Document:

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Exhibit 4 (v)

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT made as of the 3rd day of September, 2001 by and
between Newcor, Inc., a corporation incorporated under the laws of Delaware with
a principal place of business at 43252 Woodward, Suite 240, Bloomfield, Michigan
48302 (the "Company"), and David A. Segal, of 3527 Oak Lawn Avenue, Dallas,
Texas, 75219 ("Employee").

         WHEREAS the Company and Employee are desirous of setting forth in a
definitive Employment Agreement their respective rights and obligations with
respect to Employee's employment by the Company.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows:

         1. Employment. The Company hereby agrees to employ Employee, and
Employee hereby agrees to accept such employment upon the terms and conditions
hereinafter set forth. Employee represents and warrants to the Company that his
employment by the Company and the performance of his duties as contemplated by
this Agreement do not and will not violate the terms or conditions of any other
agreement or understanding by which Employee is bound or subject and that
Employee knows of no basis for any claim that he is so bound or subject.

         2. Term. The term of this Agreement shall commence on September 3, 2001
("Effective Date"), and shall continue for a period of ten (10) years following
such Effective Date unless otherwise terminated as provided in Section 8 hereof;
provided, however, that under certain circumstances, the provisions of Section 9
hereof shall survive termination. Commencing on the tenth anniversary of the
Effective Date and at the conclusion of each ten (10) year period thereafter,
the term of this Agreement shall be automatically extended for an additional ten
(10) year period unless Employee's employment is terminated pursuant to Section
8 hereof.

         3. Duties. Employee shall be employed by the Company to serve as the
Company's Chairman of the Board of Directors and Co-Chief Executive officer and
shall perform such duties and tasks as are appropriate for a person in such
position. Employee shall perform his duties hereunder in the Greater Dallas
metropolitan area or at such other location or locations as are mutually agreed
between Employee and the Company. Employee shall have a private office,
secretarial help, and such other facilities and services as are suitable to his
position and appropriate for the performance of his duties.

         4. Extent of Service. Employee shall devote most of his working time,
skills, knowledge and abilities to the business and affairs of the Company, its
subsidiaries and affiliates in promotion of their respective interests, and will
not engage in outside business activities which would interfere with the
performance of his duties hereunder. This provision shall not preclude Employee
from continuing his present employment as Chairman of the Board of Directors and
Chief Executive Officer of EXX, Inc., nor shall this provision preclude Employee
from investing his assets in other business activities, provided that such
investment or investments do not significantly detract from Employee's
responsibilities under this Agreement and will not require significant
investments of the Employee's time in the operation of the affairs of the
companies in which such investments are made. Further, this provision shall not
preclude Employee from serving on the Board of Directors of any other
company(s).

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         5.       Compensation.

(a)      Salary. As compensation for the services to be rendered by Employee
         under this Agreement, the Company shall pay to Employee a minimum
         annual salary of five hundred thousand dollars ($500,000) (the "Base
         Salary"), less such deductions or amounts as may be required to be
         withheld by applicable law or regulations, payable in accordance with
         the payroll policy of the Company as from time to time may be in
         effect. Employee's Base Salary may be adjusted upward from time to time
         in the sole discretion of the Board of Directors of the Company, but in
         any event, Employee's Base Salary shall be increased annually by a
         percentage equal to the increase of the Consumer Price Index, all
         commodities, as reported by the Department of Labor. The base period
         for this calculation shall be the 2001 calendar year.

(b)      Bonus. In addition to the base salary specified above, Employee shall
         receive a bonus. Such bonus shall be paid annually pursuant to an
         Executive Incentive Bonus Compensation Plan which, at a minimum, shall
         provide that the Employee will receive five (5%) percent of Company's
         pretax profit in each fiscal year, except that in the first year
         subsequent to the year 2001, that the Company is profitable, the
         Employee's minimum bonus shall be one hundred thousand ($100,000.00)
         dollars.

