Post Holdings, Inc. Executive Savings Investment Plan, as amended



 Exhibit 10.9 
 POST HOLDINGS, INC. 
 EXECUTIVE SAVINGS INVESTMENT PLAN 

(Effective January 1, 2012) 







 POST HOLDINGS, INC. 

EXECUTIVE SAVINGS INVESTMENT PLAN 
 (Effective January 1, 2012) 
 TABLE OF CONTENTS

  

									
	 	 	 	  	 	  	Page	 
	 PREAMBLE
	  	 	1	  
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
		 	1.1	  	“Account”	  	 	2	  
		 	1.2	  	“Acquiring Person”	  	 	2	  
		 	1.3	  	“Affiliate” or “Associate”	  	 	2	  
		 	1.4	  	“Allocation Date”	  	 	2	  
		 	1.5	  	“Basic Matched Contribution”	  	 	2	  
		 	1.6	  	“Basic Unmatched Contribution”	  	 	2	  
		 	1.7	  	“Beneficiary”	  	 	2	  
		 	1.8	  	“Board”	  	 	2	  
		 	1.9	  	“Change in Control”	  	 	2	  
		 	1.10	  	“Code”	  	 	3	  
		 	1.11	  	“Committee”	  	 	3	  
		 	1.12	  	“Company”	  	 	3	  
		 	1.13	  	“Company Matching Contribution”	  	 	3	  
		 	1.14	  	“Compensation”	  	 	3	  
		 	1.15	  	“Continuing Director”	  	 	3	  
		 	1.16	  	“Deferral Election”	  	 	3	  
		 	1.17	  	“Deferred Compensation Plan”	  	 	3	  
		 	1.18	  	“Effective Date”	  	 	3	  
		 	1.19	  	“Eligible Employee”	  	 	3	  
		 	1.20	  	“Fund”	  	 	3	  
		 	1.21	  	“Participant”	  	 	4	  
		 	1.22	  	“Plan”.	  	 	4	  
		 	1.23	  	“Plan Year”	  	 	4	  
		 	1.24	  	“Ralcorp Amounts”	  	 	4	  
		 	1.25	  	“Separation from Service”	  	 	4	  
		 	1.26	  	“SIP”	  	 	5	  
		 	1.27	  	“SIP Refund Deferral Election”	  	 	5	  
		 	1.28	  	“Stock”	  	 	5	  
		 	1.29	  	“Unforeseeable Emergency”	  	 	5	  
		 	1.30	  	“Year of Service”	  	 	6	  
		 	1.31	  	“Rules of Construction”	  	 	6	  
		
	 ARTICLE II PARTICIPATION IN THE PLAN
	  	 	7	  
				
		 	2.1	  	Eligibility	  	 	7	  


  
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		 	2.2	  	Commencement of Participation	  	 	7	  
		
	 ARTICLE III ACCOUNTS
	  	 	8	  
		 	3.1	  	Deferral Election	  	 	8	  
		 	3.2	  	Amount of Compensation Deferral	  	 	8	  
		 	3.3	  	SIP Refund Deferral Election	  	 	8	  
		 	3.4	  	Account Reflecting Deferred Compensation	  	 	8	  
		 	3.5	  	Credits or Charges	  	 	9	  
		 	3.6	  	Investment, Management and Use	  	 	9	  
		 	3.7	  	Valuation of Stock	  	 	9	  
		 	3.8	  	Continuation of Elections	  	 	10	  
		
	 ARTICLE IV FUNDS
	  	 	11	  
		 	4.1	  	Fund Selection	  	 	11	  
		 	4.2	  	Exchange	  	 	11	  
		
	 ARTICLE V DISTRIBUTION OF ACCOUNT
	  	 	12	  
		 	5.1	  	Time of Distribution	  	 	12	  
		 	5.2	  	Amount Distributed	  	 	13	  
		 	5.3	  	Method of Distribution	  	 	13	  
		 	5.4	  	Form of Payment	  	 	14	  
		 	5.5	  	Distribution Upon Death	  	 	14	  
		 	5.6	  	Designation of Beneficiary	  	 	14	  
		
	 ARTICLE VI NON-ASSIGNABILITY
	  	 	15	  
		 	6.1	  	Non-Assignability	  	 	15	  
		
	 ARTICLE VII VESTING
	  	 	16	  
		 	7.1	  	Vesting	  	 	16	  
		
	 ARTICLE VIII AMENDMENT OR TERMINATION OF THE PLAN
	  	 	17	  
		 	8.1	  	Power to Amend Plan	  	 	17	  
		 	8.2	  	Distribution of Plan Benefits Upon Termination	  	 	17	  
		 	8.3	  	When Amendments Take Effect	  	 	17	  
		 	8.4	  	Restriction on Retroactive Amendments	  	 	17	  
		
	 ARTICLE IX PLAN ADMINISTRATION
	  	 	18	  
		 	9.1	  	Powers of the Committee	  	 	18	  
		 	9.2	  	Indemnification	  	 	18	  
		 	9.3	  	Claims Procedure	  	 	19	  
		 	9.4	  	Expenses	  	 	20	  
		 	9.5	  	Conclusiveness of Action	  	 	20	  
		 	9.6	  	Release of Liability	  	 	20	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	22	  
		 	10.1	  	Plan Not a Contract of Employment	  	 	22	  
		 	10.2	  	No Rights Under Plan Except as Set Forth Herein; Unsecured General Creditor Status	  	 	22	  


  
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		 	10.3	  	Rules	  	 	22	  
		 	10.4	  	Withholding of Taxes	  	 	22	  
		 	10.5	  	Severability	  	 	22	  
		 	10.6	  	409A Compliance	  	 	22	  
		 	10.7	  	Participant Responsibility	  	 	23	  


  
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 POST HOLDINGS, INC. 

