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    Exhibit 10.1

     

     

    
 

     

    

     

    Ralcorp
      Holdings, Inc.

     

    First
      Amendment

     

    Dated
      as
      of December 22, 2005

     

    to

    

    Note
      Purchase Agreements dated as of May 22, 2003

     

    and

     

    $150,000,000
      Floating Rate Senior Notes, Series A,

    due
      May
      22, 2010

    

    $145,000,000
      4.24% Senior Notes, Series B,

    due
      December 22, 2010

    

    $50,000,000
      5.43% Senior Notes, Series C,

    due
      December 22, 2013

    

    $75,000,000
      4.76% Senior Notes, Series D,

    due
      December 22, 2013

    

    $100,000,000
      5.57% Senior Notes, Series E,

    due
      December 21, 2015

    

    $75,000,000
      5.43% Senior Notes, Series F,

    due
      December 21, 2012

     

    

    

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

           

        

      

    

    
 

     

     

     

    
 

    Table
      of Contents

     

    (Not
      a
      part of this First Amendment)

     

     

    
      	SECTION 	 	HEADING	PAGE 
	 	 	 	 
	
              Section 1.

            	 	
              Amendment
                To Notes

            	
              2

            
	 	 	 	 
	
              Section 2

            	 	
              Amendments
                To Note Purchase Agreements

            	 2
	 	 	 	 
	
              Section 3.

            	 	
              Conditions
                Precedent

            	 4
	 	 	 	 
	
              Section 4.

            	 	
              Representations
                and Warranties

            	 6
	 	 	 	 
	
              Section 5.

            	 	
              Miscellaneous

            	 7

    

    

    
      	
              Schedule
                I

            	
              —

            	
              Name
                of Holders and Principal Amount of Notes

            	 
	 	 	 	 
	
              Schedule
                II

            	
              —

            	
              Description
                of Forward Sale Agreement and Pledge Agreement

            	 
	 	 	 	 
	
              Exhibit
                A

            	
              —

            	
              Form
                of Floating Rate Senior Notes, Series A, due May 22, 2010

            	 
	 	 	 	 
	
              Exhibit
                B

            	
              —

            	
              Form
                of 4.24% Senior Notes, Series B, due December 22,
                2010

            	 
	 	 	 	 
	
              Exhibit
                C

            	
              —

            	
              Form
                of 5.43% Senior Notes, Series C, due December 22,
                2013

            	 
	 	 	 	 
	
              Exhibit
                D

            	
              —

            	
              Form
                of 4.76% Senior Notes, Series D, due December 22,
                2013

            	 
	 	 	 	 
	
              Exhibit
                E

            	
              —

            	
              Form
                of 5.57% Senior Notes, Series E, due December 21,
                2015

            	 
	 	 	 	 
	
              Exhibit
                F

            	
              —

            	
              Form
                of 5.43% Senior Notes, Series F, due December 21,
                2012

            	 
	 	 	 	 
	
              Exhibit
                G

            	
              —

            	
              Form
                of Opinion of Special Counsel for the Company

            	 

    

    
 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

     

    Dated
      as
      of

    December
      22, 2005

    To
      each
      of the holders 

    listed
      in
      Schedule I to 

    this
      First Amendment

     

    Ladies
      and Gentlemen:

     

    Reference
      is made to (i) the separate Note Purchase Agreements, each dated as of May
      22, 2003 (the "Original
      Note Purchase Agreements"),
      by and
      between Ralcorp Holdings, Inc., a Missouri corporation (the "Company"),
      and
      each of the purchasers of the $150,000,000 aggregate principal amount of
      Floating Rate Senior Notes, Series A, due May 22, 2010 (the "Series
      A Notes")
      of the
      Company issued pursuant thereto; (ii) the First Supplement to Note Purchase
      Agreements, dated as of December 22, 2003 (the "First
      Supplement"),
      between the Company and the purchasers of the $145,000,000 aggregate principal
      amount of 4.24% Senior Notes, Series B, due December 22, 2010 (the "Series
      B Notes")
      of the
      Company issued pursuant thereto; (iii) the Second Supplement to Note Purchase
      Agreements, dated as of December 22, 2003 (the "Second
      Supplement"),
      between the Company and the purchasers of the $50,000,000 aggregate principal
      amount of 5.43% Senior Notes, Series C, due December 22, 2013 (the "Series
      C Notes")
      of the
      Company issued pursuant thereto; (iv) the Third Supplement to Note Purchase
      Agreements dated, as of December 22, 2003 (the "Third
      Supplement"),
      between the Company and the purchasers of the $75,000,000 aggregate principal
      amount of 4.76% Senior Notes, Series D, due December 22, 2013 (the
"Series
      D Notes")
      of the
      Company issued pursuant thereto; (v) the Fourth Supplement to Note Purchase
      Agreements, dated as of December 21, 2005 (the "Fourth
      Supplement"),
      between the Company and the purchasers of the $100,000,000 aggregate principal
      amount of 5.57% Senior Notes, Series E, due December 21, 2015 (the
"Series E
      Notes")
      of the
      Company issued pursuant thereto; and (vi) the Fifth Supplement to Note
      Purchase Agreements, dated as of December 21, 2005 (the "Fifth
      Supplement"),
      between the Company and the purchasers of the $75,000,000 aggregate principal
      amount of 5.43% Senior Notes, Series F, due December 21, 2012 (the
"Series F
      Notes,"
      and
      together with the Series A Notes, the Series B Notes, the Series C
      Notes, the Series D Notes and the Series E Notes, the "Notes")
      of the
      Company issued pursuant thereto. The Original Note Purchase Agreements, as
      supplemented by the First through Fifth Supplements, are referred to herein
      collectively as the "Note
      Purchase Agreements."
      Capitalized terms used in this First Amendment (this "First
      Amendment")
      without
      definition shall have the meanings given such terms in the Note Purchase
      Agreements.

     

    For
      good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Company requests the amendment of certain provisions of the
      Notes and the Note Purchase Agreements as hereinafter provided.

     

    Upon
      your
      acceptance hereof in the manner hereinafter provided and upon satisfaction
      of
      all conditions to the effectiveness hereof and receipt by the Company of similar
      acceptances from the Required Holders, this First Amendment shall be effective,
      but only in the respects hereinafter set forth:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              Section 1.

            	
              Amendment
                To Notes.

            

    

     

    Section
      1.1.   Each
      of
      the Notes are hereby amended as of the date hereof by inserting the following
      sentence at the end of the first paragraph appearing on page one of each of
      the
      Notes: 

     

    "Additional
      interest hereon may also be required pursuant to Section 9.8 of the Note
      Purchase Agreements."

     

    Section
      1.2.  Each
      of
      Exhibit 1 to the Original Note Purchase Agreements, Exhibit 1 to the First
      Supplement, Exhibit 1 to the Second Supplement, Exhibit 1 to the Third
      Supplement, Exhibit 1 to the Fourth Supplement and Exhibit 1 to the Fifth
      Supplement are hereby amended and restated in their entirety as of the date
      hereof so that the same shall be in the form of Exhibit A, Exhibit B, Exhibit
      C,
      Exhibit D, Exhibit E and Exhibit F hereto, respectively (in each case,
      incorporating therein, the amendment in Section 1.1 above).

