Document:

<PAGE>
                                                                    EXHIBIT 10.1

                                 FIRST AMENDMENT

                  FIRST AMENDMENT (this "Amendment"), dated as of October 18,
2002, among FLEMING COMPANIES, INC., the lenders party to the Credit Agreement
referred to below (the "Lenders"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Administrative Agent. All capitalized terms used herein and not otherwise
defined herein shall have the respective meanings provided such terms in the
Credit Agreement referred to below.

                                   WITNESSETH:

                  WHEREAS, the Borrower, the Lenders and the Administrative
Agent are parties to a Credit Agreement, dated as of June 18, 2002 (the "Credit
Agreement"); and

                  WHEREAS, the parties hereto hereby agree as follows;

                  NOW, THEREFORE, it is agreed:

                  1. Section 1.01 of the Credit Agreement is hereby amended by
deleting the definition of "Additional Asset Sale Basket Amount" in its
entirety.

                  2. The definition of "Applicable Commitment Fee Percentage" in
Section 1.01 of the Credit Agreement is hereby amended by inserting the
following text immediately after the table appearing therein:

                  "PROVIDED that from and after the effectiveness of the First
Amendment to this Agreement, dated as of October 18, 2002, until such time (if
any) as the Term Loans have been repaid in full, the respective percentages in
the Applicable Commitment Fee Percentage column in the table above shall be
increased by 0.25% (with such percentages to return to the levels otherwise
provided by this definition (without giving effect to this proviso) after the
repayment in full of the Term Loans) ."

                  3. The definition of "Applicable Rate" in Section 1.01 of the
Credit Agreement is hereby amended by restating the first clause (x) thereof as
follows:

                  "(x) with respect to B Term Loans (i) in the case of
Eurodollar Term Loans, 2.50% and (ii) in the case of ABR Term Loans, 1.50%"

                  The table appearing in the definition of "Applicable Rate" in
Section 1.01 of the Credit Agreement is hereby deleted in its entirety and the
following new table is inserted in lieu thereof:

<Table>
<Caption>
                                                                                       ABR
                                                                                      Revolving       ABR Revolving
                                       Eurodollar     Eurodollar      ABR Revolving   Loans and       Loans and
                       Eurodollar      Revolving      Revolving       Loans and       Swingline       Swingline
          Total        Revolving       Loans when     Loans when      Swingline       Loans when      Loans when
          Leverage     Loans when 0%   33.3% < x <=   66.6% < x <=    Loans when 0%   33.3% < x <=    66.6% < x <=
Level     Ratio        <= x <= 33.3%   66.6%          100%            <= x <= 33.3%   66.6%           100%
--------- ------------ --------------- -------------- --------------- --------------- --------------- ---------------
<S>                    <C>             <C>            <C>             <C>              <C>            <C>
2         Greater      2.00%           2.25%          2.50%           1.00%            1.25%          1.50%
          than or
          equal to
          3.00:1.00
--------- ------------ --------------- -------------- --------------- --------------- --------------- ---------------
1         Less than    1.75%           2.00%          2.25%           0.75%            1.00%          1.25%
          3.00:1.00
--------- ------------ --------------- -------------- --------------- --------------- --------------- ---------------
</Table>

<PAGE>

                  The definition of "Applicable Rate" in Section 1.01 of the
Credit Agreement is hereby further amended by (1) deleting the ratio "3.50:1.00"
appearing in the penultimate sentence thereof and inserting the ratio
"3.00:1.00" in lieu thereof and (2) deleting the text "(i) 2.00% in the case of
Eurodollar Revolving Loans and (ii) 1.00% in the case of ABR Revolving Loans and
Swingline Loans and (y) at any time when an Event of Default exists, the Highest
Applicable Rates" in the last sentence thereof and by inserting in lieu thereof
the text "(i) 2.25% in the case of Eurodollar Revolving Loans and (ii) 1.25% in
the case of ABR Revolving Loans and Swingline Loans and (y) at any time when an
Event of Default exists, the Highest Applicable Rates; PROVIDED that if on or
prior to the Borrower's fiscal year ended closest to December 31, 2002, the
Borrower has not received Net Proceeds in a minimum aggregate amount of
$150,000,000 from all Retail Store Sales theretofore consummated, from and
thereafter the respective percentages in each column set forth across Level 2 in
the table above and the Applicable Rates applicable to B Term Loans as provided
above shall each be increased by 0.25%".

                  4. The definition of "Consolidated EBITDA" in Section 1.01 of
the Credit Agreement is hereby amended by deleting the text beginning with "and
(e) any extraordinary, unusual or non-recurring expenses" and ending with "in
the respective period in which such charge was taken" and replacing in lieu
thereof the following text:

                  "(e) to the extent (x) the Borrower has received Net Proceeds
from Retail Store Sales in a minimum aggregate amount of $425,000,000 and (y)
such Net Proceeds have been applied as required pursuant to Section 2.12(b), any
costs, expenses and penalties incurred as a result of the early termination of
retail leases in a maximum aggregate amount not to exceed $25,000,000, (it being
understood that any such costs, expenses or penalties incurred during a period
prior to the satisfaction of the conditions set forth in preceding clauses (x)
and (y) shall be added back for calculations of Consolidated EBITDA that include
such period after such time as the conditions set forth in clauses (x) and (y)
have been satisfied) and (f) any extraordinary, unusual or non-recurring
expenses or losses except for the amount of cash payments made in respect of
such expenses or losses in the respective period in which such charge was taken"

                                      -2-
<PAGE>

                  5. The definition of "Significant Asset Disposition" in
Section 1.01 of the Credit Agreement is hereby amended by inserting the
following sentence at the end thereof:

                  "It is understood and agreed that each Retail Store Sale shall
constitute a Significant Asset Disposition for the purposes of calculations of
Consolidated EBITDA made in determining compliance with Sections 2.05,
6.03(a)(iv), (v), (ix) and (x), 6.03(b)(ix), 6.06(vii), 6.09 and 6.10 and in
determining the Applicable Rate."

