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                                                                      Exhibit 4d

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT, dated as of August 28, 2001, is by
and among IMPERIAL SUGAR COMPANY, a Texas corporation (the "Company"), and the
other parties listed on the signature pages hereto (together with their
successors and assigns, the "Holders").

         This Agreement is being entered into in connection with the Second
Amended and Restated Joint Plan of Reorganization under Chapter 11 of the
Bankruptcy Code (the "Plan"). The Plan provides for, among other things, the
issuance of Common Stock (defined below) to the Holders who are Affiliates
(defined below) of the Company.

         The parties hereto desire to provide certain registration rights to the
Holders with respect to the shares of Common Stock.

         Accordingly, the parties hereto agree as follows:

1.       Definitions

         As used herein, unless the context otherwise requires, the following
terms have the following respective meanings:

         "Affiliate" means, at any time, a Person that directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under
common control with, the Company. As used in this definition, "control" means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

         "Commission" means the Securities and Exchange Commission or any other
federal agency at the time administering the Securities Act.

         "Common Stock" means any shares of common stock, without par value, of
the Company now or hereafter authorized to be issued, and any and all securities
of any kind whatsoever of the Company which may be issued on or after the date
hereof in respect of, or in exchange for, shares of Common Stock pursuant to a
merger, consolidation, stock split, reverse stock split, stock dividend,
recapitalization of the Company or otherwise.

         "Company" has the meaning set forth in the preamble of this Agreement.

         "Electing Holder" means any Holder of Registrable Shares that has
returned a completed and signed Notice and Questionnaire to the Company in
accordance with Section 2.1(b) in connection with the Shelf Registration
Statement to sell Registrable Shares covered by such Shelf Registration
Statement.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
or any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time. Reference to a
particular section of the Exchange Act shall include a reference to the
comparable section, if any, of any such similar Federal statute.

                                       1

         "Holder Indemnitee" has the meaning set forth in Section 2.5(a) of this
Agreement.

         "Holders" has the meaning set forth in the preamble of this Agreement.

         "Inspectors" has the meaning set forth in Section 2.4 of this
Agreement.

         "Notice and Questionnaire" means a Notice of Registration Statement and
Selling Securityholder Questionnaire substantially in the form of Exhibit A
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hereto.

         "Person" means a corporation, an association, a partnership, limited
liability company, an organization, a business, a trust, an individual, or any
other entity or organization, including a government or political subdivision or
an instrumentality or agency thereof.

         "Plan" has the meaning set forth in the introductory paragraphs of this
Agreement.

         "Records" has the meaning set forth in Section 2.4 of this Agreement.

         "Registrable Shares" means (i) the shares of Common Stock issued to a
Holder under the Plan or (ii) any Common Stock issued with respect to the Common
Stock referred to in clause (i) hereof by way of a stock dividend, stock split
or reverse stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or otherwise. As to any particular
Registrable Shares, such securities shall cease to be Registrable Shares when
(i) a registration statement with respect to the sale of such securities shall
have become effective under the Securities Act and such securities shall have
been disposed of in accordance with such registration statement, (ii) they shall
have been distributed to the public pursuant to Rule 144 (or any successor
provision) under the Securities Act, (iii) they shall have been otherwise
transferred, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company and subsequent disposition of
them shall not require the registration under the Securities Act, (iv) they may
be sold under Rule 144 of the Securities Act or any successor or similar rule or
provision, without regard to volume limitations, or (v) they shall have ceased
to be outstanding.

         "Registration Expenses" means all expenses incident to the registration
and disposition of the Registrable Shares pursuant to Section 2 hereof,
including all registration, filing and applicable national securities exchange
fees; all fees and expenses of complying with state securities or blue sky laws;
all duplicating and printing expenses; the fees and disbursements of counsel for
the Company and of its independent public accountants, including the expenses of
"cold comfort" letters; and the reasonable fees and expenses of one outside
counsel to the Holders selected by a plurality of all Electing Holders who own
an aggregate of not less than 25% of the Registrable Shares covered by the Shelf
Registration Statement; provided, however, Registration Expenses shall exclude
and the Holders shall pay (i) any underwriting discounts and commissions in
respect of the Registrable Shares included in an underwriting and (ii) any
brokerage fees and commissions.

         "Requisite Holders" has the meaning set forth in Section 2.3 of this
Agreement.

         "Securities Act" means the Securities Act of 1933, as amended, or any
similar Federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time. References to a
particular section of the Securities Act shall include a reference to the
comparable section, if any, of any such similar federal statute.

         "Shelf Registratin Period" has the meaning set forth in Section 2.1(a)
of this Agreement.

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         "Shelf Registration Statement" has the meaning set forth in Section
2.1(a) of this Agreement.

         "Suspension Event" means any time the Company reasonably believes an
amendment or supplement to the Shelf Registration Statement may be required and
reasonably believes that amending or supplementing the Shelf Registration
Statement at that time would interfere with a pending, proposed or planned
acquisition, disposition, financing, reorganization or other material
transaction or event involving the Company or its subsidiaries or otherwise
would require the disclosure of material non-public information.

         "Suspension Period" has the meaning set forth in Section 2.1(a) of this
Agreement.

2.       Shelf Registration; Registration Under Securities Act

         2.1   Shelf Registration

         (a)   Shelf Registration Period

         Within 30 days following the date of this Agreement, the Company shall
use commercially reasonable efforts to file with the Commission, at the
Company's expense, a "shelf" registration statement on any appropriate form
pursuant to Rule 415 under the Securities Act covering all Registrable Shares
requested to be included in the registration by Electing Holders (the "Shelf
Registration Statement"). The Company shall use commercially reasonable efforts
to have the Shelf Registration Statement initially declared effective within 90
days after the date of this Agreement and to keep the Shelf Registration
Statement continuously effective until the earliest of (i) such time as all
shares of Registrable Shares have been sold thereunder, (ii) three years
following the date on which the Shelf Registration Statement is declared
effective, or (iii) such time as all of the Registrable Shares can be sold by
the Electing Holders thereof under Rule 144 of the Securities Act or any
successor or similar rule or provision without regard to volume limitations (the
"Shelf Registration Period"). The Company shall, to the extent necessary, use
commercially reasonable efforts to supplement or amend the Shelf Registration
Statement to keep the Shelf Registration Statement effective during the Shelf
Registration Period. For purposes hereof, "Suspension Period" shall mean a
period of time commencing on the date on which the Company provides notice (i)
that the prospectus included in the Shelf Registration Statement may no longer
comply with the requirements therefor prescribed by Section 10(a) of the
Securities Act, (ii) of the happening of any event described in Section
2.2(f)(iii) or (v), or (iii) that there is a Suspension Event, and the Company
has elected to require the suspension of the sale by each Holder of Registrable
Shares pursuant to the Shelf Registration Statement, and shall end on the date
when such Holder either receives copies of the supplemented or amended
prospectus contemplated by Section 2.2(c) or such earlier time that such Holder
is otherwise advised in writing by the Company that use of the prospectus may be
resumed. Each Holder agrees that it will not sell any share of Registrable
Shares pursuant to the Shelf Registration Statement during any Suspension
Period. The Company will use commercially reasonable efforts to ensure that the
aggregate duration of Suspension Periods in any 12-month period does not exceed
a total of 90 days. The Shelf Registration Period shall be extended by the
number of days from and including the date of the giving of any such notice to
and including the date when such Holder shall have received copies of such
amended or supplemented prospectus or such earlier time that such Holder is
otherwise advised in writing by the Company that the use of the prospectus may
be resumed.

         (b)   Electing Holders

         Holders desiring to include Registrable Shares in the Shelf
Registration Statement must return a completed Notice and Questionnaire to the
Company no later than 30 days after the date of this

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Agreement. No Holder shall be entitled to be named as a selling securityholder
in the Shelf Registration Statement as of the Effective Time, the Company shall
not be required to take any action to name such Holder as a selling
securityholder in the Shelf Registration Statement, and no Holder shall be
entitled to use the prospectus forming a part thereof for resales of Registrable
Shares at any time, unless and until such Holder has returned a completed and
signed Notice and Questionnaire to the Company on or before 30 days after the
date of this Agreement.

         (c)   Registration Expenses

         The Company shall pay all Registration Expenses incurred in connection
with the Shelf Registration Statement, whether or not it becomes effective.
Notwithstanding the foregoing, nothing herein shall obligate the Company to
incur or pay for fees and disbursements of underwriters, brokers or other
selling expenses in connection with a distribution under the Shelf Registration
Statement.

         2.2   Registration Procedures

         In connection with the Shelf Registration Statement, the Company shall:

               (a) prior to the effective time of the Shelf Registration
Statement, the Company shall furnish drafts of such Shelf Registration Statement
(including all exhibits) to the Electing Holders, and prior to filing any
amendment or supplement thereto, the Company shall furnish drafts of such
documents to each Electing Holder and each underwriter, if any, participating in
the offering of the Registrable Shares, and shall use commercially reasonable
efforts to take into account, and, if appropriate, reflect in an amendment,
comments as such Electing Holders or underwriters and their respective counsel
reasonably may propose;

               (b) notify each Electing Holder of the Commission's requests for
amending or supplementing the Shelf Registration Statement and the prospectus,
and use commercially reasonable efforts to prepare and file with the Commission
such amendments and supplements to such Shelf Registration Statement and the
prospectus used in connection therewith as may be necessary to keep such Shelf
Registration Statement effective and to comply with the provisions of the
Securities Act;

               (c) furnish, without charge, to each Electing Holder and each
underwriter such number of conformed copies of such Shelf Registration Statement
and of each such amendment and supplement thereto, such number of copies of the
prospectus contained in such Shelf Registration Statement, in conformity with
the requirements of the Securities Act, and such other documents, as such
Electing Holders and such underwriters may reasonably request;

               (d) use commercially reasonable efforts to register or qualify
all Registrable Shares and other securities covered by such Shelf Registration
Statement under such securities or blue sky laws of such States of the United
States of America where an exemption is not available and as any Electing Holder
or any managing underwriter, if any, shall reasonably request; provided,
however, that the Company shall not for any purpose be required to execute a
general consent to service of process, subject itself to taxation in any
jurisdiction where it does not pay taxes or to qualify to do business as a
foreign corporation in any jurisdiction where it is not so qualified;

               (e) in connection with any underwritten offering conducted
pursuant to Section 2.3, use commercially reasonable efforts to obtain a "cold
comfort" or special procedures letter or letters dated as of the date of the
closing under the underwriting agreement from the Company's independent public
accountants who have audited the financial statements of the Company included in
the Shelf Registration

                                       4

Statement, in customary form and covering matters of the type customarily
covered by "cold comfort" letters delivered to underwriters in underwritten
secondary public offerings of securities;

               (f) promptly notify the Electing Holders and each managing
underwriter, if any, participating in the offering of the securities covered by
such Shelf Registration Statement (i) when such Shelf Registration Statement,
any pre-effective amendment, the prospectus or any prospectus supplement related
thereto or post-effective amendment to such Shelf Registration Statement has
been filed, and, with respect to such Shelf Registration Statement or any
post-effective amendment, when the same has become effective; (ii) of any
request by the Commission for amendments or supplements to such Shelf
Registration Statement or the prospectus related thereto or for additional
information; (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of such Shelf Registration Statement or the
initiation of any proceedings for that purpose; (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification
of any of the Registrable Shares for sale under the securities or blue sky laws
of any jurisdiction or the initiation of any proceeding for such purpose; and
(v) at any time during the Shelf Registration Period, on discovery that, or on
the happening of any event as a result of which, the prospectus included in such
Shelf Registration Statement, as then in effect, includes an untrue statement of
a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, in the light
of the circumstances under which they were made; and

               (g) otherwise use commercially reasonable efforts to comply with
all applicable rules and regulations of the Commission, and make available to
its security holders, as soon as reasonably practicable, an earnings statement
which shall satisfy the provisions of Section 11(a) of the Securities Act and
the rules and regulations promulgated thereunder.

