Document:

EX-10.4

 Exhibit 10.4 

SERVICES AGREEMENT 

SERVICES AGREEMENT (this “Agreement”), dated as of May 28, 2021, by and between Post Holdings, Inc., a Missouri
corporation (the “Provider”), and Post Holdings Partnering Corporation, a Delaware corporation (“PHPC”). 

RECITALS 
 WHEREAS, PHPC
and the Provider desire that, following the Effective Date (as defined below), PHPC obtain from the Provider the services described herein, and that PHPC compensate the Provider for the performance of such services on the basis set forth in this
Agreement. 
 AGREEMENT 

NOW THEREFORE, in consideration of the foregoing recitals, the mutual agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be bound legally, agree as follows: 

ARTICLE I 
 ENGAGEMENT
AND SERVICES 
 Section 1.1 Engagement. PHPC engages the Provider to provide to PHPC, commencing on the date the securities
of PHPC are first listed on the New York Stock Exchange (the “Effective Date”), the Services (as defined below), and the Provider accepts such engagement, in each case subject to and upon the terms and conditions of this Agreement.
The parties acknowledge that certain of the Services will be performed by officers, employees or consultants of the Provider. 

Section 1.2 Services. The Provider shall render to PHPC, by and through such of the Provider’s officers, employees, agents,
representatives and affiliates as the Provider, in its sole discretion, may designate from time to time, as the services set forth in Schedule 1 hereto, as amended from time to time (collectively, the “Services”). 

Section 1.3 Services Not to Interfere with the Provider’s Business. PHPC acknowledges and agrees that in providing Services
hereunder the Provider will not be required to take any action that would disrupt, in any material respect, the orderly operation of the Provider’s business activities. 

Section 1.4 Services Fee. 

(a) For the period from the Effective Date to the expiration of the Term, PHPC agrees to pay, and the Provider agrees to accept, a monthly fee
equal to $40,000, payable in arrears (the “Services Fee”); provided, that the first payment following the Effective Date shall be prorated based on the number of days after (but excluding) the Effective Date until (and including)
the last day of the calendar month in an amount equal to one-thirtieth of the Services Fee per day; provided, further, that upon the consummation by PHPC of the Partnering Transaction (as defined below), the
Provider and PHPC will review and evaluate (and thereafter will review and evaluate semiannually) the Services and Services Fee for reasonableness during the Term and will negotiate in good faith to reach agreement on any appropriate adjustments to
the Services and Services Fee, 

 
and based on such review and evaluation, Provider and PHPC will agree on the appropriate effective date (which may be retroactive, but in no event earlier than the date of the consummation by
PHPC of the Partnering Transaction) of any such adjustment to the Services and Services Fee. For the avoidance of doubt, such Services Fee may include reimbursement through the Provider of third party costs or pass through expenses (whether
separately billed to PHPC or amounts allocated to PHPC out of the overall bill to the Provider) paid by Provider for goods and services used by PHPC. All such third party costs and pass through expenses may be reimbursed by PHPC as provided above.

 (b) PHPC will pay the Provider the Services Fee by wire or intrabank transfer of funds or in such other reasonable manner specified by
the Provider to PHPC, in arrears on or before the last day of each calendar month following the Effective Date. 
 Section 1.5
Survival. PHPC’s obligation to pay the Services Fee shall survive the expiration or earlier termination of this Agreement with respect to such amounts as are payable in respect of the period of time prior to the effective date of such
expiration or termination. 
 Section 1.6 PHPC Trust Account. Notwithstanding Article IV, Article V or anything contained herein
to the contrary, the Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind or nature whatsoever (each, a “Claim”) in or to, and any and all right to seek payment of any
amounts due to it out of, the trust account established for the benefit of the public stockholders of PHPC and into which substantially all of the proceeds of PHPC’s initial public offering will be deposited (the “Trust
Account”), and hereby irrevocably waives any Claim it presently has or may have in the future as a result of, or arising out of, this Agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any
monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever. 

ARTICLE II 
 TERM

 Section 2.1 Term. The term of this Agreement (the “Term”) will commence on the Effective Date and will
continue until terminated in accordance with Section 2.2. 
 Section 2.2 Termination. This Agreement will be terminated
prior to the expiration of the Term in the following events: 
 (a) upon mutual written agreement of the parties hereto; 

(b) immediately upon written notice (or at any later time specified in such notice) by the Provider to PHPC if a Change in Control occurs with
respect to PHPC following the consummation by PHPC of a partnering transaction (as described in the Registration Statement on Form S-1 (File No. 333-252910) filed
with the Securities and Exchange Commission) (the “Partnering Transaction”); 

  
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 (c) immediately upon written notice (or at any later time specified in such notice) by PHPC
to the Provider if a Change in Control occurs with respect to the Provider following the consummation by PHPC of the Partnering Transaction; or 

(d) immediately upon written notice by either of the parties (or at any later time specified in such notice) to the other party to the extent
that the Services or Services Fee is not renegotiated to either party’s reasonable satisfaction in accordance with Section 1.4 upon completion of the Partnering Transaction. 

For purposes of this Section 2.2, a “Change in Control” will be deemed to have occurred with respect to a party if a
merger, consolidation, binding share exchange, acquisition, or similar transaction (each, a “Transaction”), or series of related Transactions, involving such party occurs as a result of which the voting power of all voting
securities of such party outstanding immediately prior thereto represent (either by remaining outstanding or being converted into voting securities of the surviving entity) less than 75% of the voting power of such party or the surviving entity of
the Transaction outstanding immediately after such Transaction (or if such party or the surviving entity after giving effect to such Transaction is a subsidiary of the issuer of securities in such Transaction, then the voting power of all voting
securities of such party outstanding immediately prior to such Transaction represent (by being converted into voting securities of such issuer) less than 75% of the voting power of the issuer outstanding immediately after such Transaction). For the
avoidance of doubt, the consummation of the Partnering Transaction shall not be deemed to constitute a Change in Control with respect to PHPC. 