                  6. Section 1.01 of the Credit Agreement is hereby amended by
inserting the following definitions in their correct alphabetical order:

                  "Immaterial Retail Store Sales" means any Retail Store Sale
where the aggregate fair market value of the assets subject to such sale (as
determined by the Borrower in good faith) does not exceed $2,500,000."

                  "Maximum Notes Prepayment Amount" means, initially, $0,
PROVIDED that (i) from and after such time (if any) as the Borrower has received
Net Proceeds from Retail Store Sales in a minimum aggregate amount of
$150,000,000 and such Net Proceeds have been applied as required pursuant to
Section 2.12(b), the Maximum Notes Prepayment Amount shall instead mean
$25,000,000 and (ii) from and after such time (if any) as the Term Loans have
been repaid in full, the Maximum Notes Prepayment Amount shall instead mean
$50,000,000, PROVIDED that the Maximum Notes Prepayment Amount shall be further
increased by an amount not to exceed $25,000,000 for all prepayments,
repurchases, redemptions, defeasances or retirements of Existing Notes and/or
New Senior Notes made pursuant to Section 6.03(b)(vi) after the repayment in
full of all Term Loans and in reliance on this proviso so long as at the time of
each such respective prepayment, repurchase, redemption, defeasance or
retirement the aggregate unutilized Revolving Commitments equal or exceed
$200,000,000".

                  "Retail Store Sales" has the meaning provided in Section
6.02(c)."

                  7. Section 2.09(c) is hereby amended by inserting the
following new sentence at the end thereof:

                  "In addition, upon the earlier of (i) the last day of the
Borrower's fiscal quarter ending closest to March 31, 2003 and (ii) the
consummation by the Borrower of Retail Store Sales generating Net Proceeds of at
least $400,000,000, the Revolving Commitments shall be permanently reduced to
$475,000,000."

                  8. Section 2.12(b) is hereby amended by deleting the text
beginning with "(x) in the case of any Asset Disposition" and ending with
"notifies the Administrative Agent that it intends to use such Net Proceeds" and
replacing in lieu thereof the following text:

                  "prepay outstanding Term Loans in an aggregate amount equal to
100% of such Net Proceeds; PROVIDED that (i) if a Specified Default then exists
or will exist immediately after giving effect to the respective Asset
Disposition, the Borrower shall make the prepayments required by the clause
immediately preceding this proviso after receipt of any such Net Proceeds, (ii)
so long as no Specified Default then exists, with respect to no more than
$25,000,000 of cash proceeds in any fiscal year of the Borrower which would
otherwise be required to be applied to

                                      -3-
<PAGE>

the repayment of Loans pursuant to the clause immediately preceding this
proviso, the Borrower shall not be subject to the obligation to make the
prepayments otherwise required by the clause immediately preceding this proviso
if within 350 days after the receipt thereof, the Borrower reinvests such Net
Proceeds in capital assets (although proceeds from Retail Store Sales shall not
be permitted to be reinvested pursuant to this clause (ii) but shall be required
to be applied to prepay Loans as provided above) and (iii) in the case of any
Asset Disposition of the type described in clause (c) of the definition thereof,
so long as no Specified Default then exists, the Borrower shall not be subject
to the obligation to make the prepayments otherwise required by the clause
immediately preceding this proviso if within 10 Business Days the Borrower
notifies the Administrative Agent that it intends to use such Net Proceeds".

                  9. Section 6.02(c) is hereby deleted in its entirety and the
following text is inserted in lieu thereof:

                  "(c) the Borrower and its Subsidiaries may sell assets
(including the Equity Interests of any Subsidiary but only if 100% of the Equity
Interests of such Subsidiary held by the Borrower and its other Subsidiaries are
sold, but excluding intercompany Indebtedness or other obligations (other than
real property leases) among the Borrower and its Subsidiaries), so long as (i)
in the event that the fair market value (as determined in good faith by the
Borrower) of the assets the subject of such sale exceeds $25,000,000, the
Borrower is in compliance with Sections 6.09, 6.10 and 6.11 on a Pro Forma Basis
after giving effect thereto, (ii) each such sale is in an arm's-length
transaction and the Borrower or respective Subsidiary receives at least fair
market value therefor (as determined in good faith by the Borrower or such
Subsidiary, as the case may be), (iii) except in the case of Immaterial Retail
Store Sales, the total consideration (taking the amount of cash and Temporary
Cash Investments, and the fair market value (as determined by the Borrower in
good faith) of all other consideration received by the Borrower or such
Subsidiary) is paid at the time of the closing of such sale and is at least 75%
cash, (iv) the Net Proceeds therefrom are applied and/or reinvested as (and to
the extent) required by Section 2.12(b) and (v) the aggregate amount of the
proceeds (taking the amount of cash and Temporary Cash Investments, and the fair
market value (as determined by the Borrower in good faith) of all other
consideration) received from all assets sold pursuant to this clause (c) in any
fiscal year of the Borrower shall not exceed $50,000,000; PROVIDED that the
Borrower may sell retail stores (and the related inventory, equipment and
similar assets located therein and related assets (as reasonably determined by
the Borrower in good faith)) of the Borrower and its Subsidiaries, or the Equity
Interests of one or more Subsidiaries substantially all of whose assets consist
of retail stores and the related inventory, equipment and similar property
located therein and related assets (as reasonably determined by the Borrower in
good faith) (each such sale, a "Retail Store Sale") without regard to the dollar
limitation set forth above in clause (v) so long as all such Retail Store Sales
are otherwise consummated in accordance with the provisions of this clause (c)".