         If at any time the Commission shall issue any stop order suspending the
effectiveness of the Shelf Registration Statement or shall initiate any
proceedings for that purpose, or any state securities commission or other
regulatory authority shall issue an order suspending the qualification of any
Registrable Shares for sale under the state securities or blue sky laws of any
jurisdiction or shall initiate any proceedings for that purpose, the Company
shall use its commercially reasonable efforts to obtain the withdrawal or
lifting of such order at the earliest possible time.

         The Company may require the Holders selling Registrable Shares covered
by such Shelf Registration Statement to furnish the Company such information
regarding the Holders and the distribution of the Registrable Shares as the
Company may from time to time reasonably request, including, without limitation
the Notice and Questionnaire. If a Holder fails to provide such information and
the failure by such Holder to furnish such information would prevent or
unreasonably delay the Shelf Registration Statement relating to such
registration from being declared effective by the Commission, the Company may
exclude such Holder's Registrable Shares from such registration.

         The Holders agree that upon receipt of any notice from the Company of
the happening of any event of the kind described in paragraph Section
2.2(f)(iii) or (v), each of the Holders will discontinue its disposition of
Registrable Shares pursuant to the Shelf Registration Statement relating to such
Registrable Shares until the Company notifies Holders in writing that they may
recommence sales and dispositions under the Shelf Registration Statement and, in
the case of Section 2.2(f)(v), Holders receive copies of the supplemented or
amended prospectus contemplated by Section 2.2(f)(v) and, if so directed by the
Company, Holders will deliver to the Company (at the Company's expense) all
copies, other than permanent file copies, then in its possession, of the
prospectus relating to such Registrable Shares current at the time of receipt of
such notice.

         2.3   Underwritten Offering

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         Any Electing Holder who desires to do so may sell its Registrable
Shares (in whole or in part) in an underwritten offering under the Shelf
Registration Statement; provided that (i) the Electing Holders of at least 25%
of the Registrable Shares then covered by the Shelf Registration Statement (the
"Requisite Holders") shall request such an offering and (ii) at least such
number of such Registrable Shares shall be included in such offering; and
provided further that the Company shall not be obligated to cooperate with more
than one underwritten offering during the Shelf Registration Period. Upon
receipt of such a request, the Company shall provide all Electing Holders of
Registrable Shares written notice of the request, which notice shall inform such
Electing Holders that they have the opportunity to participate in the offering.
The Requisite Holders shall designate the managing underwriter for such
underwritten offering, subject to the approval of the Company, which approval
shall not be unreasonably withheld or delayed. If requested by the underwriters
for any such underwritten offering pursuant to the Shelf Registration Statement,
the Company shall enter into a customary underwriting agreement with such
underwriter or underwriters. No Electing Holder may participate in any
underwritten offering contemplated hereby unless (a) such Holder agrees to sell
such Holder's Registrable Shares to be included in the underwritten offering in
accordance with any approved underwriting arrangements, and (b) such Electing
Holder completes and executes all reasonable and customary questionnaires,
powers of attorney, indemnities, underwriting agreements, lock-up letters and
other documents required under the terms of such approved underwriting
arrangements.

         2.4   Preparation; Reasonable Investigation

         In connection with the preparation and filing of the Shelf Registration
Statement, the Company will make reasonably available for inspection by any
Electing Holder, by any underwriter participating in any disposition to be
effected under the Shelf Registration Statement and by any attorney, accountant
or other agent retained by any such seller or any such underwriter
(collectively, "Inspectors"), all pertinent financial and other records,
pertinent corporate documents and properties of the Company (collectively the
"Records") as shall be reasonably necessary to enable them to exercise "due
diligence" within the meaning of the Securities Act, and cause all of the
Company's officers, directors and employees to supply all information reasonably
requested by any Inspector in connection with the Shelf Registration Statement,
provided, however, that if the Company reasonably determines in good faith that
any of such Records or other information are confidential and so notifies the
Inspectors in writing, then, unless (A) the disclosure of such Records is
necessary to avoid or correct a material misstatement or material omission in
the Shelf Registration Statement or is otherwise required by law or legal
process, (B) the release of such Records is required pursuant to a subpoena,
court order or regulatory or agency request, or (C) the information in such
Records has been made generally available to the public without violation of any
confidentiality obligations hereunder, the Company's obligation to make such
confidential Records or other information available hereunder shall be subject
to the appropriate parties signing confidentiality agreements acceptable to the
Company.

         2.5   Indemnification

         (a)   Indemnification by the Company

         The Company agrees that on registration of the Registrable Shares
pursuant to Section 2.1 hereof, to the extent permitted by applicable laws, the
Company shall, and hereby does, indemnify and hold harmless each Electing
Holder, its respective directors, officers, partners, agents and affiliates and
each other Person who participates as an underwriter in the offering or sale of
such securities and each other Person, if any, who controls such Electing Holder
or any such underwriter within the meaning of the Securities Act (each, a
"Holder Indemnitee"), against any losses, claims, damages, or liabilities, joint
or several, to which such Holder Indemnitee may become subject under the
Securities Act or otherwise,

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insofar as such losses, claims, damages or liabilities, joint or several (or
actions or proceedings in respect thereof), arise out of or are based on (i) any
untrue statement or alleged untrue statement of any material fact contained in
the Shelf Registration Statement, any preliminary prospectus, final prospectus
or summary prospectus contained therein, or any amendment or supplement thereto
or (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein in
light of the circumstances in which they were made not misleading, and the
Company shall reimburse such Holder Indemnitee for the reasonable legal fees and
expenses of one outside counsel and any other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim,
liability, action or proceeding; provided that the Company shall not be liable
in any such case or to the extent that any such loss, claim, damage, liability
(or action or proceeding in respect thereof) or expense arises out of or is
based on an untrue statement or alleged untrue statement or omission or alleged
omission made in the Shelf Registration Statement, any such preliminary
prospectus, final prospectus, summary prospectus, amendment or supplement in
reliance upon and in conformity with written information furnished to the
Company by such Holder or underwriter for use therein, as the case may be, for
use in the preparation thereof; and provided, further, that the Company shall
not be liable to any Person who participates as an underwriter in the offering
or sale of Registrable Shares or any other Person, if any, who controls such
underwriter within the meaning of the Securities Act, in any such case to the
extent that any such loss, claim, damage, liability (or action or proceeding in
respect thereof) or expense arises out of such Person's failure to send or give
a copy of the final prospectus, as the same may be then supplemented or amended,
to the Person asserting an untrue statement or alleged untrue statement or
omission or alleged omission at or prior to the written confirmation of the sale
of Registrable Shares to such Person if such statement or omission was corrected
in such final prospectus. Such indemnity shall remain in full force regardless
of any investigation made by or on behalf of Holder or any such director,
officer, partner, agent or affiliate or controlling Person and shall survive the
transfer of such securities by such Holder.

         (b)   Indemnification by the Holders

         Each Electing Holder including any Registrable Shares in the Shelf
Registration Statement, hereby agrees, severally and not jointly, to the extent
permitted by applicable laws, to indemnify and hold harmless (in the same manner
and to the same extent as set forth in Section 2.5(a)) the Company, and each
director of the Company, each officer of the Company and each other Person, if
any, who controls the Company within the meaning of the Securities Act, and, to
the extent requested, each underwriter, with respect to any statement or alleged
statement in or omission or alleged omission from such Shelf Registration
Statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, but only to the
extent such statement or alleged statement or omission or alleged omission was
made in reliance upon and in conformity with written information furnished to
the Company by such Holder for use therein; provided, however, that the
liability of such indemnifying party under this Section 2.5(b) shall be limited
to the amount of net proceeds received by such indemnifying party in the
offering giving rise to such liability. Such indemnity shall remain in full
force and effect, regardless of any investigation made by or on behalf of the
Company or any such director, officer or controlling Person and shall survive
the transfer of such securities by such Holder; and provided, further, that such
Holder shall not be liable to any Person who participates as an underwriter in
the offering or sale of Registrable Shares or any other Person, if any, who
controls such underwriter within the meaning of the Securities Act, in any such
case to the extent that any such loss, claim, damage, liability (or action or
proceeding in respect thereof) or expense arises out of such Person's failure to
send or give a copy of the final prospectus, as the same may be then
supplemented or amended, to any other Person asserting an untrue statement or
alleged untrue statement or omission or alleged omission at or prior to the
written confirmation of the sale of Registrable Shares to such other Person if
such statement or omission was corrected by such Holder in such final
prospectus.

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         (c)   Notices of Claims, Etc.