Each party will remain liable to the other for any required payment accrued prior to the termination of this Agreement. 

ARTICLE III 
 PERSONNEL
AND EMPLOYEES 
 Section 3.1 Personnel to Provide Services. 

(a) The Provider will make available to PHPC, on a non-exclusive basis, certain employees, independent
contractors or other personnel engaged by Provider or one of its Subsidiaries (the “Personnel”) to perform the Services. 

(b) PHPC acknowledges that certain of the Personnel also will be performing services for the Provider and/or other companies, from time to
time, including certain Subsidiaries and Affiliates of each of the foregoing, in each case, while also potentially performing services directly for PHPC irrespective of this Agreement. 

Section 3.2 Provider as Payor. The parties acknowledge and agree that the Provider, and not PHPC, will be solely responsible for
the payment of salaries, wages, benefits (including health insurance, retirement, and other similar benefits, if any) and other compensation applicable to all Personnel. All Personnel will be subject to the personnel policies of the Provider. The
Provider will be responsible for the payment of all federal, state, and local withholding taxes on the compensation of all Personnel and other such employment related taxes as are required by law. PHPC will cooperate with the Provider to facilitate
the Provider’s compliance with applicable federal, state, and local laws, rules, regulations, and ordinances applicable to the employment or engagement of all Personnel. 

  
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 Section 3.3 Additional Employee Provisions. The Provider will have the right to
terminate its employment or engagement of any Personnel at any time. 
 ARTICLE IV 

INDEMNIFICATION 

Section 4.1 Indemnification by the Provider. Following the consummation by PHPC of the Partnering Transaction, the Provider will
indemnify, defend, and hold harmless PHPC and each of its Subsidiaries and each of their respective officers, directors, employees, agents, successors and assigns (collectively, the “PHPC Indemnitees”), from and against any and all
judgments, Liabilities, losses, costs, damages, or expenses, including reasonable attorney’s fees, disbursements, and costs (collectively, “Losses”), incurred in connection with any Action brought by a third party (a
“Third-Party Claim”) (including but not limited to defending or avoiding any such Action) arising from or out of, or relating to the gross negligence, willful misconduct, fraud, or bad faith of the Provider in connection with the
performance of any provision of this Agreement (the “Provider Indemnification Matter”); provided, that notwithstanding the foregoing or any other provisions of this Agreement, at any time during the Term, the Provider shall
not be liable, responsible or accountable to the PHPC Indemnitees for any Losses incurred by the PHPC Indemnitees for any act or omission by the Provider unless such conduct constitutes gross negligence, willful misconduct, fraud, or bad faith of
the Provider. 
 Section 4.2 Indemnification by PHPC. 

(a) Following the consummation by PHPC of the Partnering Transaction, PHPC will indemnify, defend, and hold harmless the Provider and each of
its Subsidiaries and Affiliates, and each of their respective officers, directors, employees, agents, successors and assigns (collectively, the “Provider Indemnitees”; provided that none of PHPC or its Subsidiaries shall be
included in the definition of Provider Indemnities), from and against any and all Losses incurred by a Provider Indemnitee or on a Provider Indemnitee’s behalf in connection with any Action brought by a third party (including but not limited to
defending or avoiding any Action) arising from or out of, or relating to (a) any material breach by PHPC of its obligations under this Agreement or (b) any acts or omissions of the Provider in providing the Services pursuant to this
Agreement (including for its own negligence, but except to the extent such Losses arise from the Provider Indemnification Matter); provided further, for the avoidance of doubt, that under no circumstance shall a Provider Indemnitee
have a Claim to any monies or assets held in the Trust Account, and PHPC shall not be permitted to procure monies or assets held in the Trust Account for the satisfaction of its obligations to any Provider Indemnitee in respect of the
indemnification provided hereunder. 
 (b) To the fullest extent permitted by applicable law, PHPC will indemnify, defend, and hold harmless
the Provider Indemnities from and against any and all Losses incurred by a Provider Indemnitee or on a Provider Indemnitee’s behalf in connection with any Action brought by PHPC or any third party in respect of any investment opportunities
sourced by a Provider Indemnitee for PHPC or any liability arising with respect to a Provider Indemnitee’s 

  
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activities in connection with the affairs of PHPC (in each case that are provided without a separate written agreement between PHPC and such Provider Indemnitee); provided, that in no
event shall a Provider Indemnitee be entitled to be indemnified or held harmless hereunder in respect of any Losses that such Provider Indemnitee may incur by reason of such person’s own actual fraud or intentional misconduct; provided
further, for the avoidance of doubt, that under no circumstance shall a Provider Indemnitee have a Claim to any monies or assets held in the Trust Account, and PHPC shall not be permitted to procure monies or assets held in the Trust Account
for the satisfaction of its obligations to any Provider Indemnitee in respect of the indemnification provided hereunder. 
 Section 4.3
Indemnification Procedures. 
 (a) (i) In connection with any indemnification provided for in
Section 4.1 or 4.2, the party seeking indemnification (the “Indemnitee”) will give the party from which indemnification is sought (the “Indemnitor”) prompt notice whenever it comes
to the attention of the Indemnitee that the Indemnitee has suffered or incurred, or may suffer or incur, any Losses for which it is entitled to indemnification under Section 4.1 or 4.2, and, if and when known, the
facts constituting the basis for such claim and the projected amount of such Losses (which shall not be conclusive as to the amount of such Losses), in each case in reasonable detail, provided that such notice will be given no later than ten
business days following receipt by the Indemnitee of written notice of any Third-Party Claim as to which indemnification is available hereunder. Failure by any Indemnitee to so notify the Indemnitor will not affect the rights of such Indemnitee
hereunder except to the extent that such failure has a material prejudicial effect on the defenses or other rights available to the Indemnitor with respect to such Third-Party Claim. The Indemnitee will deliver to the Indemnitor as promptly as
practicable, and in any event within five business days after Indemnitee’s receipt, copies of all notices, court papers and other documents received by the Indemnitee relating to any Third-Party Claim. 

