Document:

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                                                                   EXHIBIT 10.26

                                January 24, 2005

Value Creation Partners Inc.
Best Brands Corp.
IMCB Corp.
445 Hutchinson Avenue
Suite 800
Columbus, Ohio 43235
Attention: G. Scott Humphrey

Ladies and Gentlemen:

      Reference is hereby made to that certain Purchase Agreement, dated as of
January 13, 2005, by and among Value Creation Partners Inc., Best Brands Corp.,
IMCB Corp., International Multifoods Corporation, The J. M. Smucker Company,
Robin Hood Multifoods Corporation, Fantasia Confections, Inc., and Multifoods
Brands Inc. (the "Purchase Agreement"; each capitalized term used but not
defined herein shall have the meaning assigned to it in the Purchase Agreement).

      Section 6.18(a) of the Purchase Agreement is hereby amended as follows:
the words "no earlier than January 20, 2005 and no later than January 24, 2005"
in such Section 6.18(a) are hereby deemed to be deleted therefrom and replaced
by the words "no earlier than January 26, 2005 and no later than January 28,
2005". Except as amended by the foregoing, the Purchase Agreement and each
provision thereof shall remain in full force and effect. Each reference to the
Purchase Agreement in any document or instrument delivered pursuant to or in
connection with the Purchase Agreement shall be deemed to be a reference to the
Purchase Agreement, as amended by this letter agreement. This letter agreement
may be executed by facsimile and in counterparts, each of which will be deemed
an original, but all of which, taken together, constitute one and the same
agreement. This letter agreement shall be governed by and construed in
accordance with the laws of the State of Minnesota, without regard to
conflicts-of-law principles. If you are in agreement with the foregoing, please
execute this letter agreement in the spaces provided below.

      [Remainder of page left blank intentionally; signature page follows]

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Value Creation Partners Inc.
January 24, 2005

                                          Sincerely,

                                          The J. M. Smucker Company

                                          By: /s/ R.K. Smucker
                                              ---------------------------------
                                            Its: President and Co-CEO

                                          International Multifoods Corporation

                                          By: /s/ R.K. Smucker
                                              ---------------------------------
                                            Its: President, Co-CEO, and CFO

                                          Robin Hood Multifoods Corporation

                                          By: /s/ R.K. Smucker
                                              ---------------------------------
                                            Its: Vice President

                                          Fantasia Confections, Inc.

                                          By: /s/ R.K. Smucker
                                              ---------------------------------
                                            Its: President, Co-CEO, and CFO

                                          Multifoods Brands, Inc.

                                          By: /s/ R.K. Smucker
                                              ---------------------------------
                                            Its: President, Co-CEO, and CFO

Acknowledged and Agreed:

Value Creation Partners Inc.

By: /s/ Harry S. Sunenshine
    ---------------------------
  Its: EVP

Best Brands Corp.

By: /s/ G. Scott Humphrey
    ---------------------------
  Its: President and CEO

IMCB Corp.

By: /s/ G. Scott Humphrey
    ---------------------------
  Its: President and CEO

<PAGE>

                         AMENDMENT TO PURCHASE AGREEMENT

      THIS AMENDMENT TO PURCHASE AGREEMENT (this "Amendment") is entered into as
of the 18th day of February, 2005, by and among INTERNATIONAL MULTIFOODS
CORPORATION, a corporation organized under the laws of Delaware ("IMC"),
MULTIFOODS BRANDS, INC., a corporation organized under the laws of Delaware
("MBI"), FANTASIA CONFECTIONS, INC., a corporation organized under the laws of
California ("FCI"; IMC, MBI and FCI are sometimes hereinafter referred to
individually as a "U.S. Seller" and collectively as the "U.S. Sellers"), SMUCKER
FOODS OF CANADA CO. (FORMERLY KNOWN AS ROBIN HOOD MULTIFOODS CORPORATION), an
unlimited company amalgamated under the laws of Nova Scotia ("Robin Hood"; the
U.S. Sellers and Robin Hood are sometimes hereinafter referred to individually
as a "Seller" and collectively as the "Sellers"), THE J. M. SMUCKER COMPANY, a
corporation organized under the laws of Ohio ("Smucker"), VALUE CREATION
PARTNERS INC., a corporation organized under the laws of Delaware ("VCP"), BEST
BRANDS CORP., a corporation organized under the laws of Delaware ("BBC"), and
IMCB CORP., a corporation organized under the laws of Delaware (hereinafter
referred to as "Buyer"; VCP, BBC and Buyer are sometimes hereinafter referred to
individually as a "Buyer Entity" and collectively as the "Buyer Entities") and a
wholly-owned subsidiary of VCP.

