Document:

Exhibit 10.5

                             GEORGETOWN SAVINGS BANK
                ENDORSEMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT

         This Endorsement  Split Dollar Agreement  ("Agreement") is entered into
by Georgetown  Savings Bank ("Bank") and Joseph W. Kennedy  ("Insured")  on June
23, 2008,  and shall be effective  as of June 30, 2008  ("Effective  Date") with
respect to certain life insurance  policies (the "Policy" or "Policies")  issued
by a duly licensed life insurance  company (the "Insurer") set forth on Schedule
A hereto.  Georgetown Bancorp,  Inc. (the "Company") has executed this Agreement
for the sole purpose of guaranteeing  the Bank's payment of premiums  hereunder.
Insured is the Senior  Vice-President  and Chief Financial  Officer of the Bank.
The  respective  rights and duties of the Bank and Insured in the Policy are set
forth herein and on Schedule A attached hereto. This Agreement is intended to be
a non-equity, endorsement split dollar agreement, such that it is not treated as
a impermissible  personal loan from the Bank to the Insured under Section 402 of
the  Sarbanes-Oxley  Act of 2002. Except as set forth in Section 7 hereof,  this
Agreement  shall  remain  in  effect  only  for so long as the  Insured  remains
employed by the Bank.

         1. Policy Title and Ownership; Endorsement.
            ---------------------------------------

         (a) Policy title and ownership shall reside in the Bank for its use and
for the use of the Insured,  all in accordance with this Agreement.  Such Policy
shall be treated as "bank owned life insurance"  ("BOLI") and is held subject to
the provisions and  limitations  set forth in the  Interagency  Statement on the
Purchase and Risk  Management of Life Insurance (OCC 2004-56).  The Bank may, to
the extent of its  interest,  exercise  the right to borrow or  withdraw  on the
Policy  cash  values.  Where the Bank and the  Insured  (or  assignee,  with the
consent of the  Insured)  mutually  agree to exercise  the right to increase the
coverage under the Policy, then, in such event, the rights,  duties and benefits
of the parties to such  increased  coverage  shall continue to be subject to the
terms of this Agreement.

         (b) An  endorsement  on  the  form  provided  by the  Insurer  must  be
completed and filed with the Insurer for each Policy identified on Schedule A in
order to implement the rights and obligations  set forth in this Agreement.  The
parties  agree that the Policy shall be subject to the terms and  conditions  of
this Agreement and of the endorsement filed with the Insurer.

         (c) The Bank agrees that, except as otherwise provided herein, it shall
not sell,  assign,  transfer,  surrender  or cancel  the  policy,  or change the
beneficiary designation without the express written consent of the Insured.

         2. Beneficiary Designation Rights. The Insured (or assignee) shall have
            ------------------------------
the right and power to designate a beneficiary or  beneficiaries  to receive the
Insured's  share of the Policy  proceeds  payable upon the death of the Insured,
subject to any right or

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interest the Bank may have in such proceeds, as provided in this Agreement.  The
Bank shall not terminate,  alter or amend the Insured's beneficiary designations
without the written consent of the Insured. The Bank shall be the beneficiary of
any proceeds  remaining  under the Policy after the payment  required under this
Agreement has been made to the Insured's designated beneficiary.

         3. Premium  Payment.  The Bank shall pay an amount equal to the planned
            ----------------
premiums and any other premium  payments that might become necessary to keep the
Policy in force.

         4. Taxable  Benefit.  Annually,  the Insured  will  recognize a taxable
            ----------------
benefit equal to the assumed cost of insurance  required by the Internal Revenue
Service   ("IRS"),   as  determined   from  time  to  time.  The  Bank  (or  its
administrator)  will timely  report to the  Insured  the amount of such  imputed
income  each year on IRS Form W-2 or its  equivalent.  The Bank and the  Insured
intend  that this  Agreement  will be subject to  taxation  under the  "economic
benefit regime" set forth in Treasury Regulations section 1.61-22(d),  such that
the Insured  shall have  taxable  income equal to the annual cost of the current
one-year term life insurance  coverage  provided  under the Policy.  The current
one-year term life  insurance  rate shall be the minimum  amount  required to be
imputed under IRS Notice 2002-28 or any subsequent applicable authority.

