements
 
of
 
Comprehensive
 
Income,
 
(iii)
 
Consolidated
 
Balance
 
Sheets;
 
(iv)
 
Consolidated
Statements of
 
Total
 
Equity; (v)
 
Consolidated Statements
 
of Cash
 
Flows; and
 
(vi) Notes
 
to Consolidated
 
Financial
Statements.
 
104
Cover Page, formatted in Inline Extensible Business Reporting Language
 
and contained in Exhibit 101.
 
 
37
SIGNATURES
Pursuant
 
to
 
the
 
requirements
 
of
 
the
 
Securities
 
Exchange
 
Act
 
of
 
1934,
 
the
 
registrant
 
has
 
duly
 
caused
 
this
 
report
 
to
 
be
 
signed
 
on
 
its
behalf by the undersigned thereunto duly authorized.
 
GENERAL MILLS, INC.
(Registrant)
Date: September 17, 2025
/s/ Mark A. Pallot
Mark A. Pallot
Vice President, Chief Accounting
 
Officer
(Principal Accounting Officer and Duly Authorized
 
Officer)
 
 
1
Exhibit 10.1
GENERAL MILLS, INC.
PERFORMANCE STOCK UNIT AWARD
 
AGREEMENT
GRANT DATE:
PARTICIPANT:
[Officer]
PERNR:
TARGET NUMBER OF
 
UNITS SUBJECT TO
AWARD:
PERFORMANCE PERIOD:
EXPIRATION DATE
 
OF RESTRICTED
PERIOD:
This Award
 
is made
 
under the
 
General Mills,
 
Inc. 2022
 
Stock Compensation
 
Plan (the
 
"Plan"), and
 
is subject
 
to the
terms
 
and
 
conditions
 
contained
 
in
 
the
 
Plan
 
document
 
and
 
this
 
Performance
 
Stock
 
Unit
 
Award
 
Agreement
(“Agreement”).
 
The Participant: (i) acknowledges receipt of a copy
 
of the Plan and Plan
 
prospectus, (ii) represents that
the Participant
 
has carefully
 
read and
 
is familiar
 
with the provisions
 
of this
 
Agreement and
 
the Plan, and
 
(iii) hereby
accepts the Performance
 
Stock Units subject to
 
all of the terms
 
and conditions set forth
 
herein, and in
 
the Plan.
 
If the
Participant does
 
not wish to
 
receive the
 
Performance Stock
 
Units and/or
 
does not
 
consent and
 
agree to
 
the terms and
conditions
 
on
 
which the
 
Performance
 
Stock Units
 
are
 
offered,
 
as
 
set
 
forth
 
in this
 
Agreement
 
and
 
the
 
Plan, then
 
the
Participant must reject this Award via the website of the Company’s designated broker,
 
no later than 60 days following
the
 
Grant
 
Date.
 
If the
 
Participant rejects
 
this Award,
 
this Award
 
will immediately
 
be forfeited
 
and
 
cancelled.
 
The
Participant’s
 
failure to
 
reject this
 
Award
 
within this
 
60 day
 
period will
 
constitute the
 
Participant’s
 
acceptance of
 
this
Award and all terms
 
and conditions of this Award,
 
as set forth in this Agreement and the Plan.
THIS
 
AWARD,
 
dated
 
on
 
the
 
above
 
Grant
 
Date,
 
is made
 
by
 
General
 
Mills,
 
Inc.,
 
(the
 
"Company"),
 
and
 
made
 
to
 
the
 
person
named above (the "Participant" or referred
 
to as “I”, “you”, or “my”) (“Award”).
1.
Award
 
of Units.
 
Each unit awarded
 
represents the right
 
to receive one
 
share of the
 
Company common stock,
 
par value USD
0.10 per share
 
(“Stock”). The units
 
granted pursuant to
 
this Agreement are referred
 
to as the “Performance
 
Stock Units”. The
number of Performance Stock Units
 
earned by the Participant
 
for the Performance Period will
 
be determined at the
 
end of the
Performance Period
 
based on
 
the level
 
of achievement
 
against the
 
Performance Measures
 
and conditions
 
in accordance
 
with
Attachment A. The
 
number of shares of
 
Stock the Participant is
 
paid is dependent
 
on the number of
 
Performance Stock Units
earned and satisfactory completion of the
 
service requirements described herein. Whether, and the
 
extent to which Performance
Measures have been satisfied at the end of the Performance Period shall be certified by the Compensation & Talent Committee
before any payment
 
is made, and
 
all such determinations
 
shall be made
 
by the Compensation
 
& Talent
 
Committee in its
 
sole
discretion. For
 
each Performance
 
Stock Unit
 
earned and
 
vested, if
 
any,
 
at the
 
Expiration Date
 
of the
 
Restricted Period,
 
one
share of the Company’s
 
Stock shall be issued to the Participant
 
on the Expiration Date of the Restricted
 
Period, subject to any
additional restrictions
 
or holding
 
requirements in
 
Attachment A.
 
Except as
 
otherwise defined
 
herein, capitalized
 
terms shall
have the same meanings ascribed to them under the Plan.
2.
Vesting of
 
Performance Stock Units; Forfeiture of Performance
 
Stock Units.
(a)
Vesting
 
Schedule
. The Performance
 
Stock Units shall
 
vest on the
 
Expiration Date of
 
the Restricted Period
 
set forth
above (“Vesting
 
Date”) subject to the terms of this Agreement and the Plan.
(b)
Forfeiture
 
of Performance
 
Stock Units
. The
 
Participant acknowledges
 
that the
 
Performance Stock
 
Units awarded
hereunder are
 
subject to forfeiture
 
if the Participant’s
 
employment with
 
the Company
 
or any subsidiary
 
or affiliated
companies terminates under certain circumstances before the Vesting
 
Date, as herein provided.
(i)
Resignation or Termination
 
for Cause.
 
If the Participant’s employment with the Company or any subsidiary
or affiliated
 
companies is terminated
 
by either (i)
 
resignation, or (ii)
 
a discharge
 
due to Participant’s
 
illegal
activities, poor
 
work performance,
 
misconduct or
 
violation of the
 
Company’s
 
Code of Conduct,
 
policies or
 
 
2
practices, then
 
these Performance
 
Stock Units, to
 
the extent
 
they are not
 
fully vested
 
as of the
 
Termination
Date,
 
shall
 
for
 
no
 
consideration
 
be
 
cancelled
 
and
 
forfeited
 
in
 
their
 
entirety.
 
For
 
the
 
avoidance
 
of
 
doubt,
“Termination Date” for purposes of this Award will be deemed to occur as
 
of the date Participant
 
is no longer
actively
 
providing
 
services
 
as
 
an
 
employee,
 
unless
 
otherwise
 
determined
 
by
 
the
 
Company
 
in
 
its
 
sole
discretion,
 
and no
 
vesting shall
 
continue
 
during any
 
notice period
 
that may
 
be specified
 
under contract
 
or
applicable law
 
with respect
 
to such
 
termination,
 
including any
 
“garden leave”
 
or similar
 
period,
 
except as
may otherwise be permitted in the Company’s
 
sole discretion.
(ii)
Involuntary Termination.
 
If the Participant’s
 
employment with the Company
 
or any subsidiary or
 
affiliated
companies terminates
 
involuntarily at
 
the initiation
 
of the
 
Company for
 
any reason
 
other than
 
specified in
Plan
 
Section
 
11
 
(Change
 
in Control),
 
or (i),
 
(iv)
 
or (v)
 
in this
 
section
 
2, and
 
upon the
 
execution
 
(without
revoking) of an effective general legal release and such other documents
 
as are satisfactory to the Company,
the unvested Restricted Stock Units
 
that are in the tranche
 
with a Scheduled Vesting
 
Date within 12 months
of
 
the
 
Termination
 
Date
 
shall
 
vest,
 
in
 
an
 
amount
 
equal
 
to
 
the
 
pro-rata
 
amount
 
based
 
on
 
employment
completed during
 
the relevant
 
12 month
 
tranche vesting
 
period. All
 
other unvested
 
Restricted Stock
 
Units
shall be forfeited as of
 
the Termination
 
Date. All Restricted Stock
 
Units that vest under
 
this paragraph shall
be paid on the respective Scheduled Vesting
 
Date otherwise applicable to such tranche.
(iii)
Death.
 
If a Participant
 
dies while employed by
 
the Company or any
 
subsidiary or affiliated companies during
the Performance Period, this Award
 
shall fully vest and shall be considered to be earned in full “at target” as
if the applicable Performance
 
Measures established in Attachment A
 
have been achieved at
 
target, and settled
and paid on the first day of the month following death to the designated beneficiary
 
or beneficiaries.
(iv)
Retirement
.
 
If the
 
termination of
 
employment is
 
due to
 
the Participant’s
 
retirement on
 
or after
 
age 55
 
and
completion of at
 
least five (5) years
 
of service with
 
the Company or any
 
subsidiary or affiliated
 
companies,
then
 
if
 
such
 
retirement
 
occurs
 
before
 
the end
 
of
 
the
 
Company’s
 
fiscal
 
year
 
within
 
which
 
this Award
 
was
granted, it shall vest in
 
a pro-rata amount based on actual
 
employment completed during said fiscal year.
 
But
if such
 
retirement occurs
 
after the
 
end of
 
the fiscal
 
year in
 
which it
 
is awarded,
 
then it
 
shall vest
 
fully.
 
In
either case, vested Performance Stock Units shall be settled
 
and paid on the Expiration Date of the Restricted
Period (subject to any additional restrictions or holding requirements
 
in Attachment A), with a value, if any,
that
 
otherwise
 
would
 
be
 
earned
 
under
 
the
 
applicable
 
Performance
 
Measures
 
established
 
in
 
Attachment
 
A
based on actual performance.
 
Notwithstanding the above, the
 
terms of this paragraph (iv) shall
 
not apply to
a Participant who, prior to a Change
 
of Control, is terminated for cause as
 
described in (b)(i); said Participant
shall be treated as provided in paragraph (b)(i).
(v)
Spin-offs
 
and
 
Other
 
Divestitures.
 
If
 
the
 
termination
 
of
 
employment
 
is
 
due
 
to
 
the
 
divestiture,
 
cessation,
transfer,
 
or
 
spin-off
 
of
 
a
 
line
 
of
 
business
 
or
 
other
 
activity
 
of
 
the
 
Company,
 
the
 
Committee,
 
in
 
its
 
sole
discretion, shall determine the conversion,
 
vesting, or other treatment of these
 
Awards.
 
Such treatment shall
be consistent
 
with Code
 
Section 409A,
 
and in
 
particular will
 
take into
 
account whether
 
a separation
 
from
service has occurred within the meaning of Code Section 409A.
3.
Dividend Equivalents.
 
Subject to
 
any applicable
 
provisions in
 
Attachment A,
 
any dividends
 
or other
 
distributions declared
payable on
 
the Company’s
 
Stock on or
 
after the Grant
 
Date of this
 
Award
 
until the Award
 
is settled and/or
 
forfeited shall be
credited
 
notionally
 
to the
 
Participant in
 
an amount
 
equal
 
to such
 
declared
 
dividends
 
or other
 
distributions
 
on an
 
equivalent
number of shares of Stock (“Dividend Equivalents”).
 
Dividend Equivalents so credited shall be paid if, and only to the extent,
the underlying Performance Stock
 
Units to which they relate become
 
unrestricted and vest, as provided under
 
the terms of the
Plan and
 
this Agreement.
 
Dividend
 
Equivalents credited
 
in respect
 
to Performance
 
Stock Units
 
that are
 
forfeited
 
under the
terms of the Plan and this document, are correspondingly forfeited.
 
No interest or other earnings shall be credited on Dividend
Equivalents.
 
Vested
 
Dividend Equivalents shall be paid in cash at the same time as the
 
underlying Performance Stock Units to
which they relate are settled.
4.
Settlement of Performance Stock Units.
 
Upon vesting of the Performance Stock Units, settlement
 
shall be completed as soon
as administratively practicable but in no event later than 30 days after the vesting date, except where such settlement following
a Section 409A
 
Separation from Service
 
requires a six-month
 
delay.
 
The Company will
 
provide for settlement
 
in the form
 
of
shares of Stock. At the Company’s discretion, additional
 
restrictions or holding requirements may be imposed on settled Units
and dividend equivalents, if any.
 
 
 
 
3
5.
Non-Transferability
.
 
The
 
Performance
 
Stock
 
Units
 
may
 
not
 
be
 
sold,
 
assigned,
 
pledged,
 
exchanged,
 
hypothecated,
encumbered, disposed of, or otherwise transferred, unless otherwise provided in the Plan
 
or this Agreement.
 
Upon any attempt
to transfer,
 
assign, pledge, hypothecate
 
or otherwise dispose
 
of the Performance
 
Stock Units or
 
of such rights
 
contrary to the
provisions hereof or in the Plan, the Performance Stock Units and such rights shall immediately
 
become null and void.
6.
Withholding of
 
Tax.
 
The Participant
 
acknowledges that,
 
regardless of
 
any action
 
taken by
 
the Company
 
or, if
 
different, the
subsidiary or affiliated company that employs
 
the Participant (the “Employer”), the ultimate liability for all income
 
tax, social
contributions,
 
payroll tax,
 
fringe benefits
 
tax, payment
 
on account,
 
hypothetical
 
tax or
 
other tax-related
 
items related
 
to the
Participant’s participation
 
in the Plan and
 
legally applicable to the
 
Participant or deemed by
 
the Company or the
 
Employer in
their discretion to be an appropriate charge to the Participant even if
 
legally applicable to the Company or the Employer (“Tax-
Related Items”), is and remains the Participant’s
 
responsibility and may exceed the amount actually withheld by the Company
or
 
the
 
Employer,
 
if
 
any.
 
The
 
Participant
 
further
 
acknowledges
 
that
 
the
 
Company
 
and/or
 
the
 
Employer
 
(a)
 
make
 
no
representations
 
or
 
undertakings
 
regarding
 
the
 
treatment
 
of
 
any
 
Tax-Related
 
Items
 
in
 
connection
 
with
 
any
 
aspect
 
of
 
the
Performance
 
Stock
 
Units,
 
including,
 
but
 
not
 
limited
 
to,
 
the
 
grant,
 
vesting,
 
the
 
subsequent
 
sale
 
of
 
shares
 
of
 
Stock
 
acquired
pursuant to such vesting and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the
terms of the grant
 
or any aspect of
 
the Performance Stock Units
 
to reduce or eliminate the
 
Participant’s liability for Tax-Related
Items or achieve any
 
particular tax result.
 
Further, if the Participant
 
is subject to
 
Tax-Related Items in more than
 
one jurisdiction
between
 
the
 
Grant
 
Date
 
and
 
the
 
date
 
of
 
any
 
relevant
 
taxable
 
or
 
tax
 
withholding
 
event,
 
as
 
applicable,
 
the
 
Participant
acknowledges
 
that
 
the
 
Company
 
and/or
 
the
 
Employer
 
(or
 
former
 
employer,
 
as
 
applicable)
 
may
 
be
 
required
 
to
 
withhold
 
or
account for Tax
 
-Related Items in more than one jurisdiction.
Prior
 
to
 
the
 
relevant
 
taxable or
 
tax
 
withholding
 
event,
 
as applicable,
 
the
 
Participant
 
agrees to
 
make
 
adequate
 
arrangements
satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, unless otherwise approved by
the Committee, the Company shall
 
satisfy the obligations with
 
regard to all Tax
 
-Related Items by one or
 
a combination of the
following:
 
(i) withholding
 
from the
 
Participant’s
 
wages or
 
other cash
 
compensation paid
 
to the
 
Participant by
 
the Company
and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Performance Stock Units
or other awards granted to the Participant or (iii) permitting the Participant to tender to the Company cash or,
 
if allowed by the
Committee, shares of Stock.
Depending on the withholding
 
method, the Company may
 
withhold or account
 
for Tax-Related Items by considering applicable
statutory
 
withholding
 
rates
 
(as
 
determined
 
by
 
the
 
Company
 
in
 
good
 
faith
 
and
 
in
 
its
 
sole
 
discretion)
 
or
 
other
 
applicable
withholding rates, including maximum applicable
 
rates, in which case
 
the Participant will receive
 
a refund of
 
any over-withheld
amount and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding
from
 
the
 
shares
 
of
 
Stock
 
to
 
be
 
delivered
 
upon
 
vesting
 
of
 
the
 
Performance
 
Stock
 
Units,
 
for
 
tax
 
purposes,
 
the
 
Participant
 
is
deemed to have been issued
 
the full number of shares of
 
Stock subject to the Performance Stock
 
Units, notwithstanding that a
number of shares
 
of Stock are held
 
back solely for the
 
purpose of paying the
 
Tax-Related
 
Items. The Participant
 
will have no
further rights with respect to any shares of Stock that are retained by the Company
 
pursuant to this provision.
The
 
Participant
 
agrees
 
to pay
 
to
 
the Company
 
or the
 
Employer
 
any
 
amount of
 
Tax-Related
 
Items
 
that the
 
Company
 
or the
Employer may
 
be required
 
to withhold
 
or account
 
for as
 
a result
 
of the
 
Participant’s
 
participation in
 
the Plan
 
that cannot
 
be
satisfied by the means previously described. The Company may refuse to issue or deliver shares of Stock or proceeds from the
sale of
 
shares of
 
Stock until
 
arrangements satisfactory
 
to the
 
Company have
 
been made
 
in connection
 
with the
 
Tax-Related
Items.
7.
Restrictive Covenants; Confidential Information; Work Product.
 
The Participant agrees to cooperate with the Company in
any way needed in order to comply with, or fulfill the terms of the Plan and this Award
 
document.
 
As a term and condition of
this Award,
 
Participant agrees to the following terms:
 
a.
I agree
 
to use
 
General Mills
 
Confidential Information
 
only as
 
needed in
 
the performance
 
of my
 
duties, to
 
hold and
protect such information
 
as confidential to the
 
Company,
 
and not to engage
 
in any unauthorized use
 
or disclosure of
such
 
information
 
for
 
so
 
long
 
as
 
such
 
information
 
qualifies
 
as
 
Confidential
 
Information.
 
I
 
agree
 
that
 
after
 
my
employment with
 
the Company
 
terminates for
 
any reason,
 
including “retirement”
 
as that
 
term is
 
used in
 
the Plan,
 
I
will not
 
use or
 
disclose, directly
 
or indirectly,
 
Company Confidential
 
Information or
 
trade secrets
 
for any
 
purpose,
unless I get the prior written consent of my manager to do so.
This document does
 
not prevent me from
 
filing a complaint with
 
a government agency
 
(including the Securities
 
and
Exchange
 
Commission,
 
Department
 
of
 
Justice,
 
Equal
 
Employment
 
Opportunity
 
Commission
 
and
 
others)
 
or
 
from
 
4
participating
 
in
 
an
 
agency
 
proceeding.
 
This
 
document
 
also
 
does
 
not
 
prevent
 
me
 
from
 
providing
 
an
 
agency
 
with
information, including this document,
 
unless such information is legally
 
protected from disclosure to
 
third parties.
 
I
do not need prior company authorization to take these actions, nor must
 
I notify the company I have done so.
Also, as
 
provided in
 
18 U.S.C.
 
1833(b), I cannot
 
be held
 
criminally or civilly
 
liable under any
 
federal or state
 
trade
secret law for
 
making a trade secret
 
disclosure: (A) in
 
confidence to a
 
federal, state, or
 
local government official, either
directly or
 
indirectly,
 
or to
 
an attorney,
 
solely for
 
the purpose
 
of reporting
 
or investigating
 
a suspected
 
violation of
law; or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing
 
is made under seal.
General
 
Mills
 
Confidential
 
Information
 
means
 
any
 
non-public
 
information
 
I
 
create,
 
receive,
 
use
 
or
 
observe
 
in
 
the
performance
 
of
 
my
 
job
 
at
 
General
 
Mills,
 
including
 
trade
 
secrets.
 
Examples
 
of
 
Confidential
 
Information
 
include
marketing,
 
merchandising,
 
business
 
plans,
 
business
 
methods,
 
pricing,
 
purchasing,
 
licensing,
 
contracts,
 
employee,
supplier
 
or
 
customer
 
information,
 
customer,
 
vendor
 
or
 
partner
 
client
 
or
 
contact
 
lists,
 
financial
 
data,
 
technological
developments, manufacturing processes
 
and specifications, product
 
formulas, ingredient specifications,
 
software code,
and all other proprietary information which is not publicly available to others.
Prior to leaving the Company, I agree to return all materials in my possession containing Confidential Information, as
well
 
as
 
all
 
other
 
documents
 
and
 
other
 
tangible
 
items
 
provided
 
to
 
me
 
by
 
General
 
Mills,
 
or
 
developed
 
by
 
me
 
in
connection with my employment with the Company.
b.
I agree to promptly tell General Mills about any ideas, concepts, improvements,
 
designs, inventions, discoveries, and
creative works (collectively,
 
“Work Product”)
 
which I conceive or create during my
 
employment with General Mills
which relate to General Mills’ businesses.
I further agree to immediately,
 
automatically and irrevocably assign,
 
and hereby do assign, to
 
General Mills any and
all intellectual property rights in and
 
to such Work Product, and all such intellectual
 
property rights shall be solely
 
and
exclusively owned by General
 
Mills.
 
“Intellectual property rights” means patent
 
rights, copyrights, trade secret
 
rights,
trade dress rights, trademark rights and all comparable rights throughout
 
the world.
During my employment
 
with General Mills
 
and anytime
 
thereafter, I
 
will take all
 
necessary steps, at
 
General Mills’
request and expense, but without further compensation to me, to execute any instruments necessary to enable General
Mills or General Mills’ nominee to register intellectual property rights throughout
 
the world.
After I leave
 
General Mills, I
 
agree to help
 
General Mills
 
in every way
 
possible in any
 
government or legal
 
proceedings
pertaining to any General Mills intellectual property rights.
c.
[
This Section 7.c. does not apply to
 
California, Colorado, Minnesota, and Washington -based employees.
] I agree that
for one year
 
after I leave
 
the Company,
 
including retiring from
 
the Company,
 
I will not work
 
on any product,
 
brand
category, process,
 
or service: (A) on which I worked, or
 
about which I had access to Confidential
 
Information, in the
year immediately preceding my termination (including retirement) from General Mills, and (B) which competes
 
with
General Mills products, brand categories, processes, or related services.
 
d.
I agree that for one year after I leave General Mills, including
 
retiring from the Company,
 
I will refrain from directly
or indirectly soliciting
 
Company employees for
 
the purpose of
 
hiring them or
 
inducing them to
 
leave their employment
with the Company.
e.
I agree
 
that after
 
I leave
 
General Mills,
 
including retiring
 
from the
 
Company,
 
I will
 
indefinitely refrain
 
from using
Company client or contact lists, and for two years I will refrain from soliciting the Company’s
 
customers.
A breach of the
 
obligations set forth in
 
this paragraph may result
 
in the rescission of
 
the Award,
 
termination and forfeiture
 
of
any
 
unvested
 
Units,
 
and/or
 
required
 
payment
 
to
 
the
 
Company
 
of
 
all
 
or
 
a
 
portion
 
of
 
any
 
monetary
 
gains
 
acquired
 
by
 
the
Participant as a result of the Award, unless the Award
 
vested and was settled more than four (4) years prior to the breach.
 
The
foregoing remedies are in addition to, and not in lieu of injunctive relief and/or any other legal or equitable remedies available
under applicable law.
8.
Nature of Grant.
 
In accepting the Performance Stock Units, the Participant acknowledges and agrees that:
 
5
(a)
the Plan
 
is established
 
voluntarily by
 
the Company,
 
it is
 
discretionary
 
in nature
 
and it
 
may be
 
modified, amended,
suspended or terminated by the Company,
 
in its sole discretion, at any time (subject to any limitations set forth in the
Plan);
(b)
the grant of the Performance Stock Units
 
is voluntary and occasional and does
 
not create any contractual or other
 
right
to
 
receive
 
future
 
grants
 
of
 
Performance
 
Stock
 
Units,
 
or
 
benefits
 
in
 
lieu
 
of
 
Performance
 
Stock
 
Units,
 
even
 
if
Performance Stock Units s or other awards have been granted in the past;
(c)
all decisions with respect to future awards, if any,
 
will be at the sole discretion of the Company;
(d)
the Participant’s participation
 
in the Plan is voluntary;
(e)
the Performance Stock
 
Units and the
 
Participant’s participation
 
in the Plan
 
shall not create
 
a right to
 
employment or
be interpreted as forming an employment contract with the
 
Company or any of its Subsidiaries or
 
affiliated companies
and shall not
 
interfere with the
 
ability of the
 
Company or the
 
Employer,
 
as applicable, to
 
terminate the
 
Participant’s
employment relationship (as otherwise may be permitted under local law);
(f)
unless
 
otherwise
 
agreed
 
with
 
the
 
Company,
 
the
 
Performance
 
Stock
 
Units
 
and
 
any
 
shares
 
of
 
Stock
 
acquired
 
upon
vesting of the Performance Stock Units, and the income from and value of same, are not granted as consideration for,
or
 
in
 
connection
 
with,
 
any
 
service
 
the
 
Participant
 
may
 
provide
 
as
 
a
 
director
 
of
 
any
 
subsidiary
 
or
 
affiliate
 
of
 
the
Company;
(g)
the Performance Stock Units
 
and any shares of Stock
 
acquired under the Plan and
 
the income and value
 
of same, are
not
 
part
 
of
 
normal
 
or
 
expected
 
compensation
 
for
 
purposes
 
of
 
calculating
 
any
 
severance,
 
resignation,
 
termination,
redundancy,
 
dismissal,
 
end-of-service
 
payments,
 
bonuses,
 
long-service
 
awards,
 
pension
 
or
 
retirement
 
or
 
welfare
benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past
services for the Company,
 
the Employer or any subsidiary
 
or affiliate of the Company;
(h)
the future value
 
of the shares
 
of Stock
 
underlying the Performance
 
Stock Units is
 
unknown, indeterminable, and cannot
be predicted with certainty;
 
(i)
upon vesting of the Performance Stock Units, the value of such shares of
 
Stock may increase or decrease in value;
 
(j)
no
 
claim
 
or
 
entitlement
 
to
 
compensation
 
or
 
damages
 
shall
 
arise
 
from
 
forfeiture
 
of
 
the
 
Performance
 
Stock
 
Units
resulting from termination
 
of the Participant’s
 
employment (for any
 
reason whatsoever and
 
whether or not in
 
breach
of local labor laws or later found invalid) and, in consideration of the Performance Stock Units, the Participant agrees
not to institute any claim against the Company or the Employer;
(k)
the Performance Stock Units and
 
the benefits evidenced by
 
this Agreement do not
 
create any entitlement not
 
otherwise
specifically
 
provided
 
for
 
in the
 
Plan or
 
provided
 
by the
 
Company
 
in its
 
discretion,
 
to have
 
the Performance
 
Stock
Units
 
or
 
any
 
such
 
benefits
 
transferred
 
to,
 
or
 
assumed
 
by,
 
another
 
company,
 
nor
 
to
 
be
 
exchanged,
 
cashed
 
out
 
or
substituted for, in connection with any corporate
 
transaction affecting the shares of Stock; and
(l)
neither the Company
 
nor any of its
 
Subsidiaries or affiliated
 
companies shall be
 
liable for any
 
foreign exchange rate
fluctuation between the
 
Participant’s local
 
currency and the U.S.
 
dollar that may
 
affect the value
 
of the Performance
Stock
 
Units
 
or
 
any
 
amounts
 
due
 
to
 
the
 
Participant
 
pursuant
 
to
 
the
 
vesting
 
of
 
the
 
Performance
 
Stock
 
Units
 
or
 
the
subsequent sale of any shares of Stock acquired upon vesting of the Performance
 
Stock Units.
9.
Data
 
Privacy.
If
 
the
 
Participant
 
would
 
like
 
to
 
participate
 
in
 
the
 
Plan,
 
the
 
Participant
 
will
 
need
 
to
 
review
 
the
 
information
provided in
 
this Section
 
9 and,
 
where applicable,
 
declare the
 
Participant’s
 
consent to
 
the processing
 
of personal
 
data by
 
the
Company and the third parties stated below.
 
 
 
 
 
 
 
6
If the Participant is based
 
in the European Union (“EU”),
 
European Economic Area (“EEA”) or
 
United Kingdom, please note
that General Mills,
 
Inc. with registered
 
address at One
 
General Mills Boulevard,
 
Minneapolis, MN 55426-1347,
 
is the controller
responsible for the processing of the Participant’s
 
personal data in connection with the Agreement and the Plan.
 
(a)
Data
 
Collection
 
and
 
Usage.
 
The
 
Company
 
collects,
 
processes,
 
uses
 
and
 
transfers
 
certain
 
personally-identifiable
information about
 
the Participant,
 
specifically,
 
the Participant’s
 
name, home
 
address and
 
telephone number,
 
email
address, date of birth, social insurance, passport number or other
 
identification number,
 
salary, nationality,
 
job title,
any shares of Stock or directorships
 
held in the Company or any affiliated company,
 
details of all Performance Stock
Units or any
 
other entitlement to
 
shares of Stock awarded, canceled,
 
exercised, settled, vested, unvested
 
or outstanding
in
 
the
 
Participant’s
 
favor,
 
which
 
the
 
Company
 
receives
 
from
 
the
 
Participant
 
or
 
the
 
Employer
 
(the
 
“Data”).
 
The
Company collects, processes
 
and uses the Data
 
for the purposes of performing
 
its contractual obligations
 
under this
Agreement,
 
implementing,
 
administering and
 
managing
 
the Participant’s
 
participation
 
in the
 
Plan
 
and facilitating
compliance with applicable tax and securities law.
If the Participant
 
is based in
 
the EU, EEA
 
or United Kingdom,
 
the legal basis
 
for the processing
 
of the Data
 
by the
Company
 
is
 
the
 
necessity
 
of
 
the
 
processing
 
for
 
the
 
Company
 
to
 
perform
 
its
 
contractual
 
obligations
 
under
 
this
Agreement
 
and
 
the
 
Plan
 
and
 
the
 
Company’s
 
legitimate
 
business
 
interests
 
of
 
managing
 
the
 
Plan,
 
administering
employee equity awards and complying with its contractual
 
and statutory obligations.
If the Participant is
 
based in any other
 
jurisdiction, the legal basis
 
for the processing
 
of the Data by the
 
Company is
the Participant’s
 
consent as further described below.
(b)
Stock
 
Plan
 
Administration
 
Service
 
Providers.
 
The
 
Company
 
transfers
 
Data
 
to
 
E*TRADE
 
Financial
 
Corporate
Services, Inc.
 
(including its
 
affiliated companies),
 
an independent
 
service provider
 
which assists
 
the Company
 
with
the implementation,
 
administration and
 
management of
 
the Plan.
 
In the future,
 
the Company
 
may select a
 
different
service
 
provider,
 
which
 
will
 
in
 
a
 
similar
 
manner,
 
share
 
Data
 
with
 
such
 
service
 
provider.
 
The
 
Company’s
 
service
provider will
 
maintain an
 
account for the
 
Participant to administer
 
the Performance
 
Stock Units. The
 
processing
 
of
Data
 
will
 
take
 
place
 
through
 
both
 
electronic
 
and
 
non-electronic
 
means.
 
Data
 
will
 
only
 
be
 
accessible
 
by
 
those
individuals requiring access to it for purposes of implementing,
 
administering and operating the Plan.
(c)
International Data
 
Transfers. The
 
Company and
 
its service providers
 
are based
 
in the United
 
States and
 
India. The
Participant’s
 
country or jurisdiction may have different data privacy laws and protections
 
than the United States and
India.
 
An
 
appropriate
 
level
 
of
 
protection
 
can
 
be
 
achieved
 
by
 
implementing
 
safeguards
 
such
 
as
 
the
 
Standard
Contractual Clauses adopted by the EU Commission.
If the Participant is based in any other jurisdiction, the Data will be transferred from the Participant’s
 
jurisdiction to
the Company
 
and onward
 
from
 
the Company
 
to any
 
of its
 
service providers
 
based on
 
the Participant’s
 
consent, as
further described below.
(d)
Data Retention. The
 
Company will use the Data
 
only as long as necessary
 
to implement, administer and
 
manage the
Participant’s
 
participation in
 
the Plan,
 
or as
 
required
 
to comply
 
with legal
 
or regulatory
 
obligations, including
 
tax
and securities laws.
 
When the Company
 
no longer needs
 
the Data,
 
the Company will
 
remove it
 
from its
 
systems.
 
If
the Company keeps data
 
longer,
 
it would be to satisfy legal
 
or regulatory obligations
 
and the Company’s
 
legal basis
would be relevant
 
laws or regulations
 
(if the Participant
 
is in the EU,
 
EEA or United Kingdom)
 
or the Participant’s
consent (if the Participant is outside the EU, EEA or United Kingdom).
(e)
Data
 
Subject
 
Rights.
 
The
 
Participant
 
may
 
have
 
a
 
number
 
of
 
rights
 
under
 
data
 
privacy
 
laws
 
in
 
the
 
Participant’s
jurisdiction. Subject to the conditions
 
set out in the applicable law
 
and depending on where
 
the Participant is based,
such
 
rights
 
may
 
include
 
the
 
right
 
to
 
(i)
 
request
 
access
 
to,
 
or
 
copies
 
of,
 
the
 
Data
 
processed
 
by
 
the
 
Company,
 
(ii)
rectification
 
of
 
incorrect
 
Data,
 
(iii)
 
deletion
 
of
 
Data,
 
(iv)
 
restrictions
 
on
 
the
 
processing
 
of
 
Data,
 
(v)
 
object
 
to
 
the
processing of Data
 
for legitimate interests, (vi)
 
portability of Data, (vii) lodge complaints
 
with competent authorities
in the Participant’s
 
jurisdiction, and/or to (viii) receive a list with the names
 
and addresses of any potential recipients
of Data.
 
To
 
receive
 
clarification regarding
 
these rights
 
or to
 
exercise
 
these rights,
 
the Participant
 
can contact
 
HR
Direct.
(f)
Necessary
 
Disclosure
 
of
 
Personal
 
Data.
 
The
 
Participant
 
understands
 
that
 
providing
 
the
 
Company
 
with
 
Data
 
is
necessary for the performance of the Agreement
 
and that the Participant’s
 
refusal to provide
 
the Data would make it
 
 
 
 
 
 
7
impossible
 
for
 
the
 
Company
 
to
 
perform
 
its
 
contractual
 
obligations
 
and
 
may
 
affect
 
the
 
Participant’s
 
ability
 
to
participate in the Plan.
(g)
Declaration
 
of
 
Consent
 
(if
 
the
 
Participant
 
is
 
outside
 
the
 
EU,
 
EEA
 
and
 
United
 
Kingdom).
 
The
 
Participant
 
hereby
unambiguously
 
consents
 
to
 
the collection,
 
use
 
and
 
transfer,
 
in
 
electronic
 
or
 
other
 
form,
 
of
 
the
 
Data,
 
as
 
described
above and in any other
 
grant materials, by and among,
 
as applicable, the Employer,
 
the Company and any affiliated
company for
 
the exclusive
 
purpose of
 
implementing, administering
 
and managing
 
the Participant’s
 
participation in
the Plan. The Participant
 
understands that the Participant
 
may, at
 
any time, refuse
 
or withdraw the consents
 
herein,
in any
 
case without
 
cost, by
 
contacting HR
 
Direct.
 