      WHEREAS, Sellers, Smucker and the Buyer Entities entered into that certain
Purchase Agreement dated as of January 13, 2005 (as amended by the letter
agreement referred to below, the "Agreement"); and

      WHEREAS, Seller, Smucker and the Buyer Entities entered into that certain
letter agreement dated as of January 24, 2005 that amended the Agreement; and

      WHEREAS, Seller, Smucker and the Buyer Entities desire to further amend
the Agreement;

      NOW, THEREFORE, in consideration of the parties' undertakings and
covenants herein and in the Agreement, and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged by each party),
the parties hereby agree as follows:

      1. Unless otherwise defined herein, each capitalized term used herein
shall have the meaning (if any) provided therefor in the Agreement.

      2. Section 2.03 of the Agreement is hereby amended to read in its entirety
as follows:

      "The following prorations relating to the Assets will be made as of the
      Closing Date, with the U.S. Sellers liable to the extent such items relate
      to any time period up to and including the Closing Date and Buyer liable
      to the extent that such items relate to periods after the Closing Date.
      The net amount of all such prorations will be settled and paid by the U.S.
      Sellers to Buyer or Buyer to the U.S. Sellers, as the case may be, within
      seven days after the Closing Date by wire transfer of immediately
      available funds to an account

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      designated in writing by Buyer or the U.S. Sellers, as applicable,
      provided, however, that if any item cannot be prorated with specificity
      within seven days after the Closing Date (including real estate taxes and
      assessments resulting from, among other things, any proposed or actual
      change in valuation prior to the Closing Date to the extent such changes
      affect Taxes in the period up to and including the Closing Date) due to
      final bills not being issued, the parties will calculate the prorations
      with respect to such items as soon as practicable after the actual bills
      are issued, and the net amount shall be paid by the responsible party to
      the other(s) by wire transfer of immediately available funds promptly
      thereafter:

            (a) rents, additional rents, taxes and other items payable by the
      U.S. Sellers under any lease to be assigned to or assumed by Buyer
      pursuant to the terms of this Agreement;

            (b) the amount of rents and charges for sewer, water, fuel,
      telephone, electricity and other utilities, including Taxes thereon;
      provided, however, that no deposits or prepaid amounts will be prorated,
      but will be included in the Assets; and

            (c) real estate and personal property Taxes and installments of
      assessments, if any, on or with respect to the Assets.

      Notwithstanding the foregoing, Buyer shall be liable for and pay such
      items set forth in clauses (a), (b) and (c) above to the extent such items
      are included as liabilities on the Final Closing Statement.

            (d) The U.S. Sellers will use commercially reasonable efforts to
      cause all utility bills of the U.S. Sellers to be closed and billed by
      their respective utility companies as of the Closing Date in order that
      utility charges may be separately billed for the period on or prior to the
      Closing Date and the period after the Closing Date. If any such utility
      charges are not separately billed, they will be prorated presuming that
      such charges were uniformly incurred during the period in question."

      3. Each reference in Section 2.04(a) to "on the day immediately preceding
the Closing Date" shall be amended to read "on the Closing Date."

      4. The reference in Section 2.05(a) to "on the day immediately preceding
the Closing Date" shall be amended to read "on the Closing Date."

      5. Section 3.01 of the Agreement is hereby amended as follows:

            (a) Each reference in such Section 3.01 to "February 16, 2005" is
      hereby replaced by the words "February 18, 2005"; and

            (b) the last sentence of Section 3.01 is hereby amended to read in
      its entirety as follows:

                                       2

<PAGE>

      "The date on which the Closing shall occur is hereinafter referred to as
      the "Closing Date" and the Closing shall be considered effective as of
      12:01 a.m., Minneapolis time, on the Closing Date, provided that solely
      for certain financial, Tax and accounting purposes (including preparation
      of the Closing Statement and the Final Closing Statement) the Closing
      shall be deemed effective at 11:59 p.m., Minneapolis time on the Closing
      Date. For financial, Tax and accounting purposes, the parties agree that
      Sellers shall be entitled to cash collected by the Business through the
      Closing Date and cash and cash equivalents held by the Companies as of the
      end of the Closing Date and shall be responsible for payroll, benefits,
      Taxes and certain other items expressly provided for in this Agreement
      through the Closing Date; provided, that Sellers shall not be responsible
      for any Taxes or other liabilities or obligations relating to or arising
      from any transactions that occur on the Closing Date and are initiated by
      the Buyer Entities or any of their affiliates, all of which Taxes,
      liabilities and obligations shall be the sole responsibility of the Buyer
      Entities."

