Document:

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                                                                    Exhibit 10.9

                               DEAN & DELUCA, INC.

                           INVESTORS' RIGHTS AGREEMENT

                                NOVEMBER 30, 1999

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                                TABLE OF CONTENTS

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1.  DEFINITIONS................................................................1

2.  REGISTRATION RIGHTS........................................................2
    2.1  Demand Registration...................................................2
    2.2  Company Registration..................................................4
    2.3  Form S-3 Registration.................................................5
    2.4  Obligations of the Company............................................6
    2.5  Termination of Registration Rights....................................7
    2.6  Furnish Information...................................................7
    2.7  Indemnification.......................................................8
    2.8  Rule 144 Reporting...................................................10
    2.9  Assignment of Registration Rights....................................10
    2.10 Amendment of Registration Rights.....................................10
    2.11 Limitations on Subsequent Registration Rights........................11
    2.12 "Market Stand-Off" Agreement.........................................11

3.  COVENANTS OF THE COMPANY..................................................11
    3.1  Basic Financial Information and Reporting............................11
    3.2  Material Changes and Litigation......................................12
    3.3  Inspection Rights....................................................12
    3.4  Board Information Rights.............................................13
    3.5  Confidentiality of Records...........................................13
    3.6  Employee Agreements..................................................13
    3.7  Termination of Covenants.............................................13

4.  RIGHTS OF FIRST REFUSAL...................................................14
    4.1  Subsequent Offerings.................................................14
    4.2  Exercise of Rights...................................................14
    4.3  Issuance of Equity Securities to Other Persons.......................14
    4.4  Termination of Rights of First Refusal...............................14
    4.5  Transfer of Rights of First Refusal..................................14
    4.6  Excluded Securities..................................................14

5.  LEGENDS...................................................................15
    5.1   Legends.............................................................15

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                                         TABLE OF CONTENTS

                                            (CONTINUED)

                                                                            PAGE

6.  MISCELLANEOUS.............................................................16
    6.1  Governing Law........................................................16
    6.2  Survival.............................................................16
    6.3  Successors and Assigns...............................................16
    6.4  Severability.........................................................16
    6.5  Amendment and Waiver.................................................16
    6.6  Delays or Omissions..................................................16
    6.7  Notices, etc.........................................................16
    6.8  Attorneys' Fees......................................................17
    6.9  Titles and Subtitles.................................................17
    6.10 Counterparts.........................................................17

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                               DEAN & DELUCA, INC.

                           INVESTORS' RIGHTS AGREEMENT

         This INVESTORS' RIGHTS AGREEMENT (this "AGREEMENT") is entered into as
of November 30, 1999, by and among Dean & DeLuca, Inc., a Delaware corporation
(the "COMPANY"), and Hummer Winblad Venture Partners IV, L.P. (the "INVESTOR").

                                    RECITALS

         A. The Company proposes to sell and issue up to 3,669,760 shares of its
Series A Convertible Preferred Stock, par value $0.01 per share (the "PREFERRED
STOCK"), pursuant to that certain Series A Convertible Preferred Stock Purchase
Agreement dated of even date herewith (the "SERIES A AGREEMENT");

         B. The execution of this Agreement is a condition to the closing of the
transactions contemplated by the Series A Agreement.

         C. The Company desires to enter into this Agreement and grant to the
investors the rights contained herein in order to fulfill such condition.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, the parties hereby agree as follows:

1.       DEFINITIONS

                  1.1 The term "HOLDER" means any investor owning of record
Registrable Securities that have not been sold to the public or any assignee of
record of such Registrable Securities in accordance with Section 2.9 hereof.

                  1.2 The terms "REGISTER," "REGISTERED," and "REGISTRATION"
refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act, and the declaration or ordering
of effectiveness of such registration statement.

                  1.3 The term "REGISTRABLE SECURITIES" means (a) shares of
common stock, par value $0.01 per share (the "COMMON STOCK"), of the Company
issued or issuable upon conversion of the Preferred Stock, (b) shares of Common
Stock purchased by the Holder or issued or issuable to the Holder upon
conversion of other securities purchased by the Holder pursuant to its right of
first refusal in Section 4 of this Agreement, and (c) any Common Stock of the
Company issued as (or issuable upon the conversion or exercise of any warrant,
right or other security which is issued as) a dividend or other distribution
with respect to, or in exchange for or in replacement of, such above-described
securities. Notwithstanding the foregoing, Registrable Securities shall not
include any securities sold by a person to the public either pursuant to a
registration statement, Section 4(1) of the Securities Act or Rule 144 under

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the Securities Act ("RULE 144") or sold in a private transaction in which the
transferor's rights under Section 2 of this Agreement with respect to such
registration rights are not assigned.

                  1.4 "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended, or any similar United States federal statute and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at
the time.

                  1.5 The term "FORM S-3" means such form under the Securities
Act as in effect on the date hereof or any successor registration form under the
Securities Act subsequently adopted by the SEC which permits inclusion or
incorporation of substantial information by reference to other documents filed
by the Company with the SEC.

                  1.6 The term "SEC" or "COMMISSION" means the United States
Securities and Exchange Commission.

2.       REGISTRATION RIGHTS.

                  2.1 DEMAND REGISTRATION.

                  (A) Subject to the conditions of this Section 2.1, if the
Company shall receive at any time after the earlier of (i) one hundred and
eighty (180) days after the effective date of the Company's first registered
public offering of its capital stock, or (ii) October 31, 2002, a written
request from the Holders of not less than thirty percent (30%) of the
Registrable Securities (the "INITIATING HOLDERS") that the Company file a
registration statement under the Securities Act covering the registration of at
least such Registrable Securities that will have an aggregate sales price to the
public in excess of Ten Million Dollars ($10,000,000), then the Company shall,
within thirty (30) days of the receipt thereof, give written notice of such
request to all Holders, and, subject to the limitations of Section 2.1(b),
effect, as soon as practicable, the registration under the Securities Act of all
Registrable Securities that the Holders request to be registered.

                  (B) In the event that a registration pursuant to Section 2.1
is for a registered public offering involving an underwriting, the Initiating
Holders will so advise the Company as part of the written request given by such
Initiating Holders and the Company shall in turn so advise the Holders. The
right of any Holder to include its Registrable Securities in such registration
shall be conditioned upon such Holder's participation in such underwriting and
the inclusion of such Holder's Registrable Securities in the underwriting to the
extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters. Notwithstanding any other
provision of this Section 2.1, if the underwriter advises the Company in writing
that marketing factors require a limitation of the number of securities to be
underwritten (including Registrable Securities) then the Company shall so advise
all Holders of Registrable Securities which would otherwise be underwritten
pursuant hereto, and the number of shares that may be included in the
underwriting shall be allocated, first, to the Holders of Registrable Securities
on a pro rata basis based

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on the number of Registrable Securities held by all such Holders (including the
Initiating Holders); second, to shares to be registered and sold for the
Company's own account; and third, to the stockholders (other than the Holders)
invoking contractual rights to have their securities registered, if any, on a
pro rata basis.

                  (C) The Company is obligated to effect only two (2) such
registrations pursuant to this Section 2.1. A registration pursuant to this
Section 2.1 may be the first public offering of the Company's Securities (the
"INITIAL OFFERING").