EXECUTIVE SAVINGS INVESTMENT PLAN 
 (Effective January 1, 2012) 
 PREAMBLE 

Ralcorp Holdings, Inc. (“Ralcorp”) maintained the Ralcorp Holdings, Inc. Executive Savings Investment Plan (the “Ralcorp Plan”).
Ralcorp intends to distribute on a pro rata basis to the holders of Ralcorp common stock at least 80% of the outstanding shares of Post Holdings, Inc. (the “Company”) common stock owned by Ralcorp (“Spin-Off”). The Company hereby
adopts the Post Holdings, Inc. Executive Savings Investment Plan effective January 1, 2012 (Effective Date”), subject to the completion of the Spin-Off. 
 As of the Spin-Off, account balances of the Company’s employees and former employees under the Ralcorp Plan are hereby converted into account balances under this Plan upon terms and conditions
approved by the Committee, and the Company is responsible under this Plan for the payment of all liabilities and obligations for benefits unpaid with respect to all such transferred accounts. 
 The Plan as set out herein is intended to be an unfunded retirement plan for a select group of management or highly compensated employees which, for deferrals after December 31, 2004, meets the
requirements of Section 409A of the Code. Deferrals prior to January 1, 2005 that are intended to be grandfathered under Section 409A of the Code are not governed by, covered under, or otherwise subject to the terms of this document.

 The purpose of the Plan is to enhance the profitability and value of the Company for the benefit of its shareholders by providing a
supplemental retirement program to attract, retain and motivate selected employees who make important contributions to the success of the Company. 







 ARTICLE I 
 DEFINITIONS 
 As used in this Plan, the following capitalized words and phrases have the
meanings indicated, unless the context requires a different meaning: 
 1.1 “Account” means the
bookkeeping account established for each Participant to reflect amounts credited to such Participant under the Plan, including any subaccount(s) established by the Committee to record different types of credits. 

1.2 “Acquiring Person” means any person or group of Affiliates or Associates who is or becomes the
beneficial owner, directly or indirectly, of 20% or more of the outstanding Stock. 
 1.3 “Affiliate” or
“Associate” shall have the meanings set forth as of March 1, 1994 in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended. 

1.4 “Allocation Date” means each day the New York Stock Exchange is open for business. 

1.5 “Basic Matched Contribution” means the amount elected in a Participant’s Deferral Election
as a Basic Matched Contribution for a given Plan Year, less the amount that the Company would contribute as a Basic Matched Contribution under the SIP for the Participant for that Plan Year if the Deferral Election were irrevocable as of the
beginning of the Plan Year for purposes of the SIP. 
 1.6 “Basic Unmatched Contribution”
means the amount elected in a Participant’s Deferral Election as a Basic Unmatched Contribution for a given Plan Year, less the amount that the Company would contribute as a Basic Unmatched Contribution under the SIP for the Participant for
that Plan Year if the Deferral Election were irrevocable as of the beginning of the Plan Year for purposes of the SIP. 
 1.7
“Beneficiary” means the person or persons designated by a Participant, or otherwise entitled, to receive any amount credited to his Account that remains undistributed at his death. 

1.8 “Board ” means the Board of Directors of the Company. 

1.9 “Change in Control” means the time when (i) any person, either individually or together
with such person’s Affiliates or Associates, shall become the beneficial owner, directly or indirectly, of more than 50% of the outstanding Stock and there shall have been a public announcement of such occurrence by the Company or such person
or (ii) during any twelve (12) month period individuals who shall qualify as Continuing Directors shall have ceased for any reason to constitute at least a majority of the Board; provided, however, that in the case of either clause
(i) or clause (ii), a Change in Control shall not be deemed to have occurred if the event shall have been approved prior to the occurrence thereof by a majority of the Continuing Directors who shall then be


  
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members of the Board. Notwithstanding anything to the contrary, an event shall not be a Change in Control if it is not a change in control as that term is used in Section 409A of the Code.

 1.10 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 1.11 “Committee” means the Corporate Governance and Compensation Committee of the Board
of Directors. 
 1.12 “Company” means Post Holdings, Inc., a Missouri corporation, and any
successor thereto. 
 1.13 “Company Matching Contribution” means a matching contribution
credited to a Participant’s Account with respect to a Participant’s Basic Matched Contribution at the rate shown in Appendix A. 
 1.14 “Compensation” means Compensation as that term is defined in the SIP, without regard to the limit of Section 401(a)(17) of the Code. 

1.15 “Continuing Director” means any member of the Board of Directors of Post Holdings, Inc., while
such person is a member of such Board, who is not an Affiliate or Associate of an Acquiring Person or of any such Acquiring Person’s Affiliate or Associate and was a member of such Board prior to the time when such Acquiring Person became an
Acquiring Person, and any successor of a Continuing Director, while such successor is a member of such Board, who is not an Acquiring Person or an Affiliate or Associate of an Acquiring Person or a representative or nominee of an Acquiring Person or
of any Affiliate or Associate of such Acquiring Person and is recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. 
 1.16 “Deferral Election” means an agreement under the SIP, which also shall apply under this Plan, between a Participant and the Company under which the Participant
agrees to a deferral of his Compensation. 
 1.17 “Deferred Compensation Plan” means the
Post Holdings, Inc. Deferred Compensation Plan for Key Employees. 
 1.18 “Effective Date”
means January 1, 2012. 
 1.19 “Eligible Employee” means an employee of the Company,
or a subsidiary or affiliate of the Company, who is a member of a select group of management or highly compensated employees and who is eligible to participate in the Post Holdings, Inc. Deferred Compensation Plan for Key Employees. 

1.20 “Fund” means one or more of the measurement investment funds available under the Plan for
purposes of crediting or debiting hypothetical investment gains and losses to the Accounts of Participants. The investment funds available under the Plan shall be identical to the extent possible to those approved by the Employee Benefit Trustees
Committee under the SIP. Each Fund shall be subject to all terms, conditions and fees established from time to time by the Fund sponsor. 