         Promptly after receipt by an indemnified party of notice of the
commencement of any action or proceeding involving a claim referred to in the
preceding subsections of this Section 2.5, such indemnified party shall, if a
claim in respect thereof is to be made against an indemnifying party, give
written notice to the latter of the commencement of such action or proceeding;
provided, however, that the failure of any indemnified party to give notice as
provided herein shall not relieve the indemnifying party of its obligations
under the preceding subsections of this Section 2.5, except to the extent that
the indemnifying party is actually prejudiced by such failure to give notice,
and shall not relieve the indemnifying party from any liability which it may
have to the indemnified party otherwise than under this Section 2.5. In case any
such action or proceeding is brought against an indemnified party, the
indemnifying party shall be entitled to participate therein and, unless in the
opinion of outside counsel to the indemnified party a conflict of interest
between such indemnified and indemnifying parties may exist in respect of such
claim, to assume the defense thereof, jointly with any other indemnifying party
similarly notified to the extent that it may wish, with counsel reasonably
satisfactory to such indemnified party; provided, however, that if the
defendants in any such action or proceeding include both the indemnified party
and the indemnifying party and if in the opinion of outside counsel to the
indemnified party there may be legal defenses available to such indemnified
party and/or other indemnified parties which are different from or in addition
to those available to the indemnifying party, the indemnified party or parties
shall have the right to select separate counsel to defend such action or
proceeding on behalf of such indemnified party or parties and the indemnifying
party shall be obligated to pay the fees and expenses of one separate outside
counsel (in addition to any local counsel). After notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof
and approval by the indemnified party of such counsel, the indemnifying party
shall not be liable to such indemnified party for any legal expenses
subsequently incurred by the latter in connection with the defense thereof other
than reasonable costs of investigation (unless the proviso in the preceding
sentence shall be applicable). No indemnifying party shall be liable for any
settlement of any action or proceeding effected without its written consent. No
indemnifying party shall, without the consent of the indemnified party, consent
to entry of any judgment or enter into any settlement which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or
litigation.

         (d)   Contribution

         If the indemnification provided for in this Section 2.5 shall for any
reason be held by a court to be unavailable to an indemnified party under
subsection (a) or (b) hereof in respect of any loss, claim, damage or liability,
or any action in respect thereof, then, in lieu of the amount paid or payable
under subsection (a) or (b) hereof, the indemnified party and the indemnifying
party under subsection (a) or (b) hereof shall contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses
reasonably incurred in connection with investigating the same), (i) in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand, and the indemnified party on the other, which resulted in
such loss, claim, damage or liability, or action in respect thereof, with
respect to the statements or omissions which resulted in such loss, claim,
damage or liability, or action in respect thereof, as well as any other relevant
equitable considerations, or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law or if the allocation provided in this clause
(ii) provides a greater amount to the indemnified party than clause (i) above,
in such proportion as shall be appropriate to reflect not only the relative
fault but also the relative benefits received by the indemnifying party and the
indemnified party from the offering of the securities covered by such Shelf
Registration Statement as well as any other relevant equitable considerations.
The parties hereto agree that it would not be just and equitable if
contributions pursuant to this Section 2.5(d) were to be

                                       8

determined by pro rata allocation or by any other method of allocation which
does not take into account the equitable considerations referred to in this
Section 2.5(d). No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation. The Holders' obligations to contribute as provided in this
subsection (d) are several and not joint and shall be in proportion to the
relative value of their respective Registrable Shares covered by such Shelf
Registration Statement. In addition, no Person shall be obligated to contribute
hereunder any amounts in payment for any settlement of any action or claim
effected without such Person's consent, which consent shall not be unreasonably
withheld. Notwithstanding anything in this subsection (d) to the contrary, no
indemnifying party (other than the Company) shall be required to contribute any
amount in excess of the net proceeds received by such party from the sale of the
Registrable Shares in the offering to which the losses, claims, damages or
liabilities of the indemnified parties relate.

         (e)   Survival.

         The agreements contained in this Section 2.5 shall survive the sale of
the Registrable Securities pursuant to the Shelf Registration Statement and
shall remain in full force and effect, regardless of any termination of this
Agreement or any investigation made by or on behalf of any indemnified party.

         2.6   Limitation on Sale of Securities

         In connection with (1) any underwritten public offering of shares of
Common Stock, or securities convertible into or exercisable or exchangeable for
Common Stock, issued by the Company during the Shelf Registration Period and (2)
any underwritten offering of Registrable Shares under the Shelf Registration
Statement, each of the Holders agrees, if requested by the managing underwriter,
not to effect any sale or distribution of, grant any option for the purchase of
or otherwise dispose of, including a sale pursuant to Rule 144 of the Securities
Act or under the Shelf Registration Statement, (i) any shares of Common Stock
(except, if applicable, as part of such underwritten offering), (ii) any
securities of the Company similar to any such issue or (iii) any security
convertible into or exchangeable or exercisable for any shares of Common Stock
or similar issue of the Company during the 15 days prior to commencement of the
underwritten offering, as reasonably determined by the Company, and during the
90-day period (or such other period as may be reasonably requested by the
underwriter of such offering) after the date of the final prospectus for such
underwriting offering. The Shelf Registration Period shall be extended by the
number of days during which the Holders are subject to any trading restriction
pursuant to this Section 2.6.

         2.7   No Required Sale

         Nothing in this Agreement shall be deemed to create an independent
obligation on the part of any of the Holders to sell any Registrable Shares
pursuant to any effective Shelf Registration Statement.

         2.8   Notice of Proposed Sale

         Other than in connection with an underwritten offering under the Shelf
Registration Statement, each Electing Holder intending to sell any Registrable
Shares under the Shelf Registration Statement agrees to provide the Company with
written notice of such intent substantially in the form of Exhibit B to this
Agreement at least four business days prior to the proposed sale date. Such
Holder understands that no sale can be consummated until the fourth Business Day
following the date it delivers the notice to the Company. In the event the
Company notifies such Holder of a Suspension Event before the fourth business
day following the date such Holder delivers the notice to the Company, Holder
will not

                                       9

consummate the sale until the Company notifies such Holder in writing of the end
of the Suspension Period.

         2.9   Listing Requirements

         The Company shall use commercially reasonable efforts to cause all
Registrable Securities covered by the Shelf Registration Statement to be listed
on each securities exchange or automated quotation system on which any shares of
Common Stock are listed.

3.       Rule 144

         The Company shall take commercially reasonable actions necessary to
enable holders of Registrable Shares to sell such securities without
registration under the Securities Act within the limitation of the exemptions
provided by (a) Rule 144, or (b) any similar rule or regulation hereafter
adopted by the Commission including, without limiting the generality of the
foregoing, filing on a timely basis all reports required to be filed by the
Exchange Act. Upon the request of any Holder, the Company will deliver to such
holder a written statement as to whether it has complied with such requirements.

4.       Amendments

         This Agreement may not be modified or amended, except pursuant to the
written consent of the Holders of not less than 50% of the Registrable Shares
and the Company.

5.       Waivers

         The observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively)
by the party entitled to enforce such term, but such waiver shall be effective
only if it is in a writing signed by the party entitled to enforce such term and
against which such waiver is to be asserted; provided, however, that a writing
signed by the Holders of a majority of the then outstanding Registrable Shares
shall operate as an effective waiver signed by and binding upon each Holder of
Registrable Shares. No failure or delay on the part of the Company or any Holder
in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or
remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. No delay in exercising any rights hereunder shall
operate as a waiver of any rights of the Company or any Holder.

6.       Adjustments

         In the event of any change in the capitalization of the Company as a
result of any stock split, stock dividend, reverse split, combination,
recapitalization, merger, consolidation, or otherwise, applicable provisions of
this Agreement shall be appropriately adjusted.

7.       Notice

         All notices and other communications hereunder shall be in writing and,
unless otherwise provided herein, shall be deemed to have been given when
received by the party to whom such notice is

                                       10

to be given at its address set forth below, or such other address for the party
as shall be specified by notice given pursuant hereto:

               (a)   If to any Holder, the address of such Holder set forth on
the signature page hereto;

               (b)   If to the Company, to it at:

                     Imperial Sugar Company
                     8016 Highway 90A
                     P.O. Box 9
                     Sugar Land, Texas 77487
                     Attn: William F. Schwer
                     Executive Vice President and General Counsel
                     ax: (281) 490-9881

8.       Termination

         Except as set forth in Section 2.5(e) above, this Agreement shall
terminate and be of no further force or effect on the earlier of (i) the first
date on which there are no Registrable Shares subject to this Agreement or (ii)
as to each Holder, upon the first day or which all of such Holder's Registrable
Shares may be sold under Rule 144 of the Securities Act or any successor or
similar rule or provision then in effect, without regard to volume limitations;
provided, however, that notwithstanding the time periods set forth in this
Section 8, with respect to each Holder referred to in clause (ii), the Company
shall continue to comply with its obligations under Section 3 until the
disposition by such Holder of all of its Registrable Shares pursuant to Rule 144
or otherwise.

9.       Assignment

         This Agreement shall be binding on and inure to the benefit of and be
enforceable by the parties hereto and their respective successors and permitted
assigns. No Holder may assign this Agreement or its rights hereunder except to a
transferee of all of such Holder's Registrable Shares under a written agreement
reasonably satisfactory to the Company whereby the assignee agrees to assume all
of the obligations of such Holder hereunder and to be bound by all of the terms,
conditions and restrictions set forth in this Agreement; provided, that if the
assigning Holder is an Electing Holder, such assignee shall have delivered to
the Company the Notice and Questionnaire before any assignment hereunder may be
effected.

10.      Remedies

         The parties hereto agree that money damages or any other remedy at law
would not be sufficient or adequate remedy for any breach or violation of, or a
default under, this Agreement by them and that, in addition to all other
remedies available to them, each of them shall be entitled to an injunction
restraining such breach, violation or default or threatened breach, violation or
default and to any other equitable relief, including, without limitation,
specific performance, without bond or other security being required. In any
action or proceeding brought to enforce any provision of this Agreement
(including the indemnification provisions thereof), the successful party shall
be entitled to recover reasonable attorneys' fees in addition to its costs and
expenses and any other available remedy.

                                       11

11.      No Inconsistent Agreements

         The Company will not, on or after the date of this Agreement, enter
into any agreement with respect to its securities which is inconsistent with the
rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof.

12.      Headings

         Headings of the sections and paragraphs of this Agreement are for
convenience only and shall be given no substantive or interpretive effect
whatsoever.

13.      Governing Law

         This Agreement shall be construed and enforced in accordance with and
governed by the laws of the State of Texas, without giving effect to the
conflicts of law principles thereof.

14.      Counterparts

         This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.

15.      Invalidity of Provision

         The invalidity or unenforceability of any provision of this Agreement
in any jurisdiction shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of this Agreement, including that provision, in any other
jurisdiction. If any restriction or provision of this Agreement is held
unreasonable, unlawful or unenforceable in any respect, such restriction or
provision shall be interpreted, revised or applied in a manner that renders it
lawful and enforceable to the fullest extent possible under law.