                  (D) The Company shall not be required to effect a registration
pursuant to this Section 2.1 during the period starting with the date of filing
of, and ending on the date which is one hundred and eighty (180) days following
the effective date of the registration statement pertaining to the Initial
Offering, provided that the Company is making reasonable and good faith efforts
to cause such registration statement to become effective. In addition, the
Company shall not be required to effect a registration pursuant to this Section
2.1 if within thirty (30) days of receipt of a written request from the
Initiating Holders pursuant to Section 2.1(a), the Company gives notice to the
Holders of the Company's intention to make its Initial Offering and files the
registration statement with respect thereto within sixty (60) days of such
notice; PROVIDED, HOWEVER, that the Company may not exercise its rights under
this sentence more than twice and that the Company is actively employing in good
faith all reasonable efforts to cause such registration statement to become
effective.

                  (E) The Company shall be entitled to postpone the filing of
any registration statement otherwise required to be prepared and filed by the
Company pursuant to this Section 2.1 or Section 2.3 hereof, or suspend the use
of any effective registration statement under this Section 2.1 or Section 2.3
hereof, for a reasonable period of time which shall be as short as practicable,
but in any event not in excess of one hundred and twenty (120) days (a "DELAY
PERIOD"), if the Company (i) determines in good faith that the registration and
distribution of the Registrable Securities covered or to be covered by such
registration statement, or the disclosure required by such registration
statement, would materially interfere with any pending material financing,
acquisition or corporate reorganization, or other material corporate development
involving the Company or its subsidiaries, or would require premature disclosure
thereof, and (ii) promptly gives the Holders written notice of such
determination that contains a statement of the reasons for such postponement and
an approximation of the period of the anticipated delay; provided that the
Company shall not be entitled to exercise this right more than once in any
twelve (12) month period. If the Company shall so postpone the filing of a
registration statement, the Holders shall have the right to withdraw the request
for registration by giving written notice from the holders of a majority of the
Registrable Securities that were to be registered to the Company within 60 days
after receipt of the notice of postponement or, if earlier, the termination of
such Delay Period.

               (F) All expenses incurred in connection with each registration by
the Holders pursuant to this Section 2.1 (excluding underwriters' discounts and
commissions and broker's fees and any transfer taxes relating to the disposition
of the Registrable Securities, which shall be paid by the selling Holders pro
rata), including without limitation all registration, filing, qualification,
printers' and accounting fees, fees and disbursements of counsel for the
Company, and the reasonable fees and disbursements of a single counsel

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for the selling Holder shall be borne by the Company; PROVIDED, HOWEVER, that
the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Section 2.1 if the registration request is
subsequently withdrawn by the Initiating Holder, unless the withdrawal of the
registration request results from either (i) intentional actions by the Company
outside the normal course of business, or (ii) the discovery of information
about the Company, that is not known at the time of the Initiating Holders'
request made pursuant to Section 2.1(a), that materially reduces the feasibility
of the registration proceeding.

               (G) For purposes of any registration pursuant to this Section
2.1, Messrs. Dane J. Neller and Leslie G. Rudd and the Samantha Lauren Rudd Gift
Trust shall be deemed to be Holders and any Shares issued or issuable upon
exercise of common stock purchase warrants held by such Holders as of the date
of this Agreement (the "Warrants") are deemed to be Registrable Securities;
provided that Messrs. Dane J. Neller and Leslie G. Rudd and the Samantha Lauren
Rudd Gift Trust shall not be considered Holders for purposes of making the
request pursuant to Section 2.1(a).

               2.2 COMPANY REGISTRATION. The Company shall promptly notify all
Holders of Registrable Securities in writing of the filing of any registration
statement under the Securities Act, which notice, in the case of the Investor,
shall be provided at least ten (10) days prior to such filing, for purposes of a
public offering of securities of the Company (including, but not limited to,
registration statements relating to secondary offerings of securities of the
Company, but excluding registration statements relating to employee benefit
plans, mergers, acquisitions or similar corporate transactions, and corporate
reorganizations) and will afford each such Holder an opportunity to include in
such registration statement all or part of such Registrable Securities held by
such Holder. Each Holder desiring to include in any such registration statement
(or an amendment to such registration statement) all or any part of the
Registrable Securities held by it shall, within ten (10) days after receipt of
the above-described notice from the Company, so notify the Company in writing.
Such notice shall state the intended method of disposition of the Registrable
Securities by such Holder. If a Holder decides not to include all of its
Registrable Securities in any registration statement thereafter filed by the
Company, such Holder shall nevertheless continue to have the right to include
any Registrable Securities in any subsequent registration statement or
registration statements as may be filed by the Company with respect to offerings
of its securities, all upon the terms and conditions set forth herein.

               (A) If the registration statement under which the Company gives
notice under this Section 2.2 is for an underwritten offering, the Company shall
so advise the Holders of Registrable Securities. In such event, the right of any
such Holder to be included in a registration pursuant to this Section 2.2 shall
be conditioned upon such Holder's participation in such underwriting and the
inclusion of such Holder's Registrable Securities in the underwriting to the
extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwriting. If the underwriter determines in good faith that marketing factors
require a limitation of the number of shares to be underwritten, the number of
shares that may be included in the underwriting shall be allocated, first, to
the Company for its own account; second, to the Holders on a pro rata basis
based on the total number

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of Registrable Securities held by the Holders (including shares of capital stock
issued or issuable upon exercise of Warrants held by Dane J. Neller, Leslie G.
Rudd or The Samantha Lauren Rudd Gift Trust); and third, to any stockholder
(other than a Holder, Mr. Rudd, Mr. Neller or The Samantha Lauren Rudd Gift
Trust) invoking contractual rights to have their securities registered, if any,
on a pro rata basis. No such reduction shall reduce the securities being offered
by the Company for its own account to be included in the registration and
underwriting, except that in no event shall the amount of securities of the
selling Holders included in the registration be reduced below thirty percent
(30%) of the total amount of securities included in such registration, unless
such offering is the Initial Offering and such registration does not include
shares of any other selling stockholders, in which event any or all of the
Registrable Securities of the Holders may be excluded in accordance with the
immediately preceding sentence. If any Holder disapproves of the terms of any
such underwriting, he may elect to withdraw therefrom by written notice to the
Company and the underwriter. Any Registrable Securities excluded or withdrawn
from such underwriting shall be withdrawn from the registration.

               (B) The Company shall bear all fees and expenses incurred in
connection with any registration under this Section 2.2, including without
limitation all registration, filing, qualification, printers' and accounting
fees, fees and disbursements of counsel to the Company, and the reasonable fees
and disbursements of a single counsel to the selling Holders, except that each
participating Holder shall bear its proportionate share of all amounts payable
to underwriters in connection with such offering for discounts and commissions,
any broker's fees and any transfer taxes relating to the disposition of the
Registrable Securities.