If the
 
Participant does
 
not consent
 
or later
 
seeks to
 
revoke
 
the
Participant’s
 
consent,
 
the
 
Participant’s
 
employment
 
status
 
or
 
service
 
with
 
the
 
Employer
 
will
 
not
 
be
 
affected;
 
the
Participant’s
 
consequence of
 
refusing
 
or withdrawing
 
consent is
 
that the
 
Company would
 
not be
 
able to
 
award the
Participant
 
Performance
 
Stock Units
 
or any
 
other equity
 
award
 
to the
 
Participant or
 
administer or
 
maintain
 
such
awards.
 
Therefore,
 
the Participant
 
understands
 
that refusing
 
or withdrawing
 
consent may
 
affect the
 
Participant’s
ability to
 
participate in
 
the Plan.
 
For more
 
information on
 
the consequences
 
of refusal
 
to consent
 
or withdrawal
 
of
consent, the Participant should contact HR Direct.
10.
Clawback
. This Award
 
is specifically made subject to the Company’s Executive
 
Compensation Clawback Policies.
11.
Insider Trading;
 
Market Abuse
 
Laws.
 
By participating
 
in the
 
Plan, the
 
Participant agrees
 
to comply
 
with the
 
Company’s
policy
 
on
 
insider
 
trading
 
(to
 
the
 
extent
 
that
 
it
 
is
 
applicable
 
to
 
the
 
Participant),
 
the
 
Participant
 
further
 
acknowledges
 
that,
depending on the Participant’s or his or her broker’s country
 
of residence or where the shares
 
of Stock are listed, the Participant
may be subject
 
to insider trading
 
restrictions and/or market
 
abuse laws
 
that may affect
 
the Participant’s ability to
 
accept, acquire,
sell or
 
otherwise dispose
 
of shares
 
of Stock,
 
rights to
 
shares of
 
Stock (e.g.,
 
Performance Stock
 
Units) or
 
rights linked
 
to the
value of shares of
 
Stock, during such times
 
the Participant is considered
 
to have “inside information”
 
regarding the Company
as defined by
 
the laws or regulations
 
in the Participant’s
 
country.
 
Local insider trading
 
laws and regulations
 
may prohibit the
cancellation
 
or amendment
 
of orders
 
the Participant
 
places before
 
he or
 
she possessed
 
inside information.
 
Furthermore,
 
the
Participant could
 
be prohibited
 
from (i)
 
disclosing the
 
inside information
 
to any
 
third party
 
(other than
 
on a
 
“need to
 
know”
basis) and (ii) “tipping” third parties or causing them
 
otherwise to buy or sell securities. The Participant
 
understands that third
parties
 
include
 
fellow
 
employees.
 
Any
 
restriction
 
under
 
these
 
laws
 
or
 
regulations
 
are
 
separate
 
from
 
and
 
in
 
addition
 
to
 
any
restrictions that may be imposed under any applicable Company insider trading policy.
 
The Participant acknowledges that it is
the Participant’s responsibility
 
to comply with any applicable restrictions, and that
 
the Participant should therefore consult the
Participant’s personal advisor on
 
this matter.
12.
Electronic
 
Delivery.
The Participant
 
agrees, to
 
the fullest
 
extent
 
permitted by
 
law,
 
in lieu
 
of receiving
 
documents
 
in paper
format,
 
to
 
accept
 
electronic
 
delivery
 
of
 
any
 
documents
 
that
 
the
 
Company
 
and
 
its
 
Subsidiaries
 
or
 
affiliated
 
companies
 
may
deliver in connection with this grant and any other grants offered by the Company,
 
including prospectuses, grant notifications,
account statements, annual or quarterly reports, and
 
other communications. Electronic delivery of a
 
document may be made via
the Company’s email system or by reference to a location on the Company’s intranet or website or a website of the Company’s
agent administering
 
the Plan. By
 
accepting this
 
grant, whether
 
electronically or
 
otherwise, the
 
Participant hereby
 
consents to
participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or
click-through electronic acceptance of terms and conditions.
13.
English Language.
The Participant acknowledges and agrees that it is the Participant’s express intent that this Agreement and
the Plan
 
and all other
 
documents, notices
 
and legal
 
proceedings entered
 
into, given or
 
instituted pursuant
 
to the Performance
Stock Units be
 
drawn up in English.
 
To
 
the extent the Participant
 
has been provided
 
with a copy of
 
this Agreement, the Plan,
or any other
 
documents relating
 
to this Award
 
in a language
 
other than English,
 
the English language
 
documents will prevail
in case of any ambiguities or divergences as a result of translation.
14.
Addendum.
Notwithstanding any
 
provisions in
 
this Agreement,
 
the Performance
 
Stock Units
 
shall be
 
subject to
 
any special
terms
 
and
 
conditions
 
set
 
forth
 
in
 
the
 
Country-Specific
 
Addendum
 
to
 
this
 
Agreement
 
(the
 
“Addendum”).
 
Moreover,
 
if
 
the
Participant transfers to one of the countries included in such Addendum, the special terms and conditions for such country will
apply to the Participant, to the extent the Company determines that the application of such terms and
 
conditions is necessary or
advisable to comply with local law or facilitate the administration of the Plan (or the Company may establish alternative terms
and conditions as may be necessary or advisable to accommodate the Participant’s transfer). The Addendum constitutes part of
this Agreement.
 
 
 
 
 
 
 
 
8
15.
Not a Public
 
Offering
. The award
 
of the Performance
 
Stock Units is
 
not intended
 
to be a
 
public offering
 
of securities in
 
the
Participant’s
 
country of
 
employment (or
 
country of
 
residence, if
 
different). The
 
Company has
 
not submitted
 
any registration
statement, prospectus
 
or other filings
 
with the local
 
securities authorities (unless
 
otherwise required under
 
local law), and
 
the
award of
 
the Performance
 
Stock Units
 
is not subject
 
to the supervision
 
of the
 
local securities authorities.
No employee of
 
the
Company or
 
any of
 
its Subsidiaries
 
or affiliated
 
companies is
 
permitted to
 
advise the
 
Participant on
 
whether he/she
 
should
participate
 
in the
 
Plan.
 
Acquiring shares
 
of Stock
 
involves a
 
degree
 
of risk.
 
Before
 
deciding
 
to participate
 
in the
 
Plan, the
Participant should carefully consider all risk factors relevant to the acquisition of shares of Stock under the Plan and carefully
review all
 
of the
 
materials related
 
to the
 
Performance Stock
 
Units and
 
the Plan.
 
In addition,
 
the Participant
 
should consult
with his/her personal advisor for professional investment
 
advice.
16.
Repatriation;
 
Compliance
 
with
 
Law
.
 
The
 
Participant
 
agrees
 
to
 
repatriate
 
all payments
 
attributable
 
to
 
the
 
shares
 
of Stock
and/or cash acquired
 
under the Plan in
 
accordance with applicable
 
foreign exchange
 
rules and regulations
 
in the Participant’s
country of employment
 
(and country of
 
residence, if different).
 
In addition, the
 
Participant agrees to
 
take any and
 
all actions,
and
 
consent
 
to
 
any
 
and
 
all
 
actions
 
taken
 
by
 
the
 
Company
 
and
 
any
 
of
 
its
 
Subsidiaries
 
and
 
affiliated
 
companies,
 
as
 
may
 
be
required to
 
allow the
 
Company and
 
any of
 
its Subsidiaries
 
and affiliated
 
companies to
 
comply with
 
local laws,
 
rules and/or
regulations in
 
the Participant’s
 
country of
 
employment (and country
 
of residence, if
 
different). Finally,
 
the Participant
 
agrees
to take
 
any and
 
all actions
 
as may
 
be required
 
to comply
 
with the
 
Participant’s
 
personal obligations
 
under local
 
laws, rules
and/or regulations in the Participant’s
 
country of employment and country of residence, if different).
17.
Imposition
 
of
 
Other
 
Requirements
.
 
The
 
Company
 
reserves
 
the
 
right
 
to
 
impose
 
other
 
requirements
 
on
 
the
 
Participant’s
participation in the Plan, on the Performance
 
Stock Unit, and on any shares of Stock acquired under
 
the Plan, to the extent the
Company determines it is
 
necessary or advisable for
 
legal or administrative reasons,
 
and to require the
 
Participant to sign any
additional agreements or undertakings that may be necessary to accomplish
 
the foregoing.
18.
Committee’s Powers
. No provision contained
 
in this Agreement shall
 
in any way terminate,
 
modify or alter,
 
or be construed
or interpreted
 
as terminating,
 
modifying or
 
altering any
 
of the
 
powers, rights
 
or authority
 
vested in
 
the Committee
 
or,
 
to the
extent delegated, in its
 
delegate, pursuant to the
 
terms of the Plan or
 
resolutions adopted in furtherance
 
of the Plan, including,
without
 
limitation,
 
the right
 
to make
 
certain
 
determinations
 
and
 
elections
 
with respect
 
to the
 
Performance
 
Stock Unit.
 
Any
dispute
 
regarding
 
the
 
interpretation
 
of
 
this
 
Agreement
 
or
 
the
 
terms
 
of
 
the
 
Plan
 
shall
 
be
 
submitted
 
to
 
the
 
Committee
 
or
 
its
delegate
 
who
 
shall
 
have
 
the
 
discretionary
 
authority
 
to
 
construe
 
the
 
terms
 
of
 
this
 
Agreement,
 
the
 
Plan,
 
and
 
all
 
documents
ancillary to this
 
Award.
 
The decisions of the
 
Committee or its delegate
 
shall be final and
 
binding and any
 
reviewing court of
law or
 
other party
 
shall defer to
 
its decision,
 
overruling if,
 
and only
 
if, it is
 
arbitrary and
 
capricious. In
 
no way
 
is it intended
that this review standard subject the Plan or Award
 
to the U.S. Employee Retirement Income Security Act.
19.
Binding
 
Effect
.
 
This
 
Agreement
 
shall
 
be
 
binding
 
upon
 
and
 
inure
 
to
 
the
 
benefit
 
of
 
any
 
successors
 
to
 
the
 
Company
 
and
 
all
persons lawfully claiming under the Participant.
20.
Governing Law and Forum
. Without limiting the effect of section 16, this Agreement shall be governed by,
 
and construed in
accordance with, the laws of the State of Delaware without regard to principles
 
of conflict of laws.
21.
Severability
. The
 
provisions of
 
this Agreement
 
are severable
 
and if
 
any one
 
or more
 
of the
 
provisions are
 
determined to
 
be
illegal
 
or otherwise
 
unenforceable,
 
in whole
 
or in
 
part,
 
the Agreement
 
shall be
 
reformed
 
and
 
construed
 
so that
 
it would
 
be
enforceable to
 
the maximum
 
extent legally
 
possible, and
 
if it
 
cannot be
 
so reformed
 
and construed,
 
as if
 
such unenforceable
provision, or part thereof, had never been contained herein.
22.
Waiver
. The waiver by
 
the Company with respect
 
to Participant’s
 
(or any other participant’s)
 
compliance with any
 
provision
of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent
breach by such party of a provision of this Agreement.
A copy of the Plan and the Prospectus to the General Mills, Inc. 2022 Stock Compensation
 
Plan is available on G&Me by searching
“2022 Stock Compensation Plan”.
 
A copy of the Company’s latest Annual Report
 
on Form 10-K is also available on the Company’s
website at www.generalmills.com
 
under Investor Information/Annual Reports.
GENERAL MILLS, INC.
 
 
9
GENERAL MILLS, INC.
PERFORMANCE STOCK UNIT AWARD
 
AGREEMENT
GRANT DATE:
PARTICIPANT:
[CEO]
PERNR:
TARGET NUMBER OF
 
UNITS SUBJECT TO
AWARD:
PERFORMANCE PERIOD:
EXPIRATION DATE
 
OF RESTRICTED
PERIOD:
This Award
 
is made
 
under the
 
General Mills,
 
Inc. 2022
 
Stock Compensation
 
Plan (the
 
"Plan"), and
 
is subject
 
to the
terms
 
and
 
conditions
 
contained
 
in
 
the
 
Plan
 
document
 
and
 
this
 
Performance
 
Stock
 
Unit
 
Award
 
Agreement
(“Agreement”).
 
The Participant: (i) acknowledges receipt of a copy
 
of the Plan and Plan
 
prospectus, (ii) represents that
the Participant
 
has carefully
 
read and
 
is familiar
 
with the provisions
 
of this Agreement
 
and the Plan,
 
and (iii) hereby
accepts the Performance
 
Stock Units subject to
 
all of the terms
 
and conditions set forth
 
herein, and in
 
the Plan.
 
If the
Participant does
 
not wish to
 
receive the
 
Performance Stock
 
Units and/or
 
does not
 
consent and agree
 
to the terms
 
and
conditions
 
on
 
which the
 
Performance
 
Stock Units
 
are
 
offered,
 
as
 
set
 
forth
 
in this
 
Agreement
 
and
 
the
 
Plan, then
 
the
Participant must reject this Award via the website of the Company’s designated broker,
 
no later than 60 days following
the
 
Grant
 
Date.
 
If the
 
Participant rejects
 
this Award,
 
this Award
 
will immediately
 
be forfeited
 
and
 
cancelled.
 
The
Participant’s
 
failure to
 
reject this
 
Award
 
within this
 
60 day
 
period will
 
constitute the
 
Participant’s
 
acceptance of
 
this
Award and all terms
 
and conditions of this Award,
 
as set forth in this Agreement and the Plan.
THIS
 
AWARD,
 
dated
 
on
 
the
 
above
 
Grant
 
Date,
 
is made
 
by
 
General
 
Mills,
 
Inc.,
 
(the
 
"Company"),
 
and
 
made
 
to
 
the
 
person
named above (the "Participant" or referred
 
to as “I”, “you”, or “my”) (“Award”).
1.
Award
 
of Units.
 
Each unit awarded
 
represents the right
 
to receive one
 
share of the
 
Company common stock,
 
par value USD
0.10 per share
 
(“Stock”). The units
 
granted pursuant to
 
this Agreement are referred
 
to as the “Performance
 
Stock Units”. The
number of Performance Stock Units
 
earned by the Participant
 
for the Performance Period will
 
be determined at the
 
end of the
Performance Period
 
based on
 
the level
 
of achievement
 
against the
 
Performance Measures
 
and conditions
 
in accordance
 
with
Attachment A. The
 
number of shares of
 
Stock the Participant is
 
paid is dependent
 
on the number of
 
Performance Stock Units
earned and satisfactory completion of the
 
service requirements described herein. Whether, and the
 
extent to which Performance
Measures have been satisfied at the end of the Performance Period shall be certified by the Compensation & Talent Committee
before any payment
 
is made, and
 
all such determinations
 
shall be made
 
by the Compensation
 
& Talent
 
Committee in its
 
sole
discretion. For
 
each Performance
 
Stock Unit
 
earned and
 
vested, if
 
any,
 
at the
 
Expiration Date
 
of the
 
Restricted Period,
 
one
share of the Company’s
 
Stock shall be issued to the Participant
 
on the Expiration Date of the Restricted
 
Period, subject to any
additional restrictions
 
or holding
 
requirements in
 
Attachment A.
 
Except as
 
otherwise defined
 
herein, capitalized
 
terms shall
have the same meanings ascribed to them under the Plan.
2.
Vesting of
 
Performance Stock Units; Forfeiture of Performance
 
Stock Units.
(a)
Vesting
 
Schedule
. The Performance
 
Stock Units shall
 
vest on the
 
Expiration Date of
 
the Restricted Period
 
set forth
above (“Vesting
 
Date”) subject to the terms of this Agreement and the Plan.
(b)
Forfeiture
 
of Performance
 
Stock Units
. The
 
Participant acknowledges
 
that the
 
Performance Stock
 
Units awarded
hereunder are
 
subject to forfeiture
 
if the Participant’s
 
employment with
 
the Company
 
or any subsidiary
 
or affiliated
companies terminates under certain circumstances before the Vesting
 
Date, as herein provided.
(i)
Resignation or Termination
 
for Cause.
 
If the Participant’s employment with the Company or any subsidiary
or affiliated
 
companies is terminated
 
by either (i)
 
resignation, or (ii)
 
a discharge
 
due to Participant’s
 
illegal
activities, poor
 
work performance,
 
misconduct or
 
violation of the
 
Company’s
 
Code of Conduct,
 
policies or
practices, then
 
these Performance
 
Stock Units, to
 
the extent
 
they are not
 
fully vested
 
as of the
 
Termination
Date,
 
shall
 
for
 
no
 
consideration
 
be
 
cancelled
 
and
 
forfeited
 
in
 
their
 
entirety.
 
For
 
the
 
avoidance
 
of
 
doubt,
“Termination Date” for purposes of this Award will be deemed to occur
 
as of the date
 
Participant is no longer
 
 
 
10
actively
 
providing
 
services
 
as
 
an
 
employee,
 
unless
 
otherwise
 
determined
 
by
 
the
 
Company
 
in
 
its
 
sole
discretion,
 
and no
 
vesting shall
 
continue
 
during any
 
notice period
 
that may
 
be specified
 
under contract
 
or
applicable law
 
with respect
 
to such
 
termination,
 
including any
 
“garden leave”
 
or similar
 
period,
 
except as
may otherwise be permitted in the Company’s
 
sole discretion.
(ii)
Involuntary
 
Termination/
 
Early
 
Retirement.
 
If
 
the
 
Participant’s
 
employment
 
by
 
the
 
Company
 
terminates
involuntarily at the initiation of the Company for any reason other than specified in Plan Section 11 (Change
in
 
Control),
 
or (i),
 
(iv)
 
or (v)
 
in
 
this section
 
2, and
 
upon the
 
execution
 
(without revoking)
 
of an
 
effective
general legal release and such
 
other documents as are satisfactory
 
to the Company, or if the
 
Participant retires
on or
 
after age
 
55 but
 
before age
 
62, this
 
Award
 
shall be
 
payable on
 
the Expiration
 
Date of
 
the Restricted
Period with a
 
value, if
 
any, that otherwise would
 
be earned
 
under the applicable
 
performance goals established
under
 
Attachment
 
A based
 
on actual
 
performance;
 
and
 
shall vest
 
at
 
the
 
Expiration
 
Date of
 
the Restricted
Period in a pro-rata
 
amount based on
 
actual employment completed
 
during the Performance Period
 
through
the date of termination. All other Performance Share Units shall be forfeited
 
as of the date of termination.
 
(iii)
Death.
 
If a Participant
 
dies while employed by
 
the Company or any
 
subsidiary or affiliated companies during
the Performance Period, this Award
 
shall fully vest and shall be considered to be earned in full “at target” as
if the applicable Performance
 
Measures established in Attachment A
 
have been achieved at
 
target, and settled
and paid on the first day of the month following death to the designated beneficiary
 
or beneficiaries.
(iv)
Normal Retirement
.
 
If the termination of employment is due to a Participant’s retirement
 
on or after age 62,
then
 
if
 
such
 
retirement
 
occurs
 
before
 
the end
 
of
 
the
 
Company’s
 
fiscal
 
year
 
within
 
which
 
this Award
 
was
granted, it shall vest in
 
a pro-rata amount based on actual
 
employment completed during said fiscal year.
 
But
if such
 
retirement occurs
 
after the
 
end of
 
the fiscal
 
year in
 
which it
 
is awarded,
 
then it
 
shall vest
 
fully.
 
In
either case, vested
 
Units shall
 
be paid on
 
the Expiration
 
Date of the
 
Restricted Period,
 
with a value,
 
if any,
that otherwise would be earned
 
under the applicable performance goals
 
established in the Attachment based
on actual performance.
(v)
Spin-offs
 
and
 
Other
 
Divestitures.
 
If
 
the
 
termination
 
of
 
employment
 
is
 
due
 
to
 
the
 
divestiture,
 
cessation,
transfer,
 
or
 
spin-off
 
of
 
a
 
line
 
of
 
business
 
or
 
other
 
activity
 
of
 
the
 
Company,
 
the
 
Committee,
 
in
 
its
 
sole
discretion, shall determine the conversion,
 
vesting, or other treatment of these
 
Awards.
 
Such treatment shall
be consistent
 
with Code
 
Section 409A,
 
and in
 
particular will
 
take into
 
account whether
 
a separation
 
from
service has occurred within the meaning of Code Section 409A.
3.
Dividend Equivalents.
 
Subject to
 
any applicable
 
provisions in
 
Attachment A,
 
any dividends
 
or other
 
distributions declared
payable on
 
the Company’s
 
Stock on or
 
after the Grant
 
Date of this
 
Award
 
until the Award
 
is settled and/or
 
forfeited shall be
credited
 
notionally
 
to the
 
Participant in
 
an amount
 
equal
 
to such
 
declared
 
dividends
 
or other
 
distributions
 
on an
 
equivalent
number of shares of Stock (“Dividend Equivalents”).
 
Dividend Equivalents so credited shall be paid if, and only to the extent,
the underlying Performance Stock
 
Units to which they relate become
 
unrestricted and vest, as provided under
 
the terms of the
Plan and
 
this Agreement.
 
Dividend
 
Equivalents credited
 
in respect
 
to Performance
 
Stock Units
 
that are
 
forfeited
 
under the
terms of the Plan and this document, are correspondingly forfeited.
 
No interest or other earnings shall be credited on Dividend
Equivalents.
 
Vested
 
Dividend Equivalents shall be paid in cash at the same time as the
 
underlying Performance Stock Units to
which they relate are settled.
4.
Settlement of Performance Stock Units.
 
Upon vesting of the Performance Stock Units, settlement
 
shall be completed as soon
as administratively practicable but in no event later than 30 days after the vesting date, except where such settlement following
a Section 409A
 
Separation from Service
 
requires a six-month
 
delay.
 
The Company will
 
provide for settlement
 
in the form
 
of
shares of Stock. At the Company’s discretion, additional
 
restrictions or holding requirements may be imposed on settled Units
and dividend equivalents, if any.
 
5.
Non-Transferability
.
 
The
 
Performance
 
Stock
 
Units
 
may
 
not
 
be
 
sold,
 
assigned,
 
pledged,
 
exchanged,
 
hypothecated,
encumbered, disposed of, or otherwise transferred, unless otherwise provided in the Plan
 
or this Agreement.
 
Upon any attempt
to transfer,
 
assign, pledge, hypothecate
 
or otherwise dispose
 
of the Performance
 
Stock Units or
 
of such rights
 
contrary to the
provisions hereof or in the Plan, the Performance Stock Units and such rights shall immediately
 
become null and void.
 
 
11
6.
Withholding of
 
Tax.
 
The Participant
 
acknowledges that,
 
regardless of
 
any action
 
taken by
 
the Company
 
or, if
 
different, the
subsidiary or affiliated company that employs
 
the Participant (the “Employer”), the ultimate liability for all income
 
tax, social
contributions,
 
payroll tax,
 
fringe benefits
 
tax, payment
 
on account,
 
hypothetical
 
tax or
 
other tax-related
 
items related
 
to the
Participant’s participation
 
in the Plan and
 
legally applicable to the
 
Participant or deemed by
 
the Company or the
 
Employer in
their discretion to be an appropriate charge to the Participant even if
 
legally applicable to the Company or the Employer (“Tax-
Related Items”), is and remains the Participant’s
 
responsibility and may exceed the amount actually withheld by the Company
or
 
the
 
Employer,
 
if
 
any.
 
The
 
Participant
 
further
 
acknowledges
 
that
 
the
 
Company
 
and/or
 
the
 
Employer
 
(a)
 
make
 
no
representations
 
or
 
undertakings
 
regarding
 
the
 
treatment
 
of
 
any
 
Tax-Related
 
Items
 
in
 
connection
 
with
 
any
 
aspect
 
of
 
the
Performance
 
Stock
 
Units,
 
including,
 
but
 
not
 
limited
 
to,
 
the
 
grant,
 
vesting,
 
the
 
subsequent
 
sale
 
of
 
shares
 
of
 
Stock
 
acquired
pursuant to such vesting and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the
terms of the grant
 
or any aspect of
 
the Performance Stock Units
 
to reduce or eliminate the
 
Participant’s liability for Tax-Related
Items or achieve any
 
particular tax result.
 
Further, if the Participant
 
is subject to
 
Tax-Related Items in more than
 
one jurisdiction
between
 
the
 
Grant
 
Date
 
and
 
the
 
date
 
of
 
any
 
relevant
 
taxable
 
or
 
tax
 
withholding
 
event,
 
as
 
applicable,
 
the
 
Participant
acknowledges
 
that
 
the
 
Company
 
and/or
 
the
 
Employer
 
(or
 
former
 
employer,
 
as
 
applicable)
 
may
 
be
 
required
 
to
 
withhold
 
or
account for Tax
 
-Related Items in more than one jurisdiction.
Prior
 
to
 
the
 
relevant
 
taxable or
 
tax
 
withholding
 
event,
 
as applicable,
 
the
 
Participant
 
agrees to
 
make
 
adequate
 
arrangements
satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, unless otherwise approved by
the Committee, the Company shall
 
satisfy the obligations with
 
regard to all Tax
 
-Related Items by one or
 
a combination of the
following:
 
(i) withholding
 
from the
 
Participant’s
 
wages or
 
other cash
 
compensation paid
 
to the
 
Participant by
 
the Company
and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Performance Stock Units
or other awards granted to the Participant or (iii) permitting the Participant to tender to the Company cash or,
 
if allowed by the
Committee, shares of Stock.
Depending on the withholding
 
method, the Company may
 
withhold or account
 
for Tax-Related Items by considering applicable
statutory
 
withholding
 
rates
 
(as
 
determined
 
by
 
the
 
Company
 
in
 
good
 
faith
 
and
 
in
 
its
 
sole
 
discretion)
 
or
 
other
 
applicable
withholding rates, including maximum applicable
 
rates, in which case
 
the Participant will receive
 
a refund of
 
any over-withheld
amount and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding
from
 
the
 
shares
 
of
 
Stock
 
to
 
be
 
delivered
 
upon
 
vesting
 
of
 
the
 
Performance
 
Stock
 
Units,
 
for
 
tax
 
purposes,
 
the
 
Participant
 
is
deemed to have been issued
 
the full number of shares of
 
Stock subject to the Performance Stock
 
Units, notwithstanding that a
number of shares
 
of Stock are held
 
back solely for the
 
purpose of paying the
 
Tax-Related
 
Items. The Participant
 
will have no
further rights with respect to any shares of Stock that are retained by the Company
 
pursuant to this provision.
The
 
Participant
 
agrees
 
to pay
 
to
 
the Company
 
or the
 
Employer
 
any
 
amount of
 
Tax-Related
 
Items
 
that the
 
Company
 
or the
Employer may
 
be required
 
to withhold
 
or account
 
for as
 
a result
 
of the
 
Participant’s
 
participation in
 
the Plan
 
that cannot
 
be
satisfied by the means previously described. The Company may refuse to issue or deliver shares of Stock or proceeds from the
sale of
 
shares of
 
Stock until
 
arrangements satisfactory
 
to the
 
Company have
 
been made
 
in connection
 
with the
 
Tax-Related
Items.
7.
Restrictive Covenants; Confidential Information; Work Product.
 
The Participant agrees to cooperate with the Company in
any way needed in order to comply with, or fulfill the terms of the Plan and this Award
 
document.
 
As a term and condition of
this Award,
 
Participant agrees to the following terms:
 
a.
I agree
 
to use
 
General Mills
 
Confidential Information
 
only as
 
needed in
 
the performance
 
of my
 
duties, to
 
hold and
protect such information
 
as confidential to the
 
Company,
 
and not to engage
 
in any unauthorized use
 
or disclosure of
such
 
information
 
for
 
so
 
long
 
as
 
such
 
information
 
qualifies
 
as
 
Confidential
 
Information.
 
I
 
agree
 
that
 
after
 
my
employment with
 
the Company
 
terminates for
 
any reason,
 
including “retirement”
 
as that
 
term is
 
used in
 
the Plan,
 
I
will not
 
use or
 
disclose, directly
 
or indirectly,
 
Company Confidential
 
Information or
 
trade secrets
 
for any
 
purpose,
unless I get the prior written consent of my manager to do so.
This document does
 
not prevent me from
 
filing a complaint with
 
a government agency
 
(including the Securities
 
and
Exchange
 
Commission,
 
Department
 
of
 
Justice,
 
Equal
 
Employment
 
Opportunity
 
Commission
 
and
 
others)
 
or
 
from
participating
 
in
 
an
 
agency
 
proceeding.
 
This
 
document
 
also
 
does
 
not
 
prevent
 
me
 
from
 
providing
 
an
 
agency
 
with
information, including this document,
 
unless such information is legally
 
protected from disclosure to
 
third parties.
 
I
do not need prior company authorization to take these actions, nor
 
must I notify the company I have done so.
Also, as
 
provided in
 
18 U.S.C.
 
1833(b), I cannot
 
be held
 
criminally or civilly
 
liable under any
 
federal or state
 
trade
secret law for
 
making a trade secret
 
disclosure: (A) in
 
confidence to a
 
federal, state, or
 
local government official, either
 
12
directly or
 
indirectly,
 
or to
 
an attorney,
 
solely for
 
the purpose
 
of reporting
 
or investigating
 
a suspected
 
violation of
law; or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing
 
is made under seal.
General
 
Mills
 
Confidential
 
Information
 
means
 
any
 
non-public
 
information
 
I
 
create,
 
receive,
 
use
 
or
 
observe
 
in
 
the
performance
 
of
 
my
 
job
 
at
 
General
 
Mills,
 
including
 
trade
 
secrets.
 
Examples
 
of
 
Confidential
 
Information
 
include
marketing,
 
merchandising,
 
business
 
plans,
 
business
 
methods,
 
pricing,
 
purchasing,
 
licensing,
 
contracts,
 
employee,
supplier
 
or
 
customer
 
information,
 
customer,
 
vendor
 
or
 
partner
 
client
 
or
 
contact
 
lists,
 
financial
 
data,
 
technological
developments, manufacturing processes
 
and specifications, product
 
formulas, ingredient specifications,
 
software code,
and all other proprietary information which is not publicly available to others.
Prior to leaving the Company, I agree to return all materials in my possession containing Confidential Information, as
well
 
as
 
all
 
other
 
documents
 
and
 
other
 
tangible
 
items
 
provided
 
to
 
me
 
by
 
General
 
Mills,
 
or
 
developed
 
by
 
me
 
in
connection with my employment with the Company.
b.
I agree to promptly tell General Mills about any ideas, concepts, improvements,
 
designs, inventions, discoveries, and
creative works (collectively,
 
“Work Product”)
 
which I conceive or create during my
 
employment with General Mills
which relate to General Mills’ businesses.
I further agree to immediately,
 
automatically and irrevocably assign,
 
and hereby do assign, to
 
General Mills any and
all intellectual property rights in and
 
to such Work Product, and all such intellectual
 
property rights shall be solely
 
and
exclusively owned by General
 
Mills.
 
“Intellectual property rights” means patent
 
rights, copyrights, trade secret
 
rights,
trade dress rights, trademark rights and all comparable rights throughout
 
the world.
During my employment
 
with General Mills
 
and anytime
 
thereafter, I
 
will take all
 
necessary steps, at
 
General Mills’
request and expense, but without further compensation to me, to execute any instruments necessary to enable General
Mills or General Mills’ nominee to register intellectual property rights throughout
 
the world.
After I leave
 
General Mills, I
 
agree to help
 
General Mills
 
in every way
 
possible in any
 
government or legal
 
proceedings
pertaining to any General Mills intellectual property rights.
c.
[
This Section 7.c. does not apply to
 
California, Colorado, Minnesota, and Washington -based employees.
] I agree that
for one year
 
after I leave
 
the Company,
 
including retiring from
 
the Company,
 
I will not work
 
on any product,
 
brand
category, process,
 
or service: (A) on which I worked, or
 
about which I had access to Confidential
 
Information, in the
year immediately preceding my termination (including retirement) from General Mills, and (B) which competes
 
with
General Mills products, brand categories, processes, or related services.
 
d.
I agree that for one year after I leave General Mills, including
 
retiring from the Company,
 
I will refrain from directly
or indirectly soliciting
 
Company employees for
 
the purpose of
 
hiring them or
 
inducing them to
 
leave their employment
with the Company.
e.
I agree
 
that after
 
I leave
 
General Mills,
 
including retiring
 
from the
 
Company,
 
I will
 
indefinitely refrain
 
from using
Company client or contact lists, and for two years I will refrain from soliciting the Company’s
 
customers.
A breach of the
 
obligations set forth in
 
this paragraph may result
 
in the rescission of
 
the Award,
 
termination and forfeiture
 
of
any
 
unvested
 
Units,
 
and/or
 
required
 
payment
 
to
 
the
 
Company
 
of
 
all
 
or
 
a
 
portion
 
of
 
any
 
monetary
 
gains
 
acquired
 
by
 
the
Participant as a result of the Award, unless the Award
 
vested and was settled more than four (4) years prior to the breach.
 
The
foregoing remedies are in addition to, and not in lieu of injunctive relief and/or any other legal or equitable remedies available
under applicable law.
8.
Nature of Grant.
 
In accepting the Performance Stock Units, the Participant acknowledges and agrees that:
(a)
the Plan
 
is established
 
voluntarily by
 
the Company,
 
it is
 
discretionary
 
in nature
 
and it
 
may be
 
modified, amended,
suspended or terminated by the Company,
 
in its sole discretion, at any time (subject to any limitations set forth in the
Plan);
 
13
(b)
the grant of the Performance Stock Units
 
is voluntary and occasional and does
 
not create any contractual or other
 
right
to
 
receive
 
future
 
grants
 
of
 
Performance
 
Stock
 
Units,
 
or
 
benefits
 
in
 
lieu
 
of
 
Performance
 
Stock
 
Units,
 
even
 
if
Performance Stock Units s or other awards have been granted in the past;
(c)
all decisions with respect to future awards, if any,
 
will be at the sole discretion of the Company;
(d)
the Participant’s participation
 
in the Plan is voluntary;
(e)
the Performance Stock
 
Units and the
 
Participant’s participation
 
in the Plan
 
shall not create
 
a right to
 
employment or
be interpreted as forming an employment contract with the
 
Company or any of its Subsidiaries or
 
affiliated companies
and shall not
 
interfere with the
 
ability of the
 
Company or the
 
Employer,
 
as applicable, to
 
terminate the
 
Participant’s
employment relationship (as otherwise may be permitted under local law);
(f)
unless
 
otherwise
 
agreed
 
with
 
the
 
Company,
 
the
 
Performance
 
Stock
 
Units
 
and
 
any
 
shares
 
of
 
Stock
 
acquired
 
upon
vesting of the Performance Stock Units, and the income from and value of same, are not granted as consideration for,
or
 
in
 
connection
 
with,
 
any
 
service
 
the
 
Participant
 
may
 
provide
 
as
 
a
 
director
 
of
 
any
 
subsidiary
 
or
 
affiliate
 
of
 
the
Company;
(g)
the Performance Stock Units
 
and any shares of Stock
 
acquired under the Plan and
 
the income and value
 
of same, are
not
 
part
 
of
 
normal
 
or
 
expected
 
compensation
 
for
 
purposes
 
of
 
calculating
 
any
 
severance,
 
resignation,
 
termination,
redundancy,
 
dismissal,
 
end-of-service
 
payments,
 
bonuses,
 
long-service
 
awards,
 
pension
 
or
 
retirement
 
or
 
welfare
benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past
services for the Company,
 
the Employer or any subsidiary
 
or affiliate of the Company;
(h)
the future value
 
of the shares
 
of Stock
 
underlying the Performance
 
Stock Units is
 
unknown, indeterminable, and cannot
be predicted with certainty;
 
(i)
upon vesting of the Performance Stock Units, the value of such shares of
 
Stock may increase or decrease in value;
 
(j)
no
 
claim
 
or
 
entitlement
 
to
 
compensation
 
or
 
damages
 
shall
 
arise
 
from
 
forfeiture
 
of
 
the
 
Performance
 
Stock
 
Units
resulting from termination
 
of the Participant’s
 
employment (for any
 
reason whatsoever and
 
whether or not in
 
breach
of local labor laws or later found invalid) and, in consideration of the Performance Stock Units, the Participant agrees
not to institute any claim against the Company or the Employer;
(k)
the Performance Stock Units and
 
the benefits evidenced by
 
this Agreement do not
 
create any entitlement not
 
otherwise
specifically
 
provided
 
for
 
in the
 
Plan or
 
provided
 
by the
 
Company
 
in its
 
discretion,
 
to have
 
the Performance
 
Stock
Units
 
or
 
any
 
such
 
benefits
 
transferred
 
to,
 
or
 
assumed
 
by,
 
another
 
company,
 
nor
 
to
 
be
 
exchanged,
 
cashed
 
out
 
or
substituted for, in connection with any corporate
 
transaction affecting the shares of Stock; and
(l)
neither the Company
 
nor any of its
 
Subsidiaries or affiliated
 
companies shall be
 
liable for any
 
foreign exchange rate
fluctuation between the
 
Participant’s local
 
currency and the U.S.
 
dollar that may
 
affect the value
 
of the Performance
Stock
 
Units
 
or
 
any
 
amounts
 
due
 
to
 
the
 
Participant
 
pursuant
 
to
 
the
 
vesting
 
of
 
the
 
Performance
 
Stock
 
Units
 
or
 
the
subsequent sale of any shares of Stock acquired upon vesting of the Performance
 
Stock Units.
9.
Data
 
Privacy.
If
 
the
 
Participant
 
would
 
like
 
to
 
participate
 
in
 
the
 
Plan,
 
the
 
Participant
 
will
 
need
 
to
 
review
 
the
 
information
provided in
 
this Section
 
9 and,
 
where applicable,
 
declare the
 
Participant’s
 
consent to
 
the processing
 
of personal
 
data by
 
the
Company and the third parties stated below.
 
