Document:

Exhibit 10.1

 Exhibit 10.1 
 MYREXIS, INC. 
 Separation Agreement 

THIS SEPARATION AGREEMENT (the “Agreement”), by and between Myrexis, Inc., a Delaware corporation (the
“Company”) and Wayne Laslie (the “Executive”). 
 WHEREAS, the Executive and the Company are parties
to that certain Executive Severance and Change in Control Agreement dated February 1, 2010 (the “Change in Control Agreement”); 
 WHEREAS, the Company recognizes the value of the Executive’s service to the Company; 
 WHEREAS, the parties hereto have agreed that it is in their respective best interests to allow for the Executive to separate from the Company effective February 29, 2012 (the “Separation
Date”); 
 WHEREAS, the Company wishes to continue to employ the Executive until the Separation Date in order to
transition all or some of his duties, and desire to enter into a formal agreement to ensure that such separation proceeds in an organized and efficient fashion; and 

WHEREAS, this Agreement shall become effective on the eighth (8th) day following the date on which the Executive signs it,
provided that the Executive has not rescinded his acceptance prior to such date (the “Effective Date”). 
 NOW,
THEREFORE, in consideration of the mutual promises, terms, provisions, and conditions contained herein, the parties agree as follows: 
 1. Separation of Employment. The parties acknowledge and agree that the Executive’s employment with the Company shall be terminated effective on the Separation Date. The parties
acknowledge and agree that from and after the Separation Date, the Executive shall have no authority and shall not represent himself as an employee or agent of the Company. 
 2. Separation Benefits. In exchange for the mutual covenants set forth in this Agreement, the Company shall provide the Executive with the benefits set forth in this Section 2
(the “Separation Benefits”), provided the Executive (i) is not terminated by the Company for Cause and does not resign from the Company prior to the Separation Date, and (ii) executes the General Release attached hereto as
Exhibit A within the time period set forth therein. Notwithstanding the foregoing, the Company may terminate the Executive’s employment for any reason prior to the Separation Date, and such earlier date shall be the “Separation Date”
for purposes herein. As used herein, “Cause” means the Executive’s (i) willful and continued failure to substantially perform his or her reasonable assigned duties (other than any such failure resulting from incapacity due to
physical or mental illness), which failure is not cured within 30 days after a written demand for substantial performance is received by the Executive from the Board of Directors of the Company which specifically identifies the manner in which the
Board of Directors believes the Executive has not substantially performed the Executive’s duties, or (ii)

 
willful engagement in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company. For purposes of this Section 2, no act or failure to act by the
Executive shall be considered “willful” unless it is done, or omitted to be done, in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests of the Company. 

(a) Separation Payment. Within thirty (30) days following the Separation Date, the Company shall provide the Executive
with a payment (the “Separation Payment”) equal to (x) the sum of (i) six (6) months of the Executive’s gross monthly base salary as of the Effective Date (i.e., a total of $190,000), (ii) fifty percent
(50%) of the Executive’s 2012 fiscal year target bonus amount (i.e., $76,000), and (iii) a pro-rata portion of the Executive’s 2012 fiscal year target bonus amount, which pro-rata portion will be calculated by multiplying
the amount of the target bonus by a fraction, where the numerator is the number of full and partial months during the 2012 fiscal year in which the Executive was employed by the Company and the denominator is twelve (12); less (y) the amount of
base salary paid to the Executive during the months of December 2011, January 2012 and February 2012. The Separation Payment will be paid in a single, lump-sum amount, less required withholdings. 

(b) Equity. The terms and conditions of the Company’s 2009 Employee, Director and Consultant Equity Incentive
Plan (the “Equity Incentive Plan”) and any agreements executed by the Executive pursuant thereto (together, the “Equity Award Agreements”), are incorporated herein by reference and shall survive the signing of this Agreement.
Subject to the terms and conditions of the Equity Incentive Plan and the Equity Award Agreements, on the Separation Date, the Company agrees to accelerate the vesting of the stock options and restricted stock units granted to the Executive under the
Equity Incentive Plan and the Equity Award Agreements in which the Executive would have otherwise vested had the Executive remained employed with the Company through February 28, 2013. The Executive acknowledges and agrees that following the
Separation Date the Executive shall not have any right to vest in any stock options or other equity-based awards under the Equity Incentive Plan, Equity Award Agreements or any other Company stock, stock option plan, or equity-based plan (of
whatever name or kind) that the Executive may have participated in or was eligible to participate in during the Executive’s employment. The Executive may exercise any unexercised vested options in accordance with the Equity Incentive Plan and
the applicable Equity Award Agreement. 
 (c) Payment of Company Share of COBRA Premiums. In
the event that the Executive chooses to exercise the Executive’s right under COBRA1/ to continue the Executive’s participation in the Company’s health and dental insurance plan and makes all timely and proper elections with respect to same under COBRA, the Company shall pay
its normal share of the costs for the same health and dental insurance coverage Executive and Executive’s dependent(s) had as of the Separation Date for a period of six (6) months, to the same extent that such insurance is provided to
persons then currently employed by the Company. The Executive’s co-pay, if any, shall be paid by the Executive directly to the Company’s insurer or third party COBRA administrator within seven (7) days of receipt of notice of such
payment due or as scheduled under the COBRA notice. Notwithstanding any other provision of this Agreement, 
  

	1 /	 “COBRA” is the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. Regardless of whether the Executive signs this Agreement,
the Executive shall have the right to elect to continue the Executive’s healthcare benefits pursuant to the terms and conditions of COBRA. The Executive’s eligibility for benefits under COBRA, the amount of such benefits, and the terms and
conditions of such benefits, shall be determined by COBRA statutory and regulatory guidelines. 

  
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this obligation shall cease on the date the Executive becomes eligible to receive health and dental insurance benefits through any other employer, and the Executive agrees to provide the Company
with written notice immediately upon becoming eligible for such benefits. The Executive’s acceptance of any payment on the Executive’s behalf or coverage provided hereunder shall be an express representation to the Company that the
Executive has no such eligibility under another employer’s group health and dental plan. Executive will be mailed a COBRA packet at Executive’s last known address following the Separation Date. Such packet will contain additional
information about Executive’s COBRA rights and responsibilities. 
 (d) Acknowledgement of Amounts Owed. The
Executive acknowledges and agrees that the Separation Benefit is not otherwise due or owing to the Executive under any Company employment agreement (oral or written) or policy or practice, and that the Separation Benefit is not intended to, and
shall not constitute, a severance plan, and shall confer no benefit on anyone other than the parties hereto. The Executive further acknowledges that except for: (i) the Separation Benefit, (ii) the Executive’s final wages and accrued
but unused vacation (which shall be paid in accordance with the Company’s regular payroll practices and applicable law), and (iii) the Executive’s equity vesting as described in Section 2(b), the Executive shall not be entitled
to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, paid time off, stock, stock options, or any other form of equity, compensation or benefit. The Company and the
Executive hereby acknowledge and agree that the Change in Control Agreement is terminated effective on the Effective Date and shall be of no further force and effect following the Effective Date. 

