Document:

Form of Restricted Stock Agreement for Antonio R. Sanchez

 Exhibit 10.3 
 SANCHEZ ENERGY CORPORATION 2011 LONG TERM INCENTIVE PLAN 
 RESTRICTED
STOCK AGREEMENT 
 Participant: Antonio R. Sanchez, III 
 Address: 1111 Bagby Street, Suite 1600 
 Houston, Texas 77002

 Number of Awarded Shares: 
 Date of
Grant: 
  

							
	Vesting of Awarded Shares:	  	Vesting Date	  	Vested %	 
		  		  	 	50%	  
		  		  	 	50%	  
		  		  	  
	  
	 
		  		  	 	Total: 100%	  

 Sanchez Energy Corporation, a Delaware corporation (the “Company”), hereby grants to the
Participant, pursuant to the provisions of the Sanchez Energy Corporation 2011 Long Term Incentive Plan, as amended from time to time in accordance with its terms (the “Plan”), a restricted stock award (this
“Award”) of shares (the “Awarded Shares”) of its Common Shares, effective as of the “Date of Grant” as set forth above, upon and subject to the terms and conditions set forth in this Restricted Stock
Agreement (this “Agreement”) and in the Plan, which are incorporated herein by reference. Unless otherwise defined in this Agreement, capitalized terms used in this Agreement shall have the meanings assigned to them in the Plan.

 1. EFFECT OF THE PLAN. The Awarded Shares granted to Participant are subject to all of the provisions of the Plan and
this Agreement, together with all rules and determinations from time to time issued by the Committee and by the Board pursuant to the Plan. The Company hereby reserves the right to amend, modify, restate, supplement or terminate the Plan without the
consent of Participant, so long as such amendment, modification, restatement or supplement shall not materially reduce the rights and benefits available to Participant hereunder, and this Award shall be subject, without further action by the Company
or Participant, to such amendment, modification, restatement or supplement unless provided otherwise therein. 
 2.
GRANT. This Award shall evidence Participant’s ownership of the Awarded Shares, and Participant acknowledges that he or she will not receive a stock certificate or stock in book entry form representing the Awarded Shares unless and until
the Awarded Shares vest as provided in this Award and all Required Withholding (as defined in Section 9(a) below) obligations applicable to the Vested Awarded Shares (as defined in Section 3 below) have been satisfied. The Awarded Shares
will be held in custody for Participant, in a book entry account with the Company’s transfer agent, until the Awarded Shares have vested in accordance with Section 3 of this Award. Participant agrees that the Awarded Shares shall be
subject to all of the terms and conditions set forth in this Agreement and the Plan, including, but not limited to, the 

 
forfeiture conditions set forth in Section 4 of this Agreement, the restrictions on transfer set forth in Section 5 of this Agreement and the satisfaction of the Required Withholding as
set forth in Section 9(a) of this Award. 
 3. VESTING SCHEDULE; SERVICE REQUIREMENT. Except as otherwise
accelerated by the Committee, a portion of the Awarded Shares shall vest during Participant’s continued service with the Company or an Affiliate (including Participant’s services for the Company pursuant to the Services Agreement, dated as
of December 19, 2011, by and between Sanchez Oil & Gas Corporation and Sanchez Energy Corporation) (“Continuous Service”) on each “Vesting Date” set forth above (each, a “Vesting Date”), in
each case, as set forth on the first page of this Agreement under the heading “Vesting of Awarded Shares,” as follows: 
 (a) fifty percent (50%) of the Awarded Shares will vest on the first Vesting Date; and 
 (b) an additional fifty percent (50%) of the Awarded Shares will vest on the second Vesting Date. 
 Awarded Shares that have vested pursuant to this Agreement are referred to herein as “Vested Awarded Shares” and Awarded Shares that have not yet vested pursuant to this Agreement are
referred to herein as “Unvested Awarded Shares.” Notwithstanding the foregoing, upon the occurrence of a Change of Control, a Qualifying Termination (as defined below), a Constructive Termination (as defined below),
Participant’s death or Disability, any Unvested Awarded Shares shall become Vested Awarded Shares. If an installment of the vesting would result in a fractional Vested Awarded Share, such installment will be rounded to the next lower Awarded
Share except the final installment, which will be for the balance of the Awarded Shares. Upon vesting of the Awarded Shares, the Company shall, unless otherwise paid by Participant as described in Section 9(a) of this Award, withhold that
number of Vested Awarded Shares necessary to satisfy any Required Withholding obligation of Participant in accordance with the provisions of Section 9(a) of this Award, and thereafter instruct its transfer agent to deliver to Participant all
remaining Vested Awarded Shares in a stock certificate or in book entry form. 
 For purposes of this Agreement, “Qualifying
Termination” shall mean a termination of Participant’s Continuous Service by the Company other than due to Participant’s (i) commission of, conviction for, plea of guilty or nolo contendere to a felony, or other material act
or omission involving dishonesty or fraud or (ii) gross negligence or willful malfeasance. 
 For purposes of this Agreement,
“Constructive Termination” shall mean (i) the assignment of a duty or duties to Participant by the Board that are not commensurate with the position of Chief Executive Officer or the Board’s material reduction in
Participant’s duties; provided, that, the foregoing occurs without Participant’s consent, and provided, further, that, Participant has provided notice to an executive officer of the Company (other than
the Chief Executive Officer), with a copy to the Board, within thirty (30) days after the initial occurrence of the event set forth in clause (i) of Participant’s intention to terminate Participant’s Continuous Service due to a
Constructive Termination, and the Company has failed to cure such event to the reasonable satisfaction of Participant within thirty (30) days after receipt of notice thereof, or (ii) any reduction in Participant’s title or position as
Chief Executive Officer without Participant’s 

