PANERA BREAD CO
EX-10.1 CONFIDENTIAL AND PROPIETARY INFORMATION
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<DESCRIPTION>EX-10.1 CONFIDENTIAL AND PROPIETARY INFORMATION
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<P align="right"><FONT size="2"><B>Exhibit&nbsp;10.1</B>
</FONT>

<P align="center"><FONT size="2"><B>Form of<BR>
PANERA, L.L.C.<BR>
CONFIDENTIAL AND PROPRIETARY INFORMATION<BR>
AND NON-COMPETITION AGREEMENT</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, _______________, in consideration of the offer of employment to me by
Panera, L.L.C. (&#147;Panera&#148; and/or &#147;Company&#148;) or to continue employment with
Panera, as the case may be, and the compensation and other consideration that
may hereafter be paid to me, agree to the following:
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>1.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>EMPLOYEE WARRANTIES</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I warrant that I am free to enter into the terms of this Panera, L.L.C.
Confidential And Proprietary Information And Non-Competition Agreement
(&#147;Agreement&#148;) and that I have no obligations inconsistent with unrestrained
employment by Panera and I further represent and warrant that my performance of
all the terms of this Agreement and as an employee of Panera does not and will
not breach any agreement to keep in confidence information acquired by me in
confidence or in trust prior to my employment by Panera. Moreover, I have not
entered into, and I agree I will not enter into, any agreement either written
or oral in conflict herewith.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>2.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>NO ASSURANCES OF CONTINUED EMPLOYMENT</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I understand and agree that nothing in this Agreement or any discussions I
have had with Panera or any of its representatives shall be construed to give
me any right or assurance of continued employment by Panera; and that my
employment relationship with Panera is terminable at will, with or without
notice, with or without reason, by either Panera or me.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>3.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>CONFLICTING EMPLOYMENT</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I agree that during the term of my employment with Panera I will not
engage in any other employment, occupation, consulting or other business
activity related to the business in which Panera is now involved or becomes
involved during the term of my employment, nor will I engage in any other
activities that conflict with my obligations to Panera, including, but not
limited to, soliciting franchisees or potential franchisees for personal gain
and/or benefit.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>4.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>CONFIDENTIAL NATURE; PUBLIC STATEMENTS</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I shall keep confidential the terms of this Agreement. A breach of
this confidentiality undertaking shall relieve the Company of any of its
undertakings and obligations set forth herein.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.2 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of subsection 4.1 notwithstanding, it shall not be
deemed a violation of my duty to keep the terms hereof confidential should:
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosure be compelled by applicable law or by order of either a
court of competent jurisdiction or governmental or administrative authority.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosure of this Agreement be made by me to members of my immediate
family, or to professionals consulted by me for advise regarding this
Agreement, including, without limitation, lawyers and certified public
accountants; provided that any person to whom such disclosure is authorized
shall agree to be bound by the terms of paragraph 4.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>5.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>CONFIDENTIAL AND PROPRIETARY INFORMATION</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I understand and acknowledge that in the course of my employment, I
have received and/or will receive and/or may receive and/or have access to
certain &#147;Confidential Information&#148; (as defined below) of Panera. I hereby
acknowledge that such Confidential Information constitutes a valuable and
proprietary asset of Panera which Panera desires to protect.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Agreement, &#147;Confidential Information&#148; shall
include, but not be limited to, the following: this Agreement; trade secrets;
operating techniques, procedures and methods; product specifications; customer
lists;
</FONT>
<P align="center"><FONT size="2">&nbsp;
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<P align="left"><FONT size="2">account information; price lists; discount schedules; budgets,
correspondence with customers, vendors, competitors, employees, partners,
franchisees or any other entity or person; drawings; software; samples; leads
from any source; marketing techniques; procedures and methods; employee lists;
internal financial reports (including, but not limited to, internal sales
and/or profit and loss reports) of the Company and its affiliates and/or
franchisees; sourcing lists; and recruiting lists; and any other such
proprietary information, but shall not include any such information which has
become generally known to or available for use by the public other than by my
act(s) or omission(s).
