Document:

Exhibit
10.46

NEKTAR
THERAPEUTICS

(FORMERLY
KNOWN AS INHALE THERAPEUTIC SYSTEMS, INC.)

SEVERANCE BENEFIT PLAN

Section
1.      INTRODUCTION.

                The
Nektar Therapeutics  Severance Benefit Plan (the “Plan”)
was established effective December 6, 2002.  The purpose of the Plan is to provide for the payment of
severance benefits to certain eligible employees of Nektar Therapeutics (the
“Company”) or an affiliate of the Company whose employment with the Company or
an affiliate of the Company is involuntarily terminated.  This Plan shall supersede any severance
benefit plan, policy or practice previously maintained by the Company or any
affiliate of the Company.  This Plan
document also is the Summary Plan Description for the Plan.

Section
2.      ELIGIBILITY
FOR BENEFITS.

(a)          General Rules.  Subject to
the requirements set forth in this Section, the Company will grant severance
benefits under the Plan to Eligible Employees.

(1)         Definition of “Eligible Employee.”  For purposes of this Plan, an Eligible Employee is a full-time or a
part-time regular hire employee of the Company or any affiliate of the Company resident in the United States (i) whose
employment is involuntarily terminated by the Company or an affiliate of the
Company as a result of the elimination of his or her job position and (ii)
who is notified by the Company in writing that he or she is eligible for
participation in the Plan.  The
determination of whether an employee is an Eligible Employee shall be made by
the Company, in its sole discretion, and such determination shall be binding
and conclusive on all persons.  For
purposes of this Plan, part-time employees are those regular hire employees who
are regularly scheduled to work more than twenty (20) hours per week but less than
a full-time work schedule.  Regular hire
employees working twenty (20) hours per week or less and temporary employees
are not eligible for severance benefits under the Plan.

(2)         In order to be eligible to receive
benefits under the Plan, an Eligible Employee must remain on the job until his or
her date of termination as scheduled by the Company.

(3)         In order to be eligible to receive
benefits under the Plan, an Eligible Employee also must execute a general
waiver and release in substantially the form attached hereto as Exhibit A,
Exhibit B or Exhibit C, as appropriate, and such release must become effective
in accordance with its terms.  The
Company, in its discretion, may modify the form of the required release to
comply with applicable law and shall determine the form of the required release,
which may be incorporated into a termination agreement or other agreement with
the Eligible Employee.

(b)          Exceptions to Benefit Entitlement. 
An employee, including an employee who otherwise is an Eligible
Employee, will not receive benefits under the Plan (or will receive reduced
benefits under the Plan) in the following circumstances, as determined by the
Company in its sole discretion:

(1)         The employee has executed an individually
negotiated employment contract or agreement with the Company or an affiliate of
the Company  relating to severance
benefits that is in effect on his or her termination date, in which case such
employee’s severance benefit, if any, shall be governed by the terms of such
individually negotiated employment contract or agreement and shall be governed
by this Plan only to the extent that the reduction pursuant to Section 3(c)
below does not entirely eliminate benefits under this Plan.

 

(2)         The employee is involuntarily terminated
for any reason other than the elimination of the employee’s job position.

(3)         The employee voluntarily terminates
employment with the Company or an
affiliate of the Company. 
Voluntary terminations include, but are not limited to, resignation,
retirement or failure to return from a leave of absence on the scheduled date.

(4)         The employee voluntarily terminates
employment with the Company or an affiliate of the Company in order to accept
employment with another entity that is wholly or partly owned (directly or
indirectly) by the Company or an affiliate of the Company.

(5)         The employee is offered an identical or
substantially equivalent or comparable position with the Company or an affiliate of the Company.  For purposes of the foregoing, a
“substantially equivalent or comparable position” is one that offers the
employee substantially the same level of responsibility and compensation.

(6)         The employee is offered immediate
reemployment by a successor to the Company or an affiliate of the Company or by
a purchaser of its assets, as the case may be, following a change in ownership
of the Company or an affiliate of the Company or a sale of substantially all of
the assets of a division or business unit of the Company or an affiliate of the
Company.  For purposes of the foregoing,
“immediate reemployment” means that the employee’s employment with the
successor to the Company or an affiliate of the Company or the purchaser of its
assets, as the case may be, results in uninterrupted employment such that the
employee does not incur a lapse in pay as a result of the change in ownership
of the Company or an affiliate of the Company or the sale of its assets.

