Document:

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                                                                   Exhibit 10.32

                     AMENDED AND RESTATED PURCHASE AGREEMENT

                  This Amended and Restated Purchase Agreement dated as of March
5, 2003 (this "AGREEMENT") is entered into by and between BRIAZZ, Inc., a
Washington corporation (the "COMPANY"), and Briazz Venture, L.L.C., an Illinois
limited liability company (the "LENDER"). This Agreement amends and restates the
Purchase Agreement by and between the Company and Lender dated as of February
18, 2003. The parties hereby agree as set forth below. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms in an
amended security agreement between the Company and Lender to be executed on the
Initial Closing Date (as defined herein) (the "SECURITY AGREEMENT").

         1.       ISSUANCE OF SECURITIES. The Company proposes to issue, sell
and deliver to Lender, and Lender proposes to purchase from time to time in its
sole discretion, up to Two Million Dollars ($2,000,000) aggregate principal
amount Senior Secured Notes (the "NOTES"), and concurrent with the initial
purchase or exchange as described in Section 4 hereof, shares of the Company's
no par value Series D Preferred Stock (the "PREFERRED STOCK"), convertible into
shares of the Company's no par value Common Stock (the "COMMON STOCK") and
warrants to purchase a number of shares of Common Stock equal to 19.99% of the
outstanding Common Stock as of the date of this Agreement (the "WARRANTS"). The
Company's obligations under the Notes will be secured pursuant to the Security
Agreement.

         2.       AGREEMENTS TO SELL AND PURCHASE. On the basis of the
representations, warranties and agreements contained herein, and subject to the
terms and conditions hereof, the Company shall issue and sell to Lender, and
Lender shall purchase from the Company, from time to time, in the Lender's sole
discretion, the Notes, the Preferred Stock and the Warrants (collectively, the
"PURCHASED SECURITIES") in an aggregate principal amount of Two Million Dollars
($2,000,000) of Notes (the "PURCHASE PRICE"), payable as set forth in Section 4.

         3.       TERMS OF OFFERING. Lender and the Company will enter into a
registration rights agreement (the "REGISTRATION RIGHTS AGREEMENT"), to be
executed on and dated as of the Initial Closing Date. Pursuant to the
Registration Rights Agreement, the Company will agree, among other things, to
file with the Securities and Exchange Commission a single registration statement
under the Securities Act of 1933, as amended (the "ACT"), registering, among
other things, the shares of the Company's Common Stock issuable on (i) exercise
of the Warrants, which are to be dated as of the Initial Closing Date and (ii)
conversion of the shares of the Preferred Stock, which are to be issued pursuant
to the Amendment to the Company's Articles of Incorporation to be filed with the
Washington Secretary of State prior to the Initial Closing Date (the
"CERTIFICATE OF DESIGNATIONS"). Notwithstanding the above, the Company will not
be required to cause the registration statement to be declared effective, and
Lender will not be permitted to transfer or sell any of the securities referred
to in (i) or (ii) pursuant to the registration statement unless and until: (x)
Laurus Master Fund, Ltd. ("LAURUS") consents to the effectiveness of the
registration statement or (y) the Promissory Note in the original principal
amount of $1,250,000, dated June 18, 2002, between Laurus and the Company, is
repaid in full.

         This Agreement, the Security Agreement, the Registration Rights
Agreement, the Notes, the Warrants, the Certificate of Designations, the
Agreement Between Creditors dated as of

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December 2, 2002, between Laurus and Flying Food Group, L.L.C., a Delaware
limited liability company ("FFG"), and any of its affiliates (the "AGREEMENT
BETWEEN CREDITORS"), the Voting Agreement to be entered into among the Company's
officers and directors and FFG prior to the Initial Closing Date, and the Food
Production Agreement dated as of December 1, 2002, between FFG and the Company
(the "FOOD PRODUCTION AGREEMENT"), collectively are referred to herein as the
"OPERATIVE DOCUMENTS." The transactions contemplated by the Operative Documents,
including the issuance and sale of the Notes, the Preferred Stock and the
Warrants in accordance with this Agreement, collectively are referred to herein
as the "TRANSACTIONS."

         4.       DELIVERY AND PAYMENT. Delivery to Lender of, and payment to
the Company for, the Notes, the Preferred Stock and the Warrants shall be made
from time to time by Lender to Company (each a "Closing") with the Initial
Closing occurring at 10:00 a.m. on the date mutually agreed upon by Lender and
the Company (such time and date, the "INITIAL CLOSING DATE") at the offices of
Shefsky & Froelich Ltd., 444 North Michigan Avenue, Suite 2500, Chicago,
Illinois, or such other time and date as the parties mutually agree.

         At each Closing, on the terms and subject to the conditions hereof, the
Company shall deliver to Lender against payment of the Purchase Price as
described below (i) one or more certificates representing the Notes in the
aggregate principal amount of Notes being purchased at the Closing; (ii) on the
Initial Closing Date, one or more certificates representing 100 shares of
Preferred Stock; (iii) on the Initial Closing Date, one or more certificates
representing the Warrants; and (iv) on the Initial Closing Date, an executed
copy of each Operative Document to which it is a party. Lender shall deliver to
the Company an executed copy of each Operative Document to which each of them is
a party and the following aggregate consideration (the "Purchase Price"): (x) on
the Initial Closing Date, all right, title and interest in and to those certain
Demand Notes between the Company and Lender, individually or collectively dated
as of October 25, 2002, October 30, 2002, December 2, 2002, December 12, 2002,
December 30, 2002, and January 6, 2003, in an aggregate principal amount of
$1,450,000 (the "INITIAL NOTES") for Notes representing an amount equal to the
aggregate outstanding principal balance of the Initial Notes plus accrued
interest accrued thereon to the Initial Closing Date; and (y) on each Closing, a
wire transfer of immediately available funds in an amount equal to the aggregate
principal amount of any additional Notes purchased by Lender.

         5.       AGREEMENTS OF THE COMPANY. The Company hereby agrees:

         (a)      Certain Events. To advise Lender promptly after obtaining
knowledge (and, if requested by Lender, confirm such advice in writing) of the
removal of the Company's Common Stock from any interdealer quotation system of
Nasdaq, including the Nasdaq National Market.

         (b)      Costs and Expenses. As contemplated by Schedule 5(c), to pay
or partially reimburse Lender for its expenses (including reasonable fees and
expenses of one counsel to the Lender) incurred by Lender in connection with the
preparation, negotiation and execution of the Operative Documents and the
consummation of the Transactions and all other costs and expenses incident and
necessary to the performance of the obligations of the Company for which
provision is not otherwise made in this Section 5(b), whether or not any of the
Transactions are consummated or this Agreement is terminated.

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         (c)      Use of Proceeds. To use the proceeds from the sale of the
Notes as set forth in the Use of Proceeds Schedule attached hereto as Schedule
5(c), as such schedule may be amended from time to time.

         (d)      Performance of Agreements. To comply with all of its
agreements set forth in the Operative Documents to which it is a party, and to
use its reasonable best efforts to do and perform all things required or
necessary to be done and performed under the Operative Documents to which it is
a party by it prior to the Initial Closing Date and to satisfy all conditions
precedent to the delivery of the Notes.

         (e)      Security Interest. To grant Lender a continuing first priority
security interest (except as set forth in the Security Agreement) in the
Collateral, enforceable, except as provided in the Security Agreement, against
all third parties, and to execute and deliver all documents and to take all
action necessary or desirable to perfect and protect the security interest
granted thereby in favor of Lender, including taking all steps necessary to
perfect the Lien created thereby (including the filing of Uniform Commercial
Code financing statements, the giving of notices and obtaining the appropriate
consents).

         (f)      Structural Changes in Borrower. Not to change its name,
identity or corporate structure while any Notes remain outstanding.

         6.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY. As of the date
hereof and at each Closing, unless otherwise provided for herein, the Company
represents and warrants to Lender that:

         (a)      Due Organization; Good Standing. The Company (i) has been duly
organized and is validly existing under the laws of the State of Washington,
(ii) has all requisite power and authority to conduct and carry on its business,
and (iii) except as disclosed to the Lender, is duly qualified or licensed to do
business and is in good standing as a foreign corporation authorized to do
business in each jurisdiction in which the nature of its business or the
ownership, leasing, use or operation of its properties and assets requires such
qualification or licensing.

         (b)      Subsidiaries. The Company does not presently own or control,
directly or indirectly, any interest in any other corporation, association, or
other business entity. The Company is not a participant in any joint venture,
partnership, or Initial Closing Date.

         (c)      Capitalization. Immediately prior to the Initial Closing Date,
the capitalization of the Company will consist of total of (i) 100,000,000
authorized shares of Common Stock, no par value, 5,970,716 shares of which are
issued and outstanding; (ii) 33,000 shares of Series A Preferred Stock, of which
no shares are issued and outstanding; (iii) 34,450 shares of Series B Preferred
Stock, of which no shares are issued and outstanding; (iii) 30,000,000 shares of
Series C Preferred Stock, of which no shares are issued and outstanding; and
(iv) and 100 shares of Series D Preferred Stock, of which no shares are issued
and outstanding. All of the outstanding shares of capital stock have been duly
authorized, are fully-paid and nonassessable and were issued in compliance with
all applicable federal and state securities laws. Except as set forth on
Schedule 6(c), there are no other outstanding shares of capital stock or
outstanding rights of first

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refusal, preemptive rights or other rights, options, warrants, conversion
rights, subscriptions, obligations or other agreements either directly or
indirectly for the purchase or acquisition from the Company of any shares of its
capital stock. Except as contemplated by the Operative Documents, the Company is
not a party or subject to any agreement or understanding and, to the Company's
knowledge, there is no agreement or understanding between any persons, that
affects or relates to the voting or giving of written consents with respect to
any security or the voting by a director of the Company. Schedule 6(c) attached
hereto also includes a list of the warrants, options and convertible debt
outstanding as of the date hereof.

         (d)      No Other Registration Rights. Except as set forth on Schedule
6(d) attached hereto or as contemplated by this Agreement or the Registration
Rights Agreement, there are no contracts, commitments, agreements, arrangements,
understandings or undertakings of any kind to which the Company is a party, or
by which the Company is bound granting to any person the right to require the
Company to (i) file a registration statement under the Act with respect to any
securities of the Company or requiring the Company to include such securities
with the Notes registered pursuant to any registration statement, or (ii) to
purchase or offer to purchase any securities of the Company.

         (e)      Power and Authority. The Company has all requisite power and
authority to execute, deliver and perform its obligations under the Operative
Documents to which it is a party and to consummate the Transactions contemplated
thereby.

         (f)      Authorization of the Operative Documents. Prior to the Initial
Closing Date, each Operative Document to which the Company is a party and the
Transactions contemplated thereby shall have been duly authorized by the Company
as of the Initial Closing Date each such Operative Document shall have been
validly executed and filed or delivered by, and, upon such authorization,
execution and delivery and assuming the due authorization, execution and
delivery of each such Operative Document by the other parties thereto (other
than the Certificate of Designations), and with respect to the Notes, upon
payment of the Purchase Price for the Notes, is, as of each Closing, the legal,
valid and binding obligation of, the Company, enforceable against the Company in
accordance with its terms, except as enforceability may be limited by (i)
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or other similar laws now or hereafter in effect relating to or
affecting creditors rights generally, and (ii) general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or
at law).

