Document:

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                                                                  EXHIBIT 10.84

                              THE DWYER GROUP, INC.
                        INCENTIVE STOCK OPTION AGREEMENT

         1. Grant of Option. Pursuant to The Dwyer Group, Inc. 1997 Stock Option
Plan (the "Plan") for employees and directors of The Dwyer Group, Inc., a
Delaware corporation (the "Company") and its subsidiaries, the Company grants to

                                   TOM BUCKLEY
                              (the "Option Holder")

an incentive stock option to purchase from the Company a total of 5,000 shares
of Common Stock, $0.10 par value, of the Company at $4.05 per share (being the
fair market value per share of the Common Stock on the date of this grant), in
the amounts, during the periods and upon the terms and conditions set forth in
this Agreement.

         2. Time of Exercise. Except only as specifically provided elsewhere in
this Agreement, the Option Holder may exercise this option only in the following
cumulative installments:

                        1,000 PER YEAR BEGINNING 2/28/03

In the event of the Option Holder's termination of employment for whatever
cause, the option will be exercisable only to the extent that the Option Holder
could have exercised it on the date of his termination of employment.

         3. Subject to Plan. This option and the grant and exercise thereof are
subject to the terms and conditions of the Plan, which is incorporated herein by
reference and made a part hereof, but the terms of the Plan shall not be
considered an enlargement of any benefits under this Agreement. In addition,
this option is subject to any rules and regulations promulgated pursuant to the
Plan, now or hereafter in effect.

         4.       Term. This option will terminate at the first of the
                  following:

         (a)      5 p.m. on February 28, 2013.

         (b)      5 p.m. on the date one year following the date the Option
                  Holder's employment or directorship with the Company and its
                  subsidiaries terminates by reason of the Option Holder's death
                  or disability.

         (c)      5 p.m. on the 30th day following the date the Option Holder's
                  employment or directorship with the Company and its
                  subsidiaries terminates for a reason other than death or
                  disability.

<PAGE>

         5. Who May Exercise. Except in the case of death or disability of the
Option Holder, this option may be exercised only by the Option Holder. If the
Option Holder dies or becomes disabled prior to the termination date specified
in Section 4 hereof without having exercised the option as to all of the shares
covered thereby, the option may be exercised at any time prior to the earlier of
the dates specified in Section 4(a) and (b) hereof by (i) the Option Holder's
estate or a person who acquired the right to exercise the option by bequest or
inheritance or by reason of the death of the Option Holder in the event of the
Option Holder's death, or (ii) the Option Holder or his personal representative
in the event of the Option Holder's disability, subject to the other terms of
this Agreement, the Plan and applicable laws, rules and regulations.

         6.       Restrictions on Exercise.  This option:

         (a)      may be exercised only with respect to full shares and no
                  fractional share of stock shall be issued;

         (b)      may not be exercised in whole or in part and no cash or
                  certificates representing shares subject to such option shall
                  be delivered, if any requisite approval or consent of any
                  governmental authority of any kind having jurisdiction over
                  the exercise of options shall not have been secured; and

         (c)      may be exercised only if at all times during the period
                  beginning with the date of the granting of the option and
                  ending on the 30th day prior to the date of exercise the
                  Option Holder was an employee of either the Company or a
                  subsidiary of the Company; provided, if the Option Holder's
                  continuous employment is terminated by death or disability, or
                  if the Option Holder dies or becomes disabled within said
                  period, this option may be exercised in accordance with
                  Section 5.

         7. Manner of Exercise. Subject to such administrative regulations as
the Committee administering the Plan may from time to time adopt, the Option
Holder or beneficiary shall, in order to exercise this option, give written
notice to the Company of the exercise price and the number of shares which he
will purchase. Any notice shall include full payment in United States dollars of
the applicable option exercise price and an undertaking to furnish or execute
such documents as the Company in its discretion shall deem necessary (i) to
evidence such exercise, in whole or in part, of the option evidenced by this
Agreement, (ii) to determine whether registration is then required under the
Securities Act of 1933, or any other law, as then in effect, and (iii) to comply
with or satisfy the requirements of the Securities Act of 1933, or any other
law, as then in effect.

         8. Non-Assignability. This option is not assignable or transferable by
the Option Holder except by will or by the laws of descent and distribution.

