Document:

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                                                                   EXHIBIT 10.12

                              EMPLOYMENT AGREEMENT

      This Employment Agreement (the "AGREEMENT"), dated as of May 10, 2005, by
and between the Premium Standard Farms, Inc., a Delaware corporation (the
"EMPLOYER"), and STEPHEN A. LIGHTSTONE (the "EXECUTIVE").

                                   WITNESSETH:

      In consideration of the promises, the agreements and mutual covenants
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Employer and the Executive
hereby agree as follows:

      1.    Agreement of Employment. The Executive's future employment with the
Employer shall be subject to the terms and conditions of this Agreement. Various
capitalized terms are defined either where they first appear in this Agreement
or in Section 9.

      2.    Term, Position and Responsibilities.

            (a)   Term of Employment. Unless the Executive's employment shall
      terminate sooner pursuant to Section 7, the Employer shall employ the
      Executive for a term of eighteen months commencing on May 10, 2005 (the
      "EFFECTIVE DATE") and ending on November 9, 2006 (such period to be known
      as the "TERM"). The respective rights and obligations of the parties
      hereunder shall survive the end of the Term to the extent that any
      obligation of the Employer under this Agreement remains unpaid (or
      otherwise not fully discharged) as of such time, and to the extent
      provided in Section 8.

            (b)   Position and Responsibilities. During the Term, the Executive
      shall serve as Executive Vice President and Chief Financial Officer of the
      Employer reporting to its Chief Executive Officer. The Executive shall
      devote substantially all of his skill, knowledge and working time to the
      conscientious performance of such duties, except for reasonable vacation
      time (as described in Section 6 below), absence for sickness or similar
      Disability and authorized leaves of absence.

            (c)   Place of Employment. During the Term, the Executive's primary
      place of employment shall be at the Employer's headquarters located in
      Kansas City, Missouri.

            (d)   Extension or Replacement Agreement. At least 90 days prior to
      the end of the Term, either party hereto may initiate discussions with the
      other party regarding the possibility of entering into an extension of
      this Agreement or a new replacement employment agreement. Neither party
      shall have any obligations or liability under this Section 2(d). If the
      Term expires and this Agreement is not extended in writing or a new
      replacement employment agreement is not entered into by the parties, and
      if Executive remains employed with the Employer, Executive shall
      thereafter be deemed an "employee at will."

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      3.    Base Salary. As partial compensation for the services to be
performed by the Executive hereunder, the Employer shall pay the Executive an
annualized base salary of at least $275,000 during each year of the Term. The
Compensation Committee of the Employer's Board of Directors (the "COMMITTEE")
shall review Executive's base salary at least annually during the Term and, in
its discretion, may increase (but not decrease) such base salary from time to
time based upon the performance of the Executive, the financial condition of the
Employer, prevailing industry salary scales and such other factors as it may
consider relevant. (The annualized base salary payable to the Executive under
this Section 3, as the same may be increased from time to time and without
regard to any reduction therefrom in accordance with the next sentence, shall
hereinafter be referred to as the "BASE SALARY".) The Base Salary actually
payable under this Section 3 shall be reduced to the extent that the Executive
elects to defer any portion of such Base Salary under the terms of any section
401(k) savings plan or nonqualified deferred compensation plan maintained or
established by the Employer and shall be reduced for applicable statutory
reductions and withholding. The Employer shall pay the Executive the Base Salary
in semi-monthly installments, or in such other installments as may be mutually
agreed upon by the Employer and the Executive.

      4.    Initial Restricted Stock Grant and Incentive Compensation.

            (a)   Initial Restricted Stock Grant. Effective on the Acquisition
      Date, the Employer shall issue in the name of the Executive a number of
      matching shares of Company Stock having a value of $500,000 valued at the
      IPO Price (the "MATCHING GRANTS"). Matching Grants shall be awarded
      pursuant to the 2005 Plan as restricted stock awards. Any shares of
      Company Stock issued under this Section 4(a) shall be subject to
      forfeiture for a period of five years from the date of grant thereof and
      during such restriction period shall be nontransferable and shall be held
      by the Employer, as follows:

                  (i)   If the Executive's employment with Employer shall be
            terminated (A) by the Employer for Cause, or (B) by the Executive
            without Good Reason (I) on or before the third anniversary of the
            Acquisition Date, all Matching Grants shall be forfeited, or (II)
            after the third anniversary of the Acquisition Date but on or before
            the fourth anniversary of the Acquisition Date, Matching Grants
            originally valued in excess of $350,000 shall be forfeited, or (III)
            after the fourth anniversary of the Acquisition Date but on or
            before the fifth anniversary of the Acquisition Date, Matching
            Grants originally valued in excess of $425,000 shall be forfeited;
            and

                  (ii)  If Executive has sold any Prior Option Shares or LTIP
            Restricted Shares, other than a number of such shares as would
            reasonably approximate the amount of federal, state and local income
            tax liability to which the Executive is or would be subjected as a
            result of his cashless exercise of all of the Prior Stock Option and
            the vesting of the LTIP Restricted Shares, then, if Executive
            voluntarily shall sell or otherwise dispose of shares of Company
            Stock and as a result of such sale or disposition the original value
            of Matching Grants exceeds Current Stock Value immediately after the
            sale or disposition, Matching Grants originally valued at an amount
            equal to such excess shall be forfeited.

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                  (iii) On the third anniversary of the Acquisition Date,
            Matching Grants which have not been forfeited, not to exceed
            Matching Grants originally valued at $350,000, shall become fully
            vested.