     

    At
      the
      option of each holder, in accordance with Section 13.2 of the Note Purchase
      Agreements, such holder may request that its Notes be exchanged for a
      replacement Note in the form of Exhibit A, Exhibit B, Exhibit C, Exhibit D,
      Exhibit E and Exhibit F hereto, as applicable.

     

    
      	
              Section 2.

            	
              Amendments
                To Note Purchase Agreements.

            

    

     

    Section
      2.1.   Section 9
      of the Note Purchase Agreements is hereby amended as of the date hereof by
      adding a new Section 9.8 thereto as follows:

     

    "Section
      9.8  Additional
      Interest.  
      If the Leverage Ratio exceeds 3.5 to 1.0 as of the end of any fiscal quarter
      of
      the Company (each, a "High
      Leverage Quarter"),
      then,
      in addition to all other interest accruing thereon (and all rights and remedies
      of the holders in the event the Leverage Ratio exceeds 4.00 to 1.00), additional
      interest in the amount of 0.50% shall accrue on each series of Notes (including
      all outstanding Notes and Additional Notes), commencing on the first day of
      the
      first fiscal quarter following each such High Leverage Quarter and continuing
      until the Company has provided an Officer’s Certificate pursuant to Section
      7.2(a) demonstrating that, as of the end of the fiscal quarter in respect of
      which such Officer’s Certificate is delivered, the Leverage Ratio is not more
      than 3.5 to 1.0. Following delivery of an Officer’s Certificate demonstrating
      that the Leverage Ratio did not exceed 3.5 to 1.0, the additional 0.50% interest
      shall cease to accrue or be payable for any fiscal quarter subsequent to the
      fiscal quarter in respect of which such Officer’s Certificate was
      delivered."

     

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
 

     

        Section 2.2.  
      Paragraph
      (a) of Section 10.4 of the Note Purchase Agreements is hereby amended and
      restated in its entirety as of the date hereof as follows: 

     

    "(a) Leverage
      Ratio.  
      As of the end of each fiscal quarter of the Company, the Company will not permit
      the Leverage Ratio to be greater than 3.50 to 1.00, provided,
      that
      for any period of not more than four successive fiscal quarters, the Leverage
      Ratio may be greater than 3.50 to 1.00, but in no event greater than 4.00 to
      1.00, if the Company timely pays the additional interest required pursuant
      to
      the provisions of Section 9.8."

     

        Section 2.3.  
      Section 10.5
      of the Note Purchase Agreements is hereby amended as of the date hereof by
      (a)
      deleting the word "and" appearing at the end of paragraph (h) therein, (b)
      deleting paragraph (i) appearing therein, and (c) adding new paragraphs (i)
      and
      (j) thereto as follows: 

     

    "(i)  
      Liens
      on
      the shares of capital stock of Vail Resorts, Inc. owned by a Vail Owner pursuant
      to the Pledge Agreement (as defined on Schedule II to the First Amendment)
      or
      any other similar pledge agreement that secure the obligations of such Vail
      Owner in respect of its sale of such capital stock pursuant to the Forward
      Sale
      Agreement (as defined on Schedule II to the First Amendment) or any other
      similar forward sale agreement in respect of such capital stock, and which,
      in
      each case, the obligations under the Forward Sale Agreement or such other
      forward sale agreement, as the case may be, may be fully satisfied by delivery
      of, or foreclosure on, the shares of such capital stock which have been pledged
      pursuant to the related Pledge Agreement or such other pledge agreement and
      which such obligations are not guaranteed, directly or indirectly, by the
      Company or any other Subsidiary; and

     

    (j)  
      any
      Lien
      (other than a Lien permitted under paragraph (a) through paragraph (i) above)
      securing any Debt of the Company or any Subsidiary, which Debt is permitted
      hereunder (including under Section 10.4)."

     

        Section 2.4.  
      The
      definition of "Debt" set forth on Exhibit B to the Note Purchase Agreements
      is
      hereby amended by adding a new clause (iv) at the end thereof as follows: "or
      (iv) the obligations of a Vail Owner under the Forward Sale Agreement or
      any other similar forward sale agreement in respect of such Vail Owner’s sale of
      shares of capital stock of Vail Resorts, Inc., and which, in each case, such
      obligations may be satisfied by delivery of, or foreclosure on, the shares
      of
      such capital stock and which such obligations are not guaranteed, directly
      or
      indirectly, by the Company or any other Subsidiary."

     

        Section 2.5.   The
      definition of "Priority Debt" set forth on Exhibit B to the Note Purchase
      Agreements is hereby amended as of the date hereof by deleting the phrase
      "clauses (a) through (h) of Section 10.5" appearing therein and substituting
      the
      phrase "paragraphs (a) through (i) of Section 10.5" therefor.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    

       

          Section
        2.6.  
        A
        new
        definition of "First Amendment" is hereby added in alphabetical order to
        Exhibit
        B to the Note Purchase Agreement as of the date hereof as follows:

       

      "First
        Amendment"
        means
        that certain First Amendment, dated as of December 22, 2005, to Note Purchase
        Agreements, dated as of May 22, 2003, entered into between the Company and
        the
        holders of the Notes signatory thereto.

       

          Section
        2.7.   A
        new
        definition of "Vail Owner" is hereby added in alphabetical order to Exhibit
        B to
        the Note Purchase Agreement as of the date hereof as follows:

       

      "Vail
        Owner"
        means RH
        Financial Corporation, a Nevada corporation and a Wholly-Owned Subsidiary,
        which
        owns shares of capital stock in Vail Resorts, Inc. and shall also include
        the
        Company and/or any other Subsidiary upon a Transfer of such capital stock
        by RH
        Financial Corporation to the Company or to such Subsidiary, respectively.
        

       

          Section 2.8.  
        Exhibit 1
        to the Original Note Purchase Agreements is hereby amended and restated in
        its
        entirety to be in the form of Exhibit A hereto. 

       

          Section 2.9.  
        Exhibit 1
        to the First Supplement is hereby amended and restated in its entirety to
        be in
        the form of Exhibit B hereto. 

       

          Section 2.10.  
        Exhibit 1
        to the Second Supplement is hereby amended and restated in its entirety to
        be in
        the form of Exhibit C hereto. 

       

          Section 2.11.  
        Exhibit 1
        to the Third Supplement is hereby amended and restated in its entirety to
        be in
        the form of Exhibit D hereto.

       

          Section 2.12.  
        Exhibit 1
        to the Fourth Supplement is hereby amended and restated in its entirety to
        be in
        the form of Exhibit E hereto.

       

          Section 2.13.  
        Exhibit 1
        to the Fifth Supplement is hereby amended and restated in its entirety to
        be in
        the form of Exhibit F hereto.

       

      
        	
                Section 3.

              	
                Conditions
                  Precedent.

              

      

       

      This
        First Amendment shall not become effective until, and shall become effective
        on,
        the Business Day when each of the following conditions shall have been
        satisfied:

       

          (a)    Each
        holder shall have received this First Amendment, duly executed by the
        Company.