                  10. Section 6.03(b)(vi) of the Credit Agreement is hereby
deleted in its entirety and the following text is inserted in lieu thereof:

                  "(vi) (x) Later Maturing Indebtedness in an aggregate
principal amount not in excess of $10,000,000 and (y) Existing Notes and/or New
Senior Notes not to exceed in the aggregate at any time the Maximum Notes
Prepayment Amount;"

                                      -4-
<PAGE>

                  11. Section 6.10 of the Credit Agreement is hereby restated in
its entirety as follows:

                  "SECTION 6.10. TOTAL LEVERAGE RATIO. The Borrower will not
permit the Total Leverage Ratio at any time during any period set forth below to
exceed the respective ratio set forth opposite such period below (subject to
adjustment as described in the immediately succeeding sentences at any time when
same is applicable in accordance with its terms):

<Table>
<Caption>
           Period                                                                       Ratio
           ------                                                                       -----
<S>                                                                                     <C>
           From the last day of the Borrower's fiscal quarter                           4.75:1.00
           ending closest to September 30, 2002 to, but not
           including, the last day of the Borrower's fiscal
           quarter ending closest to March 31, 2003

           Thereafter to, but not including, the last day                               4.25:1.00
           of the Borrower's fiscal year ending closest to
           December 31, 2003

           Thereafter to, but not including, the last day                               4.00:1.00
           of the Borrower's fiscal year ending closest to
           December 31, 2004

           Thereafter to, but not including, the last day                               3.75:1:00
           of the Borrower's fiscal year ending closest to
           December 31, 2005

           Thereafter                                                                   3.50:1:00
</Table>

Notwithstanding anything to the contrary contained in the table set forth above,
(i) if on or prior to the last day of the Borrower's fiscal year ended closest
to December 31, 2002, the Borrower has received Net Proceeds in an aggregate
amount of at least $150,000,000 from all Retail Store Sales, the required
compliance levels pursuant to this covenant for the period beginning 10 Business
Days after the Borrower's receipt of such Net Proceeds, to, but not including,
the last day of the Borrower's fiscal quarter ended closest to March 31, 2003
shall be 4.50:1.00, (ii) if on or prior to the last day of the Borrower's fiscal
quarter ended closest to March 31, 2003, the Borrower has received Net Proceeds
in an aggregate amount of at least $400,000,000 from all Retail Store Sales, the
required compliance levels pursuant to this covenant for the period beginning on
the date of the Borrower's receipt of such Net Proceeds, to, but not including,
the last day of the Borrower's fiscal quarter ended closest to September 30,
2003 shall be 4.50:1.00 and (iii) at any time from September 1 to and including
December 15 of each year (beginning with the year 2003) the maximum permitted
Total Leverage Ratio as otherwise set forth in the table above (or if clause
(ii) is applicable, as otherwise set forth in such clause (ii)) for the
applicable period shall be adjusted by increasing the numerator by 0.25 (for
example, if preceding clause (ii) is not applicable, for the period from
September 1, 2003 to and including

                                       -5-
<PAGE>

December 15, 2003, the maximum permitted Total Leverage Ratio would be increased
from 4.25:1.00 to 4.50:1.00 and if preceding clause (ii) is applicable, for the
period from September 1, 2003 to but not including the last day of the
Borrower's fiscal quarter ending closest to September 30, 2003, the maximum
permitted Total Leverage Ratio would be increased from 4.50:1.00 to 4.75:1.00,
and for the period from the last day of the Borrower's fiscal quarter ending
closest to September 30, 2003 to and including December 15, 2003, the maximum
permitted Total Leverage Ratio would be increased from 4.25:1.00 to 4.50:1.00)."

                  12. Section 6.11 is hereby amended by inserting the following
text at the end thereof:

                  "PROVIDED that upon the earlier of (i) the receipt by the
Borrower of Net Proceeds from Retail Store Sales in a minimum aggregate amount
of $150,000,000 and (ii) the last day of the Borrower's fiscal quarter ending
closest to March 31, 2003, the Borrower will not permit the Asset Coverage Ratio
to be less than 2.50:1.00 at any time."

                  13. In order to induce the Lenders to enter into this
Amendment, the Borrower hereby represents and warrants that (x) no Default or
Event of Default exists on the First Amendment Effective Date (as defined
below), both before and after giving effect to this Amendment, and (y) all of
the representations and warranties contained in the Credit Agreement and in the
other Loan Documents shall be true and correct in all material respects on the
date hereof, both before and after giving effect to this Amendment, with the
same effect as though such representations and warranties had been made on and
as of such date.

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

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

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

                  17. This Amendment shall become effective on the date (the
"First Amendment Effective Date") when (i) the Borrower, the Required Lenders
and the Majority Lenders holding Revolving Commitments shall have signed a
counterpart hereof and shall have delivered (including by way of telecopier) the
same to the Administrative Agent at the address provided in Section 9.01(b) of
the Credit Agreement by 2:00 p.m. (New York City time) on October 18, 2002,
PROVDIED that, notwithstanding anything to the contrary contained above in this
sentence, the amendment contained in Section 12 of this Amendment shall not be
effective until such time as the conditions set forth above in this sentence
have been met and the Aggregate Supermajority Lenders shall have signed a
counterpart hereof and shall have delivered

                                      -6-
<PAGE>

(including by way of telecopier) the same to the Administrative Agent at the
address provided in Section 9.01(b) of the Credit Agreement and (ii) the
Borrower shall have paid to the Administrative Agent for distribution to each
Lender who has delivered an executed counterpart hereof by 2:00 p.m. (New York
City time) on October 18, 2002 as provided in clause (i) above a non-refundable
cash fee in an amount equal to 12.5 basis points (0.125%) of an amount equal to
the sum of the outstanding principal amount of Term Loans of such Lender and the
Revolving Commitment of such Lender, in each case as same is in effect on the
First Amendment Effective Date.

                  18. From and after the First Amendment Effective Date, all
references in the Credit Agreement and each of the other Loan Documents to the
Credit Agreement shall be deemed to be references to the Credit Agreement as
modified hereby.

                                      * * *

                                      -7-
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective authorized officers as of the
day and year first above written.

