Document:

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF
     HAVE  NOT  BEEN REGISTERED UNDER THE SECURITIES ACT OF  1933,  AS
     AMENDED   (THE   "SECURITIES  ACT"),  OR  ANY  APPLICABLE   STATE
     SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR SALE, MORTGAGED,
     PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO
     (A)  AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
     AND  ANY  APPLICABLE STATE SECURITIES LAWS, OR (B)  AN  EXEMPTION
     THEREFROM  AND,  IF  REQUESTED BY THE COMPANY,  THE  COMPANY  HAS
     RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE
     EFFECT   THAT  THE  TRANSFER  IS  EXEMPT  FROM  THE  REGISTRATION
     PROVISIONS  OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
     LAWS.

                      WARRANT TO PURCHASE SECURITIES
                                    OF
                      GALAXY NUTRITIONAL FOODS, INC.

                          Void after June 1, 2009

          This  Warrant  is  issued  to  SOUTHTRUST  BANK,  N.A.,  or   its
registered  assigns  (the "Holder") by GALAXY NUTRITIONAL  FOODS,  INC.,  a
Delaware  corporation (the "Company"), on May 29, 2003 (the "Warrant  Issue
Date").

     1.   Number of Shares Subject to Warrant.  Subject to the terms and
conditions hereinafter set forth, the Holder is entitled, upon surrender of
this  Warrant at the principal office of the Company, to purchase from  the
Company,  at a price equal to the Exercise Price (as defined in  Section  2
below), shares of the Warrant Stock.

     For purposes of this Warrant:

               (A)   "Common Stock" shall mean the Company's common  stock,
$0.01 par value.

               (B)   "Warrant  Stock"  shall mean  100,000  shares  of  the
Company's  Common Stock, subject to adjustment as described  in  Section  7
below.

               (C)   "Shares"  shall  mean  fully paid  and  non-assessable
shares of Common Stock.

     2. Exercise Price.  The per share purchase price for the Shares shall be
$1.97  (the  "Exercise Price").  The Exercise Price  shall  be  subject  to
adjustment pursuant to Section 7 hereof.

3.   Exercise Period.  Except as otherwise provided for herein, this
Warrant shall be exercisable, in whole or in part, at any time and from
time to time.  On the Expiration Date, all Warrants evidenced hereby shall
thereafter be void and of no further force and effect.  Whether or not
surrendered to the Company by the Holder, this Warrant shall be deemed
canceled upon the expiration hereof.

       4.   Method of Exercise.  While this Warrant remains outstanding and
exercisable in accordance with Section 3 hereof, the purchase rights hereby
represented  may be exercised in whole or in part, at the election  of  the
Holder,  by the tender of the Notice of Exercise in substantially the  form
attached  hereto  as  Exhibit A and the surrender of this  Warrant  at  the
principal office of the Company and by the payment to the Company in  cash,
by  check, cancellation of indebtedness or other form of payment acceptable
to  the  Company, of an amount equal to the then applicable Exercise  Price
multiplied by the number of Shares then being purchased.

    5.   Certificates for Shares.  Upon the exercise of the purchase rights
evidenced  by  this  Warrant, one or more certificates for  the  number  of
Shares so purchased shall be issued as soon as practicable thereafter (with
appropriate restrictive legends, as applicable).

6.   Issuance of Shares.  The Company hereby covenants that it will duly
and validly reserve shares of Common Stock for issuance upon exercise of
this Warrant.   The Company covenants that the Shares, when issued pursuant
to the exercise of this Warrant, will be duly and validly issued, fully
paid and nonassessable and free from all taxes, liens, and charges with
respect to the issuance thereof.   The Shares issued hereunder shall have
the same rights and obligations pertaining to the other shares of Common
Stock issued previously by the Company.

7.   Adjustment of Exercise Price and Number of Shares.  The number of and
kind of securities purchasable upon exercise of this Warrant and the
Exercise Price shall be subject to adjustment from time to time as follows:

 (a)  Subdivisions, Combinations and Other Issuances.  If the Company shall
at  any  time prior to the exercise or expiration of this Warrant subdivide
its Common Stock, by split-up or otherwise, or combine its Common Stock, or
issue  additional Common Stock as a dividend with respect  to  any  of  its
Common Stock, the number of Shares issuable on the exercise of this Warrant
shall  forthwith be proportionately increased in the case of a  subdivision
or  stock  dividend,  or  proportionately  decreased  in  the  case  of   a
combination.   Appropriate adjustments shall also be made to  the  Exercise
Price, provided that the aggregate Exercise Price payable hereunder for the
total  number of Shares purchasable under this Warrant (as adjusted)  shall
remain  the  same.   Any adjustment under this Section  7(a)  shall  become
effective  at  the  close  of  business on  the  date  the  subdivision  or
combination  becomes effective, or as of the record date of such  dividend,
or  in  the  event that no record date is fixed, upon the  making  of  such
dividend.

(b)  Reclassification, Reorganization and Consolidation.  In the event of
any corporate reclassification, capital reorganization, consolidation, spin-
off or change in the Common Stock of the Company (other than as a result of
a subdivision, combination, or dividend provided for in Section 7(a)
above), then, as a condition of such event, lawful provision shall be made,
and duly executed documents evidencing the same from the Company or its
successor shall be delivered to the Holder, so that the Holder shall have
the right at any time prior to the expiration of this Warrant to purchase,
at a total price equal to that payable upon the exercise of this Warrant,
the kind and amount of shares of stock and/or other securities and property
receivable in connection with such event by a holder of the same number of
shares for which this Warrant could have been exercised immediately prior
to such event.  In any such case appropriate provisions shall be made with
respect to the rights and interest of the Holder so that the provisions
hereof shall thereafter be applicable with respect to any shares of stock
or other securities and property deliverable upon exercise hereof, and
appropriate adjustments shall be made to the Exercise Price, provided that
the aggregate exercise price payable hereunder for the total number of
Shares purchasable under this Warrant (as adjusted) shall remain the same.

(c)  Adjustment to Number of Shares.  Upon each adjustment of the Exercise
Price, the number of Shares issuable upon exercise of the Warrant shall be
increased to equal the quotient obtained by dividing (x) the product
resulting from multiplying (i) the number of Shares issuable upon exercise
of the Warrant, and (ii) the Exercise Price, in each case as in effect
immediately before such adjustment by (y) the adjusted Exercise Price.

(d)  Notice of Adjustment.  When any adjustment is required to be made to
the Exercise Price or in the number or kind of Shares purchasable upon
exercise of the Warrant, the Company shall promptly notify the Holder of
such event and of the adjusted Exercise Price or number of Shares or other
securities or property thereafter purchasable upon exercise of this
Warrant.