16.      Further Assurances

         Each party hereto shall do and perform or cause to be done and
performed all further acts and things and shall execute and deliver all other
agreements, certificates, instruments, and documents as any other party hereto
reasonably may request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

17.      Entire Agreement; Effectiveness

         This Agreement and the other writings referred to herein or delivered
in connection herewith contain the entire agreement among the parties with
respect to the subject matter hereof and supersede all prior and contemporaneous
arrangements or understandings with respect thereto.

                                       12

         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written:

                              COMPANY:
                              --------

                              IMPERIAL SUGAR COMPANY

                              By: /s/ William F. Schwer
                                  ---------------------
                              Name:   William F. Schwer
                              Title:  Executive Vice President

                              HOLDERS:
                              --------

                              LEHMAN BROTHERS, INC.

                              By: /s/ James P. Seery
                                  ------------------
                              Name:   James P. Seery, Jr.
                              Title:  Senior Vice-President

                                       Address:  200 Vesey Street, 11th Floor
                                                 New York, New York 10285
                                                 Attention: James P. Seery, Jr.

                                                                       Exhibit A
                                                                       ---------

                        Notice of Registration Statement
                                       and
                      Selling Securityholder Questionnaire
                      ------------------------------------

                             ________________, 2001

         Reference is hereby made to the Registration Rights Agreement (the
"Registration Rights Agreement") among Imperial Sugar Company (the "Company")
and the Holders named therein. Pursuant to the Registration Rights Agreement,
the Company has filed with the United States Securities and Exchange Commission
(the "Commission") a registration statement (the "Shelf Registration Statement")
for the registration and resale under Rule 415 of the Securities Act of 1933, as
amended (the "Securities Act"), of the shares of the Company's common stock,
without par value (the "Common Stock"). A copy of the Registration Rights
Agreement is attached hereto. All capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Registration Rights Agreement.

         Each beneficial owner of Registrable Shares (as defined below) is
entitled to have the Registrable Shares beneficially owned by it included in the
Shelf Registration Statement. In order to have Registrable Shares included in
the Shelf Registration Statement, this Notice of Registration Statement and
Selling Securityholder Questionnaire ("Notice and Questionnaire") must be
completed, executed and delivered to the Company's counsel at the address set
forth herein for receipt ON OR BEFORE 30 DAYS AFTER THE DATE OF THE REGISTRATION
                         -------------------------------------------------------
RIGHTS AGREEMENT. Beneficial owners of Registrable Shares who do not complete,
----------------
execute and return this Notice and Questionnaire by such date (i) will not be
named as selling securityholders in the Shelf Registration Statement and (ii)
may not use the prospectus forming a part thereof for resales of Registrable
Shares.

         Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and related prospectus.
Accordingly, holders and beneficial owners of Registrable Shares are advised to
consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Shelf Registration
Statement and related prospectus.

                                      A-2

                                    ELECTION

         The undersigned holder (the "Selling Securityholder") of Registrable
Shares hereby elects to include in the Shelf Registration Statement the
Registrable Shares beneficially owned by it and listed below in Item (3). The
undersigned, by signing and returning this Notice and Questionnaire, agrees to
be bound with respect to such Registrable Shares by the terms and conditions of
this Notice and Questionnaire and the Registration Rights Agreement, including,
without limitation, Section 2.5 of the Registration Rights Agreement, as if the
undersigned Selling Securityholder were an original party thereto.

         Upon any sale of Registrable Shares pursuant to the Shelf Registration
Statement, the Selling Securityholder will be required to deliver to the Company
the Notice of Transfer set forth as Exhibit B to the Registration Rights
Agreement.

         The Selling Securityholder hereby provides the following information to
the Company and represents and warrants that such information is accurate and
complete:

                                      A-3

                                  QUESTIONNAIRE

(1)  (a)Full Legal Name of Selling Securityholder:

         _______________________________________________________________________

     (b)Full Legal Name of Registered Holder (if not the same as in (a) above)
of Registrable Shares Listed in Item (3) below:

         _______________________________________________________________________

     (c) Full Legal Name of DTC Participant (if applicable and if not the same
as (b) above) Through Which Registrable Shares Listed in Item (3) below are
Held:
         _______________________________________________________________________

(2)      Address for Notices to Selling Securityholder:

                                _____________________________
                                _____________________________
                                _____________________________
         Telephone:             _____________________________
         Fax:                   _____________________________
         Contact Person:        _____________________________

(3)      Beneficial Ownership of Securities:

         Except as set forth below in this Item (3), the undersigned does not
beneficially own any shares of Common Stock.

     (a) Number of Registrable Shares (as defined in the Registration Rights
Agreement) beneficially owned: ____________________

     (b) Number of shares of Common Stock other than Registrable Shares
beneficially owned: _________

     (c) Number of Registrable Shares which the undersigned wishes to be
included in the Shelf Registration Statement:_____________________________

(4)  Beneficial Ownership of Other Securities of the Company:

         Except as set forth below in this Item (4), the undersigned Selling
Securityholder is not the beneficial or registered owner of any shares of Common
Stock or any other securities of the Company, other than the Securities and
shares of Common Stock listed above in Item (3).

         State any exceptions here:

                                      A-4

(5)        Relationships with the Company:

           Except as set forth below, neither the Selling Securityholder nor any
of its affiliates, officers, directors or principal equity holders (5% or more)
has held any position or office or has had any other material relationship with
the Company (or its predecessors or affiliates) during the past three years.

           State any exceptions here:

(6)      Plan of Distribution:

           Except as set forth below, the undersigned Selling Securityholder
intends to distribute the Registrable Shares listed above in Item (3) only as
follows (if at all): Such Registrable Shares may be sold from time to time
directly by the undersigned Selling Securityholder or, alternatively, through
underwriters, broker-dealers or agents. Such Registrable Shares may be sold in
one or more transactions at fixed prices, at prevailing market prices at the
time of sale, at varying prices determined at the time of sale, or at negotiated
prices. Such sales may be effected in transactions (which may involve crosses or
block transactions) (i) on any national securities exchange or quotation service
on which the Registered Securities may be listed or quoted at the time of sale,
(ii) in the over-the-counter market, (iii) in transactions otherwise than on
such exchanges or services or in the over-the-counter market, or (iv) through
the writing of options. In connection with sales of the Registrable Shares or
otherwise, the Selling Securityholder may enter into hedging transactions with
broker-dealers, which may in turn engage in short sales of the Registrable
Shares in the course of hedging the positions they assume. The Selling
Securityholder may also sell Registrable Shares short and deliver Registrable
Shares to close out such short positions, or loan or pledge Registrable Shares
to broker-dealers that in turn may sell such securities.

           State any exceptions here:

           Note: Except as otherwise provided in the Registration Rights
Agreement, in no event may such method(s) of distribution take the form of an
underwritten offering of the Registrable Shares without the prior agreement of
the Company.

           By signing below, the Selling Securityholder acknowledges that it
understands its obligation to comply, and agrees that it will comply, with the
provisions of the Exchange Act and the rules and regulations thereunder,
particularly Regulation M.

           In the event that the Selling Securityholder transfers all or any
portion of the Registrable Shares listed in Item (3) above after the date on
which such information is provided to the Company, the Selling Securityholder
agrees to notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Registration Rights
Agreement.

                                      A-5

         By signing below, the Selling Securityholder consents to the disclosure
of the information contained herein in its answers to Items (1) through (6)
above and the inclusion of such information in the Shelf Registration Statement
and related Prospectus. The Selling Securityholder understands that such
information will be relied upon by the Company in connection with the
preparation of the Shelf Registration Statement and related Prospectus.

         In accordance with the Selling Securityholder's obligation under
Sections 2.1(b) and 2.2 of the Registration Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf Registration
Statement, the Selling Securityholder agrees to promptly notify the Company of
any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement
remains in effect. All notices hereunder and pursuant to the Registration Rights
Agreement shall be made in writing, by hand-delivery, first-class mail, or air
courier guaranteeing overnight delivery as follows:

         To the Company:

                     Imperial Sugar Company
                     8016 Highway 90A,
                     P. O. Box 9
                     Sugar Land, Texas 77487
                     Attention:  William F. Schwer
                     Executive Vice President and General Counsel
                     Fax: (281) 490-9881

         Once this Notice and Questionnaire is executed by the Selling
Securityholder and received by the Company's counsel, the terms of this Notice
and Questionnaire, and the representations and warranties contained herein,
shall be binding on, shall inure to the benefit of and shall be enforceable by
the respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable Shares
beneficially owned by such Selling Securityholder and listed in Item (3) above).
This Agreement shall be governed in all respects by the laws of the State of
Texas.

                                      A-6

         IN WITNESS WHEREOF, the undersigned, by authority duly given, has
caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

Dated:  ___________________

                                         _______________________________________

                                         Selling Securityholder
                                         (Print/type full legal name of
                                         beneficial owner of Registrable Shares)

                                         By: ___________________________________
                                         Name: _________________________________
                                         Title: ________________________________

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE 30 DAYS AFTER THE DATE OF THE REGISTRATION RIGHTS AGREEMENT TO THE
COMPANY'S COUNSEL AT:

                             Imperial Sugar Company
                             8016 Highway 90A
                             P. O. Box 9
                             Sugar Land, Texas 77487
                             Attention: William F. Schwer
                             Executive Vice President and General Counsel
                             Fax: (281) 490-9881

                                      A-7

                                                                       Exhibit B
                                                                       ---------

         NOTICE OF PROPOSED TRANSFER PURSUANT TO REGISTRATION STATEMENT

Bank of New York

__________________________
__________________________
__________________________
Attention: _______________

Imperial Sugar Company
8016 Highway 90A
P. O. Box 9
Sugar Land, Texas 77487
Attention: William F. Schwer
Executive Vice President and General Counsel
FAX (281) 490-9881

         Re:   Imperial Sugar Company (the "Company") shares of Common Stock,
         without par value (the "Shares")

Dear Sirs:

         Please be advised that ____________________ proposes to transfer
___________ Shares pursuant to an effective Registration Statement (File No.
333-____) filed by the Company.

         We hereby certify that the prospectus delivery requirements, if any, of
the Securities Act of 1933, as amended, will be satisfied and that the
above-named beneficial owner of the Shares is named as a "Selling Holder" in the
prospectus dated [date], or in supplements thereto, and that the number of
Shares transferred are the number of Shares listed in such prospectus opposite
such owner's name.