                  (iv)  On the fourth anniversary of the Acquisition Date,
            Matching Grants originally valued in excess of $350,000 but not more
            than $425,000, which have not been forfeited, shall become fully
            vested.

                  (v)   On the fifth anniversary of the Acquisition Date, all
            remaining Matching Grants which have not been forfeited, shall
            become fully vested.

                  (vi)  For purposes of this Section 4(a), the following terms
            shall have the following meanings:

                        "ACQUISITION DATE" means the closing date for the IPO.

                        "COMPANY STOCK" means the common stock, par value $0.01
            per share, of the Employer.

                        "CURRENT STOCK VALUE" means the aggregate value
            (determined as the cost of such shares to the Executive, or, in the
            case of the Prior Stock Options and LTIP Restricted Shares,
            determined as the IPO Price) of the shares of Company Stock acquired
            by the Executive during the Matching Period and held by the
            Executive on the applicable date, which shall not include
            Disqualified Shares.

                        "DISQUALIFIED SHARES" means shares acquired under this
            Section 4(a) and any stock option or other equity incentive
            compensation award made to the Executive by the Employer, other than
            any Prior Option Shares and LTIP Restricted Shares.

                        "IPO" means an initial public offering of shares of
            Company Stock under the Securities Act of 1933, as amended.

                        "IPO PRICE" means the price to public per share paid by
            purchasers of the Company Stock in the IPO.

                        "LTIP RESTRICTED SHARES" means restricted shares awarded
            to Executive in connection with the Employer's Long Term Incentive
            Plan for periods commencing April 1, 2003 and April 1, 2004.

                        "MATCHING PERIOD" means the one year period commencing
            after the later of (1) the Executive's commencement of service under
            this Agreement and (2) the Acquisition Date.

                        "PRIOR OPTION SHARES" means the shares of Company Stock
            issued upon exercise of Prior Stock Options.

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                        "PRIOR STOCK OPTIONS" means stock options awarded to the
            Executive by the Employer prior to the date hereof pursuant to the
            1999 Equity Incentive Plan.

                        "2005 PLAN" means the Company's 2005 Long Term Incentive
            Plan.

                  (vii) The restrictions imposed by clauses (i) and (ii) above
            shall lapse and shall no longer apply in the event of the
            Executive's death, Disability or termination of employment under
            Section 7(c) of this Agreement.

            (b)   Annual Incentive Compensation. The Employer shall provide the
      Executive with an annual bonus target opportunity (the "TARGET BONUS") for
      Employer's fiscal years 2006 and 2007 equal to at least 75% of the amount
      of the Executive's Base Salary payable during such period. For each
      applicable fiscal year, Executive's target performance Goals ("TARGET
      ANNUAL GOALS"), and threshold performance goals ("THRESHOLD ANNUAL GOALS")
      shall be determined by the Committee on an annual basis after consulting
      with the Executive. If the Executive achieves his Target Annual Goals, the
      Target Bonus shall be payable to the Executive. The maximum annual bonus
      shall not exceed 250% of the Target Bonus shall be payable to the
      Executive. If the Executive achieves his Threshold Annual Goals, an annual
      bonus equal to 50% of the Target Bonus shall be payable to the Executive.
      If the Executive achieves a level of performance which falls between the
      Threshold Annual Goals and the Target Annual Goals or between the Target
      Annual Goals and the level which would result in the maximum annual bonus,
      lineal interpolation shall be used to determine the amount of the annual
      bonus payable to the Executive for the year. Any annual bonus payable to
      the Executive shall be paid in a single sum, cash payment within
      seventy-five (75) days after the close of the applicable fiscal year.
      Except as otherwise provided in Section 7, if Executive is not employed by
      the Employer on the date of payment of the annual bonus, such annual bonus
      shall be forfeited.

            (c)   Long-Term Incentive Compensation. The Employer shall provide
      the Executive with a long-term incentive target for each year of the Term
      equal to at least 75% of the amount of the Executive's Base Salary payable
      during such period. During the Term, long-term incentive compensation will
      be delivered through a combination consisting of sixty percent (60%) stock
      options and forty percent (40%) restricted shares of Company Stock.

      5.    Benefits.

            (a)   Welfare Benefits. During the Term, the Employer shall arrange
      for the provision to the Executive of medical, dental, prescription drug,
      life insurance and long-term disability benefits. The benefits so required
      shall be comparable to those benefits presently available to the Executive
      at the Employer, as the same may be amended and in effect from time to
      time.

            (b)   Retirement Benefits. During the Term, the Executive shall be
      entitled to participate in a tax-qualified "section 401(k)" retirement
      plan as made generally available

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      to employees of the Employer. In addition, the Employer shall establish
      such other tax-qualified or nonqualified retirement benefit and deferred
      compensation programs that are intended to provide, subject to any
      restrictions imposed by applicable law, regulations and other authority,
      the Executive with retirement benefits that are reasonably comparable to
      the retirement benefit programs presently available to the Executive.

      6.    Perquisites and Expenses.

            (a)   General. During the Term, the Executive shall be entitled to
      participate in such perquisites as are generally available from time to
      time to senior executive officers of the Employer, on the terms and
      conditions then prevailing under such perquisites.

            (b)   Vacation. During the Term, the Executive shall be entitled to
      five (5) weeks of paid vacation per year, without carry-over accumulation.