  
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consent, provided, further, that, Participant has provided notice to an executive officer of the Company (other than the Chief Executive Officer), with a copy to the Board,
within thirty (30) days after such reduction of Participant’s intention to terminate Participant’s Continuous Service due to a Constructive Termination, and the Company has failed to cure such reduction to the reasonable satisfaction
of Participant within thirty (30) days after receipt of notice thereof. For the avoidance of doubt, grounds for Participant to terminate Continuous Service due to a Constructive Termination shall not exist if the events in (i) or
(ii) above occur while Participant controls, directly or indirectly, the Board or such events are initiated at the direction of Participant (in which case consent shall be deemed to have been given by Participant). 

4. CONDITIONS OF FORFEITURE. Except as set forth in Section 3 above, upon any termination of Participant’s Continuous
Service (the “Termination Date”) for any or no reason, including but not limited to Participant’s voluntary resignation or termination by the Company with or without cause, before all of the Awarded Shares become Vested Awarded
Shares, all Unvested Awarded Shares as of the Termination Date shall, without further action of any kind by the Company or Participant, be forfeited. Unvested Awarded Shares that are forfeited shall be deemed to be immediately transferred to the
Company without any payment by the Company or action by Participant, and the Company shall have the full right to cancel any evidence of Participant’s ownership of such forfeited Unvested Awarded Shares and to take any other action necessary to
demonstrate that Participant no longer owns such forfeited Unvested Awarded Shares automatically upon such forfeiture. Following such forfeiture, Participant shall have no further rights with respect to such forfeited Unvested Awarded Shares.
Participant, by his acceptance of this Award granted pursuant to this Agreement, irrevocably grants to the Company a power of attorney to transfer Unvested Awarded Shares that are forfeited to the Company and agrees to execute any documents
requested by the Company in connection with such forfeiture and transfer. The provisions of this Agreement regarding transfers of Unvested Awarded Shares that are forfeited shall be specifically performable by the Company in a court of equity or
law. 
 5. NON-TRANSFERABILITY. Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise encumber
or dispose of any of the Unvested Awarded Shares, or any right or interest therein, by operation of law or otherwise, except only with respect to a transfer of title effected pursuant to Participant’s will or the laws of descent and
distribution following Participant’s death. References to Participant, to the extent relevant in the context, shall include references to authorized transferees. Any transfer in violation of this Section 5 shall be void and of no force or
effect, and shall result in the immediate forfeiture of all Unvested Awarded Shares. 
 6. DIVIDEND AND VOTING RIGHTS.
Subject to the restrictions contained in this Agreement, Participant shall have the rights of a stockholder with respect to the Awarded Shares, including the right to vote all such Awarded Shares, including Unvested Awarded Shares, and to receive
all dividends, cash or stock, paid or delivered thereon, from and after the date hereof (“Award Dividends”). In the event of forfeiture of Unvested Awarded Shares, Participant shall have no further rights with respect to such
Unvested Awarded Shares. However, the forfeiture of the Unvested Awarded Shares pursuant to Section 4 hereof shall not create any obligation to repay cash dividends received as to such Unvested Awarded Shares, nor

  
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shall such forfeiture invalidate any votes given by Participant with respect to such Unvested Awarded Shares prior to forfeiture. In the event any federal, state and local income and/or
employment tax withholding requirements apply to the payment of (i) an Award Dividend payable in Common Shares, the provisions of Section 9(a) shall be applied to the Award Dividend in the same manner as would have applied to the delivery
of Awarded Shares or (ii) an Award Dividend payable in cash, the applicable withholding requirements shall be satisfied by reducing the amount of the payment due to the Participant in respect of the Award Dividend. 