Dated: _________________

                                                     Very truly yours,

                                                     __________________________

                                                     (Name)

                                                     By: ______________________
                                                         (Authorized Signature)

                                      B-1<PAGE>

                                                                EXHIBIT 10(a)(1)

                                    SPECIMEN
                              EMPLOYMENT AGREEMENT
                                    (FORM A)

     THIS EMPLOYMENT AGREEMENT (the "Agreement"), is made and entered into as of
the first day of March, 2000 (the "Effective Date"), by and between Imperial
Sugar Company, a Texas corporation (hereafter "Company") and _________________
hereafter "Executive"), an individual;

                              W I T N E S S E T H:

     WHEREAS, Company wishes to continue to secure the services of the Executive
subject to the terms and conditions hereafter set forth; and

     WHEREAS, the Executive is willing to enter into this Agreement upon the
terms and conditions hereafter set forth,

     NOW, THEREFORE, in consideration of the mutual promises and agreements set
forth herein, the parties hereto agree as follows:

     1.  Employment. During the Employment Period (as defined in Section 4
hereof), the Company shall employ Executive, and Executive shall serve as
_______________________________________. Executive's principal place of
employment shall be at the corporate offices of the Company in Sugar Land,
Texas. Executive's principal place of employment shall not be moved more than 25
miles without his consent, although Executive understands and agrees that he may
be required to travel from time to time for business purposes.

     2.  Compensation. The Company shall pay or cause to be paid to Executive
during the Employment Period an annual base salary for his services under this
Agreement of not less than $_______, payable in installments in accordance with
the Company's normal payroll procedures for its executives. The Executive's base
salary shall be subject to at least annual review and may be increased (but not
decreased without his consent), depending upon the performance of the Company
and Executive, upon the recommendation of the Company's President and approved
by the Executive Compensation Committee of the Board of Directors of the Company
(hereafter "Committee"). Nothing contained herein shall preclude the payment of
any bonus or other compensation to Executive.

     3.  Duties And Responsibilities Of Executive. During the Employment Period,
Executive shall devote his services full time to the business of the Company and
perform the duties and responsibilities assigned to him by the Company's
President or the Company's Board of Directors ("Board Of Directors" or "Board")
to the best of his ability and with reasonable diligence. In determining
Executive's duties and responsibilities, the Company's President and Board of
Directors shall act in good faith and shall not assign duties and
responsibilities to Executive that are not appropriate or customary with respect
to the position of Executive hereunder. This Section 3 shall not be construed as
preventing Executive from engaging in

                                       1

<PAGE>

reasonable volunteer services for charitable, educational or civic
organizations, or from investing his assets in such form or manner as will not
require a material amount of his services in the operations of the companies or
businesses in which such investments are made.

     4.  Term Of Employment. Executive's initial term of employment with the
Company under this Agreement shall be for the period from the Effective Date
through February 28, 2001 (the "Initial Term Of Employment"). Thereafter, the
term of employment hereunder shall be automatically extended repetitively for an
additional one (1) year period on March 1, 2001 and each anniversary thereof,
unless Notice of Termination pursuant to Section 7 is given by either the
Company or Executive to the other party at least ninety (90) days prior to the
end of the Initial Term of Employment, or any one-year extension thereof, as
applicable, that the Agreement will not be renewed for a successive one-year
period. The Company and Executive shall each have the right to give Notice of
Termination at will, with or without cause, at any time subject, however, to the
terms and conditions of this Agreement regarding the rights and duties of the
parties upon termination of employment. The Initial Term of Employment, and any
one-year extension of employment hereunder, shall each be referred to herein as
a "Term Of Employment." The period from the Effective Date through the date of
Executive's termination of employment for whatever reason shall be referred to
herein as the "Employment Period."

     5.  Benefits. Subject to the terms and conditions of this Agreement, during
the Employment Period, Executive shall be entitled to the following:

         (a)  Reimbursement Of Expenses. The Company shall pay or reimburse
     Executive for all reasonable travel, entertainment (including club dues
     appropriate in the performance of Executive's service hereunder) and other
     reasonable expenses paid or incurred by Executive in performing his duties
     hereunder. The Company shall also provide Executive with suitable office
     space, including secretarial and staff support.

         (b)  Other Benefits. Executive shall be entitled to participate and
     shall be included in any pension, profit-sharing, stock option, deferred
     compensation, or similar plan or program of the Company to the extent that
     he is eligible under the provisions thereof. Executive shall also be
     entitled to participate in any group insurance, hospitalization, medical,
     health and accident, disability or similar plan or program of the Company
     to the extent that he is eligible under the provisions thereof.

         (c)  Paid Vacation. Executive shall be entitled to the number of days
     of paid vacation each year that is accorded under the Company's vacation
     policy for senior officers in the Office of the President of the Company,
     but not less than four weeks of paid vacation. The number of days of paid
     vacation may be increased by the Company's President or Board of Directors
     at any time during the Employment Period.

         (d)  Annual Physical. Each year the Company shall pay for a complete
     physical examination of Executive at the Sid Richardson Institute in
     Houston, Texas, or any comparable facility designated by the Company's
     President.

     6.  Rights And Payments Upon Termination. The Executive's right to
compensation and benefits for periods after the date on which his employment
with the Company

                                       2

<PAGE>

terminates for whatever reason (the "Termination Date") shall be determined in
accordance with this Section 6:

         (a)  Minimum Payments. Executive shall be entitled to the following
     payments, in addition to any payments or benefits to which the Executive is
     entitled under the terms of any employee benefit plan or the following
     provisions of this Section 6:

              (i)   his unpaid salary for the full month in which his
                    Termination Date occurred; provided, however, if Executive
                    is terminated for Cause (as defined in Section 6(d)), he
                    shall only be entitled to receive his accrued but unpaid
                    salary through his Termination Date; and

              (ii)  his accrued but unpaid vacation pay for the period ending
                    on his Termination Date.

     Such salary and accrued vacation shall be paid to Executive within five (5)
     business days following the Termination Date.

         (b)  Payments Under The Salary Continuation Agreement. Executive is a
     party to a Salary Continuation Agreement, made as of August 1, 1994 by and
     between Executive and the Company, as said agreement may be amended from
     time to time or terminated as provided therein (hereafter "Salary
     Continuation Agreement"). In accordance with the terms of the Salary
     Continuation Agreement as in effect on the Termination Date, Executive may
     be entitled to the following payments:

              (1)   Termination After Normal Retirement. If the employment of
                    Executive with the Company is terminated on or after the
                    date that Executive attains the age of 65 ("Normal
                    Retirement") for any reason other than due to his death,
                    Disability (as defined in the Salary Continuation Agreement)
                    or for Cause (as defined in the Salary Continuation
                    Agreement), then Company shall pay to Executive a
                    supplemental retirement benefit pursuant to the terms of
                    the Salary Continuation Agreement.

              (2)   Early Retirement. If the employment of Executive with the
                    Company is terminated prior to his Normal Retirement, but
                    after the date that (i) he attains the age of 62 and
                    completes 10 Years of Service (as defined in the Salary
                    Continuation Agreement) or (ii) attains the age of 55 but
                    before the age of 62 and completes 10 Years of Service, for
                    any reason other than due to his death, Disability (as
                    defined in the Salary Continuation Agreement) or for Cause
                    (as defined in the Salary Continuation Agreement), then
                    Company shall pay to Executive a supplemental retirement
                    benefit pursuant to the terms of the Salary Continuation
                    Agreement.

              (3)   Termination Of Employment Due To Disability. If the
                    employment of Executive with the Company is terminated
                    prior to

                                       3

<PAGE>

                    his Normal Retirement due to his Disability (as defined in
                    the Salary Continuation Agreement), Executive shall be
                    entitled to a supplemental disability benefit pursuant to
                    the terms of the Salary Continuation Agreement.

              (4)   Termination Of Employment Due To Death While In Employment
                    Or During Disability. If Executive dies during the Term of
                    Employment or during Disability (as defined in the Salary
                    Continuation Agreement), Executive's Beneficiary (as defined
                    in the Salary Continuation Agreement) shall be entitled to a
                    supplemental death benefit pursuant to the terms of the
                    Salary Continuation Agreement.

              (5)   Termination For Cause. If Executive's employment with the
                    Company is terminated by the Company for Cause (as defined
                    in the Salary Continuation Agreement), Executive shall have
                    no right to payments under the Salary Continuation Agreement
                    pursuant to the terms of the Salary Continuation Agreement.

              (6)   Termination Without Cause. If Executive's employment with
                    the Company is terminated prior to the Executive's Early
                    Retirement (as defined in the Salary Continuation Agreement)
                    for any reason other than death, Disability (as defined in
                    the Salary Continuation Agreement), or termination for Cause
                    (as defined in the Salary Continuation Agreement), Executive
                    shall be entitled to a supplemental termination benefit
                    pursuant to the terms of the Salary Continuation Agreement.

              (7)   Salary Continuation Agreement Controls. In the event of any
                    discrepancy between the terms of this Section 6(b) and the
                    terms of the Salary Continuation Agreement, the Salary
                    Continuation Agreement shall control and govern. This
                    Agreement does not affect the rights of the parties to the
                    Salary Continuation Agreement to amend or terminate the
                    Salary Continuation Agreement in accordance with its terms.

         (c)  Other Termination Payments.

              (1)   In the event that (A) Executive's employment is terminated
                    by the Company for any reason other than a "Non-Severance
                    Event" (as defined in Section 6(d)), (B) the Company does
                    not renew the Agreement pursuant to Section 4 for any one-
                    year renewal period at any time, or (C) Executive terminates
                    his own employment hereunder for "Good Reason" (as defined
                    below), then in any such event, the Company shall pay to
                    Executive as additional pay ("Additional Pay"), the product
                    equal to two (2) multiplied by Executive's annual base
                    salary in effect immediately prior to his

                                       4

<PAGE>

                    Termination Date. The Company shall pay the Additional Pay
                    to Executive in a cash lump sum not later than thirty (30)
                    calendar days following the Termination Date.

              (2)   Notwithstanding any provision of this Section 6(c) to the
                    contrary, the Executive must first execute an appropriate
                    release agreement whereby he agrees to release and waive, in
                    return for the Additional Pay described in Section 6(c)(1)
                    only, any claims that he may have against the Company for
                    (A) unlawful discrimination (including, without limitation,
                    age discrimination) and (B) termination pay under any
                    severance pay plan or program maintained by the Company that
                    covers Executive; provided, however, such release shall not
                    release any claims by Executive for payments due under this
                    Agreement, without Executive's express written consent.
                    Executive shall not be required to mitigate any payments due
                    under this Section 6(c) or any other provision of this
                    Agreement.