                           FLEMING COMPANIES, INC.

                           By     /s/ Matthew H. Hildreth
                             ---------------------------------------------
                           Name:  Matthew H. Hildreth
                           Title: Senior Vice President, Finance
                                  and Treasurer

<PAGE>

                           DEUTSCHE BANK TRUST COMPANY
                               AMERICAS, Individually and as
                               Administrative Agent

                           By  /s/ Marguerite Sutton
                             ---------------------------------------------
                               Name:    Marguerite Sutton
                               Title:   Vice President

<PAGE>

                           Centurion CDO VI, LTD
                           By:  American Express Asset
                           Management Group Inc. as Collateral
                           Manager

                           By       /s/ Steven B. Staver
                             -------------------------------------------
                           Name:    Steven B. Staver
                           Title:   Managing Director

<PAGE>

                           American Express Certificate Company
                           By:  American Express Asset
                           Management Group Inc. as Collateral
                           Manager

                           By       /s/ Steven B. Staver
                             -------------------------------------------
                           Name:    Steven B. Staver
                           Title:   Managing Director

<PAGE>

                           IDS Life Insurance Company
                           By:  American Express Asset
                           Management Group Inc. as Collateral
                           Manager

                           By       /s/ Steven B. Staver
                             -------------------------------------------
                           Name:    Steven B. Staver
                           Title:   Managing Director

<PAGE>

                           Sequils - Centurion V, Ltd.
                           By:  American Express Asset
                           Management Group Inc. as Collateral
                           Manager

                           By       /s/ Steven B. Staver
                             -------------------------------------------
                           Name:    Steven B. Staver
                           Title:   Managing Director

<PAGE>

                           Mariner CDO 2002, LTD.

                           By       /s/ David Mahon
                             ---------------------------------------
                           Name:    David Mahon
                           Title:   Vice President

<PAGE>

                           VENTURE CDO 2002, LIMITED

                           By its investment advisor, Barclays Capital
                           Asset Management Limited,

                           By its sub-advisor, Barclays Bank PLC,
                           New York Branch

                           By       /s/ Martin F. Davey
                             -------------------------------------------
                           Name:    Martin F. Davey
                           Title:   Director

<PAGE>

                           VENTURE II CDO 2002, LIMITED

                           By its investment advisor, Barclays Capital
                           Asset Management Limited,

                           By its sub-advisor, Barclays Bank PLC,
                           New York Branch

                           By       /s/ Martin F. Davey
                             -------------------------------------------
                           Name:    Martin F. Davey
                           Title:   Director

<PAGE>

                           KZH CYPRESSTREE-1 LLC

                           By       /s/ Susan Lee
                             --------------------------------------
                           Name:    Susan Lee
                           Title:   Authorized Agent

<PAGE>

                           KZH ING-2 LLC

                           By       /s/ Susan Lee
                             -------------------------------------------
                           Name:    Susan Lee
                           Title:   Authorized Agent

<PAGE>

                           KZH STERLING LLC

                           By       /s/ Susan Lee
                             -------------------------------------------
                           Name:  Susan Lee
                           Title: Authorized Agent

<PAGE>

                           BLACK DIAMOND INTERNATIONAL
                           FUNDING, LTD.

                           By       /s/ Alan Corkish
                             ---------------------------------------
                           Name:  Alan Corkish
                           Title: Director

<PAGE>

                           BANK OF AMERICA, N.A.

                           By       /s/ William Sweeney
                             ------------------------------------------
                           Name:    William Sweeney
                           Title:   Managing Director

<PAGE>

                           MAGNETITE IV CLO, LIMITED

                           By       /s/ M. Williams
                             -------------------------------------------
                           Name:    M. Williams
                           Title:   Director

<PAGE>

                           BNP Paribas

                           By       /s/ Angela Bentley Arnold
                             ------------------------------------------------
                           Name:  Angela Bentley Arnold
                           Title: Vice President

                           By     /s/ Craig Pierce
                             -------------------------------------------
                           Name:  Craig Pierce
                           Title: Associate

<PAGE>

                           Sierra CLO I

                           By       /s/ John M. Casparian
                             -------------------------------------------
                           Name:  John M. Casparian
                           Title: Chief Operating Officer

<PAGE>

                           CIT Business Credit Inc.
                           By       /s/ Vincent Belcastro
                             --------------------------------------------
                           Name:    Vincent Belcastro
                           Title:   Vice President

<PAGE>

                           COMERICA BANK

                           By       /s/ Mark B. Grover
                             -------------------------------------------
                           Name:    Mark B. Grover
                           Title:   First Vice President

<PAGE>

                           KZH CNC LLC

                           By       /s/ Susan Lee
                             ------------------------------------
                           Name:    Susan Lee
                           Title:   Authorized Agent

<PAGE>

                           JUPITER LOAN FUNDING LLC

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

<PAGE>

                           WINGED FOOT FUNDING TRUST

                           By       /s/ Ann E. Morris
                             ----------------------------------------
                           Name:  Ann E. Morris
                           Title: Authorized Agent

<PAGE>

                           Atrium CDO

                           By       /s/ Andrew H. Marshak
                             ------------------------------------------
                           Name:    Andrew H. Marshak
                           Title:   Authorized Signatory

<PAGE>

                           FIRST DOMINION FUNDING I

                           By       /s/ Andrew H. Marshak
                             -------------------------------------------
                           Name:    Andrew H. Marshak
                           Title:   Authorized Signatory

<PAGE>

                           FIRST DOMINION FUNDING II

                           By       /s/ Andrew H. Marshak
                             -------------------------------------------
                           Name:    Andrew H. Marshak
                           Title:   Authorized Signatory

<PAGE>

                           CSAM FUNDING I

                           By       /s/ Andrew H. Marshak
                             -------------------------------------------
                           Name:    Andrew H. Marshak
                           Title:   Authorized Signatory