       

          (b)    The
        Required Holders shall have consented to this First Amendment as evidenced
        by
        their execution thereof.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

          (c)    Each
        holder
        that has a made a request therefor, shall have received a new Note substantially
        in the form of Exhibit A, Exhibit B, Exhibit C, Exhibit D,
        Exhibit E or Exhibit F hereto for the appropriate series of Note that it
        replaces, dated the date of the last interest payment made (or, if no interest
        has been paid, dated the date of original issuance) and duly completed and
        executed by the Company (each such new Note is referred to in this First
        Amendment as a "Replacement
        Note").

       

           (d)    The
        representations and warranties of the Company set forth in Section 4 hereof
        shall be true and correct as of the date of the execution and delivery of
        this
        First Amendment.

       

          (e)    Any
        consents or approvals from any holder or holders of any outstanding security
        or
        indebtedness of the Company and any amendments of agreements pursuant to
        which
        any securities or indebtedness may have been issued which shall be necessary
        to
        permit the consummation of the transactions contemplated hereby shall have
        been
        obtained and all such consents or amendments shall be reasonably satisfactory
        in
        form and substance to the holders and their special counsel.

       

          (f)    All
        corporate
        and other proceedings in connection with the transactions contemplated by
        this
        First Amendment and all documents and instruments incident to such transactions
        shall be satisfactory to you and your special counsel, and you and your special
        counsel shall have received all such counterpart originals or certified or
        other
        copies of such documents as you or they may reasonably request.

       

          (g)    Each
        holder
        shall have received such certificates of officers of the Company as it may
        reasonably request with respect to this First Amendment and the transactions
        contemplated hereby.

       

          (h)    Each
        holder shall have received opinions in form and substance satisfactory to
        them,
        dated the date of this First Amendment, from C.G. Huber, Jr., General Counsel
        for the Obligors, covering the matters set forth in Exhibit G, and covering
        such
        other matters incident to the transactions contemplated hereby as the holders
        or
        their counsel may reasonably request.

       

          (i)    The
        Company
        shall have paid the fees and disbursements of the holders’ special counsel,
        Chapman and Cutler LLP, incurred in connection with the negotiation,
        preparation, execution and delivery of this First Amendment and the transactions
        contemplated hereby which fees and disbursements are reflected in the statement
        of such special counsel delivered to the Company at the time of the execution
        and delivery of this First Amendment.

       

          (j)    Each
        Subsidiary Guarantor shall have consented to the terms of this First Amendment
        by signing in the appropriate space on the signature page hereof.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                Section 4.

              	
                Representations
                  and Warranties.

              

      

       

      Each
        Obligor, as to itself, hereby represents and warrants that as of the date
        hereof
        and as of the date of execution and delivery of this First
        Amendment:

       

          (a)    Each
        Obligor is duly incorporated, validly existing and in good standing under
        the
        laws of its jurisdiction of incorporation.

       

          (b)    This
        First
        Amendment, the Note Purchase Agreements, as amended hereby, and the Replacement
        Notes and the transactions contemplated hereby are within the corporate power
        of
        such Obligor, have been duly authorized by all necessary corporate action
        on the
        part of such Obligor, and this First Amendment and (in the case of the Company
        only) the Note Purchase Agreements, as amended hereby, and the Replacement
        Notes
        have been duly executed and delivered by such Obligor and constitute legal,
        valid and binding obligations of such Obligor enforceable in accordance with
        their respective terms.

       

          (c)    Immediately
        prior to and after giving effect to this First Amendment, there are no Defaults
        or Events of Default under the Note Purchase Agreements, as amended
        hereby.

       

          (d)    The
        execution, delivery and performance of this First Amendment and (in the case
        of
        the Company only) the Note Purchase Agreements, as amended hereby, and the
        Replacement Notes by such Obligor does not and will not result in a violation
        of
        or default under (i) the articles of incorporation or bylaws of such
        Obligor, (ii) any agreement to which such Obligor is a party or by which it
        is bound or to which such Obligor or any of its properties is subject,
        (iii) any order, writ, injunction or decree binding on such Obligor, or
        (D) any statute, regulation, rule or other law applicable to such
        Obligor.

       

          (e)    No
        consent, approval or authorization of, or registration, filing or declaration
        with, any Governmental Authority is required in connection with the execution,
        delivery or performance by such Obligor of this First Amendment and (in the
        case
        of the Company only) the Note Purchase Agreements, as amended hereby, or
        the
        Replacement Notes.

       

          (f)    No
        Obligor has paid or agreed to pay any fees or other consideration, or given
        any
        additional security or collateral, or shortened the maturity or average life
        of
        any indebtedness or permanently reduced any borrowing capacity, in each case,
        in
        connection with the obtaining of any consents or approvals of any Person
        in
        connection with the transactions contemplated hereby.

       

              
(g)    All
        Obligors signatory to the Note Purchase Agreement and each Subsidiary Guarantee
        are a signatory to this First Amendment. 

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

              (h)    Other
        than
        this First Amendment and the First through Fifth Supplements, there are no
        other
        amendments, modifications, supplements or waivers to the Note Purchase Agreement
        or any other Financing Agreement.

       

              (i)    The
        description of the Forward Sale Agreement and Pledge Agreement (each as defined
        on Schedule II hereto) on Schedule II hereto and the transactions contemplated
        thereby are true and correct.

       

      
        	
                Section 5.

              	
                Miscellaneous.

              

      

       

          Section 5.1.  
        Except
        as
        amended herein, all terms and provisions of the Note Purchase Agreements,
        the
        Replacement Notes and related agreements and instruments are hereby ratified,
        confirmed and approved in all respects.

       

          Section 5.2.  
        Each
        Subsidiary Guarantor, for itself as a guarantor under the Subsidiary Guarantee,
        consents to the terms of this First Amendment (including, specifically, but
        without limitation, Section 2 hereof) and reaffirms, ratifies and confirms
        (a) in all respects each and every obligation and covenant made by it in
        the Subsidiary Guarantee and (b) that the Subsidiary Guarantee remains the
        legal, valid and binding obligation of such Subsidiary Guarantor enforceable
        against such Subsidiary Guarantor in accordance with its terms.

       

          Section 5.3. 
        Each
        reference in the Note Purchase Agreements to "this Agreement," "hereunder,"
        "hereof," or words of similar import in instruments or documents provided
        for in
        the Note Purchase Agreements or delivered or to be delivered thereunder or
        in
        connection therewith, shall, except where the context otherwise requires,
        be
        deemed a reference to the Note Purchase Agreement, as amended hereby. All
        references in the Note Purchase Agreements and in any and all instruments
        or
        documents provided for therein or delivered or to be delivered thereunder
        or in
        connection therewith to any "Note"
        or
"Notes"
        shall be
        deemed references to the applicable Replacement Note and Replacement
        Notes.

       

          Section 5.4.  
        This
        First Amendment shall be governed by and construed in accordance with the
        internal laws of the State of New York.

       

          Section 5.5.  
        This
        First Amendment and all covenants herein contained shall be binding upon
        and
        inure to the benefit of the respective successors and assigns of the parties
        hereunder. All representations, warranties and covenants made by the Company
        herein shall survive the closing and the delivery of this First
        Amendment.

