FORM OF 2007 RESTRICTED STOCK
AWARD AGREEMENT
GRANTED JANUARY 3, 2007
Ralcorp Holdings, Inc. (the "Company"), pursuant to its 2002 Incentive Stock Plan (the "Plan"), grants to [] (the "Recipient") a Restricted Stock Award of [] shares of its $.01 par value Common Stock. The Award is subject to the provisions of the Plan and to the following terms and conditions:
1. Delivery
| | A share certificate for this Award (the "Certificate"), with a legend restricting transfer as set forth below, will be issued by the Company (in certificated or book-entry form) upon acceptance by the Recipient of the Award and will be retained by it. Upon lapse of the restrictions as described below, a new non-legended certificate representing shares then released from restrictions will be issued and delivered to Recipient. |
2. Lapse of Restrictions
All shares will be immediately released from restrictions in the event of:
a. Recipient's death; or
b. Recipient's voluntary termination or retirement as a Director (whether pursuant to any mandatory retirement provision of the Company’s Articles of Incorporation, Bylaws or Board resolution, or otherwise) or termination due to expiration of Recipient's term without re-election to a subsequent term.
3. Forfeiture
All rights in and to any and all shares granted pursuant to this Award that have not been released from restrictions as described in Paragraph 2 above shall be forfeited if Recipient is removed from his position as a Director for cause in accordance with the Company's Articles of Incorporation and Bylaws and the corporation laws of the State of Missouri.
4. Shareholder Rights
Prior to the release of restrictions as set forth above, Recipient shall be entitled to all shareholder rights except the right to sell, pledge, transfer or otherwise dispose of the shares, and except that any and all dividends declared and paid with respect to restricted shares will be held by the Company in a tax deferred account until release of restrictions. Interest will be credited to the account quarterly on the full amount in the account until the account is distributed. Interest shall be calculated at a rate equal to the average of the daily close of business prime rates for the quarter, as such prime rates are established by JPMorgan Chase, or such other bank as may be designated by the Corporate Governance and Compensation Committee of the Board of Directors of the Company (the "Committee"). On the date on which restrictions are released, or as soon as practicable thereafter, all dividends and interest, if any, accrued to that date with respect to the shares on which the restrictions are released will be payable to Recipient. In the event that the restrictions are not released and the award is forfeited pursuant to Paragraph 3 above, Recipient shall not be entitled to receive any dividends and interest which may have accrued with respect to the shares so forfeited, unless approved by the Committee.
5. Other
| | The Company reserves the right, as determined by the Committee, to convert this Award to a substantially equivalent award and to make any other modification it may consider necessary or advisable to comply with any law or regulation. In addition, this Agreement shall be governed by the laws of the State of Missouri. |
6. Effective Date
This Award shall be deemed effective January 3, 2007.
RALCORP HOLDINGS, INC.
ACKNOWLEDGED AND
ACCEPTED:
By: /s/ C. G. Huber, Jr.
C. G. Huber, Jr.
Secretary
(Name) Recipient
_____________________________
Date
_____________________________
S.S.#
