Document:

Exhibit 4.5

 

FORM OF 2045 NOTE

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.  EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

 

INTEL CORPORATION
  4.900% Senior Notes due 2045

 

	
No. [·]
    	
CUSIP No.:   458140 AT7
    
	
 
    	
ISIN No.:   US458140AT73
    
	
 
    	
$500,000,000
    

 

INTEL CORPORATION, a Delaware corporation (the “Company”), for value received promises to pay to CEDE & CO. or registered assigns the principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on July 29, 2045.

 

Interest Payment Dates:  January 29 and July 29 (each, an “Interest Payment Date”), commencing on January 29, 2016.

 

Interest Record Dates:  January 14 and July 14 (each, a “Regular Record Date”).

 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
 
    	
INTEL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: 
    	
Ravi Jacob
    
	
 
    	
 
    	
Title: 
    	
Vice President and   Treasurer
    

 

[Signature Page to Note]

 

 

This is one of the Notes of the series designated herein and referred to in the within-mentioned Indenture.

 

Dated:  July 29, 2015

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    

 

 

(REVERSE OF NOTE)

 

INTEL CORPORATION
  4.900% Senior Notes due 2045

 

1.                                      Interest.

 

Intel Corporation (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum described above.  Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from July 29, 2015.  Interest on this Note will be paid to but excluding the relevant Interest Payment Date or on such earlier date as the principal amount shall become due in accordance with the provisions hereof.  The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, beginning on January 29, 2016.  If any Interest Payment Date, Stated Maturity or other payment date with respect to the Notes is not a Business Day, the required payment of principal, premium, if any, or interest will be due on the next succeeding Business Day as if made on the date that such payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date, Stated Maturity or other payment date, as the case may be, to the date of that payment on the next succeeding Business Day.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and at the same rate on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful from the dates such amounts are due until such amounts are paid or made available for payment.

 

2.                                      Paying Agent.

 

Initially, Wells Fargo Bank, National Association (the “Trustee”) will act as Paying Agent.  The Issuer may change any Paying Agent without notice to the Holders.

 

3.                                      Indenture; Defined Terms.

 

This Note is one of the 4.900% Senior Notes due 2045 (the “Notes”) issued under the Indenture dated as of March 29, 2006, as amended by the First Supplemental Indenture dated as of December 3, 2007 (together, the “Base Indenture”) and, as amended, modified and supplemented by the Fifth Supplemental Indenture dated as of July 29, 2015 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), by and between the Issuer and the Trustee, as trustee.  This Note is a “Security” and the Notes are “Securities” under the Indenture.  Each series of Securities issued under the Fifth Supplemental Indenture (together with any other Securities thereafter issued and included in any such series) is referred to herein as an “Other Series of 2015 Notes” and, together with the Notes, as the “2015 Notes.”

 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture.  The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in effect on the date on which the Indenture was

 

 

qualified under the TIA.  Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of them.  To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.

 

4.                                      Denominations; Transfer; Exchange.

 

The Notes are in registered form, without coupons, in denominations of $2,000 and multiples of $1,000 in excess thereof.  A Holder shall register the transfer or exchange of Notes in accordance with the Indenture.  The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture.  The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the electronic delivery or mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part.

 

5.                                      Amendment; Modification; Waiver.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of each series of 2015 Notes affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the 2015 Notes at the time Outstanding of all series of 2015 Notes affected thereby. The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Securities of a series at the time Outstanding with respect to which a default under the Indenture shall have occurred and be continuing, on behalf of the Holders of all Securities of such series, to waive, with certain exceptions, such past default with respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in aggregate principal amount of the 2015 Notes at the time Outstanding of all series of 2015 Notes (voting together as a single class), on behalf of the Holders of all Securities of such series, to waive future compliance by the Issuer with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.  Without notice to or consent of any Holder, the Indenture also permits the amendment or supplement thereof to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with qualifications of the Indenture under the TIA, or make any other change that does not adversely affect the rights of Holders in any material respect.

 

6.                                      Optional Redemption.

 

The Issuer may redeem the Notes in whole or in part, at its option, at any time or from time to time prior to Maturity (the date of such redemption, the “Redemption Date”).  The Redemption Price prior to the Applicable Par Call Date will be equal to the greater of:

 

 

(i)                                     100% of the aggregate principal amount of the Notes to be redeemed; or

 

(ii)                                  the sum, as determined by the Independent Investment Banker based on the Reference Treasury Dealer Quotations, of the present values of the Remaining Scheduled Payments, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), using a rate equal to the Treasury Rate plus 30 basis points (such sum to be calculated as set forth in the Indenture),

 

plus, in the case of (i) or (ii), accrued interest thereon to, but not including, the Redemption Date.

