10-Q

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 25, 2024

☐

 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

3.850% 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 11, 2024:

555,158,898

 (excluding

199,454,430

 shares held in the

treasury).

3

General Mills, Inc.

Table of Contents

Page

4

5

6

7

8

19

33

34

34

34

35

36

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. 25, 2024

Aug. 27, 2023

Net sales

$

4,848.1

$

4,904.7

Cost of sales

3,159.3

3,134.2

Selling, general, and administrative expenses

855.1

839.3

Restructuring, impairment, and other exit costs

2.2

1.2

Operating profit

831.5

930.0

Benefit plan non-service income

(13.9)

(17.0)

Interest, net

123.6

117.0

Earnings before income taxes and after-tax earnings from joint ventures

721.8

830.0

Income taxes

157.4

173.2

After-tax earnings from joint ventures

19.2

23.5

Net earnings, including earnings attributable to noncontrolling interests

583.6

680.3

Net earnings attributable to noncontrolling interests

3.7

6.8

Net earnings attributable to General Mills

$

579.9

$

673.5

Earnings per share – basic

$

1.03

$

1.15

Earnings per share – diluted

$

1.03

$

1.14

See accompanying notes to consolidated financial statements.

5

Consolidated Statements of Comprehensive Income

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Quarter Ended

Aug. 25, 2024

Aug. 27, 2023

Net earnings, including earnings attributable to

 noncontrolling interests

$

583.6

$

680.3

Other comprehensive (loss) income, net of tax:

Foreign currency translation

(61.9)

(18.1)

Other fair value changes:

Hedge derivatives

(6.0)

(2.3)

Reclassification to earnings:

Hedge derivatives

-

0.2

Amortization of losses and prior service costs

11.6

9.1

Other comprehensive loss, net of tax

(56.3)

(11.1)

Total comprehensive income 

527.3

669.2

Comprehensive income attributable to noncontrolling

 interests

4.2

6.9

Comprehensive income attributable to General Mills

$

523.1

$

662.3

See accompanying notes to consolidated financial statements. 

6

Consolidated Balance Sheets

GENERAL MILLS, INC. AND SUBSIDIARIES

(In Millions, Except Par Value)

Aug. 25, 2024

May 26, 2024

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

468.1

$

418.0

Receivables

1,843.8

1,696.2

Inventories

1,996.4

1,898.2

Prepaid expenses and other current assets

505.3

568.5

Total current assets

4,813.6

4,580.9

Land, buildings, and equipment

3,776.3

3,863.9

Goodwill

14,787.7

14,750.7

Other intangible assets

6,982.8

6,979.9

Other assets

1,408.8

1,294.5

Total assets

$

31,769.2

$

31,469.9

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

3,823.4

$

3,987.8

Current portion of long-term debt

1,640.0

1,614.1

Notes payable

249.1

11.8

Other current liabilities

1,576.9

1,419.4

Total current liabilities

7,289.4

7,033.1

Long-term debt

11,431.3

11,304.2

Deferred income taxes

2,195.3

2,200.6

Other liabilities

1,326.6

1,283.5

Total liabilities

22,242.6

21,821.4

Stockholders’ equity:

Common stock,

754.6

 shares issued, $

0.10

 par value

75.5

75.5

Additional paid-in capital

1,164.6

1,227.0

Retained earnings

21,213.9

20,971.8

Common stock in treasury, at cost, shares of

198.8

 and

195.5

(10,601.9)

(10,357.9)

Accumulated other comprehensive loss

(2,576.5)

(2,519.7)

Total stockholders’ equity

9,275.6

9,396.7

Noncontrolling interests

251.0

251.8

Total equity

9,526.6

9,648.5

Total liabilities and equity

$

31,769.2

$

31,469.9

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. 25, 2024

Aug. 27, 2023

Shares

Amount

Shares

Amount

Total equity, beginning balance

$

9,648.5

$

10,700.0

Common stock,

1

 billion shares authorized, $

0.10

 par value

754.6

75.5

754.6

75.5

Additional paid-in capital:

Beginning balance

1,227.0

1,222.4

Stock compensation plans

(5.2)

7.3

Unearned compensation related to stock unit awards

(77.1)

(79.4)

Earned compensation

19.9

35.4

Ending balance

1,164.6

1,185.7

Retained earnings:

Beginning balance

20,971.8

19,838.6

Net earnings attributable to General Mills

579.9

673.5

Cash dividends declared ($

0.60

 and $

0.59

 per share)

(337.8)

(348.5)

Ending balance

21,213.9

20,163.6

Common stock in treasury:

Beginning balance

(195.5)

(10,357.9)

(168.0)

(8,410.0)

Shares purchased, including excise tax of $

2.2

 and

 $

4.2

 million

(4.5)

(302.2)

(6.4)

(504.7)

Stock compensation plans

1.2

58.2

1.0

40.4

Ending balance

(198.8)

(10,601.9)

(173.4)

(8,874.3)

Accumulated other comprehensive loss:

Beginning balance

(2,519.7)

(2,276.9)

Comprehensive loss

(56.8)

(11.2)

Ending balance

(2,576.5)

(2,288.1)

Noncontrolling interests:

Beginning balance

251.8

250.4

Comprehensive income

4.2

6.9

Distributions to noncontrolling interest holders

(5.0)

(4.3)

Ending balance

251.0

253.0

Total equity, ending balance

$

9,526.6

$

10,515.4

See accompanying notes to consolidated financial statements.

8

Consolidated Statements of Cash Flows

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Quarter Ended

Aug. 25, 2024

Aug. 27, 2023

Cash Flows - Operating Activities

Net earnings, including earnings attributable to noncontrolling interests

$

583.6

$

680.3

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

139.6

137.2

After-tax earnings from joint ventures

(19.2)

(23.5)

Distributions of earnings from joint ventures

23.1

15.8

Stock-based compensation

20.3

35.3

Deferred income taxes

16.2

(14.5)

Pension and other postretirement benefit plan contributions

(7.5)

(7.4)

Pension and other postretirement benefit plan costs

(3.2)

(5.3)

Restructuring, impairment, and other exit costs

0.2

2.4

Changes in current assets and liabilities, excluding the effects of 

 acquisitions and divestitures

(107.6)

(457.4)

Other, net

(21.3)

15.2

Net cash provided by operating activities

624.2

378.1

Cash Flows - Investing Activities

Purchases of land, buildings, and equipment

(140.3)

(141.7)

Acquisition, net of cash acquired

(7.7)

-

Proceeds from disposal of land, buildings, and equipment

0.6

-

Other, net

(0.6)

6.2

Net cash used by investing activities

(148.0)

(135.5)

Cash Flows - Financing Activities

Change in notes payable

238.0

551.8

Proceeds from common stock issued on exercised options

9.4

4.5

Purchases of common stock for treasury

(300.0)

(500.5)

Dividends paid

(337.8)

(348.5)

Distributions to noncontrolling interest holders

(5.0)

(4.3)

Other, net

(34.0)

(37.2)

Net cash used by financing activities

(429.4)

(334.2)

Effect of exchange rate changes on cash and cash equivalents

3.3

(3.0)

Increase (decrease) in cash and cash equivalents

50.1

(94.6)

Cash and cash equivalents - beginning of year

418.0

585.5

Cash and cash equivalents - end of period

$

468.1

$

490.9

Cash Flow from changes in current assets and liabilities, excluding the effects of 

 acquisitions and divestitures:

Receivables

$

(145.6)

$

(104.4)

Inventories

(95.7)

(54.3)

Prepaid expenses and other current assets

59.7

140.9

Accounts payable

(76.4)

(443.8)

Other current liabilities

150.4

4.2

Changes in current assets and liabilities

$

(107.6)

$

(457.4)

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 and

any noncontrolling interests’ share of those transactions. Operating results for the fiscal quarter ended August 25, 2024, are not

necessarily indicative of the results that may be expected for the fiscal year ending May 25, 2025. 

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 26, 2024. 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 terms used throughout this report are defined in the “Glossary” section below.

(2) Acquisition and Divestiture

During the fourth quarter of fiscal 2024, we acquired a pet food business in Europe, for a purchase price of $

434.1

 million, net of cash

acquired. During the first quarter of fiscal 2025, we paid $

7.7

 million related to a purchase price holdback after certain closing

conditions were met.

We

financed the transaction with cash on hand. We consolidated the business into our Consolidated Balance

Sheets and recorded goodwill of $

317.7

 million, an indefinite-lived brand intangible asset of $

118.4

 million and a finite-lived

customer relationship asset of $

14.2

 million. The goodwill is included in the International 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

International operating segment on a one-month lag beginning in fiscal 2025.

On September 12, 2024, subsequent to the end of the first quarter of fiscal 2025, we entered into definitive agreements to sell our

North American Yogurt businesses to affiliates of Groupe Lactalis S.A. (Lactalis) and Sodiaal International (Sodiaal) for

approximately $

2.1

 billion. We expect to close these divestitures in calendar year 2025, subject to regulatory approvals and other

customary closing conditions.

(3) Restructuring, Impairment, and Other Exit Costs

In the first quarter of fiscal 2025, we did not undertake any new restructuring actions. We recorded $

2.9

 million of restructuring

charges in the first quarter of fiscal 2025 and $

9.8

 million of restructuring charges in the first quarter of fiscal 2024 related to

restructuring actions previously announced. We expect these actions to be completed by the end of fiscal 2026.

We paid net $

2.7

 million of cash in the first quarter of fiscal 2025 related to restructuring actions. We paid net $

7.4

 million of cash in

the same period of fiscal 2024.

Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Restructuring, impairment, and other exit costs

$

2.2

$

1.2

Cost of sales

0.7

8.6

Total restructuring charges

$

2.9

$

9.8

Project-related costs classified in cost of sales

$

0.1

$

0.8

10

(4) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

In Millions

Aug. 25, 2024

May 26, 2024

Goodwill

$

14,787.7

$

14,750.7

Other intangible assets:

Intangible assets not subject to amortization:

Brands and other indefinite-lived intangibles

6,735.9

6,728.6

Intangible assets subject to amortization:

Customer relationships and other finite-lived intangibles

402.9

402.2

Less accumulated amortization

(156.0)

(150.9)

Intangible assets subject to amortization, net

246.9

251.3

Other intangible assets

6,982.8

6,979.9

Total

$

21,770.5

$

21,730.6

Based on the carrying value of finite-lived intangible assets as of August 25, 2024, 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 2025 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 26, 2024

$

6,541.9

$

6,062.8

$

805.5

$

917.1

$

423.4

$

14,750.7

Other activity, primarily 

 foreign currency translation

1.4

-

-

23.0

12.6

37.0

Balance as of Aug. 25, 2024

$

6,543.3

$

6,062.8

$

805.5

$

940.1

$

436.0

$

14,787.7

(a)

The carrying amounts of goodwill within the International segment as of May 26, 2024, and August 25, 2024, were net of

accumulated impairment losses of $

117.1

 million.

The changes in the carrying amount of other intangible assets during the first quarter of fiscal 2025 were as follows:

In Millions

Total

Balance as of May 26, 2024

$

6,979.9

Foreign currency translation, net of amortization

2.9

Balance as of Aug. 25, 2024

$

6,982.8

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2024. As a result of lower future profitability projections for our Latin America reporting unit, we determined that the fair value

of the reporting unit was less than its book value and recorded a $

117.1

 million non-cash goodwill impairment charge. In addition,

during the fourth quarter of fiscal 2024, we executed our fiscal 2025 planning process and preliminary long-range planning process,

which resulted in lower future sales and profitability projections for the businesses supporting our

Top Chews

,

True Chews

, and

EPIC

brand intangible assets. As a result of this triggering event, we performed an interim impairment assessment of these assets as of May

26, 2024, and determined that the fair value of these brand intangible assets no longer exceeded the carrying values of the respective

assets, resulting in $

103.1

 million of non-cash impairment charges. We recorded impairment charges in restructuring, impairment, and

other exit costs in our Consolidated Statements of Earnings. Our estimates of the fair values were determined based on a discounted

cash flow model using inputs which included our long-range cash flow projections for the businesses, royalty rates, weighted -average

cost of capital rates, and tax rates. These fair values are Level 3 assets in the fair value hierarchy.

All other intangible asset 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 2024 assessment date, the

Progresso

,

Nudges

, and

True Chews

brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment.

11

(5) Inventories

The components of inventories were as follows:

In Millions

Aug. 25, 2024

May 26, 2024

Finished goods

$

1,975.1

$

1,827.7

Raw materials and packaging

488.4

500.5

Grain

79.3

111.1

Excess of FIFO over LIFO cost

(546.4)

(541.1)

Total

$

1,996.4

$

1,898.2

(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

currently 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 25, 2024, and August 27, 2023, included:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net (loss) gain on mark-to-market valuation of certain 

 commodity positions

$

(37.7)

$

28.4

Net loss on commodity positions reclassified from 

 unallocated corporate items to segment operating profit

17.2

3.2

Net mark-to-market revaluation of certain grain inventories

(8.3)

13.3

Net mark-to-market valuation of certain commodity 

 positions recognized in unallocated corporate items

$

(28.8)

$

44.9

As of August 25, 2024, the net notional value of commodity derivatives was $

233.4

 million, of which $

118.6

 million related to

agricultural inputs and $

114.8

 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 25, 2024, we hedged a portion of

these investments with €

3,979.4

 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 25, 2024, 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 25, 2024, $

1,421.6

 million of our total accounts payable were payable to suppliers who utilize these third-

party services. As of May 26, 2024, $

1,404.4

 million of our total accounts payable were payable to suppliers who utilize these third-

party services.

(7) Debt

The components of notes payable were as follows:

Aug. 25, 2024

May 26, 2024

In Millions

Notes Payable

Weighted-

Average

Interest Rate

Notes Payable

Weighted-

Average

Interest Rate

U.S. commercial paper

$

205.0

5.4

%

$

-

-

%

Financial institutions

44.1

7.7

11.8

8.8

Total

$

249.1

5.8

%

$

11.8

8.8

%

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 fee-paid committed and uncommitted credit lines we had available as of August 25, 2024:

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.7

-

Total committed and uncommitted credit facilities

$

3.4

$

-

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 25, 2024.

