Document:

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Exhibit 10.20

MANAGEMENT CONTINUITY AGREEMENT

This MANAGEMENT CONTINUITY AGREEMENT (this “Agreement”), is entered into by and between Interstate
Bakeries Corporation (“IBC”), a Delaware corporation, and Ronald B. Hutchison, an individual (the
“Executive”).

WITNESSETH:

WHEREAS, the Compensation Committee, as defined herein, in action taken at a meeting held on July
13, 2004, has authorized IBC to enter into a Management Continuity Agreement (the “Agreement”) with
a certain key executive of IBC or one of its Affiliates; and

WHEREAS, the Board of Directors believes it is imperative, in the event of an attempted Change in
Control, as defined herein, that certain key executives continue employment with IBC or one of its
Affiliates, and that IBC be able to receive and rely upon the advice of such executives on the best
interests of IBC and its shareholders, without concern that the executives may be distracted by
uncertainties as to their own position or security; and

WHEREAS, the Executive is a key executive of IBC or one of its Affiliates and has been selected by
the Board of Directors to be offered this Agreement; and

WHEREAS, the Board of Directors believes that the payments, which may be made under this
Agreement, constitute additional reasonable compensation for services to be rendered by the
Executive in connection with a Change in Control;

NOW, THEREFORE, for and in consideration of the premises and other good and valuable consideration,
IBC and the Executive agree as follows:

Article 1. Definitions: For purposes of this Agreement, the following terms shall have the
meanings set forth below:

	a.	 	Affiliate: An Affiliate shall mean any Person who, directly or indirectly or through one or
more intermediaries, Controls another Person, is Controlled by another Person, or is under
common Control with another Person.
	 
	b.	 	Base Compensation: The Base Compensation shall mean the sum of:

(i) the Executive’s monthly gross salary paid by IBC or one of its Affiliates, whether
paid or deferred, for the last full month preceding the Executive’s Qualifying Termination
or for the last full month preceding the Change in Control, whichever is greater; and

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(ii) a one (1) month portion (as if earned ratably over the relevant period) of the greater
of (x) the Executive’s most recent annual (or, if applicable, pro rata portion of the
annual) bonus received from IBC or one of its Affiliates, whether paid or deferred,
preceding the Executive’s Qualifying Termination or the Change in Control, whichever is
greater and (y) the target incentive award for the Executive under the Incentive Plan;

	c.	 	Beneficial Ownership: Beneficial Ownership shall mean “beneficial ownership” as defined in
Rule 13d-3 promulgated under Section 13(d) of the Exchange Act.
	 
	d.	 	Board of Directors: The Board of Directors shall mean the Board of Directors of IBC.

	e.	 	Buyer: A Person which, alone or with its Affiliates, purchases the business or businesses of
IBC and/or one of IBC’s Affiliates in a transaction or transactions described in Article 2(c).
	 
	f.	 	Change in Control: A Change in Control shall mean an occurrence set forth in Article 2.

	g.	 	Code: The Code shall mean the Internal Revenue Code of 1986, as amended or replaced from
time to time and including any rulings and Treasury regulations issued thereunder.

	h.	 	Common Stock: Common Stock shall mean the $.01 par value common stock of IBC, and such other
IBC voting stock that may be issued, prior to a Change in Control, in lieu of, or in addition
to, the Common Stock, as a result of (i) a merger or consolidation of IBC, (ii) the creation
of a class or classes of tracking stock, or (iii) the reclassification of any of the
foregoing.

	i.	 	Compensation Committee: The Compensation Committee shall mean the Compensation Committee of
IBC.

	j.	 	Continuing Director: A Continuing Director shall mean a member of the Board of Directors as
of the date hereof, and any other director who was appointed or nominated for election to the
Board of Directors by a majority of the Continuing Directors then in office.

	k.	 	Control: Control (including the terms “controlling”, “Controlled by” and “under common
control with”) shall mean the possession of a power, directly or indirectly, whether through
ownership of securities, by contract or otherwise:

	 	(i)	 	to elect a majority of the Board of Directors of a Person; or
	 
	 	(ii)	 	to direct the business, management and policies of a Person or direct the
sale of a substantial portion of its assets.

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	l.	 	Disability: A Disability shall mean a condition where the Executive suffers a complete
inability to perform the Executive’s work assignments because of injury or sickness, and such
inability is expected to continue indefinitely. To determine Disability, IBC shall rely on a
determination with respect to disability of the Executive made under the Interstate Brands
Corporation Long Term Disability Plan or any successor disability plan. If no such
determination has been made within seven (7) months after the Executive’s last day worked, or
if the Executive is not enrolled in any such Long Term Disability Plan, the determination
shall be made by a licensed physician jointly selected by IBC and the Executive. Fees and
expenses of any physician, and all costs of examinations of the Executive, shall be paid by
IBC or one of its Affiliates.

	m.	 	Discount Rate: The Discount Rate shall mean the “applicable interest rate” (and the
mortality tables, if applicable) prescribed under Section 417(e)(3) of the Code at the time of
the Executive’s Qualifying Termination.
	 
	n.	 	Exchange Act: The Exchange Act shall mean the Securities Exchange Act of 1934, as amended.
	 
	o.	 	 Group: A Group shall mean “group” as defined in Section 13(d)(3) of the Exchange Act.

	p.	 	Incentive Plan: The Incentive Plan shall mean the Interstate Brands Corporation Incentive
Compensation Plan for Corporate and Division Management as the same may be amended from time
to time and all similar plans adopted during the term of this Agreement.

	q.	 	Payment Period: The Payment Period shall mean the period commencing with the first day of
the month following the month in which a Qualifying Termination occurs and continuing for
twenty-four (24) months thereafter.

	r.	 	Person: Person shall mean any natural person, firm, individual, company, corporation,
partnership, joint venture, joint stock company, limited liability company, business trust,
trust, association or any other business organization or entity, whether incorporated or
unincorporated, or any division thereof.

	s.	 	Qualifying Termination: A Qualifying Termination shall mean the Executive’s termination of
employment, within two (2) years after a Change in Control, from IBC, a Buyer or an Affiliate
or a Successor of the foregoing; provided that, a Qualifying Termination shall not be deemed
to occur on account of:

	 	(i)	 	the Executive’s transfer of employment at any time during the
term of this Agreement between any two Persons comprised of IBC or its
Successor, and any of their Affiliates, provided that, upon such a transfer
after a Change in Control, the Executive has

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	 	 	 	Substantially the Same Employment after such transfer as immediately prior
to the Change in Control; or
	 
	 	(ii)	 	the Executive’s being employed by a Buyer or any Affiliate or
Successor of such Buyer, in connection with a Change in Control described in
Article 2(c), provided that, during the term of this Agreement, the Executive
has Substantially the Same Employment as immediately prior to the Change in
Control; or
	 
	 	(iii)	 	the Executive’s death; or
	 
	 	(iv)	 	the Executive’s voluntary termination of employment with IBC,
a Buyer or an Affiliate or Successor of the foregoing within two (2) years
after such Change in Control, if the Executive has, at all times,
Substantially the Same Employment as immediately prior to the Change in
Control.

It is expressly understood that Executive shall in no event be deemed to have waived his or
her right to Severance Benefits under Article 4 of this Agreement if Executive remains
employed during or after a time during which he or she ceased to have Substantially the
Same Employment after a Change in Control, as long as the Executive incurs a termination of
employment within two (2) years after such Change in Control and such termination of
employment is not a termination as described in Article 1 s. (i), (ii) or (iii).

	t.	 	Retirement Plan: The Retirement Plan shall mean the Interstate Brands Corporation Retirement
Income Plan, as amended, or any successor retirement plan adopted by IBC.

	u.	 	Spin-off: A Spin-off shall mean a spin-off, reverse spin-off or similar type of transaction,
including a management-led leveraged buyout, resulting in the disposition to IBC’s
shareholders, or to a management-led leveraged buyout group, of all or substantially all of
the stock and/or assets of any business conducted by IBC and/or its Affiliates.

	v.	 	Substantially the Same Employment: Substantially the Same Employment shall mean employment
where there is, at all times during the period of up to two (2) years after a Change in
Control compared to immediately prior to a Change in Control:

	 	(i)	 	no reduction in the Executive’s base salary and no less than
such annual increases in the Executive’s base salary as were customary with
respect to the Executive prior to the Change in Control; and
	 
	 	(ii)	 	no reduction in the annual bonus award opportunity below the
performance target applicable to the Executive, for both personal

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	 	 	 	and company or business unit performance, unless a substantially
equivalent arrangement (embodied in an ongoing substitute or alternative
annual bonus award plan) has been made with respect to such annual bonus
award, and such arrangement provides benefits not materially less
favorable to the Executive (both in terms of the amount of benefits
provided and the level of the Executive’s participation relative to other
participants); and
	 
	 	(iii)	 	no substantial reduction in Executive’s participation in any
executive incentive compensation plans in which Executive participated
immediately before the Change in Control, unless a substantially equivalent
arrangement (embodied in an ongoing substitute or alternative plan) has been
made with respect to such executive incentive compensation plans, and such
arrangement provides benefits not materially less favorable to the Executive
(both in terms of the amount of benefits provided and the level of the
Executive’s participation relative to other participants); and
	 
	 	(iv)	 	no substantial reduction in employee pension benefits
(including plans qualified under Section 401(a) of the Code and non-qualified
plans) and welfare and fringe benefits applicable to the Executive, so that
the benefit programs for which the Executive is eligible are, in the
aggregate, substantially equivalent; and
	 
	 	(v)	 	no reduction of a substantial nature in the Executive’s
duties or responsibilities, or assignment of new duties inconsistent with the
Executive’s skills, education and experience; and
	 
	 	(vi)	 	no substantial reduction in the Executive’s access to
administrative support services.

	w.	 	Successor: A Successor shall mean (i) the continuing, surviving or successor Person which is
created, or remains in existence, upon the merger or consolidation of two Persons; or (ii) a
Person which otherwise succeeds (by operation of law, contract or otherwise) to the rights,
duties or interests of another Person.

	x.	 	Supplemental Plan: The Supplemental Plan shall mean the IBC Supplemental Executive
Retirement Plan, as amended, or any successor supplemental retirement plan adopted by IBC.

Article 2. Change in Control: A Change in Control will occur if there is:

	a.	 	Such a change in the membership of the Board of Directors that Continuing Directors shall
have ceased (for any reason) to constitute at least a majority of the Board of Directors; or

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	b.	 	An acquisition by any Person or Group, or by a Person and its Affiliates or by a Group and
Affiliates of members of such Group, of the Beneficial Ownership of fifty percent (50%) or
more of the then-outstanding Common Stock of IBC (other than acquisitions by IBC, an IBC
Affiliate, or any trustee or other fiduciary holding IBC Common Stock pursuant to the terms of
any IBC benefit plan); or

	c.	 	Either of the following: (i) a sale of all or substantially all of the assets of IBC in a
transaction subject to the provisions of Section 271 of the Delaware General Corporation Law;
or (ii) a sale or other disposition to a Person or a Group, or to a Person and its Affiliates
or to a Group and Affiliates of members of such Group, (excluding a sale or disposition to an
Affiliate or Affiliates of IBC), of all or substantially all of the assets of those businesses
of IBC and its Affiliates which, in the aggregate, accounted for (as of the end of the fiscal
quarter ending coincident with or immediately preceding such sale) all or substantially all of
IBC’s operating profit; or

	d.	 	A merger, share exchange, reorganization or consolidation of IBC with any other Person other
than an Affiliate of IBC (a “Business Combination”), unless the voting power of the Common
Stock outstanding immediately before such Business Combination continues to represent,
immediately following such Business Combination (either by remaining outstanding or by being
converted into voting securities of the Person surviving after such Business Combination or
its Affiliate), more than 50% of the combined voting power of the then-outstanding voting
securities of such surviving Person (or its Affiliate) including (if applicable) IBC; or

	e.	 	A finding by a majority of the Continuing Directors that a sale, disposition, merger or other
transaction or event designated by such Continuing Directors in their sole discretion shall,
under this Agreement, constitute a Change in Control with respect to the Executive.

Notwithstanding the foregoing, in no event shall a Spin-off be deemed to constitute a Change in
Control.