      6. Section 3.02(b)(i) of the Agreement is hereby amended to read in its
entirety as follows:

            "(i) the Closing Cash Payment, payable as provided in Section 2.02,
      plus a cash payment to IMC of $180,000 in immediately available United
      States funds (the "Benefit Prepayment") to the bank account designated in
      writing by IMC prior to the Closing (which Benefit Prepayment shall
      constitute the "Benefit Prepayment" to be made by Buyer at Closing
      pursuant to Schedule 2-A to the Transition Services Agreement (as defined
      in Section 6.09));"

      7. Section 4.01(i)(G)(ii) of the Agreement is hereby amended by deleting
therefrom the words "other than any such Tax incurred on the Closing Date in the
ordinary course of business or as a result of transactions occurring after the
transfer of the Shares on the Closing Date".

      8. The reference in Section 10.01(b) to "the date immediately preceding
the Closing Date" shall be amended to read "the Closing Date" and the clause
beginning with the word "except" shall be deleted.

      9. Exhibit 1.02(k) to the Agreement is hereby amended to read in its
entirety as set forth on Exhibit 1.02(k) hereto.

      10. Exhibit 1.07 to the Agreement is hereby amended to read in its
entirety as set forth on Exhibit 1.07 hereto.

      11. The Buyer Entities acknowledge that Sellers delivered to the Buyer
Entities the Supplement to Disclosure Schedule attached hereto as Exhibit A
prior to Closing pursuant to Section 6.11 of the Agreement.

      12. Except as amended by the foregoing, the Agreement and each provision
thereof shall remain in full force and effect.

                                       3

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      13. Each reference to the Agreement in any document or instrument
delivered pursuant to or in connection with the Agreement shall be deemed to be
a reference to the Agreement, as amended by this Amendment.

      14. This Amendment may be executed by facsimile and in counterparts, all
of which shall be considered one and the same agreement, and shall become
effective when counterparts have been signed by each of the parties and
delivered to each other party.

      [Remainder of page left blank intentionally; signature pages follow]

                                       4

<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.

                                   INTERNATIONAL MULTIFOODS CORPORATION
                                   (IMC)

                                   By: /s/ M. Ann Harlan
                                       ----------------------------------------
                                   Name: M. Ann Harlan
                                   Title: Vice President, General Counsel &
                                          Secretary

                                   MULTIFOODS BRANDS, INC.
                                   (MBI)

                                   By: /s/ M. Ann Harlan
                                       ----------------------------------------
                                   Name: M. Ann Harlan
                                   Title: Vice President and Secretary

                                   FANTASIA CONFECTIONS, INC.
                                   (FCI)

                                   By: /s/ M. Ann Harlan
                                       ----------------------------------------
                                   Name: M. Ann Harlan
                                   Title: Vice President and Secretary

                                   SMUCKER FOODS OF CANADA CO. (FORMERLY KNOWN
                                   AS ROBIN HOOD MULTIFOODS CORPORATION)
                                   (Robin Hood)

                                   By: /s/ M. Ann Harlan
                                       ----------------------------------------
                                   Name: M. Ann Harlan
                                   Title: Vice President and Secretary

                                   THE J. M. SMUCKER COMPANY
                                   (Smucker)

                                   By: /s/ M. Ann Harlan
                                       ----------------------------------------
                                   Name: M. Ann Harlan
                                   Title: Vice President, General Counsel &
                                          Secretary

<PAGE>

                                   IMCB CORP.
                                   (Buyer)

                                   By: /s/ H. Sunenshine
                                       ----------------------------------------
                                   Name: H. Sunenshine
                                   Title: EVP

                                   VALUE CREATION PARTNERS INC.
                                   (VCP)

                                   By: /s/ H. Sunenshine
                                       ----------------------------------------
                                   Name: H. Sunenshine
                                   Title: EVP

                                   BEST BRANDS CORP.
                                   (BBC)

                                   By: /s/ H. Sunenshine
                                       ----------------------------------------
                                   Name: H. Sunenshine
                                   Title: EVP<PAGE>

                                                                  EXHIBIT 10.27

                              AMENDED AND RESTATED
                       1997 STOCK-BASED INCENTIVE PLAN OF
                            THE J. M. SMUCKER COMPANY

            The purpose of the Amended and Restated 1997 Stock-Based Incentive
Plan of The J. M. Smucker Company is to enable The J. M. Smucker Company, an
Ohio corporation ("Smucker") and its subsidiaries to attract and retain officers
and key employees capable of assuring the future success of Smucker and to
provide opportunities for stock ownership by such officers and employees that
will increase their proprietary interest in Smucker and, consequently, their
identification with the interests of the stockholders of Smucker. The 1997
Stock-Based Incentive Plan of The J. M. Smucker Company shall be referred to
herein as the "Plan".