  
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 1.21 “Participant” means any Eligible Employee who satisfies the
conditions for participation in the Plan set forth in Section 2.1. In addition, Participant means any current or former employee of the Company or its subsidiaries whose name is listed on Appendix C hereto, to the extent an Account is Credited
with Ralcorp Amounts on behalf of such individual under this Plan. 
 1.22 “Plan” means the Post
Holdings, Inc. Executive Savings Investment Plan, as originally adopted and as from time to time amended. 
 1.23
“Plan Year” means the accounting year of the Plan, which ends on December 31. 
 1.24
“Ralcorp Amounts” means amounts credited to the Plan in accordance with Section 3.4. 
 1.25
“Separation from Service” means the date a Participant separates from service within the meaning of Code Section 409A. Generally, a Participant separates from service if the Participant dies, retires, or otherwise has a
termination of employment with the Company, determined in accordance with the following: 
 (a) Leaves of
Absence. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or, if longer,
so long as the Participant retains a right to reemployment with the Company under an applicable statute or by contract. A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will
return to perform services for the Company. If the period of leave exceeds six (6) months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate
on the first date immediately following such six (6)-month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than six (6) months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a
twenty-nine (29)-month period of absence shall be substituted for such six (6)-month period. 
 (b) Dual
Status. Generally, if a Participant performs services both as an employee and an independent contractor, such Participant must separate from service both as an employee, and as an independent contractor pursuant to standards set forth in
Treasury Regulations, to be treated as having a separation from service. However, if a Participant provides services to the Company as an employee and as a member of the Board, and if any plan in which such person participates as a Board member is
not aggregated with this Plan pursuant to Treasury Regulation section 1.409A-1(c)(2)(ii), then the services provided as a director are not taken into account in determining whether the Participant has a separation from service as an employee for
purposes of this Plan. 
 (c) Termination of Employment. Whether a termination of employment has
occurred is determined based on whether the facts and circumstances indicate that the 

  
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Company and the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after
such date (whether as an employee or as an independent contractor, except as provided in section 1.25(b)) would permanently decrease to no more than twenty (20) percent of the average level of bona fide services performed (whether as an
employee or an independent contractor, except as provided in section 1.25(b)) over the immediately preceding thirty-six (36)-month period (or the full period of services to the Company if the Participant has been providing services to the Company
less than thirty-six (36) months). For periods during which a Participant is on a paid bona fide leave of absence and has not otherwise terminated employment as described above, for purposes of this paragraph (c) the Participant is treated
as providing bona fide services at a level equal to the level of services that the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an
unpaid bona fide leave of absence and has not otherwise terminated employment are disregarded for purposes of this subsection (c) (including for purposes of determining the applicable thirty-six (36)-month (or shorter) period). For the
avoidance of doubt, no Participant shall be treated as incurring a Separation from Service, termination of employment, retirement, or other similar event for purposes of determining the right to distribution, vesting, benefits, or any other purpose
under the Plan as a result of the Spin-Off (as defined in the Preamble). 
 (d) Service with Related
Companies. For purposes of determining whether a Separation from Service has occurred, the “Company” shall include the Company or a subsidiary or affiliate, as applicable, and any other entity that is aggregated with the Company or
such subsidiary or affiliate pursuant to Code section 414(b) or (c). 
 1.26 “SIP” means the Post
Holdings, Inc. Savings Investment Plan. 
 1.27 “SIP Refund Deferral Election” means an agreement
between a Participant and the Company under which the Participant agrees to a deferral of his Compensation in an amount equal to the amount of the refund in a given Plan Year from the SIP as a result of the SIP’s nondiscrimination requirements
of the Participant’s pre-tax contributions and associated Company matching contributions for a prior Plan Year and related earnings. 
 1.28 “Stock” means the Company’s $.01 par value common stock or any such other security outstanding upon the reclassification of the Company’s common stock, including,
without limitation, any Stock, split-up, Stock dividend, or other distributions of stock in respect of Stock, or any reverse Stock split-up, or recapitalization of the Company or any merger or consolidation of the Company with any Affiliate, or any
other transaction, whether or not with or into or otherwise involving an Acquiring Person. 
 1.29 “Unforeseeable
Emergency” means a severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152 (without regard to 152(b)(1), (b)(2)
and (d)(1)(B)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The Committee will
determine the existence of an Unforeseeable Emergency, based on the supporting facts, circumstances, and documentation provided by the Participant. 

  
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 1.30 “Year of Service” means a Participant’s Period of Service,
as that term is used in the SIP, expressed in years. 
 1.31 “Rules of Construction” 

(a) Governing law. The construction and operation of this Plan are governed by the laws of the State of Missouri.

 (b) Headings. The headings of Articles, Sections and Subsections are for reference only and are
not to be utilized in construing the Plan. 
 (c) Gender. Unless clearly inappropriate, all pronouns of
whatever gender refer indifferently to persons or objects of any gender. 
 (d) Singular and plural.
Unless clearly inappropriate, singular items refer also to the plural and vice versa. 
 (e) Severability.
If any provision of this Plan is held illegal or invalid for any reason, the remaining provisions are to remain in full force and effect and to be construed and enforced in accordance with the purposes of the Plan as if the illegal or invalid
provision did not exist. 

  
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 ARTICLE II 
 PARTICIPATION IN THE PLAN 
 2.1 Eligibility . Participation in
the Plan shall be limited to Eligible Employees. If the Committee determines that a Participant no longer qualifies as being a member of a select group of management or highly compensated employees, the Participant shall cease to be eligible to make
Deferral Elections, but will continue to participate in the Plan with respect to existing amounts credited to his Account. A Committee determination that a Participant is no longer eligible may not result in a mid-year rescission of a Deferral
Election. 
 2.2 Commencement of Participation . To participate in the Plan, an Eligible Employee shall defer
Compensation earned during a Plan Year by making a Deferral Election in the manner set forth in Section 3.1 or a SIP Refund Deferral Election in the manner set forth in Section 3.3. 

  
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 ARTICLE III 
 ACCOUNTS 
 3.1 Deferral Election . Each Plan Year, a
Participant may execute a Deferral Election. A Deferral Election is irrevocable for purposes of this Plan upon the beginning of the Plan Year (or the period otherwise described below in this Section 3.1) to which it applies. Any Deferral
Election shall be made prior to the commencement of the Plan Year in which the Compensation that is the subject of the Deferral Election will be earned. Notwithstanding the foregoing, an individual who first becomes an Eligible Employee subsequent
to the first day of any Plan Year (and was not previously eligible to participate in a plan which is treated with this Plan as one plan under Treasury Regulation section 1.409A-1(c)(2)) may make a Deferral Election, applicable to the period from the
Eligible Employee’s initial entry date to the end of the Plan Year, provided the Deferral Election is made within 30 days of becoming an Eligible Employee and prior to the performance of services by a Participant for the period covered by the
election. The amount of a Participant’s Compensation deferred under this Plan by a Deferral Election shall be credited to the Participant’s Account as soon as administratively practicable. 

