Document:

Form of Non-Management Director Non-Qualified Stock Option Agreement

 Exhibit 10.7 
 NON-MANAGEMENT DIRECTOR 
 NON-QUALIFIED STOCK OPTION AGREEMENT

 Post Holdings, Inc. (the “Company”), effective
                     , 20         (“Grant Date”), grants to [NAME] (“Optionee”) this
Non-Qualified Stock Option (the “Option”) to purchase a total of                     shares of its Stock at an exercise price of
$             (“Exercise Price”) per share pursuant to the Post Holdings, Inc. 2012 Long-Term Incentive Plan (the “Plan”). Subject to the provisions of the Plan and the
following terms, Optionee may exercise this Option from time to time as set forth below by tendering to the Company (or its designated agent), irrevocable written notice of exercise, which will state the number of Shares under the Option to be
exercised, together with the Exercise Price in either cash or, if the Committee so permits, in Shares at the Fair Market Value. Notwithstanding the foregoing, if the Committee so permits, the Exercise Price may be payable through a net or cashless
exercise as permitted by the Committee or through such other methods or forms as the Committee may approve in its discretion subject to such rules and procedures as it may establish. 

NOW THEREFORE, the Company and Optionee agree, for and in consideration of the terms hereof, as follows: 

 

	1.	Exercise—This Option shall become fully exercisable [three years] from the Grant Date. Upon the exercise, the Optionee may sell enough shares to cover
current Federal and state income tax obligations on the exercise of the shares with the remaining shares to be held by the Optionee until he or she ceases serving as a Director of the Company. Subject to the provisions of the Plan and any vesting
and other terms herein, the Option remains exercisable through the tenth anniversary of the Grant Date (“Expiration Date”), unless the Optionee is no longer providing services to the Company, in which case the Option is exercisable only if
permitted by, and in accordance with, the provisions of paragraph 2 below. 

  

	2.	Accelerated Exercise—Notwithstanding the above, this Option shall become exercisable in full before the normal exercise date set forth in paragraph 1 upon
the occurrence of any of the events set forth below while Optionee is providing services to the Company (“Accelerating Event”) and shall remain exercisable for the periods specified below or until the Expiration Date, whichever occurs
first. Thereafter, the unexercised portion of this Option is forfeited and may not be exercised. Accelerating Events include the following: 

  

	 	a.	Optionee’s death (exercisable for three years); 

  

	 	b.	Optionee’s voluntary termination or retirement (whether pursuant to any mandatory retirement provision of the Company’s Articles of Incorporation, Bylaws or
Board resolution, or otherwise) at or after attainment of age 72 (exercisable for three years); 

  

	 	c.	Optionee’s voluntary termination due to mental or physical impairment resulting in his inability to serve as a Director (exercisable for three years);

	 	d.	Occurrence of a Change in Control Date while serving as a Director (exercisable upon an occurrence of a Change in Control Date and for six months after the Change in
Control Date); or 

  

	 	e.	Optionee’s voluntary termination, or termination due to expiration of Optionee’s term without re-election to a subsequent term, other than under circumstances
set forth in paragraphs 2.b., 2.c., or 2.d. (exercisable for 90 days). 

  

	3.	Forfeiture—Notwithstanding anything to the contrary contained in the Plan, this Option is subject to forfeiture if Optionee is removed from his or her
position as a Director for cause in accordance with the Company’s Articles and Bylaws and the corporation laws of the State of Missouri or if Optionee fails to exercise this Option within the appropriate period set forth in paragraph 2, but
shall not be subject to forfeiture for any other reason. Following forfeiture, no portion of this Option may be exercised. 

  

	4.	This Non-Qualified Stock Option Agreement shall be governed by the laws of the State of Missouri without reference to the conflict of laws provisions thereof. The
Optionee shall be solely responsible to seek advice as to the laws of any jurisdiction to which he or she may be subject, and participation by the Optionee in the Plan shall be on the basis of a warranty by the Optionee that he or she may lawfully
so participate without the Company being in breach of the laws of any such jurisdiction. 

  

	5.	No amendment or modification of this Option shall be valid unless the same shall be in writing and signed by the Company and Optionee. The foregoing, however, shall not
prevent the Company from amending or modifying the Plan except that no such amendment or modification shall adversely affect the Optionee’s rights under this Non-Qualified Stock Option Agreement. 

 

	6.	During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee. The Option shall not be assignable or transferable other than by will or by
the laws of descent and distribution. Notwithstanding the foregoing, the Optionee may request authorization from the Committee to assign his or her rights with respect to the Option granted herein to a trust or custodianship, the beneficiaries of
which may include only the Optionee, the Optionee’s spouse or the Optionee’s lineal descendants (by blood or adoption), and, if the Committee grants such authorization, the Optionee may assign his or her rights accordingly. In the event of
any such assignment, such trust or custodianship shall be subject to all the restrictions, obligations, and responsibilities as apply to the Optionee under the Plan and this Agreement and shall be entitled to all the rights of the Optionee under the
Plan. 

  
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	 ACKNOWLEDGED
 AND
ACCEPTED:
	 		 	POST HOLDINGS, INC.
				
	 	 		 	BY: 	 	 
	[NAME], Optionee	 		 		 	 [NAME]

Secretary

		 		 		 	
	 	 		 		 	
	Date	 		 		 	

  
 3Post Holdings, Inc. Deferred Compensation Plan for Key Employees, as amended

 Exhibit 10.8 
 POST HOLDINGS, INC. 
 DEFERRED COMPENSATION PLAN 

FOR KEY EMPLOYEES 
 (Effective January 1, 2012) 

 POST HOLDINGS, INC.  

DEFERRED COMPENSATION PLAN 
 FOR KEY EMPLOYEES 

(Effective as of January 1, 2012) 

TABLE OF CONTENTS 
  

							
	 	  	Page	 
	 PREAMBLE
	  	 	1	  
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
	    1.1	 	“Account”	  	 	2	  
	    1.2	 	“Acquiring Person”	  	 	2	  
	    1.3	 	“Affiliate” or “Associate”	  	 	2	  
	    1.4	 	“Allocation Date”	  	 	2	  
	    1.5	 	“Beneficiary”	  	 	2	  
	    1.6	 	“Board”	  	 	2	  
	    1.7	 	“Change in Control”	  	 	2	  
	    1.8	 	“Code”	  	 	2	  
	    1.9	 	“Committee”	  	 	2	  
	    1.10	 	“Company”	  	 	2	  
	    1.11	 	“Company Matching Contributions”	  	 	3	  
	    1.12	 	“Continuing Director”	  	 	3	  
	    1.13	 	“Deferral Election”	  	 	3	  
	    1.14	 	“Effective Date”	  	 	3	  
	    1.15	 	“Eligible Employee”	  	 	3	  
	    1.16	 	“Executive Savings Investment Plan”	  	 	3	  
	    1.17	 	“Fund”	  	 	3	  
	    1.18	 	“Participant”	  	 	3	  
	    1.19	 	“Performance-Based Compensation”	  	 	4	  
	    1.20	 	“Plan”	  	 	4	  
	    1.21	 	“Ralcorp Amounts”	  	 	4	  
	    1.22	 	“Plan Year”	  	 	4	  
	    1.23	 	“Retirement”	  	 	4	  
	    1.24	 	“Rollover Amounts”	  	 	4	  
	    1.25	 	“Separation from Service”	  	 	4	  
	    1.26	 	“SIP”	  	 	5	  
	    1.27	 	“Stock”	  	 	5	  
	    1.28	 	“Termination for Cause”	  	 	6	  
	    1.29	 	“Unforeseeable Emergency”	  	 	6	  
	    1.30	 	“Rules of Construction”	  	 	6	  

  
 i 

  