Article 3. Operation of Agreement: This Agreement shall not create any obligation on the
part of IBC or its Affiliates, or the Executive, to continue the Executive’s employment
relationship. Anything in this Agreement to the contrary notwithstanding, the Executive shall not
be entitled to Severance Benefits, as defined below, under this Agreement unless and until there
has been a Change in Control and the Executive has had a Qualifying Termination. Except as
hereinafter provided, this Agreement shall not affect any other benefit program (as such programs
may be amended) applicable to the Executive; provided, that, by execution of this Agreement, the
Executive hereby waives any and all claims to benefits under any termination or severance plan or
similar severance arrangement offered by IBC or its Affiliates to all or some of their employees
during the term of this Agreement, that would otherwise by payable to the Executive on account of,
or coincident with, a Change in Control and termination of employment.

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Article 4. Severance Benefits: If the Executive remains in the employ of IBC or one of
its Affiliates until a Change in Control has occurred, then upon the Executive’s Qualifying
Termination within two (2) years after a Change in Control, the Executive shall be entitled to the
following benefits (“Severance Benefits”), subject to withholding of any federal, state or local
taxes which, in the opinion of counsel for the payor of the Severance Benefits, are required to be withheld, and further subject to Article 5 of this
Agreement:

	a.	 	Payment in a lump sum in cash, within sixty (60) days of the Executive’s Qualifying
Termination, of an amount equal to the Executive’s Base Compensation multiplied by twenty-four
(24); and

	b.	 	Continuation, from the date of the Executive’s Qualifying Termination and continuing during
the Payment Period, of life, health, accident and disability benefits no less favorable than
those provided to the Executive under life, health, accident and disability benefit plans and
programs in effect immediately prior to the Change in Control (including, but not limited to,
the Interstate Brands Corporation Welfare Benefit Plan), subject to all terms and conditions
of such plans immediately prior to such Change in Control including, but not limited to,
provisions regarding the extent and duration of spouse and dependent coverage, and subject to
payment of premiums, if any, charged at rates no greater than those paid by active employees
under the rate structure in effect immediately prior to the Change in Control; and further
provided, that such health benefits shall not terminate at the end of the Payment Period but
shall continue through the Executive’s sixty-fifth (65th) birthday and, with
respect to the Executive’s spouse and dependents, for such period provided under the aforesaid
provisions regarding the extent and duration of spouse and dependent coverage, and subject to
payment of premiums charged at rates no greater than those paid by active employees under the
rate structure in effect immediately prior to the Change in Control; and

	c.	 	Immediate and full vesting under the Supplemental Plan, subject only to forfeiture as
provided in Section 3.2 (c)(ii) of the Supplemental Plan, and additional Years of Credited
Service (as defined in the Supplemental Plan) equal to the greater of (i) two (2) and (ii) ten
(10) minus the number of Years of Credited Service as of the Executive’s Qualifying
Termination, provided that in no event shall the Executive’s resulting Years of Credited
Service, after adjustment as provided in this Article 4(c), exceed twenty (20).

	d.	 	During the Payment Period, the Executive may request in writing, and IBC or one of its
Affiliates shall at its expense engage within a reasonable time following such written
request, an outplacement counseling service of national reputation to assist the Executive in
obtaining employment. The Executive shall be entitled to outplacement services which are
customary for someone in the Executive’s position at a cost not to exceed $15,000.

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Article 5. Excise Taxes and Gross-Up Payment:

	a.	 	Anything in this Agreement to the contrary notwithstanding, and except as set forth below, in
the event it shall be determined under the provisions of Article 5(b) that any payment or
distribution by IBC, a Buyer, or any Successor or Affiliate of the foregoing (“Payor”), to or
for the benefit of the Executive (whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, including without limitation any other
plan, arrangement or agreement with such Payor, and including a determination (i) with regard
to the value of any accelerated vesting of stock awards or other forms of compensation, if
such vesting occurs as a result of a Change in Control; but (ii) without regard to any
additional payments required under this Article 5) (a “Payment”) would be subject to the
excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by
the Executive with respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then
the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”). This
Gross-Up Payment shall be equal to an amount such that, after payment by the Executive of all
taxes (including any interest or penalties imposed with respect to such taxes), including,
without limitation, (i) any income and FICA taxes (and any interest and penalties imposed with
respect thereto) and (ii) Excise Tax imposed upon the Gross-Up Payment, the Executive retains
an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the payments. The
obligation of IBC or one of its Affiliates to make Gross-Up Payments under this Article 5(a)
shall not be conditioned upon the Executive’s Qualifying Termination of Employment. For
purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to
pay federal income taxes at the highest marginal rate of federal income taxation in the
calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at
the highest marginal rate of taxation in either the state and locality of the Executive’s
place of employment at the time of the Change in Control or in the state and locality of
residence at the time or times of payment, as applicable, net of the maximum reduction in
federal income taxes that could be obtained from the deduction of the state and local taxes.
	 
	 	 	Notwithstanding the foregoing provisions of this Article 5(a), if it shall be determined
that the Executive is entitled to a Gross-Up Payment, but that the Payments do not exceed
110 percent of the greatest amount (the “Reduced Amount”) that could be paid to the
Executive such that the receipt of Payments would not give rise to any Excise Tax, then no
Gross-Up Payment shall be made to the Executive, and the Payments, in the aggregate, shall
be reduced to the Reduced Amount. The reduction of the amounts payable hereunder, if
applicable, shall be made by first reducing the payments under Article 4(a) hereof, and in
any event shall be made in such a manner as to maximize the value of all Payments actually
made to the Executive. For purposes of reducing the payments to the Reduced Amount, only
amounts payable under this Agreement (and no other

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	 	 	Payments) shall be reduced. If the reduction of amounts payable under this Agreement would
not result in the payment of the Reduced Amount, no amounts payable under this Agreement
shall be reduced.