(ii) The Indemnitor will be entitled, if it so elects, to take control of the defense and investigation with respect to such
Third-Party Claim and to employ and engage attorneys reasonably satisfactory to the Indemnitee to handle and defend such claim, at the Indemnitor’s cost, risk and expense, upon written notice to the Indemnitee of such election, which notice
acknowledges the Indemnitor’s obligation to provide indemnification under this Agreement with respect to any Losses arising out of or relating to such Third-Party Claim. The Indemnitor will not settle any Third-Party Claim that is the subject
of indemnification without the written consent of the Indemnitee, which consent will not be unreasonably withheld, conditioned or delayed; provided, however, that, after reasonable notice, the Indemnitor may settle a claim without the
Indemnitee’s consent if such settlement (A) makes no admission or acknowledgment of Liability or culpability with respect to the Indemnitee, (B) includes a complete release of the Indemnitee and (C) does not seek any relief
against the Indemnitee other than the payment of money damages to be borne by the Indemnitor. The Indemnitee will cooperate in all reasonable respects with the Indemnitor and its attorneys in the investigation, trial and defense of any lawsuit or
action with respect to such claim and any appeal arising therefrom (including the filing in the Indemnitee’s name of appropriate cross-claims and counterclaims). The Indemnitee may, at its own cost, participate in any investigation, trial and
defense of any Third-Party Claim 

  
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controlled by the Indemnitor and any appeal arising therefrom, including participating in the process with respect to the potential settlement or compromise thereof. If the Indemnitee has been
advised by its counsel that there may be one or more legal defenses available to the Indemnitee that conflict with those available to, or that are not available to, the Indemnitor (“Separate Legal Defenses”), or that there may be
actual or potential differing or conflicting interests between the Indemnitor and the Indemnitee in the conduct of the defense of such Third-Party Claim, the Indemnitee will have the right, at the expense of the Indemnitor, to engage separate
counsel reasonably acceptable to the Indemnitor to handle and defend such Third-Party Claim, provided, that, if such Third-Party Claim can be reasonably separated between those portion(s) for which Separate Legal Defenses are available
(“Separable Claims”) and those for which no Separate Legal Defenses are available, the Indemnitee will instead have the right, at the expense of the Indemnitor, to engage separate counsel reasonably acceptable to the Indemnitor to
handle and defend the Separable Claims, and the Indemnitor will not have the right to control the defense or investigation of such Third-Party Claim or such Separable Claims, as the case may be (and, in which latter case, the Indemnitor will have
the right to control the defense or investigation of the remaining portion(s) of such Third-Party Claim). 
 (iii) With
respect to any Third-Party Claim as to which indemnification is available hereunder, if the Indemnitor does not undertake to defend the Indemnitee against such Third-Party Claim, whether by not giving the Indemnitee timely notice of its election to
so defend or otherwise, the Indemnitee may, but will have no obligation to, assume its own defense, at the expense of the Indemnitor (including attorney’s fees and costs), it being understood that the Indemnitee’s right to indemnification
for such Third-Party Claim shall not be adversely affected by its assuming the defense of such Third-Party Claim. The Indemnitor will be bound by the result obtained with respect thereto by the Indemnitee; provided, that the Indemnitee may
not settle any lawsuit or action with respect to which the Indemnitee is entitled to indemnification hereunder without the consent of the Indemnitor, which consent will not be unreasonably withheld, conditioned or delayed; provided further,
that such consent shall not be required if (i) the Indemnitor had the right under this Section 4.3 to undertake control of the defense of such Third-Party Claim and, after notice, failed to do so within thirty days of
receipt of such notice (or such lesser period as may be required by court proceedings in the event of a litigated matter), or (ii) (x) the Indemnitor does not have the right to control the defense of the entirety of such Third-Party Claim
pursuant to Section 4.3(a)(ii) or (y) the Indemnitor does not have the right to control the defense of any Separable Claim pursuant to Section 4.3(a)(ii) (in which case such settlement may
only apply to such Separable Claims), the Indemnitee provides reasonable notice to Indemnitor of the settlement, and such settlement (A) makes no admission or acknowledgment of Liability or culpability with respect to the Indemnitor,
(B) does not seek any relief against the Indemnitor and (C) does not seek any relief against the Indemnitee for which the Indemnitor is responsible other than the payment of money damages. 

(b) In no event will the Indemnitor be liable to any Indemnitee for any special, consequential, indirect, collateral, incidental or punitive
damages, however caused and on any theory of liability arising in any way out of this Agreement, whether or not such Indemnitor was advised of the possibility of any such damages; provided, that the foregoing limitations shall not limit a
party’s indemnification obligations for any Losses incurred by an Indemnitee as a result of the assertion of a Third-Party Claim. 

