Chief Information Officer Employment Agreement

April 5, 2001

Mr. Tom Kish
1524 Cherokee Road
Louisville, KY 40205

Dear Tom:

Based on your experience, background presented and the belief that we can together help Panera grow into a significant national brand, Panera Bread is pleased to offer you the position of Vice President and Chief Information Officer reporting to our Senior Vice President, Chief Financial and Administrative Officer, Bill Moreton. We would like this position to be effective on or before May 7, 2001.

Your salary for this position will be payable at the bi-weekly rate of $6923.08 ($180,000 on an annual basis). In addition, it is our understanding that your compensation will include the following:

95 Consideration for 28,000 stock options which vest to you over five years. The price per share will be determined based on the value of the closing price per share on the date of a phone conference with the Compensation Committee of the Board of Directors (to be scheduled on receipt of your written acceptance).

95 You will be included in our 2001 Incentive Program. This program rewards you for the completion and quality of individually agreed upon objectives as well as the achievement of your business unit92s financial goals and overall Company profitability. Your incentive target is 20% of your base rate (we refer to it as a "doub ...