(c)      Reimbursements for Premiums for Extended Health Care Coverage. In the
         event that Employee's employment terminates pursuant to Section 8 of
         this Agreement, the Company shall provide health care coverage for a
         period of three (3) consecutive years following the date of such
         termination. Such health care coverage shall be no less generous than
         that under the Company's health care plan (as such plan may exist from
         time to time) for Employee, Employee's spouse (if any) and Employee's
         dependents (if any). Employee shall pay the applicable COBRA premiums
         which are charged to the Company's former employees from time to time;
         provided however that the Company agrees to reimburse Employee for such
         premiums plus any additional "gross-up" amounts equal to any taxes
         (including, without limitation, any income taxes) on such amounts.

         6. Fringe Benefits. Employee shall be entitled to participate in any
employee benefit plan maintained by the Company for its employees as of the
Effective Date, including any accident or health insurance plan and any pension
or profit sharing plan subject to the same requirements and limitations as are
applicable to other employees of the Company holding positions comparable to
that held by Employee. At a minimum, the Company will provide, at the Company's
expense, a family medical and dental plan, a life insurance policy comparable to
the policy in effect with the Company as of the Effective Date and a disability
plan to protect Employee's income. In addition, Employee shall be entitled to
three (3) weeks of vacation during each twelve (12) month period hereof.
Employee shall also be covered under the Company's liability insurance policy
for directors and officers under the same terms and conditions that apply to
other directors and officers of the Company.

         In addition, Employee shall be entitled to all other fringe benefits
not enumerated specifically in this Agreement which are no less favorable than
those that are provided to management employees of the Company generally from
time to time.

         7. Reimbursement of Business Expenses. The Company agrees to reimburse
Employee for other reasonable out-of-pocket expenses incurred in connection with
Company business including, without limitation, travel and accommodations for
all business trips, provided vouchers therefor, or other supporting information
as the Company may reasonably require, are presented to the Company. The Company
agrees to reimburse Employee for all such expenses within ten (10) days of
presentation.

         8.       Termination.

(a)      Death. This Agreement shall automatically terminate in the event of
         Employee's death. Upon such termination, the Company shall pay to
         Employee's beneficiary, within thirty (30) days of such termination, an
         amount equal to or the lesser of ten (10) times Employee's Base Salary
         specified in Section 5(a) (as in effect as of the date of such
         termination) or the Employee's Base Salary through the balance of the
         term of this Agreement, plus an additional amount equal to the greater
         of (i) three (3) times Employee's bonus for the previous year or (ii)
         the average of Employee's bonus for each of the three (3) years
         immediately preceding the date of such termination.

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         Employee shall have the right to designate a beneficiary to receive the
         amounts payable after his death as provided under this Section 8(a).
         Such designation shall be in writing, signed by Employee, and delivered
         to the Company while Employee is alive.

         In the event that Employee does not designate a beneficiary to receive
         amounts payable after his death as provided under this Section 8(a),
         but if Employee is married as of the date of his death, such amounts
         shall be paid to his spouse; provided that if Employee is not married
         as of the date of his death, such amounts shall be paid to Employee's
         estate.

(b)      Disability. This Agreement may be terminated, at the option of the
         Company, in the event Employee becomes permanently physically or
         mentally disabled, subject to the terms and conditions below:

         (i)      Disability Defined. Employee shall be deemed permanently
                  disabled if (a) Employee is unable to provide the Company at
                  least thirty (30) hours per week of continuous service of the
                  work time which would be normally be given by him during a
                  continuous six (6) month period; and if (b) at the expiration
                  of said six (6) month period insofar as can be reasonably
                  foreseen. Employee will thereafter be unable to give at least
                  thirty (30) hours per week of normal effective working time.

         (ii)     Disability Payments. Until the expiration of the six (6) month
                  period of disability, Employee shall be entitled to receive
                  his regularly established salary and bonus, less any monthly
                  disability income insurance payments.

