Document:

EX-10.2

 Exhibit 10.2 

 
 REGISTRATION RIGHTS AGREEMENT 

dated as of 
 [●], 2022 

among 
 BELLRING BRANDS, INC. 

and 
 POST HOLDINGS, INC. 

  
 1 

 TABLE OF CONTENTS 
  

											
	 	  	 	 	  	 	  	PAGE	 
	 ARTICLE I. DEFINITIONS
	  	 	E-3	 
		  	 	Section 1.01.	 	  	Definitions	  	 	E-3	 
		  	 	Section 1.02.	 	  	Other Definitional and Interpretative Provisions	  	 	E-7	 
		
	 ARTICLE II. REGISTRATION RIGHTS
	  	 	E-7	 
		  	 	Section 2.01.	 	  	Demand Registration	  	 	E-7	 
		  	 	Section 2.02.	 	  	Shelf and Piggyback Registration	  	 	E-9	 
		  	 	Section 2.03.	 	  	Lock-Up Agreements	  	 	E-12	 
		  	 	Section 2.04.	 	  	Registration Procedures	  	 	E-13	 
		  	 	Section 2.05.	 	  	Indemnification by the Company	  	 	E-17	 
		  	 	Section 2.06.	 	  	Indemnification by Registering Stockholders	  	 	E-17	 
		  	 	Section 2.07.	 	  	Conduct of Indemnification Proceedings	  	 	E-17	 
		  	 	Section 2.08.	 	  	Contribution	  	 	E-18	 
		  	 	Section 2.09.	 	  	Participation in Public Offering	  	 	E-19	 
		  	 	Section 2.10.	 	  	Other Indemnification	  	 	E-19	 
		  	 	Section 2.11.	 	  	Cooperation by the Company	  	 	E-19	 
		  	 	Section 2.12.	 	  	Transfer of Registration Rights	  	 	E-19	 
		  	 	Section 2.13.	 	  	Limitations on Subsequent Registration Rights	  	 	E-19	 
		  	 	Section 2.14.	 	  	Free Writing Prospectuses	  	 	E-19	 
		  	 	Section 2.15.	 	  	Information from Registering Stockholders; Obligations of Registering Stockholders	  	 	E-19	 
		
	 ARTICLE III. TERMINATION
	  	 	E-20	 
		  	 	Section 3.01.	 	  	Termination	  	 	E-20	 
		
	 ARTICLE IV. MISCELLANEOUS
	  	 	E-21	 
		  	 	Section 4.01.	 	  	Successors and Assigns	  	 	E-21	 
		  	 	Section 4.02.	 	  	Notices	  	 	E-21	 
		  	 	Section 4.03.	 	  	Amendments and Waivers	  	 	E-21	 
		  	 	Section 4.04.	 	  	Governing Law	  	 	E-22	 
		  	 	Section 4.05.	 	  	Jurisdiction	  	 	E-22	 
		  	 	Section 4.06.	 	  	WAIVER OF JURY TRIAL	  	 	E-22	 
		  	 	Section 4.07.	 	  	Specific Enforcement	  	 	E-22	 
		  	 	Section 4.08.	 	  	Counterparts; Effectiveness; Third Party Beneficiaries	  	 	E-22	 
		  	 	Section 4.09.	 	  	Entire Agreement	  	 	E-22	 
		  	 	Section 4.10.	 	  	Severability	  	 	E-22	 
		  	 	Section 4.11.	 	  	Certificate of Incorporation Supersedes	  	 	E-23	 

  
 2 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT dated as of [●], 2022 (this “Agreement”) is among (i) BellRing Brands, Inc., a
Delaware corporation (the “Company”), (ii) Post Holdings, Inc., a Missouri corporation (“Post”), and (iii) other Persons (as defined below) party hereto from time to time. 

RECITALS 
 WHEREAS, BellRing
Brands, Inc. (“BellRing Inc.”) and Post entered into that certain Investor Rights Agreement, effective as of October 21, 2019 (the “Investor Rights Agreement”); 

WHEREAS, Post and the Company entered into a Transaction Agreement and Plan of Merger (the “Transaction Agreement”), by and among
BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.), Post, the Company and BellRing Merger Sub Corporation (“Merger Sub”) on October 26, 2021, pursuant to which, among other things, (i) Merger Sub merged with and
into Old BellRing and Old BellRing was the surviving corporation in the Merger (as defined in the Transaction Agreement), (ii) as a result of the Merger, Old BellRing became a wholly owned subsidiary of the Company and (iii) following the Merger,
BellRing Distribution, LLC converted into a Delaware corporation and changed its name to BellRing Brands, Inc.; 
 WHEREAS, in connection
with the transactions contemplated by the Transaction Agreement, the parties hereto desire to enter into this Agreement in accordance with the terms herein and to terminate the Investor Rights Agreement effective as of the date hereof; 

WHEREAS, the parties hereto are entering into this Agreement to provide certain registration rights under the Securities Act (as defined
below) and applicable state securities laws to each Stockholder (as defined below) with respect to Registrable Securities (as defined below) each may hold. 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE I. 
 DEFINITIONS 

Section 1.01. Definitions. 
 (a) As used
herein, the following terms have the following meanings: 
 “Affiliate” means, with respect to any Person, any other Person
directly or indirectly controlling, controlled by or under common control with such Person. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Applicable Governance Rules”
means applicable federal and Delaware laws and the rules of the NYSE relating to the Board and the corporate governance of the Company, including, without limitation, Rule 10A-3 of the Exchange Act and NYSE
Rule 303A, in each case, subject to applicable phase-in periods. 
 “Automatic Shelf
Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 under the Securities Act. 

  
 3 

 “BellRing LLC” means BellRing Brands, LLC, a Delaware limited liability
company. 
 “beneficial ownership” and “beneficially own” and similar terms have the meaning set forth in
Rule 13d-3 under the Exchange Act. 
 “Board” means the board of directors of the
Company. 
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City
are authorized by law to close. 
 “Bylaws” means the Amended and Restated Bylaws of the Company, as the same may be
amended, modified, supplemented and/or restated from time to time. 
 “Certificate of Incorporation” means the Amended and
Restated Certificate of Incorporation of the Company, as the same may be amended, modified, supplemented and/or restated from time to time. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Company Securities” means (i) the Common Stock, (ii) any securities of the Company or any successor or assign of
the Company into which such Common Stock is reclassified or reconstituted or into which such Common Stock is converted or otherwise exchanged in connection with a split or combination of shares, recapitalization, merger, sale of assets,
consolidation or other reorganization or otherwise or (iii) any securities received as a dividend or a distribution in respect of the securities described in clauses (i) or (ii) above. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder.

 “FINRA” means the Financial Industry Regulatory Authority. 

“Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 under the Securities Act
relating to the Registrable Securities included in the applicable Registration Statement. 
 “NYSE” means the New York
Stock Exchange. 
 “Person” means an individual, corporation, partnership, limited liability company, association, trust or
other entity or organization, including a government or political subdivision or an agency or instrumentality thereof, and shall include any successor (by merger or otherwise) thereto. 

“Post Party” means Post and its Affiliates (other than the Company and its Subsidiaries). 

“Post Stockholder” means each Post Party that is a Stockholder. 

“Public Offering” means an underwritten public offering of Company Securities pursuant to an effective registration statement
under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form under the Securities Act. 

“Registering Stockholder” means, with respect to any Registration Statement, each Stockholder whose Registrable Securities
are or are to be registered pursuant to such Registration Statement. 
 “Registrable Class Securities”
means the Registrable Securities and any other securities of the Company that are of the same class as the relevant Registrable Securities. 

  
 4 

 “Registrable Securities” means, at any time, any Company Securities
beneficially owned (whether beneficially owned as of the date hereof or hereinafter beneficially owned) by a Stockholder until (i) a registration statement covering such securities has been declared effective by the SEC and such securities have
been disposed of pursuant to such effective registration statement, (ii) such securities are sold pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act, (iii) such securities are otherwise transferred,
assigned, sold, conveyed or otherwise disposed of and thereafter such securities may be resold without subsequent registration under the Securities Act or (iv) with respect to any such securities held by any single Stockholder (or group of
Stockholders that are aggregated for purposes of Rule 144), all of such securities held by any Stockholder or group of Stockholders that are able to be sold in a single transaction pursuant to Rule 144 (or any similar provisions then in force) and
such securities of such Stockholder (or group of Stockholders) represent no more than 2.5% of outstanding shares of the relevant class of Company Securities. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with any registration or
marketing of Registrable Securities, regardless of whether such Registration Statement is declared effective, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities
on any securities exchange or automated interdealer quotation system, (ii) fees and expenses incurred in complying with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with
“blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and
other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its officers and employees
performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any
comfort letters or costs associated with the delivery by independent certified public accountants of any “comfort” letters requested pursuant to Section 2.04(h) or any special audits incidental to or required by any registration or
qualification), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration, (viii) reasonable fees,
out-of-pocket costs and expenses of one firm of counsel selected by the holder(s) of a majority of the Registrable Securities covered by each Registration Statement (the
“Holders’ Counsel”), (ix) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any qualified independent underwriter, including
the reasonable fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of
Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with
the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering,
(xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in
connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies, (xv) all out-of pocket costs and expenses incurred by the Company or its
appropriate officers in connection with their compliance with Section 2.04(m) and (xvi) any liability insurance or other premiums for insurance obtained in connection with any Demand Registration, Piggyback Registration or Shelf
Registration pursuant to the terms of this Agreement. 
 “Registration Statement” means any registration statement of the
Company under the Securities Act that covers any of the Registrable Securities pursuant to the provisions of this Agreement. 

“Requesting Stockholder” means, with respect to any Demand Registration or Shelf Registration, any Stockholder holding any
Registrable Securities initially making the request for such Demand Registration or Shelf Registration. 
 “Rule 144” means
Rule 144 under the Securities Act. 

  
 5 

 “SEC” means the U.S. Securities and Exchange Commission or any successor
governmental agency. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the
SEC promulgated thereunder. 
 “Shares” means the shares of Common Stock. 

“Shelf Registered Securities” means any Registrable Securities whose offer and sale is registered pursuant to a Registration
Statement filed in connection with a Shelf Registration (including an Automatic Shelf Registration Statement). 
 “Specified
Period” means 90 days; provided that such period may be extended as may be reasonably requested by the managing or co-managing underwriter of a registered offering required hereunder to accommodate
regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA rules or any successor provisions or
amendments thereto. 
 “Stockholder” means, at any time, each Post Party or any transferee or assignee of a Post Party
pursuant to Section 2.12 of this Agreement, beneficially owning Company Securities that shall be a party to or bound by this Agreement, so long as such Person shall beneficially own any Company Securities. 

“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar functions at the time are directly or indirectly owned by such Person. 

(b) Each of the following terms is defined in the Section set forth opposite such term: 

 

					
	 Term
	  	Section	 
	 Alternative Transaction
	  	 	Section 2.02	(d) 
	 Company
	  	 	Preamble	 
	 Damages
	  	 	Section 2.05	 
	 Demand Registration
	  	 	Section 2.01	(a) 
	 Determination Date
	  	 	Section 2.02	(f) 
	 Holders’ Counsel
	  	 	Section 1.01	(a) 
	 Indemnified Party
	  	 	Section 2.07	 
	 Indemnifying Party
	  	 	Section 2.07	 
	 Inspectors
	  	 	Section 2.04	(g) 
	 Investor Rights Agreement
	  	 	Recitals	 
	 Issuer Free Writing Prospectus
	  	 	Section 2.14	 
	 Maximum Offering Size
	  	 	Section 2.01	(d) 
	 Merger Sub
	  	 	Recitals	 
	 Piggyback Registration
	  	 	Section 2.02	(h)(i) 
	 Post
	  	 	Preamble	 
	 Records
	  	 	Section 2.04	(g) 
	 Registration Actions
	  	 	Section 2.01	(e) 
	 Requested Shelf Registered Securities
	  	 	Section 2.02	(b) 
	 Shelf Public Offering
	  	 	Section 2.02	(b) 
	 Shelf Public Offering Notice
	  	 	Section 2.02	(b) 
	 Shelf Public Offering Request
	  	 	Section 2.02	(b) 
	 Shelf Public Offering Requesting Stockholder
	  	 	Section 2.02	(b) 
	 Shelf Registration
	  	 	Section 2.02	(a) 
	 SpinCo
	  	 	Recitals	 

  
 6 

					
	 Term
	  	Section	 
	 Stockholder Parties
	  	 	Section 2.05	 
	 Suspension Notice
	  	 	Section 2.01	(e) 
	 Suspension Period
	  	 	Section 2.01	(e) 
	 Transaction Agreement
	  	 	Recitals	 
	 Well-Known Seasoned Issuer
	  	 	Section 2.02	(f) 

 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof,”
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits
and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein shall have the
meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable terms refer to
printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise
specified, from and including or through and including, respectively. References to laws, rules, regulations and forms shall be deemed to be references to such laws, rules, regulations and forms as amended, succeeded or replaced. 

ARTICLE II. 
 REGISTRATION RIGHTS

 Section 2.01. Demand Registration. 

(a) Subject to Section 2.01(g), at any time, any Stockholder may give a written request to the Company to effect the registration under
the Securities Act (other than (i) pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form under the Securities Act or
(ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act or other business combination or acquisition transaction, any registration statement related to the issuance or resale of securities issued in
such a transaction) of all or any portion of such Requesting Stockholder’s Registrable Securities, which written request shall specify the number of Registrable Securities to be registered and the intended method of disposition thereof. Such
registration may be for the offering of the Stockholder’s Registrable Securities on a delayed or continuous basis under Rule 415 under the Securities Act. At any time the Company is eligible to use Form
S-3ASR, such registration shall occur on such form. Upon the receipt of such written request, the Company shall promptly give notice (via electronic transmission) of such requested registration (each such
registration shall be referred to herein as a “Demand Registration”) at least 10 Business Days prior to the anticipated filing date of the Registration Statement relating to such Demand Registration to any other Stockholders.
Thereafter, the Company shall use its commercially reasonable efforts to effect, as soon as possible, the registration under the Securities Act of: 

(i) all Registrable Securities for which the Requesting Stockholder has requested registration under this Section 2.01;

 (ii) all other Registrable Securities of the same class or series as those requested to be registered by the Requesting
Stockholder that any other Stockholder has requested the Company register by request received by the Company and Post within 10 Business Days after such Stockholders receive the Company’s notice of the Demand Registration; and 

(iii) any Company Securities to be offered or sold by the Company; 

  
 7 

 all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as
described in the Requesting Stockholder’s written request) of the Registrable Securities so to be registered; provided that the Company shall not be obligated to effect (1) any such Demand Registration (i) within the Specified Period
after the effective date of any other registration statement of the Company in connection with which Stockholders were given Piggyback Registration rights (other than (i) a registration statement filed in connection with an employee benefit
plan or business combination transaction or a registration statement on Form S-8 or Form S-4 or (ii) with respect to any corporate reorganization or transaction
under Rule 145 of the Securities Act or other business combination or acquisition transaction, any registration statement related to the issuance or resale of securities issued in such a transaction) or (ii) in accordance with
Section 2.01(e), or (2) any Demand Registration if the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration is less than $25,000,000. A Requesting
Stockholder may require any Demand Registration that involves a Public Offering of at least $25,000,000 to be conducted as an underwritten offering. 