If the Participant is based
 
in the European Union (“EU”),
 
European Economic Area (“EEA”) or
 
United Kingdom, please note
that General Mills,
 
Inc. with registered
 
address at One
 
General Mills Boulevard,
 
Minneapolis, MN 55426-1347,
 
is the controller
responsible for the processing of the Participant’s
 
personal data in connection with the Agreement and the Plan.
 
 
 
 
 
 
 
14
(a)
Data
 
Collection
 
and
 
Usage.
 
The
 
Company
 
collects,
 
processes,
 
uses
 
and
 
transfers
 
certain
 
personally-identifiable
information about
 
the Participant,
 
specifically,
 
the Participant’s
 
name, home
 
address and
 
telephone number,
 
email
address, date of birth, social insurance, passport number or other
 
identification number,
 
salary, nationality,
 
job title,
any shares of Stock or directorships
 
held in the Company or any affiliated company,
 
details of all Performance Stock
Units or any
 
other entitlement to
 
shares of Stock awarded, canceled,
 
exercised, settled, vested, unvested
 
or outstanding
in
 
the
 
Participant’s
 
favor,
 
which
 
the
 
Company
 
receives
 
from
 
the
 
Participant
 
or
 
the
 
Employer
 
(the
 
“Data”).
 
The
Company collects, processes
 
and uses the Data
 
for the purposes of performing
 
its contractual obligations
 
under this
Agreement,
 
implementing,
 
administering and
 
managing
 
the Participant’s
 
participation
 
in the
 
Plan
 
and facilitating
compliance with applicable tax and securities law.
If the Participant
 
is based in
 
the EU, EEA
 
or United Kingdom,
 
the legal basis
 
for the processing
 
of the Data
 
by the
Company
 
is
 
the
 
necessity
 
of
 
the
 
processing
 
for
 
the
 
Company
 
to
 
perform
 
its
 
contractual
 
obligations
 
under
 
this
Agreement
 
and
 
the
 
Plan
 
and
 
the
 
Company’s
 
legitimate
 
business
 
interests
 
of
 
managing
 
the
 
Plan,
 
administering
employee equity awards and complying with its contractual
 
and statutory obligations.
If the Participant is
 
based in any other
 
jurisdiction, the legal basis
 
for the processing
 
of the Data by the
 
Company is
the Participant’s
 
consent as further described below.
(b)
Stock
 
Plan
 
Administration
 
Service
 
Providers.
 
The
 
Company
 
transfers
 
Data
 
to
 
E*TRADE
 
Financial
 
Corporate
Services, Inc.
 
(including its
 
affiliated companies),
 
an independent
 
service provider
 
which assists
 
the Company
 
with
the implementation,
 
administration and
 
management of
 
the Plan.
 
In the future,
 
the Company
 
may select a
 
different
service
 
provider,
 
which
 
will
 
in
 
a
 
similar
 
manner,
 
share
 
Data
 
with
 
such
 
service
 
provider.
 
The
 
Company’s
 
service
provider will
 
maintain an
 
account for the
 
Participant to administer
 
the Performance
 
Stock Units. The
 
processing
 
of
Data
 
will
 
take
 
place
 
through
 
both
 
electronic
 
and
 
non-electronic
 
means.
 
Data
 
will
 
only
 
be
 
accessible
 
by
 
those
individuals requiring access to it for purposes of implementing,
 
administering and operating the Plan.
(c)
International Data
 
Transfers. The
 
Company and
 
its service providers
 
are based
 
in the United
 
States and
 
India. The
Participant’s
 
country or jurisdiction may have different data privacy laws and protections
 
than the United States and
India.
 
An
 
appropriate
 
level
 
of
 
protection
 
can
 
be
 
achieved
 
by
 
implementing
 
safeguards
 
such
 
as
 
the
 
Standard
Contractual Clauses adopted by the EU Commission.
If the Participant is based in any other jurisdiction, the Data will be transferred from the Participant’s
 
jurisdiction to
the Company
 
and onward
 
from
 
the Company
 
to any
 
of its
 
service providers
 
based on
 
the Participant’s
 
consent, as
further described below.
(d)
Data Retention. The
 
Company will use the Data
 
only as long as necessary
 
to implement, administer and
 
manage the
Participant’s
 
participation in
 
the Plan,
 
or as
 
required
 
to comply
 
with legal
 
or regulatory
 
obligations, including
 
tax
and securities laws.
 
When the Company
 
no longer needs
 
the Data,
 
the Company will
 
remove it
 
from its
 
systems.
 
If
the Company keeps data
 
longer,
 
it would be to satisfy legal
 
or regulatory obligations
 
and the Company’s
 
legal basis
would be relevant
 
laws or regulations
 
(if the Participant
 
is in the EU,
 
EEA or United Kingdom)
 
or the Participant’s
consent (if the Participant is outside the EU, EEA or United Kingdom).
(e)
Data
 
Subject
 
Rights.
 
The
 
Participant
 
may
 
have
 
a
 
number
 
of
 
rights
 
under
 
data
 
privacy
 
laws
 
in
 
the
 
Participant’s
jurisdiction. Subject to the conditions
 
set out in the applicable law
 
and depending on where
 
the Participant is based,
such
 
rights
 
may
 
include
 
the
 
right
 
to
 
(i)
 
request
 
access
 
to,
 
or
 
copies
 
of,
 
the
 
Data
 
processed
 
by
 
the
 
Company,
 
(ii)
rectification
 
of
 
incorrect
 
Data,
 
(iii)
 
deletion
 
of
 
Data,
 
(iv)
 
restrictions
 
on
 
the
 
processing
 
of
 
Data,
 
(v)
 
object
 
to
 
the
processing of Data
 
for legitimate interests, (vi)
 
portability of Data, (vii) lodge complaints
 
with competent authorities
in the Participant’s
 
jurisdiction, and/or to (viii) receive a list with the names
 
and addresses of any potential recipients
of Data.
 
To
 
receive
 
clarification regarding
 
these rights
 
or to
 
exercise
 
these rights,
 
the Participant
 
can contact
 
HR
Direct.
(f)
Necessary
 
Disclosure
 
of
 
Personal
 
Data.
 
The
 
Participant
 
understands
 
that
 
providing
 
the
 
Company
 
with
 
Data
 
is
necessary for the performance of the Agreement
 
and that the Participant’s
 
refusal to provide
 
the Data would make it
impossible
 
for
 
the
 
Company
 
to
 
perform
 
its
 
contractual
 
obligations
 
and
 
may
 
affect
 
the
 
Participant’s
 
ability
 
to
participate in the Plan.
 
 
 
 
 
 
 
15
(g)
Declaration
 
of
 
Consent
 
(if
 
the
 
Participant
 
is
 
outside
 
the
 
EU,
 
EEA
 
and
 
United
 
Kingdom).
 
The
 
Participant
 
hereby
unambiguously
 
consents
 
to
 
the collection,
 
use
 
and
 
transfer,
 
in
 
electronic
 
or
 
other
 
form,
 
of
 
the
 
Data,
 
as
 
described
above and in any other
 
grant materials, by and among,
 
as applicable, the Employer,
 
the Company and any affiliated
company for
 
the exclusive
 
purpose of
 
implementing, administering
 
and managing
 
the Participant’s
 
participation in
the Plan. The Participant
 
understands that the Participant
 
may, at
 
any time, refuse
 
or withdraw the consents
 
herein,
in any
 
case without
 
cost, by
 
contacting HR
 
Direct.
 
If the
 
Participant does
 
not consent
 
or later
 
seeks to
 
revoke
 
the
Participant’s
 
consent,
 
the
 
Participant’s
 
employment
 
status
 
or
 
service
 
with
 
the
 
Employer
 
will
 
not
 
be
 
affected;
 
the
Participant’s
 
consequence of
 
refusing
 
or withdrawing
 
consent is
 
that the
 
Company would
 
not be
 
able to
 
award the
Participant
 
Performance
 
Stock Units
 
or any
 
other equity
 
award
 
to the
 
Participant or
 
administer or
 
maintain
 
such
awards.
 
Therefore,
 
the Participant
 
understands
 
that refusing
 
or withdrawing
 
consent may
 
affect the
 
Participant’s
ability to
 
participate in
 
the Plan.
 
For more
 
information on
 
the consequences
 
of refusal
 
to consent
 
or withdrawal
 
of
consent, the Participant should contact HR Direct.
10.
Clawback
. This Award
 
is specifically made subject to the Company’s Executive
 
Compensation Clawback Policies.
11.
Insider Trading;
 
Market Abuse
 
Laws.
 
By participating
 
in the
 
Plan, the
 
Participant agrees
 
to comply
 
with the
 
Company’s
policy
 
on
 
insider
 
trading
 
(to
 
the
 
extent
 
that
 
it
 
is
 
applicable
 
to
 
the
 
Participant),
 
the
 
Participant
 
further
 
acknowledges
 
that,
depending on the Participant’s or his or her broker’s country
 
of residence or where the shares
 
of Stock are listed, the Participant
may be subject
 
to insider trading
 
restrictions and/or market
 
abuse laws
 
that may affect
 
the Participant’s ability to
 
accept, acquire,
sell or
 
otherwise dispose
 
of shares
 
of Stock,
 
rights to
 
shares of
 
Stock (e.g.,
 
Performance Stock
 
Units) or
 
rights linked
 
to the
value of shares of
 
Stock, during such times
 
the Participant is considered
 
to have “inside information”
 
regarding the Company
as defined by
 
the laws or regulations
 
in the Participant’s
 
country.
 
Local insider trading
 
laws and regulations
 
may prohibit the
cancellation
 
or amendment
 
of orders
 
the Participant
 
places before
 
he or
 
she possessed
 
inside information.
 
Furthermore,
 
the
Participant could
 
be prohibited
 
from (i)
 
disclosing the
 
inside information
 
to any
 
third party
 
(other than
 
on a
 
“need to
 
know”
basis) and (ii) “tipping” third parties or causing them
 
otherwise to buy or sell securities. The Participant
 
understands that third
parties
 
include
 
fellow
 
employees.
 
Any
 
restriction
 
under
 
these
 
laws
 
or
 
regulations
 
are
 
separate
 
from
 
and
 
in
 
addition
 
to
 
any
restrictions that may be imposed under any applicable Company insider trading policy.
 
The Participant acknowledges that it is
the Participant’s responsibility
 
to comply with any applicable restrictions, and that the
 
Participant should therefore consult the
Participant’s personal advisor on
 
this matter.
12.
Electronic
 
Delivery.
The Participant
 
agrees, to
 
the fullest
 
extent
 
permitted by
 
law,
 
in lieu
 
of receiving
 
documents
 
in paper
format,
 
to
 
accept
 
electronic
 
delivery
 
of
 
any
 
documents
 
that
 
the
 
Company
 
and
 
its
 
Subsidiaries
 
or
 
affiliated
 
companies
 
may
deliver in connection with this grant and any other grants offered by the Company,
 
including prospectuses, grant notifications,
account statements, annual or quarterly reports, and
 
other communications. Electronic delivery of a
 
document may be made via
the Company’s email system or by reference to a location on the Company’s intranet or website or a website of the Company’s
agent administering
 
the Plan. By
 
accepting this
 
grant, whether
 
electronically or
 
otherwise, the
 
Participant hereby
 
consents to
participate in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or
click-through electronic acceptance of terms and conditions.
13.
English Language.
The Participant acknowledges and agrees that it is the Participant’s express intent that this Agreement and
the Plan
 
and all other
 
documents, notices
 
and legal
 
proceedings entered
 
into, given or
 
instituted pursuant
 
to the Performance
Stock Units be
 
drawn up in English.
 
To
 
the extent the Participant
 
has been provided
 
with a copy of
 
this Agreement, the Plan,
or any other
 
documents relating
 
to this Award
 
in a language
 
other than English,
 
the English language
 
documents will prevail
in case of any ambiguities or divergences as a result of translation.
14.
Addendum.
Notwithstanding any
 
provisions in
 
this Agreement,
 
the Performance
 
Stock Units
 
shall be
 
subject to
 
any special
terms
 
and
 
conditions
 
set
 
forth
 
in
 
the
 
Country-Specific
 
Addendum
 
to
 
this
 
Agreement
 
(the
 
“Addendum”).
 
Moreover,
 
if
 
the
Participant transfers to one of the countries included in such Addendum, the special terms and conditions for such country will
apply to the Participant, to the extent the Company determines that the application of such terms and
 
conditions is necessary or
advisable to comply with local law or facilitate the administration of the Plan (or the Company may establish alternative terms
and conditions as may be necessary or advisable to accommodate the Participant’s transfer). The Addendum constitutes part of
this Agreement.
15.
Not a Public
 
Offering
. The award
 
of the Performance
 
Stock Units is
 
not intended
 
to be a
 
public offering
 
of securities in
 
the
Participant’s
 
country of
 
employment (or
 
country of
 
residence, if
 
different). The
 
Company has
 
not submitted
 
any registration
statement, prospectus
 
or other filings
 
with the local
 
securities authorities (unless
 
otherwise required under
 
local law), and
 
the
award of
 
the Performance
 
Stock Units
 
is not subject
 
to the supervision
 
of the
 
local securities authorities.
No employee of
 
the
 
 
 
 
 
 
 
16
Company or
 
any of
 
its Subsidiaries
 
or affiliated
 
companies is
 
permitted to
 
advise the
 
Participant on
 
whether he/she
 
should
participate
 
in the
 
Plan.
 
Acquiring shares
 
of Stock
 
involves a
 
degree
 
of risk.
 
Before
 
deciding
 
to participate
 
in the
 
Plan, the
Participant should carefully consider all risk factors relevant to the acquisition of shares of Stock under the Plan and carefully
review all
 
of the
 
materials related
 
to the
 
Performance Stock
 
Units and
 
the Plan.
 
In addition,
 
the Participant
 
should consult
with his/her personal advisor for professional investment
 
advice.
16.
Repatriation;
 
Compliance
 
with
 
Law
.
 
The
 
Participant
 
agrees
 
to
 
repatriate
 
all payments
 
attributable
 
to
 
the
 
shares
 
of Stock
and/or cash acquired
 
under the Plan in
 
accordance with applicable
 
foreign exchange
 
rules and regulations
 
in the Participant’s
country of employment
 
(and country of
 
residence, if different).
 
In addition, the
 
Participant agrees to
 
take any and
 
all actions,
and
 
consent
 
to
 
any
 
and
 
all
 
actions
 
taken
 
by
 
the
 
Company
 
and
 
any
 
of
 
its
 
Subsidiaries
 
and
 
affiliated
 
companies,
 
as
 
may
 
be
required to
 
allow the
 
Company and
 
any of
 
its Subsidiaries
 
and affiliated
 
companies to
 
comply with
 
local laws,
 
rules and/or
regulations in
 
the Participant’s
 
country of
 
employment (and country
 
of residence, if
 
different). Finally,
 
the Participant
 
agrees
to take
 
any and
 
all actions
 
as may
 
be required
 
to comply
 
with the
 
Participant’s
 
personal obligations
 
under local
 
laws, rules
and/or regulations in the Participant’s
 
country of employment and country of residence, if different).
17.
Imposition
 
of
 
Other
 
Requirements
.
 
The
 
Company
 
reserves
 
the
 
right
 
to
 
impose
 
other
 
requirements
 
on
 
the
 
Participant’s
participation in the Plan, on the Performance
 
Stock Unit, and on any shares of Stock acquired under
 
the Plan, to the extent the
Company determines it is
 
necessary or advisable for
 
legal or administrative reasons,
 
and to require the
 
Participant to sign any
additional agreements or undertakings that may be necessary to accomplish
 
the foregoing.
18.
Committee’s Powers
. No provision contained
 
in this Agreement shall
 
in any way terminate,
 
modify or alter,
 
or be construed
or interpreted
 
as terminating,
 
modifying or
 
altering any
 
of the
 
powers, rights
 
or authority
 
vested in
 
the Committee
 
or,
 
to the
extent delegated, in its
 
delegate, pursuant to the
 
terms of the Plan or
 
resolutions adopted in furtherance
 
of the Plan, including,
without
 
limitation,
 
the right
 
to make
 
certain
 
determinations
 
and
 
elections
 
with respect
 
to the
 
Performance
 
Stock Unit.
 
Any
dispute
 
regarding
 
the
 
interpretation
 
of
 
this
 
Agreement
 
or
 
the
 
terms
 
of
 
the
 
Plan
 
shall
 
be
 
submitted
 
to
 
the
 
Committee
 
or
 
its
delegate
 
who
 
shall
 
have
 
the
 
discretionary
 
authority
 
to
 
construe
 
the
 
terms
 
of
 
this
 
Agreement,
 
the
 
Plan,
 
and
 
all
 
documents
ancillary to this
 
Award.
 
The decisions of the
 
Committee or its delegate
 
shall be final and
 
binding and any
 
reviewing court of
law or
 
other party
 
shall defer to
 
its decision,
 
overruling if,
 
and only
 
if, it is
 
arbitrary and
 
capricious. In
 
no way
 
is it intended
that this review standard subject the Plan or Award
 
to the U.S. Employee Retirement Income Security Act.
19.
Binding
 
Effect
.
 
This
 
Agreement
 
shall
 
be
 
binding
 
upon
 
and
 
inure
 
to
 
the
 
benefit
 
of
 
any
 
successors
 
to
 
the
 
Company
 
and
 
all
persons lawfully claiming under the Participant.
20.
Governing Law and Forum
. Without limiting the effect of section 16, this Agreement shall be governed by,
 
and construed in
accordance with, the laws of the State of Delaware without regard to principles
 
of conflict of laws.
21.
Severability
. The
 
provisions of
 
this Agreement
 
are severable
 
and if
 
any one
 
or more
 
of the
 
provisions are
 
determined to
 
be
illegal
 
or otherwise
 
unenforceable,
 
in whole
 
or in
 
part,
 
the Agreement
 
shall be
 
reformed
 
and
 
construed
 
so that
 
it would
 
be
enforceable to
 
the maximum
 
extent legally
 
possible, and
 
if it
 
cannot be
 
so reformed
 
and construed,
 
as if
 
such unenforceable
provision, or part thereof, had never been contained herein.
22.
Waiver
. The waiver by
 
the Company with respect
 
to Participant’s
 
(or any other participant’s)
 
compliance with any
 
provision
of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent
breach by such party of a provision of this Agreement.
A
copy of the Plan and the Prospectus to the General Mills, Inc. 2022 Stock Compensation
 
Plan is available on G&Me by searching
“2022 Stock Compensation Plan”.
 
A copy of the Company’s latest Annual Report
 
on Form 10-K is also available on the Company’s
website at www.generalmills.com
 
under Investor Information/Annual Reports.
GENERAL MILLS, INC.
 
 
 
 
 
1
Exhibit 10.2
GENERAL MILLS, INC.
STOCK OPTION AWARD
 
AGREEMENT
OPTIONEE:
[Officer]
PERNR:
This Award is made under the General Mills, Inc. 2022 Stock Compensation Plan (the "Plan"), and is subject
 
to the terms
and conditions contained
 
in the Plan document
 
and this Stock Option
 
Award
 
Agreement (“Agreement”).
 
The Optionee:
(i) acknowledges receipt of a copy of the Plan and
 
Plan prospectus, (ii) represents that the Optionee has carefully read and
is familiar
 
with the provisions
 
of this Agreement
 
and the Plan,
 
and (iii) hereby
 
accepts the Stock
 
Option subject to
 
all of
the terms and conditions
 
set forth herein, and in
 
the Plan.
 
If the Optionee does
 
not wish to receive the
 
Stock Option and/or
does not consent and agree to the
 
terms and conditions on which the
 
Stock Option is offered, as set forth
 
in this Agreement
and the Plan, then the Optionee must reject this Award via the website of the Company’s designated broker,
 
no later than
60
 
days
 
following
 
the
 
Grant
 
Date.
 
If
 
the
 
Optionee
 
rejects
 
this
 
Award,
 
this
 
Award
 
will
 
immediately
 
be
 
forfeited
 
and
cancelled.
 
The Optionee’s exercise of this
 
Award will also constitute the Optionee’s acceptance
 
of this Award and all
 
terms
and conditions of this Award,
 
as set forth in this Agreement and the Plan.
THIS AWARD,
 
dated on
 
the below
 
Grant Date,
 
is made
 
by General
 
Mills, Inc.,
 
(the "Company"),
 
and made
 
to the
 
person
named above (the "Optionee" or referred to
 
as “I”, “you”, or “my”) (“Award”).
1.
Award
 
of Stock Option
. The Company
 
grants to the
 
Optionee under the
 
Plan the following
 
non-qualified option
 
to purchase
the Company's common
 
stock, par value
 
USD 0.10 per
 
share (“Common Stock”).
 
The option granted
 
pursuant to this
 
Agreement
is referred to as the “Stock Option” and subject to the terms in this Agreement.
 
Except as otherwise defined herein, capitalized
terms shall have the same meanings ascribed to them under the Plan.
Grant Date:
Expiration Date:
Option Shares:
 
Exercise price per share:
 
Type of Stock Option:
2.
Vesting of
 
Stock Option; Forfeiture.
(a)
Vesting Schedule
. The Stock Option shall vest and become exercisable in tranches, each tranche having its own 12
month vesting period occurring consecutively,
 
starting on the Grant Date.
 
Tranche
 
Number of Options
Scheduled Date Exercisable
(b)
Forfeiture of
 
Stock Option
. The
 
Optionee acknowledges
 
that the
 
Stock Options
 
granted hereunder
 
are subject
 
to
forfeiture,
 
and/or
 
limited
 
exercise
 
period,
 
if
 
the
 
Optionee’s
 
employment
 
with
 
the
 
Company
 
or
 
any
 
Subsidiary
terminates under certain circumstances, as herein provided.
 
(i)
Resignation or Termination
 
for Cause.
 
If the Optionee’s
 
employment with the Company
 
or any Subsidiary or
affiliated
 
companies
 
is terminated
 
at
 
any time
 
prior to
 
the Expiration
 
Date
 
by either
 
(i) resignation,
 
or (ii)
 
a
discharge due to
 
Optionee’s illegal activities, poor
 
work performance, misconduct
 
or violation of
 
the Company’s
Code of
 
Conduct, policies
 
or practices,
 
then, to
 
the extent
 
the Option
 
Shares are
 
vested as of
 
the Termination
Date, they shall
 
expire three (3) months
 
after the Termination Date (but
 
in no event
 
beyond the Expiration Date);
and, if and to the extent the
 
Option Shares are not vested as of
 
the Termination Date, the unvested portions shall
for no consideration
 
be cancelled and
 
forfeited immediately with
 
no ability to
 
be exercised. For
 
the avoidance
of doubt, “Termination
 
Date” for purposes of this Award
 
will be deemed to occur as of the date Optionee is no
 
2
longer
 
actively
 
providing
 
services
 
as
 
an
 
employee,
 
unless
 
otherwise
 
determined
 
by
 
the Company
 
in
 
its
 
sole
discretion,
 
and
 
no
 
vesting
 
shall
 
continue
 
during
 
any
 
notice
 
period
 
that
 
may
 
be
 
specified
 
under
 
contract
 
or
applicable law with respect
 
to such termination, including
 
any “garden leave” or similar
 
period, except as may
otherwise be permitted in the Company’s
 
sole discretion.
(ii)
Involuntary
 
Termination.
 
If
 
the
 
Optionee’s
 
employment
 
with
 
the
 
Company
 
or
 
any
 
Subsidiary
 
or
 
affiliated
companies terminates involuntarily at
 
the initiation of the Company for any
 
reason other than specified in Plan
Section 11
 
(
Change
 
in
 
Control
),
 
or
 
(i),
 
(iv) or
 
(v)
 
in
 
this
 
section
 
2,
 
and
 
only
 
upon
 
the
 
execution
 
(without
revoking) of an effective general legal release and such other
 
documents as are satisfactory to the Company, the
unvested Restricted Stock Units that
 
are in the tranche with a
 
Scheduled Vesting
 
Date within 12 months of
 
the
Termination Date shall vest, in an amount equal to the pro-rata amount based on employment completed during
the relevant 12 month tranche vesting
 
period. All other unvested Restricted Stock
 
Units shall be forfeited as of
the Termination
 
Date. All Restricted Stock
 
Units that vest under
 
this paragraph shall be
 
paid on the respective
Scheduled Vesting
 
Date otherwise applicable to such tranche.
(iii)
Death.
 
If an Optionee dies while
 
employed with the Company or any Subsidiary or
 
affiliated companies during
any
 
applicable vesting
 
period, this
 
Award
 
shall become
 
fully vested
 
and exercisable
 
upon death
 
and may
 
be
exercised by
 
the person
 
designated as
 
such Optionee’s
 
beneficiary or
 
beneficiaries or,
 
in the
 
absence of
 
such
designation, by the Optionee’s estate. The
 
Stock Option shall remain exercisable until the Expiration Date.
(iv)
Retirement.
 
If
 
the
 
termination
 
of
 
employment
 
is
 
due
 
to
 
the
 
Optionee’s
 
retirement
 
on
 
or
 
after
 
age
 
55
 
and
completion
 
of
 
at
 
least
 
five
 
(5)
 
years
 
of
 
Company
 
service,
 
this
 
Award’s
 
tranches
 
shall
 
continue
 
to
 
vest
 
and
become exercisable on each respective Scheduled
 
Date Exercisable, remaining exercisable until
 
the Expiration
Date. Notwithstanding the above, if the Termination Date is within twelve months
 
of the Grant Date, the Award
shall vest on a pro rata
 
basis based on employment completed
 
since grant prior to the
 
Termination Date
 
within
the first
 
year after
 
Grant Date
 
and shall
 
be exercisable
 
until the
 
Expiration Date
 
beginning on
 
the Scheduled
Date Exercisable for the tranche to which the option belongs. The terms of this paragraph (iv) shall not apply to
an Optionee who,
 
prior to
 
a Change
 
of Control, is
 
terminated for cause
 
as described in
 
(b)(i) above; said
 
Optionee
shall be treated as provided in (b)(i).
(v)
Spin-offs and Other Divestitures.
 
If the termination of employment is due to the divestiture, cessation, transfer,
or spin-off
 
of a
 
line of
 
business or
 
other activity
 
of the
 
Company,
 
the Committee,
 
in its
 
sole discretion,
 
shall
determine the conversion, vesting, or other treatment of the Stock Option.
3.
Exercise of the Option.
(a)
Method of Exercise
. Optionee may exercise the vested
 
portion of the Stock Option (provided
 
the Fair Market Value
of the shares
 
of Common Stock
 
exercised exceeds the
 
exercise price) prior
 
to the Expiration
 
Date of the
 
Stock Option
or such earlier date indicated hereunder by delivering a notice
 
of exercise in such form as may be designated by the
Company from time to time, or making the required
 
electronic election with the Company’s
 
designated broker, and
paying
 
the exercise
 
price and
 
any Tax
 
-Related Items
 
(as defined
 
in section
 
5 below)
 
and costs
 
to the
 
Company’s
stock
 
plan
 
administrator
 
or
 
such
 
other
 
person
 
as
 
the
 
Company
 
may
 
designate,
 
together
 
with
 
such
 
additional
documents as the Company may then require pursuant to the terms of the
 
Plan.
(b)
Method
 
of
 
Payment
.
 
Payment
 
of
 
the
 
exercise
 
price
 
may
 
be
 
made
 
by
 
one
 
of
 
the
 
methods
 
available
 
under
 
the
Company’s exercise procedures, which
 
may include:
(i)
Payment by cash or check.
 
(ii)
Payment by transfer to the Company of whole shares of Common Stock Optionee already
 
owns having a Fair
Market Value
 
determined at the time of exercise of the Stock Option equal to,
 
but not exceeding, the exercise
price and any Tax-Related
 
Items; and
(iii)
A “same day sale” transaction pursuant to which
 
a third party (engaged by you or the Company) loans
 
funds
to you
 
to enable you
 
to purchase shares
 
of Common
 
Stock and
 
pay any Tax
 
-Related Items, and
 
then sells a
 
 
 
 
3
sufficient number
 
of the
 
exercised shares
 
of Common
 
Stock on your
 
behalf to
 
enable you
 
to repay
 
the loan
and any fees. The remaining shares of Common Stock and/or cash are then delivered by the third party to the
Optionee.
The Company may suspend, or
 
eliminate, various forms of permissible
 
payment of the exercise price
 
from time to time
in its sole discretion. Further,
 
notwithstanding any provision within
 
this Agreement to the contrary,
 
if the Optionee is
a resident
 
or provides
 
services outside
 
of the
 
United States,
 
the Committee
 
may require
 
that the
 
Optionee (or
 
in the
event of the Optionee’s death, his
 
or her legal representative,
 
as the case may
 
be) exercise the Stock
 
Option in a method
other than
 
as specified
 
above, may
 
require the
 
Optionee to
 
exercise the
 
Stock Option
 
only by
 
means of
 
a “same day
sale” transaction (either
 
a “sell-all” transaction
 
or a “sell-to-cover”
 
transaction) as it determines
 
in its sole discretion,
or may require the Optionee to sell any shares of Common Stock the Optionee acquires under the Plan immediately or
within a specified period following the Optionee’s termination of employment with the Company or any Subsidiary or
affiliated companies (in which case, the
 
Optionee hereby agrees that the Company shall
 
have the authority to issue
 
sale
instructions in relation to such shares on the Optionee’s
 
behalf).
 
(c)
Responsibility
 
for
 
Exercise.
The
 
Optionee
 
is
 
responsible
 
for
 
taking
 
any
 
and
 
all
 
actions
 
as
 
may
 
be
 
required
 
to
exercise the Stock Option in a timely manner and
 
for properly executing any such documents as may be
 
required for
exercise
 
in
 
accordance
 
with
 
such
 
rules
 
and
 
procedures
 
as
 
may
 
be
 
established
 
from
 
time
 
to
 
time.
 
The
 
Optionee
acknowledges that
 
information regarding
 
the procedures
 
and requirements
 
for the
 
exercise of
 
the Stock
 
Option is
available to
 
the Optionee
 
on request.
 
Neither the
 
Company nor
 
any Subsidiary
 
or affiliated
 
companies shall
 
have
any duty or obligation to notify you of the Expiration Date of the Option.
4.
Non-Transferability.
 
The Stock Option may
 
not be sold, assigned,
 
pledged, exchanged, hypothecated,
 
encumbered, disposed
of, or
 
otherwise transferred,
 
unless otherwise
 
provided in
 
the Plan
 
or this
 
Agreement.
 
Upon any
 
attempt to
 
transfer,
 
assign,
pledge, hypothecate or otherwise dispose
 
of the Stock Option or of such
 
rights contrary to the provisions hereof
 
or in the Plan,
the Stock Option and such rights shall immediately become null and void.
5.
Withholding
 
of
 
Tax
.
 
The
 
Optionee
 
acknowledges
 
that,
 
regardless
 
of
 
any
 
action
 
taken by
 
the
 
Company
 
or,
 
if different,
 
the
Subsidiary or
 
affiliated company
 
that employs
 
the Optionee
 
(the “Employer”),
 
the ultimate liability
 
for all
 
income tax, social
contributions,
 
payroll
 
tax, fringe
 
benefits
 
tax, payment
 
on account,
 
hypothetical
 
tax or
 
other
 
tax-related
 
items related
 
to
 
the
Optionee’s participation in the Plan and legally applicable to the Optionee or
 
deemed by the Company or the Employer in their
discretion to be an appropriate charge to the
 
Optionee even if legally applicable to
 
the Company or the Employer (“Tax-Related
Items”),
 
is and
 
remains
 
the Optionee’s
 
responsibility
 
and may
 
exceed
 
the amount
 
actually withheld
 
by the
 
Company
 
or the
Employer,
 
if any.
 
The Optionee
 
further acknowledges
 
that the
 
Company and/or
 
the Employer
 
(a) make no
 
representations or
undertakings regarding
 
the treatment
 
of any
 
Tax-Related
 
Items in connection
 
with any aspect
 
of the Stock
 
Option, including,
but not
 
limited to,
 
the grant,
 
vesting, exercise
 
and the
 
subsequent sale
 
of shares
 
of Common
 
Stock acquired
 
pursuant to
 
such
vesting and
 
exercise and
 
the receipt
 
of any
 
dividends; and
 
(b) do not
 
commit to
 
and are
 
under no
 
obligation
 
to structure
 
the
terms of
 
the grant
 
or any
 
aspect of
 
the Stock
 
Option to
 
reduce or
 
eliminate the
 
Optionee’s
 
liability for
 
Tax-Related
 
Items or
achieve any particular tax result. Further, if the Optionee is subject to Tax
 
-Related Items in more than one jurisdiction between
the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, the Optionee acknowledges that the
Company
 
and/or the
 
Employer (or
 
former employer,
 
as applicable)
 
may be
 
required to
 
withhold or
 
account for
 
Tax-Related
Items in more than one jurisdiction.
Prior
 
to
 
the
 
relevant
 
taxable
 
or
 
tax
 
withholding
 
event,
 
as
 
applicable,
 
the
 
Optionee
 
agrees
 
to
 
make
 
adequate
 
arrangements
satisfactory to the Company and/or the Employer to satisfy all Tax
 
-Related Items. In this regard, unless otherwise approved by
the Committee, the
 
Company shall satisfy the
 
obligations with regard
 
to all Tax
 
-Related Items by one
 
or a combination of
 
the
following: (i) withholding from the Optionee’s wages or other cash compensation
 
paid to the Optionee by the Company and/or
the Employer; (ii) withholding from
 
the shares of Common Stock to be delivered
 
upon settlement of the Stock Option or
 
other
awards granted to the Optionee or (iii) permitting the Optionee to tender to the Company cash or, if allowed by the Committee,
shares of Common Stock.
Depending on the withholding method, the Company
 
may withhold or account for Tax-Related Items by considering applicable
statutory
 
withholding
 
rates
 
(as
 
determined
 
by
 
the
 
Company
 
in
 
good
 
faith
 
and
 
in
 
its
 
sole
 
discretion)
 
or
 
other
 
applicable
withholding rates, including maximum
 
applicable rates, in which case the
 
Optionee will receive a refund of
 
any over-withheld
amount and will have no entitlement to the share equivalent. If the obligation for Tax
 
-Related Items is satisfied by withholding
from the shares of
 
Common Stock to be
 
delivered upon vesting of
 
the Stock Option, for
 
tax purposes, the Optionee is
 
deemed
to have been issued the full number of shares
 
of Common Stock subject to the Stock Option,
 
notwithstanding that a number of
shares of
 
Common
 
Stock are
 
held
 
back
 
solely for
 
the purpose
 
of paying
 
the Tax
 
-Related Items.
 