      7.    Termination of Employment.

            (a)   Due to Death or Disability. Upon the Executive's death or
      Disability, all obligations of the Employer and the Executive under
      Sections 1 through 6 of this Agreement shall immediately cease; provided,
      however, the Employer shall pay the Executive, and the Executive shall be
      entitled to receive, the following:

                  (i)   any accrued, unpaid portion of Base Salary through the
            Date of Termination;

                  (ii)  in lieu of any annual incentive compensation for the
            period in which Executive's applicable Date of Termination occurs,
            but subject to the terms of any annual incentive compensation plan
            or program which would provide for greater compensation upon the
            Date of Termination, the Executive shall be paid the amount produced
            by multiplying:

                        (A)   the Executive's Target Bonus for the year in which
                  the Executive's Date of Termination occurs, by

                        (B)   a fraction, the numerator of which is the number
                  of days the Executive was employed in the year through the
                  Date of Termination, and the denominator of which is the total
                  number of days in the year relevant to the annual incentive
                  compensation plan; and

                  (iii) all amounts owing and accrued at the Date of
            Termination, after taking into account such death or Disability,
            under any long-term incentive compensation and deferred compensation
            plans in which the Executive theretofore participated, under the
            terms and conditions of such plans.

      Amounts which are immediately payable will be paid as promptly as
      reasonably practicable after the Executive's Date of Termination.

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            (b)   Termination by the Employer for Cause and Voluntary
      Termination by the Executive. Upon the Executive's termination of
      employment during the Term (i) by the Employer for Cause or (ii) by the
      Executive without Good Reason (other than due to the Executive's death or
      Disability), all obligations of the Employer under Sections 1 through 6 of
      this Agreement shall immediately cease; provided, however, the Employer
      shall pay the Executive, and the Executive shall be entitled to receive,
      any accrued, unpaid portion of Base Salary through the Date of
      Termination. In addition, the Executive shall be entitled to any vested,
      non-forfeitable amounts owing and accrued at the Date of Termination under
      any long-term incentive compensation and deferred compensation plans in
      which the Executive theretofore participated, under the terms and
      conditions of such plans. Amounts which are immediately payable will be
      paid as promptly as reasonably practicable after the Executive's Date of
      Termination.

            (c)   Termination by the Employer without Cause and Termination by
      the Executive for Good Reason. Upon the Executive's termination of
      employment during the Term either (1) by the Employer for any reason other
      than death, Disability, or for Cause, or (2) by the Executive for Good
      Reason, all obligations of the Employer and the Executive under Sections 1
      through 6 of this Agreement shall immediately cease; provided, however,
      the Employer shall provide to the Executive and the Executive shall be
      entitled to receive:

                  (i)   payment of the aggregate of the following amounts:

                        (A)   the Executive's accrued and unpaid Base Salary
                  through the Date of Termination to the extent not theretofore
                  paid; and

                        (B)   in lieu of any annual incentive compensation for
                  the period in which Executive's applicable Date of Termination
                  occurs, but subject to the terms of any annual incentive
                  compensation plan or program which would provide for greater
                  compensation upon the Date of Termination, the Executive shall
                  be paid the amount produced by multiplying:

                              (I) the Executive's Target Bonus for the year in
                        which the Executive's Date of Termination occurs, by

                              (II) a fraction, the numerator of which is the
                        number of days the Executive was employed in the year
                        through the Date of Termination, and the denominator of
                        which is the total number of days in the year relevant
                        to the annual incentive compensation plan; and

                        (C)   one and one-half (1 1/2) times the sum of the
                  Executive's Base Salary plus Target Bonus, as in effect on
                  such Date of Termination; and

                        (D)   all stock options and restricted stock grants made
                  under any long-term incentive and deferred compensation plans,
                  including those provided pursuant to Section 4(a) and 4(c)
                  shall become fully vested at the

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                  Date of Termination; and Executive shall be entitled to all
                  such vested, amounts owing and accrued at the Date of
                  Termination; and

                  (ii)  for a period of eighteen months commencing on the Date
            of Termination, continuation of medical, dental, prescription drug,
            and vision benefits for the Executive and the Executive's family (if
            dependent coverage has been provided) at least equal to those which
            would have been provided to them in accordance with the plans and
            programs described in Section 5 of this Agreement if the Executive's
            employment had not been terminated. The Executive's coverage for the
            remainder of such eighteen-month period shall not be included in the
            calculation of the period of coverage to be provided pursuant to any
            statutory continuation of benefits obligation (such as COBRA). The
            Executive's right to statutory continuation coverage shall commence
            on the first day following the end of such eighteen-month period. If
            such welfare benefit plans and programs do not allow the Executive's
            continued participation, a cash payment shall be made to the
            Executive equal to the value of the additional benefits the
            Executive would have received under such benefit programs in which
            the Executive was participating immediately prior to the Date of
            Termination. With respect to any payment under the immediately
            preceding sentence, the value of any insurance-provided benefits
            shall be based on the premium cost to the Executive, which shall not
            exceed the highest risk premium charged by a carrier having an
            investment grade or better credit rating.

      Amounts which are immediately payable will be paid as promptly as
      reasonably practicable after the Executive's Date of Termination. The
      amount described in Section 7(c)(i)(C) above will be paid to the Executive
      over eighteen months.