3.2 Amount of Compensation Deferral . Deferrals pursuant to a Deferral Election for a Participant under this Plan for a
Plan Year shall commence once a limit is realized under the SIP for Basic Matched Contributions or Basic Unmatched Contributions, as applicable that prevents the full amount elected under the Participant’s Deferral Election from being deferred
under the SIP. 
 3.3 SIP Refund Deferral Election . Each Plan Year, a Participant may execute a SIP Refund
Deferral Election. A SIP Refund Deferral Election is irrevocable for purposes of this Plan upon the beginning of the Plan Year (or the period otherwise described below in this Section 3.3) to which it applies. Any SIP Refund Deferral Election
shall be made prior to the commencement of the Plan Year in which the Compensation that is the subject of the SIP Refund Deferral Election will be earned. Notwithstanding the foregoing, an individual who first becomes an Eligible Employee subsequent
to the first day of any Plan Year (and was not previously eligible to participate in a plan which is treated with this Plan as one plan under Treasury Regulation section 1.409A-1(c)(2)) may make a SIP Refund Deferral Election, applicable to the
period from the Eligible Employee’s initial entry date to the end of the Plan Year, provided the SIP Refund Deferral Election is made within 30 days of becoming an Eligible Employee and prior to the performance of services by a Participant for
the period covered by the election. The amount of a Participant’s Compensation deferred under this Plan by a SIP Refund Deferral Election shall be credited to the Participant’s Account in equal installments over the remaining payroll
periods in the Plan Year after the date the SIP Refund Deferral Election is made and processed by the Committee. 
 3.4
Account Reflecting Deferred Compensation . The Committee shall establish and maintain a separate Account for each Participant which shall reflect the amount of the Participant’s total contributions under this Plan and all credits
or charges under Section 3.5 from time to time. All amounts credited or charged to a Participant’s Account hereunder shall be in a manner and form determined within the sole discretion of the Committee. The amount credited to an account
under the Ralcorp Holdings, Inc. Executive Savings Investment Plan as of the Spin-Off with respect to a Participant listed on Appendix C shall be credited to such Participant’s Account as Ralcorp Amounts under this Plan in a separate
bookkeeping subaccount and shall include earnings and losses credited 

  
 8 








 
pursuant to Section 3.5. Ralcorp Amounts shall be invested in accordance with Section 3.6 and Article IV and distributed in accordance with Article V. On and after the Spin-Off, the
Company shall assume all liabilities relating to the Ralcorp Amounts, and Ralcorp Holdings, Inc. and its affiliates shall have no liability therefor. 
 3.5 Credits or Charges 
 (a) Company Matching
Contributions. A Participant shall be credited with Company Matching Contributions as of the dates as of which the Participant’s Basic Matched Contributions are credited to the Plan. 

(b) Earnings or Losses. As of each Allocation Date during a Plan Year, a Participant’s Account shall be
credited or debited with earnings or losses equal to the earnings, gain or loss on the Funds indicated as preferred by a Participant for the Plan Year or for the portion of such Plan Year in which the Account is deemed to be invested. 

(c) Balance of Account. As of each Allocation Date, the amount credited to a Participant’s Account shall be
the amount credited to his Account as of the immediately preceding Allocation Date, plus the Participant’s contribution credits since the immediately preceding Allocation Date, minus any amount that is paid to or on behalf of a Participant
pursuant to this Plan subsequent to the immediately preceding Allocation Date, plus or minus any hypothetical investment gains or losses determined pursuant to Section 3.5(b) above. 

(d) Change in Control. Upon a Change in Control, all amounts deemed to be invested in the Post Holdings, Inc.
Common Stock Fund shall be immediately converted to the Fund that is a money market fund. 
 3.6 Investment,
Management and Use . The Company shall have sole control and discretion over the investment, management and use of all amounts credited to a Participant’s Account until such amounts are distributed pursuant to Article V.
Notwithstanding any other provision of this Plan or any notice, statement, summary or other communication provided to a Participant that may be interpreted to the contrary, the Funds are to be used for measurement purposes only, and a
Participant’s election of any such Fund, the determination of credits and debits to his Account based on such Funds, the Company’s actual ownership of such Funds, and any authority granted under this Plan to a Participant to change the
investment of the Company’s assets, if any, may not be considered or construed in any manner as an actual investment of the Account in any such Fund or to constitute a funding of this Plan. 

3.7 Valuation of Stock . In any situation in which it is necessary to value Stock, the value of the Stock shall be the
closing price as reported by the New York Stock Exchange – Composite Transactions on the date in question, or, if the Stock is not quoted on such composite tape or if the Stock is not listed on such exchange, on the principal United States
securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the Stock is listed, or if the Stock is not listed on any such exchange, the average of the closing bid quotations with respect to a share of the Stock
during the ten (10) days immediately preceding the date in question on the National Association of Securities Dealers, Inc. Automated Quotations System or any system then in use, or if no such


  
 9 








 
quotations are available, the fair market value on the date in question of a share of the Stock as determined by a majority of the Continuing Directors in good faith. 

3.8 Continuation of Elections . On the date of the Spin-Off, all deferral elections, including any SIP refund deferral
elections, in effect under the Ralcorp Holdings, Inc. Executive Savings Investment Plan with respect to Participants listed on Appendix C hereto shall transfer to, be recognized as a Deferral Election or SIP Refund Deferral Election, as applicable,
by, and remain in effect for the year or the applicable period to which it relates under this Plan. 