<PAGE>

                           CSAM FUNDING II

                           By       /s/ Andrew H. Marshak
                             -------------------------------------------
                           Name:    Andrew H. Marshak
                           Title:   Authorized Signatory

<PAGE>

                           BRYAN MAWR CLO, Ltd.
                           By:  Deerfield Capital Management LLC as its
                              Collateral Manager

                           By       /s/ Matt Stouffer
                             -------------------------------------------
                           Name:    Matt Stouffer
                           Title:   Vice President

<PAGE>

                           ROSEMONT CLO, Ltd.
                           By:  Deerfield Capital Management LLC as its
                           Collateral Manager

                           By       /s/ Matt Stouffer
                             -------------------------------------------
                           Name:    Matt Stouffer
                           Title:   Vice President

<PAGE>

                           MUIRFIELD TRADING LLC

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

<PAGE>

                           OLYMPIC FUNDING TRUST, SERIES 1999-1

                           By       /s/ Ann E. Morris
                             -------------------------------------------
                           Name:    Ann E. Morris
                           Title:   Authorized Agent

<PAGE>

                           SEQUILS-Cumberland I, Ltd.
                           By:  Deerfield Capital Management LLC as its
                           Collateral Manager

                           By       /s/ Matt Stouffer
                             -------------------------------------------
                           Name:    Matt Stouffer
                           Title:   Vice President

<PAGE>

                           Denali Capital LLC, managing member of
                           DC Funding Partners, portfolio manager for
                           DENALI CAPITAL CLO II, LTD., or an affiliate

                           By       /s/ John Thacker
                             -------------------------------------------
                           Name:    John Thacker
                           Title:   Chief Credit Officer

<PAGE>

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

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Eaton Vance Senior Income Trust
                           By:  Eaton Vance Management as Investment Advisor

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Eaton Vance Institutional Senior Loan Fund
                           By:  Eaton Vance Management as Investment Advisor

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Oxford Strategic Income Fund
                           By:  Eaton Vance Management as Investment Advisor

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Eaton Vance CDO III, Ltd.
                           By:  Eaton Vance Management as Investment Advisor

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Eaton Vance CDO IV, Ltd.
                           By:  Eaton Vance Management as Investment Advisor

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Costantinus Eaton Vance CDO V, Ltd.
                           By:  Eaton Vance Management as Investment Advisor

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Grayson & Co
                           By:  Boston Management and Research
                                as Investment Advisor

                           By       /s/ Payson F. Swaffield
                             -------------------------------------------
                           Name:    Payson F. Swaffield
                           Title:   Vice President

<PAGE>

                           Fortis Capital Corp.

                           By       /s/ John C. Preneta
                             -------------------------------------------
                           Name:  John C. Preneta
                           Title: Executive Vice President

                           Fortis Capital Corp.

                           By     /s/ John O'Connor
                             -------------------------------------------
                           Name:  John O'Connor
                           Title: Managing Director

<PAGE>

                           FRANKLIN CLO I, LTD

                           By       /s/ Richard Hsu
                             -------------------------------------------
                           Name:    Richard Hsu
                           Title:   Vice President

<PAGE>

                           FRANKLIN CLO II, LTD

                           By       /s/ Richard Hsu
                             -------------------------------------------
                           Name:    Richard Hsu
                           Title:   Vice President

<PAGE>

                           FRANKLIN CLO III, LTD

                           By       /s/ Richard Hsu
                             -------------------------------------------
                           Name:    Richard Hsu
                           Title:   Vice President

<PAGE>

                           FRANKLIN FLOATING RATE TRUST

                           By       /s/ Richard Hsu
                             -------------------------------------------
                           Name:    Richard Hsu
                           Title:   Vice President

<PAGE>

                           GENERAL ELECTRIC CAPITAL CORPORATION

                           By       /s/ W. Jerome McDermott
                             -------------------------------------------
                           Name:    W. Jerome McDermott
                           Title:   Duly Authorized Signatory

<PAGE>

                           KZH WATERSIDE LLC

                           By       /s/ Susan Lee
                             -------------------------------------------
                           Name:    Susan Lee
                           Title:   Authorized Agent

<PAGE>

                           GUARANTY BANK

                           By       /s/ Donald R. Pullen
                             -------------------------------------------
                           Name:  Donald R. Pullen
                           Title: Senior Vice President

<PAGE>

                           Harch CLO I, Ltd.

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

<PAGE>

                           Blue Square Funding Series 3
                           By:  Deutsche Bank Trust Company Americas

                           By       /s/ Susan Anderson
                             -------------------------------------------
                           Name:    Susan Anderson
                           Title:   Assistant Vice President

<PAGE>

                           California Public Employees' Retirement System
                           By:  Highland Capital Management, L.P.
                           As Authorized Representative of the Board

                           By       /s/ Louis Koven
                             -------------------------------------------
                           Name:    Louis Koven
                           Title:   Executive Vice President - CFO

<PAGE>

                           ELF Funding Trust I
                           By:  Highland Capital Management, L.P.
                           As Collateral Manager

                           By       /s/ Louis Koven
                             -------------------------------------------
                           Name:    Louis Koven
                           Title:   Executive Vice President - CFO

<PAGE>

                           EMERALD ORCHARD LIMITED

                           By       /s/ David G. Parker
                             -------------------------------------------
                           Name:    David G. Parker
                           Title:   Attorney-in-fact

<PAGE>

                           GLENEAGLES TRADING LLC

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

<PAGE>

                           KZH HIGHLAND-2 LLC

                           By       /s/ Susan Lee
                             -------------------------------------------
                           Name:    Susan Lee
                           Title:   Authorized Agent

<PAGE>

                           Highland Loan Funding V Ltd.
                           By:  Highland Capital Management, L.P.
                           As Collateral Manager

                           By       /s/ Louis Koven
                             -------------------------------------------
                           Name:    Louis Koven
                           Title:   Executive Vice President - CFO