The Optionee
 
will have
 
no
further rights with respect to any shares of Common Stock that are retained by
 
the Company pursuant to this provision.
 
4
The
 
Optionee
 
agrees
 
to
 
pay
 
to
 
the
 
Company
 
or
 
the
 
Employer
 
any
 
amount
 
of
 
Tax-Related
 
Items
 
that
 
the
 
Company
 
or
 
the
Employer
 
may
 
be
 
required
 
to
 
withhold
 
or
 
account
 
for
 
as
 
a
 
result
 
of
 
the
 
Optionee’s
 
participation
 
in
 
the
 
Plan
 
that
 
cannot
 
be
satisfied by the means previously described. The Company may refuse to issue or deliver shares of Common Stock or proceeds
from the sale of
 
shares of Common Stock
 
until arrangements satisfactory
 
to the Company have
 
been made in
 
connection with
the Tax-Related Items.
6.
Restrictive Covenants; Confidential Information; Work Products.
The Optionee agrees to cooperate with the Company in
any way needed in order
 
to comply with, or fulfill the
 
terms of the Plan and this
 
Grant document.
 
As a term and condition of
this Grant, Optionee agrees to the following terms:
a.
I agree to use General Mills
 
Confidential Information only as needed in the
 
performance of my duties, to hold
and protect
 
such information
 
as confidential
 
to the Company,
 
and not
 
to engage
 
in any unauthorized
 
use or
disclosure of such information
 
for so long as such
 
information qualifies as Confidential
 
Information. I agree
that after my employment with the Company terminates for any reason, including “retirement” as that term is
used in the Plan, I will not use or disclose, directly
 
or indirectly, Company
 
Confidential Information or trade
secrets for any purpose, unless I get the prior written consent of my manager
 
to do so.
This
 
document
 
does
 
not
 
prevent
 
me
 
from
 
filing
 
a
 
complaint
 
with
 
a
 
government
 
agency
 
(including
 
the
Securities and Exchange
 
Commission, Department of
 
Justice, Equal Employment
 
Opportunity Commission
and
 
others)
 
or from
 
participating
 
in
 
an agency
 
proceeding.
 
This
 
document
 
also
 
does not
 
prevent
 
me
 
from
providing an agency with information,
 
including this document, unless such
 
information is legally protected
from disclosure to
 
third parties.
 
I do not need
 
prior company authorization
 
to take these
 
actions, nor must
 
I
notify the company I have done so.
Also, as provided in 18 U.S.C. 1833(b), I cannot be held criminally or civilly liable under any federal or state
trade secret law for making a
 
trade secret disclosure: (A) in confidence
 
to a federal, state, or
 
local government
official, either
 
directly or
 
indirectly,
 
or to
 
an attorney,
 
solely for
 
the purpose
 
of reporting
 
or investigating
 
a
suspected violation of
 
law; or (B) in
 
a complaint or other
 
document filed in a
 
lawsuit or other proceeding,
 
if
such filing is made under seal.
General Mills Confidential Information means any non-public information I create, receive, use or
 
observe in
the performance
 
of my job
 
at General Mills,
 
including trade secrets.
 
Examples of Confidential
 
Information
include
 
marketing,
 
merchandising,
 
business
 
plans,
 
business
 
methods,
 
pricing,
 
purchasing,
 
licensing,
contracts,
 
employee,
 
supplier
 
or
 
customer
 
information,
 
customer,
 
vendor
 
or
 
partner
 
client
 
or
 
contact
 
lists,
financial
 
data,
 
technological
 
developments,
 
manufacturing
 
processes
 
and
 
specifications,
 
product
 
formulas,
ingredient specifications, software code, and all other proprietary information which is not publicly available
to others.
Prior
 
to
 
leaving
 
the
 
Company,
 
I
 
agree
 
to
 
return
 
all
 
materials
 
in
 
my
 
possession
 
containing
 
Confidential
Information,
 
as well
 
as all
 
other
 
documents
 
and
 
other
 
tangible
 
items
 
provided
 
to
 
me by
 
General
 
Mills, or
developed by me in connection with my employment with the Company.
b.
I
 
agree
 
to
 
promptly
 
tell
 
General
 
Mills
 
about
 
any
 
ideas,
 
concepts,
 
improvements,
 
designs,
 
inventions,
discoveries,
 
and
 
creative
 
works
 
(collectively,
 
“Work
 
Product”)
 
which
 
I
 
conceive
 
or
 
create
 
during
 
my
employment with General Mills which relate to General Mills’ businesses.
I further agree to immediately, automatically
 
and irrevocably assign, and hereby do assign, to General Mills
any and all intellectual property rights in and to such Work
 
Product, and all such intellectual property rights
shall be solely and exclusively owned by General Mills.
 
“Intellectual property rights” means patent rights,
copyrights, trade secret rights, trade dress rights, trademark rights and all comparable
 
rights throughout the
world.
During my employment with General Mills and anytime thereafter,
 
I will take all necessary steps, at
General Mills’ request and expense, but without further compensation to me, to execute any
 
instruments
necessary to enable General Mills or General Mills’ nominee to register intellectual
 
property rights
throughout the world.
 
5
After I leave General Mills, I agree to help General Mills in every way possible in
 
any government or legal
proceedings pertaining to any General Mills intellectual property
 
rights.
c.
[
This Section 6.c.
 
does not apply
 
to California, Colorado,
 
Minnesota, and Washington
 
-based employees.
] I
agree that
 
for one
 
year after
 
I leave the
 
Company,
 
including retiring
 
from the
 
Company,
 
I will not
 
work on
any
 
product,
 
brand
 
category,
 
process,
 
or
 
service:
 
(A)
 
on
 
which
 
I
 
worked,
 
or
 
about
 
which
 
I
 
had
 
access
 
to
Confidential
 
Information,
 
in
 
the
 
year
 
immediately
 
preceding
 
my
 
termination
 
(including
 
retirement)
 
from
General Mills, and
 
(B) which competes
 
with General Mills
 
products, brand
 
categories, processes, or
 
related
services.
 
d.
I agree that for one year after I leave General Mills, including
 
retiring from the Company,
 
I will refrain from
directly or indirectly soliciting Company employees for the purpose of hiring them or inducing them to leave
their employment with the Company.
e.
I agree that after I
 
leave General Mills, including
 
retiring from the Company,
 
I will indefinitely refrain
 
from
using
 
Company
 
client
 
or
 
contact
 
lists,
 
and
 
for
 
two
 
years
 
I
 
will
 
refrain
 
from
 
soliciting
 
the
 
Company’s
customers.
A
 
breach
 
of
 
the
 
obligations
 
set
 
forth
 
in
 
this
 
paragraph
 
may
 
result
 
in
 
the
 
rescission
 
of
 
the
 
Grant,
 
termination
 
and
forfeiture of
 
any unvested
 
or un-exercised
 
Options, and/or
 
required payment
 
to Company
 
of all
 
or a
 
portion of
 
any
monetary gains acquired
 
by Optionee as a
 
result of the Grant, unless
 
the Grant vested and
 
was settled more
 
than four
(4) years prior to the breach.
 
The foregoing remedies are in addition
 
to, and not in lieu of injunctive relief
 
and/or any
other legal or equitable remedies available under applicable law.
7.
Nature of Grant
. In accepting the Stock Option, the Optionee acknowledges and agrees that:
(a)
the
 
Plan
 
is
 
established
 
voluntarily
 
by
 
the
 
Company,
 
it
 
is
 
discretionary
 
in
 
nature
 
and
 
it
 
may
 
be
 
modified,
amended,
 
suspended
 
or
 
terminated
 
by
 
the
 
Company,
 
in
 
its
 
sole
 
discretion,
 
at
 
any
 
time
 
(subject
 
to
 
any
limitations set forth in the Plan);
(b)
the grant of the Stock Option is voluntary and occasional and does not create any contractual or other right to
receive future grants of
 
stock options, or
 
benefits in lieu
 
of stock options, even
 
if stock options
 
or other awards
have been granted in the past;
(c)
all decisions with respect to future awards, if any,
 
will be at the sole discretion of the Company;
(d)
the Optionee’s participation
 
in the Plan is voluntary;
(e)
the Stock
 
Option and
 
the Optionee’s
 
participation
 
in the
 
Plan shall
 
not create
 
a right
 
to employment
 
or be
interpreted
 
as
 
forming
 
an
 
employment
 
contract
 
with
 
the
 
Company
 
or
 
any
 
of
 
its
 
Subsidiaries
 
or
 
affiliated
companies and shall not interfere
 
with the ability of the
 
Company or the Employer, as applicable, to
 
terminate
the Optionee’s employment relationship
 
(as otherwise may be permitted under local law);
(f)
unless otherwise agreed with
 
the Company, the Stock Option and
 
any shares of
 
Common Stock acquired upon
vesting
 
and
 
exercise
 
of
 
the
 
Stock
 
Option,
 
and
 
the
 
income
 
from
 
and
 
value
 
of
 
same,
 
are
 
not
 
granted
 
as
consideration for,
 
or in
 
connection with,
 
any service
 
the Optionee
 
may provide
 
as a
 
director of
 
any of
 
any
Subsidiary or affiliate of the Company;
(g)
the Stock Option and
 
any shares of
 
Common Stock acquired under
 
the Plan and
 
the income and
 
value of same,
are
 
not
 
part
 
of
 
normal
 
or
 
expected
 
compensation
 
for
 
purposes
 
of
 
calculating
 
any
 
severance,
 
resignation,
termination,
 
redundancy,
 
dismissal,
 
end-of-service
 
payments,
 
bonuses,
 
long-service
 
awards,
 
pension
 
or
retirement or welfare benefits or similar payments and in no event should be considered as compensation for,
 
 
 
6
or relating
 
in any way
 
to, past services
 
for the
 
Company,
 
the Employer
 
or any
 
Subsidiary or affiliate
 
of the
Company;
(h)
the future
 
value of
 
the shares
 
of Common
 
Stock underlying
 
the Stock
 
Option is
 
unknown, indeterminable,
and cannot be predicted with certainty;
 
(i)
if the underlying shares of Common Stock do not increase in value, the Stock
 
Option will have no value;
 
(j)
upon exercise
 
of the
 
Stock Option,
 
the value
 
of such
 
shares of Common
 
Stock may
 
increase or
 
decrease in
value, even below the exercise price;
 
(k)
no claim or entitlement to
 
compensation or damages shall arise from
 
forfeiture of the Stock Option
 
resulting
from termination of
 
the Optionee’s
 
employment (for any reason
 
whatsoever and whether or
 
not in breach of
local labor laws or
 
later found invalid) and,
 
in consideration of the
 
Stock Option, the Optionee
 
agrees not to
institute any claim against the Company or the Employer;
(l)
the
 
Stock
 
Option
 
and
 
the rights
 
evidenced
 
by
 
this Agreement
 
do
 
not create
 
any
 
entitlement
 
not otherwise
specifically provided for in the
 
Plan to have the
 
Stock Option transferred to,
 
or assumed by, another company,
nor to be exchanged, cashed out or substituted for,
 
in connection with any corporate transaction affecting the
shares of Common Stock; and
(m)
neither
 
the
 
Company
 
nor
 
any
 
of
 
its
 
Subsidiaries
 
or
 
affiliated
 
companies
 
shall
 
be
 
liable
 
for
 
any
 
foreign
exchange rate fluctuation between the Optionee’s local currency and the U.S. dollar that may affect the value
of the Stock
 
Option or any
 
amounts due to
 
the Optionee pursuant
 
to the exercise
 
of the Stock
 
Option or the
subsequent sale of any shares of Common Stock acquired upon exercise
 
of the Stock Option.
8.
Data Privacy
.
If the Optionee would like to
 
participate in the Plan, the Optionee
 
will need to review the
 
information provided
in this Section 8 and, where applicable, declare the Optionee’s
 
consent to the processing of personal data by the Company and
the third parties stated below.
 
If the Optionee
 
is based in
 
the European
 
Union (“EU”), European
 
Economic Area
 
(“EEA”) or United
 
Kingdom, please note
that General Mills, Inc. with registered
 
address at One General
 
Mills Boulevard, Minneapolis,
 
MN 55426-1347, U.S.A., is the
controller responsible
 
for the processing of the Optionee’s
 
personal data in connection with the Agreement
 
and the Plan.
(a)
Data
 
Collection
 
and
 
Usage.
 
The
 
Company
 
collects,
 
processes,
 
uses
 
and
 
transfers
 
certain
 
personally-
identifiable information
 
about the Optionee,
 
specifically, the
 
Optionee’s
 
name, home address
 
and telephone
number,
 
email
 
address,
 
date
 
of
 
birth,
 
social
 
insurance,
 
passport
 
number
 
or
 
other
 
identification
 
number,
salary,
 
nationality,
 
job
 
title,
 
any
 
shares
 
of
 
Stock
 
or
 
directorships
 
held
 
in
 
the
 
Company
 
or
 
any
 
affiliated
company, details of all
 
Stock Options or
 
any other
 
entitlement to shares
 
of Stock awarded,
 
canceled, exercised,
settled,
 
vested,
 
unvested
 
or
 
outstanding
 
in
 
the
 
Optionee’s
 
favor,
 
which
 
the
 
Company
 
receives
 
from
 
the
Optionee or the Employer (the “Data”). The Company collects,
 
processes and uses the Data for the purposes
of performing
 
its contractual obligations
 
under this Agreement,
 
implementing, administering
 
and managing
the Optionee’s
 
participation in the Plan and facilitating compliance with applicable tax and securities law.
 
If the Optionee is based in the EU, EEA or United Kingdom, the legal basis for the processing of the Data by
the Company is the necessity of the processing
 
for the Company to perform its contractual obligations under
this
 
Agreement
 
and
 
the
 
Plan
 
and
 
the
 
Company’s
 
legitimate
 
business
 
interests
 
of
 
managing
 
the
 
Plan,
administering employee equity awards and
 
complying with its contractual and statutory obligations.
 
If the
 
Optionee is based
 
in any
 
other jurisdiction, the
 
legal basis
 
for the
 
processing of the Data
 
by the Company
is the Optionee’s
 
consent as further described below.
(b)
Stock Plan Administration Service
 
Providers.
 
The Company transfers
 
Data to E*TRADE Financial
 
Corporate
Services, Inc. (including its
 
affiliated companies), an independent
 
service provider which assists
 
the Company
with the implementation, administration and management of the Plan.
 
In the future, the Company may select
a
 
different
 
service
 
provider,
 
which
 
will
 
in
 
a
 
similar
 
manner,
 
share
 
Data
 
with
 
such
 
service
 
provider.
 
The
 
 
 
 
 
 
7
Company’s
 
service provider will
 
maintain an account
 
for the Optionee to
 
administer the Stock
 
Options. The
processing
 
of
 
Data
 
will
 
take
 
place
 
through
 
both
 
electronic
 
and
 
non-electronic
 
means.
 
Data
 
will
 
only
 
be
accessible
 
by
 
those
 
individuals
 
requiring
 
access
 
to
 
it
 
for
 
purposes
 
of
 
implementing,
 
administering
 
and
operating the Plan.
(c)
International Data Transfers. The
 
Company and its
 
service providers are based
 
in the
 
United States and
 
India.
The Optionee’s
 
country or jurisdiction may have different
 
data privacy laws and protections
 
than the United
States and India. An appropriate level of protection
 
can be achieved by implementing safeguards such as the
Standard Contractual Clauses adopted by
 
the EU Commission.
If the Optionee is
 
based in any other
 
jurisdiction, the Data will
 
be transferred from the Optionee’s jurisdiction
to
 
the
 
Company
 
and
 
onward
 
from
 
the
 
Company
 
to
 
any
 
of
 
its
 
service
 
providers
 
based
 
on
 
the
 
Optionee’s
consent, as further described below.
(d)
Data
 
Retention.
 
The
 
Company
 
will
 
use
 
the
 
Data
 
only
 
as
 
long
 
as
 
necessary
 
to
 
implement,
 
administer
 
and
manage
 
the
 
Optionee’s
 
participation
 
in
 
the
 
Plan,
 
or
 
as
 
required
 
to
 
comply
 
with
 
legal
 
or
 
regulatory
obligations, including
 
tax and securities
 
laws.
 
When the Company
 
no longer needs
 
the Data,
 
the Company
will remove
 
it from its
 
systems.
 
If the Company
 
keeps data longer,
 
it would be to
 
satisfy legal or regulatory
obligations and
 
the Company’s
 
legal basis
 
would be
 
relevant
 
laws or
 
regulations
 
(if the
 
Optionee is
 
in the
EU, EEA
 
or United
 
Kingdom) or
 
the Optionee’s
 
consent (if
 
the Optionee
 
is outside
 
the EU,
 
EEA or
 
United
Kingdom).
(e)
Data Subject
 
Rights. The
 
Optionee may
 
have a number
 
of rights under
 
data privacy
 
laws in
 
the Optionee’s
jurisdiction. Subject
 
to the conditions
 
set out in
 
the applicable law
 
and depending on
 
where the
 
Optionee is
based,
 
such
 
rights
 
may
 
include
 
the
 
right
 
to
 
(i)
 
request
 
access
 
to,
 
or
 
copies
 
of,
 
the
 
Data
 
processed
 
by
 
the
Company, (ii) rectification of incorrect Data, (iii) deletion of
 
Data, (iv) restrictions on the processing of
 
Data,
(v) object
 
to the
 
processing
 
of Data
 
for legitimate
 
interests,
 
(vi) portability
 
of Data,
 
(vii) lodge
 
complaints
with competent
 
authorities in
 
the Optionee’s
 
jurisdiction, and/or
 
to (viii)
 
receive
 
a list
 
with the
 
names and
addresses
 
of any
 
potential recipients
 
of Data.
 
To
 
receive
 
clarification regarding
 
these rights
 
or to
 
exercise
these rights, the Optionee can contact HR Direct.
(f)
Necessary Disclosure of Personal Data.
 
The Optionee understands that providing
 
the Company with Data is
necessary for
 
the performance
 
of the
 
Agreement
 
and that
 
the Optionee’s
 
refusal to
 
provide
 
the Data
 
would
make
 
it
 
impossible
 
for
 
the
 
Company
 
to
 
perform
 
its
 
contractual
 
obligations
 
and
 
may
 
affect
 
the
 
Optionee’s
ability to participate in the Plan.
(g)
Declaration of Consent
 
(if the Optionee is
 
outside the EU, EEA
 
and United Kingdom).
 
The Optionee hereby
unambiguously
 
consents
 
to
 
the
 
collection,
 
use
 
and
 
transfer,
 
in
 
electronic
 
or
 
other
 
form,
 
of
 
the
 
Data,
 
as
described above and in any other grant materials, by and among,
 
as applicable, the Employer,
 
the Company
and
 
any
 
affiliated
 
company
 
for
 
the
 
exclusive
 
purpose
 
of
 
implementing,
 
administering
 
and
 
managing
 
the
Optionee’s
 
participation in the Plan. The Optionee understands that the Optionee may, at any time, refuse or
withdraw the
 
consents herein,
 
in any
 
case without
 
cost, by
 
contacting HR
 
Direct.
 
If the
 
Optionee does
 
not
consent or later seeks to revoke the Optionee’s
 
consent, the Optionee’s
 
employment status or service with the
Employer
 
will not
 
be
 
affected;
 
the
 
Optionee’s
 
consequence
 
of
 
refusing
 
or
 
withdrawing
 
consent
 
is that
 
the
Company
 
would not
 
be able
 
to award
 
the Stock
 
Options to
 
the Optionee
 
or any
 
other equity
 
award
 
to the
Optionee
 
or
 
administer
 
or
 
maintain
 
such
 
awards.
 
Therefore,
 
the
 
Optionee
 
understands
 
that
 
refusing
 
or
withdrawing consent may affect the Optionee’s ability to participate in the Plan. For more information on the
consequences of refusal to consent or withdrawal of consent,
 
the Optionee should contact HR Direct.
9.
Insider Trading; Market Abuse Laws
. By participating in
 
the Plan, the Optionee
 
agrees to comply with
 
the Company’s policy
on insider trading (to the extent that it is applicable to the Optionee), the Optionee further acknowledges that, depending on the
Optionee’s
 
or his or
 
her broker’s
 
country of
 
residence or
 
where the
 
shares of
 
Common Stock
 
are listed,
 
the Optionee
 
may be
subject to insider trading
 
restrictions and/or market abuse laws that
 
may affect the Optionee’s
 
ability to accept, acquire, sell or
otherwise dispose
 
of shares
 
of Common
 
Stock, rights
 
to shares
 
of Common
 
Stock (e.g.,
 
stock options)
 
or rights
 
linked to
 
the
value of
 
shares of
 
Common Stock,
 
during such
 
times the
 
Optionee is
 
considered
 
to have
 
“inside information”
 
regarding the
Company
 
as
 
defined
 
by
 
the
 
laws
 
or
 
regulations
 
in
 
the
 
Optionee’s
 
country.
 
Local
 
insider
 
trading
 
laws
 
and
 
regulations
 
may
prohibit
 
the
 
cancellation
 
or
 
amendment
 
of
 
orders
 
the
 
Optionee
 
places
 
before
 
he
 
or
 
she
 
possessed
 
inside
 
information.
Furthermore,
 
the Optionee
 
could be
 
prohibited from
 
(i) disclosing
 
the inside
 
information
 
to any
 
third party
 
(other than
 
on a
“need
 
to
 
know”
 
basis)
 
and
 
(ii)
 
“tipping”
 
third
 
parties
 
or
 
causing
 
them
 
otherwise
 
to
 
buy
 
or
 
sell
 
securities.
 
The
 
Optionee
understands that third
 
parties include fellow
 
employees. Any restriction
 
under these laws
 
or regulations are
 
separate from and
 
 
 
 
 
 
 
 
8
in
 
addition
 
to
 
any
 
restrictions
 
that
 
may
 
be
 
imposed
 
under
 
any
 
applicable
 
Company
 
insider
 
trading
 
policy.
 
The
 
Optionee
acknowledges that
 
it is the
 
Optionee’s
 
responsibility to
 
comply with any
 
applicable restrictions,
 
and that the
 
Optionee should
therefore consult the Optionee’s personal
 
advisor on this matter
10.
11.
Clawback
. This Award
 
is specifically made subject to the Company’s Executive
 
Compensation Clawback Policies.
Electronic Delivery
. The Optionee agrees,
 
to the fullest
 
extent permitted by
 
law, in lieu of
 
receiving documents in paper
 
format,
to accept
 
electronic delivery
 
of any
 
documents that
 
the Company
 
and its
 
Subsidiaries or
 
affiliated companies
 
may deliver
 
in
connection with
 
this grant
 
and any
 
other grants
 
offered by
 
the Company,
 
including prospectuses,
 
grant notifications,
 
account
statements,
 
annual
 
or quarterly
 
reports,
 
and
 
other
 
communications.
 
Electronic
 
delivery
 
of a
 
document
 
may
 
be made
 
via the
Company’s
 
email system
 
or by
 
reference to
 
a location
 
on the
 
Company’s
 
intranet or
 
website or
 
a website
 
of the
 
Company’s
agent
 
administering
 
the Plan.
 
By
 
accepting
 
this grant,
 
whether
 
electronically
 
or
 
otherwise,
 
the
 
Optionee
 
hereby
 
consents
 
to
participate in the Plan through such system, intranet,
 
or website, including but not limited to the use of
 
electronic signatures or
click-through electronic acceptance of terms and conditions.
12.
English Language
. The Optionee acknowledges and agrees that it is the Optionee’s express intent
 
that this Agreement and the
Plan and
 
all other
 
documents, notices
 
and legal
 
proceedings entered
 
into, given
 
or instituted
 
pursuant to
 
the Stock
 
Option be
drawn
 
up
 
in
 
English.
 
To
 
the
 
extent
 
the
 
Optionee
 
has
 
been
 
provided
 
with
 
a
 
copy
 
of
 
this
 
Agreement,
 
the
 
Plan,
 
or
 
any
 
other
documents relating to this Award
 
in a language other than English, the English language
 
documents will prevail in case of any
ambiguities or divergences as a result of translation.
13.
Addendum
.
 
Notwithstanding
 
any
 
provisions
 
in
 
this Agreement,
 
the
 
Stock Option
 
shall be
 
subject
 
to any
 
special
 
terms and
conditions
 
set
 
forth
 
in
 
the
 
Country-Specific
 
Addendum
 
to
 
this
 
Agreement
 
(the
 
“Addendum”).
 
Moreover,
 
if
 
the
 
Optionee
transfers to one of the countries included in such Addendum, the special terms and
 
conditions for such country will apply to the
Optionee, to the
 
extent the Company determines
 
that the application of
 
such terms and
 
conditions is necessary or
 
advisable to
comply with local
 
law or facilitate
 
the administration of the
 
Plan (or the
 
Company may establish
 
alternative terms and
 
conditions
as may be necessary or advisable to accommodate the Optionee’s
 
transfer). The Addendum constitutes part of this Agreement.
14.
Not a
 
Public Offering
. The
 
award of
 
the Stock
 
Option is
 
not intended
 
to be
 
a public
 
offering of
 
securities in
 
the Optionee’s
country
 
of
 
employment
 
(or
 
country
 
of
 
residence,
 
if
 
different).
 
The
 
Company
 
has
 
not
 
submitted
 
any
 
registration
 
statement,
prospectus or other filings with the local securities authorities (unless otherwise required under local law), and the award of the
Stock Option
 
is not
 
subject to
 
the supervision
 
of the
 
local securities
 
authorities. No
 
employee
 
of the
 
Company or
 
any of
 
its
Subsidiaries
 
or
 
affiliated
 
companies
 
is
 
permitted
 
to
 
advise
 
the
 
Optionee
 
on
 
whether
 
he/she
 
should
 
participate
 
in
 
the
 
Plan.
Acquiring shares
 
of Common Stock
 
involves a
 
degree of risk.
 
Before deciding
 
to participate in
 
the Plan, the
 
Optionee should
carefully consider all risk factors relevant to the acquisition of shares of Common Stock under the Plan and carefully review all
of the materials related to the Stock Option and the Plan. In addition, the Optionee should consult with his/her personal advisor
for professional investment advice.
15.
Repatriation; Compliance
 
with Law
. The
 
Optionee agrees
 
to repatriate
 
all payments
 
attributable to
 
the shares
 
of Common
Stock
 
and/or
 
cash
 
acquired
 
under
 
the
 
Plan
 
in
 
accordance
 
with
 
applicable
 
foreign
 
exchange
 
rules
 
and
 
regulations
 
in
 
the
Optionee’s country
 
of employment (and country of
 
residence, if different). In
 
addition, the Optionee agrees to
 
take any and all
actions, and consent to
 
any and all actions taken
 
by the Company
 
and any of its Subsidiaries
 
and affiliated companies,
 
as may
be required to allow the
 
Company and any of
 
its Subsidiaries and affiliated
 
companies to comply with
 
local laws, rules and/or
regulations in
 
the Optionee’s
 
country of
 
employment (and
 
country of
 
residence, if
 
different).
 
Finally,
 
the Optionee
 
agrees to
take any and
 
all actions as
 
may be required
 
to comply with
 
the Optionee’s
 
personal obligations
 
under local laws,
 
rules and/or
regulations in the Optionee’s
 
country of employment and country of residence, if different).
16.
Imposition
 
of
 
Other
 
Requirements.
The
 
Company
 
reserves
 
the
 
right
 
to
 
impose
 
other
 
requirements
 
on
 
the
 
Optionee’s
participation in
 
the Plan, on
 
the Stock Option,
 
and on any
 
shares of Common
 
Stock acquired under
 
the Plan, to
 
the extent the
Company determines
 
it is
 
necessary or
 
advisable for
 
legal or
 
administrative reasons,
 
and to
 
require the
 
Optionee to
 
sign any
additional agreements or undertakings that may be necessary to accomplish
 
the foregoing
.
17.
Committee’s
 
Powers.
No provision contained
 
in this Agreement
 
shall in any
 
way terminate, modify
 
or alter,
 
or be construed
or interpreted
 
as terminating,
 
modifying or
 
altering any
 
of the
 
powers, rights
 
or authority
 
vested in
 
the Committee
 
or,
 
to the
extent delegated, in
 
its delegate, pursuant
 
to the terms of
 
the Plan or resolutions
 
adopted in furtherance
 
of the Plan, including,
without limitation, the
 
right to
 
make certain determinations
 
and elections
 
with respect to
 
the Stock
 
Option. Any
 
dispute regarding
the interpretation of this Agreement or the terms of the Plan shall be submitted to the Committee or its delegate who shall have
the discretionary
 
authority to construe
 
the terms of
 
this Agreement, the
 
Plan, and
 
all documents ancillary
 
to this Award.
 
The
decisions of the
 
Committee or its delegate
 
shall be final
 
and binding and
 
any reviewing court
 
of law or other
 
party shall defer
 
 
 
 
9
to its decision, overruling if, and only if, it is arbitrary and capricious. In no way is it intended that
 
this review standard subject
the Plan or Award
 
to the U.S. Employee Retirement Income Security Act.
18.
Binding Effect.
 
This Agreement shall
 
be binding upon
 
and inure to
 
the benefit of
 
any successors to
 
the Company and
 
all persons
lawfully claiming under the Optionee.
19.
Governing Law and Forum
. Without limiting the effect of section
 
16, this Agreement shall be governed by,
 
and construed in
accordance with, the laws of the State of Delaware without regard to principles
 
of conflict of laws.
20.
Severability
. The
 
provisions of
 
this Agreement
 
are severable
 
and if
 
any one
 
or more
 
of the
 
provisions are
 
determined to
 
be
illegal
 
or
 
otherwise
 
unenforceable,
 
in
 
whole
 
or
 
in
 
part,
 
the Agreement
 
shall
 
be
 
reformed
 
and
 
construed
 
so
 
that
 
it would
 
be
enforceable to
 
the maximum
 
extent legally
 
possible, and
 
if it
 
cannot be
 
so reformed
 
and construed,
 
as if
 
such unenforceable
provision, or part thereof, had never been contained herein.
21.
Waiver
. The
 
waiver by
 
the Company
 
with respect
 
to Optionee’s
 
(or any
 
other optionee’s)
 
compliance with
 
any provision
 
of
this Agreement
 
shall not
 
operate or
 
be construed
 
as a
 
waiver of
 
any other
 
provision of
 
this Agreement,
 
or of
 
any subsequent
breach by such party of a provision of this Agreement
A copy of the
 
Plan and the Prospectus
 
to the General
 
Mills, Inc. 2022
 
Stock Compensation Plan
 
is available on
 
G&Me by searching
“2022 Stock Compensation Plan”.
 
A copy of the Company’s latest
 
Annual Report on Form 10-K is also available on
 
the Company’s
website at www.generalmills.com
 
under Investor Information/Annual Reports.
 
GENERAL MILLS, INC.
 
 
 
 
 
 
10
GENERAL MILLS, INC.
STOCK OPTION AWARD
 
AGREEMENT
OPTIONEE:
[CEO]
PERNR:
This Award is made
 
under the General Mills, Inc. 2022 Stock Compensation Plan
 
(the "Plan"), and is subject to the terms
and conditions
 
contained in
 
the Plan
 
document and
 
this Stock
 
Option Award
 
Agreement (“Agreement”).
 
The Optionee:
(i) acknowledges receipt of a copy of the Plan and Plan prospectus,
 
(ii) represents that the Optionee has carefully
 
read and
is familiar with the provisions of this Agreement and the Plan, and (iii)
 
hereby accepts the Stock Option subject to all of the
terms and
 
conditions set
 
forth herein,
 
and in
 
the Plan.
 
If the
 
Optionee does
 
not wish
 
to receive
 
the Stock
 
Option and/or
does not consent and agree to the terms and conditions on which the Stock Option is offered, as set forth in this Agreement
and the Plan, then the Optionee
 
must reject this Award
 
via the website of the Company’s
 
designated broker,
 
no later than
60
 
days
 
following
 
the
 
Grant
 
Date.
 
If
 
the
 
Optionee
 
rejects
 
this
 
Award,
 
this
 
Award
 
will
 
immediately
 
be
 
forfeited
 
and
cancelled.
 
The Optionee’s exercise of this Award will also constitute the Optionee’s acceptance of this Award
 
and all terms
and conditions of this Award,
 
as set forth in this Agreement and the Plan.
THIS AWARD,
 
dated
 
on
 
the below
 
Grant
 
Date,
 
is made
 
by
 
General
 
Mills, Inc.,
 
(the
 
"Company"),
 
and made
 
to the
 
person
named above (the "Optionee" or referred to
 
as “I”, “you”, or “my”) (“Award”).
1.
Award of Stock Option
. The Company grants to the
 
Optionee under the Plan the following non-qualified option to
 
purchase the
Company's common stock, par value USD 0.10 per share
 
(“Common Stock”). The option granted pursuant to this Agreement
 
is
referred to
 
as the
 
“Stock Option”
 
and subject
 
to the
 
terms in
 
this Agreement.
 
Except as
 
otherwise defined
 
herein, capitalized
terms shall have the same meanings ascribed to them under the Plan.
Grant Date:
Expiration Date:
Option Shares:
Exercise Price per share:
Type of Stock Option:
2.
Vesting of
 
Stock Option; Forfeiture of Stock Option.
(a)
Vesting
 
Schedule
. The Stock Option
 
shall vest and become
 
exercisable in tranches,
 
each tranche having
 
its own 12
month vesting period occurring consecutively,
 
starting on the Grant Date.
 
Tranche
 
Number of Options
Scheduled Date Exercisable
(b)
Forfeiture
 
of Stock
 
Option
. The
 
Optionee acknowledges
 
that the
 
Stock Options
 
granted hereunder
 
are subject
 
to
forfeiture,
 
and/or
 
limited
 
exercise
 
period,
 
if
 
the
 
Optionee’s
 
employment
 
with
 
the
 
Company
 
or
 
any
 
Subsidiary
terminates under certain circumstances, as herein provided.
 
(i)
Termination
 
for Cause.
 
