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Unassociated Document

    
      

    

    

      Exhibit
        10.48

      

      2005
        STOCK APPRECIATION RIGHTS AGREEMENT

      

      

       Ralcorp
        Holdings, Inc. (the “Company”),
        effective
        September 29, 2005, grants to [ ] (“SAR Holder”) this Stock Appreciation Right
        (the “SAR”) relating to [ ] shares of its $.01 par value Common Stock (the
“Common Stock”) at a price of $42.00 (“Exercise Price”) per share pursuant to
        the Ralcorp Holdings, Inc. 2002 Incentive Stock Plan (the “Plan”). 

      

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

      

      
        	
                1.

              	
                Exercise-
                  Subject to the provisions of the Plan and the following terms,
                  SAR Holder
                  may exercise the SAR from time to time by tendering to the Company
                  (or its
                  designated agent), irrevocable written notice of exercise, which
                  will
                  state the number of shares under the SAR to be exercised. Upon
                  the
                  exercise of the SAR with respect to a share of Common Stock, the
                  SAR
                  Holder shall receive an amount from the Company which is equal
                  to the
                  excess of the fair market value on the date of exercise of a share
                  of
                  Common Stock over the Exercise Price of one share of Common Stock.
                  Such
                  amount to be paid to the SAR Holder will be in shares of Common
                  Stock of
                  the Company based on the fair market value of such shares on the
                  date of
                  exercise. All determinations of fair market value shall be made
                  by the
                  Corporate Governance and Compensation Committee of the Company’s Board of
                  Directors in accordance with the Plan. In lieu of fractional shares,
                  the
                  amount to be paid upon exercise shall be rounded up to the nearest
                  whole
                  number of shares.

              
	 	 
	
                2.

              	
                When
                  Exercisable
                  - This SAR becomes exercisable at the rate of 33 1/3% of the total
                  shares
                  on each of September 29, 2008, 2009 and 2010. This SAR remains
                  exercisable
                  through September 28, 2015, unless SAR Holder is no longer employed
                  by the
                  Company, in which case the SAR is exercisable only if permitted
                  by, and in
                  accordance with, the provisions of paragraph 3
                  below.

              
	 	 
	
                3.

              	
                Accelerated
                  Exercise
                  - Notwithstanding the above, this SAR shall become exercisable
                  before the
                  normal exercise dates set forth in paragraph 2 above upon the
                  occurrence of any of the events set forth below while SAR Holder
                  is
                  employed by the Company (hereinafter referred to as an “Accelerating
                  Event”). This SAR shall become exercisable in full on the date of such
                  Accelerating Event (except in the case of “a.” below), as set forth below,
                  and shall remain exercisable for the periods also set forth below
                  or until
                  September 28, 2015, whichever occurs first. Thereafter, the unexercised
                  portion of this SAR is forfeited and may not be exercised. An Accelerating
                  Event may be any of the following:

              

      

       

      
        
          	
                	
                  a.

                	
                  
                    Death
                      of SAR Holder; exercisable for three
                      years.

                  

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        -
          2
          -

         

        
          	 	
                  b.

                	
                  
                    Declaration
                      of SAR Holder’s total and permanent disability; exercisable for three
                      years.

                  

                
	 	
                  c.

                	
                  
                    Voluntary
                      termination of SAR Holder’s employment at or after attainment of age 62;
                      exercisable for three years.

                  

                
	 	
                  d.

                	
                  
                    Involuntary
                      termination of employment of SAR Holder, other than a Termination
                      for
                      Cause; exercisable for six months.

                  

                
	 	e.	
                  Occurrence
                    of a Change in Control; exercisable for six months after the
                    SAR Holder’s
                    voluntary or involuntary termination of employment following
                    the Change in Control.

                

        

      

       

      
        	
                4.

              	
                Forfeiture
                  - This paragraph sets forth the circumstances under which this
                  SAR will be
                  forfeited. All shares not exercisable shall be forfeited upon the
                  occurrence of any of the following events (any of which is referred
                  to as
                  a “Forfeiture
                  Event”):

              

      

       

      
        	 	
                a.

              	
                SAR
                  Holder is Terminated for Cause;

              
	 	
                b.

              	
                SAR
                  Holder voluntarily terminates prior to age 62;

              
	 	
                c.

              	
                SAR
                  Holder engages in competition with the Company; or 

              
	 	
                d.