	b.	 	IBC shall provide written notice to the Executive with respect to each Payment promptly after
it occurs, setting forth the nature of such Payment. Subject to the provisions of Article
5(c), all determinations required to be made under this Article 5, including whether and when
a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to
be utilized in arriving at such determination, shall be made by a nationally recognized
certified public accounting firm as may be designated by the Executive (the “Accounting
Firm”). Within 15 days after the Accounting Firm has been notified by the Executive or IBC
that a Payment has occurred, the Accounting Firm shall provide detailed supporting
calculations with respect to such Payment both to IBC and the Executive. All fees and
expenses of the Accounting Firm shall be borne solely by IBC. Any Gross-Up Payment, as
determined pursuant to this Article 5, shall be paid by IBC or one of its Affiliates to the
Executive within five days of the receipt of the Accounting Firm’s determination. Any
determination by the Accounting Firm shall be binding upon IBC or its Affiliate and the
Executive. As a result of any uncertainty in the application of Section 4999 of the Code at
the time of the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments which will not have been made by IBC or one of its Affiliates should have
been made (“Underpayment”), consistent with the calculations required to be made hereunder.
In the event that IBC exhausts its remedies pursuant to Article 5(c) and the Executive
thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall
determine the amount of the Underpayment that has occurred and any such Underpayment shall be
promptly paid by IBC or one of its Affiliates to or for the benefit of the Executive.

	c.	 	The Executive shall notify IBC in writing of any written communication from the Internal
Revenue Service or other taxing authority concerning the Gross-Up Payment or other matters
arising under this Agreement. Such notification shall be given as soon as practicable but no
later than ten business days after the Executive receives such written communication and shall
apprise IBC of the content of such communication. Failure to give timely notice shall not be
deemed to prejudice the Executive’s rights to Gross-Up Payment and rights of indemnity
hereunder. The Executive shall not pay any claim pursuant to such written communication prior
to the expiration of the 30-day period following the date on which the Executive gives such
notice to IBC (or such shorter period ending on the date that any payment of taxes with
respect to such claim is due). If IBC notifies the Executive in writing prior to the
expiration of such period that it desires to contest such claim, the Executive shall (i) give
IBC any information reasonably requested by IBC relating to such claim, (ii) take such action
in connection with contesting such claim as IBC shall reasonably request in writing from time
to time, including, without limitation, accepting legal representation with respect to such
claim by an attorney reasonably selected by IBC, (iii) cooperate with IBC in good

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	 	 	faith in order to effectively contest such claim, and (iv) permit IBC to participate in any
proceedings relating to such claim; provided, however, IBC or one of its Affiliates shall
bear and pay directly all costs and expenses (including additional interest and penalties)
incurred in connection with such contest and shall indemnify and hold the Executive
harmless, such that after payment by the Executive of any and all income taxes, Excise
Taxes and FICA taxes (including any interest and penalties imposed with respect thereto)
(“Taxes”) that may be imposed as a result of such representation and payment of costs and
expenses by IBC or one of its Affiliates, the Executive retains an amount equal to such
Taxes. Without limitation on the foregoing provisions of this Article 5(c), IBC shall
control all proceedings taken in connection with such contest and, at its sole option, may
pursue or forgo any and all administrative appeals, proceedings, hearings and conferences
with the taxing authority in respect of such claim and may, at its sole option, either
direct the Executive to pay Taxes claimed and sue for a refund or contest the claim in any
permissible manner, and the Executive agrees to prosecute such contest to a determination
before any administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as IBC shall determine; provided, however, that if IBC directs the
Executive to pay such claim and sue for a refund, IBC or one of its Affiliates shall
advance the amount of such payment to the Executive, on an interest-free basis, and shall
indemnify and hold the Executive harmless such that, after payment by the Executive of
Taxes imposed with respect to such advance or with respect to any imputed income with
respect to such advance, the Executive retains an amount equal to such Taxes. Furthermore,
IBC’s control of the contest shall be limited to issues with respect to which a Gross-Up
Payment would be payable hereunder and the Executive shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue Service or any
other taxing authority unrelated to the subject matter of this Agreement.

	d.	 	If, after the receipt by the Executive of an amount advanced by IBC or one of its Affiliates
pursuant to Article 5(c), the Executive becomes entitled to receive any refund with respect to
such claim, the Executive shall (subject to IBC’s complying with the requirements of Article
5(c)) promptly pay to IBC or its Affiliate the amount of such refund (together with any
interest paid or credited thereon after Taxes applicable thereto). If, after the receipt by
the Executive of an amount advanced by IBC or one of its Affiliates pursuant to Article 5(c),
a determination is made that the Executive shall not be entitled to any refund with respect to
such claim and IBC does not notify the Executive in writing of its intent to contest such
denial of refund prior to the expiration of 30 days after such determination, then such
advance shall be deemed to be a part of the Gross-Up Payment and shall not be required to be
repaid.

Article 6. Designated Beneficiary: The Executive, by notice in accordance with Article 12
hereof, may designate a beneficiary or contingent beneficiaries to receive the Severance Benefits
described in Article 4 and the Gross-Up Payment described in Article 5 in the event of the
Executive’s death following the Executive’s Qualifying Termination

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but prior to payment in full of said Severance Benefits and/or Gross-up Payments by IBC, one of its
Affiliates, or their Successor or assigns. The Executive may, from time to time, revoke or change
any such designation of beneficiary. Any designation of beneficiary made pursuant to this
Agreement shall be controlling over any other designation made by the Executive, testamentary or
otherwise; provided, that if IBC or one of its Affiliates shall be in doubt as to the right of a
beneficiary to receive payments, it may determine in its sole discretion to pay such amounts to the
legal representative of the Executive’s estate.

Article 7. Early Separation: In the event that, prior to a Change in Control, the
Executive executes a separation agreement with IBC or any of its Affiliates during the term of this
Agreement which, by its terms, specifically addresses issues related to the Executive’s termination
of employment and benefits to be paid upon such termination, all of the Executive’s rights, claims
and entitlements under this Agreement shall terminate even if, under the terms of such separation
agreement, the Executive remains employed by IBC or one of its Affiliates for a period of time
after execution of such separation agreement.