If the Optionee’s
 
employment with the
 
Company is terminated
 
at any time
 
prior to the
Expiration
 
Date
 
by
 
a
 
discharge
 
due
 
to
 
Optionee’s
 
illegal
 
activities,
 
poor
 
work
 
performance,
 
misconduct
 
or
violation of the Company’s Code of Conduct, policies or practices, then, to the extent the Stock Option is vested
as of
 
the Termination
 
Date, those
 
tranches shall
 
expire three
 
(3) months
 
after the
 
Termination
 
Date (but
 
in no
event
 
beyond
 
the
 
Expiration
 
Date);
 
and,
 
if
 
and
 
to
 
the
 
extent
 
the
 
Stock
 
Option
 
is
 
not
 
fully
 
vested
 
as
 
of
 
the
Termination
 
Date, tranches
 
not fully
 
vested shall
 
for no
 
consideration be
 
cancelled and
 
forfeited
 
immediately
with no ability to be
 
exercised. For the avoidance of
 
doubt, “Termination
 
Date” for purposes of this Award
 
will
be
 
deemed
 
to
 
occur
 
as
 
of
 
the
 
date
 
Optionee
 
is
 
no
 
longer
 
actively
 
providing
 
services
 
as
 
an
 
employee,
 
unless
otherwise
 
determined
 
by
 
the Company
 
in
 
its
 
sole
 
discretion,
 
and
 
no
 
vesting
 
shall
 
continue
 
during
 
any
 
notice
 
11
period
 
that may
 
be specified
 
under contract
 
or applicable
 
law with
 
respect to
 
such termination,
 
including any
“garden leave” or similar period, except as may otherwise be permitted in the Company’s
 
sole discretion.
(ii)
Involuntary
 
Termination/Early
 
Retirement.
 
If
 
the
 
Optionee’s
 
employment
 
by
 
the
 
Company
 
terminates
involuntarily at the
 
initiation of the
 
Company for any
 
reason other than
 
specified in Plan Section
 
11, or
 
(i), (iv)
or (v)
 
herein or
 
if the
 
Participant retires
 
on or
 
after age
 
55 but
 
before age
 
62, and
 
(A) if,
 
and to
 
the extent,
 
the
Award’s
 
tranches are already vested
 
and exercisable on the
 
Termination
 
Date, they shall remain
 
exercisable for
the lesser of one
 
(1) year from
 
the Termination
 
Date, or until the
 
Expiration Date; and
 
(B) if, and
 
to the extent,
tranches of the
 
Award are not vested, solely
 
the unvested tranche
 
of the Award with a
 
Scheduled Date Exercisable
within 12
 
months of the
 
Termination
 
Date shall vest
 
and become
 
exercisable as of
 
the Termination
 
Date, in an
amount
 
equal
 
to
 
the
 
pro-rata
 
amount
 
based
 
on
 
actual
 
employment
 
completed
 
during
 
the
 
tranche’s
 
12
 
month
vesting
 
period,
 
with
 
such
 
newly-exercisable
 
Stock
 
Options
 
remaining
 
exercisable
 
for
 
one
 
(1)
 
year
 
from
 
the
Termination
 
Date.
 
Stock Options
 
that do
 
not become
 
vested and
 
exercisable based
 
on the
 
previous provisions
shall be
 
forfeited as
 
of the
 
Termination
 
Date. No
 
Stock Options
 
shall vest
 
upon involuntary
 
termination under
this
 
provision
 
without
 
the
 
execution
 
(without
 
revoking)
 
of
 
an
 
effective
 
general
 
legal
 
release
 
and
 
such
 
other
documents as are satisfactory to the Company.
(iii)
Death.
 
If an Optionee dies while employed with the Company or
 
any Subsidiary or affiliated companies during
any
 
applicable
 
vesting
 
period,
 
this
 
Award
 
shall
 
become
 
fully
 
vested
 
and
 
exercisable
 
upon
 
death
 
and
 
may
 
be
exercised
 
by the
 
person
 
designated
 
as such
 
Optionee’s
 
beneficiary
 
or beneficiaries
 
or,
 
in the
 
absence
 
of such
designation, by the Optionee’s estate. The
 
Stock Option shall remain exercisable until the Expiration Date.
(iv)
Normal Retirement.
 
If the termination of employment is due to retirement on or after
 
age 62, this Award’s
tranches shall continue to vest and become exercisable on each respective Scheduled
 
Date Exercisable,
remaining exercisable until the Expiration Date. Notwithstanding
 
the above, if the Termination Date
 
is within
twelve months of the Grant Date, the Award
 
shall vest on a pro rata basis based on employment completed
from Grant Date to the Termination
 
Date within the first year after Grant Date and shall be exercisable until the
Expiration Date beginning on the Scheduled Date Exercisable for
 
the tranche to which the option belongs.
Stock Options that do not become vested and exercisable based on the previous
 
provisions shall be forfeited as
of the Termination
 
Date.
 
(v)
Spin-offs and Other Divestitures.
 
If the termination of
 
employment is due to the
 
divestiture, cessation, transfer,
or spin-off
 
of a
 
line of
 
business or
 
other
 
activity of
 
the Company,
 
the Committee,
 
in its
 
sole discretion,
 
shall
determine the conversion, vesting, or other treatment of the Stock Option.
3.
Exercise of the Option.
(a)
Method of Exercise
. Optionee may exercise the vested portion of the Stock Option (provided the Fair Market
 
Value
of the shares of Common Stock exercised exceeds the exercise
 
price) prior to the Expiration Date of the Stock Option
by delivering a
 
notice of exercise
 
in such form
 
as may be
 
designated by the
 
Company from time
 
to time, or
 
making
the required
 
electronic election
 
with the
 
Company’s
 
designated broker,
 
and paying
 
the exercise
 
price and
 
any Tax-
Related Items (as
 
defined in section
 
5 below) and
 
costs to the
 
Company’s stock plan administrator or
 
such other person
as the Company may designate, together
 
with such additional documents as the
 
Company may then require pursuant
to the terms of the Plan.
(b)
Method
 
of
 
Payment
.
 
Payment
 
of
 
the
 
exercise
 
price
 
may
 
be
 
made
 
by
 
one
 
of
 
the
 
methods
 
available
 
under
 
the
Company’s exercise procedures, which
 
may include:
(i)
Payment by cash or check.
 
(ii)
Payment by transfer to the Company
 
of whole shares of Common Stock
 
Optionee already owns having a Fair
Market Value
 
determined at the time of exercise
 
of the Stock Option equal to, but
 
not exceeding, the exercise
price and any Tax-Related
 
Items; and
 
 
 
 
12
(iii)
A “same day
 
sale” transaction pursuant
 
to which a
 
third party (engaged
 
by you or
 
the Company) loans
 
funds
to you
 
to enable
 
you to
 
purchase shares
 
of Common
 
Stock and
 
pay any
 
Tax-Related
 
Items, and
 
then sells
 
a
sufficient number of the exercised shares of Common Stock on your behalf
 
to enable you to repay the loan and
any
 
fees.
 
The
 
remaining
 
shares
 
of
 
Common
 
Stock
 
and/or
 
cash
 
are
 
then
 
delivered
 
by
 
the
 
third
 
party
 
to
 
the
Optionee.
The Company may suspend, or eliminate, various forms of permissible payment of the exercise price from time to time
in its sole discretion. Further, notwithstanding
 
any provision within this Agreement to the contrary,
 
if the Optionee is a
resident or provides services outside of the United States, the Committee may require that the Optionee (or in the event
of the Optionee’s death, his or her legal representative, as the case may be) exercise the Stock Option in a method other
than as
 
specified above,
 
may require
 
the Optionee
 
to exercise
 
the Stock
 
Option only
 
by means
 
of a
 
“same day
 
sale”
transaction (either a “sell-all” transaction or a “sell-to-cover” transaction)
 
as it determines in its sole discretion, or may
require the Optionee to sell any shares of Common Stock the Optionee acquires under the Plan immediately or within a
specified period following the Optionee’s termination of employment with the Company or any Subsidiary or affiliated
companies
 
(in
 
which
 
case,
 
the
 
Optionee
 
hereby
 
agrees
 
that
 
the
 
Company
 
shall
 
have
 
the
 
authority
 
to
 
issue
 
sale
instructions in relation to such shares on the Optionee’s
 
behalf).
 
(c)
Responsibility for Exercise.
The Optionee is
 
responsible for taking any
 
and all actions
 
as may be
 
required to exercise
the Stock Option in a timely manner and for properly executing
 
any such documents as may be required for exercise
in accordance with
 
such rules and procedures
 
as may be established
 
from time to time.
 
The Optionee acknowledges
that information
 
regarding the
 
procedures and
 
requirements for
 
the exercise
 
of the
 
Stock Option
 
is available
 
to the
Optionee
 
on
 
request.
 
Neither
 
the
 
Company
 
nor
 
any
 
Subsidiary
 
or
 
affiliated
 
companies
 
shall
 
have
 
any
 
duty
 
or
obligation to notify you of the Expiration Date of the Option.
4.
Non-Transferability.
 
The Stock
 
Option may
 
not be
 
sold, assigned,
 
pledged, exchanged,
 
hypothecated, encumbered,
 
disposed
of,
 
or otherwise
 
transferred,
 
unless otherwise
 
provided
 
in
 
the Plan
 
or this
 
Agreement.
 
Upon
 
any
 
attempt
 
to transfer,
 
assign,
pledge, hypothecate
 
or otherwise dispose of
 
the Stock Option
 
or of such
 
rights contrary to
 
the provisions hereof
 
or in the Plan,
the Stock Option and such rights shall immediately become null and void.
5.
Withholding
 
of
 
Tax
.
 
The
 
Optionee
 
acknowledges
 
that,
 
regardless
 
of
 
any
 
action
 
taken
 
by
 
the
 
Company
 
or,
 
if
 
different,
 
the
Subsidiary or
 
affiliated company
 
that employs
 
the Optionee
 
(the “Employer”),
 
the ultimate
 
liability for
 
all income
 
tax, social
contributions,
 
payroll
 
tax,
 
fringe
 
benefits
 
tax,
 
payment
 
on
 
account,
 
hypothetical
 
tax
 
or
 
other
 
tax-related
 
items
 
related
 
to
 
the
Optionee’s participation
 
in the Plan and legally
 
applicable to the Optionee
 
or deemed by the Company
 
or the Employer in their
discretion to be an appropriate charge to the Optionee even if legally applicable to the Company or the
 
Employer (“Tax-Related
Items”),
 
is
 
and
 
remains
 
the
 
Optionee’s
 
responsibility
 
and
 
may
 
exceed
 
the
 
amount
 
actually
 
withheld
 
by
 
the
 
Company
 
or
 
the
Employer,
 
if any.
 
The Optionee
 
further
 
acknowledges that
 
the Company
 
and/or the
 
Employer (a)
 
make no
 
representations or
undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Stock Option, including, but
not limited to, the grant, vesting, exercise and the subsequent sale of shares of Common Stock acquired pursuant to such vesting
and exercise and the receipt of any dividends; and (b) do
 
not commit to and are under no obligation to structure the terms of
 
the
grant
 
or any
 
aspect of
 
the
 
Stock Option
 
to reduce
 
or eliminate
 
the
 
Optionee’s
 
liability for
 
Tax-Related
 
Items or
 
achieve any
particular tax
 
result. Further,
 
if the
 
Optionee is
 
subject to
 
Tax-Related
 
Items in
 
more than
 
one jurisdiction
 
between the
 
Grant
Date and the date of any relevant taxable or tax
 
withholding event, as applicable, the Optionee acknowledges
 
that the Company
and/or the Employer (or former employer,
 
as applicable) may be required to withhold or account for Tax
 
-Related Items in more
than one jurisdiction.
Prior
 
to
 
the
 
relevant
 
taxable
 
or
 
tax
 
withholding
 
event,
 
as
 
applicable,
 
the
 
Optionee
 
agrees
 
to
 
make
 
adequate
 
arrangements
satisfactory to the
 
Company and/or the
 
Employer to satisfy all
 
Tax-Related
 
Items. In this regard,
 
unless otherwise approved
 
by
the Committee,
 
the Company
 
shall satisfy
 
the obligations
 
with regard
 
to all Tax
 
-Related Items
 
by one
 
or a
 
combination of
 
the
following: (i) withholding
 
from the Optionee’s
 
wages or other cash
 
compensation paid to the
 
Optionee by the Company
 
and/or
the Employer; (ii)
 
withholding from the
 
shares of Common
 
Stock to be
 
delivered upon settlement
 
of the Stock
 
Option or other
awards granted to the Optionee
 
or (iii) permitting the Optionee
 
to tender to the Company
 
cash or, if allowed
 
by the Committee,
shares of Common Stock.
Depending on the withholding method, the Company may withhold or account for
 
Tax-Related Items by
 
considering applicable
statutory withholding rates
 
(as determined by
 
the Company in
 
good faith and
 
in its
 
sole discretion) or
 
other applicable withholding
rates, including
 
maximum applicable
 
rates, in which
 
case the Optionee
 
will receive a
 
refund of
 
any over-withheld
 
amount and
will have
 
no entitlement
 
to the
 
share equivalent.
 
If the
 
obligation
 
for Tax
 
-Related Items
 
is satisfied
 
by withholding
 
from the
shares of
 
Common Stock
 
to be
 
delivered upon
 
vesting of
 
the Stock
 
Option, for
 
tax purposes,
 
the Optionee
 
is deemed
 
to have
been issued the full number of shares of Common Stock subject to the Stock Option, notwithstanding that a number of shares of
 
13
Common Stock are
 
held back solely for
 
the purpose of paying
 
the Tax
 
-Related Items. The
 
Optionee will have
 
no further rights
with respect to any shares of Common Stock that are retained by the Company
 
pursuant to this provision.
The Optionee agrees
 
to pay to
 
the Company or
 
the Employer any
 
amount of Tax-Related Items
 
that the Company
 
or the Employer
may be required
 
to withhold or account
 
for as a result
 
of the Optionee’s
 
participation in the Plan
 
that cannot be satisfied
 
by the
means previously described. The Company may refuse to issue or deliver
 
shares of Common Stock or proceeds from the sale of
shares of
 
Common Stock
 
until arrangements
 
satisfactory to
 
the Company
 
have been
 
made in
 
connection with
 
the Tax
 
-Related
Items.
6.
Restrictive Covenants; Confidential Information; Work
 
Product
. The Optionee agrees to cooperate with the Company in
any way needed in order to comply with, or fulfill the terms of the Plan and this Grant
 
document.
 
As a term and condition of
this Grant, Optionee agrees to the following terms:
a.
I agree to use General Mills Confidential Information only as needed in the performance of my duties, to hold
and protect
 
such information
 
as confidential
 
to the
 
Company,
 
and not
 
to engage
 
in any
 
unauthorized use
 
or
disclosure of
 
such information
 
for so
 
long as
 
such information
 
qualifies as
 
Confidential Information.
 
I agree
that after my employment
 
with the Company terminates for any
 
reason, including “retirement” as that
 
term is
used in the
 
Plan, I will
 
not use or
 
disclose, directly or
 
indirectly,
 
Company Confidential
 
Information or trade
secrets for any purpose, unless I get the prior written consent of my manager
 
to do so.
This document does
 
not prevent me
 
from filing a
 
complaint with a
 
government agency (including the
 
Securities
and Exchange Commission,
 
Department of Justice,
 
Equal Employment Opportunity
 
Commission and others)
or from
 
participating
 
in an
 
agency proceeding.
 
This document
 
also does
 
not prevent
 
me from
 
providing
 
an
agency with information, including
 
this document, unless
 
such information is
 
legally protected from disclosure
to third parties.
 
I do not need
 
prior company authorization to take these actions,
 
nor must I notify the
 
company
I have done so.
Also, as provided in 18
 
U.S.C. 1833(b), I cannot be
 
held criminally or civilly liable
 
under any federal or state
trade secret law for making a trade secret disclosure: (A) in confidence to a federal, state, or local government
official,
 
either directly
 
or indirectly,
 
or to
 
an attorney,
 
solely for
 
the purpose
 
of reporting
 
or investigating
 
a
suspected violation
 
of law;
 
or (B) in
 
a complaint
 
or other
 
document filed
 
in a lawsuit
 
or other proceeding,
 
if
such filing is made under seal.
General Mills Confidential Information
 
means any non-public information
 
I create, receive, use or observe
 
in
the performance
 
of my
 
job at
 
General Mills,
 
including trade
 
secrets.
 
Examples of
 
Confidential Information
include marketing, merchandising, business plans, business methods, pricing, purchasing, licensing, contracts,
employee, supplier or customer information, customer,
 
vendor or partner client or contact lists, financial data,
technological
 
developments,
 
manufacturing
 
processes
 
and
 
specifications,
 
product
 
formulas,
 
ingredient
specifications, software code, and all other proprietary information which
 
is not publicly available to others.
Prior
 
to
 
leaving
 
the
 
Company,
 
I
 
agree
 
to
 
return
 
all
 
materials
 
in
 
my
 
possession
 
containing
 
Confidential
Information,
 
as
 
well
 
as
 
all
 
other
 
documents
 
and
 
other
 
tangible
 
items
 
provided
 
to
 
me
 
by
 
General
 
Mills,
 
or
developed by me in connection with my employment with the Company.
b.
I
 
agree
 
to
 
promptly
 
tell
 
General
 
Mills
 
about
 
any
 
ideas,
 
concepts,
 
improvements,
 
designs,
 
inventions,
discoveries,
 
and
 
creative
 
works
 
(collectively,
 
“Work
 
Product”)
 
which
 
I
 
conceive
 
or
 
create
 
during
 
my
employment with General Mills which relate to General Mills’ businesses.
I further agree to immediately, automatically
 
and irrevocably assign, and hereby do assign, to General Mills
any and all intellectual property rights in and to such Work
 
Product, and all such intellectual property rights
shall be solely and exclusively owned by General Mills.
 
“Intellectual property rights” means patent rights,
copyrights, trade secret rights, trade dress rights, trademark rights and all comparable
 
rights throughout the
world.
During my employment with General Mills and anytime thereafter,
 
I will take all necessary steps, at General
Mills’ request and expense, but without further compensation to me, to execute
 
any instruments necessary to
enable General Mills or General Mills’ nominee to register intellectual property
 
rights throughout the world.
 
14
After I leave General Mills, I agree to help General Mills in every way possible in
 
any government or legal
proceedings pertaining to any General Mills intellectual property
 
rights.
c.
[
This Section
 
6.c. does
 
not apply
 
to California,
 
Colorado, Minnesota,
 
and Washington
 
-based employees.
] I
agree that for one year after I leave the
 
Company, including retiring from the Company,
 
I will not work on any
product, brand category, process,
 
or service: (A)
 
on which
 
I worked,
 
or about which
 
I had
 
access to
 
Confidential
Information, in the year immediately preceding my termination
 
(including retirement) from General Mills, and
(B) which competes with General Mills products, brand categories, processes, or
 
related services.
 
d.
I agree that
 
for one year
 
after I leave General
 
Mills, including retiring
 
from the Company,
 
I will refrain
 
from
directly or indirectly
 
soliciting Company employees
 
for the purpose of
 
hiring them or inducing
 
them to leave
their employment with the Company.
e.
I agree
 
that after I
 
leave General
 
Mills, including
 
retiring from
 
the Company,
 
I will
 
indefinitely refrain
 
from
using Company client or
 
contact lists, and
 
for two years
 
I will refrain
 
from soliciting the
 
Company’s customers.
A breach of the obligations set forth in this paragraph may result in the rescission of the Grant, termination and forfeiture of any
unvested or
 
un-exercised Options,
 
and/or required
 
payment to Company
 
of all
 
or a portion
 
of any
 
monetary gains
 
acquired by
Optionee
 
as a
 
result of
 
the Grant,
 
unless the
 
Grant vested
 
and
 
was settled
 
more
 
than
 
four (4)
 
years prior
 
to the
 
breach.
 
The
foregoing remedies
 
are in addition
 
to, and not
 
in lieu of
 
injunctive relief and/or
 
any other legal
 
or equitable remedies
 
available
under applicable law
7.
Nature of Grant
. In accepting the Stock Option, the Optionee acknowledges and agrees that:
(a)
the
 
Plan
 
is
 
established
 
voluntarily
 
by
 
the
 
Company,
 
it
 
is
 
discretionary
 
in
 
nature
 
and
 
it
 
may
 
be
 
modified,
amended, suspended or
 
terminated by the
 
Company, in its sole
 
discretion, at any
 
time (subject to
 
any limitations
set forth in the Plan);
(b)
the grant of the Stock
 
Option is voluntary and occasional
 
and does not create any
 
contractual or other right to
receive future grants of stock options, or benefits in lieu
 
of stock options, even if stock options or other awards
have been granted in the past;
(c)
all decisions with respect to future awards, if any,
 
will be at the sole discretion of the Company;
(d)
the Optionee’s participation
 
in the Plan is voluntary;
(e)
the
 
Stock
 
Option
 
and
 
the
 
Optionee’s
 
participation
 
in
 
the
 
Plan
 
shall
 
not
 
create
 
a
 
right
 
to
 
employment
 
or
 
be
interpreted
 
as
 
forming
 
an
 
employment
 
contract
 
with
 
the
 
Company
 
or
 
any
 
of
 
its
 
Subsidiaries
 
or
 
affiliated
companies and shall not interfere with the ability of the Company or the Employer, as applicable, to terminate
the Optionee’s employment relationship
 
(as otherwise may be permitted under local law);
(f)
unless otherwise agreed with the Company, the Stock Option and any shares of Common Stock acquired upon
vesting
 
and
 
exercise
 
of
 
the
 
Stock
 
Option,
 
and
 
the
 
income
 
from
 
and
 
value
 
of
 
same,
 
are
 
not
 
granted
 
as
consideration
 
for,
 
or
 
in connection
 
with,
 
any
 
service
 
the
 
Optionee
 
may
 
provide
 
as a
 
director
 
of
 
any of
 
any
Subsidiary or affiliate of the Company;
(g)
the Stock Option and any shares of Common Stock acquired
 
under the Plan and the income and value of
 
same,
are
 
not
 
part
 
of
 
normal
 
or
 
expected
 
compensation
 
for
 
purposes
 
of
 
calculating
 
any
 
severance,
 
resignation,
termination,
 
redundancy,
 
dismissal,
 
end-of-service
 
payments,
 
bonuses,
 
long-service
 
awards,
 
pension
 
or
retirement or welfare benefits
 
or similar payments and
 
in no event should be
 
considered as compensation for,
or relating
 
in any
 
way to,
 
past services
 
for the
 
Company,
 
the Employer
 
or any
 
Subsidiary or
 
affiliate of
 
the
Company;
 
 
 
15
(h)
the future value of the shares of Common Stock underlying the Stock Option is unknown, indeterminable, and
cannot be predicted with certainty;
 
(i)
if the underlying shares of Common Stock do not increase in value, the Stock
 
Option will have no value;
 
(j)
upon exercise
 
of the
 
Stock Option,
 
the value
 
of such
 
shares of
 
Common Stock
 
may increase
 
or decrease
 
in
value, even below the exercise price;
 
(k)
no claim or
 
entitlement to compensation
 
or damages shall
 
arise from
 
forfeiture of the
 
Stock Option resulting
from termination
 
of the
 
Optionee’s
 
employment (for
 
any reason
 
whatsoever and
 
whether or
 
not in
 
breach of
local labor
 
laws or
 
later found
 
invalid) and,
 
in consideration
 
of the
 
Stock Option,
 
the Optionee
 
agrees not
 
to
institute any claim against the Company or the Employer;
(l)
the Stock
 
Option and
 
the benefits
 
evidenced by
 
this Agreement
 
do not
 
create any
 
entitlement not
 
otherwise
specifically provided for in the Plan or provided by the Company in its discretion, to have the Stock Option or
any
 
such
 
benefits
 
transferred
 
to,
 
or
 
assumed
 
by,
 
another
 
company,
 
nor
 
to
 
be
 
exchanged,
 
cashed
 
out
 
or
substituted for, in connection with any corporate
 
transaction affecting the shares of Common Stock; and
(m)
neither the Company nor
 
any of its
 
Subsidiaries or affiliated companies shall
 
be liable for any
 
foreign exchange
rate fluctuation between the
 
Optionee’s local currency and the
 
U.S. dollar that
 
may affect the value
 
of the Stock
Option or any amounts due to the Optionee pursuant to the exercise of the Stock Option or the subsequent sale
of any shares of Common Stock acquired upon exercise of the Stock Option.
8.
Data Privacy
.
If the Optionee
 
would like to
 
participate in the
 
Plan, the Optionee
 
will need to
 
review the
 
information provided
in this Section 8 and,
 
where applicable, declare
 
the Optionee’s
 
consent to the processing
 
of personal data by the
 
Company and
the third parties stated below.
 
If the
 
Optionee is
 
based in
 
the European
 
Union (“EU”),
 
European
 
Economic Area
 
(“EEA”) or
 
United Kingdom,
 
please note
that General
 
Mills, Inc. with
 
registered
 
address at
 
One General Mills
 
Boulevard,
 
Minneapolis, MN 55426
 
-1347, U.S.A., is
 
the
controller responsible
 
for the processing of the Optionee’s
 
personal data in connection with the Agreement
 
and the Plan.
(a)
Data Collection
 
and Usage.
 
The Company
 
collects, processes,
 
uses and
 
transfers certain
 
personally-identifiable
information
 
about
 
the
 
Optionee, specifically,
 
the
 
Optionee’s
 
name,
 
home
 
address
 
and
 
telephone
 
number,
 
email
address,
 
date of
 
birth, social
 
insurance, passport
 
number or
 
other identification
 
number,
 
salary,
 
nationality,
 
job
title,
 
any
 
shares
 
of
 
Stock
 
or
 
directorships
 
held
 
in
 
the
 
Company
 
or
 
any
 
affiliated
 
company,
 
details
 
of
 
all
 
Stock
Options
 
or
 
any
 
other
 
entitlement
 
to
 
shares
 
of
 
Stock
 
awarded,
 
canceled,
 
exercised,
 
settled,
 
vested,
 
unvested
 
or
outstanding in the Optionee’s favor,
 
which the Company receives from the Optionee or
 
the Employer (the “Data”).
The
 
Company
 
collects,
 
processes
 
and
 
uses
 
the
 
Data
 
for
 
the
 
purposes
 
of
 
performing
 
its
 
contractual
 
obligations
under
 
this Agreement,
 
implementing,
 
administering
 
and
 
managing the
 
Optionee’s
 
participation
 
in the
 
Plan and
facilitating compliance with applicable tax and securities law.
 
If the Optionee is based
 
in the EU, EEA or
 
United Kingdom, the legal
 
basis for the processing
 
of the Data by
the Company is
 
the necessity of
 
the processing
 
for the Company
 
to perform its
 
contractual obligations under
this
 
Agreement
 
and
 
the
 
Plan
 
and
 
the
 
Company’s
 
legitimate
 
business
 
interests
 
of
 
managing
 
the
 
Plan,
administering employee equity awards and
 
complying with its contractual and statutory obligations.
 
If the Optionee is
 
based in any other
 
jurisdiction, the legal basis
 
for the processing of the Data
 
by the Company
is the Optionee’s
 
consent as further described below.
(b)
Stock Plan Administration Service Providers.
 
The Company transfers Data to E*TRADE Financial Corporate
Services, Inc. (including its affiliated companies), an independent service provider which assists the Company
with the implementation, administration
 
and management of the
 
Plan.
 
In the future, the
 
Company may select
a
 
different
 
service
 
provider,
 
which
 
will
 
in
 
a
 
similar
 
manner,
 
share
 
Data
 
with
 
such
 
service
 
provider.
 
The
Company’s
 
service provider
 
will maintain
 
an account
 
for the Optionee
 
to administer
 
the Stock
 
Options. The
processing
 
of
 
Data
 
will
 
take
 
place
 
through
 
both
 
electronic
 
and
 
non-electronic
 
means.
 
Data
 
will
 
only
 
be
 
 
 
 
 
 
16
accessible
 
by
 
those
 
individuals
 
requiring
 
access
 
to
 
it
 
for
 
purposes
 
of
 
implementing,
 
administering
 
and
operating the Plan.
(c)
International Data Transfers. The Company and its service providers are based in the United
 
States and India.
The Optionee’s
 
country or jurisdiction
 
may have different
 
data privacy laws
 
and protections
 
than the United
States and India.
 
An appropriate
 
level of protection
 
can be achieved
 
by implementing safeguards
 
such as the
Standard Contractual Clauses adopted by
 
the EU Commission.
If the Optionee is based in any other jurisdiction, the Data will be transferred from the Optionee’s
 
jurisdiction
to the Company and
 
onward from the Company to any
 
of its service
 
providers based on the Optionee’s consent,
as further described below.
(d)
Data
 
Retention.
 
The
 
Company
 
will
 
use
 
the
 
Data
 
only
 
as
 
long
 
as
 
necessary
 
to
 
implement,
 
administer
 
and
manage the Optionee’s participation in the Plan, or as
 
required to comply with legal or
 
regulatory obligations,
including tax and securities
 
laws.
 
When the Company no
 
longer needs the Data,
 
the Company will remove
 
it
from its systems.
 
If the Company keeps data longer,
 
it would be to satisfy legal
 
or regulatory obligations and
the Company’s
 
legal basis would be relevant laws or regulations
 
(if the Optionee is in the EU, EEA or United
Kingdom) or the Optionee’s
 
consent (if the Optionee is outside the EU, EEA or United Kingdom).
(e)
Data Subject
 
Rights. The
 
Optionee may
 
have a
 
number of
 
rights under
 
data privacy
 
laws in
 
the Optionee’s
jurisdiction. Subject
 
to the
 
conditions set
 
out in
 
the applicable
 
law and
 
depending on
 
where the
 
Optionee is
based,
 
such
 
rights
 
may
 
include
 
the
 
right
 
to
 
(i)
 
request
 
access
 
to,
 
or
 
copies
 
of,
 
the
 
Data
 
processed
 
by
 
the
Company, (ii) rectification
 
of incorrect Data, (iii) deletion of Data, (iv) restrictions on the processing of Data,
(v) object to the processing of Data for legitimate interests, (vi) portability of Data, (vii) lodge
 
complaints with
competent authorities in the
 
Optionee’s
 
jurisdiction, and/or to (viii)
 
receive a list with
 
the names and addresses
of any potential
 
recipients of Data.
 
To
 
receive clarification
 
regarding
 
these rights or to
 
exercise these rights,
the Optionee can contact HR Direct.
(f)
Necessary Disclosure
 
of Personal
 
Data. The Optionee
 
understands that providing
 
the Company with
 
Data is
necessary for
 
the performance
 
of the
 
Agreement
 
and that
 
the Optionee’s
 
refusal
 
to provide
 
the Data
 
would
make it impossible
 
for the Company
 
to perform its
 
contractual obligations and may
 
affect the Optionee’s ability
to participate in the Plan.
(g)
Declaration of
 
Consent (if
 
the Optionee
 
is outside
 
the EU,
 
EEA and
 
United Kingdom).
 
The Optionee
 
hereby
unambiguously
 
consents
 
to
 
the
 
collection,
 
use
 
and
 
transfer,
 
in
 
electronic
 
or
 
other
 
form,
 
of
 
the
 
Data,
 
as
described above and
 
in any other
 
grant materials, by
 
and among, as
 
applicable, the Employer,
 
the Company
and
 
any
 
affiliated
 
company
 
for
 
the
 
exclusive
 
purpose
 
of
 
implementing,
 
administering
 
and
 
managing
 
the
Optionee’s
 
participation in the Plan.
 
The Optionee understands that
 
the Optionee may,
 
at any time, refuse
 
or
withdraw the
 
consents
 
herein,
 
in any
 
case without
 
cost, by
 
contacting
 
HR Direct.
 
If the
 
Optionee
 
does not
consent or later seeks to
 
revoke the Optionee’s
 
consent, the Optionee’s
 
employment status or service
 
with the
Employer
 
will
 
not
 
be
 
affected;
 
the
 
Optionee’s
 
consequence
 
of
 
refusing
 
or
 
withdrawing
 
consent
 
is
 
that
 
the
Company
 
would
 
not
 
be
 
able
 
to
 
award
 
the
 
Stock
 
Options
 
to
 
the
 
Optionee
 
or
 
any
 
other
 
equity
 
award
 
to
 
the
Optionee
 
or
 
administer
 
or
 
maintain
 
such
 
awards.
 
Therefore,
 
the
 
Optionee
 
understands
 
that
 
refusing
 
or
withdrawing consent may affect the Optionee’s
 
ability to participate in the Plan. For more information
 
on the
consequences of refusal to consent or withdrawal of consent,
 
the Optionee should contact HR Direct.
9.
Insider Trading; Market Abuse Laws
. By participating in the Plan, the Optionee agrees to comply with the Company’s policy
on insider trading (to
 
the extent that it is applicable
 
to the Optionee), the
 
Optionee further acknowledges that,
 
depending on the
Optionee’s
 
or his
 
or her
 
broker’s country
 
of residence
 
or where
 
the shares
 
of Common
 
Stock are
 
listed, the
 
Optionee may
 
be
subject to insider
 
trading restrictions and/or
 
market abuse laws
 
that may affect
 
the Optionee’s
 
ability to accept,
 
acquire, sell or
otherwise dispose
 
of shares
 
of Common
 
Stock, rights
 
to shares
 
of Common
 
Stock (e.g.,
 
stock options)
 
or rights
 
linked to
 
the
value
 
of
 
shares
 
of
 
Common
 
Stock,
 
during
 
such
 
times
 
the
 
Optionee
 
is considered
 
to
 
have
 
“inside
 
information”
 
regarding
 
the
Company as defined by
 
the laws or
 
regulations in the Optionee’s country. Local insider trading
 
laws and regulations may
 
prohibit
the cancellation
 
or amendment
 
of orders
 
the Optionee
 
places before
 
he or
 
she possessed
 
inside information.
 
Furthermore, the
Optionee could be prohibited from (i) disclosing the inside information to any third party (other than on a “need to know” basis)
and (ii)
 
“tipping” third
 
parties or
 
causing them
 
otherwise to
 
buy or
 
sell securities.
 
The Optionee
 
understands that
 
third parties
include fellow
 
employees. Any
 
restriction under
 
these laws or
 
regulations are
 
separate from and
 
in addition
 
to any restrictions
that may be imposed under any applicable Company insider trading policy. The Optionee acknowledges
 
that it is the Optionee’s
responsibility to comply with any applicable restrictions, and that the Optionee should therefore consult the Optionee’s
 
personal
advisor on this matter
 
 
 
 
 
 
 
 
17
10.
11.
Clawback
. This Award
 
is specifically made subject to the Company’s Executive
 
Compensation Clawback Policies.
Electronic Delivery
. The Optionee agrees, to the fullest extent
 
permitted by law, in lieu of receiving documents in paper format,
to accept
 
electronic
 
delivery of
 
any
 
documents
 
that the
 
Company
 
and its
 
Subsidiaries
 
or affiliated
 
companies
 
may
 
deliver in
connection
 
with this
 
grant and
 
any other
 
grants offered
 
by the
 
Company,
 
including prospectuses,
 
grant notifications,
 
account
statements,
 
annual
 
or
 
quarterly
 
reports,
 
and
 
other
 
communications.
 
