Document:

exhibit_10-1.htm

     

     

     

     

    Exhibit 10.1

     

     

    
      FORM OF 2008 STOCK
APPRECIATION RIGHTS AGREEMENT

      

      Ralcorp
Holdings, Inc. (the "Company"), effective September 25, 2008, 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
$66.07 (“Exercise Price”) per share pursuant to the Ralcorp Holdings, Inc. 2007
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 all or a portion of the SAR, the SAR Holder shall receive
      from the Company an amount by which the fair market value of the
      underlying Common Stock exceeds the exercise price of the exercised
      portion of the SAR.  Such amount of appreciation on the
      underlying shares shall be paid to the SAR Holder 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 (the “Committee”) in accordance with the
      Plan.  In lieu of fractional shares, the amount to be paid upon
      exercise shall be rounded down to the nearest whole number of
      shares.

              

      

      

      
        	
                2.

              	
                When
      Exercisable - This SAR becomes exercisable at the rate of one-third
      of the total shares on each of September 25, 2011, 2012 and
      2013.  This SAR remains exercisable through September 24, 2018,
      unless SAR Holder is no longer employed by the Company, or such other
      event as specified in paragraph 3 occurs, in which case the SARs are
      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, as set forth below, and shall
      remain exercisable for the periods also set forth below or until September
      24, 2018, 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.

              

      

      
        	
                 
      

              	
                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 or
      age 64 for SAR Holders age 60 or older; 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 upon an occurrence of a Change in
      Control and for six months 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 or age 64 for SAR Holders
      age 60 or older;

              

      

      
        	
                                        
      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 Event shall remain exercisable for seven days following the
      occurrence of a Forfeiture Event or until the SAR terminates under
      paragraph 1, whichever occurs first.  Therefore, any exercisable
      portion of this SAR that is not exercised within such seven-day period (or
      such shorter period to the extent determined by the Company in accordance
      with the foregoing sentence) will be forfeited and may not be
      exercised.

              

      

      

      

      
        	
                5.

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

              

      

      

      
        	
                 
      

              	
                a.

              	
                "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.

              

      

      

      
        	
                 
      

              	
                b.

              	
                "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 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).

              

      

      

      
        	
                6.

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

              

      

      

      
        	
                7.

              	
                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:

              	
                  
      /s/ C. G. Huber, Jr.

              

      

      
        	
                 SAR
      Holder

              	
                C.
      G. Huber, Jr.

              

      

      
        	
                 
      

              	
                Secretary

              

      

      
        	
                ____________________________

              

      

      
        	
                Date

              

      

      

      
        	
                ____________________________

              

      

      
        	
                Location

              

      

      

      
        	
                ____________________________

              

      

      
        	
                S.S.#exhibit_10-2.htm

     

     

     

     

    Exhibit 10.2

     

    
      FORM OF

      2008 NON-MANAGEMENT
DIRECTOR

      STOCK APPRECIATION RIGHTS
AGREEMENT

      

      

      Ralcorp Holdings, Inc. (the "Company"),
effective September 25, 2008, 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 $66.07 (“Exercise
Price”) per share pursuant to the Ralcorp Holdings, Inc. 2007 Incentive Stock
Plan (the "Plan").  Subject to the provisions of the Plan and the
following terms, SAR Holder may exercise this SAR 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 SAR to be
exercised.  Upon the exercise of all or a portion of the SAR, the SAR
Holder shall receive from the Company an amount by which the fair market value
of the underlying Common Stock exceeds the exercise price of the exercised
portion of the SAR.  Such amount of appreciation on the underlying
shares shall be paid to the SAR Holder 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 down to the nearest whole
number of shares.

      

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

      

      
        	
                1.

              	
                Exercise - This
      SAR shall become exercisable upon the occurrence of any of the events set
      forth below.  This SAR shall become exercisable in full on the
      date of such event and shall remain exercisable for the periods set forth
      below.  Thereafter, the unexercised portion of this SAR is
      forfeited and may not be exercised.

              

      

      

      
        	
                 
      

              	
                a.

              	
                SAR
      Holder’s death (exercisable for three
years).

              

      

      

      
        	
                 
      

              	
                b.

              	
                SAR
      Holder’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 age 72 or age 75 for
      non-employee directors age 72 or over (exercisable for three
      years).

              

      

      

      
        	
                 
      

              	
                c.

              	
                SAR
      Holder’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 while serving as a Director (exercisable upon an
      occurrence of a Change in Control and for six
  months).

              

      

      

      
        	
                 
      

              	
                e.

              	
                SAR
      Holder’s voluntary termination, or termination due to expiration of SAR
      Holder’s term without re-election to a subsequent term, other than under
      circumstances set forth in paragraphs 1.b., 1.c., or 1.d. (exercisable for
      90 days).

              

      

      

      
        	
                2.

              	
                Forfeiture -
      Notwithstanding anything to the contrary contained in the Plan, this SAR
      is subject to forfeiture if SAR Holder is removed from his 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 SAR Holder fails
      to exercise this SAR within the appropriate period set forth in paragraph
      1, but shall not be subject to forfeiture for any other
      reason.  Following forfeiture, no portion of this SAR may be
      exercised.

              

      

      

      

      
        	
                3.

              	
                Definitions -
      For purposes of this Agreement, the following term shall have the meaning
      set forth below:

              

      

      

      
        	
                 
      

              	
                "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.

              

      

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

       

       

      
 

      
        	
                4.

              	
                Adjustments -
      In the event of any stock split, reverse stock split, stock dividend,
      recapitalization, combination of shares, reclassification of shares,
      spin-off or other similar change in capitalization or event, or any
      distribution to holders of Common Stock other than an ordinary cash
      dividend, the number and class of securities and exercise price per share
      subject to this SAR shall be appropriately adjusted (or a substituted SAR
      may be made, if applicable), by the Company to the extent the Board shall
      determine, in good faith, that such an adjustment (or substitution) is
      appropriate.

              

      

      

      
        	
                5.  

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

              

      

      

      
        	
                6.

              	
                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 Stock Appreciation
      Rights Agreement.

              

      

       

      

      
        	
                ACKNOWLEDGED

              	
                RALCORP
      HOLDINGS, INC.

              

      

      
        	
                AND
      ACCEPTED:

              

      

      

       

      
        	
                ____________________________

              	
                BY:

              	
                  
      /s/ C. G. Huber, Jr.

              

      

      
        	
                SAR
      Holder

              	
                C.
      G. Huber, Jr.

              

      

      
        	
                 
      

              	
                Secretary

              

      

      

      
        	
                ____________________________

              

      

      
        	
                Date

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