  
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 (c) The Indemnitor and the Indemnitee shall use commercially reasonable efforts to avoid
production of confidential information, and to cause all communications among employees, counsel and others representing any party with respect to a Third-Party Claim to be made so as to preserve any applicable attorney-client or work-product
privilege. 
 (d) The Indemnitor shall pay all amounts payable pursuant to this Section 4.3 by wire transfer of
immediately available funds, promptly following receipt from an Indemnitee of a bill, together with all accompanying reasonably detailed backup documentation, for any Losses that are the subject of indemnification hereunder, unless the Indemnitor in
good faith disputes the amount of such Losses or whether such Losses are covered by the Indemnitor’s indemnification obligation in which event the Indemnitor shall promptly so notify the Indemnitee. In any event, the Indemnitor shall pay to the
Indemnitee, by wire transfer of immediately available funds, the amount of any Losses for which it is liable hereunder no later than three (3) days following any final determination of the amount of such Losses and the Indemnitor’s
liability therefor. A “final determination” shall exist when (a) the parties to the dispute have reached an agreement in writing or (b) a court of competent jurisdiction shall have entered a final and non-appealable order or judgment. 
 (e) The remedies provided in this
Section 4.3 shall be cumulative and shall not preclude assertion by any Indemnitee of any other rights or the seeking of any and all other remedies against an Indemnitor, subject to Section 4.3(b).

 (f) To the fullest extent permitted by applicable law, the Indemnitor will indemnify the Indemnitee against any and all reasonable fees,
costs and expenses (including attorneys’ fees) incurred in connection with the enforcement of his, her or its rights under this Article IV. 

Section 4.4 Survival. The terms and conditions of this Article IV will survive the expiration or termination of this Agreement.

 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Defined Terms. 

(a) The following terms will have the following meanings for all purposes of this Agreement: 

“Action” means any demand, action, claim, suit, countersuit, litigation, arbitration, prosecution, proceeding (including any
civil, criminal, administrative, investigative or appellate proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving, any court, grand jury or other governmental
authority or any arbitrator or arbitration panel. 

  
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 “Affiliate” means, with respect to any Person, any other Person controlled
by such first Person, with “control” for such purpose meaning the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities or voting interests, by contract, or otherwise. Notwithstanding the foregoing, for purposes of this Agreement, none of the Persons listed in clause (i), (ii), (iii) or (iv) shall be deemed to be Affiliates
of any Person listed in any other such clause: (i) Provider taken together with its Subsidiaries, (ii) PHPC taken together with its Subsidiaries, (iii) 8th Avenue Food & Provisions, Inc. taken together with its Subsidiaries,
(iv) BellRing Brands, Inc. taken together with its Subsidiaries, or (v) any other entities with an executive management team that may from time to time include certain of the Personnel taken together with the Subsidiaries of such entities.

 “Confidential Information” means any information marked, noticed, or treated as confidential by a party which such party
holds in confidence, including all trade secrets, technical, business, or other information, including customer or client information, however communicated or disclosed, relating to past, present and future research, development and business
activities. 
 “Liabilities” means any and all debts, liabilities, commitments and obligations, whether or not fixed,
contingent or absolute, matured or unmatured, direct or indirect, liquidated or unliquidated, accrued or unaccrued, known or unknown, and whether or not required by GAAP to be reflected in financial statements or disclosed in the notes thereto
(other than taxes). 
 “Person” means any natural person, corporation, limited liability company, partnership, trust,
unincorporated organization, association, governmental authority, or other entity. 
 “Subsidiary” when used with respect
to any Person means (i)(A) a corporation a majority in voting power of whose share capital or capital stock with voting power, under ordinary circumstances, to elect directors is at the time, directly or indirectly, owned by such Person, by one or
more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person, whether or not such power is subject to a voting agreement or similar encumbrance, (B) a partnership or limited liability company in which such
Person or a Subsidiary of such Person is, at the date of determination, (1) in the case of a partnership, a general partner of such partnership with the power affirmatively to direct the policies and management of such partnership or
(2) in the case of a limited liability company, the managing member or, in the absence of a managing member, a member with the power affirmatively to direct the policies and management of such limited liability company, or (C) any other
Person (other than a corporation) in which such Person, one or more Subsidiaries of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has or have (1) the power
to elect or direct the election of a majority of the members of the governing body of such Person, whether or not such power is subject to a voting agreement or similar encumbrance, or (2) in the absence of such a governing body, at least a
majority ownership interest or (ii) any other Person of which an aggregate of 50% or more of the equity interests are, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. Notwithstanding the
foregoing, for purposes of this Agreement, none of the Subsidiaries of the Provider will be deemed to be Subsidiaries of PHPC or any of its Subsidiaries, nor will any of PHPC’s Subsidiaries be deemed to be Subsidiaries of the Provider or any of
its Subsidiaries. 