							
	 ARTICLE II PARTICIPATION IN THE PLAN
	  	 	7	  
	    2.1	  	Eligibility	  	 	7	  
	    2.2	  	Commencement of Participation	  	 	7	  
		
	ARTICLE III ACCOUNTS	  	 	8	  
	    3.1	  	Deferral Election	  	 	8	  
	    3.2	  	Deferral Period	  	 	9	  
	    3.3	  	Account Reflecting Deferred Compensation	  	 	9	  
	    3.4	  	Credits or Charges	  	 	9	  
	    3.5	  	Company Matching Deferral	  	 	10	  
	    3.6	  	Investment, Management and Use	  	 	11	  
	    3.7	  	Valuation of Stock	  	 	12	  
	    3.8	  	Rollover Amounts	  	 	12	  
		
	 ARTICLE IV FUNDS
	  	 	13	  
	    4.1	  	Fund Selection	  	 	13	  
	    4.2	  	Transfer	  	 	13	  
		
	 ARTICLE V DISTRIBUTION OF ACCOUNT
	  	 	14	  
	    5.1	  	Time of Distribution	  	 	14	  
	    5.2	  	Amount Distributed	  	 	15	  
	    5.3	  	Method of Distribution	  	 	15	  
	    5.4	  	Form of Payment	  	 	16	  
	    5.5	  	Distribution Upon Death	  	 	16	  
	    5.6	  	Designation of Beneficiary	  	 	16	  
		
	 ARTICLE VI NON-ASSIGNABILITY
	  	 	17	  
	    6.1	  	Non-Assignability	  	 	17	  
		
	 ARTICLE VII VESTING
	  	 	18	  
	    7.1	  	Vesting	  	 	18	  
		
	 ARTICLE VIII AMENDMENT OR TERMINATION OF THE PLAN
	  	 	19	  
	    8.1	  	Power to Amend Plan	  	 	19	  
	    8.2	  	Distribution of Plan Benefits Upon Termination	  	 	19	  
	    8.3	  	When Amendments Take Effect	  	 	19	  
	    8.4	  	Restriction on Retroactive Amendments	  	 	19	  
		
	 ARTICLE IX PLAN ADMINISTRATION
	  	 	20	  
	    9.1	  	Powers of the Committee	  	 	20	  
	    9.2	  	Indemnification.	  	 	20	  
	    9.3	  	Claims Procedure	  	 	21	  
	    9.4	  	Expenses	  	 	22	  
	    9.5	  	Conclusiveness of Action	  	 	23	  
	    9.6	  	Release of Liability	  	 	23	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	24	  
	    10.1	  	Plan Not a Contract of Employment	  	 	24	  

  
 ii 

  

							
	    10.2	  	No Rights Under Plan Except as Set Forth Herein; Unsecured General Creditor Status	  	 	24	  
	    10.3	  	Rules	  	 	24	  
	    10.4	  	Withholding of Taxes	  	 	24	  
	    10.5	  	Severability	  	 	24	  
	    10.6	  	409A Compliance	  	 	24	  
	    10.7	  	Participant Responsibility	  	 	25	  

  
 iii

 POST HOLDINGS, INC. 

DEFERRED COMPENSATION PLAN 
 FOR KEY EMPLOYEES 
 (Effective as of
January 1, 2012) 
 PREAMBLE 
 Ralcorp Holdings, Inc. (“Ralcorp”) maintained the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key Employees (the “Ralcorp Plan”). Ralcorp intends to distribute on a pro rata
basis to the holders of Ralcorp’s common stock at least 80% of the outstanding shares of Post Holdings, Inc. (the “Company”) common stock owned by Ralcorp (“Spin-Off”). The Company hereby adopts the Post Holdings, Inc.
Deferred Compensation Plan for Key Employees effective January 1, 2012 (“Effective Date”), subject to the completion of the Spin-Off. 
 As of the Spin-Off, account balances of the Company’s employees and former employees under the Ralcorp Plan are hereby converted into account balances under this Plan upon terms and conditions
approved by the Committee, and the Company is responsible under this Plan for the payment of all liabilities and obligations for benefits unpaid with respect to all such transferred accounts. 
 The Plan as set out herein is intended to be an unfunded retirement plan for a select group of management or highly compensated employees which, for deferrals after December 31, 2004, meets the
requirements of Section 409A of the Code. Deferrals prior to January 1, 2005 that are intended to be grandfathered under Section 409A of the Code are not governed by, covered under, or otherwise subject to the terms of this document.

 The purpose of the Plan is to enhance the profitability and value of the Company for the benefit of its shareholders by providing a
supplemental retirement program to attract, retain and motivate selected employees who make important contributions to the success of the Company. 

  
 1 

 ARTICLE I 
 DEFINITIONS 
 As used in this Plan, the following capitalized words and
phrases have the meanings indicated, unless the context requires a different meaning: 
 1.1 “Account”
means the bookkeeping account established for each Participant to reflect amounts credited to such Participant under the Plan, including any subaccount(s) established by the Committee to record different types of credits. 

1.2 “Acquiring Person” means any person or group of Affiliates or Associates who is or becomes the beneficial
owner, directly or indirectly, of 20% or more of the outstanding Stock. 
 1.3 “Affiliate” or
“Associate” shall have the meanings set forth as of March 1, 1994 in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended. 

1.4 “Allocation Date” means each day the New York Stock Exchange is open for business. 

1.5 “Beneficiary” means the person or persons designated by a Participant, or otherwise entitled, to receive any
amount credited to his Account that remains undistributed at his death. 
 1.6 “Board” means the Board
of Directors of the Company. 
 1.7 “Change in Control” means the time when (i) any person, either
individually or together with such person’s Affiliates or Associates, shall become the beneficial owner, directly or indirectly, of more than 50% of the outstanding Stock and there shall have been a public announcement of such occurrence by the
Company or such person or (ii) during any twelve (12) month period individuals who shall qualify as Continuing Directors shall have ceased for any reason to constitute at least a majority of the Board; provided, however, that in the case
of either clause (i) or clause (ii), a Change in Control shall not be deemed to have occurred if the event shall have been approved prior to the occurrence thereof by a majority of the Continuing Directors who shall then be members of the
Board. Notwithstanding anything to the contrary, an event shall not be a Change in Control if it is not a change in control as that term is used in Section 409A of the Code. 

1.8 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

1.9 “Committee” means the Corporate Governance and Compensation Committee of the Board. 

1.10 “Company” means Post Holdings, Inc., a Missouri corporation, and any successor thereto. 