         5.  Division of Death  Proceeds.  Upon the death of the  Insured  while
             ---------------------------
employed by the Bank,  the Bank shall  cooperate  with the Insured's  designated
beneficiary  to take  whatever  action is necessary to collect the death benefit
provided  under the Policy.  Subject to Sections 6 and 9 below,  the division of
the  death   proceeds  of  the  Policy  shall  be  as  follows:   the  Insured's
beneficiary(ies)  designated in  accordance  with Section 2 shall be entitled to
payment from the Policy proceeds directly from the Insurer of an amount equal to
the lesser of:
--- ------ --

                  (i)One Million Dollars ($1,000,000.00); or

                  (ii) The Net Death  Benefit.  The "Net Death Benefit" shall be
the death benefit  payable under the terms of the Policy or Policies  reduced by
the  aggregate  premiums  paid  by the  Bank.  Notwithstanding  anything  to the
contrary  herein,  Bank shall ensure that the Net Death Benefit under the Policy
is never  less  than One  Million  Dollars  ($1,000,000.00)  for as long as this
Agreement is in effect. In the event that the Bank determines that the Net Death
Benefit has decreased or is likely to decrease below said amount, the Bank shall
either increase the premium payments or purchase  additional  insurance in order
to avoid this result.

         6. Ownership of the Cash Surrender Value of the Policies.
            -----------------------------------------------------

         The Bank shall at all times be entitled to one hundred  percent  (100%)
of the Policy's cash value, as that term is defined in the Policy contract, less
any policy loans and unpaid interest or cash withdrawals  previously incurred by
the Bank.  Such cash value shall be  determined  as of the date of  surrender or
death, as the case may be.

                                       2
<PAGE>

         7. Extension of Term of Agreement.
            ------------------------------

         (a) If a Change in Control of the Bank or the Company shall occur prior
to the Insured's termination of employment or retirement, then the death benefit
coverage  set forth in  Section 5 shall  remain in effect  for  thirty-six  (36)
months  following  Insured's  termination of employment  following the Change in
Control or age 65, unless this Agreement is otherwise terminated pursuant to its
terms prior to such time. For these purposes,  "Change in Control" shall mean: a
change in control of a nature  that:  (i) would be  required  to be  reported in
response  to Item 5.01 of the  current  report on Form 8-K,  as in effect on the
date hereof,  pursuant to Section 13 or 15(d) of the Securities  Exchange Act of
1934 (the "Exchange Act"); or (ii) results in a Change in Control of the Bank or
the Company  within the meaning of the Home  Owners'  Loan Act, as amended,  and
applicable  rules and  regulations  promulgated  thereunder  (collectively,  the
"HOLA")  as in effect at the time of the  Change in  Control;  or (iii)  without
limitation  such a Change in Control  shall be deemed to have  occurred  at such
time as (a) any "person" (as the term is used in Sections 13(d) and 14(d) of the
Exchange  Act) is or becomes  the  "beneficial  owner" (as defined in Rule 13d-3
under the Exchange Act),  directly or  indirectly,  of securities of the Company
representing  25% or more of the combined voting power of Company's  outstanding
securities,  except for any  securities  purchased by the Bank's  employee stock
ownership plan or trust; or (b) individuals who constitute the Board on the date
hereof (the  "Incumbent  Board")  cease for any reason to  constitute at least a
majority thereof, provided that any person becoming a director subsequent to the
date hereof whose election was approved by a vote of at least  three-quarters of
the directors  comprising the Incumbent  Board, or whose nomination for election
by the  Company's  stockholders  was approved by the same  Nominating  Committee
serving  under an  Incumbent  Board,  shall be, for purposes of this clause (b),
considered as though he were a member of the Incumbent  Board;  or (c) a plan of
reorganization,  merger,  consolidation,  sale of all or  substantially  all the
assets of the Bank or the  Company or similar  transaction  in which the Bank or
Company is not the surviving  institution occurs or is effected;  or (d) a proxy
statement  soliciting proxies from stockholders of the Company, by someone other
than the current management of the Company is distributed,  seeking  stockholder
approval of a plan of reorganization,  merger or consolidation of the Company or
similar  transaction  with one or more  corporations  as a result  of which  the
outstanding  shares  of the class of  securities  then  subject  to the plan are
exchanged for or converted into cash or property or securities not issued by the
Company;  or (e) a tender offer is made for 25% or more of the voting securities
of the Company and the shareholders owning beneficially or of record 25% or more
of the  outstanding  securities  of the Company have tendered or offered to sell
their shares  pursuant to such tender offer and such  tendered  shares have been
accepted by the tender offeror.  Notwithstanding  anything in this subsection to
the contrary,  a Change in Control shall not be deemed to have occurred upon the
conversion of the Company's  mutual holding  company parent to stock form, or in
connection with any reorganization used to effect such a conversion.

         (b) In the event of Executive's  involuntary termination other than for
"Cause" or in the event of Executive's  resignation for "Good Reason",  then the
death  benefit

                                       3
<PAGE>

coverage  set forth in Section 5 shall  remain in effect for  thirty-six  months
following  Insured's  termination  of  employment,   unless  this  Agreement  is
otherwise terminated pursuant to its terms prior to such time. For this purpose,
"Cause" and "Good Reason"  shall have the same meanings as under the  Employment
Agreement between the Bank and the Insured,  as such may be amended from time to
time.