(b) At any time prior to the effective date of the Registration Statement relating to such Demand Registration, the Requesting Stockholder
may, upon notice to the Company, revoke such request in whole or in part with respect to the number of shares of Registrable Securities requested to be included in such Registration Statement, without liability to any of the other Registering
Stockholders. 
 (c) The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration,
regardless of whether such Demand Registration becomes effective. 
 (d) If a Demand Registration involves a Public Offering and the lead
managing underwriter advises the Company and the Requesting Stockholder that, in its view, the number of shares of Registrable Securities requested to be included in such registration (including any securities that the Company proposes to be
included that are not Registrable Securities) exceeds the largest number of shares that can be sold without having a material and adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Offering
Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 

(i) first, all Registrable Securities requested to be registered by the Requesting Stockholder and all other Registering
Stockholders pro rata on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each such Registering Stockholder; 

(ii) second, any securities proposed to be registered by the Company; and 

(iii) third, any securities proposed to be registered for the account of any other Persons, with such priorities among them as
the Company shall determine. 
 (e) Notwithstanding anything to the contrary contained in this Agreement, but subject to the limitation set
forth in the next succeeding paragraph, the Company shall be entitled to suspend its obligation to file (but not the preparation of) any Registration Statement in connection with a Demand Registration and any Shelf Registration, file any amendment
to such a Registration Statement, furnish any supplement or amendment to a prospectus included in such a Registration Statement, make any other filing with the SEC, cause such a Registration Statement or other filing with the SEC to become or remain
effective or take any similar action (collectively, “Registration Actions”) upon (i) the issuance by the SEC of a stop order suspending the effectiveness of any such Registration Statement or the initiation of proceedings with
respect to such a Registration Statement under Section 8(d) or Section 8(e) of the Securities Act, (ii) the Board’s determination, in its good faith judgment, that any such Registration Action should not be taken because it would
reasonably be expected to materially interfere with or require the public disclosure of any material corporate development or plan, including any material financing, securities offering, acquisition, disposition, corporate reorganization or merger
or other transaction involving the Company or any of its Subsidiaries or (iii) the Company possessing material non-public information the disclosure of which the Board determines, in its good faith
judgment, would reasonably be 

  
 8 

 
expected to not be in the best interests of the Company. Upon the occurrence of any of the conditions described in (i), (ii) or (iii) above, the Company shall give prompt notice of such
suspension (and whether such action is being taken pursuant to (i), (ii) or (iii) above) (a “Suspension Notice”) to the Stockholders. Upon the termination of such condition, the Company shall give prompt notice thereof to the
Stockholders and shall promptly proceed with all Registration Actions that were suspended pursuant to this paragraph. 
 The Company may
only suspend Registration Actions pursuant to the preceding paragraph on two occasions during any one-year period for a reasonable time specified in the Suspension Notice but not exceeding an aggregate of 90
days (which period may not be extended or renewed) (each such occasion, a “Suspension Period”). Each Suspension Period shall be deemed to begin on the date the relevant Suspension Notice is given to the Stockholders and shall be
deemed to end on the earlier to occur of (i) the date on which the Company gives the Stockholders a notice that the Suspension Period has terminated and (ii) the date on which the number of days during which a Suspension Period has been in
effect exceeds the 90-day period. If the filing of any Demand Registration or Shelf Registration is suspended pursuant to this Section 2.01(e), once the Suspension Period ends, the Requesting Stockholder
may request a new Demand Registration and a Stockholder that requested a Shelf Registration may request a new Shelf Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall not be in breach of, or have failed to
comply with, any obligation under this Agreement (including without limitation obligations under this Section 2.01(e)) where the Company acts or omits to take any action in order to comply with applicable law, any interpretation of the staff of
the SEC or any order or decree of any court or governmental agency. 
 (f) The Company shall have no obligation to file a Registration
Statement under this Section 2.01 or Section 2.02 or proceed with Registration Actions related thereto during any time such filing or Registration Actions are prohibited by any applicable underwriting or
lock-up agreement to which the Company is a party relating to an offering pursuant to a Registration Statement. 

(g) Notwithstanding the rights and obligations set forth elsewhere in this Section 2.01 and Section 2.02(a) and (b), in no event
shall the Company be obligated to take any action to effect more than two Demand Registrations in any twelve-month period initiated by any of the Stockholders; provided that, for the avoidance of doubt, any request for the Company to effect a
Shelf Registration pursuant to Section 2.02(a) or any Shelf Public Offering Request pursuant to Section 2.02(b) shall constitute a Demand Registration for purposes of this Section 2.01(g). 

Section 2.02. Shelf and Piggyback Registration. 

(a) Subject to Section 2.01(g), at any time when (i) the Company is eligible to use Form S-3
in connection with a secondary public offering of its equity securities and (ii) a Shelf Registration on a Form S-3 registering Registrable Securities for resale is not then effective (subject to any
applicable Suspension Period), upon the written request of any Stockholder, the Company shall use its commercially reasonable efforts to register, under the Securities Act on Form S-3 for an offering on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act (a “Shelf Registration”), the offer and sale of all or a portion of the Registrable Securities owned by such Requesting Stockholder. Upon the receipt of such
written request, the Company shall promptly give notice (via electronic transmission) of such requested Shelf Registration at least 10 Business Days prior to the anticipated filing date of such Shelf Registration to any Stockholders, and such notice
shall describe the proposed Shelf Registration, the intended method of disposition of such Registrable Securities and any other information that at the time would be appropriate to include in such notice, and offer such Stockholders the opportunity
to register such number of Registrable Securities as each such Stockholder may request in writing to the Company, given within 10 Business Days after such Stockholders receive the Company’s notice of the Shelf Registration. The “Plan of
Distribution” section of such Shelf Registration shall permit all lawful means of disposition of Registrable Securities, including firm-commitment underwritten public offerings, block trades, agented transactions, sales directly into the
market, purchases or sales by brokers and sales not involving a public offering. With respect to each Shelf Registration, the Company shall, subject to any Suspension Period, (i) as 

  
 9 

 
promptly as practicable after the written request of the Requesting Stockholder, file a Registration Statement and (ii) use its commercially reasonable efforts to cause such Registration
Statement to be declared effective as promptly as practicable, and remain effective until the date set forth in Section 2.04(a)(ii). No Stockholder shall be entitled to include any of its Registrable Securities in a Shelf Registration unless
such Stockholder has complied with Section 2.15. The Company shall not be required to amend a Shelf Registration (or the related prospectus) to add or change the disclosure regarding selling security holders during any Suspension Period. The
obligations set forth in this Section 2.02(a) shall not apply if the Company has a currently effective Automatic Shelf Registration Statement covering all Registrable Securities in accordance with Section 2.02(f) and has otherwise complied
with its obligations pursuant to this Agreement. 
 (b) Subject to Section 2.01(g), upon written request by a Requesting Stockholder
holding Shelf Registered Securities (such Stockholder, the “Shelf Public Offering Requesting Stockholder”), which request (the “Shelf Public Offering Request”) shall specify the class or series and amount of such
Shelf Public Offering Requesting Stockholder’s Shelf Registered Securities to be sold (the “Requested Shelf Registered Securities”), the Company shall (subject to any Suspension Period) perform its obligations hereunder with
respect to the sale of such Requested Shelf Registered Securities in the form of a firm commitment underwritten public offering (unless otherwise consented to by the Shelf Public Offering Requesting Stockholder) (a “Shelf Public
Offering”) if the aggregate proceeds expected to be received from the sale of the Requested Shelf Registered Securities equals or exceeds $25,000,000. Promptly upon receipt of a Shelf Public Offering Request, the Company shall provide
notice (the “Shelf Public Offering Notice”) of such proposed Shelf Public Offering (which notice shall state the material terms of such proposed Shelf Public Offering, to the extent known, as well as the identity of the Shelf Public
Offering Requesting Stockholder) to any other Stockholders holding Shelf Registered Securities. Such other Stockholders may, by written request to the Company and the Shelf Public Offering Requesting Stockholder, within two Business Days after
receipt of such Shelf Public Offering Notice, include up to all of their Shelf Registered Securities of the same class or series as the Requested Shelf Registered Securities in such proposed Shelf Public Offering; provided, that any such Shelf
Registered Securities shall be sold subject to the same terms as are applicable to the Shelf Registered Securities of the Shelf Public Offering Requesting Stockholder. No Stockholder shall be entitled to include any of its Registrable Securities in
a Shelf Public Offering unless such Stockholder has complied with Section 2.15. The lead managing underwriter or underwriters selected for such Shelf Public Offering shall be selected in accordance with Section 2.04(f)(i). 

(c) In a Shelf Public Offering, if the lead managing underwriter advises the Company and the Shelf Public Offering Requesting Stockholder
that, in its view, the number of shares of Registrable Securities requested to be included in such Shelf Public Offering (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the Maximum
Offering Size, the Company shall include in such Shelf Public Offering, in the priority listed below, up to the Maximum Offering Size: 

(i) first, all Shelf Registered Securities requested to be included in the Shelf Public Offering by the Shelf Public Offering
Requesting Stockholder and all other Stockholders, pro rata on the basis of the relative number of shares of Shelf Registered Securities so requested to be included in the Shelf Public Offering by each such Stockholder; 

(ii) second, any securities proposed to be included in the Shelf Public Offering by the Company; and 

(iii) third, any securities proposed to be included in the Shelf Public Offering for the account of any other Persons, with
such priorities among them as the Company shall determine. 
 (d) The Company shall use its commercially reasonable efforts to cooperate in
a timely manner with any request of the Stockholders in respect of any block trade, hedging transaction or other transaction that is registered pursuant to a Shelf Registration that is not a firm commitment underwritten offering (each, an
“Alternative Transaction”), including, without limitation, entering into customary agreements with respect to such Alternative Transactions (and providing customary representations, warranties, covenants and indemnities in such
agreements) as well as providing other reasonable assistance in respect of such Alternative Transactions 

  
 10 

 
of the type applicable to a Public Offering subject to Section 2.04, to the extent customary for such transactions. The Company shall bear all Registration Expenses in connection with any
Shelf Registration, any Shelf Public Offering or any other transaction (including any Alternative Transaction) registered under a Shelf Registration pursuant to this Section 2.02, whether or not such Shelf Registration becomes effective or such
Shelf Public Offering or other transaction is completed; provided, however, that if the Shelf Public Offering Requesting Stockholder revokes its request in whole with respect to a Shelf Public Offering, then the Shelf Public Offering Requesting
Stockholder shall reimburse the Company for and/or pay directly all Registration Expenses incurred relating to such Shelf Public Offering. 

(e) After the Registration Statement with respect to a Shelf Registration is declared effective but subject to the Suspension Period, upon
written request by one or more Stockholders (which written request shall specify the amount of such Stockholders’ Registrable Securities to be registered), the Company shall, as promptly as practicable after receiving such request, (i) if
it is eligible for use of Form S-3 in connection with a secondary public offering of its equity securities, or if such Registration Statement is an Automatic Shelf Registration Statement, file a prospectus
supplement to include such Stockholders as selling stockholders in such Registration Statement or (ii) if it is not eligible for use of Form S-3 in connection with a secondary public offering of its
equity securities, file a post-effective amendment to the Registration Statement to include such Stockholders in such Shelf Registration and use commercially reasonable efforts to have such post-effective amendment declared effective. 

(f) Upon the Company becoming aware that it is a “Well-Known Seasoned Issuer” (as defined in Rule 405 under the Securities
Act), (i) the Company shall give written notice to all of the Stockholders as promptly as practicable but in no event later than 10 Business Days thereafter, and such notice shall describe, in reasonable detail, the basis on which the Company has
become a Well-Known Seasoned Issuer, and (ii) the Company shall, as promptly as practicable and subject to any Suspension Period, register, under an Automatic Shelf Registration Statement, the sale of all of the Registrable Securities in
accordance with the terms of this Agreement. The Company shall use its commercially reasonable efforts to file such Automatic Shelf Registration Statement as promptly as practicable, but in no event later than 45 days after it becomes a Well-Known
Seasoned Issuer, and to cause such Automatic Shelf Registration Statement to remain effective thereafter until the date set forth in Section 2.04(a)(ii). The Company shall give written notice of filing such Registration Statement to all of the
Stockholders as promptly as practicable thereafter. The Company shall not be required to include any Stockholder as a selling stockholder in any Registration Statement or prospectus unless such Stockholder has complied with Section 2.15. At any
time after the filing of an Automatic Shelf Registration Statement by the Company, if the Company is no longer a Well-Known Seasoned Issuer as of a particular date (the “Determination Date”), the Company shall (A) give written
notice thereof to all of the Stockholders as promptly as practicable but in no event later than 10 Business Days following such Determination Date and (B) if the Company is eligible to file a Registration Statement on Form S-3 with respect to a secondary public offering of its equity securities, file a Registration Statement on Form S-3 with respect to a Shelf Registration in accordance with
Section 2.02(a), treating all selling Stockholders identified as such in the Automatic Shelf Registration Statement (and amendments or supplements thereto) as Requesting Stockholders and use all commercially reasonable efforts to have such
Registration Statement declared effective as soon as reasonably practicable after such Determination Date. Any registration pursuant to this Section 2.02(f) shall be deemed a Shelf Registration for purposes of this Agreement. 

(g) Piggyback Registration. 

(i) If the Company proposes to register any Company Securities under the Securities Act (other than (i) a registration on
Form S-8 or Form S-4 relating to Shares or any other class of Company Securities issuable upon exercise of employee stock options or in connection with any employee
benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another Person or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act or other
business combination or acquisition transaction, any registration statement related to the issuance or resale 

  
 11 

 
of securities issued in such a transaction) other than in connection with a rights offering, whether or not for sale for its own account, the Company shall each such time give prompt notice (via
electronic transmission) at least 10 days prior to the anticipated filing date of the registration statement relating to such registration to each Stockholder, which notice shall offer such Stockholder the opportunity to include in such registration
statement the number of Registrable Securities of the same class or series as those proposed to be registered as each such Stockholder may request (a “Piggyback Registration”), subject to the provisions of Section 2.02(h)(ii).
Upon the request of any such Stockholder made within 5 days after the receipt of notice from the Company regarding a Piggyback Registration (which request shall specify the number of Registrable Securities intended to be registered by such
Stockholder), the Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities that the Company has been so requested to register by all such Requesting Stockholders, to the
extent requisite to permit the disposition of the Registrable Securities so to be registered in accordance with the plan of distribution intended by the Company for such registration statement; provided that (i) if such registration involves a
Public Offering, all such Registering Stockholders requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected as provided in Section 2.04(f)(i) on the same terms and
conditions as apply to the Company and (ii) if, at any time after giving notice of its intention to register any Company Securities pursuant to this Section 2.02(h) and prior to the effective date of the registration statement filed in
connection with such registration, the Company shall determine for any reason not to register such securities, the Company shall give notice to all Registering Stockholders and, thereupon, shall be relieved of its obligation to register any
Registrable Securities in connection with such registration. No registration effected under this Section 2.02(h) shall relieve the Company of its obligations to effect a Demand Registration to the extent required by Section 2.01 or a Shelf
Registration to the extent required by Section 2.02. The Company shall pay all Registration Expenses in connection with each Piggyback Registration. 

(ii) If a Piggyback Registration involves a Public Offering (other than any Demand Registration, in which case the provisions
with respect to priority of inclusion in such offering set forth in Section 2.01(d) shall apply) and the lead managing underwriter advises the Company that, in its view, the number of Registrable Securities that the Company and such Registering
Stockholders intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering Size: 

(A) first, so much of the Company Securities proposed to be registered for the account of the Company as would not cause the
offering to exceed the Maximum Offering Size; 
 (B) second, all Registrable Securities requested to be included in such
registration by any Registering Stockholders pursuant to this Section 2.02(h) (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Stockholders on the basis of the relative number of shares of
Registrable Securities so requested to be included in such registration by each such Stockholder); and 
 (C) third, any
securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall determine. 

Section 2.03. Lock-Up Agreements. 