  
 2 

 1.11 “Company Matching Contributions” means the Company
contributions described in Section 3.5. 
 1.12 “Continuing Director” means any member of the Board
of Directors of Post Holdings, Inc., while such person is a member of such Board, who is not an Affiliate or Associate of an Acquiring Person or of any such Acquiring Person’s Affiliate or Associate and was a member of such Board prior to the
time when such Acquiring Person became an Acquiring Person, and any successor of a Continuing Director, while such successor is a member of such Board, who is not an Acquiring Person or an Affiliate or Associate of an Acquiring Person or a
representative or nominee of an Acquiring Person or of any Affiliate or Associate of such Acquiring Person and is recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. 

1.13 “Deferral Election” means an agreement between a Participant and the Company under which the Participant
agrees to a deferral of his annual bonus, Performance-Based Compensation or other compensation in accordance with Section 3.1 as follows: 
 (a) a specified percentage (from 1% to 100%) of a Participant’s bonus, Performance-Based Compensation or other compensation; 

(b) all of a Participant’s bonus, Performance-Based Compensation or other compensation up to a specified dollar
amount; or 
 (c) all of a Participant’s bonus, Performance-Based Compensation or other compensation in
excess of a specified dollar amount. 
 1.14 “Effective Date” means January 1, 2012. 

1.15 “Eligible Employee” means an employee of the Company, or except as provided below an employee of a
subsidiary of the Company, who is a member of a select group of management or highly compensated employees and who is eligible to receive a bonus, Performance-Based Compensation or other compensation, in the discretion of the Committee, from the
Company or from a subsidiary of the Company. An employee of a subsidiary of the Company shall not be an Eligible Employee unless the Chief Executive Officer of the Company has extended this Plan to such subsidiary. 

1.16 “Executive Savings Investment Plan” means the Post Holdings, Inc. Executive Savings Investment Plan.

 1.17 “Fund” means one or more of the measurement investment funds available under the Plan for
purposes of crediting or debiting hypothetical investment gains and losses to the Accounts of Participants. The investment funds available under the Plan shall be identical to the extent possible to those approved by the Employee Benefit Trustees
Committee under the SIP. Each Fund shall be subject to all terms, conditions and fees established from time to time by the Fund sponsor. 
 1.18 “Participant” means any Eligible Employee who satisfies the conditions for participation in the Plan set forth in Section 2.1. In addition, Participant means any current
or 

  
 3 

 
former employee of the Company or its subsidiaries whose name is listed on Appendix I hereto, to the extent an Account is credited with Ralcorp Amounts on behalf of such individual under this
Plan. 
 1.19 “Performance-Based Compensation” means Compensation that constitutes performance-based
compensation as defined by Section 409A of the Code and the regulations thereunder. 
 1.20 “Plan”
means the Post Holdings, Inc. Deferred Compensation Plan for Key Employees, as originally adopted and as from time to time amended. 
 1.21 “Plan Year” means the accounting year of the Plan, which ends on December 31. 
 1.22 “Ralcorp Amounts” means amounts credited to the Plan in accordance with Section 3.3. 
 1.23 “Retirement” means an Employee’s Separation from Service following attainment of age 62. 
 1.24 “Rollover Amounts” means amounts credited to the Plan in accordance with Section 3.8. 
 1.25 “Separation from Service” means the date a Participant separates from service within the meaning of Code Section 409A. Generally, a Participant separates from service if
the Participant dies, retires, or otherwise has a termination of employment with the Company determined in accordance with the following: 
 (a) Leaves of Absence. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such
leave does not exceed six (6) months, or, if longer, so long as the Participant retains a right to reemployment with the Company under an applicable statute or by contract. A leave of absence constitutes a bona fide leave of absence only if
there is a reasonable expectation that the Participant will return to perform services for the Company. If the period of leave exceeds six (6) months and the Participant does not retain a right to reemployment under an applicable statute or by
contract, the employment relationship is deemed to terminate on the first date immediately following such six (6) month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Participant to be unable to perform the duties of his or her position of
employment or any substantially similar position of employment, a twenty-nine (29) month period of absence shall be substituted for such six (6)-month period. 

(b) Dual Status. Generally, if a Participant performs services both as an employee and an independent contractor,
such Participant must separate from service both as an employee, and as an independent contractor pursuant to standards set forth in Treasury Regulations, to be treated as having a separation from service. However,

  
 4 

 
if a Participant provides services to the Company as an employee and as a member of the Board, and if any plan in which such person participates as a Board member is not aggregated with this Plan
pursuant to Treasury Regulations section 1.409A-1(c)(2)(ii), then the services provided as a director are not taken into account in determining whether the Participant has a separation from service as an employee for purposes of this Plan.

 (c) Termination of Employment. Whether a termination of employment has occurred is determined based on
whether the facts and circumstances indicate that the Company and the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after
such date (whether as an employee or as an independent contractor, except as provided in section 1.25(b) would permanently decrease to no more than twenty (20) percent of the average level of bona fide services performed (whether as an employee
or an independent contractor, except as provided in section 1.25(b) over the immediately preceding thirty-six (36)-month period (or the full period of services to the Company if the Participant has been providing services to the Company less than
thirty-six (36) months). For periods during which a Participant is on a paid bona fide leave of absence and has not otherwise terminated employment as described above, for purposes of this paragraph (c), the Participant is treated as providing
bona fide services at a level equal to the level of services that the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an unpaid bona
fide leave of absence and has not otherwise terminated employment are disregarded for purposes of this subsection (c) (including for purposes of determining the applicable thirty-six (36)-month (or shorter) period). For the avoidance of doubt,
no Participant shall be treated as incurring a Separation from Service, termination of employment, retirement, or other similar event for purposes of determining the right to distribution, vesting, benefits, or any other purpose under the Plan as a
result of the Spin-Off (as defined in the Preamble). 
 (d) Service with Related Companies. For purposes
of determining whether a Separation from Service has occurred, the “Company” shall include the Company or a subsidiary, as applicable, and any other entity that is aggregated with the Company or such subsidiary pursuant to Code section
414(b) or (c). 
 1.26 “SIP” means the Post Holdings, Inc. Savings Investment Plan. 

1.27 “Stock” means the Company’s $.01 par value common stock or any such other security outstanding upon the
reclassification of the Company’s common stock, including, without limitation, any Stock, split-up, Stock dividend, or other distributions of stock in respect of Stock, or any reverse Stock split-up, or recapitalization of the Company or any
merger or consolidation of the Company with any Affiliate, or any other transaction, whether or not with or into or otherwise involving an Acquiring Person. 

  
 5 

 1.28 “Termination for Cause” means a Participant’s termination
of employment with the Company because the Participant willfully engaged in gross misconduct; provided, however, that a “Termination for Cause” shall not include a termination attributable to: 

(a) poor work performance, bad judgment or negligence on the part of the Participant; or 

(b) an act or omission reasonably believed by the Participant in good faith to have been in or not opposed to the best
interests of his employer and reasonably believed by the Participant to be lawful. 
 1.29 “Unforeseeable
Emergency” means a severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152 without regard to 152(b)(1), (b)(2)
and (d)(1)(B)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The Committee will
determine the existence of an Unforeseeable Emergency, based on the supporting facts, circumstances, and documentation provided by the Participant. 
 1.30 “Rules of Construction” 
 (a)
Governing law. The construction and operation of this Plan are governed by the laws of the State of Missouri. 
 (b) Headings. The headings of Articles, Sections and Subsections are for reference only and are not to be utilized in construing the Plan. 

