AMENDMENT NO. 1 TO FORBEARANCE AGREEMENT

Exhibit 10

AMENDMENT NO. 1 TO FORBEARANCE AGREEMENT

        This Amendment No. 1 to Forbearance Agreement (the “Amendment No. 1”) is made as of the 13th day of September, 2005, by and among O’Sullivan Industries, Inc. (“O’Sullivan”), a Delaware corporation, O’Sullivan Industries Holdings, Inc. (“Holdings”), a Delaware corporation, O’Sullivan Industries — Virginia, Inc. (“OIV”), a Virginia corporation, O’Sullivan Furniture Factory Outlet, Inc., a Missouri Corporation (“OFFO” and, collectively with O’Sullivan, Holdings, and OIV, the “Company”), GoldenTree Asset Management L.P., as investment advisor for certain Senior Secured Noteholders (“GoldenTree”), and Mast Credit Opportunities I, (Master) Ltd. (“Mast”).

        WHEREAS, the Company, GoldenTree, and Mast are parties to a Forbearance Agreement, dated as of August 12, 2005 (the “Forbearance Agreement”); and

        WHEREAS, the Company, GoldenTree, and Mast have engaged in good faith discussions regarding a restructuring of the Company’s financ