         (g)      No Violation. The Company is not in violation of its articles
of incorporation or bylaws (the "CHARTER DOCUMENTS"). The Company is not (i) in
violation of any federal, state, local or foreign statute, law or ordinance, or
any judgment, decree, rule, regulation or order applicable to the Company
(collectively, "APPLICABLE LAW") of any governmental or regulatory agency or
body, court, arbitrator or self-regulatory organization, domestic or foreign,
having jurisdiction over the Company (each, a "GOVERNMENTAL AUTHORITY"), or (ii)
in breach of or default under any bond, debenture, note or other evidence of
indebtedness, indenture, mortgage, deed of trust, lease or any other similar
agreement or instrument to which the Company is a party or by which the Company
is bound (collectively, "APPLICABLE AGREEMENTS"), except where the failure to be
in compliance therewith would not have a material adverse effect on the
Company's

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business and financial condition ("MATERIAL ADVERSE EFFECT"). There exists no
condition that, with the passage of time or otherwise, would (w) constitute a
violation of the Charter Documents, or (x) constitute a violation of Applicable
Laws, or (y) constitute a material breach of or default under any Applicable
Agreement or (z) result in the imposition of any penalty or acceleration of
indebtedness, except where such event would not have a Material Adverse Effect.
All Applicable Agreements are in full force and effect and are legal, valid and
binding obligations of the Company, and no default has occurred or is continuing
thereunder, or where the failure to be in compliance therewith would not have a
Material Adverse Effect.

         (h)      No Conflict. Except as set forth on Schedule 6(h) attached
hereto, none of the execution, delivery or performance by the Company of any of
the Operative Documents to which it is a party, nor the compliance by the
Company with the terms and provisions thereof, nor the consummation of any of
the Transactions contemplated hereby will conflict with, violate, constitute a
breach of or a default (with the passage of time or otherwise) under, result in
the imposition of a Lien (as defined in the Security Agreement) on any assets or
capital stock of or other ownership interests in the Company (other than the
Liens created by the Security Agreement), or result in an acceleration of
indebtedness under or pursuant to, (i) the Charter Documents, (ii) any
Applicable Agreement, or (iii) any Applicable Law. After giving effect to the
Transactions, no Event of Default (as defined in the Security Agreement) will
exist.

         (i)      Permits. Except as set forth on Schedule 6(i) attached hereto,
no permit, certificate, authorization, approval, consent, license or order of,
or filing, registration, declaration or qualification with, any Governmental
Authority or any other person (collectively, "PERMITS") is required in
connection with, or as a condition to, the execution, delivery or performance of
any of the Operative Documents to which the Company is a party, the compliance
with the terms and provisions thereof or the consummation of any of the
Transactions, in each case by the Company, other than (i) such Permits as have
been made or obtained on or prior to the Initial Closing Date, which Permits are
in full force and effect on the Initial Closing Date, and (ii) as may be
required under the securities or Blue Sky laws of the various states and, in
connection with the performance of the Registration Rights Agreement and the
Act.

         (j)      No Proceedings. There is no action, claim, suit, demand,
hearing, notice of violation or deficiency, or proceeding, domestic or foreign
(collectively, "PROCEEDINGS"), pending or to the knowledge of the Company,
threatened that seeks to restrain, enjoin, prevent the consummation of, or
otherwise challenge, any of the Operative Documents or the Transactions
contemplated thereby. No injunction or order has been issued and no Proceeding
is pending or, to the knowledge of the Company, threatened that asserts that the
offer, sale and delivery of the Notes to Lender pursuant to this Agreement is
subject to the registration requirements of the Act, or would prevent or suspend
the issuance or sale of the Notes in any jurisdiction.

         (k)      Regulated Persons. The Company, and its directors, officers
and employees (the Company and each such other person, a "REGULATED PERSON" and,
collectively, the "REGULATED PERSONS") have, and are in compliance with the
terms and conditions of, all Permits necessary or advisable to own, lease, use
and operate the properties and assets of the Company and to conduct and carry on
the business of the Company. None of the execution, delivery or performance by

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the Company of any of the Operative Documents to which it is a party, nor the
compliance by the Company with the terms and provisions thereof, nor the
consummation by the Company of any of the Transactions will allow or result in,
and no event has occurred which allows, results in, or after notice or lapse of
time would allow or result in, the imposition of any material penalty under, or
the revocation or termination of, any such Permit or any material impairment of
the rights of the holder of any such Permit. The Company has not received notice
of any pending or threatened actions or proceedings which seek to limit,
suspend, modify, revoke or deny renewal of any such Permit.

         (l)      Title to Assets. Immediately following the Initial Closing
Date, the Company will have good and marketable title to the Collateral, free
and clear of all Liens except as contemplated in the Security Agreement.

         (m)      Sufficiency and Condition of Assets. The non-cash assets of
the Company include all of the non-cash assets and properties reasonably
necessary or required in, or otherwise material to, the conduct of its business,
and substantially all such assets are in working condition.

         (n)      Insurance. The Company maintains reasonably adequate insurance
covering its properties, operations, personnel and businesses against losses and
risks in accordance with customary industry practice. All such insurance is
outstanding and duly in force.

         (o)      Related Party Transactions. Except as set forth on Schedule
6(o) attached hereto, no executive officer, director or shareholder owning,
directly or indirectly 10% or more of the Common Stock or any member of the
person's immediate family (individually, a "RELATED PARTY") is indebted to the
Company, nor is the Company indebted (or committed to make loans or extend or
guarantee credit) to any of them, other than for payment of salary for services
rendered, reimbursement for reasonable expenses incurred on behalf of the
Company, and for other standard employee benefits made generally available to
all employees or pursuant to standard or individual arrangements disclosed in
the Company's filings made under and as required by the Exchange Act (as defined
below). Other than as set forth on Schedule 6(o) attached hereto, no Related
Party has any direct or indirect ownership interest in any firm or corporation
with which the Company is affiliated or with which the Company has a business
relationship, or any firm or corporation that competes with the Company, except
that any such Related Party may own stock in publicly-traded companies that may
compete with the Company (but not exceeding 2% of the outstanding capital stock
of any such firm or corporation).

         (p)      Taxes. All tax returns required to be filed by the Company in
any jurisdiction (including foreign jurisdictions) that were required to be
filed prior to the Initial Closing Date (taking into account all applicable
extensions) have been timely filed, or will be timely filed by the Initial
Closing Date, and, when filed, all such returns were, or will be, accurate in
all material respects, and all taxes, assessments, fees and other charges
(including, without limitation, withholding taxes, penalties and interest) due
or claimed to be due in respect of such returns have been paid, or will be paid
prior to the Initial Closing Date other than those being contested in good faith
by appropriate proceedings, or those that are currently payable without penalty
or interest and, in each case, for which an adequate reserve or accrual has been
established on the books and records of the Company in accordance with generally
accepted accounting principles

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of the United States, consistently applied ("GAAP"). The charges, accruals and
reserves on the books and records of the Company, in respect of federal, state
or other taxes for all fiscal periods (or portions thereof) ending on or before
the Initial Closing Date, have been established in accordance with GAAP.

         (q)      Accounting Controls. The Company maintains a system of
internal accounting controls sufficient to provide reasonable assurance that (i)
material transactions are executed in accordance with management's general or
specific authorization, (ii) material transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP, and to
maintain asset accountability, (iii) access to assets is permitted only in
accordance with management's general or specific authorization, and (iv) the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
material differences.

         (r)      Financial Statements. The financial statements of the Company
(including the footnotes thereto) filed with and as part of the Company's
filings made pursuant to and under the Securities Act and the Securities
Exchange Act of 1934, as amended (the "EXCHANGE ACT"), as such filings have been
amended through the date hereof, present fairly (or will present fairly as to
future statements) the financial position of the Company as of the respective
dates thereof and the statements of income, statement of shareholders' equity
and statements of cash flow of the Company for the respective periods covered
thereby. The Company's financial statements are prepared in conformity with GAAP
(subject, in the case of interim financial statements, to the absence of
footnote disclosures and other presentation items and normal, recurring,
year-end adjustments).

         (s)      Good Faith. The Company is incurring its indebtedness under
the Notes in good faith.

         (t)      No Integrated Offering. Neither the Company nor any person
acting on its behalf, has directly or indirectly made any offers or sales of any
security or solicited any offers to buy any security under circumstances that
would cause the offering of the Notes pursuant to this Agreement to be
integrated with prior offerings by the Company for purposes of the Act in a
manner which would prevent the Company from offering and selling the Notes
pursuant to Rule 506 under the Act. Neither the Company nor any of its
affiliates will take any action or steps that would cause the offering of the
Notes to be integrated with other offerings in a manner which would prevent the
Company from relying on Rule 506 under the Act with respect to the offers and
sales of the Notes hereunder.

         (u)      ERISA. Except as disclosed in the Company's public filings
under the Act or the Exchange Act, the Company does not maintain an employee
benefit plan that is intended to qualify under Section 401(a) of the Internal
Revenue Code of 1986, as amended, or the rules, regulations and published
interpretations promulgated thereunder. Neither the Company nor any trade or
business under common control with the Company (for purposes of Section 414(c)
of the Code or Section 4001 of ERISA (defined below)) maintains any employee
pension benefit plan that is subject to Title IV of the Employee Retirement
Income Act of 1974, as amended, or the rules and regulations promulgated
thereunder ("ERISA"). The terms "EMPLOYEE BENEFIT PLAN"

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and "EMPLOYEE PENSION BENEFIT PLAN" shall have the meanings assigned to such
terms in Section 3 of ERISA.

         (v)      No Brokers. Except as set forth on Schedule 6(v) attached
hereto, the Company has not dealt with any broker, finder, commission agent or
other person entitled to receive a commission or other remuneration (other than
Lender) in connection with the Transactions and Company is not under any
obligation to pay any broker's fee or commission in connection with the
Transactions.

         (w)      No Labor Disputes. The Company is not engaged in any unfair
labor practice. There is (i) no unfair labor practice complaint or other
proceeding pending or, to the knowledge of the Company, threatened against the
Company before the National Labor Relations Board or any state, local or foreign
labor relations board or any industrial tribunal, and no grievance or
arbitration proceeding arising out of or under any collective bargaining
agreement is so pending or, to the knowledge of the Company, threatened, and
(ii) no strike, labor dispute, slowdown or stoppage pending or, to the knowledge
of the Company, is threatened against the Company.

         (x)      Intellectual Property. The Company owns, possesses or
licenses, or can acquire on reasonable terms, adequate patents, patent licenses,
trademarks, service marks and trade names necessary to carry on its business as
presently conducted and has not received any notice of infringement of, or
conflict with asserted rights of others with respect to, any patents, patent
licenses, trademarks, service marks or trade names.

         (y)      Disclosure. Neither this Agreement nor any other information,
statement or certificate made or delivered by the Company in connection with
this Agreement and the Transactions contemplated hereby contains any untrue
statement of a material fact or omits to state a material fact necessary not to
make the statements therein untrue or misleading.

         (z)      Security Interests. The Security Agreement creates, as
security for the Obligations, a valid and enforceable security interest in and
Lien on all of the Collateral in favor of and for the benefit of Lender. When
this Agreement and related financing statements and related documents delivered
to Lender by the Company are filed in the places designated by the Company with
respect to each such document, such security interest and Lien of Lender will be
perfected and superior to and prior to the rights of all third persons (except
for security interests evidenced by the Permitted Filings). Such security
interest is entitled to all the rights, priorities and benefits afforded by the
UCC, or other relevant law as enacted in any relevant jurisdiction, to perfected
security interests. The Company has good and marketable title to all Collateral
free and clear of all Liens except the Permitted Liens.