(a) Each Stockholder hereby agrees that it will not effect any public sale or distribution (including sales pursuant to Rule 144) of
Registrable Securities (i) during (A) the 10 days prior to and the 90-day period beginning on the effective date of the registration of such Registrable Securities in connection with a Public Offering
(which period following the effective date may, in each case, be extended as reasonably requested by the underwriters participating in such Public Offering to accommodate regulatory restrictions on (I) the publication or other distribution of
research reports and (II) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA rules or any successor provisions or amendments thereto) or (B) such shorter period as the underwriters
participating in such Public Offering may require, and (ii) upon 

  
 12 

 
notice from the Company of the commencement of a Public Offering in connection with any Shelf Registration, during (A) 10 days prior to and the 90-day
period beginning on the date of commencement of such Public Offering or (B) such shorter period as the underwriters participating in such Public Offering may require, in each case except as part of such Public Offering. Each Stockholder agrees
to execute a lock-up agreement in favor of the underwriters in form and substance reasonably acceptable to the Company and the underwriters to such effect and, in any event, that the underwriters in any
relevant offering shall be third party beneficiaries of this Section 2.03(a). The lock-up agreement to be executed by each Stockholder pursuant to this Section 2.03(a) shall be no less favorable to
such Stockholder than the lock-up agreements (or provisions in any underwriting agreement) executed by the Company or any of the executive officers or directors of the Company pursuant to Section 2.03(b).

 (b) The Company shall not effect any public sale or distribution of securities of the same type and class as Registrable Securities
(except pursuant to (i) registrations on Form S-8 or Form S-4 or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the
Securities Act or other business combination or acquisition transaction, any registration statement related to the issuance or resale of securities issued in such a transaction) (i) with respect to any Public Offering pursuant to a Demand
Registration or any Piggyback Registration in which the holders of Registrable Securities are participating, during (A) the 10 days prior to and the 90-day period beginning on the effective date of such
registration (which period following the effective date may, in each case, be extended as reasonably requested by the underwriters participating in such Public Offering to accommodate regulatory restrictions on (I) the publication or other
distribution of research reports and (II) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA rules or any successor provisions or amendments thereto) or (B) such shorter period as the
underwriters participating in such Public Offering may require, and (ii) upon notice from any holder(s) of Registrable Securities subject to a Shelf Registration that such holder(s) intend to effect a Public Offering of Registrable Securities
pursuant to such Shelf Registration (upon receipt of which, the Company will promptly notify all other Stockholders of the date of commencement of such Public Offering), during (A) the 10 days prior to and the
90-day period beginning on the date of commencement of such Public Offering and (B) such shorter period as the underwriters participating in such Public Offering may require), in each case except as part
of such Public Offering. To the extent required by any underwriter participating in such Public Offering, the Company shall use commercially reasonable efforts to cause its executive officers and directors to execute customary lock-up agreements in connection with such Public Offering, which lock-up agreements shall not have a duration shorter than that of the
lock-up agreement or provisions applicable to the Company. 
 Section 2.04. Registration
Procedures. Whenever a Stockholder requests that any Registrable Securities be registered pursuant to Section 2.01 or Section 2.02, subject to the provisions of such Sections, the Company shall use its commercially reasonable
efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as soon as reasonably practicable and, in connection with any such request: 

(a) The Company shall as soon as reasonably practicable prepare and file with the SEC a Registration Statement on any form for which the
Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof,
and use its commercially reasonable efforts to cause such filed Registration Statement to become and remain effective for a period of (i) not less than 180 days (or, if sooner, until all Registrable Securities have been sold under such
Registration Statement), or (ii) in the case of a Shelf Registration, until the earlier of the date (x) on which all of the securities covered by such Shelf Registration are no longer Registrable Securities and (y) on which the
Company cannot extend the effectiveness of such Shelf Registration because it is no longer eligible for use of Form S-3; subject in each case to any Suspension Period. 

(b) Prior to filing a Registration Statement or related prospectus or any amendment or supplement thereto, or before using any Free Writing
Prospectus, the Company shall provide each Registering Stockholder, the 

  
 13 

 
Holders’ Counsel and each underwriter, if any, with an adequate and appropriate opportunity to review and comment on such Registration Statement, each prospectus included therein (and each
amendment or supplement thereto) and each Free Writing Prospectus proposed to be filed with the SEC, and thereafter the Company shall furnish to such Registering Stockholder, the Holders’ Counsel and underwriter, if any, such number of copies
of such Registration Statement, each amendment and supplement thereto filed with the SEC (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including
each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424, Rule 430A, Rule 430B or Rule 430C under the Securities Act, each Free Writing Prospectus and such other documents as such Registering Stockholder
or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Registering Stockholder. In addition, the Company shall, as expeditiously as practicable, keep Holders’ Counsel advised in
writing as to the initiation and progress of any registration under Section 2.01 or Section 2.02 and provide Holders’ Counsel with copies of all correspondence (including any comment letter) with the SEC, any self-regulatory
organization or other governmental agency in connection with any such Registration Statement. Each Registering Stockholder shall have the right to request that the Company modify any information pertaining to such Registering Stockholder contained
in such Registration Statement, amendment and supplement thereto or any Free Writing Prospectus, and the Company shall use its commercially reasonable efforts to comply with such request; provided, however, that the Company shall not have any
obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading. 
 (c) After the filing of the Registration Statement, the Company shall (i) cause the
related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act applicable to the Company
with respect to the disposition of all Registrable Securities covered by such Registration Statement during the applicable period in accordance with the intended methods of disposition by the Registering Stockholder thereof set forth in such
Registration Statement or supplement to such prospectus and (iii) promptly notify each Registering Stockholder holding Registrable Securities covered by such Registration Statement and the Holders’ Counsel of any stop order issued or
threatened by the SEC or any state securities commission and take all commercially reasonable actions required to prevent the entry of such stop order or to remove it if entered. 

(d) The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by such
Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any Registering Stockholder holding such Registrable Securities reasonably (in light of such Registering Stockholder’s
intended plan of distribution) requests, and continue such registration or qualification in effect in such jurisdiction for the shortest of (A) as long as permissible pursuant to the laws of such jurisdiction, (B) as long as any such
Registering Stockholder requests or (C) until all such Registrable Securities are sold and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by
virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Registering Stockholder to consummate the disposition of the Registrable Securities owned by
such Registering Stockholder; provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.04(d), (B) subject itself
to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (e) The Company shall
promptly notify each Registering Stockholder holding such Registrable Securities covered by such Registration Statement (i) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon the discovery
that, or upon the occurrence of an event as a result of which, the preparation of a supplement or amendment to such prospectus is required so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not
contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements 

  
 14 

 
therein not misleading and the Company shall promptly (subject to any applicable Suspension Period) prepare and make available to each Registering Stockholder and file with the SEC any such
supplement or amendment, (ii) as soon as the Company becomes aware of any request by the SEC or any federal or state governmental authority for amendments or supplements to a Registration Statement or related prospectus covering Registrable
Securities or for additional information relating thereto, (iii) as soon as the Company becomes aware of the issuance or threatened issuance by the SEC of any stop order suspending or threatening to suspend the effectiveness of a Registration
Statement covering the Registrable Securities or (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any proceeding for such purpose. 
 (f) (i) The Registering Stockholders holding a
majority of the Registrable Securities to be included in a Demand Registration or intended to be sold pursuant to a Public Offering pursuant to a “take down” under a Shelf Registration shall have the right to select an underwriter or
underwriters in connection with such Public Offering or “take down” (as the case may be) (which underwriter or underwriters may include any Affiliate of any Registering Stockholder so long as including such Affiliate would not require the
separate engagement of a qualified independent underwriter with respect to such offering), subject to the Company’s approval (which shall not be unreasonably withheld, conditioned or delayed) and (ii) the Company shall select an
underwriter or underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take all other actions as
are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including, if required, the engagement of a “qualified independent underwriter” in connection with the
qualification of the underwriting arrangements with FINRA. 
 (g) Subject to confidentiality arrangements customarily applicable to
underwriters and the Registering Stockholders, the Company shall make available for inspection by any Registering Stockholder and any underwriter participating in any disposition pursuant to a Registration Statement being filed by the Company
pursuant to this Section 2.04 and any attorney, accountant or other professional retained by any such Stockholder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents
and properties of the Company and its Subsidiaries (collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors, managers and employees (and those of the Company’s Subsidiaries) to supply all information reasonably requested by any Inspectors in connection with such Registration Statement. 

(h) The Company shall furnish to each Registering Stockholder and to each such underwriter, if any, a signed counterpart of (i) any
opinion or opinions of counsel to the Company and (ii) any comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or
comfort letters, as the case may be, any Registering Stockholder or the lead managing underwriter therefor reasonably requests. 
 (i) The
Company shall otherwise comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably available, an earnings statement or such other document that shall satisfy the provisions of
Section 11(a) of the Securities Act and the requirements of Rule 158 thereunder. 
 (j) The Company may require each Registering
Stockholder promptly to furnish in writing to the Company such information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be reasonably required in
connection with such registration. 
 (k) Each Registering Stockholder agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 2.04(e), such Stockholder shall forthwith discontinue 

  
 15 

 
disposition of Registrable Securities pursuant to the Registration Statement (including any Shelf Registration) covering such Registrable Securities until such Stockholder’s receipt of
(i) copies of the supplemented or amended prospectus from the Company or (ii) further notice from the Company that distribution can proceed without an amended or supplemented prospectus, and, in the circumstances described in clause (i),
if so directed by the Company, such Stockholder shall deliver to the Company all copies, other than any permanent file copies then in such Stockholder’s possession, of the most recent prospectus covering such Registrable Securities at the time
of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective (including the period referred to in Section 2.04(a)) by the number of
days during the period from and including the date of the giving of notice pursuant to Section 2.04(e) to the date when the Company shall (x) make available to such Stockholder a prospectus supplemented or amended to conform with the
requirements of Section 2.04(e) or (y) deliver to such Stockholder the notice described in clause (ii). 
 (l) The Company shall
use its commercially reasonable efforts to list all Registrable Securities of any class or series covered by such Registration Statement on any national securities exchange on which any of the Registrable Securities of such class or series are then
listed or traded. 
 (m) Upon written request (which request shall be given with reasonable advance notice) to the Company by Registering
Stockholders holding a majority of the Registrable Securities being sold in such offering, the Company shall have appropriate officers of the Company or its Subsidiaries (i) upon reasonable request and at reasonable times prepare and make
presentations at any “road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use its commercially reasonable efforts
to cooperate as requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
 (n) The Company shall,
as soon as possible following its actual knowledge thereof, notify each Registering Stockholder: (A) when a prospectus, any prospectus supplement, a Registration Statement or a post-effective amendment to a Registration Statement has been filed
with the SEC, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (B) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to
a Registration Statement, a related prospectus (including a Free Writing Prospectus) or any other additional information; or (C) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for such purpose. 

(o) The Company shall reasonably cooperate with each Registering Stockholder and each underwriter participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made by FINRA. 
 (p) The Company shall
take all other steps reasonably necessary to effect the registration of such Registrable Securities and reasonably cooperate with the holders of such Registrable Securities to facilitate the disposition of such Registrable Securities. 

(q) The Company shall, within the deadlines specified by the Securities Act, make all required filings of all prospectuses (including any Free
Writing Prospectus) with the SEC and make all required filing fee payments in respect of any Registration Statement or related prospectus used under this Agreement (and any offering covered hereby). 

(r) The Company shall, if such registration is pursuant to a Registration Statement on Form S-3 or any
similar short-form registration, include in such Registration Statement such additional information for marketing purposes as the managing underwriter with respect to an underwritten public offering reasonably requests. 

  
 16 

 Section 2.05. Indemnification by the Company. The Company agrees to
indemnify and hold harmless each Registering Stockholder holding Registrable Securities covered by a Registration Statement, its Affiliates, stockholders, members, directors, officers, managers, employees, partners and agents, and each Person, if
any, who controls such Registering Stockholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, “Stockholder Parties”) from and against any and all losses, claims,
damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement or allegedly untrue statement of a
material fact contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Free
Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company shall not be liable to any Stockholder Party for any Damages that are caused by or related to any
such untrue statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to the Company by or on behalf of such Registering Stockholder expressly for use therein. The Company also agrees to
indemnify and hold harmless any underwriters of the Registrable Securities, their respective officers and directors and each Person who controls any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act on substantially the same basis as that of the indemnification of the Registering Stockholders provided in this Section 2.05. 

Section 2.06. Indemnification by Registering Stockholders. Each Registering Stockholder holding Registrable Securities
included in any Registration Statement agrees, severally but not jointly, to indemnify and hold harmless (i) the Company, (ii) each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act, (iii) each other Registering Stockholder participating in any offering of Registrable Securities and (iv) the respective Affiliates, stockholders, members, directors, officers, managers, employees,
partners and agents of each of the Persons specified in clauses (i) through (iii) from and against all Damages to the same extent as the foregoing indemnity from the Company to such Registering Stockholder, but only with respect to information
furnished in writing by or on behalf of such Registering Stockholder expressly for use in any Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus or Free
Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus under Rule 159 under the Securities Act). Each Registering Stockholder also agrees to indemnify and hold
harmless any underwriters of the Registrable Securities, their respective officers and directors and each Person who controls any underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act
on substantially the same basis as that of the indemnification of the Company and the other Registering Stockholders provided in this Section 2.06. As a condition to including Registrable Securities in any Registration Statement filed in
accordance with Article II, the Company may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold the Company harmless to the extent customarily provided by underwriters with
respect to similar securities and offerings. No Registering Stockholder shall be liable under this Section 2.06 for any Damages in excess of the net proceeds (after deducting the underwriters’ discounts and commissions) realized by such
Registering Stockholder in the sale of Registrable Securities of such Registering Stockholder to which such Damages relate. 

Section 2.07. Conduct of Indemnification Proceedings. If any proceeding (including any investigation by any governmental
authority) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 2.05 or Section 2.06, such Person (an “Indemnified Party”) shall promptly notify the Person against whom
such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume
the payment of all reasonable fees and expenses in connection therewith; provided that the failure of any Indemnified Party to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the
extent that the Indemnifying Party is materially 

  
 17 

 
prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel; (ii) in the reasonable judgment of such Indemnified Party, representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them; or (iii) the Indemnified Party shall have reasonably concluded (based on the advice of counsel) that there may be legal defenses
available to it that are different from or in addition to those available to the Indemnifying Party. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable
for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed promptly after receipt of an invoice
setting forth such fees and expenses in reasonable detail. In the case of any such separate firm for any Indemnified Party, such firm shall be designated in writing by the Indemnified Party. The Indemnifying Party shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent, or if there is a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless each Indemnified Party from and against
any Damages (to the extent obligated herein) by reason of such settlement or judgment. Without the prior written consent of an Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened proceeding in respect of
which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of
such proceeding. 
 Section 2.08. Contribution. If the indemnification provided for in Section 2.05 or
Section 2.06 is unavailable to an Indemnified Party or insufficient in respect of any Damages caused by or relating to any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement or prospectus
relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Free Writing Prospectus relating to the Registrable Securities (including
any information that has been deemed to be a part of any prospectus under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages in such proportion as
is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Party in connection with such actions which resulted in such Damages, as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party and the Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. 

The parties agree that it would not be just and equitable if contribution pursuant to this Section 2.08 were determined by pro rata
allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by a party as a result of the Damages referred to in the
preceding paragraph shall be deemed to include, subject to the limitations set forth in Section 2.05 and Section 2.06, any legal or other expenses reasonably incurred by a party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 2.08, no Registering Stockholder shall be required to contribute any amount in excess of the net proceeds (after deducting the underwriters’ discounts and commissions) received by
such Registering Stockholder in the applicable offering. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act), and no Person under the control, within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, of a Person guilty of such fraudulent misrepresentation, shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Registering
Stockholder’s obligation to contribute pursuant to this Section 2.08 is several in the proportion that the net 

  
 18 

 
proceeds of the applicable offering received by such Registering Stockholder bears to the net total proceeds of the applicable offering received by all such Registering Stockholders and not
joint. 
 Section 2.09. Participation in Public Offering. No Stockholder may participate in any Public Offering hereunder
unless such Stockholder (i) agrees to sell such Stockholder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights.

