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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>Exhibit 10.43 </FONT></H1>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>2003 NON-QUALIFIED
STOCK OPTION AGREEMENT</u> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        Ralcorp
Holdings, Inc. (the “Company”), effective January 30, 2003, grants this
Non-Qualified Stock Option to ______________ (“Optionee”) to purchase a total of
________ shares of its $.01 par value Common Stock (the “Common Stock”) at a
price of $24.02 per share pursuant to the Ralcorp Holdings, Inc. 2002 Incentive Stock Plan
(the “Plan”). Subject to the provisions of the Plan and the following terms,
Optionee may exercise this option from time to time by tendering to the Company written
notice of exercise together with the purchase price in either cash, or in shares of Common
Stock of the Company at their fair market value as determined by the Nominating and
Compensation Committee of the Company’s Board of Directors (the
“Committee”), or in both cash and such shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>        <B>NOW
THEREFORE</B>, the Company and Optionee agree, for and in consideration of the terms
hereof, as follows: </FONT></P>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Normal Exercise</U> — This Option becomes exercisable at the rate of 25%
          of the total shares on January 30, 2006, 2007, 2008 and 2009. This Option
          remains exercisable through January 29, 2013, unless Optionee is no longer
          employed by the Company, in which case the Option is exercisable only if
          permitted by, and in accordance with, the provisions of paragraph 2 below. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Accelerated Exercise</U> — Notwithstanding the above, this Option shall
          become exercisable before the normal exercise dates set forth in
          paragraph 1 above upon the occurrence of any of the events set forth below
          while Optionee is employed by the Company. This Option shall become exercisable
          in full on the date of such event and shall remain exercisable for the periods
          set forth below or until January 29, 2013, whichever occurs first.
          Thereafter, the unexercised portion of this Option is forfeited and may not be
          exercised. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>



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                    <TD ALIGN=LEFT 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>a.</FONT></TD>
                    <TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Death of Optionee (exercisable for three years). </FONT></TD>
                    </TR>
                    </TABLE>



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                    <TD ALIGN=LEFT 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>b. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                     Declaration of Optionee’s total and permanent disability (exercisable for
                    three years)</FONT></TD>
                    </TR>
                    </TABLE>

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                    <TD ALIGN=LEFT 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>c. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Voluntary termination of Optionee’s employment at or after
                    attainment of age 62 (exercisable for three years).</FONT></TD>
                    </TR>
                    </TABLE>


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                    <TD ALIGN=LEFT 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>d. </FONT></TD>
                    <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Involuntary termination of employment of Optionee, other than a Termination for
                    Cause (exercisable for six months). </FONT></P></TD>
                    </TR>
                    </TABLE>

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                    <TD ALIGN=LEFT 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>e. </FONT></TD>
                    <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Occurrence of a Change in Control (exercisable for six months after the
                    Optionee’s voluntary or involuntary termination of employment following the
                    Change in Control). </FONT></P></TD>
                    </TR>
                    </TABLE>


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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Forfeiture</U> — This paragraph sets forth the circumstances under which
          this Option will be forfeited. All shares not exercisable shall be forfeited
          upon the occurrence of any of the following events (any of which is referred to
          as a “Forfeiture Event”): </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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                    <TD ALIGN=LEFT 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>a. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                     Optionee is Terminated for Cause;</FONT></TD>
                    </TR>
                    </TABLE>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT 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>b. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Optionee voluntarily terminates prior to
                    age 62;</FONT></TD>
                    </TR>
                    </TABLE>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT 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>c. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Optionee engages in competition with the Company; or </FONT></TD>
                    </TR>
                    </TABLE>
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                    <TR VALIGN=TOP>
                    <TD ALIGN=LEFT 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>d. </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Optionee engages in any of the following actions: </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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          <TD ALIGN=LEFT WIDTH=6%><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>(i) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          intentional misconduct in the performance of Optionee’s job with the
          Company or any subsidiary; </FONT></P></TD>
          </TR>
          </TABLE>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
          <TD ALIGN=LEFTT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          being openly critical in the media of the Company or any subsidiary or its
          directors, officers, or employees or those of any subsidiary; </FONT></P></TD>
          </TR>
          </TABLE>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=6%><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>(iii) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          pleading guilty or nolo contendere to any felony or any charge involving moral
          turpitude; </FONT></P></TD>
          </TR>
          </TABLE>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=6%><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>(iv) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          misappropriating or destroying Company or subsidiary property including, but not
          limited to, trade secrets or other proprietary property; </FONT></P></TD>
          </TR>
          </TABLE>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=6%><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>(v) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          improperly disclosing material nonpublic information regarding the Company or
          any subsidiary; </FONT></P></TD>
          </TR>
          </TABLE>

