Document:

<PAGE>
                                                         [CONFORMED AS EXECUTED]

                                                                   EXHIBIT 10.11

                                 FIRST AMENDMENT

            FIRST AMENDMENT (this "Amendment"), dated as of May 10, 2001, among
FLOWERS FOODS, INC., a Georgia corporation (the "Borrower"), the Lenders party
to the Credit Agreement referred to below (the "Lenders"), SUNTRUST BANK, as
syndication agent (the "Syndication Agent"), and BANKERS TRUST COMPANY, as
administrative agent (the "Administrative Agent" and, together with the
Syndication Agent, the "Agents" and each, an "Agent"). All capitalized terms
used herein and not otherwise defined herein shall have the respective meanings
provided such terms in the Credit Agreement referred to below.

                              W I T N E S S E T H :
                              - - - - - - - - - -

            WHEREAS, the Borrower, the Lenders and the Agents are parties to the
Credit Agreement, dated as of March 26, 2001 (as amended, modified, restated
and/or supplemented through, but not including, the date hereof, the "Credit
Agreement");

            WHEREAS, the Borrower has requested, and the Agents and the Lenders
have agreed to, the amendments and waivers provided herein on the terms and
conditions set forth herein;

            NOW, THEREFORE, it is agreed:

I.    Amendments to the Credit Agreement

            1. Section 11 of the Credit Agreement is hereby amended by inserting
in the definition of "Consolidated EBITDA" appearing therein the following new
clause (w) immediately preceding clause (x) thereto:

            "(w) change of control and severance payments made in cash on the
Initial Borrowing Date by the Borrower and its Subsidiaries in connection with
the Transaction, solely to the extent such payments are deducted in the
calculation of Consolidated Net Income for such period,".

            2. Section 11 of the Credit Agreement is hereby further amended by
amending the definition of "Applicable Margin" appearing therein by (x) deleting
(i) the reference to "2.00%" appearing in clause (ii)(x) thereof and inserting a
reference to "1.75%" in lieu thereof and (ii) the reference to "3.00%" appearing
in clause (ii)(y) thereof and inserting a reference to "2.75%" in lieu thereof
and (y) deleting (i) each reference to "3.00%" appearing in the column entitled
"B Term Loans maintained as Eurodollar Loans" appearing in the table set forth
therein and inserting references to "2.75%" in lieu thereof and (ii) each
reference to

<PAGE>

"2.00%" appearing in the column entitled "B Term Loans maintained as Base Rate
Loans" appearing in the table set forth therein and inserting references to
"1.75%" in lieu thereof.

            It is understood and agreed that the amendments contained in this
Section 2 shall be effective as of the First Amendment Effective Date and that
interest accruing in respect of B Term Loans prior to the First Amendment
Effective Date shall accrue in accordance with the terms of the Credit Agreement
prior to giving effect to this Amendment.

            3. Section 9.07(a) of the Credit Agreement is hereby amended by
inserting the text ", but, in any event, shall not include Capital Expenditures
relating to the purchase of equipment under operating leases made on the Initial
Borrowing Date and constituting part of the Transaction" immediately preceding
the period at the end thereof.

            4. Section 13.12(a) of the Credit Agreement is hereby amended by
deleting the reference to "Section 13.19(b)" appearing in clause (x) thereof and
inserting a reference to "Section 13.19(c)" in lieu thereof.

II.   Waivers to the Credit Agreement

            1. The Lenders hereby (i) agree to extend the time for completion of
the post-closing items specified on Schedule IX to the Credit Agreement to June
4, 2001 and (ii) waive any Default or Event of Default that has arisen pursuant
to Section 13.18 of the Credit Agreement solely as a result of the
non-completion of the actions described on Schedule IX to the Credit Agreement
prior to the date of this Amendment, it being understood that such waiver shall
be in effect only until June 4, 2001, at which time any failure to comply with
the requirements of said Section 13.18 shall become an immediate Event of
Default.

III.  Miscellaneous

            1. This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

            2. This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent.

            3. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

            4. This Amendment shall become effective on the date (the "First
Amendment Effective Date") when the Borrower and the Required Lenders shall have
signed a counterpart hereof (whether the same or different counterparts) and
shall have delivered

                                      -2-
<PAGE>

(including by way of facsimile transmission) the same to the Administrative
Agent at the Notice Office.

            5. In order to induce the Lenders to enter into this Amendment, the
Borrower hereby represents and warrants that (i) no Default or Event of Default
exists as of the First Amendment Effective Date, after giving effect to this
Amendment, and (ii) on the First Amendment Effective Date, after giving effect
to this Amendment, all representations and warranties contained in the Credit
Agreement and in the other Credit Documents are true and correct in all material
respects (it being understood and agreed that any representation or warranty
which by its terms is made as of a specified date shall be true and correct in
all material respects only as of such specified date).