 Section 2.10. Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications)
shall be given by the Company and each Registering Stockholder participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation or governmental authority other than the
Securities Act. 
 Section 2.11. Cooperation by the Company. If any Stockholder shall transfer, assign, sell, convey or
otherwise dispose of any Registrable Securities pursuant to Rule 144, the Company shall reasonably cooperate with such Stockholder, provide to such Stockholder such information as such Stockholder shall reasonably request and make publicly available
information necessary to permit sales pursuant to Rule 144 for so long as necessary. 
 Section 2.12. Transfer of Registration
Rights. The rights of a Stockholder under this Article II may be transferred or assigned in connection with a transfer of Registrable Securities, provided that all of the following additional conditions are satisfied: (x) such
transfer or assignment is effected in accordance with applicable securities laws, (y) such transfer is effected in accordance with the Certificate of Incorporation, as applicable, and (z) such transferee or assignee executes and delivers
to the Company an agreement to be bound by this Agreement in the form of Exhibit A. 
 Section 2.13. Limitations on Subsequent
Registration Rights. The Company agrees that it shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to include such securities in any
Demand Registration, Piggyback Registration or Shelf Registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that their inclusion would not be
on terms more favorable in the aggregate to such holder or prospective holder than this Agreement. The Company also represents and warrants to each Stockholder that it has not prior to the date of this Agreement entered into any agreement with
respect to any of its securities granting any registration rights to any Person. 
 Section 2.14. Free Writing
Prospectuses. Except for a prospectus relating to Registrable Securities included in a Registration Statement, an “Issuer Free Writing Prospectus” (as defined in Rule 433 under the Securities Act) or other materials
prepared by or on behalf of the Company, each Registering Stockholder represents and agrees that it (i) shall not make any offer relating to the Registrable Securities that would constitute an Issuer Free Writing Prospectus or that would
otherwise constitute a Free Writing Prospectus, and (ii) has not distributed and will not distribute any written materials in connection with the offer or sale pursuant to a Registration Statement of Registrable Securities without the prior
written consent of the Company and, in connection with any Public Offering, the underwriters. 
 Section 2.15. Information from
Registering Stockholders; Obligations of Registering Stockholders. 
 (a) It shall be a condition precedent to the obligations of
the Company to include the Registrable Securities of any Registering Stockholder that has requested inclusion of its Registrable Securities in any Registration Statement or related prospectus, as the case may be, that such Registering Stockholder
shall take the actions described in this Section 2.15. 

  
 19 

 (b) Each Registering Stockholder that has requested inclusion of its Registrable Securities
in any Registration Statement shall (i) furnish to the Company (as a condition precedent to such Registering Stockholder’s participation in such registration) in writing such information with respect to such Registering Stockholder, its
ownership of Company Securities and the intended method of disposition of its Registrable Securities as the Company may reasonably request or as may be required by law or regulations for use in connection with any related Registration Statement or
prospectus (or amendment or supplement thereto) and all information required to be disclosed in order to make the information previously furnished to the Company by such Registering Stockholder not contain a material misstatement of fact or
necessary to cause such Registration Statement or prospectus (or amendment or supplement thereto) not to omit a material fact with respect to such Registering Stockholder necessary in order to make the statements therein not misleading and
(ii) comply with the Securities Act and the Exchange Act and all applicable state securities laws and comply with all applicable regulations in connection with the registration and the disposition of Registrable Securities. 

(c) Each Registering Stockholder shall promptly (i) following its actual knowledge thereof, notify the Company of the occurrence of any
event that makes any statement made in a Registration Statement, prospectus, Issuer Free Writing Prospectus or other Free Writing Prospectus regarding such Registering Stockholder untrue in any material respect or that requires the making of any
changes in a Registration Statement, prospectus, Issuer Free Writing Prospectus or other Free Writing Prospectus so that, in such regard, it shall not contain any untrue statement of a material fact or omit any material fact required to be stated
therein or necessary to make the statements not misleading and (ii) provide the Company with such information as may be required to enable the Company to prepare a supplement or post-effective amendment to any such Registration Statement or a
supplement to such prospectus or Free Writing Prospectus. 
 (d) Each Registering Stockholder shall use commercially reasonable efforts to
cooperate with the Company in preparing the applicable Registration Statement. 
 (e) Each Stockholder agrees that no Stockholder shall be
entitled to sell any Registrable Securities pursuant to a Registration Statement or to receive a prospectus relating thereto unless such Stockholder has furnished the Company with all information required to be included in such Registration
Statement by applicable securities laws in connection with the disposition of such Registrable Securities as reasonably requested by the Company. 

(f) Notwithstanding anything to the contrary herein, no Registering Stockholder shall be required to make any representations or warranties to
or agreements with the Company, the underwriters of any underwritten Public Offering, or any other Person in connection with a disposition of Registrable Securities other than representations, warranties or agreements regarding such Registering
Stockholder, such Registering Stockholder’s ownership of Registrable Securities and such Registering Stockholder’s intended method of distribution of Registrable Securities. 

ARTICLE III. 
 TERMINATION 

Section 3.01. Termination. This Agreement shall terminate when the Post Stockholders collectively on their own behalf own less
than 2.5% of the total number of outstanding Shares; provided, however, that any Stockholder that ceases to own beneficially any Registrable Securities shall cease to be bound by the terms hereof other than (i) Section 2.05,
Section 2.06, Section 2.07, Section 2.08 and Section 2.10 applicable to such Stockholder with respect to any offering of Registrable Securities completed before the date such Stockholder ceased to own any Registrable Securities
and (ii) Section 4.01, Section 4.02 and Section 4.04 through Section 4.11. 

  
 20 

 ARTICLE IV. 

MISCELLANEOUS 
 Section 4.01.
Successors and Assigns. 
 (a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, successors, legal representatives and permitted assigns. 
 (b) Subject to Section 2.12, neither this Agreement nor
any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party. 
 (c) Nothing in this
Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by
reason of this Agreement. 
 Section 4.02. Notices. All notices, requests and other communications to any party hereunder
shall be in writing (including electronic transmission) and shall be given, 
 if to the Company, to: 

BellRing Brands, Inc. 

Attn: General Counsel 

2503 S. Hanley Rd. 

St. Louis, MO 63144 

E-mail: craig.rosenthal@bellringbrands.com 

if to Post, to: 

Post Holdings, Inc. 

2305 S. Hanley Rd. 

St. Louis, MO 63144 

Attention: General Counsel 

Email: diedre.gray@postholdings.com 

if to any other party hereto, to the address (including electronic transmission) specified on the joinder to this Agreement signed by such
party hereto, 
 or such other address as such party may hereafter specify for the purpose by notice to the other parties hereto. All notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or
communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. Any Person that becomes a Stockholder shall provide its address and e-mail address to the
Company, which shall promptly provide such information to each other Stockholder. 
 Section 4.03. Amendments and
Waivers. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the Company and Post. No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. 

  
 21 

 Section 4.04. Governing Law. All issues and questions concerning the
construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law or
conflicts of law provisions that would indicate the applicability of the laws of any other jurisdiction. 
 Section 4.05.
Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be
brought in any federal court located in the State of Delaware or any Delaware state court, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this
Agreement shall be deemed to have arisen from a transaction of business in the State of Delaware, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such
suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

 Section 4.06. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 4.07.
Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement,
without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other
equitable remedy that may then be available. 
 Section 4.08. Counterparts; Effectiveness; Third Party Beneficiaries.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each initial party
hereto shall have received a counterpart hereof signed by all of the other initial parties hereto. Until and unless each initial party has received a counterpart hereof signed by the other initial parties hereto, this Agreement shall have no effect
and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or
liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. 
 Section 4.09.
Entire Agreement. This Agreement, together with the Exhibit hereto and any documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement among the parties with respect to the subject matter of
this Agreement and supersedes all prior agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter of this Agreement. 

Section 4.10. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 22 

 Section 4.11. Certificate of Incorporation Supersedes. Nothing in this
Agreement is intended to conflict with any provision of the Certificate of Incorporation or Bylaws, each in effect from time to time and, in the event of any such conflict, the applicable provisions of the Certificate of Incorporation or Bylaws
shall supersede the conflicting provision of this Agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first above written. 
 [remainder of page left blank; signature
pages follow] 

  
 23 

 
			
	BELLRING BRANDS, INC.
		
	By:	 	 
		 	Name: [●]
		 	Title: [●]

  
  
  

 
 SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT 
 [BELLRING BRANDS,
INC.] 

  
 24 

 
			
	POST HOLDINGS, INC.
		
	By:	 	 
		 	Name: Diedre J. Gray
		 	 Title: Executive Vice President, General Counsel and Chief Administrative Officer, Secretary

  
  
  

 
 SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT 
 [POST HOLDINGS,
INC.] 

  
 25 

 EXHIBIT A 

JOINDER TO REGISTRATION RIGHTS AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Registration Rights Agreement dated as of [•], 2022 (the “Registration Rights Agreement”) among BellRing Brands, Inc. and the other parties thereto, as the same may be
amended from time to time. Capitalized terms used, but not defined, herein shall have the meanings ascribed to such terms in the Registration Rights Agreement. 

The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed
to be a party to the Registration Rights Agreement as of the date hereof and shall have all of the rights and obligations of a “Stockholder” thereunder as if it had executed the Registration Rights Agreement. The Joining Party hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Registration Rights Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 

Date:                
        ,         
  

			
	[NAME OF JOINING PARTY]
		
	By:	 	 
		 	Name:
		 	Title:

 Address for Notices: 

Email Address: 
  

EXHIBIT A - 1 

  
 26EX-10.3

 Exhibit 10.3 

TAX MATTERS AGREEMENT 

by and among 
 BELLRING
INTERMEDIATE HOLDINGS, INC. 
 (FORMERLY KNOWN AS BELLRING BRANDS, INC.), 

POST HOLDINGS, INC. 

and 
 BELLRING BRANDS,
INC. 
 DATED AS OF [●], 2022 

  
 1 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	F-5	 
		  	Section 1.01	  	General	  	 	F-5	 
		  	Section 1.02	  	References to Time	  	 	F-11	 
		
	 ARTICLE II PREPARATION, FILING AND PAYMENT OF TAXES SHOWN DUE ON TAX
RETURNS
	  	 	F-11	 
		  	Section 2.01	  	Tax Returns.	  	 	F-11	 
		  	Section 2.02	  	Tax Return Procedures.	  	 	F-12	 
		  	Section 2.03	  	Straddle Period Tax Allocation	  	 	F-13	 
		  	Section 2.04	  	Timing of Payments	  	 	F-13	 
		  	Section 2.05	  	Expenses	  	 	F-14	 
		  	Section 2.06	  	No Extraordinary Actions on the Distribution Date	  	 	F-14	 
		  	Section 2.07	  	Allocation of Tax Attributes	  	 	F-14	 
		  	Section 2.08	  	Section 336(e) Election	  	 	F-14	 
		  	Section 2.09	  	Post TRA	  	 	F-15	 
		  	Section 2.10	  	Transfer Taxes	  	 	F-15	 
		
	 ARTICLE III INDEMNIFICATION
	  	 	F-15	 
		  	Section 3.01	  	Indemnification by Post	  	 	F-15	 
		  	Section 3.02	  	Indemnification by SpinCo	  	 	F-15	 
		  	Section 3.03	  	Characterization of and Adjustments to Payments	  	 	F-16	 
		  	Section 3.04	  	Timing of Indemnification Payments	  	 	F-16	 
		  	Section 3.05	  	Exclusive Remedy	  	 	F-16	 
		
	 ARTICLE IV REFUNDS
	  	 	F-16	 
		  	Section 4.01	  	Refunds.	  	 	F-16	 
		
	 ARTICLE V TAX PROCEEDINGS
	  	 	F-16	 
		  	Section 5.01	  	Notification of Tax Proceedings	  	 	F-16	 
		  	Section 5.02	  	Tax Proceeding Procedures.	  	 	F-17	 
		
	 ARTICLE VI TAX-FREE STATUS OF THE
DISTRIBUTION
	  	 	F-17	 
		  	Section 6.01	  	Representations, Warranties and Covenants.	  	 	F-17	 
		  	Section 6.02	  	Restrictions Relating to the Distribution.	  	 	F-18	 
		  	Section 6.03	  	Procedures Regarding Opinions and Rulings.	  	 	F-20	 
		
	 ARTICLE VII COOPERATION
	  	 	F-21	 
		  	Section 7.01	  	General Cooperation	  	 	F-21	 
		  	Section 7.02	  	Retention of Records	  	 	F-21	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	F-21	 
		  	Section 8.01	  	Governing Law; Jurisdiction; Waiver of Jury Trial.	  	 	F-21	 
		  	Section 8.02	  	Dispute Resolution	  	 	F-22	 
		  	Section 8.03	  	Tax Sharing Agreements	  	 	F-22	 
		  	Section 8.04	  	Interest on Late Payments	  	 	F-22	 
		  	Section 8.05	  	Survival of Covenants	  	 	F-22	 
		  	Section 8.06	  	No Circumvention	  	 	F-23	 
		  	Section 8.07	  	Severability	  	 	F-23	 
		  	Section 8.08	  	Entire Agreement	  	 	F-23	 
		  	Section 8.09	  	Assignment	  	 	F-23	 
		  	Section 8.10	  	Specific Enforcement	  	 	F-23	 
		  	Section 8.11	  	Amendment or Supplement	  	 	F-23	 

  
 2 

									
	 	  	 	  	 	  	Page	 
		  	Section 8.12	  	Interpretation	  	 	F-23	 
		  	Section 8.13	  	Counterparts	  	 	F-24	 
		  	Section 8.14	  	Coordination with the Employee Matters Agreement	  	 	F-24	 
		  	Section 8.15	  	Notices	  	 	F-24	 
		  	Section 8.16	  	Effectiveness	  	 	F-25	 

  
 3 

 TAX MATTERS AGREEMENT 

This Tax Matters Agreement (this “Agreement”), dated as of [●], 2022 is entered into by and among BellRing Intermediate
Holdings, Inc. (formerly known as BellRing Brands, Inc.), a Delaware corporation (“BellRing”), Post Holdings, Inc., a Missouri corporation (“Post”), and BellRing Brands, Inc., a Delaware limited liability
company and a direct, wholly owned Subsidiary of Post (“SpinCo” and, together with BellRing and Post, the “Parties”). Any capitalized term used herein without definition shall have the meaning given to it in the
Transaction Agreement and Plan of Merger. 
 RECITALS 

WHEREAS, BellRing, Post, SpinCo and the other Persons party thereto have entered into a Transaction Agreement and Plan of Merger, dated as of
October 26, 2021 (the “Transaction Agreement”), pursuant to which, in accordance with the terms and conditions thereof, at the Merger Effective Time, Merger Sub will merge with and into BellRing, with BellRing continuing as the
surviving corporation, and BellRing becoming a wholly owned Subsidiary of SpinCo; 
 WHEREAS, prior to the Distribution, in accordance with
the terms and conditions set forth in the Transaction Agreement, Post will cause the Separation to be completed; 
 WHEREAS, following the
Separation, in accordance with the terms and conditions set forth in the Transaction Agreement, Post will effectuate the Debt Exchange; 

WHEREAS, in connection with and as part of the Separation, in accordance with the terms and conditions set forth in the Transaction Agreement,
Post will cause the Distribution to be completed; 
 WHEREAS, within six months following the Distribution and in connection with the
Distribution, Post may effectuate the Equity Exchange; 
 WHEREAS, immediately following consummation of the Distribution, in accordance
with the terms and conditions set forth in the Transaction Agreement, the Parties will effectuate the Merger; 
 WHEREAS, following the
Merger, in accordance with the terms and conditions set forth in the Transaction Agreement, SpinCo may effectuate the Post-Merger Transactions; 

WHEREAS, the material steps of the various transactions contemplated under the Separation Plan and Transaction Agreement
(“Transactions”) and their intended Tax treatment for U.S. federal income tax purposes are set forth in more detail in the Separation Plan; 

WHEREAS, the Parties to this Agreement intend that, for U.S. federal income tax purposes, (i) the Separation, together with the
Distribution, will qualify as a tax-free reorganization under Sections 368(a)(1)(D) and 355 of the Code; (ii) the Distribution will qualify as a distribution of SpinCo Common Stock to Post shareholders eligible for nonrecognition under Sections
355 and 361 of the Code; (iii) the Debt Exchange and Equity Exchange will each qualify as a distribution in connection with the Separation and Distribution eligible for nonrecognition under Section 361(c) of the Code; (iv) the Merger
will qualify as a tax-free reorganization pursuant to Section 368(a) of the Code; (v) no gain or loss will be recognized as a result of such transactions for U.S. federal income tax purposes by any of Post, SpinCo, Merger Sub, BellRing or
their respective Subsidiaries, BellRing stockholders (except as a result of cash paid to such stockholders) or the Post shareholders; (vi) the Post-Merger Transactions will be treated as contributions eligible for nonrecognition under
Section 351 of the Code and (vii) the Transaction Agreement is a “plan of reorganization” within the meaning of Section 1.368-2(g) and
1.368-3(a) of the Treasury Regulations; and 

  
 4 

 WHEREAS, as a consequence of the Transaction Agreement, the Parties desire to make certain
representations, warranties and covenants with respect to tax matters and to allocate the liability for certain Taxes that may be owed to or asserted by U.S. federal, state, local or non-U.S. Governmental
Authorities. 
 NOW, THEREFORE, in consideration of these premises, and of the representations, warranties, covenants and agreements set
forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I 

Definitions 

Section 1.01 General. As used in this Agreement, the following terms shall have the following meanings. 

