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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EXHIBIT 10.47 </FONT></H1>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>RETIREMENT AGREEMENT
AND GENERAL RELEASE</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        This
is a Retirement Agreement and General Release (referred to as “Agreement”)
entered into this 30 day of September, 2003, by and between Robert W. Lockwood (referred
to as “EMPLOYEE”) and Ralcorp Holdings, Inc. (referred to as
“COMPANY”). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        In
consideration of the mutual promises contained in this Agreement, the COMPANY and the
EMPLOYEE agree as follows: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    1.       
          EMPLOYEE and the COMPANY agree that EMPLOYEE will remain on the job and perform
          all of his duties until September 30, 2003, or such other date as the COMPANY
          and EMPLOYEE mutually agree, at which time EMPLOYEE shall retire from the
          COMPANY. After that date, EMPLOYEE will no longer be required to report for work
          or perform further duties. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    2.       
          Beginning the effective date of this Agreement, EMPLOYEE and the COMPANY
          understand and agree as follows: </FONT></P>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               EMPLOYEE shall receive no less than the same monthly salary as EMPLOYEE received
               as of the effective date of this Agreement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               EMPLOYEE shall perform whatever duties are assigned by the COMPANY, provided
               such duties are comparable to those presently performed by EMPLOYEE; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The COMPANY reserves the right to discharge EMPLOYEE prior to the date EMPLOYEE
               is removed from the payroll if EMPLOYEE exhibits conduct disruptive to the
               COMPANY or its employees or for any reason of gross misconduct. In the event
               such termination takes place prior to EMPLOYEE’S last day of work, EMPLOYEE
               shall not be entitled to receive the benefits under this Agreement. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    3.       
          Provided EMPLOYEE remains on the job and performs the assigned job duties in an
          acceptable manner as provided in Paragraphs 1 and 2, the COMPANY agrees to the
          following: </FONT></P>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               to provide EMPLOYEE with salary and benefit continuation through December 31,
               2003. Benefit continuation shall include all benefits provided to him on the
               effective date of this Agreement (including group health insurance, executive
               health insurance, life insurance, executive life insurance, pension accrual,
               executive supplemental retirement, 401k, executive 401k, executive financial
               planning, vacation and other benefits </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