7. CAPITAL ADJUSTMENTS AND CORPORATE EVENTS. If, from time to time during the term of this Agreement, there is any capital
adjustment affecting the outstanding Common Shares as a class without the Company’s receipt of consideration, the Unvested Awarded Shares shall be adjusted in accordance with the provisions of Section 4(c) of the Plan. Any and all new,
substituted or additional securities to which Participant may be entitled by reason of Participant’s ownership of the Unvested Awarded Shares hereunder because of a capital adjustment shall be immediately subject to the forfeiture provisions of
this Agreement and included thereafter as “Unvested Awarded Shares” for purposes of this Agreement. 
 8. REFUSAL
TO TRANSFER. The Company shall not be required (i) to transfer on its books any Unvested Awarded Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or the Plan, or (ii) to treat
as owner of such Unvested Awarded Shares, or accord the right to vote or pay or deliver dividends or other distributions to, any purchaser or other transferee to whom or which such Unvested Awarded Shares shall have been so transferred. 

9. TAX MATTERS. 
 (a) The Company’s obligation to deliver Awarded Shares to Participant upon the vesting of such shares shall be subject to the satisfaction of any and all applicable federal, state and local income
and/or employment tax withholding requirements (the “Required Withholding”). If the Company has not received from Participant a certified check or money order for the full amount of the Required Withholding by 5:00 P.M. Central
Standard Time on the date Awarded Shares become Vested Awarded Shares or Participant has not made a valid 83(b) Election (as defined below), the Company shall withhold from the Vested Awarded Shares that otherwise would have been delivered to
Participant a whole number of Vested Awarded Shares necessary to satisfy Participant’s Required Withholding, and deliver the remaining Vested Awarded Shares to Participant. The amount of the Required Withholding and the number of Vested Awarded
Shares to be withheld by the Company, if applicable, to satisfy Participant’s Required Withholding, as well as the amount reflected on tax reports filed by the Company, shall be based on the value of the Vested Awarded Shares as of 12:01 A.M.
Central Standard Time on the applicable Vesting Date. The obligations of the Company under this Award will be conditioned on such satisfaction of the Required Withholding. 
 (b) Participant acknowledges that the tax consequences associated with this Award are complex and that the Company has urged Participant to review with Participant’s own tax advisors the federal,
state, and local tax consequences of this Award. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Participant understands that Participant (and not the Company) shall be
responsible for 

  
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Participant’s own tax liability that may arise as a result of the Award. Participant understands further that Section 83 of the Internal Revenue Code of 1986, as amended (the
“Code”), taxes as ordinary income the fair market value of the Awarded Shares as of the Vesting Date. Participant also understands that Participant may elect to be taxed at Grant Date rather than at the time the Awarded Shares vest
by filing an election under Section 83(b) of the Code with the Internal Revenue Service and by providing a copy of the election to the Company (an “83(b) Election”). PARTICIPANT ACKNOWLEDGES THAT HE OR SHE HAS BEEN INFORMED OF
THE AVAILABILITY OF MAKING AN 83(b) ELECTION IN ACCORDANCE WITH SECTION 83(b) OF THE CODE; THAT SUCH 83(b) ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE (AND A COPY OF THE 83(b) ELECTION GIVEN TO THE COMPANY) WITHIN 30 DAYS OF THE GRANT
OF AWARDED SHARES TO PARTICIPANT; AND THAT PARTICIPANT IS SOLELY RESPONSIBLE FOR MAKING SUCH 83(b) ELECTION. 
 10. ENTIRE
AGREEMENT; GOVERNING LAW. The Plan and this Agreement constitute the entire agreement of the Company and Participant (collectively, the “Parties”) with respect to the subject matter hereof and supersede in their entirety all
prior undertakings and agreements of the Parties with respect to the subject matter hereof. If there is any inconsistency between the provisions of this Agreement and of the Plan, the provisions of the Plan shall govern. Nothing in the Plan and this
Agreement (except as expressly provided therein or herein) is intended to confer any rights or remedies on any person other than the Parties. The Plan and this Agreement are to be construed in accordance with and governed by the internal laws of the
State of Delaware, without giving effect to any choice-of-law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the Parties. Should any provision
of the Plan or this Agreement relating to the subject matter hereof be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless
remain effective and shall remain enforceable. 
 11. INTERPRETIVE MATTERS. Whenever required by the context, pronouns
and any variation thereof shall be deemed to refer to the masculine, feminine, or neuter, and the singular shall include the plural, and vice versa. The term “include” or “including” does not denote or imply any limitation. The
captions and headings used in this Agreement are inserted for convenience and shall not be deemed a part of this Award or this Agreement for construction or interpretation. 
 12. NATURE OF PAYMENTS. Any and all grants or deliveries of Awarded Shares hereunder shall constitute special incentive payments to Participant and shall not be taken into account in computing the
amount of salary or compensation of Participant for the purpose of determining any retirement, death or other benefits under (a) any retirement, bonus, life insurance or other employee benefit plan of the Company, or (b) any agreement
between the Company and Participant, except as such plan or agreement shall otherwise expressly provide. 
 13. AMENDMENT;
WAIVER. This Agreement may be amended or modified only by means of a written document or documents signed by the Company and Participant. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or
in any particular instance, by the Board or by the Committee. A waiver on one 