(7)         The employee is rehired by the Company or
an affiliate of the Company prior to the date benefits under the Plan are
scheduled to commence.

AMOUNT OF BENEFIT.

(c)          Severance Benefits.  Severance benefits under the Plan, if
any, shall be provided to Eligible Employees described in Section 2 in the
amount provided in Appendix A, as such Appendix A may be revised by the
Company, in its sole discretion, from time to time.

(d)          Additional Benefits.  Notwithstanding the foregoing, the
Company may, in its sole discretion, provide benefits in addition to those
pursuant to Section 3(a) to Eligible Employees or employees who are not
Eligible Employees (“Non-Eligible Employees”) chosen by the Company, in its
sole discretion, and the provision of any such benefits to an Eligible Employee
or a Non-Eligible Employee shall in no way obligate the Company to provide such
benefits to any other Eligible Employee or to any other Non-Eligible Employee,
even if similarly situated.  If benefits
under the Plan are provided to a Non-Eligible Employee, references in the Plan
to “Eligible Employee” (with the exception of Section 3(a)) shall be deemed to
refer to such Non-Eligible Employee.

(e)          Certain Reductions.  The Company, in its sole discretion,
shall have the authority to reduce an Eligible Employee’s severance benefits,
in whole or in part, by any other severance benefits, pay in lieu of notice, or
other similar benefits payable to the Eligible Employee by the Company that
become payable in connection with the Eligible Employee’s termination of
employment pursuant to (i) any applicable legal requirement, including,
without limitation, the Worker Adjustment and Retraining Notification Act (the
“WARN Act”), (ii) a written employment or severance agreement with the
Company, or (iii) any Company policy or practice providing for the
Eligible Employee to remain on the payroll for a limited period of time after
being given notice of the termination of the Eligible Employee’s
employment.  The benefits provided under
this Plan are intended to satisfy, in whole or in part, any and all statutory
obligations that may arise out of an Eligible Employee’s termination of employment,
and the Plan Administrator shall so construe and implement the terms of the
Plan.  The Company’s decision to apply
such reductions to the severance benefits of one Eligible Employee and the
amount of such reductions shall in no way obligate the Company to apply the
same reductions in 

 

the same amounts to the severance benefits of any other Eligible Employee, even
if similarly situated.  In the Company’s
sole discretion, such reductions may be applied on a retroactive basis, with
severance benefits previously paid being recharacterized as payments pursuant
to the Company’s statutory obligation.

TIME OF PAYMENT AND FORM OF BENEFIT.

The Company reserves the
right to determine whether severance benefits under the Plan, if any, shall be
paid in a single sum, in installments, or in any other form and to choose the
timing of such payments.  All such
payments under the Plan will be subject to applicable withholding for federal,
state and local taxes.  If an Eligible
Employee is indebted to the Company at his or her termination date, the Company
reserves the right to offset any severance payments under the Plan by the
amount of such indebtedness.  In no
event shall payment of any Plan benefit be made prior to the Eligible
Employee’s termination date or prior to the effective date of the release
described in Section 2(a)(3).

Section 3.      REEMPLOYMENT.

In the event of an
Eligible Employee’s reemployment by the Company or an affiliate of the Company during the period of time in respect of
which severance benefits pursuant to Sections 3(a) and 3(b) have been
paid, the Company, in its sole and absolute discretion, may require such
Eligible Employee to repay to the Company all or a portion of such severance
benefits as a condition of reemployment.

RIGHT TO INTERPRET PLAN; AMENDMENT
AND TERMINATION.

(a)          Exclusive Discretion.  The Plan
Administrator shall have the exclusive discretion and authority to establish
rules, forms, and procedures for the administration of the Plan and to construe
and interpret the Plan and to decide any and all questions of fact,
interpretation, definition, computation or administration arising in connection
with the operation of the Plan, including, but not limited to, the eligibility
to participate in the Plan and amount of benefits paid under the Plan.  The rules, interpretations, computations and
other actions of the Plan Administrator shall be binding and conclusive on all
persons.

