Prior to the IPO, the Company’s employees participated in various Post long-term incentive plans (the “Post Long-Term Incentive Plans”). The awards issued under the Post Long-Term Incentive Plans to the Company’s employees (the “Post Equity Awards”) have a maximum term of 10 years. Subsequent to the IPO, BellRing employees were no longer eligible to receive new issuances of Post Equity Awards; however, BellRing employees continued to vest in any issued and outstanding Post Equity Awards, pursuant to the terms of the awards. The Company incurred pass through charges from Post relating to these Post Equity Awards. The following disclosures reflect the details of the Post Long-Term Incentive Plans related solely to the BellRing employees who participated in such plans.

In connection with the Spin-off, adjustments were made to the terms of outstanding Post Equity Awards to preserve their intrinsic value. The adjustments to the Post Equity Awards was based on the volume weighted average price of Post common stock during the five trading day period prior to and including March 10, 2022 and the volume weighted average price of Post common stock during the five trading day period immediately following March 10, 2022. The equity award adjustments made in connection with the Spin-off had an immaterial impact on the Company’s Statement of Operations for the year ended September 30, 2022.

During the years ended September 30, 2022, 2021 and 2020, total compensation cost for non-cash and cash stock-based compensation awards recognized was $1.0, $2.6 and $3.9, respectively, and the related recognized deferred tax benefit for each of those years was $0.1, $0.2 and $0.3, respectively. As of September 30, 2022, the total compensation cost related to non-vested awards under the Post Long-Term Incentive Plans was immaterial.


in millions, except options or where otherwise indicated	Post Stock Options	Weighted- Average Exercise Price Per Share (a)		Weighted- Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding at September 30, 2021	38,314	$	81.42
Granted	—	—
Impact of Spin-off	18,498	54.91
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2022	56,812	54.91		5.21	$	1.5
Vested and expected to vest as of September 30, 2022	56,812	54.91		5.21	1.5
Exercisable at September 30, 2022	56,812	54.91		5.21	1.5

(a)The weighted-average exercise price per share for activity subsequent to the Spin-off, including the outstanding balance as of September 30, 2022, reflects the adjustment to preserve the intrinsic value of the Post Equity Awards outstanding immediately prior to the Spin-off.

(a)The weighted-average grant date fair value for the activity subsequent to the Spin-off, including the nonvested balance as of September 30, 2022, reflects the adjustment to preserve the intrinsic value of the Post Equity Awards outstanding immediately prior to the Spin-off.

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 and $99.83 at September 30, 2021 and 2020, respectively. All Post RSUs had vested as of September 30, 2022. The total vest date fair value of Post RSUs that vested during fiscal 2022, 2021 and 2020 was $2.3, $3.0 and $4.5, respectively.

At September 30, 2022, the 2,966 nonvested Post Cash RSUs were valued at the greater of the closing price of Post’s common stock or the adjusted grant price of $34.68. Cash used to settle Post Cash RSUs was $0.1 for each of the years ended September 30, 2022, 2021 and 2020.

Subsequent to the IPO, the Company’s employees began participating in the BellRing Brands, Inc. 2019 Long-Term Incentive Plan (the “BellRing Long-Term Incentive Plan”). On October 22, 2019, the Company registered shares of Old BellRing 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.

In connection with the Spin-off and the related Merger, all outstanding unexercised and unexpired options to purchase shares of Old BellRing Class A Common Stock, outstanding restricted stock units with respect to shares of Old BellRing Class A Common Stock and other equity awards with respect to shares of Old BellRing Class A Common Stock outstanding under the BellRing Long-Term Incentive Plan (the “BellRing Equity Awards”), whether or not exercisable or vested, were assumed by BellRing based on the terms and subject to the conditions set forth in the Transaction Agreement. Additionally, the Board of Directors of BellRing approved adjustments to the terms of the outstanding BellRing Equity Awards to preserve the intrinsic value of the awards. The adjustments to the BellRing Equity Awards were based on the volume weighted average price of Old BellRing Class A Common Stock during the five trading day period prior to and including March 10, 2022 and the volume weighted average price of BellRing Common Stock during the five trading day period immediately following March 10, 2022. The equity award adjustments made in connection with the Spin-off had an immaterial impact on the Company’s Statement of Operations for the year ended September 30, 2022.