    8.   Assumption of Warrant.  If at any time, while this Warrant, or any
portion thereof, is outstanding and unexpired there shall be an acquisition
of  the  Company by another entity by means of a merger, reorganization  or
consolidation of the Company or any other transaction in which  the  owners
of  the  Company's  outstanding  voting power  immediately  prior  to  such
transaction own, directly or indirectly, less than 51% of the voting  power
of  the  resulting or surviving entity immediately upon completion of  such
transaction, then, as a part of such acquisition, lawful provision shall be
made  so  that  the  Holder shall thereafter be entitled  to  receive  upon
exercise  of  this  Warrant, during the period specified  herein  and  upon
payment  of  the  aggregate Exercise Price then in effect,  the  number  of
shares   of  stock  or  other  securities  or  property  of  the  successor
corporation  resulting from such acquisition which a holder of  the  Shares
deliverable  upon  exercise of this Warrant would  have  been  entitled  to
receive  in such acquisition if this Warrant had been exercised immediately
before such acquisition.

9.   No Fractional Shares or Scrip.  No fractional Shares or scrip
representing fractional Shares shall be issued upon the exercise of this
Warrant, but in lieu of any fractional Share the Company shall make a cash
payment therefor on the basis of the closing sale price of the Common Stock
on the AMEX Stock Exchange (or any successor exchange or quotation system
on which the Common Stock is listed or quoted) on the date of exercise.

10.  No Shareholder Rights.  Prior to exercise of this Warrant, the Holder
shall not be entitled to any rights of a shareholder with respect to the
Shares, including (without limitation) the right to vote such Shares,
receive dividends or other distributions thereon, exercise preemptive
rights or be notified of shareholder meetings, and such Holder shall not be
entitled to any notice or other communication concerning the business or
affairs of the Company.  However, nothing in this Section 10 shall limit
the right of the Holder to be provided the notices required under this
Warrant.

    11.  Compliance With Securities Act; Transferability of Warrant or Shares.

     (a)  Compliance With Securities Act.  The Holder, by acceptance hereof,
agrees  that  this Warrant, and the Shares issuable upon exercise  of  this
Warrant,  are being acquired for investment and that such Holder  will  not
offer,  sell  or otherwise dispose of this Warrant, or any Shares  issuable
upon  exercise of this Warrant, except under circumstances which  will  not
result  in  a  violation  of the Securities Act, or  any  applicable  state
securities laws.  This Warrant and all Shares issued upon exercise of  this
Warrant  (unless  registered under the Securities Act  and  any  applicable
state  securities  laws) shall be stamped or imprinted  with  a  legend  in
substantially the following form:

     "THESE  SECURITIES HAVE NOT BEEN REGISTERED UNDER THE  SECURITIES
     ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY APPLICABLE
     STATE  SECURITIES  LAW  AND MAY NOT BE SOLD,  OFFERED  FOR  SALE,
     MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED  EXCEPT
     PURSUANT  TO  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER   THE
     SECURITIES  ACT AND ANY APPLICABLE STATE SECURITIES LAWS,  OR  AN
     EXEMPTION  THEREFROM,  AND,  IF REQUESTED  BY  THE  COMPANY,  THE
     COMPANY  HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY  TO  THE
     COMPANY  TO  THAT  EFFECT. THIS WARRANT  HAS  BEEN  ACQUIRED  FOR
     INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE."

   (b)  Transferability.  Subject to compliance with applicable federal and
state   securities  laws,  this  Warrant  and  all  rights  hereunder   are
transferable in whole or in part by the Holder to any person or entity upon
written notice to the Company.  The transfer shall be recorded on the books
of  the  Company upon the surrender of this Warrant, properly endorsed  for
transfer  by  delivery  of  an Assignment Form in  substantially  the  form
attached  hereto as Exhibit B, to the Company at the address set  forth  in
Section 15 hereof, and the payment to the Company of all transfer taxes and
other  governmental charges imposed on such transfer.  In the  event  of  a
partial  transfer,  the  Company shall issue to the  holders  one  or  more
appropriate new warrants.

  12.  Restricted Securities.  The Holder understands that this Warrant and
the  Shares  issuable upon exercise of this Warrant, will not be registered
at  the  time  of  their  issuance under the  Securities  Act.  The  Holder
represents  that  it  is experienced in evaluating companies  such  as  the
Company,  has  such  knowledge and experience  in  financial  and  business
matters  as  to  be  capable of evaluating the  merits  and  risks  of  its
investment, and has the ability to suffer the total loss of the investment.
The  Holder  further  represents that it has had  the  opportunity  to  ask
questions of and receive answers from the Company concerning the terms  and
conditions  of  this Warrant, the business of the Company,  and  to  obtain
additional  information to such Holder's satisfaction.  The Holder  further
represents  that  it  is  an "accredited investor" within  the  meaning  of
Regulation D under the Securities Act, as presently in effect.  The  Holder
further  represents that this Warrant is being acquired for the account  of
the  Holder  for  investment only and not with  a  view  to,  or  with  any
intention of, a distribution or resale thereof, in whole or in part, or the
grant of any participation therein.

13.  Successors and Assigns.  The terms and provisions of this Warrant
shall inure to the benefit of, and be binding upon, the Company and the
Holders hereof and their respective successors and assigns.

14.  Amendments and Waivers.  Any term of this Warrant may be amended and
the observance of any term of this Warrant may be waived (either generally
or in a particular instance and either retroactively or prospectively),
with the written consent of the Company and the Holder.

15.  Notices.  All notices required under this Warrant shall be deemed to
have been given or made for all purposes (i) upon personal delivery, (ii)
upon confirmation receipt that the communication was successfully sent to
the applicable number if sent by facsimile, (iii) one day after being sent,
when sent by professional overnight courier service, or (iv) three business
days after posting when sent by registered or certified mail.  Notices to
the Company shall be sent to the address of the Company set forth below (or
at such other place as the Company shall notify the Holder hereof in
writing) and notices to the Holder shall be sent to the address of the
Holder set forth below (or at such other place as the Holder shall notify
the Company hereof in writing):

          To the Company:     GALAXY NUTRITIONAL FOODS, INC.
                              2441 Viscount Road
                              Orlando, Florida 23809
                              Telecopier: (407) 855-1099
                              Attn:  Mr. Christopher J. New

          With a copy to:     Baker & Hostetler LLP
                              200 S. Orange Avenue
                              SunTrust Center, Suite 2300
                              Telecopier: (407) 841-0168
                              Attn: Jeffrey E. Decker, Esq.