(c) Gender. Unless clearly inappropriate, all pronouns of whatever gender refer indifferently to persons or objects
of any gender. 
 (d) Singular and plural. Unless clearly inappropriate, singular items refer also to the
plural and vice versa. 
 (e) Severability. If any provision of this Plan is held illegal or invalid for
any reason, the remaining provisions are to remain in full force and effect and to be construed and enforced in accordance with the purposes of the Plan as if the illegal or invalid provision did not exist. 

[The remainder of this page is intentionally left blank] 

  
 6 

 ARTICLE II 
 PARTICIPATION IN THE PLAN 
 2.1 Eligibility. Participation in
the Plan shall be limited to Eligible Employees. If the Committee determines that a Participant no longer qualifies as being a member of a select group of management or highly compensated employees, the Participant shall cease to be eligible to make
Deferral Elections, but will continue to participate in the Plan with respect to existing amounts credited to his Account. A Committee determination that a Participant is no longer eligible may not result in a mid-year rescission of a Deferral
Election. 
 2.2 Commencement of Participation. To participate in the Plan, an Eligible Employee
shall defer a bonus, Performance-Based Compensation or other compensation earned during a Plan Year by making a Deferral Election with respect to such bonus, Performance-Based Compensation or other compensation, in the manner set forth in
Section 3.1. 
 [The remainder of this page is intentionally left blank] 

  
 7 

 ARTICLE III 
 ACCOUNTS 
 3.1 Deferral Election 

(a) Annual Bonus. Prior to each Plan Year, a Participant may execute a Deferral Election under which he may elect
to defer all or a portion of his annual bonus earned during such Plan Year. A Deferral Election is irrevocable upon the beginning of the Plan Year (or the period otherwise described below in this Section 3.1(a)) to which it applies.
Notwithstanding the foregoing, an individual who first becomes an Eligible Employee subsequent to the first day of any Plan Year (and was not previously eligible to participate in a plan which is treated with this Plan as one plan under Treasury
Regulation section 1.409A-1(c)(2)) may make a Deferral Election, applicable to the period from the Eligible Employee’s initial entry date to the end of the Plan Year, provided the Deferral Election is made within 30 days of becoming an Eligible
Employee and prior to the performance of services by a Participant for the period covered by the election. Each Deferral Election shall be in a form designated by the Committee. 

(b) Performance-Based Compensation. Notwithstanding subsection (a) above, in the case of a Deferral Election
to defer compensation which is Performance-Based Compensation, as defined herein, a Deferral Election must be made no later than the date (as determined by the Committee) that is six months before the end of the performance period, provided that
(1) the Participant continuously performs services from the later of the beginning of the performance period or the date the performance criteria are established through the date the Participant makes his Deferral Election and (2) the
Performance-Based Compensation is not substantially certain to be paid and is not readily ascertainable as of the date of such Deferral Election. 
 (c) Other Compensation. Notwithstanding subsections (a) and (b) above, in the discretion of the Committee, a Participant may execute a Deferral Election with respect to certain
forfeitable rights in a manner consistent with Section 409A including: (1) a legally binding right to a payment of other compensation in a subsequent year provided that, (2) the payment of compensation is subject to a forfeiture
condition requiring the Participant’s continued services for a period of at least 12 months from the date the Participant obtains the legally binding right, (3) the Deferral Election is made within 30 days after the Participant obtains the
legally binding right to the compensation, and (4) the Deferral Election is made at least 12 months in advance of the earliest date at which the forfeiture condition could lapse. 

(d) Continuation of Elections. On the date of the Spin-Off, all deferral elections in effect under the Ralcorp
Holdings, Inc. Deferred Compensation Plan for Key Employees with respect to Participants listed on Appendix I hereto shall transfer to, be recognized as a Deferral Election by, and remain in effect for the year or other applicable period to which it
relates under this Plan. 

  
 8 

 3.2 Deferral Period. A Participant shall specify on a distribution election
form, approved by the Committee, on or before the Deferral Election which of the following times the bonus, Performance-Based Compensation or other compensation shall be paid: 

(a) Short-term deferral: in January of the year following the year the bonus would have been paid in the absence of the
Deferral Election, the performance period ends, or the forfeiture condition lapses, as applicable. 
 (b)
Deferral until a specified date: the last day of a calendar month that is at least three years after the date the bonus would have been paid in the absence of the Deferral Election, the performance period ends, or the forfeiture condition lapses, as
applicable. 
 (c) Deferral until Separation from Service. 

3.3 Account Reflecting Deferred Compensation. The Committee shall establish and maintain a separate Account
for each Participant which shall reflect the amount of the Participant’s total contributions under this Plan and all credits or charges under Section 3.4 from time to time. All amounts credited or charged to a Participant’s Account
hereunder shall be in a manner and form determined within the sole discretion of the Committee. The amount of a Participant’s annual bonus, Performance-Based Compensation or other compensation deferred by a Deferral Election shall be credited
to the Participant’s Account as soon as administratively practicable. The amount credited to an account under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key Employees as of the Spin-Off with respect to a Participant listed on
Appendix I shall be credited to such Participant’s Account as Ralcorp Amounts under this Plan in a separate bookkeeping sub-account and shall include earnings and losses credited pursuant to Section 3.4. Ralcorp Amounts shall be invested
in accordance with Section 3.6 and Article IV and distributed in accordance with Article V. On and after the Spin-Off, the Company shall assume all liabilities relating to the Ralcorp Amounts, and Ralcorp Holdings, Inc. and its affiliates shall
have no liability therefor. 
 3.4 Credits or Charges 

(a) Earnings or Losses. As of each Allocation Date during a Plan Year, a Participant’s Account shall be
credited or debited with earnings or losses, if any, equal to the earnings, gain or loss on the Funds indicated as preferred by a Participant for the Plan Year or for the portion of such Plan Year in which the Account is deemed to be invested.

 (b) Balance of Account. As of each Allocation Date, the amount credited to a Participant’s Account
shall be the amount credited to his Account as of the immediately preceding Allocation Date, plus the Participant’s contribution credits since the immediately preceding Allocation Date, minus any amount that is paid to or on behalf of a
Participant pursuant to this Plan subsequent to the immediately preceding Allocation Date, plus or minus any hypothetical investment gains or losses determined pursuant to Section 3.4(a) above. 

  
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 3.5 Company Matching Deferral 

(a) Committee Discretion. The Committee may determine that a Company matching contribution described in this
Section 3.5 shall be made with respect to Participant deferrals for any specific fiscal year of the Company. Absent such determination with respect to any such fiscal year deferrals, no Participant shall be entitled to the Company matching
contribution described herein. The amount of matching contribution shall be equal to a percentage (as determined by the Committee) of a Participant’s compensation that is deferred pursuant to such Deferral Election and credited to the Post
Holdings, Inc. Common Stock Fund, up to a maximum percentage of Participant’s compensation as determined by the Committee. Such Company matching contributions and all earnings thereon are hereinafter referred to as “Company Matching
Contributions.” Company Matching Contributions for a Participant shall be credited to the Participant’s Matching Contributions Account at the same time as Deferral Election amounts are credited pursuant to Section 3.3. 