3. The Executive’s Release of Claims. 

(a) Release. The Executive hereby agrees and acknowledges that by signing this Agreement and accepting
the good and valuable consideration provided for in this Agreement, the Executive is waiving and releasing the Executive’s right to assert any form of legal claim against the Company2/ whatsoever for any alleged action, inaction or circumstance existing or arising from the beginning of time through the
Effective Date. The Executive’s waiver and release herein is intended to bar any form of legal claim, charge, complaint or any other form of action (jointly referred to as “Claims”) against the Company seeking any form of relief
including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages,
emotional distress damages, punitive damages, attorneys fees and any other costs) against the Company, for any alleged action, inaction or circumstance existing or arising through the Effective Date. 

Without limiting the generality of the foregoing, the Executive specifically waives and releases the Company from any waivable claim
arising from or related to the Executive’s employment relationship with the Company up through the Effective Date including, without limitation; (i) Claims under any Utah (or any other state) or federal discrimination, fair employment
practices, or other employment related statute, regulation or executive order (as they may have been amended through the Effective Date), including but not limited to the Age Discrimination in Employment Act, the Older Workers Benefit Protection
Act, the Civil Rights 
  

	2 /	 For purposes of this section, the “Company” means Myrexis, Inc. and its divisions, affiliates, parents, subsidiaries and related entities,
and its and their owners, shareholders, partners, directors, officers, employees, trustees, agents, successors and assigns. 

  
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Acts of 1866 and 1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Americans With Disabilities Act, and any similar Utah or other state or
federal statute; (ii) Claims under any other Utah (or any other state) or federal employment related statute, regulation or executive order (as they may have been amended through the Effective Date) relating to wages, hours or any other terms
and conditions of employment, including but not limited to the National Labor Relations Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, COBRA, and any similar Utah or other state or federal statute;
(iii) Claims under any Utah (or any other state) or federal common law theory, including, without limitation, wrongful discharge, breach of express or implied contract (including but not limited to Claims arising out of the Change in Control
Agreement), promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional distress,
invasion of privacy, misrepresentation, deceit, fraud or negligence or any claim to attorneys’ fees under any applicable statute or common law theory of recovery; and (iv) any other Claim arising under other state or federal law.

 (b) Release Limitations; Participation in Agency Proceedings. Notwithstanding the foregoing, this section does
not: (i) release the Company from any obligation expressly set forth in this Agreement; (ii) waive or release any Claims which the Executive may not waive or release by law, including without limitation obligations under workers
compensation laws; or (iii) prohibit the Executive from challenging the validity of this release under federal law, from filing a charge or complaint of employment related discrimination with the Equal Employment Opportunity Commission
(“EEOC”) or similar state agency, or from participating in any investigation or proceeding conducted by the EEOC or similar state agency. The Executive’s waiver and release, however, are intended to be a complete bar to any recovery
or personal benefit by or to the Executive with respect to any Claim (except those which cannot be released under law), including those raised through a charge with the EEOC. Accordingly, nothing in this section shall be deemed to limit the
Company’s right to seek immediate dismissal of such charge or complaint on the basis that the Executive’s signing of this Agreement constitutes a full release of any individual rights under federal discrimination laws, or to seek
restitution to the extent permitted by law of the economic benefits provided to the Executive under this Agreement in the event the Executive successfully challenges the validity of this release and prevails in any Claim under federal discrimination
laws. 
 (c) Acknowledgement. The Executive acknowledges and agrees that, but for providing the waiver and release
in this section, the Executive would not be receiving the economic benefits being provided to the Executive under the terms of this Agreement. 
 4. ADEA/OWBPA Review and Revocation Period. The Executive and the Company acknowledge that the Executive is over the age of 40 and that the Executive, therefore, has specific rights
under the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection Act (the “OWBPA”), which prohibit discrimination on the basis of age. It is the Company’s desire and intent to make certain
that the Executive fully understands the provisions and effects of this Agreement, which include a release of claims under the ADEA and OWBPA. To that end, the Executive has been encouraged and given the opportunity to consult with legal counsel for
the purpose of reviewing the terms of this Agreement. In addition, consistent with the provisions of the ADEA and OWBPA, the Company also is providing the Executive with twenty one (21) days in which to consider and accept the terms of
this 

  
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Agreement by signing and returning it to the Company pursuant. Additionally, the Executive may rescind the Executive’s assent to this Agreement if, within seven (7) days after
the Executive signs this Agreement, the Executive delivers by hand or sends by mail (certified, return receipt and postmarked within such 7 day period) a notice of rescission to the Company pursuant to Section 7(a) below. The effective date of
the Executive’s release of Claims under the ADEA and the OWBPA shall be the eighth (8th) day following the date on which the Executive signs it, provided that the Executive has not rescinded his acceptance prior to such date. 

5. Waiver of Employment. The Executive hereby waives and releases forever any right or rights the Executive may have
to employment with the Company and any affiliate thereof at any time following the Separation Date. 
 6.
Taxes. 
 (a) If the Separation Benefit (or any portion thereof) constitutes “non-qualified deferred
compensation” subject to Section 409A of the Internal Revenue Code and the rules and regulations thereunder (“Section 409A”), then any termination of the Executive’s employment triggering payment of the Separation Benefit
must constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of the Executive’s
employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by the Executive to the
Company at the time the Executive’s employment terminates), any portion of the Separation Benefit that constitutes non-qualified deferred compensation under Section 409A shall be delayed until after the date of a subsequent event
constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section shall not cause any forfeiture of benefits on the Executive’s part, but shall
only act as a delay until such time as a “separation from service” occurs. If the Executive is a “specified employee” (as that term is used in Section 409A and regulations and other guidance issued thereunder) on the date
his separation from service becomes effective, any Separation Benefit (or portion thereof) that constitutes non-qualified deferred compensation subject to Section 409A shall be delayed until the earlier of (A) the business day following
the six-month anniversary of the date the separation from service becomes effective, and (B) the date of the Executive’s death, but only to the extent necessary to avoid the adverse tax consequences and penalties under Section 409A.
On the earlier of (A) the business day following the six-month anniversary of the date the separation from service becomes effective, and (B) the Executive’s death, the Company shall pay the Executive in a lump sum the aggregate value
of the non-qualified deferred compensation that the Company otherwise would have paid the Executive prior to that date as a Separation Benefit under this Agreement. I it is intended that each installment of the Separation Benefit provided under this
Agreement shall be treated as a separate “payment” for purposes of Section 409A and neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent
specifically permitted or required by Section 409A. 
 (b) The parties intend this Agreement to be in compliance
with or otherwise exempt from Section 409A. Notwithstanding any other provision of this Agreement, in the event of any ambiguity in the terms of this Agreement, such term(s) shall be interpreted and at all times administered in a manner that
avoids the inclusion of compensation in income under Section 409A, or the payment of increased taxes, excise taxes or other penalties under Section 409A. 