         9. Rights of Stockholder. The Option Holder will have no rights as a
stockholder with respect to any shares covered by this option until the issuance
of a certificate or certificates to the Option Holder for the shares. Except as
otherwise provided in Section 10 hereof, no adjustment shall be made for
dividends or other rights for which the record date is prior to the issuance of
such certificate or certificates.

         10. Capital Adjustments. The number of shares of Common Stock covered
by this option, and the option price thereof, shall be subject to such
adjustments as the Board of Directors of the Company deems appropriate to
reflect

<PAGE>

any stock dividend, stock split, share combination, exchange of shares,
recapitalization, merger, consolidation, separation, reorganization, liquidation
or the like, of or by the Company.

         In the event the Company shall be a party to any merger, consolidation
or corporate reorganization, as the result of which the Company shall be the
surviving corporation the rights and duties of the Option Holder and the Company
shall not be affected in any manner. In the event the Company shall sell all or
substantially all of its assets or shall be a party to any merger, consolidation
or corporate reorganization, as the result of which the Company shall not be the
surviving corporation, or in the event any other person or entity acquires 100%
of the outstanding Common Stock of the Company (the transaction being
collectively referred to as the "transaction"), then the Company shall notify
the Option Holder that his option evidenced by this Agreement is accelerated
effective as of the effective date of the transaction whether or not such option
shall then be exercisable under the terms of this Agreement. The Option Holder
may exercise any portion of the option as he may desire and deposit with the
Company the requisite cash to purchase in full and not in installments the
Common Stock thereby exercised, in which case the Company shall, prior to the
effective date of the transaction, issue all Common Stock thus exercised, which
shall be treated as issued stock for purposes of the transaction.

         11. Law Governing. This Agreement is intended to be performed in the
State of Texas and shall be construed and enforced in accordance with and
governed by the laws of such State.

         12. Date of Grant. The date of grant of this option is February 28,
2002.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer and the Option Holder, to evidence his
consent and approval of all the terms hereof, has duly executed this Agreement,
as of the date specified in Section 12 hereof.

                                       THE DWYER GROUP, INC.

                                       By:
                                          ------------------------------------

                                       ---------------------------------------
                                       Tom Buckley, Option Holder<PAGE>

                                                                    Exhibit 10.1

                          EMPLOYEE STOCK PURCHASE PLAN

                                      FOR

                              PANERA BREAD COMPANY

<PAGE>

                               TABLE OF CONTENTS

ARTICLE 1.     PURCHASE OF THE PLAN...........................................1
ARTICLE 2.     DEFINITIONS....................................................2
 2.1           Beneficiary....................................................2
 2.2           Board..........................................................2
 2.3           Code ..........................................................2
 2.4           Committee......................................................2
 2.5           Common Stock...................................................2
 2.6           Company........................................................2
 2.7           Eligible Employee..............................................2
 2.8           Entry Date.....................................................2
 2.9           Fair Market Value of Common Stock as of the Applicable
                 Grant Date...................................................2
 2.10          Grant Date.....................................................2
 2.11          Option.........................................................2
 2.12          Option Price...................................................2
 2.13          Plan...........................................................3
 2.14          Quarterly Grant Date...........................................3
 2.15          Subsidiary or Subsidiaries.....................................3
ARTICLE 3.     ADMINISTRATION.................................................4
ARTICLE 4.     MAXIMUM LIMITATIONS............................................5
ARTICLE 5.     BASIS OF PARTICIPATION AND GRANTING OPTIONS....................6
 5.1           Initial Eligibility............................................6
 5.2           Restrictions on Participation..................................6
 5.3           Commencement of Participation..................................6
 5.4           Maximum Options Available to Participant.......................6
 5.5           Reduction if Oversubscribed....................................7
 5.6           Compensation...................................................7
ARTICLE 6.     WITHDRAWAL.....................................................8
 6.1           In General.....................................................8
 6.2           Effect on Subsequent Participation.............................8
 6.3           Termination of Employment......................................8
 6.4           Termination of Employment Due to Death.........................8
ARTICLE 7.     TRANSFERABILITY................................................9
 7.1           Option Not Subject to Assignment...............................9
 7.2           Designation of Beneficiary.....................................9
ARTICLE 8.     ADJUSTMENT PROVISIONS.........................................10
ARTICLE 9.     DISSOLUTION, MERGER AND CONSOLIDATION.........................11
ARTICLE 10.    CONDITIONS SUBSEQUENT TO EFFECTIVE DATE.......................12
ARTICLE 11.    LIMITATION ON OPTIONS.........................................13
 11.1          Plan Construction.............................................13
 11.2          Nondiscrimination.............................................13
ARTICLE 12.    MISCELLANEOUS.................................................14
 12.1          Legal and Other Requirements..................................14
 12.2          No Obligation to Exercise Options.............................14
 12.3          Termination and Amendment of the Plan.........................14
_______________________________________________________________________________