Electronic
 
delivery
 
of
 
a
 
document
 
may
 
be
 
made
 
via
 
the
Company’s email system or by reference to a
 
location on the Company’s intranet or website or
 
a website of the
 
Company’s agent
administering the Plan. By accepting this grant, whether electronically or otherwise, the Optionee hereby consents to participate
in the Plan through such
 
system, intranet, or website, including but
 
not limited to the use
 
of electronic signatures or click-through
electronic acceptance of terms and conditions.
12.
English Language
. The Optionee
 
acknowledges and agrees that
 
it is the Optionee’s
 
express intent that this
 
Agreement and the
Plan and
 
all other
 
documents, notices
 
and legal
 
proceedings entered
 
into, given
 
or instituted
 
pursuant to
 
the Stock
 
Option be
drawn
 
up
 
in
 
English.
 
To
 
the
 
extent
 
the
 
Optionee
 
has
 
been
 
provided
 
with
 
a
 
copy
 
of
 
this
 
Agreement,
 
the
 
Plan,
 
or
 
any
 
other
documents relating to
 
this Award
 
in a language
 
other than English,
 
the English language
 
documents will prevail
 
in case of any
ambiguities or divergences as a result of translation.
13.
Addendum
.
 
Notwithstanding
 
any
 
provisions
 
in
 
this
 
Agreement,
 
the
 
Stock
 
Option
 
shall
 
be
 
subject
 
to
 
any
 
special
 
terms
 
and
conditions set forth in
 
the Country-Specific Addendum to
 
this Agreement (the
 
“Addendum”). Moreover, if the Optionee
 
transfers
to one of the countries included in such Addendum, the special
 
terms and conditions for such country will apply to the Optionee,
to the extent the Company determines that the application of such terms and conditions is necessary or advisable to comply with
local law or
 
facilitate the administration
 
of the Plan
 
(or the Company
 
may establish alternative
 
terms and conditions
 
as may be
necessary or advisable to accommodate the Optionee’s
 
transfer). The Addendum constitutes part of this Agreement.
14.
Not a
 
Public Offering
. The
 
award of
 
the Stock
 
Option is
 
not intended
 
to be
 
a public
 
offering
 
of securities
 
in the
 
Optionee’s
country
 
of
 
employment
 
(or
 
country
 
of
 
residence,
 
if
 
different).
 
The
 
Company
 
has
 
not
 
submitted
 
any
 
registration
 
statement,
prospectus or other filings with
 
the local securities authorities (unless
 
otherwise required under local
 
law), and the award of
 
the
Stock
 
Option
 
is not
 
subject
 
to
 
the
 
supervision
 
of the
 
local securities
 
authorities.
 
No
 
employee
 
of
 
the
 
Company
 
or
 
any
 
of
 
its
Subsidiaries
 
or
 
affiliated
 
companies
 
is
 
permitted
 
to
 
advise
 
the
 
Optionee
 
on
 
whether
 
he/she
 
should
 
participate
 
in
 
the
 
Plan.
Acquiring shares
 
of Common
 
Stock involves
 
a degree
 
of risk.
 
Before deciding
 
to participate
 
in the
 
Plan, the
 
Optionee should
carefully consider all risk factors
 
relevant to the acquisition of
 
shares of Common Stock under
 
the Plan and carefully review all
of the materials related
 
to the Stock Option and
 
the Plan. In addition, the
 
Optionee should consult with his/her
 
personal advisor
for professional investment advice.
15.
Repatriation;
 
Compliance
 
with Law
. The
 
Optionee
 
agrees to
 
repatriate
 
all payments
 
attributable
 
to the
 
shares of
 
Common
Stock and/or cash acquired
 
under the Plan in
 
accordance with applicable foreign
 
exchange rules and regulations
 
in the Optionee’s
country of employment (and
 
country of residence, if different).
 
In addition, the Optionee agrees
 
to take any and all actions,
 
and
consent to any and all actions taken by the Company and
 
any of its Subsidiaries and affiliated companies, as may
 
be required to
allow the
 
Company and
 
any of its
 
Subsidiaries and
 
affiliated companies
 
to comply
 
with local
 
laws, rules
 
and/or regulations
 
in
the Optionee’s
 
country of employment
 
(and country
 
of residence, if
 
different). Finally,
 
the Optionee agrees
 
to take any
 
and all
actions as may
 
be required to comply
 
with the Optionee’s
 
personal obligations under
 
local laws, rules and/or
 
regulations in the
Optionee’s country of employment
 
and country of residence, if different).
16.
Imposition
 
of
 
Other
 
Requirements.
The
 
Company
 
reserves
 
the
 
right
 
to
 
impose
 
other
 
requirements
 
on
 
the
 
Optionee’s
participation in
 
the Plan,
 
on the
 
Stock Option,
 
and on
 
any shares
 
of Common
 
Stock acquired
 
under the
 
Plan, to
 
the extent
 
the
Company
 
determines it
 
is necessary
 
or advisable
 
for
 
legal or
 
administrative
 
reasons,
 
and to
 
require
 
the Optionee
 
to sign
 
any
additional agreements or undertakings that may be necessary to accomplish
 
the foregoing.
17.
Committee’s Powers.
No provision contained in this Agreement shall in any way terminate, modify or alter,
 
or be construed or
interpreted as terminating, modifying or
 
altering any of the powers, rights or
 
authority vested in the Committee or,
 
to the extent
delegated, in its delegate,
 
pursuant to the terms
 
of the Plan or
 
resolutions adopted in furtherance
 
of the Plan, including,
 
without
limitation, the
 
right to
 
make certain
 
determinations and
 
elections with
 
respect to
 
the Stock
 
Option. Any
 
dispute regarding
 
the
interpretation of this Agreement
 
or the terms of the
 
Plan shall be submitted to
 
the Committee or its delegate
 
who shall have the
discretionary
 
authority
 
to
 
construe
 
the
 
terms
 
of
 
this
 
Agreement,
 
the
 
Plan,
 
and
 
all
 
documents
 
ancillary
 
to
 
this
 
Award.
 
The
decisions of the Committee or its delegate shall be final and binding and any reviewing
 
court of law or other party shall defer to
its decision, overruling if, and only if, it is arbitrary and capricious. In no way
 
is it intended that this review standard subject the
Plan or Award
 
to the U.S. Employee Retirement Income Security Act.
 
 
 
 
18
18.
Binding Effect.
 
This Agreement shall be binding upon
 
and inure to the benefit
 
of any successors to the Company
 
and all persons
lawfully claiming under the Optionee.
19.
Governing Law and
 
Forum
. Without limiting
 
the effect of
 
section 16, this
 
Agreement shall be governed
 
by,
 
and construed in
accordance with, the laws of the State of Delaware without regard to principles
 
of conflict of laws.
20.
Severability
. The provisions
 
of this Agreement are
 
severable and if any
 
one or more
 
of the provisions
 
are determined to
 
be illegal
or otherwise unenforceable, in
 
whole or in part,
 
the Agreement shall be reformed
 
and construed so that it would
 
be enforceable
to the maximum extent legally possible, and
 
if it cannot be so
 
reformed and construed, as if such
 
unenforceable provision, or part
thereof, had never been contained herein.
21.
Waiver
. The waiver
 
by the Company
 
with respect to
 
Optionee’s
 
(or any other
 
participant’s)
 
compliance with
 
any provision of
this Agreement
 
shall not
 
operate or
 
be construed
 
as a
 
waiver of
 
any other
 
provision of
 
this Agreement,
 
or of
 
any subsequent
breach by such party of a provision of this Agreement
A copy
 
of the
 
Plan and
 
the Prospectus
 
to the
 
General Mills,
 
Inc. 2022
 
Stock Compensation
 
Plan is
 
available on
 
G&Me by
 
searching
“2022 Stock Compensation
 
Plan”.
 
A copy of the
 
Company’s latest
 
Annual Report on
 
Form 10-K is
 
also available on
 
the Company’s
website at www.generalmills.com
 
under Investor Information/Annual Reports.
 
GENERAL MILLS, INC.
 
 
 
 
 
1
Exhibit 10.3
GENERAL MILLS, INC.
RESTRICTED STOCK UNIT AWARD
GRANT DATE:
PARTICIPANT:
[Officer]
PERNR:
AGGREGATE
 
NUMBER
 
OF
 
UNITS
AWARDED:
EXPIRATION
 
DATE
 
OF
 
RESTRICTED
PERIOD:
This Award is made
 
under the General Mills, Inc. 2022 Stock Compensation
 
Plan (the "Plan"), and is subject to the terms
and
 
conditions
 
contained
 
in
 
the
 
Plan
 
document
 
and
 
this
 
Restricted
 
Stock
 
Unit
 
Award
 
Agreement
 
(“Agreement”).
 
The
Participant:
 
(i) acknowledges
 
receipt
 
of
 
a
 
copy of
 
the Plan
 
and
 
Plan
 
prospectus,
 
(ii)
 
represents
 
that
 
the
 
Participant
 
has
carefully read
 
and is
 
familiar with
 
the provisions
 
of this
 
Agreement and
 
the Plan,
 
and (iii)
 
hereby accepts
 
the Restricted
Stock Units subject
 
to all of the
 
terms and conditions
 
set forth herein,
 
and in the Plan.
 
If the Participant
 
does not wish to
receive the
 
Restricted Stock Units
 
and/or does not
 
consent and agree
 
to the terms
 
and conditions on
 
which the Restricted
Stock Units
 
are offered,
 
as set
 
forth in
 
this Agreement
 
and the
 
Plan, then
 
the Participant
 
must reject
 
this Award
 
via the
website of the Company’s designated broker,
 
no later than 60 days following the Grant Date.
 
If the Participant rejects this
Award,
 
this Award
 
will immediately
 
be forfeited and cancelled.
 
The Participant’s
 
failure to reject
 
this Award
 
within this
60 day period will constitute
 
the Participant’s acceptance
 
of this Award
 
and all terms and conditions
 
of this Award,
 
as set
forth in this Agreement and the Plan.
THIS AWARD,
 
dated
 
on
 
the
 
above
 
Grant
 
Date,
 
is made
 
by
 
General
 
Mills,
 
Inc.,
 
and
 
made
 
to
 
the
 
person
 
named
 
above
 
(the
"Participant" or referred to as “I”, “you”,
 
or “my”) (“Award”).
1.
Award
 
of Units
. Each
 
unit awarded
 
represents the
 
right to
 
receive one
 
share of
 
the Company
 
common stock,
 
par value
 
USD
0.10 per share (“Stock”). The units granted pursuant to this Agreement are referred to as the “Restricted Stock Units”. Except as
otherwise defined herein, capitalized terms shall have the same meanings ascribed
 
to them under the Plan.
2.
Vesting/Payment
 
of Restricted Stock Units; Forfeiture.
(a)
Vesting/Payment
 
Schedule
. Restricted
 
Stock Units
 
shall vest
 
in tranches,
 
each tranche
 
having its
 
own 12
 
month
vesting period
 
occurring consecutively,
 
starting on
 
the Grant
 
Date.
 
Vested
 
units in
 
a tranche
 
shall be
 
paid on
 
the
respective Scheduled Vesting
 
Date, subject to the terms of this Agreement and the Plan.
 
Tranche
Number of Units
Scheduled Vesting
 
Date
(b)
Forfeiture
 
of
 
Restricted
 
Stock
 
Units
.
 
The
 
Participant
 
acknowledges
 
that
 
the
 
Restricted
 
Stock
 
Units
 
awarded
hereunder are subject to forfeiture if the Participant’s
 
employment with the Company or any subsidiary or affiliated
companies (the “Company”) terminates under certain circumstances before the respective Scheduled Vesting Dates,
as herein provided.
 
(i)
Resignation or Termination
 
for Cause.
 
If the Participant’s
 
employment with the Company is terminated
 
by
either
 
(i)
 
resignation,
 
or
 
(ii)
 
a
 
discharge
 
due
 
to
 
Participant’s
 
illegal
 
activities,
 
poor
 
work
 
performance,
misconduct or violation of
 
the Company’s Code of
 
Conduct, policies or
 
practices, then these
 
Restricted Stock
Units, to the extent
 
they are not previously
 
vested as of the
 
Termination
 
Date, shall for no
 
consideration be
cancelled and forfeited.
 
For the avoidance of doubt,
 
“Termination
 
Date” for purposes of
 
this Award
 
will be
deemed to
 
occur as
 
of the
 
date Participant
 
is no
 
longer actively
 
providing services
 
as an
 
employee, unless
otherwise determined by the Company in its sole discretion, and no vesting shall continue during
 
any notice
period that may be specified under contract or
 
applicable law with respect to such termination, including any
“garden leave” or similar period, except as may otherwise be permitted in the Company’s
 
sole discretion.
 
 
 
 
2
(ii)
Involuntary Termination.
 
If the Participant’s employment with the Company terminates involuntarily
 
at the
initiation of the Company for any reason other than specified in Plan Section 11
 
(
Change in Control
), or (i),
(iv) or
 
(v)
 
in
 
this section
 
2, and
 
only
 
upon the
 
execution
 
(without
 
revoking)
 
of an
 
effective
 
general
 
legal
release and
 
such other
 
documents as
 
are satisfactory
 
to the
 
Company,
 
the unvested
 
Restricted Stock
 
Units
that are in
 
the tranche with
 
a Scheduled Vesting
 
Date within 12
 
months of the Termination
 
Date shall vest,
in an
 
amount equal
 
to the
 
pro-rata amount
 
based on
 
employment completed
 
during the
 
relevant 12
 
month
tranche
 
vesting period.
 
All other
 
unvested Restricted
 
Stock Units
 
shall be
 
forfeited
 
as of
 
the Termination
Date. All Restricted Stock Units that vest under this
 
paragraph shall be paid (or deferred, if properly elected)
on the respective Scheduled Vesting
 
Date otherwise applicable to such tranche.
(iii)
Death
.
 
If
 
a
 
Participant
 
dies
 
while
 
employed
 
by
 
the
 
Company
 
during
 
any
 
applicable
 
vesting
 
period,
 
this
Award
 
shall become fully vested, effective as of the date of death, and shall be paid as of the first day of the
month
 
following
 
death
 
to
 
the
 
designated
 
beneficiary
 
or
 
beneficiaries,
 
or
 
to
 
the
 
Participant's
 
estate
 
if
 
no
beneficiary is appropriately designated.
 
(iv)
Retirement.
 
If the
 
termination of
 
employment is
 
due to the
 
Participant’s
 
retirement on
 
or after
 
age 55 and
completion
 
of at
 
least five
 
(5)
 
years of
 
service with
 
the
 
Company,
 
all Restricted
 
Stock
 
Units in
 
unvested
tranches
 
shall
 
vest
 
and
 
be
 
paid
 
(or
 
deferred,
 
if
 
properly
 
elected)
 
on
 
each
 
tranche’s
 
respective
 
Scheduled
Vesting
 
Date.
 
Notwithstanding
 
the
 
above, if
 
the
 
Termination
 
Date
 
is within
 
twelve
 
months
 
of
 
the
 
Grant
Date, the Award shall not fully vest but rather vest on a pro rata basis based on employment completed since
grant prior to the Termination
 
Date within the first year
 
of the Restricted Period; the
 
Restricted Stock Units
that vest pursuant
 
to the previous
 
sentence shall be
 
paid (or deferred,
 
if properly elected)
 
on the Scheduled
Vesting Date applicable to the tranche under which they were awarded. The terms of this paragraph
 
shall not
apply to a Participant who, prior to a Change of Control, is terminated for cause as described in (b)(i) above;
said Participant shall be treated as provided in (b)(i)
 
(v)
Spin-offs
 
and
 
Other
 
Divestitures.
 
If
 
the
 
termination
 
of
 
employment
 
is
 
due
 
to
 
the
 
divestiture,
 
cessation,
transfer,
 
or
 
spin-off
 
of
 
a
 
line
 
of
 
business
 
or
 
other
 
activity
 
of
 
the
 
Company,
 
the
 
Committee,
 
in
 
its
 
sole
discretion, shall determine the conversion, vesting, or other treatment of these Awards.
 
Such treatment shall
be consistent
 
with Code
 
Section 409A,
 
and in
 
particular will
 
take into
 
account whether
 
a separation
 
from
service has occurred within the meaning of Code Section 409A.
3.
Dividend Equivalents.
For Restricted Stock Units awarded hereunder, any dividends or other
 
distributions declared payable on
the Company’s
 
Stock on
 
or after
 
the Grant
 
Date until
 
the Award
 
is settled
 
and/or forfeited
 
shall be
 
credited notionally
 
to the
Participant
 
in
 
an amount
 
equal to
 
such declared
 
dividends
 
or other
 
distributions
 
on
 
an equivalent
 
number
 
of shares
 
of
 
Stock
(“Dividend Equivalents”).
 
Dividend Equivalents
 
so credited
 
shall be
 
paid if,
 
and only
 
to the
 
extent, the
 
underlying Restricted
Stock
 
Units
 
to
 
which
 
they
 
relate become
 
unrestricted
 
and vest,
 
as provided
 
under
 
the terms
 
of
 
the Plan
 
and
 
this Agreement.
 
Dividend Equivalents credited
 
in respect to
 
Restricted Stock
 
Units that
 
are forfeited under
 
the terms
 
of the
 
Plan and
 
this document,
are
 
correspondingly
 
forfeited.
 
No
 
interest
 
or
 
other
 
earnings
 
shall
 
be
 
credited
 
on
 
Dividend
 
Equivalents.
 
Vested
 
Dividend
Equivalents shall be paid in cash at the same time as the underlying Restricted Stock
 
Units to which they relate.
4.
Settlement of
 
Restricted Stock
 
Units.
 
Settlement shall
 
be completed
 
as soon
 
as administratively
 
practicable but
 
in no
 
event
later
 
than
 
30
 
days
 
after
 
the
 
date
 
the
 
Restricted
 
Stock
 
Units
 
vest,
 
except
 
where
 
such
 
settlement
 
following
 
a
 
Section
 
409A
Separation from
 
Service requires
 
a six-month
 
delay.
 
The Company
 
will provide
 
for settlement
 
in the
 
form of
 
shares of
 
Stock.
 
Awards
 
subject to proper deferral elections shall be deferred into the General Mills Deferred
 
Compensation Plan.
5.
Non-Transferability
. The
 
Restricted Stock
 
Units may
 
not be
 
sold, assigned,
 
pledged, exchanged,
 
hypothecated, encumbered,
disposed of,
 
or otherwise
 
transferred, unless
 
otherwise provided
 
in the
 
Plan or
 
this Agreement.
 
Upon any
 
attempt to
 
transfer,
assign, pledge, hypothecate or otherwise dispose of the Restricted Stock Units or of such rights contrary to the provisions hereof
or in the Plan, the Restricted Stock Units and such rights shall immediately become
 
null and void.
6.
Withholding
 
of Tax
. The
 
Participant acknowledges
 
that, regardless
 
of any
 
action
 
taken by
 
the Company
 
or,
 
if different,
 
the
subsidiary or
 
affiliated company
 
that employs
 
the Participant
 
(the “Employer”),
 
the ultimate liability
 
for all income
 
tax, social
contributions,
 
payroll
 
tax,
 
fringe
 
benefits
 
tax,
 
payment
 
on
 
account,
 
hypothetical
 
tax
 
or
 
other
 
tax-related
 
items
 
related
 
to
 
the
Participant’s
 
participation in
 
the Plan
 
and legally
 
applicable to
 
the Participant
 
or deemed
 
by the
 
Company or
 
the Employer
 
in
their discretion to be an
 
appropriate charge to the
 
Participant even if legally applicable
 
to the Company or the Employer
 
(“Tax-
Related Items”),
 
is and remains
 
the Participant’s
 
responsibility and
 
may exceed the
 
amount actually withheld
 
by the Company
or the Employer, if
 
any. The Participant further acknowledges
 
that the Company
 
and/or the Employer
 
(a) make no representations
or undertakings
 
regarding the treatment
 
of any Tax
 
-Related Items in
 
connection with
 
any aspect of
 
the Restricted Stock
 
Units,
 
3
including, but not limited to, the grant, vesting, the subsequent
 
sale of shares of Stock acquired pursuant to such vesting and
 
the
receipt of any dividends, or dividend equivalents; and
 
(b) do not commit to and are under no obligation to structure the
 
terms of
the grant
 
or any
 
aspect of
 
the Restricted Stock
 
Units to
 
reduce or
 
eliminate the
 
Participant’s
 
liability for
 
Tax-Related
 
Items or
achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction between
the Grant Date and the date of any
 
relevant taxable or tax withholding event, as applicable, the Participant acknowledges that the
Company and/or the Employer
 
(or former employer, as applicable)
 
may be required to
 
withhold or account
 
for Tax-Related Items
in more than one jurisdiction.
Prior
 
to
 
the
 
relevant
 
taxable
 
or
 
tax
 
withholding
 
event,
 
as
 
applicable,
 
the
 
Participant
 
agrees
 
to
 
make
 
adequate
 
arrangements
satisfactory to the
 
Company and/or the
 
Employer to satisfy all
 
Tax-Related
 
Items. In this regard,
 
unless otherwise approved
 
by
the Committee,
 
the Company
 
shall satisfy
 
the obligations
 
with regard
 
to all Tax
 
-Related Items
 
by one
 
or a
 
combination of
 
the
following:
 
(i)
 
withholding
 
from
 
the
 
Participant’s
 
wages
 
or other
 
cash
 
compensation
 
paid
 
to
 
the
 
Participant
 
by
 
the
 
Company
and/or the Employer; (ii)
 
withholding from the shares
 
of Stock to be delivered
 
upon settlement of the
 
Restricted Stock Units or
other awards
 
granted to
 
the Participant
 
or (iii)
 
permitting
 
the Participant
 
to tender
 
to the
 
Company
 
cash or,
 
if allowed
 
by the
Committee, shares of Stock.
Depending on the withholding method, the Company may withhold or account for
 
Tax-Related Items by
 
considering applicable
statutory withholding rates
 
(as determined by
 
the Company in
 
good faith and
 
in its
 
sole discretion) or
 
other applicable withholding
rates, including maximum applicable rates, in which case the
 
Participant will receive a refund of any over-withheld
 
amount and
will have
 
no entitlement
 
to the
 
share equivalent.
 
If the
 
obligation
 
for Tax
 
-Related Items
 
is satisfied
 
by withholding
 
from the
shares of
 
Stock to be
 
delivered upon
 
vesting of
 
the Restricted
 
Stock Units,
 
for tax purposes,
 
the Participant
 
is deemed
 
to have
been issued the full number of
 
shares of Stock subject to the Restricted
 
Stock Units, notwithstanding that
 
a number of shares of
Stock
 
are held
 
back
 
solely for
 
the purpose
 
of paying
 
the Tax
 
-Related Items.
 
The Participant
 
will have
 
no further
 
rights with
respect to any shares of Stock that are retained by the Company pursuant
 
to this provision.
The
 
Participant
 
agrees
 
to
 
pay
 
to
 
the
 
Company
 
or
 
the
 
Employer
 
any
 
amount
 
of
 
Tax-Related
 
Items
 
that
 
the
 
Company
 
or
 
the
Employer
 
may
 
be required
 
to withhold
 
or account
 
for
 
as a
 
result
 
of the
 
Participant’s
 
participation
 
in the
 
Plan that
 
cannot be
satisfied by the
 
means previously described.
 
The Company may
 
refuse to issue
 
or deliver shares
 
of Stock or
 
proceeds from the
sale of shares
 
of Stock until
 
arrangements satisfactory to the
 
Company have been made
 
in connection with
 
the Tax-Related Items.
7.
Restrictive Covenants; Confidential
 
Information; Work
 
Product
. The Participant
 
agrees to cooperate with
 
the Company in
any way needed
 
in order to comply
 
with, or fulfill the
 
terms of the Plan
 
and this Award
 
document.
 
As a term and
 
condition of
this Award,
 
Participant agrees to the following terms:
 
a.
I agree to use General Mills Confidential Information only as needed in the performance of my duties, to hold
and protect
 
such information
 
as confidential
 
to the
 
Company,
 
and not
 
to engage
 
in any
 
unauthorized use
 
or
disclosure of
 
such information
 
for so
 
long as
 
such information
 
qualifies as
 
Confidential Information.
 
I agree
that after my employment
 
with the Company terminates for any
 
reason, including “retirement” as that
 
term is
used in the
 
Plan, I will
 
not use or
 
disclose, directly or
 
indirectly,
 
Company Confidential
 
Information or trade
secrets for any purpose, unless I get the prior written consent of my manager
 
to do so.
This document does
 
not prevent me
 
from filing a
 
complaint with a
 
government agency (including the
 
Securities
and Exchange Commission,
 
Department of Justice,
 
Equal Employment Opportunity
 
Commission and others)
or from
 
participating
 
in an
 
agency proceeding.
 
This document
 
also does
 
not prevent
 
me from
 
providing
 
an
agency with information, including
 
this document, unless
 
such information is
 
legally protected from disclosure
to third parties.
 
I do not need
 
prior company authorization to take these actions,
 
nor must I notify the
 
company
I have done so.
Also, as provided in 18
 
U.S.C. 1833(b), I cannot be
 
held criminally or civilly liable
 
under any federal or state
trade secret law for making a trade secret disclosure: (A) in confidence to a federal, state, or local government
official,
 
either directly
 
or indirectly,
 
or to
 
an attorney,
 
solely for
 
the purpose
 
of reporting
 
or investigating
 
a
suspected violation
 
of law;
 
or (B) in
 
a complaint
 
or other
 
document filed
 
in a lawsuit
 
or other proceeding,
 
if
such filing is made under seal.
General Mills Confidential Information
 
means any non-public information
 
I create, receive, use or observe
 
in
the performance
 
of my
 
job at
 
General Mills,
 
including trade
 
secrets.
 
Examples of
 
Confidential Information
include marketing, merchandising, business plans, business methods, pricing, purchasing, licensing, contracts,
employee, supplier or customer information, customer,
 
vendor or partner client or contact lists, financial data,
technological
 
developments,
 
manufacturing
 
processes
 
and
 
specifications,
 
product
 
formulas,
 
ingredient
specifications, software code, and all other proprietary information which
 
is not publicly available to others.
 
4
Prior
 
to
 
leaving
 
the
 
Company,
 
I
 
agree
 
to
 
return
 
all
 
materials
 
in
 
my
 
possession
 
containing
 
Confidential
Information,
 
as
 
well
 
as
 
all
 
other
 
documents
 
and
 
other
 
tangible
 
items
 
provided
 
to
 
me
 
by
 
General
 
Mills,
 
or
developed by me in connection with my employment with the Company.
b.
I
 
agree
 
to
 
promptly
 
tell
 
General
 
Mills
 
about
 
any
 
ideas,
 
concepts,
 
improvements,
 
designs,
 
inventions,
discoveries,
 
and
 
creative
 
works
 
(collectively,
 
“Work
 
Product”)
 
which
 
I
 
conceive
 
or
 
create
 
during
 
my
employment with General Mills which relate to General Mills’ businesses.
I further agree to immediately, automatically
 
and irrevocably assign, and hereby do assign, to General Mills
any and all intellectual property rights in and to such Work
 
Product, and all such intellectual property rights
shall be solely and exclusively owned by General Mills.
 
“Intellectual property rights” means patent rights,
copyrights, trade secret rights, trade dress rights, trademark rights and all comparable
 
rights throughout the
world.
During my employment with General Mills and anytime thereafter,
 
I will take all necessary steps, at General
Mills’ request and expense, but without further compensation to me, to execute
 
any instruments necessary to
enable General Mills or General Mills’ nominee to register intellectual property
 
rights throughout the world.
After I leave General Mills, I agree to help General Mills in every way possible in
 
any government or legal
proceedings pertaining to any General Mills intellectual property
 
rights.
c.
[
This Section
 
7.c. does
 
not apply
 
to California,
 
Colorado, Minnesota,
 
and Washington
 
-based employees.
] I
agree that for one year after I leave the
 
Company, including retiring from the Company,
 
I will not work on any
product, brand category, process,
 
or service: (A)
 
on which
 
I worked,
 
or about which
 
I had
 
access to
 
Confidential
Information, in the year immediately preceding my termination
 
(including retirement) from General Mills, and
(B) which competes with General Mills products, brand categories, processes, or
 
related services.
 
d.
I agree that
 
for one year
 
after I leave General
 
Mills, including retiring
 
from the Company,
 
I will refrain
 
from
directly or indirectly
 
soliciting Company employees
 
for the purpose of
 
hiring them or inducing
 
them to leave
their employment with the Company.
e.
I agree
 
that after I
 
leave General
 
Mills, including
 
retiring from
 
the Company,
 
I will
 
indefinitely refrain
 
from
using Company client or
 
contact lists, and
 
for two years
 
I will refrain
 
from soliciting the
 
Company’s customers.
A breach of the obligations set forth in this paragraph may result in the rescission of the Award,
 
termination and forfeiture
of any unvested Units,
 
and/or required payment to
 
the Company of all or
 
a portion of any monetary
 
gains acquired by the
Participant as a result of
 
the Award,
 
unless the Award
 
vested and was settled more
 
than four (4) years prior
 
to the breach.
 
The foregoing remedies
 
are in addition
 
to, and not in
 
lieu of injunctive relief
 
and/or any other legal
 
or equitable remedies
available under applicable law.
8.
Nature of Grant
. In accepting the Restricted Stock Units, the Participant acknowledges and agrees
 
that:
(a)
the
 
Plan
 
is
 
established
 
voluntarily
 
by
 
the
 
Company,
 
it
 
is
 
discretionary
 
in
 
nature
 
and
 
it
 
may
 
be
 
modified,
amended, suspended or
 
terminated by
 
the Company, in its
 
sole discretion, at
 
any time (subject
 
to any limitations
set forth in the Plan);
(b)
the grant of the Restricted Stock Units is voluntary and occasional and does not create any
 
contractual or other
right
 
to
 
receive
 
future
 
grants
 
of
 
restricted
 
stock
 
units,
 
or
 
benefits
 
in
 
lieu
 
of
 
restricted
 
stock
 
units,
 
even
 
if
restricted stock units or other
 
awards have been granted in the past;
(c)
all decisions with respect to future awards, if any,
 
will be at the sole discretion of the Company;
(d)
the Participant’s participation
 
in the Plan is voluntary;
 
 
5
(e)
the Restricted Stock Units and the Participant’s participation in the Plan shall not create a right to employment
or be interpreted as forming an employment contract
 
with the Company or any of its Subsidiaries or affiliated
companies and shall not interfere with the ability of the Company or the Employer, as applicable, to terminate
the Participant’s employment relationship
 
(as otherwise may be permitted under local law);
(f)
unless otherwise agreed with the Company,
 
the Restricted Stock Units and any shares of Stock acquired
 
upon
vesting of the Restricted Stock Units, and the income from and value of same, are not
 
granted as consideration
for, or
 
in connection with,
 
any service the
 
Participant may provide
 
as a director
 
of any subsidiary
 
or affiliate
of the Company;
(g)
the Restricted Stock Units and any shares of Stock acquired under the Plan and the income and value of same,
are
 
not
 
part
 
of
 
normal
 
or
 
expected
 
compensation
 
for
 
purposes
 
of
 
calculating
 
any
 
severance,
 
resignation,
termination,
 
redundancy,
 
dismissal,
 
end-of-service
 
payments,
 
bonuses,
 
long-service
 
awards,
 
pension
 
or
retirement or welfare benefits
 
or similar payments and
 
in no event should be
 
considered as compensation for,
or relating
 
in any
 
way to,
 
past services
 
for the
 
Company,
 
the Employer
 
or any
 
subsidiary or
 
affiliate
 
of the
Company;
(h)
the future value of the shares of
 
Stock underlying the Restricted Stock Units
 
is unknown, indeterminable, and
cannot be predicted with certainty;
 
(i)
upon vesting of the Restricted
 
Stock Units, the value of
 
such shares of Stock
 
may increase or decrease
 
in value;
 
(j)
no claim or
 
entitlement to
 
compensation or
 
damages shall
 
arise from
 
forfeiture of
 
the Restricted Stock
 
Units
resulting from termination
 
of the Participant’s
 
employment (for any
 
reason whatsoever and whether
 
or not in
breach
 
of
 
local
 
labor
 
laws
 
or
 
later
 
found
 
invalid)
 
and,
 
in
 
consideration
 
of
 
the
 
Restricted
 
Stock
 
Units,
 
the
Participant agrees not to institute any claim against the Company or the Employer;
(k)
the
 
Restricted
 
Stock
 
Units
 
and
 
the
 
rights
 
evidenced
 
by
 
this
 
Agreement
 
do
 
not
 
create
 
any
 
entitlement
 
not
otherwise specifically
 
provided for
 
in the
 
Plan to
 
have the
 
Restricted Stock
 
Units transferred
 
to, or
 
assumed
by,
 
another
 
company,
 
nor to
 
be exchanged,
 
cashed
 
out or
 
substituted
 
for,
 
in connection
 
with any
 
corporate
transaction affecting the shares of Stock; and
(l)
neither the Company nor
 
any of its
 
Subsidiaries or affiliated companies shall
 
be liable for any
 
foreign exchange
rate fluctuation
 
between the
 
Participant’s
 
local currency
 
and the
 
U.S. dollar
 
that may
 
affect the
 
value of
 
the
Restricted Stock
 
Units or
 
any amounts
 
due to
 
the Participant
 
pursuant to
 
the vesting
 
of the
 
Restricted Stock
Units or the subsequent sale of any shares of Stock acquired upon vesting
 
of the Restricted Stock Units.
9.
Data Privacy
.
If the
 
Participant would like
 
to participate in
 
the Plan, the
 
Participant will
 
need to review
 
the information provided
in this
 
Section 9
 
and, where
 
applicable, declare
 
the Participant’s
 
consent to
 
the processing
 
of personal
 
data by
 
the Company
and the third parties stated below.
 
If the Participant is based in the
 
European Union (“EU”), European
 
Economic Area (“EEA”) or
 
United Kingdom, please note
that General
 
Mills, Inc. with
 
registered
 
address at
 
One General Mills
 
Boulevard,
 
Minneapolis, MN 55426
 
-1347, U.S.A., is
 
the
controller responsible
 
for the processing of the Participant’s
 
personal data in connection with the Agreement
 
and the Plan.
(a)
Data
 
Collection
 
and
 
Usage.
 
The
 
Company
 
collects,
 
processes,
 
uses
 
and
 
transfers
 
certain
 
personally-
identifiable
 
information
 
about
 
the
 
Participant,
 
specifically,
 
the
 
Participant’s
 
name,
 
home
 
address
 
and
telephone
 
number,
 
email
 
address,
 
date
 
of
 
birth,
 
social
 
insurance,
 
passport
 
number
 
or
 
other
 
identification
number, salary,
 
nationality, job title, any shares of Stock
 
or directorships held in the
 
Company or any affiliated
company,
 
details of all Restricted
 
Stock Units or
 
any other entitlement
 
to shares
 
of Stock awarded,
 
canceled,
exercised, settled, vested, unvested or outstanding in
 
the Participant’s favor,
 
which the Company receives from
the
 
Participant
 
or
 
the
 
Employer
 
(the
 
“Data”).
 
The
 
Company
 
collects,
 
processes
 
and
 
uses the
 
Data
 
for
 
the
purposes
 
of
 
performing
 
its
 
contractual
 
obligations
 
under
 
this
 
Agreement,
 
implementing,
 
administering
 
and
 
 
 
 
 
 
6
managing
 
the
 
Participant’s
 
participation
 
in
 
the
 
Plan
 
and
 
facilitating
 
compliance
 
with
 
applicable
 
tax
 
and
securities law.
 