               2.3 FORM S-3 REGISTRATION. In case the Company shall receive from
any Holder or Holders of at least thirty percent (30%) of the Registrable
Securities a written request or requests that the Company effect a registration
on Form S-3 and any related qualification or compliance with respect to all or a
part of the Registrable Securities owned by such Holder or Holders, the Company
will:

                       (i) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders
of Registrable Securities; and

                       (ii) as soon as practicable, effect such registration and
all such qualifications and compliances as may be so requested and as would
permit or facilitate the sale and distribution of all or such portion of such
Holder's or Holders' Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any other
Holder or Holders joining in such request as are specified in a written request
given within fifteen (15) days after receipt of such written notice from the
Company; PROVIDED, HOWEVER, that the Company shall not be obligated to effect
any such registration, qualification or compliance pursuant to this Section 2.3
(a) if Form S-3 is not available to the Company for such offering by the
Holders, (b) if the Holders, together with the holders of any other securities
of the Company entitled to inclusion in such registration, propose to sell
Registrable Securities and such other securities (if any) at an aggregate price
to the public of less than One Million Dollars ($1,000,000), (c) if the Company
shall furnish to the Holders a certificate signed by the President of the
Company stating that in the good faith judgment of the Board of Directors of the
Company, it would be

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seriously detrimental to the Company and its stockholders for such Form S-3
Registration to be effected at such time, in which event the Company shall have
the right to defer the filing of the Form S-3 registration statement for a
period of not more than ninety (90) days after receipt of the request of the
Holder or Holders under this Section 2.3, (d) if the Company has, within the
twelve (12) month period preceding the date of such request, already effected a
registration on Form S-3 for the Holders pursuant to this Section 2.3, or (e) in
any particular jurisdiction in which the Company would be required to qualify to
do business or to execute a general consent to service of process in effecting
such registration, qualification or compliance.

                       (iii) Subject to the foregoing, the Company shall file a
Form S-3 registration statement covering the Registrable Securities and other
securities so requested to be registered as soon as practicable after receipt of
the request or requests of the Holders. The Company shall pay all expenses
incurred in connection with any registrations requested pursuant to this Section
2.3 (excluding underwriters' discounts and commissions, any broker's fees and
any transfer taxes relating to the disposition of the Registrable Securities,
which shall be paid by the selling Holders pro rata), including without
limitation all registration, filing, qualification, printers' and accounting
fees, fees and disbursements of counsel for the Company, and the reasonable fees
and disbursements of a single counsel for the selling Holder or Holders.

               2.4 OBLIGATIONS OF THE COMPANY. Whenever required to effect the
registration of any Registrable Securities, the Company shall, as expeditiously
as reasonably possible:

               (A) Prepare and file with the SEC a registration statement with
respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective, and, upon the request of the Holders
of a majority of the Registrable Securities registered thereunder, keep such
registration statement effective for up to ninety (90) days.

               (B) Prepare and file with the SEC such amendments and supplements
to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement.

               (C) Furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable Securities owned by them.

               (D) Use its best efforts to register and qualify the securities
covered by such registration statement under such other securities or Blue Sky
laws of such jurisdictions as shall be reasonably requested by the Holders,
provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions or to take any action
that would subject it to general service of process or taxation in any such
jurisdiction where it is not then subject.

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               (E) In the event of any underwritten public offering, enter into
and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter(s) of such offering. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

               (F) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing.

               (G) Use its reasonable efforts to cause to be furnished, at the
request of any Holder requesting registration of Registrable Securities, on the
date that such Registrable Securities are delivered to the underwriters for
sale, if such securities are being sold through underwriters, or, if such
securities are not being sold through underwriters, on the date that the
registration statement with respect to such securities becomes effective, (i) an
opinion, dated as of such date, of the counsel representing the Company for the
purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering and reasonably satisfactory to a
majority in interest of the Holders requesting registration, addressed to the
underwriters, if any, and to the Holders requesting registration of Registrable
Securities and (ii) a letter dated as of such date, from the independent
certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in
an underwritten public offering and reasonably satisfactory to a majority in
interest of the Holders requesting registration, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Securities.

               2.5 TERMINATION OF REGISTRATION RIGHTS. All registration rights
granted under this Section 2 shall terminate and be of no further force and
effect on the earlier of (i) the date which is five (5) years following the
Company's Initial Offering and (ii) the date when all Registrable Securities can
be sold without limitation as to volume or manner of sale under Rule 144.

               2.6 FURNISH INFORMATION. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Sections 2.1, 2.2 or
2.3 that the selling Holders shall furnish to the Company such information
regarding themselves, the Registrable Securities held by them, and the intended
method of disposition of such securities as shall be required to effect the
registration of their Registrable Securities. If any such information is not
furnished within a reasonable period of time after receipt by the Holders of a
request for such information, the Company may exclude such Holder's Registrable
Securities from the registration.

               2.7 INDEMNIFICATION. In the event any Registrable Securities are
included in a registration statement under Sections 2.1, 2.2 or 2.3.

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               (A) To the extent permitted by law, the Company will indemnify
and hold harmless each Holder, the partners, officers and directors of each
Holder, any underwriter (as defined in the Securities Act) for such Holder and
each person, if any, who controls such Holder or underwriter within the meaning
of the Securities Act or the Securities Exchange Act of 1934, as amended, (the
"1934 ACT"), against any losses, claims, damages, or liabilities (joint or
several) to which they may become subject under the Securities Act, the 1934 Act
or other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereof) arise out of or are based upon any
of the following statements, omissions or violations (collectively, a
"VIOLATION") by the Company: (i) any untrue statement or alleged untrue
statement of a material fact contained in such registration statement, including
any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto, (ii) the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to
make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company of the Securities Act, the 1934 Act, any state
securities law or any rule or regulation promulgated under the Securities Act,
the 1934 Act or any state securities law in connection with the offering covered
by such registration statement; and the Company will reimburse each such Holder,
partner, officer or director, underwriter or controlling person for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; PROVIDED, HOWEVER,
that the indemnity agreement contained in this Section 2.7(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld), nor shall the Company be liable in any such
case for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation which occurs in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by such Holder or a partner, officer, director,
underwriter or controlling person of such Holder.

               (B) To the extent permitted by law, each selling Holder will
indemnify and hold harmless the Company, each of its directors, each of its
officers, each person, if any, who controls the Company within the meaning of
the Securities Act, any underwriter and any other Holder selling securities
under such registration statement or any of such other Holder's partners,
directors or officers or any person who controls such Holder, against any
losses, claims, damages or liabilities (joint or several) to which the Company
or any such director, officer, controlling person, underwriter or other such
Holder, or partner, director, officer or controlling person of such other Holder
may become subject under the Securities Act, the 1934 Act or other federal or
state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereto) arise out of or are based upon any Violation, in each case to
the extent (and only to the extent) that such Violation occurs in reliance upon
and in conformity with written information furnished by such Holder expressly
for use in connection with such registration; and each such Holder will
reimburse any legal or other expenses reasonably incurred by the Company or any
such director, officer, controlling person, underwriter or other Holder, or
partner, officer, director or controlling person of such other Holder in
connection with investigating or defending any such loss, claim, damage,
liability or action if it is judicially determined that there was such a
Violation; PROVIDED, HOWEVER, that the indemnity agreement contained in this
Section 2.7(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability

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or action if such settlement is effected without the consent of the Holder,
which consent shall not be unreasonably withheld; provided further, that in no
event shall any indemnity under this Section 2.7(b) exceed the net proceeds from
the offering received by such Holder.

               (C) Promptly after receipt by an indemnified Party under this
Section 2.7 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 2.7, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; PROVIDED, HOWEVER, that an indemnified party shall
have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate under
applicable professional standards due to actual or potential differing interests
between such indemnified party and any other party represented by such counsel
in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action, if
materially prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
2.7, but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 2.7.