         (iii)    Determination as to Disability. In the event the parties
                  hereto are unable to agree on the existence of a disability or
                  the date on which the aforesaid six (6) month period of
                  disability began, the Company and Employee shall each
                  designate a physician and the two physicians so designated
                  shall then select a third physician, which third physician
                  shall then determine whether permanent disability exists
                  within the meaning of this Agreement and when the disability
                  commenced if it does exist. The determination of the said
                  third physician shall bind the parties hereto. For convenience
                  of determining the rights of the parties under this provision,
                  a permanent disability shall be deemed to begin on the first
                  day of the month which immediately follows the date on which
                  the disability actually occurred, or is judged by the
                  aforesaid third physician to have occurred. If the said third
                  physician determines that Employee is not capable of
                  performing the services required of him hereunder, the Company
                  shall have the right to require Employee to submit to
                  additional periodic examinations (not to exceed one per
                  month), at the Company's expense, by that physician for so
                  long as Employee purports to be disabled.

         (iv)     Termination of Disability. The foregoing to the contrary
                  notwithstanding, in the event the Company terminates the
                  employment of Employee due to the disability of Employee and
                  if, after such termination and prior to the normal termination
                  date of this Agreement (or any extension or renewal hereof)
                  Employee is judged by the aforesaid third physician to be able
                  to return to his normal duties, then the Company shall hire
                  Employee as a consultant to the Company for the balance of the
                  term of this Agreement (or any extension or renewal hereof),
                  at Employee's salary as of the date of termination and subject
                  to all other terms and conditions of this Agreement.

(c)      Termination by the Company for Cause. The Company may, upon written
         notice to Employee, terminate Employee's employment for proper cause.
         Employee shall have no right to receive any compensation or benefit
         hereunder on or after the effective date of such termination, except
         for compensation then due and payable (or accrued for Employee's
         benefit) but remaining unpaid.

         As used herein "proper cause" shall mean that Employee has been
         convicted of any crime involving larceny, embezzlement, conversion or
         any other act involving the misappropriation of Company funds in the
         course of his employment.

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         The Employee shall not be deemed to have been terminated for proper
         cause unless and until there has been delivered to the Employee a copy
         of a resolution duly adopted by the affirmative vote of not less than
         80% of the entire membership of the board of directors of the Company
         (excluding the Employee if the Employee is at the time a director of
         the Company) at a meeting of the board called and held for the purpose
         (after reasonable notice to the Employee), finding that in the good
         faith opinion of the board the Employee's conduct constituted proper
         cause and specifying the particulars thereof. The date on which such
         resolution is given to the Employee shall be the effective date of any
         termination pursuant to this section 8(c).

(d)      Termination by the Company Without Cause. Employee's employment under
         this Agreement may be terminated without cause by the Board of
         Directors of the Company upon written notice to Employee. In the event
         of such termination without cause, the Company shall pay to Employee,
         within thirty (30) days of such termination, an amount equal to or ten
         (10) times Employee's Base Salary specified in Section 5(a) (as in
         effect as of the date of such termination), plus an additional amount
         equal to the greater of (i) three (3) times Employee's bonus for the
         previous year or (ii) the average of Employee's bonus for each of the
         three (3) years immediately preceding the date of such termination. In
         the event of such termination without cause, the covenants of Employee
         contained in Section 9 hereof shall be null and void.

(e)      The Company's duties to make the payments and to perform the
         obligations described in this Agreement shall not be affected or
         reduced by any right of set-off, counterclaim, recoupment, defense or
         other right which the Company may have against Employee or any other
         person. Employee shall not be obligated under any circumstances to seek
         other employment by way of mitigation of the amounts or benefits
         payable or providable to Employee under this Agreement. The Company
         agrees to pay within fifteen (15) days after invoice therefor all
         reasonable legal fees and expenses which employee may incur as a result
         of any contest (regardless of the outcome thereof) by the Company or
         any other person of the validity or enforceability of, or liability of
         the Company under, any provision of this Agreement. Any amounts owing
         by the Company under this Agreement and not paid or provided when due
         (or, if no due date shall be set forth herein, not paid or provided
         within five (5) days after written demand therefor) shall bear
         interest, compounded quarterly, from such due date to the date when
         paid at the rate of 2% plus the rate from time to time announced by
         Citibank NA of New York, New York (or any successor institution) as its
         "prime" or "base" rate.