(b)          Amendment or Termination.  The Company
reserves the right to amend or terminate this Plan (including Appendix A) or
the benefits provided hereunder at any time; provided, however, that no
such amendment or termination shall affect the right to any unpaid benefit of
any Eligible Employee whose termination date has occurred prior to amendment or
termination of the Plan.  Any action
amending or terminating the Plan shall be in writing and executed by the Chief
Executive Officer or Chief Financial Officer of the Company.

NO IMPLIED EMPLOYMENT CONTRACT.

The Plan shall not be deemed
(i) to give any employee or other person any right to be retained in the employ
of the Company or an affiliate of the
Company or (ii) to interfere with the right of the Company or an affiliate of
the Company to discharge any employee or other person at any time, with
or without cause, which right is hereby reserved.

LEGAL CONSTRUCTION.

This Plan is intended to be
governed by and shall be construed in accordance with the Employee Retirement
Income Security Act of 1974 (“ERISA”) and, to the extent not preempted by
ERISA, the laws of the State of California.

 

CLAIMS, INQUIRIES AND APPEALS.

(c)          Applications for Benefits and Inquiries. 
Any application for benefits, inquiries about the Plan or inquiries
about present or future rights under the Plan must be submitted to the Plan
Administrator in writing by an applicant (or his or her authorized
representative).  The Plan Administrator
is:

Nektar Therapeutics

150 Industrial Road

San Carlos, CA 94070

 

(d)          Denial of Claims.  In the event
that any application for benefits is denied in whole or in part, the Plan
Administrator must provide the applicant with written or electronic notice of
the denial of the application, and of the applicant’s right to review the
denial.  Any electronic notice will
comply with the regulations of the U.S. Department of Labor.  The notice of denial will be set forth in a
manner designed to be understood by the applicant and will include the
following:

(1)         the specific reason or reasons for the
denial;

(2)         references to the specific Plan
provisions upon which the denial is based;

(3)         a description of any additional
information or material that the Plan Administrator needs to complete the
review and an explanation of why such information or material is necessary; and

(4)         an explanation of the Plan’s review
procedures and the time limits applicable to such procedures, including a
statement of the applicant’s right to bring a civil action under section 502(a)
of ERISA following a denial on review of the claim, as described in Section
9(d) below.

This notice of denial will
be given to the applicant within ninety (90) days after the Plan Administrator
receives the application, unless special circumstances require an extension of
time, in which case, the Plan Administrator has up to an additional ninety (90)
days for processing the application.  If
an extension of time for processing is required, written notice of the
extension will be furnished to the applicant before the end of the initial
ninety (90) day period.

This notice of extension
will describe the special circumstances necessitating the additional time and
the date by which the Plan Administrator is to render its decision on the
application.

(e)          Request for a Review. Any person (or that person’s authorized
representative) for whom an application for benefits is denied, in whole or in
part, may appeal the denial by submitting a request for a review to the Plan
Administrator within sixty (60) days after the application is denied.  A request for a review shall be in writing
and shall be addressed to:

Nektar Therapeutics

150 Industrial Road

San
Carlos, CA 94070

A request for review must
set forth all of the grounds on which it is based, all facts in support of the
request and any other matters that the applicant feels are pertinent.  The applicant (or his or her representative)
shall have the opportunity to submit (or the Plan Administrator may require the
applicant to submit) written comments, documents, records, and other
information relating to his or her claim. 
The applicant (or his or her representative) shall be provided, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to his or her claim.  The review shall take into account all
comments, documents, records and other information submitted by the applicant
(or his or her representative) relating to the claim, without regard to whether
such information was submitted or considered in the initial benefit
determination.

 

(f)            Decision on Review.  The Plan
Administrator will act on each request for review within sixty (60) days after
receipt of the request, unless special circumstances require an extension of
time (not to exceed an additional sixty (60) days), for processing the request
for a review.  If an extension for
review is required, written notice of the extension will be furnished to the
applicant within the initial sixty (60) day period.  This notice of extension will describe the special circumstances
necessitating the additional time and the date by which the Plan Administrator
is to render its decision on the review. 
The Plan Administrator will give prompt, written or electronic notice of
its decision to the applicant. Any electronic notice will comply with the
regulations of the U.S. Department of Labor. 
In the event that the Plan Administrator confirms the denial of the
application for benefits in whole or in part, the notice will set forth, in a
manner calculated to be understood by the applicant, the following:

(1)         the specific reason or reasons for the
denial;

(2)         references to the specific Plan
provisions upon which the denial is based;

(3)         a statement that the applicant is
entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant to his or her
claim; and

(4)         a statement of the applicant’s right to
bring a civil action under section 502(a) of ERISA.