  
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 (b) The following terms will have the meanings for all purposes of this Agreement set forth
in the Section reference provided next to such term: 
  

			
	 Definition
	  	 Section Reference

	Agreement	  	Preamble
	Claim	  	Section 1.6
	Change in Control	  	Section 2.2
	Effective Date	  	Section 1.1
	Indemnitee	  	Section 4.3(a)(i)
	Indemnitor	  	Section 4.3(a)(i)
	Losses	  	Section 4.1
	Partnering Transaction	  	Section 2.2
	Personnel	  	Section 3.1
	Provider	  	Preamble
	Provider Indemnification Matter	  	Section 4.1
	Provider Indemnitees	  	Section 4.2
	PHPC	  	Preamble
	PHPC Indemnitees	  	Section 4.1
	Separate Claims	  	Section 4.3(a)(ii)
	Separate Legal Defense	  	Section 4.3(a)(ii)
	Services	  	Section 1.2
	Services Fee	  	Section 1.3
	Term	  	Section 2.1
	Third-Party Claim	  	Section 4.1
	Transaction	  	Section 2.2
	Trust Account	  	Section 1.6

 Section 5.2 Entire Agreement; Severability. This Agreement constitutes the entire agreement among
the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings, oral and written, among the parties hereto with respect to such subject matter. It is the intention of the parties hereto that the
provisions of this Agreement will be enforced to the fullest extent permissible under all applicable laws and public policies, but that the unenforceability of any provision hereof (or the modification of any provision hereof to conform with such
laws or public policies, as provided in the next sentence) will not render unenforceable or impair the remainder of this Agreement. Accordingly, if any provision is determined to be invalid or unenforceable either in whole or in part, this Agreement
will be deemed amended to delete or modify, as necessary, the invalid or unenforceable provisions and to alter the balance of this Agreement in order to render the same valid and enforceable, consistent (to the fullest extent possible) with the
intent and purposes hereof. 
 Section 5.3 Notices. All notices and communications hereunder will be in writing and will be
deemed to have been duly given if delivered personally or mailed, certified or registered mail with postage prepaid, or sent by electronic mail, addressed as follows: 

  
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	If to the Provider:	  	 Post Holdings, Inc.
 2503 S. Hanley Road,

St. Louis, Missouri 63144
 Attention: Diedre J. Gray

Email: Diedre.Gray@postholdings.com

		
	If to PHPC:	  	 Post Holdings Partnering Corporation
 2503 S.
Hanley Road,
 St. Louis, Missouri 63144
 Attention: Diedre J.
Gray
 Email: Diedre.Gray@postholdings.com

 or to such other address (or to the attention of such other person) as the parties may hereafter designate in writing. All
such notices and communications will be deemed to have been given on the date of delivery if sent by electronic mail or personal delivery, or the third day after the mailing thereof, except that any notice of a change of address will be deemed to
have been given only when actually received. 
 Section 5.4 Governing Law. This Agreement and the legal relations among the
parties hereto will be governed in all respects, including validity, interpretation and effect, by the laws of the State of Missouri applicable to contracts made and performed wholly therein, without giving effect to any choice or conflict of laws
provisions or rules that would cause the application of the laws of any other jurisdiction. 
 Section 5.5 Submission to
Jurisdiction; Waiver of Jury Trial. Each of the parties hereto irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind whatsoever, whether in law or equity, or whether in contract or tort
or otherwise, in any way relating to this Agreement and the legal relations among the parties hereto, in any forum other than the courts of the State of Missouri sitting in St. Louis County, and of the United States District Court of Missouri, and
any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that any such action, litigation or proceeding may be brought in any such Missouri State court
or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding will be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. The parties waive the right to a trial by jury in any dispute or other claim in connection with this Agreement. 

Section 5.6 Rules of Construction. The descriptive headings in this Agreement are inserted for convenience of reference only and
are not intended to be part of or to affect the meaning or interpretation of this Agreement. Words used in this Agreement, regardless of the gender and number specifically used, will be deemed and construed to include any other gender, masculine,
feminine, or neuter, and any other number, singular or plural, as the context requires. As used in this Agreement, the word “including” or any variation thereof is not limiting, and the word “or” is not exclusive. The word day
means a calendar day. If the last day for giving any notice or taking any other action is a Saturday, Sunday, or a day on which banks in New York, New York or St. Louis, Missouri are authorized or required to be closed, the time for giving such
notice or taking such action will be extended to the next day that is not such a day. 

  
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 Section 5.7 No Third-Party Rights. Nothing expressed or referred to in this
Agreement is intended or will be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim under or with respect to this Agreement, or any provision
hereof, it being the intention of the parties hereto that this Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their respective successors and assigns. 

Section 5.8 Counterparts. This Agreement may be executed in one or more counterparts, each of which will be an original and all of
which together will constitute one and the same instrument. 
 Section 5.9 Payment of Expenses. From and after the Effective
Date, and except as otherwise expressly provided in this Agreement, each of the parties to this Agreement will bear its own expenses, including the fees of any attorneys and accountants engaged by such party, in connection with this Agreement. 

Section 5.10 Binding Effect; Assignment. 

(a) This Agreement will inure to the benefit of and be binding on the parties to this Agreement and their respective legal representatives,
successors and permitted assigns. 
 (b) Except as expressly contemplated hereby, this Agreement, and the obligations arising hereunder, may
not be assigned by either party to this Agreement; provided, however, that Provider may assign its rights, interests, duties, liabilities and obligations under this Agreement to any of its wholly-owned Subsidiaries, but such assignment
shall not relieve the Provider, as the assignor, of its obligations hereunder. 
 Section 5.11 Amendment, Modification, Extension or
Waiver. Any amendment, modification or supplement of or to any term or condition of this Agreement will be effective only if in writing and signed by both parties hereto. Either party to this Agreement may (a) extend the time for the
performance of any of the obligations or other acts of the other party to this Agreement, or (b) waive compliance by the other party with any of the agreements or conditions contained herein or any breach thereof. Any agreement on the part of
either party to any such extension or waiver will be valid only if set forth in an instrument in writing signed on behalf of such party. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or
more instance, will be deemed or construed as a further or continuing waiver of any such term, provision or condition or of any other term, provision or condition, but any party hereto may waive its rights in any particular instance by written
instrument of waiver. 
 Section 5.12 Force Majeure. Neither party will be liable to the other party with respect to any
nonperformance or delay in performance of its obligations under this Agreement, other than for payment of the Services Fee, to the extent such failure or delay is due to any action or claims by any third party, labor dispute, labor strike, weather
conditions, pandemics (including, without limitation, COVID-19) or any cause beyond a party’s reasonable control. Each party agrees that it will use all commercially reasonable efforts to continue to
perform its obligations under this Agreement, to resume performance of its obligations under this Agreement, and to minimize any delay in performance of its obligations under this Agreement notwithstanding the occurrence of any such event beyond
such party’s reasonable control. 