          To the Holder as provided on the signature page of this Warrant.

          16.  Captions. The section and subsection headings of this Warrant
are inserted for convenience only and shall not constitute a part of this
Warrant in construing or interpreting any provision hereof.

17.  Governing Law.  This Warrant shall be governed by the laws of the
State of Florida, without regard to the choice or conflict of laws
principles thereof.

                         [SIGNATURE PAGE FOLLOWS]

          IN  WITNESS WHEREOF, the undersigned have caused this Warrant  to
be duly executed as of the date first set forth above.

                              COMPANY

                              GALAXY NUTRITIONAL FOODS, INC.

                              By: ________________________
                              Name: Christopher J. New
                              Title:  Chief Executive Officer

                              HOLDER

                              SouthTrust Bank, N. A.

                              By: _______________________________

                              ___________________________________________
                              Holder's address for its principal place of
                              business is as follows:

                              ___________________________________________
                              Holder's address for notice purposes (if
                              different than above):

<PAGE>

                                 EXHIBIT A

                            NOTICE OF EXERCISE

To:  GALAXY NUTRITIONAL FOODS, INC.

                 The   undersigned  hereby  elects  to  [check   applicable
subsection]:

                          (a)   Purchase        Shares (as defined  in  the
                    attached  Warrant) of GALAXY  NUTRITIONAL FOODS,  INC.,
                    pursuant  to  the  terms of the  attached  Warrant  and
                    payment of the Exercise Price per Share required  under
                    such Warrant accompanies this notice;

                         OR

                          (b)   Exercise  the attached Warrant  or  portion
                    thereof for all of ___________ Shares under the Warrant
                    pursuant to the net exercise provisions of Section 4 of
                    such Warrant.

          The  Holder  represents  that  it is  experienced  in  evaluating
companies  such  as  the  Company, has such  knowledge  and  experience  in
financial  and business matters as to be capable of evaluating  the  merits
and  risks of its investment, and has the ability to suffer the total  loss
of  the  investment.  The Holder further represents that  it  has  had  the
opportunity  to  ask  questions of and receive  answers  from  the  Company
concerning  the terms and conditions of this Warrant, the business  of  the
Company,   and   to   obtain  additional  information  to   such   Holder's
satisfaction.   The  Holder further represents that it  is  an  "accredited
investor" within the meaning of Regulation D under the Securities  Act,  as
presently  in effect.  The undersigned hereby represents and warrants  that
the undersigned is acquiring such shares for its own account for investment
purposes  only, and not for resale or with a view to distribution  of  such
shares or any part thereof.

Date:_______________________  WARRANTHOLDER:

                                By: ______________________
                                Name: ____________________
                                Address: _________________

Name in which shares should be registered:

<PAGE>

                                 EXHIBIT B

                              ASSIGNMENT FORM

TO:  GALAXY NUTRITIONAL FOODS, INC.

The      undersigned     hereby     assigns     and     transfers      unto
_____________________________                                            of
______________________________________________ (Please typewrite  or  print
in  block letters) the right to purchase ____________ Shares (as defined in
the  Warrant)  of  GALAXY NUTRITIONAL FOODS, INC. subject to  the  Warrant,
dated   as   of   _____________________________,  by  and  between   GALAXY
NUTRITIONAL FOODS, INC. and the undersigned (the "Warrant").

This  assignment complies with the provisions of Section 11 of the  Warrant
and  is  accompanied  by  funds sufficient to pay all  applicable  transfer
taxes.

In addition, the undersigned and/or its assignee will provide such evidence
as  is  reasonably requested by, GALAXY NUTRITIONAL FOODS INC., to evidence
compliance  with applicable securities laws as contemplated by Sections  11
and 12 of the Warrant.

Date:__________________       By:

                              ___________________________________________
                              (Print Name of Signatory)

                              ___________________________________________
                              (Title of Signatory)SECURITIES PURCHASE AGREEMENT

     THIS SECURITIES PURCHASE AGREEMENT (this "Agreement"), dated as of May
21,  2003,  by  and  between Galaxy Nutritional  Foods,  Inc.,  a  Delaware
corporation,  with  its principal place of business at 2441  Viscount  Row,
Orlando,  FL 32809 (the "Company"), and Fromageries Bel S.A., a corporation
organized  under  the laws of France, whose address is 16,  Bd  Malesherbes
75008, Paris, France (the "Buyer").

                          PRELIMINARY STATEMENTS

      A.   The Company has authorized the sale to Buyer of a certain number
of  shares  of the Company's common stock, par value $0.01 per  share  (the
"Common  Stock") on the terms and subject to the conditions  set  forth  in
this Agreement;

     B.   The Company and Buyer are executing and delivering this Agreement
in  reliance  upon the exemption from securities registration  afforded  by
Rule  506 under Regulation D ("Regulation D") as promulgated by the  United
States  Securities and Exchange Commission (the "SEC") under the Securities
Act of 1933, as amended (the "1933 Act");

      C.    Buyer wishes to purchase, in the amounts and upon the terms and
conditions  stated in this Agreement, shares of Common Stock at a  purchase
price of $2 million;

      D.   The parties hereto intend that, as a condition to the closing of
the  transactions contemplated hereby, the parties hereto will execute  and
deliver  a Registration Rights Agreement in substantially the form attached
hereto as Exhibit A (the "Registration Rights Agreement") pursuant to which
the  Company agrees to provide certain registration rights under  the  1933
Act  and  the rules and regulations promulgated thereunder, and  applicable
state securities laws; and

      E.   The Company intends to enter into other agreements substantially
in  the   form  of  this Agreement and Registration Rights  Agreement  with
certain  other buyers (the "Other Buyers") and expect to complete the  sale
of  shares of Common Stock on or before September 30, 2003 for an aggregate
purchase  price  of no more than $10 million to the Other Buyers;  however,
the  Buyer's  obligations hereunder are not expressly  conditioned  on  the
purchase  by any or all of the Other Buyers of the Common Stock  that  they
may agree to purchase from the Company.