<PAGE>

                           Pam Capital Funding L.P.
                           By:  Highland Capital Management, L.P.
                           As Collateral Manager

                           By       /s/ Louis Koven
                             -------------------------------------------
                           Name:  Louis Koven
                           Title: Executive Vice President - CFO

<PAGE>

                           Restoration Funding CLO, Ltd.
                           By:  Highland Capital Management, L.P.
                           As Collateral Manager

                           By       /s/ Louis Koven
                             -------------------------------------------
                           Name:    Louis Koven
                           Title:   Executive Vice President - CFO

<PAGE>

                           Highland Legacy Limited
                           By:  Highland Capital Management, L.P.
                           As Collateral Manager

                           By       /s/ Louis Koven
                             -------------------------------------------
                           Name:    Louis Koven
                           Title:   Executive Vice President - CFO

<PAGE>

                           PACIFICA PARTNERS I, L.P.
                           By:  Imperial Credit Asset Management
                           As its Investment Manager

                           By       /s/ Mary Shaifer
                             -------------------------------------------
                           Name:    Mary Shaifer
                           Title:   Vice President

<PAGE>

                           INDOSUEZ CAPITAL FUNDING IIA, LIMITED
                           By:  Indosuez Capital as Portfolio Advisor

                           By       /s/ Charles Kobayashi
                             -------------------------------------------
                           Name:    Charles Kobayashi
                           Title:   Principal and Portfolio Manager

<PAGE>

                           JPMorgan Chase Bank

                           By       /s/ Teri Streusand
                             -------------------------------------------
                           Name:    Teri Streusand
                           Title:   Vice President

<PAGE>

                           LEHMAN COMMERICIAL PAPER INC.

                           By       /s/ Francis J. Chang
                             -------------------------------------------
                           Name:    Francis J. Chang
                           Title:   Authorized Signatory

<PAGE>

                           CONTINENTAL CASUALTY COMPANY

                           By       /s/ Dennis R. Hemme
                             -------------------------------------------
                           Name:    Dennis R. Hemme
                           Title:   Vice President

<PAGE>

                           Manufacturers and Traders Trust Company

                           By       /s/ Christopher Kania
                             -------------------------------------------
                           Name:    Christopher Kania
                           Title:   Vice President

<PAGE>

                           MAPLEWOOD (CAYMAN) LIMITED
                           By:  David L. Babson & Company Inc. under delegated
                           authority from Massachusetts Mutual Life Insurance
                           Company as Investment Manager

                           By       /s/ Mary Ann McCarthy
                             -------------------------------------------
                           Name:    Mary Ann McCarthy
                           Title:   Managing Director

<PAGE>

                           MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
                           By:  David L. Babson & Company Inc. as Investment
                           Advisor

                           By       /s/ Mary Ann McCarthy
                             -------------------------------------------
                           Name:    Mary Ann McCarthy
                           Title:   Managing Director

<PAGE>

                           Mizuho Corporate Bank

                           By       /s/ Vincent M. Iugato
                             -------------------------------------------
                           Name:    Vincent M. Iugato
                           Title:   Senior Vice President and Group Head

<PAGE>

                           Morgan Stanley Prime Income Trust

                           By       /s/ Sheila A. Finnerty
                             -------------------------------------------
                           Name:    Sheila A. Finnerty
                           Title:   Executive Director

<PAGE>

                           National City Bank

                           By       /s/ Stephen Bassett
                             -------------------------------------------
                           Name:  Stephen Bassett
                           Title: Assistant Vice President

<PAGE>

                           ELF FUNDING TRUST III
                           By:  New York Life Investment Management, LLC, as
                           Attorney-in-Fact

                           By       /s/ Robert H. Dial
                             -------------------------------------------
                           Name:    Robert H. Dial
                           Title:   Vice President

<PAGE>

                           NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
                           By:  New York Life Investment Management, LLC, its
                           Investment Manager

                           By       /s/ Robert H. Dial
                             -------------------------------------------
                           Name:    Robert H. Dial
                           Title:   Vice President

<PAGE>

                           Nomura Bond & Loan Fund

                           By:  UFJ Trust Company of New York as Trustee

                           By:  Nomura Corporate Research and Asset Management
                           Inc. as Attorney-in-Fact

                           By       /s/ Elizabeth Maclean
                             -------------------------------------------
                           Name:    Elizabeth Maclean
                           Title:   Vice President

<PAGE>

                           Clydesdale CLO 2001-1, LTD
                           By:  Nomura Corporate Research and Asset
                           Management Inc. as Collateral Manager

                           By       /s/ Elizabeth Maclean
                             -------------------------------------------
                           Name:    Elizabeth Maclean
                           Title:   Vice President

<PAGE>

                           OPPENHEIMER SENIOR FLOATING RATE FUND

                           By       /s/ Bill Campbell
                             -------------------------------------------
                           Name:    Bill Campbell
                           Title:   Manager

<PAGE>

                           PILGRIM CLO 1999-1 LTD.
                           By:  ING Investments, LLC as its
                           Investment Manager

                           By       /s/ Brian S. Horton
                             -------------------------------------------
                           Name:    Brian S. Horton
                           Title:   Vice President

<PAGE>

                           PILGRIM AMERICA HIGH INCOME INVESTMENTS LTD,
                           By:  ING Investments, LLC as its
                           Investment Manager

                           By       /s/ Brian S. Horton
                             -------------------------------------------
                           Name:    Brian S. Horton
                           Title:   Vice President

<PAGE>

                           ML CLO XII PILGRIM AMERICA
                           (CAYMAN) LTD,
                           By:  ING Investments, LLC as its
                           Investment Manager

                           By       /s/ Brian S. Horton
                             -------------------------------------------
                           Name:    Brian S. Horton
                           Title:   Vice President

<PAGE>

                           SEQUILS - PILGRIM I, LTD
                           By:  ING Investments, LLC as its
                           Investment Manager