         8. Rights of Insured or  Assignees.  The  Insured may not,  without the
            -------------------------------
written  consent  of  the  Bank,  assign  to  any  individual,  trust  or  other
organization, any right, title or interest in the subject Policy nor any rights,
options, privileges or duties created under this Agreement.

         9. Termination of Agreement.
            ------------------------

         (a) This  Agreement  shall  terminate upon the occurrence of any one of
the following:

                  (1) The Insured's  termination  of employment  for any reason,
other than as set forth in Section 7 hereof; or

                  (2) Surrender, lapse or other termination of the Policy by the
Bank,  provided,  however,  that if the  Policy  is  surrendered,  lapses  or is
terminated in violation of this Agreement,  the Insured may have a claim against
the Bank, which may be settled by binding arbitration in accordance with Section
11(i) hereof, without regard to Sections 11(e) through (h) hereof.

                  (3)  Notwithstanding  anything to the  contrary  herein,  this
Agreement  (and all rights of the  Insured and his  beneficiary(ies))  will also
terminate if any regulatory  agency requires the Bank to sever its  relationship
with the Insured,  if the Bank is subjected to banking  regulatory  restrictions
limiting  its  ability  to pay  such  compensation  to  the  Insured,  upon  the
occurrence of the  bankruptcy,  insolvency,  receivership  or dissolution of the
Bank, or due to adverse tax or accounting consequences that may arise due to tax
law or accounting  changes that may arise following the  implementation  of this
Agreement.  In the event of  termination  of this  Agreement  under this Section
9(a)(3),  the  Insured  shall  not  have a claim  against  the  Bank due to such
termination.

         (b) Upon such termination, the Insured (or assignee) shall have a sixty
(60) day option to receive from the Bank an absolute assignment of the Policy in
consideration  of a cash payment to the Bank,  whereupon  this  Agreement  shall
terminate.  Such cash  payment  shall  equal the cash value of the Policy on the
date of such assignment.

         (c) Except as noted in  subsections  (a) and (b) above,  this Agreement
shall terminate upon  distribution  of the death benefit  proceeds in accordance
with Section 5.

         10.  Amendment  and  Revocation.  The  Insured and the Bank agree that,
              --------------------------
during the Insured's  lifetime,  this Agreement may be amended or revoked at any
time or times, in whole or in part, by the mutual written consent of the Insured
and the Bank.

         11. ERISA Provisions.
             ----------------

                                       4
<PAGE>

         To the extent this  Agreement  is treated as a "welfare  benefit  plan"
within the meaning of Section 3(1) of the Employee  Retirement  Income  Security
Act of 1974, as amended ("ERISA"), the following provisions shall apply.

         (a) The Bank shall be the named  fiduciary  for purposes of ERISA under
this Agreement. Accordingly, the Bank shall have authority to control and manage
the  operation  and  administration  of this  Agreement,  including the right to
interpret  any provision of this  Agreement,  and such  interpretation  shall be
binding on all parties.

         (b) All  premiums  paid with respect to the Policy shall be remitted to
the Insurer when due in accordance with the Agreement.

         (c)  Benefits  under  this  Agreement  shall  be paid  directly  by the
Insurer,  with those  benefits in turn being based on the payment of premiums as
provided in this Agreement.

         (d) For purposes of handling claims with respect to this Agreement, the
"Claims  Reviewer"  shall be the Bank,  unless another person or  organizational
unit is designated by the Bank as Claims Reviewer.

         (e) An initial claim for benefits  under this Agreement must be made by
the Insured or his  beneficiary in accordance with the terms of the Agreement or
policy  through  which the benefits are  provided.  Not later than 30 days after
receipt of such claim, the Claims Reviewer shall provide its written decision on
the claim to the claimant, unless special circumstances require the extension of
such 30-day period.  If such extension is necessary,  the Claims  Reviewer shall
provide the Insured or the Insured's  beneficiary  with written  notification of
such extension before the expiration of the initial 30-day period.

         (f) In the event the Claims  Reviewer denies the claim of an Insured or
the Insured's  beneficiary  in whole or in part, the Claims  Reviewer's  written
notification  shall  specify,  in a manner  calculated  to be  understood by the
claimant, the reason for the denial; a description of any additional material or
information  necessary for the claimant to perfect the claim;  an explanation as
to why such  information  or material is necessary;  and an  explanation  of the
applicable claims procedure.