Article 8. Restrictions: The Executive agrees, as a condition of receiving the Severance
Benefits described under Article 4 or the Gross-Up Payment described under Article 5, that during
the Payment Period the Executive will not, as an individual or as a partner, employee, agent,
advisor, consultant or in any other capacity of or to any person, firm, corporation or other entity
(excluding IBC, a Buyer, or a Successor or Affiliate of the foregoing), directly or indirectly,
other than as a 2% or less shareholder of a publicly traded corporation, do any of the following:

	a.	 	carry on any business, or become involved in any business activity, which is competitive with
the business conducted by IBC or an Affiliate immediately prior to a Change in Control; or

	b.	 	induce or attempt to induce, or assist anyone else to induce or attempt to induce, any
customer of IBC or any Affiliate to discontinue its business with IBC or any Affiliate or
disclose to anyone else any confidential information relating to the identities, preferences,
and/or requirements of any such customer.

     The Executive agrees (i) that the restraints contained in this Article 8, both separately and
in total, are reasonable in view of the legitimate interests of IBC in protecting its, and its
Affiliates’, trade secret information and business relationships; and (ii) to disclose to any
potential future employer during the Payment Period, the terms of the restrictions against
competition contained in this Article 8. The requirement of this Article 8 will be waived by IBC
in the event the Executive (i) does not receive any of the Severance Benefits described under
Article 4 or the Gross-Up Payment described under Article 5 and (ii) voluntarily disclaims, in
writing, all of his or her rights to receive any such Severance Benefits or Gross-Up Payment
pursuant to the terms of this Agreement and any other severance payments and benefits in connection
with the Executive’s Qualifying Termination.

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     If any provision or subpart of this Article 8 is adjudicated to be invalid or unenforceable
under applicable law, the validity or enforceability of the remaining provisions and subparts shall
be unaffected. If any provision or subpart of this Article 8 is adjudicated to be invalid or
unenforceable because it is overbroad or unreasonable, that provision or subpart shall not be void
but rather shall be limited to the extent required to make it reasonable and shall be enforced as
so limited.

     In the event of a breach of this Article 8, IBC (i) shall have no further liability for any of
the Severance Benefits described in Article 4 and the Gross-Up Payment described in Article 5 that
have not been paid as of the date of the breach, or (ii) shall be entitled, in addition to any
other legal or equitable remedies it may have, to temporary, preliminary and permanent injunctive
relief restraining such breach.

Article 9. Successors and Assigns: This Agreement shall inure to the benefit of, and be
binding upon, IBC, its Affiliates and their Successors. IBC and its Affiliates may not assign this
Agreement without the Executive’s prior written consent. IBC and its Affiliates will require any
Person to which it assigns this Agreement to assume expressly the Agreement and agree to perform
this Agreement in the same manner and to the same extent that IBC and its Affiliates would be
required to perform it if no such assignment had taken place. No assignment of this Agreement
shall relieve IBC or its Affiliates from liability for any of its obligations hereunder, and in the
event of any such assignment, IBC, its Affiliates or their Successor shall continue to remain
primarily liable for payment of the Severance Benefits described in Article 4 and the Gross-Up
Payment in Article 5 and for the performance and observance of the agreements provided herein to be
performed and observed by IBC and its Affiliates. The Executive shall have no right to transfer or
assign the right to receive any Severance Benefits under Article 4 and the Gross-Up Payment under
Article 5 of this Agreement, except as permitted under Article 6.

Article 10. Costs: Irrespective of the success of the Executive’s claim, IBC or one of
its Affiliates will reimburse the Executive, or the legal representative of the Executive’s estate,
for reasonable attorney’s fees and costs in the event that the Executive brings legal action to
enforce payment by IBC, its Affiliates or assigns, or any Successors to any of the foregoing, of
the Severance Benefits described in Article 4 and the Gross-Up Payment under Article 5 (plus
interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code on payments
of such Severance Benefits and the Gross-Up Payment due but not timely made).

Article 11. Term of Agreement: This Agreement shall expire upon the earliest of the
following to occur:

	a.	 	five (5) years from its effective date, unless extended by the Board of Directors on or
before such expiration date;

-12-

 

	b.	 	if a determination of the Executive’s Disability is made before a Change in Control while
this Agreement is in effect, the day following such determination; or

	c.	 	if the Executive ceases to be employed with IBC and any of its Affiliates prior to a Change
in Control, the last day of such employment; provided that, if the Executive and IBC or one of
its Affiliates enters into a separation agreement as described in Article 7 while this
Agreement is in effect, the effective date of such separation agreement.

After the expiration of this Agreement, the Executive shall have no rights to any Severance
Benefits described in Article 4 and the Gross-Up Payment described in Article 5; provided, however,
if a Change in Control occurs prior to the expiration of this Agreement, then the Executive shall
be entitled to the Gross-Up Payment described in Article 5 and, upon a subsequent Qualifying
Termination, Severance Benefits described in Article 4, and the term of this Agreement shall be
extended until the latest to occur of the following: (a) the expiration of the Payment Period; (b)
the date of the final Gross-Up Payment due under Article 5; or (c) the expiration of the period for
which health benefits are to be provided under Article 4(b).

Article 12. Notice: Any notice or other communication required or permitted hereunder is
deemed delivered when delivered in person; on the next business day when sent by an overnight
delivery service; or on the third business day when sent by U.S. mail service, as follows:

	 	 	 
	To IBC:

	 	Corporate Secretary
	 

	 	Interstate Bakeries Corporation
	 

	 	12 East Armour Boulevard
	 

	 	Kansas City, MO 64111
	 
	 	 
	To the Executive:

	 	Ronald B. Hutchison
	 

	 	Interstate Bakeries Corporation
	 

	 	12 East Armour Boulevard
	 

	 	Kansas City, MO 64111

Article 13. Venue: ANY ACTION OR LEGAL PROCEEDING TO ENFORCE PAYMENT OF SEVERANCE
BENEFITS DESCRIBED IN ARTICLE 4 OR COMPLIANCE WITH THE COVENANTS CONTAINED IN ARTICLES 5 OR 8 OF
THIS AGREEMENT SHALL BE BROUGHT IN A FEDERAL OR STATE COURT LOCATED WITHIN THE WESTERN DISTRICT OF
MISSOURI, AND THE PARTIES TO THIS AGREEMENT CONSENT TO THE JURISDICTION AND VENUE OF SUCH COURT.

-13-

 

Article 14. Missouri Law to Govern: This Agreement shall be governed by the laws of the
State of Missouri without regard to its conflict of laws provisions.