</FONT>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I agree that during the term of this Agreement and at any time
thereafter, I will not, without the authorization of Panera: (i)&nbsp;disclose any
Confidential Information to any person or entity for any purpose whatsoever; or
(ii)&nbsp;make use of any Confidential Information for my own purposes or for the
benefit of any other person or entity, other than Panera, and it is expressly
understood and agreed that this prohibition shall include not using any such
Confidential Information in competing with Panera at any time.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>6.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>COVENANTS NOT TO COMPETE</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.1 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I covenant and agree that I will not engage in any &#147;Competitive
Activity&#148; (as defined below) at any time during my employment with the Company
and/or within the fifty-two (52)&nbsp;week period following the date of my
termination from the Company for any reason or no reason.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;Competitive Activity&#148; shall include the following:
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; being employed by, or directly or indirectly, advising, consulting in,
or acting in any way as an agent for any company listed on Attachment A (the
&#147;Listed Competitors&#148;); or
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; directly or indirectly engaging in, being employed by, advising,
consulting in, or acting in any way as an agent for any entity engaged, in
whole or in part, in any retail food establishment (including any restaurant or
bakery, but excluding any exclusively based pizza concept) in which any of the
following categories constitutes more than twenty percent (20%) of its revenues
(an &#147;Other Competitor&#148;): (a)&nbsp;bakery goods and breads; (b)&nbsp;sandwiches, soups
and/or salads, other than those ordered through a wait person taking orders at
a table (the term &#147;sandwiches&#148; shall not include hamburgers); or (c)&nbsp;coffee and
coffee-based drinks; as well as any business (without regard to revenue) that
manufactures, wholesales and/or distributes fresh or frozen dough or bakery
products which is or may be competitive with or adverse to the Company&#146;s
business and which is within a 100 mile radius of where the Company is engaged
in business or where the Company is attempting to engage in business or where
the Company may reasonably be expected to engage in business within the 12
months immediately following my termination; or
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; providing any services, directly or indirectly, to any division or
direct or indirect parent company of any Listed Competitor (including the
parent companies listed on Attachment A), or any Other Competitor, or to any
other affiliated company of a Listed Competitor or Other Competitor; other than
any entity that owns a minority interest in a Listed Competitor or Other
Competitor solely as a passive investor, without any involvement in the
management of such Listed Competitor or Other Competitor; or
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; having, or acquiring any interest in (whether as proprietor, partner,
stockholder, consultant, officer, director, or any type of principal
whatsoever) in any Listed Competitor, Other Competitor or in any division, or
direct or indirect parent company of any Listed Competitor or Other Competitor,
except that the direct or indirect ownership of five percent (5%) or less of
the stock of a company whose shares are listed on a national securities
exchange or are quoted on the National Association of Securities Dealers
Automated Quotation System shall not be deemed having or acquiring any such
interest; or
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; directly or indirectly being employed by, advising,
consulting in, or acting in any way as an agent for any entity or individual:
(a)&nbsp;which is a franchisee of the Company, or (b)&nbsp;which was a franchisee of the
Company at any time within the twelve (12)&nbsp;months immediately prior to my
termination from the Company, or (c)&nbsp;which the Company is and/or was attempting
to secure as a franchisee at any time within the twelve (12)&nbsp;immediately prior
to my termination from the Company, or (d)&nbsp;which the Company may reasonably be
expected to secure as a franchisee at any time within the twelve (12)&nbsp;months
immediately following my termination or (e)&nbsp;which is or was an equity owner of
10% or more of a Company franchisee; or
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; having, or acquiring any interest in (whether as proprietor, partner,
stockholder, consultant, officer, director, or any type of principal
whatsoever) any entity: (a)&nbsp;which is a franchisee of the Company, or (b)&nbsp;which
was a
</FONT>
<P align="center"><FONT size="2">&nbsp;
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<P align="left"><FONT size="2">franchisee of the Company at any time within the twelve (12)&nbsp;months
immediately prior to my termination from the Company, or (c)&nbsp;which the Company
is and/or was attempting to secure as a franchisee at any time within the
twelve (12)&nbsp;months immediately prior to my termination from the Company, or (d)
which the Company may reasonably be expected to secure as a franchisee at any
time within the twelve (12)&nbsp;months immediately following my termination, or (e)
which includes an entity or individual equity owner that is or was an equity
owner of 10% or more of a Company franchisee; except that the direct or
indirect ownership of five percent (5%) or less of the stock of a company whose
shares are listed on a national securities exchange or are quoted on the
National Association of Securities Dealers Automated Quotation System shall not
be deemed having or acquiring any such interest.