       

          Section 5.6.  
        This
        First Amendment may be executed in any number of counterparts, each of which
        shall be deemed to be an original and all of which, taken together, shall
        constitute but one and the same First Amendment. Delivery of an executed
        counterpart of this First Amendment by facsimile shall be as effective as
        delivery of a manually executed counterpart of this First
        Amendment.

       

       

       

      [Signature
        Page Follows]

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

     

    

     

    
 

    The
      execution hereof by the holders shall constitute a contract among the Company
      and the holders for the uses and purposes hereinabove set forth. 

     

    Ralcorp
      Holdings, Inc.

    

    

    By:
      /s/
      D.
      P.
      Skarie                 

    Name:
      D.
      P.
      Skarie                 

    Title: 
       Co-Chief
      Executive
      Officer          

              
       and President

    

    

    

    Each
      of
      the undersigned, severally, hereby acknowledges, approves and agrees to the
      foregoing First Amendment and ratifies and confirms each of its obligations
      under the Subsidiary Guarantee.

    

    

    Bremner,
      Inc.

    Sugar
      Kake Cookie Inc. (f/k/a Cascade Cookie Company, Inc.)

    Flavor
      House Products, Inc.

    Nutcracker
      Brands, Inc.

    RH
      Financial Corporation

    Ripon
      Foods, Inc.

    Heritage
      Wafers, LLC

    The
      Carriage House Companies, Inc. (by itself and as successor by merger to The
      Torbitt & Castleman Company, LLC)

    Value
      Added Bakery Holding Company

    Bakery
      Chef, L.L.C. (successor by merger to Bakery Chef, Inc.)

    Community
      Shops, Inc.

    The
      Bun
      Basket, Inc.

    Lofthouse
      Bakery Products, Inc.

    Medallion
      Foods, Inc.

    

     

    By:
      /s/
      D.
      P.
      Skarie                   

    Name:
      D. P.
      Skarie                    

       
      Title:  Authorized
      Signatory             

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
 

     

    This
      foregoing First Amendment is hereby accepted and agreed to as of the date
      aforesaid. The execution by each holder listed below shall constitute its
      respective several and not joint confirmation that it is the owner and holder
      of
      the Notes set opposite its name on Schedule I hereto.

    

    

    The
      Northwestern Mutual Life Insurance Company

    

    

    By 
      /s/
      David A.
      Barras                 

    Name:
      David A. Barras

    Its
      Authorized Representative

    

     

     

    
 

    The
      Northwestern Mutual Life Insurance Company

    For
      its
      Group Annuity Separate Account

    

    

    By 
      /s/
      David A.
      Barras                 

    Name:
      David A. Barras

    Its
      Authorized Representative

     

     

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    
 

    Metropolitan
      Life Insurance Company

    
 

    By:
      /s/
      Scott Inglis      

    Name:
      Scott Inglis

    Title:  
      Managing Director

     

    
 

    

    The
      Travelers Insurance Company

    
 

    By:
      /s/
      Jonathan L. Rosenthal   

    Name:
      Jonathan L. Rosenthal

    Title:  
      Vice President and Chief

               
      Hedging Officer

    

    

     

     

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    
 

    The
      Prudential Insurance Company of America

    

    By:
      /s/
      Brian E. Lemons      

    Name:
      Brian E. Lemons

    Title:  
      Vice President

     

    
 

    Gateway
      Recovery Trust

       
      By: Prudential
      Investment Management, Inc., as
      Asset
      Manager

    

    By:
      /s/
      Brian E. Lemons      

    Name:
      Brian E. Lemons

    Title: 
       Vice President

     

     

     

    Gibraltar
      Life Insurance Co., Ltd.

           
      By: Prudential
      Investment Management (Japan), Inc.,
      as
      Investment Manager

     

       
      By: Prudential
      Investment Management, Inc., as
      Sub-Adviser

    

    By:
      /s/
      Brian E. Lemons      

    Name:
      Brian E. Lemons

    Title:  
      Vice President

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
 

    Mutual
      of
      Omaha Insurance Company

     

      By: Prudential
      Private Placement Investors, L.P.
      (as
      Investment Advisor)

     

      By: Prudential
      Private Placement Investors, Inc. (as
      its
      General Partner)

    

     
      By:
      /s/
      Brian E. Lemons      

     
      Name: Brian E. Lemons

     
      Title: Vice President

    

     

    

    Prudential
      Retirement Insurance and Annuity
      Company

     

    By: Prudential
      Investment Management, Inc., as
      investment manager

    

    By:
      /s/
      Brian E. Lemons      

    Name:
      Brian E. Lemons

    Title:  
      Vice President

    

     

    
 

    Security
      Benefit Life Insurance Company,
      Inc.

    

    By: Prudential
      Private Placement Investors, L.P.
      (as
      Investment Advisor)

    

    By: Prudential
      Private Placement Investors, Inc. (as
      its
      General Partner)

    

    By:
      /s/
      Brian E. Lemons      

    Name:
      Brian E. Lemons

    Title:  
      Vice President

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

       
      Farmers New World Life Insurance Company

    

    
      	 	
              By:

            	
              Prudential
                Private Placement Investors, L.P. (as Investment
                Advisor)

            

    

     

    
      	 	
              By:

            	
              Prudential
                Private Placement Investors, Inc. (as its General
                Partner)

            

    

     

    

    By:
      /s/
      Brian E. Lemons      

    Name:
      Brian E. Lemons

    Title:  
      Vice President

     

     

     

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

     

    
 

    ING
      Life
      Insurance and Annuity Company

    ReliaStar
      Life Insurance Company

    

    By: ING
      Investment Management LLC, as Agent

    
 

    By:        
      /s/
      Peter F.
      Komarek        

    Name:
      Peter F. Komarek

    Title:  
      Vice President

     

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

     

    

    

    AXA
      Equitable Life Insurance Company (F/K/A The
      Equitable Life Assurance Society of the United States)

    

    

    

    By: /s/Emilia
      F.Wiener             

    Name:
      Emilia F. Wiener

    Title: 
       Investment Officer

    

     

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
 

    This
      foregoing First Amendment is hereby accepted and agreed to as of the date
      aforesaid. The execution by each holder listed below shall constitute its
      respective several and not joint confirmation that it is the owner and holder
      of
      the Notes set opposite its name on Schedule I hereto.