(f)      Termination by Employee for Good Reason.

         (i)      Employee, upon at least eighteen (18) months written notice to
                  the Company, may, in his sole discretion, terminate his
                  employment with the Company upon the occurrence of any of the
                  following events:

                  (A)      The Company relocates Employee's principal office out
                           of the Greater Dallas, Texas area which shall be
                           defined as within a radius of ten (10) miles from
                           "Downtown" Dallas; or

                  (B)      There is a "change in control" (as defined below) of
                           the Company;

                  (C)      There is a ten percent (10%) reduction or a series of
                           reductions, that in the aggregate, amount to a ten
                           percent (10%) reduction by the Company of the greater
                           of (i) Employee's Base Salary in effect as of the
                           Effective Date or (ii) the Base Salary as may be
                           increased by the Company from time to time under this
                           Agreement.

                  (D)      A material breach of this Agreement by the Company.

         (ii)     Upon such termination, the Company shall pay to Employee,
                  within thirty (30) days of such termination, an amount equal
                  to ten (10) times Employee's Base Salary specified in Section
                  5(a) (as in effect as of the date of such termination), plus
                  an additional amount equal to the greater of (i) three (3)
                  times Employee's bonus for the previous year or (ii) the
                  average of Employee's bonus for each of the three (3) years
                  immediately preceding the date of such termination.

         (iii)    For purposes of this Agreement, "change in control" shall
                  mean:

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                  (A)      Any acquisition of more than fifty percent (50%) of
                           the common stock of the Company by one or more
                           stockholders of the Company to a nonaffiliated
                           person, such percentage being determined on an
                           undiluted basis without regard to options and
                           warrants then outstanding and unexercised;

                  (B)      Any sale, lease or other disposition (but not a
                           mortgage or pledge in a bona fide borrowing
                           transaction) of all or substantially all of the
                           assets of the Company to a nonaffiliated person;

                  (C)      Any merger or consolidation of the Company with or
                           into any other nonaffiliated corporation, where more
                           than fifty percent (50%) of the equity securities of
                           the surviving or resulting corporation (by value or
                           voting power) are directly or indirectly controlled
                           by persons other than the stockholders of the Company
                           or their affiliates immediately prior to such merger
                           or consolidation; or

                  (D)      Any merger or consolidation of the Company with or
                           into any other nonaffiliated corporation, even if
                           less than fifty percent (50%) of the equity
                           securities of the surviving or resulting corporation
                           (by value or voting power) are directly or indirectly
                           controlled by persons other than the stockholders of
                           the Company or their affiliates immediately prior to
                           such merger or consolidation, if the individuals who
                           constituted the Board of Directors of the Company
                           immediately before such merger or consolidation, and
                           any individual becoming a director subsequent to such
                           date whose election, or nomination for election by
                           the Company's stockholders, was approved by a vote of
                           at least three-quarters of the directors who
                           constituted the Board of Directors of the Company
                           immediately before such merger or consolidation, for
                           any reason no longer constitute at least one-half of
                           the members of the Board of Directors of the
                           surviving or resulting corporation at any time within
                           one year after such merger or consolidation.