Article 15. Entire Agreement: This Agreement, constitutes the entire understanding between
the parties hereto with respect to the subject matter hereof, and supersedes and replaces any
previous management continuity agreement or any employment contract (oral or written) between IBC
or any of its Affiliates and the Executive relating to (i) a Qualifying Termination and (ii)
Gross-Up Payments. Upon the execution of this Agreement, all parties agree that any prior agreement
(other than stock option or equity award agreements) or employment contract covering severance
payments (or other severance-type payments) shall be considered null and void and of no further
effect in the event of a Qualifying Termination or with respect to IBC’s or an Affiliates’
obligation to make Gross-Up Payments.

IN WITNESS WHEREOF, IBC and the Executive have executed this Agreement effective as of the
13th day of July, 2004.

	 	 	 	 	 	 	 
	ATTEST:

	 	 	 	INTERSTATE BAKERIES	 	 
	 

	 	 	 	CORPORATION	 	 
	 
	 	 	 	 	 	 
	/s/ Linda L. Thompson

	 	 	 	/s/ James R. Elsesser	 	 
	 

	 	 	 	 	 	 
	Linda L. Thompson

	 	 	 	James R. Elsesser	 	 
	Assistant Secretary

	 	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	WITNESS:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Dorothy J. Schreiber

	 	 	 	/s/ Ronald B. Hutchison	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Ronald B. Hutchison	 	 

-14-exv10w24

 

Exhibit 10.24

[Alvarez & Marsal, LLC Letterhead]

October 14, 2004

Mr. Leo Benatar

Chairman of the Board

Interstate Bakeries Corporation

12 East Armour Boulevard

Kansas City, Missouri 64111

     Dear Mr. Benatar:

This letter amends and restates the letter agreements dated September 21, 2004 and August 27,
2004 by and between Alvarez & Marsal, LLC (“A&M”) and Interstate Bakeries Corporation (“IBC”)
(as amended and restated, “this Agreement”). You have requested that A&M modify its
engagement as set forth herein, and A&M is willing to do so. As part of those modifications,
you have requested that certain of IBC’s affiliates become parties to this Agreement (each
such affiliate individually, an “IBC Entity” and collectively with IBC, the “Company”). Each
IBC Entity is listed on the signature pages; and any other affiliate which becomes a debtor
under the United States Bankruptcy Code in a case administratively consolidated with the
cases for the Company shall be deemed to have executed this letter upon the commencement of
its case and shall be also be referred to as a IBC Entity and included in the term “Company”.
Upon execution of this letter by each of the parties below, and subject to the approval of
the engagement and terms and conditions provided for in this letter by the bankruptcy court
having jurisdiction over the Company’s cases commenced under the United States Bankruptcy
Code (the “Bankruptcy Court”), this letter will be effective immediately after the
commencement of the cases of one or more of IBC and the IBC Entities under the United States
Bankruptcy Code. (The letter agreement in the form prior to this amendment and restatement
shall continue to govern for periods prior to the date hereof.) A&M shall continue to hold
the remaining portion of the retainer previously delivered on the terms and conditions set
forth herein.

	1.	 	Description of Services
	 
	(a)	 	Officers.

In connection with this engagement, A&M shall make available to the Company:

	 	(i)	 	Antonio Alvarez II to serve as the Chief Executive Officer of the
Company (the “CEO”);
	 
	 	(ii)	 	John K. Suckow to serve as the Chief Restructuring Officer of the
Company (the “CRO”); and
	 
	 	(iii)	 	Robert A. Campagna, Arthur J. Morissette, Joseph J. Sciametta, and
Victor Alvarez (collectively with the CEO and the CRO, the “Officers” and each of
the Officers individually, an “Officer”), as well as, upon the mutual agreement
of A&M and the

1

 

	 	 	 	Board of Directors of IBC (the “Board of Directors”), such additional personnel
as are necessary to assist in the performance of the duties set forth in clause
1.b below (the “Additional Officers”). Each of the Officers and any
Additional Officers shall be designated by the Board of Directors as executive
officers. Upon such designation for an Additional Officer, he or she shall
also be included with the defined term “Officers”. Each of the Officers may
also become officers of one or more of the IBC Entities if requested by the
board of directors of such IBC Entities and designated as executive officers.

	(b)	 	Duties.

In his capacity as CEO, Antonio Alvarez II shall perform duties typically performed by chief
executive officers.

In his capacity as CRO, John Suckow shall be responsible for the overall management of the
reorganization efforts. This will include coordinating efforts of other professionals hired
by the Company (e.g. lawyers, investment bankers and crisis communication specialists). He
will also have primary responsibility for communications with the Creditors’ Committee and
the Secured Creditors as well as the professionals retained by each constituency.

In his capacity as CRO, John Suckow will also assist the CEO in the following efforts:

	 	(i)	 	Development of short term cash flows and liquidity plans for the Company;
	 
	 	(ii)	 	Development of employee retention plans;
	 
	 	(iii)	 	Development of business plans, including operating and cash flow projections;
	 
	 	(iv)	 	Provide testimony, as required by the court;
	 
	 	(v)	 	Once the business plan is completed, working closely with the
investment banker, development of proposed reorganization plans; and
	 
	 	(vi)	 	Other activities as directed by the CEO and approved by the Board of Directors

The other Officers will perform tasks necessary to support the efforts outlined above.

You understand that the services to be rendered by the Officers may include the preparation
of projections and other forward-looking statements, and numerous factors can affect the
actual results of the Company’s operations, which may materially and adversely differ from
those projections. In addition, the Officers will be relying on information provided by the
Company in the preparation of those projections and other forward-looking statements.
Neither A&M nor any of the Officers makes any representation or guarantee that an appropriate
restructuring proposal can be formulated for the Company, that restructuring is the best
course of action for the Company or, if formulated, that any proposed restructuring plan will
be accepted by the Company’s creditors, shareholders and other constituents. The ultimate
decision for the implementation or selection of any potential restructuring proposal shall be
the responsibility of the Board of Directors. Therefore, neither the Officers nor A&M
assumes any responsibility for the implementation or selection of any restructuring proposal
which the Officers may assist the Company in formulating.