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<tr>
<td colspan=3><HR SIZE=5 COLOR=GRAY NOSHADE></td>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>programs available generally to salaried
               executives of Ralcorp) but excluding benefits under Ralcorp’s severance pay
               plan and long term disability coverage. During this salary and benefit
               continuation period, EMPLOYEE agrees that he will make himself available to
               assist in any transition issues. On December 31, 2003, EMPLOYEE will be removed
               from the COMPANY’S payroll and transferred to retiree status; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               to pay EMPLOYEE for accrued vacation not yet taken in accordance with COMPANY
               policy, less legally required deductions, within two (2) weeks of
               EMPLOYEE’S last day on the payroll. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    4.       
               The COMPANY previously granted EMPLOYEE certain Non-Qualified Stock Options
               pursuant to the Ralcorp Holdings, Inc. Incentive Stock Plan and 2002 Incentive
               Stock Plan. For purposes of vesting and exercise of these stock options,
               EMPLOYEE’S termination shall be considered an age 62 retirement. EMPLOYEE
               will not be eligible to receive additional awards under the Incentive Stock Plan
               after the date of this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    5.       
               Any amount previously deferred by EMPLOYEE under the Ralcorp Holdings, Inc.
               Deferred Compensation Plan for Key Employees will be paid out in accordance with
               the terms of that Plan and EMPLOYEE’S elections thereunder. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    6.       
               EMPLOYEE is a party to a Management Continuity Agreement with the COMPANY dated
               as of March 15, 2001 which is incorporated by reference into this Retirement
               Agreement and General Release. Upon the occurrence of a Change in Control prior
               to the December 31, 2003, EMPLOYEE shall be entitled to the Severance Benefits
               provided under the Management Continuity Agreement, except that there shall be
               deducted therefrom any amounts received prior to the Change in Control under
               this Agreement. In that event, EMPLOYEE’S employment shall be deemed
               terminated on the date of such Change in Control and his rights to receive
               further compensation and benefits under this Agreement shall cease. After
               December 31, 2003, EMPLOYEE shall have no further rights to Severance Benefits
               under the Management Continuity Agreement unless the Change in Control occurs
               prior to this date. Except as provided in this paragraph, EMPLOYEE waives any
               and all rights under the Management Continuity Agreement. Terms used in this
               paragraph that are defined in the Management Continuity Agreement shall have the
               meanings set forth therein. </FONT></p>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    7.       
               EMPLOYEE previously qualified to participate in the following retiree benefit
               plans upon his termination of employment: Retiree Health, Executive Retiree
               Health, Retiree Life Insurance and Executive Retiree Life Insurance. EMPLOYEE
               shall have the right to begin participating in any of the retiree plans set
               forth in this Paragraph upon termination as provided in Paragraph 3a, in
               accordance with the terms of such plans and provided EMPLOYEE pays any necessary
               contributions to participate in such plans. This Agreement shall not in any way
               supercede the terms and provisions of such plans, including the right to modify
               or terminate these plans, nor should it be construed as a guarantee that the
               COMPANY will make these benefits available in the future. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    8.       
               EMPLOYEE agrees: </FONT></P>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               to waive all claims to future employment with the COMPANY; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               to cooperate with and assist the COMPANY whenever reasonably possible, so that
               all EMPLOYEE’S duties, responsibilities and pending matters can be
               transferred in an orderly way; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               to return all the COMPANY materials that may have been issued to EMPLOYEE,
               including, but not limited to, draft books, office equipment, credit cards, cash
               advances and, if necessary, to file any outstanding final expense report; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               not to use or to disclose, either directly or indirectly, to anyone not
               connected with the COMPANY any confidential information or trade secrets which
               EMPLOYEE obtained during the term of EMPLOYEE’S employment with the
               COMPANY; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>e. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               not to make any copies for use outside of the COMPANY of any client lists or any
               memoranda, books, records, or documents which contain confidential information
               or trade secrets belonging to the COMPANY; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>f. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               not to apply for unemployment compensation benefits since EMPLOYEE is retiring;
               and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>g. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               to provide the COMPANY with reasonable cooperation and assistance, upon the
               COMPANY’S request, including testifying at all trials, when EMPLOYEE might
               have relevant information. The COMPANY shall pay EMPLOYEE for any reasonable and
               necessary expenses and any loss of wages or salary, which EMPLOYEE incurs
               because of EMPLOYEE’S requested cooperation with and assistance to the
               COMPANY. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    9.       
               It is understood and agreed that only the salary continuation identified in
               Paragraph 3a and the vacation payment identified in Paragraph 3b will be
               considered benefit earnings for applicable benefit plans of Ralcorp Holdings,
               Inc. Any other monies paid to EMPLOYEE pursuant to this agreement shall not
               constitute earnings for benefit plan purposes. EMPLOYEE further understands and
               agrees that he will not be eligible for a bonus for Fiscal Year 2004. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    10.     
               The promises and payments contained in Paragraphs 1, 3 and 4 above are in
               addition to any wages, bonuses and commissions to which EMPLOYEE already is
               entitled because of EMPLOYEE’S work for the COMPANY. EMPLOYEE agrees to
               accept the promises and terms in Paragraphs 1, 3 and 4 above in consideration
               for the settlement, waiver and release and discharge of any and all claims or
               actions against the COMPANY arising under any federal, state, or local statute,
               law, or regulation pertaining to employment discrimination on the basis of sex,
               race, color, religion, creed, national origin, age, handicap or disability,
               marital status, or any other reason established by law, including any claim of
               wrongful discharge. </FONT></P>
               <BR>
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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    11.     
               EMPLOYEE Makes The Following Promises Not To Sue: </FONT></P>