Employee Stock Purchase Plan                                              Page i
for Panera Bread Company

<PAGE>

 12.4          Application of Funds..........................................14
 12.5          Withholding Taxes.............................................14
 12.6          Right to Terminate Employment.................................14
 12.7          Rights as a Shareholder.......................................14
 12.8          Leaves of Absence and Disability..............................14
 12.9          Notices.......................................................15
 12.10         Applicable Law................................................15
 12.11         Elimination of Fractional Shares..............................15

_______________________________________________________________________________

Employee Stock Purchase Plan                                             Page ii
for Panera Bread Company
<PAGE>
                          EMPLOYEE STOCK PURCHASE PLAN

     WHEREAS, in 1992, pursuant to a vote of the shareholders, Panera Bread
Company (the "Company") established an Employee Stock Purchase Plan (the "Plan")
providing for the grant of options to purchase common stock of the Company to
employees who are employed by the Company or its subsidiaries on a regular
full-time basis; and

     WHEREAS, in 1997, the Plan was amended pursuant to a vote of the
shareholders; and

     WHEREAS, the Company deems it necessary and desirable to memorialize the
terms of the Plan as previously adopted.

     NOW, THEREFORE, the terms of the Plan, as previously established and as
approved by the shareholders, are set forth as follows:

________________________________________________________________________________

Employee Stock Purchase Plan                                          Page iii
for Panera Bread Company
<PAGE>
ARTICLE 1.       PURPOSE OF THE PLAN
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     The purpose of this Employee Stock Purchase Plan is to give eligible
employees of Panera Bread Company, a Delaware corporation, and its Subsidiaries,
an opportunity to acquire shares of its Common Stock, and to continue to promote
its best interests and enhance its long-term performance.

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Employee Stock Purchase Plan                                              Page 1
for Panera Bread Company

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ARTICLE 2.       DEFINITIONS
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     Wherever used herein, the following words and phrases shall have the
meanings stated below unless a different meaning is plainly required by the
context:

     2.1  BENEFICIARY. Beneficiary means the person or persons designated by an
Eligible Employee pursuant to Section 7.2.

     2.2  BOARD. Board means the Board of Directors of the Company.

     2.3  CODE. Code means the Internal Revenue Code of 1986, as amended.

     2.4  COMMITTEE. Committee means the Compensation and Stock Option Committee
of the Board.

     2.5  COMMON STOCK. Common Stock means shares of the common stock of the
Company.

     2.6  COMPANY. Company means Panera Bread Company, a Delaware corporation.

     2.7  ELIGIBLE EMPLOYEE. Eligible Employee means a employee who has met the
requirements set forth in Section 5.1.

     2.8  ENTRY DATE. Entry Date means the first day of each calendar quarter.

     2.9  FAIR MARKET VALUE OF COMMON STOCK AS OF THE APPLICABLE GRANT DATE.
Fair Market Value of Common Stock as of the applicable Grant Date shall mean:

         (a) The closing price of the Common Stock on the last day of the
calendar quarter or the nearest prior business day on which trading occurred on
the exchange or market system on which the Common Stock is listed.

         (b) If the Common Stock is not traded on either of the aforesaid
dates, then such value as the Committee, in good faith, shall determine.

Notwithstanding any provision of the Plan to the contrary, no determination
made with respect to the Fair Market Value of Common Stock subject to an Option
shall be inconsistent with Section 423 of the Code or regulations thereunder.

     2.10 GRANT DATE. Grant Date means any Quarterly Grant Date.

     2.11 OPTION. Option means an option granted hereunder which will entitle
an Eligible Employee to purchase shares of Common Stock.

     2.12 OPTION PRICE. Option price means 85 percent of the Fair Market Value
per share of Common Stock as of the applicable Grant Date.