            (d)   Notice of Termination. Any purported termination of the
      Executive's employment (other than by reason of death) shall be
      communicated by written "Notice of Termination" from one party hereto to
      the other party hereto. For purposes of this Agreement, a "NOTICE OF
      TERMINATION" shall mean a notice that indicates the specific termination
      provision in this Agreement relied upon. Any Notice of Termination shall
      set 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. Failure to provide the Notice of Termination as
      provided in this Section, will relieve the other party of its
      post-termination obligations under this Agreement, except Executive will
      continue to be bound by obligations agreed to in Section 8(c) below.

            (e)   Notices of Cause and Good Reason. A termination for Cause
      shall be permitted hereunder only if an Employer provides the Notice of
      Termination not later than six (6) months after the date the Employer
      first knew or should have known of the act or omission to act giving rise
      to the termination for Cause. A termination for Good Reason shall be
      permitted hereunder only if the Executive provides the Notice of
      Termination not later than six (6) months after the date the Executive
      first knew or should have known of the act or omission to act giving rise
      to the termination for Good Reason. In either case, the six (6)-month
      period shall be tolled during any permitted period of correction or
      administrative procedure.

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            (f)   Discharge of Obligations. The payments and benefits under
      Section 7 shall fully and totally satisfy the Executive's entitlement, and
      shall fully discharge the Employer, in respect of all statutory
      compensation and benefits and any notice obligation under applicable law.

            (g)   Termination by Either Party After the Term Hereof.
      Notwithstanding any of the provisions of Section 8 hereof, if Executive's
      employment is terminated for any reason after the expiration of the Term
      hereof and no other written employment agreement between the Executive and
      the Employer is in effect, Executive will be free of all his obligations
      under second sentences of Section 8(c), (d) and (e) hereof.

      8.    Non-Disclosure, Non-Competition and Non-Solicitation Covenants. Set
out in this Section are certain covenants regarding non-disclosure,
non-competition and non-solicitation which the Executive acknowledges, accepts
and agrees to by entering into this Agreement.

            (a)   Acknowledgements. The Executive acknowledges that, as
      Executive Vice President and Chief Financial Officer of the Employer, the
      Executive frequently is or will be exposed to certain "Trade Secrets" and
      "Confidential Information" (as those terms are defined in Section 8(b).
      Accordingly, the Executive acknowledges and agrees that it is reasonable
      for the Employer to require the Executive to abide by the covenants set
      forth in this Section 8 during and after Executive's term of employment.

            (b)   Definitions. For purposes of this Section 8, the following
      terms shall have the following meanings:

                  (i)   "COMPETITIVE POSITION" means any employment, consulting,
            partnership, advisory, directorship, agency, promotional or
            independent contractor arrangement between the Executive and any
            Competitor whereby the Executive is required to perform executive
            level services substantially similar to those that the Executive
            performs for the Employer.

                  (ii)  "COMPETITOR" refers to any person or entity engaged,
            wholly or partly, in the meat processing or meat production
            industry.

                  (iii) "CONFIDENTIAL INFORMATION" means the proprietary and
            confidential data or information of the Employer, other than "Trade
            Secrets" (as defined below), which is of tangible or intangible
            value to the Employer and is not public information or is not
            generally known or available to the Employer's Competitors.

                  (iv)  "TRADE SECRETS" means information of the Employer,
            including, but not limited to, technical or non-technical data,
            compilations, programs, devices, methods, techniques, financial
            data, financial plans, product plans or lists of actual or potential
            customers or suppliers, which (a) derives economic value, actual or
            potential, from not being generally known to, and not being readily
            ascertainable by proper means by, other persons who can obtain
            economic value from its disclosure or use; and (b) is the subject of
            efforts that are reasonable under the circumstances to maintain its
            secrecy.

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            (c)   Non-disclosure, Ownership of Proprietary Property.

                  (i)   The Executive hereby covenants and agrees that (A) with
            regard to information constituting a Trade Secret, at all times
            during the Executive's employment with the Employer and all times
            thereafter during which such information continues to constitute a
            Trade Secret; and (B) with regard to any Confidential Information,
            at all times during the Term and while the Executive is entitled to
            future payments under Section 7, the Executive shall regard and
            treat all information constituting a Trade Secret or Confidential
            Information as strictly confidential and wholly owned by the
            Employer and will not, for any reason in any fashion, either
            directly or indirectly, use, sell, lend, lease, distribute, license,
            give, transfer, assign, show, disclose, disseminate, reproduce,
            copy, appropriate or otherwise communicate any such information to
            any party for any purpose other than strictly in accordance with the
            express terms of this Agreement and other than as may be required by
            law.

                  (ii)  In addition to complying with the provisions of Section
            8(c)(i) and except as provided in Section 7(g), the Executive shall
            exercise the Executive's best efforts to assist the Employer, to the
            extent the Employer deems reasonably necessary, in the procurement
            of any protection of its rights to or in any of the Trade Secrets or
            Confidential Information.

                  (iii) Immediately upon the Executive's Date of Termination
            with the Employer, or at any point prior to or after that time upon
            the specific request of the Employer, the Executive shall return to
            the Employer all written or descriptive materials of any kind in the
            Executive's possession or to which the Executive has access that
            constitute or contain any Confidential Information or Trade Secrets.

            (d)   Non-Competition. The Executive agrees that, while employed
      with the Employer, the Executive will not, either directly or indirectly,
      alone or in conjunction with any other party, take any action in
      furtherance of or in conjunction with a Competitive Position with a
      Competitor of the Employer. Except as provided in Section 7(g), the
      Executive agrees that for a period of eighteen months after his Date of
      Termination, the Executive will not, either directly or indirectly, alone
      or in conjunction with any other party, take any action in furtherance of
      or in conjunction with a Competitive Position with a Competitor.

