Exhibit 10.1

FIRST MODIFICATION TO REVOLVING CREDIT AGREEMENT

     This FIRST MODIFICATION TO REVOLVING CREDIT AGREEMENT (“Agreement”) made
and entered into as of the 26th day of January, 2004, by and between PANERA, LLC
(“Borrower”), and BANK OF AMERICA, N.A., a national banking association
(“Lender”).

W I T N E S S E T H:

     WHEREAS, on December 19, 2003, Borrower and Lender consummated that certain
loan (the “Loan”) evidenced by a certain Revolving Credit Note dated
December 19, 2003 made by Borrower to the order of Lender in the original
principal amount of $10,000,000.00 (hereinafter “Note”) and that certain
Revolving Credit Agreement dated December 19, 2003, to and in favor of Lender
(the “Credit Agreement”);

     WHEREAS, Borrower and Lender have agreed to modify the Credit Agreement to
include exhibits as hereinafter provided.

     NOW, THEREFORE, for and in consideration of the above premises, Ten Dollars
in hand paid and other good and valuable consideration, the receipt and
sufficiency whereof are hereby acknowledged, Borrower and Lender hereby agree as
follows:

     1.           The Credit Agreement is hereby modified and amended by
deleting Annex I, Annex II and Annex III which are exhibits to the Credit
Agreement and inserting in lieu thereof Annex I, Annex II and Annex III attached
hereto.

     2.           Except as modified and amended hereby, the Credit Agreement
shall be and remain in full force and effect and unchanged.

     3.           This Agreement may be executed in multiple counterparts each
of which shall be deemed to be an original and all such counterparts together
shall constitute one and the same instrument.

 

--------------------------------------------------------------------------------

 

     IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be
executed as of the day and year first above written.

         

  BORROWER:
 
       

  PANERA, LLC, a Delaware limited liability company
 
       

  By:              /s/ Mark Hood

--------------------------------------------------------------------------------

 
      Mark Hood, Senior Vice President and Chief Financial Officer

 
       

  By:             /s/ Neal Yanofsky

--------------------------------------------------------------------------------

      Neal Yanofsky, Executive Vice President and Chief Corporate and
Administrative Staff Officer
 
       
 
  Address:  6710 Clayton Road
                  St. Louis, Missouri 63117
     
        (Signatures continued on following page)

 

--------------------------------------------------------------------------------

 

         

  LENDER:
 
       

  BANK OF AMERICA, N.A.
 
       
 
  By:              /s/ Bobby Ryan Oliver, Jr.

--------------------------------------------------------------------------------

      Name: Bobby Ryan Oliver, Jr.

      Title: Vice President

 

--------------------------------------------------------------------------------

 

ANNEX I

JURISDICTION AND QUALIFICATION OF BORROWER

Panera, LLC

Jurisdiction – Delaware

Qualified in the following states –

                  State

--------------------------------------------------------------------------------

  Date

--------------------------------------------------------------------------------

  Registration No.

--------------------------------------------------------------------------------

Alabama
    12/4/02       N/A  
California
    4/23/03       200310910118  
Colorado
    3/15/03       20021065578 C  
Connecticut
    5/14/02       0002417967  
Florida
    1/25/02       M02000000226  
Georgia
    3/18/02       0213111  
Illinois
    3/21/02       F0068-621-2  
Indiana
    3/5/02       2002030500840  
Kansas
    3/14/02       3295459  
Kentucky
    2/26/02       0531874.06  
Maryland
    3/13/02       1000361986760829  
Massachusetts
    3/15/02       043212828  
Michigan
    12/11/02       B94-96D  
Minnesota
    3/14/02     3692-LFC
Missouri
    5/13/02       FL0065355  
Nevada
    4/18/03     LLC5677-03
New Hampshire
    5/14/02       N/A  
New Jersey
    12/4/02       0600156007  
New York
    3/4/02       N/A  
North Carolina
    3/4/02       0622471  
Ohio
    3/15/02       1306629  
Pennsylvania
    3/15/02       3059271  
South Carolina
    3/14/02       N/A  
Tennessee
    3/19/02       0423692  
Texas
    3/18/02       800065548  
Virginia
    2/20/02       T020141  
Washington
    8/25/03       602324284  

 

--------------------------------------------------------------------------------

 

ANNEX II

SUBSIDIARIES; JURISDICTION; QUALIFICATION

Artisan Bread, LLC

Jurisdiction – Delaware

Qualified in the following states –

Missouri

Asiago Bread, LLC

Jurisdiction – Delaware

Qualified in the following states –

None

Panera Enterprises, Inc.

Jurisdiction – Delaware

Qualified in the following states –

Grand Bahamas, The Bahamas

Pumpernickel Associates, LLC

Jurisdiction – Delaware

Qualified in the following states –

Missouri

Cap City Bread, LLC

Jurisdiction – Delaware

Qualified in the following states –

Missouri
Pennsylvania
Virginia

 

--------------------------------------------------------------------------------

 

ANNEX III

INDEBTEDNESS; LIENS

None