  
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occasion shall not be deemed to be a waiver of the same or any other breach on a future occasion. 
 14. NOTICE. Any notice or other communication required or permitted hereunder shall be given in writing and shall be deemed given, effective, and received upon prepaid delivery in person or by
courier or upon the earlier of delivery or the third business day after deposit in the United States mail if sent by certified mail, with postage and fees prepaid, addressed to the other Party at its address as shown beneath its signature in this
Agreement, or to such other address as such Party may designate in writing from time to time by notice to the other Party in accordance with this Section 14. 

 

			
	SANCHEZ ENERGY CORPORATION
		
	By:	 	 
		
	Title:	 	 
		
	Address:	 	 
		
		 	 

  
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 PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE SHARES SUBJECT TO THIS AWARD SHALL VEST AND THE FORFEITURE
RESTRICTIONS SHALL LAPSE, IF AT ALL, ONLY DURING THE PERIOD OF PARTICIPANT’S CONTINUOUS SERVICE OR AS OTHERWISE PROVIDED IN THIS AGREEMENT (NOT THROUGH THE ACT OF BEING GRANTED THIS AWARD). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT
NOTHING IN THIS AGREEMENT OR THE PLAN SHALL CONFER UPON PARTICIPANT ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF PARTICIPANT’S CONTINUOUS SERVICE. Participant acknowledges receipt of a copy of the Plan, represents that he or she
is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all of the terms and provisions hereof and thereof. Participant has reviewed this Agreement and the Plan in their entirety, has had an opportunity to obtain
the advice of tax and legal counsel prior to executing this Agreement, and fully understands all provisions of this Agreement and the Plan. Participant hereby agrees that all disputes arising out of or relating to this Agreement and the Plan shall
be resolved in accordance with the Plan. Participant further agrees to notify the Company upon any change in the address for notice indicated in this Agreement. 
  

									
					
	DATED:	 	 	 		 	SIGNED:	 	 
		 		 		 		 	PARTICIPANT
					
		 		 		 	Address:	 	 
					
		 		 		 		 	 

  
 7EX-10.2

 Exhibit 10.2 
 EXECUTION COPY 
 AMENDMENT NO. 1 TO 

AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of December 31, 2011, is by and among RALCORP RECEIVABLES CORPORATION, a
Nevada corporation (the “Seller”), RALCORP HOLDINGS, INC., a Missouri corporation, as master servicer (in such capacity, the “Master Servicer”), the “Conduits” party hereto, the “Committed Purchasers”
party hereto, the “Funding Agents” party hereto and JPMORGAN CHASE BANK, N.A., a national banking association, as agent for the Purchasers (in such capacity, the “Agent”). Capitalized terms used herein and not otherwise
defined herein shall have the meaning given to such terms in the Receivables Purchase Agreement (defined below). 
 WHEREAS, the
Seller, the Master Servicer, the Purchasers, the Funding Agents and the Agent are parties to that certain Amended and Restated Receivables Purchase Agreement, dated as of November 4, 2010 (the “Receivables Purchase Agreement”);
and 
 WHEREAS, the parties to the Receivables Purchase Agreement have agreed to amend the Receivables Purchase Agreement on the
terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Amendment to the Receivables Purchase Agreement. Effective as of the Effective Date, subject to the satisfaction of the conditions precedent set forth in Section 2 below, the
Receivables Purchase Agreement is hereby amended as follows: 
 1.1. The second sentence of Section 1.2(a) of the
Receivables Purchase Agreement is hereby amended and restated in its entirety as follows: 
 “Each Purchase
Notice shall be subject to Section 6.2 hereof and, except as set forth below, shall be irrevocable and shall specify the requested Purchase Price and each Purchaser Group’s Percentage thereof (which shall not be less than $1,000,000
or a larger integral multiple of $100,000) and date of purchase (which shall be a Business Day) and, in the event all or a portion of such Incremental Purchase is to be funded by one or more Committed Purchasers, the requested Discount Rate and,
except as otherwise provided in the definition of “Tranche Period,” the requested Tranche Period; provided, however, that not more than five (5) Purchase Notices may be delivered in any one calendar month and not more than one
(1) unfunded Purchase Notice may be outstanding at any one time.” 
 1.2. Section 4.3(a) of the Receivables
Purchase Agreement is hereby amended and restated in its entirety as follows: 
 “(a) Except as otherwise
provided in the definition of “Tranche Period,” with consultation from (and approval by) the applicable Funding Agent, Seller shall from time to time request Tranche Periods for the Capital funded by the Committed Purchasers in such
Funding Agent’s Purchaser Group and the Term-out Period Advances of the Non-Renewing Committed Purchasers in such Funding Agent’s Purchaser Group; provided, that if at any time the Committed Purchasers shall have a Purchaser
Interest or a Term-out Period Advance, Seller shall always request Tranche Periods such that at least one Tranche Period shall end on the date specified in clause (A) of the definition of Settlement Date.” 