</FONT>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.3 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Both during the term of my employment with the Company and at any time
within the twenty-four (24)&nbsp;month period following my termination from the
Company for any reason or no reason, I hereby agree not to directly or
indirectly solicit or otherwise attempt to induce, influence, or encourage any
employee and/or independent contractor and/or consultant and/or supplier and/or
franchisee of the Company to terminate and/or modify in any way his/her and/or
its employment or other such business relationship with the Company.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.4 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of Section&nbsp;6, references to &#147;the Company&#146;s business&#148;
and/or &#147;where the Company is engaged in business&#148; and/or &#147;where the Company is
attempting to engage in business&#148; and/or &#147;where the Company may reasonably be
expected to engage in business&#148;, shall mean any and/or all current and/or
future franchisee operation(s) as well as any current and/or future Company
operation(s).
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.5 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time I may request a waiver, in whole or in part, of Section&nbsp;6
by notifying the Company in writing of my request. Within 15&nbsp;days of my
providing the Company with relevant information pertaining to such a waiver
request and my providing such written information as the Company may request
regarding the potential violation of these Covenants Not To Compete), the
Company, through the Chief Executive Officer and/or his/her designee, will
consider such a request and communicate with me.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>7.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>SEPARATION PAY</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.1 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the occurrence of a &#147;Separation Event&#148;, as defined below, and
provided I comply with all of the obligations contained in this Agreement
(including, but not limited to Section&nbsp;6), Panera agrees to: (i)&nbsp;pay me
fifty-two (52)&nbsp;weeks of my &#147;Base Pay&#148; as defined in Section&nbsp;7.2 below; (ii)&nbsp;at
my option, continue my health and dental insurance for this same fifty-two (52)
week period, with then existing employee premium payments (if any) to be
deducted from my Separation Pay, with COBRA notification to follow; (iii)&nbsp;at my
option, allow me to make my lawful contribution(s) to Panera&#146;s then existing
401K plan for this same fifty-two (52)&nbsp;week period.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.2 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;Base Pay&#148; shall mean my annualized base salary at the time of the
&#147;Separation Event&#148; as pre-established by the Company, plus my annual car
allowance, if applicable. Unless specifically mentioned in the preceding
sentence, Base Pay shall not include any bonus, incentive compensation
(including, but not limited to, stock options) or other benefits or allowances
I may otherwise be entitled to receive as of the effective date of the
Separation Event. If no base salary has been pre-established by the Company,
then Base Pay shall mean my previous year&#146;s annualized base salary as reflected
in my most recent Form W-2 from Panera, plus my annual car allowance, if
applicable. Unless specifically mentioned in the preceding sentence, excluded
from this calculation of my base salary (and, accordingly, to be subtracted
from my prior year&#146;s Form W-2) are any bonuses, incentive compensation
(including, but not limited to, stock options) or other benefits or allowances
he received in the prior year.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.3 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panera agrees that the above described Separation Pay shall be made in
substantially equal installments following my termination and disbursement
shall be on the dates on which I would have received his regular salary
payments.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.4 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The above described Separation Pay will be reduced (dollar for dollar,
or the equivalent thereof) solely by any business compensation and/or benefits
I receive and/or earn during the severance period from any business source,
including, without limitation, salary, bonus(es), benefits, consulting fees,
income from self-employment, stocks, stock options, equity rights, or otherwise
(for purposes of this Section&nbsp;7.4 hereinafter &#147;compensation and/or benefits&#148;),
other than (i)&nbsp;from Panera or (ii)&nbsp;from the sale of Panera equity. For
purposes of this Section&nbsp;7.4, &#147;compensation and/or benefits&#148; as above defined
shall not include inheritances, income received at any time from passive
investments and/or income received from active investments provided such active
investments are in existence prior to my termination and are otherwise in
compliance with this Agreement. I shall promptly notify Panera of any and all
such compensation and/or benefits. In the event the severance benefits then
payable are less than the dollar for dollar compensation and/or benefits (or
the equivalent thereof) I receive and/or earn during fifty-two (52)&nbsp;week period
following the Separation Event, I shall immediately pay the Company the
difference up to the total value of the severance benefits.
