Document:

EX-4.2

 EXHIBIT 4.2 
 EXECUTION VERSION 
  

 
 REGISTRATION RIGHTS
AGREEMENT 
 Dated as of February 3, 2012 

by and among 
 POST HOLDINGS, INC., 
 POST FOODS, LLC 

and 

BARCLAYS CAPITAL INC., 
 J.P. MORGAN SECURITIES LLC, 
 WELLS FARGO SECURITIES, LLC, 

and 

CREDIT SUISSE SECURITIES (USA) LLC, 
 as representatives of several the initial purchasers 
  

 

 This Registration Rights Agreement (this “Agreement”) is made and
entered into as of February 3, 2012, by and among Post Holdings, Inc., a Missouri corporation (the “Company”), Post Foods, LLC, a Delaware limited liability company (the “Guarantor” and together
with the Company’s other subsidiaries, if any, that may become party hereto pursuant to Section 10(e), the “Guarantors”), and Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Credit
Suisse Securities (USA) LLC, as representatives of the several initial purchasers named in Schedule I attached to the Offering Agreement (as defined below) (each such initial purchaser, an “Initial Purchaser” and, together,
the “Initial Purchasers”), each of whom has agreed to acquire the Company’s 7.375% Senior Notes due 2022 (the “Initial Notes”) pursuant to that certain exchange agreement, dated January 27,
2012, between Ralcorp Holdings, Inc., a Missouri corporation, and Barclays Bank PLC, J.P. Morgan Securities LLC, Wells Fargo Bank, N.A., Credit Suisse Securities (USA) LLC, SunTrust Bank and PNC Bank, National Association (the “Exchange
Agreement”). 
 This Agreement is made pursuant to the Offering Agreement, dated January 27, 2012 (the
“Offering Agreement”), by and among the Company, the Guarantors and the Initial Purchasers. In order to induce the Initial Purchasers to acquire and sell the Initial Notes, the Company and the Guarantors have agreed to
provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition set forth in Section 7 of the Offering Agreement. Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Indenture, dated as of February 3, 2012, among the Company, the Guarantors and Wells Fargo Bank, N.A., as trustee, relating to the Initial Notes and the Exchange Notes (the “Indenture”).

 The parties hereby agree as follows: 
 SECTION 1. DEFINITIONS 
 As used in this Agreement, the following
capitalized terms shall have the following meanings: 
 Act: The Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder. 
 Affiliate: As defined in Rule 144 of the Act.

 Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or at
a place of payment with respect to the Initial Notes or the Exchange Notes are authorized by law, regulation or executive order to remain closed. 
 Closing Date: The date hereof. 
 Commission: The
Securities and Exchange Commission. 
 Consummate: An Exchange Offer shall be deemed “Consummated” for
purposes of this Agreement upon the occurrence of (a) the filing and effectiveness under the Act of the Exchange 

 Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (b) the
maintenance of such Exchange Offer Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof, and (c) the delivery by the Company
to the Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal amount of Initial Notes tendered by Holders thereof pursuant to the Exchange Offer. 

Consummation Deadline: As defined in Section 3(b) hereof. 

Entitled Securities: Each Initial Note until the earliest to occur of (a) the date on which such Initial Note has been
exchanged in the Exchange Offer by a Person other than a Broker-Dealer for an Exchange Note entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Act, (b) following the
exchange by a Broker-Dealer in the Exchange Offer of an Initial Note for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the Prospectus
contained in the Exchange Offer Registration Statement, (c) the date on which such Initial Note has been effectively registered under the Act and disposed of in accordance with the Shelf Registration Statement (and the purchasers thereof have
been issued Exchange Notes), or (d) the date on which such Initial Note is actually sold pursuant to Rule 144; provided that an Initial Note will not cease to be an Entitled Security for purposes of the Exchange Offer by virtue of this
clause (d). 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 Exchange Effectiveness Deadline: As defined in Sections 3(a) and 4(a)
hereof. 
 Exchange Filing Deadline: As defined in Sections 3(a) and 4(a) hereof. 

Exchange Notes: The Company’s 7.375% Senior Notes due 2022 to be issued pursuant to the Indenture:
(i) in the Exchange Offer or (ii) as contemplated by Section 4 hereof. 
 Exchange Offer:
The exchange and issuance by the Company of a principal amount of Exchange Notes (which shall be registered pursuant to the Exchange Offer Registration Statement) equal to the outstanding principal amount of Initial Notes that are validly tendered
and not withdrawn by such Holders in connection with such exchange and issuance. 
 Exchange Offer Registration
Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus. 

Free Writing Prospectus: Each offer to sell or solicitation of an offer to buy the Initial Notes or the Exchange Notes that
would constitute a “free writing prospectus” as defined in Rule 405 under the Securities Act, prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Initial Notes or the Exchange
Notes. 
 Holders: As defined in Section 2 hereof. 

Interest Payment Date: As defined in the Initial Notes and Exchange Notes. 

  
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 Prospectus: The prospectus included in a Registration Statement at the time
such Registration Statement is declared effective, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus.

 Recommencement Date: As defined in Section 6(d) hereof. 

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company and the Guarantors relating to (a) an offering of
Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Entitled Securities pursuant to the Shelf Registration Statement, in each case, (i) that is filed pursuant to the provisions of this Agreement,
(ii) including the Prospectus included therein, and (iii) including all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Rule 144: Rule 144 promulgated under the Act. 
 Shelf Registration Statement: As defined in Section 4 hereof. 

Special Interest: As defined in Section 5 hereof. 

Suspension Notice: As defined in Section 6(d) hereof. 

Suspension Rights: As defined in Section 6(c)(i) hereof. 

TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date of the Indenture.

 SECTION 2. HOLDERS 
 A Person is deemed to be a holder of Entitled Securities (each, a “Holder”) whenever such Person owns Entitled Securities. 
 SECTION 3. REGISTERED EXCHANGE OFFER 
 (a) The Company and the Guarantors
shall (i) unless the Exchange Offer shall not be permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a)(i) below have been complied with), cause the Exchange Offer Registration Statement to be
filed with the Commission on or prior to November 19, 2012 (such date being the “Exchange Filing Deadline”), (ii) use their commercially reasonable efforts to cause such Exchange Offer Registration Statement to
become effective on or prior to January 28, 2013 (such date being the “Exchange Effectiveness Deadline”), (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer
Registration Statement as may be necessary in order to cause it to become effective, (B) file, if applicable, a post-effective amendment to such Exchange Offer Registration Statement, and (C) cause all necessary filings, if any, in
connection with the registration and qualification of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions in the United States (and such foreign jurisdictions as shall be mutually 

  
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agreed) as are necessary to permit Consummation of the Exchange Offer; provided, however, that neither the Company nor any Guarantor shall be required to take any action that would
subject them to general service of process or taxation in any jurisdiction where they are not already subject. The Exchange Offer shall be on the appropriate form permitting (i) registration of the Exchange Notes to be offered in exchange for
the Initial Notes that are Entitled Securities and (ii) resales of Exchange Notes by Broker-Dealers that tendered into the Exchange Offer Initial Notes that such Broker-Dealer acquired for its own account as a result of market-making activities
or other trading activities (other than Initial Notes acquired directly from the Company or any of its Affiliates) as contemplated by Section 3(c) below. 
 (b) Unless the Exchange Offer shall not be permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a)(i) below have been complied with), the Company and the
Guarantors shall use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously, and shall keep the Exchange Offer open for a period of not less than the minimum period required under
applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days. The Company and the Guarantors shall cause the Exchange Offer to comply with
all applicable federal and state securities laws. No securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. Unless the Exchange Offer shall not be permitted by applicable law or Commission policy
(after the procedures set forth in Section 6(a)(i) below have been complied with), the Company and the Guarantors shall use their commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date
after the Exchange Offer Registration Statement has become effective, but in no event later than 30 Business Days or longer, if required by the federal securities laws, after the date on which the Exchange Offer Registration Statement has become
effective (such 30th Business Day, or such later date required by the federal securities laws, being the “Consummation Deadline”). 
 (c) The Company shall include a “Plan of Distribution” section in the Prospectus contained in the Exchange Offer Registration Statement and indicate therein that any Broker-Dealer who holds
Entitled Securities that were acquired for the account of such Broker-Dealer as a result of market-making activities or other trading activities (other than Initial Notes acquired directly from the Company or any Affiliate of the Company), may
exchange such Entitled Securities pursuant to the Exchange Offer. Such “Plan of Distribution” section shall also contain all other information with respect to such sales by such Broker-Dealers that the Commission may require in order to
permit such sales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Entitled Securities held by any such Broker-Dealer, except to the extent required by the Commission as a
result of a change in policy, rules or regulations after the date of this Agreement. See the Shearman & Sterling no-action letter (available July 2, 1993). 

Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act and must, therefore, deliver a
prospectus meeting the requirements of the Act in connection with its initial sale of any Exchange Notes received by such Broker-Dealer in the Exchange Offer, the Company and Guarantors shall permit the use of the Prospectus contained in the
Exchange Offer Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the Prospectus contained in the 

  
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Exchange Offer Registration Statement is available for sales of Exchange Notes by Broker-Dealers, the Company and the Guarantors agree to use their commercially reasonable efforts to keep the
Exchange Offer Registration Statement continuously effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(a) and (c) hereof and in conformity with the requirements of this Agreement, the Act and
the policies, rules and regulations of the Commission as announced from time to time, for a period of 180 days from the Consummation Deadline or such shorter period as will terminate when all Entitled Securities covered by such Registration
Statement have been sold pursuant thereto. The Company and the Guarantors shall provide sufficient copies of the latest version of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than two Business Days after such
request, at any time during such period. 
 SECTION 4. SHELF REGISTRATION 

(a) Shelf Registration. If (i) the Company and the Guarantors are not (A) required to file the Exchange Offer
Registration Statement or (B) permitted to Consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the Company and the Guarantors have complied with the procedures set forth in
Section 6(a)(i) below) or (ii) any Holder notifies the Company prior to the 20th Business Day following Consummation of the Exchange Offer that (A) such Holder is prohibited by law or Commission policy from participating in the
Exchange Offer, (B) such Holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or
available for such resales by such Holder or (C) such Holder is a Broker-Dealer and holds Initial Notes acquired directly from the Company or any of its Affiliates, then the Company and the Guarantors, subject to the Suspension Rights set forth
in Section 6(c)(i) below, shall: 
 (x) use their commercially reasonable efforts on or prior to the
later of (i) 45 days (or if such 45th day is not a
Business Day, the next Business Day) after the earlier of (A) the date as of which the Company determines that the Exchange Offer Registration Statement will not be or cannot be, as the case may be, filed as a result of clause (a)(i) above and
(B) the date on which the Company receives the notice specified in clause (a)(ii) above and (ii) the Exchange Filing Deadline (such later date, the “Shelf Filing Deadline”), to file a shelf registration statement
with the Commission pursuant to Rule 415 under the Act (which may be an amendment to the Exchange Offer Registration Statement (the “Shelf Registration Statement”)), covering the resale of all Entitled Securities, and

 (y) use their commercially reasonable efforts to cause such Shelf Registration Statement to become
effective on or prior to the later of (i) 90 days (or if such 90th day is not a Business Day, the next Business Day) after the Shelf Filing Deadline for the Shelf Registration statement and (ii) the Exchange Effectiveness Deadline (such later date, the
“Shelf Effectiveness Deadline”). 
 If, after the Company and the Guarantors have filed an Exchange
Offer Registration Statement that satisfies the requirements of Section 3(a) above, the Company and the Guarantors are required to file and make effective a Shelf Registration Statement solely because the Exchange Offer is not permitted under
applicable federal law (i.e., clause (a)(i)(B) above), then the filing of the Exchange Offer Registration Statement shall be deemed to satisfy the 

  
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requirements of clause (x) above; provided that, in such event, the Company and the Guarantors shall remain obligated to meet the Shelf Effectiveness Deadline set forth in clause (y).

 To the extent necessary to ensure that the Shelf Registration Statement is available for sales of Entitled Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii) hereof, the Company and the Guarantors shall use their commercially reasonable efforts to
keep any Shelf Registration Statement required by this Section 4(a) continuously effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(b) and 6(c) hereof and in conformity with the requirements
of this Agreement, the Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of at least one year from the effective date of the Shelf Registration Statement (as extended pursuant to
Section 6(c)(i) or 6(d)), or such shorter period as will terminate when all Entitled Securities covered by such Shelf Registration Statement have been sold pursuant thereto or are no longer Entitled Securities. 

(b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder may include any of
its Entitled Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 15 days after receipt of a request therefor, the information specified in Item 507
or 508 of Regulation S-K, as applicable, of the Act, or other information reasonably requested by the Company or required by Regulation S-K of the Act, for use in connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. No Holder shall be entitled to Special Interest pursuant to Section 5 hereof unless and until (and from and after such time) such Holder shall have provided all such information. Each selling Holder agrees to
promptly furnish additional information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading and shall promptly supply such other information as the Company may from
time to time reasonably request. 
 SECTION 5. SPECIAL INTEREST 
 Subject to the Suspension Rights referred to in Section 6(c)(i) below, if (i) any Registration Statement required by this Agreement is not filed with the Commission on or prior to the Exchange
Filing Deadline or Shelf Filing Deadline, as applicable, (ii) any such Registration Statement has not been declared effective by the Commission on or prior to the Exchange Effectiveness Deadline or Shelf Effectiveness Deadline, as applicable,
(iii) the Exchange Offer required by this Agreement has not been Consummated on or prior to the Consummation Deadline, or (iv) any Registration Statement is declared effective but thereafter ceases to be effective or usable for its
intended purpose during the applicable periods specified in this Agreement, except as permitted herein (each such event referred to in clauses (i) through (iv), a “Registration Default”), then the Company agrees to pay
to each Holder affected thereby special interest (“Special Interest”) at a rate of 0.25% per annum of the principal amount of Entitled Securities held by such Holder with respect to the first 90-day period immediately
following the occurrence of such Registration Default. The rate of the Special Interest shall increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a
maximum rate of Special Interest for all 

  
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Registration Defaults of 1.0% per annum of the principal amount of the Entitled Securities outstanding; provided that the Company shall in no event be required to pay Special Interest
for more than one Registration Default at any given time. Notwithstanding anything to the contrary set forth herein, (1) upon filing of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the
case of clause (i) above, (2) upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of clause (ii) above, (3) upon Consummation of the Exchange
Offer, in the case of clause (iii) above, or (4) upon the filing of a post-effective amendment to the Registration Statement or an additional Registration Statement that causes the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement) to again be declared effective or made usable in the case of clause (iv) above, the Special Interest payable with respect to the Entitled Securities as a result of such clause (i), (ii), (iii), or
(iv), as applicable, shall cease on the date of such cure and the interest rate on such Transfer Restricted Securities will revert to the interest rate of such Transfer Restricted Securities prior to the applicable Registration Default. 