 1.3. Section 7.1(j) of the Receivables Purchase Agreement is hereby amended by deleting
the second sentence thereof in its entirety. 
 1.4. The definition of “Accrued Promotional Reserves” set forth on
Exhibit I to the Receivables Purchase Agreement is hereby deleted. 
 1.5. The definition of “Base Rate” set forth on
Exhibit I to the Receivables Purchase Agreement is hereby amended and restated in its entirety as follows: 

“Base Rate” means a rate per annum equal to the highest of (i) the Prime Rate, (ii) the Federal
Funds Effective rate plus 0.50% and (iii) the interest rate referenced in clause (a)(i) of the definition of “LIBO Rate” plus 1.00%. 
 1.6. The definition of “CP Costs” set forth on Exhibit I to the Receivables Purchase Agreement is hereby amended and restated in its entirety as follows: 

“CP Costs” means: 
 (i) for each day, with respect to Three Pillars, an amount equal to the sum of (A) (x) the product of (1) STRH LIBOR for such day, and (2) the aggregate Capital associated with each
Purchaser Interest that shall have been funded by Three Pillars with the issuance of Commercial Paper, divided by (y) 360, plus (B) the commissions and charges charged by placement agents and commercial paper dealers with respect to
the Commercial Paper of Three Pillars and other costs associated with the issuance of such Commercial Paper; 

(ii) for any Conduit administered or managed by JPMorgan, an amount equal to (A) the product of (1) the Daily/30
Day LIBOR Rate in respect of such day, and (2) the aggregate Capital associated with each Purchaser Interest that shall have been funded by such Conduit with the issuance of Commercial Paper, divided by (B) 360; or 

(iii) for each day for any other Conduit, the sum of (a) discount or yield accrued on Pooled Commercial Paper of such
Conduit on such day, plus (b) any and all accrued commissions in respect of placement agents and Commercial Paper dealers, and issuing and paying agent fees incurred, in respect of such Pooled Commercial Paper for such day, plus
(c) other costs associated with funding small or odd-lot amounts with respect to all receivable purchase facilities which are funded by Pooled Commercial Paper of such Conduit for such day, minus (d) any accrual of income net of
expenses received on such day from investment of collections received under all receivable purchase facilities funded substantially with such Pooled Commercial Paper, minus (e) any payment received on such day net of expenses in respect
of Broken Funding Costs related to the prepayment of any Purchaser Interest of such Conduit pursuant to the terms of any receivable purchase facilities funded substantially with Pooled Commercial Paper. 

In addition to the foregoing costs, if Seller shall request any Incremental Purchase during any period of time determined
by the related Funding Agent in its sole discretion to result in incrementally higher CP Costs applicable to such Incremental Purchase, the Capital associated with any such Incremental Purchase shall, during such period, be deemed to be funded by
such Conduit in a special pool (which may include capital associated with other receivable purchase facilities) for purposes of determining such additional CP Costs applicable only to such special pool and charged each day during such period against
such Capital. 

  
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 1.7. The definition of “Dilution Reserve Ratio” set forth on Exhibit I to the
Receivables Purchase Agreement is hereby amended and restated in its entirety as follows: 
 “Dilution
Reserve Ratio” means, on any date of determination, a percentage equal to the Dilutions occurring during the month then most recently ended (excluding early payment cash discounts), divided by gross sales for the Originators for such month.

 1.8. Clause (v) of the definition of “Eligible Receivable” set forth on Exhibit I to the Receivables Purchase
Agreement is hereby amended and restated in its entirety as follows: 
 “(v) which by its terms is due and
payable (A) within 36 days (or, in the case of food service Receivables and beverage Receivables owing to The Carriage House Companies, Inc., 45 days) of the original billing date therefor or (B) more than 36 days (or, in the case of food
service Receivables and beverage Receivables owing to The Carriage House Companies, Inc., more than 45 days) but less than 90 days of the original billing date thereof, and has not had its payment terms extended; provided, that in the
case of a Receivable of the type described in clause (B) hereof, the Outstanding Balance of such Receivable, when added to the aggregate Outstanding Balance of all other Eligible Receivables of the type described in clause (B) hereof, does
not cause the aggregate Outstanding Balance of all Eligible Receivables of the type described in clause (B) hereof to exceed two-percent (2%) of the aggregate Outstanding Balance of all Receivables at such time,” 

