Document:

ex10-6_14

 

July 26, 2001

Jon Jameson

16 Combahee Road

Hilton Head Island, SC 29928

Dear Jon:

Based on your experience, background presented and the belief that we can
together help Panera grow into a significant national brand, Panera Bread is
pleased to offer you the position of Senior Vice President of Marketing,
reporting to the Chairman and Chief Executive Officer, Ron Shaich. We would
like this position to be effective on or before Monday, August 27, 2001.

Your salary for this position will be payable at the bi-weekly rate of $7692.31
($200,000 annually). In addition, it is our understanding that your
compensation will include the following:

	 	•	 	Consideration for 40,000 stock options, which vest to you over 5
years, and which are subject to approval of the Board of Directors.
The price per share will be based on the closing share price on the
date of the next Board of Director’s meeting following your start
date.
	 
	 	•	 	You will be included in our 2001 Incentive Program. This program
rewards you for the completion and quality of individually agreed upon
objectives as well as the achievement of your business unit’s
financial goals and overall Company profitability. Your incentive
target is 20% of your base rate (we refer to it as a “double” when you
meet agreed upon expectations) with an upside potential of 40%
(“homerun"-significantly exceeding expectations). For this plan year,
you will be guaranteed a “double,” prorated for the period August 27,
2001 – December 31, 2001 (approximately $13,333), plus any applicable
prorated payments for the company results modifier. For the 2002
plan year, you will be

 

Jon Jameson

November 14, 2001

Page 2

	 	 	 	guaranteed a “double” (approximately $40,000)
plus any applicable payments for the company results modifier.

	 	 	 	For all subsequent years, the incentive can be paid out in full or portion
thereof, including 0% (“strike-out”), according to the company’s financial
performance and your individual performance. If the company strikes out
for the plan year, no incentive will be paid out. The plan design can be
changed without notice.

	 	•	 	Car allowance of $5000 paid in bi-weekly increments of $192.31.
	 
	 	•	 	We will reimburse or directly pay up to $25,000 for temporary living
and relocation. In addition you will be reimbursed up to $25,000 for
other out of pocket expenses incurred while performing your job from
the road.
	 
	 	•	 	In the event you are not offered a Joint Venture operating agreement
for a Panera Bread Company market or are otherwise involuntarily
terminated other than “for cause,” a severance agreement will provide
six months of salary continuance at the annual base compensation rate
plus car allowance and medical and/or dental benefits in effect at the
time of termination. Incentive plan payments are not included as part of your severance agreement;
however, if you are severed during your guaranteed incentive period (8/27/01
– 12/31/01), the guaranteed incentive will be prorated for the number of
months you were employed with us. Upon severance, new options cease to be
awarded on your last day worked and existing options cease to vest. Further,
severance is paid out bi-weekly, mitigated by future employment and provided
after a signed release from you. A document for your signature will follow
to confirm this portion of your offer, which will include a non-competition
clause.

As a full-time Panera Bread employee, you will be eligible to participate in
all Panera Bread benefit plans. The waiting periods and premiums related to
these benefits and specific information about plan content will be explained
during the orientation process. Our benefit package is subject to ongoing
review and modifications from time to time. You will receive an Employee
Handbook at your benefits orientation, which will explain our vacation and
holiday schedule. Panera Bread is a non-smoking work facility. If you have
specific questions about our benefits, please contact Courtney Higgins at
extension 7318.

This offer is also contingent on your ability to provide employment eligibility
documentation as required by law. Please indicate your acceptance of this
offer by signing and returning one original of this letter no later than
Monday, August 6, 2001, after which time this offer will expire.

 

Jon Jameson

November 14, 2001

Page 3

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

Sincerely,

	 	 	 
	/s/ Ron Shaich	 	
/s/ Diane Davidson
		 	

	Ron Shaich

Chairman and CEO	 	
Diane Davidson

Vice President, Human Resources

I have read and accepted the provisions as outlined above.

	 	 	 
	07/29/01	 	
/s/ Jon Jameson
	
	 	

	Date	 	
Jon Jameson<PAGE>

                                                                   EXHIBIT 10(V)

                       SECOND AMENDMENT TO LOAN DOCUMENTS

         This Second Amendment to Loan Documents (this "Second Amendment") is
entered into on the 24th day of September, 2001, to be effective as of August
31, 2001 (the "Effective Date"), by and between FIFTH THIRD BANK, a Michigan
banking corporation, f/k/a Old Kent Bank (the "Bank"), One Vandenberg Center,
Grand Rapids, Michigan 49503, and RIVIERA TOOL COMPANY, a Michigan corporation
("Borrower"), 5460 Executive Parkway, Grand Rapids, Michigan 49512.