(g)         Rules and Procedures.  The Plan
Administrator will establish rules and procedures, consistent with the Plan and
with ERISA, as necessary and appropriate in carrying out its responsibilities in
reviewing benefit claims.  The Plan
Administrator may require an applicant who wishes to submit additional
information in connection with an appeal from the denial of benefits to do so
at the applicant’s own expense.

(h)         Exhaustion of Remedies.  No legal
action for benefits under the Plan may be brought until the claimant
(i) has submitted a written application for benefits in accordance with
the procedures described by Section 9(a) above, (ii) has been notified by
the Plan Administrator that the application is denied, (iii) has filed a
written request for a review of the application in accordance with the appeal
procedure described in Section 9(c) above, and (iv) has been notified that
the Plan Administrator has denied the appeal. 
Notwithstanding the foregoing, if the Plan Administrator does not
respond to a Participant’s claim or appeal within the relevant time limits
specified in this Section 9, the Participant may bring legal action for
benefits under the Plan pursuant to Section 502(a) of ERISA.

BASIS OF PAYMENTS TO AND FROM PLAN.

All benefits under the Plan
shall be paid by the Company.  The Plan
shall be unfunded, and benefits hereunder shall be paid only from the general
assets of the Company.

OTHER PLAN INFORMATION.

(i)            Employer and Plan Identification Numbers. 
The Employer Identification Number assigned to the Company (which is the
“Plan Sponsor” as that term is used in ERISA) by the Internal Revenue Service
is 94–3134940.  The Plan Number assigned to the Plan
by the Plan Sponsor pursuant to the instructions of the Internal Revenue
Service is 510.

(j)            Ending Date for Plan’s Fiscal Year. 
The date of the end of the fiscal year for the purpose of maintaining
the Plan’s records is December 31.

(k)        Agent for the Service of Legal Process. 
The agent for the service of legal process with respect to the Plan is:

Nektar Therapeutics

150 Industrial Road

San Carlos, CA 94070

 

 

 

(l)            Plan Sponsor and Administrator. 
The “Plan Sponsor” and the “Plan Administrator” of the Plan is:

Nektar Therapeutics

150 Industrial Road

San Carlos, CA 94070

 

The Plan Sponsor’s
and Plan Administrator’s telephone number is (650) 631-3100.  The Plan Administrator is the named
fiduciary charged with the responsibility for administering the Plan.

STATEMENT OF ERISA RIGHTS.

Participants
in this Plan (which is a welfare benefit plan sponsored by Nektar Therapeutics) are entitled to
certain rights and protections under ERISA. 
If you are an Eligible Employee, you are considered a participant in the
Plan and, under ERISA, you are entitled to:

 

Receive Information About Your Plan
and Benefits

 

(a)           Examine,
without charge, at the Plan Administrator’s office and at other specified
locations, such as worksites, all documents governing the Plan and a copy of
the latest annual report (Form 5500 Series) filed by the Plan with the U.S.
Department of Labor and available at the Public Disclosure Room of the Pension
and Welfare Benefit Administration;

 

(b)           Obtain, upon written request
to the Plan Administrator, copies of documents governing the operation of the
Plan and copies of the latest annual report (Form 5500 Series) and updated
Summary Plan Description.  The
Administrator may make a reasonable charge for the copies; and

 

(c)           Receive a summary of the
Plan’s annual financial report.  The
Plan Administrator is required by law to furnish each participant with a copy
of this summary annual report.

 

Prudent
Actions by Plan Fiduciaries

 

In addition to creating
rights for Plan participants, ERISA imposes duties upon the people who are
responsible for the operation of the employee benefit plan.  The people who operate the Plan, called
“fiduciaries” of the Plan, have a duty to do so prudently and in the interest
of you and other Plan participants and beneficiaries.  No one, including your employer, your union or any other person,
may fire you or otherwise discriminate against you in any way to prevent you
from obtaining a Plan benefit or exercising your rights under ERISA.