1.9. The definition of “LIBO Rate” set forth on Exhibit I to the Receivables Purchase Agreement is hereby amended and restated
in its entirety as follows: 
 “LIBO Rate” means: 

(a) with respect to the Purchaser Group for which JPMorgan is the Funding Agent, the rate per annum equal to the sum of
(i) (a) the offered rate for deposits in U.S. dollars appearing on Reuters Screen LIBOR01 Page (British Bankers’ Association Settlement Date) effective as of 11:00 am (London time) two Business Days prior to the first day of the
relevant Tranche Period, in the approximate amount to be funded at the LIBO Rate and having a maturity equal to such Tranche Period, provided, that, (x) if such screen is not available to the related Funding Agent for any reason, the
applicable LIBO Rate for the relevant Tranche Period shall instead be the applicable British Bankers’ Association Interest Settlement Rate for deposits in U.S. dollars as reported by any other generally recognized financial information service
as of 11:00 a.m. (London time) two Business Days prior to the first day of such Tranche Period, and having a maturity equal to such Tranche Period, and (y) if no such British Bankers’ Association Interest Settlement Rate is available to
the Agent, the applicable LIBO Rate for the relevant Tranche Period shall instead be the rate determined by the related Funding Agent to be the rate at which the applicable Reference Bank offers to place deposits in U.S. dollars with first-class
banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Tranche Period, in the approximate amount to be funded at the LIBO Rate and having a maturity equal to such Tranche
Period, divided by (b) one minus the maximum aggregate reserve requirement (including all basic, supplemental, marginal or other reserves) which is imposed against the related Funding Agent in respect of Eurocurrency liabilities, as defined in
Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time (expressed as a decimal), applicable to such Tranche Period plus (ii) 3.00% per annum; or 

  
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 (b) with respect to the Purchaser Group for which STRH is the Funding Agent,
for any day, (a) STRH LIBOR for such day, divided by (b) one minus the maximum aggregate reserve requirement (including all basic, supplemental, marginal or other reserves) which is imposed against the related Funding Agent in respect of
Eurocurrency liabilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time (expressed as a decimal), applicable to such Tranche Period. 

The LIBO Rate shall be rounded, if necessary, to the next higher 1/16 of 1%. 

1.10. The definition of “Net Receivables Balance” set forth on Exhibit I to the Receivables Purchase Agreement is hereby
amended and restated in its entirety as follows: 
 “Net Receivables Balance” means, at any
time, the aggregate Outstanding Balance of all Eligible Receivables at such time reduced by (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates (net of the aggregate amount of
any promotional accruals with respect to such Obligor reported in the most recently delivered Monthly Report) exceeds the Concentration Limit for such Obligor, (ii) the aggregate amount of Unallocated Cash and (iii) the product of
(a) 2.75 and (b) the aggregate amount of Accrued Sales Discount. 
 1.11. The definition of “Purchaser
Group” set forth on Exhibit I to the Receivables Purchase Agreement is hereby amended and restated in its entirety as follows: 
 “Purchaser Group” means each group consisting of a Funding Agent, one or more Committed Purchasers and, if applicable, one or more Conduits. 

1.12. The definition of “Settlement Date” set forth on Exhibit I to the Receivables Purchase Agreement is hereby amended and
restated in its entirety as follows: 
 “Settlement Date” means (A) in
respect of each Purchaser Interest of a Conduit or a Committed Purchaser in the Purchaser Group for which STRH is the Funding Agent, the 2nd Business Day after each Monthly Reporting Date, and (B) in respect of each Purchaser Interest of any other
Committed Purchaser, the last day of the relevant Tranche Period. 
 1.13. The definition of “Settlement Period” set
forth on Exhibit I to the Receivables Purchase Agreement is hereby amended and restated in its entirety as follows: 
 “Settlement Period” means (A) in respect of each Purchaser Interest of a Conduit or a Committed Purchaser in the Purchaser Group for which STRH is the Funding Agent, the immediately
preceding Accrual Period, and (B) in respect of each Purchaser Interest of any other Committed Purchaser, the entire Tranche Period of such Purchaser Interest. 
 1.14. The definition of “Tranche Period” set forth on Exhibit I to the Receivables Purchase Agreement is hereby amended and restated in its entirety as follows: 