</FONT>
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<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.5 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panera shall have no obligation to pay the above described Separation
Pay or any other compensation to me <br>if:
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; no Separation Event occurs, or
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I fail to comply with the all of my obligations contained in this
Agreement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.6 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Agreement, a &#147;Separation Event&#148; shall mean and be
limited to the termination of my employment with Panera other than (i)&nbsp;by
Panera for cause (as defined below), (ii)&nbsp;as a result of my death or permanent
disability (unless termination for a disability is pursuant to Section&nbsp;7.8
below), or (iii)&nbsp;by my voluntary separation of services and employment with, or
resignation from, Panera.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.7 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Agreement, &#147;cause&#148; shall include, for example,
but is not limited to, dishonesty; conviction of a felony or other crime
involving moral turpitude; willful misconduct; gross dereliction and/or gross
neglect of duties; a material breach of the terms of this Agreement which
continues uncured for fifteen (15)&nbsp;days after Panera has given written notice
to me specifying in reasonable detail the material breach; or conflict of
interest; in each case determined in good faith by Panera consistent with the
examples set forth herein.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.8 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panera may terminate my employment if, at any time during my
employment, I become disabled so that I am unable to perform the essential
functions of my employment, with reasonable accommodation, for a period of
ninety (90)&nbsp;days in the aggregate during any 180-day period. The determination
of my disability for purposes of this Section&nbsp;7.8 shall be made by a qualified
physician acceptable to both parties. In the event that Panera and I are
unable to agree upon a qualified physician, each party shall select a qualified
physician, and in the event those two physicians are unable to agree upon a
determination as to my disability, a third neutral physician (&#147;Neutral
Physician&#148;) acceptable to the parties shall be selected. The determination of
disability by the Neutral Physician shall be final and binding for purposes of
this Agreement. In the event my employment is terminated pursuant to this
Section&nbsp;7.8, said termination shall be deemed a &#147;Separation Event&#148; pursuant to
Section&nbsp;7.6 entitling me to &#147;Separation Pay&#148;, provided I comply with the
obligations contained in this Agreement, including Section&nbsp;7 and its subparts.
In addition to any reductions in Severance Pay provided for in Section&nbsp;7.4, any
Severance Pay made pursuant to this Section&nbsp;7.8 shall also be offset dollar for
dollar by any payments made in the aggregate to me under Panera&#146;s then existing
Salary Continuation and/or Long-Term Disability Plan(s).
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.9 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I shall voluntarily terminate my employment with, or resign from,
the Company I shall provide the Company at least sixty (60)&nbsp;calendar days&#146;
prior written notice thereof and I will be expected to continue to perform my
duties consistent with the Company&#146;s good faith expectations up to the date of
my voluntary termination or resignation.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.10 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All severance payments required to be made by Panera pursuant to this
Agreement to me shall be subject to the withholding of such amounts, if any,
relating to tax (including federal and state withholding, social security and
other applicable taxes) and other payroll deductions Panera may reasonably
determine it should withhold pursuant to applicable law or regulation or
agreement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.11 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to my other obligations contained in this agreement, in
order to receive any severance benefits as provided above, I shall voluntarily
agree to and sign at or about the time of my termination a full and complete
release in the form appended hereto as Attachment B. It is agreed and
understood that prior to the execution by me of Attachment B, the Company may
modify Attachment B for the sole purpose of complying with any changes in the
law.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>8.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>RETURN OF PANERA DOCUMENTS</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When I leave the employ of Panera, I will deliver to Panera any and all
drawings, notes, memoranda, specifications, devices, formulas, and any other
documents pertaining to Panera and/or Panera&#146;s business, including, but not
limited to, computer files, together with all copies thereof, and any other
material containing or disclosing any Confidential Information as defined in
Section&nbsp;5 above (collectively &#147;such Documents&#148;). The above shall include any
and all such Documents contained on, for example, a home computer system. I
further agree not to retain in any way any such Documents, and I will, for
example, first return such Documents and then delete such Documents from any
home computer system. I further agree that any property situated on Panera&#146;s
premises and/or owned by Panera, including disks and other storage media,
filing cabinets or other work areas, is subject to inspection by Panera
personnel at any time with or without notice.