If the Participant
 
is based in
 
the EU, EEA
 
or United Kingdom,
 
the legal basis
 
for the processing
 
of the Data
by the Company is
 
the necessity of the
 
processing for the Company to
 
perform its contractual obligations
 
under
this
 
Agreement
 
and
 
the
 
Plan
 
and
 
the
 
Company’s
 
legitimate
 
business
 
interests
 
of
 
managing
 
the
 
Plan,
administering employee equity awards and
 
complying with its contractual and statutory obligations.
 
If
 
the
 
Participant
 
is
 
based
 
in
 
any
 
other
 
jurisdiction,
 
the
 
legal
 
basis
 
for
 
the
 
processing
 
of
 
the
 
Data
 
by
 
the
Company is the Participant’s
 
consent as further described below.
(b)
Stock Plan Administration Service Providers.
 
The Company transfers Data to E*TRADE Financial Corporate
Services, Inc. (including its affiliated companies), an independent service provider which assists the Company
with the implementation, administration
 
and management of the
 
Plan.
 
In the future, the
 
Company may select
a
 
different
 
service
 
provider,
 
which
 
will
 
in
 
a
 
similar
 
manner,
 
share
 
Data
 
with
 
such
 
service
 
provider.
 
The
Company’s
 
service provider
 
will maintain
 
an account
 
for the
 
Participant to
 
administer the
 
Restricted Stock
Units. The processing of Data
 
will take place
 
through both electronic and non-electronic means. Data will
 
only
be
 
accessible
 
by
 
those
 
individuals
 
requiring
 
access
 
to
 
it
 
for
 
purposes
 
of
 
implementing,
 
administering
 
and
operating the Plan.
(c)
International Data Transfers. The Company and its service providers are based in the United
 
States and India.
The Participant’s
 
country or jurisdiction may have different data privacy laws and protections than the
 
United
States and India.
 
An appropriate
 
level of protection
 
can be achieved
 
by implementing safeguards
 
such as the
Standard Contractual Clauses adopted by
 
the EU Commission.
If
 
the
 
Participant
 
is
 
based
 
in
 
any
 
other
 
jurisdiction,
 
the
 
Data
 
will
 
be
 
transferred
 
from
 
the
 
Participant’s
jurisdiction
 
to
 
the
 
Company
 
and
 
onward
 
from
 
the
 
Company
 
to
 
any
 
of
 
its
 
service
 
providers
 
based
 
on
 
the
Participant’s
 
consent, as further described below.
(d)
Data
 
Retention.
 
The
 
Company
 
will
 
use
 
the
 
Data
 
only
 
as
 
long
 
as
 
necessary
 
to
 
implement,
 
administer
 
and
manage
 
the
 
Participant’s
 
participation
 
in
 
the
 
Plan,
 
or
 
as
 
required
 
to
 
comply
 
with
 
legal
 
or
 
regulatory
obligations, including
 
tax and
 
securities laws.
 
When the
 
Company no
 
longer needs
 
the Data,
 
the Company
will remove
 
it from
 
its systems.
 
If the
 
Company keeps
 
data longer,
 
it would
 
be to
 
satisfy legal
 
or regulatory
obligations and
 
the Company’s
 
legal basis would
 
be relevant
 
laws or regulations
 
(if the Participant
 
is in the
EU, EEA or United Kingdom) or the
 
Participant’s
 
consent (if the Participant is outside
 
the EU, EEA or United
Kingdom).
(e)
Data Subject Rights. The Participant may
 
have a number of rights
 
under data privacy laws in
 
the Participant’s
jurisdiction. Subject to the conditions
 
set out in the applicable law and
 
depending on where the
 
Participant is
based,
 
such
 
rights
 
may
 
include
 
the
 
right
 
to
 
(i)
 
request
 
access
 
to,
 
or
 
copies
 
of,
 
the
 
Data
 
processed
 
by
 
the
Company, (ii) rectification
 
of incorrect Data, (iii) deletion of Data, (iv) restrictions on the processing of Data,
(v) object to the processing of Data for legitimate interests, (vi) portability of Data, (vii) lodge
 
complaints with
competent
 
authorities
 
in
 
the
 
Participant’s
 
jurisdiction,
 
and/or
 
to
 
(viii)
 
receive
 
a
 
list
 
with
 
the
 
names
 
and
addresses
 
of any
 
potential
 
recipients
 
of Data.
 
To
 
receive
 
clarification
 
regarding
 
these rights
 
or to
 
exercise
these rights, the Participant can contact HR Direct.
(f)
Necessary Disclosure
 
of Personal
 
Data. The Participant
 
understands that providing
 
the Company with
 
Data
is necessary for the
 
performance of the Agreement and that the Participant’s refusal to provide the Data would
make it
 
impossible for
 
the Company
 
to perform
 
its contractual
 
obligations and
 
may affect
 
the Participant’s
ability to participate in the Plan.
(g)
Declaration
 
of
 
Consent
 
(if
 
the
 
Participant
 
is
 
outside
 
the
 
EU,
 
EEA
 
and
 
United
 
Kingdom).
 
The
 
Participant
hereby unambiguously consents to the collection, use
 
and transfer,
 
in electronic or other form, of the Data, as
described above and
 
in any other
 
grant materials, by
 
and among, as
 
applicable, the Employer,
 
the Company
and
 
any
 
affiliated
 
company
 
for
 
the
 
exclusive
 
purpose
 
of
 
implementing,
 
administering
 
and
 
managing
 
the
Participant’s
 
participation
 
in
 
the
 
Plan.
 
The
 
Participant
 
understands
 
that
 
the
 
Participant
 
may,
 
at
 
any
 
time,
refuse or withdraw
 
the consents herein,
 
in any case without cost,
 
by contacting HR Direct.
 
If the Participant
does
 
not consent
 
or
 
later
 
seeks to
 
revoke
 
the Participant’s
 
consent,
 
the
 
Participant’s
 
employment
 
status
 
or
service
 
with
 
the
 
Employer
 
will
 
not
 
be
 
affected;
 
the
 
Participant’s
 
consequence
 
of
 
refusing
 
or
 
withdrawing
consent is
 
that the
 
Company would
 
not be
 
able to award
 
the Participant
 
Restricted Stock
 
Units or
 
any other
equity award to
 
the Participant or
 
administer or maintain
 
such awards.
 
Therefore, the Participant understands
 
 
 
 
 
 
 
7
that refusing
 
or withdrawing consent
 
may affect the Participant’s
 
ability to participate in
 
the Plan. For
 
more
information on the consequences of
 
refusal to consent or withdrawal of
 
consent, the Participant should contact
HR Direct.
10.
Clawback
. This Award
 
is specifically made subject to the Company’s Executive
 
Compensation Clawback Policies.
11.
Insider Trading; Market Abuse Laws
. By participating in
 
the Plan, the
 
Participant agrees to
 
comply with the
 
Company’s policy
on insider trading
 
(to the extent that
 
it is applicable to
 
the Participant), the Participant
 
further acknowledges that,
 
depending on
the Participant’s or his or her broker’s country of residence or where the
 
shares of Stock are listed, the
 
Participant may be subject
to insider trading
 
restrictions and/or market
 
abuse laws
 
that may affect
 
the Participant’s ability to
 
accept, acquire, sell
 
or otherwise
dispose of shares of
 
Stock, rights to shares of
 
Stock (e.g., restricted stock
 
units) or rights linked
 
to the value of shares
 
of Stock,
during such
 
times the
 
Participant is
 
considered to
 
have “inside
 
information” regarding
 
the Company
 
as defined
 
by the
 
laws or
regulations in the
 
Participant’s country.
 
Local insider trading laws
 
and regulations may prohibit
 
the cancellation or amendment
of orders the
 
Participant places before
 
he or she possessed
 
inside information. Furthermore,
 
the Participant could
 
be prohibited
from (i) disclosing the inside information to any third party (other than
 
on a “need to know” basis)
 
and (ii) “tipping” third parties
or causing them otherwise to buy or sell securities. The Participant understands that third parties include fellow employees. Any
restriction under
 
these laws or
 
regulations are
 
separate from and
 
in addition to
 
any restrictions that
 
may be imposed
 
under any
applicable
 
Company
 
insider trading
 
policy.
 
The Participant
 
acknowledges
 
that it
 
is the
 
Participant’s
 
responsibility
 
to comply
with any applicable restrictions,
 
and that the Participant
 
should therefore consult the
 
Participant’s personal advisor on this matter.
12.
Electronic
 
Delivery
.
 
The
 
Participant
 
agrees,
 
to
 
the
 
fullest
 
extent
 
permitted
 
by
 
law,
 
in
 
lieu
 
of
 
receiving
 
documents
 
in
 
paper
format, to accept electronic delivery of
 
any documents that the Company and
 
its Subsidiaries or affiliated companies may
 
deliver
in connection with this grant
 
and any other grants offered
 
by the Company,
 
including prospectuses, grant notifications,
 
account
statements,
 
annual
 
or
 
quarterly
 
reports,
 
and
 
other
 
communications.
 
Electronic
 
delivery
 
of
 
a
 
document
 
may
 
be
 
made
 
via
 
the
Company’s email system or by reference to a
 
location on the Company’s intranet or website or
 
a website of the
 
Company’s agent
administering the Plan. By
 
accepting this grant, whether
 
electronically or otherwise, the
 
Participant hereby consents to
 
participate
in the Plan through such
 
system, intranet, or website, including but
 
not limited to the use
 
of electronic signatures or click-through
electronic acceptance of terms and conditions.
13.
English Language
. The Participant
 
acknowledges and agrees
 
that it is
 
the Participant’s
 
express intent that
 
this Agreement and
the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted
 
Stock
Units be drawn
 
up in English.
 
To
 
the extent the
 
Participant has been
 
provided with
 
a copy of
 
this Agreement,
 
the Plan, or
 
any
other documents relating to this Award
 
in a language other than English, the English language documents will prevail in case of
any ambiguities or divergences as a result of translation.
14.
Addendum.
Notwithstanding any provisions in this Agreement, the Restricted Stock
 
Units shall be subject to any special terms
and conditions
 
set forth in
 
the Country-Specific
 
Addendum to this
 
Agreement (the
 
“Addendum”). Moreover,
 
if the Participant
transfers to one of the countries included in such Addendum,
 
the special terms and conditions for such country
 
will apply to the
Participant, to the extent
 
the Company determines that the
 
application of such terms and
 
conditions is necessary or advisable
 
to
comply with local law or facilitate
 
the administration of the Plan (or the
 
Company may establish alternative terms and conditions
as may be necessary or advisable to accommodate the Participant’s transfer). The Addendum constitutes part of this Agreement.
15.
Not
 
a
 
Public
 
Offering
.
 
The
 
award
 
of
 
the
 
Restricted
 
Stock
 
Units
 
is
 
not
 
intended
 
to
 
be
 
a
 
public
 
offering
 
of
 
securities
 
in
 
the
Participant’s
 
country
 
of
 
employment (or
 
country
 
of residence,
 
if different).
 
The Company
 
has
 
not submitted
 
any registration
statement, prospectus
 
or other
 
filings with
 
the local
 
securities authorities
 
(unless otherwise
 
required under
 
local law),
 
and the
award
 
of
 
the
 
Restricted
 
Stock
 
Units
 
is
 
not
 
subject
 
to
 
the
 
supervision
 
of
 
the
 
local
 
securities
 
authorities.
No
 
employee
 
of
 
the
Company
 
or
 
any
 
of
 
its
 
Subsidiaries
 
or
 
affiliated
 
companies
 
is
 
permitted
 
to
 
advise
 
the
 
Participant
 
on
 
whether
 
he/she
 
should
participate
 
in
 
the
 
Plan.
 
Acquiring
 
shares
 
of
 
Stock
 
involves
 
a
 
degree
 
of
 
risk.
 
Before
 
deciding
 
to
 
participate
 
in
 
the
 
Plan,
 
the
Participant should carefully
 
consider all risk factors relevant
 
to the acquisition of shares
 
of Stock under the Plan
 
and carefully
review all
 
of the
 
materials related
 
to the
 
Restricted Stock
 
Units and
 
the Plan.
 
In addition,
 
the Participant
 
should consult
 
with
his/her personal advisor for professional investment advice.
16.
Repatriation; Compliance with Law.
 
The Participant agrees to repatriate
 
all payments attributable to the
 
shares of Stock and/or
cash acquired under
 
the Plan in
 
accordance with
 
applicable foreign exchange
 
rules and regulations
 
in the Participant’s
 
country
of employment (and country of residence, if different). In addition, the Participant agrees to
 
take any and all actions, and consent
to any and
 
all actions taken
 
by the Company
 
and any of
 
its Subsidiaries and
 
affiliated companies,
 
as may be
 
required to
 
allow
the
 
Company
 
and
 
any
 
of
 
its Subsidiaries
 
and
 
affiliated
 
companies
 
to
 
comply
 
with
 
local
 
laws,
 
rules
 
and/or
 
regulations
 
in
 
the
Participant’s
 
country of
 
employment (and
 
country of
 
residence, if
 
different). Finally,
 
the Participant
 
agrees to
 
take any and
 
all
actions as may be required to comply with the Participant’s personal obligations under local laws, rules and/or regulations in the
Participant’s country of
 
employment and country of residence, if different).
 
 
 
 
 
 
 
8
17.
Imposition
 
of
 
Other
 
Requirements.
 
The
 
Company
 
reserves
 
the
 
right
 
to
 
impose
 
other
 
requirements
 
on
 
the
 
Participant’s
participation in
 
the Plan,
 
on the
 
Restricted Stock
 
Units, and
 
on any
 
shares of
 
Stock acquired
 
under the
 
Plan, to
 
the extent
 
the
Company determines
 
it is necessary
 
or advisable
 
for legal
 
or administrative
 
reasons, and
 
to require
 
the Participant
 
to sign
 
any
additional agreements or undertakings that may be necessary to accomplish
 
the foregoing.
18.
Committee’s Powers.
No provision contained in this Agreement shall in any way terminate, modify or alter,
 
or be construed or
interpreted as terminating, modifying or
 
altering any of the powers, rights or
 
authority vested in the Committee or,
 
to the extent
delegated, in its delegate,
 
pursuant to the terms
 
of the Plan or
 
resolutions adopted in furtherance
 
of the Plan, including,
 
without
limitation, the right
 
to make certain
 
determinations and elections
 
with respect to
 
the Restricted Stock
 
Units. Any dispute
 
regarding
the interpretation of this
 
Agreement or the terms
 
of the Plan shall be submitted
 
to the Committee or
 
its delegate who shall
 
have
the discretionary
 
authority to
 
construe the
 
terms of
 
this Agreement,
 
the Plan,
 
and all
 
documents ancillary
 
to this
 
Award.
 
The
decisions of the Committee or its delegate shall be final and binding and any reviewing
 
court of law or other party shall defer to
its decision, overruling if, and only if, it is arbitrary and capricious. In no way
 
is it intended that this review standard subject the
Plan or Award
 
to the U.S. Employee Retirement Income Security Act
.
19.
Binding Effect.
 
This Agreement shall be binding upon
 
and inure to the benefit
 
of any successors to the Company
 
and all persons
lawfully claiming under the Participant.
20.
Governing Law and
 
Forum
. Without limiting
 
the effect of
 
section 17, this
 
Agreement shall be governed
 
by,
 
and construed in
accordance with, the laws of the State of Delaware without regard to principles
 
of conflict of laws.
21.
Severability
. The provisions
 
of this Agreement are
 
severable and if any
 
one or more
 
of the provisions
 
are determined to
 
be illegal
or otherwise unenforceable, in
 
whole or in part,
 
the Agreement shall be reformed
 
and construed so that it would
 
be enforceable
to the maximum extent legally possible, and
 
if it cannot be so
 
reformed and construed, as if such
 
unenforceable provision, or part
thereof, had never been contained herein.
 
22.
Waiver
. The waiver by the Company
 
with respect to Employee’s
 
(or any other participant’s)
 
compliance with any provision of
this Agreement
 
shall not
 
operate or
 
be construed
 
as a
 
waiver of
 
any other
 
provision of
 
this Agreement,
 
or of
 
any subsequent
breach by such party of a provision of this Agreement.
A copy
 
of the
 
Plan and
 
the Prospectus
 
to the
 
General Mills,
 
Inc. 2022Stock
 
Compensation Plan
 
is available
 
on G&Me
 
by searching
“2022 Stock Compensation
 
Plan”.
 
A copy of the
 
Company’s latest
 
Annual Report on
 
Form 10-K is
 
also available on
 
the Company’s
website at www.generalmills.com
 
under Investor Information/Annual Reports.
 
GENERAL MILLS, INC.
 
 
 
 
 
9
GENERAL MILLS, INC.
RESTRICTED STOCK UNIT AWARD
GRANT DATE:
PARTICIPANT:
[CEO]
PERNR:
AGGREGATE
 
NUMBER
 
OF
 
UNITS
 
SUBJECT
TO AWARD:
EXPIRATION DATE
 
OF RESTRICTED
PERIOD:
This Award
 
is made under
 
the General Mills,
 
Inc. 2022 Stock
 
Compensation Plan (the "Plan"),
 
and is subject to
 
the terms
and
 
conditions
 
contained
 
in
 
the
 
Plan
 
document
 
and
 
this
 
Restricted
 
Stock
 
Unit
 
Award
 
Agreement
 
(“Agreement”).
 
The
Participant:
 
(i)
 
acknowledges
 
receipt
 
of
 
a
 
copy
 
of
 
the
 
Plan
 
and
 
Plan
 
prospectus,
 
(ii)
 
represents
 
that
 
the
 
Participant
 
has
carefully
 
read
 
and is
 
familiar
 
with the
 
provisions
 
of this
 
Agreement
 
and the
 
Plan, and
 
(iii) hereby
 
accepts the
 
Restricted
Stock Units
 
subject to
 
all of the
 
terms and
 
conditions set
 
forth herein,
 
and in
 
the Plan.
 
If the
 
Participant does
 
not wish
 
to
receive the
 
Restricted Stock
 
Units and/or
 
does not
 
consent and
 
agree to
 
the terms
 
and conditions
 
on which
 
the Restricted
Stock
 
Units are
 
offered,
 
as set
 
forth
 
in this
 
Agreement
 
and the
 
Plan, then
 
the Participant
 
must reject
 
this Award
 
via the
website of the Company’s
 
designated broker,
 
no later than 60 days following
 
the Grant Date.
 
If the Participant rejects this
Award, this Award
 
will immediately be forfeited and cancelled.
 
The Participant’s failure to reject this Award within this 60
day period will constitute the Participant’s acceptance of this Award and all terms and conditions of this Award, as set forth
in this Agreement and the Plan.
THIS
 
AWARD,
 
dated
 
on
 
the
 
above
 
Grant
 
Date,
 
is
 
made
 
by
 
General
 
Mills,
 
Inc.,
 
and
 
made
 
to
 
the
 
person
 
named
 
above
 
(the
"Participant" or referred to as “I”, “you”,
 
or “my”) (“Award”).
1.
Award of Units
. Each unit awarded represents the right to receive one share of the Company common stock, par value USD 0.10
per
 
share
 
(“Stock”).
 
The
 
units
 
granted
 
pursuant
 
to
 
this
 
Agreement
 
are
 
referred
 
to
 
as
 
the
 
“Restricted
 
Stock
 
Units”.
 
Except
 
as
otherwise defined herein, capitalized terms shall have the same meanings ascribed
 
to them under the Plan.
2.
Vesting of
 
Restricted Stock Units; Forfeiture of Restricted Stock Units.
(a)
Vesting Schedule
. Restricted Stock Units shall vest in tranches, each tranche having its
 
own 12 month vesting period
occurring consecutively, starting on the
 
Grant Date.
 
Vested units in a
 
tranche shall be
 
paid on
 
the respective Scheduled
Vesting
 
Date, subject to the terms of this Agreement and the Plan.
 
Tranche
Number of Units
Scheduled Vesting
 
Date
(b)
Forfeiture
 
of
 
Restricted
 
Stock
 
Units
.
 
The
 
Participant
 
acknowledges
 
that
 
the
 
Restricted
 
Stock
 
Units
 
awarded
hereunder are
 
subject to forfeiture
 
if the Participant’s
 
employment with the
 
Company or any
 
subsidiary or affiliated
companies (the “Company”)
 
terminates under certain
 
circumstances before the
 
respective Scheduled Vesting
 
Dates,
as herein provided.
 
(i)
Termination
 
for Cause.
 
If the Participant’s employment with the Company
 
is terminated by a discharge due
to Participant’s illegal activities, poor work performance, misconduct or violation of the Company’s Code of
Conduct, policies or practices, then these Restricted Stock Units,
 
to the extent they are not fully vested as of
the Termination Date, shall for
 
no consideration be cancelled
 
and forfeited in
 
their entirety. For the avoidance
of doubt, “Termination
 
Date” for purposes of
 
this Award
 
will be deemed
 
to occur as of
 
the date Participant
is no longer actively providing
 
services as an employee, unless otherwise determined
 
by the Company in its
sole discretion, and
 
no vesting shall
 
continue during any
 
notice period that
 
may be specified
 
under contract
or applicable law with respect to such termination, including any “garden leave” or similar period,
 
except as
may otherwise be permitted in the Company’s
 
sole discretion.
(ii)
Involuntary
 
Termination/Early
 
Retirement.
 
If
 
the
 
Participant’s
 
employment
 
by
 
the
 
Company
 
terminates
involuntarily at
 
the initiation
 
of the
 
Company for
 
any reason
 
other than
 
specified in
 
Plan Section
 
11,
 
or (i),
(iv) or (v) herein
 
or if the Participant
 
retires on or after
 
age 55 but before
 
age 62, the unvested
 
Restricted Stock
Units that are
 
in the tranche
 
with a Scheduled
 
Vesting
 
Date within 12
 
months of the
 
Termination
 
Date shall
 
 
 
 
10
vest, in an amount equal
 
to the pro-rata
 
amount based on employment completed
 
during the relevant 12
 
month
tranche vesting period. All
 
other unvested Restricted Stock
 
Units shall be
 
forfeited as of the
 
Termination Date.
Restricted Stock
 
Units that
 
vest under
 
this paragraph
 
shall be
 
paid (or
 
deferred, if
 
properly elected)
 
on the
respective Scheduled Vesting
 
Date otherwise applicable to such tranche. No Restricted Stock Units shall vest
upon involuntary
 
termination under
 
this provision
 
without the
 
execution (without
 
revoking) of
 
an effective
general legal release and such other documents as are satisfactory to
 
the Company.
(iii)
Death
.
 
If a Participant
 
dies while employed
 
by the Company
 
during any applicable vesting
 
period, this Award
shall become fully
 
vested, effective as
 
of the date of
 
death, and shall be
 
paid as of the
 
first day of
 
the month
following death to the designated beneficiary or beneficiaries, or to the Participant's estate if no beneficiary is
appropriately designated.
 
(iv)
Normal Retirement.
If the termination of employment is due to the Participant’s retirement on or after age 62,
all Restricted Stock Units
 
in unvested tranches shall
 
vest, and be paid
 
(or deferred, if properly
 
elected) on each
tranche’s
 
respective Scheduled
 
Vesting
 
Date. Notwithstanding
 
the above,
 
if the
 
Termination
 
Date is
 
within
twelve months
 
of the Grant
 
Date, the Award
 
shall not fully
 
vest but rather
 
vest on a
 
pro rata basis
 
based on
employment completed since Grant
 
Date to the
 
Termination Date within the first
 
year of the Restricted
 
Period.
Restricted Stock
 
Units that
 
vest under
 
this paragraph
 
shall be
 
paid (or
 
deferred, if
 
properly elected)
 
on the
respective Scheduled Vesting Date otherwise applicable to
 
such tranche. Notwithstanding the
 
above, the terms
of this paragraph shall not apply to a Participant who, prior to a Change of Control, is terminated for cause as
described in (b)(i) above.
 
(v)
Spin-offs
 
and
 
Other
 
Divestitures.
 
If
 
the
 
termination
 
of
 
employment
 
is
 
due
 
to
 
the
 
divestiture,
 
cessation,
transfer, or spin-off of a
 
line of business
 
or other activity
 
of the Company, the
 
Committee, in its
 
sole discretion,
shall determine the conversion, vesting,
 
or other treatment of
 
these Awards. Such treatment shall be consistent
with
 
Code
 
Section 409A,
 
and
 
in
 
particular
 
will
 
take
 
into
 
account
 
whether
 
a
 
separation
 
from
 
service
 
has
occurred within the meaning of Code Section 409A.
3.
Dividend Equivalents.
Any dividends or other distributions declared payable on the Company’s Stock on or after the Grant Date
of this Award
 
until the Award
 
is settled and/or forfeited shall be credited notionally
 
to the Participant in an amount equal to such
declared
 
dividends
 
or
 
other
 
distributions
 
on
 
an
 
equivalent
 
number
 
of
 
shares
 
of
 
Stock
 
(“Dividend
 
Equivalents”).
 
Dividend
Equivalents so credited shall be paid if, and only to the extent, the underlying Restricted Stock Units to which they relate become
unrestricted and
 
vest, as
 
provided under
 
the terms
 
of the
 
Plan and
 
this Agreement.
 
Dividend Equivalents
 
credited in
 
respect to
Restricted Stock Units that are forfeited under the terms of the Plan and this document, are correspondingly forfeited.
 
No interest
or other earnings shall be credited
 
on Dividend Equivalents.
 
Vested
 
Dividend Equivalents shall be paid in
 
cash at the same time
as the underlying Restricted Stock Units to which they relate.
4.
Settlement of Restricted Stock Units.
 
Settlement shall be completed as soon as administratively practicable but in no event
 
later
than
 
30
 
days
 
after
 
the
 
date
 
on
 
which
 
payment
 
is
 
supposed
 
to
 
be
 
made
 
under
 
this
 
Agreement,
 
except
 
where
 
such
 
settlement
following a
 
Section 409A
 
Separation from
 
Service requires
 
a six-month
 
delay.
 
The Company
 
will provide
 
for settlement
 
in the
form of shares of Stock.
5.
Non-Transferability
.
 
The
 
Restricted
 
Stock
 
Units
 
may
 
not be
 
sold, assigned,
 
pledged,
 
exchanged,
 
hypothecated,
 
encumbered,
disposed
 
of, or
 
otherwise
 
transferred,
 
unless otherwise
 
provided
 
in the
 
Plan or
 
this Agreement.
 
Upon any
 
attempt to
 
transfer,
assign, pledge, hypothecate or
 
otherwise dispose of the Restricted
 
Stock Units or of such rights
 
contrary to the provisions hereof
or in the Plan, the Restricted Stock Units and such rights shall immediately become
 
null and void.
6.
Withholding
 
of
 
Tax
.
 
The
 
Participant
 
acknowledges
 
that,
 
regardless
 
of
 
any
 
action
 
taken
 
by
 
the
 
Company
 
or,
 
if
 
different,
 
the
subsidiary or
 
affiliated company
 
that employs
 
the Participant
 
(the “Employer”),
 
the ultimate
 
liability for
 
all income
 
tax, social
contributions,
 
payroll
 
tax,
 
fringe
 
benefits
 
tax,
 
payment
 
on
 
account,
 
hypothetical
 
tax
 
or
 
other
 
tax-related
 
items
 
related
 
to
 
the
Participant’s participation in the Plan and legally applicable to the
 
Participant or deemed by the Company
 
or the Employer in their
discretion to be an appropriate charge to the Participant even if legally applicable to the Company or the Employer (“Tax-Related
Items”),
 
is and
 
remains
 
the
 
Participant’s
 
responsibility
 
and
 
may
 
exceed
 
the
 
amount
 
actually
 
withheld
 
by
 
the
 
Company
 
or
 
the
Employer,
 
if any.
 
The Participant
 
further acknowledges
 
that the
 
Company and/or
 
the Employer
 
(a) make no
 
representations or
undertakings
 
regarding
 
the
 
treatment
 
of
 
any
 
Tax-Related
 
Items
 
in
 
connection
 
with
 
any
 
aspect
 
of
 
the
 
Restricted
 
Stock
 
Units,
including, but not
 
limited to, the grant,
 
vesting, the subsequent
 
sale of shares of
 
Stock acquired pursuant
 
to such vesting and
 
the
receipt of any dividends; and (b) do not commit to and are under no obligation to
 
structure the terms of the grant or any aspect of
the Restricted
 
Stock Units
 
to reduce
 
or eliminate
 
the Participant’s
 
liability for
 
Tax-Related
 
Items or
 
achieve any
 
particular tax
result. Further, if the Participant is subject to Tax-Related Items in more than
 
one jurisdiction between the Grant Date and
 
the date
of
 
any
 
relevant
 
taxable
 
or
 
tax
 
withholding
 
event,
 
as
 
applicable,
 
the
 
Participant
 
acknowledges
 
that
 
the
 
Company
 
and/or
 
the
 
11
Employer (or
 
former employer,
 
as applicable)
 
may be
 
required to
 
withhold or
 
account for
 
Tax-Related
 
Items in
 
more than
 
one
jurisdiction.
Prior
 
to
 
the
 
relevant
 
taxable
 
or
 
tax
 
withholding
 
event,
 
as
 
applicable,
 
the
 
Participant
 
agrees
 
to
 
make
 
adequate
 
arrangements
satisfactory to
 
the Company
 
and/or the
 
Employer to
 
satisfy all
 
Tax-Related
 
Items. In
 
this regard,
 
unless otherwise
 
approved by
the Committee,
 
the Company
 
shall satisfy
 
the obligations
 
with regard
 
to all
 
Tax-Related
 
Items by
 
one or
 
a combination
 
of the
following: (i) withholding from the Participant’s wages or other cash
 
compensation paid to the Participant by
 
the Company and/or
the Employer;
 
(ii) withholding
 
from the
 
shares of
 
Stock to
 
be delivered
 
upon settlement
 
of the
 
Restricted Stock
 
Units or
 
other
awards granted to the Participant or
 
(iii) permitting the Participant to tender
 
to the Company cash or, if allowed
 
by the Committee,
shares of Stock.
Depending on the
 
withholding method, the
 
Company may withhold
 
or account for
 
Tax-Related
 
Items by considering
 
applicable
statutory withholding rates (as determined by
 
the Company in good
 
faith and in its
 
sole discretion) or other applicable
 
withholding
rates, including maximum
 
applicable rates, in which
 
case the Participant
 
will receive a
 
refund of any
 
over-withheld amount
 
and
will have no entitlement to
 
the share equivalent. If the
 
obligation for Tax-Related Items is satisfied by withholding
 
from the shares
of Stock to be
 
delivered upon vesting of the
 
Restricted Stock Units, for tax
 
purposes, the Participant is deemed
 
to have been issued
the full number of shares of Stock subject to
 
the Restricted Stock Units, notwithstanding that a number of shares of Stock
 
are held
back solely for the purpose of paying the Tax-Related Items. The Participant will have no further rights with respect to any shares
of Stock that are retained by the Company pursuant to this provision.
The Participant agrees
 
to pay
 
to the
 
Company or
 
the Employer any
 
amount of
 
Tax-Related Items that the
 
Company or
 
the Employer
may be required to withhold
 
or account for as a result
 
of the Participant’s
 
participation in the Plan that
 
cannot be satisfied by
 
the
means previously described.
 
The Company may
 
refuse to issue or
 
deliver shares of
 
Stock or proceeds
 
from the sale
 
of shares of
Stock until arrangements satisfactory to the Company have been made in connection
 
with the Tax-Related Items.
7.
Restrictive Covenants;
 
Confidential Information;
 
Work
 
Product
. The
 
Participant agrees
 
to cooperate
 
with the
 
Company in
any way
 
needed in order
 
to comply with,
 
or fulfill
 
the terms of
 
the Plan and
 
this Award
 
document.
 
As a term
 
and condition of
this Award,
 
Participant agrees to the following terms:
 
a.
I agree to use
 
General Mills Confidential
 
Information only as needed
 
in the performance of
 
my duties, to hold
and
 
protect
 
such
 
information
 
as confidential
 
to
 
the
 
Company,
 
and
 
not
 
to
 
engage
 
in any
 
unauthorized
 
use
 
or
disclosure of such information for
 
so long as
 
such information qualifies as Confidential
 
Information. I agree that
after my employment
 
with the Company terminates
 
for any reason, including
 
“retirement” as that term
 
is used
in the Plan, I will not use or disclose,
 
directly or indirectly,
 
Company Confidential Information or
 
trade secrets
for any purpose, unless I get the prior written consent of my manager to do so.
This document does not prevent me from filing a
 
complaint with a government agency (including the Securities
and Exchange
 
Commission, Department
 
of Justice,
 
Equal Employment
 
Opportunity Commission
 
and others)
or
 
from
 
participating
 
in
 
an
 
agency
 
proceeding.
 
This
 
document
 
also
 
does
 
not
 
prevent
 
me
 
from
 
providing
 
an
agency with information, including this document, unless such information is legally protected from disclosure
to third parties.
 
I do not need prior company authorization to take these actions, nor must I notify the company
I have done so.
Also, as provided
 
in 18 U.S.C.
 
1833(b), I cannot
 
be held criminally
 
or civilly liable
 
under any federal
 
or state
trade secret law
 
for making a trade
 
secret disclosure: (A)
 
in confidence to
 
a federal, state, or
 
local government
official,
 
either
 
directly
 
or
 
indirectly,
 
or
 
to
 
an
 
attorney,
 
solely
 
for
 
the
 
purpose
 
of
 
reporting
 
or
 
investigating
 
a
suspected violation
 
of law;
 
or (B)
 
in a
 
complaint or
 
other document
 
filed in
 
a lawsuit
 
or other
 
proceeding, if
such filing is made under seal.
General Mills
 
Confidential Information
 
means any
 
non-public information
 
I create,
 
receive, use
 
or observe
 
in
the
 
performance
 
of my
 
job
 
at General
 
Mills, including
 
trade
 
secrets.
 
Examples
 
of Confidential
 
Information
include marketing, merchandising,
 
business plans, business
 
methods, pricing, purchasing,
 
licensing, contracts,
employee, supplier
 
or customer information,
 
customer, vendor
 
or partner client
 
or contact lists,
 
financial data,
technological
 
developments,
 
manufacturing
 
processes
 
and
 
specifications,
 
product
 
formulas,
 
ingredient
specifications, software code, and all other proprietary information which
 
is not publicly available to others.
Prior
 
to
 
leaving
 
the
 
Company,
 
I
 
agree
 
to
 
return
 
all
 
materials
 
in
 
my
 
possession
 
containing
 
Confidential
Information,
 
as
 
well
 
as
 
all
 
other
 
documents
 
and
 
other
 
tangible
 
items
 
provided
 
to
 
me
 
by
 
General
 
Mills,
 
or
developed by me in connection with my employment with the Company.
 
12
b.
I agree to
 
promptly tell General
 
Mills about any
 
ideas, concepts, improvements,
 
designs, inventions, discoveries,
and
 
creative
 
works
 
(collectively,
 
“Work
 
Product”)
 
which
 
I
 
conceive
 
or
 
create
 
during
 
my
 
employment
 
with
General Mills which relate to General Mills’ businesses.
I further agree to immediately, automatically
 
and irrevocably assign, and hereby do assign, to General Mills
any and all intellectual property rights in and to such Work
 
Product, and all such intellectual property rights
shall be solely and exclusively owned by General Mills.
 