Long-Term Debt 

The fair values and carrying amounts of long-term debt, including the current portion, were $

12,653.5

 million and $

13,071.3

 million,

respectively, as of August 25, 2024. 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 2024, we issued €

500.0

 million of

3.65

 percent fixed-rate notes due

October 23, 2030

. We used the net

proceeds for general corporate purposes.

In the fourth quarter of fiscal 2024, we issued €

500.0

 million of

3.85

 percent fixed-rate notes due

April 23, 2034

. We used the net

proceeds for general corporate purposes.

In the third quarter of fiscal 2024, we issued $

500.0

 million of

4.7

 percent fixed-rate notes due

January 30, 2027

. We used the net

proceeds to repay $

500.0

 million of

3.65

 percent fixed-rate notes due

February 15, 2024

. 

In the second quarter of fiscal 2024, we issued €

250.0

 million of floating-rate notes due

November 8, 2024

. We used the net proceeds

to repay €

250.0

 million of floating-rate notes due

November 10, 2023

. 

In the second quarter of fiscal 2024, we issued $

500.0

 million of

5.5

 percent fixed-rate notes due

October 17, 2028

. We used the net

proceeds to repay $

400.0

 million of floating-rate notes due

October 17, 2023

, and for general corporate purposes. 

In the first quarter of fiscal 2024, we issued €

500.0

 million of floating-rate notes due

November 8, 2024

. We used the net proceeds to

repay €

500.0

 million of floating-rate notes due

July 27, 2023

. 

13

Certain of our long-term debt agreements contain restrictive covenants.

As of August 25, 2024, we were in compliance with all of

these covenants.

(8) Noncontrolling Interests

The third-party holder of the General Mills Cereals, LLC (GMC) Class A Interests receives 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 (currently $

251.5

 million). On June 1, 2024, the floating preferred return rate on GMC’s

Class A Interests was reset to the sum of the

three-month Term SOFR

 plus

261

 basis points. The preferred return rate is adjusted every

three years

 through a negotiated agreement with the Class A Interest holder or through a remarketing auction.

Our noncontrolling interests contain restrictive covenants. As of August 25, 2024, we were in compliance with all of these covenants.

(9) Stockholders’ Equity 

The following tables provide details of total comprehensive income:

Quarter Ended

Quarter Ended

Aug. 25, 2024

Aug. 27, 2023

General Mills

Noncontrolling

Interests 

General Mills

Noncontrolling

Interests

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net earnings, including earnings 

 attributable to noncontrolling interests 

$

579.9

$

3.7

$

673.5

$

6.8

Other comprehensive (loss) income:

Foreign currency translation

$

(93.9)

$

31.5

(62.4)

0.5

$

(22.0)

$

3.8

(18.2)

0.1

Other fair value changes:

Hedge derivatives

(7.5)

1.5

(6.0)

-

(2.7)

0.4

(2.3)

-

Reclassification to earnings:

Hedge derivatives (a)

(0.4)

0.4

-

-

(1.3)

1.5

0.2

-

Amortization of losses and

 prior service costs (b)

14.5

(2.9)

11.6

-

11.5

(2.4)

9.1

-

Other comprehensive (loss) income

$

(87.3)

$

30.5

(56.8)

0.5

$

(14.5)

$

3.3

(11.2)

0.1

Total comprehensive income

$

523.1

$

4.2

$

662.3

$

6.9

(a) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and 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. 25, 2024

May 26, 2024

Foreign currency translation adjustments

$

(857.7)

$

(795.3)

Unrealized (loss) gain from hedge derivatives

(5.8)

0.2

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,790.8)

(1,806.3)

Prior service credits

77.8

81.7

Accumulated other comprehensive loss

$

(2,576.5)

$

(2,519.7)

(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 26, 2024.

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Compensation expense related to stock-based payments

$

20.3

$

35.3

14

Windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Windfall tax benefits from stock-based payments

$

2.8

$

8.4

As of August 25, 2024, unrecognized compensation expense related to non-vested stock options, restricted stock units, and

performance share units was $

185.9

 million. This expense will be recognized over

26

 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. 25, 2024

Aug. 27, 2023

Net cash proceeds

$

9.4

$

4.5

Intrinsic value of options exercised

$

1.9

$

2.1

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 26, 2024.

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. 25, 2024

Aug. 27, 2023

Estimated fair values of stock options granted 

$

13.20

$

17.47

Assumptions:

Risk-free interest rate

4.5

%

4.0

%

Expected term

8.5

years

8.5

years

Expected volatility

21.6

%

21.4

%

Dividend yield

3.8

%

2.8

%

The total grant date fair value of restricted stock unit awards that vested during the period was as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Total grant date fair value

$

90.8

$

104.8

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. 25, 2024

Aug. 27, 2023

Net earnings attributable to General Mills

$

579.9

$

673.5

Average number of common shares – basic EPS

560.5

586.3

Incremental share effect from: (a)

Stock options

1.5

2.8

Restricted stock units and performance share units

1.8

2.3

Average number of common shares – diluted EPS

563.8

591.4

Earnings per share – basic

$

1.03

$

1.15

Earnings per share – diluted

$

1.03

$

1.14

(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. 25, 2024

Aug. 27, 2023

Anti-dilutive stock options, restricted stock units, and

 performance share units 

4.4

1.6

(12) Share Repurchases

Share repurchases were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Shares of common stock

4.5

6.4

Aggregate purchase price

$

302.2

$

504.7

(13) Statements of Cash Flows

Our Consolidated Statements of Cash Flows include the following:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net cash interest payments

$

83.7

$

83.9

Net income tax payments

$

18.7

$

13.7

16

(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. 25,

2024

Aug. 27,

2023

Aug. 25,

2024

Aug. 27,

2023

Aug. 25,

2024

Aug. 27,

2023

Service cost

$

13.0

$

14.2

$

1.1

$

1.2

$

1.8

$

1.8

Interest cost

76.7

74.2

5.3

5.3

1.0

1.0

Expected return on plan assets

(105.0)

(102.9)

(9.0)

(8.7)

-

-

Amortization of losses (gains)

25.1

21.5

(5.2)

(5.1)

0.1

-

Amortization of prior service costs (credits)

0.3

0.4

(5.5)

(5.4)

(0.3)

0.1

Other adjustments

-

-

-

-

2.6

2.6

Net expense (income)

$

10.1

$

7.4

$

(13.3)

$

(12.7)

$

5.2

$

5.5

(15) Income Taxes

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.

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 is 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.

(16) Contingencies

During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its

state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we

have meritorious defenses against this claim and will vigorously defend our position. As of August 25, 2024, we are unable to estimate

any possible loss and have not recorded a loss contingency for this matter.

(17) 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. In the first quarter of fiscal 2025, we renamed the Pet segment to the North America

Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to

the composition of our reportable segments or information reviewed by our chief operating decision maker and no impact on our

historical segment operating results.

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, refrigerated yogurt, 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.

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.

17

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, refrigerated yogurt, 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.

Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, impairment,

and other exit costs. Results from certain businesses managed by our Gold Medal Ventures entity 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.

Our operating segment results were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net sales:

North America Retail

$

3,016.6

$

3,073.0

International

717.0

715.8

North America Pet

576.1

579.9

North America Foodservice

536.2

536.0

Total segment net sales

$

4,845.9

$

4,904.7

Corporate and other

2.2

-

Total net sales

$

4,848.1

$

4,904.7

Operating profit:

North America Retail

$

745.7

$

798.2

International

20.9

50.0

North America Pet

119.4

111.2

North America Foodservice

71.5

59.1

Total segment operating profit

$

957.5

$

1,018.5

Unallocated corporate items

123.8

87.3

Restructuring, impairment, and other exit costs

2.2

1.2

Operating profit

$

831.5

$

930.0

18

Net sales for our North America Retail operating units were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

U.S. Meals & Baking Solutions

$

946.3

$

941.9

U.S. Snacks

910.5

954.5

U.S. Morning Foods

902.9

927.8

Canada

256.9

248.8

Total

$

3,016.6

$

3,073.0

Net sales by class of similar products were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Snacks

$

1,106.8

$

1,136.7

Cereal

793.1

817.9

Convenient meals

678.9

665.5

Pet

604.6

579.9

Dough

517.8

534.9

Baking mixes and ingredients

457.1

466.5

Yogurt

371.9

368.4

Super-premium ice cream

212.9

224.0

Other

105.0

110.9

Total

$

4,848.1

$

4,904.7

19

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 26, 2024, 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 2025 are to accelerate our organic net sales growth, create fuel for investment, and drive strong cash

generation. Amid a continued uncertain macroeconomic backdrop for consumers, we expect volume trends in our categories will

gradually improve over the course of the year, though full-year category dollar growth is expected to be below our long-term growth

projections. We expect to increase our organic net sales growth by delivering remarkable experiences across our leading food brands,

resulting in improved household penetration and stronger market share trends versus the prior year. Our fiscal 2025 plan calls for

product news and innovation focused on taste, health, convenience, and value, supported with strong brand campaigns and

omnichannel visibility. We expect to generate higher levels of Holistic Margin Management (HMM) cost savings to more than offset

input cost inflation in fiscal 2025. We expect to reinvest in the business, including plans for increased brand-building investment in

fiscal 2025 to drive improved volume performance.

CONSOLIDATED RESULTS OF OPERATIONS

First Quarter Results

In the first quarter of fiscal 2025, net sales and organic net sales decreased 1 percent compared to the same period last year. Operating

profit decreased 11 percent to $832 million, primarily driven by an unfavorable change in the mark-to-market valuation of certain

commodity positions and grain inventories, unfavorable net price realization and mix, and an increase in selling, general and

administrative (SG&A) expenses, partially offset by lower input costs. Operating profit margin of 17.2 percent decreased 180 basis

points. Adjusted operating profit of $865 million decreased 4 percent on a constant-currency basis, primarily driven by unfavorable

net price realization and mix and an increase in SG&A expenses, partially offset by lower input costs. Adjusted operating profit

margin decreased 50 basis points to 17.8 percent. Diluted earnings per share of $1.03 decreased 10 percent in the first quarter of fiscal

2025. Adjusted diluted earnings per share of $1.07 decreased 2 percent on a constant-currency basis compared to the first quarter of

fiscal 2024. 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 2025 follows:

Quarter Ended Aug. 25, 2024

In millions,

except per share

Quarter Ended

Aug. 25, 2024 vs.

Aug. 27, 2023

Percent

of Net

Sales

Constant-

Currency

Growth (a)

Net sales 

$

4,848.1

(1)

%

Operating profit

831.5

(11)

%

17.2

%

Net earnings attributable to General Mills

579.9

(14)

%

Diluted earnings per share

$

1.03

(10)

%

Organic net sales growth rate (a)

(1)

%

Adjusted operating profit (a)

865.3

(4)

%

17.8

%

(4)

%

Adjusted diluted earnings per share (a)

$

1.07

(2)

%

(2)

%

(a) See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.

Consolidated

net sales

 were as follows:

Quarter Ended

Aug. 25, 2024

Aug. 25, 2024 vs. 

Aug. 27, 2023

Aug. 27, 2023

Net sales (in millions)

$

4,848.1

(1)

%

$

4,904.7

Contributions from volume growth (a)

Flat

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.

20

Net sales in the first quarter of fiscal 2025 decreased 1 percent compared to the same period in fiscal 2024, driven by unfavorable net

price realization and mix.

Components of organic net sales growth are shown in the following table: 

Quarter Ended Aug. 25, 2024 vs.

Quarter Ended Aug. 27, 2023

Contributions from organic volume growth (a)

Flat

Organic net price realization and mix

(1)

pt

Organic net sales growth

(1)

pt

Foreign currency exchange

Flat

Acquisition

Flat

Net sales growth

(1)

pt

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 1 percent in the first quarter of fiscal 2025 compared to the same period in fiscal 2024, driven by

unfavorable organic net price realization and mix.

Cost of sales

increased $25 million to $3,159 million in the first quarter of fiscal 2025 compared to the same period in fiscal 2024.

The increase included a $7 million increase attributable to volume and a $47 million decrease attributable to product rate and mix. We

recorded a $29 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 2025, compared to a $45 million net decrease in the first quarter of fiscal 2024. We also

recorded $1 million of restructuring charges in the first quarter of fiscal 2025 compared to $9 million of restructuring charges and $1

million of restructuring initiative project-related costs in cost of sales in the first quarter of fiscal 2024 (please refer to Note 3 to the

Consolidated Financial Statements in Part I, Item 1 of this report). 

SG&A expenses

increased $16 million to $855 million in the first quarter of fiscal 2025, compared to the same period in fiscal 2024,

primarily driven by increased media and advertising expenses. SG&A expenses as a percent of net sales in the first quarter of fiscal

2025 increased 50 basis points compared to the first quarter of fiscal 2024.

Restructuring, impairment, and other exit costs

totaled $2 million in the first quarter of fiscal 2025, compared to $1 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 $14 million in the first quarter of fiscal 2025, compared to $17 million in the same period

last year, primarily reflecting higher amortization of losses. 

Interest, net

for the first quarter of fiscal 2025 totaled $124 million, up $7 million from the first quarter of fiscal 2024, primarily

driven by higher average long-term debt levels.

The

effective tax rate

 for the first quarter of fiscal 2025 was 21.8 percent compared to 20.9 percent for the first quarter of fiscal 2024.

The 0.9 percentage point increase was primarily due to certain nonrecurring discrete tax benefits in the first quarter of fiscal 2024,

partially offset by favorable earnings mix by jurisdiction in the first quarter of fiscal 2025. Our effective tax rate excluding certain

items affecting comparability was 21.9 percent in the first quarter of fiscal 2025, compared to 21.1 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 0.8 percentage

point increase was primarily due to certain nonrecurring discrete tax benefits in the first quarter of fiscal 2024, partially offset by

favorable earnings mix by jurisdiction in the first quarter of fiscal 2025. 