All accrued Special Interest shall be paid by the Company (or the Company will cause the Paying Agent to make such payment on its behalf)
to the Holders entitled thereto, in the manner provided for the payment of interest in the Indenture, on each Interest Payment Date, as more fully set forth in the Indenture, the Initial Notes and the Exchange Notes. Notwithstanding the fact that
any securities for which Special Interest are due cease to be Entitled Securities, all obligations of the Company to pay Special Interest with respect to securities that accrued prior to the time that such securities ceased to be Entitled Securities
shall survive until such time as such obligations with respect to such securities shall have been satisfied in full. Notwithstanding anything herein to the contrary, Special Interest shall not accrue during any period in which the Company is
exercising the Suspension Rights set forth in Section 6(c)(i) below. 
 SECTION 6. REGISTRATION PROCEDURES 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantors shall
(x) comply with all applicable provisions of Section 6(c) below, (y) use their commercially reasonable efforts to effect such exchange and to permit the resale of Exchange Notes by Broker-Dealers that tendered in the Exchange Offer
Initial Notes that such Broker-Dealer acquired for its own account as a result of its market-making activities or other trading activities (other than Initial Notes acquired directly from the Company or any of its Affiliates) being sold in
accordance with the intended method or methods of distribution thereof, and (z) comply with all of the following provisions: 
 (i) If, following the date hereof there has been announced a change in Commission policy with respect to exchange offers such as the Exchange Offer, that in the reasonable opinion of counsel to the
Company raises a substantial question as to whether the Exchange Offer is permitted by applicable federal law, the Company and the Guarantors hereby agree to take commercially reasonable efforts to either (x) seek a no-action letter or other
favorable decision from the Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such Entitled Securities, or (y) file, in accordance with Section 4(a) hereof, a Shelf Registration Statement to permit the
registration and/or resale of the Entitled Securities that would otherwise be covered by 

  
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the Exchange Offer Registration Statement but for the announcement of a change in Commission policy. In the case of clause (x) above, the Company and the Guarantors hereby agree to pursue
the issuance of such a decision to the Commission staff level but shall not be required to take action not commercially reasonable to affect a change of Commission policy. In connection with the foregoing, the Company and the Guarantors hereby agree
to take all such other actions as may be requested by the Commission or otherwise reasonably required in connection with the issuance of such decision, including without limitation (A) participating in telephonic conferences with the
Commission, (B) delivering to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted, and
(C) diligently pursuing a resolution (which need not be favorable and which need not be a written resolution) by the Commission staff. 
 (ii) As a condition to its participation in the Exchange Offer, each Holder (including, without limitation, any Holder who is a Broker-Dealer) shall furnish, upon the request of the Company, prior to the
Consummation of the Exchange Offer, a written representation to the Company and the Guarantors (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an
Affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer,
(C) it is acquiring the Exchange Notes in its ordinary course of business, and (D) only if such Holder is a Broker-Dealer that will receive Exchange Notes in exchange for Initial Notes that such Broker-Dealer acquired for its own private
account as a result of market making or other trading activities, it will deliver a Prospectus, as required by law, in connection with any sale of such Exchange Notes. As a condition to its participation in the Exchange Offer each Holder using the
Exchange Offer to participate in a distribution of the Exchange Notes shall acknowledge and agree that, if the resales are of Exchange Notes obtained by such Holder in exchange for Initial Notes acquired directly from the Company or an Affiliate
thereof, it (1) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings
Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (including, if applicable, any no-action letter obtained
pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Act in connection with a secondary resale transaction and that such a secondary resale transaction must be covered by an
effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K. 
 (iii) Prior to effectiveness of the Exchange Offer Registration Statement, the Company and the Guarantors shall provide a supplemental letter to the Commission (A) stating that the Company and the
Guarantors are registering the Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital Holdings Corporation (available May 13, 1988), Morgan Stanley and Co., Inc. (available June 5,

  
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1991) as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and, if applicable, any no-action letter obtained pursuant to clause
(i) above, (B) including a representation that the Company and Guarantors have not entered into any arrangement or understanding with any Person to distribute the Exchange Notes to be received in the Exchange Offer and that, to the best of
the Company’s and each Guarantor’s information and belief, each Holder participating in the Exchange Offer is acquiring the Exchange Notes in its ordinary course of business and has no arrangement or understanding with any Person to
participate in the distribution of the Exchange Notes received in the Exchange Offer, and (C) any other undertaking or representation required by the Commission as set forth in any no-action letter obtained pursuant to clause (i) above, if
applicable. 
 (b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company and the
Guarantors shall: 
 (i) comply with all the provisions of Section 6(c) below and use their commercially
reasonable efforts to effect such registration to permit the sale of the Entitled Securities being sold in accordance with the intended method or methods of distribution thereof (as indicated in the information furnished to the Company pursuant to
Section 4(b) hereof), and pursuant thereto the Company and the Guarantors will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Act, which form shall be available for
the sale of the Entitled Securities in accordance with the intended method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof, and 

(ii) issue to any Holder or purchaser of Initial Notes covered by any Shelf Registration Statement contemplated by this
Agreement, upon the request of any such Holder or purchaser, registered notes having an aggregate principal amount equal to the aggregate principal amount of Initial Notes sold pursuant to the Shelf Registration Statement and surrendered to the
Company for cancelation in the names as such Holder or purchaser shall designate; provided, that such purchaser provides all documentation reasonably requested by the Company in connection with such issuance. 

(c) General Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the
Company and the Guarantors shall: 
 (i) use their commercially reasonable efforts to keep such Registration
Statement continuously effective and provide all requisite financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that would cause any such Registration Statement or
the Prospectus contained therein (A) to contain an untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or (B) not to be effective
and usable for resale of Entitled Securities during the period required by this Agreement, the Company and the Guarantors shall file promptly an appropriate amendment to such Registration Statement curing such defect, and, if Commission review is
required, use their commercially reasonable efforts to cause such amendment to be declared effective as soon as practicable. Notwithstanding the 

  
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foregoing, the Company and the Guarantors may allow the Exchange Offer Registration Statement, at any time after Consummation of the Exchange Offer (if otherwise required to keep it effective),
or the Shelf Registration Statement and the related Prospectus to cease to remain effective and usable or may delay the filing or the effectiveness of the Shelf Registration Statement if not then filed or effective, as applicable, and shall not be
required to maintain the effectiveness thereof or amend or supplement any such document (“Suspension Rights”), for one or more periods not to exceed an aggregate of 90 days in any twelve-month period in the event that
maintaining the effectiveness of such Registration Statement or filing an amendment or supplement thereto (or, if no Registration Statement has yet been filed, to filing such a Registration Statement) would (x) require the public disclosure of
material non-public information concerning any transaction or negotiations involving the Company or any of its consolidated subsidiaries that would materially interfere with such transaction or negotiations or obtaining any financial statements
relating to any such acquisition or business combination required to be included in the Shelf Registration Statement or Exchange Offer Registration Statement would be impracticable, (y) require the public disclosure of material non-public
information concerning the Company at a time when its directors and executive officers are restricted from trading in the Company’s securities or (z) otherwise materially interfere with financing plans, acquisition activities or business
activities of the Company; provided that the 180-day period referred to in Section 3(c) during which the Exchange Offer Registration Statement is required to be effective and usable or the period referred to in Section 4(a) hereof
during which the Shelf Registration Statement is required to be effective and usable shall be extended by the number of days during which such Registration Statement was not effective or usable pursuant to the foregoing provisions (which such
extension shall be the Holders’ sole remedy for the exercise by the Company of the Suspension Rights during the time period permitted hereunder, but only to the extent that any suspension period does not violate the 90-day period set forth
above). 
 (ii) Subject to the Suspension Rights set forth in Section 6(c)(i) above, prepare and file with
the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case
may be; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Act, and to comply fully with Rules 424, 430A, and 462, as applicable, under the Act in a timely
manner; and comply with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers
thereof set forth in such Registration Statement or supplement to the Prospectus; 
 (iii) advise (a) each
Holder whose Entitled Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration Statement), and (b) each Holder who has provided notice to the Company promptly and, if requested by such Holder, confirm
such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when the

  
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same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information
relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Act or of the suspension by any state securities commission of the qualification of the Entitled
Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, and (D) of the happening of any event that requires the Company to make changes in the Registration Statement or the
Prospectus in order that the Registration Statement or the Prospectus, any amendment or supplement thereto or any document incorporated by reference therein do not contain an untrue statement of material fact nor omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading. If at any time the Commission shall issue any stop order suspending
the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Entitled Securities under state securities or
Blue Sky laws, the Company and the Guarantors shall use their commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

(iv) subject to Section 6(d), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or
have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the
purchasers of Entitled Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; 
 (v) furnish to each Holder whose Entitled Securities have been included in a Shelf Registration
Statement (in the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or
supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the reasonable review and comment of such
Holders in connection with such sale, if any, for a period of at least three Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus
(including all such documents incorporated by reference) to which such Holders shall reasonably object within three Business Days after the receipt thereof. A Holder shall be deemed to have reasonably objected to such filing if such Registration
Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits to state any material fact necessary to make the statements therein not misleading or fails to comply
with the applicable requirements of the Act; 

  
 12 

 (vi) if requested, promptly prior to the filing of any document that is to
be incorporated by reference into a Registration Statement or Prospectus in connection with such exchange, registration or sale, if any, provide copies of such document to each Holder whose Entitled Securities have been included in a Shelf
Registration Statement (in the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, if any, make the Company’s and the Guarantors’ representatives available for discussion of such document and
other customary due diligence matters, subject to execution and delivery of customary confidentiality agreements, and include such information in such document prior to the filing thereof as such Holders may reasonably request; 

(vii) make available, at reasonable times, for inspection by each Holder whose Entitled Securities have been included in a
Shelf Registration Statement (in the case of a Shelf Registration Statement) and any attorney or accountant retained by such Holders, all financial and other records, pertinent corporate documents of the Company and the Guarantors reasonably
requested and cause the Company’s and the Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, attorney or accountant in connection with such Registration Statement or any
post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness; provided that any Holder or representative thereof requesting or receiving such information shall agree to be bound by reasonable
confidentiality agreements and procedures with respect thereto; 
 (viii) if requested by any Holders whose
Entitled Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, promptly include in any Registration Statement or Prospectus, pursuant
to a supplement or post-effective amendment if necessary, such information as such Holders may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Entitled
Securities and the use of the Registration Statement or Prospectus for market making activities; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the
matters to be included in such Prospectus supplement or post-effective amendment; 
 (ix) if requested, furnish
to each Holder whose Entitled Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, without charge, at least one copy of the
Registration Statement, as first filed with the Commission, and of each amendment thereto, including all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 

(x) deliver to each Holder whose Entitled Securities have been included in a Shelf Registration Statement (in the case of
a Shelf Registration Statement) without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Holders reasonably may request; the Company and the Guarantors hereby consent to
the use (in accordance with law and subject to Section 6(d) hereof and any Suspension Rights) of the Prospectus and any 

  
 13 

 
amendment or supplement thereto by each selling Holder in connection with the offering and the sale of the Entitled Securities covered by the Prospectus or any amendment or supplement thereto;

 (xi) upon the reasonable request of such Holder, enter into such agreements (including an underwriting
agreement containing customary terms), and make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Entitled Securities pursuant to any Registration
Statement contemplated by this Agreement, all to such extent as may be customarily and reasonably requested by any Holder or Holders of Entitled Securities who hold at least 50% in aggregate principal amount of such class of Entitled Securities;
provided, that, the Company and the Guarantors shall not be required to enter into any such agreement more than once with respect to all of the Entitled Securities and may delay entering into such agreement if the Board of Directors of the
Company determines in good faith that it is in the best interests of the Company and the Guarantors not to disclose the existence of or facts surrounding any proposed or pending material corporate transaction involving the Company and the
Guarantors. In such connection, the Company and the Guarantors shall: 
 (A) upon the request of any Holder,
furnish (or in the case of paragraphs (2) and (3), use its commercially reasonable efforts to cause to be furnished) to each such Holder (in the case of the Shelf Registration Statement) and any underwriter, upon Consummation of the Exchange
Offer or the effectiveness of the Shelf Registration Statement, as the case may be: 
 (1) a certificate, dated
such date, signed on behalf of the Company and each Guarantor and not in an individual capacity by (x) the Chief Executive Officer or any Vice President, and (y) a principal financial or accounting officer of the Company and such
Guarantors, confirming, as of the date thereof, such matters as such Holders may reasonably request; 
 (2) an
opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, of counsel for the Company and the Guarantors in customary form (including a customary negative
assurance) and covering such other matters as such Holder may reasonably request; and 
 (3) a customary comfort
letter, dated the date of Consummation of the Exchange Offer, or as of the date of effectiveness of the Shelf Registration Statement, as the case may be, from the Company’s independent accountants, in the customary form and covering matters of
the type customarily covered in comfort letters to underwriters in connection with underwritten offerings, and affirming the matters set forth in the comfort letters delivered pursuant to Section 8(e) of the Offering Agreement; and 

  
 14 

 (B) deliver such other customary documents and certificates as may be
reasonably requested by the selling Holders to evidence compliance with the matters covered in clause (A) above and with any customary conditions contained in any agreement entered into by the Company and the Guarantors pursuant to this clause
(xi); 
 (xii) prior to any public offering of Entitled Securities, cooperate with the selling Holders and their
counsel in connection with the registration and qualification of the Entitled Securities under the securities or Blue Sky laws of such jurisdictions in the United States as the selling Holders may reasonably request and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of the Entitled Securities covered by the applicable Registration Statement; provided, however, that the Company and the Guarantors shall not be required to
register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration
Statement, in any jurisdiction where it is not now so subject; 
 (xiii) in connection with any sale of Entitled
Securities that will result in such securities no longer being Entitled Securities, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Entitled Securities to be sold and not bearing any
restrictive legends; and to register such Entitled Securities in such denominations and such names as the selling Holders may request at least two Business Days prior to such sale of Entitled Securities; 

(xiv) use their commercially reasonable efforts to cause the disposition of the Entitled Securities covered by the
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Entitled Securities, subject to the proviso
contained in clause (xii) above; 
 (xv) provide a CUSIP number for all Entitled Securities not later than
the effective date of a Registration Statement covering such Entitled Securities and provide the Trustee under the Indenture with printed certificates for the Entitled Securities which are in a form eligible for deposit with the Depository Trust
Company; 
 (xvi) otherwise use their commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make generally available to its security holders with regard to any applicable Registration Statement, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Act
(which need not be audited) covering a twelve-month period beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Act); and 

(xvii) cause the Indenture to be qualified under the TIA not later than the effective date of the first Registration
Statement required by this Agreement and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes 

  
 15 

 
to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the TIA; and execute and use its commercially reasonable efforts to cause the Trustee to
execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. 