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’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, 2022 there were 1.7 million shares remaining to be issued for stock-based compensation awards under the BellRing Long-Term Incentive Plan.

During the years ended September 30, 2022, 2021 and 2020, total compensation cost for BellRing’s non-cash stock-based compensation awards recognized was $9.8, $4.6 and $2.5, respectively, and the related recognized deferred tax benefit was $1.2, $0.3 and $0.2 respectively. See Note 7 for discussion related to income taxes. As of September 30, 2022, the total compensation cost related to BellRing’s non-vested awards not yet recognized was $20.8, which is expected to be recognized over a weighted-average period of 2.0 years.


in millions, except options or where otherwise indicated	BellRing Stock Options	Weighted- Average Exercise Price Per Share (a)		Weighted- Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding at September 30, 2021	258,969	$	19.78
Granted	—	—
Impact of Spin-off	27,074	17.74
Exercised	(27,056)	19.50
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2022	258,987	17.74		7.80	$	0.7
Vested and expected to vest as of September 30, 2022	258,987	17.74		7.80	0.7
Exercisable at September 30, 2022	91,266	17.63		7.65	0.3

(a)The weighted-average exercise price per share for activity subsequent to the Spin-off, including the outstanding balance as of September 30, 2022, reflects the adjustment to preserve the intrinsic value of the BellRing Equity Awards outstanding immediately prior to the Spin-off.

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, 2022.

The total intrinsic value of stock options exercised was $0.1 in the year ended September 30, 2022, and the Company received proceeds from the exercise of stock options of $0.5 during the year ended September 30, 2022. There were no stock options exercised during the years ended September 30 2021 or 2020.


	BellRing RSUs	Weighted- Average Grant Date Fair Value Per Share (a)
Nonvested at September 30, 2021	467,663	$	19.85
Granted	318,462	25.87
Impact of Spin-off	56,106	n/a
Vested	(209,790)	20.01
Forfeited	(52,472)	20.59
Nonvested at September 30, 2022	579,969	21.23

(a)The weighted-average grant date fair value for the activity subsequent to the Spin-off, including the nonvested balance as of September 30, 2022, reflects the adjustment to preserve the intrinsic value of the BellRing Equity Awards outstanding immediately prior to the Spin-off.

The grant date fair value of each BellRing RSU was determined based upon the closing price of the Company’s common stock on the date of grant. The weighted-average grant date fair value of nonvested BellRing RSUs was $21.23, $19.85 and $19.39 at September 30, 2022, 2021 and 2020, respectively. The total vest date fair value of BellRing RSUs that vested during fiscal 2022 and 2021 was $5.2 and $3.0. No BellRing RSUs vested during fiscal 2020.

(a)The weighted-average grant date fair value for the activity subsequent to the Spin-off, including the nonvested balance as of September 30, 2022, reflects the adjustment to preserve the intrinsic value of the BellRing Equity Awards outstanding immediately prior to the Spin-off.

During the year ended September 30, 2022, the Company granted BellRing PRSUs to certain employees and directors. These awards will be earned by comparing BellRing’s total shareholder return (“TSR”) during a period of approximately three years to the respective TSRs of companies in a performance peer group. Based upon BellRing’s ranking in its performance peer group when comparing TSRs, a recipient of the BellRing PRSU grant may earn a total award ranging from 0% to 260% of the target award. The fair value of each BellRing PRSU was estimated on the grant date using a Monte Carlo simulation. There were no PRSUs granted during the years ended September 30, 2021 or 2020.