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Employee Stock Purchase Plan                                              Page 2
for Panera Bread Company
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     2.13 PLAN. Plan means the Panera Bread Company Employee Stock Purchase
Plan as set forth herein.

     2.14 QUARTERLY GRANT DATE. Quarterly Grant Date means the last business day
of each calendar quarter.

     2.15 SUBSIDIARY OR SUBSIDIARIES. Subsidiary or Subsidiaries means a
corporation or corporations of which stock possessing at least 50 percent of
the total combined voting power of all classes of stock entitled to vote is
owned by the Company or by any other Subsidiary or Subsidiaries.

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Employee Stock Purchase Plan                                              Page 3
for Panera Bread Company
<PAGE>
ARTICLE 3.     ADMINISTRATION
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     The Plan shall be administered by the Committee. Subject to the express
provisions of the Plan, the Committee shall have discretion to interpret the
Plan, to prescribe, amend and rescind rules and regulations relating to it,
determine the terms and provisions of the Options granted hereunder and make
all other determinations necessary or advisable for administration of the Plan.
The determination of the Committee on all matters regarding the Plan shall be
conclusive. A member of the Committee shall only be liable for any action taken
or determination made in bad faith.

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Employee Stock Purchase Plan                                              Page 4
for Panera Bread Company
<PAGE>
ARTICLE 4. MAXIMUM LIMITATIONS
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     The total number of shares of Common Stock available for grant as Options
under the Plan shall not exceed 350,000, and the aggregate number of shares of
Common Stock available for grant as Options pursuant to Section 5.1 shall not
exceed 10,000 as of any Quarterly Grant Date, subject to adjustment pursuant to
Article 8 hereof. Shares of Common Stock granted pursuant to the Plan may be
either authorized but unissued shares or shares now or hereafter held in the
treasury of the Company. In the event that any Option granted pursuant to
Section 5.1 expires or is terminated, surrendered or cancelled without being
exercised, in whole or in part, for any reason, the number of shares of Common
Stock theretofore subject to such Option shall again be available for grant as
an Option pursuant to Section 5.1 and shall not reduce the total number of
shares of Common Stock available for grant as such Options as set forth in the
first sentence of this Article 4.

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Employee Stock Purchase Plan                                              Page 5
for Panera Bread Company
<PAGE>

ARTICLE 5.  BASIS OF PARTICIPATION AND GRANTING OPTIONS
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     5.1  INITIAL ELIGIBILITY. Any employee who has completed ninety (90) days
of employment and is employed by the Company on the date his participation in
the Plan is to become effective shall be eligible to participate as of the
first day of the calendar quarter immediately following completion of such
ninety (90) day period, provided any Employee who is employed after the first
day of the month shall be deemed to have been employed for the entire month in
which his employment commences. Provided further no employee shall be an
Eligible Employee if he is regularly scheduled to work less than 20 hours per
week.

     5.2  RESTRICTIONS ON PARTICIPATION.  Notwithstanding any provisions in the
Plan to the contrary, no Employee shall be granted an Option to participate in
the Plan;

          (a)  If immediately after the grant such Employee would own stock,
and/or hold outstanding options to purchase stock, possessing 5% or more of the
total combined voting power or value of all classes of stock of the Company (for
purposes of this paragraph, the rules of Section 424(d) of the Code shall apply
in determining stock ownership of any employee); or

          (b)  Which permits his right to purchase stock under all employee
stock purchase plans of the Company to accrue at a rate which exceeds $25,000 in
fair market value of the stock (determined at the time such option is granted)
for each calendar year in which such option is outstanding.

     5.3  COMMENCEMENT OF PARTICIPATION.  An Eligible Employee may become a
Participant by completing an authorization for payroll deduction in any whole
percentage equal to no less than 1% and no more than 10% of his compensation as
defined in Section 5.6 of this Plan on the form provided by the Company and
filing it with the Director of Compensation and Benefits not less than 15
working days before the first payroll of the next calendar quarter. Payroll
deductions shall commence on the first day of the calendar quarter following
his completion of an enrollment form and shall end at such time as the
Participant withdraws from the Plan in accordance with the provisions of
Article 6. A Participant may decrease the amount of his payroll deduction once
during any calendar quarter. Increases in payroll deduction shall be effective
as of the first day of the calendar quarter following such increase.