  
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 (c) The Executive acknowledges and agrees that the Company does not guarantee the tax
treatment or tax consequences associated with any payment or benefit arising under this Agreement, including but not limited to consequences related to Section 409A. The Executive shall be solely liable and shall hold the Company harmless with
respect to any such tax treatment or tax consequences. 
 7. General. 

(a) Notices. Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be
in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission
upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notices to the Executive shall be sent to the last known address in the Company’s
records or such other address as the Executive may specify in writing. Notices to the Company shall be sent to Attention: Chair, Board of Directors, Myrexis, Inc., 305 Chipeta Way, Salt Lake City Utah 84108, or to such other Company
representative as the Company may specify in writing, with a copy to Jonathan L. Kravetz, Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., One Financial Center, Boston, Massachusetts, 02111. 

(b) Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written
agreement executed by the parties hereto. 
 (c) Waivers and Consents. The terms and provisions of this Agreement
may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or
consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a
continuing waiver or consent. 
 (d) Assignment. The Company may assign its rights and obligations hereunder to
any person or entity that succeeds to all or substantially all of the Company’s business or that aspect of the Company’s business in which the Executive is or was principally involved. The Executive may not assign the Executive’s
rights and obligations under this Agreement without the prior written consent of the Company. 
 (e) Governing Law;
Jury Waiver. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the law of the state of Utah, without giving effect to the conflict of law principles thereof. Any legal
action or proceeding with respect to this Agreement shall be brought in the courts of the state of Utah or of the United States of America for the District of Utah. By execution and delivery of this Agreement, each of the parties hereto accepts for
itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. ANY ACTION, DEMAND, CLAIM OR COUNTERCLAIM ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED BY A JUDGE ALONE AND
EACH OF COMPANY 

  
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AND EXECUTIVE WAIVES ANY RIGHT TO A JURY TRIAL THEREOF. 
 (f)
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 (g) Entire Agreement. This Agreement, together with the other agreements (or sections thereof) specifically
referenced herein, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof
(including, but not limited to, the Change in Control Agreement). No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the
express terms and provisions of this Agreement. 
 (h) Counterparts. This Agreement may be executed in two or more
counterparts, and by different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. For all purposes a signature by fax shall be treated as an
original. 
 (i) If the foregoing correctly sets forth the parties’ understanding, the Executive shall sign, date
and return the enclosed copy of this Agreement pursuant to Section 7(a) within twenty one (21) days. If the Company does not receive the Executive’s acceptance on or before this date, the Agreement shall terminate and be of no
further force or effect. 
 [Signature Page to Follow] 

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

			
	WAYNE LASLIE	 	MYREXIS, INC.
		
	  
 Printed Name
	 	 Robert J. Lollini
 Printed Name

		
	 /s/ Wayne Laslie
 Signature
	 	 /s/ Robert J. Lollini
 Signature

		
	 12-13-11
 Date
	 	 12-13-11
 Date

  
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 EXHIBIT A 

General Release 
 1. General Release. In consideration of the Separation Benefits to be provided under that certain Separation Agreement, dated
            , (the “Agreement”), Wayne Laslie (the “Executive”), with the intention of binding the Executive and the Executive’s heirs, executors, administrators
and assigns, does hereby release, remise, acquit and forever discharge Myrexis, Inc. (the “Company”) and each of its subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors,
executives, agents, attorneys, employees and employee benefits plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and
all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or
otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore
had, owned or held, against any Company Released Party in any capacity, including, without limitation, any and all claims (i) arising out of or in any way connected with the Executive’s service to any member of the Company Affiliated Group
(or the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge,
impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort and (iv) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning
unlawful and unfair labor and employment practices), any and all claims based on the Employee Retirement Income Security Act of 1974 (“ERISA”), any and all claims arising under the civil rights laws of any federal, state or local
jurisdiction, including, without limitation, Title VII of the Civil Rights Act of 1964 (“Title VII”), the Americans with Disabilities Act (“ADA”), Sections 503 and 504 of the Rehabilitation Act, the Family and Medical Leave Act,
and any and all claims under any whistleblower laws or whistleblower provisions of other laws, excepting only: 
 (a) rights of
the Executive under this General Release and the Agreement; 
 (b) rights of the Executive relating to equity awards held by the
Executive as of his or her Separation Date (as defined in the Agreement); 
 (c) the right of the Executive to receive
continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 in accordance with applicable law; 
 (d)
rights to indemnification the Executive may have (i) under applicable corporate law, (ii) under the by-laws or certificate of incorporation of any Company Released Party or (iii) as an insured under any director’s and
officer’s liability insurance policy now or previously in force; 
 (e) claims (i) for benefits under any health,
disability, retirement, deferred compensation, life insurance or other, similar Executive benefit plan or arrangement of the Company Affiliated Group and (ii) for earned but unused vacation pay through the Separation Date in accordance with
applicable Company policy; and 

 (f) claims for the reimbursement of unreimbursed business expenses incurred prior to the
Separation Date pursuant to applicable Company policy. 
 2. No Admissions. The Executive acknowledges and agrees that
this General Release is not to be construed in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 
 3. Application to all Forms of Relief. This General Release applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated
damages, punitive damages for pain or suffering, costs and attorney’s fees and expenses. 
 4. Specific Waiver. The
Executive specifically acknowledges that his or her acceptance of the terms of this General Release is, among other things, a specific waiver of his or her rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or
regulation in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed, nor does anything herein purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to
waive. 
 5. No Complaints or Other Claims. The Executive acknowledges and agrees that he or she has not, with respect to
any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 