  
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 “Tranche Period” means, with respect to any Purchaser
Interest or Term-out Period Advance held by a Committed Purchaser: 
 (a) (i) if such Committed Purchaser is a
member of the Purchaser Group for which STRH is the Funding Agent, each Accrual Period or (ii) if such Committed Purchaser is a member of any other Purchaser Group and Yield for such Purchaser Interest or Term-out Period Advance is calculated
on the basis of the LIBO Rate, a period of one, two, three or six months selected by Seller with the approval of the related Funding Agent (which consent shall not be unreasonably withheld) pursuant to this Agreement, or such other period as may be
mutually agreeable to such Funding Agent and Seller, commencing on a Business Day selected by Seller or such Funding Agent pursuant to this Agreement and ending on the day in the applicable succeeding calendar month which corresponds numerically to
the beginning day of such Tranche Period, provided, however, that if there is no such numerically corresponding day in such succeeding month, such Tranche Period shall end on the last Business Day of such succeeding month; or

 (b) if Yield for such Purchaser Interest or Term-out Period Advance is calculated on the basis of the Base
Rate, a period designated by Seller commencing on a Business Day selected by Seller, provided that no such period shall exceed one month. 
 Except as otherwise set forth in clause (a)(i) above, if any Tranche Period would end on a day which is not a Business Day, such Tranche Period shall end on the next succeeding Business Day, provided,
however, that in the case of Tranche Periods corresponding to the LIBO Rate, if such next succeeding Business Day falls in a new month, such Tranche Period shall end on the immediately preceding Business Day. In the case of any Tranche Period for
any Purchaser Interest which commences before the Amortization Date and would otherwise end on a date occurring after the Amortization Date, such Tranche Period shall end on the Amortization Date. The duration of each Tranche Period which commences
after the Amortization Date shall be of such duration as selected by the related Funding Agent. 
 1.15. Exhibit I to the
Receivables Purchase Agreement is hereby amended by adding the following new defined terms in the appropriate alphabetical locations: 
 “Daily/30 Day LIBOR Rate” shall mean, for any day with respect to the Purchaser Group for which JPMorgan is the Funding Agent, a rate per annum equal to the thirty (30) day
London-Interbank Offered Rate appearing on the Bloomberg BBAM (British Bankers Association) Page (or on any successor or substitute page of such service, providing rate quotations comparable to those currently provided on such page of such service,
as determined by JPMorgan from time to time in accordance with its customary practices for purposes of providing quotations of interest rates applicable to U.S. Dollar deposits in the London interbank market) at approximately 11:00 a.m. (London
time) on such day or, if such day is not a Business Day in London, the immediately preceding Business Day in London. In the event that such rate is not available on any day at such time for any reason, then the “Daily/30 Day LIBOR Rate”
for such day shall be the rate at which thirty (30) day U.S. Dollar deposits of $5,000,000 are offered by the principal London office of JPMorgan in immediately available funds in the London interbank market at approximately 11:00 a.m.
(London time) on such day; and if JPMorgan is for any reason unable to determine the Daily/30 Day LIBOR Rate in the foregoing manner or has determined in good faith that the Daily/ 30 Day LIBOR Rate determined in such manner does not accurately
reflect the cost of acquiring, funding or maintaining a Purchaser Interest, the Daily/30 Day LIBOR Rate for such day shall be the Base Rate. 

  
 5 

 “STRH” means SunTrust Robinson Humphrey, Inc., and any
successor thereto. 
 “STRH LIBOR” means, on any day, the rate per annum appearing on page BBAM
on the Bloomberg Terminal (successor to Telerate page 3750) (or any other page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits for one month in United States
dollars) at approximately 11:00 a.m. (London time) on such day as determined by STRH; provided, that, in the event no such rate is shown, the applicable rate under this clause (a) shall be the rate per annum (rounded upwards, if
necessary, to the nearest 1/100th of one percent) based on the rates at which Dollar deposits for one month are displayed on page “LIBOR” of the Reuters Screen as of 11:00 a.m. (London time) as determined by STRH (it being understood that
if at least two (2) such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two (2) such rates are displayed, or if no such rate is
relevant, the applicable rate under this clause shall be the rate per annum equal to the average of the rates at which deposits in United States dollars are offered by SunTrust Bank at approximately 11:00 a.m. (London time) on such day to prime
banks in the London interbank market for a one month. 
 1.16. Schedule A to the Receivables Purchase Agreement is hereby
deleted in its entirety and replaced with Schedule A attached hereto. 
 1.17. Schedule B to the Receivables Purchase Agreement
is hereby deleted in its entirety and replaced with Schedule B attached hereto. 
 Section 2. Conditions Precedent. This
Amendment shall become effective as of the date hereof (the “Effective Date”) upon the receipt by the Agent of (a) this Amendment, (b) that certain Amendment No. 1 to Receivables Sale Agreement of even date herewith
among the Seller and the Originators, (c) that certain Transfer and Release Letter, of even date herewith, among the Agent, the Seller and Post Foods, LLC, in each case, duly executed by the parties hereto or thereto. 

