Exhibit 10.1 [Crestar Bank Letterhead] Crestar Bank P.O. Box 26665 Richmond, VA 23261-6665 (804) 782-5000 May 20, 1999 Mr. Thomas M. Mishoe, Jr. Chief Financial Officer Eskimo Pie Corporation 901 Moorefield Park Drive Richmond, VA 23235 Dear Tom: I am writing in reference to the Letter Agreement dated March 20, 1998, and the $10,000,000 Commercial Note of the same date (the Letter Agreement and Commercial Note collectively referred to as the "Loan Documents") between Eskimo Pie Corporation (the "Company") and Crestar Bank (the "Bank"). The Bank hereby agrees to modify and amend the $10,000,000 Line of Credit and supporting Loan Documents as follows: Paragraph 3 of the Letter Agreement dated March 20, 1998, is hereby amended such that the Interest rate will be equal to the Bank's overnight Money Market Rate plus 1.00%; Paragraph 6 of the Letter Agreement dated March 20, 1998, is hereby amended to read that the expiration date is April 30, 2001. All other terms and conditions set forth in the Loan Documents shall remain the same. If the modifications and amendments specified above are satisfactory, please signify your acceptance by signing and returning the enclosed copy of this letter no later than May 28, 1999. Sincerely, CRESTAR BANK By: /s/ T. Patrick Collins T. Patrick Collins Vice President Accepted and agreed to this 21st day of May , 1999. /s/ Thomas M. Mishoe, Jr By: Thomas M. Mishoe, Jr. Title: Chief Financial Officer