6. Conditions of General Release. 
 (a) Terms and Conditions. From and after the Separation Date, the Executive shall abide by all the terms and conditions of this General Release and the terms and any conditions set forth in any
employment or confidentiality agreements signed by the Executive, which is incorporated herein by reference. 
 (b)
Confidentiality. The Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or any legal process, or as is necessary in connection with any adversarial proceeding against any member of the
Company Affiliated Group (in which case the Executive shall cooperate with the Company in obtaining a protective order at the Company’s expense against disclosure by a court of competent jurisdiction), communicate, to anyone other than the
Company and those designated by the Company or on behalf of the Company in the furtherance of its business, any trade secrets, confidential information, knowledge or data relating to any member of the Company Affiliated Group, obtained by the
Executive during the Executive’s employment by the Company that is not generally available public knowledge (other than by acts by the Executive in violation of this General Release). This confidentiality obligation is in addition to, and not
in lieu of, any other contractual, statutory and common law confidentiality obligation of the Executive to the Company. 

  
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 (c) Return of Company Material. The Executive represents that he or she has returned
to the Company all Company Material (as defined below). For purposes of this Section 6(c), “Company Material” means any documents, files and other property and information of any kind belonging or relating to (i) any member of
the Company Affiliated Group, (ii) the current and former suppliers, creditors, directors, officers, employees, agents and customers of any of them or (iii) the businesses, products, services and operations (including without limitation,
business, financial and accounting practices) of any of them, in each case whether tangible or intangible (including, without limitation, credit cards, building and office access cards, keys, computer equipment, cellular telephones, pagers,
electronic devices, hardware, manuals, files, documents, records, software, customer data, research, financial data and information, memoranda, surveys, correspondence, statistics and payroll and other employee data, and any copies, compilations,
extracts, excerpts, summaries and other notes thereof or relating thereto), excluding only information (x) that is generally available public knowledge or (y) that relates to the Executive’s compensation or Executive benefits.

 (d) Cooperation. Following the Separation Date, the Executive shall reasonably cooperate with the Company upon
reasonable request of the Board of Directors and be reasonably available to the Company with respect to matters arising out of the Executive’s services to the Company Affiliated Group. 

(e) Nondisparagement. The Executive acknowledges and agrees that he shall not make any statements that are professionally or
personally disparaging about or adverse to the interests of the Company or any Company Released Party, including, but not limited to, any statements that disparage in any way whatsoever the Company’s products, services, businesses, finances,
financial condition, capabilities or other characteristics. 
 (f) Ownership of Inventions, Non-Disclosure, Non-Competition
and Non-Solicitation. The Executive expressly acknowledges and agrees that Sections 3, 4, 5, 6 and 7 of his July 1, 2009 employment agreement with the Company (the “Employment Agreement”) are incorporated herein by reference, and
shall survive the execution of this General Release in full force and effect pursuant to their terms. 
 (g) No
Representation. The Executive acknowledges that, other than as set forth in this General Release and the Agreement, (i) no promises have been made to him or her and (ii) in signing this General Release the Executive is not relying upon
any statement or representation made by or on behalf of any Company Released Party and each or any of them concerning the merits of any claims or the nature, amount, extent or duration of any damages relating to any claims or the amount of any
money, benefits, or compensation due the Executive or claimed by the Executive, or concerning the General Release or concerning any other thing or matter. 
 (h) Injunctive Relief. In the event of a breach or threatened breach by the Executive of this Section 6, the Executive agrees that the Company shall be entitled to injunctive relief in a court
of appropriate jurisdiction to remedy any such breach or threatened breach, the Executive acknowledging that damages would be inadequate or insufficient. 
 7. Voluntariness. The Executive agrees that he or she is relying solely upon his or her own judgment; that the Executive is over eighteen years of age and is legally competent to sign this General
Release; that the Executive is signing this General Release of his or her own free will; that the Executive has read and understood the General Release before signing it; and that the Executive is signing this General Release in exchange for
consideration that he or she believes is satisfactory and adequate. 

  
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 8. Legal Counsel. The Executive acknowledges that he or she has been informed of the
right to consult with legal counsel and has been encouraged to do so. 
 9. Complete Agreement/Severability. Other than
the agreements and/or obligations specifically referenced as surviving herein, this General Release constitutes the complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, negotiations,
or discussions relating to the subject matter of this General Release. All provisions and portions of this General Release are severable. If any provision or portion of this General Release or the application of any provision or portion of the
General Release shall be determined to be invalid or unenforceable to any extent or for any reason, all other provisions and portions of this General Release shall remain in full force and shall continue to be enforceable to the fullest and greatest
extent permitted by law. 
 10. Acceptance. The Executive acknowledges that he or she has been given a period of
twenty-one (21) days within which to consider this General Release, unless applicable law requires a longer period, in which case the Executive shall be advised of such longer period and such longer period shall apply. The Executive may accept
this General Release at any time within the twenty-one (21) day period following the Separation Date by signing the General Release and returning it to the Company. The Executive may not accept this General Release prior to the Separation Date.

 11. Revocability. This General Release shall not become effective or enforceable until seven (7) calendar days
after the Executive signs it. The Executive may revoke his or her acceptance of this General Release at any time within that seven (7) calendar day period by sending written notice to the Company. Such notice must be received by the Company
within the seven (7) calendar day period in order to be effective and, if so received, would void this General Release for all purposes. 
 12. Governing Law. Except for issues or matters as to which federal law is applicable, this General Release shall be governed by and construed and enforced in accordance with the laws of the State
of Utah without giving effect to the conflicts of law principles thereof. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, the Executive has executed this General Release as of the date last set
forth below. 
 EXECUTIVE 
  

									
				
	  
	 		 	Date:	 	 
		 		 		 	
	Name:	 		 		 	

  
 5Amendment No. 1 to the Credit Agreement

 Exhibit 10.81 
 EXECUTION VERSION 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT

 This Amendment No. 1 to Credit Agreement (this “Amendment”) is entered into as of
October 3, 2011 by and among Ralcorp Holdings, Inc., a Missouri corporation (the “Borrower”), JPMorgan Chase Bank, N.A., individually and as administrative agent (the “Administrative Agent”), and the other
financial institutions signatory hereto. 
 RECITALS 

A. The Borrower, the Administrative Agent and the financial institutions party thereto (the “Lenders”) are party to that
certain Credit Agreement dated as of July 27, 2010 (the “Credit Agreement”). Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Credit Agreement, as
amended hereby. 
 B. The Borrower, the Administrative Agent and the undersigned Lenders wish to amend the Credit Agreement on
the terms and conditions set forth below. 
 Now, therefore, in consideration of the mutual execution hereof and other good and
valuable consideration, the parties hereto agree as follows: 
 1. Amendments to Credit Agreement. Upon the
“Effective Date” (as defined below), the Credit Agreement shall be amended as follows: 
 (a)
Section 1.01 is amended to add the following definitions in proper alphabetical order to read as follows: 

“2008 Indenture” means the “Indenture” as defined in the Pledge Agreement as such Indenture is in effect on the
First Amendment Effective Date, or as is otherwise amended in a manner that is not materially adverse to the Lenders. 