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>9.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>BENEFITS</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as herein otherwise provided, any benefits arising out of or
connected with my employment shall cease as of the effective date of a
Separation Event or other termination of active employment, as applicable. The
foregoing shall not relieve Panera of its obligations under the law pertaining
to my benefits following the effective date of a Separation Event or other
termination of employment.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>10.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>INJUNCTIVE RELIEF</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I acknowledge that Panera&#146;s remedy at law for a breach of Sections&nbsp;4, 5, 6
and 8 of this Agreement would be inadequate and I hereby expressly agree that
Panera shall be entitled to apply to any court, having jurisdiction, for an
injunction restraining me in the event of a breach, actual or threatened, of
the covenants contained in this Agreement without the necessity of proof of
actual damages. Such right shall be in addition to any other remedies provided
for herein or otherwise available at law or equity. I further waive any
requirement that a bond be posted or that irreparable damage be demonstrated as
a condition to any injunctive relief.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>11.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>ARBITRATION</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any controversy or claim arising out of or relating to my employment with
Panera (including, but not limited to, applicable state and/or federal law),
this Agreement, or the breach hereof (&#147;claims&#148;), except for claims which may be
enforced pursuant to Section&nbsp;10, shall be settled exclusively by arbitration
before a single arbitrator which shall be held in the City of Boston, in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association. The provisions hereof shall be a complete bar and defense to any
suit, action or proceeding instituted in any federal, state or local court or
before any administrative tribunal with respect to any matter which is
arbitrable as herein set forth. The provision of this section with respect to
arbitration shall survive the termination or expiration of this Agreement.
Nothing herein contained shall be deemed to give any arbitrator any authority,
power, or right to alter, change, amend, modify, add to, or subtract from any
provisions of this Agreement the arbitrator shall have no authority to award
punitive damages or attorney&#146;s fees to any party. The decision of the
arbitrator shall be final and conclusive. Judgment on an award rendered by the
arbitrator may be entered in any court of competent jurisdiction.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>12.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>NOTICES</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notices required or permitted hereunder shall be given to the
appropriate party at the address specified below or at such other address as
the party shall specify in writing. Such notice shall be deemed given upon
personal delivery to the appropriate address or if sent by certified or
registered mail, three (3)&nbsp;days after the date of mailing.
</FONT>
<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
(i)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">All notices to me shall be addressed to me at:<br>&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2"></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">__________________________<br>&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">__________________________</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="left"><FONT size="2">or to such other place(s) as I may designate by written notice to Panera.
</FONT>

<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
(ii)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">All notices to Panera shall be addressed to Panera at:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">63 Kendrick Street</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Needham, NA 02494</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention: CEO</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="left"><FONT size="2">or to such other place(s) as the Company may designate by written notice to me.