            The Plan was initially adopted by the stockholders of International
Multifoods Corporation ("Multifoods"), a Delaware corporation and the
predecessor-in-interest to the Company, in 1997. On June 18, 2004, Multifoods
merged with and into a subsidiary of the Company (the "Merger"), and the Company
assumed the Plan. From and after the initial effective date of the Plan, no
awards of any kind were to be made under Part I of the Amended and Restated 1989
Stock-Based Incentive Plan of The J. M. Smucker Company, but all outstanding
awards previously granted under Part I of such plan were to remain outstanding
in accordance with the terms thereof. The Plan (but not Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units and Performance
Awards theretofore granted under the Plan) shall terminate on, and no Awards
shall be granted after, June 20, 2007.

SECTION 1. DEFINITIONS

            For purposes of the Plan, the following terms shall have the
meanings set forth below:

      "Award" shall mean an award granted to a Participant in accordance with
      the provisions of the Plan in the form of Options, Stock Appreciation
      Rights, Restricted Stock or Restricted Stock Units, or any combination
      thereof.

      "Award Agreement" shall mean the written agreement evidencing each Award
      granted to a Participant under the Plan.

      "Board" shall mean the Board of Directors of Smucker.

      "Code" shall mean the Internal Revenue Code of 1986, as amended from time
      to time.

      "Committee" shall mean the Compensation Committee of the Board or such
      other committee of Directors as may be designated by the Board to
      administer the Plan. The Committee shall be comprised of not less than
      such number of Directors as shall be required to permit the Plan to
      satisfy the requirements of Rule 16b-3, and each member of the Committee
      shall be a "Non-Employee Director" within the meaning of Rule 16b-3 and an
      "outside director" within the meaning of Section 162(m).

      "Date of Grant" shall mean the date on which the Committee grants the
      Award or such other date as the Committee may designate.

<PAGE>

      "Designated Event" shall mean any of the following:

                  (a) the acquisition by any individual, entity or group (within
            the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a
            "Person") of beneficial ownership (within the meaning of Rule 13d-3
            promulgated under the Exchange Act) of 20% or more of either (i) the
            then outstanding shares of Stock (the "Outstanding Stock") or (ii)
            the combined voting power of the then outstanding voting securities
            of Smucker entitled to vote generally in the election of Directors
            (the "Outstanding Voting Securities"); provided, however, that for
            purposes of this provision (a), the following acquisitions shall not
            constitute a Designated Event: (i) any acquisition directly from
            Smucker, (ii) any acquisition by Smucker, (iii) any acquisition by
            any employee benefit plan (or related trust) sponsored or maintained
            by Smucker or any corporation controlled by Smucker or (iv) any
            acquisition by any corporation pursuant to a transaction which
            complies with clauses (i), (ii) and (iii) of provision (c) of this
            definition; or

                  (b) individuals, who, as of the date hereof, constitute the
            Board (the "Incumbent Board"), cease for any reason to constitute at
            least a majority of the Board; provided, however, that any
            individual becoming a Director subsequent to the date hereof whose
            election, or nomination for election by Smucker's stockholders, was
            approved by a vote of at least a majority of the Directors then
            comprising the Incumbent Board shall be considered as though such
            individual were a member of the Incumbent Board, but excluding, for
            this purpose, any such individual whose initial assumption of office
            occurs as a result of an actual or threatened election contest with
            respect to the election or removal of Directors or other actual or
            threatened solicitation of proxies or consents by or on behalf of a
            Person other than the Board; or

                  (c) the consummation of a reorganization, merger or
            consolidation or sale or other disposition of all or substantially
            all of the assets of Smucker (a "Business Combination"), in each
            case, unless, following such Business Combination, (i) all or
            substantially all of the individuals and entities who were the
            beneficial owners, respectively, of the Outstanding Stock and
            Outstanding Voting Securities immediately prior to such Business
            Combination beneficially own, directly or indirectly, more than 60%
            of, respectively, the then outstanding shares of common stock and
            the combined voting power of the then outstanding voting securities
            entitled to vote generally in the election of directors, as the case
            may be, of the corporation resulting from such Business Combination
            (including, without limitation, a corporation which as a result of
            such transaction owns Smucker or all or substantially all of
            Smucker's assets either directly or through one or more
            subsidiaries) in substantially the same proportions as their
            ownership, immediately prior to such Business Combination of the
            Outstanding Stock and Outstanding Voting Securities, as the case may
            be, (ii) no Person (excluding any employee benefit plan (or related
            trust) of Smucker or such corporation resulting from such Business
            Combination) beneficially owns, directly or indirectly, 20% or more
            of, respectively, the then outstanding shares of common stock of the
            corporation resulting from such Business Combination or the combined
            voting

<PAGE>

            power of the then outstanding voting securities of such corporation
            except to the extent that such ownership existed prior to the
            Business Combination and (iii) at least a majority of the members of
            the board of directors of the corporation resulting from such
            Business Combination were members of the Incumbent Board at the time
            of the execution of the initial agreement, or of the action of the
            Board, providing for such Business Combination; or

                  (d) the approval by the stockholders of Smucker of a complete
            liquidation or dissolution of Smucker.