              	
                SAR
                  Holder engages in any of the following
                  actions:

              

      

      

      
        	 	
                (i)

              	
                intentional
                  misconduct in the performance of SAR Holder’s job with the Company or any
                  subsidiary;

              
	 	
                (ii)

              	
                being
                  openly critical in the media of the Company or any subsidiary or
                  its
                  directors, officers, or employees or those of any
                  subsidiary;

              
	 	
                (iii)

              	
                pleading
                  guilty or nolo contendere to any felony or any charge involving
                  moral
                  turpitude;

              
	 	
                (iv)

              	
                misappropriating
                  or destroying Company or subsidiary property including, but not
                  limited
                  to, trade secrets or other proprietary property;

              
	 	
                (v)

              	
                improperly
                  disclosing material nonpublic information regarding the Company
                  or any
                  subsidiary;

              
	 	
                (vi)

              	
                after
                  ceasing employment with the Company, inducing or attempting to
                  induce any
                  employee of the Company or any Subsidiary to leave the employ of
                  the
                  Company or any subsidiary;

              
	 	
                (vii)

              	
                after
                  ceasing employment with the Company, hiring any person who was
                  a manager
                  level employee of the Company or any subsidiary; or

              
	 	
                (viii)

              	
                inducing
                  or attempting to induce any customer, supplier, lender, or other
                  business
                  relation of the Company or any subsidiary to cease doing business
                  with the
                  Company or any subsidiary.

              

      

      

      
        
          	 	
                  Upon
                    the occurrence of a Forfeiture Event, those portions of this
                    SAR not
                    exercisable at the time of a Forfeiture Event will be forfeited
                    and may
                    not be exercised. Notwithstanding any other provision of this
                    SAR, any
                    portion of this SAR exercisable (either in accordance with the
                    normal
                    exercise dates set forth in paragraph 2 or pursuant to an acceleration
                    of
                    exercisability under paragraph 3) at the occurrence of a
                    Forfeiture

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          - 3
            -

           

        

        
          	 	
                   Event
                    shall remain exercisable for seven
                    days following the occurrence of a Forfeiture Event. Therefore,
                    any
                    exercisable portion of this SAR that is not exercised within
                    such
                    seven-day period will be forfeited and may not be exercised.
                    The Committee
                    or entire Board of Directors may waive any condition of forfeiture
                    described in this paragraph.

                
	 	 
	
                  5.

                	
                  Change
                    in Control
                    - In the case of a Change in Control (other than a transaction
                    in which
                    the Company is the continuing or surviving corporation and which
                    does not
                    result in the outstanding shares of Common Stock being converted
                    into or
                    exchanged for different securities, cash or other property, or
                    any
                    combination thereof), SAR Holder shall have the right (subject
                    to the
                    provisions of the Plan and any limitation applicable to the SAR
                    contained
                    herein) thereafter and during the term of the SAR, to receive
                    upon
                    exercise thereof the Acquisition Consideration (as defined below)
                    receivable upon the Change in Control by a holder of the number
                    of shares
                    of Common Stock which would have been obtained upon exercise
                    of the SAR or
                    portion thereof, as the case may be, immediately prior to the
                    Change in
                    Control.

                
	 	 
	
                  6.

                	
                  Definitions
                    - For purposes of this Agreement, the following terms have the
                    meanings as
                    set forth below:

                

        

      

      

      
        
          	 	
                  a.

                	
                  “Acquisition
                    Consideration”
                    - Shall mean the kind and amount of shares of the surviving or
                    new
                    corporation, cash, securities, evidence of indebtedness, other
                    property or
                    any combination thereof receivable in respect of one share of
                    the Common
                    Stock upon consummation of a Change in Control. In the case of
                    a Change in
                    Control resulting from the event set forth in paragraph 6(b)(i),
                    the value
                    of the Acquisition Consideration shall be equal to the highest
                    price paid
                    by such person for a share of the Company’s Common Stock during the
                    two-year period preceding the date on which such person became
                    the
                    beneficial owner of more than 50% of the Company’s Common Stock. If such
                    price is paid in the form of non-cash consideration, the value
                    of the
                    Acquisition Consideration shall be equal to the fair market value
                    of such
                    consideration at the time of the purchase of such
                    share.

                
	 	 	 
	 	
                  b.

                	
                  “Change
                    in Control”
                    - Shall mean when (i) a person, as defined under the securities
                    laws of
                    the United States, acquires all or substantially all of the assets
                    of the
                    Company or acquires beneficial ownership of more than 50% of
                    the
                    outstanding voting securities of the Company; or (ii) the directors
                    of the
                    Company, immediately before a business combination between the
                    Company and
                    another entity, or a proxy contest for the election of directors,
                    shall as
                    a result of such business combination or proxy contest, cease
                    to
                    constitute a majority of the Board of Directors of the Company
                    or any
                    successor to the Company.