      NOW,  THEREFORE,  in  consideration of the premises  and  the  mutual
covenants  contained herein and other good and valuable consideration,  the
receipt  and sufficiency of which are hereby acknowledged, the Company  and
the Buyer hereby agree as follows:

     1.   PREAMBLES; PURCHASE AND SALE OF COMMON STOCK; CLOSING

           a.    Preliminary Statements.  The above preliminary statements,
recitals, definitions, preamble and provisions are true and correct and are
incorporated herein as fully as if set forth herein.

           b.    Purchase  of  Common  Stock.  Subject  to  the  terms  and
conditions  set forth in this Agreement, the Company agrees  to  issue  and
sell to Buyer, and Buyer agrees to purchase from the Company such number of
shares  of  Common  Stock  (the "Securities") as  shall  be  determined  by
dividing the aggregate purchase price of $2 million (the "Purchase  Price")
by  the  per share purchase price (with any fractional shares being rounded
up  to  the next whole share).  The per share purchase price shall be equal
to the lesser of (x) ninety-five percent (95%) of the average closing price
of  the  Common  Stock on the Principal Market (as defined below)  for  the
Trading   Days  (as  defined  below)  occurring  during  the  thirty   (30)
consecutive calendar days ending on the calendar day immediately  prior  to
the  date of Closing (as defined below), or (y) $1.80.  The term "Principal
Market"  shall  mean  the  American Stock  Exchange,  the  New  York  Stock
Exchange,  the  NASDAQ  National Market, or  the  NASDAQ  SmallCap  Market,
whichever is at the time the principal trading exchange or market  for  the
Common Stock, based upon share volume, or if the Common Stock is not traded
on  an  exchange or market, the OTC Bulletin Board or its successor (as  of
the  date hereof the Principal Market is the American Stock Exchange).  The
term  "Trading  Day" shall mean any day during which the  Common  Stock  is
traded  on  the Principal Market.  The consummation of the transaction  and
the  payment  of  the  Purchase Price shall occur at  Closing  (as  defined
below).

           c.    Escrow.     At least one (1) business day prior to Closing
(the  date of which the Company shall notify Buyer in writing), Buyer shall
deliver  to  Gibralter Bank, F.S.B., as escrow agent ("Escrow  Agent"),  an
amount  equal to the Purchase Price (the "Escrow Amount") by wire  transfer
of  immediately  available United States Dollars  in  accordance  with  the
instructions set forth in the Escrow Agreement dated as of the date  hereof
by  and among the Company, Buyer and Escrow Agent (the "Escrow Agreement").
Escrow  Agent shall hold and disburse the Escrow Amount in accordance  with
the terms and conditions of the Escrow Agreement.  If the Company fails  to
effect  the  FINOVA Repayment within three (3) business days of  the  Buyer
depositing the Escrow Amount with Escrow Agent, then, at the request of the
Buyer  at  any  time until the Escrow Agent initiates the  disbursement  of
funds  under  the  Escrow  Agreement to effect the  FINOVA  Repayment,  the
Company shall execute with the Buyer and deliver to the Escrow Agent  joint
written instructions instructing the Escrow Agent to distribute all of  the
Escrow Amount to whatever account is designated by Buyer.

           d.    The  Closing.  The closing ("Closing")  of  the  sale  and
purchase  of  the  Securities under this Agreement is contingent  upon  the
Company's repayment in full of the existing debt owed to (x) FINOVA Capital
Corporation  pursuant  to  that  certain Security  Agreement  dated  as  of
November  1,  1996,  as  amended,  and (y) FINOVA  Mezzanine  Capital  Inc.
pursuant to that certain Loan Agreement dated as of September 30, 1999,  as
amended (the "FINOVA Repayment").  The parties acknowledge that the  FINOVA
Repayment  is  being  funded, in part, with the Purchase  Price,  with  the
balance of the FINOVA Repayment provided substantially from an asset  based
loan  from Textron Financial Corporation (the "Textron Loan"), and  a  term
loan  from  SouthTrust  Bank (the "SouthTrust Loan").   The  terms  of  the
Textron  Loan and the SouthTrust Loan shall be consummated under  terms  no
less  favorable to the Company than as set forth on Annex A.    The  FINOVA
Repayment  shall  be subject to and in accordance with  the  terms  of  the
Escrow  Agreement.  The Closing shall take place at the offices of Baker  &
Hostetler  LLP,  200  South  Orange Avenue, Suite  2300,  SunTrust  Center,
Orlando,  Florida  32801,  as of the date of  the  FINOVA  Repayment.   The
consummation of the transaction and the payment of the Purchase Price shall
occur at Closing, as follows:

                (i)   Release of Escrow Amount.  Escrow Agent shall release
the Escrow Amount as provided in the Escrow Agreement.

                (ii)  Deliveries by the Company.  The Company shall  direct
its  stock  transfer  agent to agent to deliver one  or  more  certificates
representing  the  Securities being purchased by Buyer, registered  in  the
name  of  Buyer  (the "Stock Certificates") and to provide Buyer's  counsel
with a photocopy of the Certificates along with a written confirmation from
the   stock  transfer  agent  that  it  will  deliver  the  original  Stock
Certificates to Buyer's counsel at the address set forth in Section 7.f. on
the following business day.   The Securities shall be newly issued shares.

     2.   BUYER'S REPRESENTATIONS AND WARRANTIES

          Buyer represents and warrants to the Company that:

           a.    Investment Purpose.  The Securities are being acquired  by
Buyer  in  good  faith solely for its own account, for investment  purposes
only,  and are not being purchased for resale, resyndication, distribution,
subdivision  or fractionalization thereof within the meaning  of  the  1933
Act; Buyer has no contract or arrangement with any person to sell, transfer
or  pledge  to any person the Securities or any part thereof, any  interest
therein or any rights thereto; Buyer has no present plans to enter into any
such  contract or arrangement; and Buyer understands that as  a  result  it
must  bear the economic risk of the investment for an indefinite period  of
time  because the Securities have not been registered under the  1933  Act,
and,  therefore,  cannot  be sold unless they are  subsequently  registered
under  the 1933 Act or in reliance upon an exemption from such registration
under the 1933 Act.

          b.     Accredited  Investor  Status.   Buyer  is  an  "accredited
investor" as that term is defined in Rule 501(a) of Regulation D.

          c.     Reliance  on  Exemptions.   Buyer  understands  that   the
Securities  are  being offered and sold to it under an exemption  from  the
registration requirements of the United States federal and state securities
laws  and that the Company is relying upon the truth and accuracy  of,  and
Buyer's  compliance  with,  the  representations,  warranties,  agreements,
acknowledgments and understandings of Buyer set forth herein  in  order  to
determine the availability of such exemptions and the eligibility of  Buyer
to acquire the Securities.