            6. From and after the First Amendment Effective Date, all references
in the Credit Agreement and each of the Credit Documents to the Credit Agreement
shall be deemed to be references to the Credit Agreement as modified hereby.
This Amendment shall constitute a Credit Document for all purposes under the
Credit Agreement and the other Credit Documents.

                                      * * *

                                      -3-
<PAGE>

            IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                       FLOWERS FOODS, INC.

                                       By: /s/ Thomas B. Jones, Jr.
                                          --------------------------------------
                                          Title: Treasurer

                                       BANKERS TRUST COMPANY,
                                          Individually and as Administrative
                                           Agent

                                       By: /s/ Scottye D. Lindsey
                                          --------------------------------------
                                          Title: Vice President

                                       SUNTRUST BANK, Individually and as
                                          Syndication Agent

                                       By:  /s/ Michael Pugsley
                                          --------------------------------------
                                          Title: Vice President<PAGE>
                                                         [CONFORMED AS EXECUTED]
                                                                   EXHIBIT 10.12

                                SECOND AMENDMENT

            SECOND AMENDMENT (this "Amendment"), dated as of June 15, 2001,
among FLOWERS FOODS, INC., a Georgia corporation (the "Borrower"), the Lenders
party to the Credit Agreement referred to below (the "Lenders"), SUNTRUST BANK,
as syndication agent (the "Syndication Agent"), and BANKERS TRUST COMPANY, as
administrative agent (the "Administrative Agent" and, together with the
Syndication Agent, the "Agents" and each, an "Agent"). All capitalized terms
used herein and not otherwise defined herein shall have the respective meanings
provided such terms in the Credit Agreement referred to below.

                              W I T N E S S E T H :
                              - - - - - - - - - -

            WHEREAS, the Borrower, the Lenders and the Agents are parties to the
Credit Agreement, dated as of March 26, 2001 (as amended, modified, restated
and/or supplemented through, but not including, the date hereof, the "Credit
Agreement");

            WHEREAS, the Borrower has requested, and the Agents and the Lenders
have agreed to, the amendments and waivers provided herein on the terms and
conditions set forth herein;

            NOW, THEREFORE, it is agreed:

            1. Section 11 of the Credit Agreement is hereby amended by amending
the definition of "Test Period" appearing therein by (i) deleting the first
reference to "April 1, 2002" appearing therein and inserting a reference to
"July 1, 2002" in lieu thereof and (ii) deleting the first reference to "March
31, 2001" appearing therein and inserting a reference to "June 30, 2001" in lieu
thereof.

            2. This Amendment is limited as specified and shall not constitute
a modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

            3. This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent.

            4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

<PAGE>
            5. This Amendment shall become effective on the date (the "Second
Amendment Effective Date") when the Borrower and the Required Lenders shall have
signed a counterpart hereof (whether the same or different counterparts) and
shall have delivered (including by way of facsimile transmission) the same to
the Administrative Agent at the Notice Office.

            6. In order to induce the Lenders to enter into this Amendment, the
Borrower hereby represents and warrants that (i) no Default or Event of Default
exists as of the Second Amendment Effective Date, after giving effect to this
Amendment, and (ii) on the Second Amendment Effective Date, after giving effect
to this Amendment, all representations and warranties contained in the Credit
Agreement and in the other Credit Documents are true and correct in all material
respects (it being understood and agreed that any representation or warranty
which by its terms is made as of a specified date shall be true and correct in
all material respects only as of such specified date).

            7. From and after the Second Amendment Effective Date, all
references in the Credit Agreement and each of the Credit Documents to the
Credit Agreement shall be deemed to be references to the Credit Agreement as
modified hereby. This Amendment shall constitute a Credit Document for all
purposes under the Credit Agreement and the other Credit Documents.

                                      * * *

                                      -2-

<PAGE>

            IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                       FLOWERS FOODS, INC.

                                       By:  /s/ Thomas B. Jones, Jr.
                                          -------------------------------------
                                          Title: Treasurer

                                       BANKERS TRUST COMPANY, Individually and
                                          as Administrative Agent

                                       By: /s/ Scottye D. Lindsey
                                          -------------------------------------
                                          Title: Vice President

                                       SUNTRUST BANK, Individually and as
                                          Syndication Agent

                                       By: /s/ Michael Pugsley
                                          -------------------------------------
                                          Title: Vice President

                                       AG FIRST FARM CREDIT BANK

                                       By: /s/ John W. Burnside, Jr.
                                          -------------------------------------
                                          Title: Vice President

                                       LANDMARK CDO LIMITED
                                          By: Aladdin Asset Management LLC
                                             as Manager

                                       By: /s/ T. Eggoschasik
                                          -------------------------------------
                                          Title: Vice President

                                       ALLIED IRISH BANKS, P.L.C.