         (g) Should the  claimant  be  dissatisfied  with the Claims  Reviewer's
disposition  of the claim,  the  claimant may have a full and fair review of the
denied  claim  by the Bank  upon  written  request  therefore  submitted  by the
claimant or the claimant's  duly authorized  representative  and received by the
Bank within 30 days after the claimant  receives written  notification  that the
claim has been  denied.  In  connection  with such  appeal,  the claimant or the
claimant's duly authorized  representative shall be entitled to review pertinent
documents and submit the claimant's views as to the issues in writing.  The Bank
shall act to deny or accept the appealed  claim within 30 days after  receipt of
the claimant's written request for review unless special  circumstances  require
the extension of such 30-day period.  If such  extension is necessary,  the Bank
shall provide the claimant with written  notification  of such extension  before
the expiration of such

                                       5
<PAGE>

initial 30-day period.  In all events,  the Bank shall act to deny or accept the
claim  within 120 days of the  receipt of the  claimant's  written  request  for
review.  The action of the Bank shall be in the form of a written  notice to the
claimant and its contents  shall include all of the  requirements  for action on
the original claim.

         (h) In no event may a claimant  commence  legal action for benefits the
claimant  believes are due to the claimant  until the claimant has exhausted all
of the remedies and procedures set forth in this Section and under ERISA, except
as set forth in Section 9(a)(2) hereof.

         (i) Any dispute or controversy arising under or in connection with this
Agreement  which cannot be settled in the manner set forth above in sub-sections
(e) through (g) hereof, shall be settled exclusively by binding arbitration,  as
an alternative to civil litigation and without any trial by jury to resolve such
claims,  conducted by a single arbitrator,  mutually  acceptable to the Bank and
Insured or the  Insured's  beneficiary,  sitting in a location  selected by Bank
within fifty (50) miles from the main office of the Bank, in accordance with the
rules  of  the  American  Arbitration   Association's  National  Rules  for  the
Resolution of Employment  Disputes  ("National Rules") then in effect.  Judgment
may be entered on the arbitrator's award in any court having jurisdiction.

         12. Miscellaneous.
             -------------

         (a)  Binding  Agreement.  The  Insured  and the Bank  agree  that  this
              ------------------
Agreement shall be binding on their heirs, successors,  personal representatives
and assigns.

         (b) Insurance Company Not a Party to this Agreement.  The Insurer shall
             -----------------------------------------------
not be deemed a party to this Agreement, but will respect the rights of the Bank
and the Insured  hereunder  by  receiving  an executed  copy of this  Agreement.
Payment or other  performance  in accordance  with the Policy  provisions  shall
fully discharge the Insurer from any and all liability.

         (c)  Severability.  If a  provision  of  this  Agreement  is held to be
              ------------
invalid  or  unenforceable,   the  remaining  provisions  shall  nonetheless  be
enforceable according to their terms.

         (d) Governing Law. This Agreement  shall be governed by the laws of the
             -------------
Commonwealth  of  Massachusetts,  to the extent not  pre-empted  by federal law,
without regard to conflict of law provisions.

         (e) No Guarantee of  Employment.  This  Agreement is not an  employment
             ---------------------------
policy or contract. It does not give the Insured the right to remain an employee
of the Bank,  nor does it  interfere  with the  Bank's  right to  discharge  the
Insured from employment.

         (f)  Payment  of  Premiums.  All  premium  payments  required  by  this
              ---------------------
Agreement  shall be timely paid in cash or check from the  general  funds of the
Bank.  Any holding  company  established  with respect to the Bank may accede to
this Agreement but

                                       6
<PAGE>

only for the purpose of  guaranteeing  payment of premiums due and  provision of
all amounts and benefits due hereunder to Insured.

         (g) Notices. Any notice,  consent or demand required or permitted to be
             -------
given hereunder shall be in writing and shall be signed by the party giving such
notice,  consent or  demand.  If such  notice,  consent or demand is mailed to a
party  hereto,  it shall be sent by United  States  certified  mail or reputable
overnight  delivery  service to such party's last known  address as shown on the
Bank's  records.  The date of the mailing  shall be deemed to be the date of the
notice.

                                       7
<PAGE>

         IN WITNESS WHEREOF, the Bank, the Company and the Insured have executed
this Agreement as of the date first set forth above.

                                            GEORGETOWN SAVINGS BANK

June 23, 2008                               By:/s/ Richard F. Spencer
--------------------                           -----------------------------
Date

                                            GEORGETOWN BANCORP, INC.

