Document:

James O'Reilly Offer of Employment dated March 24, 2009

 Exhibit 10.2 
 

 
 March 24, 2009 
 James
O’Reilly 
 7410 Wycliffe Drive 
 Prospect, KY 40059

  

	RE:	Employment Confirmation 

 Dear Mr. O’Reilly: 
 I am pleased to confirm our verbal offer extended to you to join Einstein Noah Restaurant Group, Inc. as Chief Concept Officer reporting directly to Jeff O’Neill,
President and C.E.O. We are proud of the outstanding team we are building and look forward to your continuing contributions as a full time member of the Executive Team. 
 As discussed, your biweekly pay will be $10,961.54 (which is an annual salary of $285,000) and your 2009 target
bonus for this position is 75% of your base compensation. Further discussion of bonus is addressed later in this letter. Your start date with the organization will be effective Wednesday April 8th 2009. 
 As Chief Concept Officer, you will be responsible for all aspects of store
Branding and Concept development including Brand-building, merchandising, promotion and innovation as well as responsibility for the Information Technology (IT) Department along with all aspects of Store Development/Real-Estate Store Concept work,
New Store site selection, Construction and Lease Administration, working closely with Operations and the CAPEX Committee to ensure clear objectives and alignment. 
 As part of your Personal Performance Objectives (PPO’s) you will also be expected to play a key Leadership role in developing Consumer/Concept and Corporate Strategy, along with Annual Operating Plan and departmental fiscal budgets.

 As a regular, full-time employee of Einstein Noah Restaurant Group, Inc., you will be eligible to
participate in the employee benefit plans that are offered to similarly situated employees. A description of those benefits plans will be provided to you under separate cover. In particular, you will be eligible for Medical and Dental coverage on
the first of the month following your 31st day of employment. As an officer and highly compensated employee, you are not able to participate in our
401(k), but you will be eligible to participate in our Non- Qualified Deferred Compensation Plan, subsequent to formal Board of Director approval. With reference to your vacation benefits, your allowance will be based on the company’s Paid Time
Off policy and you will accrue twenty-two (22) days per year based on your hire date. The specifics of this policy will be explained under separate cover. 

 In addition to the above mentioned benefits, the Company will also provide you with Company –paid life insurance of
$400,000 and Long Term Disability based on your base salary of $285,000. You will also be eligible to participate in our Flexible Spending Account, providing you have the ability to defer a portion of your health and welfare out of pocket expenses
in a pre-tax dollars. 
 Bonus Potential 
 As a
participant in the Support Center/Field Support Bonus Plan, you will be eligible for a bonus based on 75% of your base salary. The bonus is based on Company EBITDA performance as well as individual performance. The bonus plan year is based on our
fiscal year and the amount of any bonus is generally paid on or before March 15 of the calendar year following the calendar year to which the bonus relates. Your participation will be prorated based on your date of hire. 
 Miscellaneous 
 The Company will also provide the following in terms
of our employment offer: 
  

	 	•	 	 50,000 stock options, which will vest equally over three (3) years on the first, second and third anniversaries of the date of grant, provided you are
then employed by the Company, and have a life of 10 years. 

  

	 	•	 	 During your transition Period to the Denver area (up to two full years from your effective date) the Company will provide business related air transportation
to/from Louisville KY and apartment/hotel accommodations up to a maximum of $400.00 per week. 

  

	 	•	 	 The Company will also provide the use of a Company leased automobile or rental during the transition period. 

 James, the ENRGI Executive/Management team is excited about your joining our company and we look forward to the contributions you will make to our future success. Please
acknowledge your acceptance of this offer of employment in the space provided and return a copy. You may fax a copy back to myself, Michael Serchia, Vice President of Human Resources at 303-275-7253. 
 Again, I look forward to the possibility of working with you and making a difference across the organization. 
  

	
	Sincerely,
	
	/s/ Michael A. Serchia
	Michael A. Serchia
	Vice President of Human Resources

 

 
 I hereby accept the offer as stated above and also acknowledge that I do not have any contractual obligations or non-compete
agreements which would inhibit me from performing my duties as Chief Concept Officer of Einstein Noah Restaurant Group, Inc. I also understand that the employment relationship is “at-will” and that either myself or the organization can
terminate the relationship at any time, with or without notice. 
  

									
	Signature: 	 	/s/ James O’Reilly	 		 	Date: 4/28/09
		 	James O’ Reilly	 		 		 	

  

									
	Witness Signature: 	 	/s/ Michael A. Serchia	 		 	Date: 4/28/2009
		 	Michael A. SerchiaAmendment No. 1 to Amended and Restated Credit Agreement