 

In the case of any redemption with a Redemption Date on or after the Applicable Par Call Date, the Redemption Price will equal 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued interest thereon to, but not including, the Redemption Date.

 

Notwithstanding the foregoing, installments of interest on Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Regular Record Date according to the Notes and the Indenture, subject to the applicable procedures of the Depositary.

 

On and after the Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Issuer defaults in the payment of the Redemption Price and accrued interest, if any. On or before the Redemption Date for the Notes, the Issuer shall deposit with the Trustee or a Paying Agent, funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by lot, on a pro-rata basis or by such method as the Trustee deems fair and appropriate and subject, in the case of Notes represented by Global Securities, to the applicable procedures of the Depositary; provided, however that in no event, shall Notes of a principal amount of $2,000 or less be redeemed in part.

 

Notice of any redemption shall be electronically delivered or mailed at least 30 days (in the case of any Redemption Date prior to the Applicable Par Call Date) or 15 days (in the case of any Redemption Date on or after the applicable Par Call Date) but, in each case, not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed.  Such notice shall state the Redemption Price (if known) or the formula pursuant to which the Redemption Price is to be determined if the Redemption Price cannot be determined at the time the notice is given. If the Redemption Price cannot be determined at the time such notice is to be given, the actual Redemption Price, calculated as set forth in the Indenture, shall be set forth in an Officer’s Certificate of the Issuer delivered to the Trustee no later than two Business Days prior to the Redemption Date. Notice of redemption having been given as provided in the Indenture, the Notes called for redemption shall become due and payable on the Redemption Date and at the applicable Redemption Price.

 

 

7.                                      Special Mandatory Redemption.

 

If the Issuer does not consummate the Altera Acquisition on or prior to December 31, 2016 or if, on or prior to such date, the Altera Merger Agreement is terminated other than as a result of consummating the Altera Acquisition, then the Issuer will be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a Redemption Price equal to 101% of the aggregate principal amount of the Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (such redemption, a “Special Mandatory Redemption”).

 

Notice of any Special Mandatory Redemption will be electronically delivered or mailed within five Business Days after the occurrence of the event triggering the Special Mandatory Redemption to each holder of the Notes to be redeemed. If funds sufficient to pay the Redemption Price for such Special Mandatory Redemption of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before such Special Mandatory Redemption Date, and the other conditions related to such redemption under the Indenture are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest.

 

Notwithstanding the foregoing, installments of interest on Notes falling after the occurrence of an event triggering a Special Mandatory Redemption and on or prior to the Special Mandatory Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Regular Record Date according to the Notes and the Indenture, subject to the applicable procedures of the Depositary.

 

8.                                      Defaults and Remedies.

 

If an Event of Default with respect to the Notes occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal amount of all the Notes to be due and payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.

 

The Indenture permits, subject to certain limitations therein provided, Holders of not less than a majority in aggregate principal amount of the Outstanding Notes to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Notes.

 

9.                                      Authentication.

 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note.

 

10.                               Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=

 

 

joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

11.                               CUSIP Numbers.

 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes.  No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon.

 

12.                               Governing Law.

 

The laws of the State of New York shall govern the Indenture and this Note without regard to conflicts of laws principles thereof.

 

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Print or type assignee’s name, address and zip code)

 

(Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint                               agent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.

	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
Your Signature:
    	
 
    
	
 
    
	
 
    
	
Sign exactly as your name appears on the other side of this Note.
    
					

 

 

	
 
    	
 
    
	
 
    	
Signature
    
	
 
    	
 
    
	
Signature Guarantee:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature must be   guaranteed
    	
Signature
    
				

 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended.

 

 

SCHEDULE OF EXCHANGES OF NOTES

 

The following exchanges of a part of this Global Security for certificated Notes or a part of another Global Security have been made:

 

	
Date of
   Exchange
    	
 
    	
Amount of decrease
   in principal amount
   of this Global Security
    	
 
    	
Amount of increase
   in principal amount
   of this Global
   Security
    	
 
    	
Principal amount of
   this Global Security
   following such
   decrease (or
   increase)
    	
 
    	
Signature of
   authorized officer of
   Trustee2015.06.30 EX 10.1

EXHIBIT 10.1

May 7, 2015

Drew Madsen
1 Isle of Sicily
Winter Park, Florida   32789 

Dear Drew,

Panera, LLC ("Panera") is pleased to offer you the position of President, reporting directly to Ron Shaich, Chairman of the Board and Chief Executive Officer.  Your start date is May 11, 2015 and we will provide you with your onboarding and orientation schedule covering your first 60 days of employment within the next week or two.