Section 3. Representations and Warranties. Each of the Seller and the Master Servicer hereby represents and warrants that:

 3.1. This Amendment and the Receivables Purchase Agreement, as amended hereby, constitute legal, valid and binding
obligations of such parties and are enforceable against such parties in accordance with their terms. 
 3.2. Upon the
effectiveness of this Amendment and after giving effect hereto, the covenants, representations and warranties of each such party, respectively, set forth in Article IV of the Receivables Purchase Agreement, as amended hereby, are true and correct in
all material respects as of the date hereof. 
 3.3. Upon the effectiveness of this Amendment, no event or circumstance has
occurred and is continuing which constitutes, or would with the giving of notice or lapse of time, or both, constitute an Amortization Event. 
 Section 4. Reference to and Effect on the Receivables Purchase Agreement. 

4.1. Upon the effectiveness of this Amendment hereof, on and after the date hereof, each reference in the Receivables Purchase Agreement
to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Receivables Purchase Agreement and its amendments, as amended hereby. 

  
 6 

 4.2. The Receivables Purchase Agreement, as amended hereby, and all other amendments,
documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 
 4.3. Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Purchasers, the Funding Agents or
the Agent, nor constitute a waiver of any provision of the Receivables Purchase Agreement, any Transaction Document or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

Section 5. Governing Law. THIS AMENDMENT AND THE OBLIGATIONS HEREUNDER, SHALL IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS. 
 Section 6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

Section 7. Counterparts; Facsimile or Electronic Signatures. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Amendment. Delivery by facsimile or electronic mail (via .pdf
file) of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof. 

Section 8. Entire Agreement. The parties hereto hereby agree that this Amendment constitutes the entire agreement concerning the
subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications. 
 Section 9. Fees, Costs and Expenses. Ralcorp shall pay on demand all reasonable and invoiced fees and out-of-pocket expenses of Sidley Austin LLP, counsel for the Agent and the Funding Agents,
incurred in connection with the preparation, negotiation, execution and delivery of this Amendment. 
 [Signature Pages Follow]

  
 7 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the
date first written above. 
  

			
	 RALCORP RECEIVABLES CORPORATION,
 as Seller

		
	By:	 	/s/ S. Monette
	Name:	 	S. Monette
	Title:	 	President

  

			
	 RALCORP HOLDINGS, INC.,
 as Master Servicer

		
	By:	 	/s/ S. Monette
	Name:	 	S. Monette
	Title:	 	Corporate Vice President, Treasurer and Corporate Development Officer

 Signature Page to Amendment No. 1 to 

Amended and Restated Receivables Purchase Agreement 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as Agent, a Funding Agent and as Committed Purchaser

		
	By:	 	/s/ Joel C. Gedroic
	Name:	 	Joel C. Gedroic
	Title:	 	Executive Director
	
	 CHARIOT FUNDING LLC,

(successor by merger to Falcon Asset

Securitization Company LLC)
 as a
Conduit

		
	By:	 	 JPMorgan Chase Bank, N.A.,
 its
attorney-in-fact

		
	By:	 	/s/ Joel C. Gedroic
	Name:	 	Joel C. Gedroic
	Title:	 	Executive Director

 Signature Page to Amendment No. 1 to 

Amended and Restated Receivables Purchase Agreement 

 
			
	 SUNTRUST BANK,
 as
a Committed Purchaser

		
	By:	 	/s/ Joseph Franke
	Name:	 	Joseph Franke
	Title:	 	Senior Vice President

  

			
	 SUNTRUST ROBINSON HUMPHREY, INC.,
 as a Funding Agent

		
	By:	 	/s/ Michael Peden
	Name:	 	Michael Peden
	Title:	 	Vice President

  

			
	 THREE PILLARS FUNDING LLC,
 as a Conduit

		
	By:	 	/s/ Doris J. Hearn
	Name:	 	Doris J. Hearn
	Title:	 	Vice President

 Signature Page to Amendment No. 1 to 

Amended and Restated Receivables Purchase Agreement 

 SCHEDULE A 
 Purchaser Groups; Commitments 
  

			
	 JPMorgan Purchaser Group:
	  	
		
	 Conduit:
	  	Chariot Funding LLC
	 Conduit Purchase Limit:
	  	$65,000,000
	 Committed Purchaser(s):
	  	JPMorgan Chase Bank, N.A.
	 Commitment(s):
	  	$65,000,000
	 Funding Agent:
	  	JPMorgan Chase Bank, N.A.
	 Reference Bank:
	  	JPMorgan Chase Bank, N.A.
		
	 SunTrust Purchaser Group:
	  	
		
	 Conduit:
	  	Three Pillars Funding LLC
	 Conduit Purchase Limit:
	  	$45,000,000
	 Committed Purchaser(s):
	  	SunTrust Bank
	 Commitment(s):
	  	$45,000,000
	 Funding Agent:
	  	SunTrust Robinson Humphrey, Inc.
	 Reference Bank:
	  	SunTrust Bank

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