</FONT>

<P align="center"><FONT size="2">&nbsp;
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>13.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>NOTIFICATION OF NEW EMPLOYER</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I agree that I will advise any prospective employer of the covenants and
restrictions of this Agreement before accepting any offer from another employer
and such notification shall not be a breach of Section&nbsp;4.1.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>14.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>DEATH</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all obligations of Panera hereunder including, but not
limited to, any Severance obligation, shall terminate upon my death. In the
event of a termination upon my death, monies or compensation owed by Panera to
me up to the date of termination shall be paid to my estate or designee.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>15.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>MISCELLANEOUS</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.1 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as limited by Section&nbsp;11 above, I agree and consent that this
Agreement and any dispute arising hereunder shall be governed by the laws of
the Commonwealth of Massachusetts and its applicable courts shall have
jurisdiction over such matters; and I agree and consent to waive trial by jury
in any action or proceeding between the parties.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.2 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No waiver by Panera of any breach of this Agreement shall be a waiver
of any preceding or succeeding breach. No waiver by Panera of any right under
this Agreement shall be construed as a waiver of any other right. Panera shall
not be required to give notice to enforce strict adherence to all terms of this
Agreement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.3 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In case any one or more of the provisions contained in this Agreement
shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect the
other provisions of this Agreement, this Agreement shall be construed as if
such invalid, illegal or unenforceable provision had never been contained
herein, and each provision of this Agreement shall, if necessary, be deemed to
be independent of each other and each supported by valid consideration. If
moreover, any one or more of the provisions contained in this Agreement shall
for any reason be held to be excessively broad as to duration, geographical
scope, activity or subject, it shall be construed by limiting and reducing it,
so as to be enforceable to the extent compatible with the applicable law as it
shall then appear.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.4 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent necessary to provide Panera with the full and complete
benefit of this Agreement, the provisions in this Agreement and my obligations
hereunder shall survive the termination of this Agreement and shall not be
affected by such termination. The provisions of this Agreement shall also
survive the assignment of this Agreement by Panera to any successor in interest
or other assignee.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.5 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement will be binding upon my heirs, executors,
administrators and other legal representatives and will be for the benefit of
the Panera, its successors, and its assigns.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.6 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The captions and headings throughout this Agreement are for
convenience and reference only, and they shall in no way be held or deemed to
define, modify or add to the meaning, scope or intent of any provision of this
Agreement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.7 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement is the final, complete and exclusive agreement of the
parties with respect to the subject matter hereof and supersedes and merges all
prior discussions between us. No modification of or amendment to this
Agreement, nor any waiver of any rights under this Agreement, will be effective
unless in writing and signed by the party to be charged. Any subsequent change
or changes in my duties, salary or compensation will not affect the validity or
scope of this Agreement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.8 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be executed simultaneously in any number of
counterparts, each of which when so executed and delivered shall be deemed to
be an original but all of which counterparts shall together constitute but one
agreement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.9 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By signing below, I acknowledge receiving a copy of this Agreement; I
acknowledge and agree that I am entering into this Agreement voluntarily and of
my own free will; and I acknowledge and agree that I have not been coerced or
suffered any duress in order to induce me to enter into this Agreement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.10 </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be effective as of the first date signed below.
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="1%" nowrap align="right"><FONT size="2"><B>16.</B>
</FONT></TD>
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2"><B>ATTORNEY REVIEW</B>
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I acknowledge that I have been expressly advised by Panera to review this
Agreement with an attorney prior to executing it.
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I HAVE READ THIS AGREEMENT CAREFULLY AND UNDERSTAND THE MEANING OF ITS
VARIOUS TERMS AND THE CONSEQUENCES OF SIGNING THIS AGREEMENT.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I HAVE BEEN GIVEN MORE THAN REASONABLE TIME TO CONSIDER AND ACCEPT THE
CONDITIONS OF THIS AGREEMENT.
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>EXECUTED UNDER SEAL</B><br>&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Signature</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Date</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Name &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(typed or printed)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left" valign="top"><FONT size="2">
SUBSCRIBED AND SWORN TO<br>
before me this ______ day of ____________ , 20___<br>&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Notary Public</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="left"><FONT size="2"><B>ACCEPTED AND AGREED TO:</B>
</FONT>
<P align="left"><FONT size="2"><B>PANERA, L.L.C.</B>
</FONT>
<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="35%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dated:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">&nbsp;
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">ATTACHMENT A
</FONT>

<P align="center"><FONT size="2"><B>NOTE: The following lists are not intended to include all of Panera&#146;s
competitors or their affiliates, but are merely illustrative.</B>
</FONT>

<P align="left"><FONT size="2"><B>Listed Competitors</B>
</FONT>
<P align="left"><FONT size="2">Atlanta Bread Company<BR>
Au Bon Pain, ABP Corporation<BR>
Bruegger&#146;s Bagel Bakeries<BR>
Cosi, Inc.<BR>
Corner Bakery<BR>
Einstein Bros.<BR>
Great Harvest Bread Co.<BR>
Krispy Kreme<BR>
La Brea Bakery<BR>
la Madeleine French Bakery and Caf&#233;<BR>
Montana Mills Bread Company, Inc.<BR>
Schlotzsky&#146;s, Inc.<BR>
Starbucks Corporation<BR>
Tim Hortons
</FONT>
<P align="left"><FONT size="2"><B>Parent Companies</B>
</FONT>
<P align="left"><FONT size="2">Compass Group plc<BR>
Bruegger&#146;s Corporation<BR>
Brooker International, Inc.<BR>
Great Harvest Franchising, Inc.<BR>
Krispy Kreme Doughnut Corporation<BR>
IAWS plc<BR>
Groupe Le Duff
</FONT>
<P align="right"><FONT size="2">Wendy&#146;s International, Inc.