June 23, 2008                               By:/s/ Richard F. Spencer
--------------------                           -----------------------------

                                            INSURED

June 23, 2008                               /s/ Joseph W. Kennedy
--------------------                        --------------------------------
Date                                        Joseph W. Kennedy

                                       8
<PAGE>

                             GEORGETOWN SAVINGS BANK
                      SPLIT DOLLAR LIFE INSURANCE AGREEMENT

                                   SCHEDULE A
                                   ----------

--------------------------------------------------------------------------------
                                                               Maximum
    Insurer      Policy        Issue        Face Amount         Policy
                 Number        Date                            Proceeds
                                                              Payable to
                                                               Insured
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                       9
<PAGE>

                             GEORGETOWN SAVINGS BANK
                      SPLIT DOLLAR LIFE INSURANCE AGREEMENT

                             BENEFICIARY DESIGNATION
                             -----------------------

         The  Insured,  under the terms of the  Georgetown  Savings  Bank  Split
Dollar   Life   Insurance    Agreement,    hereby   designates   the   following
Beneficiary(ies) to receive any guaranteed payments or death benefits under such
Plan, following his death:

PRIMARY BENEFICIARY:

Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________

SECONDARY BENEFICIARY (if all Primary Beneficiaries pre-decease the Insured):

Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________

Name:________________________________       % of Benefit:___________________

This Beneficiary  Designation  hereby revokes any prior Beneficiary  Designation
which may have been in effect and this Beneficiary Designation is revocable.

___________________________                     ________________________________
Date                                            InsuredExhibit 10.18

                      AMERICAN ITALIAN PASTA COMPANY, INC.
               SEVERANCE PLAN FOR SENIOR VICE PRESIDENTS AND ABOVE
                              Effective May 2, 2006

     If the  employment  of a Senior Vice  President  or above  ("Employee")  is
involuntarily terminated by American Italian Pasta Company, Inc. ("the Company")
other than for Cause,  then, if the Employee executes a Separation  Agreement in
the form required by the Company that includes,  among other things,  a full and
general release of claims in favor of the Company, a confidentiality  agreement,
a non-solicitation  agreement, a non-competition  agreement, a non-disparagement
agreement, a cooperation agreement and a requirement that any severance payments
described herein be subject to offsetting mitigation,  the Employee will receive
the following:

     1.   Two weeks base salary at the rate in effect on the date of termination
          for every year of service  with the  Company,  plus an  additional  52
          weeks  base  salary at the rate in effect at the date of  termination,
          (but in no  event  more  than a  cumulative  cap of 78  weeks  of base
          salary) to be paid in equal  bi-weekly  installments  (which period is
          the "Severance Period"),  less applicable  deductions,  and subject to
          certain other  limits(1).  For this purpose,  "years of service" shall
          include  fractional years based on completed weeks of service.  If the
          Severance  Period would include a fraction,  the Severance Period will
          be  rounded  to the  nearest  whole week  (with 0.5  rounded  up).  If
          Employee is a rehire, service prior to the most recent hire date shall
          not count if: (1)  Employee  was not  employed by the Company for more
          than ninety  consecutive  days during his most recent  prior period of
          employment  by the  Company or (2) the period  between the most recent
          termination  date  and the most  recent  hire  date was more  than six
          months.

     2.   In the event a "Change of Control"  occurred within 12 months prior to
          the  termination  date,  any  unvested   restricted  stock  and  stock
          appreciation  rights  related  to  Company  stock and  granted  to the
          Employee prior to the Employee's  termination date will be accelerated
          and fully vested.  The terms of this  paragraph  have been approved by
          the  Compensation  Committee of the  Company's  Board of Directors and
          constitute an amendment of the award agreement related to any grant to
          which this provision may apply.

     3.   Eligibility  during the  Severance  Period  defined in Paragraph 1 for
          participation  in the  Company's  medical,  dental,  and vision  group
          health plans that are provided to active  employees  from time to time
          following  the  termination  date.  For the

-------------------
(1) Notwithstanding  anything herein to the contrary,  the amount of "separation
pay," as defined in  Proposed  Treasury  Regulation  ss.1.409A-1(m)  until final
regulations  are  promulgated  pursuant  to  Internal  Revenue  Code 409A and as
defined by such final  regulations  thereafter,  due an  Employee  because of an
involuntary  termination  will not  exceed  the  lesser  of:  (1) two  times the
Employee's  W-2 wages for the calendar year preceding the calendar year in which
the  Employee's  involuntary  termination  occurs;  or (2) two times the maximum
compensation  that may be taken into account under a qualified  retirement  plan
pursuant to Section 401(a)(17) of the Internal Revenue Code of 1986, as amended,
($440,000 for 2006) for the year in which the Employee's involuntary termination
occurs.  In  addition,  all  amounts  described  herein or  otherwise  due to an
Employee from the Company due to such Employee's involuntary  termination,  must
be paid to such Employee no later than December 31st of the second calendar year
following  the calendar  year in which the  Employee's  involuntary  termination
occurs.

          portion  of the  Severance  Period  that does not  exceed one week for
          every year of  Employee's  service  with the Company (the "Health Plan
          Subsidy  Period"),  Employee  must pay the same amount that is paid by
          active  Employees  from  time to time for the same  type and  level of
          coverage,  subject to certain other limits(2). The Health Plan Subsidy
          Period may not exceed 26 weeks.  The Company will increase or decrease
          the Employee's portion of the Plan cost during the Severance Period at
          the same times and on the same terms that such  changes  apply to then
          current  employees,  and the  Company  need not  continue to provide a
          benefit to Employee if it has terminated  that benefit with respect to
          active  employees.  For the portion of the Severance Period defined in
          Paragraph 1 in excess of the Health Plan Subsidy Period,  the Employee
          will be responsible  for payment of one hundred percent of the cost of
          coverage on an after-tax  basis. If Employee  participates in any such
          plans during the  Severance  Period,  his/her  rights under COBRA will
          commence at the end of the Severance Period.