(d) Restrictions on Holders. Each Holder agrees by acquisition of a Entitled Security that, upon receipt of the notice referred to
in Section 6(c)(i) or 6(c)(iii)(C) or any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder will forthwith
discontinue disposition of Entitled Securities pursuant to the applicable Registration Statement until (i) such Holder has received copies of the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such
Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus (in each case, the
“Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s possession which have been
replaced by the Company with more recently dated Prospectuses, or (ii) deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the Prospectus covering such
Entitled Securities that was current at the time of receipt of the Suspension Notice. The time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of
days equal to the number of days in the period from and including the date of delivery of the Suspension Notice to the Recommencement Date. Each Holder, by acquisition of an Entitled Security, further agrees to hold the fact that it has received any
Suspension Notice, and any communication from the Company to the Holder relating to an event giving rise to a Suspension Notice, in confidence. 

SECTION 7. REGISTRATION EXPENSES 
 (a) All expenses incident to the Company’s and the Guarantors’ performance of or compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement
becomes effective, including without limitation: (i) all registration and filing fees and expenses; (ii) all fees and expenses of compliance with federal securities and state Blue Sky or securities laws; (iii) all expenses of printing
(including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company and the
Guarantors and reasonable and documented expenses of one counsel for all of the Holders of Entitled Securities selected by the Holders of a majority in principal amount of Entitled Securities being registered; (v) all application and filing
fees in connection with listing the Exchange Notes on a national securities exchange or automated quotation system pursuant to the requirements hereof; and (vi) all fees and disbursements of independent certified public accountants of the
Company and the Guarantors (including the expenses of any special audit and comfort letters required by or incident to such performance); provided, however, that in no event shall the Company or the Guarantors be responsible for any
underwriting discounts, commissions or fees attributable to the sale or other disposition of Entitled Securities. 

  
 16 

 The Company will, in any event, bear its and the Guarantors’ internal expenses
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the
Company or the Guarantors. 
 SECTION 8. INDEMNIFICATION 
 (a) The Company and the Guarantors agree, jointly and severally, to indemnify and hold harmless each Holder, its directors, officers and each Person, if any, who controls such Holder (within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act), from and against any and all losses, claims, damages, liabilities or judgments, (including without limitation, any legal or other expenses reasonably incurred in connection with
investigating or defending any matter, including any action that could give rise to any such losses, claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement, preliminary prospectus or Prospectus, Free Writing Prospectus or any “issuer information” (as defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act
(or any amendment or supplement thereto), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, except insofar as such losses, claims, damages, liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon information relating to any of the Holders
furnished in writing to the Company by or on behalf of any of the Holders. 
 (b) Each Holder agrees, severally and not jointly,
to indemnify and hold harmless the Company and the Guarantors, and their respective directors and officers, and each Person, if any, who controls (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act) the Company
or the Guarantors to the same extent as the foregoing indemnity from the Company and the Guarantors set forth in section (a) above, but only with reference to information relating to such Holder furnished in writing to the Company by or on
behalf of such Holder expressly for use in any Registration Statement. In no event shall any Holder, its directors, officers or any Person who controls such Holder be liable or responsible for any amount in excess of the amount by which the total
amount received by such Holder with respect to its sale of Entitled Securities pursuant to a Registration Statement exceeds the sum of: (i) the amount paid by such Holder for such Entitled Securities plus (ii) the amount of any
damages that such Holder, its directors, officers or any Person who controls such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 

(c) In case any action shall be commenced involving any person in respect of which indemnity may be sought pursuant to Section 8(a)
or 8(b) (the “indemnified party”), the indemnified party shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party
shall assume the defense of such action, including the employment of counsel reasonably satisfactory to the indemnified party and the payment of all fees and expenses of such counsel, as incurred (except that in the case of any action in respect of
which indemnity may be sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be required to assume the defense of such action pursuant to this Section 8(c), but may employ separate counsel and participate in the defense thereof,
but the fees 

  
 17 

 
and expenses of such counsel, except as provided below, shall be at the expense of the Holder). Any indemnified party shall have the right to employ separate counsel in any such action and
participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the indemnified party unless (i) the employment of such counsel has been specifically authorized in writing by the indemnifying party,
(ii) the indemnifying party has failed to assume the defense of such action or employ counsel reasonably satisfactory to the indemnified party, or (iii) the named parties to any such action (including any impleaded parties) include both
the indemnified party and the indemnifying party, and the indemnified party has been advised by such counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying
party (in which case the indemnifying party shall not have the right to assume the defense of such action on behalf of the indemnified party). In any such case, the indemnifying party shall not, in connection with any one action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys (in addition to
any local counsel) for all indemnified parties and all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by a majority of the Holders, in the case of the parties indemnified pursuant to
Section 8(a), and by the Company and Guarantors, in the case of parties indemnified pursuant to Section 8(b). The indemnifying party shall indemnify and hold harmless the indemnified party from and against any and all losses, claims,
damages, liabilities and judgments by reason of any settlement of any action effected with (i) its written consent, or (ii) effected without its written consent if the settlement is entered into more than 20 Business Days after the
indemnifying party received a request from the indemnified party for reimbursement for the fees and expenses of counsel (in any case where such fees and expenses are at the expense of the indemnifying party) and, prior to the date of such
settlement, the indemnifying party has failed to comply with such reimbursement request. No indemnifying party shall, without the prior written consent of the indemnified party (which consent shall not be unreasonably withheld), effect any
settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened action in respect of which the indemnified party is or could have been a party and indemnity or contribution may be or could have been sought
hereunder by the indemnified party, unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability on claims that are or could have been the subject matter of such action, and
(ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the indemnified party. 
 (d) To the extent that the indemnification provided for in this Section 8 is unavailable to an indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to
therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or judgments (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, from their sale of Entitled Securities, or (ii) if the allocation provided by clause
8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Company and the Guarantors, on the one hand, and
of the Holder, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or judgments, as well as any other relevant equitable considerations. The relative fault

  
 18 

 
of the Company and the Guarantors, on the one hand, and of the Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or such Guarantors, on the one hand, or by the Holder, on the other hand, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and judgments referred to above shall be deemed to
include, subject to the limitations set forth in Section 8(c) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

The Company, the Guarantors and each Holder agree that it would not be just and equitable if contribution pursuant to this
Section 8(d) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any matter, including any action that could have given rise to such losses, claims, damages, liabilities or
judgments. Notwithstanding the provisions of this Section 8, no Holder, its directors, its officers or any Person, if any, who controls such Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which
the total amount received by such Holder with respect to the sale of Entitled Securities pursuant to a Registration Statement exceeds the sum of: (i) the amount paid by such Holder for such Entitled Securities plus (ii) the amount of any
damages that such Holder has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective principal
amount of Entitled Securities held by each Holder hereunder and not joint. 
 SECTION 9. RULE 144A AND RULE 144 

The Company and each Guarantors agrees with each Holder, for so long as any Entitled Securities remain outstanding and during any period
in which the Company or such Guarantors is not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any Holder, to such Holder or beneficial owner of Entitled Securities in connection with any sale thereof and
any prospective purchaser of such Entitled Securities designated by such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Act in order to permit resales of such Entitled Securities pursuant to Rule 144A under the
Act. 
 SECTION 10. MISCELLANEOUS 
 (a) Remedies. The Company and the Guarantors acknowledge and agree that any failure by the Company and/or the Guarantors to comply with their respective obligations under

  
 19 

 
Sections 3 and 4 hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s and the Guarantors’ obligations under
Sections 3 and 4 hereof. The Company and the Guarantors further agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 (b) Free Writing Prospectus. The Company represents, warrants and covenants that it (including its agents and representatives) will not prepare, make, use, authorize, approve or refer to any
“written communication” (as defined in Rule 405 under the Securities Act) in connection with the issuance and sale of the Initial Notes and the Exchange Notes, other than (i) any communication pursuant to Rule 134, Rule 135 or Rule
135c under the Securities Act, (ii) any document constituting an offer to sell or solicitation of an offer to buy the Initial Notes or the Exchange Notes that falls within the exception from the definition of prospectus in
Section 2(a)(10)(a) of the Securities Act, or (iii) a prospectus satisfying the requirements of section 10(a) of the Securities Act or of Rule 430, Rule 430A, Rule 430B, Rule 430C or Rule 431 under the Securities Act. 

(c) No Inconsistent Agreements. The Company and any Guarantors will not, on or after the date of this Agreement, enter into any
agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The Company and any Guarantors have not previously entered into, nor is
currently a party to, any agreement granting any registration rights with respect to its securities to any Person that would require such securities to be included in any Registration Statement filed hereunder. The rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s and the Guarantors’ securities under any agreement in effect on the date hereof. 

(d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents
to or departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 10(d)(i), the Company has obtained the written consent of Holders of all outstanding Entitled Securities, and
(ii) in the case of all other provisions hereof, the Company has obtained the written consent of Holders of a majority of the outstanding principal amount of Entitled Securities (excluding Entitled Securities held by the Company or its
Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose Entitled Securities are being tendered pursuant to the Exchange Offer, and that does not
affect directly or indirectly the rights of other Holders whose Entitled Securities are not being tendered pursuant to such Exchange Offer, may be given by the Holders of a majority of the outstanding principal amount of Entitled Securities subject
to such Exchange Offer. 
 (e) Additional Guarantors. The Company shall cause any of its Domestic Subsidiaries (other
than Excluded Subsidiaries) (as such terms are defined in the Indenture) that become, prior to the consummation of the Exchange Offer, Guarantors in accordance with the terms and provisions of the Indenture to become a party to this Agreement as
Guarantors. 

  
 20 

 (f) Third Party Beneficiary. The Holders shall be third party beneficiaries to the
agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or
advisable to protect its rights or the rights of Holders hereunder. 
 (g) Notices. All notices and other communications
provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the
Registrar under the Indenture; and 
 (ii) if to the Company or the Guarantors: 

2503 S. Hanley Road 
 St. Louis, MO 63144 
 Attention: Diedre Gray 

Facsimile No.: (314) 646-3367 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid,
if mailed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 

(h) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties, including without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Entitled Securities in
violation of the terms hereof or of the Offering Agreement or the Indenture. If any transferee of any Holder shall acquire Entitled Securities in any manner, whether by operation of law or otherwise, such Entitled Securities shall be held subject to
all of the terms of this Agreement, and by taking and holding such Entitled Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the
restrictions on resale set forth in this Agreement and, if applicable, the Offering Agreement, and such Person shall be entitled to receive the benefits hereof. 
 (i) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. 
 (j) Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

  
 21 

 (k) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF. 
 (l) Severability. In the
event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired thereby. 
 (m) Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted with respect to the Entitled Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter. 
 [Signature Page Follows] 

  
 22 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	POST HOLDINGS, INC.
		
	By:	 	/s/    Robert V Vitale         
		 	Name: Robert V Vitale
		 	Title: Chief Financial Officer
		 	
	
	POST FOODS, LLC
		
	By:	 	/s/    Robert V Vitale         
		 	Name: Robert V Vitale
		 	Title: Vice President
		 	

 [Signature Page to Registration Rights Agreement] 

 BARCLAYS CAPITAL INC. 

J.P. MORGAN SECURITIES LLC 
 WELLS FARGO SECURITIES, LLC 
 CREDIT
SUISSE SECURITIES (USA) LLC 
 PNC CAPITAL MARKETS LLC 

SUNTRUST ROBINSON HUMPHREY, INC. 