  
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 ARTICLE IV 
 FUNDS 
 4.1 Fund Selection . The rate at which earnings and
losses shall be credited to a Participant’s Account shall be determined in accordance with one or more Funds selected by the Participant; if a Participant does not select a Fund the Fund applicable for that Participant shall be the Fund that is
a money market fund. Notwithstanding anything to the contrary, a Participant shall have one election in effect at any given time that applies to Fund selections under both this Plan and the Deferred Compensation Plan, and the most recent Fund
selection under either this Plan or the Deferred Compensation Plan shall apply to and shall supersede any previous Fund selection under the other plan. Fund selections recognized under the Ralcorp Holdings, Inc. Executive Savings Investment Plan
immediately prior to the Spin-Off shall be recognized under this Plan until superseded or otherwise changed in accordance with this Plan; provided, however, that Ralcorp Amounts deemed invested in the Ralcorp Holdings, Inc. stock fund immediately
prior to the Spin-Off shall be deemed invested in a Fund selected by the Committee until the Participant elects a replacement Fund (if and to the extent permitted by the Committee). 
 If a Fund elected by a Participant is removed, a Fund selected by the Employee Benefit Trustees Committee under the SIP shall apply in its place until the Participant elects a replacement Fund. For
purposes of calculating earnings and losses attributable to a Fund, any amount shall be deemed to be invested in the Fund as of the date determined appropriate by the Committee. 

4.2 Exchange . Subject to any limitations established by the Committee, including the timeliness of a request, a
Participant may exchange Funds as of the close of each business day. Notwithstanding anything to the contrary, no exchange may be made between the Post Holdings, Inc. Common Stock Fund and any other Fund. 

  
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 ARTICLE V 
 DISTRIBUTION OF ACCOUNT 
 5.1 Time of Distribution.

 (a) General. Payment of the vested amount credited to a Participant’s Account shall be made or commence within 90
days following the earlier of the following: 
 (i) a Change in Control of the Company (to the extent provided in
an election form); 
 (ii) the occurrence of an Unforeseeable Emergency; provided that a withdrawal with respect
to an Unforeseeable Emergency may not exceed the amount necessary to satisfy the emergency need, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship
is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets itself would not cause severe financial hardship); or 

(iii) Separation from Service. 
 (b) Specified Employee. Notwithstanding any provision of the Plan to the contrary, if a Participant is a “specified employee” within the meaning of Section 409A of the Code, no
portion of his or her Account shall be distributed on account of a Separation from Service before the earlier of (a) the date which is six (6) months following the date of the Participant’s Separation from Service, or (b) the
date of death of the Participant. Amounts that would have been paid during the delay will be paid on the first business day following the end of the six month delay. The Company’s specified employees shall be determined in accordance with the
special rules for spin-offs under Treas. Reg. Section 1.409A-1(i)(6)(iii), or any successor thereto, for the period indicated in such regulation. 
 (c) Deferred Time of Payment. In the discretion of the Committee, a Participant may elect to modify the form and time at which payment of his benefit shall be paid, in accordance with the
following: 
 (i) any such election must be received by the Committee or its designee no less than twelve
(12) months prior to the Participant’s scheduled payment date (or in the case of annual installments pursuant to Section 5.3(b) or (c), twelve (12) months prior to the date the first amount was scheduled to be paid), if
applicable; 
 (ii) the election shall not take effect until twelve (12) months after the date on which the
new election is made; and 
 (iii) the payment with respect to which such election is made is deferred for a
period of not less than 5 years from the date the payment otherwise would have been made (or in the case of annual installments pursuant to Section 5.3(b) or (c), 5 years from the date the first amount was scheduled to be paid). 

  
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 Notwithstanding anything to the contrary, but subject to Section 5.1(b), Ralcorp
Amounts shall be distributed at the time determined in accordance with the Ralcorp Holdings, Inc. Executive Savings Investment Plan as of the Spin-Off. Distribution elections effective under such Plan as of the Spin-Off with respect to Participants
listed on Appendix C shall be recognized under this Plan, subject to permitted modifications described herein. 
 The Committee,
in its discretion, may limit the number of times a Participant may modify his elected time of payment and establish such other limitations as it deems advisable for the proper administration of the Plan. 

Notwithstanding anything to the contrary, a Participant shall have one election in effect at any given time that applies to distributions
under both this Plan and under the Deferred Compensation Plan, and the most recent distribution election under either this Plan or the Deferred Compensation Plan shall apply to and shall supersede any previous distribution elections under the other
plan. 
 5.2 Amount Distributed. The amount distributed to a Participant shall be determined as of
the Allocation Date as of which distribution is made, or as of the most recent Allocation Date preceding the date as of which distribution is made, pursuant to the Committee’s practice for different methods of distributions, with actual payment
occurring as soon as practicable thereafter. 
 5.3 Method of Distribution. Distribution to a Participant under
this Plan shall be made in the same form as the Participant has elected with respect to his benefits under the Deferred Compensation Plan. If a Participant does not have such an election in effect under the Deferred Compensation Plan, he shall elect
the method of distribution from among any of the following forms, as specified on the Participant’s Deferral Election, subject to change pursuant to Section 5.1(c): 

(a) Single payment in the form(s) determined pursuant to Section 5.4; 

(b) Annual installments over five years; or 

(c) Annual installments over ten years. 
 A Participant may elect a different method of distribution for a distribution upon a Change in Control than upon a Separation from Service. If a Participant does not make a timely election for the method
of distribution, his method of distribution shall be a lump sum. 
 Notwithstanding anything to the contrary, a Participant’s Account shall
be paid in a lump sum if the balance does not exceed the dollar amount under Section 402(g)(1)(B) of the Code ($17,000 for 2012), and if the payment results in the termination and liquidation of the Participant’s entire interest under the
Plan, and any other plans that are treated with this Plan as one plan under Treasury Regulation section 1.409A-1(c)(2). Distribution election forms in effect under the Ralcorp Holdings, Inc. Executive Savings Investment Plan immediately prior to the
Spin-Off for Participants listed on Appendix C shall be recognized under this Plan, subject to permitted modifications as described herein. 

  
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 5.4 Form of Payment. All payments made pursuant to this Plan shall be in cash,
except for amounts credited to the Post Holdings, Inc. Common Stock Fund, which shall be paid in Stock, subject in any case to the Committee’s discretion to change the form of payment. 