     4.   An amount equal to the bi-weekly  Company subsidy for active employees
          for the level of medical, dental and vision coverage, if any, that was
          in effect for the Employee at the time of  termination  of  employment
          shall be paid to Employee  during the portion of the Severance  Period
          in  Paragraph 1 that exceeds the Health Plan  Subsidy  Period.  A "Tax
          Gross  Up"  will be added to this  payment.  The Tax  Gross Up will be
          based on assumed federal, state and local taxes of 32% and will not be
          based on actual tax rates. This payment will change as the subsidy for
          such coverage level changes for active employees,  but will not change
          if the Employee's level of coverage changes or is terminated.

     Terminate for "Cause" means termination of Employee's  employment  because,
in the Company's  good faith  belief,  (i) Employee  willfully  and  continually
failed  substantially to perform Employee's  duties,  (ii) Employee committed an
act  or  acts  that  constituted  a  misdemeanor  (other  than a  minor  traffic
violation)  or a  felony  under  the law of the  United  States  (including  any
subdivision thereof) or any country to which Employee is assigned (including any
subdivision thereof),  including,  but not limited to, Employee's conviction for
or plea of guilty or no contest ("nolo  contendere") to any such  misdemeanor or
felony,  (iii)  Employee  committed an act or acts in material  violation of the
Company's  significant  policies and/or practices applicable to employees at the
level of Employee  within the Company's  organization,  (iv) Employee  willfully
acted,  or  willfully  failed  to act,  in a manner  that was  injurious  to the
financial  condition  or  business  reputation  of  the  Company  or  any of its
subsidiaries or affiliates, (v) Employee acted in a manner that is unbecoming of
Employee's  position  with the  Company,  regardless  of whether  such action or
inaction occurs in the course of the  performance of Employee's  duties with the

----------------------

(2)  Notwithstanding  anything herein to the contrary,  in the event an Employee
becomes  eligible  during  the  Severance  Period  defined  in  Paragraph  1 for
participation in the Company's medical,  dental and vision group health plans in
accordance with Paragraph 3 due to an involuntary  termination  that is not part
of a reduction in force,  Company  reorganization  or restructuring or change in
the Company's operating  requirements,  then the Employee, to the extent he is a
"highly  compensated  individual" as defined for purposes  Internal Revenue Code
Section  105(h),  will be responsible  for payment of one hundred percent of the
cost of coverage on an after-tax basis during the entire  Severance  Period (not
just during the  portion of the  Severance  Period that  exceeds the Health Plan
Subsidy Period) and the amount equal to the bi-weekly Company subsidy for active
employees for the level of medical, dental and vision coverage, if any, that was
in effect for the Employee at the time of termination of employment plus the Tax
Gross Up shall be paid for the  entire  Severance  Period  (not just  during the
portion of the Severance Period in excess of the Health Plan Subsidy Period).

                                       2

Company,  or (vi) Employee was subject to any fine,  censure, or sanction of any
kind,  permanent or temporary,  issued by the Securities and Exchange Commission
or the New York Stock Exchange.

     For purposes of this Plan,  "Change of Control"  means if "any  person," as
such term is used in  Sections  13(d) and 14(d) of the 1934 Act (other  than the
Company,  any trustee or other fiduciary  holding  securities  under an employee
benefit plan of the Company or any corporation owned, directly or indirectly, by
the stockholders of the Company in  substantially  the same proportions as their
ownership of stock of the  Company),  is or becomes the  "beneficial  owner" (as
defined in Rule 13(d)(3)  under the Exchange Act),  directly or  indirectly,  of
securities  of the Company  representing  more than fifty  percent  (50%) of the
Company's  then  outstanding  securities or more than fifty percent (50%) of the
combined  voting power of the Company's  then  outstanding  securities,  and if,
within 12 months thereafter, members of the Board of Directors of the Company at
the beginning of that 12 month period ("Existing  Directors")  together with any
director whose election was subsequently approved by vote of at least two-thirds
(2/3) of the Board of Directors  in office at the time of such  election who are
either Existing Directors or Approved Directors ("Approved  Directors") cease to
constitute a majority of the Board of Directors.