21

After-tax earnings from joint ventures

 for the first quarter of fiscal 2025

decreased to $19 million compared to $24 million in the

same period in fiscal 2024, primarily due to favorable discrete tax items in the first quarter of fiscal 2024, higher SG&A expenses, and

a decrease in volume at Cereal Partners Worldwide (CPW), partially offset by favorable net price realization and mix at CPW and

lower SG&A expenses at Häagen-Dazs Japan, Inc. (HDJ). On a constant-currency basis, after-tax earnings from joint ventures

decreased 14 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. 25, 2024 vs.

Quarter Ended Aug. 27, 2023

CPW

HDJ

Total

Contributions from volume growth (a)

(2)

pts

1

pt

Net price realization and mix

3

pts

(1)

pt

Net sales growth in constant currency

1

pt

Flat

1

pt

Foreign currency exchange

(4)

pts

(8)

pts

(5)

pts

Net sales growth

(4)

pts

(8)

pts

(4)

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

Average diluted shares outstanding

decreased by 28 million in the first quarter of fiscal 2025 from the same period a year ago

primarily due to share repurchases, partially offset by option exercises.

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 17 of 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. 25,

2024

Aug. 25, 2024 vs

Aug. 27, 2023

Aug. 27,

2023

Net sales (in millions)

$

3,016.6

(2)

%

$

3,073.0

Contributions from volume growth (a)

(3)

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.

North America Retail net sales decreased 2 percent in the first quarter of fiscal 2025 compared to the same period in fiscal 2024,

driven by a decrease in contributions from volume growth, partially offset by favorable net price realization and mix.

The components of North America Retail organic net sales growth are shown in the following table:

Quarter Ended

Aug. 25, 2024

Contributions from organic volume growth (a)

(3)

pts

Organic net price realization and mix

1

pt

Organic net sales growth

(2)

pts

Foreign currency exchange

Flat

Net sales growth

(2)

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

22

North America Retail organic net sales decreased 2 percent in the first quarter of fiscal 2025 compared to the same period in fiscal

2024, driven by a decrease in contributions from organic volume growth, partially offset by favorable organic net price realization and

mix.

North America Retail net sales percentage change by operating unit are shown in the following table:

Quarter Ended

Aug. 25, 2024

U.S. Snacks

(5)

%

U.S. Morning Foods

(3)

%

Canada (a)

3

%

U.S. Meals & Baking Solutions

Flat

Total

(2)

%

(a) On a constant-currency basis, Canada net sales increased 6 percent in the first quarter of fiscal 2025 compared to the same period

in fiscal 2024. See the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP.

Segment operating profit decreased 7 percent to $746 million in the first quarter of fiscal 2025, compared to $798 million in the same

period in fiscal 2024, primarily driven by higher input costs and a decrease in contributions from volume growth, partially offset by

favorable net price realization and mix. Segment operating profit decreased 6 percent on a constant -currency basis in the first quarter

of fiscal 2025, compared to the same period in fiscal 2024 (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. 25,

2024

Aug. 25, 2024 vs

Aug. 27, 2023

Aug. 27,

2023

Net sales (in millions)

$

717.0

Flat

$

715.8

Contributions from volume growth (a)

8

pts

Net price realization and mix

(6)

pts

Foreign currency exchange

(2)

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 in the first quarter of fiscal 2025 essentially matched the same period in fiscal 2024.

The components of International organic net sales growth are shown in the following table:

Quarter Ended

Aug. 25, 2024

Contributions from organic volume growth (a)

6

pts

Organic net price realization and mix

(7)

pts

Organic net sales growth

(1)

pt

Foreign currency exchange

(2)

pts

Acquisition (b)

3

pts

Net sales growth

Flat

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

(b) Acquisition of a pet food business in Europe in fiscal 2024. Please see Note 2 to the Consolidated Financial Statements in Part I,

 Item 1 of this report.

International organic net sales decreased 1 percent in the first quarter of fiscal 2025, compared to the same period in fiscal 2024,

driven by unfavorable organic net price realization and mix, partially offset by an increase in contributions from organic volume

growth.

23

Segment operating profit decreased 58 percent to $21 million in the first quarter of fiscal 2025, compared to $50 million in the same

period in fiscal 2024, primarily driven by unfavorable net price realization and mix and higher SG&A expenses, partially offset by

lower input costs and an increase in contributions from volume growth. Segment operating profit decreased 64 percent on a constant-

currency basis in the first quarter of fiscal 2025, compared to the same period in fiscal 2024 (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. 25,

2024

Aug. 25, 2024 vs

Aug. 27, 2023

Aug. 27,

2023

Net sales (in millions)

$

576.1

(1)

%

$

579.9

Contributions from volume growth (a)

3

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 Pet net sales decreased 1 percent in the first quarter of fiscal 2025, compared to the same period in fiscal 2024, driven

by unfavorable net price realization and mix, partially offset by an increase in contributions from volume growth.

The components of North America Pet organic net sales growth are shown in the following table:

Quarter Ended

Aug. 25, 2024

Contributions from organic volume growth (a)

3

pts

Organic net price realization and mix

(3)

pts

Organic net sales growth

(1)

pt

Foreign currency exchange

Flat

Net sales growth

(1)

pt

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

North America Pet organic net sales decreased 1 percent in the first quarter of fiscal 2025, compared to the same period in fiscal 2024,

driven by unfavorable organic net price realization and mix, partially offset by an increase in contributions from organic volume

growth.

Segment operating profit increased 7 percent to $119 million in the first quarter of fiscal 2025, compared to $111 million in the same

period in fiscal 2024, primarily driven by lower input costs and an increase in contributions from volume growth, partially offset by

unfavorable net price realization and mix and higher SG&A expenses . Segment operating profit increased 7 percent on a constant-

currency basis in the first quarter of fiscal 2025, compared to the same period in fiscal 2024 (see the “Non-GAAP Measures” section

below for our use of this measure not defined by GAAP).

24

North America Foodservice Segment Results

North America Foodservice net sales were as follows:

Quarter Ended

Aug. 25,

2024

Aug. 25, 2024 vs

Aug. 27, 2023

Aug. 27,

2023

Net sales (in millions)

$

536.2

Flat

$

536.0

Contributions from volume growth (a)

Flat

Net price realization and mix

Flat

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 in the first quarter of fiscal 2025 essentially matched the same period in fiscal 2024.

The components of North America Foodservice organic net sales growth are shown in the following table:

Quarter Ended

Aug. 25, 2024

Contributions from organic volume growth (a)

Flat

Organic net price realization and mix

Flat

Organic net sales growth

Flat

Foreign currency exchange

Flat

Net sales growth

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 organic net sales in the first quarter of fiscal 2025 essentially matched the same period in fiscal 2024.

Segment operating profit increased 21 percent to $72 million in the first quarter of fiscal 2025, compared to $59 million in the same

period in fiscal 2024, primarily driven by lower input costs. Segment operating profit increased 21 percent on a constant-currency

basis in the first quarter of fiscal 2025, compared to the same period in fiscal 2024 (see the “Non-GAAP Measures” section below for

our use of this measure not defined by GAAP).

UNALLOCATED CORPORATE ITEMS

Unallocated corporate expenses totaled $124 million in the first quarter of fiscal 2025, compared to $87 million in the same period in

fiscal 2024. In the first quarter of fiscal 2025, we recorded a $29 million net increase in expense related to the mark-to-market

valuation of certain commodity positions and grain inventories, compared to a $45 million net decrease in expense in the same period

last year. Certain compensation and benefits expenses decreased in the first quarter of fiscal 2025 compared to the same period last

year. We recorded $1 million of restructuring charges in cost of sales in the first quarter of fiscal 2025, compared to $9 million of

restructuring charges in cost of sales in the same period last year. We recorded $3 million of net losses related to valuation

adjustments on certain corporate investments in the first quarter of fiscal 2024. In addition, we recorded $2 million of integration costs

in the first quarter of fiscal 2025 related to our acquisition of a pet food business in Europe in fiscal 2024.

LIQUIDITY AND CAPITAL RESOURCES

During the first quarter of fiscal 2025, cash provided by operations was $624 million compared to $378 million in the same period last

year. The $246 million increase was primarily driven by a $350 million change in current assets and liabilities, partially offset by a

$97 million decrease in net earnings. The $350 million change in current assets and liabilities is primarily driven by a $367 million

change in the timing of accounts payable.

Cash used by investing activities during the first quarter of fiscal 2025 was $148 million compared to $136 million for the same period

in fiscal 2024. During the first quarter of fiscal 2025, we paid $8 million related to a purchase price holdback after certain closing

conditions were met for the acquisition of a pet food business in Europe in the fourth quarter of fiscal 2024. In addition, during the

first quarter of fiscal 2025, we spent $140 million on purchases of land, buildings, and equipment in the first quarter of fiscal 2025,

compared to $142 million in the same period last year.

25

Cash used by financing activities during the first quarter of fiscal 2025 was $429 million compared to $334 million in the same period

in fiscal 2024. We had $238 million of net debt issuances in the first quarter of fiscal 2025, compared to $552 million of net debt

issuances in the same period a year ago. We paid $300 million for purchases of common stock for treasury in the first quarter of fiscal

2025, compared to $500 million in the same period in fiscal 2024. In addition, we paid $338 million of dividends in the first quarter of

fiscal 2025, compared to $348 million in the same period last year.

As of August 25, 2024, we had $414 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 25, 2024:

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.7

-

Total committed and uncommitted credit facilities

$

3.4

$

-

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, our credit facilities, and our noncontrolling interests contain restrictive covenants. As of

August 25, 2024, we were in compliance with all of these covenants. 

We have $1,640 million of long-term debt maturing in the next 12 months that is classified as current, including €750 million of

floating-rate notes due November 8, 2024, and $800 million of 4.0 percent fixed-rate notes due April 17, 2025. 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.

The third-party holder of the General Mills Cereals, LLC (GMC) Class A Interests receives 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 (currently $252 million). On June 1, 2024, the floating preferred return rate on GMC’s Class

A Interests was reset to the sum of the three-month Term SOFR plus 261 basis points. The preferred return rate is adjusted every three

years through a negotiated agreement with the Class A Interest holder or through a remarketing auction. 

We have an option to purchase the Class A Interests for consideration equal to the then current capital account value, plus any unpaid

preferred return and the prescribed make-whole amount. If we purchase these interests, any change in the third-party holder’s capital

account from its original value will be charged directly to retained earnings and will increase or decrease the net earnings used to

calculate EPS in that period. 

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 26, 2024. The accounting policies used in preparing our interim fiscal 2025 Consolidated

Financial Statements are the same as those described in our Form 10-K. Please see 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 25, 2024, are the same as those described in our Annual

Report on Form 10-K for the fiscal year ended May 26, 2024.

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2024. As a result of lower future profitability projections for our Latin America reporting unit, we determined that the fair value

of the reporting unit was less than its book value and recorded a $117 million non-cash goodwill impairment charge. In addition,

during the fourth quarter of fiscal 2024, we executed our fiscal 2025 planning process and preliminary long-range planning process,

which resulted in lower future sales and profitability projections for the businesses supporting our

Top Chews

,

True Chews

, and

EPIC

brand intangible assets. As a result of this triggering event, we performed an interim impairment assessment of these assets as of May

26

26, 2024, and determined that the fair value of these brand intangible assets no longer exceeded the carrying values of the respective

assets, resulting in $103 million of non-cash impairment charges. We recorded impairment charges in restructuring, impairment, and

other exit costs in our Consolidated Statements of Earnings. Our estimates of the fair values were determined based on a discounted

cash flow model using inputs which included our long-range cash flow projections for the businesses, royalty rates, weighted -average

cost of capital rates, and tax rates. The fair values are Level 3 assets in the fair value hierarchy.

All other intangible asset 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 2024 assessment date, the

Progresso

,

Nudges

, and

True Chews

brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In March 2024, the Securities and Exchange Commission (SEC) issued final rules on the enhancement and standardization of climate-

related disclosures. The rules require disclosure of, among other things: material climate-related risks; activities to mitigate or adapt to

such risks; governance and management of such risks; and material greenhouse gas (GHG) emissions from operations owned or

controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules

require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject

to certain materiality thresholds. The SEC has issued a stay on the final rules due to litigation and the effective date is delayed

indefinitely. We are in the process of analyzing the impact of the rules on our disclosures.

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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.

In November 2023, the FASB issued ASU 2023-07 requiring enhanced segment disclosures. The ASU requires disclosure of

significant segment expenses regularly provided to the chief operating decision maker (CODM) included within segment operating

profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess

segment performance. The requirements of the ASU are effective for annual periods beginning after December 15, 2023, and interim

periods within fiscal years beginning after December 15, 2024. For us, annual reporting requirements will be effective for our fiscal

2025 and interim reporting requirements will be effective beginning with our first quarter of fiscal 2026. Early adoption is permitted

and retrospective application is required for all periods presented. We are in the process of analyzing the impact of the ASU on our

related disclosures.

27

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. 

Mark-to-market effects

Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Please see Note 6 to the

Consolidated Financial Statements in Part I, Item 1 of this report.

Restructuring charges and project-related costs

Restructuring charges and project-related costs related to previously announced restructuring actions recorded in fiscal 2025 and fiscal

2024. Please see Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report.

Acquisition integration costs

Integration costs related to the acquisition of a pet food business in Europe recorded in fiscal 2025. Integration costs primarily

resulting from the acquisition of TNT Crust recorded in fiscal 2024. Please see 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 2025 and fiscal 2024. 

Product recall

Costs related to the fiscal 2023 voluntary recall of certain international

Häagen-Dazs

 ice cream products. 

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.