            (e)   Non-Solicitation of Customers. The Executive agrees that,
      while employed with the Employer, the Executive will not, either directly
      or indirectly, alone or in conjunction with any other party, solicit,
      divert or appropriate, or attempt to solicit, divert or appropriate, any
      customer or actively sought prospective customer of the Employer for on
      behalf of himself or any Competitor. Except as provided in Section 7(g),
      the Executive agrees that for a period of eighteen months after his Date
      of Termination, the Executive will not, either directly or indirectly,
      alone or in conjunction with any other party, for or on behalf of himself
      or a Competitor, solicit, divert or appropriate, or attempt to solicit,
      divert or appropriate any customer or actively sought prospective customer
      of the Employer with whom the Executive had substantial contact

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      during a period of time up to, but no longer than two (2) years prior to
      the Executive's Date of Termination.

            (f)   Non-Solicitation of Personnel. The Executive agrees that,
      while employed with the Employer, the Executive will not, either directly
      or indirectly, alone or in conjunction with any other party, solicit or
      attempt to solicit any employee or other personnel of the Employer to
      terminate, alter or lessen that party's affiliation with the Employer or
      to violate the terms of any agreement or understanding between such
      employee or other person and the Employer. The Executive agrees that, for
      a period of eighteen months after the Executive's Date of Termination, the
      Executive will not, either directly or indirectly, alone or in conjunction
      with any other party, solicit or attempt to solicit any "material" or
      "key" (as those terms are defined in the next sentence) employee or other
      personnel of the Employer to terminate, alter or lessen that party's
      affiliation with the Employer or to violate the terms of any agreement or
      understanding between such employee or other person and the Employer. For
      purposes of the preceding sentence, "material" or "key" employees or other
      personnel of the Employer are those who have access to the Employer's
      Trade Secrets and Confidential Information.

            (g)   Remedies.

                  (i)   In the event of a violation by Executive of any of the
            covenants in Section 8(d) or (e) above, Executive agrees that
            Employer may immediately cease payments to Employee under Section
            7(c)(i)(C), and Employer will have no further obligation to make
            payment under that Section after the violation by Executive.

                  (ii)  Equitable Remedies. The Executive agrees that damages at
            law for the Executive's violation of any of the covenants in this
            Section 8 would not be an adequate or proper remedy and that should
            the Executive violate or threaten to violate any of the provisions
            of such covenants, an Employer or its successors or assigns shall be
            entitled to obtain a temporary or permanent injunction against the
            Executive in any court having jurisdiction prohibiting any further
            violation of any such covenants.

            (h)   Ability to Earn Livelihood. Executive expressly agrees and
      acknowledges that the covenants and restrictions contained in Section 8 do
      not preclude Executive from earning a livelihood, nor do they unreasonably
      impose limitations on Executive's ability to earn a living. In addition,
      Executive agrees and acknowledges that the potential harm to the Employer
      of its non-enforcement outweighs any harm to the Executive of its
      enforcement by injunction or otherwise.

            (i)   Enforcement. If any court of competent jurisdiction or other
      trier of fact deem the term or scope of Section 8 unenforceable, the
      remainder of Section 8 of the Agreement shall nevertheless stand and shall
      remain in full force and effect.

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      9.    Definitions. For purposes of this Agreement, the following terms
shall have the following meanings (unless expressly indicated to the contrary)
and the term shall be capitalized when the meaning is intended:

            (a)   "BOARD" means the Board of Directors of the Employer.

            (b)   "CAUSE" means, as to the Executive, any of the following:

                  (i)   the Executive's conviction of any felony, or any other
            crime involving misuse or misappropriation of money, or entering a
            plea of no contest in a court of law to a felonious crime or other
            crime involving a misuse or misappropriation of money or property,
            which (A) results in material and demonstrable damage to the
            Employer or (B) materially and demonstrably impairs the value of the
            Executive's services to the Employer; or

                  (ii)  the Executive's engaging in one or more acts of
            dishonesty which (A) result in material and demonstrable damage to
            the Employer or (B) materially and demonstrably impair the value of
            the Executive's services to the Employer; or

                  (iii) a fraudulent certification under Section 302 or Section
            906 of the Sarbanes-Oxley Act of 2002, as amended from time to time;
            or

                  (iv)  the Executive's violation of any of the covenants set
            out in Section 8 of this Agreement.

      Notwithstanding the foregoing, the Executive may not be terminated for
      Cause unless and until there shall have been delivered to the Executive a
      copy of a notice specifying the nature of the grounds for such
      termination. The notice also shall afford the Executive with the
      opportunity, together with the Executive's counsel, to be heard regarding
      the existence of Cause. The Executive shall have thirty (30) days to
      correct the acts or omissions complained of, if correctable. Nothing
      contained in the foregoing provisions of this Section or elsewhere in this
      Agreement shall be deemed to interfere in any way with the right to
      terminate the Executive's employment at any time without Cause.

            (c)   "CODE" means the Internal Revenue Code of 1986, as amended.

            (d)   "DATE OF TERMINATION" means, (i) if the Executive's employment
      with the Employer (or a successor) is terminated by the Executive's death,
      the date of the Executive's death; (ii) if such employment is terminated
      by the Employer for Cause, the date on which Notice of Termination is
      given; and (iii) if such employment is terminated for any other reason,
      the date on which Notice of Termination is given or, if no such Notice of
      Termination is given, the day after the date the Executive ceases to
      render services.