5.5 Distribution Upon Death. If a Participant dies before completing the payment of his Account, the unpaid Account balance
shall be paid to a Participant’s designated Beneficiary in a single payment in the form(s) determined pursuant to Section 5.4 within sixty (60) days following the Participant’s date of death. 

5.6 Designation of Beneficiary. A Participant shall designate a Beneficiary on a form to be supplied by the Committee. The
Beneficiary designation may be changed by the Participant at any time, but any such change shall not be effective until the Beneficiary designation form completed by the Participant is delivered to and received by the Committee. In the event that
the Committee receives more than one Beneficiary designation form from the Participant, the form bearing the most recent date shall be controlling. If the Committee does not have a valid Beneficiary designation of a Participant at the time of the
Participant’s death, then the Participant’s Beneficiary shall be the Participant’s estate. The beneficiary designation, if any, in effect under the Ralcorp Holdings, Inc. Executive Savings Investment Plan immediately prior to the
Spin-Off with respect to Participants listed on Appendix C shall be recognized under this Plan and shall be deemed the Participant’s valid Beneficiary designation hereunder, subject to permitted changes as described herein. 

  
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 ARTICLE VI 
 NON-ASSIGNABILITY 
 6.1 Non-Assignability.
Neither a Participant nor any Beneficiary of a Participant shall have any right to commute, sell, assign, pledge, transfer or otherwise convey the right to receive his Account until his Account is actually distributed to a Participant or his
Beneficiary. The portion of the Account which has not been distributed shall not be subject to attachment, garnishment or execution for the payment of any debts, judgments, alimony or separate maintenance and shall not be transferable by operation
of law in the event of bankruptcy or insolvency of a Participant or a Participant’s Beneficiary. 

  
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 ARTICLE VII 

 
 VESTING 

7.1 Vesting. Each Participant shall be fully (100%) vested in his Basic Matched Contributions and
Basic Unmatched Contributions, and earnings thereon, at all times. The vested percentage of a Participant’s Company Matching Contributions and other matching contributions credited as Ralcorp Amounts and earnings thereon shall be determined in
accordance with Appendix B. Upon a Participant’s Separation from Service, the amount credited to the Participant’s Account that is not vested shall be forfeited. 

  
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 ARTICLE VIII 
 AMENDMENT OR TERMINATION OF THE PLAN 
 8.1 Power to Amend
Plan. The power to amend, modify or terminate this Plan at any time is reserved to the Committee, except that the Chief Executive Officer of the Company may make amendments to resolve ambiguities, supply omissions and cure defects, any
amendments deemed necessary or desirable to comply with federal tax law or regulations to avoid adverse tax consequences, and any other amendments deemed necessary or desirable, which shall be reported to the Committee. Notwithstanding the
foregoing, no amendment, modification or termination which would reasonably be considered to be adverse to a Participant or Beneficiary may apply to or affect the terms of any deferral of Compensation prior to the effective date of such amendment,
modification or termination, without the consent of the Participant or Beneficiary affected thereby. Any amendment made to this Plan shall be in accordance with Section 409A of the Code and the regulations thereunder. Any amendment made in
accordance with this Section 8.1 is binding upon all Participants and their Beneficiaries, the Committee and all other parties in interest. 
 8.2 Distribution of Plan Benefits Upon Termination. Upon the full termination of the Plan, the Committee shall direct the distribution of the benefits of the Plan to the
Participants in a manner that is consistent with and satisfies the provisions of Article V and Section 409A of the Code to the extent applicable. 
 8.3 When Amendments Take Effect. A resolution amending or terminating the Plan becomes effective as of the date specified therein. 

8.4 Restriction on Retroactive Amendments. No amendment may be made that retroactively deprives a
Participant of any benefit accrued before the date of the amendment. 

  
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 ARTICLE IX 
 PLAN ADMINISTRATION 
 9.1 Powers of the Committee. In
carrying out its duties with respect to the general administration of the Plan, the Committee has, in addition to any other powers conferred by the Plan or by law, the following powers: 

(a) to determine all questions relating to eligibility to participate in the Plan; 

(b) to compute and certify to an appropriate party the amount and kind of distributions payable to Participants and their
Beneficiaries; 
 (c) to maintain all records necessary for the administration of the Plan that are not
maintained by any recordkeeper; 
 (d) to interpret the provisions of the Plan and to make and publish such rules
for the administration of the Plan as are not inconsistent with the terms thereof; 
 (e) to establish and modify
the method of accounting for the Plan; 
 (f) to employ counsel, accountants and other consultants to aid in
exercising its powers and carrying out its duties hereunder; and 
 (g) to perform any other acts necessary and
proper for the administration of the Plan. 
 9.2 Indemnification 

(a) Indemnification of Members of the Committee by the Company. The Company agrees to indemnify and hold harmless
each member of the Committee against any and all expenses and liabilities arising out of his action or failure to act in such capacity, excepting only expenses and liabilities arising out of his own willful misconduct or gross negligence. This right
of indemnification is in addition to any other rights to which any member of the Committee may be entitled. 

(b) Liabilities for Which Members of the Committee are Indemnified. Liabilities and expenses against which a member
of the Committee is indemnified hereunder include, without limitation, the amount of any settlement or judgment, costs, counsel fees and related charges reasonably incurred in connection with a claim asserted or a proceeding brought against him or
the settlement thereof. 
 (c) Company’s Right to Settle Claims. The Company may, at its own expense,
settle any claim asserted or proceeding brought against any member of the Committee when such settlement appears to be in the best interests of the Company. 

  
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 9.3 Claims Procedure. A Participant or Beneficiary or other person who feels
he is entitled to a benefit or right provided under the Plan (hereinafter referred to as “Claimant”) may make a claim, i.e., a request for benefits under this Plan, pursuant to the Committee’s procedures. 