28

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. 25, 2024

Aug. 27, 2023

In Millions

Value

Percent of

Net Sales

Value 

Percent of

Net Sales

Operating profit as reported

$

831.5

17.2

%

$

930.0

19.0

%

Mark-to-market effects

28.8

0.6

%

(44.9)

(0.9)

%

Restructuring charges

2.9

0.1

%

9.8

0.2

%

Acquisition integration costs

1.6

-

%

0.2

-

%

Investment activity, net

0.4

-

%

2.9

0.1

%

Project-related costs

0.1

-

%

0.8

-

%

Product recall

-

-

%

0.2

-

%

Adjusted operating profit

$

865.3

17.8

%

$

899.0

18.3

%

Note: Table may not foot due to rounding. 

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

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. 25, 2024

Aug. 27, 2023

Change

Operating profit as reported

$

831.5

$

930.0

(11)

%

Mark-to-market effects

28.8

(44.9)

Restructuring charges

2.9

9.8

Acquisition integration costs

1.6

0.2

Investment activity, net

0.4

2.9

Project-related costs

0.1

0.8

Product recall

-

0.2

Adjusted operating profit

$

865.3

$

899.0

(4)

%

Foreign currency exchange impact

Flat

Adjusted operating profit growth, on a constant-currency basis

(4)

%

Note: Table may not foot due to rounding.

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

29

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. 25, 2024

Aug. 27, 2023

Change

Diluted earnings per share, as reported

$

1.03

$

1.14

(10)

%

Mark-to-market effects

0.04

(0.06)

Restructuring charges

-

0.01

Adjusted diluted earnings per share

$

1.07

$

1.09

(2)

%

Foreign currency exchange impact

Flat

Adjusted diluted earnings per share growth, on a constant-currency basis

(2)

%

Note: Table may not foot due to rounding.

For more information on the reconciling items, please refer to 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.

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. 25, 2024

(18)

%

(4)

pts

(14)

%

Note: Table may not foot due to rounding.

Net Sales Growth Rates for Our Canada Operating Unit on Constant-currency Basis 

We believe that this measure of our Canada operating unit net sales provides useful information to investors because it provides

transparency to the underlying performance for the Canada operating unit within our North America Retail segment by excluding the

effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency

exchange markets.

Net sales growth rates for our Canada operating unit on a constant-currency basis are calculated as follows:

Percentage Change in

Net Sales

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in

Net Sales on Constant-

Currency Basis

Quarter Ended Aug. 25, 2024

3

%

(3)

pts

6

%

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. 

30

Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows:

Quarter Ended Aug. 25, 2024

Percentage Change in

Operating Profit

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in Operating

Profit on Constant-Currency

Basis

North America Retail

(7)

%

Flat

(6)

%

International

(58)

%

6

pts

(64)

%

North America Pet

7

%

Flat

7

%

North America Foodservice

21

%

Flat

21

%

Note: Table may not foot due to rounding.

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. 25, 2024

Aug. 27, 2023

In Millions

(Except Per Share Data)

Pretax

Earnings

(a)

Income

Taxes

Pretax

Earnings

(a)

Income

Taxes

As reported

$

721.8

$

157.4

$

830.0

$

173.2

Mark-to-market effects

28.8

6.6

(44.9)

(10.3)

Restructuring charges

2.9

0.7

9.8

4.7

Acquisition integration costs

1.6

0.4

0.2

0.1

Investment activity, net

0.4

0.1

2.9

1.0

Project-related costs

0.1

-

0.8

0.3

Product recall

-

-

0.2

0.1

As adjusted

$

755.6

$

165.3

$

799.1

$

169.0

Effective tax rate:

As reported

21.8%

20.9%

As adjusted

21.9%

21.1%

Sum of adjustments to income taxes

$

7.8

$

(4.3)

Average number of common shares - diluted EPS

563.8

591.4

Impact of income tax adjustments on adjusted diluted EPS

$

(0.01)

$

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, please refer to the Significant Items Impacting Comparability section above.

31

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. 

Core working capital.

 Accounts receivable plus inventories less accounts payable.

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.

Euribor.

 Euro Interbank Offered Rate.

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.

Interest bearing instruments.

Notes payable, long-term debt, including current portion, cash and cash equivalents, and certain

interest bearing investments classified within prepaid expenses and other current assets and other assets. 

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.

32

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.

Net realizable value.

The estimated selling price in the ordinary course of business, less reasonably predictable costs of completion,

disposal, and transportation. 

Noncontrolling interests.

Interests of subsidiaries held by third parties. 

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.

Working capital

. Current assets and current liabilities, all as of the last day of our fiscal year.

33

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,” “will 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: 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, 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 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 26, 2024, 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 25, 2024, was as follows:

In Millions

One-day Risk

of Loss

Change During

Quarter Ended

Aug. 25, 2024

Analysis of Change

Interest rate instruments

$

53

$

-

Immaterial

Foreign currency instruments

34

4

Increase in exchange rate volatility

Commodity instruments

3

(1)

Decrease in commodity contracts

Equity instruments

2

-

Immaterial

For additional information, see Item 7A of Part II of our Annual Report on Form 10-K for the fiscal year ended May 26, 2024. 

34

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 25, 2024, 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 25, 2024, 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 25, 2024:

Period

Total Number 

of Shares

Purchased (a)

Average

Price Paid

Per Share

Total Number of Shares

Purchased as Part of a Publicly

Announced Program (b)

Maximum Number of Shares

that may yet be Purchased

Under the Program (b)

May 27, 2024 -

June 30, 2024

2,015,083

$

67.21

2,015,083

53,643,914

July 1, 2024 -

July 28, 2024

1,679,017

64.81

1,679,017

51,964,897

July 29, 2024 - 

August 25, 2024

839,009

69.09

839,009

51,125,888

Total

4,533,109

$

66.67

4,533,109

51,125,888

(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) 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.

Item 5. Other Information. 

Except as set forth below, during the fiscal quarter ended August 25, 2024, 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.

During the fiscal quarter ended August 25, 2024,

Jeffrey L. Harmening

, the Company’s

Chairman and Chief Executive Officer

,

adopted

 a “Rule 10b5-1 trading arrangement.” The trading plan, adopted on

July 24, 2024

, relates to the exercise and sale of up to

57,879

 shares of the Company’s common stock that are subject to a company-granted stock option award that expires on July 30,

2025. The plan is scheduled to terminate when all shares subject to the award are exercised and sold or July 31, 2025.

35

PART II. OTHER INFORMATION

Item 6.

Exhibits.

 10.1

Form of Performance Share Unit Award Agreement

.

 10.2

Form of Stock Option Agreement.

 10.3

Form of Restricted Stock Unit Agreement.

 31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 101

Financial Statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended August 25,

2024, 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.

36

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 18, 2024

/s/ Mark A. Pallot

Mark A. Pallot

Vice President, Chief Accounting Officer

(Principal Accounting Officer and Duly Authorized Officer)

EX-10.1

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.

2

(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 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 following rules shall apply:

a)

In the event that, at the Termination Date, the sum of the Participant’s age and

years of  service with the  Company or any  subsidiary or affiliated companies

equals or exceeds 70, then if such involuntary termination 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 involuntary termination 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 (subject  to any additional  restrictions or

holding requirements in Attachment A) on the Expiration Date of the Restricted

Period, with a value, if any, that otherwise would be earned under the applicable

Performance Measures  established in Attachment  A based on actual

performance.

b)

In the event that, at the Termination Date, the sum of the Participant’s age and

years of service with the Company or any subsidiary or affiliated companies is

less than 70, this Award 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; 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 Termination Date. All other Performance Stock Units shall

be forfeited as of the Termination Date.

(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).

3

(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.

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

4

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.

 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,  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.

[

This  Section 7.b. 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. 

c.

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.

5

d.

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);

(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

6

(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. 

(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.

(b)

.

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.

(c)

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.

(d)

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.

(e)

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).

7

(f)

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.

(g)

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.

(h)

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.

8

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 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.

9

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.

10

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”).

23.

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.

24.

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.

(vi)

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

11

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 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.

(vii)

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. 

(viii)

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.

(ix)

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.

(x)

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.

25.

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.

26.

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. 

12

27.

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.

28.

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.

29.

Restrictive Covenants; Confidential Information.

 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: 

e.

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.

13

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,  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.

f.

[

This  Section 7.b. 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. 

g.

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.

h.

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.

30.

Nature of Grant.

 In accepting the Performance Stock Units, the Participant acknowledges and agrees that:

(m)

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);

(n)

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;

(o)

all decisions with respect to future awards, if any, will be at the sole discretion of the Company;

(p)

the Participant’s participation in the Plan is voluntary;

14

(q)

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);

(r)

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;

(s)

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;

(t)

the  future value of the  shares of Stock  underlying the Performance  Stock Units is unknown,

indeterminable, and cannot be predicted with certainty; 

(u)

upon vesting of the Performance Stock Units, the value of such shares of Stock may increase or decrease

in value; 

(v)

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;

(w)

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

(x)

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.

31.

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. 

(i)

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

15

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.

(j)

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.

(k)

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.

(l)

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).

(m)

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.

(n)

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.

(o)

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

16

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.

32.

Clawback

. This  Award is specifically  made subject to  the Company’s Executive  Compensation Clawback

Policies.

33.

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.

34.

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.

35.

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.

36.

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.

37.

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

17

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.

38.

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).

39.

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.

40.

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.

41.

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.

42.

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.

43.

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.

44.

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.

EX-10.2

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 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

2

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 following rules shall apply:

a)

In the event that, at the Termination Date, the sum of the Optionee’s age and years of service with

the Company or any Subsidiary or affiliated companies equals or exceeds 70, and (A) if, and to the

extent, the Stock Option is not fully vested, then such unvested tranches shall continue to vest and

become exercisable  on each respective  Scheduled Date Exercisable  and remain so  until the

Expiration Date; and (B) if, and to the extent, the Stock Option is vested and exercisable, it shall

remain so 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

b)

In the event that at the Termination Date, the sum of the Optionee’s age and years of service with the

Company or any Subsidiary or affiliated companies is less than 70, 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

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.

(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.

3

(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 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

4

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.

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.

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,  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.

[

This  Section 6.b. 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

5

(including retirement) from General Mills, and (B) which competes with General Mills products, brand

categories, processes, or related services. 

c.

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.

d.

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;

(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

6

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 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.

7

(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

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

8

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.

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.

9

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.

(c)

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

(d)

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. 

(vi)

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 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.

11

(vii)

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.

(viii)

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.

(ix)

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. 

(x)

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.

(d)

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.

(e)

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:

(iv)

Payment by cash or check. 

(v)

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

(vi)

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

12

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). 

(f)

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.

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

. 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:

13

e.

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, 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.

f.

[

This Section 6.b. 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. 

g.

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.

h.

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:

(n)

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);

(o)

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;

14

(p)

all decisions with respect to future awards, if any, will be at the sole discretion of the Company;

(q)

the Optionee’s participation in the Plan is voluntary;

(r)

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);

(s)

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;

(t)

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;

(u)

the future value of the shares of Common Stock underlying the Stock Option is unknown, indeterminable, and

cannot be predicted with certainty; 

(v)

if the underlying shares of Common Stock do not increase in value, the Stock Option will have no value; 

(w)

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;

(x)

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;

(y)

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

(z)

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.

(h)

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

15

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.

(i)

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 accessible by those

individuals requiring access to it for purposes of implementing, administering and operating the Plan.

(j)

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.

(k)

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).

(l)

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.

(m)

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.

(n)

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

16

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

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).

17

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.

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.

EX-10.3

1

Exhibit 10.3

GENERAL MILLS, INC.

RESTRICTED STOCK UNIT AWARD

GRANT DATE:

PARTICIPANT:

[Officer]

PERNR:

AGGREGATE  NUMBER OF UNITS

AWARD ED:

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

following rules shall apply:

a)

In the event that at the Termination Date, the sum of the Participant’s age and years of service

with the Company equals or exceeds 70, all Restricted Stock Units not previously vested shall

become vested and be paid based on each tranche on the respective Scheduled Vesting Dates

otherwise applicable to each tranche. Notwithstanding the previous sentence, 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 on the Scheduled Vesting Date applicable to the tranche

under which they were awarded.

b)

In the event that at the Termination Date, the sum of the Participant’s age and years of service

with the Company is less than 70, 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 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 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 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

3

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, 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

. 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.

4

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,  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.

[

This  Section 7.b. 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. 

c.

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.

d.

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  managing the Participant’s

participation in the Plan and facilitating compliance with applicable tax and securities law. 

6

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

7

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

8

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.

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.

(c)

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

(d)

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. 

(vi)

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.

(vii)

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

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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. 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.

(viii)

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. 

(ix)

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. 

(x)

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

11

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

. 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: 

e.

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,  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.

12

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.

f.

[

This  Section 7.b. 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. 

g.

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.

h.

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. 

i.

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:

(m)

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);

(n)

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;

(o)

all decisions with respect to future awards, if any, will be at the sole discretion of the Company;

(p)

the Participant’s participation in the Plan is voluntary;

(q)

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);

(r)

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;

(s)

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;

13

(t)

the future value of the shares of Stock underlying the Restricted Stock Units is unknown, indeterminable,

and cannot be predicted with certainty; 

(u)

upon vesting of the Restricted Stock Units, the value of such shares of Stock may increase or decrease

in value; 

(v)

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;

(w)

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

(x)

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.

(h)

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. 

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.

(i)

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

14

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.

(j)

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.

(k)

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).

(l)

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.

(m)

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.

(n)

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.

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

15

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.

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

16

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.