  
 11 

 Section 5.13 Specific Performance. Each party agrees that irreparable damage
would occur and that the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
each of the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which they are
entitled at law or in equity. 
 Section 5.14 Confidentiality. 

(a) Except with the prior consent of Provider, PHPC will: 

(i) limit access to the Confidential Information of Provider disclosed to PHPC hereunder to its agents, representatives, and
consultants on a need-to-know basis; 
 (ii)
advise its agents, representatives, and consultants having access to such Confidential Information of the proprietary nature thereof and of the obligations set forth in this Agreement; and (iii) safeguard such Confidential Information by using
a reasonable degree of care to prevent disclosure of the Confidential Information to third parties, but not less than that degree of care used by PHPC in safeguarding its own similar information or material. 

(b) PHPC’s obligations respecting confidentiality under Section 5.14(a) will not apply to any of the
Confidential Information of Provider that PHPC can demonstrate: (i) was, at the time of disclosure to PHPC, in the public domain or (ii) after disclosure to PHPC, is published or otherwise becomes part of the public domain other than by
acts of PHPC in violation of this Section 5.14. 
 (c) The provisions of this
Section 5.14 will survive the expiration or termination of this Agreement. 
 [Signature Page Follows] 

  
 12 

 IN WITNESS WHEREOF, each of the parties has signed this Agreement, or has caused this
Agreement to be signed by its duly authorized officer, as of the date first above written. 
  

			
	PROVIDER:
	POST HOLDINGS, INC.
		
	By:	 	/s/ Diedre J. Gray
	Name: Diedre J. Gray
	Title: EVP, General Counsel and CAO, Secretary
	
	PHPC:
	POST HOLDINGS PARTNERING CORPORATION
		
	By:	 	/s/ Robert V. Vitale
	Name: Robert V. Vitale
	Title: President and Chief Investment Officer

 [Signature Page to PHPC Services Agreement]EX-10.5

 Exhibit 10.5 

May 25, 2021 
 Post Holdings Partnering
Corporation 
 2503 S. Hanley Road 
 St. Louis, Missouri 63144

  

	 	Re:	 Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into or proposed to be entered into by and between Post Holdings
Partnering Corporation, a Delaware corporation (the “Company”), and Evercore Group L.L.C. and Barclays Capital Inc., as the representatives of the several underwriters named therein (each an
“Underwriter” and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of up to 34,500,000 of the Company’s units
(including up to 4,500,000 units that may be purchased to cover the Underwriters’ option to purchase additional units, if any) (the “Units”), each comprised of one share of Series A common stock of the Company, par value
$0.0001 per share (“Series A Common Stock”), and one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof
to purchase one share of Series A Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and
prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 11 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, PHPC Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), and the other undersigned persons (each such other
undersigned person, an “Insider” and collectively, the “Insiders”), each hereby agrees, severally but not jointly, with the Company as follows: 

1. The Sponsor and each Insider agrees with the Company that if the Company seeks stockholder approval of a proposed Partnering Transaction,
then in connection with such proposed Partnering Transaction, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Partnering Transaction (including any proposals recommended by the Company’s Board of
Directors in connection with such Partnering Transaction) and (ii) not redeem any Shares owned by it, him or her in connection with such stockholder approval. 

2. The Sponsor and each Insider hereby agrees with the Company that in the event that the Company fails to consummate a Partnering Transaction
within 24 months from the closing of the Public Offering (or 27 months from the closing of the Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for a Partnering Transaction within 24
months from the closing of the Public Offering (an “Agreement in Principle Event”)), or such later period approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of
incorporation, the Sponsor and each Insider shall 

 
take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten
(10) business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Series A Common Shares sold as part of the Units in the Public Offering (the “Offering Shares”), at a per share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then
outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to
provide for claims of creditors and the other requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance
or timing of the Company’s obligation to allow redemption in connection with the Company’s Partnering Transaction or to redeem 100% of the Offering Shares if the Company does not complete its Partnering Transaction within 24 months from
the closing of the Public Offering (or 27 months if an Agreement in Principle Event has occurred) or (B) with respect to any other provision relating to stockholders’ rights or pre-partnering
transaction activity, unless the Company provides its Public Stockholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest (which interest shall be net of taxes payable), divided by the number of then outstanding Offering Shares. 

The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in
the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares or Private Placement Shares held by it. The Sponsor and each Insider hereby further waives, with respect to any
Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with (x) the consummation of a Partnering Transaction, including, without limitation, any such rights available in the context of a stockholder
vote to approve such Partnering Transaction or in the context of a tender offer made by the Company to purchase Series A Common Shares and (y) a stockholder vote to approve an amendment to the Company’s amended and restated certificate of
incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with the Company’s Partnering Transaction or to redeem 100% of the Offering Shares if the Company has not consummated
its Partnering Transaction within 24 months from the closing of the Public Offering (or 27 months if an Agreement in Principle Event has occurred) or (B) with respect to any other provision relating to stockholders’ rights or pre-Partnering Transaction activity (although the Sponsor and the Insiders shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to
consummate a Partnering Transaction within 24 months from the date of the closing of the Public Offering (or 27 months if an Agreement in Principle Event has occurred)). 