                                       By: /s/ Rima Terradista
                                          -------------------------------------
                                          Title: Vice President

                                       ALLSTATE LIFE INSURANCE COMPANY

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

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

<PAGE>

                                       ARES LEVERAGED INVESTMENT FUND II, L.P.
                                          By:  Ares Management II L.P.
                                               its General Partner

                                       By:  /s/ David Sail
                                          -------------------------------------
                                          Title: Unknown

                                       ARES IV CLO, LTD.
                                          By:   ARES CLO Management IV, L.P.,
                                               as Investment Manager

                                          By:  ARES CLO GP IV, LLC,
                                               its Investment Manager

                                       By: /s/ David Sail
                                          -------------------------------------
                                          Title: Unknown

                                       BAVARIA TRR CORPORATION

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

                                       GRAYSTON CLO 2001-1 LTD.
                                          By: Bear Streans Asset Management,
                                              Inc. as its Collateral Manager

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

                                       BANK HAPOALIM B.M.

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

                                       THE BANK OF NOVA SCOTIA

                                       By: /s/ William E. Zarrett
                                          -------------------------------------
                                          Title: Managing Director

                                       CHEVY CHASE FEDERAL SAVINGS BANK

                                       By: /s/ Carlos L. Heard
                                          -------------------------------------
                                          Title: Assistant Vice President

<PAGE>

                                       ELT LTD.

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

                                       COBANK

                                       By:    /s/ Brian J. Klatt
                                          -------------------------------------
                                          Title: Vice President

                                       CREDIT LYONNAIS

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

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

                                       EATON VANCE CDO III
                                          By:  Eaton Vance Management,
                                               as Investment Advisor

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

                                       EATON VANCE CDO IV
                                          By:  Eaton Vance Management,
                                               as Investment Advisor

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

                                       EATON VANCE CDO V
                                          By:   Eaton Vance Management,
                                               as Investment Advisor

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

                                       EATON VANCE SENIOR INCOME TRUST
                                          By:  Eaton Vance Management,
                                               as Investment Advisor

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

<PAGE>

                                       EATON VANCE GRAYSON & CO.
                                          By:  Boston Management and Research,
                                               as Investment Advisor

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

                                       SENIOR DEBT PORTFOLIO
                                          By:  Boston Management and Research
                                               as Investment Advisor

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

                                       FARM CREDIT BANK OF WICHITA

                                       By: /s/ Patrick Zeka
                                          -------------------------------------
                                          Title: Assistant Vice President

                                       FARM CREDIT SERVICES OF AMERICA

                                       By:    /s/ Bruce P. Rouse
                                          -------------------------------------
                                          Title: Vice President

                                       FLAGSHIP CLO-2001-1

                                       By:    /s/ James T. Anderson
                                          -------------------------------------
                                          Title: Managing Director

                                       FRANKLIN CLO II, LTD.

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

                                       FRANKLIN FLOAT RATE MASTER SERIES

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

                                       FRANKLIN FLOATING RATE DAILY ACCESS FUND

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

<PAGE>

                                       APEX (IDM) CDO I, LTD.

                                       By:    /s/ John W. Stelwagon
                                          -------------------------------------
                                          Title: Managing Director

                                       FIRST UNION NATIONAL BANK

                                       By:    /s/ Charles B. Edmondson
                                          -------------------------------------
                                          Title: Vice President

                                       HARCH CLO I LIMITED

                                       By:    /s/ Michael E. Lewitt
                                          -------------------------------------
                                          Title: Authorized Signatory

                                       HARRIS TRUST AND SAVINGS BANK

                                       By:    /s/ William R. Corya
                                          -------------------------------------
                                          Title: Vice President

                                       THE INDUSTRIAL BANK OF JAPAN, LTD.

                                       By:    /s/ James W. Masters
                                          -------------------------------------
                                          Title: Senior Vice President

                                       RIVIERA FUNDING LLC

                                       By:    /s/ Ann E. Morris
                                          -------------------------------------
                                          Title: Assistant Vice President

                                       FLEET NATIONAL BANK
                                         As Trust Administrator For Long Lane
                                         Master Trust IV

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

                                       THE MITSUBISHI TRUST AND BANKING
                                         CORPORATION

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

<PAGE>

                                       NATEXIS BANQUE POPULARIES

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

                                       NUVEEN FLOATING RATE FUND  |
                                          By:  Nuveen senior Loan Asset
                                               Management, Inc.

                                       By:    /s/ Lisa M. Mincheski
                                          -------------------------------------
                                          Title: Managing Director

                                       NUVEEN FLOATING RATE FUND
                                          By:   Nuveen senior Loan Asset
                                          Management, Inc.