               (D) If the indemnification provided for in this Section 2.7 is
held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any losses, claims, damages or liabilities referred to
herein, the indemnifying party, in lieu of indemnifying such indemnified party
thereunder, shall to the extent permitted by applicable law contribute to the
amount paid or payable by such indemnified party as a result of such loss,
claim, damage or liability in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other in connection with the Violation(s) that resulted in such
loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by a court of law by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.

               (E) The foregoing indemnity agreements of the Company and Holders
are subject to the condition that, insofar as they relate to any Violation made
in a preliminary prospectus but eliminated or remedied in the amended prospectus
on file with the SEC at the time the registration statement in question becomes
effective or the amended prospectus filed with the SEC pursuant to SEC Rule
424(b) (the "FINAL PROSPECTUS"), such indemnity agreement shall not inure to the
benefit of any person if a copy of the Final Prospectus was furnished to the
indemnified party (or its underwriters) and was not furnished to the person
asserting the loss, liability, claim or damage at or prior to the time such
action is required by the Securities Act.

                                        9

<PAGE>

               (F) The obligations of the Company and Holders under this Section
2.7 shall survive the completion of any offering of Registrable Securities in a
registration statement, and otherwise.

               2.8 RULE 144 REPORTING. With a view to making available the
benefits of certain rules and regulations of the Commission which may at any
time permit the sale of the Registrable Securities to the public without
registration, after such time as a public market exists for the Common Stock of
the Company, the Company agrees to:

               (A) Make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
after the effective date that the Company becomes subject to the reporting
requirements of the Securities Act or the 1934 Act;

               (B) File with the Commission in a timely manner all reports and
other documents required of the Company under the Securities Act and the 1934
Act (at any time after it has become subject to such reporting requirements);
and

               (C) Furnish to any Holder forthwith upon request a written
statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time after ninety (90) days after the effective date of the
first registration statement filed by the Company for an offering of its
securities to the general public), and of the Securities Act and the 1934 Act
(at any time after it has become subject to such reporting requirements), a copy
of the most recent annual or quarterly report of the Company, and such other
reports and documents of the Company and other information in the possession of
or reasonably obtainable by the Company as such Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing such Holder
to sell any such securities without registration.

               2.9 ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause the
Company to register Registrable Securities pursuant to this Section 2 may be
assigned by a Holder to a transferee or assignee of Registrable Securities;
PROVIDED, HOWEVER, that no such transferee or assignee shall be entitled to
registration rights under Sections 2.1, 2.2 or 2.3 hereof unless it owns a
minimum of 100,000 shares of Registrable Securities (as presently constituted
and subject to subsequent adjustments for stock splits, stock dividends, reverse
stock splits and similar events), and the Company shall promptly be furnished
with written notice of the name and address of such transferee or assignee and
the securities with respect to which such registration rights are being
assigned. Notwithstanding the foregoing, rights to cause the Company to register
securities may be assigned to any subsidiary or parent company of a Holder or
any partner of any Holder.

               2.10 AMENDMENT OF REGISTRATION RIGHTS. Any provision of this
Section 2 may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Holders of
a majority of the Registrable Securities. Any amendment or waiver effected in
accordance with this Section 2.10 shall be binding upon each Holder and the
Company. By acceptance of any benefits under this Section 2, Holders of
Registrable Securities hereby agree to be bound by the provisions hereunder.

                                       10

<PAGE>

               2.11 LIMITATIONS ON SUBSEQUENT REGISTRATION RIGHTS. After the
date of this Agreement, the Company shall not, without the prior written consent
of the Holders of a majority of the Registrable Securities, enter into any
agreement with any holder or prospective holder of any securities of the Company
that would permit such holder to participate in any registration of securities
of the Company or that the Company register any securities held by such holder,
unless the registration rights of such holder or prospective holders are
subordinate to the registration rights of the Holders.

               2.12 "MARKET STAND-OFF" AGREEMENT. Each Holder hereby agrees that
during the one hundred eighty (180) day period following the effective date of a
registration statement of the Company filed under the Securities Act, it shall
not, to the extent requested by the Company and the managing underwriter, sell
or otherwise transfer or dispose of (other than to donees who agree to be
similarly bound) any Registrable Securities or Common Stock of the Company held
by it at any time during such period except Common Stock included in such
registration; PROVIDED, HOWEVER, that:

               (A) Such agreement shall be applicable only to the first such
registration statement of the Company which covers Common Stock (or other
securities) to be sold on its behalf to the public in an underwritten offering;
and

               (B) All officers and directors of the Company and all other
persons with registration rights (whether or not pursuant to this Agreement)
enter into similar agreements.

        In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the Registrable Securities of each
Holder (and the shares or securities of every other person subject to the
foregoing restriction) until the end of such period.

3.      COVENANTS OF THE COMPANY.

               3.1 BASIC FINANCIAL INFORMATION AND REPORTING.

               (A) The Company will maintain true books and records of account
in which full and correct entries will be made of all its business transactions
pursuant to a system of accounting established and administered in accordance
with generally accepted accounting principles consistently applied, and will set
aside on its books all such proper accruals and reserves as shall be required
under generally accepted accounting principles consistently applied.

               (B) As soon as practicable after the end of each fiscal year of
the Company, and in any event within ninety (90) days thereafter, the Company
will furnish each Holder an audited consolidated balance sheet of the Company,
as at the end of such fiscal year, and an audited consolidated statement of
income and an audited consolidated statement of cash flows of the Company, for
such year, all prepared in accordance with generally accepted accounting
principles and setting forth in each case in comparative form the figures for
the previous fiscal year, all in reasonable detail. Such financial statements
shall be accompanied by a report and opinion thereon by independent public
accountants of national standing selected by the Company's Board of Directors.

                                       11

<PAGE>

               (C) So long as a Holder shall own at least 100,000 shares of
Registrable Securities (as presently constituted and subject to subsequent
adjustments for stock splits, stock dividends, reverse stock splits and similar
events), as soon as practicable after the end of the first, second and third
quarterly accounting periods in each fiscal year of the Company, and in any
event within forty-five (45) days thereafter, the Company will furnish each such
Holder an unaudited consolidated balance sheet of the Company as of the end of
each such quarterly period, and an unaudited consolidated statement of income
and a consolidated statement of cash flows of the Company for such period and
for the current fiscal year to date, each showing a comparison to the budget
distributed to the Board of Directors, prepared in accordance with generally
accepted accounting principles, with the exception that no notes need be
attached to such statements and year-end audit adjustments may not have been
made.

               (D) So long as a Holder shall own at least 100,000 shares of
Registrable Securities (as presently constituted and subject to subsequent
adjustments for stock splits, stock dividends, reverse stock splits and similar
events), the Company will furnish each such Holder (i) at least thirty (30) days
prior to the beginning of each fiscal year an annual budget and operating plans
for such fiscal year; and (ii) within thirty (30) days after the end of each
month, an unaudited balance sheet and statements of income and cash flows,
prepared in accordance with generally accepted accounting principles (other than
for accompanying notes and subject to year-end adjustments), which also set
forth applicable budget figures and variances from budget.

