PANTRY INC
EMPLOYMENT AGREEMENT
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<DESCRIPTION>EMPLOYMENT AGREEMENT
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 10.1
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>AMENDMENT NO. 3 TO </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>EMPLOYMENT AGREEMENT </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>THIS AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT</B> (&#147;Amendment No. 3&#148;) is made and entered into as of the 28</FONT><FONT
FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> day of August, 2002, by and between <B>THE PANTRY, INC.</B>, a Delaware corporation (the &#147;Corporation&#148;), and
<B>PETER J. SODINI</B> (the &#147;Employee&#148;). </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>W&nbsp;I&nbsp;T&nbsp;N&nbsp;E&nbsp;S&nbsp;S&nbsp;E&nbsp;T&nbsp;H: </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS,</B> the Corporation and the Employee entered into an Employment Agreement dated as of October 1, 1997 (the &#147;Original Agreement&#148;); and </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS,</B> the Corporation and the Employee entered into
Amendment No. 1 to Employment Agreement on April 1, 1999; and </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>WHEREAS,</B> the Corporation and the Employee entered into Amendment No. 2 to Employment Agreement on September 21, 2001; </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS,</B> the Corporation and the Employee desire to amend further the Original Agreement to provide for different severance
payments in the event the Employee&#146;s employment is terminated after a Change in Control by the Corporation without Cause or by the Employee for Good Reason, as such terms are defined in the Original Agreement as set forth hereinafter; and
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>WHEREAS,</B> the Corporation and the Employee
desire to amend further the Original Agreement to provide for a change in Section 7 of the Original Agreement which addresses moving expenses. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>NOW, THEREFORE,</B> in consideration of the mutual terms and conditions set forth below and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;In Section 6.2, Termination Following Change-in-Control, the phrase &#147;eighteen months&#148; in the first paragraph shall be deleted and the phrase &#147;twenty-four
(24) months&#148; shall be inserted such that the clause shall read, &#147;Employee shall be entitled to salary continuance together with regular benefits for twenty-four (24) months from the date of the termination of his employment . . . .&#148;
</FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;In Section 7,
Moving Expenses, the phrase &#147;to California&#148; shall be deleted and the phrase &#147;to any location of Employee&#146;s choice in the continental United States&#148; shall be inserted in lieu thereof. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;Except as amended hereby,
the Original Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>IN WITNESS WHEREOF,</B> this Amendment has been duly executed as of the day and year set forth above. </FONT></P><P
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<TD VALIGN="top" COLSPAN="3" WIDTH="43%"> <P STYLE="margin-top:0px;margin-bottom:0px"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>T<SMALL>HE</SMALL> P<SMALL>ANTRY</SMALL>, I<SMALL>NC</SMALL>.</B></FONT></P></TD></TR>
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<TD VALIGN="top" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"> <FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="43%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>TEVEN</SMALL> J.
F<SMALL>ERRIERA</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
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<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" WIDTH="43%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Name:&nbsp;&nbsp;Steven J. Ferriera</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Title:&nbsp;&nbsp;&nbsp;&nbsp;Sr. Vice President, Administration</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center" WIDTH="43%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;P<SMALL>ETER</SMALL> J.
S<SMALL>ODINI</SMALL></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center" WIDTH="43%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"> <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">PETER J. SODINI</FONT></P></TD></TR>
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