In your role with Panera, you will serve as an executive officer of Panera Bread Company, in accordance with the applicable rules and regulations of the Securities Act of 1933 and the Securities and Exchange Act of 1934.

Your total compensation package includes your salary, and participation in our annual Incentive Goal Program (IGP) and Long-Term Incentive Program (LTIP):

		
	•
	Your salary for this position will be payable at the bi-weekly rate of $28,846.16 less applicable taxes and withholdings. Wage adjustments are generally based on your performance and company profitability and are discretionary.  Should an increase be approved, it would be effective no later than March 2016 subject to Board approval.

		
	•
	Your annual IGP target will be 75% of your salary or $562,500, with an upside potential of 200% of your target or $1,125,000. The incentive can be paid out in full or a portion thereof, including 0%, according to financial performance and your individual performance. You must also be employed at the time of payout to be eligible and the plan design can be changed without notice.

		
	•
	You will also be eligible to participate in our LTIP, subject to Board approval.  At the President level your LTIP target is 200% of your salary or $1,500,000, and is made up of the following three components to be determined on an annual basis: 

		
	1.
	A three year Performance Award with a target value of 100% of your salary or $750,000  for each three-year plan (beginning with the current 2015-2017 cycle), with a new three-year plan each year thereafter (2016-2018, 2017-2019, etc.). Performance Awards may be

1

designed as a cash incentive with a payout range of 0% to 200% of your target or up to $1,500,000, based on the achievement of three-year key metrics which were set at the beginning of each three-year plan.  Alternatively, the Performance Award may be designed as a stock grant.  You must remain employed on the payout date to be eligible to receive these payouts, which typically occur in March following the end of each cycle, or as otherwise determined by the Compensation Committee of the Board of Directors.
		
	a.
	Your target value in the two open cycles (2013-2015 and 2014-2016) will be pro-rated based on your hire date and subsequent participation in each open cycle (refer to #1.a. in the chart below).  

		
	b.
	For the current 2015-2017 cycle you will be granted a special award of stock with a value of $660,900 half in restricted stock and half in a choice of restricted stock or stock-settled appreciation rights (SSARs) (currently granted at a ratio of three and half SSARs for every one restricted share), or a proportionate blend of the two at your choice (refer to #1.b. in the chart below). This special grant is subject to Board approval and will vest on February 26, 2018.  

		
	2.
	An annual award to you of restricted stock (vesting over 5 years) with an annual target value of 50% of your salary or $375,000, contingent on Board approval. The number of shares of restricted stock will be determined by dividing your target award value by the stock price at the time the Board approves them. You will be eligible for a one-time grant at the Board of Directors meeting in May, pro-rated based on your date of hire, for the current LTIP program underway (refer to #2 the chart below).  The Board will review your status for additional restricted stock annually in/around August.  

 
		
	3.
	An annual award to you of the same number of restricted shares in number 2 above (vesting over 5 years), with an annual target value of 50% of your salary or $375,000, or stock-settled appreciation rights (SSARs) (currently granted at a ratio of three and half SSARs for every one restricted share), or a proportionate blend of the two at your choice, based on Board approval. You will be eligible for a one-time grant at the Board of Directors meeting in May, pro-rated based on your date of hire, for the current LTIP program underway (refer to #2 in the chart below).  The Board will review your status for additional restricted stock annually in/around August.   

Upon hire, you will be eligible for a one-time grant (vesting 1/3 each year for 3 years) with a value of $1,500,000 in your choice of all restricted stock, all stock-settled appreciation rights (SSARs) (currently granted at a ratio of three and half SSARs for every one restricted share), or a proportionate blend of the two, contingent on Board approval. The effective date will be the next Board meeting currently scheduled for May 20, 2015 (refer to #3 in the chart below). The stock price for this grant will be determined by the closing stock price on the date of grant.

One-time / Target Pro-rate Summary*
	
		
	1.a. Performance Award pro-rated for the 2013-2015 and 2014-2016 open cycles
	$    571,275

	1.b. Special Stock Award for the current 2015-2017 Performance Award cycle
	$    660,900

	Restricted Stock & Choice Stock Grant pro-rated based on hire date
	$    176,700

	One-time Choice Grant
	$ 1,500,000

	Total
	$ 2,908,875   

 Note: Calculations assume a hire date of May 11, 2015 and are subject to Board approval

2

Target Total Annual Compensation Summary*
	
		
	Base Salary
	$       750,000

	Incentive Goal Program Target
	$       562,500

	LTIP Target
	$    1,500,000

	Total
	$    2,812,500

  *For illustration purposes only

Each of the above incentive programs will be subject to requirements for service, vesting, or lapse of restriction in order to be earned and paid out, which includes, but is not limited to, being employed at the time of the payment/grant, agreeing from time to time to modifications to such policies and/or agreements as: Panera Standards of Business Conduct; Panera Insider Trading Policy; Panera Non­-Compete Agreement. The Board of Directors may change the plan or any of its components at any time.  If you have any specific questions about our incentive plans, please contact Scott White, Vice President Total Rewards and Shared Services, at scott.white@panerabread.com or (314) 984-3920.

