EX-5.23 4 doc3.txt OPINION OF GENERAL COUNSEL Exhibit 5.23 June 27, 2002 Ralcorp Holdings, Inc. 800 Market Street Suite 2900 St. Louis, MO 63101 Re: Registration Statement on Form S-8 Relating to 2,135,136 Shares of Common Stock, Par Value $.01 Per Share, To Be Issued Pursuant to the Ralcorp Holdings, Inc. 2002 Incentive Stock Plan Gentlemen: I am Vice President and General Counsel of Ralcorp Holdings, Inc. (the "Company") and have represented the Company in connection with the Ralcorp Holdings, Inc. Incentive Stock Plan (the "Plan"). I have examined such documents, records and matters of law as I have deemed necessary for purposes of this opinion letter, and based thereupon I am of the opinion that: (1) The shares of Common Stock that may be issued pursuant to the Plan will be, when issued in accordance with the Plan, duly authorized, validly issued, fully paid and nonassessable. (2) The participations in the Plan to be extended to participants in the Plan will be, when extended in accordance with the Plan, validly issued. I consent to the filing of this Opinion with the Plan's Registration Statement. Sincerely, /s/ Robert W. Lockwood ----------------------------------- Robert W. Lockwood Vice President, General Counsel and Secretary