               3.2 MATERIAL CHANGES AND LITIGATION. So long as a Holder shall
own at least 100,000 shares of Registrable Securities (as presently constituted
and subject to subsequent adjustments for stock splits, stock dividends, reverse
stock splits and similar events), as soon as practicable and in any event within
ten (10) days of becoming aware thereof, the Company will notify each such
Holder of any litigation or governmental proceeding or investigation pending or,
to the best knowledge of the Company, threatened against the Company, or against
any officer or stockholder of the Company, or of the occurrence of any other
event, materially affecting, or which if adversely determined, would materially
adversely affect, the present or presently proposed business, properties,
assets, liabilities or prospects of the Company.

               3.3 INSPECTION RIGHTS. So long as a Holder shall own at least
100,000 shares of Registrable Securities (as presently constituted and subject
to subsequent adjustments for stock splits, stock dividends, reverse stock
splits and similar events), each such Holder shall have the right to visit and
inspect any of the properties of the Company or any of its subsidiaries, and to
discuss the affairs, finances and accounts of the Company or any of its
subsidiaries with its officers, all at such reasonable times and as often as may
be reasonably requested; PROVIDED, HOWEVER, that the Company shall not be
obligated under this Section 3.3 with respect to a competitor of the Company or
with respect to information which the Board of Directors determines in good
faith is confidential and should not, therefore, be disclosed.

               3.4 BOARD INFORMATION RIGHTS. So long as the Investor
beneficially owns not less than five percent (5%) of the Company's outstanding
capital stock and is not represented on the Company's Board of Directors, the
Company shall provide the Investor with copies of all notices, minutes,

                                       12

<PAGE>

consents and other materials provided to its directors; PROVIDED, HOWEVER, that
the Company reserves the right to withhold access to any such material that the
Company believes, upon advice of counsel, that withholding such material is
necessary to protect the attorney-client privilege or to protect highly
confidential proprietary information that may be of a competitive nature with
that of Investor or Investor's principal business. The Investor agrees to hold
in confidence and trust and not use or disclose any confidential information
provided to or learned by it in connection with its rights under this Section
3.4.

               3.5 CONFIDENTIALITY OF RECORDS. Each Holder agrees to use, and to
use its best efforts to insure that its authorized representatives use, the same
degree of care as such Holder uses to protect its own confidential information
to keep confidential any information furnished to it which the Company
identified or marked as being confidential or proprietary (so long as such
information is not in the public domain), except that such Holder may disclose
such proprietary or confidential information to any partner, subsidiary or
parent of such Holder for the purpose of evaluating its investment in the
Company as long as such partner, subsidiary or parent is advised of and agrees
to comply with the confidentiality provisions of this Section 3.5.

               3.6 EMPLOYEE AGREEMENTS. All key employees and consultants (as
defined in policies adopted from time to time by the Board of Directors) of the
Company hired or retained after the date of this Agreement shall be required to
execute a Proprietary Information and Inventions Agreements in the form attached
to the Series A Agreement as EXHIBIT G with such amendments thereto as the Board
of Directors may from time to time deem appropriate. All stock options granted
to future employees, directors and consultants of the Company shall provide for
vesting of shares in accordance with the vesting provisions currently in place
under the Company's stock option plan, with such amendments thereto as the Board
of Directors may approve. The stock options shall provide that Company has a
right of first refusal to purchase any and all stock acquired on exercise of the
stock option or other right to purchase such stock granted after the date
hereof, and prior to the Initial Offering, to employees, officers, directors or
consultants of the Company.

               3.7 TERMINATION OF COVENANTS. All covenants of the Company
contained in Section 3 of this Agreement shall expire and terminate as to each
Holder upon the earlier of (i) the date that each such Holder no longer holds
Registrable Securities and (ii) the date that the Company first becomes subject
to the reporting obligations of the 1934 Act, as amended.

4.      RIGHTS OF FIRST REFUSAL.

               4.1 SUBSEQUENT OFFERINGS. Each Holder shall have the right of
first refusal to purchase its pro rata share of all equity securities that the
Company may, from time to time, propose to sell and issue after the date of this
Agreement, other than the equity securities excluded by Section 4.6 hereof. Each
Holder's pro rata share is equal to the ratio of the number of shares of
Preferred Stock (or Common Stock issuable upon conversion thereof) with respect
to which such Holder is deemed to be a holder immediately prior to the issuance
of such equity securities to the total number of outstanding shares of Preferred
Stock or Common Stock of the Company.

                                       13

<PAGE>

               4.2 EXERCISE OF RIGHTS. If the Company proposes to issue any
equity securities, it shall give each Holder written notice of its intention,
describing the equity securities, the price, and the terms and conditions upon
which the Company proposes to issue the same. Each Holder shall have ten (10)
days from the receipt of such notice to agree to purchase its pro rata share of
the equity securities for the price and upon the terms and conditions specified
in the notice by giving written notice to the Company and stating therein the
quantity of equity securities to be purchased. Notwithstanding the foregoing,
the Company shall not be required to offer or sell such equity securities to any
Holder who would cause the Company to be in violation of applicable federal or
state securities laws by virtue of such offer or sale.

               4.3 ISSUANCE OF EQUITY SECURITIES TO OTHER PERSONS. If the
Holders fail to exercise in full the rights of first refusal within such ten
(10) day period, the Company shall have ninety (90) days thereafter to sell the
equity securities in respect of which the Holders' rights were not exercised, at
a price and upon terms and conditions no more favorable to the purchasers
thereof than specified in the Company's notice to the Holders pursuant to
Section 4.2 hereof. If the Company has not sold such equity securities within
such ninety (90) days, the Company shall not thereafter issue or sell any equity
securities, without first offering such securities to the Holders in the manner
provided above.

               4.4 TERMINATION OF RIGHTS OF FIRST REFUSAL. The rights of first
refusal established by this Section 4 shall terminate upon the closing of an
underwritten public offering of Common Stock of the Company made pursuant to an
effective registration statement under the Securities Act, but shall apply to
the issuance of shares of Common Stock in such offering.

               4.5 TRANSFER OF RIGHTS OF FIRST REFUSAL. The rights of first
refusal of each Holder under this Section 4 may be transferred to any subsidiary
or parent company of such Holder, to any partner of such Holder or to any
successor in interest to all or substantially all the assets of such Holder.

               4.6 EXCLUDED SECURITIES. The rights of first refusal established
by this Section 4 shall have no application to any of the following equity
securities:

               (A) up to 1,077,320 shares of Common Stock (and/or options,
warrants or other Common Stock purchase rights issued pursuant to such options,
warrants or other rights) issued or to be issued to employees, officers or
directors of, or consultants or advisors to the Company or any subsidiary,
pursuant to stock purchase or stock option plans or other arrangements that are
approved by the Board of Directors of the Company;

               (B) any equity securities issued pursuant to any rights or
agreements outstanding as of the date of this Agreement, including without
limitation convertible securities, options and warrants; and any equity
securities issued pursuant to any such rights or agreements granted after the
date of this Agreement, provided that the rights of first refusal established by
this Section 4 applied with respect to the initial sale or grant by the Company
of such rights or agreements;

                                       14

<PAGE>

               (C) any equity securities issued for consideration other than
cash pursuant to a merger, consolidation, acquisition or similar business
combination;

               (D) any equity securities that are issued by the Company as part
of an underwritten public offering referred to in Section 4.4 hereof, except as
otherwise provided therein;

               (E) shares of Common Stock issued in connection with any stock
split, stock dividend or recapitalization by the Company; and

               (F) shares of Common Stock issued upon conversion of the
Preferred Stock.