2

 

In rendering their services to the Company, the CEO and CRO will report directly to the Board
of Directors and will make recommendations to and consult with the Board of Directors.

	(c)	 	Employment by A&M. The CEO, the CRO and the Officers will continue to be
employed by A&M and while rendering services to the Company will continue to work with
other personnel at A&M in connection with other unrelated matters, which will not unduly
interfere with services pursuant to this engagement. With respect to the Company,
however, the CEO, the CRO and the Officers shall operate under the direction of the
Board of Directors and A&M shall have no liability to the Company for any acts or
omissions of such officers. The CEO will devote substantially all of his working time
to the affairs of the Company, subject to his responsibilities with respect to the
internal governance of A&M.
	 
	 	 	The Officers will at all times remain employees of A&M who will be responsible for
payroll and withholding expenses on their behalf.
	 
	2.	 	Compensation

	 	(a)	 	A&M shall be compensated at a rate of $150,000 per month for the
services of the CEO .
	 
	 	(b)	 	A&M will receive fees based on the following hourly rates, for the
services of the CRO and other Officers available (based on the positions they
hold as personnel of A&M):

	 	 	 	 	 
	Managing Directors
	 	$	500 - $650	 
	Directors
	 	$	375 - $450	 
	Associates
	 	$	275 - $350	 
	Analysts
	 	$	200 - $250	 

	 	 	 	Such rates shall be subject to adjustment at such time as A&M adjusts its rates
generally.
	 
	 	(c)	 	In addition, A&M will be reimbursed for the reasonable
out-of-pocket expenses of the CEO, the CRO and the other Officers incurred in
connection with this assignment, such as travel, lodging, duplicating, computer
research, messenger and telephone charges. In addition, A&M shall be reimbursed
for the reasonable fees and expenses of its counsel incurred in connection with
the preparation, negotiation and enforcement of this Agreement. All fees and
expenses will be billed and payable on a monthly basis or, at A&M’s discretion,
more frequently.
	 
	 	(d)	 	In accordance with the August 27, 2004 letter agreement, the
Company remitted a retainer to A&M in the amount of $500,000. A&M incurred
estimated fees and expenses of approximately $450,000 through September 21, 2004
in accordance with the August 27, 2004 letter agreement and that amount was
applied against the retainer. A&M received an additional payment of
approximately $190,000 on September 21, 2004 leaving a retainer of approximately
$240,000 which shall be credited against any amounts due at the termination of
this engagement and returned upon the satisfaction of all obligations hereunder.

3

 

	 	(e)	 	In addition to the compensation set forth above, A&M will be
entitled to receive incentive compensation, to be based on 5% of value created,
the definition of which will be agreed to with the Board of Directors within 90
days of this letter. Under all circumstances other than a liquidation of the
Company (in which case there shall be no guaranteed incentive compensation),
A&M’s incentive compensation will be a minimum of $3.85 million. The incentive
compensation shall be payable upon the earlier of (x) a consummation of a plan of
reorganization of IBC, (y) a sale of all or a substantial portion of the assets
of IBC in one or more transactions, or (z) a liquidation of the Company (it being
understood that in the case of a liquidation, the minimum incentive fee is not
subject to the guarantee).

	3.	 	Term
	 
	 	 	The engagement will commence as of the date hereof and may be terminated by either
party without cause by giving 30 days’ written notice to the other party. In the
event of any such termination, any fees and expenses due to A&M shall be remitted
promptly (including fees and expenses that accrued prior to but were invoiced
subsequent to such termination). If the Company terminates this engagement without
Cause or if A&M terminates this engagement for Good Reason, A&M shall also be entitled
to receive the Incentive Fee; provided that the consummation of the
Restructuring occurs within 12 months of the termination. The Company may immediately
terminate A&M’s services hereunder at any time for Cause by giving written notice to
A&M. Upon any such termination, the Company shall be relieved of all of its payment
obligations under this Agreement, except for the payment of fees and expenses through
the effective date of termination (including fees and expenses that accrued prior to
but were invoiced subsequent to such termination) and its obligations under paragraph
8. For purposes of this Agreement, “Cause” shall mean if (i) any of the Officers is
convicted of, admits guilt in a written document filed with a court of competent
jurisdiction to, or enters a plea of nolo contendere to, an allegation of fraud,
embezzlement, misappropriation or any felony; (ii) any of the Officers willfully
disobeys a lawful direction of the Board of Directors; or (iii) a material breach of
any of A&M’s or any of the Officers’ material obligations under this Agreement which
is not cured within 30 days of the Company’s written notice thereof to A&M describing
in reasonable detail the nature of the alleged breach A&M shall be entitled to
immediately terminate its services hereunder for Good Reason. For purposes of this
Agreement, termination for “Good Reason” shall mean its resignation caused by a breach
by the Company of any of its material obligations under this Agreement that is not
cured within 30 days of A&M having given written notice of such breach to IBC
describing in reasonable detail the nature of the alleged breach.
	 
	4.	 	Relationship of the Parties
	 
	 	 	It is understood that the Officers and A&M are not being requested to perform an
audit, review or compilation, or any other type of financial statement reporting
engagement that is subject to the rules of the AICPA, SEC or other state or national
professional or regulatory body. They are entitled to rely on the accuracy and
validity of the data disclosed to them or supplied to them by employees and
representatives of the Company. The Officers and A&M are under no obligation to
update data submitted to them or review any other areas unless specifically requested
by the Board of Directors to do so.
	 
	5.	 	No Third Party Beneficiary

4

 

	 	 	The Company acknowledges that all advice (written or oral) given by the Officers to
the Company in connection with this engagement is intended solely for the benefit and
use of the Company (limited to the respective boards of directors and management) in
considering the matters to which this engagement relates. The Company agrees that no
such advice shall be reproduced, disseminated, quoted or referred to at any time in
any manner, nor shall it be used for any purpose other than accomplishing the tasks
referred to herein, in each case without A&M’s prior approval (which shall not be
unreasonably withheld), except as required by law.
	 
