Prior to the IPO, the Company’s employees participated in various Post long-term incentive plans (the “Post Long-Term Incentive Plans”). Awards issued under the Post Long-Term Incentive Plans have a maximum term of 10 years, provided, however, that the corporate governance and compensation committee of Post’s board of directors may, in its discretion, grant awards with a longer term to participants who are located outside of the U.S. Subsequent to the IPO, BellRing employees were no longer eligible to receive new issuances of shares for stock-based compensation awards under the Post Long-Term Incentive Plans. The following disclosures reflect the details of the Post Long-Term Incentive Plans related solely to the BellRing employees who participate in such plans.

During the years ended September 30, 2021, 2020 and 2019, total compensation cost for non-cash and cash stock-based compensation awards recognized was $2.6, $3.9 and $3.5, respectively, and the related recognized deferred tax benefit for each of those years was $0.2, $0.3 and $0.8, respectively. As of September 30, 2021, the total compensation cost related to non-vested awards not yet recognized was $1.0, which is expected to be recognized over a weighted-average period of 0.7 years.


in millions, except options or where otherwise indicated	Post Stock Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding at September 30, 2020	38,314	$	81.42
Granted	—	—
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2021	38,314	81.42		6.21	$	1.1
Vested and expected to vest as of September 30, 2021	38,314	81.42		6.21	1.1
Exercisable at September 30, 2021	34,201	80.14		6.10	1.0

The fair value of each Post stock option was estimated on the date of grant using the Black-Scholes Model. Post uses the simplified method for estimating a stock option term as it does not have sufficient historical stock options exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The weighted-average assumptions and fair value for Post stock options granted to BellRing employees during the year ended September 30, 2019 are summarized in the table below. There were no Post stock options granted to BellRing employees during the years ended September 30, 2021 or 2020.


	Post RSUs	Weighted- Average Grant Date Fair Value Per Share
Nonvested at September 30, 2020	59,760	$	99.83
Granted	—	—
Vested	(34,151)	96.32
Forfeited	(4,493)	105.70
Nonvested at September 30, 2021	21,116	104.26

The grant date fair value of each Post RSU was determined based upon the closing price of Post’s common stock on the date of grant. The weighted-average grant date fair value of nonvested Post RSUs was $104.26, $99.83 and $96.64 at September 30, 2021, 2020 and 2019, respectively. The total vest date fair value of Post RSUs that vested during fiscal 2021, 2020 and 2019 was $3.0, $4.5 and $2.1, respectively.


	Post Cash RSUs	Weighted- Average Grant Date Fair Value Per Share
Nonvested at September 30, 2020	4,000	$	51.43
Granted	—	—
Vested	(1,000)	51.43
Forfeited	—	—
Nonvested at September 30, 2021	3,000	51.43

At September 30, 2021, the 3,000 nonvested Post Cash RSUs were valued at the greater of the closing price of Post’s common stock or the grant price of $51.43. Cash used to settle Post Cash RSUs was $0.1 for each of the years ended September 30, 2021, 2020 and 2019.

Subsequent to the IPO, the Company’s employees began participating in BellRing Inc.’s 2019 Long-Term Incentive Plan (the “BellRing Long-Term Incentive Plan”). On October 22, 2019, the Company registered shares of its Class A Common Stock on a Form S-8 filed with the Securities and Exchange Commission, for issuance under the BellRing Long-Term Incentive Plan. Awards issued under the BellRing Long-Term Incentive Plan have a maximum term of 10 years, provided, however, that the Corporate Governance and Compensation Committee of BellRing Inc.’s Board of Directors may, in its discretion, grant awards with a longer term to participants who are located outside of the U.S. At September 30, 2021 there were 1.9 shares remaining to be issued for stock-based compensation awards under the BellRing Long-Term Incentive Plan.

During the years ended September 30, 2021 and 2020, total compensation cost for BellRing’s non-cash stock-based compensation awards recognized was $4.6 and $2.5, respectively, and the related recognized deferred tax benefit was $0.3 and $0.2, respectively. See Note 8 for discussion related to income taxes. As of September 30, 2021, the total compensation cost related to BellRing’s non-vested awards not yet recognized was $6.9, which is expected to be recognized over a weighted-average period of 1.6 years.


in millions, except options or where otherwise indicated	BellRing Stock Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding at September 30, 2020	96,000	$	19.31
Granted	162,969	20.05
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2021	258,969	19.78		8.76	$	2.8
Vested and expected to vest as of September 30, 2021	258,969	19.78		8.76	2.8
Exercisable at September 30, 2021	32,000	19.31		8.15	0.4

The fair value of each BellRing stock option was estimated on the date of grant using the Black-Scholes Model. BellRing uses the simplified method for estimating a stock option term as it does not have sufficient historical stock options exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The weighted-average assumptions and fair values for BellRing stock options granted during the years ended September 30, 2021 and 2020 are summarized in the table below. There were no BellRing stock options granted during the year ended September 30, 2019.


	September 30,
	2021	2020
Expected term (in years)	6.5	6.5
Expected stock price volatility	38.5%	38.5%
Risk-free interest rate	0.6%	1.6%
Expected dividends	—%	—%
Fair value (per option)	$7.79	$7.92


	BellRing RSUs	Weighted- Average Grant Date Fair Value Per Share
Nonvested at September 30, 2020	385,232	$	19.39
Granted	261,808	20.34
Vested	(138,122)	19.61
Forfeited	(41,255)	19.47
Nonvested at September 30, 2021	467,663	19.85

The grant date fair value of each BellRing RSU was determined based upon the closing price of the Class A Common Stock on the date of grant. The weighted-average grant date fair value of nonvested BellRing RSUs was $19.85 and $19.39 at September 30, 2021 and 2020, respectively. The total vest date fair value of BellRing RSUs that vested during fiscal 2021 was $3.0. No BellRing RSUs vested during fiscal 2020.