            (e)   "DISABILITY" means the Executive's inability to engage in the
      customary duties and responsibilities of his position by reason of any
      medically determinable physical or mental impairment which can be expected
      to result in death or which has lasted or can be continued to last for a
      continuous period of at least six (6) months, as

                                     Page 11
<PAGE>

      determined by a physician or physicians selected by the Employer and
      reasonably acceptable to the Executive.

            (f)   "GOOD REASON" means the occurrence of any of the following
      events:

                  (i)   the assignment to the Executive of duties materially
            inconsistent with the Executive's position (including status, titles
            and reporting requirements), authority, duties or responsibilities
            as contemplated by Section 2 of this Agreement, or any other action
            by the Employer which results in a significant diminution in such
            position, authority, duties;

                  (ii)  the Employer's requiring the Executive to be based at
            any office or location more than sixty (60) miles from the location
            described in Section 2(c);

                  (iii) a reduction by the Employer in the Executive's rate of
            annual Base Salary; or

                  (iv)  the failure of the Employer to obtain from a successor
            (including a successor to a material portion of the business or
            assets of the Employer) a satisfactory assumption in writing of the
            Employer's obligations under this Agreement.

Notwithstanding the foregoing, Good Reason shall not exist if (i) such event
occurs with the Executive's express prior written consent; (ii) the event is an
isolated, insubstantial and inadvertent action or failure to act which was not
taken in bad faith and which is remedied by the Employer promptly after receipt
of notice thereof given by the Executive; or (iii) the event occurs in
connection with the termination of the Executive's employment for Cause or due
to Disability or death.

      10.   Assumption of Agreement. The Employer will require any successor (by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Employer, by agreement in form and substance
reasonably satisfactory to the Executive, to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that Employer
would be required to perform it if no such succession had taken place. Failure
of the Employer to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle the Executive
to compensation from the Employer in the same amount and on the same terms as
the Executive would be entitled hereunder if the Executive incurred a
termination of employment for Good Reason, except that for purposes of
implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination. As used in this Agreement,
the term "EMPLOYER" shall mean the Employer as herein previously defined and any
successor to its business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, written agreement or otherwise.

      11.   Entire Agreement. Except as otherwise expressly provided herein,
this Agreement constitutes the entire agreement among the parties hereto with
respect to the subject matter hereof, and all promises, representations,
understandings, arrangements and prior

                                     Page 12
<PAGE>

agreements relating to such subject matter (including those made to or with the
Executive by any other person or entity) are merged herein and superseded
hereby.

      12.   Successors and Assigns. This Agreement shall inure to the benefit of
and be enforceable by the Executive and the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees, and shall be binding upon and inure to the benefit of the
Employer and its permitted successors and assigns as provided. This Agreement is
a personal contract and the rights and interests of the Executive hereunder may
not be sold, transferred, assigned, pledged, encumbered, margined, conveyed,
gifted, alienated, or hypothecated by the Executive, except as otherwise
expressly permitted by the provisions of this Agreement. The Employer shall have
the right to assign this Agreement to any corporation with which it may merge or
consolidate.

      13.   Arbitration. Any dispute or controversy arising under or in
connection with this Agreement (except in connection with any request for
injunctive relief contemplated by Section 8) shall be resolved by binding
arbitration. The arbitration shall be held in Kansas City, Missouri, and except
to the extent inconsistent with this Agreement, shall be conducted by a single
arbitrator appointed by the CPR Institute for Dispute Resolution pursuant the
rules and procedures of the CPR Institute. The arbitrator shall be acceptable to
both the Employer and the Executive. If the parties cannot agree on an
acceptable arbitrator, the dispute shall be heard by a panel of three
arbitrators, one appointed by each of the parties, and the third appointed by
the other two arbitrators. The arbitrator(s) shall apply Missouri law as
provided in Section 15. The Employer and the Executive hereby waive, to the
fullest extent permitted by applicable law, any objection, which it may now, or
hereafter have to such jurisdiction and any defense of inconvenient forum. The
Employer and the Executive hereby agree that a judgment upon an award rendered
by the arbitrators may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law.

      14.   Expense of Enforcement. The costs of enforcement of this Agreement,
whether in litigation or in arbitration, shall be borne by the nonprevailing
party. That is, Executive shall be liable to, and will pay the Employer for all
costs and expenses, including, but not limited to, reasonable attorneys' fees
actually incurred by the Employer in the successful enforcement in any respect
of any of its rights under this Agreement, or in the successful defense against
any claim by Executive. Likewise, in the event the Employer is unsuccessful in
enforcing its rights under this Agreement, or Executive is successful in
enforcing any of his rights under this Agreement, then the Employer shall pay
all of the Executive's costs and expenses, including, but not limited to,
reasonable attorney's fees actually incurred by the Executive in defending
against the Employer's claims or pursuing his own claims.

      15.   Governing Law. This Agreement is governed by and is to be construed,
administered, and enforced in accordance with the laws of the State of Missouri,
without regard to Missouri conflicts of law principles, except in so far as
federal laws and regulations may be applicable.

      16.   Withholding. The foregoing and other provisions of this Agreement
notwithstanding, all payments to be made to the Executive under this Agreement
will be subject to required withholding taxes and other required deductions, and
the Executive shall provide the

                                     Page 13
<PAGE>

Employer such information as the Employer reasonably requests so that such
Employer may implement and verify the operation of this Section.