                                    RECITALS:

         A. The Bank and the Borrower are parties to a First Restated Loan
Agreement dated as of August 31, 1999 (the "First Restated Loan Agreement"),
which was amended on June 9, 2000 by a First Amendment to Loan Documents (the
First Restated Loan Agreement, as amended by the First Amendment to Loan
Documents, is referred to in this Second Amendment as the "Existing Loan
Agreement"). Capitalized terms used but not defined in this Second Amendment
shall have the meanings given such terms in the Existing Loan Agreement.

         B. Pursuant and subject to the Existing Loan Agreement and the Loan
Documents, the Bank agreed to extend to the Borrower certain credit facilities,
including, but not limited to, a Revolving L/C Loan in the maximum principal
amount of $10,000,000 and a 2000 Equipment L/C Loan in the maximum principal
amount of $1,000,000.

         C. The Revolving L/C Loan expired, and the Revolving L/C Loan Note,
which evidences the Revolving L/C Loan, matured, on September 1, 2001. The 2000
Equipment L/C Loan, and the Borrower's ability to obtain advances thereunder,
expired on February 1, 2001, without the Borrower having ever taken any advance
under the 2000 Equipment L/C Loan.

         D. The Bank and the Borrower wish to, among other things, (i) extend,
as of the Effective Date, the expiration of the Revolving L/C Loan, and the
maturity of the Revolving L/C Loan Note, to September 1, 2002; (ii) reduce the
maximum availability under the Revolving L/C Loan to $6,500,000; (iii)
acknowledge and confirm the expiration of the 2000 Equipment L/C Loan; and (iv)
amend certain financial covenants made by the Borrower in favor of the Bank in
the Loan Documents.

         NOW, THEREFORE, the Bank and the Borrower agree as follows:

         1. Definitions. From and after the date of this Second Amendment, each
reference in the Existing Loan Agreement or this Second Amendment to the term
(a) "Loan Agreement" or "Agreement" means the Existing Loan Agreement, as
modified by this Second Amendment, and (b) "Loan Documents" means that term as
it is defined in the Existing Loan Agreement, including, without limitation,
this Second Amendment.

         2. Borrowers Agreements and Acknowledgments. The Borrower restates,
affirms and makes, as of the Effective Date, each of the covenants, agreements,
acknowledgments, representations, warranties, waivers and releases contained in
the Loan Documents. Further, except as specifically modified hereby, the
Borrower ratifies and affirms the continuing validity and binding effect of the
Loan Documents and represents and warrants to the Bank that all representations
and warranties contained in each of the Loan Documents are true as of the date
hereof. The Borrower represents and warrants that each balance sheet, statement
of income, statement of retained earnings and statement of changes in financial
position submitted to the Bank present fairly the financial position of the
Borrower as of the date of such statement. No changes having a material adverse
effect upon any obligor for any existing loans by the Bank to the Borrower have
occurred since the date of the most recent of such financial statements.

                                       11
<PAGE>

         3. Restatement of Revolving L/C Loan Terms. Section 3.1(a) of the First
Restated Loan Agreement is amended and restated, effective as of the Effective
Date, as follows:

                  (a)      Revolving L/C Loan

                           Loan Maximum:             $6,500,000.00

                           Availability:             At no time shall the
                                                     outstanding balance of the
                                                     Revolving L/C Loan exceed
                                                     the lesser of (1) the Loan
                                                     Maximum, or (2) the sum of
                                                     (a) 85% of Eligible
                                                     Accounts Receivable plus
                                                     (b) the lesser of (i)
                                                     $3,000,000 or (ii) 40% of
                                                     the Work in Process
                                                     Inventory.

                           Payments:                 To be repaid in accordance
                                                     with the Revolving L/C Loan
                                                     Note. All payments shall be
                                                     made by automatically
                                                     debiting an account
                                                     maintained by the Borrower
                                                     at the Bank and specified
                                                     by the Borrower in writing
                                                     to be used for such
                                                     purpose.

                           Interest Rate:            Prime Rate, plus one (1)
                                                     percentage point (i.e., 100
                                                     basis points).

                           Unused Fee:               The Borrower shall pay the
                                                     Bank, in arrears, a
                                                     quarterly fee in an amount
                                                     equal to one-quarter (3)
                                                     of one (1) percentage point
                                                     (i.e., 25 basis points),
                                                     per annum, of the amount by
                                                     which $6,500,000.00 exceeds
                                                     the average daily
                                                     outstanding principal
                                                     balance of the Revolving
                                                     L/C Loan during each three
                                                     month period beginning
                                                     September 1, 2001, and
                                                     ending August 31, 2002 (the
                                                     "Unused Fee").