     Any amounts or benefits owed under this Plan,  except the benefits based on
medical,  dental and vision group health  benefits as described in  paragraphs 3
and 4, will be reduced (but not below  zero):  (1) by  compensation  owed to the
Employee  by another  employer  during the  Severance  Period;  (2) by any other
post-termination  salary,  severance,  bonus or  benefits  to which  Employee is
entitled under any separate  employment,  severance or other  agreement with the
Company;  and (3) by any  amounts  to  which  Employee  is  entitled  under  any
applicable  laws or  regulations,  including,  but not  limited  to,  the Worker
Adjustment  and  Retraining  Notification  Act ("WARN Act").  Benefits  based on
medical,  dental and vision group health  coverage as described in  paragraphs 3
and 4 shall  cease on the date the  Employee is hired by another  employer.  All
payments  and  benefits  under this Plan  shall  cease on the date  Employee  is
rehired by the Company.

     The Plan  Administrator  must receive reports in the form required by it by
the  deadlines  set by the Plan  Administrator  that verify  Employee's  ongoing
eligibility for all payments and benefits hereunder and the amount thereof.  All
reports  must be  signed  by the  Employee  and  must be  received  by the  Plan
Administrator  at the intervals  required by it (such as monthly).  Payments for
benefits hereunder will be delayed pending receipt of any documentation required
by  the  Plan  Administrator  to  establish   Employee's  initial  or  continued
eligibility  for, or the amount of any  payments or benefits  due to an Employee
under this Plan.

     The terms of this Plan do not change the at-will  nature of any  Employee's
employment with the Company.

     This Plan shall take effect upon  adoption  and apply only to  terminations
effected  after that date. It is not intended that the  application of this Plan
shall  modify or alter the tax  deductibility  of any payment or benefit paid or
excluded hereunder.  Consistent with the Company's  compensation  philosophy and
practice, the Compensation Committee of the Board of Directors retains the right
to amend or modify this Plan as needed.  However,  no amendment or

                                       3

modification  hereof  will  reduce the  benefits  hereunder  for persons who are
Employees  or are  receiving  benefits  under this Plan on the date  immediately
prior to the date that any such amendment or  modification  of this Plan becomes
effective,  except that any  amendment to this Plan may be adopted to the extent
necessary  or  appropriate  to  comply  with  applicable  law  or to  avoid  the
application of Internal  Revenue Code Section  409A(a)(1) to amounts or benefits
provided hereunder.

     If a dispute  arises  concerning  whether  Employee is entitled to benefits
under this Plan or as to the amount of Employee's benefits,  Employee must first
file a claim for benefits in accordance  with the following  procedure.  A claim
for Plan benefits  must be in writing and  addressed to the Plan  Administrator,
Severance Plan for Senior Vice Presidents of American Italian Pasta Company,  at
Briarcliff One, 400 North Mulberry Drive, Kansas City, Missouri  64116-1696,  or
any  other  address  that may be  designated  from time to time.  Employee  will
receive a written notice from the Plan  Administrator with respect to Employee's
claim  within  90 days of the date the Plan  Administrator  received  Employee's
initial claim. If special  circumstances  require an extension of time,  written
notice will be given to Employee  before the end of this 90-day  period and will
explain the reasons for the delay. If Employee is not furnished notice regarding
Employee's claim within these time periods,  Employee's claim will be considered
denied.

     If the Plan Administrator  denies Employee's claim, in whole or in part, it
will tell Employee why, refer Employee to the applicable  provisions of the plan
document or other relevant records or papers, and inform Employee when and where
Employee may see them.  Employee will also be told if any additional material or
information is needed to perfect  Employee's claim, what material or information
is needed and why such  material is needed.  In addition,  Employee will be told
how Employee can appeal for  reconsideration  of its decision.  Should  Employee
disagree with the determination,  Employee will have 60 days to request a review
in writing.  The Plan Administrator will reconsider your claim and its resulting
decision will be issued within 60 days after Employee's request. If more time is
needed because of unusual circumstances, Employee will be notified.

     The  Plan  Administrator  has  the  exclusive  discretionary  authority  to
construe and to interpret the Plan, to decide all questions of  eligibility  for
benefits and to determine the amount of such benefits, and its decisions on such
matters are final,  conclusive and binding on all parties. Any interpretation or
determination made pursuant to such  discretionary  authority shall be upheld on
judicial review, unless it is shown that the interpretation or determination was
an abuse of discretion (i.e., arbitrary and capricious).

     Benefits  under the Plan may not be assigned,  transferred  or pledged to a
third party, for example,  as security for a loan or other debt, except to repay
bona fide debts to the Employer.

     The  Employer  pays the entire cost of the Plan out of its general  assets.
Benefit payments are made on the authorization of the Compensation  Committee of
the Board of  Directors  of American  Italian  Pasta  Company (the "CC") as Plan
Administrator or of a delegate appointed by the CC.