5.      LEGENDS.

               5.1 LEGENDS. Each Investor understands that the share
certificates evidencing any Registrable Securities shall be endorsed with the
following legends (in addition to any legends required under applicable state
securities laws):

               (A) "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933."

               (B) "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
THE TERMS AND CONDITIONS OF AN INVESTORS' RIGHTS AGREEMENT WHICH PLACES CERTAIN
RESTRICTIONS ON THE SHARES REPRESENTED HEREBY. ANY PERSON ACCEPTING ANY INTEREST
IN SUCH SHARES SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE
PROVISIONS OF SUCH AGREEMENT. A COPY OF SUCH INVESTORS' RIGHTS AGREEMENT WILL BE
FURNISHED TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON WRITTEN
REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS."

               (C) Any legend required to be placed thereon by any applicable
state securities laws.

6.      MISCELLANEOUS.

               6.1 GOVERNING LAW. This Agreement shall be governed in all
respects by the laws of Delaware.

               6.2 SURVIVAL. The representations, warranties, covenants, and
agreements made herein shall survive for as long as any Holder holds Registrable
Securities.

                                       15

<PAGE>

               6.3 SUCCESSORS AND ASSIGNS. Except as otherwise expressly
provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors, and administrators of
the parties hereto and shall inure to the benefit of and be enforceable by each
person who shall be a holder of Registrable Securities from time to time;
PROVIDED, HOWEVER, that prior to the receipt by the Company of adequate written
notice of the transfer of any Registrable Securities specifying the full name
and address of the transferee, the Company may deem and treat the person listed
as the holder of such shares in its records as the absolute owner and holder of
such shares for all purposes, including the payment of dividends or any
redemption price.

               6.4 SEVERABILITY. In case any provision of this Agreement shall
be invalid, illegal, or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

               6.5 AMENDMENT AND WAIVER.

               (A) Except as otherwise expressly provided, this Agreement may be
amended or modified only upon the written consent of the Company and the holders
of a majority of the Registrable Securities.

               (B) Except as otherwise expressly provided, the obligations of
the Company and the rights of the Holders under this Agreement may be waived
only with the written consent of the holders of not less than a majority of the
Registrable Securities.

               6.6 DELAYS OR OMISSIONS. It is agreed that no delay or omission
on the part of any party to exercise any right, power, or remedy hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. It is
further agreed that any waiver of any provisions or conditions of this Agreement
must be in writing and shall be effective only to the extent specifically set
forth in such writing.

               6.7 NOTICES, ETC. All notices and other communications required
or permitted hereunder shall be in writing and shall be sent by registered or
certified mail, return receipt requested, postage prepaid, by means of a
nationally recognized overnight courier service, or by telex or facsimile,
addressed: (a) if to a Holder, at such Holder's address as set forth on the
Company's records, or at such other address as such Holder shall have furnished
to the Company in writing or (b) if to the Company, at 560 Broadway, New York,
NY 10012, or at such other address as the Company shall have furnished to the
Holders in writing.

               6.8 ATTORNEYS' FEES. If legal action is brought to enforce or
interpret this Agreement, the prevailing party shall be entitled to recover its
reasonable attorneys' fees and legal costs in connection therewith.

                                       16

<PAGE>

               6.9 TITLES AND SUBTITLES. The titles of the paragraphs and
subparagraphs of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

               6.10 COUNTERPARTS. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date set forth in the first paragraph hereof.

COMPANY:                                   INVESTOR:

DEAN & DELUCA, INC.                        HUMMER WINBLAD VENTURE PARTNERS IV,
                                           L.P. by its General Partner

By: /s/ DANE J. NELLER                      By: /s/ HANK BARRY
    -------------------------------             -------------------------------
    Name:  Dane J. Neller                       Name: Hank Barry
    Title: President and                        Title: Managing Member,
           Chief Executive Officer                     General Partner

                                       17<PAGE>

                                                                             1

         THIS WARRANT, AND THE SHARES ISSUABLE UPON EXERCISE HEREOF, HAVE NOT
         BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
         STATE SECURITIES OR "BLUE SKY" LAWS (COLLECTIVELY, "SECURITIES LAWS"),
         AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THEY HAVE
         BEEN REGISTERED UNDER THE SECURITIES LAWS OR AN EXEMPTION FROM
         REGISTRATION APPLIES TO SUCH TRANSFER OR DISPOSITION.

                                   WARRANT

             To Purchase Up to 321,853 Shares of Common Stock of

                             DEAN & DELUCA, INC.

                                          Dated: November 30, 1999

         This is to certify that, for value received, Leslie G. Rudd and its
registered assigns (collectively, the "Holder") is entitled to purchase from
Dean & DeLuca, Inc., a Delaware corporation (the "Company"), 321,853 shares of
common stock of the Company (the "Common Stock"), subject to adjustment and on
the terms and conditions hereinafter provided (the "Warrant Shares").

         Certain terms used in this Warrant are defined in Section 4.

      1. EXERCISE OF WARRANT

         1.1 EXERCISE PERIOD. The Holder may exercise this Warrant, for all or
any portion of the Warrant Shares, on any Business Day prior to January 15, 2004
(the "Expiration Date").

         1.2 MANNER OF EXERCISE. (a) To exercise this Warrant, the Holder shall
deliver to the Company at its office at 560 Broadway, New York, New York 10012,
or at such other office or agency designated by the Company by written notice to
the Holder (i) this Warrant, (ii) a written notice of the Holder's election to
exercise this Warrant, which notice shall specify the number of Warrant Shares
to be purchased and the denominations of the share certificate or certificates
desired, and (iii) payment of the

<PAGE>
                                                                               2

Exercise Price with respect to such shares. Such payment may be made, at the
option of the Holder, by cash, money order, certified or bank cashier's check or
wire transfer.

            (b) (i) In lieu of the  exercise of this  Warrant as provided in (a)
above,  the Warrant (or any portion thereof) may, at the election of the Holder,
be converted into the nearest whole number of shares of Common Stock  determined
as follows:

                      N(FMV - EP)
                   S=-------------
                          FMV
where

      S =   the number of shares to be issued

      N     = the number of Warrant  Shares  issuable  upon the  exercise of the
            Warrant (or portion thereof) to be so converted.

      FMV = Fair Market Value per share on the date of conversion.

      EP = the Exercise Price in effect on the date of conversion.

         (ii) The conversion rights provided under this paragraph may be
exercised in whole or in part and at any time and from time to time while any
portion of the Warrant remains outstanding. In order to exercise the conversion
privilege, the Holder shall deliver to the Company or its office as stated in
(a) above (i) this Warrant and (ii) a written notice of the Holder's election to
exercise its conversion rights, which notice shall specify the portion of the
Warrant to be converted pursuant to this paragraph and the denominations of the
share certificate or certificates desired. The Warrant (or so much thereof as
shall have been surrendered for conversion) shall be deemed to have been
converted immediately prior to the close of business on the date the notice is
delivered to the Company.