 

			
	By BARCLAYS CAPITAL INC., as Authorized Representative
		
	By:	 	/s/    Peter Toal         
		 	Name: Peter Toal
		 	Title: Managing Director
	
	By J.P. MORGAN SECURITIES LLC, as Authorized Representative
		
	By:	 	/s/    John H. Fiore         
		 	Name: John H. Fiore
		 	Title: Executive Director
	
	By WELLS FARGO SECURITIES, LLC, as Authorized Representative
		
	By:	 	/s/    Lewis S. Morris, III         
		 	Name: Lewis S. Morris, III
		 	Title: Managing Director
	
	By CREDIT SUISSE SECURITIES (USA) LLC, as Authorized 
Representative
		
	By:	 	/s/    Aaron Weisbrod         
		 	Name: Aaron Weisbrod
		 	Title: Director

 [Signature Page to Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

 
  

 
 EXECUTION VERSION 

Tax Allocation Agreement 
 by and among 
 Ralcorp Holdings, Inc., 

and 
 Post
Holdings, Inc. 
 Dated as of February 3, 2012 

 
  

 

  
 1 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Definition of Terms
	  	 	2	  
			
	 Section 2.
	 	 Allocation of Tax Liabilities
	  	 	8	  
			
	 2.01
	 	 Pre-Distribution/Post-Distribution Taxes
	  	 	8	  
	 2.02
	 	 Transfer Taxes
	  	 	8	  
	 2.03
	 	 Transaction Taxes
	  	 	9	  
	 2.04
	 	 Post Group Attributes
	  	 	10	  
			
	 Section 3.
	 	 Proration of Taxes
	  	 	10	  
			
	 3.01
	 	 General Method of Proration
	  	 	10	  
	 3.02
	 	 Transaction Treated as Extraordinary Item
	  	 	10	  
	 3.03
	 	 Other Income Taxes
	  	 	10	  
			
	 Section 4.
	 	 Preparation and Filing of Tax Returns
	  	 	10	  
			
	 4.01
	 	 General
	  	 	10	  
	 4.02
	 	 Ralcorp’s Responsibility
	  	 	10	  
	 4.03
	 	 Post’s Responsibility
	  	 	11	  
	 4.04
	 	 Tax Accounting Practices
	  	 	11	  
	 4.05
	 	 Consolidated or Combined Tax Returns
	  	 	11	  
	 4.06
	 	 Right to Review Tax Returns
	  	 	11	  
	 4.07
	 	 Post Carrybacks, Carryforwards and Claims for Refund
	  	 	11	  
	 4.08
	 	 Apportionment of Earnings and Profits and Tax Attributes
	  	 	12	  
			
	 Section 5.
	 	 Tax Payments
	  	 	12	  
			
	 5.01
	 	 Payment of Taxes
	  	 	12	  
	 5.02
	 	 Indemnification Payments
	  	 	12	  
			
	 Section 6.
	 	 Tax Benefits
	  	 	13	  
			
	 6.01
	 	 Tax Benefits
	  	 	13	  
	 6.02
	 	 Ralcorp and Post Income Tax Deductions in Respect of Certain Equity Awards and Incentive Compensation
	  	 	13	  
			
	 Section 7.
	 	 Tax-Free Status
	  	 	14	  
			
	 7.01
	 	 Tax Opinions/Rulings and Representation Letters
	  	 	14	  
	 7.02
	 	 Restrictions on Post
	  	 	14	  
	 7.03
	 	 Restrictions on Ralcorp
	  	 	15	  
	 7.04
	 	 Procedures Regarding Opinions and Rulings
	  	 	15	  
			
	 Section 8.
	 	 Assistance and Cooperation
	  	 	16	  
			
	 8.01
	 	 Assistance and Cooperation
	  	 	16	  
	 8.02
	 	 Income Tax Return Information
	  	 	17	  
	 8.03
	 	 Reliance by Ralcorp
	  	 	17	  
	 8.04
	 	 Reliance by Post
	  	 	17	  
			
	 Section 9.
	 	 Tax Records
	  	 	18	  
			
	 9.01
	 	 Retention of Tax Records
	  	 	18	  
	 9.02
	 	 Access to Tax Records
	  	 	18	  

  
 1 

							
	 Section 10.
	 	 Tax Contests
	  	 	18	  
			
	 10.01
	 	 Notice
	  	 	18	  
	 10.02
	 	 Control of Tax Contests
	  	 	18	  
			
	 Section 11.
	 	 Effective Date; Termination of Prior Intercompany Tax Allocation Agreements
	  	 	19	  
			
	 Section 12.
	 	 Survival of Obligations
	  	 	20	  
			
	 Section 13.
	 	 Treatment of Payments; Tax Gross Up
	  	 	20	  
			
	 13.01
	 	 Treatment of Tax Indemnity and Tax Benefit Payments
	  	 	20	  
	 13.02
	 	 Tax Gross Up
	  	 	20	  
	 13.03
	 	 Interest Under This Agreement
	  	 	20	  
			
	 Section 14.
	 	 Disagreements
	  	 	20	  
			
	 Section 15.
	 	 Late Payments
	  	 	20	  
			
	 Section 16.
	 	 Expenses
	  	 	21	  
			
	 Section 17.
	 	 General Provisions
	  	 	21	  
			
	 17.01
	 	 No Double Recovery
	  	 	21	  
	 17.02
	 	 Entire Agreement
	  	 	21	  
	 17.03
	 	 Choice of Law
	  	 	21	  
	 17.04
	 	 Amendment
	  	 	21	  
	 17.05
	 	 Waiver
	  	 	21	  
	 17.06
	 	 Partial Invalidity
	  	 	21	  
	 17.07
	 	 Execution in Counterparts
	  	 	21	  
	 17.08
	 	 Successors and Assigns
	  	 	21	  
	 17.09
	 	 Notices
	  	 	22	  
	 17.10
	 	 No Reliance on Other Company
	  	 	22	  
	 17.11
	 	 Performance
	  	 	22	  

  
 2 

 TAX ALLOCATION AGREEMENT 

This TAX ALLOCATION AGREEMENT (this “Agreement”) is entered into as of February 3, 2012, by and between Ralcorp
Holdings, Inc., a Missouri corporation (“Ralcorp”), and Post Holdings, Inc. (“Post”), a Missouri corporation and direct, wholly owned subsidiary of Ralcorp. 

RECITALS 

WHEREAS, the Board of Directors of Ralcorp has determined that it is in the best interest of its shareholders to effect a reorganization
and spin-off providing for the separation of the Post Group (as defined below) from the Ralcorp Group (as defined below); 

WHEREAS, Ralcorp, Post and Post Foods, LLC, a Delaware limited liability company and wholly-owned subsidiary of Ralcorp (“Post
US”) have entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) providing for the separation of the Post Group from the Ralcorp Group; 

WHEREAS, pursuant to the tax laws of various jurisdictions, the Ralcorp Affiliated Group (as defined below) files certain tax returns on
a consolidated, combined, unitary or other group basis; 
 WHEREAS, pursuant to the terms of the Separation and Distribution
Agreement, Ralcorp has and/or intends to enter into the series of transactions set forth on Annex I. 
 WHEREAS, for U.S.
federal income tax purposes, it is intended that: (i) the Post Contribution (as defined below), taken together with the Distribution (as defined below) will qualify as a tax-free reorganization within the meaning of Sections 355 and
368(a)(1)(D) of the Code; (ii) Ralcorp will not recognize gain or loss with respect to the Post Contribution (including the receipt by Ralcorp of the Post Debt Securities (as defined below) and any proceeds of the Post Credit Facility (as
defined below)), (iii) the Ralcorp shareholders will not recognize gain or loss upon the receipt of Post Common Stock (as defined below) in the Distribution (except to the extent of cash received in lieu of fractional shares),
(iv) provided the Retained Shares (as defined below) are transferred to Ralcorp creditors pursuant to the Equity for Debt Exchange (as defined below) or to Ralcorp shareholders pursuant to the Share Repurchase (as defined below), in each case,
within 12 months following the Distribution, Ralcorp will not recognize gain or loss with respect to the Retained Shares (other than in the case of the Equity for Debt Exchange (A) deductions attributable to the fact that the Ralcorp Debt (as
defined below) may be redeemed at a premium, (B) income attributable to the fact that the Ralcorp Debt may be redeemed at a discount, and (C) interest expense accrued with respect to the Ralcorp Debt), and (v) provided the Retained Shares
are transferred to Ralcorp shareholders pursuant to the Share Repurchase within 12 months following the Distribution, no gain or loss will be recognized by (and no amount will be included in the income of) Ralcorp shareholders upon the exchange of
Ralcorp Common Stock (as defined below) for Retained Shares pursuant to the Share Repurchase. 
 WHEREAS, as a result of the
Distribution, Post and/or its subsidiaries will cease to be members of the Ralcorp Affiliated Group; and 
 WHEREAS, the parties
desire to provide for and agree upon the allocation between the parties of liabilities for Taxes arising prior to, as a result of, and subsequent to the Distribution, and to provide for and agree upon other matters relating to Taxes. 

  
 1 

 AGREEMENT 
 NOW THEREFORE, in consideration of the mutual agreements contained herein, the parties hereby agree as follows: 
 Section 1. Definition of Terms. For purposes of this Agreement (including the recitals hereof), the following terms have the following meanings, and capitalized terms used but not otherwise
defined herein shall have the meaning ascribed to them in the Separation and Distribution Agreement: 
 “Accounting
Cutoff Date” means, with respect to Post and its subsidiaries, any date as of the end of which there is a closing of the financial accounting records for such entity. 

“Active Trade or Business” means the active conduct (as defined in Section 355(b)(2) of the
Code and the regulations thereunder) by Post and its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) of the Post® branded ready-to-eat cereal products as conducted immediately prior to the Distribution. 
 “Adjustment Request” means any formal or informal claim or request filed with any Tax Authority, or with any administrative agency or court, for the adjustment, refund, or credit of
Taxes, including (a) any amended Tax Return claiming adjustment to the Taxes as reported on a Tax Return or, if applicable, as previously adjusted, (b) any claim for equitable recoupment or other offset, and (c) any claim for refund
or credit of Taxes previously paid. 
 “Affiliate” means any entity that is directly or indirectly
“controlled” by either the person in question or an Affiliate of such person. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person,
whether through ownership of voting securities, by contract or otherwise. The term Affiliate shall refer to Affiliates of a person as determined immediately after the Distribution. 

“Agreement” has the meaning set forth in the first sentence of this Agreement. 

“Board Certificate” has the meaning set forth in Section 7.02(d) of this Agreement. 

“Business Day” means a day (other than Saturday or Sunday) on which banks are generally open in the State of New York,
USA for ordinary business. 
 “Canada Sale” has the meaning set forth in Annex I. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Company” or “Companies” means Ralcorp, and/or Post, as the context requires. 

“Company Indemnifying Party” has the meaning set forth in Section 5.02(b) of this Agreement. 

“Controlling Party” has the meaning set forth in Section 10.02(d) of this Agreement. 

“Debt for Debt Exchange” has the meaning set forth in Annex I. 

“Debt for Debt Exchange Agreement” has the meaning set forth in Annex I. 

“DGCL” means the Delaware General Corporation Law. 

“Distribution” has the meaning set forth in Annex I. 

“Distribution Date” means the date of the Distribution. 

“Equity for Debt Exchange” has the meaning set forth in Annex I. 

“Equity for Debt Exchange Agreement” has the meaning set forth in Annex I. 

  
 2 

 “Fifty-Percent or Greater Interest” has the meaning ascribed to such term
for purposes of Sections 355(d) and (e) of the Code. 
 “Final Determination” means the final resolution
of liability for Tax, which resolution may be for a specific issue or adjustment or for a taxable period, (a) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a
comparable form under the laws of a State, local, or foreign taxing jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by operation of
law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (b) by a decision, judgment,
decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws
of a State, local, or foreign taxing jurisdiction; (d) by any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund may be recovered (including by way of
offset) by the jurisdiction imposing such Tax; (e) by a final settlement resulting from a treaty-based competent authority determination; or (f) by any other final disposition, including by reason of the expiration of the applicable
statute of limitations or by mutual agreement of the parties. 
 “Group” means the Ralcorp Group or the Post
Group, or both, as the context requires. 
 “Income Taxes” means any Tax imposed by any Tax Authority which is
imposed on or measured by net income, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 
 “Indemnitee” has the meaning set forth in Section 13.03 of this Agreement. 
 “Indemnitor” has the meaning set forth in Section 13.03 of this Agreement. 
 “IRS” means the United States Internal Revenue Service. 

“Joint Return” shall mean any Return of a member of the Ralcorp Group or the Post Group that is not a Separate Return.

 “Non-Controlling Party” has the meaning set forth in Section 10.02(d) of this Agreement. 

“Non-US Transfers” means transfers relating to the Canada Sale. 

“Notified Action” has the meaning set forth in Section 7.04(a) of this Agreement. 

“Other Taxes” means any Tax imposed by any Tax Authority other than any Income Taxes or any Transfer Taxes, and any
interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 
 “Past Practices”
has the meaning set forth in Section 4.04(a) of this Agreement. 
 “Payment Date” means (i) with
respect to any Ralcorp Federal Consolidated Income Tax Return, the due date for any required installment of estimated taxes determined under Section 6655 of the Code, the due date (determined without regard to extensions) for filing the return
determined under Section 6072 of the Code, and the date the return is filed, and (ii) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law. 

“Payor” has the meaning set forth in Section 5.02(a) of this Agreement. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as disregarded for U.S. federal income tax
purposes. 

  
 3 

 “Post-Distribution Period” means any Tax Period beginning after the
Distribution Date, and, in the case of any Straddle Period, the portion of such Straddle Period beginning the day after the Distribution Date. 
 “Post” have the meaning set forth in the first sentence of this Agreement. 
 “Post Business” has the meaning set forth in the Separation and Distribution Agreement. 
 “Post Capital Stock” means all classes or series of capital stock of Post, including (i) the Post common stock, (ii) all options, warrants and other rights to acquire such
capital stock and (iii) all instruments properly treated as stock in Post for U.S. federal income tax purposes. 

“Post Carried Item” means any net operating loss, net capital loss, excess tax credit, or other similar Tax item of any
member of the Post Group which may or must be carried from one Tax Period to another prior Tax Period, or carried from one Tax Period to another subsequent Tax Period, under the Code or other applicable Tax Law. 

“Post Contribution” has the meaning set forth in Annex I. 

“Post Credit Facility” has the meaning set forth in Annex I. 

“Post Debt Securities” has the meaning set forth in Annex I. 

“Post Full Taxpayer” means the assumption that the Post Group (a) is subject to the highest marginal regular
statutory income Tax rate that would be applicable to Post if it filed Tax Returns on a standalone basis, (b) has sufficient taxable income to permit the realization or receipt of the relevant Tax Benefit at the earliest possible time, and
(c) is not subject to the alternative minimum tax. 
 “Post Group” means Post and its Affiliates.

 “Post Group Attributes” means any Tax Attributes of the Post Group. 

“Post Separate Return” means any Separate Return of Post or any member of the Post Group. 

“Post US” has the meaning set forth in the recitals to this Agreement. 

“Pre-Distribution Period” means any Tax Period ending on or before the Distribution Date, and, in the case of any
Straddle Period, the portion of such Straddle Period ending on the Distribution Date. 
 “Prime Rate” means
the base rate on corporate loans charged by Citibank, N.A. from time to time, compounded daily on the basis of a year of 365 or 366 (as applicable) days and actual days elapsed. 