     

    

     

    

     

    J.
      Romeo
& Co.
      

                                      (as
      nominee for MONY Life
      Insurance Company of America) 

     

    

                                      By: 
      /s
      Barbara J. Walsh                     

                                      Name:
      Barbara J.
      Walsh

    Title:
      Partner

     

     

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    Horizon
      Blue Cross Blue Shield of New Jersey

     

    By: Alliance
      Capital Management LP,

    its
      Investment Advisor

     

    By: 
      /s/
      Emilia
      F.Wiener             

    Name:
       Emilia F. Wiener

    Title:  
       Senior Vice President

    

     

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
 

    

    Massachusetts
      Mutual Life Insurance Company

    

    By:
      Babson Capital Management LLC,  as
      Investment Adviser

    

    By:       
      /s/
      Elisabeth A. Perenick       

    Name:
      Elisabeth A. Perenick

    Title:  
      Managing Director

    

    

    

    C.M.
      Life
      Insurance Company

    

    By:
      Babson Capital Management LLC,  as
      Investment Sub-Adviser

    

    By:       
      /s/
      Elisabeth A.
      Perenick        

    Name:
      Elisabeth A. Perenick

    Title:  
      Managing Director

    

    

    

    MassMutual
      Asia Limited

    

    By:
      Babson Capital Management LLC, as
      Investment Adviser

    

    By:       
      /s/
      Elisabeth A. Perenick      

    Name:
      Elisabeth A. Perenick

    Title:  
      Managing Director

    

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

     

    
 

     

    Teachers
      Insurance and Annuity Association of America

    

    

    By:
      /s/
      Jeffrey A.
      Burian           

    Name:
      Jeffrey A. Burian

    Title:  
      Director

     

     

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

     

     

    Thrivent
      Financial for Lutherans

    

    

    By:
      /s/
      Glen J.
      Vanic             

    Name:
      Glen J. Vanic

    Title:  
      Portfolio Manager

    

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    

    

     

    American
      General Assurance Company

    The
      United States Life Insurance Company in the City of New York

    The
      Variable Annuity Life Insurance Company

    

    By:
      AIG
      Global Investment Corp., investment adviser

    

    By:
      /s/
      Victoria Y.
      Chin             

    Name:
      Victoria Y. Chin

    Title:  
      Vice President

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    

    

    

    Connecticut
      General Life Insurance Company

    

    By: Cigna
      Investments, Inc. (authorized agent)

    

    

    By:       
      /s/
      Deborah B. Wiacek       

    Name:
      Deborah B. Wiacek

    Title:  
      Managing Director

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

           

        

      

    

    

     

     

     

    Jefferson
      Pilot Financial Insurance Company

    

    

    By:
      /s/
      James E. McDonald, Jr.     

    Name:
      James E. McDonald, Jr. 

    Title:  
      Vice President

    

    

    

    Jefferson
      Pilot LifeAmerica Insurance Company

    

    By:
      /s/
      James E. McDonald, Jr.     

    Name:
      James E. McDonald, Jr.

    Title:  
      Vice President

    

    

    

    Jefferson-Pilot
      Life Insurance Company

    

    By:
      /s/
      James E. McDonald, Jr.     

    Name:
      James E. McDonald, Jr.

    Title:  
      Vice President

    

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

           

        

      

    

     

     

     

    
 

    Phoenix
      Life Insurance Company

    

    

    By:
      /s/
      John H.
      Beers         

    Name:
      John H. Beers

    Title:  
      Vice President

    

     

     

    
 

    PHL
      Variable Insurance Company

    

    

    By:
      /s/
      John H.
      Beers          

    Name:
      John H. Beers

    Title:  
      Vice President

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

           

        

      

    

    

     

    
 

    

    American
      Mayflower Life Insurance Company of New York

    

    By:
      /s/
      Morian C.
      Mooers          

    Name:
      Morian C. Mooers

    Title: 
       Investment Officer

    

    

    First
      Colony Life Insurance Company

    

    By:
      /s/
      Morian C.
      Mooers          

    Name:
      Morian C. Mooers

    Title: 
       Investment Officer

    

    

    Federal
      Home Life Insurance Company

    

    By:
      /s/
      Morian C.
      Mooers          

    Name:
      Morian C. Mooers

    Title:  
      Investment Officer

    

    

    Jamestown
      Life Insurance Company

    

    By:
      /s/
      Morian C.
      Mooers          

    Name:
      Morian C. Mooers

    Title:  
      Investment OfficerFourth Supplement

     

     

    Exhibit 10.2

     

     

     

     

     

     

     

    
 

     

    Ralcorp
      Holdings, Inc.

     

    

    

    Fourth
      Supplement to Note Purchase Agreements

    

    

    Dated
      as
      of December 21, 2005

    

    

    

    

    

    

     

                                                   
      Re:                  
$100,000,000
      5.57% Senior Notes, Series E,

    Due
      December 21,
      2015

    

    

    

    

    

    

    

    

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    
 

     

    Ralcorp
      Holdings, Inc.

    800
      Market Street

    Suite
      2900

    St.
      Louis, MO 63101

     

     

    Dated
      as
      of

    December 21,
      2005

    

    To
      the
      Series E Purchasers named in

    Schedule A
      hereto 

    

     

    Ladies
      and Gentlemen:

     

    This
      Fourth Supplement to Note Purchase Agreements (the or this "Fourth
      Supplement")
      is
      among Ralcorp Holdings, Inc., a Missouri corporation (the "Company")
      and the
      institutional investors named on Schedule A attached hereto (the
"Series E
      Purchasers").

     

    Reference
      is hereby made to the Note Purchase Agreements dated as of May 22, 2003 (as
      amended and supplemented from time to time, the "Note
      Purchase Agreements"),
      among
      the Company and the purchasers listed on Schedule A thereto. All
      capitalized terms not otherwise defined herein shall have the same meaning
      as
      specified in the Note Purchase Agreements. Reference is further made to
      Section 4.13 of the Note Purchase Agreements which requires that, prior to
      the delivery of any Additional Notes, the Company and each Additional Purchaser
      shall execute and deliver a Supplement.

     

    The
      Company hereby agrees with the Series E Purchasers as follows:

     

         
      1.    The
      Company has authorized the issue and sale of $100,000,000 aggregate principal
      amount of the 5.57% Senior Notes, Series E, due December 21, 2015 (the
"Series E
      Notes").
      The
      Series E Notes, together with the Series A Notes initially issued
      pursuant to the Note Purchase Agreements, the $145,000,000 aggregate principal
      amount of 4.24% Senior Notes, Series B, due December 22, 2010 (the
      "Series B
      Notes")
      issued
      pursuant to the First Supplement to Note Purchase Agreements dated as of
      December 22, 2003 (the "First
      Supplement"),
      the
      $50,000,000 aggregate principal amount of 5.43% Senior Notes, Series C, due
      December 22, 2013 (the "Series C
      Notes")
      issued
      pursuant to the Second Supplement to Note Purchase Agreements dated as of
      December 22, 2003 (the "Second
      Supplement"),
      the
      $75,000,000 aggregate principal amount of 4.76% Senior Notes, Series D, due
      December 22, 2013 (the "Series
      D Notes")
      issued
      pursuant to the Third Supplement to Note Purchase Agreement dated as of December
      22, 2003 (the "Third
      Supplement"),
      the
      $75,000,000 aggregate principal amount of 5.43% Senior Notes, Series F, due
      December 21, 2012 (the "Series
      F Notes")
      issued
      pursuant to the Fifth Supplement to Note Purchase Agreements dated as of
      December 21, 2005 (the "Fifth
      Supplement"),
      and
      each series of Additional Notes which may from time to time hereafter be issued
      pursuant to the provisions of Section 2.2 of the Note Purchase Agreements,
      are collectively referred to as the "Notes"
      (such
      term shall also include any such notes issued in substitution therefor pursuant
      to Section 13 of the Note Purchase Agreements). The Series E Notes
      shall be substantially in the form set out in Exhibit 1 hereto with such
      changes therefrom, if any, as may be approved by the Series E Purchasers and
      the
      Company. 