         (aa)     No Liens. The Company is, and as to Collateral it acquires
from time to time after the date hereof will be, the owner of all Collateral
free from any Lien, security interest, encumbrance or other right, title or
interest of any Person (other than the Permitted Liens), and the Company shall
defend its Collateral against all claims and demands of all Persons at any time
claiming the same or any interest therein adverse to Lender.

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         (bb)     Representations and Warranties. No statement, representation
or warranty made by the Company in any of the Operative Documents to which it is
a party or in any certificate, document or instrument required by any of such
Operative Documents to be delivered to Lender was or will be, when made,
inaccurate, untrue or incorrect in any material respect. Each certificate signed
by any officer of the Company and delivered to Lender or counsel for Lender in
connection with the Transactions shall be deemed to be a representation and
warranty by the Company to Lender as to the matters covered thereby.

         7.       REPRESENTATIONS AND WARRANTIES OF LENDER. As of the date
hereof, Lender represents and warrants to the Company that:

         (a)      Investment Intent; Authority. This Agreement is made in
reliance upon Lender's representation to the Company that Lender is acquiring
the Purchased Securities for investment for its own account, not as nominee or
agent, for investment and not with a view to, or for resale in connection with,
any distribution or public offering thereof within the meaning of the Act or any
state securities laws. Lender has the full right, power, authority and capacity
to enter into and perform the Operative Documents to which it is a party and
such Operative Documents will constitute valid and binding obligations upon
Lender, except as the same may be limited by bankruptcy, insolvency, moratorium,
and other laws of general application affecting the enforcement of creditors'
rights.

         (b)      Securities Not Registered. Lender understands and acknowledges
that the offering of the Purchased Securities will not be registered under the
Act or under any state securities laws on the grounds that the offering and sale
of the Purchased Securities contemplated by this Agreement are exempt from
registration under the Act and under any state securities laws, and that the
Company's reliance upon such exemptions is predicated, in part, upon Lender's
representations set forth in this Agreement. Lender acknowledges and understands
that the Warrants may not be exercised for, and the Preferred Stock may not be
converted into, Shares of the Company's conversion stock (the "SHARES") except
in accordance with an exemption from registration under the Act and under any
state securities laws. Lender acknowledges and understands that resale of the
Purchased Securities and of the Shares may be restricted indefinitely unless
such securities are subsequently registered under the Act or an exemption from
such registration and such qualification is available.

         (c)      Limitations on Transfer. Lender (i) acknowledges that the
Purchased Securities are non-transferable, and (ii) covenants that in no event
will they dispose of any of the Purchased Securities or the Shares other than
(A) in conjunction with an effective registration statement under the Act or
pursuant to a transaction not requiring the filing of such a registration
statement and (B) in compliance with the applicable securities regulations laws
of any state. Lender acknowledges and agrees that the Purchased Securities and
the Shares will contain a legend to the foregoing effect.

         (d)      Accredited Investor. Lender and each of its members (i) is an
"accredited investor," as defined in Rule 501(a) of Regulation D under the
Securities Act of 1933, as amended; and (ii) has the ability to bear the
economic risks of the prospective investment,

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including a complete loss of the undersigned's investment in the Purchased
Securities. None of Lender's members was organized for the specific purpose of
acquiring the Purchased Securities.

         (e)      Adequate Information. Lender represents that it has had an
opportunity to ask questions and receive answers from the Company regarding the
terms and conditions of the offering of the Purchased Securities and the
business, properties, prospects and financial condition of the Company.

         (f)      No Brokers. Except as set forth on Schedule 7(f) attached
hereto, Lender has not dealt with any broker, finder, commission agent or other
person entitled to receive a commission or other remuneration (other than the
Company) in connection with the Transactions and Lender is not under any
obligation to pay any broker's fee or commission in connection with the
Transactions.

         8.       CONDITIONS.

         (a)      Conditions to Obligations of Lender. The obligations of Lender
to purchase the Purchased Securities under this Agreement is subject to the
satisfaction or waiver of each of the following conditions:

                  (i)      Representations and Warranties of the Company. All
the representations and warranties of the Company in this Agreement and in each
of the other Operative Documents to which it is a party shall be true and
correct in all material respects at and as of the Initial Closing Date after
giving effect to the Transactions (except those representations and warranties
that, by their nature, will cease to be true and correct after giving effect to
the Transactions) with the same force and effect as if made on and as of such
date. On or prior to the Initial Closing Date, the Company shall have performed
or complied in all material respects with all of the agreements and satisfied in
all material respects all conditions on their respective parts required to be
performed, complied with or satisfied by it pursuant to the Operative Documents
to which it is a party at or prior to the Initial Closing Date.

                  (ii)     No Injunction. No injunction, restraining order or
order of any nature by a Governmental Authority shall have been issued as of the
Initial Closing Date that would prevent or interfere with the consummation of
any of the Transactions; and no stop order suspending the qualification or
exemption from qualification of any of the Purchased Securities in any
jurisdiction shall have been issued and no Proceeding for that purpose shall
have been commenced or be pending or contemplated.

                  (iii)    No Proceedings. No action shall have been taken and
no Applicable Law shall have been enacted, adopted or issued that would, as of
the Initial Closing Date, prevent the consummation of any of the Transactions.
No Proceeding shall be pending or, to the Company's knowledge, threatened, other
than Proceedings that if adversely determined would not, individually or in the
aggregate, have a Material Adverse Effect.

                  (iv)     Officers' and Secretary's Certificates. Lender shall
have received certificates dated the Initial Closing Date, signed by (1) the
Chief Executive Officer or President,

                                       10

<PAGE>

and (2) the principal financial or accounting officer of the Company on behalf
of the Company confirming the matters set forth in paragraphs (i), (ii) and
(iii) of this Section 8(a).

                  (v)      Opinion of Counsel. Lender shall have received, an
opinion (in form and substance satisfactory to Lender and counsel to Lender,
dated the Initial Closing Date, of Dorsey & Whitney LLP, as counsel to the
Company, containing opinions substantially to the effect of the opinions set
forth in Exhibit 8(v) hereto.

                  (vi)     Execution and Delivery of Operative Documents. The
Operative Documents shall have been executed and delivered by all parties
thereto other than the Lender and Lender shall have received a fully executed
original of each of the Operative Documents (other than the Certificate of
Designations).

                  (vii)    Other Documents. Lender shall have received such
other documents, each in form and content satisfactory to Lender's counsel, as
Lender reasonably may require to evidence the accuracy, completeness and
satisfaction of the representations, warranties and conditions contained in this
Agreement.

                  (viii)   Resolutions. Lender shall have received a copy of all
of the resolutions (in form and substance satisfactory to Lenders) adopted by
the Company's board of directors authorizing or relating to (i) the execution,
delivery and performance of the Operative Documents and the other documents and
instruments provided for herein and therein to which it is a party or is bound
thereby, and (ii) the granting of the Liens and security interests, all
certified by the secretary of the Company. Such certificates shall be dated as
of the date hereof.

                  (ix)     Certain Legislation, etc. (i) No legislation, order,
rule, ruling or regulation shall have been enacted or made by or on behalf of
any governmental body, department or agency of the United States, nor shall any
decision of any court of competent jurisdiction within the United States have
been rendered, which, in the reasonable judgment of Lender, would materially and
adversely affect, restrain, prevent or change the transactions contemplated by
any Operative Document; and (ii) no action, suit or proceeding before any
arbitrator or any court or governmental authority or administrative body shall
be pending, and no investigation by any governmental authority, administrative
body shall be pending or to the knowledge of the Company threatened, relating to
the Company, which (x) seeks to restrain, enjoin, prevent the consummation of or
otherwise materially and adversely change the Notes or any of the transactions
contemplated by any Operative Document, (y) questions the validity or legality
of the Notes or any other transactions contemplated by any Operative Document or
seeks to recover damages or obtain other relief in connection herewith or
therewith, or (z) in the reasonable judgment of Lender would have a material
adverse effect on the condition (financial or otherwise), business, properties
or results of operations of the Company after the consummation of any
transaction contemplated by any Operative Document, or the Company's ability to
perform its Obligations under any Operative Document.

                  (x)      Security Interests. The Operative Documents shall be
in full force and effect and be in form such that, once related financing
statements and other documents have been filed in the places designated by the
Company, Lender shall obtain a valid and enforceable

                                       11

<PAGE>

perfected continuing first-priority security interest in and Lien on all of the
Collateral including any fixtures, such security interest to be prior and
superior to all rights of third parties other than Permitted Filings and
Permitted Liens. The Company shall promptly reimburse Lender for all taxes, fees
and other charges payable in connection with the filing of the financing
statements, and any related documents and instruments.

                  (xi)     Lien Searches. A search, made no more than ten (10)
days prior to the date hereof, of the Uniform Commercial Code filing offices or
other registries in each jurisdiction in which Collateral is located shall have
revealed no filings or records, except the following (the "PERMITTED FILINGS"):

                           (1)      filings made on behalf of CAPCO Financial
Company ("CAPCO") to perfect its interest in the Company's Receivables;

                           (2)      filings made on behalf of any lessor of
Equipment to the Company to perfect the lessor's interest in any such Equipment;
and

                           (3)      filings made with respect to Permitted Liens
(as defined in the Security Agreement.

                  (xii)    No Event of Default. No Event of Default shall have
occurred and be continuing.

                  (xiii)   [Reserved]

                  (xiv)    Capco. The Company shall confirm, by way of any
estoppel certificate from Capco, the Company's right to: (i) repay with funds
contributed to the Company by Lender any amounts due and owing Capco by the
Company and (ii) grant to Lender the right to assume all of Capco's rights and
obligations under the Contract of Sale and Security Agreement dated August 26,
2002, between Capco and the Company.

                  (xv)     Execution and Delivery of Voting Agreements. The
Company shall have caused its officers and directors to enter into one or more
voting agreements, substantially in the form of Exhibit 8(xv).

                  (xvi)    Approval of Business Plan. Lender shall have received
and approved a business plan, including projections of cash flows for the
Company covering the period from December 2002, through December 2003.

                  (xvii)   Approval of Management. Lender shall have approved
the make-up of the Company's executive management team; provided that for these
purposes, Victor Alhadeff shall be approved to serve as the Company's chief
executive officer and chairman of the board of directors.

                  (xviii)  [Reserved]

                  (xix)    [Reserved]

                                       12

<PAGE>

                  (xx)     [Reserved]

                  (xxi)    Press Releases. Lender shall have approved any press
release from the Company involving the Transactions.

                  (xxii)   Consents. The Company shall have obtained consents
from Capco to allow: (i) the execution and delivery by the Company of the
Operative Documents to which the Company is a party and (ii) the consummation by
the Company of the Transactions.

                  (xxiii)  No Breach of Food Production Agreement. There shall
be no default or event, that but for the giving of notice or passage of time,
would be a default, under the Food Production Agreement and arising from or
caused by the Company's failure to comply with its obligations thereunder.