(b) Vesting. Vesting for Company Matching Contributions shall be governed by this paragraph: 

(1) A Participant’s Company Matching Contribution and related hypothetical earnings shall not vest until the
Participant has been employed by the Company for a period of at least five years following the relevant date of crediting with respect to such Company Matching Contribution. Prior service recognized for vesting purposes under the Ralcorp Holdings,
Inc. Deferred Compensation Plan for Key Employees as of the Spin-Off shall be counted as years of service for vesting under this Plan. 
 The non-vested portion of a Participant’s Company Matching Contributions shall be forfeited upon a Participant’s Separation from Service; provided, however, that (a) if a Participant’s
Separation from Service is by reason of Retirement, the Participant’s otherwise non-vested Company Matching Contributions and related hypothetical earnings shall be deemed 100% vested if the Participant’s Company Matching Contributions
have been invested in the Company Stock Fund for at least one year from the date the Company credited the Company Matching Contributions to the Participant’s Matching Contributions Account; or (b) if a Participant becomes disabled, as is
determined by the Committee, or the Participant’s Separation of Service is by reason of death or involuntary termination other than Termination for Cause, the Participant’s otherwise non-vested Company Matching Contributions and related
hypothetical earnings shall be deemed 100% vested. 
 (2) In addition, if at any time prior to the date that is
two years after a Participant’s Separation from Service prior to age 62, the Committee determines that the Participant has engaged in competition with the Company or any Affiliate 

  
 10 

 
or has engaged in any activity or conduct contrary to the best interests of the Company or an Affiliate, the Participant’s right to his or her Company Matching Contributions Account shall be
forfeited and the Participant shall promptly, upon written demand by the Company, remit to the Company all amounts paid to him or her upon termination. The determination that a Participant is engaging in competition with the Company or an Affiliate
shall be made by the Committee in its sole and absolute discretion. In exercising its discretion, the Committee shall consider, among other factors, the nature of the competitive activity, the potential harm to the Company or an Affiliate which may
result from the competitive activity, the Participant’s ability to find non-competitive employment and the Participant’s financial need. Upon request, the Committee shall advise a Participant whether it deems an activity in which the
Participant proposes to engage to be a competitive activity. 
 (3) Notwithstanding the above, however, upon a
Change in Control there will be no forfeiting of Company Matching Contributions in the event of a Participant’s engaging in competition with the Company. Notwithstanding anything else contained herein, in the event of a Change in Control,
Company Matching Contributions and related hypothetical earnings shall vest in their entirety and shall not be subject to forfeiture. 
 (4) Matching contributions under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key Employees credited as Ralcorp Amounts shall be subject to the foregoing vesting provisions of this Section as
though such matching contributions were Company Matching Contributions under this Plan, provided that the original date of crediting under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key Employees with respect to such matching
contributions shall be deemed to be the relevant date of crediting for purposes of determining any vesting under this Plan. 
 (c) Investment of Company Matching Contributions. All Company Matching Contributions credited to a Participant shall be deemed to be invested in the Post Holdings, Inc. Common Stock Fund.

 (d) Form of distribution. Any distribution with respect to Company Matching Contributions that remain
invested in the Common Stock Fund shall be in Stock, with cash for any fractional shares, unless the Committee in its discretion changes the form of distribution to all cash or any other combination of Stock and cash. 

(e) Change in Control. Upon a Change in Control, all amounts deemed to be invested in the Post Holdings, Inc.
Common Stock Fund shall be immediately converted to the Fund that is a money market fund. 
 3.6 Investment, Management
and Use. The Company shall have sole control and discretion over the investment, management and use of all amounts credited to a Participant’s Account until such amounts are distributed pursuant to Article V.
Notwithstanding any other 

  
 11 

 
provision of this Plan or any notice, statement, summary or other communication provided to a Participant that may be interpreted to the contrary, the Funds are to be used for measurement
purposes only, and a Participant’s election of any such Fund, the determination of credits and debits to his Account based on such Funds, the Company’s actual ownership of such Funds, and any authority granted under this Plan to a
Participant to change the investment of the Company’s assets, if any, may not be considered or construed in any manner as an actual investment of the Account in any such Fund or to constitute a funding of this Plan. 

3.7 Valuation of Stock . In any situation in which it is necessary to value Stock, the value of the Stock
shall be the closing price as reported by the New York Stock Exchange—Composite Transactions on the date in question, or, if the Stock is not quoted on such composite tape or if the Stock is not listed on such exchange, on the principal United
States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the Stock is listed, or if the Stock is not listed on any such exchange, the average of the closing bid quotations with respect to a share of the
Stock during the ten (10) days immediately preceding the date in question on the National Association of Securities Dealers, Inc. Automated Quotations System or any system then in use, or if no such quotations are available, the fair market
value on the date in question of a share of the Stock as determined by a majority of the Continuing Directors in good faith. 

3.8 Rollover Amounts . If the Company acquires an operation that sponsored a nonqualified deferred
compensation plan under which Participants have accounts, the amount credited to a Participant’s account under such acquired operation’s nonqualified deferred compensation plan may, in the sole and absolute discretion of the Company, be
credited to the Participant’s Account under this Plan in a separate bookkeeping sub-account and shall include earnings and losses credited pursuant to Section 3.4. Rollover Amounts shall be invested in accordance with Sections 3.6 and
Article IV and distributed in accordance with Article V. 
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 ARTICLE IV 
 FUNDS 
 4.1 Fund Selection. Except for short-term
deferrals described in Section 3.2(a) and Company Matching Contributions described in Section 3.5, the rate at which earnings and losses shall be credited to a Participant’s Account shall be determined in accordance with one or more
Funds selected by the Participant; if a Participant does not select a Fund the Fund applicable for that Participant shall be the Fund that is a money market fund. Short-term deferrals shall be credited earnings at the rate of the Fund which is a
money market fund. Notwithstanding anything to the contrary, a Participant shall have one election in effect at any given time that applies to Fund selections under both this Plan and the Executive Savings Investment Plan, and the most recent Fund
selection under either this Plan or the Executive Savings Investment Plan shall apply to and shall supersede any previous Fund selection under the other plan. Fund selections recognized under the Ralcorp Holdings, Inc. Deferred Compensation Plan for
Key Employees immediately prior to the Spin-Off shall be recognized under this Plan until superseded or otherwise changed in accordance with this Plan; provided however, that Ralcorp Amounts deemed invested in the Ralcorp Holdings, Inc. stock fund
immediately prior to the Spin-Off shall be deemed invested in a Fund selected by the Committee until the Participant elects a replacement Fund (if and to the extent permitted by the Committee). If a Fund elected by a Participant is removed, a Fund
selected by the Employee Benefit Trustees Committee under the SIP shall apply in its place until the Participant elects a replacement Fund. For purposes of calculating earnings and losses attributable to a Fund, any amount shall be deemed to be
invested in the Fund as of the date determined appropriate by the Committee. 
 4.2 Transfer.
Subject to any limitations set forth herein and/or established by the Committee from time to time, a Participant may transfer amounts between Funds as of the close of each business day. The Committee has discretion to set any limitations on
the transfer of such funds as it deems necessary or desirable under applicable laws and regulations or to ensure the orderly operation of the Plan. With respect to the Company Stock Fund, the following limitations shall apply: 

(a) Amounts transferred from a Fund into the Company Stock Fund may not be transferred out of the Company Stock Fund;

 (b) Amounts deferred and directed into the Company Stock Fund that are subject to a Company Matching
Contribution and the related vested Company Matching Contribution may be exchanged between the Company Stock Fund and any other Fund but such ability to transfer does not alter the vesting requirements of the Plan; and 

(c) All other amounts deferred directly into the Company Stock Fund may not be transferred to any other Fund. 