          d.    Information.  Buyer understands and acknowledges that it is
purchasing  the Securities without being furnished any offering literature,
prospectus  or  other materials other than copies of the SEC Documents  (as
defined hereinbelow), that this transaction has not been scrutinized by the
SEC  or by any administrative agency charged with the administration of the
securities  laws  of  any  state, that all documents,  records  and  books,
pertaining to the Company, its business, finances and operations, and  this
investment  have  been  made  available to  Buyer,  and  its  advisors  and
representatives,  including  its  attorney,  its  accountant   and/or   its
purchaser  representative, and that the books and records  of  the  Company
will  be  available upon reasonable notice for inspection by  Buyer  during
reasonable  business hours at the Company's principal  place  of  business.
Buyer  and  its  advisors and representatives, including its attorney,  its
accountant  and/or its purchaser representative, if any, have reviewed  the
SEC  Documents  and been afforded the opportunity to ask questions  of  the
Company  and  have received complete and satisfactory answers to  any  such
inquiries.   Buyer  understands that its investment in  the  Securities  is
speculative and involves a high degree of risk of loss and that Buyer  must
be prepared to lose its entire investment in the Company.  Buyer has sought
such accounting, legal and tax advice, as it has considered necessary to an
informed  investment  decision  with respect  to  its  acquisition  of  the
Securities.  Buyer, or Buyer together with its purchaser representative, if
any,  have such knowledge and experience in financial and business  matters
that  it  and such representative are capable of evaluating the merits  and
risks  of  an  investment  in  the Securities and  of  making  an  informed
investment decision.

          e.    Governmental  Review.   Buyer understands  that  no  United
States  federal  or  state agency or any other government  or  governmental
agency  has approved or disapproved or passed on or made any recommendation
or  endorsement  of  the Securities or the fairness or suitability  of  the
investment  in  the Securities, nor have such authorities  passed  upon  or
endorsed  the merits of the offering of the Securities or the  accuracy  or
adequacy  of  any  of  the information provided by  the  Company  to  Buyer
regarding  the Company, the Securities or any other matter,  and  that  the
Company  is  relying  on  the truth and accuracy  of  the  representations,
declarations and warranties herein made by Buyer in offering the Securities
for sale to it without having first registered the same under the 1933 Act.

           f.    Transfer  or  Resale.  Buyer understands that,  except  as
provided in the Registration Rights Agreement, (i) the Securities have  not
been  and  are  not  being  registered under the  1933  Act  or  any  state
securities  laws,  and  may  not  be transferred  unless  (a)  subsequently
registered thereunder, or (b) Buyer shall have provided the Company with  a
statement  of  the circumstances surrounding the proposed  disposition  and
shall  have  delivered  to the Company an opinion  of  counsel,  reasonably
satisfactory  in form, scope and substance to the Company,  to  the  effect
that  the  Securities to be sold or transferred may be sold or  transferred
pursuant  to  an exemption from such registration; (ii) any  sale  of  such
Securities made in reliance on Rule 144 promulgated under the 1933 Act  may
be made only in accordance with the terms of said Rule and further, if said
Rule  is  not applicable, any resale of such Securities under circumstances
in  which the seller (or the person through whom the sale is made)  may  be
deemed  to be an underwriter (as that term is defined in the 1933 Act)  may
require  compliance with some other exemption under the  1933  Act  or  the
rules  and regulations of the SEC thereunder; and (iii) neither the Company
nor  any  other person is under any obligation to register such  Securities
under the 1933 Act or any state securities laws or to comply with the terms
and conditions of any exemption thereunder.

          g.    Legends.   Buyer  understands that the  stock  certificates
representing   the   Securities  shall  bear  a   restrictive   legend   in
substantially the following form (and a stop-transfer order shall be placed
against transfer of such stock certificates):

          THE   SECURITIES  REPRESENTED  HEREBY  HAVE  NOT   BEEN
          REGISTERED  UNDER  THE  SECURITIES  ACT  OF  1933,   AS
          AMENDED.    THE  SECURITIES  HAVE  BEEN  ACQUIRED   FOR
          INVESTMENT AND MAY NOT BE REOFFERED, SOLD, TRANSFERRED,
          PLEDGED, OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE
          REGISTRATION  STATEMENT FOR THE SECURITIES  UNDER  SAID
          ACT AND THE STATE SECURITIES ACT OR BLUE SKY ACT OF ANY
          STATE HAVING JURISDICTION THEREOF, OR (B) AN OPINION OF
          COUNSEL,  REASONABLY SATISFACTORY IN  FORM,  SCOPE  AND
          SUBSTANCE  TO  THE  COMPANY, THAT REGISTRATION  IS  NOT
          REQUIRED UNDER SAID ACT OR THE SECURITIES ACT  OR  BLUE
          SKY  ACT  OF ANY STATE HAVING JURISDICTION WITH RESPECT
          THERETO.

          h.     Authorization;  Enforcement.   This  Agreement   and   the
Registration  Rights  Agreement  have been  duly  and  validly  authorized,
executed  and  delivered  on  behalf of Buyer and  are  valid  and  binding
agreements of Buyer enforceable in accordance with their terms,  except  as
such  enforceability  may be limited by applicable bankruptcy,  insolvency,
reorganization,  moratorium, liquidation or similar laws  relating  to,  or
affecting  generally, the enforcement of creditors' rights and remedies  or
by other equitable principles of general application.

          i.    Domicile.  If Buyer is an individual, Buyer is  a  resident
of,  or  if  Buyer  is an entity, Buyer's principal place  of  business  is
located in, the Country of France.

          j.    Indemnification.  Buyer acknowledges that Buyer understands
the meaning and legal consequences of the representations and warranties in
this  Section  2, and that the Company has relied upon such representations
and  warranties, and Buyer hereby agrees to indemnify and hold harmless the
Company   and   its   officers,   directors,   shareholders,   agents   and
representatives  from  and  against any and all  claims,  demands,  losses,
damages,  expenses or liabilities (including attorneys'  fees)  due  to  or
arising   out   of,  directly  or  indirectly,  a  breach   of   any   such
representations or warranties; provided, however, that such indemnification
obligation on the part of Buyer shall not exceed the amount of the Purchase
Price.    Notwithstanding  the  foregoing,  however,   no   representation,
warranty,  acknowledgment or agreement made herein by Buyer  shall  in  any
manner be deemed to constitute a waiver of any rights granted to such Buyer
under federal or state securities laws.

          k.     Short  Position  and  Market  Purchases.   Buyer  is   not
purchasing the Securities for the purpose of covering any short position in
the Securities.