“2009 Indenture” means the Senior Secured Indenture, dated as of August 14, 2009, among the Borrower, its
Subsidiaries parties thereto and Deutsche Bank Trust Company Americas, as trustee, as in effect on the First Amendment Effective Date, or as otherwise amended in a manner that is not materially adverse to the Lenders. 

“Distribution Date” means the date on which shares of common stock of Post (other than Retained Shares and treasury
stock) are distributed to the shareholders of the Borrower or, if applicable, Holdco pursuant to the Post Spin-Off. 

“First Amendment” means that certain Amendment No. 1 to Credit Agreement dated as of October 3, 2011, by and
among the Borrower, the Administrative Agent, and the other financial institutions signatory thereto as lenders. 

 “First Amendment Effective Date” means the “Effective Date” as
defined in the First Amendment. 
 “Holdco” means any holding company that may be formed and become the parent
of Borrower pursuant to a transaction permitted hereunder. 
 “July 2010 Senior Notes” means (i) the
Borrower’s $300,000,000 aggregate principal amount of 4.950% Senior Notes due August 15, 2020, as in effect on the First Amendment Effective Date, or as otherwise amended in a manner that is not materially adverse to the Lenders and
(ii) the Borrower’s $150,000,000 aggregate principal amount of 6.625% Senior Notes due August 15, 2039, as in effect on the First Amendment Effective Date, or as otherwise amended in a manner that is not materially adverse to the
Lenders. 
 “May 2009 Note Purchase Agreement” means the note purchase agreement dated as of May 28, 2009
among the Borrower and the purchasers party thereto with respect to the May 2009 Senior Notes, as in effect on the Effective Date, or as otherwise amended in a manner that is not materially adverse to the Lenders. 

“Post Business” means the manufacture, distribution and marketing of Post® brand ready-to-eat cereal products and any other businesses or operations that comprise the Borrower’s branded
cereal products reporting segment, including, if applicable, Post, Post US and their subsidiaries. 
 “Post”
means a corporation to be formed under the laws of the State of Missouri. 
 “Post Obligations” means
indemnification obligations of the Borrower and/or its Subsidiaries in favor of Post and/or its subsidiaries under the Post Spin-Off Documents. 
 “Post US” means Post, LLC, a Delaware limited liability company. 

“Post Spin-Off” means a spin-off of the Post Business, including the distribution of shares of common stock of Post
(other than Retained Shares and treasury stock) to the shareholders of the Borrower or, if applicable, Holdco and the transactions under the Post Spin-Off Documents related thereto. 

“Post Spin-Off Documents” means (a) a separation and distribution agreement, tax sharing agreement, transition
services agreement, employee matters agreement, and other agreements reasonably acceptable to the Administrative Agent relating to the Post Spin-Off, and (b) one or more merger agreements, purchase agreements, contribution agreements or other
similar agreements reasonably acceptable to the Administrative Agent pursuant to which Post US may become a subsidiary of Post, the Borrower may become a subsidiary of Holdco, and/or certain other internal reorganization transactions occur for the
purpose of isolating the Post Business prior to the Distribution Date. 

  
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 “Retained Shares” means any shares of common stock of Post received by the
Borrower or Holdco in connection with the Post Spin-Off. 
 “Senior Note Agreements” means the “Senior Note
Agreements” as defined in the Pledge Agreement as such “Senior Note Agreements” are in effect on the First Amendment Effective Date, or as are otherwise amended in a manner that is not materially adverse to the Lenders. 

(b) The definition of “August 2009 Senior Notes” is amended in its entirety to read as follows:

 “August 2009 Senior Notes” means the Borrower’s $300,000,000 aggregate principal amount of 6.625% Senior
Notes, due August 15, 2039, as in effect on the First Amendment Effective Date, or as otherwise amended in a manner that is not materially adverse to the Lenders. 

(c) The definition of “Asset Disposition” is amended in its entirety to read as follows: 

“Asset Disposition” means any sale, transfer or other disposition of any asset of the Borrower or any Subsidiary in a
single transaction or in a series of related transactions (other than the sale of notes receivable and accounts receivable permitted by Section 6.05, the sale of inventory in the ordinary course, the sale of obsolete or worn out Property in the
ordinary course, the sale of Investments of the type described in Sections 6.06(a)-(g) and (m) in the ordinary course or sales, transfers and dispositions to the Borrower or any Subsidiary permitted by Section 6.04). 

(d) The definition of “Change in Control” is amended in its entirety to read as follows: 

“Change in Control” means (a) the acquisition by any Person, or two or more Persons acting in concert, including
without limitation any acquisition effected by means of any transaction contemplated by Section 6.03 (other than transactions permitted by the last sentence of Section 6.03), of beneficial ownership (within the meaning of Rule 13d-3 of the
Securities and Exchange Commission under the Securities Exchange Act of 1934) of 20% or more of the outstanding shares of voting stock of Holdco or the Borrower, or (b) during any period of 25 consecutive calendar months, commencing on the date
of this Agreement, the ceasing of those individuals (the “Continuing Directors”) who (i) were directors of Holdco or the Borrower on the first day of each such period or (ii) subsequently became directors of Holdco or the
Borrower and whose initial election or initial nomination for election subsequent to that date was approved by a majority of the Continuing Directors then on the board of directors of Holdco or the Borrower, to constitute a majority of the board of
directors of Holdco or the Borrower, as applicable. Notwithstanding the foregoing, none of the transactions in connection with the Post-Spin Off shall be deemed to result in a Change in Control. 