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 ARTICLE V 
 DISTRIBUTION OF ACCOUNT 
 5.1 Time of Distribution.

 (a) General. Payment of the amount credited to a Participant’s Account shall be made or commence
upon the earlier of the following: 
 (i) the date specified in a distribution election form; 

(ii) a Change in Control (to the extent provided in an election form); 

(iii) the occurrence of an Unforeseeable Emergency; provided that a withdrawal with respect to an Unforeseeable Emergency
may not exceed the amount necessary to satisfy the emergency need, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through
reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets itself would not cause severe financial hardship); or 

(iv) Separation from Service. 
 (b) Specified Employee. Notwithstanding any provision of the Plan to the contrary, if a Participant is a “specified employee” within the meaning of Section 409A of the Code, no
portion of his or her Account shall be distributed on account of a Separation from Service before the earlier of (a) the date which is six (6) months following the date of the Participant’s Separation from Service, or (b) the
date of death of the Participant. Amounts that would have been paid during the delay will be paid on the first business day following the end of the six month delay. The Company’s specified employees shall be determined in accordance with the
special rules for spin-offs under Treas. Reg. Section 1.409A-1(i)(6)(iii), or any successor thereto, for the period indicated in such regulation. 
 (c) Deferred Time of Payment. In the discretion of the Committee, a Participant may elect to modify the form and time at which payment of his benefit shall be paid, in accordance with the
following: 
 (i) any such election must be received by the Committee or its designee no less than twelve
(12) months prior to the Participant’s scheduled payment date (or, in the case of annual installments pursuant to Section 5.3(b) or (c), twelve (12) months prior to the date the first amount was scheduled to be paid), if
applicable; 
 (ii) the election shall not take effect until twelve (12) months after the date on which the
new election is made; and 

  
 14 

 (iii) the payment with respect to which such election is made is deferred
for a period of not less than 5 years from the date the payment otherwise would have been made (or, in the case of annual installments pursuant to Section 5.3(b) or (c), 5 years from the date the first amount was scheduled to be paid).

 (d) Rollover Amounts. Notwithstanding anything to the contrary, but subject to Section 5.1(b), a
Participant’s Rollover Amounts shall be distributed at the time determined in accordance with the terms of the nonqualified deferred compensation plan sponsored by the acquired operation as of the date each such Rollover Amount became credited
under this Plan as a Rollover Amount. 
 (e) Ralcorp Elections. Notwithstanding anything to the contrary,
but subject to Section 5.1(b), Ralcorp Amounts shall be distributed at the time determined in accordance with the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key Employees as of the Spin-Off. Distribution elections effective under
such plan as of the Spin-Off with respect to Participants listed on Appendix I shall be recognized under this Plan, subject to permitted modifications as described herein. 

The Committee, in its discretion, may limit the number of times a Participant may modify his elected time of payment and
establish such other limitations as it deems advisable for the proper administration of the Plan. 

Notwithstanding anything to the contrary, a Participant shall have one election in effect at any given time that applies
to distributions under both this Plan and under the Executive Savings Investment Plan, and the most recent distribution election under either this Plan or the Executive Savings Investment Plan shall apply to and shall supersede any previous
distribution elections under the other plan. 
 5.2 Amount Distributed. The amount distributed to a Participant
shall be determined as of the Allocation Date as of which distribution is made, or as of the most recent Allocation Date preceding the date as of which distribution is made, pursuant to the Committee’s practice for different methods of
distributions, with actual payment occurring as soon as practicable thereafter. In the case of a deferral until a specified date, the amount paid will equal the lesser of the following: 

(a) the amount deferred; or 
 (b) the current value of the amount deferred determined as of the most recent Allocation Date preceding the date as of which distribution is made. 
 Notwithstanding anything to the contrary, a Participant’s Rollover Amounts shall be distributed in the method determined in accordance with the terms of the nonqualified deferred compensation plan
sponsored by the acquired operation as of the date each such Rollover Amount became credited under this Plan as a Rollover Amount. 
 5.3 Method of Distribution. Distribution under this Plan with respect to a short-term deferral and a deferral until a specified date shall be in a single payment in the form(s) determined
pursuant to Section 5.4. Distribution under this Plan with respect to a deferral until 

  
 15 

 
Separation from Service or a Change in Control may be made in any of the following forms elected by the Participant on his distribution election form, subject to change pursuant to
Section 5.1(c): 
 (a) Single payment in the form(s) determined pursuant to Section 5.4; 

(b) Annual installments over five years; or 

(c) Annual installments over ten years. 
 A Participant may elect a different method of distribution for a distribution upon a Change in Control than upon a Separation from Service. If a Participant does not make a timely election for the method
of distribution, his method of distribution shall be a single payment in the form(s) determined pursuant to Section 5.4. Notwithstanding anything to the contrary, a Participant’s Account shall be paid in a lump sum if the balance does not
exceed the dollar amount under Section 402(g)(1)(B) of the Code ($17,000 for 2012), and if the payment results in the termination and liquidation of the Participant’s entire interest under the Plan, and any other plans that are treated
with this Plan as one plan under Treasury Regulation section 1.409A-1(c)(2). Distribution election forms in effect under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key Employees immediately prior to the Spin-Off for Participants
listed on Appendix I shall be recognized under this Plan, subject to permitted modifications as described herein. 
 5.4
Form of Payment. All payments made pursuant to this Plan shall be in cash, except for amounts credited to the Post Holdings, Inc. Common Stock Fund, which shall be paid in Stock, subject in any case to the Committee’s discretion
to change the form of payment. 
 5.5 Distribution Upon Death. If a Participant dies before completing the payment
of his Account, the unpaid Account balance shall be paid to a Participant’s designated Beneficiary in a single payment in the form(s) determined pursuant to Section 5.4 within sixty (60) days following the Participant’s date of
death. 
 5.6 Designation of Beneficiary. A Participant shall designate a Beneficiary on a form to be supplied by
the Committee. The Beneficiary designation may be changed by the Participant at any time, but any such change shall not be effective until the Beneficiary designation form completed by the Participant is delivered to and received by the Committee.
In the event that the Committee receives more than one Beneficiary designation form from the Participant, the form bearing the most recent date shall be controlling. If the Committee does not have a valid Beneficiary designation of a Participant at
the time of the Participant’s death, then the Participant’s Beneficiary shall be the Participant’s estate. The beneficiary designation, if any, in effect under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key Employees
immediately prior to the Spin-Off with respect to Participants listed on Appendix I shall be recognized under this Plan and shall be deemed the Participant’s valid Beneficiary designation hereunder, subject to permitted changes as described
herein. 
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 ARTICLE VI 
 NON-ASSIGNABILITY 
 6.1 Non-Assignability. Neither a
Participant nor any Beneficiary of a Participant shall have any right to commute, sell, assign, pledge, transfer or otherwise convey the right to receive his Account until his Account is actually distributed to a Participant or his Beneficiary. The
portion of the Account which has not been distributed shall not be subject to attachment, garnishment or execution for the payment of any debts, judgments, alimony or separate maintenance and shall not be transferable by operation of law in the
event of bankruptcy or insolvency of a Participant or a Participant’s Beneficiary. 
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 ARTICLE VII 
 VESTING 
 7.1 Vesting. Each Participant shall be fully
(100%) vested in his Account balance attributable to Deferral Elections at all times. Vesting with respect to Company Matching Contributions and other matching contributions credited as Ralcorp Amounts is described in Section 3.5.