 

Enforce Your Rights

 

If your claim for a Plan
benefit is denied or ignored, in whole or in part, you have a right to know why
this was done, to obtain copies of documents relating to the decision without
charge, and to appeal any denial, all within certain time schedules.

 

Under ERISA, there are steps
you can take to enforce the above rights. 
For instance, if you request a copy of Plan documents or the latest
annual report from the Plan and do not receive them within 30 days, you may
file suit in a Federal court.  In such a
case, the court may require the Plan Administrator to provide the materials and
pay you up to $110 a day until you receive the materials, unless the materials
were not sent because of reasons beyond the control of the Administrator.

 

If you have a claim for
benefits which is denied or ignored, in whole or in part, you may file suit in
a state or Federal court.  In addition,
if you disagree with the Plan’s decision or lack thereof concerning the
qualified status of a domestic relations order or a medical child support
order, you may file suit in Federal court.

 

 

If it should happen that
Plan fiduciaries misuse the Plan’s money, or if you are discriminated against
for asserting your rights, you may seek assistance from the U.S. Department of
Labor, or you may file suit in a Federal court.  The court will decide who should pay court costs and legal
fees.  If you are successful, the court
may order the person you have sued to pay these costs and fees.  If you lose, the court may order you to pay
these costs and fees, for example, if it finds your claim is frivolous.

 

Assistance with Your Questions

 

If
you have any questions about the Plan, you should contact the Plan
Administrator.  If you have any
questions about this statement or about your rights under ERISA, or if you need
assistance in obtaining documents from the Plan Administrator, you should
contact the nearest office of the Pension and Welfare Benefits Administration,
U.S. Department of Labor, listed in your telephone directory or the Division of
Technical Assistance and Inquiries, Pension and Welfare Benefits Administration,
U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C.
20210.  You may also obtain certain
publications about your rights and responsibilities under ERISA by calling the
publications hotline of the Pension and Welfare Benefits Administration.

 

EXECUTION.

To record the adoption of
the Plan as set forth herein, effective as of  December 6, 2002, Nektar Therapeutics  has caused its duly authorized officer to execute the
same this 6th day of December 2002.

 

	
   

  	
  NEKTAR THERAPEUTICS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRIGID A. MAKES

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer, Vice President, Finance and AdministrationQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.10    
  

SIXTH SUPPLEMENTAL INDENTURE  

        This Sixth Supplemental Indenture, dated as of December 3, 2002 (this "Supplemental Indenture"), is made by
and among Mrs. Fields' Original Cookies, Inc., a Delaware corporation (or its permitted successor) (the "Company"), Great American Cookie
Company, Inc., a Delaware corporation and a subsidiary of the Company ("Great American"), Pretzelmaker, Inc., a Utah corporation and a
subsidiary of the Company ("Pretzelmaker"), Pretzel Time, Inc., a Utah corporation and a subsidiary of the Company
("Pretzel Time"), and Mrs. Fields Gifts, Inc., a Utah corporation and a subsidiary of the Company (the
"Guaranteeing Subsidiary"), and The Bank of New York, as trustee under the Indenture referred to herein (the
"Trustee"). The Guaranteeing Subsidiary together with the other Guarantors defined in the Indenture referred to herein are referred to as the
"Guarantors." 

W I T N E S S E T H:  

        WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture, dated as of November 26, 1997, as amended by the First Supplemental
Indenture, dated as of August 24, 1998, the Second Supplemental Indenture, dated as of August 24, 1998, the Third Supplemental Indenture, dated as of November 20, 1998, the Fourth
Supplemental Indenture, dated as of December 30, 1998, and the Fifth Supplement Indenture, dated as of April 4, 2000 (as so amended, the
"Indenture"), providing for the issuance of an aggregate principal amount of up to $200.0 million of 101/8% Notes due 2004 (the
"Notes"); 

        WHEREAS,
The Mrs. Fields' Brand, Inc., a Delaware corporation and a Guarantor under the Indenture ("MFB"), was merged with
and into the Company in accordance with the Indenture on November 22, 2002 and, accordingly, is no longer a party to the Indenture; 

        WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Company's Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the
"Guarantee"); 