  
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 (e) The definition of “Change in Law” is amended in its
entirety to read as follows: 
 “Change in Law” means the occurrence, after the date of this Agreement, of any
of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental
Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided however, that notwithstanding anything herein to the
contrary,(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules,
guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 
 (f) The definition of “Governmental Authority” is amended in its entirety to read as follows: 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including without limitation any board of
insurance, insurance department or insurance commissioner, any taxing authority or political subdivision, any supra-national bodies such as the European Union or the European Central Bank and any group or body charged with setting financial
accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority
to any of the foregoing)). 
 (g) The definition of “May 2009 Senior Notes” is amended in its
entirety to read as follows: 
 “May 2009 Senior Notes” means (a) the Borrower’s $50,000,000 aggregate
principal amount of 7.45% Senior Notes, Series 2009A, due May 28, 2019, as in effect on the First Amendment Effective Date, or as otherwise amended in a manner that is not materially adverse to the Lenders and (b) the Borrower’s
$50,000,000 aggregate principal amount of 7.60% Senior Notes, Series 2009B, due May 28, 2021, as in effect on the First Amendment Effective Date, or as otherwise amended in a manner that is not materially adverse to the Lenders. 

  
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 (h) The Definition of “Net Proceeds” is amended to replace
sub-clause (b)(i) of such definition in its entirety with “(i) all amounts that are received in connection with the Post Spin-Off,”. 
 (i) The Definition of “Total Debt” is amended to replace clause (c) of such definition in its entirety with “(c) to the extent included in clause (b)(i) above, the Ralston
Obligations and the Post Obligations.” 
 (j) The definition of “Splitco Notes” is amended
in its entirety to read as follows: 
 “Splitco Notes” means the Borrower’s senior notes issued pursuant to
the 2008 Indenture, as in effect on the First Amendment Effective Date, or as otherwise amended in a manner that is not materially adverse to the Lenders. 
 (k) Section 3.20 is amended in its entirety to read as follows: 

SECTION 3.20. Material Agreements. Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or subject to
any charter or other corporate restriction (a) which could reasonably be expected to have a Material Adverse Effect or (b) which (other than (u) the Existing Credit Agreement as in effect on the date hereof, (v) the Senior Note
Agreements, (w) the 2008 Indenture, (x) the May 2009 Note Purchase Agreement, (y) the 2009 Indenture, and (z) other agreements or instruments governing Indebtedness of the Borrower or any Subsidiaries permitted to be incurred
pursuant to Section 6.02(g) so long as the restrictions contained therein are not materially less favorable to the Lenders, taken as a whole, than the restrictions contained in this Agreement), restricts or imposes conditions upon the ability
of the Borrower or any Subsidiary to (i) pay dividends or make other distributions on its capital stock (ii) make loans or advances to the Borrower, (iii) repay loans or advances from Borrower or (iv) grant Liens to the
Administrative Agent to secure the Obligations. Neither the Borrower nor any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement to which it is a party,
which default could reasonably be expected to have a Material Adverse Effect. 
 (l) Section 5.11 is
amended in its entirety to read as follows: Indebtedness pursuant to the and the 
 SECTION 5.11 Material Subsidiaries.
The Borrower shall cause each of its Subsidiaries which (a) becomes a Material Subsidiary on or after the date hereof or (b) becomes a guarantor of the Senior Notes, the Existing Credit Agreement, the Splitco Notes, the May 2009 Senior
Notes, the August 2009 Senior Notes, the July 2010 Senior Notes or any other obligations of the Borrower and its Subsidiaries permitted to be incurred pursuant to Section 6.02(g) on or after the

  
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date hereof to join the Subsidiary Guaranty as a Guarantor pursuant to a joinder agreement in the form attached to the Subsidiary Guaranty within thirty (30) days of such Person becoming a
Material Subsidiary or becoming such a guarantor, as applicable. 
 (m) Section 6.03 is amended in
its entirety to read as follows: 
 SECTION 6.03. Merger; Fundamental Changes. The Borrower will not, nor will it permit
any Subsidiary to, merge or consolidate with or into any other Person, or liquidate or dissolve, except that (i) a Wholly-Owned Subsidiary may merge into the Borrower or any Wholly-Owned Subsidiary of the Borrower, (ii) the Borrower or any
Subsidiary may merge or consolidate with any other Person so long as the Borrower or such Subsidiary is the continuing or surviving corporation and, prior to and after giving effect to such merger or consolidation, no Default or Event of Default
shall exist, and (iii) any Subsidiary may enter into a merger or consolidation or may liquidate or dissolve as a means of effecting a disposition permitted by Section 6.04. Holdco will not merge or consolidate with or into any other
Person, or liquidate or dissolve, except that Holdco may merge or consolidate with the Borrower so long as the Borrower is the continuing or surviving corporation and, prior to and after giving effect to such merger or consolidation, no Default or
Event of Default shall exist. 
 (n) Section 6.04 is amended in its entirety to read as follows:

 SECTION 6.04. Sale of Assets. The Borrower will not, nor will it permit any Subsidiary to, lease, sell, transfer or
otherwise dispose of its Property to any other Person except for (a) sales of inventory or unused or obsolete equipment in the ordinary course of business, (b) leases, sales, transfers or other dispositions of its Property that, together
with all other Property of the Borrower and its Subsidiaries previously leased, sold, transferred or otherwise disposed of (other than inventory or unused or obsolete equipment sold in the ordinary course of business and accounts receivables
transactions permitted by Section 6.05) as permitted by this Section 6.04 since the date hereof, do not constitute a Substantial Portion of the Property of Borrower and its Subsidiaries, (c) sales, transfers and dispositions to the
Borrower or any Subsidiary, provided that any such sales, transfers or dispositions to a Subsidiary that is not a Guarantor or Pledged Subsidiary shall be made in compliance with Section 6.06(j), (d) any Subsidiary that is not a Guarantor
or Pledged Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (e) sales, transfers
or other dispositions of assets in connection with the Post Spin-Off. 
 (o) Section 6.06 is amended
by deleting “and” at the end of clause (o), replacing the “.”at the end of clause (p) with “; and” and inserting a new clause (q) as follows: “(q) Investments in Post and its subsidiaries pursuant to the
Post Spin-Off Documents.” 