                  (xxiv)   Other Information. Prior to the Initial Closing Date,
the Company shall have furnished to Lender such further information,
certificates and documents as Lender may reasonably request;

                  (xxv)    Place of Delivery. The documents required to be
delivered by this Section 8 shall be delivered at the office of Shefsky &
Froelich Ltd., 444 North Michigan Ave., Suite 2500, Chicago, Illinois 60611, or
at such other location as designated by such counsel prior to the Initial
Closing Date.

         (b)      Conditions to the Company's Obligation. The obligation of the
Company to sell the Purchased Securities and to consummate the transactions
contemplated by the Operative Documents is subject to the satisfaction or waiver
of each of the following conditions:

                  (i)      Representations and Warranties. All of the
representations and warranties of Lender in the Operative Documents shall be
true and correct in all material respects at and as of the Initial Closing Date,
with the same force and effect as if made on and as of such date.

                  (ii)     No Injunctions. No injunction, restraining order or
order of any nature by a Governmental Authority shall have been issued as of the
Initial Closing Date that would prevent or interfere with the issuance and sale
of the Purchased Securities; and no stop order suspending the qualification or
exemption from qualification of any of the Purchased Securities in any
jurisdiction shall have been issued and no Proceeding for that purpose shall
have been commenced or be pending or contemplated as of the Initial Closing
Date.

                  (iii)    Execution and Delivery of Operative Documents. The
Operative Documents shall have been executed and delivered by all parties
thereto other than the Company and the Company shall have received a fully
executed original of each of the Operative Documents (other than the Certificate
of Designations).

                  (iv)     Capco Subordination Agreement. Lender shall have
entered into a subordination agreement in form satisfactory to Capco providing
for the subordination of the interests granted to Lender under the Security
Agreement to the interests granted to Capco pursuant to the agreement between
Capco and the Company dated August 26, 2002.

                                       13

<PAGE>

                  (v)      Consents. The Company shall have received all
consents, waivers and agreements that it deems necessary or appropriate in
connection with the Operative Documents and the Transactions contemplated
thereby, from Capco and all other third parties as the Company may deem
necessary or appropriate, in order to authorize and avoid any breach, default or
similar result under any Operative Document or any agreement with any such third
party in connection therewith.

                  (vi)     No Breach of Food Production Agreement. There shall
be no default or event, that but for the giving of notice or passage of time,
would be a default, under the Food Production Agreement and arising from or
caused by the Lender's failure to comply with its obligations thereunder.

         9.       TERMINATION. This Agreement may be terminated at any time
prior to the Initial Closing Date by written notice to the other party if any of
the following has occurred:

         (a)      Material Adverse Change. By the Lender if, since December 12,
2002, any material adverse effect, change or development involving a prospective
adverse effect, on the properties, business, prospects, operations, earnings,
assets, liabilities or condition (financial or otherwise), of the Company.

         (b)      Company Failure to Satisfy Conditions. By the Lender if, the
Company fails to satisfy the conditions contained in Section 8(a) hereof on or
prior to the Initial Closing Date.

         (c)      Lender Failure to Satisfy Conditions. By the Company, if
Lender fails to satisfy the conditions contained in Section 8(b) (i), (iii)-(iv)
and (vi) hereof on or prior to the Initial Closing Date.

         The expense reimbursement provisions and other agreements,
representations and warranties of the Company set forth in or made purusant to
this Agreement shall remain operative and in full force and effect, and will
survive, regardless of (i) any investigation, or statement as to the results
thereof, made by or on behalf of Lender, (ii) acceptance of the Purchased
Securities, and payment for them hereunder, and (iii) any termination of this
Agreement (including, without limitation, termination pursuant to Section 9 (a)
- (b)).

         10.      MISCELLANEOUS.

         (a)      Preferred Stock Covenant. Prior to transferring any share of
Preferred Stock to a third party, Lender shall enter into a voting agreement
satisfactory in form to Borrower, in its reasonable discretion, with such third
party providing that any transferred share of Preferred Stock shall be voted in
accordance with Lender's direction until the shares of Preferred Stock are
converted into Common Stock in accordance with the Certificate of Designations.
Any certificate representing shares of Preferred Stock that is transferred to a
third party by Lender shall bear a legend that notes the existence of such
voting agreement.

         (b)      Voting Covenant. Notwithstanding any future ownership changes
within Lender, Lender agrees that its members as of the date hereof shall retain
the exclusive right to direct the

                                       14

<PAGE>

voting of the shares of Preferred Stock until such shares are converted into
Common Stock in accordance with the Certificate of Designations.

         (c)      Notices. All notices, demands, consents, requests,
instructions and other communications to be given or delivered or permitted
under or by reason of the provisions of this Agreement, or in connection with
the transactions contemplated hereby and thereby, shall be in writing and shall
be deemed to be delivered and received by the intended recipient as follows: (a)
if personally delivered, on the Business Day of such delivery (as evidence by
the receipt of the personal delivery service); (b) if mailed by certified or
registered mail, return receipt requested, four (4) Business Days after the
aforesaid mailing; (c) if delivered by overnight courier (with all charges
having been prepaid), on the second Business Day of such delivery (as evidenced
by the receipt of the overnight courier service of recognized standing); or (d)
if delivered by facsimile transmission, on the Business Day of such delivery if
sent by 6:00 p.m. in the time zone of the recipient, or if sent after that time,
on the next succeeding Business Day (as evidenced by the printed confirmation of
delivery generated by the sending party's telecopier machine). All such notices,
demands, consents, requests, instructions and other communications will be sent
to the following addresses or facsimile numbers as applicable:

If to the Company:

         BRIAZZ, Inc.
         3901 7th Avenue South, #200
         Seattle, Washington 98108
         Attention: Chief Executive Officer
         Telephone: (206) 467-0994
         Fax: (206) 467-1970

With a copy (which shall not constitute notice) given in the manner prescribed
above to:

         Dorsey & Whitney LLP
         1420 Fifth Avenue, Suite 3400
         Seattle, Washington 98101
         Attention: Kimberley R. Anderson, Esq.
         Telephone: (206) 903-8803
         Fax: (206) 903-8820

If to Lender:

         c/o New Management, Ltd.
         212 North Sangamon, Suite 1-A
         Chicago, Illinois  60607
         Attention: David Cotton
         Telephone: (312) 243-2122
         Fax: (312) 243-5088

With a copy (which shall not constitute notice) given in the manner prescribed
above to:

                                       15

<PAGE>

         Shefsky & Froelich Ltd.
         444 North Michigan Avenue
         Suite 2500
         Chicago, Illinois  60611
         Attention: Michael J. Choate, Esq.
         Telephone: (312) 836-4066
         Fax: (312) 527-5921

         (d)      Successors and Assigns. This Agreement has been and is made
solely for the benefit of and shall be binding upon the Company and Lender, and
their respective successors and assigns, all as and to the extent provided in
this Agreement, and no other person shall acquire or have any right under or by
virtue of this Agreement.

         (e)      Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Illinois. Each of
the parties hereto (i) consents to submit itself to the personal jurisdiction of
the United States District Court for the Northern District of Illinois or any
Illinois state court located in Cook County, Illinois in the event any dispute
arises out of this Agreement; (ii) agrees that it will not attempt to deny or
defeat such personal jurisdiction by motion or other request for leave from any
such court; (iii) agrees that it will not bring any action relating to this
Agreement in any court other than the United States District Court for the
Northern District of Illinois or an Illinois state court located in Cook County,
Illinois; and (iv) waives any right to trial by jury with respect to any claim
or proceeding related to or arising out of this Agreement.

         (f)      Counterparts. This Agreement may be signed in various
counterparts, which together shall constitute one and the same instrument.

         (g)      Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.
When a reference is made in this Agreement to a Section, paragraph,
subparagraph, Schedule or Exhibit, such reference shall mean a Section,
paragraph, subparagraph, Schedule or Exhibit to this Agreement unless otherwise
indicated.

         (h)      Interpretation. The words "INCLUDE," "INCLUDES," AND
"INCLUDING" when used in this Agreement shall be deemed in each case to be
followed by the words, "WITHOUT LIMITATION." The phrases "THE DATE OF THIS
AGREEMENT," "THE DATE HEREOF," and terms of similar import, unless the context
otherwise requires, shall be deemed to refer to March 5, 2003. The words
"HEREOF," "HEREIN," "HEREWITH," "HEREBY" AND "HEREUNDER" and words of similar
import shall, unless otherwise stated, be construed to refer to this Agreement
as a whole and not to any particular provision of this Agreement. The word
"KNOWLEDGE" means, when applied to the Company, the actual knowledge, after due
inquiry, of any of the executive officers of the Company. Unless the context
otherwise requires, defined terms shall include the singular and plural and the
conjunctive and disjunctive forms of the terms defined.

         (i)      Severability. If any term, provision, covenant or restriction
of the Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the

                                       16

<PAGE>

remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their best efforts to find and
employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is
hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid, illegal,
void or unenforceable.

         (j)      Amendment. This Agreement may be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may be given, provided that the same are in writing and signed by each of the
signatories hereto.

                       [SIGNATURE PAGE FOLLOWS THIS PAGE]

                                       17

<PAGE>

         Please confirm that the foregoing correctly sets forth the agreement
among the Company and Lender.

                                    COMPANY:

                                    BRIAZZ, INC., a Washington corporation

                                    By: /s/ Victor D. Alhadeff
                                        ----------------------

                                    Name: Victor D. Alhadeff

                                    Title: CEO

                                    LENDER:

                                    Briazz Venture, L.L.C., an Illinois limited
                                    liability company

                                    By: /s/ David L. Cotton
                                        -------------------

                                    Name: David L. Cotton

                                    Title: Chief Financial Officer

                                       18

<PAGE>

                                  EXHIBIT 8(v)

              OPINION OF COUNSEL OF COMPANY AND OTHER LOCAL COUNSEL

<PAGE>

                                  EXHIBIT 8(xv)

                            FORM OF VOTING AGREEMENT

<PAGE>

                                  SCHEDULE 5(c)

                                 USE OF PROCEEDS

1.       $100,000 in Investor's closing costs, to be distributed by Investor as
follows: $40,000 to New Management, Ltd. and $60,000 to Shefsky & Froelich Ltd.

2.       Working capital.

<PAGE>

                                  SCHEDULE 6(c)

                       OUTSTANDING CONVERTIBLE SECURITIES

         1.       Attached is a list of the Company's outstanding options to
purchase shares of Common Stock as of February 18, 2003 granted pursuant to the
Company's stock option plan and option agreements as disclosed in its public
filings. No new options have been granted since the date of the attached list.

         2.       Attached is a list of the Company's outstanding warrants to
purchase shares of Common Stock as of December 23, 2002. Those warrants labeled
"Series C Convertible" were originally warrants to purchase Series C Preferred
Stock. Such warrants became warrants to purchase shares of Common Stock upon
conversion of the Company's outstanding Series C Preferred Stock in 2001. The
number of shares of Common Stock for which such warrants are currently
convertible is listed under the column titled "Anti-Dilution Adjustment". In
connection with the conversion of the Series C Preferred Stock and pre-IPO
anti-dilution adjustments to the Series C Preferred Stock, the exercise price
for such warrants was reduced from $6.00 per share to $5.74 per share. No new
warrants have been granted since the date of the attached list. See, however,
paragraph 4 below.