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

         
      2.    Subject
      to
      the terms and conditions hereof and as set forth in the Note Purchase Agreements
      and on the basis of the representations and warranties hereinafter set forth,
      the Company agrees to issue and sell to each Series E Purchaser, and each
      Series E Purchaser agrees to purchase from the Company, Series E Notes in
      the principal amount set forth opposite such Series E Purchaser’s name on
      Schedule A hereto at a price of 100% of the principal amount thereof on the
      closing date hereafter mentioned.

     

         
      3.    The
      sale
      and purchase of the Series E Notes to be purchased by each Series E
      Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe
      Street, Chicago, Illinois 60603, at 10:00 a.m.
      Chicago
      time, at a closing (the "Closing")
      on
      December 21, 2005 or on such other Business Day thereafter on or prior to
      December 23, 2005 as may be agreed upon by the Company and the Series E
      Purchasers. At the Closing the Company will deliver to each Series E Purchaser
      the Series E Notes to be purchased by such Series E Purchaser in the form
      of a single Series E Note (or such greater number of Series E Notes in
      denominations of at least $100,000 as such Series E Purchaser may request)
      dated
      the date of the Closing and registered in such Series E Purchaser’s name (or in
      the name of such Series E Purchaser’s nominee), against delivery by such Series
      E Purchaser to the Company or its order of immediately available funds in the
      amount of the purchase price therefor by wire transfer of immediately available
      funds for the account of the Company to account number 1096726 and account
      name
      Ralcorp Holdings, Inc. at JPMorgan Chase Bank, N.A. in New York, New York,
      ABA #021000021. If, at the Closing, the Company shall fail to tender such
      Series E Notes to any Series E Purchaser as provided above in this
      Section 3, or any of the conditions specified in Section 4 shall not
      have been fulfilled to any Series E Purchaser’s satisfaction, such Series E
      Purchaser shall, at such Series E Purchaser’s election, be relieved of all
      further obligations under this Fourth Supplement, without thereby waiving any
      rights such Series E Purchaser may have by reason of such failure or such
      nonfulfillment.

     

         
      4.    The
      obligation of each Series E Purchaser to purchase and pay for the Series E
      Notes to be sold to such Series E Purchaser at the Closing is subject to the
      fulfillment to such Series E Purchaser’s satisfaction, prior to the Closing, of
      the conditions set forth in Section 4 of the Note Purchase Agreements with
      respect to the Series E Notes to be purchased at the Closing, and to the
      following additional conditions:

     

        (a)    Except
      as
      supplemented, amended or superceded by the representations and warranties set
      forth in Exhibit A hereto, each of the representations and warranties of
      the Company set forth in Section 5 of the Note Purchase Agreements shall be
      correct as of the date of Closing and the Company shall have delivered to each
      Series E Purchaser an Officer’s Certificate, dated the date of the Closing
      certifying that such condition has been fulfilled.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

         (b)    Contemporaneously
      with the Closing, (i) the Company shall sell to each Series E Purchaser,
      and each Series E Purchaser shall purchase, the Series E Notes to be
      purchased by such Series E Purchaser at the Closing as specified in
      Schedule A and (ii) the Company shall sell to each purchaser and each
      purchaser shall purchase the Series F Notes to be purchased by such
      purchaser at the Closing and as specified in Schedule A to the Fifth
      Supplement. 

     

         
      5.     Maturity.
      As
      provided therein, the entire unpaid principal balance of the Series E Notes
      shall be due and payable on the stated maturity date thereof. 

     

        
      6.    Optional
      Prepayments with Make-Whole Amount.
      The
      Company may, at its option, upon notice as provided below, prepay at any time
      all, or from time to time any part of, the Series E Notes, in an amount not
      less than 10% of the aggregate principal amount of the Series E Notes then
      outstanding in the case of a partial prepayment, at 100% of the principal amount
      so prepaid, plus the Make-Whole Amount determined for the prepayment date with
      respect to such principal amount. The Company will give each holder of
      Series E Notes written notice of each optional prepayment under this
      Section 6 of this Fourth Supplement not less than 30 days and not more than
      60 days prior to the date fixed for such prepayment. Each such notice shall
      specify such date, the aggregate principal amount of the Series E Notes to
      be prepaid on such date, the principal amount of each Series E Note held by
      such holder to be prepaid (determined in accordance with Section 7 of this
      Fourth Supplement), and the interest to be paid on the prepayment date with
      respect to such principal amount being prepaid, and shall be accompanied by
      a
      certificate of a Senior Financial Officer as to the estimated Make-Whole Amount
      due in connection with such prepayment (calculated as if the date of such notice
      were the date of the prepayment), setting forth the details of such computation.
      Two Business Days prior to such prepayment, the Company shall deliver to each
      holder of Series E Notes a certificate of a Senior Financial Officer
      specifying the calculation of such Make-Whole Amount as of the specified
      prepayment date.

     

         
      7.    Allocation
      of
      Partial Prepayments for Series E Notes.
      In the
      case of each partial prepayment of the Series E Notes pursuant to Section 6
      of this Fourth Supplement, the principal amount of the Series E Notes to be
      prepaid shall be allocated among all of the Series E Notes at the time
      outstanding in proportion, as nearly as practicable, to the respective unpaid
      principal amounts thereof not theretofore called for prepayment.

     

         
      8.    Maturity;
      Surrender, etc. for Series E Notes.
      In the
      case of each prepayment of Series E Notes pursuant to Section 6 of this
      Fourth Supplement and Section 8.3 of the Note Purchase Agreements, the
      principal amount of each Series E Note to be prepaid shall mature and
      become due and payable on the date fixed for such prepayment, together with
      interest on such principal amount accrued to such date and the applicable
      Make-Whole Amount, if any. From and after such date, unless the Company shall
      fail to pay such principal amount when so due and payable, together with the
      interest and Make-Whole Amount, if any, as aforesaid, interest on such principal
      amount shall cease to accrue. Any Series E Note paid or prepaid in full
      shall be surrendered to the Company and cancelled and shall not be reissued,
      and
      no Series E Note shall be issued in lieu of any prepaid principal amount of
      any Series E Note.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

         
      9.    Purchase
      of Series E Notes.
      The
      Company will not and will not permit any Affiliate to purchase, redeem, prepay
      or otherwise acquire, directly or indirectly, any of the outstanding
      Series E Notes except upon the payment or prepayment of the Series E
      Notes in accordance with the terms of this Fourth Supplement, Section 8.3
      of the Note Purchase Agreements and the Series E Notes. The Company will
      promptly cancel all Series E Notes acquired by it or any Affiliate pursuant
      to any payment, prepayment or purchase of Series E Notes pursuant to any
      provision of this Agreement and no Series E Notes may be issued in
      substitution or exchange for any such Series E Notes.

     

        10.    Make-Whole
      Amount for Series E Notes.
      The
      term "Make-Whole
      Amount"
      means,
      with respect to any Series E Note, an amount equal to the excess, if any,
      of the Discounted Value of the Remaining Scheduled Payments with respect to
      the
      Called Principal of such Series E Note over the amount of such Called
      Principal, provided that the Make-Whole Amount may in no event be less than
      zero. For the purposes of determining the Make-Whole Amount, the following
      terms
      have the following meanings:

     

    "Called
      Principal"
      means,
      with respect to any Series E Note, the principal of such Series E Note
      that is to be prepaid pursuant to Section 6 of this Fourth Supplement or
      has become or is declared to be immediately due and payable pursuant to
      Section 12.1 of the Note Purchase Agreements, as the context
      requires.

