General Mills, Inc. Annual Retainer Policy for Non-Employee Directors
General Mills, Inc. provides an annual retainer of $75,000 to its non-employee directors for their board service. Additional annual retainers are paid to committee chairs and members: $15,000 for the Audit Committee chair, $5,000 for other Audit Committee members, and $10,000 for chairs of the Compensation, Corporate Governance, Finance, and Public Responsibility Committees. Directors can choose to receive these payments quarterly in cash, in General Mills stock, or defer them into various investment funds, including a company stock fund.
Exhibit 10.1
Annual Retainer for DirectorsNon-employee directors receive a $75,000 annual retainer for their board service. The Audit Committee chair receives a $15,000 annual retainer and other members of the Audit Committee receive a $5,000 annual retainer. Chairs of the Compensation Committee, Corporate Governance Committee, Finance Committee and Public Responsibility Committee each receive a $10,000 annual retainer. The retainers can be paid quarterly in cash, paid quarterly in General Mills stock, or deferred quarterly into a variety of book-entry investment funds, including a General Mills stock fund.
