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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EXHIBIT 10.44 </FONT></H1>

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<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 September 18, 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 $29.85 per
share pursuant to the Ralcorp Holdings, Inc. Incentive Stock Plan (the “Plan”).
Subject to the provisions of the Plan and the following terms, Optionee may exercise this
option as set forth below 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 Company’s Board of Directors (the
“Board”), 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>Exercise</U> — This Option shall become exercisable upon the occurrence
          of any of the events set forth below. This Option shall become exercisable in
          full on the date of such event and shall remain exercisable for the periods set
          forth below. 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=RIGHT WIDTH=6%><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=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Optionee’s death (exercisable for three years).<br><br> </FONT></P>
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                    <TD ALIGN=RIGHT WIDTH=6%><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=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Optionee’s voluntary termination or retirement (whether pursuant to any
                    mandatory retirement provision of the Company’s Articles of Incorporation,
                    Bylaws or Board resolution, or otherwise) at or after attainment of age 70
                    (exercisable for three years). </FONT></P></TD>
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                    <BR>

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                    <TD ALIGN=RIGHT WIDTH=6%><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=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Optionee’s voluntary termination due to mental or physical impairment
                    resulting in his inability to serve as a Director (exercisable for three years). </FONT></P></TD>
                    </TR>
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                    <BR>

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                    <TD ALIGN=RIGHT WIDTH=6%><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=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Optionee’s voluntary termination, or termination due to expiration of
                    Optionee’s term without re-election to a subsequent term in connection with
                    or following a Change-in-Control (exercisable for six months). </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TD ALIGN=RIGHT WIDTH=6%><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=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Optionee’s voluntary termination, or termination due to expiration of
                    Optionee’s term without re-election to a subsequent term other than under
                    circumstances set forth in paragraphs 1.b., 1.c., or 1.d. (exercisable for 90
                    days). </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>Forfeiture</U> — Notwithstanding anything to the contrary contained in
          the Plan, this Option is subject to forfeiture if Optionee is removed from his
          position as a Director for cause in accordance with the Company’s Articles
          and Bylaws and the corporation laws of the State of Missouri or if Optionee
          fails to exercise this Option within the appropriate period set forth in
          paragraph 1, but shall not be subject to forfeiture for any other reason.
          Following forfeiture, no portion of this Option may 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>3. </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>4. </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 set forth below: </FONT></P></TD>
          </TR>
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                    <TD ALIGN=RIGHT WIDTH=6%><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=91%><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
               4(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=RIGHT WIDTH=6%><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=91%><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>5. </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>
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          <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>
          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>
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          </TABLE>
          <BR>

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     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </td>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ACKNOWLEDGED AND</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=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </td>
</TR>

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

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

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