     

    "Discounted
      Value"
      means,
      with respect to the Called Principal of any Series E Note, the amount
      obtained by discounting all Remaining Scheduled Payments with respect to such
      Called Principal from their respective scheduled due dates to the Settlement
      Date with respect to such Called Principal, in accordance with accepted
      financial practice and at a discount factor (applied on the same periodic basis
      as that on which interest on the Series E Notes is payable) equal to the
      Reinvestment Yield with respect to such Called Principal.

     

    "Reinvestment
      Yield"
      means,
      with respect to the Called Principal of any Series E Note, .50% over the
      yield to maturity implied by (i) the yields reported, as of 10:00 A.M. (New
      York City time) on the second Business Day preceding the Settlement Date with
      respect to such Called Principal, on the display designated as "Page PX1" on
      the
      Bloomberg Financial Markets (or such other display as may replace Page PX1
      on
      Bloomberg Financial Markets) for actively traded U.S. Treasury securities having
      a maturity equal to the Remaining Average Life of such Called Principal as
      of
      such Settlement Date, or (ii) if such yields are not reported as of such
      time or the yields reported as of such time are not ascertainable, the Treasury
      Constant Maturity Series Yields reported, for the latest day for which such
      yields have been so reported as of the second Business Day preceding the
      Settlement Date with respect to such Called Principal, in Federal Reserve
      Statistical Release H.15 (519) (or any comparable successor publication) for
      actively traded U.S. Treasury securities having a constant maturity equal to
      the
      Remaining Average Life of such Called Principal as of such Settlement Date.
      Such
      implied yield will be determined, if necessary, by (a) converting U.S.
      Treasury bill quotations to bond-equivalent yields in accordance with accepted
      financial practice and (b) interpolating linearly between (1) the
      actively traded U.S. Treasury security with the maturity closest to and greater
      than the Remaining Average Life and (2) the actively traded U.S. Treasury
      security with the maturity closest to and less than the Remaining Average
      Life.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    "Remaining
      Average Life"
      means,
      with respect to any Called Principal, the number of years (calculated to the
      nearest one-twelfth year) obtained by dividing (i) such Called Principal
      into (ii) the sum of the products obtained by multiplying (a) the
      principal component of each Remaining Scheduled Payment with respect to such
      Called Principal by (b) the number of years (calculated to the nearest
      one-twelfth year) that will elapse between the Settlement Date with respect
      to
      such Called Principal and the scheduled due date of such Remaining Scheduled
      Payment.

     

    "Remaining
      Scheduled Payments"
      means,
      with respect to the Called Principal of any Series E Note, all payments of
      such Called Principal and interest thereon that would be due after the
      Settlement Date with respect to such Called Principal if no payment of such
      Called Principal were made prior to its scheduled due date, provided that if
      such Settlement Date is not a date on which interest payments are due to be
      made
      under the terms of the Series E Notes, then the amount of the next
      succeeding scheduled interest payment will be reduced by the amount of interest
      accrued to such Settlement Date and required to be paid on such Settlement
      Date
      pursuant to Section 6 of this Fourth Supplement or Section 12.1 of the Note
      Purchase Agreements.

     

    "Settlement
      Date" means,
      with respect to the Called Principal of any Series E Note, the date on
      which such Called Principal is to be prepaid pursuant to Section 6 of this
      Fourth Supplement or has become or is declared to be immediately due and payable
      pursuant to Section 12.1 of the Note Purchase Agreements, as the context
      requires.

     

        11.    Each
      Series E
      Purchaser, as to itself, represents and warrants that the representations and
      warranties set forth in Section 6 of the Note Purchase Agreements are true
      and correct on the date hereof with respect to the purchase of the Series E
      Notes by such Series E Purchaser.

     

        12.    The
      Company and each Series E Purchaser agree to be bound by and comply with the
      terms and provisions of the Note Purchase Agreements, as supplemented hereby,
      as
      fully and completely as if such Series E Purchaser were an original signatory
      to
      the Note Purchase Agreements.

     

        13.    Additional
      Series E Provisions.
      Pursuant
      to the provisions of Section 2.2(ii) and Section 2.2(iii) of the Note
      Purchase Agreements:

     

        (a)    In
      the
      event that the Series A Notes are not outstanding, the "Proposed Prepayment
      Date" under Section 8.3(c) for any holder of Series E Notes shall be
      deemed to be the first Business Day which is at least 15 days after the date
      of
      the notice of prepayment contemplated by Sections 8.3(a) and
      8.3(b).

     

        (b)    The
      holders of the Series E Notes (and no other holders) agree to waive payment
      of the amount otherwise required by clause (y) of the penultimate sentence
      of the last paragraph of Section 12.1 of the Note Purchase Agreements (but
      no other amount) and, in consideration therefor, and in lieu of the amount
      otherwise payable under said clause (y), the Company agrees, upon any
      Series E Notes becoming due and payable under Section 12.1, whether
      automatically or by declaration, to pay such holders of the Series E Notes
      the Make-Whole Amount in respect of the Series E Notes, together with all
      other amounts required to be paid pursuant to Section 12.1.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

        (c)    The
      holders of the Series E Notes (and no other holders) agree to waive payment
      of interest at the Default Rate on overdue interest, principal and premium,
      if
      any, otherwise required by clause (a) of the first sentence of
      Section 12.3 of the Note Purchase Agreements in connection with any
      rescission of acceleration of the Series E Notes and, in consideration
      therefor and in lieu of the amount otherwise payable at the Default Rate, the
      Company agrees that as a condition precedent to any rescission of acceleration
      of the Series E Notes, interest on any such overdue interest, principal and
      premium, if any, shall be paid at the overdue rate applicable to the
      Series E Notes as more fully described at the end of the first paragraph of
      Exhibit 1 hereto.

     

    14.     Governing
      Law.
      This
      Fourth Supplement shall be governed by and construed in accordance with the
      laws
      of the State of New York, excluding choice-of-law principles of the law of
      such
      State that would require the application of the laws of a jurisdiction other
      than such State

     

    

     

    [Signature
      Page Follows]

     

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

    Ralcorp
      Holdings,
      Inc.                                                             Fourth
      Supplement to Note
      Purchase Agreements

     

     

     

     

    The
      execution hereof shall constitute a contract between the Company and the Series
      E Purchasers for the uses and purposes hereinabove set forth, and this Fourth
      Supplement may be executed in any number of counterparts, each executed
      counterpart constituting an original but all together only one
      agreement.

     

    Ralcorp
      Holdings, Inc.

     

    By:
      /s/
      D.
      P. Skarie        

    Name: 
      D. P. Skarie

    Title:   
      Co-Chief Executive Officer

                
      and President

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

    Accepted
      as of the date first written above.