         9.       Confidentiality Agreement.

(a)      Employee shall not, during the term of his employment hereunder and for
         the duration of any unexpired term of this Agreement:

         (i)      divulge, or cause to be divulged, communicate or cause to be
                  communicated, publish or cause to be published, or otherwise
                  disclose or cause to be disclosed to any person, firm,
                  corporation, association, or entity, any of the Company's
                  systems, designs, procedures, pricing and marketing
                  strategies, concepts, technical information, trade secrets,
                  know-how, customer lists, customer contacts, customer
                  prospects, fee schedules, business and financial records and
                  such other information regarded by the Company as confidential
                  and of a proprietary nature (the "Proprietary Information").
                  For purposes hereof, the term Proprietary Information shall
                  not include information which (x) at the time of disclosure to
                  or by Employee was generally known to the relevant trade so as
                  to no longer be a protectable trade secret, or (y) was
                  lawfully received by Employee from a third party who
                  independently, without prompting or assistance by Employee,
                  developed or acquired such Proprietary Information and was
                  under no obligation, express or implied, to the Company with
                  respect thereto or (z) at the time of disclosure was already
                  properly in Employee's possession or otherwise known by
                  Employee.

         10. Waiver of Breach. The failure of any party at any time or times to
require the performance of any provision hereof shall in no manner affect the
party's right at a later time to enforce the same. No waiver by any party of the
breach of any term or covenant contained in this Agreement, whether by conduct
or otherwise, in any one or more instances, shall be deemed to be, or construed
as, a further or continuing waiver of any such breach, or a waiver of the breach
of any other term or covenant contained in this Agreement.

         11. Assignment. This Agreement and Employee's rights and obligations
hereunder may not be assigned by Employee. This Agreement may not be assigned by
the Company without Employee's written consent. This Agreement shall be binding
upon and inure to the benefit of the Company and its successors and assigns and
shall be binding upon Employee, his heirs, executors and administrators.

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         12. Entire Agreement Amendment. This Agreement constitutes the entire
Agreement among the parties with respect to the subject matter hereof and,
unless otherwise provided herein, supersedes all prior agreements or
understandings written or oral in respect thereof. This Agreement may be
amended, modified, superseded, cancelled, renewed, or extended, and the terms or
covenants hereof may be waived only by a written instrument signed by all the
parties hereto, or in the case of a waiver, by the party waiving compliance.

         13. Severability. If any provision of this Agreement shall be invalid
or unenforceable to any extent or in any application, then the remainder of this
Agreement and of such term and condition, except to such extent or in such
application, shall not be affected thereby and each and every term and condition
of this Agreement shall be valid and enforced to the fullest extent and in the
broadest application permitted by law.

         14. Construction and Interpretation. This Agreement, and all questions
arising in connection therewith, shall be governed by and construed in
accordance with the laws of the State of Michigan. In the event that Employee or
the Company commence litigation against the other party to enforce any provision
of this Agreement, venue shall at all times lie in the United States District
Court for the Eastern District of Michigan.

         15. Headings. The section headings contained herein are for convenience
and reference only, and shall be given no effect in the interpretation of any
term or condition of this Agreement.

         IN WITNESS WHEREOF the parties have executed this Agreement the day and
year first above written.

NEWCOR, INC. (COMPANY)                         "EMPLOYEE"

By:  /s/ James J. Connor                        /s/ David A. Segal
    ----------------------------               ---------------------------------
     James S. Connor                           David A. Segal
     Presidentex10-6_13

 

July 26, 2001

Mike Nolan

29 Mount Pleasant Street

Westborough, MA 01581

Dear Mike:

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 Chief Development Officer, 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 is 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
payments for the company results modifier. You may be eligible for
additional incentive compensation if you and the company meet or
exceed our goals. For the 2002 plan year, you will be 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 your moving company for the move of your household
goods not to exceed $15,000 (therefore not taxable income to you). In
addition you will receive a lump sum of $60,000 that will be taxable
and included on your W-2. By accepting this offer, you agree that you
will reimburse Panera Bread a prorated portion of your relocation
expenses if you voluntarily resign your employment with Panera Bread
within one year of your start date.

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.

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, Mike, 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/ Mike Nolan
	
	 	

	Date	 	
Mike Nolan

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