“Privilege” means any privilege that may be asserted under applicable law, including, any privilege arising under or
relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is
supported by Post management or shareholders, is a hostile acquisition, or otherwise, as a result of which Post would merge or consolidate with any other Person or as a result 

  
 4 

 
of which any Person or any group of related Persons would (directly or indirectly) acquire, or have the right to acquire, from Post and/or one or more holders of outstanding shares of Post
Capital Stock, a number of shares of Post Capital Stock that would, when combined with any other changes in ownership of Post Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (A) the value of all
outstanding shares of stock of Post as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (B) the total combined voting power of all outstanding shares of voting
stock of Post as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption
by Post of a shareholder rights plan or (B) issuances by Post that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan
of an employer) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock
shall be treated as an indirect acquisition of shares of stock by the exchanging or non-exchanging shareholders, as applicable. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and
shall be interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation. 

“Ralcorp” has the meaning set forth in the first sentence of this Agreement. 

“Ralcorp Affiliated Group” has the meaning set forth in the definition of “Ralcorp Federal Consolidated Income Tax
Return.” 
 “Ralcorp Debt” has the meaning set forth in Annex I. 

“Ralcorp Federal Consolidated Income Tax Return” means any United States federal Income Tax Return for the affiliated
group (as that term is defined in Section 1504 of the Code and the regulations thereunder) of which Ralcorp is the common parent (the “Ralcorp Affiliated Group”). 

“Ralcorp Full Taxpayer” means the assumption that the Ralcorp Affiliated Group (a) is subject to the highest
marginal regular statutory income Tax rate, (b) has sufficient taxable income to permit the realization or receipt of the relevant Tax Benefit at the earliest possible time, and (c) is not subject to the alternative minimum tax.

 “Ralcorp Group” means Ralcorp and its Affiliates, excluding any entity that is a member of the Post Group.

 “Ralcorp Separate Return” means any Separate Return of Ralcorp or any member of the Ralcorp Group.

 “Ralcorp State Combined Income Tax Return” means a consolidated, combined or unitary State Income Tax
Return that actually includes, by election or otherwise, one or more members of the Ralcorp Group together with one or more members of the Post Group. 
 “Recoverable Taxes” has the meaning set forth in Section 2.02. 
 “Representation Letters” means the representation letters and any other materials (including, without limitation, the Ruling Request) delivered or deliverable by Ralcorp and others in
connection with the rendering by Tax Advisors, and/or the issuance by the IRS, of the Tax Opinions/Rulings. 

“Required Party” has the meaning set forth in Section 5.02(a) of this Agreement. 

  
 5 

 “Responsible Company” means, with respect to any Tax Return, the Company
having responsibility for preparing and filing such Tax Return under this Agreement. 
 “Retained Shares” has
the meaning set forth in Annex I. 
 “Retention Date” has the meaning set forth in Section 9.01 of this
Agreement. 
 “Ruling” means any private letter ruling (and any supplemental private letter ruling) issued by
the IRS to Ralcorp in connection with the Transactions. 
 “Ruling Documents” means the Ruling and the Ruling
Request. 
 “Ruling Request” means any letter filed by Ralcorp with the IRS requesting a ruling regarding
certain tax consequences of the Transactions (including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement to such ruling request letter. 

“Section 7.02(d) Acquisition Transaction” means any transaction or series of transactions that is not a Proposed
Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40%. 

“Separate Return” means (a) in the case of any Tax Return of any member of the Post Group (including any
consolidated, combined or unitary return), any such Tax Return that does not include any member of the Ralcorp Group and (b) in the case of any Tax Return of any member of the Ralcorp Group (including any consolidated, combined or unitary
return), any such Tax Return that does not include any member of the Post Group. 
 “Separation and Distribution
Agreement” means the Separation and Distribution Agreement, as amended from time to time, by and among Ralcorp, Post and Post US dated February 2, 2012. 
 “Share Repurchase” has the meaning set forth in Annex I. 

“Share Retention” has the meaning set forth in Annex I. 

“Straddle Period” means any Tax Period that begins on or before and ends after the Distribution Date. 

“Straddle Period Returns” means any Tax Return for a Straddle Period that includes one or more members of the Post
Group. 
 “Tax” or “Taxes” means any income, gross income, gross receipts, profits, capital
stock, franchise, withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, value added,
alternative minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any governmental entity or political subdivision thereof, and any interest, penalties, additions to tax,
or additional amounts in respect of the foregoing. 
 “Tax Attribute” shall mean a net operating loss, net
capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution, general business credit, or any other Tax Item that could reduce a Tax. 
 “Tax Authority” means, with respect to any Tax, the governmental entity or political subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of such
Tax for such entity or subdivision. 

  
 6 

 “Tax Benefit” means any item of loss, deduction, credit, refund or any
other Tax Item that decreases Taxes paid or payable. Tax Benefits are to be determined using the assumption that each party pays Federal, state, local and foreign Tax at the highest applicable marginal corporate Tax rate and can fully utilize any
available Tax Benefits. 
 “Tax Contest” means an audit, review, examination, or any other administrative or
judicial proceeding with the purpose or effect of redetermining Taxes (including any administrative or judicial review of any claim for refund). 
 “Tax Control” means the definition of “control” set forth in Section 368(c) of the Code (or in any successor statute or provision), as such definition may be amended from
time to time. 
 “Tax Dispute” has the meaning set forth in Section 14 of this Agreement. 

“Tax-Free Status” means: (i) the qualification of the Post Contribution, taken together with the Distribution as a
tax-free reorganization within the meaning of Sections 355 and 368(a)(1)(D) of the Code; (ii) the nonrecognition of gain or loss by Ralcorp with respect to the Post Contribution (including the receipt by Ralcorp of the Post Debt Securities and
any proceeds of the Post Credit Facility), (iii) the nonrecognition of gain or loss by Ralcorp shareholders upon the receipt of Post Common Stock in the Distribution (except to the extent of cash received in lieu of fractional shares),
(iv) provided the Retained Shares are transferred to Ralcorp creditors pursuant to the Equity for Debt Exchange or to Ralcorp shareholders pursuant to the Share Repurchase, in each case, within 12 months following the Distribution, the
nonrecognition of gain or loss by Ralcorp with respect to the Retained Shares (other than in the case of the Equity for Debt Exchange (A) deductions attributable to the fact that the Ralcorp Debt may be redeemed at a premium, (B) income
attributable to the fact that the Ralcorp Debt may be redeemed at a discount, and (C) interest expense accrued with respect to the Ralcorp Debt), and (v) provided the Retained Shares are transferred to Ralcorp shareholders pursuant to the
Share Repurchase within 12 months following the Distribution, the nonrecognition of gain or loss by (and no amount will be included in the income of) Ralcorp shareholders upon the exchange of Ralcorp Common Stock for Retained Shares pursuant to the
Share Repurchase. 
 “Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit
or any other item which increases or decreases Taxes paid or payable. 
 “Tax Law” means the law of any
governmental entity or political subdivision thereof relating to any Tax. 
 “Tax Opinions/Rulings” means the
opinion or opinions of Tax Advisors deliverable to Ralcorp in connection with the Transactions and/or the Ruling or Rulings. 

“Tax Period” means, with respect to any Tax, the period for which the Tax is reported as set forth under the Code or
other applicable Tax Law. 
 “Tax Records” means any Tax Returns, Tax Return workpapers, documentation
relating to any Tax Contests, and any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other medium) required to be maintained under the
Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority. 
 “Tax-Related
Losses” means (i) all federal, state and local Taxes imposed pursuant to any settlement, Final Determination, judgment or otherwise; (ii) all accounting, legal and other professional fees, and court costs incurred in connection
with such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by Ralcorp (or any Ralcorp Affiliate) or Post (or any Post Affiliate) in respect of the liability of
shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in each case, resulting from the failure of the Transactions to have Tax-Free Status. 

  
 7 

 “Tax Return” or “Return” means any report of Taxes due,
any claim for refund of Taxes paid, any information return with respect to Taxes, or any other similar report, statement, declaration, or document required to be filed under the Code or other Tax Law, including any attachments, exhibits, or other
materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. 

“Third Party Indemnifying Party” has the meaning set forth in Section 5.02(b) of this Agreement. 

“Transaction Agreements” means the Separation and Distribution Agreement and all agreements included in the definition
“Transaction Agreement” contained therein. 
 “Transactions” means the Post Contribution,
Distribution, Debt for Debt Exchange, Equity for Debt Exchange, Share Retention and Share Repurchase. 
 “Transfer
Taxes” has the meaning set forth in Section 2.02. 
 “Treasury Regulations” means the
regulations promulgated from time to time under the Code as in effect for the relevant Tax Period. 
 “Transition
Services Agreement” has the meaning set forth in the Separation and Distribution Agreement. 
 “Unqualified
Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, which Tax Advisor is acceptable to Ralcorp, on which Ralcorp may rely to the effect that a transaction will not affect the Tax-Free Status. Any such opinion must
assume that the Transactions would have qualified for Tax-Free Status if the transaction in question did not occur. 

Section 2. Allocation of Tax Liabilities. 
 2.01 Pre-Distribution/Post-Distribution Taxes. 
 (a) Income Taxes.

 (i) Except as otherwise provided in Sections 2.02 and Section 2.03, Ralcorp shall indemnify and hold
harmless, Post and each member of the Post Group from and against (A) all Income Taxes of the Ralcorp Group and (B) all Income Taxes of any affiliated, consolidated, combined or unitary group of which Post or any member of the Post Group
was a member on or before the Distribution Date, including pursuant to Treas. Reg. 1.1502-6 or analogous or similar state, local or foreign law or regulation. 
 (ii) Except as otherwise provided in Sections 2.01(a)(i), 2.02 and 2.03, Post shall indemnify and hold harmless Ralcorp and each member of the Ralcorp Group from and against all Income Taxes of the Post
Group for any Post-Distribution Period. 
 (b) Other Taxes. 

(i) Post shall be liable for and shall indemnify Ralcorp and each member of the Ralcorp Group for all Other Taxes in
which such Tax is imposed on Post, Post US or a member of the Post Group as a separate entity and for which such entity files a Separate Return. 
 (ii) Except as otherwise provided in Section 2.01(b)(i), Ralcorp shall be liable for and shall indemnify Post and each member of the Post Group for all Other Taxes. 

2.02 Transfer Taxes. Post shall be liable for and shall indemnify Ralcorp and each member of the Ralcorp Group for any
value-added, sales or other Taxes incurred in connection with the Non-U.S. Transfers or the 

  
 8 

 
Transactions that would be recoverable (whether or not actually recovered by Post or any member of the Post Group) under applicable laws (including Canadian Federal goods and services tax,
harmonized sales tax, Quebec sales tax and Canadian Provincial sales tax) (“Recoverable Taxes”). All other stamp, sales, use, gross receipts, value-added, real estate transfer or other transfer Taxes incurred in connection with the
Non-US Transfers or the Transactions (such Taxes, together with any interest, penalties or additions to such Taxes, “Transfer Taxes”) shall be shared equally by Ralcorp, on the one hand, and Post on the other hand. For the avoidance
of doubt, Transfer Taxes shall not include Taxes on or measured by net income. 
 2.03 Transaction Taxes. 

(a) Ralcorp shall indemnify and hold harmless Post and each member of the Post Group from and against any Tax Related Losses other than
those described in Section 2.03(b). In the case of each of the items described in 2.03(a) such amounts to be calculated on the basis that Post or such Post Group member or Affiliate is a Post Full Taxpayer. 

(b) Post shall indemnify and hold harmless Ralcorp and each member of the Ralcorp Group from and against any Tax Related Losses that are
attributable to or result from any one or more of the following: 
 (i) any inaccurate representation made in
Sections 7.01 or 7.02; 
 (ii) any inaccurate statement of fact or inaccurate representation (or omission to
state a material fact, the omission of which causes the facts stated or representations made not to be complete and accurate in all material respects) made by Post in a letter or certificate that forms the basis for any Tax Opinions/Rulings;

 (iii) any action or failure to take action by Post or a member of the Post Group, or any of their Affiliates,
after the Distribution Date that violates the covenants made by Post set forth in this Agreement, the Separation and Distribution Agreement or any other Transaction Agreement; 

(iv) the direct or indirect acquisition (other than pursuant to the Distribution) of all or a portion of Post’s
stock and/or its or its subsidiaries’ stock or assets by any means whatsoever by any Person; 
 (v) any
negotiations, understandings, agreements or arrangements by Post with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital contributions or
acquisitions, or a series of such transactions or events) that cause the Distribution to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly stock of Post representing a Fifty-Percent or Greater Interest
therein; 
 (vi) any action or failure to act by Post after the Distribution (including, without limitation, any
amendment to Post’ certificate of incorporation (or other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights of Post stock (including, without limitation, through the conversion of one class
of Post Capital Stock into another class of Post Capital Stock); or 
 (vii) any act, or failure to act, by Post
or any Post Affiliate as set forth in Section 7.02 (regardless whether such act or failure to act is covered by a Ruling, Unqualified Tax Opinion or waiver described in clause (i), (ii) or (iii) of Section 7.02(c), or a Board
Certificate described in Section 7.02(d)). 
 In the case of each of the items described in this Section 2.03(b),
such amounts shall be calculated on the basis that Ralcorp or such Ralcorp Group member or Affiliate is a Ralcorp Full Taxpayer. 

  
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 2.04 Post Group Attributes. For the avoidance of doubt, except as otherwise set forth
in Section 6.01, Post shall not be entitled to receive payment from Ralcorp in respect of any Post Group Attributes utilized by the Ralcorp Group or for any reduction of any Taxes (or increase in Tax Attributes) or any Tax Benefit realized by
the Ralcorp Group (whether such Tax Attributes, Tax Benefits or reduction in Taxes are reported on an original Tax Return, arise pursuant to a Final Determination or otherwise). 