         (d)  Definitions.

              (1)   "Non-Severance Event" means termination of Executive for
                    "Cause" (as defined below), or due to his death or
                    Disability (as defined below).

              (2)   "Cause" means a termination of Executive's employment
                    directly resulting from (a) an act of dishonesty on the part
                    of Executive constituting a felony which has a direct and
                    adverse effect on the Company, (b) a breach by the Executive
                    of any of the provisions of Sections 10, 11, 12 or 13, if
                    such breach has a material adverse effect on the Company, or
                    (c) the willful, material and repeated nonperformance of
                    Executive's duties to the Company (other than by reason of
                    Executive's illness, incapacity or Disability) after written
                    notice from the Board of such nonperformance (which notice
                    specifically identifies the manner and sets forth specific
                    facts, circumstances and examples in which the Board
                    believes that Executive has not substantially performed his
                    duties) and his continued willful, material and repeated
                    nonperformance of such duties for at least thirty (30) days
                    after his receipt of such notice; and, for purposes of this
                    clause (c), no act or failure to act on Executive's part
                    shall be deemed "willful" unless done, or omitted to be
                    done, by Executive not in good faith and without reasonable
                    belief that his action or omission was in the best interest
                    of the Company (assuming the disclosure of the pertinent
                    facts, any action or omission by Executive after
                    consultation with, and in accordance with the advice of,
                    legal counsel reasonably acceptable to the Company shall be
                    deemed to have been taken in good faith and to not be
                    willful under this Agreement). Notwithstanding the

                                       5

<PAGE>

                    foregoing, Executive shall not be deemed to have been
                    terminated for Cause unless and until there has been
                    delivered to him a copy of a resolution duly adopted by the
                    Board at a meeting of the Board called and held for such
                    purpose (after reasonable notice to Executive and an
                    opportunity for Executive, together with his counsel, to be
                    heard before the Board), finding that, in the good faith
                    opinion of the Board, Executive was guilty of conduct set
                    forth above and specifying the particulars thereof in
                    reasonable detail.

              (3)   "Code" means the Internal Revenue Code of 1986, as amended,
                    or its successor.

              (4)   "Disability" shall mean a "permanent and total disability"
                    as defined in Section 22(e)(3) of the Code and Treasury
                    regulations thereunder. Evidence of such Disability shall be
                    certified by a physician acceptable to both the Company and
                    Executive. In the event that the parties are not able to
                    agree on the choice of a physician, each shall select a
                    physician who, in turn, shall select a third physician to
                    render such certification. All costs relating to the
                    determination of whether Executive has incurred a Disability
                    shall be paid by the Company. Executive agrees to submit to
                    any examination that is reasonably required by the
                    physician.

              (5)   "Good Reason" means the occurrence of any of the following
                    events without Executive's express written consent:

                    (A)  A reduction in Executive's base salary;

                    (B)  Any material breach by the Company or its successor of
                         any provision of this Agreement.

     7.  Notice Of Termination. Any termination by the Company or the Executive
shall be communicated by Notice of Termination to the other party hereto. For
purposes of this Agreement, the term "Notice Of Termination" means a written
notice which indicates the specific termination provision of this Agreement
relied upon and sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive's employment under
the provision so indicated.

     8.  No Mitigation Required. Executive shall not be required to mitigate the
amount of any payment provided for under this Agreement by seeking other
employment or in any other manner.

     9.  Post-Employment Medical Benefits. If Executive's employment with the
Company is terminated for any reason except Cause (as defined in Section 6(d))
after Executive has completed at least five (5) complete years of service with
the Company or its predecessors (including, for this purpose, prior service with
any corporation acquired by or merged into the Company), then the Company shall
provide post-employment medical coverage in accordance

                                       6

<PAGE>

with the terms and conditions of this Section 9. The Company shall continue to
cover Executive and his spouse (hereinafter referred to as "Spouse") and his
eligible dependent children, if any, from the date of Executive's termination of
employment with the Company, under the group health care plan maintained by the
Company to provide major medical insurance coverage for employees and their
dependents (such group medical plan or its successor(s) shall be hereinafter
referred to as the "Health Care Plan"). The coverage of Executive and his Spouse
under the Health Care Plan shall continue for each of their lives without
interruption, but such coverage of his eligible dependent children shall
continue only for such time period that they otherwise qualify for dependent
coverage under the terms of the Health Care Plan. In the event of any change to
the Health Care Plan following the Termination Date, Executive, his Spouse and
dependents shall be treated consistently with the then-current senior officers
of the Company (or its successor) with respect to the terms and conditions of
coverage and other substantive provisions of the Health Care Plan. The
provisions of this Section 9 shall be effective regardless of the reason for
Executive's termination of employment with the Company except for Cause.

     The continuation coverage under the Health Care Plan provided to Executive
and his Spouse pursuant to this Agreement shall continue and remain in full
force and effect until the later of (a) Executive's date of death or (b) his
Spouse's date of death. Executive and his Spouse hereby agree and consent to
acquire and maintain any and all coverage that either or both of them are
entitled to at any time during their lives under the Medicare program or any
similar or succeeding plan or program that is maintained by the United States
Government or any agency thereof (hereinafter referred to as "Medicare"). The
coverage described in the immediately preceding sentence includes, without
limitation, parts A and B of Medicare and any additional or successor parts of
Medicare. Executive and his Spouse further agree and consent to pay all required
premiums and other costs for Medicare coverage from their personal funds.

     If Executive or Spouse are covered under Medicare, the "retiree" coverage
provided under the Health Care Plan to such person shall be secondary payor to
Medicare to the full extent permitted by law. In addition, if Executive or his
Spouse or other dependents should become covered under another major medical
plan maintained by another employer or other entity, such coverage shall be
primary payor to the coverage provided pursuant to this Section 9 to the full
extent permitted by law.

     Executive, on behalf of himself and his Spouse and other dependents, if
any, shall be required to pay premiums for their coverage under the Health Care
Plan at the rates, if any, charged by the Company to active employees who are
senior officers of the Company (or its successor) at the time the premium is
charged. The Company shall not be responsible for the payment of any income or
other taxes which may be imposed on Executive, or on his Spouse or dependents,
as the result of receiving continuation coverage under the Health Care Plan
pursuant to this Section 9.

     10. Conflicts Of Interest. In keeping with his fiduciary duties to Company,
Executive hereby agrees that he shall not become involved in a conflict of
interest, or upon discovery thereof, allow such a conflict to continue at any
time during the Employment Period. Moreover, Executive agrees that he shall
immediately disclose to the Board of Directors any known facts which might
involve a conflict of interest of which the Board is not aware.

                                       7

<PAGE>

     Executive and Company recognize and acknowledge that it is not possible to
provide an exhaustive list of actions or interests which may constitute a
"conflict of interest." Moreover, Company and Executive recognize there are many
borderline situations. In some instances, full disclosure of facts by the
Executive to the Board of Directors may be all that is necessary to enable
Company to protect its interests. In others, if no improper motivation appears
to exist and Company's interests have not demonstrably suffered, prompt
elimination of the outside interest may suffice. In egregious and material
instances it may be necessary for Company to terminate Executive's employment
for Cause (as defined in Section 6(d)). The Board of Directors reserves the
right to take such action as, in its good faith judgment, will resolve the
conflict of interest.

     Executive hereby agrees that any interest in, connection with, or benefit
from any outside activities, particularly commercial activities, which interest
might adversely affect the Company or any of its affiliated entities, involves a
possible conflict of interest. Circumstances in which a conflict of interest on
the part of Executive would or might arise, and which should be reported
immediately to the Board of Directors, include, but are not limited to, any of
the following:

         (a)   Ownership of more than a de minimis interest in any lender,
               supplier, contractor, customer or other entity with which Company
               or any of its affiliated entities does business;

         (b)   Intentional misuse of information, property or facilities to
               which Executive has access in a manner which is demonstrably
               injurious to the interests of Company or any of its affiliated
               entities, including its business, reputation or goodwill; or

         (c)   Materially trading in products or services connected with
               products or services designed or marketed by or for the Company
               or any of its affiliated entities.

     For purposes of this Agreement, "Affiliated Entity" means any entity which
owns or controls, is owned or controlled by, or is under common ownership or
control with, the Company.

     11. Confidential Information.

         (a)  Confidential Information Defined. Executive hereby acknowledges
     that in his senior management position, he will create, acquire and have
     access to confidential information and trade secrets pertaining to the
     business of Company (hereafter "Confidential Information" as defined
     below). Executive hereby acknowledges that such Confidential Information is
     unique and valuable to Company's business and that Company could suffer
     irreparable injury if Confidential Information was divulged to the public
     or to persons or entities in competition with Company. Therefore, Executive
     hereby covenants and agrees to keep in strict secrecy and confidence, both
     during and after the Employment Period, any Confidential Information.
     Executive specifically agrees that he will not at any time disclose to
     others, use, copy or permit to be copied, except in pursuance of his duties
     on behalf of Company or with the prior consent of

                                       8

<PAGE>

     Company, Confidential Information relating to the Company or any of its
     affiliated entities.

          For purposes of this Agreement, "Confidential Information" shall mean
     and include, without limitation, information related to the business
     affairs, property, methods of operation, future plans, financial
     information, customer or client information, or other data which relates to
     the business or operations of Company or any of its affiliated entities,
     and other information obtained by Executive during the Employment Period
     which concerns the affairs of Company or any of its affiliated entities and
     which Company has requested be held in confidence or could reasonably be
     expected to desire be held in confidence, or the disclosure of which would
     likely be materially embarrassing, detrimental or disadvantageous to the
     Company or any of its affiliated entities, or its and their directors,
     officers, employees or shareholders. Confidential Information, however,
     shall not include:

         (i)  Information that is at the time of receipt by Executive in the
     public domain or is otherwise generally known in the industry or
     subsequently enters the public domain or becomes generally known in the
     industry through no fault of Executive; or

         (ii) Information that at any time is received in good faith by
     Executive from a third party who was lawfully in possession of the same and
     had the right to disclose the same.