                
	 	 	 
	 	
                  c.

                	
                  “Termination
                    for Cause”
                    - Shall mean the SAR Holder’s termination of employment with the Company
                    because of the willful engaging by the SAR Holder in gross misconduct;
                    provided, however, that a termination for cause shall not include
                    termination attributable to: (i) poor work performance, bad judgment
                    or
                    negligence on the part of the SAR Holder; (ii) an act or omission
                    believed
                    by the SAR Holder in good faith to have been in or not opposed
                    to the best
                    interests of the Company and 

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

          - 4
            -

           

        

        
          	 	 	
                  reasonably
                    believed by the SAR Holder to be
                    lawful; or (iii) the good faith conduct of the SAR Holder in
                    connection
                    with a Change in Control (including opposition to or support
                    of such
                    Change in Control).

                
	 	 	 
	 	
                  7.

                	
                  This
                    Agreement shall be governed by the laws of the State of Missouri
                    without
                    reference to the conflict of laws provisions thereof.

                
	 	 	 
	 	
                  8.

                	
                  No
                    amendment or modification of this SAR shall be valid unless the
                    same shall
                    be in writing and signed by the Company and SAR Holder. 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
                    SAR Holder’s rights under this SAR
                    Agreement.

                

        

      

      

      

      
        	
                ACKNOWLEDGED

              	
                RALCORP
                  HOLDINGS, INC.

              
	
                AND
                  ACCEPTED:

              	 
	 	 
	 	 
	
                ____________________________

              	
                BY:________________________

              
	
                SAR
                  Holder

              	
                C.
                  G. Huber, Jr.

              
	 	
                Secretary

              
	
                ____________________________

              	 
	
                Date

              	 
	 	 
	
                ____________________________

              	 
	
                Location

              	 
	 	 
	
                ____________________________

              	 
	
                S.S.#EXHIBIT 4.1
                                                                     -----------

                          DEEP FIELD TECHNOLOGIES, INC.
                            2005 STOCK INCENTIVE PLAN

1. PURPOSES.
The purpose of the Deep Field Technologies, Inc. 2005 Stock Incentive Plan (the
"Plan") is to (i) provide long-term incentives and rewards to employees,
directors, independent contractors or agents ("Eligible Participants") of Deep
Field Technologies, Inc. ("the Company") and its subsidiaries; (ii) assist the
Company in attracting and retaining employees, directors, independent
contractors or agents with experience and/or ability on a basis competitive with
industry practices; and (iii) associate the interests of such employees,
directors, independent contractors or agents with those of the Company's
stockholders.

2. EFFECTIVE DATE.
The Plan is effective as of the date it is adopted by the Board of Directors of
the Company and Awards may be made under the Plan on and after its effective
date.

3. ADMINISTRATION OF THE PLAN.
The Plan shall be administered by the Board of Directors or a committee
appointed by the Board of Directors of the Company (hereinafter referred to as
the "Board") and the Board shall be so constituted as to permit the Plan to
comply with the disinterested administration requirements under Rule 16b-3 of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the
"outside director" requirement of Section 162(m) of the Internal Revenue Code of
1986, as amended (the "Code").

The Board shall have all the powers vested in it by the terms of the Plan, such
powers to include exclusive authority (within the limitations described herein)
to select the Eligible Participants to be granted awards under the Plan, to
determine the type, size and terms of awards to be made to each Eligible
Participant selected, to determine the time when awards will be granted, when
they will vest, when they may be exercised and when they will be paid, to amend
awards previously granted and to establish objectives and conditions, if any,
for earning awards and whether awards will be paid after the end of the award
period. The Board shall have full power and authority to administer and
interpret the Plan and to adopt such rules, regulations, agreements, guidelines
and instruments for the administration of the Plan and for the conduct of its
business as the Board deems necessary or advisable and to interpret same. The
Board's interpretation of the Plan, and all actions taken and determinations
made by the Board pursuant to the powers vested in it hereunder, shall be
conclusive and binding on all parties concerned, including the Company
stockholders, any participants in the Plan and any other Eligible Participant of
the Company.

All employees of the Company and all employees of Affiliates shall be eligible
to participate in the Plan. The Board, in its sole discretion, shall from time
to time
<PAGE>

designate from among the eligible employees and among directors, independent
contractors or agents those individuals who are to receive awards under and
thereby become participants in the Plan. For purposes of the Plan, "Affiliate"
shall mean any entity, as may from time to time be designated by the Board, that
is a subsidiary corporation of the Company (within the meaning of Section 424 of
the Code), and each other entity directly or indirectly controlling or
controlled by or under common control with the Company. For purposes of this
definition, "control" means the power to direct the management and policies of
such entity, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meaning correlative
to the foregoing.