(a) Company Action. The Company shall, within 90 days after its receipt of such claim, make its determination.
However, if special circumstances require an extension of time for processing the claim, the Company shall furnish the Claimant, within 90 days after its receipt of such claim, written notification of the extension explaining the circumstances
requiring such extension and the date that it is anticipated that such written statement will be furnished, and shall provide such Claimant with its determination not later than 180 days after receipt of the Claimant’s claim. 

In the event the claim is denied, the Company shall provide such Claimant a written statement of the Adverse Benefit Determination, as
defined in Subsection (d) below. The notice of Adverse Benefit Determination shall be delivered or mailed to the Claimant by certified or registered mail to his last known address, which statement shall contain the following: 

(i) the specific reason or reasons for Adverse Benefit Determination; 

(ii) a reference to the specific provisions of the Plan upon which the Adverse Benefit Determination is based; 

(iii) a description of any additional material or information that is necessary for the Claimant to perfect the claim;

 (iv) an explanation of why that material or information is necessary; and 

(v) an explanation of the review procedure provided below, including applicable time limits and a notice of a
Claimant’s rights to bring a legal action under ERISA after an Adverse Benefit Determination on appeal. 

(b) Procedures for Appealing an Adverse Benefit Determination. Within 60 days after receipt of a notice of an
Adverse Benefit Determination as provided above, if the Claimant disagrees with the Adverse Benefit Determination, the Claimant, or his authorized representative, may request, in writing, that the Committee review his claim and may request to appear
before the Committee for such review. If the Claimant does not request a review of the Adverse Benefit Determination within such 60 day period, he shall be barred and estopped from appealing the Company’s Adverse Benefit Determination. Any
appeal shall be filed with the Committee at the address prescribed by the Committee, and it shall be considered filed on the date it is received by the addressee. In deciding any appeal, the Committee shall act in its capacity as a named Fiduciary.

 The Claimant shall have the rights to: 

(i) submit written comments, documents, records and other information relating to the claim for benefits; 

  
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 (ii) request, free of charge, reasonable access to, and copies of all
documents, records and other information relevant to his claim for benefits. 
 (c) Response on Appeal.
Within 60 days after receipt by the Committee of a written application for review of a Claimant’s claim, the Committee shall notify the Claimant of its decision by delivery or by certified or registered mail to his last known address; provided,
however, in the event that special circumstances require an extension of time for processing such application, the Committee shall so notify the Claimant of its decision not later than 120 days after receipt of such application. 

In the event the Committee’s decision on appeal is adverse to the Claimant, the Committee shall issue a written notice of an Adverse
Benefit Determination on Appeal that will contain all of the following information, in a manner calculated to be understood by the Claimant: 
 (i) the specific reason(s) for the Adverse Benefit Determination on Appeal; 
 (ii) reference to specific plan provisions on which the benefit determination is based; 
 (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant’s
claim for benefits; and a statement of the Claimant’s right to bring an action under ERISA Section 502(a). 
 (d) Definition. As used herein, the term “Adverse Benefit Determination” shall mean a determination that results in any of the following: the denial, reduction, or termination of, or a
failure to provide or make payment (in whole or in part) for, a benefit, including any such denial, reduction, termination, or failure to provide or make payment that is based on a determination of the Claimant’s eligibility to participate in
the Plan. 
 (e) A Claimant may bring a legal action with respect to a claim only if (i) all procedures
described above have been exhausted, and (ii) the action is commenced within ninety (90) days after a decision on review is furnished. In light of the Company’s substantial contacts with the State of Missouri, the fact that the
Company is headquartered in St. Louis, Missouri, and the Company’s establishment of, and the Committee’s maintenance of, this Plan in Missouri, any legal action brought by a Claimant shall be filed and conducted exclusively in the federal
courts in the Eastern District of Missouri. 
 9.4 Expenses. All expenses of the Committee with respect to the
Plan shall be paid by the Company. 
 9.5 Conclusiveness of Action. Any action on matters within the discretion of
the Committee will be conclusive, final and binding upon all Participants and upon all persons claiming any rights under the Plan, including Beneficiaries. 
 9.6 Release of Liability. By participating in the Plan, each Participant and Beneficiary automatically releases the Company, its employees, the Committee, the Board and each member of the
Board from any liability due to any failure to follow the requirements of Section 409A 

  
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of the Code, unless such failure was the result of an action or failure to act that was undertaken by the Company in bad faith. Further, by participating in the Plan, each Participant and
Beneficiary automatically (1) releases Ralcorp Holdings, Inc., its employees, the Corporate Governance and Compensation Committee of the Board of Directors of Ralcorp Holdings, Inc., the Board of Directors of Ralcorp Holdings, Inc. and each
member of such Board of Directors, and each of their affiliates, successors, predecessors, assigns, transferees, agents, counsel, plans, and insurers, from any and all liabilities in connection with the Ralcorp Holdings, Inc. Executive Savings
Investment Plan and this Plan, (2) agrees to the assignment and transfer of the rights, benefits, obligations, and other liabilities pursuant to the Ralcorp Holdings, Inc. Executive Savings Investment Plan to the Company and this Plan, and
(3) agrees that Ralcorp Holdings, Inc. shall not guarantee the payment of such transferred rights, benefits, obligations, and other liabilities in the event that the Plan and the Company fail to pay them or otherwise. 

  
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 ARTICLE X 
 MISCELLANEOUS 
 10.1 Plan Not a Contract of Employment. The
adoption and maintenance of the Plan does not constitute a contract between the Company and any Participant or to be a consideration for the employment of any person. Nothing herein contained gives any Participant the right to be retained in the
employ of the Company or derogates from the right of the Company to discharge any Participant at any time without regard to the effect of such discharge upon his rights as a Participant in the Plan. 