         3.       On June 18, 2002, the Company issued a convertible promissory
note to Laurus in the principal amount of $1,250,000. The amount of the Laurus
convertible debt and the number of shares of Common Stock issuable upon
conversion thereof fluctuate in accordance with the terms thereof, as amended
through the date hereof. In January 2003, the Company and Laurus entered into an
arrangement pursuant to which certain amounts under the convertible note were
and will be converted into shares of Common Stock. As of March 4, 2003, the
Company had issued 30,000 shares of Common Stock to Laurus upon conversion of
portions of the convertible note pursuant to this arrangement, and the principal
amount of the Laurus note (exclusive of interest) was $929,442. As of March 4,
2003, the Company was obligated to issue an additional 20,300 shares of Common
Stock pursuant to conversion notices provided by Laurus prior to March 4, 2003.
Upon the Company effecting the issuance of these 20,300 shares of Common Stock,
the outstanding number of shares of Common Stock will be increased and the
outstanding principal amount of the Laurus note will be decreased accordingly.

         4.       On March 4, 2003, the Company and Laurus entered into
amendments to the Laurus note and to the warrant the Company issued to Laurus on
June 18, 2002. These amendments have been delivered to the Lender and provide,
among other things, for the reduction of the fixed conversion price of the note
and the exercise price of the warrant to $0.10 per share.

         5.       200,000 shares of Common Stock are reserved for issuance
pursuant to the Company's employee stock purchase plan. Any shares of Common
Stock issued pursuant to the Company's employee stock purchase plan shall be
deemed to be issued "pursuant to outstanding options, warrants and convertible
debt" for purposes of Section 3(v) of the Notes.

                                       22

<PAGE>

     [Summary of outstanding stock options as of February 18, 2003, showing
   outstanding options to purchase a total of 962,863 shares of the Company's
                                  common stock]

                                       23

<PAGE>

[Summary of outstanding warrants as of December 23, 2002, showing outstanding
warrants to purchase a total of 1,330,404 shares of the Company's common stock]

                                       24

<PAGE>

                                  SCHEDULE 6(d)

                               REGISTRATION RIGHTS

The Company has granted registration rights pursuant to the following
agreements:

         1.       The Securities Purchase Agreement dated June 18, 2002 between
the Company and Laurus, as amended.

         2.       The Registration Rights Agreement dated August 15, 1997
between the Company and the investors named therein, as amended.

                                       25

<PAGE>

                                  SCHEDULE 6(h)

                                    CONFLICTS

None, provided that the approvals listed under Schedule 6(i) are obtained.

                                       26

<PAGE>

                                  SCHEDULE 6(i)

                              PERMITS AND CONSENTS

         The following approvals will be required prior to closing:

         1.       The approval of Capco.

         2.       The approval of FFG and New Management.

         3.       The approval of Nasdaq.

         4.       The approval of the Company's Board of Directors.

         5.       The approval of the Company's officers and directors (with
respect to the voting agreement).

         In addition, the articles of amendment containing the terms and
conditions of the Series D Preferred Stock must be filed with the Secretary of
State of the State of Washington.

                                       27

<PAGE>

                                  SCHEDULE 6(o)

                           RELATED-PARTY TRANSACTIONS

         1.       Victor Alhadeff is a limited partner in Maveron, a
Seattle-based venture capital firm, which holds investments in Potbelly Sandwich
Works, a Chicago-based chain of sandwich shops.

         2.       The Company is a party to a lease agreement dated November 6,
1998 with Benaroya Capital Company, LLC, which is controlled by Jack Benaroya,
one of the Company's principal shareholders. The terms of the lease agreement
are described in the Company's public filings.

                                       28

<PAGE>

                                  SCHEDULE 6(v)

                                   BROKER FEES

Delafield Hambrecht, Inc. is entitled to 7% of the proceeds of this offering,
which will be paid at a later date. The terms of the agreement between Delafield
Hambrecht, Inc. and the Company are more fully described in the engagement
letter between them.

                                       29

<PAGE>

                                  SCHEDULE 7(f)

                                     BROKERS

International Capital Markets Group, Inc. is entitled to $60,000 for its
services in connection with this offering.

                                       30<PAGE>
                                                                   Exhibit 10.33

THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR THE SECURITIES LAWS OF
ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, ENCUMBERED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS THERE IS AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 1933 ACT AND ALL APPLICABLE STATE SECURITIES LAWS COVERING
SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE 1933 ACT
AND EXEMPTIONS FROM ALL APPLICABLE STATE SECURITIES LAWS, OR THE COMPANY
RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY
SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT,
PLEDGE, ENCUMBRANCE, HYPOTHECATION OR OTHER DISPOSITION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933.

                               SENIOR SECURED NOTE

$2,000,000                                                         March 6, 2003

         FOR VALUE RECEIVED, the undersigned, BRIAZZ, Inc., a Washington
corporation ("Borrower"), promises to pay to the order of Briazz Venture,
L.L.C., an Illinois limited liability company ("Lender"), at such place as may
be designated from time to time in writing by Lender, the principal sum of Two
Million Dollars ($2,000,000) in lawful money of the United States of America.

         This Note is being issued in connection with, among other agreements,
the Amended and Restated Purchase Agreement by and between Borrower and Lender
dated as of March 5, 2003, and the Amended Security Agreement by and between
Borrower and Lender dated as of March 6, 2003 (the "Security Agreement").
Capitalized terms used herein without definition shall have the meanings given
such terms in the Security Agreement. This Note is one of a series of similar
Notes (singularly, the "Note" and collectively, the "Notes") issued pursuant to
the Purchase Agreement. The Notes shall rank equally without preference or
priority of any kind over one another and all cash payments on account of
principal and interest with respect to any of the Notes shall be applied ratably
and proportionately on all outstanding Notes on the basis of the principal
amount of outstanding indebtedness represented thereby.

         1.       PAYMENT TERMS.

                  (a)      Principal. The unpaid principal balance and all
         unpaid and accrued interest on the Note shall be due and payable on or
         prior to the earlier of (i) the Maturity Date and (ii) when such
         amounts are made due and payable upon or after the occurrence of an
         Event of Default.

                  (b)      Interest. Borrower promises to pay interest on the
         outstanding principal amount of the Note at the Interest Rate. Borrower
         shall pay interest monthly in arrears, in cash, on each Interest
         Payment Date and on the Maturity Date and thereafter until the Note is
         fully repaid, whether by acceleration or otherwise, on demand. If an
         Event of Default occurs and while such Event of Default is continuing,
         the interest rate shall be increased to

<PAGE>

         the Default Rate. Interest shall be computed on the basis of a 360-day
         year of twelve (12) 30-day months, and shall be compounded
         semi-annually.

                  (c)      Principal Prepayment. Borrower may prepay all or a
         portion of the principal amount of the Note outstanding without premium
         or penalty.

                  (d)      Recordation of Principal Repayments. The date and
         amount of each payment of principal of the Notes received by Lender
         shall be recorded by the Lender in its records. The failure to record
         or any error in recording any such repayment shall not, however, affect
         the Obligations of Borrower under the Note to repay the principal
         amount of the Note outstanding, together with all interest accruing
         thereon, nor shall such failure or error affect any rights of Borrower
         hereunder or under applicable law. The records, if relevant, as
         maintained by Lender, absent manifest error or omission, shall
         constitute prima facie evidence of the amount outstanding under the
         Note.

                  (e)      Payments. All payments by Borrower to Lender
         hereunder shall be made in lawful currency of the United States of
         America and in immediately available funds no later than 1:00 p.m.,
         Chicago time, on the Due Date at Lender's address. Lender shall apply
         payments received from Borrower hereunder first to the payment of
         interest due and then to the payment of principal under the Note. All
         payments by Borrower to Lender hereunder shall be made without offset,
         counterclaim, deduction or withholding of any nature. In the event the
         date specified for any payment hereunder is not a Business Day, such
         payment shall be made on the next following Business Day. Any amounts
         paid after 1:00 p.m., Chicago time, on any Business Day shall be deemed
         to be paid on the next succeeding Business Day.

                  (f)      Funding Costs. Borrower shall pay to Lender as part
         of Borrower's Obligations, on demand, any and all charges asserted by a
         bank or similar institution against Lender for or with respect to
         Lender's forwarding to Borrower of proceeds of the Note for or with
         respect to Lender's depositing for collection any check or item of
         payment received or delivered to Lender on account of the Obligations.

         2.       SECURITY INTEREST. Pursuant to the terms of the Security
Agreement, Borrower has granted Lender, subject to the Agreement Between
Creditors, a first-priority security interest in all of Borrower's assets of
every nature and type whatsoever (except as provided in the Security Agreement)
to secure the payment of all of Borrower's indebtedness hereunder.

         3.       COVENANTS. Borrower  hereby  covenants  and  agrees  that on
and after the date hereof and until the Note, together with interest, is paid in
full, unless otherwise consented to by Lender in writing:

                  (a)      Payment of Notes. Borrower shall pay the principal of
         and interest on the Note on the dates and in the manner provided
         herein. Borrower shall pay interest on overdue principal and on overdue
         installments of interest at the Default Rate, compounded semi-annually,
         to the extent lawful.

                                       2

<PAGE>

                  (b)      Limitations on Restricted Payments. Borrower shall
         not make any Restricted Payments.

                  (c)      Corporate Existence. Borrower shall do or cause to be
         done all things necessary to preserve and keep in full force and effect
         its corporate organizational existence in accordance with its
         organizational documents and the material rights (charter and
         statutory) and material corporate franchises of Borrower, provided that
         Borrower shall not be required to preserve, with respect to itself, any
         right or franchise if Borrower shall determine that the preservation
         thereof is no longer desirable in the conduct of its business.

                  (d)      Limitation on Transactions with Affiliates. Borrower
         shall not, on or after the Closing Date, conduct any business or enter
         into any transaction or series of transactions with or for the benefit
         of any Affiliates. Notwithstanding the foregoing, the restrictions set
         forth in this covenant shall not apply to (i) transactions between
         Borrower and Lender or affiliates of Lender, (ii) transactions entered
         into prior to the Closing Date, or (iii) reasonable or customary
         business fees, compensation paid to, and indemnity provided on behalf
         of, officers, directors or employees of Borrower as determined in good
         faith by Borrower's board of directors.

                  (e)      Limitation on Incurrence of Additional Indebtedness.
         Borrower shall not directly or indirectly incur any Indebtedness other
         than Permitted Indebtedness.

                  (f)      Limitations on Layering Indebtedness. Borrower shall
         not, directly or indirectly, incur any Indebtedness that is
         contractually subordinate to any of Borrower's Indebtedness unless, by
         its terms, such Indebtedness is made expressly subordinate to the
         Obligations to the same extent and in the same manner as the
         Indebtedness is subordinated pursuant to the subordination provisions
         that are most favorable to the holders of any Indebtedness of the
         Borrower.

                  (g)      Waiver of Stay, Extension or Usury Laws. Borrower
         covenants (to the extent that it may lawfully do so) that it shall not
         at any time insist upon, plead, or in any manner whatsoever claim or
         take the benefit or advantage of, any stay or extension law or any
         usury law or other law which would prohibit or forgive Borrower from
         paying all or any portion of the principal of, premium of, or interest
         (or Liquidated Damages, if any) on the Note as contemplated herein,
         wherever enacted, now or at any time hereafter in force, and (to the
         extent that it may lawfully do so) Borrower hereby expressly waives all
         benefit or advantage of any such law and covenants that it shall not
         hinder, delay or impede the execution of any remedy available to
         Lender, but shall suffer and permit the execution of every such power
         as though no such law had been enacted.