      17.   Amendments and Waivers. No provisions of this Agreement may be
modified, waived or discharged unless such modification, waiver or discharge is
approved by the Committee or a person authorized thereby and is agreed to in
writing by the Executive and such officer as may be specifically designated by
the Committee. No waiver by any party hereto at any time of any breach by any
other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.

      18.   Severability. In the event that all or any part of any provision of
this Agreement shall be determined to be invalid or unenforceable for any
reason, the remaining provisions of this Agreement or such provision shall be
unaffected thereby and shall remain in full force and effect. If any provision
of this Agreement or portion thereof is so broad as to be unenforceable, it
shall be interpreted to be only so broad as is enforceable. Nothing in this
Agreement is intended to or shall be construed to violate any federal or state
law or regulation.

      19.   Notices. Any notice or other communication required or permitted to
be delivered under this Agreement shall be in writing, delivered personally, by
courier service or by certified or registered mail, first-class postage prepaid
and return receipt requested, deemed to have been received on the date of
delivery or on the third business day after the mailing thereof, and addressed
as follows (or to such other address as the party entitled to notice shall
hereafter designate in accordance with the terms hereof):

                  (i)   if to the Employer, to it at its headquarters, to the
            attention of the chairman of its Board of Directors; and

                  (ii)  if to the Executive, to the Executive at the last
            address the Executive has filed in writing with the Employer.

      20.   No General Waivers. The failure of any party at any time to require
performance by any other party of any provision hereof or to resort to any
remedy provided herein or at law or in equity shall in no way affect the right
of such party to require such performance or to resort to such remedy at any
time thereafter, nor shall the waiver by any party of a breach of any of the
provisions hereof be deemed to be a waiver of any subsequent breach of such
provisions. No such waiver shall be effective unless in writing and signed by
the party against whom such waiver is sought to be enforced.

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

      22.   Headings. The section and other headings contained in this Agreement
are for the convenience of the parties only and are not intended to be a part
hereof or to affect the meaning or interpretation hereof.

                                     Page 14
<PAGE>

      IN WITNESS WHEREOF, the Employer has duly executed this Agreement by its
authorized representative and the Executive has hereunto set his hand, in each
case effective as of the date first above written.

                                  PREMIUM STANDARD FARMS, INC.

                              By: /s/ John M. Meyer
                                  ----------------------------------------------
                            Name: John M. Meyer

                           Title: Chief Executive Officer and Director

                                  THE EXECUTIVE:

                                  /s/ Stephen A. Lightstone
                                  ----------------------------------------------

                                     Page 15<PAGE>
                                                                    EXHIBIT 10.2

                           RESTRICTED STOCK AGREEMENT

         This AGREEMENT (the "Agreement") is made as of __________, 200__ (the
"Date of Grant") by and between FLOWERS FOODS, INC., a Georgia corporation (the
"Company"), and ______________, a non-employee director of the Company (the
"Grantee").

         1.             GRANT OF RESTRICTED STOCK. Subject to and upon the
                  terms, conditions, and restrictions set forth in this
                  Agreement and in the Company's 2001 Equity and Performance
                  Incentive Plan, as amended and restated (the "Plan"), the
                  Company hereby grants to the Grantee as of the Date of Grant
                  __________ Shares of Restricted Stock. The Restricted Stock
                  shall be fully paid and nonassessable and shall be represented
                  by a certificate registered in the name of the Grantee and
                  bearing a legend referring to the restrictions hereinafter set
                  forth.

        2.              RESTRICTIONS ON TRANSFER OF RESTRICTED STOCK. The
                  Restricted Stock may not be transferred, sold, pledged,
                  exchanged, assigned or otherwise encumbered or disposed of by
                  the Grantee, except to the Company, until they have become
                  nonforfeitable in accordance with Section 3. Any purported
                  transfer, encumbrance or other disposition of the Restricted
                  Stock that is in violation of this Section 2 shall be null and
                  void, and the other party to any such purported transaction
                  shall not obtain any rights to or interest in the Restricted
                  Stock.

        3.              VESTING OF RESTRICTED STOCK. (a) On the first
                  anniversary of the Date of Grant, the Restricted Stock shall
                  become nonforfeitable, subject to the Grantee's remaining a
                  non-employee director of the Company until said date. For
                  purposes of this Agreement, Grantee's directorship on the
                  board will be deemed to have ceased as of the last day of
                  Grantee's term as a director (unless nominated and reelected)
                  or the effective date of any retirement, resignation or
                  removal of Grantee from the board of directors.

(b)                   Notwithstanding the provisions of Section 3(a), all of the
         Restricted Stock shall immediately become nonforfeitable

                           (i)      in the event of a Change in Control;

                           (ii      in the event that Grantee's directorship on
                  the board shall terminate prior to the first anniversary of
                  the Date of Grant because of:

                           (A)      disability which is determined by the
                                    Committee to be permanent and total with
                                    respect to services rendered by the Grantee
                                    immediately prior to incurring said
                                    disability; or

                           (B)      death; and

                           (iii)    in the event the Committee determines to
                  provide for accelerated vesting of the Restricted Stock in
                  other circumstances, in its discretion, pursuant to Section
                  24(a) of the Plan.

<PAGE>

        4.              FORFEITURE OF RESTRICTED STOCK.  Subject to
                  Section 3(b), any Restricted Stock that has not theretofore
                  become nonforfeitable shall be forfeited if the Grantee ceases
                  to be a director of the Company at any time prior to the
                  applicable vesting date.