10.2 No Rights Under Plan Except as Set Forth Herein; Unsecured General Creditor Status. Nothing in this Plan, express or
implied, is intended, or shall be construed, to confer upon or give to any person, firm, association, or corporation, other than the parties hereto and their successors in interest, any right, remedy, or claim under or by reason of this Plan or any
covenant, condition, or stipulation hereof, and all covenants, conditions and stipulations in this Plan, by or on behalf of any party, are for the sole and exclusive benefit of the parties hereto. The obligations of the Company under the Plan shall
be merely that of an unfunded and unsecured promise to pay money in the future. The benefits paid under the Plan shall be paid from the general assets of the Company, and the Participants and any Beneficiary or their heirs or successors shall be
unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder. Notwithstanding the foregoing, nothing in this Section shall preclude the Company, in its sole
discretion, from establishing a “rabbi trust” or other vehicle in connection with the operation of this Plan, provided that no such action shall cause the Plan to fail to be an unfunded plan designed to provide deferred compensation
benefits for a select group of management or highly compensated employees. 
 10.3 Rules. The Committee shall have
full and complete discretionary authority to construe and interpret provisions of the Plan and to determine a Participant’s eligibility for benefits on a uniform, nondiscriminatory basis in similar fact situations. The Committee may adopt such
rules as it deems necessary, desirable or appropriate. All rules and decisions shall be uniformly applied to all Participants in similar circumstances. 
 10.4 Withholding of Taxes. The Committee shall cause taxes to be withheld from an Account distributed hereunder as required by law, and shall comply with all reporting requirements
applicable to amounts deferred and distributed under this Plan. 
 10.5 Severability. If any provision of this
Plan is determined to be invalid or illegal, the remaining provisions shall be effective and shall be interpreted as if the invalid or illegal provision did not exist, unless the illegal or invalid provision is of such materiality that its omission
defeats the purposes of the parties in entering into this Plan. 
 10.6 409A Compliance. If any provision of the
Plan is determined not to comply with Section 409A of the Code, the non-compliant provisions shall be interpreted and applied in a 

  
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manner that complies with Section 409A of the Code and implements the intent of the Plan as closely as possible. 
 10.7 Participant Responsibility. Each Participant is responsible for reviewing the accuracy of the Company’s implementation of Deferral Elections and investment allocations. If a
Participant fails to notify the Company of an improper implementation of a Deferral Election or investment allocation within thirty-one (31) days after receiving the first statement or other communication implementing the election or
allocation, the Participant is deemed to have elected the implemented Deferral Election or investment allocation. 

  
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 APPENDIX A 

COMPANY MATCHING CONTRIBUTION PROVISIONS 
 A matching contribution credited to a Participant’s Account with respect to a Participant’s Basic Matched Contributions will be at the rate of 100%. 

  
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 APPENDIX B 

VESTING PROVSIONS 
 The vested percentage of a Participant’s Company Matching Contributions and earnings thereon shall be determined in accordance with the following schedule: 

 

			
	Completed Years of Service	  	Vested Percentage
	 1
	  	25%
	 2
	  	50%
	 3
	  	75%
	 4 or more
	  	100%

 Prior service recognized for vesting purposes under the Ralcorp Holdings, Inc. Executive Savings
Investment Plan as of the Spin-Off shall be counted as years of service for vesting under this Plan. 
 Notwithstanding the
foregoing, matching contributions under the Ralcorp Holdings, Inc. Executive Savings Investment Plan credited as Ralcorp Amounts shall be subject to the vesting schedule in effect with respect to such amounts immediately prior the Spin-Off.


  
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 FIRST AMENDMENT TO THE 

POST HOLDINGS, INC. EXECUTIVE SAVINGS INVESTMENT PLAN 
 (effective January 1, 2012) 
 WHEREAS, Post Holdings, Inc.
(“Company”) previously adopted the Post Holdings, Inc. Executive Savings Investment Plan (“Plan”); 

WHEREAS, the Corporate Governance and Compensation Committee of the Board of Directors of the Company (“Committee”) reserved
the right to amend the Plan pursuant to Article VIII of the Plan; 
 WHEREAS, Section 5.4 of the Plan provides that amounts
deferred under the Plan that are deemed credited to the Post Holdings, Inc. Common Stock Fund shall be paid in the form of common stock of the Company subject to the Committee’s discretion to change the form of payment; 

WHEREAS, the Company desires to specify the number of shares of Company common stock reserved for issuance under the Plan; and

 WHEREAS, the Company desires to amend the Plan to clarify that annual or fiscal year bonuses shall not be deferred under the
Plan. 
 NOW, THEREFORE, effective immediately, the Plan is amended as follows: 

1. The following is added to the end of Section 3.1 of the Plan 

“3.1 Notwithstanding any provision in this Plan to the contrary, a Participant’s Deferral Election shall not apply with respect
to any annual or fiscal year bonuses (and earnings thereon for deferred bonuses) awarded under any annual or fiscal year bonus program maintained by the Company regardless of whether the payment of such bonus is deferred pursuant to the Deferred
Compensation Plan or any other program providing for the deferral of compensation (provided that deferrals described in Section 3.8 of the Plan shall continue to apply to such bonuses to the extent applicable).” 

2. A new Section 5.7 is added to the Plan as follows: 
 “5.7 Shares Available. Subject to the provisions of this section, the maximum number of shares of Stock that may be delivered to Participants and beneficiaries under the Plan shall be
1,000,000. The shares of Stock with respect to which distributions may be made under the Plan shall be shares of Stock currently authorized but unissued or currently held or subsequently acquired by the Company as treasury shares of Stock, including
shares of Stock purchased in the open market or in private transactions. The Company shall make automatic and appropriate adjustments in the aggregate number and type of securities that may be issued, represented, and available for delivery to
Participants and beneficiaries under the Plan to give effect to adjustments made in the number or type of shares through a dissolution or liquidation of the Company, a sale of substantially all of the assets of the Company, a merger or consolidation
of the Company with or into any other corporation, regardless of whether the Company is the surviving corporation, a statutory share exchange involving capital stock of the Company, a divestiture, distribution of assets to shareholders (other than
ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock compensation or exchange, rights offering, spin-off or other relevant change, provided that


  
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fractional shares of Stock shall be rounded to the nearest whole share of Stock, for which purpose one-half share shall be rounded down to the nearest whole share.” 

IN WITNESS WHEREOF, this amendment has been executed this 1st day of February, 2012. 

POST HOLDINGS, INC. 
  

			
		
	By:	 	/s/ Robert Vitale
		
		 	Name: Robert V. Vitale
		
		 	Title: Chief Financial Officer


  
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