  
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 (p) Section 6.07 is amended in its entirety to read as follows:

 SECTION 6.07. Contingent Obligations. The Borrower will not, nor will it permit any Subsidiary to, make or suffer to
exist any Contingent Obligation (including, without limitation, any Contingent Obligation with respect to the obligations of a Subsidiary), except (a) by endorsement of instruments for deposit or collection in the ordinary course of business,
(b) the Subsidiary Guaranty, (c) the Ralston Obligations, (d) other Contingent Obligations not to exceed $35,000,000 in the aggregate at any time outstanding, (e) guarantees of the obligations of the Borrower or any Subsidiary
under (i) the Existing Credit Agreement, (ii) the Senior Note Agreements, (iii) the 2008 Indenture, (iv) the 2009 Indenture, and (v) the May 2009 Note Purchase Agreement, (vi) other agreements governing the Indebtedness
(including, but not limited to, any guarantees) of the Borrower or any Subsidiary permitted to be incurred pursuant to Section 6.02(g), (f) Contingent Obligations of Mattnick consisting of obligations to the Borrower and its Subsidiaries
arising out of insurance policies or other contracts of insurance, and (g) the Post Obligations. 
 (q)
Section 6.08 is amended by deleting “and” and inserting a “;” at the end of clause (k), replacing the “.” at the end of clause (l) with “; and” and inserting a new clause (m) as follows:
“(m) Liens on the Property of Post and its subsidiaries that do not become effective before the Distribution Date and which secure Indebtedness of Post and its subsidiaries incurred in connection with the Post Spin-Off.” 

(r) Section 6.09 is amended by deleting “and” and inserting a “,” at the end of clause
(d), deleting the “.” at the end of clause (e) and inserting a new clause (f) as follows: “and (f) transactions under the Post Spin-Off Documents.” 

(s) Section 6.11 is amended in its entirety to read as follows: 

SECTION 6.11. Change in Corporate Structure; Fiscal Year. The Borrower shall not, nor shall it permit any Subsidiary to,
(a) permit any amendment or modification to be made to its certificate or articles of incorporation or by-laws which is materially adverse to the interests of the Lenders (it being agreed that any such changes required under the Post Spin-Off
Documents are not materially adverse to the interests of the Lenders) or (b) change its Fiscal Year to end on any date other than September 30 of each year. 

(t) Section 6.12 is amended in its entirety to read as follows: 

SECTION 6.12. Inconsistent Agreements. The Borrower shall not, nor shall it permit any Subsidiary to, enter into any indenture,
agreement, instrument or other arrangement (other than (u) the Existing Credit Agreement as in effect on the date hereof, (v) the Senior Note Agreements, (w) the 2008 Indenture, (x) the May 2009 Note Purchase Agreement,
(y) the 2009 Indenture and (z) other agreements governing the Indebtedness (including, but not limited to, any guarantees) of the 

  
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Borrower or any Subsidiary permitted to be incurred pursuant to Section 6.02(g) so long as the restrictions contained therein are not materially less favorable to the Lenders, taken as a
whole, than the restrictions contained in this Agreement) which, (a) directly or indirectly prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions upon, the incurrence of the
Obligations, the granting of Liens to secure the Obligations (other than agreements by the Borrower that it will grant Liens to secure any Swap Agreement to the same extent as, and pari passu with, any Liens granted to secure the Obligations), the
provision of the Subsidiary Guaranty, the amending of the Loan Documents or the ability of any Subsidiary (other than a special purpose Subsidiary created for the purpose of entering into the Accounts Receivable Financing Program) to (i) pay
dividends or make other distributions on its capital stock, (ii) make loans or advances to the Borrower or (iii) repay loans or advances from the Borrower or (b) contains any provision which would be violated or breached by the making
of Loans or by the performance by the Borrower or any Subsidiary of any of its obligations under any Loan Document. 
 (u) Section 6.14 is amended in its entirety to read as follows: 

SECTION 6.14. Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries to, declare, pay or make, or
agree to declare, pay or make, directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock,
(b) Subsidiaries may make Restricted Payments ratably with respect to their Equity Interests and (c) so long as no Default exists immediately prior to or immediately after giving effect to such Restricted Payment, the Borrower may make
other Restricted Payments (including, without limitation, Restricted Payments required under the Post Spin-Off Documents). 
 (v) Section 6.18 is amended in its entirety to read as follows: 

SECTION 6.18. Holding Company. From and after the date upon which Holdco becomes the parent of the Borrower, Holdco shall not
engage in any business or activity other than (a) the ownership of all outstanding Equity Interests in the Borrower and the Retained Shares received by Holdco in connection with the Post Spin-Off, (b) maintaining its corporate existence
(except as permitted by Section 6.03), (c) participating in tax, accounting and other administrative activities as the parent of the consolidated group of companies, and (d) activities incidental to the businesses or activities
described in clauses (a) through (c) of this Section. 
 (w) Clause (c) of Article
VII is amended in its entirety to read as follows: 
 (c) The breach by the Borrower of any of the terms or provisions of
Section 5.02, Section 5.03(a), Section 5.10, Sections 6.01 through 6.12 and Sections 6.14 through Section 6.17, or the breach by Holdco of any of the terms or provisions of Section 6.18; 

  
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 (x) Clause (f) of Article VII is amended in its entirety
to read as follows: 
 (f) Holdco, the Borrower or any of its Subsidiaries shall (i) have an order for relief entered with
respect to it under the federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee,
examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a
bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file
an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this clause (f), (vi) fail to contest in
good faith any appointment or proceeding described in clause (g) of this Article or (vii) become unable to pay, not pay, or admit in writing its inability to pay, its debts generally as they become due; 

(y) Clause (g) of Article VII is amended in its entirety to read as follows: 

(g) Without the application, approval or consent of Holdco, the Borrower or any of its Subsidiaries, a receiver, trustee, examiner,
liquidator or similar official shall be appointed for Holdco, the Borrower or any of its Subsidiaries or any Substantial Portion of its Property, or a proceeding described in clause (f)(iv) of this Article shall be instituted against Holdco, the
Borrower or any of its Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of thirty consecutive days; 

(z) The last sentence of Article VII is amended in its entirety to read as follows: 

For purposes hereof, an Event of Default described in subsection (e) above arising out of a breach by the Borrower of any
financial covenant restricting any leverage ratio of the Borrower contained in the Senior Note Agreements, the 2008 Indenture, the May 2009 Note Purchase Agreement, the 2009 Indenture, any other agreement governing the
Indebtedness of the Borrower or any Subsidiary permitted to be incurred pursuant to Section 6.02(g) or related documentation shall be deemed to be continuing hereunder notwithstanding its waiver, whether accomplished by waiver, amendment or
otherwise (a “Waiver”), by the lenders under the Existing Credit Agreement and the holders of the Senior Notes, the Splitco Notes, the May 2009 Senior Notes, the August 2009 Senior Notes, the July 2010 Senior Notes or such
other Indebtedness permitted to be incurred pursuant to Section 6.02(g), as applicable, unless (i) the holders of the applicable Indebtedness receive no monetary or other consideration for such Waiver (including any prepayment of such
Indebtedness or agreement to prepay such Indebtedness) other than an amendment or waiver fee not exceeding .10% of 