         (b)  Required Disclosure. In the event that Executive is required by
law which cannot be waived to disclose any Confidential Information, Executive
agrees that he will provide prompt notice of such potential disclosure to
Company so that an appropriate protective order may be sought and/or a waiver of
compliance with the provisions of this Agreement may be granted. In the event
that (i) such protection or other remedy is not obtained or (ii) Company waives
in writing the compliance by Executive with this provision, Executive agrees
that he may furnish only that portion of the Confidential Information which
Executive is advised by written opinion of counsel is legally required to be
disclosed, and Executive shall exercise reasonable effort to obtain assurances
that confidential treatment will be accorded such Confidential Information.

         (c)  Delivery Of Documents. Executive further agrees to deliver to
Company at the termination of his employment, all correspondence, memoranda,
notes, records, drawings, plans, customer lists or other documents, and all
copies thereof made, composed or received by Executive, solely or jointly with
others, and which are in Executive's possession, custody or control at such
date and which relate in any manner to the past, present or anticipated business
of Company or any of its affiliated entities.

         (d)  Remedies. In the event of a breach or threatened breach of any of
the provisions of this Section 11, Company shall be entitled to an injunction
ordering the return of all such documents, and any and all copies thereof, and
restraining Executive from using or disclosing, for his benefit or the benefit
of others, in whole or in part, any Confidential Information, including, but not
limited to, the Confidential Information which such documents contain,
constitute or embody. Executive further agrees that any breach or threatened
breach of

                                       9

<PAGE>

any of the provisions of this Section 12 could cause irreparable injury to
Company, for which it would have no adequate remedy at law. Nothing herein shall
be construed as prohibiting Company from pursuing any other remedies available
to it for any such breach or threatened breach, including the recovery of
damages.

     12. Property Rights. In keeping with his fiduciary duties to Company,
Executive hereby covenants and agrees that during his Employment Period, and for
a period of six (6) months following his Termination Date, Executive shall
promptly disclose in writing to Company any and all information, ideas,
concepts, improvements, discoveries, inventions and other intellectual
properties, whether patentable or not, and whether or not reduced to practice,
which are conceived, developed, made or acquired by Executive, either
individually or jointly with others, and which relate to the business, products
or services of Company or any of its affiliated entities. In consideration for
his employment hereunder, Executive hereby specifically sells, assigns and
transfers to Company all of his worldwide right, title and interest in and to
all such information, ideas, concepts, improvements, discoveries, inventions and
other intellectual properties.

     If during the Employment Period, Executive creates any original work of
authorship or other property fixed in any tangible medium of expression which
(a) is the subject matter of copyright (including computer programs) and (b)
relates to Company's present or planned business, products, or services, whether
such property is created solely by Executive or jointly with others, such
property shall be deemed a work for hire, with the copyright automatically
vesting in Company. To the extent that any such writing or other property is
determined not to be a work for hire for whatever reason, Executive hereby
consents and agrees to the unconditional waiver of "moral rights" in such
writing or other property, and to assign to Company all of his right, title and
interest, including copyright, in such writing or other property.

     Executive hereby agrees to (a) exercise reasonable effort to assist Company
or its nominee in the protection of any and all property subject to this Section
12, (b) not to disclose any such property to others without the written consent
of Company or its nominee, except as required by his employment hereunder, and
(c) at the request of Company, to execute such assignments, certificates or
other interests as Company or its nominee may from time to time deem desirable
to evidence, establish, maintain, perfect, protect or enforce its rights, title
or interests in or to any such property.

     13. Agreement Not To Compete. Executive hereby recognizes and acknowledges
that: (a) in his executive capacity with Company he will be given knowledge of,
and access to, the Confidential Information (as described in Section 11); (b) in
the event that Executive was to enter into competition with Company, Executive's
knowledge of such Confidential Information would be of invaluable benefit to a
competitor of Company, and could cause irreparable harm to Company's business
interests; and (c) Executive's consent and agreement to enter into the
noncompetition provisions and covenants set forth herein is an integral
condition of this Agreement, without which Company would not have agreed to
provide Confidential Information to Executive nor to his compensation, benefits,
and other terms of this Agreement. Accordingly, in consideration for his
employment, compensation, benefits, access to and entrustment of Confidential
Information, and the goodwill, training and experience provided to Executive
during his Employment Period, Executive hereby covenants, consents and agrees
that during the

                                       10

<PAGE>

Employment Period, and for a period of one (1) year after his employment is
terminated for any reason except (i) termination by the Company without Cause
(as defined in Section 6(d)) or termination by Executive for Good Reason (as
defined in Section 6(d)) or (ii) termination of employment after expiration of
the Term of Employment due to non-renewal of this Agreement by the Company
pursuant to Section 4, Executive shall not, directly or indirectly, acting alone
or in conjunction with others, for his own account or for the account of others,
including, without limitation, as an officer,

director, stockholder, owner, partner, joint venturer, employee, promoter,
consultant, agent, representative, or otherwise:

         (a)   Solicit, canvass, or accept any fees or business from any
               customer of Company for himself or any other person or entity
               engaged in a "Similar Business to Company" (as defined below);

         (b)   Engage or participate in any Similar Business to Company within
               the entire continental United States (referred to herein as the
               "Restricted Area");

         (c)   Request or advise any service provider, supplier, or customer to
               reduce or cancel any business that it may transact with Company
               or any of its affiliated entities;

         (d)   Solicit, induce, or otherwise attempt to influence any employee
               of the Company or any of its affiliated entities, to terminate
               his or her relationship with the Company or any of its affiliated
               entities; or

         (e)   Make any statement or perform any act intended to advance an
               interest of an existing or prospective competitor of the Company
               or any of its affiliated entities in any way that demonstrably
               injures the reputation, goodwill or any other business interest
               of Company or any of its affiliated entities.

     For purposes of this Agreement, "Similar Business To Company" means any
business or other enterprise that is competitive with the current or planned
businesses, products, services or operations of the Company or any of its
affiliated entities at the time of termination of Executive's employment.

     For purposes of clarity and not limitation, the non-compete and other
provisions of this Section 13 shall not apply to Executive if Executive's
employment hereunder is terminated (a) by the Company without Cause (as defined
in Section 6(d)), (b) by the Executive for Good Reason (as defined in Section
6(d)), or (c) after the Term of Employment (as defined in Section 4) has expired
due to non-renewal by the Company.

     Executive hereby agrees that the limitations set forth in this Section 13
on his rights to compete with Company after his termination of employment are
reasonable and necessary for the protection of Company. In this regard,
Executive specifically agrees that such limitations as to the period of time,
geographic area and types and scopes of restriction on his activities, as
specified above, are reasonable and necessary to protect the goodwill and other
business interests of Company. However, should the time period, the geographic
area or any other non-

                                       11

<PAGE>

competition provision set forth herein be deemed invalid or unenforceable in any
respect, then Executive acknowledges and agrees that, as set forth in Section 14
hereof, reformation may be made with respect to such time period, geographic
area or other non-competition provision in order to protect Company's reasonable
business interests to the maximum permissible extent.

     14. Remedies. In the event of any pending, threatened or actual breach of
any of the covenants or provisions of Section 10, 11, 12 or 13, it is understood
and agreed by Executive that the remedy at law for a breach of any of the
covenants or provisions of these Sections may be inadequate and, therefore,
Company shall be entitled to a restraining order or injunctive relief from any
court of competent jurisdiction, in addition to any other remedies at law and in
equity. In the event that Company seeks to obtain a restraining order or
injunctive relief, Executive hereby agrees that Company shall not be required to
post any bond in connection therewith. Should a court of competent jurisdiction
or an arbitrator (pursuant to Section 24) declare any provision of Section 10,
11, 12 or 13 to be unenforceable due to an unreasonable restriction of duration
or geographical area, or for any other reason, such court or arbitrator is
hereby granted the consent of each of the Executive and Company to reform such
provision and/or to grant the Company any relief, at law or in equity,
reasonably necessary to protect the reasonable business interests of Company or
any of its affiliated entities. Executive hereby acknowledges and agrees that
all of the covenants and other provisions of Sections 10, 11, 12 and 13 are
reasonable and necessary for the protection of the Company's reasonable business
interests. Executive hereby agrees that if the Company prevails in any action,
suit or proceeding with respect to any matter arising out of or in connection
with 10, 11, 12 or 13, Company shall be entitled to all equitable and legal
remedies, including, but not limited to, injunctive relief and compensatory
damages.

     15. Defense Of Claims. Executive agrees that during the Employment Period
and for a period of two (2) years after his Termination Date, upon reasonable
request from the Company, he will cooperate with the Company and its affiliated
entities in the defense of any claims or actions that may be made by or against
the Company or any of its affiliated entities that affect his prior areas of
responsibility, except if Executive's reasonable interests are adverse to the
Company (or affiliated entity) in such claim or action as determined by
Executive or his counsel. To the extent travel is required to comply with the
requirements of this Section 15, the Company shall, to the extent possible,
provide Executive with notice at least 10 days prior to the date on which such
travel would be required. The Company agrees to promptly pay or reimburse
Executive upon demand for all of his reasonable travel and other direct expenses
incurred, or to be reasonably incurred, to comply with his obligations under
this Section 15.

     16. Determinations By The Committee.

         (a)  Termination Of Employment. Any question as to whether and when
     there has been a termination of Executive's employment, and the cause of
     such termination, shall be determined in good faith by the Committee.

         (b)  Compensation. Any question regarding salary, bonus and other
     compensation payable to Executive pursuant to this Agreement shall be
     determined in good faith by the Committee.

                                       12

<PAGE>

     17. Withholdings: Right Of Offset. Company may withhold and deduct from any
benefits and payments made or to be made pursuant to this Agreement (a) all
federal, state, local and other taxes as may be required pursuant to any law or
governmental regulation or ruling, (b) all other normal employee deductions made
with respect to Company's employees generally, and (c) any advances made to
Executive and owed to Company.

     18. Nonalienation. The right to receive payments under this Agreement shall
not be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge or encumbrance by Executive, his dependents or beneficiaries,
or to any other person who is or may become entitled to receive such payments
hereunder. The right to receive payments hereunder shall not be subject to or
liable for the debts, contracts, liabilities, engagements or torts of any person
who is or may become entitled to receive such payments, nor may the same be
subject to attachment or seizure by any creditor of such person under any
circumstances, and any such attempted attachment or seizure shall be void and of
no force and effect.