      "Director" or "Directors" shall mean a member, or more than one member, of
      the Board of Directors of Smucker.

      "Eligible Employee" shall mean, prior to the Merger, any officer or key
      employee of Multifoods or any subsidiary of Multifoods designated by the
      Committee to receive an Award. Following the Merger, only officers or key
      employees of Smucker or any Subsidiary who were, prior to the Merger,
      employees of Multifoods or any of its subsidiaries or affiliates will be
      eligible to receive an Award under the Plan.

      "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended
      from time to time.

      "Fair Market Value" shall mean, as of any date, the mean of the high and
      low sale prices of a share of Stock on The New York Stock Exchange, Inc.,
      or its successor on such date (or, if no sale took place on such exchange
      on such date, the mean between the high and low sale prices on such
      exchange on the most recent preceding date on which a sale took place).

      "Incentive Stock Option" shall mean an Option which is designated as such
      by the Committee and which meets the requirements of Section 422 of the
      Code on the Date of Grant.

      "Multifoods" shall mean International Multifoods Corporation, a Delaware
      corporation.

      "Non-Qualified Stock Option" shall mean an Option other than an Incentive
      Stock Option.

      "Option" shall mean a stock option awarded pursuant to the Plan to
      purchase Stock.

      "Participant" shall mean an Eligible Employee who receives an Award that
      has not been terminated, expired or been fully exercised.

      "Plan" shall mean this Amended and Restated 1997 Stock-Based Incentive
      Plan of The J. M. Smucker Company.

      "Restricted Stock" shall mean the award of Stock pursuant to the Plan.

<PAGE>

      "Restricted Stock Unit" shall mean a unit awarded pursuant to the Plan
      having a value equal to the Fair Market Value of one share of Stock (plus,
      if so determined by the Committee, the value of any dividends or other
      rights or property received by holders of Stock after the Date of Grant of
      such Restricted Stock Unit).

      "Rule 16b-3" shall mean Rule 16b-3 promulgated by the Securities and
      Exchange Commission under the Exchange Act or any successor rule or
      regulation.

      "Section 162(m)" shall mean Section 162(m) of the Code.

      "Smucker" shall mean The J. M. Smucker Company, an Ohio corporation.

      "Stock" shall mean common stock (no par value per share) of Smucker.

      "Stock Appreciation Right" shall mean a stock appreciation right awarded
      pursuant to the Plan, which need not be granted in tandem with an Option.

      "Subsidiary" shall mean any subsidiary or affiliate of Smucker.

SECTION 2. SHARES OF STOCK SUBJECT TO THE PLAN

            Subject to adjustment as provided in Section 10 hereof, an aggregate
of 1,282,314 shares of Stock shall be available to Participants under the Plan.
Of such shares of Stock, a maximum of 128,231 shares shall be available for
issuance pursuant to Awards of Restricted Stock and Restricted Stock Units. The
shares of Stock deliverable upon the exercise of any Award may be made available
from authorized but unissued shares or shares reacquired by Smucker, including
shares of Stock purchased in the open market or in private transactions. For
purposes of this Section 2, if an Award entitles the holder thereof to receive
or purchase shares of Stock, the number of shares subject to such Award shall
reduce as of the Date of Grant the aggregate number of shares available for
granting Awards under the Plan by the number of shares subject to such Award. If
Stock Appreciation Rights are granted in tandem with an option under Section 4
hereof and the exercise of the Option would cancel the Stock Appreciation Rights
and vice versa, then the grant of such Stock Appreciation Rights shall not
reduce the number of shares of Stock available for granting Awards under the
Plan. Any shares of Stock that are used by a Participant as full or partial
payment to Smucker of the purchase price relating to an Award, or in connection
with the satisfaction of tax obligations relating to an Award, shall again be
available for granting Awards (other than Incentive Stock Options) to Eligible
Employees. If any Award granted under the Plan shall terminate, the shares of
Stock subject to, but not delivered under, such Award shall be available for
other Awards.