Section 3. Proration of Taxes. 
 3.01 General Method of Proration. Tax Items shall be apportioned between Pre-Distribution Periods and Post-Distribution Periods in accordance with the principles of Treasury Regulation
Section 1.1502-76(b) as reasonably interpreted and applied by Ralcorp. If the Distribution Date is not an Accounting Cutoff Date (and provided an election under Treasury Regulation Section 1.1502-76(b)(2)(ii)(D) is not made), the
provisions of Treasury Regulation Section 1.1502-76(b)(2)(iii) will be applied to ratably allocate the items (other than extraordinary items) for the month which includes the Distribution Date. At Ralcorp’s election, in its sole
discretion, an election under Treasury Regulation Section 1.1502-76(b)(2)(ii)(D) (relating to ratable allocation of a year’s items) shall be made. At Ralcorp’s request, Post shall join in making an election under Treasury Regulation
Section 1.1502-76(b)(2)(ii)(D). 
 3.02 Transaction Treated as Extraordinary Item. In determining the apportionment
of Tax Items between Pre-Distribution Periods and Post-Distribution Periods, any Tax Items relating to the Transactions shall be treated as extraordinary items described in Treasury Regulation Section 1.1502-76(b)(2)(ii)(C) and shall (to the
extent occurring on or prior to the Distribution Date) be allocated to Pre-Distribution Periods, and any Taxes related to such items shall be treated under Treasury Regulation Section 1.1502-76(b)(2)(iv) as relating to such extraordinary item
and shall (to the extent occurring on or prior to the Distribution Date) be allocated to Pre-Distribution Periods. 
 3.03
Other Income Taxes. Except to the extent required by law, for the avoidance of doubt, any Tax Item resulting from Post and/or its subsidiaries ceasing to be members of the Ralcorp Group (including any Tax Items required to be taken into
account by the Ralcorp Group under Treas. Reg. Sections 1.1502-13 and 1.1502-19) shall be treated as arising in the Pre-Distribution Period. 
 Section 4. Preparation and Filing of Tax Returns. 
 4.01
General. Except as otherwise provided in this Section 4, Tax Returns shall be prepared and filed when due (including extensions) by the person obligated to file such Tax Returns under the Code or applicable Tax Law. The Companies shall
provide, and shall cause their Affiliates to provide, assistance and cooperation to one another in accordance with Section 8 with respect to the preparation and filing of Tax Returns, including providing information required to be provided in
Section 8. 
 4.02 Ralcorp’s Responsibility. Ralcorp has the exclusive obligation and right to prepare and
file, or to cause to be prepared and filed: 
 (a) all Ralcorp Federal Consolidated Income Tax Returns for any Tax Periods
ending on, before or after the Distribution Date; 
 (b) all Ralcorp State Combined Income Tax Returns or Joint Returns which
Ralcorp reasonably determines are required to be filed (or which Ralcorp chooses to be filed) by the Companies or any of their Affiliates for any Tax Period that includes one or more members of the Ralcorp Group for all Pre-Distribution Periods; and

 (c) all Post Separate Returns relating to Income Taxes and Ralcorp Separate Returns which Ralcorp reasonably determines are
required to be filed by the Companies or any of their Affiliates (or which Ralcorp chooses to be filed) for Tax Periods ending on or before the Distribution Date. 

  
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 4.03 Post’s Responsibility. Post shall prepare and file, or shall cause to be
prepared and filed: 
 (a) all Tax Returns required to be filed by or with respect to members of the Post Group other than
those Tax Returns which Ralcorp is required, or chooses, to prepare and file under Section 4.02, provided that Post shall not file any Post Separate Returns for an Affiliate of Post with respect to a Tax Period in a jurisdiction and for a type
of Tax where Ralcorp files a Joint Return that includes such Affiliate of Post; and 
 (b) all Straddle Period Returns.

 The Tax Returns required to be prepared and filed by Post under this Section 4.03 shall include any Post Tax Return for
Tax Periods beginning on or after the Distribution Date. 
 4.04 Tax Accounting Practices. 

(a) General Rule. Except as provided in Section 4.04(b), any Tax Return for a Pre-Distribution Period or Straddle Period
shall be prepared in accordance with past practices, accounting methods, elections or conventions (“Past Practices”) used with respect to the Tax Returns in question (unless there is no reasonable basis for the use of such Past
Practices or unless there is no adverse effect to Ralcorp), and to the extent any items are not covered by Past Practices (or in the event that there is no reasonable basis for the use of such Past Practices or there is no adverse effect to
Ralcorp), in accordance with generally acceptable Tax accounting practices. 
 (b) Reporting of Transactions. The Tax
treatment reported on any Tax Return relating to the Transactions shall be consistent with the treatment thereof in the Ruling Requests and the Tax Opinions/Rulings except to the extent otherwise required by a Final Determination. 

4.05 Consolidated or Combined Tax Returns. At Ralcorp’s election, in its sole discretion, Post will elect and join, and will
cause its respective Affiliates to elect and join, in filing any Ralcorp State Combined Income Tax Returns and any Joint Returns that Ralcorp determines are required to be filed or that Ralcorp chooses to file pursuant to Section 4.02(b). With
respect to any Post Separate Returns relating to any Tax Period (or portion thereof) ending on or prior to the Distribution Date, Post will elect and join, and will cause its respective Affiliates to elect and join, in filing consolidated, unitary,
combined, or other similar joint Tax Returns, to the extent reasonably determined by Ralcorp. 
 4.06 Right to Review Tax
Returns. The Responsible Company with respect to any Tax Return shall make such Tax Return and related workpapers available for review by the other Companies, if requested, to the extent (a) such Tax Return relates to Taxes for which the
requesting party would reasonably be expected to be liable, (b) such Tax Return relates to Taxes and the requesting party would reasonably be expected to be liable in whole or in part for any additional Taxes owing as a result of adjustments to
the amount of such Taxes reported on such Tax Return, (c) such Tax Return relates to Taxes for which the requesting party would reasonably be expected to have a claim for Tax Benefits under this Agreement, or (d) the requesting party
reasonably determines that it must inspect such Tax Return to confirm compliance with the terms of this Agreement. The Responsible Company shall use its reasonable best efforts to make such Tax Return available for review as required under this
paragraph at least fifteen (15) days prior to the due date for filing of such Tax Return to provide the requesting party with a meaningful opportunity to analyze and comment on such Tax Return. 

4.07 Post Carrybacks, Carryforwards and Claims for Refund. Post hereby agrees that Ralcorp shall be entitled to determine
in its sole discretion whether (a) any Adjustment Request with respect to any Joint Return shall be filed to claim in any Pre-Distribution Period any Post Carried Item, and (b) any available elections shall be made to waive the right to
claim in any Pre-Distribution Period with respect to any Joint Return any Post Carried Item, and whether any affirmative election shall be made to claim any such Post Carried Item. 

  
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 4.08 Apportionment of Earnings and Profits and Tax Attributes. Ralcorp shall
in good faith advise Post as soon as reasonably practicable in writing of the portion, if any, of any earnings and profits, Tax Attribute, overall foreign loss or other consolidated, combined or unitary attribute which Ralcorp determines shall be
allocated or apportioned to the Post Group under applicable Tax law. Post and all members of the Post Group shall prepare all Tax Returns on a basis that is consistent with the information provided in such written notice. In the event of an
adjustment by a Tax Authority to the earnings and profits or any Tax Attribute determined by Ralcorp, Ralcorp shall promptly notify Post in writing of such adjustment. For the absence of doubt, Ralcorp shall not be liable to Post or any member of
the Post Group for any failure of any determination under this Section 4.08 to be accurate under applicable law. 

Section 5. Tax Payments. 
 5.01 Payment of Taxes. In the case of any Joint Return: 
 (a)
Computation and Payment of Tax Due. At least three (3) Business Days prior to any Payment Date for any Tax Return, Ralcorp shall compute the amount of Tax required to be paid to the applicable Tax Authority (taking into account
the requirements of Section 4.04 relating to consistent accounting practices, as applicable) with respect to such Tax Return on such Payment Date and shall notify Post of the amount Ralcorp has tentatively determined is required to be paid by
Post in respect of such Tax Return under this Agreement. Ralcorp shall pay such amount that Ralcorp has computed is required to be paid to the applicable Tax Authority to such Tax Authority on or before such Payment Date. 

(b) Computation and Payment of Liability With Respect To Tax Due. Following notice of the computation of Tax due pursuant to
Section 5.01(a) and within five (5) days following the earlier of (i) the due date (including extensions) for filing any Tax Return or (ii) the date on which such Tax Return is filed, Post shall pay to Ralcorp the amount, if any,
for which Post is responsible under the provisions of Section 2. For the avoidance of doubt, Post shall make payments pursuant to this Section 5.01(b) upon the payment by Ralcorp of estimated Taxes (or Taxes due with a request for
extension of time to file) and appropriate adjustments shall be made at the time the corresponding final Tax Return is filed. 

(c) Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to a Final Determination with respect to any
Tax Return, the Responsible Company shall pay to the applicable Tax Authority when due any additional Tax due with respect to such Return required to be paid as a result of such adjustment pursuant to a Final Determination. The Responsible Company
shall compute the amount for which the other Company is responsible in accordance with Section 2 and the other Company shall pay to the Responsible Company any amount due to the Responsible Company under Section 2 within five (5) days
from the date of receipt of a written notice and demand from the Responsible Company for payment of the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars
relating thereto. 
 (d) For the avoidance of doubt, for purposes of this Section 5.01, Ralcorp shall be the Responsible
Party with respect to any Ralcorp Federal Consolidated Income Tax Return. 
 5.02 Indemnification Payments. 

(a) If any Company (the “Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that another
Company (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the Payor within eight (8) days of delivery by the Payor to the Required Party of an invoice for the amount due, accompanied
by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. 
 (b) If any Company (the “Third Party Indemnifying Party”) is required under the terms of an agreement to which it is a party (or with respect to which it has agreed to guarantee the
obligations thereunder) to 

  
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pay to a third party a Tax that another Company (the “Company Indemnifying Party”) is liable for under this Agreement, the Company Indemnifying Party shall reimburse the Third
Party Indemnifying Party within eight (8) days of delivery by the Third Party Indemnifying Party to the Company Indemnifying Party of an invoice for the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and
describing in reasonable detail the particulars relating thereto. 
 (c) All indemnification payments under this Agreement
shall be made by Ralcorp directly to Post and by Post directly to Ralcorp; provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member of the Ralcorp Group, on the one hand, may make
such indemnification payment to any member of the Post Group, on the other hand, and vice versa. 
 Section 6. Tax
Benefits. 
 6.01 Tax Benefits. 
 (a) Ralcorp shall be entitled to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes received by any member of the Ralcorp Group or the Post Group, other than any
refund to which Post is entitled pursuant to Section 6.01(e). Post shall not be entitled to any refund (or any interest thereon received from the applicable Tax Authority), except as set forth in Section 6.01(e). A Company receiving a
refund to which another Company is entitled hereunder shall pay over such refund to such other Company within five (5) Business Days after such refund is received. 
 (b) The amount of economic benefit of any Tax Benefit of Post or any member of the Post Group as a result of an adjustment pursuant to a Final Determination of any Taxes (i) arising in any
Pre-Distribution Period shall be for the account of the Ralcorp Group, (ii) arising in any Post-Distribution Period shall be for the account of the Post Group and (iii) arising in any Straddle Period (other than with respect to Taxes
described in Section 2.01(b)(i)) shall be apportioned between the Pre-Distribution Period and the Post-Distribution Period pursuant to the principles set forth in Section 3 above. 

(c) For purposes of determining whether an adjustment to any Taxes for which a member of the Ralcorp Group is liable hereunder is
expected to result in a Tax Benefit for Post, the Post Group shall be deemed to be a Post Full Taxpayer. For purposes of determining the amount of Taxes for which the Ralcorp Group is, or is reasonably expected to be, liable as a result of an
adjustment pursuant to a Final Determination, the Ralcorp Group shall be deemed (i) not to utilize any Tax Attributes available to the Ralcorp Group and (ii) to be a Ralcorp Full Taxpayer. 

(d) No later than five (5) Business Days following a Final Determination described in Section 6.01(b), Ralcorp shall provide
Post with a written calculation of the amount payable to Ralcorp by Post pursuant to this Section 6. In the event that Post disagrees with any such calculation described in this Section 6.01(d), Post shall so notify Ralcorp in writing
within thirty (30) days of receiving the written calculation set forth above in this Section 6.01(d). Ralcorp and Post shall endeavor in good faith to resolve such disagreement, and, failing that, the amount payable under
Section 6.01(b) shall be determined in accordance with the disagreement resolution provisions of Section 14 as promptly as practicable. 
 (e) Without prejudice to Section 6.01(a), Post shall be entitled to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes reported on a Post Group Tax Return for a
Post-Distribution Period. For the avoidance of doubt, Ralcorp, and not Post, shall be entitled to any refund or Tax Benefit that results from a Post Carried Item, other than any refund to which Post is entitled pursuant to the first sentence of this
Section 6.01(e). 
 6.02 Ralcorp and Post Income Tax Deductions in Respect of Certain Equity Awards and Incentive
Compensation. Solely the member of the Group for which the relevant individual is currently employed or, if such individual is not currently employed by a member of the Group, was most recently employed at the time of the

  
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vesting, exercise, disqualifying disposition, payment or other relevant taxable event, as appropriate, in respect of the equity awards and other incentive compensation described in
Section 7.09 of the Separation and Distribution Agreement shall be entitled to claim, in a Post-Distribution Period, any Income Tax deduction in respect of such equity awards and other incentive compensation on its respective Tax Return
associated with such event. 
 Section 7. Tax-Free Status. 

7.01 Tax Opinions/Rulings and Representation Letters. Each of Post and Ralcorp hereby represents and agrees that (a) it has
examined the Ruling Documents and the Representation Letters prior to the date hereof and (b) subject to any qualifications therein, all information contained in such Ruling Documents or Representation Letters that concerns or relates to such
Company or any member of its Group are and will be true, correct and complete. 
 7.02 Restrictions on Post. 

(a) Post agrees that it will not take or fail to take, or permit any Post Affiliate to take or fail to take, any action where such
action or failure to act would be inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation Letters or Tax Opinions/Rulings. Post agrees that it will not take or fail to take, or permit any
Post Affiliate to take or fail to take, any action which prevents or could reasonably be expected to prevent (i) the Tax-Free Status, or (ii) any transaction contemplated by the Separation and Distribution Agreement which is intended by
the parties to be tax-free from so qualifying. 
 (b) Post agrees that, from the date hereof until the first day after the
two-year anniversary of the Distribution Date, it will (i) maintain its status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, and (ii) not engage in any transaction that would
result in it ceasing to be a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, in each case, taking into account Section 355(b)(3) of the Code. 