3. During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of Evercore Group L.L.C. and Barclays Capital Inc., offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or establish or increase a put

  
 2 

 
equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to, any Units, Series A Common Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Series A Common Shares
or publicly announce an intention to effect any such transaction; provided, however, that the foregoing does not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer of Founder Shares to any current or
future independent director of the Company (as long as such current or future independent director transferee is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement, as applicable
to directors and officers at the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes a practical explanation as to the
nature of the transfer). The provisions of this paragraph will not apply if (i) the transfer of securities is not for consideration, (ii) the transfer of securities is by bona fide gift to a member of the holder’s immediate family or
to a trust, the beneficiary of which is a member of the holder’s immediate family, for estate planning purposes, (iii) the transfer of securities is by virtue of the laws of descent and distribution upon death, (iv) the establishment
of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of securities, provided that (A) such plan does not provide for the transfer of securities during such 180-day period and (B) no public announcement or filing under the Exchange Act shall be required or shall be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of
such plan and (v) with respect to exceptions (i)—(iii) immediately above, the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in
effect at the time of the transfer. 
 4. In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of
clarification shall not extend to any other stockholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to,
any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by
(i) any third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering
into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall (I) apply only to the extent necessary to ensure that such claims by a third party
for services rendered (other than the Company’s independent registered public accounting firm) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per Offering Share or
(ii) such lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case,
net of the amount of interest which may be withdrawn to pay taxes and (II) not apply with respect to any claims by any third party which has executed a waiver of any and all of such third party’s rights to proceed against, or seek
satisfaction from the Trust Account or with respect to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible 

  
 3 

 
to the extent of any liability for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if,
within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense. 

5. To the extent that the Underwriters do not exercise in full their option to purchase up to an additional 4,500,000 Units within 45 days
from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares in the aggregate equal to 1,125,000 multiplied by a fraction, (i) the numerator of
which is 4,500,000 minus the number of Units purchased by the Underwriters upon the exercise of their option to purchase additional Units, and (ii) the denominator of which is 4,500,000. All references in this Letter Agreement to Founder Shares
of the Company being forfeited shall take effect as a contribution of such Founder Shares to the Company’s capital as a matter of Delaware law. The Sponsor and each Insider further acknowledge and agree that to the extent that the size of the
Public Offering is increased or decreased, the Company will effect a recapitalization or stock repurchase or redemption, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder
Shares at 20.0% of the Company’s issued and outstanding Shares (not including the Private Placement Shares) upon the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, then
(A) the references to 4,500,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15.0% of the number of Series A Common Shares included in the Units issued in the
Public Offering and (B) the reference to 1,125,000 in the formula set forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order for the number of
Founder Shares to equal an aggregate of 20.0% of the Company’s issued and outstanding Shares (not including the Private Placement Shares) after the Public Offering. 

6. The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
the event of a breach by such Sponsor or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9 of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

7. (a) In addition to the provisions set forth in paragraph 3, the Sponsor and each Insider agrees that it, he or she shall not Transfer (as
defined below) any Founder Shares until the earlier of (A) one year after the completion of the Company’s Partnering Transaction and (B) subsequent to the Company’s Partnering Transaction, (x) the date on which the Company
completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Public Stockholders having the right to exchange their Series A Common Shares for cash, securities or other property or
(y) if the last reported sale price of the Series A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s Partnering Transaction (the “Founder Shares Lock-up Period”). 

  
 4 

 (b) In addition to the provisions set forth in paragraph 3, the Sponsor and each Insider
agrees that it, he or she shall not Transfer any of the Private Placement Units, the Private Placement Shares or the Private Placement Warrants (or Series A Common Shares issued or issuable upon the exercise of the Private Placement Warrants), until
30 days after the completion of the Company’s Partnering Transaction (the “Private Placement Units Lock-up Period”, together with the Founder Shares
Lock-up Period, the “Lock-up Periods”). 

(c) Notwithstanding the provisions set forth in paragraphs 3, 7(a) and (b), Transfers of the Founder Shares, Private Placement Units, the
Private Placement Shares, Private Placement Warrants and Series A Common Shares issued or issuable upon the exercise of the Private Placement Warrants and that are held by the Sponsor or any Insider or any of their permitted transferees (that have
complied with this paragraph 7(c) or Section 3, if applicable), are permitted (i) to the Company’s directors or officers, to the directors or officers of Post Holdings, Inc., a Missouri corporation (or any successor thereto)
(“Post”), and to their respective family members and entities formed by such persons for investment or estate planning purposes which are controlled by such persons or formed for their benefit or for charitable purposes,
(ii) to Post or any entity in which Post or the officers and directors of Post hold, in the aggregate, securities representing no less than 25% of the outstanding voting power of such entity (so long as no other holder or group holds a higher
percentage of the voting power of such entity), and the subsidiaries of Post or such entities, (iii) to any corporation or other entity which, as a result of any spinoff, splitoff or other distribution transaction, becomes the beneficial owner
of the Founder Shares, Private Placement Units, Private Placement Shares and Private Placement Warrants (and shares issuable upon the exercise of such warrants), (iv) by bona fide gift to a member of the holder’s immediate family or to a trust,
the beneficiary of which is a member of the holder’s immediate family, for estate planning purposes, (v) by virtue of the laws of descent and distribution upon death or (vi) by private sales or transfers made in connection with the
consummation of a Partnering Transaction at prices no greater than the price at which the securities were originally purchased; provided, however, that in the case of clauses (i) through (vi), such permitted transferees must enter
into a written agreement with the Company, agreeing to be bound by the transfer restrictions and other applicable restrictions in this Letter Agreement. In addition, the Sponsor or its permitted transferees will be permitted to pledge or grant a
security interest in such securities to secure bona fide indebtedness or engage in hedging transactions; provided, that the holder thereof retains voting control over such securities prior to delivery of shares upon foreclosure or upon satisfaction
of the hedge. In the event of any liquidation prior to the completion of the Company’s Partnering Transaction or the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar transaction which results
in all of the Company’s Public Stockholders having the right to exchange their shares of Series A Common Stock for cash, securities or other property subsequent to the Company’s completion of our Partnering Transaction, the Lock-Up Periods will be deemed terminated. 
 8. The Sponsor and each Insider represents and warrants
that, as of the date hereof, it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
Insider’s biographical information furnished to the Company, if any (including any such information included in the Prospectus), is true and accurate in all material respects as of the date when such information was furnished and does not omit
any material information with respect to such Insider’s background. The Sponsor and each Insider’s 

