RALCORP HOLDINGS INC /MO
<DOCUMENT>
<TYPE>EX-10.42
<SEQUENCE>3
<FILENAME>exh10p42.htm
<TEXT>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EXHIBIT 10.42 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>2003 RESTRICTED STOCK
AWARD AGREEMENT</u><br>
GRANTED JANUARY 2, 2003 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ralcorp Holdings, Inc. (the
&#147;Company&#148;), pursuant to its Incentive Stock Plan (the &#147;Plan&#148;), grants
to William P. Stiritz (the &#147;Recipient&#148;) a Restricted Stock Award of 2,000 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: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5% VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD WIDTH=5% VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</td>
<TD WIDTH=90% VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</td>
</tr>

<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</td>
<td align=left colspan=2 VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Delivery</u><br>
<Br>
A share certificate for this Award (the &#147;Certificate&#148;), with a legend restricting
transfer as set forth below, will be issued by the Company 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.<br><br> </FONT></TD>
</TR>


<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</td>
<td align=left colspan=2 VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Lapse of Restrictions</u><br><Br>
All shares will be immediately released from restrictions in the event of:<br><br> </FONT></P>
</td>
</tr>

<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</td>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a.</FONT></TD>
<TD ALIGN=LEFT VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recipient&#146;s death; or,<br><br> </FONT></P></TD>
</tr>

<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</td>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b.</FONT></TD>
<TD ALIGN=LEFT VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Recipient&#146;s voluntary termination or retirement (whether pursuant to any
               mandatory retirement provision of the Company&#146;s Articles of Incorporation,
               Bylaws or Board resolution, or otherwise) or termination due to expiration of
               Recipient&#146;s term without re-election to a subsequent term.<Br><br> </FONT></P></TD>
               </TR>

<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</td>
<td align=left colspan=2 VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Forfeiture</u><br><br>
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&#146;s Articles and Bylaws and the corporation laws of the State of Missouri.<Br><br> </FONT></TD>
</TR>

<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</td>
<td align=left colspan=2 VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Shareholder Rights</u><br><br>
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 Morgan Guaranty Trust Company of New York, or such other bank as
may be designated by the Nominating and Compensation Committee of the Board of Directors
of the Company (the &#147;Committee&#148;). On the date on which restrictions are
released, or as soon </FONT></TD>
</TR>

<!-- MARKER PAGE="sheet: 2; page: 2" -->
<tr>
<td colspan=3><HR SIZE=5 COLOR=GRAY NOSHADE></td>
</tr>

<tr>
<td>&nbsp;</td>
<td align=left colspan=2 VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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.<br><br></FONT></TD>
</TR>

<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</td>
<td align=left colspan=2 VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Other</u><br><br>
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.<br><br></FONT></TD>
</TR>

<tr>
<td align=left VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.</td>
<td align=left colspan=2 VALIGN=TOP><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Effective Date</u><Br><br>This
Award shall be deemed to be effective January 2, 2003. </FONT></P></tr>
</td>
</table>
<br>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>

<TR VALIGN=Bottom>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;</td>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ACKNOWLEDGED AND</TD>
     <TD WIDTH=10% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>RALCORP HOLDINGS, INC.</TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</td>
</TR>

<TR>
<td>&nbsp;</td>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ACCEPTED:</B></td>
</tr>

<tr>
<td><Br><br></td>
</tr>

<tr>
<td>&nbsp;</td><td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>/s/ William P. Stiritz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align=left  valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>By:</B><u>&nbsp;&nbsp;/s/ R. W. Lockwood&nbsp;&nbsp;</td>
</tr>

<tr>
<td>&nbsp;</td><td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recipient</td>
<td>&nbsp;</td>
<td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. W. Lockwood<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary<br></td>
</tr>


<tr>
<td>&nbsp;</td><td align=left valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>January 14, 2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
Date<br>
<br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
Location<br>
<br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
S.S.#</td>
</tr>
</table>

</TEXT>
</DOCUMENT>