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          <TD ALIGN=LEFT WIDTH=6%><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>(vi) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          after ceasing employment with the Company, inducing or attempting to induce any
          employee of the Company or any Subsidiary to leave the employ of the Company or
          any subsidiary; </FONT></P></TD>
          </TR>
          </TABLE>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=6%><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>(vii) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          after ceasing employment with the Company, hiring any person who was a manager
          level employee of the Company or any subsidiary; or </FONT></P></TD>
          </TR>
          </TABLE>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=6%><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>(viii) </FONT></TD>
          <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          inducing or attempting to induce any customer, supplier, lender, or other
          business relation of the Company or any subsidiary to cease doing business with
          the Company or any subsidiary. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Upon
the occurrence of a Forfeiture Event, those portions of this Option not exercisable at the
time of a Forfeiture Event will be forfeited and may not be exercised. Notwithstanding any
other provision of this Option, any portion of this Option exercisable (either in
accordance with the normal exercise dates set forth in paragraph 1 or pursuant to an
acceleration of exercisability under paragraph 2) at the occurrence of a Forfeiture Event
shall remain exercisable for seven days following the occurrence of a Forfeiture Event.
Therefore, any exercisable portion of this Option that is not exercised within such seven
day period will be forfeited and may not be exercised. The Committee or entire Board of
Directors may waive any condition of forfeiture described in this paragraph. </FONT></TD>
</TR>
</TABLE>
<BR>


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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Change in Control</U> — In the case of a Change in Control (other than a
          transaction in which the Company is the continuing or surviving corporation and
          which does not result in the outstanding shares of Common Stock being converted
          into or exchanged for different securities, cash or other property, or any
          combination thereof), Optionee shall have the right (subject to the provisions
          of the Plan and any limitation applicable to the Option contained herein)
          thereafter and during the term of the Option, to receive upon exercise thereof
          the Acquisition Consideration (as defined below) receivable upon the Change in
          Control by a holder of the number of shares of Common Stock which would have
          been obtained upon exercise of the Option or portion thereof, as the case may
          be, immediately prior to the Change in Control. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Definitions</U> — For purposes of this Agreement, the following terms
          have the meanings as set forth below: </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=LEFT 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>a. </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               “<U>Acquisition Consideration</U>” — Shall mean the kind and
               amount of shares of the surviving or new corporation, cash, securities, evidence
               of indebtedness, other property or any combination thereof receivable in respect
               of one share of the Common Stock upon consummation of a Change in Control. In
               the case of a Change in Control resulting from the event set forth in paragraph
               5(b)(i), the value of the Acquisition Consideration shall be equal to the
               highest price paid by such person for a share of the Company’s Common Stock
               during the two-year period preceding the date on which such person became the
               beneficial owner of more than 50% of the Company’s Common Stock. If such
               price is paid in the form of non-cash consideration, the value of the
               Acquisition Consideration shall be equal to the fair market value of such
               consideration at the time of the purchase of such share. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=LEFT 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>b. </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               “<U>Change in Control”</U> — Shall mean when (i) a person, as
               defined under the securities laws of the United States, acquires beneficial
               ownership of more than 50% of the outstanding voting securities of the Company;
               or (ii) the directors of the Company, immediately before a business combination
               between the Company and another entity, or a proxy contest for the election of
               directors, shall as a result of such business combination or proxy contest,
               cease to constitute a majority of the Board of Directors of the Company or any
               successor to the Company. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=LEFT 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>c. </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               “<U>Termination for Cause”</U> — Shall mean the Optionee’s
               termination of employment with the Company because of the willful engaging by
               the Optionee in gross misconduct; provided, however, that a termination for
               cause shall not include termination attributable to (i) poor work performance,
               bad judgment or negligence on the part of the Optionee, (ii) an act or omission
               believed by the Optionee in good faith to have been in or not opposed to the
               best interests of the Company and reasonably believed by the Optionee to be
               lawful, or (iii) the good faith conduct of the Optionee in connection with a
               Change in Control (including opposition to or support of such Change in
               Control). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          This Agreement shall be governed by the laws of the State of Missouri without
          reference to the conflict of laws provisions thereof. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          No amendment or modification of this Option shall be valid unless the same shall
          be in writing and signed by the Company and Optionee. The foregoing, however,
          shall not prevent the Company from amending or modifying the Plan except that no
          such amendment or modification shall adversely affect the Optionee’s rights
          under this Option Agreement. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>




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

<TR VALIGN=Bottom>
     <TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ACKNOWLEDGED</TD>
     <TD WIDTH=10% ALIGN=LEFT> </TD>
     <TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RALCORP HOLDINGS, INC.</TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </td>
</TR>

<TR>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AND ACCEPTED:</td>
</tr>

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

<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>                                    </TD>
<TD> </TD>
<TD align=left  valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:<u>                                    </td>
</tr>

<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Optionee</td>
<td> </td>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      R. W. Lockwood<br>
      Secretary<br></td>
</tr>


<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>                                    </u><br>
Date</td>
</tr>

<tr>
<td> </td>
</tr>


<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>                                    </u><br>
Location</td>
</tr>

<tr>
<td> </td>
</tr>

<tr>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>                                    </u><br>
S.S.#</td>
</tr>
</table>