SECTION 3. GRANTS OF AWARDS; EXPIRATION OF AND LIMITATIONS ON AWARDS

      (a)         Eligible Employees shall be eligible to be selected by the
            Committee to participate in the Plan. The Committee may require any
            Participant to remain in the employ of Smucker or a Subsidiary for a
            stated period or periods of time before an Award may be exercised;
            provided that nothing in the Plan or in any Award Agreement shall
            confer upon any Participant any right to remain in the employ of
            Smucker or any of its Subsidiaries, and nothing herein shall be

<PAGE>

            construed in any manner to interfere in any way with the right of
            Smucker or any Subsidiary to terminate such Participant's employment
            at any time.

      (b)         Subject to the provisions of the Plan, the Committee shall:

            (i)         determine and designate from time to time those Eligible
                  Employees to whom Awards are to be granted;

            (ii)        determine the form or forms of Award to be granted;

            (iii)       determine the amount or number of shares of Stock
                  subject to each Award; and

            (iv)        determine the terms and conditions of each Award,
                  provided that no Award shall have a term that extends beyond
                  10 years from the Date of Grant.

      (c)         Each Award granted under the Plan shall be evidenced by a
            written Award Agreement. Each Award Agreement shall be subject to
            the applicable terms and conditions of the Plan and any other terms
            and conditions (not inconsistent with the Plan) determined by the
            Committee.

      (d)         In case of termination of employment, the following provisions
            shall apply:

            (i)         if a Participant who has been granted an Option or Stock
                  Appreciation Rights shall die before such Option or Stock
                  Appreciation Rights have expired, his or her Option or Stock
                  Appreciation Rights may be exercised, to the extent
                  exercisable at the date of death, by the personal
                  representatives or administrators of the Participant or by any
                  person or persons to whom the Participant's rights under the
                  Option or Stock Appreciation Rights pass by will or the
                  applicable laws of descent and distribution, as follows:

                  (A)         in the case of an Incentive Stock Option and Stock
                        Appreciation Rights granted in tandem with such
                        Incentive Stock Option, at any time, or from time to
                        time, within 12 months after the date of the
                        Participant's death or such shorter period as the
                        Committee may specify as set forth in the Award
                        Agreement; and

                  (B)         in the case of a Non-Qualified Stock Option, Stock
                        Appreciation Rights granted in tandem with a
                        Non-Qualified Stock Option and Stock Appreciation Rights
                        not granted in tandem with an Option, at any time, or
                        from time to time, within such period as the Committee
                        may specify as set forth in the Award Agreement;

                        but, in either event, not later than the expiration of
                        the applicable exercise period.

<PAGE>

            (ii)        if a Participant's employment terminates because of any
                  reason other than his or her death, such Participant may
                  exercise his or her Options or Stock Appreciation Rights, to
                  the extent exercisable at the date of termination of
                  employment as follows:

                  (A)         in the case of an Incentive Stock Option and Stock
                        Appreciation Rights granted in tandem with such
                        Incentive Stock Option, at any time, or from time to
                        time, within three months after the date of termination
                        of employment or such shorter period as the Committee
                        may specify as set forth in the Award Agreement; and

                  (B)         in the case of a Non-Qualified Stock Option, Stock
                        Appreciation Rights granted in tandem with a
                        Non-Qualified Stock Option and Stock Appreciation Rights
                        not granted in tandem with an Option, at any time, or
                        from time to time, within such period as the Committee
                        may specify as set forth in the Award Agreement;

                        but, in either event, not later than the expiration of
                        the applicable exercise period.

      (e)         No Eligible Employee may be granted any Award or Awards under
            the Plan, the value of which Award or Awards is based solely on an
            increase in the value of the Stock after the Date of Grant thereof,
            for more than 102,585 shares of Stock in the aggregate in any
            calendar year. The foregoing annual limitation specifically includes
            the grant of any Award or Awards representing
            "qualified-performance-based compensation" within the meaning of
            Section 162(m).

      (f)         No Award granted under the Plan shall be transferable other
            than by will or by the laws of descent and distribution. During the
            lifetime of a Participant, an Option or Stock Appreciation Right
            shall be exercisable only by the Participant to whom the Option or
            Stock Appreciation Right is granted.

SECTION 4. OPTIONS

      (a)         Subject to the provisions of paragraph (d) of this Section 4,
            any Option granted by the Committee may be either an Incentive Stock
            Option or a Non-Qualified Stock Option, as the Committee shall
            determine.

      (b)         The option price of the shares of Stock covered by each Option
            shall not be less than 100% of the Fair Market Value of such shares
            on the Date of Grant.

      (c)         Subject to the other provisions of the Plan, any Option may be
            exercised in whole or in part at such time or times, and the
            Participant may make payment of the option price in such form or
            forms, including without limitation payment by delivery of Stock
            having a Fair Market Value on the exercise date equal to the total
            option price, or by a combination of Stock and other consideration,
            as the Committee may specify in the applicable Award Agreement.