</FONT>

<P align="center"><FONT size="2">&nbsp;
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">ATTACHMENT B
</FONT>

<P align="center"><FONT size="2">GENERAL RELEASE
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I,  ____________, of ____________,  ____________, for good and
adequate consideration (including the consideration described in the attached
Agreement), do hereby release and absolutely and forever discharge Panera,
L.L.C., its owners, predecessors, successors, affiliates, assigns, officers,
employees, franchisees, insurers, attorneys, investors and agents (hereinafter
&#147;Panera&#148;), from any and all suits, claims, demands, debts, sums of money,
damages, interest, attorneys&#146; fees, expenses, actions, causes of action,
judgments, accounts, promises, contracts, agreements, and any and all claims in
law or in equity, whether now known or unknown, which I ever had, now have, or
which I, my heirs, executors, administrators or assigns, hereafter can, shall
or may have against Panera arising from any events occurring from the beginning
of time to this date, including, without limitation of the foregoing
generality, all of same arising directly or indirectly out of, in connection
with and/or in any manner relating to my employment with and/or separation from
Panera, including, but expressly not limited to, any claims which I may have to
recover damages of any kind, including back pay, front pay, damages asserted
for physical and emotional injuries, or any claim to reinstatement and/or
employment, or any claims, actions, complaints or charges brought by me or on
my behalf or which could have been brought by me or on my behalf under the
Employment Retirement Income Security Act of 1974 (&#147;ERISA&#148;), the Americans with
Disabilities Act (&#147;ADA&#148;), Title VII of the Civil Rights Act, 42 U.S.C.
&#167;&#167;2000(e) et seq., the Age Discrimination in Employment Act (&#147;ADEA&#148;) or under
any other federal, state, municipal, city, town or common law.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I further waive my right to any monetary recovery should any federal,
state, or local administrative agency pursue any claim(s) on my behalf arising
out of or related in any way to my employment with Panera and/or separation
from employment with Panera.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This General Release is a part of an Agreement between me and Panera
that is written in a manner which I understand and which entitles me to receive
money and other things of value to which under my employment arrangement I
would not have received apart from that Agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By this General Release, Panera has given me written notice to consult
an attorney and I have been given the opportunity to consult with counsel of my
own choosing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have been given adequate time (including in excess of 21&nbsp;days) to
consider the agreement before signing it, including this General Release.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have the right to revoke this General Release within eight (8)&nbsp;days
of signing it by notifying Scott G. Blair, Esq., 42 Charles Street, Hingham,
Massachusetts 02043 in writing of my intention to do so.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By signing this General Release, I understand that I am waiving any
rights or claims arising under ERISA, ADA, ADEA, TITLE VII or under any other
federal, state, municipal, city, town or common law.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I acknowledge that the execution of this General Release is my own free,
voluntary and knowing act and deed.
</FONT>
<P align="left"><FONT size="2">__________________________________ &nbsp;(SEAL)
</FONT>
<P align="left"><FONT size="2">Subscribed to and sworn before me, this<BR>
______ day of ____________,  2____
</FONT>
<P align="left"><FONT size="2">Notary Public<BR>
My commission expires:
</FONT>


<P align="center"><FONT size="2">&nbsp;
</FONT>


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