        WHEREAS,
the Guaranteeing Subsidiary was formed on the date of this Supplemental Indenture and, as of such date, had assets with a fair market value in excess of $100,000; 

        WHEREAS,
pursuant to Section 4.19 of the Indenture, the Guaranteeing Subsidiary is required, as a result of its formation, to execute and deliver this Supplemental Indenture; and 

        WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

        NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee
mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

	1.
	Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

	2.
	Agreement to Guarantee. The Guaranteeing Subsidiary hereby agree as follows:

	(a)
	Along
with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

	(i)
	the
principal of and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and
interest on the overdue 

 

principal
of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed,
all in accordance with the terms hereof and thereof; and 

	(ii)
	in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due
or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 

	(b)
	The
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.

	(c)
	The
following is hereby waived: diligence presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever.

	(d)
	This
Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture.

	(e)
	If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian, Trustee, liquidator or other similar official acting in
relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect.

	(f)
	The
Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby.

	(g)
	As
between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee.

	(h)
	The
Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders
under the Guarantee.

	(i)
	Pursuant
to Section 10.02 of the Indenture, after giving effect to any maximum amount and any other contingent and fixed liabilities that are relevant under any applicable
Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under Article 10 of the Indenture shall result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. 

2

 

	3.
	Execution and Delivery. The Guaranteeing Subsidiary agree that the Guarantee shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Guarantee.

	4.
	Guaranteeing Subsidiary May Consolidate, Etc. on Certain Terms.
	(a)
	The
Guaranteeing Subsidiary may not consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another corporation, Person or entity whether or not
affiliated with such Guarantor unless:

	(i)
	subject
to Section 10.05 of the Indenture, the Person formed by or surviving any such consolidation or merger (if other than a Guarantor or the
Company) unconditionally assumes all the obligations of such Guarantor, pursuant to a supplemental indenture in form and sub stance reasonably satisfactory to the Trustee, under the Notes, the
Indenture and the Guarantee on the terms set forth herein or therein; and

	(ii)
	immediately
after giving effect to such transaction, no Default or Event of Default exists. 

	(b)
	In
case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the
Guarantor, such successor corporation shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor corporation thereupon may
cause to be signed any or all of the Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All
the Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of the
Indenture as though all of such Guarantees had been issued at the date of the execution hereof.

	(c)
	Except
as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in the Indenture or in any of the Notes shall
prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially
as an entirety to the Company or another Guarantor. 

	5.
	Releases.
	(a)
	In
the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital
stock of any Guarantor, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor) or the
corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its
Guarantee; provided that the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10
of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in
accordance with the provisions of the Indenture, including without limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the
release of any Guarantor from its obligations under its Guarantee. 

3

 

	(b)
	Any
Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of
any Guarantor under the Indenture as provided in Article 10 of the Indenture. 

	6.
	No Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the
Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company, the Guaranteeing Subsidiary or under the Notes, any Guarantees, the Indenture or this Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that
such a waiver is against public policy.

	7.
	NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

	8.
	Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all
of them together represent the same agreement.

	9.
	Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

	10.
	The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantors and the Company. 

        [Remainder of Page Intentionally Left Blank] 

4

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written. 

	MRS. FIELDS GIFTS, INC.	 	 	 	MRS. FIELDS' ORIGINAL COOKIES, INC.
	

By: /s/ Michael R. Ward
 Name: Michael R. Ward

Title: Senior Vice President	
 	

 	
 	

By: /s/ Michael R. Ward
 Name: Michael R. Ward

Title: Senior Vice President
	
PRETZEL TIME, INC.	
 	

 	
 	

GREAT AMERICAN COOKIE COMPANY, INC.
	

By: /s/ Michael R. Ward
 Name: Michael R. Ward

Title: Senior Vice President	
 	

 	
 	

By: /s/ Michael R. Ward
 Name: Michael R. Ward

Title: Senior Vice President
	
PRETZELMAKER, INC.	
 	

 	
 	

THE BANK OF NEW YORK, AS TRUSTEE
	

By: /s/ Michael R. Ward
 Name: Michael R. Ward

Title: Senior Vice President	
 	

 	
 	

By: /s/ Michael Pitfick
 Name: Michael Pitfick

Title: Assistant Vice President

5

QuickLinks

Exhibit 4.10

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