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 ARTICLE VIII 
 AMENDMENT OR TERMINATION OF THE PLAN 
 8.1 Power to Amend
Plan. The power to amend, modify or terminate this Plan at any time is reserved to the Committee, except that the Chief Executive Officer of the Company may make amendments to resolve ambiguities, supply omissions and cure defects, any
amendments deemed necessary or desirable to comply with federal tax law or regulations to avoid adverse tax consequences, and any other amendments deemed necessary or desirable, which shall be reported to the Committee. Notwithstanding the
foregoing, no amendment, modification or termination which would reasonably be considered to be adverse to a Participant or Beneficiary may apply to or affect the terms of any deferral of Compensation prior to the effective date of such amendment,
modification or termination, without the consent of the Participant or Beneficiary affected thereby. Any amendment made to this Plan shall be in accordance with Code section 409A and the regulations thereunder. Any amendment made in accordance with
this Section 8.1 is binding upon all Participants and their Beneficiaries, the Committee and all other parties in interest. 
 8.2 Distribution of Plan Benefits Upon Termination. Upon the full termination of the Plan, the Committee shall direct the distribution of the benefits of the Plan to the Participants in a
manner that is consistent with and satisfies the provisions of Article V and Section 409A of the Code to the extent applicable. 
 8.3 When Amendments Take Effect. A resolution amending or terminating the Plan becomes effective as of the date specified therein. 

8.4 Restriction on Retroactive Amendments. No amendment may be made that retroactively deprives a Participant of any
benefit accrued before the date of the amendment. 
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 ARTICLE IX 
 PLAN ADMINISTRATION 
 9.1 Powers of the Committee. In
carrying out its duties with respect to the general administration of the Plan, the Committee has, in addition to any other powers conferred by the Plan or by law, the following powers: 

(a) to determine all questions relating to eligibility to participate in the Plan; 

(b) to compute and certify to an appropriate party the amount and kind of distributions payable to Participants and their
Beneficiaries; 
 (c) to maintain all records necessary for the administration of the Plan that are not
maintained by any recordkeeper; 
 (d) to interpret the provisions of the Plan and to make and publish such rules
for the administration of the Plan as are not inconsistent with the terms thereof; 
 (e) to establish and modify
the method of accounting for the Plan; 
 (f) to employ counsel, accountants and other consultants to aid in
exercising its powers and carrying out its duties hereunder; and 
 (g) to perform any other acts necessary and
proper for the administration of the Plan. 
 9.2 Indemnification. 

(a) Indemnification of Members of the Committee by the Company. The Company agrees to indemnify and hold harmless
each member of the Committee against any and all expenses and liabilities arising out of his action or failure to act in such capacity, excepting only expenses and liabilities arising out of his own willful misconduct or gross negligence. This right
of indemnification is in addition to any other rights to which any member of the Committee may be entitled. 

(b) Liabilities for Which Members of the Committee are Indemnified. Liabilities and expenses against which a
member of the Committee is indemnified hereunder include, without limitation, the amount of any settlement or judgment, costs, counsel fees and related charges reasonably incurred in connection with a claim asserted or a proceeding brought against
him or the settlement thereof. 
 (c) Company’s Right to Settle Claims. The Company may, at its own
expense, settle any claim asserted or proceeding brought against any member of the Committee when such settlement appears to be in the best interests of the Company. 

  
 20 

 9.3 Claims Procedure. A Participant or Beneficiary or other person who feels
he is entitled to a benefit or right provided under the Plan (hereinafter referred to as “Claimant”) may make a claim, i.e., a request for benefits under this Plan, pursuant to the Committee’s procedures. 

(a) Company Action. The Company shall, within 90 days after its receipt of such claim, make its determination.
However, if special circumstances require an extension of time for processing the claim, the Company shall furnish the Claimant, within 90 days after its receipt of such claim, written notification of the extension explaining the circumstances
requiring such extension and the date that it is anticipated that such written statement will be furnished, and shall provide such Claimant with its determination not later than 180 days after receipt of the Claimant’s claim. 

In the event the claim is denied, the Company shall provide such Claimant a written statement of the Adverse Benefit Determination, as
defined in Subsection (d) below. The notice of Adverse Benefit Determination shall be delivered or mailed to the Claimant by certified or registered mail to his last known address, which statement shall contain the following: 

(i) the specific reason or reasons for Adverse Benefit Determination; 

(ii) a reference to the specific provisions of the Plan upon which the Adverse Benefit Determination is based; 

(iii) a description of any additional material or information that is necessary for the Claimant to perfect the claim;

 (iv) an explanation of why that material or information is necessary; and 

(v) an explanation of the review procedure provided below, including applicable time limits and a notice of a
Claimant’s rights to bring a legal action under ERISA after an Adverse Benefit Determination on appeal. 

(b) Procedures for Appealing an Adverse Benefit Determination. Within 60 days after receipt of a notice of an
Adverse Benefit Determination as provided above, if the Claimant disagrees with the Adverse Benefit Determination, the Claimant, or his authorized representative, may request, in writing, that the Committee review his claim and may request to appear
before the Committee for such review. If the Claimant does not request a review of the Adverse Benefit Determination within such 60 day period, he shall be barred and estopped from appealing the Company’s Adverse Benefit Determination. Any
appeal shall be filed with the Committee at the address prescribed by the Committee, and it shall be considered filed on the date it is received by the addressee. In deciding any appeal, the Committee shall act in its capacity as a named Fiduciary.

 The Claimant shall have the rights to: 

  
 21 

 (i) submit written comments, documents, records and other information
relating to the claim for benefits; 
 (ii) request, free of charge, reasonable access to, and copies of all
documents, records and other information relevant to his claim for benefits. 
 (c) Response on Appeal.
Within 60 days after receipt by the Committee of a written application for review of a Claimant’s claim, the Committee shall notify the Claimant of its decision by delivery or by certified or registered mail to his last known address; provided,
however, in the event that special circumstances require an extension of time for processing such application, the Committee shall so notify the Claimant of its decision not later than 120 days after receipt of such application. 

In the event the Committee’s decision on appeal is adverse to the Claimant, the Committee shall issue a written notice of an Adverse
Benefit Determination on Appeal that will contain all of the following information, in a manner calculated to be understood by the Claimant: 
 (i) the specific reason(s) for the Adverse Benefit Determination on Appeal; 
 (ii) reference to specific plan provisions on which the benefit determination is based; 
 (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant’s
claim for benefits; and a statement of the Claimant’s right to bring an action under ERISA Section 502(a). 
 (d) Definition. As used herein, the term “Adverse Benefit Determination” shall mean a determination that results in any of the following: the denial, reduction, or termination of, or a
failure to provide or make payment (in whole or in part) for, a benefit, including any such denial, reduction, termination, or failure to provide or make payment that is based on a determination of the Claimant’s eligibility to participate in
the Plan. 
 (e) A Claimant may bring a legal action with respect to a claim only if (i) all procedures
described above have been exhausted, and (ii) the action is commenced within ninety (90) days after a decision on review is furnished. In light of the Company’s substantial contacts with the State of Missouri, the fact that the
Company is headquartered in St. Louis, Missouri, and the Company’s establishment of, and the Committee’s maintenance of, this Plan in Missouri, any legal action brought by a Claimant shall be filed and conducted exclusively in the federal
courts in the Eastern District of Missouri. 
 9.4 Expenses. All expenses of the Committee with respect to the
Plan shall be paid by the Company. 