	6.	 	Conflicts
	 
	 	 	A&M is not currently aware of any relationship that would create a conflict of
interest with the Company or those parties-in-interest of which you have made us
aware. A&M has performed work for various banks and lenders, some of which may be
lenders, participants or agents for lenders to the Company. Because A&M is a
consulting firm that serves clients on a national basis in numerous cases, both in and
out of court, it is possible that A&M may have rendered services to or have business
associations with other entities or people which had or have or may have relationships
with the Company, including creditors of the Company. In the event you accept the
terms of this engagement, A&M will not represent the interests of any such entities or
people in connection with this matter.
	 
	7.	 	Confidentiality / Non-Solicitation
	 
	 	 	Neither A&M nor any of the Officers shall publish, disclose, or otherwise divulge
Confidential Information to any person, at any time during or after the term of this
Agreement, without the Company’s prior consent. Except in connection with fulfilling
its and their respective obligations hereunder, A&M and the Officers may permit
knowledge of and access to the Confidential Information only to those of its board
members, officers and employees who have a need to know such information in order to
perform the services under this Agreement. For purposes of this Agreement,
“Confidential Information” shall mean non-public, confidential or proprietary
information.
	 
	 	 	The term “Confidential Information” does not include any information which (i) at the
time of disclosure or thereafter is generally available to the public (other than as a
result of a disclosure by A&M or its representatives or the Officers in violation of
this Agreement), (ii) was available to A&M or the Officers on a non-confidential basis
from a source other than the Company, provided that such source is not bound by a
confidentiality agreement that was applicable to the Confidential Information or (iii)
has been independently acquired or developed by A&M without violating any of its
obligations under this Agreement.
	 
	 	 	In the event that A&M becomes legally compelled (by deposition, interrogatory, request
for documents, subpoena, civil investigative demand or similar process) to disclose
any of the Confidential Information, A&M shall give IBC prompt prior written notice of
such requirement so that the Company may seek a protective order or other appropriate
remedy and/or waive compliance with the terms of this Agreement. In the event that
such protective order or other remedy is not obtained, or that the Company waives
compliance with the terms hereof, A&M agrees to provide only that limited portion of
the Confidential Information that it is legally required and to exercise reasonable
efforts to obtain assurance that confidential treatment will be accorded such
Confidential Information.

5

 

	 	 	A&M and the Company agree that in the event of a breach of this confidentiality
provision, the Company shall be entitled to equitable relief, including injunction and
specific performance, in addition to all other remedies available at law or equity.
This confidentiality provision shall survive for three years following the termination
of this Agreement.
	 
	 	 	Except as specifically provided for in this Agreement, the Company agrees not to
solicit, recruit or hire as an employee of the Company any employee of A&M effective
from August 27, 2004 and continuing for a period of two years subsequent to the
termination of this engagement. Unless otherwise mutually agreed, should the Company
extend offers of employment to any A&M employee (other than as specifically provided
for in this Agreement) and should such an offer be accepted, A&M will be entitled to
liquidated damages based upon such individual’s hourly rates multiplied by an assumed
annual billing of 2,000 hours; provided, however, that this liquidated damages
provision shall not apply to employees of A&M hired by the Company while Mr. Alvarez
is the CEO. These liquidated damages would be payable at the time of the individual’s
acceptance of employment from the Company.
	 
	8.	 	Indemnification
	 
	 	 	The Company shall indemnify the Officers to the same extent as the most favorable
indemnification it extends to its officers or directors, whether under the Company’s
bylaws, its certificate of incorporation, by contract or otherwise. Each of the
Officers shall be covered as an officer and/or director, as applicable, under the
Company’s existing director and officer liability insurance policy. The Company shall
also maintain any such insurance coverage for each of the Officers for a period of not
less than two years following the date of the termination of such Officer’s services
hereunder, unless such Officer shall have received a release of liability under a plan
of reorganization confirmed in the Company’s cases. The provisions of this section 8
are in the nature of contractual obligations and no change in applicable law or the
Company’s charter, bylaws or other organizational documents or policies shall affect
any of the Officers’ rights hereunder. Termination of this engagement shall not affect
the obligations in this provision, which shall remain in full force and effect. The
indemnity provisions incorporated into the letter agreement dated August 27, 2004
shall continue as provisions incorporated into this amendment and restatement with
references to the “Agreement” therein being deemed to include this Agreement (as it
may be further amended, modified, supplemented or amended and restated from time to
time).
	 
	9.	 	Miscellaneous
	 
	 	 	This engagement letter (together with the incorporated indemnity provisions) shall
be:(a) governed and construed in accordance with the laws of the State of New York,
regardless of the laws that might otherwise govern under applicable principles of
conflict of laws thereof; (b) incorporates the entire understanding of the parties
with respect to the subject matter hereof; and (c) may not be amended or modified
except in writing executed by the parties hereto. The Company and A&M agree to waive
trial by jury in any action, proceeding or counterclaim brought by or on behalf of the
parties hereto with respect to any matter relating to or arising out of the engagement
or the performance or non-performance of A&M hereunder. The Company and A&M agree that
the Bankruptcy Court shall have exclusive jurisdiction over any and all matters
arising under or in connection with this Agreement and in connection with the services
rendered hereunder.

6

 

     If the foregoing is acceptable to you, kindly sign the enclosed copy to acknowledge
your agreement with its terms.

	 	 	 	 	 
	 	Very truly yours,

Alvarez & Marsal, Inc.

 	 
	 	By:  	/s/ John K. Suckow
 	 
	 	 	John K. Suckow 	 
	 	 	Managing Director 	 
	 

	 	 	 
	Accepted and agreed:
	 
	 	 
	Interstate Bakeries Corporation
	 
	 	 
	By:

	 	/s/ Leo Benatar
	 

	 	 
	 

	 	Mr. Leo Benatar
	 

	 	Chairman of the Board
	 

	 	International Bakeries Corporation
	 
	 	 
	Armour & Main Redevelopment Corporation
	Baker’s Inn Quality Baked Goods, LLC
	IBC Sales Corporation
	IBC Services, LLC
	IBC Trucking LLC
	Interstate Brands Corporation
	New England Bakery Distributors, LLC
	Mrs. Cubbison’s Foods, Inc.
	 
	 	 
	By:

	 	/s/ Kent B. Magill
	 

	 	 
	 

	 	Mr. Kent B. Magill
	 

	 	General Counsel

7

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