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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               EMPLOYEE releases, settles and forever discharges the COMPANY, including its
               agents and employees, from any and all claims, causes of action, rights,
               demands, debts, or damages of whatever nature, whether or not EMPLOYEE currently
               knows of them, which might have arisen from EMPLOYEE’S employment with and
               subsequent termination from the COMPANY and which may be brought by EMPLOYEE or
               another person or agency on EMPLOYEE’S behalf. This includes, but is not
               limited to, any claim EMPLOYEE might raise for wrongful discharge as well as any
               other claim raised under contract or tort law except those types of claims which
               the parties specifically have excluded from this release of claims and
               identified in Paragraph 12 below. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               EMPLOYEE expressly releases the COMPANY from any and all legal liability and
               waives all claims, demands, or causes of action which EMPLOYEE may have against
               the COMPANY, its agents, representatives, and employees under all federal,
               state, and/or local laws regulating employment, including but not limited to,
               all discrimination claims under the Civil Rights Acts of 1964, as amended, the
               Age Discrimination in Employment Act, the Americans with Disabilities Act, Civil
               Rights Act known as 42 USC 1981, the Handicap Discrimination Act and the Family
               and Medical Leave Act. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    12.     
               This Agreement shall not affect EMPLOYEE’S right to raise any claims based
               on any Social Security or Workers’ Compensation laws, or based on the terms
               of any employee pension or welfare benefit plans or programs of the COMPANY,
               including its subsidiaries and affiliated companies, which may involve benefits
               that should be paid to EMPLOYEE now or in the future. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    13.     
               This Agreement is intended to finally and fully conclude the employment
               relationship between EMPLOYEE and the COMPANY and shall not be interpreted as an
               admission by either the EMPLOYEE or the COMPANY of any wrongdoing or any
               violation of federal, state or local law, regulation, or ordinance. The COMPANY
               specifically denies that it, or its employees, supervisors, representatives, or
               agents has ever committed any wrongdoing whatsoever against EMPLOYEE. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    14.     
               EMPLOYEE agrees not to talk about, write about, or otherwise disclose the
               existence of this Agreement, the terms of this Agreement, or any fact concerning
               its negotiation, execution, or implementation to any person, firm, or
               corporation, other than the EMPLOYEE’S spouse or attorney, unless EMPLOYEE
               is required to do so by federal, state, or local law, or by a court of competent
               jurisdiction. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    15.     
               The Parties understand and agree that for purposes of this Agreement, the term
               “COMPANY” as used herein, shall include not only Ralcorp Holdings,
               Inc., but also </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any of the subsidiary or affiliated companies of Ralcorp
               Holdings, Inc., and all officers, directors, agents, and employees of any of the
               foregoing. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    16.     
               This Agreement will be governed by and construed and enforced under the laws of
               the State of Missouri, without regard to its conflict of law rules. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    17.     
               In the event that any one or more of the provisions of this Agreement is held to
               be invalid, illegal or unenforceable, the validity, legality and enforceability
               of the remaining provisions will not in any way be affected or impaired thereby. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    18.     
               EMPLOYEE expressly acknowledges that the COMPANY has given him at least
               twenty-one (21) days to consider this Agreement and that EMPLOYEE has had the
               opportunity to discuss all aspects of this Agreement with an attorney before
               signing this Agreement. EMPLOYEE states that he has discussed this Separation
               Agreement and General Release or, in the alternative, has freely elected to
               waive any further opportunity to discuss this Agreement with an attorney before
               signing it. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    19.     
               The Parties agree and understand that EMPLOYEE may revoke acceptance within
               seven (7) days after signing this Agreement. EMPLOYEE’S notice of
               revocation must be given to the Vice President of Human Resources of Ralcorp
               Holdings, Inc. in writing within seven days after signing this Agreement. If
               EMPLOYEE does revoke this Agreement, neither EMPLOYEE nor the COMPANY will be
               required to satisfy any of the terms of this Agreement. EMPLOYEE agrees that
               should he revoke this Agreement in order to challenge its validity, EMPLOYEE
               will be obligated to repay any monies paid to him if the Agreement is found
               invalid. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    20.     
               EMPLOYEE expressly acknowledges that he understands all the terms and effect of
               this Agreement and is entering voluntarily into this Retirement Agreement and
               General Release. </FONT></P></TD>
               </TR>
               </TABLE>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>

<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </TD>
     <TD WIDTH=10% ALIGN=LEFT> </TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RALCORP HOLDINGS, INC.</TD>
     <TD WIDTH=30% ALIGN=LEFT> </TD>
</TR>


<tr>
<td><Br><br></td>
</tr>

<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>/s/ Robert W. Lockwood      </TD>
<TD> </TD>
<TD align=left  valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:<u>  /s/ Joe R. Micheletto    </td>
</tr>

<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert W. Lockwood</td>
<td> </td>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Joe R. Micheletto<br>
Chief Executive Officer and<BR>President</td>
</tr>

<tr>
<td><Br><br></td>
</tr>


<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Signed this <u>10th</u> day of<BR><u>October, </u>2003</td>
<td> </td>
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Signed this <u>10th</u> day of<BR><u>October, </u>2003</td>
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Witness: <U>/s/ Judy Broleman</u></td>
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Judy Broleman<BR><BR>Dated: <U>October 10, 2003</U></td>
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