     3.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY

          The Company represents and warrants to Buyer that:

          a.     Organization  and  Qualification.   The   Company   is   a
corporation duly organized and existing in good standing under the laws  of
the  State  of Delaware, and has the requisite corporate power to  own  its
properties  and  to  carry  on its business as now  being  conducted.   The
Company is duly qualified as a foreign corporation to do business and is in
good  standing  in every jurisdiction in which the nature of  the  business
conducted by it makes such qualification necessary and where the failure so
to  qualify  would  have  a  material adverse  effect  on  the  operations,
properties  or  financial condition of the Company  taken  as  a  whole  (a
"Material Adverse Effect").

          b.     Authorization;  Enforcement.   (i)  The  Company  has  the
requisite  corporate  power and authority to enter into  and  perform  this
Agreement and the Registration Rights Agreement and to issue the Securities
in  accordance  with the terms hereof and thereof, (ii) the  execution  and
delivery  of  this Agreement and the Registration Rights Agreement  by  the
Company and the consummation by it of the transactions contemplated  hereby
have  been  duly  authorized by the Company's Board  of  Directors  and  no
further consent or authorization of the Company, its Board of Directors, or
its  stockholders  is required, (iii) this Agreement and  the  Registration
Rights Agreement have been duly executed and delivered by the Company,  and
(iv)  this  Agreement and the Registration Rights Agreement constitute  the
valid  and  binding  obligations  of the Company  enforceable  against  the
Company in accordance with its terms, except as such enforceability may  be
limited  by  applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation  or  similar  laws  relating to, or  affecting  generally,  the
enforcement  of  creditors'  rights and  remedies  or  by  other  equitable
principles of general application.

          c.    Capitalization.   As  of the date of  this  Agreement,  the
authorized  capital stock of the Company consists of (i) 85,000,000  shares
of  Common Stock of which 12,761,685 shares are issued and outstanding, and
(ii)  1,000,000 shares of preferred stock, $.01 par value, of which 200,000
shares have been designated "Series A Preferred Stock," 57,384 of which are
issued  and outstanding.  All of such outstanding shares have been  validly
issued  and are fully paid and nonassessable.  Except as set forth  in  the
SEC  Documents (as defined herein) or in Schedule 3.c. attached hereto,  as
of  the  date  of  this  Agreement (i) there are  no  outstanding  options,
warrants,  scrip,  rights  to subscribe to, calls  or  commitments  of  any
character whatsoever relating to, or securities or rights convertible into,
any  shares of capital stock of the Company, or arrangements by  which  the
Company is or may become bound to issue additional shares of capital  stock
of  the  Company,  and (ii) there are no agreements or  arrangements  under
which  the  Company  is  obligated to register  the  sale  of  any  of  its
securities  under  the  1933  Act other than  agreements  with  respect  to
securities which have been previously registered or are subject to  current
registration  statements. The Common Stock is not subject to preemptive  or
other similar rights of any stockholders of the Company.

          d.    Issuance of Securities.  The Securities are duly authorized
and,  upon  issuance in accordance with the terms hereof, shall be  validly
issued,  fully paid and non-assessable, and free from all taxes, liens  and
charges with respect to the issue thereof.

          e.    No  Conflicts.  The execution, delivery and performance  of
this  Agreement by the Company and the consummation by the Company  of  the
transactions  contemplated hereby will not (i) result in any  violation  of
the Company's Certificate of Incorporation, as amended, as in effect on the
date hereof ("Certificate of Incorporation") or the Company's Bylaws, as in
effect  on  the  date  hereof (the "Bylaws")  or  (ii)  conflict  with,  or
constitute  a default (or an event which with notice or lapse  of  time  or
both  would  become  a  default) under, or give to  others  any  rights  of
termination,  amendment, acceleration or cancellation  of,  any  agreement,
indenture  or instrument to which the Company is a party, or  result  in  a
violation  of  any  law,  rule,  regulation,  order,  judgment  or   decree
(including federal and state securities laws and regulations) applicable to
the  Company or by which any property or asset of the Company is  bound  or
affected  (except  for such conflicts, defaults, terminations,  amendments,
accelerations,  cancellations and violations as would not, individually  or
in  the  aggregate, have a Material Adverse Effect).  The business  of  the
Company  is  not  being  conducted  in violation  of  any  law,  ordinance,
regulation of any governmental entity, except for possible violations which
either  singly  or in the aggregate do not have a Material Adverse  Effect.
Except  as  required under the 1933 Act and any applicable state securities
laws,  the Company is not required to obtain any consent, authorization  or
order  of,  or  make  any  filing  or  registration  with,  any  court   or
governmental agency in order for it to execute, deliver or perform  any  of
its obligations under this Agreement in accordance with the terms hereof.

          f.    Common Stock.  The Company has registered its Common  Stock
pursuant to Section 12(b) or (g) of the 1934 Act (as defined below) and  is
in full compliance with all reporting requirements of the 1934 Act, and the
Company is in compliance with all requirements for the continued listing or
quotation of its Common Stock, and such Common Stock is currently listed or
quoted  on,  the  Principal Market.  As of the date hereof,  the  Principal
Market  is the American Stock Exchange, and except as set forth in the  SEC
Documents,  the Company has not received any notice regarding, and  to  its
knowledge there is no threat of, the termination or discontinuance  of  the
eligibility of the Common Stock for such posting or listing.

          g.    SEC  Documents, Financial Statements.  During the Company's
last  two  (2) fiscal years, the Company has filed all reports,  schedules,
forms,  statements and other documents required to be filed by it with  the
SEC  pursuant to the reporting requirements of the Securities Exchange  Act
of  1934, as amended (the "1934 Act") (all of the foregoing filed prior  to
the  date hereof and all exhibits included therein and financial statements
and  schedules thereto and documents (other than exhibits) incorporated  by
reference  therein,  being  hereinafter referred  to  herein  as  the  "SEC
Documents").   The Company has delivered to Buyer true and complete  copies
of  the SEC Documents, except for such exhibits, schedules and incorporated
documents.   As  of  their respective dates, subject to,  with  respect  to
certain  SEC  Documents, the filing of an amendment to such SEC  Documents,
the  SEC  Documents complied in all material respects with the requirements
of  the  1934  Act  and  the rules and regulations of the  SEC  promulgated
thereunder  applicable to the SEC Documents, and none of the SEC Documents,
at the time they were filed with the SEC, contained any untrue statement of
a  material fact or omitted to state a material fact required to be  stated
therein  or necessary in order to make the statements therein, in light  of
the  circumstances under which they were made, not misleading.  As of their
respective dates, the financial statements of the Company included  in  the
SEC  Documents complied as to form in all material respects with applicable
accounting requirements and the published rules and regulations of the  SEC
with  respect  thereto.  Such financial statements have  been  prepared  in
accordance  with  generally  accepted accounting  principles,  consistently
applied,  during  the  periods involved (except (i)  as  may  be  otherwise
indicated in such financial statements or the notes thereto, or (ii) in the
case  of  unaudited  interim statements, to the  extent  they  may  exclude
footnotes or may be condensed or summary statements) and fairly present  in
all material respects the financial position of the Company as of the dates
thereof  and  the results of its operations and cash flows for the  periods
then  ended (subject, in the case of unaudited statements, to normal  year-
end  audit  adjustments). No other information provided by or on behalf  of
the  Company  to  Buyer and referred to in Section 2(d) of  this  Agreement
contains  any  untrue statement of a material fact or omits  to  state  any
material  fact  necessary in order to make the statements therein,  in  the
light  of  the  circumstance  under  which  they  are  or  were  made,  not
misleading.   The  SEC  Documents  contain  all  material  information   in
connection  with the business of the Company and its subsidiaries  required
to  be  included therein.  All liabilities, contingent and  other,  of  the
Company  are set forth in the financial statements as of December 31,  2002
contained in the Form 10-Q of the Company for such quarterly period  ended,
excepting  only  liabilities incurred in the ordinary  course  of  business
subsequent  to December 31, 2002, and liabilities of the type not  required
under  generally  accepted accounting principles to be  reflected  in  such
financial  statements.   Since  December  31,  2002,  there  has  been   no
occurrence of any event that would have a Material Adverse Effect upon  the
financial  condition of the Company from the financial condition stated  in
such financial statements other than as disclosed in the SEC Documents.