<PAGE>

      (d)         To the extent that the aggregate Fair Market Value (determined
            as of the Date of Grant) of the Stock with respect to which all
            Incentive Stock Options are exercisable for the first time by a
            Participant during any calendar year (under all plans described in
            Section 422(d) of the Code of Smucker and its Subsidiaries) exceeds
            $100,000, such Option shall be treated as an Option which does not
            qualify as an Incentive Stock Option.

      (e)         Notwithstanding anything else contained herein, any Option may
            be exercised in full at any time following the occurrence of a
            Designated Event.

SECTION 5. STOCK APPRECIATION RIGHTS

      (a)         Stock Appreciation Rights granted under the Plan may, but need
            not, relate to a specific option granted under Section 4 hereof. Any
            Stock Appreciation Right related to a Non-Qualified Stock Option may
            be granted at the same time the Option is granted or at any time
            thereafter before exercise or expiration of the Option. Any Stock
            Appreciation Right related to an Incentive Stock Option must be
            granted at the same time the Option is granted. Any Stock
            Appreciation Right related to any Option shall be exercisable only
            to the extent the related Option is exercisable. The Committee may
            impose such conditions or restrictions on the exercise of Stock
            Appreciation Rights as it shall deem appropriate.

      (b)         Upon the exercise of each Stock Appreciation Right, Smucker
            shall pay to the Participant the excess of (i) the Fair Market Value
            of one share of Stock on the date of exercise over (ii) the Fair
            Market Value of one share of Stock on the Date of Grant (the "Base
            Value"). Any such payment by Smucker may be made in cash, in shares
            of Stock (valued at the Fair Market Value on the date of exercise)
            or in a combination thereof, as the Committee shall determine.

      (c)         Notwithstanding anything else contained herein, any Stock
            Appreciation Right may be exercised in full at any time following
            the occurrence of a Designated Event.

SECTION 6. RESTRICTED STOCK AND RESTRICTED STOCK UNITS

            The Committee may grant Awards of Restricted Stock and Restricted
Stock Units to Participants with the following terms and conditions and with
such additional terms and conditions not inconsistent with the provisions of the
Plan as the Committee shall determine:

      (a)         Shares of Restricted Stock and Restricted Stock Units shall be
            subject to such restrictions as the Committee may impose (including,
            without limitation, any limitation on the right to vote a share of
            Restricted Stock or the right to receive any dividend or other right
            or property with respect thereto), which restrictions may lapse
            separately or in combination at such time or times, in such
            installments or otherwise as the Committee may deem appropriate.

<PAGE>

      (b)         Any Restricted Stock granted under the Plan shall be evidenced
            by issuance of a stock certificate or certificates, which
            certificate or certificates shall be held by Smucker. Such
            certificate or certificates shall be registered in the name of the
            Participant and shall bear an appropriate legend referring to the
            restrictions applicable to such Restricted Stock. In the case of
            Restricted Stock Units, no shares of Stock shall be issued at the
            time such Awards are granted.

      (c)         Except as otherwise determined by the Committee, upon
            termination of employment (as determined under criteria established
            by the Committee) during the applicable restriction period, all
            shares of Restricted Stock and all Restricted Stock Units at such
            time subject to restriction shall be forfeited and reacquired by
            Smucker; provided, however, that the Committee may, when it finds
            that a waiver would be in the best interest of Smucker, waive in
            whole or in part any or all remaining restrictions with respect to
            shares of Restricted Stock or Restricted Stock Units. Shares
            representing Restricted Stock that is no longer subject to
            restrictions shall be delivered to the holder thereof promptly after
            the applicable restrictions lapse or are waived. Upon the lapse or
            waiver of restrictions and the restricted period relating to
            Restricted Stock Units evidencing the right to receive shares of
            Stock, such shares shall be issued and delivered to the holders of
            the Restricted Stock Units.

      (d)         Without limiting the generality of the foregoing, the
            Committee may specify in an Award Agreement granting an Award of
            Restricted Stock or Restricted Stock Units, or subsequently
            determine in its discretion, that, upon the occurrence of a
            Designated Event, the restrictions applicable to such Award shall
            lapse with respect to, and the Participant shall be unconditionally
            vested in, all or any part of the Award.

SECTION 7. ADMINISTRATION OF THE PLAN

            The Committee shall have the full power and authority to interpret
and administer the Plan. The Committee may adopt such rules, regulations and
procedures with respect to the administration of the Plan as it deems
appropriate. Any decisions, determinations or actions made or taken by the
Committee pursuant to the Plan shall be final, conclusive and binding on all
persons for all purposes. The Committee may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or any Award in the manner
and to the extent it shall deem desirable to carry the Plan into effect.