                                       By:    /s/ Lisa M. Mincheski
                                          -------------------------------------
                                          Title: Managing Director

                                       OAK HILL CLO MANAGEMENT I, LLC
                                          as Investment Manager for Oak Hill
                                          Credit Partners I, Limited

                                       By:       /s/ Scott D. Krase
                                          -------------------------------------
                                          Title: Authorized Signatory

                                       OAK HILL SECURITIES FUND, L.P.
                                          By: Oak Hill Securities GenPar, L.P.
                                              its General Partner

                                          By: Oak Hill Securities MGP, Inc.,
                                              its General Partner

                                       By:    /s/ Scott D. Krase
                                          -------------------------------------
                                          Title: Vice President

                                       OAK HILL SECURITIES FUND II, L.P.
                                          By: Oak Hill Securities GenPar II,
                                              L.P. its General Partner

                                          By: Oak Hill Securities MGP II, Inc.,
                                              its General Partner

                                       By:    /s/ Scott D. Krase
                                          -------------------------------------
                                          Title: Vice President

<PAGE>

                                       OPPENHEIMER SENIOR FLOATING RATE FUND

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

                                       PILGRIM PRIME RATE TRUST
                                          By:  Pilgrim Investments Inc.,
                                               as its Investment Manager

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

                                       PILGRIM SENIOR INCOME FUND
                                          By:  Pilgrim Investments, Inc.,
                                               as its investment manager

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

                                       KZH LANGDALE LLC

                                       By:    /s/ Virginia Conway
                                          -------------------------------------
                                          Title: Authorized Agent

                                       COOPERATIEVE CENTRALE RAIFFEISEN-
                                          BOERENLEENBANK B.A. RABOBANK
                                          INTERNATIONAL NEW YORK BRANCH

                                       By:    /s/ Juliana Sagona Long
                                          -------------------------------------
                                          Title: Vice President

                                       By:    /s/ James S. Cunningham
                                          -------------------------------------
                                          Title: Managing Director
                                                 Chief Risk Manager

                                       REGIONS BANK

                                       By:    /s/ James Schmalz
                                          -------------------------------------
                                          Title: Vice President

<PAGE>

                                       SANKATY HIGH YIELD PARTNER II, LP

                                       By:    /s/ Tim Barns
                                          -------------------------------------
                                          Title: Vice President

                                       SANKATY HIGH YIELD PARTNER III, LP

                                       By:    /s/ Tim Barns
                                          -------------------------------------
                                          Title: Vice President

                                       Sankaty Advisors, Inc. as Collateral
                                           Manager for GREAT POINT CLO 1999-1
                                           LTD, as Term Lender

                                       By:    /s/ Tim Barns
                                          -------------------------------------
                                          Title: Vice President

                                       STANFIELD CLO, LTD.
                                          By: Stanfield Capital Partners LLC
                                             as its Collateral Manager

                                       By:    /s/ Christopher A. Bondy
                                          -------------------------------------
                                          Title: Partner

                                       STANFIELD ARBITRAGE CDO, LTD.
                                          By: Stanfield Capital Partners LLC
                                             as its Collateral Manager

                                       By:    /s/ Christopher A. Bondy
                                          -------------------------------------
                                          Title: Partner

                                       STEIN ROE FLOATING RATE LIMITED
                                       LIABILITY COMPANY

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

                                       LIBERTY - STEIN ROE ADVISOR FLOATING RATE
                                          ADVANTAGE FUND
                                          By: Stein Roe & Farnham Incorporated
                                                  as Advisor

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

<PAGE>

                                       SRF TRADING, INC.

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

                                       STEIN ROE - SRF 2000 LLC

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

                                       STEIN ROE & FARNHAM CLO I LTD.

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

                                       THE SUMITOMO TRUST & BANKING CO, LTD.

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

                                       THERMOPYLAE FUNDING CORP.

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

                                       TORONTO DOMINION (NEW YORK), INC.

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

                                       TRANSAMERICA BUSINESS CREDIT

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

                                       COLUMBUS LOAN FUNDING LTD.
                                          By:   Travelers Asset Management
                                              International Company, LLC

                                        By: /s/ Tesresa M. Torrey
                                          -------------------------------------
                                          Title: Second Vice President

<PAGE>

                                       TRAVELERS CORPORATE LOAN FUND, INC.
                                          By:  Travelers Asset Management
                                               International Company, LLC

                                       By: /s/ Tesresa M. Torrey
                                          -------------------------------------
                                          Title: Second Vice President

                                       THE TRAVELERS INSURANCE COMPANY

                                       By: /s/ Tesresa M. Torrey
                                          -------------------------------------
                                          Title: Second Vice President

                                       TRYON CLO LTD. 2000-1

                                       By:    /s/ John W. Stelwagon
                                          -------------------------------------
                                          Title: Managing Director

                                       TYLER TRADING, INC.

                                       By: /s/ Johnny E. Graves
                                          -------------------------------------
                                          Title: President

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