 Exhibit 10.3 
 AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This AMENDMENT NO. 1 TO AMENDED
AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of December         , 2007, by the lenders identified on the signature pages hereof, WELLS FARGO FOOTHILL,
INC., a California corporation, as the arranger and administrative agent for the lenders who are from time to time a party to the below referenced Credit Agreement (in such capacity, together with its successors and assigns in such capacity,
“Administrative Agent”), and EINSTEIN NOAH RESTAURANT GROUP, INC., a Delaware corporation (formerly known as New World Restaurant Group, Inc.) (“Borrower”) with reference to the following: 
 WITNESSETH 
 WHEREAS,
Borrower, the Administrative Agent and the several banks and other financial institutions or entities party thereto are parties to that certain Amended and Restated Credit Agreement, dated as of June 28, 2007 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, Borrower has requested
that the Administrative Agent and the Required Lenders consent to the amendment of the Credit Agreement as set forth below; and 
 WHEREAS, subject to the terms and conditions set forth herein, the Lender Group is willing to so consent to the amendment of the Credit Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to amend the Credit Agreement as follows: 
 1. Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement, as amended hereby. 
 2. Amendment to Credit Agreement. 
 (a) Section 1.1 to the Credit Agreement is hereby amended by amending and restating the following definition in its entirety:

 “Capital Expenditures”: for any period, with respect to any Person, without duplication, (i) the
aggregate of all expenditures by such Person and its Subsidiaries for the acquisition of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements) during such period, in each case, that should
be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries, and (ii) Capital Lease Obligations incurred by such Person and its Subsidiaries during such period, provided that (a) the cost of any
Investment permitted under Sections 8.8(k) or 8.8(l) shall not constitute a Capital Expenditure by the Borrower or any of its Subsidiaries, (b) a Capital Expenditure funded with Reinvestment Deferred Amounts shall not constitute a
Capital Expenditure and (c) a Capital Expenditure made to the extent either (i) reimbursed by a landlord that is not a Subsidiary or Affiliate of Borrower (a “Third Party Landlord”), (ii) paid directly by a Third
Party Landlord or (iii) the funds therefor were paid by a Third Party Landlord to Borrower or any of its Subsidiaries prior to such expenditure, shall not constitute a Capital Expenditure.” 

 3. Conditions Precedent to Amendment. The satisfaction of each of the following shall
constitute conditions precedent to the effectiveness of this Amendment and each and every provision hereof, and this Amendment shall be effective as of the date upon which such conditions precedent shall be satisfied (such date being the
“Effective Date”): 
 (a) Administrative Agent shall have received this Amendment, duly executed by the
Borrower, the Administrative Agent, and the Required Lenders, and the same shall be in full force and effect. 
 (b)
Administrative Agent shall have received a reaffirmation and consent substantially in the form attached hereto as Exhibit A, duly executed and delivered by each Subsidiary Guarantor. 
 (c) The representations and warranties herein and in the Credit Agreement and the other Loan Documents shall be true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on such
date (or, to the extent that such representations and warranties relate solely to an earlier date, on and as of such earlier date). 
 (d) No Default or Event of Default shall have occurred and be continuing on the date hereof, nor shall immediately result from the consummation of the transactions contemplated herein. 
 (e) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the
transactions contemplated herein shall have been issued and remain in force and effect by any Governmental Authority against Borrower, any Subsidiary Guarantor, Administrative Agent, or any Lender. 
 4. Representation and Warranties. Borrower hereby makes each of the following representations and warranties to the Lender Group:

 (a) The representations and warranties herein and in the Credit Agreement and the other Loan Documents are true and correct
in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on
such date (or, to the extent that such representations and warranties relate solely to an earlier date, on and as of such earlier date). 
 (b) No Default or Event of Default has occurred and is continuing on the date hereof, nor shall immediately result from the consummation of the transactions contemplated herein. 
 (c) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the
transactions contemplated herein shall have been issued and remain in force and effect by any Governmental Authority against Borrower or any Subsidiary Guarantor. 
  

 2 

 5. Expenses. Borrower agrees to pay all costs and expenses of Administrative Agent in
connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith, in each case to
the extent set forth in the Credit Agreement. All obligations provided in this Paragraph 5 shall survive any termination of this Amendment and the Credit Agreement. 
 6. Choice of Law. The validity of this Amendment, its construction, interpretation and enforcement and the rights of the parties hereunder, shall be determined under, governed by, and construed in
accordance with the laws of the State of New York. 
 7. Counterpart Execution. This Amendment may be executed in any number of
counterparts, all of which when taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of this Amendment by
telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or electronic mail also shall deliver
an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment. 
 8. Effect on Loan Documents. 
 (a) The Credit Agreement, as amended hereby, and each of the other Loan Documents shall be and remain in full force and effect in accordance with their respective terms and are hereby ratified and confirmed in all
respects. The execution, delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or waiver of any right, power, or remedy of Administrative Agent or any Lender under the Credit Agreement
or any other Loan Document. The waivers, consents and modifications herein are limited to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse future
non-compliance with the Loan Documents and shall not operate as a consent to any further or other matter under the Loan Documents. 
 (b) Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “herein”, “hereof’ or words of like import referring to the Credit
Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”, “thereof’ or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as modified and amended hereby. 
 (c) To the extent that any terms and conditions in any of the Loan
Documents shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions
of the Credit Agreement as modified or amended hereby. 
  