“Accounting Firm” has the meaning set forth in Section 8.03. 

“Active Business” means BellRing LLC’s “active nutrition” business (including such business conducted through
any entities that are disregarded as separate from BellRing LLC for U.S. federal income tax purposes) conducted at substantially the same or greater levels as prior to the Distribution. 

“Affiliate” has the meaning set forth in the Transaction Agreement. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“BellRing” has the meaning set forth in the preamble to this Agreement. 

“BellRing LLC” has the meaning set forth in the Transaction Agreement. 

“Business Day” has the meaning set forth in the Transaction Agreement. 

“Claimant” has the meaning set forth in Section 4.01(a). 

“Closing Date” has the meaning set forth in the Transaction Agreement. 

“Closing of the Books Method” means the apportionment of items between portions of a Tax Period based on a closing of the
books and records on the close of the Distribution Date (in the event that the Distribution Date is not the last day of the Tax Period, as if the Distribution Date were the last day of the Tax Period), subject to adjustment for items accrued on the
Distribution Date that are properly allocable to the Tax Period following the Distribution and subject to adjustment for Tax payments made after the Distribution Date, which will be allocated to the Tax Period following the Distribution under the
principles of Treasury Regulations Sections 1.1502-76 and 1.706-4; provided that any items not susceptible to such apportionment shall be apportioned on the basis
of elapsed days during the relevant portion of the Tax Period. 
 “Code” means the U.S. Internal Revenue Code of 1986, as
amended. 
 “Control” has the meaning set forth in the Transaction Agreement. 

“Covered Transaction” means any Transaction contemplated by this Agreement or any Transaction Agreement and including, for
the avoidance of doubt, any Transaction contemplated by the Separation Plan. 
 “Debt Exchange” has the meaning set forth
in the Transaction Agreement. 

  
 5 

 “Disqualified Ownership Shift” means a transaction or series of
transactions, as a result of which any Person or any group of related Persons would (directly or indirectly) acquire, or have the right to acquire (through an option or otherwise), from SpinCo or any of its Affiliates and/or one or more holders of
SpinCo Equity Interests, respectively, any amount of SpinCo Equity Interests that would, when combined with any other changes in ownership of SpinCo Equity Interests pertinent for purposes of Section 355(e) of the Code (including the Merger),
result in a shift of more than forty percent (40%) of (a) the value of all outstanding SpinCo Equity Interests as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or
(b) the total combined voting power of all outstanding voting SpinCo Equity Interests as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the
foregoing, for purposes of the preceding sentence, (x) the total value or total combined voting power of all SpinCo Equity Interests issued and outstanding immediately after the Distribution shall be reduced by any redemption or repurchase
(directly or indirectly) by SpinCo (or any of its Affiliates) of SpinCo Equity Interests following the Distribution, and (y) whether a Disqualified Ownership Shift has occurred shall be calculated by disregarding (i) issuances by SpinCo
that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d), (ii) transfers of SpinCo Equity Interests that satisfy Safe Harbor VII (relating to public trading) of Treasury Regulations Section 1.355-7(d)
and (iii) issuances, transfers, recapitalizations, redemptions, and repurchases (in each case, whether direct or indirect) that are the subject of any applicable IRS ruling described in Section 6.03(c) or Unqualified Tax Opinion received
by one or more of the Parties with respect thereto, so long as such issuances, transfers, recapitalizations, redemptions or repurchases are not inconsistent with any applicable formal or informal written guidance provided by the IRS in connection
with any IRS ruling request or any applicable assumptions, representations, warranties, covenants or certificates relied upon in such Unqualified Tax Opinion. For purposes of determining whether and to what extent a transaction constitutes an
indirect acquisition for purposes of the first sentence of this definition, any recapitalization resulting in a shift of voting power or any redemption or repurchase of shares of stock shall be treated as an indirect acquisition of shares of stock
by the benefitted or non-exchanging stockholders. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated
thereunder and shall be interpreted accordingly by the Parties in good faith. 
 “Distribution” has the meaning set forth
in the Transaction Agreement. 
 “Distribution Date” has the meaning set forth in the Transaction Agreement. 

“Due Date” means (i) with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax
Return is required to be filed under applicable Law and (ii) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid the incurrence of interest, penalties and/or additions to Tax. 

“Equity Exchange” has the meaning set forth in the Transaction Agreement. 

“Equity Interests” means stock or other securities, derivatives, instruments or arrangements treated as equity for Tax
purposes, options, warrants, rights, subscriptions, convertible debt or any other instrument or security (or agreement or understanding or arrangement that could be treated as equity for Tax purposes) that affords any Person the right, whether
conditional or otherwise, to acquire stock (or any rights thereof, including voting rights) or to be paid an amount determined by reference to the value of stock. 

“Final Determination” means the final resolution of liability for any Tax for any Tax Period, by or as a result of (i) a
final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (ii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the
Code or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any Tax Period, (iii) any allowance of a Refund in respect of an overpayment 

  
 6 

 
of Tax, but only after the expiration of all periods during which such Refund or credit may be recovered by the jurisdiction imposing the Tax or (iv) any other final resolution, including by
reason of the expiration of the applicable statute of limitations. 
 “Governmental Authority” has the meaning set forth in
the Transaction Agreement. 
 “Indemnified Party” means, with respect to a matter, a Person that is entitled to seek
indemnification under this Agreement with respect to such matter. 
 “Indemnifying Party” means, with respect to a matter,
a Person that is obligated to provide indemnification under this Agreement with respect to such matter. 
 “IRS” means the
U.S. Internal Revenue Service or any successor thereto, including its agents, representatives and attorneys acting in their official capacity. 

“Laws” has the meaning set forth in the Transaction Agreement. 

“Merger” has the meaning set forth in the Transaction Agreement. 

“Merger Effective Time” has the meaning set forth in the Transaction Agreement. 

“Merger Sub” has the meaning set forth in the Transaction Agreement. 

“Notified Action” has the meaning set forth in Section 6.03(a). 

“Opinion” means the written opinions received by Post or BellRing with respect to certain Tax aspects of the Covered
Transactions, including for the avoidance of doubt, BellRing Tax Opinion and 355 Tax Opinion, as such terms are defined in the Transaction Agreement. 

“Parties” has the meaning set forth in the preamble to this Agreement. 

“Per Share Stock Consideration” has the meaning set forth in the Transaction Agreement. 

“Person” or “person” has the meaning set forth in the Transaction Agreement. 

“Post” has the meaning set forth in the preamble to this Agreement. 

“Post Consolidated Return” means any U.S. federal consolidated Tax Return required to be filed by Post or a member of the
Post Group as the “common parent” of an “affiliated group” (in each case, within the meaning of Section 1504 of the Code) and any consolidated, combined, unitary or similar Tax Return required to be filed by Post or any
member of the Post Group under a similar or analogous provision of state, local or non-U.S. Law. 

“Post Entity” means Post and any entity that is a Subsidiary of Post immediately after the Distribution. 

“Post Group” means (i) Post and each Person (including any Person treated as a disregarded entity for U.S. federal
income tax purposes (or for purposes of any state, local or non-U.S. tax Law)) required to join in a Tax Return on a consolidated, combined or unitary basis with Post, (ii) any corporation (or other
Person) that shall have merged or liquidated into Post or any such Person and (iii) any predecessor or successor to any Person otherwise described in this definition, in each of (i), (ii) and (iii), other than BellRing LLC and its Subsidiaries
or SpinCo. 

  
 7 

 “Post Taxes” means, without duplication, any (i) U.S. federal
consolidated or state or local consolidated or combined Taxes for a group of which any Post Entity is the current parent, (ii) Taxes arising under Treasury Regulation Section 1.1502-6 or any similar
provision of state, local or non-U.S. Law, which are Taxes of a Post Entity but for which a SpinCo Entity is liable by virtue of having been a member of a consolidated, combined, affiliated, unitary or other
similar tax group with such Post Entity prior to the Distribution, (iii) Taxes of any SpinCo Entity with respect to any Pre-Distribution Period (in the case of a Straddle Period, determined in accordance
with Section 2.03; and without in any way negating the Post Group’s rights under the Post-BellRing Tax Matters Agreement or Taxes allocated to BellRing or BellRing LLC under such Agreement) and (iv) Tax-Free Transaction Failure Taxes incurred by any action or failure to take any action within its control by a Post Entity. 

“Post Tax Return” means any Tax Return required to be filed by any Post Entity that does not exclusively relate to the SpinCo
Business, including for the avoidance of doubt, any Post Consolidated Return. 
 “Post-BellRing Tax Matters Agreement”
means the Tax Matters Agreement entered into by and among Post, BellRing and BellRing LLC, dated as of October 21, 2019. 

“Post-Distribution Period” means any Tax Period (or portion thereof) beginning after the Distribution Date, including for the
avoidance of doubt, the portion of any Straddle Period beginning after the Distribution Date. 
 “Post-Merger Transactions”
has the meaning set forth in the Transaction Agreement. 
 “Pre-Distribution
Period” means any Tax Period (or portion thereof) ending on or before the Distribution Date, including for the avoidance of doubt, the portion of any Straddle Period ending at the end of the day on the Distribution Date. 

“Refund” means any refund (or credit or offset in lieu thereof that results in an actual reduction in Taxes) of Taxes
(including any overpayment of Taxes that can be refunded or, alternatively, applied to other Taxes payable to the extent it results in an actual reduction in Taxes), including any interest paid on or with respect to such refund of Taxes. 

“Restricted Period” has the meaning set forth in Section 6.02(b). 

“Section 336(e) Election” has the meaning set forth in Section 2.08. 

“Separation” has the meaning set forth in the Transaction Agreement. 

“Separation Plan” means the steps for effecting the Covered Transactions. 

“SpinCo” has the meaning set forth in the preamble to this Agreement. 

“SpinCo Business” means the active nutrition business conducted by BellRing LLC and its Subsidiaries at any time since the
initial public offering of BellRing on October 21, 2019. 
 “SpinCo Common Stock” the meaning set forth in the
Transaction Agreement. 
 “SpinCo Entity” means SpinCo or any entity that is a Subsidiary of SpinCo following the
Distribution. 
 “SpinCo Equity Interests” means any outstanding options, warrants, rights, calls, subscriptions, claims of
any character, agreements, obligations, convertible or exchangeable securities or other commitments, contingent or otherwise, relating to SpinCo Common Stock or any capital stock equivalent or other nominal interest in SpinCo or any SpinCo Entity
(including for the avoidance of doubt, BellRing or any BellRing Subsidiary). 

  
 8 

 “SpinCo Group” means (i) SpinCo and each Person (including any Person
treated as a disregarded entity for U.S. federal income tax purposes (or for purposes of any state, local or non-U.S. tax Law)) required to join in a Tax Return on a consolidated, combined or unitary basis
with SpinCo in any Post-Distribution Period; (ii) any corporation (or other Person) that shall have merged or liquidated into SpinCo or any such Person and (iii) any predecessor or successor to any Person otherwise described in this
definition, in each of (i), (ii) and (iii). 
 “SpinCo Separate Return” means any Tax Return of or including any SpinCo
Entity (including any consolidated, combined or unitary return) that does not include any member of the Post Group. 
 “SpinCo
Tainting Act” has the meaning set forth in Section 6.02(a). 
 “SpinCo Taxes” means,
without duplication, any (i) Taxes arising from or attributable to the SpinCo Business or any SpinCo Entity that are not Post Taxes (whether or not required to be reported on a Tax Return with respect to a Post-Distribution Period),
(ii) SpinCo Transaction Taxes, (iii) Taxes of any SpinCo Entity with respect to any Post-Distribution Period (in the case of a Straddle Period, determined in accordance with Section 2.03) (other than Taxes
described in clause (ii) of Post Taxes), and (iv) Taxes reported, or required to be reported, on a SpinCo Separate Return with respect to a Post-Distribution Period. 

“SpinCo Transaction Taxes” means any Taxes or Tax-related losses incurred by any
Party to this Agreement or its Subsidiaries resulting from or attributable to a Tax-Free Transaction Failure if such Tax-Free Transaction Failure: 

 

	(i)	 is attributable to (x) a SpinCo Tainting Act, (y) any action (or the failure to take any action
within its control) by any SpinCo Entity (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions) that occurs after the Distribution or (z) any
transaction or event (or series of events) within the control of a SpinCo Entity occurring after the Distribution and involving the capital stock or assets of any SpinCo Entity. 

 

	(ii)	 is attributable to any breach of any representation, warranty or covenant made by BellRing or its Affiliates in
this Agreement, the Transaction Agreements or the Tax Materials; 

  

	(iii)	 is attributable to any breach after the Distribution of any representation, warranty or covenant made by SpinCo
or any SpinCo Entity in this Agreement, the Transaction Agreement or the Tax Materials (unless such breach is attributable to any action taken in reasonable reliance upon a breached representation, or warranty made by Post in this Agreement, the
Transaction Agreements or the Tax Materials); 

  

	(iv)	 is attributable to the application of Section 355(e) of the Code to the Distribution and would not have
arisen but for an “acquisition” of SpinCo stock (within the meaning of Section 355(e) of the Code), which acquisition of stock is not pursuant to (x) the issuance of the Per Share Stock Consideration in the Merger, (y) the
distribution of SpinCo Common Stock in the Distribution or (z) an agreement or arrangement entered into by Post or its Subsidiaries (including SpinCo) prior to the Distribution (other than any such agreement or arrangement as to which BellRing
or any of its Affiliates is a Party or has consented in writing; or 

  

	(v)	 with respect to Taxes of SpinCo or BellRing, is attributable to the failure of the Merger to qualify as a
reorganization eligible for nonrecognition under Section 368 (unless such failure is solely attributable to a breach of any representation or warranty made by Post in Section 6.01(c) or under Article V of the Transaction Agreement or in
the Tax Materials). 

 For the avoidance of doubt, but without limiting the foregoing, a Tax will be treated as a SpinCo
Transaction Tax under clause (i) above if such Tax would not have arisen but for both (a) the distribution of the SpinCo Common Stock pursuant to the Transaction Agreement and (b) any transaction or event (or series of events) within
the control of a SpinCo Entity occurring after the Distribution involving (directly or indirectly) the stock or assets of any SpinCo Entity. 

“Straddle Period” means any Tax Period that begins on or before and ends after the Distribution Date. 

  
 9 

 “Subsidiary” has the meaning set forth in the Transaction Agreement. 