“Intellectual property rights” means patent rights,
copyrights, trade secret rights, trade dress rights, trademark rights and all comparable
 
rights throughout the
world.
During my employment with General Mills and anytime thereafter,
 
I will take all necessary steps, at General
Mills’ request and expense, but without further compensation to me, to execute
 
any instruments necessary to
enable General Mills or General Mills’ nominee to register intellectual property
 
rights throughout the world.
After I leave General Mills, I agree to help General Mills in every way possible in
 
any government or legal
proceedings pertaining to any General Mills intellectual property
 
rights.
c.
[
This Section
 
7.c.
 
does not
 
apply
 
to
 
California,
 
Colorado, Minnesota,
 
and
 
Washington
 
-based
 
employees.
] I
agree that for one year after I leave the Company,
 
including retiring from the Company,
 
I will not work on any
product, brand category, process, or service: (A) on
 
which I worked, or about
 
which I had access
 
to Confidential
Information, in the year immediately
 
preceding my termination (including retirement)
 
from General Mills, and
(B) which competes with General Mills products, brand categories, processes, or
 
related services.
 
d.
I agree
 
that for
 
one year
 
after I
 
leave General
 
Mills, including
 
retiring from
 
the Company,
 
I will
 
refrain from
directly or
 
indirectly soliciting
 
Company employees
 
for the
 
purpose of
 
hiring them
 
or inducing
 
them to
 
leave
their employment with the Company.
e.
I agree
 
that after
 
I leave
 
General Mills,
 
including retiring
 
from the
 
Company,
 
I will
 
indefinitely refrain
 
from
using Company client or contact lists, and for two years I
 
will refrain from soliciting the Company’s customers.
 
f.
I agree
 
that for
 
one year
 
after I
 
leave General
 
Mills, including
 
retiring from
 
the Company,
 
I will
 
refrain from
directly or
 
indirectly soliciting
 
Company employees
 
for the
 
purpose of
 
hiring them
 
or inducing
 
them to
 
leave
their employment with the Company.
A breach of the
 
obligations set forth in
 
this paragraph may result
 
in the rescission
 
of the Award,
 
termination and forfeiture
of any unvested
 
Units, and/or required
 
payment to the
 
Company of all
 
or a portion
 
of any monetary
 
gains acquired
 
by the
Participant as a
 
result of the
 
Award,
 
unless the Award
 
vested and
 
was settled more
 
than four (4)
 
years prior to
 
the breach.
 
The foregoing
 
remedies are
 
in addition
 
to, and
 
not in
 
lieu of
 
injunctive relief
 
and/or any
 
other legal
 
or equitable
 
remedies
available under applicable law.
8.
Nature of Grant
. In accepting the Restricted Stock Units, the Participant acknowledges and agrees
 
that:
(a)
the Plan
 
is established voluntarily
 
by the Company, it
 
is discretionary in
 
nature and it
 
may be modified,
 
amended,
suspended or terminated by the Company,
 
in its sole discretion, at any time
 
(subject to any limitations set forth
in the Plan);
(b)
the grant of the Restricted Stock
 
Units is voluntary and occasional and
 
does not create any contractual
 
or other
right to receive
 
future grants of
 
restricted stock units,
 
or benefits
 
in lieu of
 
restricted stock units,
 
even if restricted
stock units or other awards have been granted in the past;
(c)
all decisions with respect to future awards, if any,
 
will be at the sole discretion of the Company;
(d)
the Participant’s participation
 
in the Plan is voluntary;
 
 
13
(e)
the Restricted Stock Units and
 
the Participant’s
 
participation in the Plan shall
 
not create a right to employment
or be interpreted
 
as forming an
 
employment contract with
 
the Company or
 
any of its
 
Subsidiaries or affiliated
companies and shall
 
not interfere with the
 
ability of the Company
 
or the Employer,
 
as applicable, to terminate
the Participant’s employment relationship
 
(as otherwise may be permitted under local law);
(f)
unless otherwise agreed
 
with the Company,
 
the Restricted Stock
 
Units and any
 
shares of Stock
 
acquired upon
vesting of the Restricted Stock
 
Units, and the income from and
 
value of same, are not granted as
 
consideration
for, or in connection with, any service the
 
Participant may provide as a director of any subsidiary or affiliate of
the Company;
(g)
the Restricted Stock Units and
 
any shares of Stock
 
acquired under the Plan
 
and the income and
 
value of same,
are
 
not
 
part
 
of
 
normal
 
or
 
expected
 
compensation
 
for
 
purposes
 
of
 
calculating
 
any
 
severance,
 
resignation,
termination,
 
redundancy,
 
dismissal,
 
end-of-service
 
payments,
 
bonuses,
 
long-service
 
awards,
 
pension
 
or
retirement or
 
welfare benefits or
 
similar payments
 
and in no
 
event should
 
be considered
 
as compensation
 
for,
or
 
relating
 
in
 
any
 
way
 
to,
 
past services
 
for
 
the
 
Company,
 
the
 
Employer
 
or
 
any
 
subsidiary
 
or
 
affiliate
 
of
 
the
Company;
(h)
the future value
 
of the shares
 
of Stock underlying
 
the Restricted Stock
 
Units is unknown,
 
indeterminable, and
cannot be predicted with certainty;
 
(i)
upon vesting of the Restricted Stock Units, the value of such shares of Stock may increase or decrease in value;
 
(j)
no claim
 
or entitlement
 
to compensation
 
or damages
 
shall arise
 
from forfeiture
 
of the
 
Restricted Stock
 
Units
resulting from
 
termination of
 
the Participant’s
 
employment (for
 
any reason
 
whatsoever and
 
whether or
 
not in
breach
 
of
 
local
 
labor
 
laws
 
or
 
later
 
found
 
invalid)
 
and,
 
in
 
consideration
 
of
 
the
 
Restricted
 
Stock
 
Units,
 
the
Participant agrees not to institute any claim against the Company or the Employer;
(k)
the
 
Restricted
 
Stock
 
Units
 
and
 
the
 
benefits
 
evidenced
 
by
 
this
 
Agreement
 
do
 
not
 
create
 
any
 
entitlement
 
not
otherwise
 
specifically
 
provided
 
for
 
in
 
the
 
Plan
 
or
 
provided
 
by
 
the
 
Company
 
in
 
its
 
discretion,
 
to
 
have
 
the
Restricted Stock Units
 
or any such
 
benefits transferred to,
 
or assumed
 
by, another company, nor to
 
be exchanged,
cashed out or substituted for, in connection
 
with any corporate transaction affecting the shares of Stock; and
(l)
neither the Company nor any of its Subsidiaries or affiliated companies shall be liable for any foreign exchange
rate fluctuation
 
between
 
the Participant’s
 
local currency
 
and
 
the U.S.
 
dollar
 
that may
 
affect
 
the value
 
of the
Restricted Stock
 
Units or
 
any
 
amounts
 
due
 
to the
 
Participant
 
pursuant
 
to the
 
vesting
 
of the
 
Restricted Stock
Units or the subsequent sale of any shares of Stock acquired upon vesting
 
of the Restricted Stock Units.
9.
Data Privacy
.
If the Participant would
 
like to participate in the
 
Plan, the Participant will
 
need to review the information provided
in this Section 9 and, where applicable, declare the Participant’s
 
consent to the processing of personal data by the Company and
the third parties stated below.
 
If the Participant
 
is based in
 
the European
 
Union (“EU”), European
 
Economic Area
 
(“EEA”) or United
 
Kingdom, please note
that General
 
Mills, Inc.
 
with registered
 
address
 
at One
 
General Mills
 
Boulevard,
 
Minneapolis, MN
 
55426-1347,
 
U.S.A., is
 
the
controller responsible
 
for the processing of the Participant’s
 
personal data in connection with the Agreement
 
and the Plan.
(a)
Data
 
Collection
 
and
 
Usage.
 
The
 
Company
 
collects,
 
processes,
 
uses
 
and
 
transfers
 
certain
 
personally-identifiable
information about the Participant, specifically,
 
the Participant’s
 
name, home address and telephone number,
 
email
address,
 
date
 
of
 
birth, social
 
insurance,
 
passport number
 
or other
 
identification
 
number,
 
salary,
 
nationality,
 
job
title, any
 
shares of
 
Stock or directorships
 
held in
 
the Company or
 
any affiliated
 
company,
 
details of
 
all Restricted
Stock Units
 
or any
 
other entitlement
 
to shares
 
of Stock
 
awarded,
 
canceled, exercised,
 
settled, vested,
 
unvested or
outstanding
 
in
 
the
 
Participant’s
 
favor,
 
which
 
the
 
Company
 
receives
 
from
 
the
 
Participant
 
or
 
the
 
Employer
 
(the
“Data”).
 
The
 
Company
 
collects,
 
processes
 
and
 
uses
 
the
 
Data
 
for
 
the
 
purposes
 
of
 
performing
 
its
 
contractual
obligations under this Agreement, implementing, administering and managing the Participant’s
 
participation in the
Plan and facilitating compliance with applicable tax and securities law.
 
 
 
 
 
 
 
 
14
If the Participant is based in the EU, EEA or United Kingdom, the legal basis for the processing of the Data by
the Company
 
is the
 
necessity of
 
the processing
 
for the
 
Company to
 
perform its
 
contractual obligations
 
under
this
 
Agreement
 
and
 
the
 
Plan
 
and
 
the
 
Company’s
 
legitimate
 
business
 
interests
 
of
 
managing
 
the
 
Plan,
administering employee equity awards and
 
complying with its contractual and statutory obligations.
 
If the
 
Participant is based
 
in any
 
other jurisdiction, the
 
legal basis for
 
the processing of
 
the Data by
 
the Company
is the Participant’s
 
consent as further described below.
(b)
Stock Plan Administration
 
Service Providers.
 
The Company transfers
 
Data to E*TRADE
 
Financial Corporate
Services, Inc. (including
 
its affiliated companies),
 
an independent service
 
provider which
 
assists the Company
with the implementation, administration and management of the Plan.
 
In the future, the Company may select a
different
 
service
 
provider,
 
which
 
will
 
in
 
a
 
similar
 
manner,
 
share
 
Data
 
with
 
such
 
service
 
provider.
 
The
Company’s
 
service
 
provider
 
will
 
maintain
 
an
 
account
 
for
 
the
 
Participant
 
to
 
administer
 
the
 
Restricted
 
Stock
Units. The processing of Data will take place through both electronic and non-electronic
 
means. Data will only
be
 
accessible
 
by
 
those
 
individuals
 
requiring
 
access
 
to
 
it
 
for
 
purposes
 
of
 
implementing,
 
administering
 
and
operating the Plan.
(c)
International Data Transfers. The Company
 
and its service providers are based
 
in the United States and India.
The Participant’s
 
country or jurisdiction may have different
 
data privacy laws and protections
 
than the United
States and
 
India. An
 
appropriate
 
level of
 
protection
 
can be
 
achieved by
 
implementing safeguards
 
such as
 
the
Standard Contractual Clauses adopted by
 
the EU Commission.
If
 
the
 
Participant
 
is
 
based
 
in
 
any
 
other
 
jurisdiction,
 
the
 
Data
 
will
 
be
 
transferred
 
from
 
the
 
Participant’s
jurisdiction
 
to
 
the
 
Company
 
and
 
onward
 
from
 
the
 
Company
 
to
 
any
 
of
 
its
 
service
 
providers
 
based
 
on
 
the
Participant’s
 
consent, as further described below.
(d)
Data Retention. The Company
 
will use the Data
 
only as long
 
as necessary to implement, administer
 
and manage
the
 
Participant’s
 
participation
 
in
 
the
 
Plan,
 
or
 
as
 
required
 
to
 
comply
 
with
 
legal
 
or
 
regulatory
 
obligations,
including tax
 
and securities
 
laws.
 
When the
 
Company no
 
longer needs
 
the Data,
 
the Company
 
will remove
 
it
from its
 
systems.
 
If the Company
 
keeps data longer,
 
it would be
 
to satisfy legal
 
or regulatory
 
obligations and
the Company’s
 
legal basis would be relevant laws or regulations (if the Participant is
 
in the EU, EEA or United
Kingdom) or the Participant’s
 
consent (if the Participant is outside the EU, EEA or United Kingdom).
(e)
Data Subject Rights. The Participant may have a number of rights under data privacy laws in the Participant’s
jurisdiction. Subject
 
to the conditions
 
set out in
 
the applicable law
 
and depending on
 
where the
 
Participant is
based,
 
such
 
rights
 
may
 
include
 
the
 
right
 
to
 
(i)
 
request
 
access
 
to,
 
or
 
copies
 
of,
 
the
 
Data
 
processed
 
by
 
the
Company, (ii)
 
rectification of incorrect
 
Data, (iii) deletion of
 
Data, (iv) restrictions
 
on the processing
 
of Data,
(v) object to the processing of Data
 
for legitimate interests, (vi) portability
 
of Data, (vii) lodge complaints with
competent
 
authorities
 
in
 
the
 
Participant’s
 
jurisdiction,
 
and/or
 
to
 
(viii)
 
receive
 
a
 
list
 
with
 
the
 
names
 
and
addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these
rights, the Participant can contact HR Direct.
(f)
Necessary Disclosure of Personal Data.
 
The Participant understands that providing the Company
 
with Data is
necessary for
 
the performance
 
of the
 
Agreement
 
and that
 
the Participant’s
 
refusal to
 
provide
 
the Data
 
would
make
 
it
 
impossible
 
for
 
the
 
Company
 
to
 
perform
 
its
 
contractual
 
obligations
 
and
 
may
 
affect
 
the
 
Participant’s
ability to participate in the Plan.
(g)
Declaration of Consent (if the
 
Participant is outside the EU,
 
EEA and United Kingdom). The
 
Participant hereby
unambiguously consents to the
 
collection, use and transfer, in electronic or other
 
form, of the
 
Data, as described
above
 
and
 
in any
 
other
 
grant
 
materials,
 
by
 
and
 
among,
 
as applicable,
 
the
 
Employer,
 
the Company
 
and
 
any
affiliated company
 
for the
 
exclusive purpose
 
of implementing,
 
administering and
 
managing the
 
Participant’s
participation in the Plan. The Participant understands that
 
the Participant may, at any time, refuse or withdraw
the consents herein,
 
in any case
 
without cost, by
 
contacting HR Direct.
 
If the Participant
 
does not consent
 
or
later seeks to
 
revoke the Participant’s consent, the Participant’s employment status or service with
 
the Employer
will not
 
be
 
affected;
 
the
 
Participant’s
 
consequence
 
of
 
refusing
 
or
 
withdrawing
 
consent
 
is
 
that
 
the
 
Company
would not be able to award the Participant
 
Restricted Stock Units or any other equity award
 
to the Participant
or administer
 
or maintain
 
such awards.
 
Therefore,
 
the Participant
 
understands that
 
refusing or
 
withdrawing
consent may affect
 
the Participant’s ability to participate in
 
the Plan. For
 
more information on the
 
consequences
of refusal to consent or withdrawal of consent,
 
the Participant should contact HR Direct.
10.
Clawback
. This Award
 
is specifically made subject to the Company’s Executive
 
Compensation Clawback Policies.
 
 
 
 
 
 
 
15
11.
Insider Trading; Market Abuse Laws
. By participating in the Plan, the
 
Participant agrees to comply with the Company’s policy
on insider
 
trading (to
 
the extent that
 
it is applicable
 
to the
 
Participant), the
 
Participant further
 
acknowledges that,
 
depending on
the Participant’s or his or her broker’s country
 
of residence or where the shares of Stock are listed, the Participant may be subject
to insider trading restrictions and/or market
 
abuse laws that may affect the
 
Participant’s ability to accept, acquire, sell or otherwise
dispose of
 
shares of Stock,
 
rights to shares
 
of Stock (e.g.,
 
restricted stock units)
 
or rights linked
 
to the value
 
of shares of
 
Stock,
during such
 
times the
 
Participant is
 
considered to
 
have “inside
 
information” regarding
 
the Company
 
as defined
 
by the
 
laws or
regulations in the Participant’s country.
 
Local insider trading laws and regulations may prohibit the cancellation or amendment of
orders the Participant places before he or she possessed inside information. Furthermore, the Participant could be prohibited from
(i) disclosing the
 
inside information
 
to any
 
third party
 
(other than
 
on a
 
“need to
 
know” basis)
 
and (ii) “tipping”
 
third parties
 
or
causing
 
them otherwise
 
to buy
 
or sell
 
securities. The
 
Participant
 
understands
 
that third
 
parties include
 
fellow employees.
 
Any
restriction under
 
these laws
 
or regulations
 
are separate
 
from and
 
in addition
 
to any
 
restrictions that
 
may be
 
imposed under
 
any
applicable Company insider trading policy. The Participant acknowledges that it is the Participant’s responsibility to comply with
any applicable restrictions, and that the Participant should therefore
 
consult the Participant’s personal advisor
 
on this matter.
12.
Electronic Delivery
. The Participant agrees, to
 
the fullest extent permitted by
 
law, in lieu of receiving documents in
 
paper format,
to
 
accept
 
electronic
 
delivery
 
of
 
any
 
documents
 
that
 
the
 
Company
 
and
 
its
 
Subsidiaries
 
or
 
affiliated
 
companies
 
may
 
deliver
 
in
connection
 
with
 
this
 
grant
 
and
 
any
 
other
 
grants
 
offered
 
by
 
the
 
Company,
 
including
 
prospectuses,
 
grant
 
notifications,
 
account
statements,
 
annual
 
or
 
quarterly
 
reports,
 
and
 
other
 
communications.
 
Electronic
 
delivery
 
of
 
a
 
document
 
may
 
be
 
made
 
via
 
the
Company’s email system or by reference to a location on the Company’s
 
intranet or website or a website of the Company’s agent
administering the Plan. By accepting this grant, whether electronically or otherwise, the Participant hereby consents to participate
in the Plan through such system, intranet, or website, including but not limited to the use of electronic signatures or click-through
electronic acceptance of terms and conditions.
13.
English Language
. The Participant acknowledges and agrees that
 
it is the Participant’s express intent that this Agreement
 
and the
Plan and all other documents, notices
 
and legal proceedings entered into, given or
 
instituted pursuant to the Restricted Stock Units
be drawn
 
up in
 
English. To
 
the extent
 
the Participant
 
has been
 
provided with
 
a copy
 
of this
 
Agreement, the
 
Plan, or
 
any other
documents relating
 
to this
 
Award
 
in a
 
language other
 
than English,
 
the English
 
language documents
 
will prevail
 
in case
 
of any
ambiguities or divergences as a result of translation.
14.
Addendum.
Notwithstanding any
 
provisions in this
 
Agreement, the Restricted
 
Stock Units shall
 
be subject to
 
any special terms
and conditions
 
set forth
 
in the
 
Country-Specific
 
Addendum to
 
this Agreement
 
(the “Addendum”).
 
Moreover,
 
if the
 
Participant
transfers to one
 
of the countries included
 
in such Addendum,
 
the special terms
 
and conditions for
 
such country will
 
apply to the
Participant, to
 
the extent the
 
Company determines
 
that the application
 
of such terms
 
and conditions is
 
necessary or
 
advisable to
comply with local law or facilitate the administration of the Plan (or the Company may establish alternative
 
terms and conditions
as may be necessary or advisable to accommodate the Participant’s
 
transfer). The Addendum constitutes part of this Agreement.
15.
Not
 
a
 
Public
 
Offering
.
 
The
 
award
 
of
 
the
 
Restricted
 
Stock
 
Units
 
is
 
not
 
intended
 
to
 
be
 
a
 
public
 
offering
 
of
 
securities
 
in
 
the
Participant’s
 
country
 
of
 
employment
 
(or
 
country
 
of
 
residence,
 
if
 
different).
 
The
 
Company
 
has
 
not
 
submitted
 
any
 
registration
statement,
 
prospectus
 
or other
 
filings
 
with
 
the
 
local securities
 
authorities
 
(unless
 
otherwise
 
required
 
under
 
local
 
law), and
 
the
award of the
 
Restricted Stock Units
 
is not subject
 
to the supervision
 
of the local
 
securities authorities.
No employee of
 
the Company
or any
 
of its Subsidiaries
 
or affiliated
 
companies is
 
permitted to
 
advise the
 
Participant on
 
whether he/she
 
should participate
 
in
the Plan.
 
Acquiring shares
 
of Stock involves
 
a degree
 
of risk. Before
 
deciding to
 
participate in the
 
Plan, the
 
Participant should
carefully
 
consider
 
all risk
 
factors relevant
 
to the
 
acquisition
 
of shares
 
of Stock
 
under
 
the Plan
 
and carefully
 
review
 
all of
 
the
materials related
 
to the
 
Restricted Stock
 
Units and
 
the Plan.
 
In addition,
 
the Participant
 
should consult
 
with his/her
 
personal
advisor for professional investment advice.
16.
Repatriation; Compliance with Law.
 
The Participant agrees to repatriate all payments attributable to the shares of Stock and/or
cash acquired under the Plan in accordance with applicable foreign exchange
 
rules and regulations in the Participant’s country
 
of
employment (and country of residence, if different).
 
In addition, the Participant agrees to take any and
 
all actions, and consent to
any and
 
all actions taken
 
by the Company
 
and any of
 
its Subsidiaries and
 
affiliated companies,
 
as may be
 
required to
 
allow the
Company
 
and
 
any
 
of
 
its
 
Subsidiaries
 
and
 
affiliated
 
companies
 
to
 
comply
 
with
 
local
 
laws,
 
rules
 
and/or
 
regulations
 
in
 
the
Participant’s
 
country of
 
employment (and
 
country of
 
residence, if
 
different).
 
Finally,
 
the Participant
 
agrees to
 
take any
 
and all
actions as may be required
 
to comply with the Participant’s
 
personal obligations under local
 
laws, rules and/or regulations
 
in the
Participant’s country of
 
employment and country of residence, if different).
17.
Imposition
 
of
 
Other
 
Requirements.
 
The
 
Company
 
reserves
 
the
 
right
 
to
 
impose
 
other
 
requirements
 
on
 
the
 
Participant’s
participation
 
in the
 
Plan, on
 
the Restricted
 
Stock Units,
 
and
 
on any
 
shares of
 
Stock acquired
 
under the
 
Plan, to
 
the extent
 
the
Company
 
determines it
 
is necessary
 
or advisable
 
for legal
 
or administrative
 
reasons, and
 
to require
 
the Participant
 
to sign
 
any
additional agreements or undertakings that may be necessary to accomplish
 
the foregoing.
 
 
 
 
 
 
16
18.
Committee’s Powers.
No provision contained in
 
this Agreement shall in
 
any way terminate, modify
 
or alter, or
 
be construed or
interpreted as terminating,
 
modifying or altering
 
any of the
 
powers, rights or
 
authority vested in
 
the Committee or,
 
to the extent
delegated, in
 
its delegate, pursuant
 
to the terms
 
of the Plan
 
or resolutions
 
adopted in furtherance
 
of the Plan,
 
including, without
limitation, the right to make
 
certain determinations and elections with
 
respect to the Restricted Stock
 
Units. Any dispute regarding
the interpretation
 
of this Agreement
 
or the terms
 
of the Plan
 
shall be submitted
 
to the Committee
 
or its delegate
 
who shall have
the discretionary
 
authority
 
to construe
 
the terms
 
of this
 
Agreement,
 
the Plan,
 
and all
 
documents
 
ancillary
 
to this
 
Award.
 
The
decisions of the
 
Committee or its delegate
 
shall be final and binding
 
and any reviewing court
 
of law or other
 
party shall defer to
its decision, overruling
 
if, and only if, it
 
is arbitrary and capricious.
 
In no way is it
 
intended that this review
 
standard subject the
Plan or Award
 
to the U.S. Employee Retirement Income Security Act
.
19.
Binding Effect.
 
This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons
lawfully claiming under the Participant.
20.
Governing Law
 
and Forum
. Without
 
limiting the
 
effect of
 
section 17,
 
this Agreement
 
shall be
 
governed by,
 
and construed
 
in
accordance with, the laws of the State of Delaware without regard to principles
 
of conflict of laws.
21.
Severability
. The provisions of this Agreement are severable and
 
if any one or more of the
 
provisions are determined to be illegal
or otherwise unenforceable, in whole or in part, the Agreement shall be reformed and construed so that it would be enforceable to
the maximum
 
extent legally
 
possible, and
 
if it cannot
 
be so
 
reformed and
 
construed, as
 
if such
 
unenforceable provision,
 
or part
thereof, had never been contained herein.
 
22.
Waiver
. The waiver
 
by the Company
 
with respect to
 
Employee’s
 
(or any other
 
participant’s)
 
compliance with
 
any provision of
this Agreement shall not
 
operate or be construed
 
as a waiver
 
of any other provision
 
of this Agreement, or
 
of any subsequent breach
by such party of a provision of this Agreement.
A copy
 
of the
 
Plan and
 
the Prospectus
 
to the
 
General Mills,
 
Inc. 2022
 
Stock Compensation
 
Plan is
 
available on
 
G&Me by
 
searching
“2022 Stock
 
Compensation Plan”.
 
A copy
 
of the
 
Company’s
 
latest Annual
 
Report on
 
Form 10-K
 
is also
 
available on
 
the Company’s
website at www.generalmills.com
 
under Investor Information/Annual Reports.
 
GENERAL MILLS, INC.
 
1
Exhibit 31.1
I, Jeffrey L. Harmening, certify that:
 
1.
 
I have reviewed this Quarterly Report on Form 10-Q of General Mills, Inc.;
2.
 
Based
 
on
 
my
 
knowledge,
 
this
 
report
 
does
 
not
 
contain
 
any
 
untrue
 
statement
 
of
 
a
 
material
 
fact
 
or
 
omit
 
to
 
state
 
a
 
material
 
fact
necessary
 
to make
 
the statements
 
made,
 
in light
 
of the
 
circumstances under
 
which such
 
statements were
 
made,
 
not misleading
with respect to the period covered by this report;
3.
 
Based
 
on
 
my
 
knowledge,
 
the
 
financial
 
statements,
 
and
 
other
 
financial
 
information
 
included
 
in
 
this
 
report,
 
fairly
 
present
 
in
 
all
material
 
respects
 
the
 
financial
 
condition,
 
results
 
of
 
operations
 
and
 
cash
 
flows
 
of
 
the
 
registrant
 
as
 
of,
 
and
 
for,
 
the
 
periods
presented in this report;
4.
 
The registrant’s
 
other certifying officer
 
and I are responsible
 
for establishing and
 
maintaining disclosure controls
 
and procedures
(as
 
defined
 
in
 
Exchange
 
Act
 
Rules
 
13a-15(e)
 
and
 
15d-15(e))
 
and
 
internal
 
control
 
over
 
financial
 
reporting
 
(as
 
defined
 
in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
 
designed such
 
disclosure controls
 
and procedures,
 
or caused
 
such disclosure
 
controls and
 
procedures to
 
be designed
 
under
our
 
supervision,
 
to
 
ensure
 
that
 
material
 
information
 
relating
 
to
 
the
 
registrant,
 
including
 
its
 
consolidated
 
subsidiaries,
 
is
made known to us by others within those entities, particularly during the period
 
in which this report is being prepared;
(b)
 
designed
 
such
 
internal
 
control
 
over
 
financial
 
reporting,
 
or
 
caused
 
such
 
internal
 
control
 
over
 
financial
 
reporting
 
to
 
be
designed
 
under
 
our
 
supervision,
 
to
 
provide
 
reasonable
 
assurance
 
regarding
 
the
 
reliability
 
of
 
financial
 
reporting
 
and
 
the
preparation of financial statements for external purposes in accordance
 
with generally accepted accounting principles;
(c)
 
evaluated
 
the
 
effectiveness
 
of
 
the
 
registrant’s
 
disclosure
 
controls
 
and
 
procedures
 
and
 
presented
 
in
 
this
 
report
 
our
conclusions
 
about the
 
effectiveness
 
of the
 
disclosure
 
controls and
 
procedures,
 
as of
 
the end
 
of the
 
period covered
 
by this
report based on such evaluation; and
(d)
 
disclosed
 
in
 
this
 
report
 
any
 
change
 
in
 
the
 
registrant’s
 
internal
 
control
 
over
 
financial
 
reporting
 
that
 
occurred
 
during
 
the
registrant’s
 
most
 
recent
 
fiscal
 
quarter
 
(the
 
registrant’s
 
fourth
 
fiscal
 
quarter
 
in
 
the
 
case
 
of
 
an
 
annual
 
report)
 
that
 
has
materially affected, or is reasonably likely to materially affect,
 
the registrant’s internal control over
 
financial reporting; and
5.
 
The
 
registrant’s
 
other
 
certifying
 
officer
 
and
 
I
 
have
 
disclosed,
 
based
 
on
 
our
 
most
 
recent
 
evaluation
 
of
 
internal
 
control
 
over
financial
 
reporting,
 
to
 
the
 
registrant’s
 
auditors
 
and
 
the
 
audit
 
committee
 
of
 
the
 
registrant’s
 
board
 
of
 
directors
 
(or
 
persons
performing the equivalent functions):
(a)
 
all significant
 
deficiencies
 
and
 
material
 
weaknesses in
 
the
 
design
 
or operation
 
of internal
 
control
 
over
 
financial reporting
which
 
are
 
reasonably
 
likely
 
to
 
adversely
 
affect
 
the
 
registrant’s
 
ability
 
to
 
record,
 
process,
 
summarize
 
and
 
report
 
financial
information; and
(b)
 
any
 
fraud,
 
whether
 
or
 
not
 
material,
 
that
 
involves
 
management
 
or
 
other
 
employees
 
who
 
have
 
a
 
significant
 
role
 
in
 
the
registrant’s internal control
 
over financial reporting.
Date: September 17, 2025
/s/ Jeffrey L. Harmening
 
Jeffrey L. Harmening
Chief Executive Officer
 
 
1
Exhibit 31.2
I, Kofi A. Bruce, certify that:
 
1.
 
I have reviewed this Quarterly Report on Form 10-Q of General Mills, Inc.;
2.
 
Based
 
on
 
my
 
knowledge,
 
this
 
report
 
does
 
not
 
contain
 
any
 
untrue
 
statement
 
of
 
a
 
material
 
fact
 
or
 
omit
 
to
 
state
 
a
 
material
 
fact
necessary
 
to make
 
the statements
 
made,
 
in light
 
of the
 
circumstances under
 
which such
 
statements were
 
made,
 
not misleading
with respect to the period covered by this report;
3.
 
Based
 
on
 
my
 
knowledge,
 
the
 
financial
 
statements,
 
and
 
other
 
financial
 
information
 
included
 
in
 
this
 
report,
 
fairly
 
present
 
in
 
all
material
 
respects
 
the
 
financial
 
condition,
 
results
 
of
 
operations
 
and
 
cash
 
flows
 
of
 
the
 
registrant
 
as
 
of,
 
and
 
for,
 
the
 
periods
presented in this report;
4.
 
The registrant’s
 
other certifying officer
 
and I are responsible
 
for establishing and
 
maintaining disclosure controls
 
and procedures
(as
 
defined
 
in
 
Exchange
 
Act
 
Rules
 
13a-15(e)
 
and
 
15d-15(e))
 
and
 
internal
 
control
 
over
 
financial
 
reporting
 
(as
 
defined
 
in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
 
designed such
 
disclosure controls
 
and procedures,
 
or caused
 
such disclosure
 
controls and
 
procedures to
 
be designed
 
under
our
 
supervision,
 
to
 
ensure
 
that
 
material
 
information
 
relating
 
to
 
the
 
registrant,
 
including
 
its
 
consolidated
 
subsidiaries,
 
is
made known to us by others within those entities, particularly during the period
 
in which this report is being prepared;
(b)
 
designed
 
such
 
internal
 
control
 
over
 
financial
 
reporting,
 
or
 
caused
 
such
 
internal
 
control
 
over
 
financial
 
reporting
 
to
 
be
designed
 
under
 
our
 
supervision,
 
to
 
provide
 
reasonable
 
assurance
 
regarding
 
the
 
reliability
 
of
 
financial
 
reporting
 
and
 
the
preparation of financial statements for external purposes in accordance
 
with generally accepted accounting principles;
(c)
 
evaluated
 
the
 
effectiveness
 
of
 
the
 
registrant’s
 
disclosure
 
controls
 
and
 
procedures
 
and
 
presented
 
in
 
this
 
report
 
our
conclusions
 
about the
 
effectiveness
 
of the
 
disclosure
 
controls and
 
procedures,
 
as of
 
the end
 
of the
 
period covered
 
by this
report based on such evaluation; and
(d)
 
disclosed
 
in
 
this
 
report
 
any
 
change
 
in
 
the
 
registrant’s
 
internal
 
control
 
over
 
financial
 
reporting
 
that
 
occurred
 
during
 
the
registrant’s
 
most
 
recent
 
fiscal
 
quarter
 
(the
 
registrant’s
 
fourth
 
fiscal
 
quarter
 
in
 
the
 
case
 
of
 
an
 
annual
 
report)
 
that
 
has
materially affected, or is reasonably likely to materially affect,
 
the registrant’s internal control over
 
financial reporting; and
5.
 
The
 
registrant’s
 
other
 
certifying
 
officer
 
and
 
I
 
have
 
disclosed,
 
based
 
on
 
our
 
most
 
recent
 
evaluation
 
of
 
internal
 
control
 
over
financial
 
reporting,
 
to
 
the
 
registrant’s
 
auditors
 
and
 
the
 
audit
 
committee
 
of
 
the
 
registrant’s
 
board
 
of
 
directors
 
(or
 
persons
performing the equivalent functions):
(a)
 
all significant
 
deficiencies
 
and
 
material
 
weaknesses in
 
the
 
design
 
or operation
 
of internal
 
control
 
over
 
financial reporting
which
 
are
 
reasonably
 
likely
 
to
 
adversely
 
affect
 
the
 
registrant’s
 
ability
 
to
 
record,
 
process,
 
summarize
 
and
 
report
 
financial
information; and
(b)
 
any
 
fraud,
 
whether
 
or
 
not
 
material,
 
that
 
involves
 
management
 
or
 
other
 
employees
 
who
 
have
 
a
 
significant
 
role
 
in
 
the
registrant’s internal control
 
over financial reporting.
Date: September 17, 2025
/s/ Kofi A. Bruce
 
Kofi A. Bruce
 
Chief Financial Officer
 
 
1
Exhibit 32.1
I,
 
Jeffrey
 
L.
 
Harmening,
 
Chief
 
Executive
 
Officer
 
of
 
General
 
Mills,
 
Inc.
 
(the
 
“Company”),
 
certify,
 
pursuant
 
to
 
Section
 
906
 
of
 
the
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1)
 
the Quarterly
 
Report on
 
Form 10-Q
 
of the
 
Company for
 
the fiscal quarter
 
ended August
 
24, 2025
 
(the “Report”)
 
fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
 
and
(2)
 
the information
 
contained in
 
the Report
 
fairly presents,
 
in all
 
material respects,
 
the financial
 
condition and
 
results of
 
operations
of the Company.
Dated: September 17, 2025
/s/ Jeffrey L. Harmening
 
Jeffrey L. Harmening
Chief Executive Officer
 
 
1
Exhibit 32.2
I, Kofi
 
A. Bruce,
 
Chief Financial
 
Officer
 
of General
 
Mills, Inc.
 
(the “Company”),
 
certify,
 
pursuant
 
to Section
 
906 of
 
the Sarbanes-
Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1)
 
the Quarterly
 
Report on
 
Form 10-Q
 
of the
 
Company for
 
the fiscal quarter
 
ended August
 
24, 2025
 
(the “Report”)
 
fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
 
and
(2)
 
the information
 
contained in
 
the Report
 
fairly presents,
 
in all
 
material respects,
 
the financial
 
condition and
 
results of
 
operations
of the Company.
Dated: September 17, 2025
/s/ Kofi A. Bruce
 
Kofi A. Bruce
Chief Financial Officer