                           Maturity:                 September 1, 2002.

                           Purpose:                  General Working Capital.

         Notwithstanding anything to the contrary contained in the Loan
Documents, from and after the Effective Date, the Borrower shall not have any
right to convert any interest rate in effect with respect to a Loan to a
different interest rate for such Loan. Without limiting the generality of the
foregoing, the Borrower acknowledges and agrees that, from and after the
Effective Date, and notwithstanding anything to the contrary contained in any
Loan Document, the principal balance of the Revolving L/C Loan shall bear
interest at the Prime Rate, plus one (1) percentage point (i.e., 100 basis
points), and the Borrower shall have no right to elect an interest rate
determined by reference to LIBOR.

         4. Amendment Fee. The Borrower shall pay to the Bank, in immediately
available funds, concurrently with the Borrowers execution of this Second
Amendment, an Amendment Fee equal to $50,000, which fee shall be deemed to be
fully-earned and non-refundable upon the Banks delivery to the Borrower of a
counterpart of this Second Amendment executed on behalf of the Bank.

         5. Expiration of 2000 Equipment L/C Loan. The Borrower acknowledges and
agrees that the 2000 Equipment L/C Loan expired as of February 1, 2001, and that
the Bank has no obligation to make any advances thereunder.

         6. Restatement of Certain Financial Covenants.

                                       12
<PAGE>

         (a) Paragraph 6.8 of the First Restated Loan Agreement is amended and
restated as follows:

                  Maintain Tangible Net Worth (the applicable amount for each
         date of determination being referred to herein as the "Minimum Net
         Worth") of not less than: (a) $14,000,000 for the period beginning
         September 1, 2001 and ending November 30, 2001; and (b) $13,300,000 for
         the period beginning December 1, 2001 and continuing thereafter until
         all of the Borrowers indebtedness to the Bank has been repaid in full,
         with interest.

         (b) Paragraph 6.10 of the First Restated Loan Agreement is amended and
restated as follows:

                  Maintain a ratio of total Liabilities to Tangible Net Worth of
         not more than (a) .6:1 as measured on August 31, 2001; (b) .65:1 as
         measured on November 30, 2001 and February 28, 2002; (c) .8:1 as
         measured on May 31, 2002; and (d) .75:1 as measured on August 31, 2002
         and the last day of each November, February, May and August thereafter.

         (c) Paragraph 6.11 of the First Restated Loan Agreement is amended and
restated as follows:

                  Achieve EBITDA of not less than (a) ($450,000) for the 3
         calendar month period ending November 30, 2001; (b) ($50,000) for the 3
         calendar month period ending February 28, 2002; (c) $700,000 for the 3
         calendar month period ending May 31, 2002; and (d) $1,000,000 for the 3
         calendar month period ending August 31, 2002 and for each 3 calendar
         month period ending on the last day of each November, February, May and
         August thereafter.

         7. Autodebit. The Borrower agrees that all payments, fees and other
amounts payable by the Borrower to the Bank, including, without limitation, the
Unused Fee, shall paid by automatically debiting an account maintained by the
Borrower at the Bank and specified by the Borrower in writing to be used for
such purpose.

         8. Effect of this Second Amendment. The Loan Documents are hereby
amended as required (and only as required) to give effect to the amendments
expressly provided for in this Second Amendment. Each of the Loan Documents
shall be deemed to have been amended by this Second Amendment as if such Loan
Document had been specifically amended by separate instrument.

         9. No other Amendments, etc. Except as expressly set forth above, the
Existing Loan Agreement, each of the Notes, and all of the other Loan Documents
shall remain in full force and effect as originally executed and delivered by
the parties, and are hereby ratified and affirmed by the undersigned.

         10. Counterparts. This Second Amendment may be executed in one or more
counterparts, each of which shall be considered an original and all of which
shall constitute the same instrument.

                 [SIGNATURES APPEAR ON FOLLOWING PAGE; REMAINDER
                     OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       13
<PAGE>

             [SIGNATURE PAGE TO SECOND AMENDMENT TO LOAN DOCUMENTS]

         IN WITNESS WHEREOF, the parties have executed this Second Amendment to
Loan Documents as of the day and year first above written.

WITNESSES:

                                            RIVIERA TOOL COMPANY
-----------------------------

                                            By: /s/ Kenneth K. Rieth
-----------------------------                  ---------------------------------
                                                Kenneth K. Rieth, President

                                            FIFTH THIRD BANK
-----------------------------

                                            By: /s/  John Kimball
-----------------------------                  ---------------------------------
                                                John Kimball, Sr. Vice President

                                       14

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