EX-31.1

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 18, 2024

/s/ Jeffrey L. Harmening 

Jeffrey L. Harmening

Chief Executive Officer 

EX-31.2

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 18, 2024

/s/ Kofi A. Bruce 

Kofi A. Bruce 

Chief Financial Officer 

EX-32.1

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 25, 2024 (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 18, 2024

/s/ Jeffrey L. Harmening 

Jeffrey L. Harmening

Chief Executive Officer 

EX-32.2

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 25, 2024 (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 18, 2024

/s/ Kofi A. Bruce 

Kofi A. Bruce

Chief Financial Officer

XML

Cover Page - shares	3 Months Ended
	Aug. 25, 2024	Sep. 11, 2024	May 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Entity Central Index Key	0000040704
Document Period End Date	Aug. 25, 2024
Document Transition Report	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--05-26
Entity File Number	001-01185
Entity Registrant Name	GENERAL MILLS, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	41-0274440
Entity Address Address Line 1	Number One General Mills Boulevard
Entity Address City or Town	Minneapolis
Entity Address State or Province	MN
Entity Address Postal Zip Code	55426
City Area Code	(763)
Local Phone Number	764-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		555,158,898
Shares held in the treasury	198,800,000	199,454,430	195,500,000
Common Stock, $.10 par value [Member]
Entity Listings [Line Items]
Security 12b Title	Common Stock, $.10 par value
Trading Symbol	GIS
Security Exchange Name	NYSE
0.125% Notes due 2025 [Member]
Entity Listings [Line Items]
Security 12b Title	0.125% Notes due 2025
Trading Symbol	GIS 25A
Security Exchange Name	NYSE
0.450% Notes due 2026 [Member]
Entity Listings [Line Items]
Security 12b Title	0.450% Notes due 2026
Trading Symbol	GIS 26
Security Exchange Name	NYSE
1.500% Notes due 2027 [Member]
Entity Listings [Line Items]
Security 12b Title	1.500% Notes due 2027
Trading Symbol	GIS 27
Security Exchange Name	NYSE
3.907% Notes due 2029 [Member]
Entity Listings [Line Items]
Security 12b Title	3.907% Notes due 2029
Trading Symbol	GIS 29
Security Exchange Name	NYSE
3.650% Notes due 2030 [Member]
Entity Listings [Line Items]
Security 12b Title	3.650% Notes due 2030
Trading Symbol	GIS 30A
Security Exchange Name	NYSE
3.850% Notes due 2034 [Member]
Entity Listings [Line Items]
Security 12b Title	3.850% Notes due 2034
Trading Symbol	GIS 34
Security Exchange Name	NYSE

XML

Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Consolidated Statements of Earnings [Abstract]
Net sales	$ 4,848.1	$ 4,904.7
Cost of sales	3,159.3	3,134.2
Selling, general, and administrative expenses	855.1	839.3
Restructuring, impairment, and other exit costs	2.2	1.2
Operating profit	831.5	930.0
Benefit plan non-service income	(13.9)	(17.0)
Interest, net	123.6	117.0
Earnings before income taxes and after-tax earnings from joint ventures	721.8	830.0
Income taxes	157.4	173.2
After-tax earnings from joint ventures	19.2	23.5
Net earnings, including earnings attributable to noncontrolling interests	583.6	680.3
Net earnings attributable to noncontrolling interests	3.7	6.8
Net earnings attributable to General Mills	$ 579.9	$ 673.5
Earnings per share - basic	$ 1.03	$ 1.15
Earnings per share - diluted	$ 1.03	$ 1.14

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Consolidated Statements of Comprehensive Income [Abstract]
Net earnings, including earnings attributable to noncontrolling interests	$ 583.6	$ 680.3
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(61.9)	(18.1)
Other fair value changes:
Hedge derivatives	(6.0)	(2.3)
Reclassification to earnings:
Hedge derivatives	0.0	0.2
Amortization of losses and prior service costs	11.6	9.1
Other comprehensive loss, net of tax	(56.3)	(11.1)
Total comprehensive income	527.3	669.2
Comprehensive income attributable to noncontrolling interests	4.2	6.9
Comprehensive income attributable to General Mills	$ 523.1	$ 662.3

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Current assets:
Cash and cash equivalents	$ 468.1	$ 418.0
Receivables	1,843.8	1,696.2
Inventories	1,996.4	1,898.2
Prepaid expenses and other current assets	505.3	568.5
Total current assets	4,813.6	4,580.9
Land, buildings, and equipment	3,776.3	3,863.9
Goodwill	14,787.7	14,750.7
Other intangible assets	6,982.8	6,979.9
Other assets	1,408.8	1,294.5
Total assets	31,769.2	31,469.9
Current liabilities:
Accounts payable	3,823.4	3,987.8
Current portion of long-term debt	1,640.0	1,614.1
Notes payable	249.1	11.8
Other current liabilities	1,576.9	1,419.4
Total current liabilities	7,289.4	7,033.1
Long-term debt	11,431.3	11,304.2
Deferred income taxes	2,195.3	2,200.6
Other liabilities	1,326.6	1,283.5
Total liabilities	22,242.6	21,821.4
Stockholders' equity:
Common stock, 754.6 shares issued, $0.10 par value	75.5	75.5
Additional paid-in capital	1,164.6	1,227.0
Retained earnings	21,213.9	20,971.8
Common stock in treasury, at cost, shares of 198.8 and 195.5	(10,601.9)	(10,357.9)
Accumulated other comprehensive loss	(2,576.5)	(2,519.7)
Total stockholders' equity	9,275.6	9,396.7
Noncontrolling interests	251.0	251.8
Total equity	9,526.6	9,648.5
Total liabilities and equity	$ 31,769.2	$ 31,469.9

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 11, 2024	Aug. 25, 2024	May 26, 2024	Aug. 27, 2023
Stockholders' equity:
Common stock, shares issued		754,600,000	754,600,000
Common stock, par value per share		$ 0.10	$ 0.10	$ 0.10
Shares held in the treasury	199,454,430	198,800,000	195,500,000

XML

Consolidated Statements of Total Equity - USD ($) shares in Millions, $ in Millions	Total	Parent [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Common Stock in Treasury [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]
Beginning Balance, Treasury Stock, Shares at May. 28, 2023						(168.0)
Stockholders' Equity, Number of Shares
Shares purchased, including excise tax of $2.2 and $4.2 million, shares	(6.4)					(6.4)
Stock compensation plans						1.0
Ending Balance, Treasury Stock, Shares at Aug. 27, 2023						(173.4)
Ending Balance, Common Stock, Shares, Issued at Aug. 27, 2023			754.6
Beginning Balance, equity at May. 28, 2023	$ 10,700.0			$ 1,222.4	$ 19,838.6	$ (8,410.0)	$ (2,276.9)	$ 250.4
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Shares purchased, including excise tax of $2.2 and $4.2 million, value	(504.7)					(504.7)
Stock compensation plans				7.3		40.4
Unearned compensation related to stock unit awards				(79.4)
Earned compensation				35.4
Comprehensive income							(11.2)	6.9
Net earnings attributable to General Mills	673.5	$ 673.5			673.5
Distributions to noncontrolling interest holders								(4.3)
Cash dividends declared ($0.60 and $0.59 per share)					(348.5)
Ending Balance, equity at Aug. 27, 2023	$ 10,515.4		$ 75.5	1,185.7	20,163.6	$ (8,874.3)	(2,288.1)	253.0
Beginning Balance, Common Stock, Shares, Issued at May. 26, 2024	754.6
Beginning Balance, Treasury Stock, Shares at May. 26, 2024	(195.5)					(195.5)
Stockholders' Equity, Number of Shares
Shares purchased, including excise tax of $2.2 and $4.2 million, shares	(4.5)					(4.5)
Stock compensation plans						1.2
Ending Balance, Treasury Stock, Shares at Aug. 25, 2024	(198.8)					(198.8)
Ending Balance, Common Stock, Shares, Issued at Aug. 25, 2024	754.6		754.6
Beginning Balance, equity at May. 26, 2024	$ 9,648.5			1,227.0	20,971.8	$ (10,357.9)	(2,519.7)	251.8
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Shares purchased, including excise tax of $2.2 and $4.2 million, value	(302.2)					(302.2)
Stock compensation plans				(5.2)		58.2
Unearned compensation related to stock unit awards				(77.1)
Earned compensation				19.9
Comprehensive income							(56.8)	4.2
Net earnings attributable to General Mills	579.9	$ 579.9			579.9
Distributions to noncontrolling interest holders								(5.0)
Cash dividends declared ($0.60 and $0.59 per share)					(337.8)
Ending Balance, equity at Aug. 25, 2024	$ 9,526.6		$ 75.5	$ 1,164.6	$ 21,213.9	$ (10,601.9)	$ (2,576.5)	$ 251.0

XML

Consolidated Statements of Total Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Consolidated Statements of Total Equity [Abstract]
Common stock, par value per share	$ 0.10	$ 0.10
Common stock, shares authorized	1,000,000,000	1,000,000,000
Shares purchased, excise tax	$ 2.2	$ 4.2
Cash dividends declared per share	$ 0.60	$ 0.59

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Cash Flows - Operating Activities
Net earnings, including earnings attributable to noncontrolling interests	$ 583.6	$ 680.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	139.6	137.2
After-tax earnings from joint ventures	(19.2)	(23.5)
Distributions of earnings from joint ventures	23.1	15.8
Stock-based compensation	20.3	35.3
Deferred income taxes	16.2	(14.5)
Pension and other postretirement benefit plan contributions	(7.5)	(7.4)
Pension and other postretirement benefit plan costs	(3.2)	(5.3)
Restructuring, impairment, and other exit costs	0.2	2.4
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures	(107.6)	(457.4)
Other, net	(21.3)	15.2
Net cash provided by operating activities	624.2	378.1
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment	(140.3)	(141.7)
Acquisition, net of cash acquired	(7.7)	0.0
Proceeds from disposal of land, buildings, and equipment	0.6	0.0
Other, net	(0.6)	6.2
Net cash used by investing activities	(148.0)	(135.5)
Cash Flows - Financing Activities
Change in notes payable	238.0	551.8
Proceeds from common stock issued on exercised options	9.4	4.5
Purchases of common stock for treasury	(300.0)	(500.5)
Dividends paid	(337.8)	(348.5)
Distributions to noncontrolling interest holders	(5.0)	(4.3)
Other, net	(34.0)	(37.2)
Net cash used by financing activities	(429.4)	(334.2)
Effect of exchange rate changes on cash and cash equivalents	3.3	(3.0)
Increase (decrease) in cash and cash equivalents	50.1	(94.6)
Cash and cash equivalents - beginning of year	418.0	585.5
Cash and cash equivalents - end of period	468.1	490.9
Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures:
Receivables	(145.6)	(104.4)
Inventories	(95.7)	(54.3)
Prepaid expenses and other current assets	59.7	140.9
Accounts payable	(76.4)	(443.8)
Other current liabilities	150.4	4.2
Changes in current assets and liabilities	$ (107.6)	$ (457.4)

XML

Background

3 Months Ended

Aug. 25, 2024

Background [Abstract]

Background

(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 and

any noncontrolling interests’ share of those transactions. Operating results for the fiscal quarter ended August 25, 2024, are not

necessarily indicative of the results that may be expected for the fiscal year ending May 25, 2025. 

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 26, 2024. 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 terms used throughout this report are defined in the “Glossary” section below.

XML

Acquisition And Divestiture

3 Months Ended

Aug. 25, 2024

Acquisition And Divestiture [Abstract]

Acquisition And Divestiture

(2) Acquisition and Divestiture

During the fourth quarter of fiscal 2024, we acquired a pet food business in Europe, for a purchase price of $

434.1

 million, net of cash

acquired. During the first quarter of fiscal 2025, we paid $

7.7

 million related to a purchase price holdback after certain closing

conditions were met.

We

financed the transaction with cash on hand. We consolidated the business into our Consolidated Balance

Sheets and recorded goodwill of $

317.7

 million, an indefinite-lived brand intangible asset of $

118.4

 million and a finite-lived

customer relationship asset of $

14.2

 million. The goodwill is included in the International 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

International operating segment on a one-month lag beginning in fiscal 2025.

On September 12, 2024, subsequent to the end of the first quarter of fiscal 2025, we entered into definitive agreements to sell our

North American Yogurt businesses to affiliates of Groupe Lactalis S.A. (Lactalis) and Sodiaal International (Sodiaal) for

approximately $

2.1

 billion. We expect to close these divestitures in calendar year 2025, subject to regulatory approvals and other

customary closing conditions.

XML

Restructuring, Impairment, And Other Exit Costs

3 Months Ended

Aug. 25, 2024

Restructuring, Impairment, And Other Exit Costs [Abstract]

Restructuring, Impairment, And Other Exit Costs

(3) Restructuring, Impairment, and Other Exit Costs

In the first quarter of fiscal 2025, we did not undertake any new restructuring actions. We recorded $

2.9

 million of restructuring

charges in the first quarter of fiscal 2025 and $

9.8

 million of restructuring charges in the first quarter of fiscal 2024 related to

restructuring actions previously announced. We expect these actions to be completed by the end of fiscal 2026.

We paid net $

2.7

 million of cash in the first quarter of fiscal 2025 related to restructuring actions. We paid net $

7.4

 million of cash in

the same period of fiscal 2024.

Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Restructuring, impairment, and other exit costs

$

2.2

$

1.2

Cost of sales

0.7

8.6

Total restructuring charges

$

2.9

$

9.8

Project-related costs classified in cost of sales

$

0.1

$

0.8

XML

Goodwill And Other Intangible Assets

3 Months Ended

Aug. 25, 2024

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

In Millions

Aug. 25, 2024

May 26, 2024

Goodwill

$

14,787.7

$

14,750.7

Other intangible assets:

Intangible assets not subject to amortization:

Brands and other indefinite-lived intangibles

6,735.9

6,728.6

Intangible assets subject to amortization:

Customer relationships and other finite-lived intangibles

402.9

402.2

Less accumulated amortization

(156.0)

(150.9)

Intangible assets subject to amortization, net

246.9

251.3

Other intangible assets

6,982.8

6,979.9

Total

$

21,770.5

$

21,730.6

In Millions

North

America

Retail

North

America

Pet

North

America

Foodservice

International

(a)

Corporate

and Joint

Ventures

Total

Balance as of May 26, 2024

$

6,541.9

$

6,062.8

$

805.5

$

917.1

$

423.4

$

14,750.7

Other activity, primarily 

 foreign currency translation

1.4

-

-

23.0

12.6

37.0

Balance as of Aug. 25, 2024

$

6,543.3

$

6,062.8

$

805.5

$

940.1

$

436.0

$

14,787.7

In Millions

Total

Balance as of May 26, 2024

$

6,979.9

Foreign currency translation, net of amortization

2.9

Balance as of Aug. 25, 2024

$

6,982.8

(4) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

Based on the carrying value of finite-lived intangible assets as of August 25, 2024, 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 2025 were as follows:

The changes in the carrying amount of other intangible assets during the first quarter of fiscal 2025 were as follows:

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2024. As a result of lower future profitability projections for our Latin America reporting unit, we determined that the fair value

of the reporting unit was less than its book value and recorded a $

117.1

 million non-cash goodwill impairment charge. In addition,

during the fourth quarter of fiscal 2024, we executed our fiscal 2025 planning process and preliminary long-range planning process,

which resulted in lower future sales and profitability projections for the businesses supporting our

Top Chews

,

True Chews

, and

EPIC

brand intangible assets. As a result of this triggering event, we performed an interim impairment assessment of these assets as of May

26, 2024, and determined that the fair value of these brand intangible assets no longer exceeded the carrying values of the respective

assets, resulting in $

103.1

 million of non-cash impairment charges. We recorded impairment charges in restructuring, impairment, and

other exit costs in our Consolidated Statements of Earnings. Our estimates of the fair values were determined based on a discounted

cash flow model using inputs which included our long-range cash flow projections for the businesses, royalty rates, weighted -average

cost of capital rates, and tax rates. These fair values are Level 3 assets in the fair value hierarchy.

All other intangible asset 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 2024 assessment date, the

Progresso

,

Nudges

, and

True Chews

brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment.

The carrying amounts of goodwill within the International segment as of May 26, 2024, and August 25, 2024, were net of

accumulated impairment losses of $

117.1

 million.

XML

Inventories

3 Months Ended

Aug. 25, 2024

Inventories [Abstract]

Inventories

(5) Inventories

The components of inventories were as follows:

In Millions

Aug. 25, 2024

May 26, 2024

Finished goods

$

1,975.1

$

1,827.7

Raw materials and packaging

488.4

500.5

Grain

79.3

111.1

Excess of FIFO over LIFO cost

(546.4)

(541.1)

Total

$

1,996.4

$

1,898.2

XML

Risk Management Activities

3 Months Ended

Aug. 25, 2024

Risk Management Activities [Abstract]

Risk Management Activities

(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

currently 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 25, 2024, and August 27, 2023, included:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net (loss) gain on mark-to-market valuation of certain 

 commodity positions

$

(37.7)

$

28.4

Net loss on commodity positions reclassified from 

 unallocated corporate items to segment operating profit

17.2

3.2

Net mark-to-market revaluation of certain grain inventories

(8.3)

13.3

Net mark-to-market valuation of certain commodity 

 positions recognized in unallocated corporate items

$

(28.8)

$

44.9

As of August 25, 2024, the net notional value of commodity derivatives was $

233.4

 million, of which $

118.6

 million related to

agricultural inputs and $

114.8

 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 25, 2024, we hedged a portion of

these investments with €

3,979.4

 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 25, 2024, 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. 

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 25, 2024, $

1,421.6

 million of our total accounts payable were payable to suppliers who utilize these third-

party services. As of May 26, 2024, $

1,404.4

 million of our total accounts payable were payable to suppliers who utilize these third-

party services.

XML

Debt

3 Months Ended

Aug. 25, 2024

Debt [Abstract]

Debt

(7) Debt

The components of notes payable were as follows:

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 fee-paid committed and uncommitted credit lines we had available as of August 25, 2024:

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.7

-

Total committed and uncommitted credit facilities

$

3.4

$

-

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 25, 2024.

Long-Term Debt 

The fair values and carrying amounts of long-term debt, including the current portion, were $

12,653.5

 million and $

13,071.3

 million,

respectively, as of August 25, 2024. 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 2024, we issued €

500.0

 million of

3.65

 percent fixed-rate notes due

October 23, 2030

. We used the net

proceeds for general corporate purposes.

In the fourth quarter of fiscal 2024, we issued €

500.0

 million of

3.85

 percent fixed-rate notes due

April 23, 2034

. We used the net

proceeds for general corporate purposes.

In the third quarter of fiscal 2024, we issued $

500.0

 million of

4.7

 percent fixed-rate notes due

January 30, 2027

. We used the net

proceeds to repay $

500.0

 million of

3.65

 percent fixed-rate notes due

February 15, 2024

. 

In the second quarter of fiscal 2024, we issued €

250.0

 million of floating-rate notes due

November 8, 2024

. We used the net proceeds

to repay €

250.0

 million of floating-rate notes due

November 10, 2023

. 

In the second quarter of fiscal 2024, we issued $

500.0

 million of

5.5

 percent fixed-rate notes due

October 17, 2028

. We used the net

proceeds to repay $

400.0

 million of floating-rate notes due

October 17, 2023

, and for general corporate purposes. 

In the first quarter of fiscal 2024, we issued €

500.0

 million of floating-rate notes due

November 8, 2024

. We used the net proceeds to

repay €

500.0

 million of floating-rate notes due

July 27, 2023

. 

Certain of our long-term debt agreements contain restrictive covenants.

As of August 25, 2024, we were in compliance with all of

these covenants.

Aug. 25, 2024

May 26, 2024

In Millions

Notes Payable

Weighted-

Average

Interest Rate

Notes Payable

Weighted-

Average

Interest Rate

U.S. commercial paper

$

205.0

5.4

%

$

-

-

%

Financial institutions

44.1

7.7

11.8

8.8

Total

$

249.1

5.8

%

$

11.8

8.8

%

XML

Noncontrolling Interests

3 Months Ended

Aug. 25, 2024

Noncontrolling Interests [Abstract]

Noncontrolling Interests

(8) Noncontrolling Interests

The third-party holder of the General Mills Cereals, LLC (GMC) Class A Interests receives 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 (currently $

251.5

 million). On June 1, 2024, the floating preferred return rate on GMC’s

Class A Interests was reset to the sum of the

three-month Term SOFR

 plus

261

 basis points. The preferred return rate is adjusted every

three years

 through a negotiated agreement with the Class A Interest holder or through a remarketing auction.

Our noncontrolling interests contain restrictive covenants. As of August 25, 2024, we were in compliance with all of these covenants.

XML

Stockholders' Equity

3 Months Ended

Aug. 25, 2024

Stockholders' Equity [Abstract]

Stockholders' Equity

Quarter Ended

Quarter Ended

Aug. 25, 2024

Aug. 27, 2023

General Mills

Noncontrolling

Interests 

General Mills

Noncontrolling

Interests

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net earnings, including earnings 

 attributable to noncontrolling interests 

$

579.9

$

3.7

$

673.5

$

6.8

Other comprehensive (loss) income:

Foreign currency translation

$

(93.9)

$

31.5

(62.4)

0.5

$

(22.0)

$

3.8

(18.2)

0.1

Other fair value changes:

Hedge derivatives

(7.5)

1.5

(6.0)

-

(2.7)

0.4

(2.3)

-

Reclassification to earnings:

Hedge derivatives (a)

(0.4)

0.4

-

-

(1.3)

1.5

0.2

-

Amortization of losses and

 prior service costs (b)

14.5

(2.9)

11.6

-

11.5

(2.4)

9.1

-

Other comprehensive (loss) income

$

(87.3)

$

30.5

(56.8)

0.5

$

(14.5)

$

3.3

(11.2)

0.1

Total comprehensive income

$

523.1

$

4.2

$

662.3

$

6.9

In Millions

Aug. 25, 2024

May 26, 2024

Foreign currency translation adjustments

$

(857.7)

$

(795.3)

Unrealized (loss) gain from hedge derivatives

(5.8)

0.2

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,790.8)

(1,806.3)

Prior service credits

77.8

81.7

Accumulated other comprehensive loss

$

(2,576.5)

$

(2,519.7)

(9) Stockholders’ Equity 

The following tables provide details of total comprehensive income:

(a) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and 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:

XML

Stock Plans

3 Months Ended

Aug. 25, 2024

Stock Plans [Abstract]

Stock Plans

(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 26, 2024.

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Compensation expense related to stock-based payments

$

20.3

$

35.3

Windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Windfall tax benefits from stock-based payments

$

2.8

$

8.4

As of August 25, 2024, unrecognized compensation expense related to non-vested stock options, restricted stock units, and

performance share units was $

185.9

 million. This expense will be recognized over

26

 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. 25, 2024

Aug. 27, 2023

Net cash proceeds

$

9.4

$

4.5

Intrinsic value of options exercised

$

1.9

$

2.1

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 26, 2024.

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. 25, 2024

Aug. 27, 2023

Estimated fair values of stock options granted 

$

13.20

$

17.47

Assumptions:

Risk-free interest rate

4.5

%

4.0

%

Expected term

8.5

years

8.5

years

Expected volatility

21.6

%

21.4

%

Dividend yield

3.8

%

2.8

%

The total grant date fair value of restricted stock unit awards that vested during the period was as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Total grant date fair value

$

90.8

$

104.8

XML

Earnings Per Share

3 Months Ended

Aug. 25, 2024

Earnings Per Share [Abstract]

Earnings Per Share

(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. 25, 2024

Aug. 27, 2023

Net earnings attributable to General Mills

$

579.9

$

673.5

Average number of common shares – basic EPS

560.5

586.3

Incremental share effect from: (a)

Stock options

1.5

2.8

Restricted stock units and performance share units

1.8

2.3

Average number of common shares – diluted EPS

563.8

591.4

Earnings per share – basic

$

1.03

$

1.15

Earnings per share – diluted

$

1.03

$

1.14

(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. 25, 2024

Aug. 27, 2023

Anti-dilutive stock options, restricted stock units, and

 performance share units 

4.4

1.6

XML

Share Repurchases

3 Months Ended

Aug. 25, 2024

Share Repurchases [Abstract]

Share Repurchases

(12) Share Repurchases

Share repurchases were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Shares of common stock

4.5

6.4

Aggregate purchase price

$

302.2

$

504.7

XML

Statements Of Cash Flows

3 Months Ended

Aug. 25, 2024

Statements Of Cash Flows [Abstract]

Statements Of Cash Flows

(13) Statements of Cash Flows

Our Consolidated Statements of Cash Flows include the following:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net cash interest payments

$

83.7

$

83.9

Net income tax payments

$

18.7

$

13.7

XML

Retirement And Postemployment Benefits

3 Months Ended

Aug. 25, 2024

Retirement And Postemployment Benefits [Abstract]

Retirement And Postemployment Benefits

(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. 25,

2024

Aug. 27,

2023

Aug. 25,

2024

Aug. 27,

2023

Aug. 25,

2024

Aug. 27,

2023

Service cost

$

13.0

$

14.2

$

1.1

$

1.2

$

1.8

$

1.8

Interest cost

76.7

74.2

5.3

5.3

1.0

1.0

Expected return on plan assets

(105.0)

(102.9)

(9.0)

(8.7)

-

-

Amortization of losses (gains)

25.1

21.5

(5.2)

(5.1)

0.1

-

Amortization of prior service costs (credits)

0.3

0.4

(5.5)

(5.4)

(0.3)

0.1

Other adjustments

-

-

-

-

2.6

2.6

Net expense (income)

$

10.1

$

7.4

$

(13.3)

$

(12.7)

$

5.2

$

5.5

XML

Income Taxes

3 Months Ended

Aug. 25, 2024

Income Taxes [Abstract]

Income Taxes

(15) Income Taxes

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.

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 is 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.

XML

Contingencies

3 Months Ended

Aug. 25, 2024

Contingencies [Abstract]

Contingencies

(16) Contingencies

During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its

state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we

have meritorious defenses against this claim and will vigorously defend our position. As of August 25, 2024, we are unable to estimate

any possible loss and have not recorded a loss contingency for this matter.

XML

Business Segment And Geographic Information

3 Months Ended

Aug. 25, 2024

Business Segment And Geographic Information [Abstract]

Business Segment And Geographic Information

(17) 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. In the first quarter of fiscal 2025, we renamed the Pet segment to the North America

Pet segment to reflect that pet food results outside North America are recorded in the International segment. There were no changes to

the composition of our reportable segments or information reviewed by our chief operating decision maker and no impact on our

historical segment operating results.

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, refrigerated yogurt, 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.

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, refrigerated yogurt, 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.

Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, impairment,

and other exit costs. Results from certain businesses managed by our Gold Medal Ventures entity 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.