“Taxes” means any and all U.S. federal, state, local or non-U.S. taxes, assessments
or similar charges and any interest, penalties or additional amounts related thereto. 
 “Tax Attributes” means net
operating losses, capital losses, investment tax credit carryovers, carryovers under Section 163(j) of the Code, earnings and profits including those previously taxed, foreign tax credit carryovers, overall foreign losses, previously taxed
income, separate limitation losses and any other losses, deductions, credits or other comparable items that could reduce a Tax liability for a past or future Tax Period. 

“Tax Benefit Recipient” has the meaning set forth in Section 2.07(b). 

“Tax-Free Status” means (i) the qualification of the Transactions contemplated
by the Separation for their intended tax treatment (as determined by Post) under applicable Laws; (ii) the qualification of the Separation, together with the Distribution, as a tax-free reorganization under Sections 368(a)(1)(D) and 355 of the
Code and of each of Post and SpinCo as a “party to a reorganization” within the meaning of Section 368(b) of the Code, pursuant to which none of SpinCo, Post or Post’s shareholders recognizes any gain or loss for U.S. federal
income tax purposes; (iii) the qualification of the Distribution as a transaction not subject to tax pursuant to Section 355(d) or Section 355(e) of the Code and as a transaction in which the stock distributed thereby is
“qualified property” for purposes of Sections 355(d), 355(e) and 361(c) of the Code; (iv) the qualification of each of the Debt Exchange and Equity Exchange as a distribution in connection with the Separation and Distribution eligible
for nonrecognition under Section 361(c) of the Code; (v) the qualification of the Merger as a reorganization eligible for nonrecognition pursuant to Section 368(a) of the Code and of each of BellRing, SpinCo and Merger Sub as a
“party to a reorganization” within the meaning of Section 368(b) of the Code; (v) the Merger and any other Transactions contemplated by the Transaction Agreements not causing Section 355(e) of the Code to apply to the
Distribution and (vi) the treatment of the assumption of liabilities in the Separation as not giving rise to Tax pursuant to Section 357(a) of the Code. 

“Tax-Free Transaction Failure” means the failure of any applicable Covered
Transaction to qualify for Tax-Free Status. 
 “Tax Item” means any item of income,
gain, loss, deduction, credit, recapture of credit or any other item which increases, decreases or otherwise impacts Taxes paid or payable. 

“Tax Materials” means (i) the Opinions, (ii) any representation letter from Post, BellRing, BellRing LLC or SpinCo
supporting an Opinion and (iii) any other materials delivered or deliverable by Post, BellRing, BellRing LLC or SpinCo or other Persons in connection with the rendering of the Opinions. 

“Tax Matter” has the meaning set forth in Section 7.01. 

“Tax Period” means any taxable year or any other period that is treated as a taxable year (or other period, or portion
thereof, in the case of a Tax imposed with respect to such other period) with respect to which any Tax may be imposed under any applicable Law. 

“Tax Proceeding” means any audit, assessment of Taxes, pre-filing agreement, other
examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations. 

“Tax Receivable Agreement” has the meaning set forth in the Transaction Agreement. 

“Tax Return” means any return, report, certificate, form or similar statement or document (including any related or
supporting information or schedule attached thereto and any information return, or declaration of 

  
 10 

 
estimated Tax) supplied to, or filed with, or required to be supplied to, or filed with, a Taxing Authority in connection with the payment, determination, assessment or collection of any Tax or
the administration of any Laws relating to any Tax and any amended Tax Return or claim for a Refund of Taxes (including any overpayment of Taxes that can be refunded or, alternatively, applied to other Taxes payable), including any interest paid on
or with respect to such Refund of Taxes. 
 “Taxing Authority” means any Governmental Authority having jurisdiction over
the assessment, determination, collection or imposition of any Tax (including the IRS). 
 “Transaction Agreement” has the
meaning set forth in the preamble. 
 “Transaction Agreements” has the meaning set forth in the Transaction Agreement. 

“Transfer Taxes” means sales, use, transfer, real property transfer, intangible, recordation, registration, documentary,
stamp or similar Taxes imposed in connection with the Transactions contemplated in the Transaction Agreements or Separation Plan. 

“Treasury Regulations” means the proposed, final and temporary income tax regulations promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Unqualified Tax
Opinion” means a “will” Opinion, without substantive qualifications, of a nationally recognized Law or accounting firm, which firm is reasonably acceptable to Post, to the effect that a transaction will not affect the Tax-Free Status of any applicable Covered Transaction. Post acknowledges that Ernst & Young LLP, Cleary Gottlieb Steen & Hamilton LLP and Simpson Thacher & Bartlett LLP are each reasonably
acceptable to Post. 
 Section 1.02 References to Time. All references in this Agreement to times of the day shall be to New
York City time. 
 ARTICLE II 

Preparation, Filing and Payment of Taxes Shown Due on Tax Returns 

Section 2.01 Tax Returns. 

(a) Post Consolidated Returns and Tax Returns Required to be Filed by Post. In accordance with Article II of the Post-BellRing Tax
Matters Agreement to the extent applicable, Post shall prepare and file (or cause to be prepared and filed) (i) each Post Consolidated Return and (ii) each Tax Return required to be filed by a Post Entity. Each SpinCo Entity shall file
such consents, elections and other documents as may be required, appropriate or reasonably requested by Post in connection with the filing of such Tax Returns. SpinCo shall reimburse Post for any Taxes shown as due and payable on such Tax Returns
that are SpinCo Taxes (taking into account the limitations set forth in Article III, as applicable). 
 (b)
SpinCo Entity Tax Returns. Except as provided in Section 2.01(c), SpinCo shall prepare and file (or cause to be prepared and filed) each SpinCo Separate Return required to be filed by a SpinCo Entity after the
Distribution Date. Post shall reimburse SpinCo for any Taxes shown as due and payable on such Tax Returns that are Post Taxes (taking into account the limitations set forth in Article III, as applicable). 

(c) Pre-Distribution Period Tax Return of BellRing LLC and its Subsidiaries. Post shall prepare
and file (or cause to be prepared and filed) each Pre-Distribution Period Tax Return of, or including, BellRing LLC and any 

  
 11 

 
Subsidiary of BellRing LLC. SpinCo shall be entitled to review and comment on any such Pre-Distribution Period Tax Returns at least twenty (20) days
prior to the Due Date for the applicable Pre-Distribution Period Tax Return. SpinCo shall notify Post no later than ten (10) days after receipt of a
Pre-Distribution Period Tax Return of any changes recommended thereby to such Pre-Distribution Period Tax Return. Post shall consider in good faith all reasonable
comments of SpinCo to such Pre-Distribution Period Tax Returns. If Post does not accept any such comment, then Post shall notify SpinCo of that fact. If within five (5) days of such notification, SpinCo
requests in writing a review of a rejected comment, Post shall cause its regular tax advisors to review the comment and consult with SpinCo. The determination of the tax advisors following such review and consultation shall definitively determine
the position taken on such Pre-Distribution Period Tax Return. 
 (d) Post-BellRing Tax Matters
Agreement. For the avoidance of doubt, the Post-BellRing Tax Matters Agreement shall remain in full force and effect and shall apply in respect of all periods, including the portion of the Straddle Period, ending with or before the Distribution
Date; and the Distribution shall in no way diminish the rights of Post or BellRing, as applicable, to receive payments or indemnification pursuant to the Post-BellRing Tax Matters Agreement. 

Section 2.02 Tax Return Procedures. 

(a) Post Tax Returns and Certain Tax Returns Prepared by Post. Except as otherwise provided in this
Section 2.02(a) and Sections 2.08 and 6.02(d), Post may take any position on or make any elections or other determinations with respect to any Post Tax Return in its sole and absolute
discretion and SpinCo shall have no rights with respect to any Post Tax Return. Notwithstanding the previous sentence, to the extent any income Tax Return prepared by Post pursuant to Section 2.01(a) includes SpinCo Taxes,
would reasonably be expected to materially adversely affect the Tax position of any SpinCo Entity, or includes SpinCo as part of a consolidated, combined or unitary group, Post shall provide a draft of the portion of such Tax Return specifically
relevant to SpinCo for its review and comment at least twenty (20) days prior to the Due Date for such Tax Return and shall consider in good faith whether to revise such relevant portions of such Tax Return in accordance with any reasonable
written comments received from SpinCo. 
 (b) Certain SpinCo Entity Tax Returns Prepared by SpinCo. In the case of any Tax Return
described in Section 2.01(b) that includes Post Taxes or would reasonably be expected to materially adversely affect the Tax position of any Post Entity, (i) such Tax Return shall (to the extent permitted by applicable
Law) be prepared in a manner consistent with past practice and (ii) SpinCo shall provide a draft of such Tax Return to Post for its review and comment at least twenty (20) days prior to the Due Date for such Tax Return, or in the case of
any such Tax Return filed on a monthly basis or property Tax Return, five (5) days prior to the Due Date for such Tax Return. The Parties shall negotiate in good faith to resolve all disputed issues. In the event that past practice is not
applicable to a particular item or matter, SpinCo shall determine the reporting of such item or matter in good faith in consultation with Post. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm pursuant to
Section 8.03. In the event that any such dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of any Tax Return, such Tax
Return shall be timely filed as prepared by SpinCo and such Tax Return shall be amended as necessary to reflect the resolution of such dispute in a manner consistent with such resolution. For the avoidance of doubt, SpinCo shall be responsible for
any interest, penalties or additions to Tax resulting from the late filing of any Tax Return described in Section 2.01(b) except to the extent that such late filing is caused by the failure of any Post Entity to provide
relevant information necessary for the preparation and filing of such Tax Return. 
 (c) Information Statements. Unless otherwise
required by Law, Post, BellRing and SpinCo, as applicable, shall file the appropriate information statements, as required by Treasury Regulations Sections 1.355-5(a) and 1.368-3, with the IRS and shall retain the appropriate information relating to the Distribution and the Merger as described in Treasury Regulations Sections 1.355-5(d) and 1.368-3(d). 

  
 12 

 (d) Amended Returns. Any amendment of any Tax Return described in
Section 2.01 of any SpinCo Entity shall be subject to the same procedures required for the preparation of such Tax Return of such SpinCo Entity pursuant to this Section 2.02 and shall be prepared
and filed in a manner consistent with the Tax Materials and Tax-Free Status. Except to the extent required by applicable Law, no SpinCo Entity shall amend any Tax Return relating to a Pre-Distribution Period or any Tax Return that includes Post Taxes or would reasonably be expected to materially adversely affect the Tax position of any Post Entity without the written consent of Post (which
consent shall not be unreasonably withheld, conditioned or delayed). Except to the extent required by applicable Law, no Post Entity shall amend any Tax Return of a SpinCo Entity that includes SpinCo Taxes or would reasonably be expected to
materially adversely affect the Tax position of any SpinCo Entity without the written consent of SpinCo (which consent shall not be unreasonably withheld, conditioned or delayed). 

(e) Consistent Reporting. 

(i) With respect to any Tax Return for which SpinCo is responsible pursuant to this Agreement, SpinCo shall include any Tax Items in such Tax
Return in a manner that is consistent with the inclusion of such Tax Items in any related Tax Return for which Post is responsible to the extent such Tax Items are allocated in accordance with this Agreement. 

(ii) With respect to any Tax Return that either Post, BellRing or SpinCo has the obligation or right to prepare and file, or cause to be
prepared and filed, for any Pre-Distribution Period or any Straddle Period (or Post-Distribution Period to the extent items reported on such Tax Return might reasonably be expected to affect items as reported
on any Tax Return for any Pre-Distribution Period or any Straddle Period), such Tax Return shall be prepared in accordance with past practices, including, for example, the methodology historically adopted by
such Party for the accrual of non-U.S. Taxes for purposes of computing any foreign tax credit for U.S. tax purposes, used with respect to the Tax Returns in question (unless there is no reasonable basis for
the use of such past practices), and to the extent any items are not covered by past practices (or in the event that there is no reasonable basis for the use of such past practices), in accordance with reasonable Tax accounting practices selected by
the Party preparing and filing the Tax Return. 
 (f) Reporting Consistent with Tax-Free
Status. All Tax Returns shall be prepared in a manner that is consistent with the Tax Materials and Tax-Free Status and shall be filed on a timely basis (including pursuant to extensions) by the Party
responsible for such filing pursuant to Section 2.01. In the event that any Party determines that there is no reasonable basis for the Tax treatment described in the preceding sentence, such Party shall notify the other
Party twenty (20) Business Days prior to filing the relevant Tax Return and the Parties shall attempt in good faith to agree on the manner in which the relevant portion of the Covered Transactions shall be reported. 

Section 2.03 Straddle Period Tax Allocation. To the extent permitted by applicable Law, Post and SpinCo shall elect to close the
Tax Period of each SpinCo Entity as of the close of the Distribution Date; provided, however, that if applicable Law does not permit a SpinCo Entity to close its Tax Period on the Distribution Date, the Tax attributable to the
operations of the SpinCo Entities for any Pre-Distribution Period shall be the Tax computed using the Closing of the Books Method. All Taxes with respect to a Straddle Period shall be allocated in accordance
with the Closing of the Books Method. 
 Section 2.04 Timing of Payments. Any reimbursement of Taxes under
Section 2.01 shall be made upon the later of (a) two (2) Business Days before the Due Date of such Taxes and (b) ten (10) Business Days after the Party required to make such reimbursement has received
notice from the Party entitled to such reimbursement. Without limiting the foregoing, for the avoidance of doubt, a Party may provide notice of reimbursement of Taxes prior to the time such Taxes were paid, and such notice may represent a reasonable
estimate (provided that the amount of reimbursement shall in all cases be based on the actual Taxes paid and not on such reasonable estimate). 

  
 13 

 Section 2.05 Expenses. Except as provided in
Section 8.03 in respect of the Accounting Firm, each Party shall bear its own expenses incurred in connection with this Article II. 

Section 2.06 No Extraordinary Actions on the Distribution Date. Except as expressly contemplated by this Agreement or any
Transaction Agreement, SpinCo shall not, and shall not permit any SpinCo Entity to, take any action outside of the ordinary course of business (“Extraordinary Transactions”) on the Distribution Date. Notwithstanding anything to the
contrary in this Agreement, for all Tax purposes, the Parties shall report any Extraordinary Transactions that are caused or permitted to occur by SpinCo or BellRing or any of their respective Subsidiaries on the Distribution Date as occurring on
the day after the Distribution Date pursuant to Treasury Regulations Section 1.1502-76(b)(1)(ii)(B) or any similar or analogous provision of state, local or
non-U.S. Law. The Parties agree that no Party will make a ratable allocation election under Treasury Regulations Sections 1.1502-76(b)(2)(ii)-(iii) and 1.706-4(a)(3) or any other similar provision of state, local or non-U.S. Law, and all allocations between the Pre-Distribution Period
and the Post-Distribution Period shall be made on a Closing of the Books Method. 
 Section 2.07 Allocation of Tax Attributes.

 (a) Post shall determine in good faith, consistent with the books and records of Post, the allocation of Tax Attributes among Post
Entities and SpinCo Entities in accordance with the Code and Treasury Regulations, including Treasury Regulations Sections 1.1502-76, 1.312-10 and 1.706-4 (and any applicable state, local and non-U.S. Laws). Post shall consult in good faith with BellRing (or SpinCo, following the Merger) regarding the allocation of Tax
Attributes and shall consider in good faith whether to revise such allocation in accordance with reasonable written comments received from BellRing (or SpinCo, following the Merger) regarding such allocation of Tax Attributes. Post, BellRing and
SpinCo hereby agree to compute all Taxes (and hereby agree to cause each Post Entity (in the case of Post) or SpinCo Entity (in the case of SpinCo), as applicable, to compute all Taxes) consistently with the determination of the allocation of Tax
Attributes pursuant to this Section 2.07 unless otherwise required by a Final Determination. Except as otherwise provided, to the extent that the amount of any Tax Attribute is later reduced or increased by a Taxing
Authority or Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to this Section 2.07, as agreed by the Parties. 