In consideration of services that would be provided by you, and in addition to signing the general release and certain other standard terms and conditions contained in Panera’s confidential and proprietary information and non-competition agreement, you will be eligible for separation pay of fifty-two (52) weeks of base pay and reimbursement of the Company portion of health and/or dental insurance premiums during the separation period.  Further, should you be terminated by the Company for reasons other than cause up to 18 months from the date of hire, you will be eligible for a supplemental separation benefit payable as an additional fifty-two (52) weeks of base pay commencing with the end of the first fifty-two (52) weeks of base pay, subject to the same terms and conditions. 

As a full-time Panera employee, you will be eligible to participate in all Panera benefit plans applicable to other employees of Panera in similar positions. The waiting periods and premiums related to these benefits and specific information about plan content will be explained during the orientation process. Our benefit package is subject to on-going review and modifications from time to time. As a member of the senior leadership team, Panera asks that you contribute more toward the cost of your healthcare coverage than associates who earn less.  Your rates are approximately 60% higher than other associates and represent a lower percent of your total compensation than the general Panera associate population.  If you have questions or concerns, please reach out to Gail Frye, Director of Benefits, at gail.frye@panerabread.com or 314-984-3930.  Additionally, you will be eligible for a car allowance with an annual value of $18,000, paid in the bi-weekly amount of $692.31.  

Your work location will be your home office, based in Winter Park, Florida.  As a condition of employment, Panera has agreed to provide all requisite business equipment for this purpose (i.e., laptop computer, video unit, etc.).

Outside of your annual vacation, we anticipate your travel time will approximate the following; 60% Boston, 30% other travel with the remaining 10% of your time spent in your home office.  While traveling on business, outside of Winter Park Florida, Panera will reimburse you for the following expenses:
		
	•
	Travel expenditures (e.g., airfare, etc.);

		
	•
	Auto expenditures (e.g., taxi, car rental, etc.);

		
	•
	Business meals: and

		
	•
	Lodging

3

In lieu of reimbursing hotel lodging in Boston, Panera has agreed to reimburse annual rental expenses that you may incur in obtaining an apartment in the Boston area. Given the time spent in Boston on business and the cost of hotels in the region, Panera has agreed to reimburse you for an apartment given the equivalent cost of hotel stays.

All reimbursements will be made as part of an accountable plan subject to the terms outlined in Panera’s travel and expense reimbursement policy.  

This offer is also contingent on your ability to provide employment eligibility documentation as required by law and successful completion of a background check. Also as part of your orientation process, we would like you to train in our retail environment. A training schedule will be prepared and forwarded to you prior to your start date.

Nothing in this letter is intended or should be construed to create a contract for a definite term (including the expression of your salary on an annualized basis), nor does this letter, nor any other communication, alter your status as an "employee at will" should you accept this offer. This means that both you and Panera are free to terminate the employment relationship at any time for any reason or no reason, with or without notice.

Please indicate your acceptance of this offer by printing two copies of the offer letter, signing both, retaining one for your files and returning one to Panera, LLC Attn:  Human Resources - Phyllis Smith, 3630 S. Geyer Road, Suite 100, Sunset Hills, MO 63127, within two weeks from the date of this letter.  
We also require that you return one signed copy of the Panera Standards of Business Conduct Acknowledgement, one signed copy of the Panera Insider Trading Policy Acknowledgement Receipt, and two signed copies of the Panera Non-Compete Agreement on or prior to your start date.  Both copies of the Non-Compete Agreement will be countersigned and one will be returned to you for your files.  

We believe that your background and experience will provide a solid foundation for success with Panera, LLC. If you have any questions about the enclosed information, please let me know. Once again Drew, we welcome you to Panera, LLC and we look forward to your leadership, energy, and contributions.

Warm regards,

	
	
	/s/ Ron Shaich

	Ron Shaich

	Chairman of the Board and Chief Executive Officer

	
	
	/s/ Elizabeth Dunlap

	Elizabeth Dunlap

	Senior Vice President Chief People Officer

4

I represent that (i) I am free to accept your offer, (ii) I have no obligations inconsistent with unrestrained employment by Panera, (iii) that my performance 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, and (iv) I have not and will not disclose any such confidential information. I have read and accepted the provisions as outlined above.

	
	
	May 8, 2015

	Date

	
	
	/s/ Drew Madsen

	Drew Madsen

5

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