 3 

 (d) This Amendment is a Loan Document. 
 9. Entire Agreement. This Amendment embodies the entire understanding and agreement between the parties hereto with respect to the subject
matter hereof and supersedes any and all prior or contemporaneous agreements or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 
 [Remainder of Page Intentionally Left Blank] 
  

 4 

 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

  

			
	EINSTEIN NOAH RESTAURANT GROUP, INC. (formerly known as NEW WORLD RESTAURANT GROUP, INC.), as Borrower
		
	 By:
	 	/s/ Richard Dutkiewicz
	 Name:
	 	Richard Dutkiewicz
	 Title:
	 	Chief Financial Officer

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	WELLS FARGO FOOTHILL, INC., as Administrative Agent and as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	LA SALLE BANK NATIONAL ASSOCIATION, as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	E*TRADE BANK, as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	THE CIT GROUP/BUSINESS CREDIT, INC., as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	ING CAPITAL LLC, as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	BRENTWOOD CLO II, LTD., as a Lender
		
	By:	 	Highland Capital Management, L.P., as Collateral Manager
		
	By:	 	Strand Advisors, Inc., Its General Partner
		
	By:	 	 
	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	AIB DEBT MANAGEMENT LIMITED, as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	GSC GROUP CDO FUND IX, LIMITED, as a Lender
		
	By:	 	GSCP (NJ), L.P., as Collateral Manager
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	GSC GROUP CDO FUND XI, LIMITED, as a Lender
		
	By:	 	GSCP (NJ), L.P., as Collateral Manager
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	GSC GROUP CDO FUND XII, LIMITED, as a Lender
		
	By:	 	GSCP (NJ), L.P., as Collateral Manager
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	GSC PARTNERS CDO FUND VIII, LIMITED, as a Lender
		
	By:	 	GSCP (NJ), L.P., as Collateral Manager
		
	By:	 	 
	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

			
	ALLIED IRISH BANKS, P .L.C., as a Lender
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO AMENDMENT NO. 1 TO AMENDMENT AND RESTATED CREDIT AGREEMENT] 

 Exhibit A 
 REAFFIRMATION AND CONSENT 
 Dated as of December     , 2007 
 Reference is hereby made to that certain Amendment No. 1 to Amended and Restated Credit Agreement, dated as of the date hereof (the
“Amendment”), among the lenders identified on the signature pages thereof, Wells Fargo Foothill, Inc., a California corporation, as the lead arranger and administrative agent for the lenders from time to time party to the below
referenced Credit Agreement (in such capacity, together with its successors and assigns in such capacity, “Administrative Agent”) and Einstein Noah Restaurant Group, Inc., a Delaware corporation (formerly known as New World
Restaurant Group, Inc.) (“Borrower”). Capitalized terms used herein shall have the meanings ascribed to them in that certain Amended and Restated Credit Agreement dated as of June 28, 2007 (as amended, restated, supplemented,
or otherwise modified from time to time, the “Credit Agreement”), among Borrower and the Lender Group. Each of the undersigned hereby (a) represents and warrants that the execution and delivery of this Reaffirmation and Consent
is within its powers, has been duly authorized by all necessary corporate action and is not in contravention of any law, rule, or regulation applicable to it, or any order, judgment, decree, writ, injunction, or award of any arbitrator, court, or
Governmental Authority applicable to it, or of the terms of its Governing Documents, will not result in or require the creation or imposition of any Lien of any nature whatsoever upon any of its properties or assets, other than Permitted Liens, and
will not require any approval of its equity holders, other than consents or approval that have been obtained and that are still in force and effect, (b) consents to the amendment of the Credit Agreement set forth in the Amendment and any
waivers granted therein; (c) acknowledges and reaffirms all obligations owing by it to the Lender Group under any Loan Document to which it is a party; and (d) agrees that each Loan Document to which it is a party is and shall remain in
full force and effect. Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, the undersigned understands that the Lender Group shall have no obligation to inform the undersigned
of such matters in the future or to seek the undersigned’ s acknowledgement or agreement to future amendments, waivers or modifications and nothing herein shall create such a duty. 
 [signature page follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Reaffirmation and Consent as of the date
first set forth above. 
  

			
	MANHATTAN BAGEL COMPANY, INC.
		
	By:	 	/s/ Richard Dutkiewicz
	Name:	 	Richard Dutkiewicz
	Title:	 	Treasurer
	
	CHESAPEAKE BAGEL FRANCHISE CORP.
		
	By:	 	/s/ Richard Dutkiewicz
	Name:	 	Richard Dutkiewicz
	Title:	 	Treasurer
	
	EINSTEIN AND NOAH CORP.
		
	By:	 	/s/ Richard Dutkiewicz
	Name:	 	Richard Dutkiewicz
	Title:	 	Treasurer
	
	EINSTEIN/NOAH BAGEL PARTNERS, INC.
		
	By:	 	/s/ Richard Dutkiewicz
	Name:	 	Richard Dutkiewicz
	Title:	 	Treasurer

 [SIGNATURE PAGE TO REAFFIRMATION AND CONSENT] 

			
	I. & J. BAGEL, INC.
		
	 By:
	 	/s/ Richard Dutkiewicz
	 Name:
	 	Richard Dutkiewicz
	 Title:
	 	Treasurer

 [SIGNATURE PAGE TO REAFFIRMATION AND CONSENT]

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