  
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the aggregate principal amount of the applicable Indebtedness and (ii) the terms of the applicable Indebtedness are not modified in any manner favorable to the holders of the applicable
Indebtedness in connection with such Waiver. 
 (aa) The last paragraph of Article VIII is amended in its
entirety to read as follows: 
 Without limiting the foregoing, if any collateral under any Pledge Agreement or any Subsidiary is
sold, transferred or otherwise disposed of in a transaction permitted hereunder (excluding sales to the Borrower or a Subsidiary thereof) then (a) as and to the extent provided in the Pledge Agreement, such collateral shall be sold free and
clear of the Liens created by the Pledge Agreement and (b) in the case of such a sale of a Guarantor (including, without limitation, the sale, transfer or disposition of Post, LLC in connection with the Post Spin-Off), such Guarantor and its
subsidiaries shall be released from the Subsidiary Guaranty and, in each case, the Administrative Agent shall be authorized to take any actions deemed appropriate in order to effect the foregoing, provided that with respect to any release of
Post, LLC in connection with the Post Spin-Off, Post, LLC shall be substantially concurrently released (or the Administrative Agent shall have received satisfactory evidence of the making of arrangements for Post, LLC to be reasonably promptly
released) from all other existing guarantees of senior Indebtedness of the Borrower. 
 (bb). Schedule
3.08 is hereby deleted and replaced with the Schedule 3.08 attached hereto. 
 2. Representations and Warranties
of the Borrower. The Borrower represents and warrants that: 
 (a) The execution and delivery by the Borrower
of this Amendment and the performance of its obligations hereunder have been duly authorized by proper corporate proceedings and this Amendment constitutes a legal, valid and binding obligation of the Borrower enforceable against the Borrower in
accordance with its terms, except as the enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; 

(b) Each of the representations and warranties contained in the Credit Agreement (treating this Amendment as a Loan
Document for purposes thereof) is true and correct in all material respects on and as of the date hereof as if made on the date hereof; and 
 (c) No Default has occurred and is continuing. 
 3. Effective Date. This
Amendment shall become effective upon the execution and delivery hereof by the Borrower, the Administrative Agent and the Required Lenders (without respect to whether it has been executed and delivered by all the Lenders); provided that
Section 1 hereof shall not become effective until the date (the “Effective Date”) when the following additional conditions have also been satisfied: 

(a) Each of the Guarantors shall have executed and delivered to the Administrative Agent a Reaffirmation of Guaranty in
the form of Exhibit A hereto. 

  
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 (b) The Borrower shall have provided such other corporate and other
certificates, opinions, documents, instruments and agreements as the Administrative Agent may reasonably request. 
 4.
Reference to and Effect Upon the Credit Agreement. 
 (a) Except as specifically amended above, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any Loan
Document, nor constitute a waiver of any provision of the Credit Agreement or any Loan Document, except as specifically set forth herein. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby. 
 5. Costs and Expenses. The Borrower hereby affirms its obligation under Section 9.03 of the Credit Agreement to reimburse the Administrative Agent for all reasonable out-of-pocket expenses
incurred by the Administrative Agent and its affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the preparation and administration of this Amendment. 

6. Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 7. Headings. Section headings used herein are for convenience of reference only, are not part of this Amendment and
shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 
 8. Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
signature page of this Amendment by facsimile transmission or be electronic mail shall be effective as delivery of manually executed counterpart hereof. 
 [signature pages follow] 

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

									
	RALCORP HOLDINGS, INC.	 		 	 JPMORGAN CHASE BANK, N.A.,
 individually and as Administrative Agent

					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	Scott Monette	 		 	Name:	 	  

					
	Title:	 	Corporate Vice President and Treasurer	 		 	Title:	 	  

 
			
	 BANK OF AMERICA, N.A.

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	SUNTRUST BANK
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 [Signature Page to Amendment No. 1] 

 
			
	DEUTSCHE BANK AG
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	AGFIRST FARM CREDIT BANK
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	COBANK
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	CREDIT SUISSE AG
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	PNC BANK, N.A.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	BANK OF THE WEST
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	US BANK, N.A.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	BMO BANK OF MONTREAL
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	FARM CREDIT BANK OF TEXAS
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	GREENSTONE FARM CREDIT SERVICES, ACA/FLCA
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	COMMERCE BANK
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 
			
	FCS FINANCIAL, PCA
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [Signature
Page to Amendment No. 1] 

 REAFFIRMATION OF GUARANTY 

Each of the undersigned (a) acknowledges receipt of a copy of Amendment No. 1 to Credit Agreement (the
“Amendment”) dated as of the date hereof, (b) consents to such amendment and each of the transactions referenced therein and (c) hereby reaffirms its obligations under (i) the Subsidiary Guaranty dated as of
July 27, 2010 in favor of JPMorgan Chase Bank, N.A., as Administrative Agent, the Collateral Agent and the Lenders (as defined in the Amendment), as supplemented and (ii) to the extent it is a party thereto, the Pledge Agreement dated as
of July 18, 2008 in favor of JPMorgan Chase Bank, N.A. as Collateral Agent. 
 Dated as of
                    , 2011 
  

			
	BREMNER FOOD GROUP, INC.
	FLAVOR HOUSE PRODUCTS, INC.
	LINETTE QUALITY CHOCOLATES, INC. (f/k/a NUTCRACKER BRANDS , INC.)
	RH FINANCIAL CORPORATION
	RIPON FOODS, INC.
	SUGAR KAKE COOKIE, INC.
	HERITAGE WAFERS, LLC
	THE CARRIAGE HOUSE COMPANIES, INC.
	RALCORP FROZEN BAKERY PRODUCTS, INC.
	COMMUNITY SHOPS, INC.
	THE BUN BASKET, INC.
	LOFTHOUSE BAKERY PRODUCTS, INC.
	MEDALLION FOODS, INC.
	PARCO FOODS, L.L.C.
	COTTAGE BAKERY, INC.
	BLOOMFIELD BAKERS, A CALIFORNIA LIMITED PARTNERSHIP
	LOVIN OVEN, LLC
	HARVEST MANOR FARMS, LLC
	POST FOODS, LLC
	AMERICAN ITALIAN PASTA COMPANY
		
	By:	 	  

		
	Name:	 	Scott Monette
		
	Title:	 	Treasurer of each of the above entities on behalf of each of the above entities

 Schedule 3.08 

[To be Provided by Ralcorp]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]