  
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 9.5 Conclusiveness of Action. Any action on matters within the discretion of
the Committee will be conclusive, final and binding upon all Participants and upon all persons claiming any rights under the Plan, including Beneficiaries. 
 9.6 Release of Liability. By participating in the Plan, each Participant and Beneficiary automatically releases the Company, its employees, the Committee, the Board and each member of the
Board from any liability due to any failure to follow the requirements of Code section 409A, unless such failure was the result of an action or failure to act that was undertaken by the Company in bad faith. Further by participating in the Plan,
each Participant and Beneficiary automatically (1) releases Ralcorp Holdings, Inc., its employees, the Corporate Governance and Compensation Committee of the Board of Directors of Ralcorp Holdings, Inc., the Board of Directors of Ralcorp
Holdings, Inc. and each member of such Board of Directors, and each of their affiliates, successors, predecessors, assigns, transferees, agents, counsel, plans, and insurers, from any and all liabilities in connection with the Ralcorp Holdings, Inc.
Deferred Compensation Plan for Key Employees and this Plan, (2) agrees to the assignment and transfer of the rights, benefits, obligations, and other liabilities pursuant to the Ralcorp Holdings, Inc. Deferred Compensation Plan for Key
Employees to the Company and this Plan, and (3) agrees that Ralcorp Holdings, Inc. shall not guarantee the payment of such transferred rights, benefits, obligations, and other liabilities in the event that the Plan and the Company fail to pay
them or otherwise. 
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 ARTICLE X 
 MISCELLANEOUS 
 10.1 Plan Not a Contract of Employment. The
adoption and maintenance of the Plan does not constitute a contract between the Company and any Participant or to be a consideration for the employment of any person. Nothing herein contained gives any Participant the right to be retained in the
employ of the Company or derogates from the right of the Company to discharge any Participant at any time without regard to the effect of such discharge upon his rights as a Participant in the Plan. 

10.2 No Rights Under Plan Except as Set Forth Herein; Unsecured General Creditor Status. Nothing in this Plan, express or
implied, is intended, or shall be construed, to confer upon or give to any person, firm, association, or corporation, other than the parties hereto and their successors in interest, any right, remedy, or claim under or by reason of this Plan or any
covenant, condition, or stipulation hereof, and all covenants, conditions and stipulations in this Plan, by or on behalf of any party, are for the sole and exclusive benefit of the parties hereto. The obligations of the Company under the Plan shall
be merely that of an unfunded and unsecured promise to pay money in the future. The benefits paid under the Plan shall be paid from the general assets of the Company, and the Participants and any Beneficiary or their heirs or successors shall be
unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder. Notwithstanding the foregoing, nothing in this Section shall preclude the Company, in its sole
discretion, from establishing a “rabbi trust” or other vehicle in connection with the operation of this Plan, provided that no such action shall cause the Plan to fail to be an unfunded plan designed to provide deferred compensation
benefits for a select group of management or highly compensated employees. 
 10.3 Rules. The Committee shall have
full and complete discretionary authority to construe and interpret provisions of the Plan and to determine a Participant’s eligibility for benefits on a uniform, nondiscriminatory basis in similar fact situations. The Committee may adopt such
rules as it deems necessary, desirable or appropriate. All rules and decisions shall be uniformly applied to all Participants in similar circumstances. 
 10.4 Withholding of Taxes. The Committee shall cause taxes to be withheld from an Account distributed hereunder as required by law, and shall comply with all reporting requirements
applicable to amounts deferred and distributed under this Plan. 
 10.5 Severability. If any provision of this
Plan is determined to be invalid or illegal, the remaining provisions shall be effective and shall be interpreted as if the invalid or illegal provision did not exist, unless the illegal or invalid provision is of such materiality that its omission
defeats the purposes of the parties in entering into this Plan. 
 10.6 409A Compliance. If any provision of the
Plan is determined not to comply with Code section 409A, the non-compliant provisions shall be interpreted and applied in a manner that complies with Code section 409A and implements the intent of the Plan as closely as possible. 

  
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 10.7 Participant Responsibility. Each Participant is responsible for reviewing
the accuracy of the Company’s implementation of Deferral Elections and investment allocations. If a Participant fails to notify the Company of an improper implementation of a Deferral Election or investment allocation within thirty-one
(31) days after receiving the first statement or other communication implementing the election or allocation, the Participant is deemed to have elected the implemented Deferral Election or investment allocation. 

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 FIRST AMENDMENT TO THE 

POST HOLDINGS, INC. DEFERRED COMPENSATION PLAN FOR 
 KEY EMPLOYEES 
 (effective January 1, 2012) 

WHEREAS, Post Holdings, Inc. (“Company”) previously adopted the Post Holdings, Inc. Deferred Compensation Plan for Key
Employees (“Plan”); 
 WHEREAS, the Corporate Governance and Compensation Committee of the Board of Directors of the
Company (“Committee”) reserved the right to amend the Plan pursuant to Article VIII of the Plan; 
 WHEREAS,
Section 5.4 of the Plan provides that amounts deferred under the Plan that are deemed credited to the Post Holdings, Inc. Common Stock Fund shall be paid in the form of common stock of the Company subject to the Committee’s discretion to
change the form of payment; and 
 WHEREAS, the Company desires to specify the number of shares of Company common stock reserved
for issuance under the Plan. 
 NOW, THEREFORE, effective immediately, the Plan is amended by adding a new Section 5.7 to
the Plan as follows: 
 “5.7 Shares Available. Subject to the provisions of this section, the maximum number of
shares of Stock that may be delivered to Participants and beneficiaries under the Plan shall be 1,000,000. The shares of Stock with respect to which distributions may be made under the Plan shall be shares of Stock currently authorized but unissued
or currently held or subsequently acquired by the Company as treasury shares of Stock, including shares of Stock purchased in the open market or in private transactions. The Company shall make automatic and appropriate adjustments in the aggregate
number and type of securities that may be issued, represented, and available for delivery to Participants and beneficiaries under the Plan to give effect to adjustments made in the number or type of shares through a dissolution or liquidation of the
Company, a sale of substantially all of the assets of the Company, a merger or consolidation of the Company with or into any other corporation, regardless of whether the Company is the surviving corporation, a statutory share exchange involving
capital stock of the Company, a divestiture, distribution of assets to shareholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock compensation or
exchange, rights offering, spin-off or other relevant change, provided that fractional shares of Stock shall be rounded to the nearest whole share of Stock, for which purpose one-half share shall be rounded down to the nearest whole share.”

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 IN WITNESS WHEREOF, this amendment has been executed this 1st day of February, 2012. 

 

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

  
 27

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