                  (h)      Limitation on Liens Securing Indebtedness; Limitation
         on Impairment of Lien; Additional Collateral.

                           (i)      Borrower shall not, directly or indirectly,
                                    create, incur, assume, affirm or suffer to
                                    exist or become effective any Lien of any
                                    kind on any asset (including, without
                                    limitation, all real, tangible or

                                       3

<PAGE>

                                    intangible property) of Borrower, whether
                                    now owned or hereafter acquired, or on any
                                    income or profits therefrom, or assign or
                                    convey any right to receive income
                                    therefrom, except (1) Liens in favor of
                                    Lender securing the Obligations under the
                                    Security Agreement and the Notes and (2)
                                    Permitted Liens.

                           (ii)     Borrower shall not take or omit to take any
                                    action which action or omission would have
                                    the result of adversely affecting or
                                    impairing the Lien in favor of Lender under
                                    this Agreement or the priority thereof; and
                                    Borrower shall not grant to any Person, or
                                    suffer any Person (other than the Borrower)
                                    to have any interest whatsoever in the
                                    Collateral other than Permitted Liens.
                                    Borrower shall not enter into any agreement
                                    or instrument that by its terms requires the
                                    proceeds received from any sale of
                                    Collateral to be applied to repay, redeem,
                                    defease or otherwise acquire or retire any
                                    Indebtedness, other than as contemplated by
                                    this Agreement, the Notes, the Agreement
                                    Between Creditors, the CAPCO Subordination
                                    Agreement and the Contract of Sale and
                                    Security Agreement dated August 26, 2002,
                                    between Capco and Borrower. Borrower shall,
                                    at its sole cost and expense, execute and
                                    deliver all such agreements and instruments
                                    as Lender shall reasonably request to more
                                    fully or accurately describe the property
                                    intended to be Collateral or the obligations
                                    intended to be secured by the Security
                                    Agreement and the Note. Borrower shall, at
                                    its sole cost and expense, file any such
                                    notice filings or other agreements or
                                    instruments as may be reasonably necessary
                                    or desirable under applicable law to perfect
                                    the Liens created by this Agreement and the
                                    Notes at such times and at such places as
                                    Lenders may reasonably request.

                           (iii)    From and after the Closing Date, Borrower
                                    shall grant to Lenders, subject only to
                                    Permitted Liens, a first priority Lien on
                                    all property, subject to the Agreement
                                    Between Creditors.

                  (i)      Taxes. Borrower shall pay and discharge all taxes,
         assessments and governmental charges or levies imposed upon it or its
         Property or assets, prior to the date on which penalties attach
         thereto, and all lawful claims which, if unpaid, might become a Lien or
         charge upon the Collateral, except to the extent that the imposition of
         any such tax, assessment, charge or levy or the validity of any such
         claim is being contested in good faith by appropriate proceedings and
         Borrower has set aside adequate reserves with respect to any such tax,
         assessment, charge, levy or claim so contested.

                  (j)      Compliance with Statutes, Etc. Borrower shall comply
         in all material respects with all applicable statutes, regulations and
         orders of, and all applicable restrictions imposed by, all governmental
         bodies, domestic or foreign, in respect of the conduct of its business
         and the ownership of its Property (including applicable statutes,
         regulations, orders and restrictions relating to environmental
         standards and controls).

                                       4

<PAGE>

                  (k)      Notice of Default or Litigation. Borrower shall
         deliver to Lender promptly, and in any event within three (3) Business
         Days after Borrower obtains knowledge thereof, notice of (i) the
         occurrence of any event which constitutes an Event of Default, (ii) any
         litigation or governmental proceeding pending against Borrower which is
         likely materially and adversely to affect the financial condition or
         operations of Borrower (including any matter where Borrower's maximum
         potential exposure could equal or exceed $25,000), and (iii) any other
         event which is likely materially and adversely to affect the financial
         condition or operations of Borrower.

                  (l)      Examinations. Borrower shall allow any representative
         of Lender to visit and inspect any of its properties, to examine its
         books of record and account and to discuss its affairs, finances and
         accounts with its officers, all at such reasonable time and as often as
         Lender may reasonably request.

                  (m)      Condition of Equipment. Borrower shall ensure that
         its Property and Equipment used or useful in its business are kept in
         good repair (except for items that are not repairable), working order
         and condition, ordinary wear and tear excepted, and that from time to
         time there are made in such properties and Equipment all necessary and
         proper repairs, renewals, replacements, extensions, additions,
         betterments, and improvements thereto, to the extent and in the manner
         customary for companies in similar lines of business under similar
         circumstances.

                  (n)      Future Disclosure. Borrower covenants that all
         information hereafter furnished by Borrower or on its behalf in writing
         to Lender will be true and accurate in all material respects on the
         date as of which such information is dated or certified and not
         incomplete by omitting to state any material fact necessary to make
         such information not materially misleading at such time.

                  (o)      EBITDA. Borrower shall generate positive EBITDA, as
         reflected in the quarterly Financial Statements that Borrower shall
         provide to Lender, either (i) in each fiscal quarter beginning with the
         quarter ending June 30, 2003, or (ii) cumulatively from the fiscal
         quarter ending June 30, 2003 to the date of measurement. Failure to
         satisfy both (i) and (ii) above shall cause the outstanding principal
         amount of the Note and accrued interest thereon to become due and
         payable on the forty-fifth (45th) day following the measurement date at
         which Borrower has not satisfied (i) and (ii) above.

                  (p)      Board Meetings. Borrower shall provide Lender with a
         final version of each set of board minutes no later than three (3)
         Business Days of when the minutes are approved by Borrower's board of
         directors.

                  (q)      [Reserved]

                  (r)      Shareholder  Approval. Borrower shall hold a
         shareholder meeting at which it seeks Shareholder Approval no later
         than April 30, 2003.

                                       5

<PAGE>

                  (s)      Consolidation, Merger, Sale of Assets, Stock
         Transactions, etc. Borrower shall not (i) wind up, liquidate or
         dissolve its affairs or enter into any transaction of merger or
         consolidation, or convey, sell, lease or otherwise dispose of (or agree
         to do any of the foregoing at any future time) all or any substantial
         part of its Property or assets (other than sales and leases in the
         ordinary course of business of inventory and of Equipment that is
         obsolete or no longer used or useful and assignments for collection in
         the ordinary course of business or as otherwise contemplated in the
         Food Purchase Agreement dated as of December 1, 2002, between Borrower
         and Flying Food Group, L.L.C.), or (ii) purchase, lease or otherwise
         acquire (in one or a series of related transactions) any part of the
         Property or assets (other than purchases, leases or other acquisitions
         of inventory, materials and Equipment in the ordinary course of
         business) of any Person, other than in the ordinary course of business
         and consistent with Borrower's past practice.

                  (t)      Type of Business. Borrower shall not make any
         material change in the type of business it now conducts except as
         contemplated by the parties hereto. The parties acknowledge that
         licensing Borrower's intellectual property for use by potential
         franchisees would not constitute a material change in the business of
         Borrower.

                  (u)      Amendment to Charter Documents. Borrower shall not
         amend the Charter Documents, except to provide for the authorization
         and issuance of the Preferred Stock or to eliminate any series of
         preferred stock no shares of which are outstanding.

                  (v)      Capital Stock. Borrower shall not (i) permit a split,
         combination or reclassification of any shares of its capital stock or
         issue or authorize or propose the issuance of any other securities in
         respect of, in lieu of or in substitution for shares of the Borrower's
         capital stock; (ii) issue, deliver or sell, or authorize or propose the
         issuance, delivery or sale of, any shares of Borrower's capital stock
         or any securities convertible into or exercisable for, or any rights,
         warrants or options to acquire, any such shares (except pursuant to
         outstanding options, warrants and convertible debt listed on Schedule
         6(c) attached to the Purchase Agreement, or pursuant to the Warrants or
         the Preferred Stock) or (iii) repurchase or redeem any shares of its
         capital stock.

                  (w)      Management. Borrower shall not (i) remove, replace or
         otherwise change any member of Borrower's directors or officers (other
         than as provided in the Loan Instruments) or (ii) increase the salary,
         benefits or other compensation of Borrower's directors and officers,
         including the grant of additional options to purchase shares of
         Borrower's Common Stock.

                  (x)      Bankruptcy, Receivers, Similar Matters.

                           (i)      Voluntary Cases. Borrower shall not commence
                                    a voluntary case under the Bankruptcy Code
                                    or under any applicable bankruptcy,
                                    insolvency or other similar law now or
                                    hereafter in effect.

                           (ii)     Involuntary Cases, Receivers, Etc. Borrower
                                    shall not apply for, consent to, or aid,
                                    solicit, support, or otherwise act,
                                    cooperate or

                                       6

<PAGE>

                                    collude to cause the appointment of or
                                    taking possession by, a receiver, trustee or
                                    other custodian for all or a substantial
                                    part of the assets of Borrower. As used
                                    herein, an "Involuntary Borrower Bankruptcy"
                                    shall mean any involuntary case under the
                                    Bankruptcy Code or any applicable
                                    bankruptcy, insolvency or other similar law
                                    now or hereafter in effect, in which
                                    Borrower is a debtor or any portion of the
                                    Property is property of the estate therein
                                    or subject to the automatic stay thereof.
                                    Borrower shall not file a petition for,
                                    consent to the filing of a petition for, or
                                    aid, solicit, support, or otherwise act,
                                    cooperate or collude to cause the filing of
                                    a petition for an Involuntary Borrower
                                    Bankruptcy. In any Involuntary Borrower
                                    Bankruptcy, Borrower shall not, without the
                                    prior written consent of Lenders, consent to
                                    the entry of any order, file any motion, or
                                    support any motion (irrespective of the
                                    subject of the motion), and Borrower shall
                                    not file or support any plan of
                                    reorganization. Borrower shall do all things
                                    reasonably requested by Lender to assist
                                    Lender in obtaining such relief as Lender
                                    shall seek, and shall in all events vote as
                                    directed by Lender. Notwithstanding the
                                    foregoing, Borrower shall do all things
                                    reasonably requested by Lender to support
                                    any motion for relief from stay or plan of
                                    reorganization proposed or supported by
                                    Lender. Nothing in this provision shall
                                    obligate any Person to act contrary to any
                                    order of any court, which order was not
                                    sought or acquiesced in at the direction of
                                    Lender or Borrower.

                  (y)      Financial Reporting. Borrower shall provide the
         following to Lender:

                           (i)      Annual Reporting. As soon as available, and
                                    in any event within ninety (90) days after
                                    the end of each fiscal year commencing with
                                    the current fiscal year, Borrower shall
                                    provide to Lender true and complete copies
                                    of its Financial Statements for that year
                                    and a copy of all filings made for the year
                                    end with the Securities and Exchange
                                    Commission. All Financial Statements shall
                                    be audited by an independent CPA acceptable
                                    to Lender in their reasonable discretion,
                                    and shall bear the unqualified (except for
                                    customary qualifications) certification of
                                    the accountants that the Financial
                                    Statements present fairly in all material
                                    respects the financial position of Borrower.
                                    If Borrower is no longer required to file
                                    under the Securities Exchange Act of 1934,
                                    as amended (the "EXCHANGE ACT"), the annual
                                    Financial Statements shall include the
                                    certification of Borrower's chief executive
                                    officer and chief financial officer as if
                                    Borrower was a reporting company under the
                                    Exchange Act. Notwithstanding the foregoing,
                                    the Financial Statements for the year ended
                                    and ending December 31, 2002 and December
                                    31, 2003, respectively, may contain a
                                    qualification regarding Borrower's ability
                                    to continue as a going concern.