Our operating segment results were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net sales:

North America Retail

$

3,016.6

$

3,073.0

International

717.0

715.8

North America Pet

576.1

579.9

North America Foodservice

536.2

536.0

Total segment net sales

$

4,845.9

$

4,904.7

Corporate and other

2.2

-

Total net sales

$

4,848.1

$

4,904.7

Operating profit:

North America Retail

$

745.7

$

798.2

International

20.9

50.0

North America Pet

119.4

111.2

North America Foodservice

71.5

59.1

Total segment operating profit

$

957.5

$

1,018.5

Unallocated corporate items

123.8

87.3

Restructuring, impairment, and other exit costs

2.2

1.2

Operating profit

$

831.5

$

930.0

Net sales for our North America Retail operating units were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

U.S. Meals & Baking Solutions

$

946.3

$

941.9

U.S. Snacks

910.5

954.5

U.S. Morning Foods

902.9

927.8

Canada

256.9

248.8

Total

$

3,016.6

$

3,073.0

Net sales by class of similar products were as follows:

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Snacks

$

1,106.8

$

1,136.7

Cereal

793.1

817.9

Convenient meals

678.9

665.5

Pet

604.6

579.9

Dough

517.8

534.9

Baking mixes and ingredients

457.1

466.5

Yogurt

371.9

368.4

Super-premium ice cream

212.9

224.0

Other

105.0

110.9

Total

$

4,848.1

$

4,904.7

XML

Restructuring, Impairment, And Other Exit Costs (Tables)

3 Months Ended

Aug. 25, 2024

Restructuring, Impairment, And Other Exit Costs [Abstract]

Restructuring, Impairment Charges And Project-Related Costs

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Restructuring, impairment, and other exit costs

$

2.2

$

1.2

Cost of sales

0.7

8.6

Total restructuring charges

$

2.9

$

9.8

Project-related costs classified in cost of sales

$

0.1

$

0.8

XML

Goodwill And Other Intangible Assets (Tables)

3 Months Ended

Aug. 25, 2024

Goodwill And Other Intangible Assets [Abstract]

Components Of Goodwill And Other Intangible Assets

In Millions

Aug. 25, 2024

May 26, 2024

Goodwill

$

14,787.7

$

14,750.7

Other intangible assets:

Intangible assets not subject to amortization:

Brands and other indefinite-lived intangibles

6,735.9

6,728.6

Intangible assets subject to amortization:

Customer relationships and other finite-lived intangibles

402.9

402.2

Less accumulated amortization

(156.0)

(150.9)

Intangible assets subject to amortization, net

246.9

251.3

Other intangible assets

6,982.8

6,979.9

Total

$

21,770.5

$

21,730.6

Changes In Carrying Amount Of Goodwill

In Millions

North

America

Retail

North

America

Pet

North

America

Foodservice

International

(a)

Corporate

and Joint

Ventures

Total

Balance as of May 26, 2024

$

6,541.9

$

6,062.8

$

805.5

$

917.1

$

423.4

$

14,750.7

Other activity, primarily 

 foreign currency translation

1.4

-

-

23.0

12.6

37.0

Balance as of Aug. 25, 2024

$

6,543.3

$

6,062.8

$

805.5

$

940.1

$

436.0

$

14,787.7

The carrying amounts of goodwill within the International segment as of May 26, 2024, and August 25, 2024, were net of

accumulated impairment losses of $

117.1

 million.

Changes In Carrying Amount Of Other Intangible Assets

In Millions

Total

Balance as of May 26, 2024

$

6,979.9

Foreign currency translation, net of amortization

2.9

Balance as of Aug. 25, 2024

$

6,982.8

XML

Inventories (Tables)

3 Months Ended

Aug. 25, 2024

Inventories [Abstract]

Schedule Of Components Of Inventories

In Millions

Aug. 25, 2024

May 26, 2024

Finished goods

$

1,975.1

$

1,827.7

Raw materials and packaging

488.4

500.5

Grain

79.3

111.1

Excess of FIFO over LIFO cost

(546.4)

(541.1)

Total

$

1,996.4

$

1,898.2

XML

Risk Management Activities (Tables)

3 Months Ended

Aug. 25, 2024

Risk Management Activities [Abstract]

Schedule of Unallocated Corporate items

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net (loss) gain on mark-to-market valuation of certain 

 commodity positions

$

(37.7)

$

28.4

Net loss on commodity positions reclassified from 

 unallocated corporate items to segment operating profit

17.2

3.2

Net mark-to-market revaluation of certain grain inventories

(8.3)

13.3

Net mark-to-market valuation of certain commodity 

 positions recognized in unallocated corporate items

$

(28.8)

$

44.9

XML

Debt (Tables)

3 Months Ended

Aug. 25, 2024

Debt [Abstract]

Schedule Of Components Of Notes Payable

Aug. 25, 2024

May 26, 2024

In Millions

Notes Payable

Weighted-

Average

Interest Rate

Notes Payable

Weighted-

Average

Interest Rate

U.S. commercial paper

$

205.0

5.4

%

$

-

-

%

Financial institutions

44.1

7.7

11.8

8.8

Total

$

249.1

5.8

%

$

11.8

8.8

%

Schedule Of Fee-Paid Committed and Uncommitted Credit Lines

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.7

-

Total committed and uncommitted credit facilities

$

3.4

$

-

XML

Stockholders' Equity (Tables)

3 Months Ended

Aug. 25, 2024

Stockholders' Equity [Abstract]

Schedule of Total Comprehensive Income (Loss)

Quarter Ended

Quarter Ended

Aug. 25, 2024

Aug. 27, 2023

General Mills

Noncontrolling

Interests 

General Mills

Noncontrolling

Interests

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net earnings, including earnings 

 attributable to noncontrolling interests 

$

579.9

$

3.7

$

673.5

$

6.8

Other comprehensive (loss) income:

Foreign currency translation

$

(93.9)

$

31.5

(62.4)

0.5

$

(22.0)

$

3.8

(18.2)

0.1

Other fair value changes:

Hedge derivatives

(7.5)

1.5

(6.0)

-

(2.7)

0.4

(2.3)

-

Reclassification to earnings:

Hedge derivatives (a)

(0.4)

0.4

-

-

(1.3)

1.5

0.2

-

Amortization of losses and

 prior service costs (b)

14.5

(2.9)

11.6

-

11.5

(2.4)

9.1

-

Other comprehensive (loss) income

$

(87.3)

$

30.5

(56.8)

0.5

$

(14.5)

$

3.3

(11.2)

0.1

Total comprehensive income

$

523.1

$

4.2

$

662.3

$

6.9

(a) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.

(b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.

Schedule Of Accumulated Other Comprehensive Income (Loss)

In Millions

Aug. 25, 2024

May 26, 2024

Foreign currency translation adjustments

$

(857.7)

$

(795.3)

Unrealized (loss) gain from hedge derivatives

(5.8)

0.2

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,790.8)

(1,806.3)

Prior service credits

77.8

81.7

Accumulated other comprehensive loss

$

(2,576.5)

$

(2,519.7)

XML

Stock Plans (Tables)

3 Months Ended

Aug. 25, 2024

Stock Plans [Abstract]

Schedule Of Compensation Expense Related To Stock-Based Payments

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Compensation expense related to stock-based payments

$

20.3

$

35.3

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Windfall tax benefits from stock-based payments

$

2.8

$

8.4

Net Cash Proceeds And Intrinsic Value Of Options Exercised

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net cash proceeds

$

9.4

$

4.5

Intrinsic value of options exercised

$

1.9

$

2.1

Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model

Quarter Ended

Aug. 25, 2024

Aug. 27, 2023

Estimated fair values of stock options granted 

$

13.20

$

17.47

Assumptions:

Risk-free interest rate

4.5

%

4.0

%

Expected term

8.5

years

8.5

years

Expected volatility

21.6

%

21.4

%

Dividend yield

3.8

%

2.8

%

Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Total grant date fair value

$

90.8

$

104.8

XML

Earnings Per Share (Tables)

3 Months Ended

Aug. 25, 2024

Earnings Per Share [Abstract]

Schedule Of Basic And Diluted EPS

Quarter Ended

In Millions, Except per Share Data

Aug. 25, 2024

Aug. 27, 2023

Net earnings attributable to General Mills

$

579.9

$

673.5

Average number of common shares – basic EPS

560.5

586.3

Incremental share effect from: (a)

Stock options

1.5

2.8

Restricted stock units and performance share units

1.8

2.3

Average number of common shares – diluted EPS

563.8

591.4

Earnings per share – basic

$

1.03

$

1.15

Earnings per share – diluted

$

1.03

$

1.14

(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock

method

Stock Options And Restricted Units Not Dilutive

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Anti-dilutive stock options, restricted stock units, and

 performance share units 

4.4

1.6

XML

Share Repurchases (Tables)

3 Months Ended

Aug. 25, 2024

Share Repurchases [Abstract]

Share Repurchases

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Shares of common stock

4.5

6.4

Aggregate purchase price

$

302.2

$

504.7

XML

Statements Of Cash Flows (Tables)

3 Months Ended

Aug. 25, 2024

Statements Of Cash Flows [Abstract]

Consolidated Statements Of Cash Flows Supplemental Disclosures

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net cash interest payments

$

83.7

$

83.9

Net income tax payments

$

18.7

$

13.7

XML

Retirement And Postemployment Benefits (Tables)

3 Months Ended

Aug. 25, 2024

Retirement And Postemployment Benefits [Abstract]

Components Of Net Periodic Benefit Expense (Income)

Defined Benefit

Pension Plans

Other Postretirement 

Benefit Plans

Postemployment

Benefit Plans

Quarter Ended

Quarter Ended

Quarter Ended

In Millions

Aug. 25,

2024

Aug. 27,

2023

Aug. 25,

2024

Aug. 27,

2023

Aug. 25,

2024

Aug. 27,

2023

Service cost

$

13.0

$

14.2

$

1.1

$

1.2

$

1.8

$

1.8

Interest cost

76.7

74.2

5.3

5.3

1.0

1.0

Expected return on plan assets

(105.0)

(102.9)

(9.0)

(8.7)

-

-

Amortization of losses (gains)

25.1

21.5

(5.2)

(5.1)

0.1

-

Amortization of prior service costs (credits)

0.3

0.4

(5.5)

(5.4)

(0.3)

0.1

Other adjustments

-

-

-

-

2.6

2.6

Net expense (income)

$

10.1

$

7.4

$

(13.3)

$

(12.7)

$

5.2

$

5.5

XML

Business Segment And Geographic Information (Tables)

3 Months Ended

Aug. 25, 2024

Business Segment And Geographic Information [Abstract]

Operating Segment Results

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Net sales:

North America Retail

$

3,016.6

$

3,073.0

International

717.0

715.8

North America Pet

576.1

579.9

North America Foodservice

536.2

536.0

Total segment net sales

$

4,845.9

$

4,904.7

Corporate and other

2.2

-

Total net sales

$

4,848.1

$

4,904.7

Operating profit:

North America Retail

$

745.7

$

798.2

International

20.9

50.0

North America Pet

119.4

111.2

North America Foodservice

71.5

59.1

Total segment operating profit

$

957.5

$

1,018.5

Unallocated corporate items

123.8

87.3

Restructuring, impairment, and other exit costs

2.2

1.2

Operating profit

$

831.5

$

930.0

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

U.S. Meals & Baking Solutions

$

946.3

$

941.9

U.S. Snacks

910.5

954.5

U.S. Morning Foods

902.9

927.8

Canada

256.9

248.8

Total

$

3,016.6

$

3,073.0

Net Sales By Class Of Similar Products

Quarter Ended

In Millions

Aug. 25, 2024

Aug. 27, 2023

Snacks

$

1,106.8

$

1,136.7

Cereal

793.1

817.9

Convenient meals

678.9

665.5

Pet

604.6

579.9

Dough

517.8

534.9

Baking mixes and ingredients

457.1

466.5

Yogurt

371.9

368.4

Super-premium ice cream

212.9

224.0

Other

105.0

110.9

Total

$

4,848.1

$

4,904.7

XML

Acquisition And Divestiture (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	May 26, 2024	Sep. 12, 2024
Business Acquisition [Line Items]
Goodwill	$ 14,787.7	$ 14,750.7
European Pet Business [Member]
Business Acquisition [Line Items]
Purchase price		$ 434.1
Payment of acquisition amount heldback	7.7
Goodwill	317.7
Indefinite-Lived Intangible Assets	118.4
Finite-Lived Intangibles	$ 14.2
North American Yogurt Businesses [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Sale price of businesses			$ 2,100.0

XML

Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Aug. 25, 2024	Aug. 27, 2023	May 26, 2024
Restructuring and Related Cost [Line Items]
Restructuring (recoveries) charges	$ 2.9	$ 9.8
Goodwill impairment			$ 117.1
Restructuring charges, cash	2.7	7.4
Charges associated with restructuring actions previously announced [Member]
Restructuring and Related Cost [Line Items]
Restructuring (recoveries) charges	$ 2.9	$ 9.8

XML

Restructuring, Impairment, and Other Exit Costs (Restructuring, Impairment Charges And Project-Related Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Restructuring and Related Cost [Line Items]
Restructuring and impairment charges	$ 2.9	$ 9.8
Project-related costs classified in cost of sales	0.1	0.8
Restructuring, Impairment and Other Exit Costs [Member]
Restructuring and Related Cost [Line Items]
Restructuring and impairment charges	2.2	1.2
Cost of Sales [Member]
Restructuring and Related Cost [Line Items]
Restructuring and impairment charges	$ 0.7	$ 8.6

XML

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 26, 2024	Aug. 25, 2024
Goodwill and Intangible Assets [Line Items]
Future amortization expense, year one		$ 20.0
Future amortization expense, year two		20.0
Future amortization expense, year three		20.0
Future amortization expense, year four		20.0
Future amortization expense, year five		$ 20.0
Goodwill impairment	$ 117.1
Impairment of intangible assets	$ 103.1

XML

Goodwill and Other Intangible Assets (Components Of Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Goodwill And Other Intangible Assets [Abstract]
Goodwill	$ 14,787.7	$ 14,750.7
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles	6,735.9	6,728.6
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles	402.9	402.2
Less accumulated amortization	(156.0)	(150.9)
Intangible assets subject to amortization, net	246.9	251.3
Other intangible assets	6,982.8	6,979.9
Total	$ 21,770.5	$ 21,730.6

XML

Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Aug. 25, 2024	May 26, 2024
Goodwill [Line Items]
Beginning balance	$ 14,750.7
Impairment charge		$ (117.1)
Other activity, primarily foreign currency translation	37.0
Ending balance	14,787.7	14,750.7
North America Retail Segment [Member]
Goodwill [Line Items]
Beginning balance	6,541.9
Other activity, primarily foreign currency translation	1.4
Ending balance	6,543.3	6,541.9
North America Pet [Member]
Goodwill [Line Items]
Beginning balance	6,062.8
Other activity, primarily foreign currency translation	0.0
Ending balance	6,062.8	6,062.8
North America Foodservice [Member]
Goodwill [Line Items]
Beginning balance	805.5
Other activity, primarily foreign currency translation	0.0
Ending balance	805.5	805.5
International [Member]
Goodwill [Line Items]
Beginning balance	917.1
Other activity, primarily foreign currency translation	23.0
Ending balance	940.1	917.1
Accumulated impairment losses	117.1	117.1
Corporate and Joint Ventures [Member]
Goodwill [Line Items]
Beginning balance	423.4
Other activity, primarily foreign currency translation	12.6
Ending balance	$ 436.0	$ 423.4