                           By       /s/ Brian S. Horton
                             -------------------------------------------
                           Name:    Brian S. Horton
                           Title:   Vice President

<PAGE>

                           ING PRIME RATE TRUST
                           By:  ING Investments, LLC as its
                           Investment Manager

                           By       /s/ Brian S. Horton
                             -------------------------------------------
                           Name:    Brian S. Horton
                           Title:   Vice President

<PAGE>

                           ING SENIOR INCOME FUND
                           By:  ING Investments, LLC as its
                           Investment Manager

                           By       /s/ Brian S. Horton
                             -------------------------------------------
                           Name:    Brian S. Horton
                           Title:   Vice President<PAGE>
                                                                   EXHIBIT 10.28

                                BRADY CORPORATION

                           CHANGE OF CONTROL AGREEMENT

                  AGREEMENT, made as of January 5, 2001, between Brady
Corporation, a Wisconsin corporation, ("Company") and Michael O. Oliver.

                  WHEREAS, the Executive is now serving as an executive of the
Company in a position of importance and responsibility; and

                  WHEREAS, the Executive possesses intimate knowledge of the
business and affairs of the Company and its policies, markets and financial and
human resources, and the Executive has acquired certain confidential information
and data with respect to the Company; and

                  WHEREAS, the Company wishes to continue to receive the benefit
of the Executive's knowledge and experience and, as an inducement for continued
service, is willing to offer the Executive certain payments due to severance as
a result of change of control as set forth herein;

                  NOW, THEREFORE, in consideration of the mutual promises and
covenants set forth herein, the Executive and Company agree as follows:

         SECTION 1. DEFINITIONS.

                  (a) Change of Control. For purposes of this Agreement, a
"Change of Control" shall occur if and when any person or group of persons (as
defined in Section 13(d)(3) of the Securities and Exchange Act of 1934) other
than the members of the family of William H. Brady, Jr. and their descendants,
or trusts for their benefit, and the W. H. Brady Foundation, Inc., collectively,
directly or indirectly controls in excess of 50% of the voting common stock of
the Company.

                  (b) Termination Due to Change of Control. A "Termination Due
to Change of Control" shall occur if within the 24 month period beginning with
the date a Change of Control occurs (i) the Executive's employment with the
Company is involuntarily terminated (other than by reason of death, disability
or Cause) or (ii) the Executive's employment with the Company is voluntarily
terminated by the Executive subsequent to (A) any reduction in the total of the
Executive's annual base salary (exclusive of fringe benefits) and the
Executive's target bonus in comparison with the Executive's annual base salary
and target bonus immediately prior to the date the Change of Control occurs, (B)
a significant diminution in the responsibilities or authority of the Executive
in comparison with the Executive's responsibility and authority immediately
prior to the date the Change of Control occurs or (C) the imposition of a
requirement by the Company that the Executive relocate to a principal work
location more than 50 miles from the Executive's principal work location
immediately prior to the date the Change of Control occurs.

                  (c) "Cause" means (i) the Executive's willful and continued
failure to substantially perform the Executive's duties with the Company (other
than any such failure resulting from physical or mental incapacity) after
written demand for performance is given to the Executive by the Company which
specifically identifies the manner in which the Company believes the Executive
has not substantially performed and a reasonable time to cure has transpired,
(ii) the Executive's conviction of (or plea of nolo contendere for the
commission of) a felony, or (iii) the Executive's commission of an act of
dishonesty or of any willful act of misconduct which results in or could
reasonably be

                                       1
<PAGE>

expected to result in significant injury (monetarily or otherwise) to the
Company, as determined in good faith by the Board of Directors of the Company.

                  (d) "Beneficiary" means any one or more primary or secondary
beneficiaries designated in writing by the Executive on a form provided by the
Company to receive any benefits which may become payable under this Agreement on
or after the Executive's death. The Executive shall have the right to name,
change or revoke the Executive's designation of a Beneficiary on a form provided
by the Company. The designation on file with the Company at the time of the
Executive's death shall be controlling. Should the Executive fail to make a
valid Beneficiary designation or leave no named Beneficiary surviving, any
benefits due shall be paid to the Executive's spouse, if living; or if not
living, then to the Executive's estate.

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

         SECTION 2. PAYMENTS UPON TERMINATION DUE TO CHANGE OF CONTROL.

                  (a) Following Termination Due to Change of Control, the
Executive shall be paid an amount equal to two times the annual base salary paid
the Executive by the Company in effect immediately prior to the date the Change
of Control occurs, and two times the average bonus payment received in the three
years immediately prior to the date the Change of Control occurs. Such amount
shall be paid in 24 monthly installments beginning on the 15th day of the month
following the month in which the Executive's employment with the Company
terminates.

                  (b) If the scheduled payments under paragraph (a) above would
result in disallowance of any portion of the Company's deduction therefore under
Section 162(m) of the Code, the payments called for under paragraph (a) shall be
limited to the amount which is deductible, with the balance to be paid as soon
as deductible by the Company. However, in such event, the Company shall pay the
Executive on a quarterly basis an amount of interest based on the prime rate
recomputed each quarter on the unpaid scheduled payments.

         SECTION 3. EXCISE TAX, ATTORNEY FEES.

                  (a) If the payments under Section 2 in combination with any
other payments which the Executive has the right to receive from the Company
(the "Total Payments") would result in the Executive incurring an excise tax as
a result of Section 280(G) of the Code, the Company will reimburse the Executive
for such Excise Tax.

                  (b) If the Executive is required to file a lawsuit to enforce
the Executive's rights under this Agreement, or the Executive's Nonqualified
Retention Stock Option Agreement dated August 1, 2000, and the Executive
prevails in such lawsuit, the Company will reimburse the Executive for his
attorney fees incurred up to a maximum of $25,000.00.

                                       2
<PAGE>

         SECTION 4. DEATH AFTER THE EXECUTIVE HAS BEGUN RECEIVING PAYMENTS.