     5.4  MAXIMUM OPTIONS AVAILABLE TO PARTICIPANT.  Unless a Participant has
withdrawn as provided in Article 6, each Participant on a Quarterly Grant Date,
commencing with the Quarterly Grant Date, and, subject to earlier termination
of the Plan pursuant to Section 12.3 hereof, ending with the last Quarterly
Grant Date on which shares of Common Stock are available for grant within the
limitations set forth in Article 4, shall be deemed to have automatically
exercised the Option granted hereunder which will entitle him or her to
purchase, at the Option Price per share applicable to such Quarterly Grant
Date, the whole number of shares of Common Stock equal to the lesser of the
amount of compensation the Participant has elected to defer divided by such
applicable Option Price per share of Common Stock or 500 shares of

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Employee Stock Purchase Plan                                              Page 6
for Panera Bread Company

<PAGE>

Common Stock. The Quarterly Grant Date applicable to an Option granted pursuant
to this Section 5.4 shall be the date of grant of such Option. Unused payroll
deductions shall be retained and used in the next calendar quarter unless
withdrawn.

     5.5  REDUCTION IF OVERSUBSCRIBED. If the number of shares of Common Stock
for which Options are granted pursuant to Section 5.4 of this Article 5 exceeds
the applicable number set forth in Article 4, then the Options granted under
the applicable paragraph to all Eligible Employees shall, in a
nondiscriminatory manner which shall be consistent with Section 11.2 of the
Plan, be reduced in proportion to their respective compensation.

     5.6  COMPENSATION. An Eligible Employee's compensation means, for purposes
of Section 5.3, the Eligible Employee's annual rate of compensation as of the
applicable Quarterly Grant Date. Such annual rate of compensation shall be
determined by the Committee in a nondiscriminatory manner which shall be
consistent with Section 11.2 of the Plan.

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Employee Stock Purchase Plan                                              Page 7
for Panera Bread Company

<PAGE>
ARTICLE 6.       WITHDRAWAL
--------------------------------------------------------------------------------

     6.1  IN GENERAL. A Participant may withdraw without interest payroll
deductions credited to his account under the Plan at any time by giving written
notice to the Director of Compensation and Benefits not less than 10 business
days prior to the last day of the calendar quarter. Withdrawal must be in whole
and not in part. All of the Participant's payroll deductions credited to his
account will be paid to him promptly after receipt of his notice of withdrawal
and no further payroll deductions will be made from his pay during the calendar
quarter in which he withdraws.

     6.2  EFFECT ON SUBSEQUENT PARTICIPATION. A Participant's withdrawal from
the Plan will not have any effect on his ability to participate in any future
Options or in any similar plan which may be hereafter adopted by the Company.
Notwithstanding the foregoing, if a Participant withdraws twice during a Plan
Year, such Participant may not again elect to participate until the first day of
the next following Plan Year.

     6.3  TERMINATION OF EMPLOYMENT. Upon termination of the Participant's
employment for any reason, the payroll deductions credited to his account will
be returned to him, or, in the case of his death subsequent to the termination
of his employment, to the person or persons entitled thereto under Section 7.2.

     6.4  TERMINATION OF EMPLOYMENT DUE TO DEATH. Upon termination of the
Participant's employment because of his death, his Beneficiary, as defined in
Section 7.2 shall have the right to elect, by written notice given to the
Director of Compensation and Benefits, prior to the expiration of a 60-day
period commencing with the date of the death of the Participant either

          (a)  to withdraw all of the payroll deductions credited to the
Participant's account under the Plan; or

          (b)  to exercise the Participant's Option for the purchase of stock on
the next Quarterly Grant Date following the date of the Participant's death to
purchase the number of whole shares of stock which the accumulated payroll
deductions in the Participant's account at the date of the Participant's death
may purchase at the Option Price and any excess in such account will be returned
to the Beneficiary without interest.

     In the event that no written notice of election is received by the Director
of Compensation and Benefits, the Beneficiary shall automatically be deemed to
have elected pursuant to paragraph (b) to exercise the Participant's Option.