(b) A Party receiving (or realizing) a Tax benefit to which another Party is entitled hereunder (a “Tax Benefit Recipient”)
shall pay over the amount of such Tax benefit (including interest received from the relevant Taxing Authority, but net of any Taxes imposed with respect to such Tax benefit and any other reasonable costs) within thirty (30) days of receipt
thereof (or from the Due Date for payment of any Tax reduced thereby); provided, however, that the other Party, upon the request of such Tax Benefit Recipient, shall repay the amount paid to the other Party (plus any penalties,
interest or other charges imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a Tax benefit that gave rise to such payment is subsequently disallowed. 

(c) To the extent permitted by applicable Law, any SpinCo Entity shall elect to forgo a carryback of any net operating losses, capital losses
or credits for any Tax Period ending after the Distribution Date to a Tax Period, or portion thereof, ending on or before the Distribution Date. Notwithstanding the previous sentence, if any SpinCo Entity receives a Refund or otherwise realizes a
Tax benefit as a result of any mandatory carryback of any item from any SpinCo Entity, it shall remit to Post the amount of such Refund or Tax benefit, less any Tax or other reasonable
out-of-pocket costs incurred by such SpinCo Entity, as the case may be; provided, however, if a Taxing Authority subsequently reduces or disallows such
Refund or Tax benefit, Post shall, within thirty (30) days of the reduction or disallowance, return the amount previously remitted to Post. 

Section 2.08 Section 336(e) Election. Post shall make a timely protective election under and in accordance with
Section 336(e) of the Code and the Treasury Regulations issued thereunder (and any similar election under state, local or non-U.S. Law) with respect to the Distribution for each SpinCo Entity that is a
domestic 

  
 14 

 
corporation for U.S. federal income tax purposes (a “Section 336(e) Election”). Post shall be solely responsible for the contents of a Section 336(e)
Election and any agreements or filings required in connection with a Section 336(e) Election. Each SpinCo Entity shall take any action reasonably requested by Post in connection with the filing of a Section 336(e) Election. It is intended
that a Section 336(e) Election shall have no effect unless the Distribution is a “qualified stock disposition” either because (i) the Distribution is not a transaction described in Treasury Regulations Section 1.336-1(b)(5)(i)(B) or (ii) Treasury Regulations Section 1.336-1(b)(5)(ii) applies to the Distribution. For the avoidance of doubt, if the
Section 336(e) Election becomes effective, the calculation of Post Taxes and SpinCo Taxes, as the case may be, shall take into account any income, gain, loss, deduction or credit arising from the Section 336(e) Election. 

Section 2.09 Post TRA. 

(a) If and to the extent that there is a Tax-Free Transaction Failure, the Post Group incurs any Taxes
attributable to the Section 336(e) Election, or the Post Group otherwise incurs a material Tax liability which gives rise to a quantifiable Tax benefit to SpinCo, in each case that (i) gives rise to adjustments to the tax basis of assets
held by the SpinCo Group and (ii) for which the Post Group is not entitled to indemnification pursuant to Article III of this Agreement, then (x) Post shall be entitled to periodic payments from SpinCo (at such times and in such
manner as will be mutually agreed in a tax receivable agreement) equal to 85% of the Tax savings arising from the aggregate increase to the tax basis of assets held by the SpinCo Group resulting from the Taxes attributable to a Tax-Free Transaction Failure or Section 336(e) Election and for which the Post Group was not entitled to indemnification pursuant to Article III of this Agreement, and (y) the Parties shall
negotiate in good faith the terms of a tax receivable agreement to govern the calculation of such payments on a “when realized” basis and using a “with and without” methodology (treating any deductions or amortization
attributable to the applicable increase in tax basis as the last items claimed for any Tax Period, including after the utilization of any available net operating loss carryforwards), and otherwise applying the principles of, and adhering as closely
as practicable to, the existing Tax Receivable Agreement. Notwithstanding anything to the contrary, SpinCo shall not have any obligation to pay to the Post Group under such tax receivable agreement for Tax savings attributable to any losses, Taxes,
damages, expenses or other liability to the extent the Post Group is entitled to indemnification with respect to such items pursuant to Article III of this Agreement. 

(b) For the avoidance of doubt, the existing Tax Receivable Agreement shall remain in full force and effect and shall apply in respect of all
periods ending with or before the Merger Effective Date; and the Transactions contemplated by the Transaction Agreements shall in no way diminish the rights of Post or BellRing, as applicable, to receive payments (except, for the avoidance of doubt,
to the extent the Transactions reduce the amount of any tax benefit deemed to be realized for purposes of such Tax Receivable Agreement as determined in the reasonable discretion of Post) or indemnification pursuant to such Tax Receivable Agreement.

 Section 2.10 Transfer Taxes. Transfer Taxes shall be borne fifty percent (50%) by Post and fifty percent (50%) by SpinCo. The
Parties shall execute such documents, agreements, applications, instruments, or other forms as reasonably required, and shall permit any such Transfer Taxes to be assessed and paid in accordance with applicable Law. 

ARTICLE III 

Indemnification 

Section 3.01 Indemnification by Post. Post shall pay (or cause to be paid), and shall indemnify and hold the SpinCo Group harmless
from and against, without duplication, all Post Taxes. 
 Section 3.02 Indemnification by SpinCo. SpinCo shall pay (or cause to
be paid), and shall indemnify and hold the Post Group harmless from and against, without duplication, all SpinCo Taxes. 

  
 15 

 Section 3.03 Characterization of and Adjustments to Payments. In the absence of
a Final Determination to the contrary, for all Tax purposes, Post and SpinCo shall treat or cause to be treated any indemnification payment required by this Agreement or the Transaction Agreements (other than any payment treated for Tax purposes as
interest) as either a contribution by Post to SpinCo or a distribution by SpinCo to Post, as the case may be, occurring immediately prior to the Distribution Date; and in each case, no Party shall take any position inconsistent with such treatment.
In the event that a Taxing Authority asserts that a Party’s treatment of a payment should be other than as required pursuant to this Agreement, such Party shall use its commercially reasonable efforts to contest such challenge and each other
Party shall use commercially reasonable efforts to cooperate therewith. 
 Section 3.04 Timing of Indemnification Payments. 

(a) Indemnification payments in respect of any liabilities for which an Indemnified Party is entitled to indemnification pursuant to this
Article III shall be paid by the Indemnifying Party to the Indemnified Party pursuant to the procedures specified in Section 8.11 of the Transaction Agreement. 

(b) If the receipt or accrual of any payment pursuant to this Agreement or the Transaction Agreements (other than payments of interest
pursuant to Section 8.06) results in taxable income to the Indemnified Party or any of its Affiliates, such payment shall be increased so that, after the payment of any Taxes with respect to such taxable income, the
Indemnified Party and its Affiliates shall have realized the same net amount they would have realized had the payment not resulted in taxable income. 

Section 3.05 Exclusive Remedy. Anything to the contrary in this Agreement notwithstanding, Post, SpinCo and BellRing hereby agree
that the sole and exclusive monetary remedy of a Party for any breach or inaccuracy of any representation, warranty, covenant or agreement contained in Article VI of this Agreement or in the Tax Materials shall be the
indemnification rights set forth in this Article III. 
 ARTICLE IV 

Refunds 

Section 4.01 Refunds. 

(a) Each Party shall be entitled to Refunds that relate to Taxes for which it (or its Affiliates) is liable hereunder (the
“Claimant”). A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled (less any tax or other reasonable out-of-pocket costs incurred by the first Party in receiving such Refund) within ten (10) Business Days after the receipt of the Refund. 

(b) To the extent that the amount of any Refund under this Section 4.01 is later reduced by a Taxing Authority or in
a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.01 and an appropriate adjusting payment shall be made. 

ARTICLE V 
 Tax
Proceedings 
 Section 5.01 Notification of Tax Proceedings. Within ten (10) days after an Indemnified Party becomes
aware of the commencement of a Tax Proceeding that would reasonably be expected to give rise to Taxes for which an Indemnifying Party is responsible pursuant to Article III, such Indemnified Party shall notify the

  
 16 

 
Indemnifying Party in writing of such Tax Proceeding and thereafter shall promptly forward or make available to the Indemnifying Party copies of all notices and communications relating to such
Tax Proceeding. The failure of the Indemnified Party to notify the Indemnifying Party in writing of the commencement of any such Tax Proceeding within such ten (10) day period or promptly forward any further notices or communications shall not
relieve the Indemnifying Party of any obligation which it may have to the Indemnified Party under this Agreement. 
 Section 5.02
Tax Proceeding Procedures. 
 (a) Separate Taxes. Each of Post and SpinCo shall be entitled to administer and control in its
sole discretion any adjustment that is proposed, asserted or assessed pursuant to any Tax Proceeding with respect to any Tax or Tax Return that Post or SpinCo would respectively be primarily liable for under this Agreement (“Contesting
Party”); provided that, to the extent that such Tax Proceeding relates to Taxes of the other Party or would reasonably be expected to materially adversely affect the Tax position of the other Party for any Post-Distribution Period,
the Contesting Party shall (i) keep the other Party informed in a timely manner of the actions proposed to be taken by the Contesting Party with respect to such Tax Proceeding, (ii) permit the other Party to participate (at such other
Party’s cost and expense) in the aspects of such Tax Proceeding that relate to such other Party’s Taxes and (iii) not settle any aspect of such Tax Proceeding without the prior written consent of the other Party (such consent not to
be unreasonably withheld, conditioned or delayed). 
 (b) Transaction Taxes. Notwithstanding
Section 5.02(a), (i) Post and SpinCo shall have the right to jointly control any audit or proceeding relating to the Tax-Free Status of the Transactions, and (ii) neither Post
nor SpinCo shall compromise or settle any such audit or proceeding without the other Party’s consent (such consent not to be unreasonably withheld, conditioned or delayed). 

ARTICLE VI 
 Tax-Free Status of the Distribution 
 Section 6.01 Representations, Warranties and
Covenants. 
 (a) BellRing Representations, Warranties and Covenants. BellRing hereby represents, warrants and covenants as of
the date hereof and as of the Merger Effective Time that: 
 (i) (A) It has examined the Tax Materials, (B) all facts presented and
representations made to the extent relating to BellRing, its Subsidiaries and (to the knowledge of BellRing) its stockholders, are true, correct and complete and (to the knowledge of BellRing) all other facts presented and representations made
therein are true, correct and complete and (C) neither BellRing, its Subsidiaries nor (to the knowledge of BellRing) any of its stockholders has any plan or intention to take any action inconsistent with the Tax Materials. BellRing shall have
notified Post by the date hereof if BellRing believes that any facts presented or representations made in such Tax Materials are not true, correct or complete, it being understood that if BellRing has failed to notify Post within such period and
Post has notified BellRing of such failure, then BellRing shall be deemed to have represented and warranted that all such facts presented and representations made relating to BellRing, its Subsidiaries and (to the knowledge of BellRing) its
stockholders in such Tax Materials are true, correct and complete and (to the knowledge of BellRing) all other facts presented and representations made in such Tax Materials are true, correct and complete. BellRing agrees to provide such
supplemental representations and warranties as are reasonably requested by Post or SpinCo in connection with Post and SpinCo obtaining the Opinions. 

(ii) BellRing is not aware of any fact that could cause the Transactions to fail for Tax-Free Status.

  
 17 

 (b) SpinCo Representations, Warranties and Covenants. SpinCo hereby represents,
warrants and covenants as of the date hereof and as of the Merger Effective Time that: 
 (i) (A) It has examined the Tax Materials,
(B) all facts presented and representations made to the extent relating to any SpinCo Entity and (to the knowledge of SpinCo) its stockholders are true, correct and complete and (to the knowledge of SpinCo) all other facts presented and
representations made therein are true, correct and complete and (C) neither any SpinCo Entity nor (to the knowledge of SpinCo) any of its stockholders has any plan or intention to take any action inconsistent with the Tax Materials. SpinCo
shall have notified Post by the date hereof if SpinCo believes that any facts presented or representations made in such Tax Materials are not true, correct or complete, it being understood that if SpinCo has failed to notify Post within such period
and Post has notified SpinCo of such failure, then SpinCo shall be deemed to have represented and warranted that all such facts presented and representations made relating to any SpinCo Entity and (to the knowledge of SpinCo) its stockholders in
such Tax Materials are true, correct and complete and (to the knowledge of SpinCo) all other facts presented and representations made in such Tax Materials are true, correct and complete. SpinCo agrees to provide such supplemental representations
and warranties as are reasonably requested by Post in connection with Post obtaining the Opinions. 
 (ii) SpinCo is not aware of any fact
that could cause the Transactions to fail for Tax-Free Status. 
 (c) Post Representations,
Warranties and Covenants. Post hereby represents, warrants and covenants as of the date hereof and as of the Merger Effective Time that: 

(i) (A) all facts presented and representations made in such Tax Materials to the extent relating to (x) Post and any of its Subsidiaries
(excluding for the avoidance of doubt, any SpinCo Entities) or (y) the SpinCo Entities at any time at or prior to the Distribution are true, correct and complete and (to the knowledge of Post) all other facts presented and representations are
true, correct and complete and (B) neither Post nor any of its Subsidiaries (excluding for the avoidance of doubt, any SpinCo Entities) has any plan or intention to take any action inconsistent with the Tax Materials. 

(d) No Contrary Plan. Each of Post, BellRing, BellRing LLC and SpinCo represents and warrants, as of the date hereof and as of the
Merger Effective Time, that neither it nor any of its Affiliates, (i) has any plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials (or that may jeopardize any Tax-Free Status of any applicable transaction) or (ii) knows of any plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials or which may
jeopardize any Tax-Free Status of any applicable transaction. None of Post, BellRing LLC or SpinCo has had agreements, understandings, arrangements or “substantial negotiations” (within the meaning
of Section 1.355-7(h)(1) of the Treasury Regulations) during the two-year period ending on the date of the Distribution with any Person (other than BellRing). 

(e) No Contrary Knowledge. Each of Post, BellRing, BellRing LLC and SpinCo represents and warrants, as of the date hereof and as of the
Merger Effective Time, that it knows of no fact (after due inquiry) that would prevent any Covered Transaction from being consistent with the Tax-Free Status of such Transactions. 

(f) Tax Materials. For the avoidance of doubt, the Parties shall have had the opportunity to review drafts of the facts represented and
representations made with respect to the Tax Materials and to provide reasonable comments, which shall be considered in good faith. 

Section 6.02 Restrictions Relating to the Distribution. 

(a) General. Following the Distribution, (i) each of Post and BellRing will not (and will cause each Post Entity or BellRing
Subsidiary not to) take any action (or refrain from taking any action within its control) which (A) is inconsistent with the facts presented and the representations made prior to the Distribution Date in the Tax

  
 18 

 
Materials (provided that statements of intent shall be effective only during the Restricted Period) or (B) could reasonably be expected to cause any
Tax-Free Transaction Failure; and (ii) SpinCo will not (and will cause each SpinCo Entity not to) take any action (or refrain from taking any action within its control) which (A) is inconsistent with
the facts presented and the representations made prior to the Distribution Date in the Tax Materials (provided that statements of intent shall be effective only during the Restricted Period) or (B) could reasonably be expected to cause any Tax-Free Transaction Failure (any such action or refraining from an action with respect to clause (ii) above, including any action specified in (b) below, a “SpinCo Tainting Act”). 