(c) Post agrees that, from the date hereof until the first day after the two-year anniversary of the Distribution Date, it will not:

 (i) enter into any Proposed Acquisition Transaction or, to the extent Post has the right to prohibit any
Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur (whether by (A) redeeming rights under a shareholder rights plan, (B) finding a tender offer to be a “permitted offer” under any such plan or
otherwise causing any such plan to be inapplicable or neutralized with respect to any Proposed Acquisition Transaction, or (C) approving any Proposed Acquisition Transaction, whether for purposes of Section 203 of the DGCL or any similar
corporate statute, any “fair price” or other provision of Post’ charter or bylaws or otherwise), 

(ii) merge or consolidate with any other Person or liquidate or partially liquidate, 

(iii) in a single transaction or series of transactions sell or transfer (other than sales or transfers of inventory in
the ordinary course of business) all or substantially all of the assets that were transferred to Post pursuant to the Post Contribution or sell or transfer 60% or more of the gross assets of the Active Trade or Business or 60% or more of the
consolidated gross assets of Post and its Affiliates (such percentages to be measured based on fair market value as of the Distribution Date), 
 (iv) redeem or otherwise repurchase (directly or through a Post Affiliate) any Post stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue
Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), 

  
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 (v) amend its certificate of incorporation (or other organizational
documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of Post Capital Stock (including, without limitation, through the conversion of one class of Post Capital Stock into another class of
Post Capital Stock), or 
 (vi) take any other action or actions (including any action or transaction that would
be reasonably likely to be inconsistent with any representation made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account any other transactions described in this subparagraph (d)) would be
reasonably likely to have the effect of causing or permitting one or more persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in Post or otherwise jeopardize the
Tax-Free Status, 
 unless prior to taking any such action set forth in the foregoing clauses (i) through (vi), (A) Post shall have
requested that Ralcorp obtain a Ruling in accordance with Section 7.04(b) and (d) of this Agreement to the effect that such transaction will not affect the Tax-Free Status and Ralcorp shall have received such a Ruling in form and substance
satisfactory to Ralcorp in its sole and absolute discretion, which discretion shall be exercised in good faith solely to preserve the Tax-Free Status (and in determining whether a Ruling is satisfactory, Ralcorp may consider, among other factors,
the appropriateness of any underlying assumptions and management’s representations made in connection with such Ruling), or (B) Post shall provide Ralcorp with an Unqualified Tax Opinion in form and substance satisfactory to Ralcorp in its
sole and absolute discretion, which discretion shall be exercised in good faith solely to preserve the Tax-Free Status (and in determining whether an opinion is satisfactory, Ralcorp may consider, among other factors, the appropriateness of any
underlying assumptions and management’s representations if used as a basis for the opinion and Ralcorp may determine that no opinion would be acceptable to Ralcorp) or (C) Ralcorp shall have waived the requirement to obtain such Ruling or
Unqualified Tax Opinion. 
 (d) If Post proposes to enter into any Section 7.02(d) Acquisition Transaction or, to the
extent Post has the right to prohibit any Section 7.02(d) Acquisition Transaction, proposes to permit any Section 7.02(d) Acquisition Transaction to occur, in each case, during the period from the date hereof until the first day after the
two-year anniversary of the Distribution Date, Post shall provide Ralcorp, no later than ten (10) days following the signing of any written agreement with respect to the Section 7.02(d) Acquisition Transaction, with a written description
of such transaction (including the type and amount of Post Capital Stock to be issued in such transaction) and a certificate of the Board of Directors of Post to the effect that the Section 7.02(d) Acquisition Transaction is not a Proposed
Acquisition Transaction or any other transaction to which the requirements of Section 7.02(c) apply (a “Board Certificate”). 
 7.03 Restrictions on Ralcorp. Ralcorp agrees that it will not take or fail to take, or permit any member of the Ralcorp Group to take or fail to take, any action where such action or failure
to act would be inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation Letters or Tax Opinions/Rulings. Ralcorp agrees that it will not take or fail to take, or permit any member of the
Ralcorp Group to take or fail to take, any action which prevents or could reasonably be expected to prevent (a) the Tax-Free Status, or (b) any other transaction contemplated by the Separation and Distribution Agreement which is intended
by the parties to be tax-free from so qualifying; provided, however, that this Section 7.03 shall not be construed as obligating Ralcorp to consummate the Distribution without the satisfaction or waiver of all conditions set forth
in Section 8.01 of the Separation and Distribution Agreement nor shall it be construed as preventing Ralcorp from terminating the Separation and Distribution Agreement pursuant to Section 14.13 thereof. 

7.04 Procedures Regarding Opinions and Rulings. 
 (a) If Post notifies Ralcorp that it desires to take one of the actions described in clauses (i) through (vi) of Section 7.02(c) (a “Notified Action”), Ralcorp and Post
shall reasonably cooperate to attempt to obtain the Ruling or Unqualified Tax Opinion referred to in Section 7.02(c), unless Ralcorp shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. 

  
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 (b) Ralcorp agrees that at the reasonable request of Post pursuant to Section 7.02(c),
Ralcorp shall cooperate with Post and use its commercially reasonable efforts to seek to obtain, as expeditiously as possible, a Ruling from the IRS or an Unqualified Tax Opinion for the purpose of permitting Post to take the Notified Action.
Further, in no event shall Ralcorp be required to file any Ruling Request under this Section 7.04(b) unless Post represents that (i) it has reviewed the Ruling Request, and (ii) all information and representations, if any, relating to
any member of the Post Group, contained in the Ruling Request documents are (subject to any qualifications therein) true, correct and complete. Post shall reimburse Ralcorp for all reasonable costs and expenses incurred by the Ralcorp Group in
obtaining a Ruling or Unqualified Tax Opinion requested by Post within ten (10) Business Days after receiving an invoice from Ralcorp therefor. 
 (c) Ralcorp shall have the right to obtain a Ruling or a Tax opinion with respect to the Transactions (including an Unqualified Tax Opinion) at any time in its sole and absolute discretion. If Ralcorp
determines to obtain such a Ruling or an Unqualified Tax Opinion, Post shall (and shall cause each Affiliate of Post to) cooperate with Ralcorp and take any and all actions reasonably requested by Ralcorp in connection with obtaining the Ruling or
Unqualified Tax Opinion (including, without limitation, by making any representation or covenant or providing any materials or information requested by the IRS or Tax Advisor; provided that Post shall not be required to make (or cause any
Affiliate of Post to make) any representation or covenant that is inconsistent with historical facts or as to future matters or events over which it has no control). Ralcorp and Post shall each bear its own costs and expenses in obtaining a Ruling
or an Unqualified Tax Opinion requested by Ralcorp. 
 (d) Post hereby agrees that Ralcorp shall have sole and exclusive
control over the process of obtaining any Ruling, and that only Ralcorp shall apply for a Ruling. In connection with obtaining a Ruling pursuant to Section 7.04(b), (i) Ralcorp shall keep Post informed in a timely manner of all material
actions taken or proposed to be taken by Ralcorp in connection therewith; (ii) Ralcorp shall (A) reasonably in advance of the submission of any Ruling Request documents provide Post with a draft copy thereof, (B) reasonably consider
Post’ comments on such draft copy, and (C) provide Post with a final copy; and (iii) Ralcorp shall provide Post with notice reasonably in advance of, and Post shall have the right to attend, any formally scheduled meetings with the
IRS (subject to the approval of the IRS) that relate to such Ruling. Neither Post nor any Post Affiliate directly or indirectly controlled by Post shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise)
at any time concerning the Transactions (including the impact of any transaction on the Transactions). 
 Section 8.
Assistance and Cooperation. 
 8.01 Assistance and Cooperation. 

(a) The Companies shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s
agents, including accounting firms and legal counsel, in connection with Tax matters covered by this Agreement relating to the Companies and their Affiliates including (i) preparation and filing of Tax Returns, (ii) determining the
liability for and amount of any Taxes due (including estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or
proposed to be assessed. Such cooperation shall include making all information and documents in their possession relating to the other Companies and their Affiliates available to such other Companies as provided in Section 9. The Companies
shall also make available to the other, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining, and interpreting
information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. 

(b) Any information or documents provided under this Section 8 shall be kept confidential by the Company receiving the information
or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings relating to Taxes. Notwithstanding any other provision of this Agreement or any other
agreement, (i) neither Ralcorp nor any Ralcorp 

  
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Affiliate shall be required to provide Post or any Post Affiliate or any other Person access to or copies of any information or procedures (including the proceedings of any Tax Contest) other
than information or procedures that relate solely to Post, the business or assets of Post or any Post Affiliate or matters in which Post has an obligation to indemnify under this Agreement, and (ii) in no event shall Ralcorp or any Ralcorp
Affiliate be required to provide Post, any Post Affiliate or any other Person access to or copies of any information if such action could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that Ralcorp
determines that the provision of any information to Post or any Post Affiliate could be commercially detrimental, violate any law or agreement or waive any Privilege, the parties shall use reasonable best efforts to permit compliance with its
obligations under this Section 8 in a manner that avoids any such harm or consequence. 
 (c) Following the acquisition of
assets or stock relating to Post Canada, Post shall, upon the request of Ralcorp, cause the entity holding the assets or stock relating to Post Business in Canada to join in making an election under section 167 of the Canada Revenue Agency Excise
Tax Act with respect to any Canadian federal goods and services tax imposed on such purchase. 
 8.02 Income Tax Return
Information. 
 (a) Post and Ralcorp acknowledge that time is of the essence in relation to any request for information,
assistance or cooperation made by Ralcorp or Post pursuant to Section 8.01 or this Section 8.02. Post and Ralcorp acknowledge that failure to conform to the deadlines set forth herein or reasonable deadlines otherwise set by Ralcorp or
Post could cause irreparable harm. 
 (b) The Companies shall provide to the other Companies information and documents relating
to its Group, and in its possession, that are required by the other Companies to prepare Tax Returns. Any information or documents the Responsible Company requires to prepare such Tax Returns shall be provided in such form as the Responsible Company
reasonably requests and in sufficient time for the Responsible Company to file such Tax Returns on a timely basis. 
 8.03
Reliance by Ralcorp. If any member of the Post Group supplies information to a member of the Ralcorp Group in connection with a Tax liability and an officer of a member of the Ralcorp Group signs a statement or other document under penalties
of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the Ralcorp Group identifying the information being so relied upon, the chief financial officer of Post (or any officer of Post as
designated by the chief financial officer of Post) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. Post agrees to indemnify and hold
harmless each member of the Ralcorp Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the Post Group having supplied, pursuant to this Section 8,
a member of the Ralcorp Group with inaccurate or incomplete information in connection with a Tax liability. 
 8.04 Reliance
by Post. If any member of the Ralcorp Group supplies information to a member of the Post Group in connection with a Tax liability and an officer of a member of the Post Group signs a statement or other document under penalties of perjury in
reliance upon the accuracy of such information, then upon the written request of such member of the Post Group identifying the information being so relied upon, the chief financial officer of Ralcorp (or any officer of Ralcorp as designated by the
chief financial officer of Ralcorp) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. Ralcorp agrees to indemnify and hold harmless each
member of the Post Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the Ralcorp Group having supplied, pursuant to this Section 8, a member of
the Post Group with inaccurate or incomplete information in connection with a Tax liability. 

  
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 Section 9. Tax Records. 

9.01 Retention of Tax Records. The Companies shall preserve and keep all Tax Records in their possession and exclusively relating
to the assets and activities of their Group for Pre-Distribution Periods, and Ralcorp shall preserve and keep all other Tax Records relating to Taxes of the Groups for Pre-Distribution Tax Periods, for so long as the contents thereof may become
material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of (a) the expiration of any applicable statutes of limitations, or (b) seven (7) years after the Distribution
Date (such later date, the “Retention Date”). After the Retention Date, a Company may dispose of such Tax Records upon ninety (90) days’ prior written notice to the other Companies. If, prior to the Retention Date, a
Company reasonably determines that any Tax Records which it would otherwise be required to preserve and keep under this Section 9 are no longer material in the administration of any matter under the Code or other applicable Tax Law and the
other Companies agree, then such first Company may dispose of such Tax Records upon ninety (90) days’ prior notice to the other Companies. Any notice of an intent to dispose given pursuant to this Section 9.01 shall include a list of
the Tax Records to be disposed of describing in reasonable detail each file, book, or other record accumulation being disposed. The notified Company shall have the opportunity, at its cost and expense, to copy or remove, within such 90-day period,
all or any part of such Tax Records. If, at any time prior to the Retention Date, Post determines to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax Records, then Post may
decommission or discontinue such program or system upon ninety (90) days’ prior notice to Ralcorp and Ralcorp shall have the opportunity, at its cost and expense, to copy, within such 90-day period, all or any part of the underlying data
relating to the Tax Records accessed by or stored on such program or system. 
 9.02 Access to Tax Records. The
Companies and their respective Affiliates shall make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or
stored on any computer program or information technology system) in their possession and shall permit the other Companies and their Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor
direct access during normal business hours upon reasonable notice to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Companies in connection
with the preparation of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. 
 Section 10. Tax Contests. 
 10.01 Notice. A Company shall
provide prompt notice to the other Companies of any written communication from a Tax Authority regarding any pending or threatened Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware related to Taxes for Tax Periods
for which it is indemnified by another Company hereunder, provided, however, that the indemnifying Company shall not be relieved of its obligations hereunder by reason of any failure by the indemnified Company to so notify except to the extent such
failure actually prejudices the indemnifying Company. Such notice shall attach copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax
liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Tax Authority in respect of any such matters. 
 10.02 Control of Tax Contests. 
 (a) Ralcorp. Ralcorp may elect to
control, and have the sole discretion in handling, settling or contesting, subject to Sections 10.02(d) and (e) below, any Tax Contest relating to (i) all Tax Returns for which Ralcorp is responsible for preparing and filing under
Section 4.02, (ii) all Transfer Taxes, (iii) all Transaction Taxes assessed against Ralcorp or members of the Ralcorp Group by the applicable Taxing Authority and (iv) the Tax treatment of the Transactions. 