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Employee Stock Purchase Plan                                              Page 8
for Panera Bread Company

<PAGE>

ARTICLE 7.   TRANSFERABILITY
--------------------------------------------------------------------------------

     7.1  OPTION NOT SUBJECT TO ASSIGNMENT. No Option may be transferred,
assigned, pledged or hypothecated (whether by operation of law or otherwise),
except as provided by will or the applicable laws of descent or distribution,
and no Option shall be subject to execution, attachment or similar process. Any
attempted assignment, transfer, pledge, hypothecation or other disposition of
an Option, or levy of attachment or similar process upon the Option not
specifically permitted herein shall be null and void and without effect. An
Option may be exercised only by the Eligible Employee during his or her
lifetime, or pursuant to Section 6.4, by his or her estate or the person who
acquires the right to exercise such Option upon his or her death by bequest or
inheritance.

     7.2  DESIGNATION OF BENEFICIARY. A Participant may file a written
designation of a Beneficiary who is to receive any stock and/or cash. Such
designation of Beneficiary may be changed by the Participant at any time by
written notice to the Director of Compensation and Benefits. In the event the
Participant fails to designate a Beneficiary, the Participant's spouse shall be
deemed to be the Beneficiary. If the Participant is unmarried at the time of
death, the Participant's estate shall be deemed to be the Beneficiary.

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Employee Stock Purchase Plan                                              Page 9
for Panera Bread Company

<PAGE>

ARTICLE 8.       ADJUSTMENT PROVISIONS
================================================================================

     The aggregate number of shares of Common Stock with respect to which
Options may be granted, the aggregate number of shares of Common Stock subject
to each outstanding Option, and the Option Price per share of each Option may
all be appropriately adjusted as the Board may determine for any increase or
decrease in the number of shares of issued Common Stock resulting from a
subdivision or consolidation of shares, whether through reorganization,
recapitalization, stock split-up, stock distribution or combination of shares,
or the payment of a share dividend or other increase or decrease in the number
of such shares outstanding effected without receipt of consideration by the
Company. Adjustments under this Article 8 shall be made according to the sole
discretion of the Board, and its decision shall be binding and conclusive.

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Employee Stock Purchase Plan                                         Page 10
for Panera Bread Company
<PAGE>

ARTICLE 9.     DISSOLUTION, MERGER AND CONSOLIDATION
--------------------------------------------------------------------------------

     Upon the dissolution or liquidation of the Company, or upon a merger or
consolidation of the Company in which the Company is not the surviving
corporation, each Option granted hereunder shall expire as of the effective date
of such transaction; provided, however, that the Board shall give at least 30
days' prior written notice of such event to each optionee during which time he
or she will have a right to exercise his or her wholly or partially unexercised
Option and, subject to prior expiration pursuant to Section 5.4, each Option
shall be exercisable after receipt of such written notice and prior to the
effective date of such transaction.

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Employee Stock Purchase Plan                                             Page 11
for Panera Bread Company

<PAGE>

ARTICLE 10. CONDITIONS SUBSEQUENT TO EFFECTIVE DATE
--------------------------------------------------------------------------------

     The Plan is subject to the approval of the Plan by the holders of a
majority of the outstanding shares of Common Stock of the Company within 12
months before or after the date of adoption of the Plan by the Board. The Plan
shall be null and void and of no effect if the foregoing condition is not
fulfilled.

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Employee Stock Purchase Plan                                             Page 12
for Panera Bread Company
<PAGE>

ARTICLE 11. LIMITATION ON OPTIONS
--------------------------------------------------------------------------------

     Notwithstanding any other provisions of the Plan:

     11.1 PLAN CONSTRUCTION. The Company intends that Options granted and
Common Stock issued under the Plan shall be treated for all purposes as granted
and issued under an employee stock purchase plan within the meaning of Section
423 of the Code and regulations issued thereunder. Any provisions required to
be included in the Plan under said Section and regulations issued thereunder
are hereby included as fully and though set forth in the Plan at length.

     11.2 NONDISCRIMINATION. All Eligible Employees shall have the same rights
and privileges under the Plan, except that the amount of Common Stock which may
be purchased under Options granted on any Quarterly Grant Date, pursuant to
Section 5.4, shall bear a uniform relationship to the compensation of Eligible
Employees. All rules and determinations of the Board in the administration of
the Plan shall be uniformly and consistently applied to all persons in similar
circumstances.