    

    

    Metropolitan
      Life Insurance Company

    

    By:  
      /s/
      Scott Inglis        

    Name:  
      Scott Inglis

    Title:    
      Managing Director

    

     

    
 

    The
      Travelers Insurance Company

    
 

    By: 
      /s/
      Jonathan L. Rosenthal    

    Name: 
      Jonathan L. Rosenthal

    Title:   
      Vice President and Chief

                
      Hedging Officer

    

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

    

     

     

     

    Accepted
      as of the date first written above.

    

    

    Gateway
      Recovery Trust

     

       
      By: Prudential
      Investment Management, Inc., as
      Asset
      Manager

    

    By:  
      /s/
      Brian E. Lemons      

    Name:  
      Brian E. Lemons

    Title:    
      Vice President

    

    

    

    Gibraltar
      Life Insurance Co., Ltd.

     

       By: Prudential
      Investment Management (Japan), Inc.,
      as
      Investment Manager

     

      
      By: Prudential
      Investment Management, Inc., as
      Sub-Adviser

    

    By:  
      /s/
      Brian E. Lemons      

    Name:   Brian
      E. Lemons

    Title:    
      Vice President

    

    

    

    Mutual
      of
      Omaha Insurance Company

     

       
      By: Prudential
      Private Placement Investors, L.P.
      (as
      Investment Advisor)

     

       
      By: Prudential
      Private Placement Investors, Inc. (as
      its
      General Partner)

    

    By:  
      /s/
      Brian E. Lemons      

    Name:   Brian
      E. Lemons

    Title:    
      Vice President

    

     

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

    Accepted
      as of the date first written above.

    

    

    American
      General Assurance Company

     

    The
      United States Life Insurance Company in the City of New York

     

    The
      Variable Annuity Life Insurance Company

     

    By:
      AIG
      Global Investment Corp., investment adviser

    

       
      By: /s/
      Victoria Y. Chin        

        Name: 
      Victoria Y. Chin

       
Title:
      Vice President

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

    

    

     

     

    Accepted
      as of the date first written above.

    

    

    The
      Northwestern Mutual Life Insurance Company

    

    

    By:
      /s/
      David A. Barras       

    Name: 
      David A. Barras

    Title:   
      Its Authorized Representative

    

     

    
 

    

    The
      Northwestern Mutual Life Insurance Company

       
      For its Group Annuity Separate Account

    

    

    By:  
      /s/
      David A. Barras       

    Name:  
      David A. Barras

    Title:    
      Its Authorized Representative

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

     

    Accepted
      as of the date first written above.

    

    

    Massachusetts
      Mutual Life Insurance Company

    

    By:
      Babson Capital Management LLC, as
      Investment Adviser

    
 

    By:       
       /s/
      Jeffrey A. Dominick    

    Name:
      Jeffrey A. Dominick

    Title:   Managing
      Director

    

     

    
 

    C.M.
      Life
      Insurance Company

    

    By:
      Babson Capital Management LLC, as
      Investment Sub-Adviser

    

    

    By:        
      /s/
      Jeffrey A. Dominick    

    Name:
      Jeffrey A. Dominick

    Title:  
      Managing Director

    

     

    
 

    MassMutual
      Asia Limited

    

    By:
      Babson Capital Management LLC, as
      Investment Adviser

    

    

    By:        
      /s/
      Jeffrey A. Dominick    

    Name:
      Jeffrey A. Dominick

    Title:  
      Managing Director

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.        
           Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

    Accepted
      as of the date first written above.

    

    ING
      Life
      Insurance and Annuity Company

    ReliaStar
      Life Insurance Company

    

    By: ING
      Investment Management LLC, as Agent

    

    By:    
      /s/
      Peter F. Komarek      

    Name:     Peter
      F. Komarek

    Title:       Vice
      President

     

     

     

     

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          Ralcorp
            Holdings, Inc.         
            Fourth
            Supplement to Note Purchase Agreements

        

      

    

     

     

     

     

    Accepted
      as of the date first written above.

     

    

    American
      Mayflower Life Insurance Company of New York

    

    

    By:
      /s/
      Morian C. Mooers      

    Name:
      Morian C. Mooers

    Title:   Investment
      Officer

    

    

    

    First
      Colony Life Insurance Company

    

    

    By:
      /s/
      Morian C. Mooers      

    Name:
      Morian C. Mooers

    Title:  
      Investment Officer

    

    

    

    Federal
      Home Life Insurance Company

    

    

    By:
      /s/
      Morian C. Mooers      

    Name:
      Morian C. Mooers

    Title:  
      Investment Officer

    

    

    

    Jamestown
      Life Insurance Company

    

    

    By:
      /s/
      Morian C. Mooers      

    Name:
      Morian C. Mooers

    Title:  
      Investment Officer

     

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

     

    Accepted
      as of the date first written above.

     

    

    Connecticut
      General Life Insurance Company

    

    By: Cigna
      Investments, Inc. (authorized agent)

    

    By:       
      /s/
      Deborah B.Wiacek       

    Name:
      Deborah B. Wiacek

    Title:  
      Managing Director

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

    Accepted
      as of the date first written above.

     

    

    

    AXA
      Equitable Life Insurance Company 

     

     

    By: 
       /s/
      Emilia F. Wiener      

    Name:  
      Emilia F. Wiener

    Title:    
      Investment Officer

     

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

     

    Accepted
      as of the date first written above.

    

    

    Teachers
      Insurance and Annuity Association of America

    
 

    By:
      /s/
      Jeffrey A. Burian   

    Name:
      Jeffrey A. Burian

    Title:  
      Director

     

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

    Accepted
      as of the date first written above.

    

    

    Phoenix
      Life Insurance Company

    

    

    By:
      /s/
      John H. Beers      

    Name: John
      H. Beers

    Title:  
      Vice President

     

     

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

    

     

     

     

     

    Accepted
      as of the date first written above.

    

    

    Jefferson-Pilot
      Life Insurance Company

    
 

    By:
      /s/
      James E. McDonald, Jr.

    Name:
      James E. McDonald, Jr.

    Title:  
      Vice President

     

     

     

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

        Ralcorp
          Holdings, Inc.         
          Fourth
          Supplement to Note Purchase Agreements

      

    

     

     

     

     

     

    Each
      of
      the undersigned ratifies and confirms as of the date hereof its obligations
      under the Subsidiary Guarantee dated May 22, 2003, as amended, modified or
      supplemented. 

    

     

    Bremner,
      Inc.

    Sugar
      Kake Cookie Inc. (f/k/a Cascade Cookie Company, Inc.)

    Flavor
      House Products, Inc.

    Nutcracker
      Brands, Inc.

    RH
      Financial Corporation

    Ripon
      Foods, Inc.

    Heritage
      Wafers, LLC

    The
      Carriage House Companies, Inc. (by itself and as successor by merger to The
      Torbitt & Castleman Company, LLC)

    Value
      Added Bakery Holding Company

    Bakery
      Chef, L.L.C. (successor by merger to Bakery Chef, Inc.)

    Community
      Shops, Inc.

    The
      Bun
      Basket, Inc.

    Lofthouse
      Bakery Products, Inc.

    Medallion
      Foods, Inc.

    

    

     

    By:
      /s/
      D.
      P. Skarie       

    Name:
      D.
      P. Skarie

    Title:  
      Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]