         5.             DIVIDEND, VOTING AND OTHER RIGHTS. Except as otherwise
                  provided herein, the Grantee shall have all of the rights of a
                  stockholder with respect to the Restricted Stock, including
                  the right to vote such Restricted Stock and receive any
                  dividends that may be paid thereon; provided, however, that
                  any additional shares of Common Stock or other securities that
                  the Grantee may become entitled to receive pursuant to a stock
                  dividend, stock split, combination of Stock, recapitalization,
                  merger, consolidation, separation or reorganization or any
                  other change in the capital structure of the Company shall be
                  subject to the same restrictions as the Restricted Stock.

         6.             RETENTION OF STOCK CERTIFICATE(s) BY THE COMPANY. The
                  certificate(s) representing the Restricted Stock shall be
                  issued in book entry form and held in a separate restricted
                  account from all other shares registered in the name of the
                  Grantee by the Company's stock transfer agent or shall be held
                  in custody by the Secretary of the Company, together with a
                  stock power endorsed in blank by the Grantee with respect
                  thereto, until the Restricted Stock shall have become
                  nonforfeitable in accordance with Section 3. In order for the
                  Grant under this Agreement to be effective, the Grantee must
                  sign and return the attached stock powers to the attention of
                  the Secretary of the Company.

         7.             TAXES AND WITHHOLDING. If the Company shall be required
                  to withhold any federal, state, local or foreign tax in
                  connection with the issuance or vesting of any Restricted
                  Stock or other amounts pursuant to this Agreement, and the
                  amounts available to the Company for such withholding are
                  insufficient, the Grantee shall pay the tax or make provisions
                  that are satisfactory to the Company for the payment thereof.
                  The Grantee may elect to satisfy all or any part of the
                  minimum statutory withholding requirement by surrendering to
                  the Company a portion of the nonforfeitable shares of Common
                  Stock that are issued or transferred to the Grantee hereunder,
                  and the shares of Common Stock so surrendered by the Grantee
                  shall be credited against any such withholding obligation at
                  the Market Value per Share of such shares on the date of such
                  surrender.

         8.             COMPLIANCE WITH LAW. The Company shall make reasonable
                  efforts to comply with all applicable federal and state
                  securities laws; provided, however, notwithstanding any other
                  provision of this Agreement, the Company shall not be
                  obligated to issue any restricted or nonrestricted shares of
                  Common Stock or other securities pursuant to this Agreement if
                  the issuance thereof would result in a violation of any such
                  law.

         9.             RELATION TO OTHER BENEFITS. Any economic or other
                  benefit to the Grantee under this Agreement shall not be taken
                  into account in determining any benefits to which the Grantee
                  may be entitled under any profit-sharing, retirement or other
                  benefit or compensation plan maintained by the Company and
                  shall not affect the amount of any life insurance coverage
                  available to any beneficiary under any life insurance plan
                  covering non-employee directors of the Company.

<PAGE>

         10.            AMENDMENTS. Any amendment to the Plan shall be deemed to
                  be an amendment to this Agreement to the extent that the
                  amendment is applicable hereto; provided, however, that no
                  amendment shall adversely affect the rights of the Grantee
                  under this Agreement without the Grantee's consent.

         11.            SEVERABILITY. In the event that one or more of the
                  provisions of this Agreement shall be invalidated for any
                  reason by a court of competent jurisdiction, any provision so
                  invalidated shall be deemed to be separable from the other
                  provisions hereof, and the remaining provisions hereof shall
                  continue to be valid and fully enforceable.

         12.            RELATION TO PLAN. This Agreement is subject to the terms
                  and conditions of the Plan. In the event of any inconsistent
                  provisions between this Agreement and the Plan, the Plan shall
                  govern. Capitalized terms used herein without definition shall
                  have the meanings assigned to them in the Plan. The
                  Compensation Committee acting pursuant to the Plan, as
                  constituted from time to time, shall, except as expressly
                  provided otherwise herein, have the right to determine any
                  questions which arise in connection with this grant.

         13.            SUCCESSORS AND ASSIGNS. The provisions of this Agreement
                  shall inure to the benefit of, and be binding upon, the
                  successors, administrators, heirs, legal representatives and
                  assigns of the Grantee, and the successors and assigns of the
                  Company.

         14.            GOVERNING LAW. The interpretation, performance, and
                  enforcement of this Agreement shall be governed by the laws of
                  the State of Georgia, without giving effect to the principles
                  of conflict of laws thereof.

         15.            NOTICES. Any notice to the Company provided for herein
                  shall be in writing to the Company, marked Attention:
                  Corporate Secretary, and any notice to the Grantee shall be
                  addressed to said Grantee at his or her address currently on
                  file with the Company. Except as otherwise provided herein,
                  any written notice shall be deemed to be duly given if and
                  when delivered personally or deposited in the United States
                  mail, first class registered mail, postage and fees prepaid,
                  and addressed as aforesaid. Any party may change the address
                  to which notices are to be given hereunder by written notice
                  to the other party as herein specified (provided that for this
                  purpose any mailed notice shall be deemed given on the third
                  business day following deposit of the same in the United
                  States mail).

                         [SIGNATURES ON FOLLOWING PAGE]

                                       3
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed on its behalf by its duly authorized officer and Grantee has also
executed this Agreement in duplicate, as of the day and year first above
written.

                                    FLOWERS FOODS, INC.

                                    By:
                                       ----------------------------------------
                                        Title:
                                               --------------------------------

                                    -------------------------------------------
                                    [Enter Name]

                                    Address:
                                    [Enter Address]

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