     19. Incompetent Or Minor Payees. Should the Board of Directors determine
that any person to whom any payment is payable under this Agreement has been
determined to be legally incompetent or is a minor, any payment due hereunder
may, notwithstanding any other provision of this Agreement to the contrary, be
made in any one or more of the following ways: (a) directly to such minor or
person; (b) to the legal guardian or other duly appointed personal
representative of the person or estate of such minor or person; or (c) to such
adult or adults as have, in the good faith knowledge of the Board of Directors,
assumed custody and support of such minor or person; and any payment so made
shall constitute full and complete discharge of any liability under this
Agreement in respect to the amount paid.

     20. Indemnification. The Company shall, to the fullest extent permitted by
law, indemnify and hold harmless the Executive from and against any and all
liability arising from his service as an employee, officer or director of the
Company and its affiliates. To the fullest extent permitted by law, the Company
shall retain counsel to defend Executive or shall advance legal fees and
expenses to Executive for counsel selected by Executive in connection with any
litigation or proceeding related to service as an employee, officer and director
of the Company or any of its affiliates. This Section 20 shall not limit in any
way the rights of Executive to any other indemnification from the Company, as a
matter of law, contract or otherwise.

     21. Severability. It is the desire of the parties hereto that this
Agreement be enforced to the maximum extent permitted by law, and should any
provision contained herein be held unenforceable by a court of competent
jurisdiction or arbitrator (pursuant to Section 24), the parties hereby agree
and consent that such provision shall be reformed to create a valid and
enforceable provision to the maximum extent permitted by law; provided, however,
if such provision cannot be reformed, it shall be deemed ineffective and deleted
herefrom without affecting any other provision of this Agreement.

     22. Title And Headings; Construction. Titles and headings to Sections
hereof are for the purpose of reference only and shall in no way limit, define
or otherwise affect the provisions hereof. Any and all Exhibits referred to in
this Agreement are, by such reference, incorporated herein and made a part
hereof for all purposes. The words "herein", "hereof",

                                       13

<PAGE>

"hereunder" and other compounds of the word "here" shall refer to the entire
Agreement and not to any particular provision hereof.

     23. Choice Of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW.

     24. Arbitration.

         (a)   Arbitrable Matters. If any dispute or controversy arises between
     Executive and the Company as to their respective rights or obligations
     under this Agreement, then either party may submit the dispute or
     controversy to arbitration under the then-current National Employment
     Dispute Resolution Rules of the American Arbitration Association (AAA) (the
     "Rules"); provided, however, the Company shall retain its rights to seek a
     restraining order or injunctive relief pursuant to Section 14. Any
     arbitration hereunder shall be conducted before a panel of three
     arbitrators unless the parties mutually agree to a single arbitrator. The
     site for any arbitration hereunder shall be either Harris County or Fort
     Bend County, Texas, unless otherwise mutually agreed by the parties.

         (b)   Submission To Arbitration. The party submitting any matter to
     arbitration shall do so in accordance with the Rules. Notice to the other
     party shall state the question or questions to be submitted for decision or
     award by arbitration. Notwithstanding any provision in this Section 24,
     Executive shall be entitled to seek specific performance of the Executive's
     right to be paid during the pendency of any dispute or controversy arising
     under this Agreement. In order to prevent irreparable harm, the arbitrator
     may grant temporary or permanent injunctive or other equitable relief for
     the protection of property rights.

         (c)   Arbitration Procedures. The arbitrator shall set the date, time
     and place for each hearing, and shall give the parties advance written
     notice in accordance with the Rules. Any party may be represented by
     counsel or other authorized representative at any hearing. The arbitration
     shall be governed by the Federal Arbitration Act, 9 U.S.C.(S)(S)1 et. seq.
     (or its successor). The arbitrator shall apply the substantive law (and the
     law of remedies, if applicable) of the State of Texas to the claims
     asserted to the extent that the arbitrator determines that federal law is
     not controlling.

         (d)   Compliance With Award.

         (i)   Any award of an arbitrator shall be final and binding upon the
     parties to such arbitration, and each party shall immediately make such
     changes in its conduct or provide such monetary payment or other relief as
     such award requires. The parties agree that the award of the arbitrator
     shall be final and binding and shall be subject only to the judicial review
     permitted by the Federal Arbitration Act.

         (ii)  The parties hereto agree that the arbitration award may be
     entered with any court having jurisdiction and the award may then be
     enforced as between the parties, without further evidentiary proceedings,
     the same as if entered by the court at the

                                       14

<PAGE>

     conclusion of a judicial proceeding in which no appeal was taken. The
     Company and the Executive hereby agree that a judgment upon any award
     rendered by an arbitrator may be enforced in other jurisdictions by suit on
     the judgment or in any other manner provided by law.

         (e)   Costs And Expenses. Each party shall pay any monetary amount
     required by the arbitrator's award, and the fees, costs and expenses for
     its own counsel, witnesses and exhibits, unless otherwise determined by the
     arbitrator in the award. The compensation and costs and expenses assessed
     by the arbitrator and the AAA shall be paid by the Company, unless
     otherwise determined by the arbitrator in the award such as, for example,
     if the arbitrator determines that Executive's claim was frivolous or not
     brought in good faith. If court proceedings to stay litigation or compel
     arbitration are necessary, the party who unsuccessfully opposes such
     proceedings shall pay all associated costs, expenses, and attorney's fees
     which are reasonably incurred by the other party as determined by the
     arbitrator.

     25. Binding Effect: Third Party Beneficiaries. This Agreement shall be
binding upon and inure to the benefit of the parties hereto, and to their
respective heirs, executors, beneficiaries, personal representatives, successors
and permitted assigns hereunder, but otherwise this Agreement shall not be for
the benefit of any third parties.

     26. Entire Agreement And Amendment. This Agreement contains the entire
agreement of the parties with respect to Executive's employment and the other
matters covered herein; moreover, this Agreement supersedes all prior and
contemporaneous agreements and understandings, oral or written, between the
parties hereto concerning the subject matter hereof. This Agreement may be
amended, waived or terminated only by a written instrument executed by both
parties hereto.

     27. Survival Of Certain Provisions. Wherever appropriate to the intention
of the parties hereto, the respective rights and obligations of said parties,
including, but not limited to, the rights and obligations set forth in Sections
6 through 16 and 24 hereof, shall survive any termination or expiration of this
Agreement.

     28. Waiver Of Breach. No waiver by either party hereto of a breach of any
provision of this Agreement by any other party, or of compliance with any
condition or provision of this Agreement to be performed by such other party,
will operate or be construed as a waiver of any subsequent breach by such other
party or any similar or dissimilar provision or condition at the same or any
subsequent time. The failure of either party hereto to take any action by reason
of any breach will not deprive such party of the right to take action at any
time while such breach continues.

     29. Successors And Assigns. This Agreement shall be binding upon and inure
to the benefit of the Company and its affiliated entities, and its and their
successors, and upon any person or entity acquiring, whether by merger,
consolidation, purchase of assets or otherwise, all or substantially all of the
business and/or assets of Company. The Company shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of the Company to expressly
assume and agree to

                                       15

<PAGE>

perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place;
provided, however, no such assumption shall relieve the Company of its
obligations hereunder.

     This Agreement shall inure to the benefit of and be enforceable by
Executive's personal or legal representative, executors, administrators,
successors, heirs, distributees, devisees and legatees or other Beneficiary. In
the event of the death of Executive while any amount would still be payable
hereunder if such death had not occurred, all such amounts, unless otherwise
specifically provided herein, shall be paid in accordance with the terms of this
Agreement to Executive's Beneficiary. "Beneficiary", for this purpose, shall
mean the person or persons designated by Executive in writing to receive any
benefits payable to Executive hereunder in the event of his death or, if no such
person is so designated, Executive's surviving spouse if any, or, if not, then
Executive's estate. No Beneficiary designation shall be effective unless it is
in writing and received by the Company prior to the date of Executive's death.

     30. Notices. Notices provided for in this Agreement shall be in writing and
shall be deemed to have been duly received (a) when delivered in person or sent
by facsimile transmission, (b) on the first business day after it is sent by air
express overnight courier service, or (c) on the third business day following
deposit in the United States mail, registered or certified mail, return receipt
requested, postage prepaid and addressed, to the following address, as
applicable:

              (i)   If to Company, addressed to:

                    Imperial Sugar Company
                    P.O. Box 9
                    Sugar Land, Texas 77487-0009
                    Attention: President

              (ii)  If to Executive, addressed to the address set forth below
                    his name on the execution page hereof;

or to such other address as either party may have furnished to the other party
in writing in accordance with this Section 30.

     31. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute one and the same instrument.
Each counterpart may consist of a copy hereof containing multiple signature
pages, each signed by one party hereto, but together signed by both parties.

     32. Executive Acknowledgment. Executive acknowledges that (a) he is
knowledgeable and sophisticated as to business matters, including the subject
matter of this Agreement, (b) he has read the Agreement, and (c) he understands
its terms and conditions. Executive represents that he is free to enter into
this Agreement including, without limitation, that he is not subject to any
other contract of employment or covenant not to compete that would conflict with
his duties under this Agreement.

                                       16

<PAGE>

     33. Termination Of Prior Employment Agreement/Survival Of Other Agreements.
After this Agreement is effective and enforceable upon execution of this
Agreement by the parties hereto, that certain Employment Agreement between the
Company and ___________ dated [February 1, 1998] shall terminate and be
superseded in all respects by this Agreement. All other agreements or
arrangements between the Executive and Company in effect on the date hereof
shall remain fully effective, including, but not limited to, the obligations of
the Company under (a) the Salary Continuation Agreement which is referenced
herein and (b) any benefit restoration agreement to provide supplemental
retirement and death benefits.

                            [Signature page follows.]

                                       17

<PAGE>

         IN WITNESS WHEREOF, Executive has hereunto set his hand and Company has
caused this Agreement to be executed in its name and on its behalf by its duly
authorized officer, to be effective as of the Effective Date.

WITNESS:                                EXECUTIVE:
Signature:                              Signature:
          ----------------------------             ----------------------------
Name:                                   Name:
     ---------------------------------       ----------------------------------
Date:                                   Date:
     ---------------------------------       ----------------------------------
                                        Address for Notices:
                                                            -------------------
                                                -------------------------------
                                                -------------------------------
                                                -------------------------------

ATTEST:                                 IMPERIAL SUGAR COMPANY:
By:                                     By:
   -----------------------------------     ------------------------------------
Title:                                  Its:
      --------------------------------      -----------------------------------
Name:                                   Name:
     ---------------------------------       ----------------------------------
Date:                                   Date:
     ---------------------------------       ----------------------------------

                                       18

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