(b) Restrictions. Except as expressly contemplated in any Transaction Document, following the Distribution and prior to the first
Business Day following the second anniversary of the Distribution (the “Restricted Period”): 
 (i) SpinCo shall not sell
or otherwise issue to any Person any Equity Interests of SpinCo, except to the extent that any such sales or issuances satisfy Safe Harbor VIII (relating to acquisitions in connection with a Person’s performance of services) or Safe Harbor IX
(relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d) or to the extent such issuance would not result in a Disqualified Ownership Shift; 

(ii) SpinCo shall, directly or indirectly through its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the
Code), (A) continue the active conduct of the Active Business and (B) continue to hold sufficient assets to satisfy the requirements to support the Active Business; 

(iii) SpinCo shall not dissolve or liquidate or take any action that is a liquidation for U.S. federal income tax purposes (excluding for
the avoidance of doubt, the Post-Merger Transactions); 
 (iv) SpinCo shall not (A) approve or allow an extraordinary contribution to
it by its stockholders in exchange for stock, (B) redeem or otherwise repurchase (directly or indirectly through an Affiliate) any SpinCo Equity Interests, (C) amend the certificate of incorporation (or other organizational documents) of
SpinCo, or take any other action, whether through a stockholder vote or otherwise, if such amendment or other action would affect the relative voting rights of any SpinCo Equity Interests (including through the conversion of any capital stock into
another class of Equity Interests of SpinCo) or (D) redeem or otherwise repurchase (directly or indirectly through an Affiliate) any of the debt obligations issued pursuant to the Debt Exchange other than pursuant to a mandatory redemption,
repurchase or similar requirement contained in the indenture or other similar transaction document applicable to such debt obligations, provided, however, that SpinCo may take any of the actions described in clauses (A) or (C) above to
the extent such actions would not result in a Disqualified Ownership Shift and may make redemptions or repurchases described in clause (B) above to the extent such actions would not result in a Disqualified Ownership Shift and such redemptions
or repurchases satisfy the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48); 
 (v) SpinCo shall not in a single transaction or series of transactions sell or transfer, or
permit any SpinCo Entity to sell or transfer, thirty percent (30%) or more of the gross assets of the Active Business, other than (A) sales or transfers of assets in the ordinary course of business, (B) any cash paid to acquire assets from
an unrelated Person in an arm’s-length transaction, (C) any assets transferred to a Person that is disregarded as an entity separate from the transferor for U.S. federal income tax purposes,
(D) any mandatory or optional repayment (or pre-payment) of any indebtedness of SpinCo or any member of SpinCo or (E) any sales or transfers of assets within the SpinCo Group; and 

(vi) Notwithstanding any other provision contained this Section 6.02(b), the Parties hereto acknowledge that the Equity Exchange would
give rise to a Disqualified Ownership Shift, and accordingly no SpinCo Entity shall enter into any transactions (or any agreement, understanding or arrangement within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions) involving the issuance, redemption 

  
 19 

 
or transfer of any SpinCo Equity Interests (other than any issuance, redemption or transfer that is the subject of Section 6.02(c) or issuances that satisfy Safe Harbor VIII (relating to
acquisitions in connection with a Person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d)) until
such time as SpinCo is notified by Post that the Equity Exchange will not occur and that the SpinCo Common Stock held by Post following the Distribution will be distributed to Post shareholders (including in a redemption or repurchase). 

(c) Certain Exceptions. Notwithstanding the restrictions imposed by Section 6.02(a)(i)(A), 6.02(a)(ii)(A) or
Section 6.02(b), during the Restricted Period, SpinCo may proceed with any of the actions or transactions described therein, if (i) Post shall have received a ruling in accordance with
Section 6.03(a) in form and substance reasonably satisfactory to Post to the effect that such action or transaction will not affect the Tax-Free Status of any Covered Transaction,
(ii) SpinCo shall have provided to Post an Unqualified Tax Opinion or a ruling in form and substance reasonably satisfactory to Post prior to effecting such action or transaction and Post shall use its reasonable best efforts to determine
whether such Unqualified Tax Opinion or ruling is reasonably satisfactory to Post within fifteen (15) days of receipt of such Unqualified Tax Opinion or ruling by Post or (iii) Post shall have waived in writing the requirement to obtain
such ruling or opinion. In determining whether a ruling or opinion is reasonably satisfactory, Post may consider, among other factors, the appropriateness of any underlying assumptions or representations used as a basis for the ruling or opinion and
the views on the substantive merits; taking due account of the intention of the Parties to replace the “50-percent or greater interest” as defined in Section 355(e)(2)(A)(ii) of the Code with
the forty percent (40%) threshold in the definition of Disqualified Ownership Shift contained herein. For the avoidance of doubt, notwithstanding the restrictions set forth in this Section 6.02, SpinCo shall be permitted to
(A) consummate the Merger and (B) maintain the composition of its board of directors in place immediately following the Distribution, subject to re-election in the ordinary course. 

(d) Tax Reporting. Each of (i) Post (on behalf of itself and any Post Entity), (ii) BellRing (on behalf of itself and any BellRing
Subsidiary) and (iii) SpinCo (on behalf of itself and any SpinCo Entity) covenants and agrees that it will report the Covered Transactions consistently with the Tax-Free Status and will not take, and will
cause its respective Affiliates to refrain from taking, any position on any Tax Return that is inconsistent with the Tax-Free Status of any applicable Covered Transaction. 

Section 6.03 Procedures Regarding Opinions and Rulings. 

(a) If SpinCo notifies Post that it desires to take one of the actions described in Section 6.02(b) (a
“Notified Action”), Post and SpinCo shall cooperate in obtaining a ruling from the IRS or an Unqualified Tax Opinion for the purpose of permitting SpinCo to take the Notified Action unless Post shall have waived in writing the
requirement to obtain such ruling or Unqualified Tax Opinion. If a the Parties seek a ruling from the IRS, Post shall apply for such ruling and Post shall control the process of obtaining such ruling, except to the extent Post elects to delegate
control to SpinCo; in which case SpinCo shall control the process for obtaining such ruling but keep Post informed in a timely manner. In no event shall either Post or SpinCo file any ruling request under this
Section 6.03(a) unless the other Party represents that (i) it has read such ruling request, and (ii) all information and representations, if any, relating to such other Party, its current or former stockholders or
any Subsidiary contained in such ruling request documents are (subject to any qualifications therein) true, correct and complete in all material respects. SpinCo shall reimburse Post for all reasonable out-of-pocket costs and expenses incurred by any Post Entity in connection with any Notified Action within fifteen (15) days after receiving an invoice from Post therefor. For the avoidance of doubt, the
presence of any such ruling or Unqualified Tax Opinion shall not relieve SpinCo from any indemnification obligations otherwise present under this Agreement. 

(b) Post shall have the right to obtain a supplemental ruling or an Unqualified Tax Opinion at any time in its sole and absolute discretion.
If Post notifies SpinCo that it has determined to obtain such ruling or opinion, SpinCo shall (and shall cause each SpinCo Entity to) cooperate with Post and take any and all actions reasonably requested by Post in connection with obtaining such
ruling or opinion (including by making any representation 

  
 20 

 
that is true or any reasonable covenant or providing any materials reasonably requested by the IRS or the law firm or accounting firm issuing such opinion). In connection with obtaining such
ruling, Post shall apply for such ruling and shall have sole and exclusive control over the process of obtaining such ruling. Post shall reimburse SpinCo for all reasonable
out-of-pocket costs and expenses incurred by any SpinCo Entity in connection with any supplemental ruling or Unqualified Tax Opinion requested by Post within fifteen
(15) days after receiving an invoice from SpinCo therefor. 
 (c) Except as expressly provided in this Agreement, following the Merger
Effective Time, no SpinCo Entity shall seek any guidance from the IRS or any other Taxing Authority (whether written, verbal or otherwise) at any time concerning any Covered Transaction (including the impact of any transaction or event on any
Covered Transaction). 
 ARTICLE VII 

Cooperation 

Section 7.01 General Cooperation. The Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to
cooperate fully) with all reasonable requests in writing or via e-mail from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax
Returns, claims for Refunds, Tax Proceedings and calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of any of the Parties or their respective
Subsidiaries covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary
or helpful in connection with a Tax Matter. 
 Section 7.02 Retention of Records. Post, BellRing, BellRing LLC and SpinCo shall
retain or cause to be retained all Tax Returns, schedules and work papers and all material records or other documents relating thereto in their possession, including all such electronic records and shall maintain all hardware necessary to retrieve
such electronic records, in all cases until (i) ninety (90) days after the expiration of the applicable statute of limitations (including any waivers or extensions thereof) of the Tax Periods to which such Tax Returns and other documents
relate or (ii) the expiration of any additional period that any Party reasonably requests, in writing, with respect to specific material records and documents. A Party intending to destroy any material records or documents shall provide the
other Party with reasonable advance notice and the opportunity to copy or take possession of such records and documents. The Parties hereto will notify each other in writing of any waivers or extensions of the applicable statute of limitations that
may affect the period for which the foregoing records or other documents must be retained. 
 ARTICLE VIII 

Miscellaneous 

Section 8.01 Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE
PRINCIPLES OF CONFLICTS OF LAW THEREOF. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement will be brought exclusively in the Court of Chancery of the State
of Delaware or, if the Court of Chancery of the State of Delaware does not have subject matter jurisdiction, in the federal courts located in the State of Delaware. Each of the Parties hereby consents to personal jurisdiction in any such action,
suit or proceeding brought in any such court (and of the appropriate 

  
 21 

 
appellate courts therefrom) and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or
proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any Party anywhere in the world, whether
within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party as provided in Section 8.15 shall be deemed effective service of process on such
Party. 
 (b) EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR
INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY
AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.01(b). 

Section 8.02 Dispute Resolution. In the event of any dispute between the Parties as to any matter covered by
Section 2.02 or Section 2.07, the Parties to such dispute shall appoint a mutually acceptable independent public accounting firm (the “Accounting Firm”) to resolve such dispute. In
this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Post and SpinCo and their respective representatives, and not by independent review, and shall function only as an
expert and not as an arbitrator and shall be required to make a determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute
to the Accounting Firm and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement. The
Parties shall require the Accounting Firm to render all determinations in writing and to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be borne equally by the Parties. 

Section 8.03 Tax Sharing Agreements. All Tax sharing, indemnification and similar agreements, written or unwritten, as between a
Post Entity, on the one hand, and a SpinCo Entity, on the other (other than this Agreement, the Tax Receivable Agreement, Post-BellRing Tax Matters Agreement and any Transaction Agreement, and any other agreement for which Taxes is not the principal
subject matter), shall be or shall have been terminated no later than the Distribution Date and, after the Distribution Date, no Post Entity or SpinCo Entity shall have any further rights or obligations under any such Tax sharing, indemnification or
similar agreement. 
 Section 8.04 Interest on Late Payments. With respect to any payment between the Parties pursuant to this
Agreement not made by the due date set forth in this Agreement for such payment (once the amount of the payment has been finally determined), the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for
underpayments under Section 6621 of the Code from such due date to and including the payment date. 
 Section 8.05 Survival of
Covenants. Except as otherwise contemplated by this Agreement, the covenants and agreements contained herein to be performed following the Distribution shall survive the Merger Effective Time in accordance with their respective terms. 

  
 22 

 Section 8.06 No Circumvention. The Parties agree not to directly or indirectly
take any actions, act in concert with any Person who takes an action, or cause or allow any member of any such Party’s group to take any actions (including the failure to take a reasonable action) such that the resulting effect is to materially
undermine the effectiveness of any of the provisions of this Agreement (including adversely affecting the rights or ability of any Party to successfully pursue any indemnification or payment hereunder). 

Section 8.07 Severability. If any term or other provision of this Agreement is determined by a court of competent jurisdiction to
be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by
applicable Law in an acceptable manner to the end that the Transactions contemplated hereby are fulfilled to the extent possible. 

Section 8.08 Entire Agreement; No Third-Party Beneficiaries. This Agreement, each other Transaction Agreement, the Tax
Receivable Agreement, the Post-BellRing Tax Matters Agreement, any agreement entered into at the Closing in accordance with the terms of any Transaction Agreement, the Post Disclosure Schedule and the BellRing Disclosure Schedule constitute the
entire agreement, and supersede all other prior agreements and understandings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof and thereof. This Agreement is solely for the benefit of, and is only
enforceable by, the Parties and their permitted successors and assigns and should not be deemed to confer upon third Parties any remedy, benefit, claim, liability, reimbursement, claim of action or other right of any nature whatsoever, including any
rights of employment for any specified period, in excess of those existing without reference to this Agreement. 
 Section 8.09
Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of Law or otherwise (other than, following the Closing, by operation of Law in a merger), by any
of the Parties without the prior written consent of the other Parties. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties hereto and their respective successors and
permitted assigns. Any purported assignment not permitted under this Section 8.09 shall be null and void. 

Section 8.10 Specific Enforcement. The Parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement in the courts specified in Section 8.01(b), without bond or other security being required, this being in addition to any other remedy to which they are entitled at Law
or in equity. 
 Section 8.11 Amendment or Supplement. This Agreement may be amended or supplemented in any and all respects by
written agreement of the Parties hereto. 
 Section 8.12 Interpretation. 

(a) When a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference shall be to an Article of, a
Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All terms defined in this Agreement shall have the
defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are 

  
 23 

 
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined
or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or
consent and (in the case of statutes) by succession of comparable successor statutes and references to all agreements and instruments including attachments thereto and instruments incorporated therein. References to a Person are also to its
permitted successors and assigns. 
 (b) The Parties hereto have participated jointly in the negotiation and drafting of this Agreement and,
in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the
authorship of any provision of this Agreement. 
 Section 8.13 Counterparts. This Agreement may be executed in counterparts
(each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other
Parties. 
 Section 8.14 Coordination with the Employee Matters Agreement. To the extent any covenants or agreements between the
Parties with respect to employee withholding Taxes are set forth in the Employee Matters Agreement, such Taxes shall be governed exclusively by the Employee Matters Agreement and not by this Agreement. 

Section 8.15 Notices. All notices, requests, claims, demands and other communications to be given or delivered under or by
the provisions of this Agreement shall be in writing and shall be deemed given only (a) when delivered personally to the recipient, (b) on the date of transmission with confirmation of transmission if sent via e-mail during normal business hours of the recipient during a Business Day, otherwise on the next Business Day or (c) five (5) Business Days after being mailed to the recipient by certified or registered
mail (return receipt requested and postage prepaid). Such notices, demands and other communications shall be sent to the Parties at the following addresses (or at such address for a Party as will be specified by like notice): 

(a) If to Post or, prior to the Merger Effective Time, SpinCo, to: 

Post Holdings, Inc. 
 2503 S.
Hanley Rd. 
 St. Louis, Missouri, 63144 

Attention: General Counsel 

Email: diedre.gray@postholdings.com 
 with a copy
(which shall not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York, New
York 10006 
 Attention:         William L. McRae 

                        
  Benet J. O’Reilly 
 Email:
              wmcrae@cgsh.com 

                        
  boreilly@cgsh.com 

  
 24 

 (b) If to BellRing, or after the Merger Effective Time, SpinCo, to: 

BellRing Brands, Inc. 
 2503 S.
Hanley Rd. 
 St. Louis, Missouri 63144 

Attention:         Senior Vice President & General Counsel 

Email:               craig.rosenthal@bellringbrands.com 

with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention:         Eric Swedenburg 

                        
 Andrew Purcell 
 Email:              eswedenburg@stblaw.com 

                        
 apurcell@stblaw.com 
 Any Party to this Agreement may notify any other Party of any changes to the address or any of the other details
specified in this paragraph; provided that such notification shall only be effective on the date specified in such notice or five (5) Business Days after the notice is given, whichever is later. Rejection or other refusal to accept or
the inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. Any notice to Post will be deemed notice to all members
of the Post Group, and any notice to SpinCo will be deemed notice to all members of the SpinCo Group. 
 Section 8.16
Effectiveness. Except for purposes of giving effect to the provisions of the Transaction Agreement, no provision of this Agreement (other than Section 2.01(d), Section 2.09(b) and
Section 6.01) shall be effective until immediately after the Distribution. 
 [The remainder of this page is
intentionally left blank.] 

  
 25 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written. 
  

			
	BELLRING INTERMEDIATE HOLDINGS, INC.
		
	By:	 	 
	Name:	 	[●]
	 Title:
	 	[●]

  

			
	POST HOLDINGS, INC.
		
	By:	 	 
	Name:	 	[●]
	 Title:
	 	[●]

  

			
	BELLRING BRANDS, INC.
		
	By:	 	 
	Name:	 	[●]
	 Title:
	 	[●]

  
  
  

[Signature Page to Tax Matters Agreement] 

  
 26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]