         (c) The Company shall, as promptly as practicable and in any event
within seven days thereafter, execute and deliver or cause to be executed and
delivered, in accordance with such notice, a certificate or certificates
representing the aggregate number of shares of Common Stock to which the Holder
is entitled as a result of its exercise pursuant to 1.2(a) or the conversion
pursuant to 1.2(b), together with cash in lieu of any fractions of a share as
provided in Section 1.4. The share certificate or certificates so delivered
shall be in such denominations as may be specified in such notice or, if such
notice shall not specify denominations, as the Company may determine, and shall
be issued in the name of the Holder. Such certificate or certificates shall be
deemed to have been issued, and the Holder shall be deemed for all purposes to
have become a holder of record of such shares, as of the date the aforementioned
notice and payment (if applicable) is received by the Company. If this Warrant
shall have been exercised for only

<PAGE>
                                                                               3

a portion of the Warrant Shares, the Company shall, at the time of delivery of
the certificate or certificates, deliver to the Holder a new Warrant evidencing
the rights to purchase the remaining Warrant Shares, which new Warrant shall in
all other respects be identical with this Warrant, or, at the request of the
Holder, appropriate notation may be made on this Warrant which shall then be
returned to the Holder. The Company shall pay all expenses, taxes and other
charges payable in connection with the preparation, issuance and delivery of
share certificates and new Warrants.

         1.3 SHARES TO BE FULLY PAID AND NONASSESSABLE. All Warrant Shares
issued upon the exercise of this Warrant shall be validly issued, fully paid and
nonassessable.

         1.4 NO FRACTIONAL SHARES TO BE ISSUED. The Company shall not be
required to issue fractions of shares of Common Stock upon exercise of this
Warrant.

         1.5 SHARE LEGEND. Each certificate for Warrant Shares issued upon
exercise of this Warrant shall bear the following legend:

            "This security has not been  registered  under the Securities Act of
      1933, as amended,  or any state securities law and may not be transferred,
      sold or offered  for sale unless  registered  pursuant to such Act and any
      applicable  state  securities  law or  unless  an  exemp  tion  from  such
      registration is available."

         Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution pursuant to a registration statement under the
Securities Act) shall also bear such legend unless, in the opinion of counsel to
the Company, the securities represented thereby need no longer be subject to
restrictions on resale under the Securities Act.

      2. ANTIDILUTION PROVISIONS

         2.1 ADJUSTMENTS GENERALLY. The Exercise Price and the number of Warrant
Shares (or other securities or property) issuable upon exercise of this Warrant
shall be subject to adjustment from time to time upon the occurrence of certain
events, as provided in this Section 2. No such adjustment shall reduce the
exercise price below $0.01 per share, but all computations required by this
Section 2 shall be made without giving effect to this sentence.

         2.2 COMMON STOCK REORGANIZATION; COMMON STOCK DIVIDENDS. If the Company
shall

            (a) subdivide its outstanding shares of Common Stock into a greater
      number of shares or consolidate its outstanding shares of Common Stock
      into a smaller number of shares (any such

<PAGE>
                                                                               4
      event being called a "Common Stock Reorganization"); or

            (b) issue additional shares of Common Stock to pay a dividend or
      other distribution to holders of its Common Stock (any such event being
      called a "Common Stock Dividend"),

then (i) the Exercise Price shall be adjusted, effective immediately after the
record date at which the holders of shares of Common Stock are determined for
purposes of such Common Stock Reorganization or Common Stock Dividend, as the
case may be, to a price determined by multiplying the Exercise Price in effect
immediately prior to such record date by a fraction, the numerator of which
shall be the number of shares of Common Stock outstanding on such record date
before giving effect to such Common Stock Reorganization or Common Stock
Dividend, as the case may be, and the denominator of which shall be the number
of shares of Common Stock outstanding after giving effect to such Common Stock
Reorganization or Common Stock Dividend, as the case may be, and (ii) the number
of Warrant Shares subject to purchase upon exercise of this Warrant shall be
adjusted, effective at such time, to a number determined by multiplying the
number of shares of Common Stock subject to purchase hereunder immediately
before such Common Stock Reorganization or Common Stock Dividend, as the case
may be, by a fraction, the numerator of which shall be the number of shares of
Common Stock outstanding after giving effect to such Common Stock Reorganization
or Common Stock Dividend, as the case may be, and the denominator of which shall
be the number of shares of Common Stock outstanding immediately before such
Common Stock Reorganization or Common Stock Dividend, as the case may be. This
Section 2.2 shall apply to any securities of the Company purchasable as a result
of an adjustment pursuant to Section 2.3 as if the references to "Common Stock"
in this Section 2.2 were references to such other securities of the Company.

      2.3 CAPITAL REORGANIZATIONS. If there shall be any reclassification or
change in the outstanding shares of Common Stock (other than a Common Stock
Reorganization or Common Stock Dividend or a change in par value) or any other
securities purchasable pursuant to this Warrant or any consolidation or merger
to which the Company is a party, other than a consolidation or a merger in which
the Company is a continuing corporation and which does not result in any
reclassification of, or change in the outstanding shares of common stock, or any
exchange of a majority of the outstanding shares of Common Stock for securities
of another corporation or other entity (any such event being called a "Capital
Reorganization"), then, effective upon the effective date of such Capital
Reorganization, the Holder shall have the right to purchase, upon exercise of
this Warrant, the kind and amount of shares of stock or other securities and
property (including cash) which the Holder would have owned or have been
entitled to receive in respect of the securities issuable upon exercise of this
Warrant after such Capital Reorganization if this Warrant had been exercised
immediately prior to such Capital Reorganization. The Company shall cause the
issuer of any securities for which this Warrant becomes exercisable as a result
of a Capital Reorganization to assume the Company's obligations under this
Warrant. The provisions of this Section 2.3 shall similarly apply to successive
Capital Reorganizations.

<PAGE>
                                                                               5

      2.4 CERTAIN DIVIDENDS. In case the Company shall

            (a) pay a dividend or make a distribution of shares of its capital
      stock other than shares of Common Stock (excluding (i) distributions
      relating to subdivisions and combinations covered by Section 2.2, (ii)
      distributions relating to reclassifications, changes, consolidations,
      mergers, sales or conveyances covered by Section 2.3 and (iii) rights,
      warrants or options to purchase or subscribe for shares of Common Stock or
      Convertible Securities); or

            (b) pay a dividend or make a distribution in cash or property other
      than capital stock of the Company (excluding dividends or distributions
      payable in cash out of the current year's or retained earnings of the
      Company),

then the Exercise Price shall be adjusted to a price determined by subtracting
from the Exercise Price in effect immediately prior to the record date
(described below) by an amount equal to a fraction, the numerator of which shall
be equal to (x) the fair market value of such dividend or distribution (as
determined by the Board of Directors of the Company in good faith) as of such
record date, and the denominator of which shall be equal to the total number of
shares of Common Stock then outstanding on the record date. Such adjustment
shall be made whenever any such dividend is paid or such distribution is made
and shall become effective immediately after the record date for the
determination of shareholders entitled to receive such dividend or distribution.
There shall be no adjustment to the number of Warrant Shares subject to purchase
upon exercise of this Warrant pursuant to this Section 2.4.

      2.5 ADJUSTMENT RULES.

      (a) Any adjustments pursuant to this Section 2 shall be made successively
whenever an event referred to herein shall occur, except that, notwithstanding
any other provision of this Section 2, no adjustment shall be made to the number
of Warrant Shares to be delivered to the Holder (or to the Exercise Price) if
such adjustment represents less than 1% of the number of shares previously
required to be so delivered, but any lesser adjustment shall be carried forward
and shall be made at the time and together with the next subsequent adjustment
which together with any adjustments so carried forward shall amount to 1% or
more of the number of shares to be so delivered.