Should the Executive die after Termination Due to Change of Control, but before
receiving all payments due the Executive hereunder, any remaining payments due
shall be made to the Executive's Beneficiary.

         SECTION 5. CONFIDENTIAL INFORMATION AGREEMENT.

The Executive has obligations under the separate Confidential Information
Agreement between the Executive and the Company which continue beyond the
Executive's termination of employment. The payments to be made hereunder are
conditioned upon the Executive's compliance with the terms of the Confidential
Information Agreement. The payments made hereunder shall be reduced by any
payments the Company makes to the Executive under Section 3 of the Confidential
Information Agreement. In the event the Executive violates the provisions of the
Confidential Information Agreement, no further payments shall be due hereunder
and the Executive shall be obligated to repay all previous payments received
hereunder in the same manner as provided in Section 4 of the Confidential
Information Agreement.

         SECTION 6. MISCELLANEOUS.

                  (a) Non-Assignability. This Agreement is personal to the
Executive and, without the prior written consent of the Company, shall not be
assignable by the Executive otherwise than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns and shall also be enforceable by the
Executive's legal representatives.

                  (b) Successors. The Company shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company expressly
to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would have been required to perform it if no such
succession had taken place. As used in this Agreement, "Company" shall mean both
the Company as defined above and any such successor that assumes and agrees to
perform this Agreement, by operation of law or otherwise.

                  (c) Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Wisconsin, without
reference to principles of conflict of laws, to the extent not preempted by
federal law. The captions of this Agreement are not part of the provisions
hereof and shall have no force or effect.

                  (d) Notices. All notices and other communications under this
Agreement shall be in writing and shall be given by hand delivery to the other
party or by registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

                      If to the Executive:             Michael O. Oliver
                                                       34198 Old Walnut Circle
                                                       Gurnee, IL 60031

                                       3
<PAGE>

                      If to the Company:        Brady Corporation
                                                6555 West Good Hope Road
                                                Milwaukee, WI  53223
                                                Attention: Corporate Secretary

or to such other address as either party furnishes to the other in writing in
accordance with this paragraph. Notices and communications shall be effective
when actually received by the addressee.

                  (e) Construction. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. If any provision of this Agreement shall
be held invalid or unenforceable in part, the remaining portion of such
provision, together with all other provisions of this Agreement, shall remain
valid and enforceable and continue in full force and effect to the fullest
extent consistent with law.

                  (f) No Guarantee of Employment. Nothing contained in this
Agreement shall give the Executive the right to be retained in the employment of
the Company or affect the right of the Company to dismiss the Executive.

                  (g) Amendment; Entire Agreement. This Agreement may not be
amended or modified except by a written agreement executed by the parties hereto
or their respective successors and legal representatives. This Agreement
contains the entire agreement between the parties on the subjects covered and
replaces all prior writings, proposals, specifications or other oral or written
materials relating thereto.

                  (h) Impact on Other Plans. No amounts paid to the Executive
under this Agreement will be taken into account as "wages", "salary", "base pay"
or any other type of compensation when determining the amount of any payment or
allocation, or for any other purpose, under any other qualified or nonqualified
plan or agreement of the Company, except as otherwise may be specifically
provided by such plan or agreement.

                  (i) Other Agreements. This Agreement supersedes any other
severance arrangement between the Company and the Executive. This Agreement does
not confer any payments or benefits other than the payments described in
Sections 2 & 3 hereof.

                  (j) Withholding. To the extent required by law, the Company
shall withhold any taxes required to be withheld with respect to this Agreement
by the federal, state or local government from payments made hereunder or from
other amounts paid to the Executive by the Company.

                  (k) Facility of Payment. If the Executive or, if applicable,
the Executive's Beneficiary, is under legal disability, the Company may direct
that payments be made to a relative of such person for the benefit of such
person, without the intervention of any legal guardian or conservator, or to any
legal guardian or conservator of such person. Any such distribution shall
constitute a full discharge with respect to the Company and the Company shall
not be required to see to the application of any distribution so made.

                                       4
<PAGE>

         SECTION 7. CLAIMS PROCEDURE.

                  (a) Claim Review. If the Executive or the Executive's
Beneficiary (a "Claimant") believes that he or she has been denied all or a
portion of a benefit under this Agreement, he or she may file a written claim
for benefits with the Company. The Company shall review the claim and notify the
Claimant of the Company's decision within 60 days of receipt of such claim,
unless the Claimant receives written notice prior to the end of the 60 day
period stating that special circumstances require an extension of the time for
decision. The Company's decision shall be in writing, sent by mail to the
Claimant's last known address, and if a denial of the claim, must contain the
specific reasons for the denial, reference to pertinent provisions of this
Agreement on which the denial is based, a designation of any additional material
necessary to perfect the claim, and an explanation of the claim review
procedure.

                  (b) Appeal Procedure to the Board. A Claimant is entitled to
request a review of any denial by the full Board by written request to the Chair
of the Board within 60 days of receipt of the denial. Absent a request for
review within the 60-day period, the claim will be deemed to be conclusively
denied. The Board shall afford the Claimant the opportunity to review all
pertinent documents and submit issues and comments in writing and shall render a
review decision in writing, all within 60 days after receipt of a request for
review (provided that, in special circumstances the Board may extend the time
for decision by not more than 60 days upon written notice to the Claimant.) The
Board's review decision shall contain specific reasons for the decision and
reference to the pertinent provisions of this Agreement.

                  IN WITNESS WHEREOF, the Executive has signed this Agreement
and, pursuant to the authorization of the Board, the Company has caused this
Agreement to be signed, all as of the date first set forth above.

         /s/ Michael O. Oliver
         --------------------------------------------------
         Executive - Michael O. Oliver

         Brady Corporation

         By: /s/ Katherine M. Hudson
            -----------------------------------------------

         Attest /s/ Conrad G. Goodkind
                -------------------------------------------

                                       5

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