  
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 (b) Post. Post may elect to control, and have the sole discretion in handling,
settling or contesting, subject to Sections 10.02(d) and (e) below, any Tax Contest relating to (i) all Tax Returns for which Post is responsible for preparing and filing under Section 4.03, (ii) all Transaction Taxes assessed
against Post by the applicable Taxing Authority, and (iii) all Recoverable Taxes. 
 (c) Joint Returns and Certain
Other Returns. In the case of any Tax Contest with respect to any Joint Return or Ralcorp State Combined Income Tax Return, Ralcorp shall have exclusive control over the Tax Contest, including exclusive authority with respect to any
settlement of such Tax liability, subject to Sections 10.02(d) and (e) below. 
 (d) Settlement Rights. The
Controlling Party shall have the sole right to contest, litigate, compromise and settle any Tax Contest without obtaining the prior consent of the Non-Controlling Party. Unless waived by the parties in writing, in connection with any potential
adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment (or any payment under Section 6) to the Controlling Party under this
Agreement: (i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest;
(ii) the Controlling Party shall provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority; (iii) the Controlling Party shall timely provide
the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such potential adjustment in such Tax Contest; and (iv) the Controlling Party shall consult with the
Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest. The failure of the
Controlling Party to take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this
Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling
Party. In the case of any Tax Contest described in Section 10.02(a) or (b), “Controlling Party” means the Company entitled to control the Tax Contest under such Section and “Non-Controlling Party” means the
other Company. 
 (e) Tax Contest Participation. Unless waived by the parties in writing, the Controlling Party
shall provide the Non-Controlling Party with written notice reasonably in advance of, and the Non-Controlling Party shall have the right to request to attend, any formally scheduled meetings with Tax Authorities or hearings or proceedings before any
judicial authorities in connection with any potential adjustment in a Tax Contest pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment (or any payment under Section 6) to
the Controlling Party under this Agreement. The failure of the Controlling Party to provide any notice specified in this Section 10.02(e) to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or
obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other
liability or obligation which it may have to the Controlling Party. 
 (f) Power of Attorney. Each member of the
Post Group shall execute and deliver to Ralcorp (or such member of the Ralcorp Group as Ralcorp shall designate) any power of attorney or other similar document reasonably requested by Ralcorp (or such designee) in connection with any Tax Contest
(as to which Ralcorp is the Controlling Party) described in this Section 10. 
 Section 11. Effective Date;
Termination of Prior Intercompany Tax Allocation Agreements. This Agreement shall be effective as of the date hereof. As of the date hereof, (a) all prior intercompany Tax allocation agreements or arrangements shall be terminated, and
(b) amounts due under or contemplated by such agreements or arrangements as of the date hereof shall be settled as of the date hereof. Upon such termination and settlement, no further payments by or to Ralcorp or by or to Post, with respect to
such agreements or 

  
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arrangements shall be made, and all other rights and obligations resulting from such agreements or arrangements between the Companies and their Affiliates shall cease at such time. Any payments
pursuant to such agreements or arrangements shall be disregarded for purposes of computing amounts due under this Agreement. 

Section 12. Survival of Obligations. The representations, warranties, covenants and agreements set forth in this Agreement
shall be unconditional and absolute and shall remain in effect without limitation as to time. 
 Section 13. Treatment
of Payments; Tax Gross Up. 
 13.01 Treatment of Tax Indemnity and Tax Benefit Payments. In the absence of any change
in Tax treatment under the Code or other applicable Tax Law any Tax Indemnity and/or Tax Benefit payments made by a Company under this Agreement shall, to the extent permitted by Tax Law, be reported for Tax purposes by the payor and the recipient
as distributions or capital contributions, as appropriate, occurring immediately before the Distribution. 
 13.02 Tax Gross
Up. If notwithstanding the manner in which Tax indemnity payments and Tax Benefit payments were reported, there is an adjustment to the Tax liability of a Company as a result of its receipt of a payment pursuant to this Agreement, such payment
shall be appropriately adjusted so that the amount of such payment, reduced by the amount of all Income Taxes payable with respect to the receipt thereof (but taking into account all correlative Tax Benefits resulting from the payment of such Income
Taxes), shall equal the amount of the payment which the Company receiving such payment would otherwise be entitled to receive pursuant to this Agreement. 
 13.03 Interest Under This Agreement. Anything herein to the contrary notwithstanding, to the extent one Company (“Indemnitor”) makes a payment of interest to another Company
(“Indemnitee”) under Section 15 of this Agreement, the interest payment shall be treated as interest expense to the Indemnitor (deductible to the extent provided by law) and as interest income by the Indemnitee (includible in
income to the extent provided by law). The amount of the payment shall not be adjusted under Section 2.02 to take into account any associated Tax Benefit to the Indemnitor or increase in Tax to the Indemnitee. 

Section 14. Disagreements. Post and Ralcorp mutually desire that friendly collaboration will continue between them.
Accordingly, they will try, and they will cause their respective Group members to try, to resolve in an amicable manner all disagreements and misunderstandings connected with their respective rights and obligations under this Agreement, including
any amendments hereto. In furtherance thereof, in the event of any dispute or disagreement (a “Tax Dispute”) between any member of the Ralcorp Group and any member of the Post Group as to the interpretation of any provision of this
Agreement or the performance of obligations hereunder, the Tax departments of the Companies shall negotiate in good faith to resolve the Tax Dispute. If such good faith negotiations do not resolve the Tax Dispute, then the matter shall be resolved
pursuant to the procedures set forth in Article XII of the Separation and Distribution Agreement, provided, however, that upon the request of either Company, the arbitrator selected by each of the parties pursuant to Section 12.04 of the
Separation and Distribution Agreement shall be a recognized tax professional, such as a United States tax counsel or accountant of recognized national standing. Nothing in this Section 14 will prevent either Company from seeking injunctive
relief if any delay resulting from the efforts to resolve the Tax Dispute through the procedures set forth in Article XII of the Separation and Distribution Agreement could result in serious and irreparable injury to either Company. Notwithstanding
anything to the contrary in this Agreement, the Separation and Distribution Agreement or any Transaction Agreements, Ralcorp and Post are the only members of their respective Group entitled to commence a dispute resolution procedure under this
Agreement, and each of Ralcorp and Post will cause its respective Group members not to commence any dispute resolution procedure other than through such party as provided in this Section 14. 

Section 15. Late Payments. Any amount owed by one party to another party under this Agreement which is not paid when due
shall bear interest at the Prime Rate plus two percent, compounded semiannually, from the due date of the payment to the date paid. To the extent interest required to be paid under this Section 15

  
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duplicates interest required to be paid under any other provision of this Agreement, interest shall be computed at the higher of the interest rate provided under this Section 15 or the
interest rate provided under such other provision. 
 Section 16. Expenses. Except as otherwise provided in this
Agreement or the Transition Services Agreement, each party and its Affiliates shall bear their own expenses incurred in connection with preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this
Agreement. 
 Section 17. General Provisions. 

17.01 No Double Recovery. No provision of this Agreement shall be construed to provide an indemnity or other recovery for any
costs, damages, or other amounts for which the damaged party has been fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity. Unless expressly required in this Agreement, a party shall
not be required to exhaust all remedies available under other agreements or at law or equity before recovering under the remedies provided in this Agreement. 
 17.02 Entire Agreement. This Agreement and the Transaction Agreements, including the Schedules and Exhibits referred to herein and therein and the documents delivered pursuant hereto and thereto,
constitute the entire agreement between any of the parties hereto with respect to the subject matter contained herein or therein, and supersede all prior agreements, negotiations, discussions, understandings and commitments, written or oral, between
any of the parties hereto with respect to such subject matter. 
 17.03 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF MISSOURI, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISION OR RULE THEREOF THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

17.04 Amendment. This Agreement shall not be amended, modified or supplemented except by a written instrument signed by an
authorized representative of Ralcorp and Post. 
 17.05 Waiver. Any term or provision of this Agreement may be waived, or
the time for its performance may be extended, by the Company or Companies entitled to the benefit thereof. Any such waiver shall be validly and sufficiently given for the purposes of this Agreement if, as to any Company, it is in writing signed by
an authorized representative of such Company. The failure of any Company to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, or in any way to affect the validity of this Agreement or any
part hereof or the right of any Company thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach. 

17.06 Partial Invalidity. Wherever possible, each provision hereof shall be interpreted in such a manner as to be effective and
valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision or provisions shall be ineffective to the extent, but
only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such provision or provisions or any other provisions hereof, unless such a construction would be unreasonable. 

17.07 Execution in Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original instrument, but all of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by and delivered to each of the parties hereto. 

17.08 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
successors and permitted assigns; provided, however, that the rights and obligations of any Company under this Agreement shall not be assignable by such Company without the prior written consent of

  
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the other parties hereto. The successors and permitted assigns hereunder shall include any permitted assignee as well as the successors in interest to such permitted assignee (whether by merger,
liquidation (including successive mergers or liquidations) or otherwise). 
 17.09 Notices. All notices, requests,
claims, demands and other communications required or permitted hereunder shall be in writing and shall be deemed duly given or delivered (a) when delivered personally, (b) if transmitted by facsimile when confirmation of transmission is
received or by email when receipt of such email is acknowledged by return email, (c) if sent by registered or certified mail, postage prepaid, return receipt requested, on the third business day after mailing or (d) if sent by private
courier when received; and shall be addressed as follows: 
 If to Ralcorp, to: 

Ralcorp Holdings, Inc. 
 800 Market Street 
 St. Louis, Missouri 63101 

Attention: Gregory A. Billhartz 
 Facsimile: (314) 877-7748 
 If to Post, to: 

Post Holdings, Inc. 
 2503 S. Hanley Road 
 St. Louis, MO 63144 

Attention: Diedre J. Gray 
 Facsimile: (314) 646-3367 
 or to such other address as such Company may indicate by a notice
delivered to the other Companies. 
 17.10 No Reliance on Other Company. The parties hereto represent to each other that
this Agreement is entered into with full consideration of any and all rights which the parties hereto may have. The parties hereto have relied upon their own knowledge and judgment and have conducted such investigations they and their in-house
counsel have deemed appropriate regarding this Agreement and the Transaction Agreements and their rights in connection with this Agreement and the Transaction Agreements. The parties hereto are not relying upon any representations or statements made
by any other Company, or any such other Company’s employees, agents, representatives or attorneys, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The parties hereto
are not relying upon a legal duty, if one exists, on the part of any other Company (or any such other Company’s employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or
its preparation, it being expressly understood that no Company hereto shall ever assert any failure to disclose information on the part of any other Company as a ground for challenging this Agreement or any provision hereof. 

17.11 Performance. Each Company shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and
obligations set forth herein. 
 Remainder of page intentionally left blank. 

  
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 IN WITNESS WHEREOF, each party has caused this Agreement to be executed on its behalf by a
duly authorized officer on the date first set forth above. 
  

									
	“Ralcorp”	 		 	“Post”
			
	 Ralcorp Holdings, Inc.,
 a Missouri corporation
	 		 	 Post Holdings, Inc.,
 a Missouri corporation

					
	By:	 	 /s/ Gregory A. Billhartz
	 		 	By:	 	 /s/ Robert V. Vitale

					
		 	Name: Gregory A. Billhartz	 		 		 	Name: Robert V. Vitale
					
		 	Title: Corporate Vice President, General Counsel and Secretary	 		 		 	Title: Chief Financial Officer

  
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 ANNEX I 
 Series of Transactions 
  

	A.	Ralcorp forms a new wholly-owned subsidiary, Post, which will be Missouri corporation. 

 

	B.	Post borrows funds from one or more unrelated third parties (the “Post Credit Facility”). Ralcorp contributes all of the equity interest in Post US to
Post (“Post Contribution”) in exchange for additional shares of Post, a portion of the borrowing proceeds and newly issued securities of Post (“Post Debt Securities”). The borrowing proceeds retained by Post will be
used to pay the purchase price for the Canada Sale (defined below) and for working capital. 

  

	C.	Post will use a portion of the borrowing proceeds to acquire the portion of the Post Business located in Canada from Post Foods Canada Corporation (or its successor or
affiliate) through either a direct or indirect stock or asset purchase (the “Canada Sale”), to be held in a newly formed Canadian entity (“New Post Canada”). 

 

	D.	Ralcorp will distribute at least 80% of the stock of Post pro rata to its shareholders (the “Distribution”) and will retain no more than 20% of
the stock of Post (the “Retained Shares;” the retention of the Retained Shares by Ralcorp is referred to herein as the “Share Retention”). 

 

	E.	Before or after any of the foregoing, Ralcorp will borrow cash from one or more financial institutions (the “Ralcorp Debt”). At a time when the
financial institution(s) have held the Ralcorp Debt for no less than 5 days, Ralcorp and the financial institution(s) then holding the Ralcorp Debt may enter into (i) an exchange agreement (the “Debt for Debt Exchange
Agreement”) pursuant to which the parties agree to exchange an amount of Ralcorp Debt to be determined by the parties bargaining at arm’s length for Post Debt Securities, and/or (ii) an exchange agreement (the “Equity for
Debt Exchange Agreement”) pursuant to which the parties agree to exchange an amount of Ralcorp Debt to be determined by the parties bargaining at arm’s length for Retained Shares. 

 

	F.	At a time when the financial institution(s) or their affiliates have held the Ralcorp Debt as principals for at least 14 days, (i) if a Debt for Debt Exchange
Agreement has been entered into, Ralcorp will transfer the Post Debt Securities to the financial institution(s) in repayment of all or a portion of the Ralcorp Debt (the “Debt for Debt Exchange”), and (ii) if an Equity for Debt
Exchange Agreement has been entered into, Ralcorp will transfer the Retained Shares to the financial institution(s) in repayment of all or a portion of the Ralcorp Debt (the “Equity for Debt Exchange”). 

 

	G.	If market conditions are conducive, Ralcorp, pursuant to the plan that includes the Distribution, intends to transfer any remaining Retained Shares to its shareholders
in exchange for shares of Ralcorp Common Stock (the “Share Repurchase”). Any Share Repurchase will in no event be completed later than 12 months following the Distribution. Any of the Retained Shares not disposed of in the Share
Repurchase will be disposed of as soon as commercially practicable, but in any event not later than 5 years after the Distribution.

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