                                       4

     The following  statement is required by federal law and  regulations.  As a
participant in the Plan  described in this booklet,  you are entitled to certain
rights and protection under the Employee  Retirement Income Security Act of 1974
(ERISA). ERISA provides that all plan participants shall be entitled to:

     Examine,  without charge, at the Plan  Administrator's  office and at other
     specified  locations,  such as work sites, all plan documents and copies of
     all documents filed by the Plan with the U.S.  Department of Labor, such as
     detailed annual reports and plan descriptions.

     Obtain copies of all plan documents and other plan information upon written
     request  to the  Plan  Administrator.  The  Plan  Administrator  may make a
     reasonable charge for the copies.

     Obtain a statement telling you whether you have a right,  under the Plan to
     receive a benefit  and, if so, what your benefit  would be. This  statement
     must be requested in writing and is not required to be given more than once
     a year. The Plan must provide the statement free of charge.

     In addition to creating rights for plan participants,  ERISA imposes duties
     upon the people who are  responsible  for the  operation  of the  Associate
     benefit plan. The people who operate your plan, called "fiduciaries" of the
     plan,  have a duty to do so prudently  and in the interest of you and other
     plan participants and beneficiaries.  No one,  including your employer,  or
     any other person, may fire you or otherwise discriminate against you in any
     way to prevent you from obtaining a benefit or exercising your rights under
     ERISA.

     If your  claim  for a  benefit  is  denied,  in whole or in part,  you must
     receive a written  explanation  of the reason for the denial.  You have the
     right to have the Plan  Administrator  review and  reconsider  your  claim,
     including  the right to obtain  copies of documents  relating to the denial
     without charge, all within certain time schedules.

     Under ERISA,  there are steps you can take to enforce the above rights. For
     instance,  if you request  materials  from the Plan and do not receive them
     within 30 days, you may file a suit in a federal court. In such a case, the
     court may require the Plan  Administrator  to provide the materials and pay
     you up to  $110.00  a day until  you  receive  the  materials,  unless  the
     materials  were not sent  because  of  reasons  beyond  the  control of the
     administrator.

     If you have a claim for benefits which is denied or ignored, in whole or in
     part,  you may file suit in a state or federal  court.  If it should happen
     that plan fiduciaries  misuse the plan's money, or if you are discriminated
     against for asserting your rights,  you may seek  assistance  from the U.S.
     Department  of Labor,  or you may file suit in a federal  court.  The court
     will  decide  who  should  pay  court  costs  and  legal  fees.  If you are
     successful, the court may order the person you have sued to pay these costs
     and fees. If you lose, the court may order you to pay these costs and fees,
     for example, if it finds your claim is frivolous.

                                       5

     If you have any  questions  about your Plan,  you should  contact  the Plan
     Administrator. If you have any questions about this statement or about your
     rights under ERISA or you need  assistance in obtaining  documents from the
     Plan  Administrator,  you should  contact  the  nearest  Area Office of the
     Pension and Welfare  Benefits  Administration,  U.S.  Department  of Labor,
     listed in your telephone directory or the Division of Technical  Assistance
     and Inquiries, Pension and Welfare Benefit Administration,  U.S. Department
     of Labor, 200 Constitution  Avenue,  N.W.  Washington,  D.C. 20210. You may
     also obtain  certain  publications  about your rights and  responsibilities
     under ERISA by calling the  publications  hotline of the Employee  Benefits
     Security Administration.

Summary Plan Information

     The  name of the  severance  plan is the  American  Italian  Pasta  Company
Severance Plan for Senior Vice Presidents and above.

     The Plan is  considered  a "welfare  plan"  under the  Employee  Retirement
Income Security Act of 1974 (ERISA). This Plan is effective May 2, 2006.

     The Plan is sponsored by:  American Italian Pasta Company, Inc.
                                Briarcliff One
                                400 North Mulberry Drive
                                Kansas City, MO 64116-1696

     The Internal  Revenue Service has assigned  American Italian Pasta Company,
Inc. the employer identification number 84-1032638.  The plan number assigned to
the Plan is 507.

     The  Compensation  Committee of the Board of Directors of American  Italian
Pasta Company,  Inc. is the Plan  Administrator for the Plan under ERISA and can
be contacted at the address set forth above. The Plan Administrator may delegate
all or part of its  duties  and/or  authority  to any  one or  more  persons  or
entities.

     The Plan and its records are not kept on a plan-year basis.

     Legal  process can be served on American  Italian  Pasta  Company,  Inc. by
directing such legal service to:

                    Chief Legal Officer
                    American Italian Pasta Company, Inc.
                    Briarcliff One
                    400 North Mulberry Drive
                    Kansas City, MO 64116-1696

                                       6

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