          h.    Absence  of  Litigation. Except as  disclosed  in  the  SEC
Documents,  there is no action, suit, proceeding, inquiry or  investigation
before  or  by any court, public board or body pending or, to the knowledge
of  the  Company,  threatened against the Company, wherein  an  unfavorable
decision, ruling or finding would have a Material Adverse Effect  or  which
would  adversely affect the validity or enforceability of, or the authority
or  ability of the Company to perform its obligations under, this Agreement
or any of the documents contemplated herein.

          i.    Exempt  Transaction.  Subject to the  accuracy  of  Buyer's
representations and warranties in Section 2 of this Agreement,  the  offer,
sale,  and  issuance of the shares of Common Stock to Buyer  in  conformity
with  the  terms of this Agreement constitute transactions exempt from  the
registration requirements of Section 5 of the Securities Act and  from  the
registration  or qualification requirements of the laws of  any  applicable
state or United States jurisdiction.

          j.   S-3 Eligibility.  The Company is eligible, and will take all
commercially  reasonable action required to continue  to  be  eligible,  to
register  securities  for resale with the SEC under  Form  S-3  promulgated
under the Securities Act.

           k.   Indemnification.  The Company acknowledges that the Company
understands  the meaning and legal consequences of the representations  and
warranties  in  this  Section  3,  and that  Buyer  has  relied  upon  such
representations and warranties, and the Company hereby agrees to  indemnify
and  hold harmless Buyer and its officers, directors, shareholders,  agents
and  representatives from and against any and all claims, demands,  losses,
damages,  expenses or liabilities (including attorneys'  fees)  due  to  or
arising out of a material breach of any such representations or warranties;
provided, however, that such indemnification obligation on the part of  the
Company shall not exceed the amount of the Purchase Price.  Notwithstanding
the  foregoing,  however,  no representation, warranty,  acknowledgment  or
agreement  made  herein by the Company shall in any  manner  be  deemed  to
constitute  a waiver of any rights granted to the Company under federal  or
state securities laws.

     4.   COVENANTS; CONDITIONS TO CLOSE

          a.   Form D.  The Company agrees to file a Form D with respect to
the Securities as required under Regulation D and to provide a copy thereof
to Buyer promptly after such filing.

          b.    Reporting Status.  Until the earlier of (i) the date as  of
which  Buyer  may sell all the Securities without restriction  pursuant  to
Rule 144(k) promulgated under the 1933 Act, or (ii) the date on which Buyer
has sold all of the Securities, the Company shall file all reports required
to  be  filed with the SEC pursuant to the 1934 Act, and the Company  shall
not  terminate its status as an issuer required to file reports  under  the
1934 Act even if the 1934 Act or the rules and regulations thereunder would
permit  such termination.  Buyer shall give notice to the Company  when  it
has sold all of the Securities.

          c.    Board  Seat.   Buyer shall designate a representative  (the
"Designee")  which shall be appointed to the Company's Board  of  Directors
until the next annual meeting of the shareholders.  During such time as the
Distribution Agreement (as defined below) is in full force and effect,  the
Company  shall nominate the Designee for consideration of the  shareholders
as  a  proposed member of the Company's Board of Directors (which shall  be
initial  Designee as provided below unless Buyer notifies  the  Company  in
writing  of  a  change  of Designee prior to the Company's  filing  of  its
preliminary  proxy statement or, in the case a preliminary proxy  statement
is  not required for the applicable meeting, the Company's definitive proxy
statement) for each annual (or other) meeting of shareholders at which  the
Designee's seat shall become open for election.  The initial Designee shall
be Patrice Videlier.

          d.    Closing Conditions.  The obligation of Buyer to  close  the
transaction  contemplated by this Agreement is subject to the  satisfaction
on or prior to the date of Closing of the following conditions:

                (i)  The execution and delivery to Buyer by the Company  of
the Registration Rights Agreement;

                (ii)  The  execution and delivery to Buyer by the  Company,
Textron Financial Corporation, SouthTrust Bank and the Other Buyers of  the
Escrow Agreement;

               (iii)     The execution and delivery to Buyer by the Company
of   a   Master  Distribution  and  License  Agreement  (the  "Distribution
Agreement") in form and substance satisfactory to Buyer; and

                (iv) Satisfaction of the covenant set forth in Section 4.c.
hereof  regarding the appointment of the initial Designee to the  Company's
Board of Directors.

     5.   TRANSFER AGENT INSTRUCTIONS

          Buyer  acknowledges  that the Securities  shall  be  "restricted"
securities,  that the Stock Certificates shall bear the restrictive  legend
specified  in  Section  2(g)  of  this Agreement,  and  that  stop-transfer
instructions  have  been given by the Company to its  transfer  agent  with
respect  to the Securities.  If Buyer provides the Company with an  opinion
of  counsel,  reasonably satisfactory in form, scope and substance  to  the
Company, that registration of a resale by Buyer of any of the Securities is
not  required under the 1933 Act or any applicable state securities or blue
sky  laws, the Company shall permit the transfer and promptly instruct  its
transfer agent to issue one or more certificates in such name and  in  such
denominations as specified by Buyer.