SECTION 8. DELIVERY OF SHARES: SECURITIES LAW COMPLIANCE

      (a)         No shares of Stock shall be issued or delivered pursuant to
            any exercise of an Award hereunder until the requirements of such
            laws and regulations as may be deemed by the Committee to be
            applicable thereto are satisfied.

      (b)         Without limiting the generality of the foregoing, all
            certificates for shares of Stock delivered under the Plan pursuant
            to any Award or the exercise thereof shall be subject to such
            restrictions as the Committee may deem advisable under

<PAGE>

            the Plan or the rules, regulations and other requirements of the
            Securities and Exchange Commission and any applicable federal or
            state securities laws.

SECTION 9. WITHHOLDING

            Upon exercise or receipt of (or the lapse of restrictions relating
to) any Award, the delivery of shares of Stock subject to such Award shall be
subject to payment of any required withholding taxes. A Participant receiving
shares of Stock subject to withholding taxes may, as a condition precedent to
receiving the shares of Stock, be required to pay Smucker a cash amount equal to
the amount of required withholdings. In lieu of all or any part of such a cash
payment, the Committee may permit the Participant to elect to cover all or any
part of the required withholdings, and to cover any additional withholdings up
to the amount needed to cover the Participant's full Federal Insurance
Contributions Act and federal, state and local income taxes with respect to
income arising from exercise of Options or receipt of Restricted Stock or shares
of Stock in payment of Performance Awards, through a reduction of the number of
shares of Stock delivered to the Participant and/or through the return to
Smucker of shares of Stock delivered to the Participant in connection with the
Award or shares otherwise held by such Participant.

SECTION 10. ADJUSTMENT OF AND CHANGES IN STOCK

            In the event of a reorganization, recapitalization, stock split,
stock dividend, combination of shares, merger, consolidation, distribution of
assets, or any other changes in the corporate structure or stock of Smucker, the
Committee shall make such adjustments as it deems appropriate in the number and
kind of shares of Stock authorized by the Plan, in the number and kind of shares
of Stock covered by the Awards granted and in the exercise price of outstanding
Options or the Base Value of outstanding Stock Appreciation Rights.

SECTION 11. NO RIGHTS OF STOCKHOLDERS

            Except with respect to Restricted Stock, neither a Participant nor
the Participant's legal representative shall be, or have any of the rights and
privileges of, a stockholder of Smucker in respect of any shares of Stock
receivable upon the exercise of any Award, in whole or in part, unless and until
certificates for such shares of Stock shall have been issued.

SECTION 12. AMENDMENTS

      (a)         The Board may, at any time, amend or terminate the Plan,
            subject to the following:

                        (i)   No such amendment may adversely affect the rights
                              of any Participant under an Award which has not
                              terminated, expired or been fully exercised
                              without the consent of such Participant or
                              beneficiary thereof.

                        (ii)  It is intended that the Plan qualify as an
                              incentive stock option plan meeting the
                              requirements of Section 422 of the Code or any
                              successor thereto, and that certain Awards

<PAGE>

                              constitute "qualified performance-based
                              compensation" within the meaning of Section
                              162(m). Unless otherwise determined by the Board,
                              amendments to the Plan shall be subject to
                              approval of the stockholders of Smucker to the
                              extent necessary to satisfy such requirements and
                              meet such qualifications as in effect from time to
                              time.

                        (iii) Unless otherwise determined by the Board,
                              amendments to the Plan shall be subject to
                              approval of the stockholders of Smucker to the
                              extent necessary to satisfy the requirements of
                              the listing rules of The New York Stock Exchange,
                              Inc.

      (b)         The Committee may not amend, alter, suspend, discontinue or
            terminate any outstanding Award if such action would adversely
            affect the rights of the holder of such Award, without the consent
            of the Participant or beneficiary thereof.

      (c)         Any re-pricing, replacement, re-granting through cancellation,
            or modification of any Option awarded under this Plan is subject to
            the approval of the stockholders of Smucker (except in connection
            with the adjustments of and changes in Stock described in Section 10
            of the Plan), if the effect of such re-pricing, replacement,
            re-granting or modification would be to reduce the exercise price
            for the Stock covered by the Option.

SECTION 13. GOVERNING LAW.

            The validity, construction and effect of the Plan and any Award
shall be determined in accordance with the laws of the State of Delaware.

SECTION 14. SEVERABILITY.

            If any provision of the Plan or any Award is or becomes or is deemed
to be invalid, illegal or unenforceable or would disqualify the Plan or any
Award under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended without, in the determination of the Committee,
materially altering the purpose or intent of the Plan or the Award, such
provision shall be stricken, and the remainder of the Plan or any such Award
shall remain in full force and effect.

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