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Employee Stock Purchase Plan                                             Page 13
for Panera Bread Company
<PAGE>

ARTICLE 12. MISCELLANEOUS
--------------------------------------------------------------------------------

     12.1 LEGAL AND OTHER REQUIREMENTS. The obligations of the Company to sell
and deliver Common Stock under the Plan shall be subject to all applicable laws,
regulations, rules and approvals, including, but not by way of limitation, the
effectiveness of a registration statement under the Securities Act of 1933 if
deemed necessary or appropriate by the Company. Certificates for shares of
Common Stock issued hereunder may be legended as the Board shall deem
appropriate.

     12.2 NO OBLIGATION TO EXERCISE OPTIONS. The granting of an Option shall
impose no obligation upon an optionee to exercise such Option.

     12.3 TERMINATION AND AMENDMENT OF THE PLAN. The Board, without further
action on the part of the shareholders of the Company to the extent permitted by
law, regulation and stock exchange requirements, may from time to time alter,
amend or suspend the Plan or any Option granted hereunder or may at any time
terminate the Plan, except that it may not effect a change inconsistent with
Section 423 of the Code or regulations issued thereunder. No action taken by the
Board under this Section may materially and adversely affect any outstanding
Option without the consent of the holder thereof.

     12.4 APPLICATION OF FUNDS. The proceeds received by the Company from the
sale of Common Stock pursuant to Options will be used for general corporate
purposes.

     12.5 WITHHOLDING TAXES. Upon the exercise of any Option under the Plan, the
Company shall have the right to require the optionee to remit to the Company an
amount sufficient to satisfy all federal, state and local withholding tax
requirements prior to the delivery of any certificate or certificates for shares
of Common Stock.

     12.6 RIGHT TO TERMINATE EMPLOYMENT. Nothing in the Plan or any agreement
entered into pursuant to the Plan shall confer upon any Eligible Employee or
other optionee the right to continue in the employment of the Company or any
Subsidiary or affect any right which the Company or any Subsidiary may have to
terminate the employment of such Eligible Employee or other optionee.

     12.7 RIGHTS AS A SHAREHOLDER. No optionee shall have any right as a
shareholder unless and until certificates for shares of Common Stock are issued
to him or her.

     12.8 LEAVES OF ABSENCE AND DISABILITY. The Board shall be entitled to make
such rules, regulations and determinations as it deems appropriate under the
Plan in respect of any leave of absence taken by or disability of any Eligible
Employee. Without limiting the generality of the foregoing, the Board shall be
entitled to determine (i) whether or not any such leave of absence shall
constitute a termination of employment within the meaning of the Plan, and (ii)
the impact, if any, of such leave of absence on Options under the Plan
theretofore granted to any Eligible Employee who takes such leave of absence.

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Employee Stock Purchase Plan                                             Page 14
for Panera Bread Company
<PAGE>

     12.9 NOTICES. Every direction, revocation or notice authorized or required
by the Plan shall be deemed delivered to the Company (1) on the date it is
personally delivered to the Director of Compensation and Benefits of the Company
at its principal executive offices or (2) three business days after it is sent
by registered or certified mail, postage prepaid, addressed to the Director of
Compensation and Benefits at such offices; and shall be deemed delivered to an
optionee (1) on the date it is personally delivered to him or her or (2) three
business days after it is sent by registered or certified mail, postage prepaid,
addressed to him or her at the last address shown for him or her on the records
of the Company or of any Subsidiary.

     12.10 APPLICABLE LAW. All questions pertaining to the validity,
construction and administration of the Plan and Options granted hereunder shall
be determined in conformity with the laws of Delaware, to the extent not
inconsistent with Section 423 of the Code and regulations thereunder.

     12.11 ELIMINATION OF FRACTIONAL SHARES. If under any provision of the Plan
which requires a computation of the number of shares of Common Stock subject to
an Option, the number so computed is not a whole number of shares of Common
Stock, such number of shares of Common Stock shall be rounded down to the next
whole number.

     IN WITNESS WHEREOF, the undersigned duly authorized officer of Panera Bread
Company has executed this Plan the 11th day of April, 2000.

                                        PANERA BREAD COMPANY

                                        By: /s/ William Moreton
                                        ----------------------------------------
                                        Title: Senior Vice President/CFO

--------------------------------------------------------------------------------
Employee Stock Purchase Plan                                             Page 15
for Panera Bread Company

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