                                       7

<PAGE>

         Borrower shall deliver to Lender together with such financial
statements a certificate, dated as of a date within five (5) days of delivery
and signed by the chief executive officer of Borrower, certifying that he is
familiar with the provisions of each Loan Instrument delivered to Lender in
connection herewith, and that he finds that no Event of Default has occurred and
is continuing, or if any Event of Default has occurred and is continuing,
setting forth details of same.

                           (ii)     Quarterly Reporting. Within forty-five (45)
                                    days after the end of the first three
                                    calendar quarters of each fiscal year,
                                    Borrower shall provide true and complete
                                    unaudited copies of its Financial Statements
                                    for such quarter to Lender and a copy of any
                                    report for such quarter filed with the
                                    Securities and Exchange Commission. If
                                    Borrower is no longer required to file under
                                    the Exchange Act, the quarterly Financial
                                    Statements shall include the certification
                                    of Borrower's chief executive officer and
                                    chief financial officer as if Borrower was a
                                    reporting company under the Exchange Act.

                           (iii)    Monthly Reporting. Within thirty (30) days
                                    after the end of each month during the term
                                    of this Agreement, Borrower shall deliver to
                                    Lenders an unaudited:

                                    (1)      statement of income;

                                    (2)      balance sheet; and

                                    (3)      statement of cash flows

in each case as of the end of such month, all in reasonable detail and certified
by Borrower's chief financial officer as having been prepared in accordance with
GAAP (subject, in each case, to the absence of footnote disclosures and other
presentation items and normal, recurring, quarter-end and year-end adjustments).

                  (z)      Budget. As soon as available, but in no event later
         than the end of Borrower's previous fiscal year, commencing with the
         fiscal year ending December 31, 2003, Borrower shall provide to Lenders
         for their approval a proposed budget for Borrower's upcoming calendar
         year, including monthly projections of costs, expenses, revenues and
         inventory requirements.

                  (aa)     Laurus Principal Payments. Until all amounts
         outstanding on the Notes have been repaid in full, Borrower shall not
         make any principal payments on indebtedness owed to Laurus except for
         principal payments made solely in the form of shares of Borrower's
         Common Stock and not in the form of cash or other securities, all in
         accordance with the terms and conditions of the documents governing the
         loans made to Borrower by Laurus.

                  (bb)     Board. Upon Borrower's  receipt of shareholder
         approval of the transactions contemplated by the Purchase Agreement in
         the manner required by Nasdaq,

                                       8

<PAGE>

         and upon Lender's written demand and subject to the requirement of Rule
         14f-1 under the Exchange Act, to the extent applicable, Borrower shall
         cause a sufficient number of Borrower's directors to resign to permit
         up to five (5) designees of Lender to be appointed to Borrower's board
         of directors. If at the time Lender exercises its right to appoint
         members to Borrower's board of directors, or at any time thereafter,
         Borrower's shares of common stock are listed on an exchange or included
         for quotation on an interdealer quotation system of Nasdaq, including
         the Nasdaq National Market System, the appointment of Lender's
         designees shall be in accordance with the rules and regulations of the
         exchange or Nasdaq so long as the shares of Borrower's common stock
         remain listed on the exchange or included for quotation. Further, if
         Lender has exercised these rights prior to April 1, 2003, one of the
         designees of Lender shall agree at the time of his or her appointment,
         in form satisfactory to Borrower, to resign from Borrower's board of
         directors if Borrower has completed an equity financing with gross
         proceeds to Borrower of at least $4 million by April 1, 2003. If
         Borrower completes the equity financing referred to in the prior
         sentence, then Lender shall have the right to designate and appoint up
         to four (4) persons to serve on Borrower's board of directors. If the
         exercise of the rights granted Lender in this clause (bb) constitutes a
         "change of control" under Borrowers then existing directors' and
         officers' liability insurance policy, the Borrower may, immediately
         prior to such change of control, maintain in effect, if available,
         directors' and officers' liability insurance covering those persons
         who, as of the date immediately prior to the "change of control" are
         covered by the Borrower's directors' and officers' liability insurance
         policy (the "INSURED PARTIES") on terms no less favorable to the
         Insured Parties than those of the Borrower's present directors' and
         officers' liability insurance policy provided that the board of
         directors of Borrower can obtain such coverage at a cost it believes to
         be on commercially reasonable terms and conditions. Borrower may not
         incur additional indebtedness for borrowed money in order to pay for
         such coverage other than in accordance with past practice. Prior to
         Borrower's receipt of shareholder approval of the transactions
         contemplated by the Purchase Agreement in the manner required by
         Nasdaq, Lender shall have the right to designate one (1) person to be
         appointed to Borrower's board of directors in the manner described in
         this section and Borrower shall take whatever steps as are necessary to
         insure that Borrower has at least four (4) other directors.

                  (cc)     Additional Capital. Lender shall have received by
         March 31, 2003, evidence satisfactory to Lender of Borrower's progress
         in connection with an offering to raise additional capital of at least
         $4,000,000.

                  (dd)     Voting Agreements. Lender shall have received voting
         agreements substantially in the form of Exhibit 8(xv) to the Purchase
         Agreement from the beneficial holders of not less than thirty-five
         percent (35%) of Borrower's outstanding common stock as of the date of
         the Purchase Agreement no later than thirty (30) days after the Initial
         Closing Date (as defined in the Purchase Agreement).

         4.       EVENTS OF DEFAULT.

                                       9

<PAGE>

                  (a)      Each or any of the following specified events shall
         constitute an "Event of Default":

                           (i)      Payments. Borrower shall fail to pay when
                                    due, any principal of or any interest on the
                                    Note, or shall default in the payment when
                                    due of any fees or any other amounts owing
                                    hereunder and such failure shall continue
                                    for a period of seven (7) days following
                                    written notice by Lender to Borrower.

                           (ii)     Representations, Etc. Any representation,
                                    warranty or statement made by Borrower to
                                    Lender in any Loan Instrument or in any
                                    certificate delivered pursuant hereto or
                                    thereto shall prove to be untrue in any
                                    material respect on the date as of which
                                    made or deemed made.

                           (iii)    Covenants. Borrower shall default in the due
                                    performance or observance by it of any
                                    covenant contained in any Loan Instrument in
                                    any material respect and such breach shall
                                    not be cured for a period of seven (7) days
                                    after written notice thereof is received by
                                    Borrower from Lender, except for any such
                                    breach which does not have a material
                                    adverse effect on Borrower or the business
                                    and financial condition of Borrower;
                                    provided, that failure to satisfy the
                                    covenant in Section 3(o) hereof shall not
                                    constitute an Event of Default unless
                                    Borrower shall fail to pay an amount due on
                                    the Note within the time period prescribed
                                    in Section 3(o); provided, further, that
                                    Lender shall not be obligated to send
                                    Borrower notice of the failure to comply
                                    with Section 3(o) or Section 3(dd) and the
                                    cure period and materiality qualification
                                    described above shall not apply to a breach
                                    of Section 3(dd).

                           (iv)     Default Under Other Agreements. (i) Borrower
                                    shall default in the payment when due
                                    (subject to any applicable grace period),
                                    whether by acceleration or otherwise, of any
                                    other Indebtedness of, or Indebtedness
                                    directly or indirectly guaranteed by
                                    Borrower; (ii) Borrower shall default in the
                                    performance or observance of any obligation
                                    or condition with respect to any such other
                                    Indebtedness or any other event shall occur
                                    if the effect of such default or event
                                    (after giving effect to any applicable grace
                                    period) is the acceleration of the maturity
                                    of any such Indebtedness or to permit the
                                    holder or holders thereof, or any trustee or
                                    agent for such holders, to cause such
                                    Indebtedness to become due and payable prior
                                    to its expressed maturity; or (iii) any such
                                    Indebtedness shall become due prior to its
                                    stated maturity as a result of an Event of
                                    Default.

                           (v)      Bankruptcy, Receiver.

                                       10

<PAGE>

                                    (1)      Borrower shall not pay its debts as
                                    they become due, file, or consent, by answer
                                    or otherwise, to the filing against it of a
                                    petition for relief or reorganization or
                                    arrangement or any other petition in
                                    bankruptcy or insolvency under the laws of
                                    any jurisdiction, make an assignment for the
                                    benefit of creditors, consent to the
                                    appointment of a custodian, receiver,
                                    trustee or other officer with similar powers
                                    for itself, or for any substantial part of
                                    its Property, be adjudicated insolvent, or
                                    take corporate action for the purpose of any
                                    of the foregoing; or

                                    (2)      Any court of competent jurisdiction
                                    shall enter an order appointing, without
                                    consent of Borrower, a custodian, receiver,
                                    trustee or other officer with similar powers
                                    with respect to Borrower, or with respect to
                                    any substantial part of the Property
                                    belonging to Borrower, or if an order for
                                    relief shall be entered in any case or
                                    proceeding for liquidation or reorganization
                                    or otherwise to take advantage of any
                                    bankruptcy or insolvency law of any
                                    jurisdiction, or ordering the dissolution,
                                    winding-up or liquidation of Borrower, or if
                                    any petition for any such relief shall be
                                    filed against Borrower and such petition
                                    shall not be dismissed within sixty (60)
                                    days.

                           (vi)     Effectiveness of Lender Liens. This
                                    Agreement shall cease to be in full force
                                    and effect or, upon filing of the financing
                                    statements at the places designated by
                                    Borrower with respect to each such document
                                    or statement, Lenders shall not have, or
                                    this Agreement shall thereafter cease to
                                    give Lenders, Liens, rights, powers and
                                    privileges purported to be created thereby,
                                    superior to and prior to the rights of all
                                    third Persons (other than Permitted Filings
                                    and the Permitted Liens).

                           (vii)    Food Production Agreement. Borrower shall
                                    default in the due performance or observance
                                    by it of any payment obligation contained in
                                    the Food Production Agreement, and such
                                    default shall be continuing for seven (7)
                                    days following written notice thereof to
                                    Borrower by Lender.

                  (b)      Effect of Event of  Default. Upon the  occurrence
         of an Event of Default described in Section 4, the amount due and owing
         under the Notes shall be increased to One Hundred Thirty Percent (130%)
         of the then outstanding aggregate principal amount of the Notes,
         together with any accrued and unpaid interest and fees (the "Increased
         Principal Amount") and, while such Event of Default is continuing,
         Lenders may: (i) declare the principal of and any accrued interest in
         respect of the Notes, including the Increased Principal Amount and all
         Obligations owing hereunder, to be, whereupon the same shall become,
         immediately due and payable without presentment, demand, protest,
         notice of intent to accelerate, notice of acceleration or other notice
         of any kind, all of which are

                                       11

<PAGE>

         hereby waived by Borrower; and (ii) exercise any rights or remedies
         under the Loan Instruments, including the remedies described in Section
         5 below.