     6.   TERMINATION

          a.   Termination.  This Agreement may be terminated as follows:

               (i)  at any time prior to Closing, by mutual written consent
of all of the parties to this Agreement, whereupon Buyer and the Company
shall deliver to Escrow Agent joint written instructions to release the
Escrow Amount to Buyer;

                (ii)  at  any  time after July 15, 2003, by Buyer,  if  the
Closing has not been effected on or prior to such date and if Buyer is  not
then in breach of any term of this Agreement, pursuant to written notice by
Buyer to the Company and the Escrow Agent; or

                (iii)      at any time after July 15, 2003, by the Company,
if  the  Closing  has not been effected on or prior to such  date,  if  the
Company  is  not then in breach of any term of this Agreement, pursuant  to
written notice by the Company to Buyer and the Escrow Agent.

           b.    Effect  of  Termination. All obligations  of  the  parties
hereunder  shall  cease  upon any termination  pursuant  to  Section  6.a.,
provided, however, that the provisions of Sections 6.c. and 7 hereof  shall
survive any termination of this Agreement.

           c.    Treatment  of  Escrow Amount Upon  Termination.   If  this
Agreement is terminated pursuant to its terms, the Escrow Amount  shall  be
treated as set forth in the Escrow Agreement.

     7.   GOVERNING LAW; MISCELLANEOUS

          a.    Governing  Law.  This Agreement shall be  governed  by  and
interpreted  in  accordance with the laws of the State of  Florida  without
regard to the principles of conflict of laws.

          b.   Counterparts.  This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and  the  same
agreement and shall become effective when counterparts have been signed  by
each  party  and delivered to the other party.  In the event any  signature
page is delivered by facsimile transmission, the party using such means  of
delivery shall cause three (3) additional original executed signature pages
to  be physically delivered to the other party within five (5) days of  the
execution and delivery hereof.

          c.     Headings.   The  headings  of  this  Agreement   are   for
convenience  of  reference  and shall not  form  part  of,  or  affect  the
interpretation of, this Agreement.

          d.    Severability.  If any provision of this Agreement shall  be
invalid   or   unenforceable  in  any  jurisdiction,  such  invalidity   or
unenforceability  shall not affect the validity or  enforceability  of  the
remainder  of  this  Agreement or the validity or  enforceability  of  this
Agreement in any other jurisdiction.

          e.    Entire  Agreement;  Amendments.   This  Agreement  and  the
instruments  referenced  herein contain the  entire  understanding  of  the
parties with respect to the matters covered herein and therein and,  except
as  specifically set forth herein or therein, neither the Company  nor  the
Buyer  makes  any  representation, warranty, covenant or  undertaking  with
respect  to such matters.  No provision of this Agreement may be waived  or
amended  other than by an instrument in writing signed by the party  to  be
charged with enforcement.

          f.    Notices.   Any notices required or permitted  to  be  given
under  the  terms  of  this Agreement shall be sent by  mail  or  delivered
personally  or  by  courier and shall be effective five  days  after  being
placed  in  the  mail, if mailed, certified or registered,  return  receipt
requested, or upon receipt, if delivered personally or by courier, in  each
case addressed to a party.  The addresses for such communications shall be:

If to the Company:  Galaxy Nutritional Foods, Inc.
               2441 Viscount Row
               Orlando, FL 32809
               Telephone: (407) 855-5500
               Telecopy: (407) 855-1099
               Attention: Mr. Christopher J. New

With a copy to:          Baker & Hostetler LLP
               200 South Orange Avenue
               Orlando, FL 32801
               Telephone: (407) 649-4000
               Telecopy: (407) 841-0168
               Attention: Jeffrey E. Decker, Esq.

If to the Buyer:         Fromageries Bel S.A.
               16, Bd Malesherbes 75008
               Paris, France
               Telephone:  00 33 1 40 07 76 00
               Telecopy:    00 33 1 40 07 75 17
               Attention:    Eric de Poncins

          And  Fromageries Bel S.A.
               16, Bd Malesherbes 75008
               Paris, France
               Telephone:  00 33 1 40 07 72 72
               Telecopy:    00 33 1 40 07 74 00
               Attention:    Michel Troussier

With a copy to:          Greenberg Traurig, P.A.
               1221 Brickell Avenue
               Miami, Florida 33131
               Telephone:  (305) 579-0756
               Telecopy:  (305) 579-0717
               Attention:  Robert L. Grossman, Esq.

Each  party  shall  provide notice to the other  party  of  any  change  in
address.

          g.    Successors  and Assigns.  This Agreement shall  be  binding
upon  and  inure  to  the benefit of the parties and their  successors  and
assigns.  Neither the Company nor Buyer shall assign this Agreement or  any
rights  or obligations hereunder without the prior written consent  of  the
other  (which consent may be withheld for any reason in the sole discretion
of the party from whom consent is sought).

          h.    Third Party Beneficiaries.  This Agreement is intended  for
the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other person.

          i.   Survival.  The representations and warranties of the Company
contained  in Section 3 shall survive the Closing for a period of  one  (1)
year  thereafter. The representations and warranties of Buyer contained  in
Section 2 shall survive the Closing indefinitely.

          k.    Publicity.  The Company and Buyer shall have the  right  to
approve  before issuance any press releases or any other public  statements
with  respect  to the transactions contemplated hereby; provided,  however,
that the Company shall be entitled, without the prior approval of Buyer, to
make  any  press release with respect to such transactions as  the  Company
reasonably determines is required by applicable law and regulations.

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

           m.    Expenses.   Subject to a maximum of $20,000,  the  Company
shall pay the reasonable fees, costs, expenses and disbursements of Buyer's
legal  counsel  and  other professionals arising  in  connection  with  the
negotiation,  execution  and  consummation  of  this  Agreement   and   the
Registration Rights Agreement.

                   [SIGNATURES APPEAR ON FOLLOWING PAGE]
     IN WITNESS WHEREOF, Buyer and the Company have caused this Securities
Purchase Agreement to be duly executed as of the date first written above.

                              "Company"

                              GALAXY NUTRITIONAL FOODS, INC.

                              By:  /s/ Christopher J. New
                                   ----------------------
                                   Christopher J. New, Chief Executive Officer

                              "Buyer"

                              FROMAGERIES BEL S.A.

                              By:  /s/ Eric de Poncins
                                   -------------------
                                   Eric de Poncins, Vice President of Strategy
                                   and Development

                              By:  /s/ Michel Troussier
                                   --------------------
                                   Michel Troussier, Vice President of Finance

<PAGE>

                                  ANNEX A

                            Textron Loan Terms

Minimum Loan Amount :         $7,000,000

Term:                         No less than 36 months

Interest Rate (non-default):  Not to exceed the prime rate plus 4%

                           SouthTrust Loan Terms

Minimum Loan Amount:          $2,000,000 increase

Term:                         No less than 60 months

Interest Rate (non-default):  Not to exceed the prime rate plus 2%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]