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GIS » Topics » Adoption of General Mills Separation Pay and Benefits Program for Officers

This excerpt taken from the GIS DEF 14A filed Aug 14, 2007.

Adoption of General Mills Separation Pay and Benefits Program for Officers

With the discontinuation of Management Continuity Agreements in June 2007, the Board of Directors determined it advisable to formalize the separation payments and benefits made to executives involuntarily terminated other than for cause, and adopted the General Mills Separation Pay and Benefits Program for Officers (the “Severance Plan”). The payments and benefits to be provided to select senior executives who are terminated in connection with a change of control, including the named executive officers, are specifically addressed as part of the Severance Plan. These payments and benefits are materially less than those previously provided in the discontinued Management Continuity Agreements. For more detail on the Management Continuity Agreements and the Severance Plan, see Potential Payments Upon Termination.

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