XML

Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Other Intangible Assets) (Details) $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($)
Indefinite Lived Intangible Assets By Major Class [Line Items]
Beginning balance - carrying value	$ 6,979.9
Foreign currency translation, net of amortization	2.9
Ending balance - carrying value	$ 6,982.8

XML

Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Inventories [Abstract]
Finished goods	$ 1,975.1	$ 1,827.7
Raw materials and packaging	488.4	500.5
Grain	79.3	111.1
Excess of FIFO over LIFO cost	(546.4)	(541.1)
Total	$ 1,996.4	$ 1,898.2

XML

Risk Management Activities (Narrative) (Details) € in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($)	Feb. 25, 2024 USD ($)	Aug. 25, 2024 EUR (€)	May 26, 2024 USD ($)
Derivative [Line Items]
Accounts payable to suppliers who utilize third party service	$ 1,421.6			$ 1,404.4
Long-term debt, carrying value	13,071.3
Euro Denominated Bonds Used For Hedging [Member]
Derivative [Line Items]
Long-term debt, carrying value | €			€ 3,979.4
4.7% Fixed Rate Note [Member]
Derivative [Line Items]
Issuance of long-term debt		$ 500.0
Commodity Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 233.4
Average period of utilization	12 months
Agricultural Related Derivative [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 118.6
Energy Related Derivative [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 114.8

XML

Risk Management Activities (Schedule Of Unallocated Corporate items) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Commodity Price Risk [Abstract]
Net (loss) gain on mark-to-market valuation of certain commodity positions	$ (37.7)	$ 28.4
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit	17.2	3.2
Net mark-to-market revaluation of certain grain inventories	(8.3)	13.3
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items	$ (28.8)	$ 44.9

XML

Debt (Narrative) (Details) € in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($)	May 26, 2024 EUR (€)	Feb. 25, 2024 USD ($)	Nov. 26, 2023 EUR (€)	Nov. 26, 2023 USD ($)	Aug. 27, 2023 EUR (€)
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 13,071.3
Committed Credit Facilities [Member]
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio	2.5
Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	$ 12,653.5
3.650% Notes due 2030 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt | €		€ 500.0
Fixed interest rate percentage		3.65%
Maturity date		Oct. 23, 2030
3.850% Notes due 2034 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt | €		€ 500.0
Fixed interest rate percentage		3.85%
Maturity date		Apr. 23, 2034
Floating-rate notes due November 8, 2024 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt | €				€ 250.0		€ 500.0
Maturity date				Nov. 08, 2024	Nov. 08, 2024	Nov. 08, 2024
Floating-rate notes due July 27, 2023 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt | €						€ 500.0
Maturity date						Jul. 27, 2023
Floating-rate notes due November 10, 2023 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt | €				€ 250.0
Maturity date				Nov. 10, 2023	Nov. 10, 2023
Long-Term Debt Agreements Containing Restrictive Covenants [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	We were in compliance with all credit facility covenants as of August 25, 2024.
Certain Long Term Debt Agreements Containing Restrictive Covenants [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	As of August 25, 2024, we were in compliance with all of these covenants.
5.5% Fixed-rate notes due October 17, 2028 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt					$ 500.0
Fixed interest rate percentage				5.50%	5.50%
Maturity date				Oct. 17, 2028	Oct. 17, 2028
Floating-rate notes due October 17, 2023 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt					$ 400.0
Maturity date				Oct. 17, 2023	Oct. 17, 2023
4.7% Fixed Rate Note [Member]
Debt Instrument [Line Items]
Issuance of long-term debt			$ 500.0
Fixed interest rate percentage			4.70%
Maturity date			Jan. 30, 2027
3.65% Fixed Rate Note [Member]
Debt Instrument [Line Items]
Repayment of long-term debt			$ 500.0
Fixed interest rate percentage			3.65%
Maturity date			Feb. 15, 2024

XML

Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Short-term Debt [Line Items]
Notes payable	$ 249.1	$ 11.8
Weighted Average Interest Rate	5.80%	8.80%
U.S. commercial paper [Member]
Short-term Debt [Line Items]
Notes payable	$ 205.0	$ 0.0
Weighted Average Interest Rate	5.40%	0.00%
Financial Institutions [Member]
Short-term Debt [Line Items]
Notes payable	$ 44.1	$ 11.8
Weighted Average Interest Rate	7.70%	8.80%

XML

Debt (Schedule Of Fee-Paid Committed And Uncommitted Credit Lines) (Details) $ in Billions	Aug. 25, 2024 USD ($)
Line of Credit Facility [Line Items]
Facility Amount	$ 3.4
Borrowed Amount	0.0
Line Of Credit Expiring April 2026 [Member]
Line of Credit Facility [Line Items]
Facility Amount	2.7
Borrowed Amount	0.0
Uncommitted Credit Facility [Member]
Line of Credit Facility [Line Items]
Facility Amount	0.7
Borrowed Amount	$ 0.0

XML

Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended
	Jun. 01, 2024	Aug. 25, 2024
Noncontrolling Interest [Line Items]
Noncontrolling interests covenant compliance		Our noncontrolling interests contain restrictive covenants. As of August 25, 2024, we were in compliance with all of these covenants.
Third Party Interest Holder [Member] | General Mills Cereals LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest Holders Capital Account, General Mills Cereals, LLC		$ 251.5
Preferred distributions variable rate		three-month Term SOFR
Preferred distributions, basis spread on variable rate	2.61%
Preferred return rate adjustment period	3 years

XML

Stockholders' Equity (Schedule Of Total Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Other comprehensive (loss) income, net of tax:
Foreign currency translation	$ (61.9)	$ (18.1)
Other fair value changes:
Hedge derivatives	(6.0)	(2.3)
Reclassification to earnings:
Hedge derivatives	0.0	0.2
Amortization of losses and prior service costs	11.6	9.1
Other comprehensive (loss) income, net of tax	(56.3)	(11.1)
Comprehensive Income:
Net earnings, including earnings attributable to noncontrolling interests	579.9	673.5
Net earnings attributable to noncontrolling interests	3.7	6.8
Total comprehensive income attributable to General Mills	523.1	662.3
General Mills [Member]
Other comprehensive income (loss), before tax:
Foreign currency translation	(93.9)	(22.0)
Other fair value changes:
Hedge derivatives	(7.5)	(2.7)
Reclassification to earnings:
Hedge derivatives	(0.4)	(1.3)
Amortization of losses and prior service costs	14.5	11.5
Other comprehensive (loss) income, before tax	(87.3)	(14.5)
Other comprehensive (loss) income, tax:
Foreign currency translation	31.5	3.8
Other fair value changes:
Hedge derivatives	1.5	0.4
Reclassification to earnings:
Hedge derivatives	0.4	1.5
Amortization of losses and prior service costs	(2.9)	(2.4)
Other comprehensive (loss) income, tax	30.5	3.3
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(62.4)	(18.2)
Other fair value changes:
Hedge derivatives	(6.0)	(2.3)
Reclassification to earnings:
Hedge derivatives	0.0	0.2
Amortization of losses and prior service costs	11.6	9.1
Other comprehensive (loss) income, net of tax	(56.8)	(11.2)
Comprehensive Income:
Net earnings, including earnings attributable to noncontrolling interests	579.9	673.5
Total comprehensive income attributable to General Mills	523.1	662.3
Noncontrolling Interests [Member]
Other comprehensive (loss) income, net of tax:
Foreign currency translation	0.5	0.1
Other fair value changes:
Hedge derivatives	0.0	0.0
Reclassification to earnings:
Hedge derivatives	0.0	0.0
Amortization of losses and prior service costs	0.0	0.0
Other comprehensive (loss) income, net of tax	0.5	0.1
Comprehensive Income:
Net earnings attributable to noncontrolling interests	3.7	6.8
Total comprehensive income attributable to noncontrolling interests	$ 4.2	$ 6.9

XML

Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Foreign currency translation adjustments	$ (857.7)	$ (795.3)
Unrealized (loss) gain from hedge derivatives	(5.8)	0.2
Pension, other postretirement, and postemployment benefits:
Net actuarial loss	(1,790.8)	(1,806.3)
Prior service credits	77.8	81.7
Accumulated other comprehensive loss	$ (2,576.5)	$ (2,519.7)

XML

Stock Plans (Narrative) (Details) $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($)
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units	$ 185.9
Unrecognized compensation expense on non-vested awards, weighted average period of recognition	26 months
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract]
Fair Value Assumptions Method Used	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 26, 2024.

XML

Stock Plans (Schedule Of Compensation Expense Related To Stock-Based Payments) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock-based payments	$ 20.3	$ 35.3
Windfall tax benefits from stock-based payments	$ 2.8	$ 8.4

XML

Stock Plans (Net Cash Proceeds And Intrinsic Value Of Options Exercised) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Stock Plans [Abstract]
Net cash proceeds	$ 9.4	$ 4.5
Intrinsic value of options exercised	$ 1.9	$ 2.1

XML

Stock Plans (Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model) (Details) - $ / shares	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Stock Plans [Abstract]
Estimated fair values of stock options granted	$ 13.20	$ 17.47
Assumptions:
Risk-free interest rate	4.50%	4.00%
Expected term	8 years 6 months	8 years 6 months
Expected volatility	21.60%	21.40%
Dividend yield	3.80%	2.80%

XML

Stock Plans (Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Stock Plans [Abstract]
Total grant date fair value	$ 90.8	$ 104.8

XML

Earnings Per Share (Schedule Of Basic And Diluted EPS And Stock Options And Restricted Units Not Dilutive) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net earnings attributable to General Mills	$ 579.9	$ 673.5
Average number of common shares - basic EPS	560.5	586.3
Average number of common shares - diluted EPS	563.8	591.4
Earnings per share - basic	$ 1.03	$ 1.15
Earnings per share - diluted	$ 1.03	$ 1.14
Other Disclosures [Abstract]
Anti-dilutive stock options, restricted stock units, and performance share units	4.4	1.6
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share effect	1.5	2.8
Restricted stock units and performance share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share effect	1.8	2.3

XML

Share Repurchases (Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Share Repurchases [Abstract]
Shares of common stock	4.5	6.4
Aggregate purchase price	$ 302.2	$ 504.7

XML

Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Statements Of Cash Flows [Abstract]
Net cash interest payments	$ 83.7	$ 83.9
Net income tax payments	$ 18.7	$ 13.7

XML

Retirement And Postemployment Benefits (Components Of Net Periodic Benefit Expense(Income)) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Defined Benefit Pension Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 13.0	$ 14.2
Interest cost	76.7	74.2
Expected return on plan assets	(105.0)	(102.9)
Amortization of losses (gains)	25.1	21.5
Amortization of prior service costs (credits)	0.3	0.4
Other adjustments	0.0	0.0
Net expense (income)	10.1	7.4
Other Postretirement Benefit Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	1.1	1.2
Interest cost	5.3	5.3
Expected return on plan assets	(9.0)	(8.7)
Amortization of losses (gains)	(5.2)	(5.1)
Amortization of prior service costs (credits)	(5.5)	(5.4)
Other adjustments	0.0	0.0
Net expense (income)	(13.3)	(12.7)
Postemployment Benefit Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	1.8	1.8
Interest cost	1.0	1.0
Expected return on plan assets	0.0	0.0
Amortization of losses (gains)	0.1	0.0
Amortization of prior service costs (credits)	(0.3)	0.1
Other adjustments	2.6	2.6
Net expense (income)	$ 5.2	$ 5.5

XML

Business Segment And Geographic Information (Operating Segment Results) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Segment Reporting Information [Line Items]
Net sales	$ 4,848.1	$ 4,904.7
Restructuring, impairment, and other exit costs	2.2	1.2
Operating profit	831.5	930.0
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	4,845.9	4,904.7
Operating profit	957.5	1,018.5
Unallocated Corporate Items [Member]
Segment Reporting Information [Line Items]
Operating profit	123.8	87.3
North America Retail [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	3,016.6	3,073.0
Operating profit	745.7	798.2
U.S. Meals & Baking Solutions [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	946.3	941.9
U.S. Snacks [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	910.5	954.5
U.S. Morning Foods [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	902.9	927.8
Canada [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	256.9	248.8
International [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	717.0	715.8
Operating profit	20.9	50.0
North America Pet [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	576.1	579.9
Operating profit	119.4	111.2
North America Foodservice [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	536.2	536.0
Operating profit	71.5	59.1
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 2.2	$ 0.0

XML

Business Segment And Geographic Information (Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Product Information [Line Items]
Net sales	$ 4,848.1	$ 4,904.7
Snacks [Member]
Product Information [Line Items]
Net sales	1,106.8	1,136.7
Cereal [Member]
Product Information [Line Items]
Net sales	793.1	817.9
Convenient meals [Member]
Product Information [Line Items]
Net sales	678.9	665.5
Dough [Member]
Product Information [Line Items]
Net sales	517.8	534.9
Pet [Member]
Product Information [Line Items]
Net sales	604.6	579.9
Baking mixes and ingredients [Member]
Product Information [Line Items]
Net sales	457.1	466.5
Yogurt [Member]
Product Information [Line Items]
Net sales	371.9	368.4
Super-premium ice cream [Member]
Product Information [Line Items]
Net sales	212.9	224.0
Other [Member]
Product Information [Line Items]
Net sales	$ 105.0	$ 110.9

XML

Insider Trading Arrangements (Details)	3 Months Ended
	Aug. 25, 2024 shares
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	true
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Name	Jeffrey L. Harmening
Title	Chairman and Chief Executive Officer
Adoption Date	July 24, 2024
Aggregate Available	57,879