4. AWARDS.
(a) Types. Awards under the Plan shall be made with reference to shares of the
Company common stock and may include, but need not be limited to, stock options
(including non-statutory stock options and incentive stock options qualifying
under Section 422 of the Code), stock appreciation rights (including
free-standing, tandem and limited stock appreciation rights), warrants, dividend
equivalents, stock awards, restricted stock, phantom stock, performance shares
or other securities or rights that the Board determines to be consistent with
the objectives and limitations of the Plan. The Board may provide for the
issuance of shares of the Company common stock as a stock award for no
consideration other than services rendered or, to the extent permitted by
applicable state law, to be rendered. In the event of an award under which
shares of the Company common stock are or may in the future be issued for any
other type of consideration, the amount of such consideration shall (i) be equal
or greater than to the amount (such as the par value of such shares) required to
be received by the Company in order to assure compliance with applicable state
law and (ii) to the extent necessary to comply with Rule 16b-3 of the Exchange
Act, be equal to or greater than 50% of the fair market value of such shares on
the date of grant of such award. The Board may make any other type of award
which it shall determine is consistent with the objectives and limitations of
the Plan.

(b) Performance Goals. The Board may, but need not, establish performance goals
to be achieved within such performance periods as may be selected by it in its
sole discretion, using such measures of the performance of the Company and/or
its Affiliates as it may select.

(c) Rules and Policies. The Board may adopt from time to time written rules and
policies implementing the Plan. Such rules and policies may include, but need
not be limited to, the type, size and term of awards to be made to participants
and the conditions for the exercise or payment of such awards.

5. SHARES OF STOCK SUBJECT TO THE PLAN.
The shares that may be delivered or purchased or used for reference purposes
under the Plan shall not exceed an aggregate of twenty percent (20%) of the
issued and outstanding shares of the Company's Class A Common Stock, no par
value per share, as determined by the Board from time to time. Any shares
subject to an award which

                                       2
<PAGE>

for any reason expires or is terminated unexercised as to such shares shall
again be available for issuance under the Plan.

6. PAYMENT OF AWARDS.
The Board shall determine the extent to which awards shall be payable in cash,
shares of the Company common stock or any combination thereof. The Board may
determine that all or a portion of a payment to a participant under the Plan,
whether it is to be made in cash, shares of the Company common stock or a
combination thereof shall be deferred. Deferrals shall be for such periods and
upon such terms as the Board may determine in its sole discretion.

7. VESTING.
The Board may determine that all or a portion of a payment to a participant
under the Plan, whether it is to be made in cash, shares of the Company common
stock or a combination thereof, shall be vested at such times and upon such
terms as may be selected by it in its sole discretion.

8. DILUTION AND OTHER ADJUSTMENT.
In the event of any change in the outstanding shares of the Company common stock
by reason of any split, stock dividend, recapitalization, merger, consolidation,
spin-off, reorganization, combination or exchange of shares or other similar
corporate change, such equitable adjustments shall be made in the Plan and the
awards thereunder as the Board determines are necessary or appropriate,
including, if necessary, any adjustments in the number, kind or character of
shares that may be subject to existing or future awards under the Plan
(including by substitution of shares of another corporation including, without
limitation, any successor of the Company ), adjustments in the exercise,
purchase or base price of an outstanding award and any adjustments in the
maximum numbers of shares referred to in Section 4 or Section 5 of the Plan. All
such adjustments shall be conclusive and binding for all purposes of the Plan.

9. MISCELLANEOUS PROVISIONS.
(a) Rights as Stockholder. A participant under the Plan shall have no rights as
a holder of the Company common stock with respect to awards hereunder, unless
and until certificates for shares of such stock are issued to the participant.

(b) Assignment to Transfer. No award under this Plan shall be transferable by
the participant or shall be subject to any manner of alienation, sale, transfer,
assignment, pledge, encumbrance or charge (other than by or to the Company),
except (i) by will or the laws of the descent and distribution (with all
references herein to the rights or duties of holders or participants to be
deemed to include such beneficiaries or legal representatives of the holders or
participant unless the context otherwise expressly requires); (ii) subject to
the prior approval of the Board, for transfers to members of the participant's
immediate family, charitable institutions, trusts whose beneficiaries are
members of the participant's immediate family and/or charitable institutions,
trusts whose beneficiaries are members of the participant's immediate family
and/or charitable institutions, or to such other persons or entities as may be
approved by the Board in

                                       3
<PAGE>

each case subject to the condition that the Board be satisfied that such
transfer is being made for the estate and/or tax planning purposes on a
gratuitous or donative basis and without consideration (other than nominal
consideration) being received therefor. Except as provided above, during the
lifetime of a participant, awards hereunder are exercisable only by, and payable
only to, the participant.