  
 5 

 
questionnaire furnished to the Company, if any, is true and accurate in all material respects as of the date when such questionnaire was furnished. Except as otherwise disclosed in any publicly
available filings with the Commission, the Sponsor and each Insider represents and warrants, each as to itself and not jointly with any other person, that: as of the date hereof, it, he or she is not subject to, or a respondent in any legal action
for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any
jurisdiction; and it has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any
securities and it is not currently a defendant in any such criminal proceeding. 
 9. Except as disclosed in, or as expressly contemplated
by, the Prospectus, or as otherwise contemplated in the proxy statement related to the Company’s Partnering Transaction, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer of the
Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the
consummation of, the Company’s Partnering Transaction (regardless of the type of transaction that it is). 
 10. The Sponsor and each
Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement
with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or a director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer
and/or a director of the Company. 
 11. As used herein, (i) “Partnering Transaction” shall mean a merger, share
exchange, asset acquisition, share purchase, reorganization or similar partnering transaction, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively, the Series A Common Shares and the
Founder Shares; (iii) “Series A Common Shares” shall mean shares of Series A Common Stock; (iv) “Founder Shares” shall mean (a) the 8,625,000 shares of the Company’s Series F common stock,
par value $0.0001 per share, initially purchased by the Sponsor in a private placement prior to the Public Offering, (b) shares of the Company’s Series B common stock, par value $0.0001 per share, issued upon the conversion of such shares
of Series F common stock, and (c) Series A Common Shares issued upon the conversion of such shares of Series B common stock; (v) “Private Placement Units” shall mean the units that will be acquired by the Sponsor for an
aggregate purchase price of $10,000,000 in the aggregate (or $10,900,000 if the over-allotment option is exercised in full), at $10.00 per Private Placement Unit, in a private placement that shall occur simultaneously with the consummation of the
Public Offering (including the shares of Series A Common Stock (the “Private Placement Shares”) and private placement warrants underlying such units (the “Private Placement Warrants”) and the shares of
Series A Common Stock issuable upon exercise of such Private Placement Warrants thereof); (vi) “Public Stockholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the Private Placement Units shall be deposited; and (viii) “Transfer” shall mean the (a) sale or
assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, 

  
 6 

 
or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and
the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b) herein. 

12. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such change, amendment modification
or waiver, (2) the Sponsor, and (3) the Company. 
 13. No party hereto may assign either this Letter Agreement or any of its
rights, interests, or obligations hereunder without the prior written consent of the Company and the Sponsor. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any
interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees. 

14. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other than the parties hereto any
right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be
for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees. 

15. This Letter Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 16.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and
be valid and enforceable. 
 17. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of the State of Delaware or the
United States District Court for the District of Delaware, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such
courts represent an inconvenient forum. 

  
 7 

 18. Any notice, consent or request to be given in connection with any of the terms or
provisions of this Letter Agreement shall be in writing and shall be deemed given (a) on the date of delivery if delivered personally or sent via e-mail (providing proof of delivery) or (b) on the
first (1st) business day following the date of dispatch if sent by a nationally recognized overnight courier (providing proof of delivery). 

19. No party hereto shall be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to this
Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations and
notice obligations. 
 20. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed
by December 31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation. 
 [Signature
page follows] 

  
 8 

 
			
	Sincerely,
	
	PHPC SPONSOR, LLC
		
	By:	 	 /s/ Robert V. Vitale

		 	Name: Robert V. Vitale
		 	Title: President

  

	
	 /s/ Robert V. Vitale

	 Name: Robert V. Vitale

	
	 /s/ Bradly A. Harper

	 Name: Bradly A. Harper

	
	 /s/ Jeff A. Zadoks

	 Name: Jeff A. Zadoks

	
	 /s/ Jim Dwyer

	 Name: Jim Dwyer

	
	 /s/ Jennifer Kuperman

	 Name: Jennifer Kuperman

	
	 /s/ Dave Peacock

	 Name: Dave Peacock

	
	 /s/ David L. Taiclet

	 Name: David L. Taiclet

 [Signature Page to Letter Agreement] 

			
	Acknowledged and Agreed:
	
	POST HOLDINGS PARTNERING CORPORATION
		
	By:	 	/s/ Robert V. Vitale
		 	Name: Robert V. Vitale
		 	Title: President and Chief Investment Officer

 [Signature Page to Letter Agreement]

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