         5.       REMEDIES UPON DEFAULT.

                  (a)      In addition to the rights granted to Lender pursuant
         to Section 4(b) above, Borrower agrees that, if any Event of Default
         shall have occurred and be continuing, Lender may:

                           (i)      personally, or by agents or attorneys,
                                    immediately retake possession of the
                                    Collateral or any part thereof, from
                                    Borrower or any other Person who then has
                                    possession of any part thereof with or
                                    without notice or process of law, and for
                                    that purpose may enter upon Borrower's
                                    premises where any of the Collateral is
                                    located and remove the same and use in
                                    connection with such removal any and all
                                    services, supplies, aids and other
                                    facilities of Borrower, or direct Borrower
                                    to deliver the same to Lender at any place
                                    or places designated by Lender, in which
                                    event Borrower shall do so at its own
                                    expense;

                           (ii)     instruct the obligor or obligors on any
                                    agreement, instrument or other obligation
                                    constituting the Collateral to make any
                                    payment required by the terms of such
                                    instrument or agreement directly to Lender;

                           (iii)    withdraw all monies, securities and
                                    instruments on deposit with Lender for
                                    application to the Obligations;

                           (iv)     sell or otherwise liquidate, or direct
                                    Borrower to sell or otherwise liquidate, any
                                    or all investments made in whole or in part
                                    with the Collateral or any part thereof, and
                                    take possession of the proceeds of any such
                                    sale or liquidation; and

                           (v)      take possession of the Collateral or any
                                    part thereof (subject to the Agreement
                                    Between Creditors and the CAPCO
                                    Subordination Agreement), by directing
                                    Borrower in writing to deliver the same to
                                    Lender at any place or places designated by
                                    Lender, in which event Borrower shall at its
                                    own expense:

                                    (1)      forthwith cause the same to be
                                    moved to the place or places so designated
                                    by Lender and there delivered to Lender,

                                    (2)      store and keep any Collateral so
                                    delivered to Lender at such place or places
                                    pending further action Lender, and

                                    (3)      while the Collateral shall be so
                                    stored and kept, provide such guards and
                                    maintenance services as shall be necessary
                                    to

                                       12

<PAGE>

                                    protect the same and to preserve and
                                    maintain them in good condition;

it being understood that Borrower's obligation to deliver the Collateral is of
the essence of this Agreement and that, accordingly, upon application to a court
of equity having jurisdiction, Lender shall be entitled to a decree requiring
specific performance by Borrower of said obligation.

                  (b)      Power of Attorney. Subject to the Capco Subordination
         Agreement and the Agreement Between Creditors, after the occurrence and
         during the continuance of an Event of Default, Borrower hereby
         constitutes and appoints Lender its true and lawful attorney,
         irrevocably, with full power (in the name of Borrower or otherwise) to
         act, require, demand, receive, compound and give acquittance for any
         and all monies and claims for monies due or to become due to Borrower
         under or arising out of the Collateral, to endorse any checks or other
         instruments or orders in connection therewith and to file any claims or
         take any action or institute any proceedings which Lender may deem to
         be necessary or advisable in the premises, which appointment as
         attorney is coupled with an interest.

                  (c)      Disposition  of the  Collateral. Subject to the
         Capco Subordination Agreement and the Agreement Between Creditors, any
         Collateral repossessed by Lender and any other Collateral whether or
         not so repossessed by Lender, may be sold, leased or otherwise disposed
         of under one or more contracts or as an entirety, and without the
         necessity of gathering at the place of sale the Property to be sold,
         and in such manner, at such time or times, at such place or places and
         on such terms as Lender may, in compliance with any mandatory
         requirements of applicable law, determine to be commercially
         reasonable. Any of the Collateral may be sold, leased or otherwise
         disposed of, in the condition in which the same existed when taken by
         Lender or after any overhaul or repair which Lender shall determine to
         be commercially reasonable. Any such disposition which shall be a
         private sale or other private proceedings permitted by such
         requirements shall be made upon not less than ten (10) days' written
         notice to Borrower specifying the time at which such disposition is to
         be made and the intended sale price or other consideration therefor.
         Any such disposition which shall be a public sale permitted by such
         requirements shall be made upon not less than ten (10) days' written
         notice to Borrower specifying the time and place of such sale and, in
         the absence of applicable requirements of law, shall be by public
         auction (which may, at Lender's option, be subject to reserve), after
         commercially reasonable public notice thereof. To the extent permitted
         by any such requirement of law, Lender may bid for and become the
         purchaser of the Collateral or any item without accountability to
         Borrower. If, under mandatory requirements of applicable law, Lender
         shall be required to make disposition of the Collateral within a period
         of time which does not permit the giving of notice to Borrower as
         hereinabove specified, Lender need give Borrower only such notice of
         disposition as shall be reasonably practicable in view of such
         mandatory requirements of applicable law.

                  (d)      Waiver of Claims. Except as otherwise provided
         herein, BORROWER HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE
         LAW,

                                       13

<PAGE>

         NOTICE AND JUDICIAL HEARING IN CONNECTION WITH LENDER'S TAKING
         POSSESSION OR LENDERS' DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING
         ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR
         REMEDIES AND ANY SUCH RIGHT WHICH BORROWER WOULD OTHERWISE HAVE UNDER
         THE CONSTITUTION OR ANY STATUTE OF THE UNITED STATES OR OF ANY STATE,
         and Borrower hereby further waives, for itself and for all who may
         claim under it, to the extent permitted by applicable law:

                           (i)      all damages occasioned by such taking of
                                    possession of any Collateral except any
                                    damages which are the direct result of
                                    Lender's gross negligence or willful
                                    misconduct;

                           (ii)     all other requirements as to the time, place
                                    and terms of sale or other requirements with
                                    respect to the enforcement of Lender's
                                    rights hereunder; and

                           (iii)    all rights of redemption, appraisement,
                                    valuation, stay, extension or moratorium now
                                    or hereafter in force under any applicable
                                    law in order to prevent or delay the
                                    enforcement of this Agreement or the
                                    absolute sale of the Collateral or any
                                    portion thereof, and Borrower, for itself
                                    and all who may claim under it, insofar as
                                    it or they now or hereafter lawfully may,
                                    hereby waives the benefit of all such laws.

         To the extent provided by the UCC and other applicable law, any sale
of, or the grant of options to purchase, or any other realization upon, any
Collateral shall operate to divest all right, title, interest, claim and demand,
either at law or in equity, of Borrower therein and thereto, and shall be a
perpetual bar both at law and in equity against Borrower and against any and all
Persons claiming or attempting to claim the Collateral so sold, optioned or
realized upon, or any part thereof, from, through and under Borrower.

                  (e)      Application of Proceeds. The proceeds of any
         Collateral disposed of pursuant hereto shall be applied as follows:

                           (i)      to the payment of any and all expenses and
                                    fees (including reasonable attorneys' fees)
                                    incurred by Lender in obtaining, taking
                                    possession of, removing, insuring,
                                    repairing, storing and disposing of
                                    Collateral and any and all amounts incurred
                                    by Lender in connection therewith;

                           (ii)     next, any surplus then remaining to the
                                    payment of Borrower's obligations to those
                                    Persons with Liens that are senior to the
                                    Liens granted to Lender hereunder, in
                                    respect of the proceeds of the Collateral
                                    against which such Persons have such senior
                                    Liens, in accordance with their respective
                                    priorities;

                                       14

<PAGE>

                           (iii)    next, any surplus then remaining to the
                                    payment of the Obligations and any of
                                    Borrower's obligations that are pari passu
                                    with the Obligations, pro rata; and

                           (iv)     next, any surplus then remaining shall be
                                    paid to Borrower, subject, however, to the
                                    rights of the holder of any then existing
                                    lien of which Lender has actual notice
                                    (without investigation).

Borrower shall remain liable to the Lender to the extent of any deficiency in
the amount of the sums received by the Lenders under clauses (i) and (iii) of
this Section 5(e).

                  (f)      Discontinuance of Proceedings. In case Lender shall
         have instituted any proceeding to enforce any right, power or remedy
         under this Agreement by foreclosure, sale, entry or otherwise, and such
         proceeding shall have been discontinued or abandoned for any reason or
         shall have been determined adversely to Lender, then and in every such
         case Borrower and Lender shall be restored to their former positions
         and rights hereunder with respect to the Collateral subject to the
         security interest created under this Agreement, and all rights,
         remedies and powers of Lender shall continue as if no such proceeding
         had been instituted.

         6.       SUCCESSORS  AND  ASSIGNS. Subject to the restrictions on
transfer described in Sections 7 and 9 below, the rights and obligations of
Borrower and Lender shall be binding upon and benefit the successors, assigns,
heirs, administrators and transferees of the parties.

         7.       TRANSFER. This Note may not be transferred or assigned by
Lender except as permitted in the Purchase Agreement.

         8.       WAIVER AND  AMENDMENT. Any provision of this Note may be
amended, waived or modified only by an instrument in writing signed by Borrower
and Lender.

         9.       ASSIGNMENT  BY BORROWER. Neither this Note nor any of the
rights, interests or obligations hereunder may be assigned, by operation of law
or otherwise, in whole or in part, by Borrower without the prior written consent
of Lender.

         10.      NOTICES. Notices and communications hereunder shall be given
in accordance with the Purchase Agreement.

         11.      GOVERNING LAW. This Note shall be governed by and construed in
accordance with the internal laws of the State of Illinois. Each of the parties
hereto (i) consents to submit itself to the personal jurisdiction of the United
States District Court for the Northern District of Illinois or any Illinois
state court located in Cook County, Illinois in the event any dispute arises out
of this Note; (ii) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court;
(iii) agrees that it will not bring any action relating to this Note in any
court other than the United States District Court for the Northern District of
Illinois or an Illinois state court located in Cook County, Illinois and (iv)
waives any right to trial by jury with respect to any claim or proceeding
related to or arising out of this Note.

                                       15

<PAGE>

         12.      USURY. Notwithstanding any provision to the contrary contained
in this Note, or any and all other instruments or documents executed in
connection herewith, Lender and Borrower intend that the obligations evidenced
by this Note conform strictly to the applicable usury laws from time to time in
force. If, under any circumstances whatsoever, fulfillment of any provisions
thereof or any other document, at the time performance of such provisions shall
be due, shall involve transcending the limit of validity prescribed by law,
then, ipso facto, the obligation to be fulfilled shall be reduced to the limit
of such validity.

         13.      MISCELLANEOUS.

                  (a)      No delay or omission on the part of Lender in
         exercising any right under this Note shall operate as a waiver of such
         right or of any other right under this Note.

                  (b)      Borrower hereby waives presentment for payment,
         demand, notice of demand and of dishonor and non-payment of this Note,
         protest and notice of protest, diligence in collecting, and the
         bringing of suit against any other party. The pleading of any statute
         of limitations as a defense to any demand against Borrower, any
         endorsers, guarantors and sureties of this Note is expressly waived by
         such parties to the extent permitted by law.

                  (c)      Any payment hereunder shall be made in lawful tender
         of the United States and shall first be applied to any collection
         costs, then against accrued and unpaid interest hereunder and then
         against the outstanding principal balance of this Note.

         IN WITNESS WHEREOF, Borrower has caused this Note to be issued as of
the date first written above.

                                         BORROWER:

                                         BRIAZZ, INC., a Washington corporation

                                         By:    /s/ Victor D. Alhadeff
                                            ------------------------------------
                                         Name:  Victor D. Alhadeff

                                         Title: CEO

                                       16

<PAGE>

AGREED AND ACCEPTED

HOLDER:

Briazz Venture, L.L.C., an Illinois
limited liability company

By:    /s/ David L. Cotton
       ------------------------
Name:  David L. Cotton

Title: Chief Financial Officer

                                       17

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