(c) Agreements. All awards granted under the Plan shall be evidenced by
agreements in such form and containing such terms and conditions (not
inconsistent with the Plan) as the Board shall adopt.

(d) Compliance with Legal Regulations. During the term of the Plan and the term
of any awards granted under the Plan, the Company will at all times reserve and
keep available such number of shares as may be issuable under the Plan, and will
seek to obtain from any regulatory body having jurisdiction, any requisite
authority required in the opinion of counsel for the Company in order to grant
shares of the Company common stock, or options to purchase such stock or other
awards hereunder, and transfer, issue or sell such number of shares of common
stock as shall be sufficient to satisfy the requirements of any options or other
awards. If in the opinion of counsel for the Company the transfer, issue or sale
of any shares of its stock under the Plan shall not be lawful for any reason
including the inability of the Company to obtain from any regulatory body having
jurisdiction authority deemed by such counsel to be necessary to such transfer,
issuance or sale, the Company shall not be obligated to transfer, issue or sell
any such shares. In any event, the Company shall not be obligated to transfer,
issue or sell any shares to any participant unless a registration statement
which complies with the provisions of the Securities Act of 1933, as amended
(the "Securities Act"), is in effect at the time with respect to such shares or
other appropriate action has been taken under and pursuant to the terms and
provisions of the Securities Act and any other applicable securities laws, or
the Company receives evidence satisfactory to the Board that the transfer,
issuance or sale of such shares, in the absence of an effective registration
statement or other appropriate action, would not constitute a violation of the
terms and provisions of the Securities Act. the Company's obligation to issue
shares upon the exercise of any award granted under the Plan shall in any case
be subject to the Company being satisfied that the shares purchased are being
purchased for investment and not with a view to the distribution thereof, if at
the time of such exercise a resale of such shares would otherwise violate the
Securities Act in the absence of an effective registration statement relating to
such shares.

(e) Withholding Taxes. the Company shall have the right to deduct from all
awards hereunder paid in cash any federal, state, local or foreign taxes
required by law to be withheld with respect to such awards and, with respect to
awards paid in stock, to require the payment (through withholding from the
participant's salary or otherwise) of any such taxes. The obligation of the
Company to make delivery of awards in cash or the Company common stock shall be
subject to currency or other restrictions imposed by any government.

                                       4
<PAGE>

(f) No Rights to Award. No Eligible Participant or other person shall have any
right to be granted an award under the Plan. Neither the Plan nor any action
taken hereunder shall be construed as giving any employee any right to be
retained in the employ of the Company or any of its subsidiaries or shall
interfere with or restrict in any way the rights of the Company or its
subsidiaries, which are hereby reserved, to discharge the employee at any time
for any reason whatsoever, with or without good cause.

(g) Costs and Expenses. The costs and expenses of administering the Plan shall
be borne by the Company and not charged to any award or to any Eligible
Participant receiving an award.

(h) Funding of Plan. The Plan shall be unfunded. the Company shall not be
required to establish any special or separate fund or to make any other
segregation of assets to assure the payment of any award under the Plan.

10. AMENDMENTS AND TERMINATION.
(a) Amendments. The Board may at any time terminate or from time to time amend
the Plan in whole or in part, but no such action shall adversely affect any
rights or obligations with respect to any awards theretofore made under the
Plan.

Unless the majority of the directors of the Company present, or represented, and
entitled to vote at a meeting of directors shall have first approved thereof, no
amendment of the Plan shall be effective which would (i) increase the maximum
number of shares referred to in section 5 of the Plan or the maximum awards that
may be granted pursuant to section 4 of the Plan to any one individual or (ii)
extend the maximum period during which awards may be granted under the Plan. For
purposes of this section 10 (a), any (A) cancellation and re-issuance or (B)
repricing of any awards made under the Plan at a new option price shall not
constitute an amendment of this Plan.

With consent of the Eligible Participant adversely affected, the Board may amend
outstanding agreements evidencing awards under the Plan in a manner not
inconsistent with the terms of the Plan.

(b) Termination. Unless the Plan shall theretofore have been terminated as above
provided, the Plan (but not the awards theretofore granted under the Plan) shall
terminate on and no awards shall be granted after December 11, 2015.

                                       5

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