      (b) If the Company shall set a record date to determine the holders of
shares of Common Stock for purposes of a Common Stock Reorganization, Common
Stock Dividend or Capital Reorganization and shall legally abandon such action
prior to effecting such action, then no adjustment shall be made pursuant to
this Section 2 in respect of such action.

<PAGE>
                                                                               6

      2.6 NOTICE OF ADJUSTMENT. Not less than 10 days prior to the record date
or effective date, as the case may be, of any action specified in Section 2.2,
2.3 or 2.4 which requires or might require an adjustment or readjustment
pursuant to this Section 2, the Company shall give notice to the Holder of such
event, describing such event in reasonable detail and specifying the record date
or effective date, as the case may be, and, if determinable, the required
adjustment and the computation thereof. If the required adjustment is not
determinable at the time of such notice, the Company shall give notice to the
Holder of such adjustment and computation promptly after such adjustment becomes
determinable.

      3. REGISTRATION RIGHTS. The Holder shall be entitled to the registration
rights set forth in Exhibit A.

      4. DEFINITIONS.

      "BUSINESS DAYS" shall mean each day that is not a Saturday or Sunday and
on which banking institutions in New York are not required or authorized by law
or executive order to close.

      "CAPITAL REORGANIZATION" shall have the meaning set forth in Section 2.3.

      "COMMON STOCK" shall have the meaning set forth in the first paragraph of
this Warrant.

      "COMMON STOCK DIVIDEND" shall have the meaning set forth in Section 2.2.

      "COMMON STOCK REORGANIZATION" shall have the meaning set forth in Section
2.2.

      "COMPANY" shall have the meaning set forth in the first paragraph of this
Warrant.

      "EXERCISE PRICE" shall mean $2.93612 per share of Common Stock, subject to
adjustment pursuant to Section 2.

      "EXPIRATION DATE" shall have the meaning set forth in Section 1.1.

      "FAIR MARKET VALUE" shall mean the following:

(A) If the Company is a public company, Fair Market Value shall equal (i) the
average of the high and low sales prices of shares of Common Stock on all
securities exchanges on which Common Stock may be listed during the applicable
period listed below, or (ii) if there shall have been no sales on any such
exchange on any day during such period, the average of the bid and asked prices
of Common Stock at the end of each such day, or (iii) if the Common Stock shall
not be so listed, the average of the bid and asked prices during such period in
the over-the-counter market, if any; in each circumstance set forth above,
averaged over the 20 consecutive trading days immediately prior to the day as of
the which Fair Market Value is

<PAGE>
                                                                               7

determined. In the event quotations for the Common Stock are not available for
each day during the twenty-consecutive day period provided above, then Fair
Market Value shall be determined based upon the first twenty days (which need
not be consecutive) preceding the day as of which Fair Market Value is to be
determined for which quotations are available, provided such twenty day period
does not extend past fifty business days from the date as of which Fair Market
Value is to be determined.

(B) If the Company is not a public company, Fair Market Value shall equal the
fair market value per share of the Common stock of the Company, as determined by
the Board of Directors of the Company in good faith. If the Holder objects to
the Board's determination of Fair Market Value, such objection to be given
within ten Business Days of receipt of such valuation, Fair Market Value shall
be determined by an Independent financial Expert, as provided herein.

      "HOLDER" shall have the meaning set forth in the first paragraph of this
Warrant.

      "INDEPENDENT FINANCIAL EXPERT" shall mean an independent valuation or
appraisal firm (i) selected jointly by the Board of Directors of the Company and
the Holder as having appropriate experience in valuations of the nature required
and (ii) which certifies that it does not (and the directors and officers of
which do not) have a material direct or indirect financial interest in either
the Company or the valuation. If the Board and the Holder do not agree upon the
selection of the Independent Financial Expert, an Independent Financial Expert
solicited by each of the Board and the Holder shall jointly select a third
Independent Financial Expert. the valuation agreed upon by two of the three
Independent Financial Experts shall be conclusive and binding upon the parties.
If any final determination of Fair Market Value hereunder by an Independent
Financial Expert is not greater than 10% of the original valuation presented to
the Holder by the board, the fees of all Independent Financial Experts involved
in the valuation shall be paid by the Holder; otherwise, such fees shall be paid
by the Company.

      "SECURITIES ACT" shall mean the Securities Act of 1933, as amended, and
any successor Federal statute, and the rules and regulations of the Securities
and Exchange Commission (or its successor) thereunder, all as the same shall be
in effect from time to time.

      "TRANSFER" shall include any sale, transfer, assignment or other
disposition of this Warrant or any Warrant Shares, or of any interest thereof,
which would constitute a sale of either thereof within the meaning of the
Securities Act.

<PAGE>
                                                                               8

      "WARRANT SHARES" shall have the meaning set forth in the first paragraph
of this Warrant.

Dated: November 30, 1999
                                                DEAN & DELUCA, INC.

                                                By: /s/ Dane J. Neller
                                                   ---------------------------
                                                   Name: Dane J. Neller
                                                   Title: President

30018187.WPD

<PAGE>
                                                                             9

                                                                     EXHIBIT A

                              REGISTRATION RIGHTS

      1. REGISTRATION ON REQUEST.

      1.1 REQUEST. Upon a written request from a Holder of Registrable
Securities (the "Requesting Party") to the Company, requesting that the Company
effect the registration under the Securities Act of all or part of the
Requesting Party's Registrable Securities and specifying the intended method or
methods of disposition thereof, the Company will promptly, but in any event
within 10 Business Days, give written notice of such requested registration to
all holders of Registrable Securities and thereupon will use its best efforts to
effect the registration under the Securities Act of:

      (a) First, the Registrable Securities which the Requesting Party has
requested the Company to register for disposition in accordance with the
intended method or methods of disposition stated in the Requesting Party's
request, and

      (b) Second, all other Registrable Securities which the Company has been
requested to register by the holders thereof by written request delivered to the
Company within five Business Days after the giving of such written notice by the
Company, in accordance with Section 2.

      1.2 LIMITATIONS.

      (a) The Company shall not be required to effect any registration pursuant
to this Section 1 until one year after the Company has effected an underwritten
initial public offering of its common stock,

      (b) If the Company shall have previously effected a registration pursuant
to this Section 1, the Company shall not be required to effect another
registration pursuant to this Section 1 at the request of the same Requesting
Party until a period of 180 days shall have elapsed from the effective date of
the most recent such previous registration,

      (c) The Company shall not be required to effect more than two
registrations pursuant to this Section 1 of the request of the same Requesting
Party;

      (d) if at the time of a request pursuant to Section 1(a) the Company has
authorized or

<PAGE>
                                                                              10

taken steps with a view to effecting a registration under the Securities Act for
an underwritten public offering, whether or not pursuant to Section 1(a), (the
"Pending Offering"), the Company need not take any action pursuant to that
request until 180 days after the registration statement for the Pending Offering
becomes effective under the Securities Act or, if no registration statement is
filed for the Pending Offering within 90 days after such request, 91 days after
such request; and

      (e) The Company shall not be required to effect any registration pursuant
to this Section 1 if all Registrable Securities proposed to be sold thereunder
by the Requesting Party are eligible for public sale at that time without
registration (including, but not limited to, sales pursuant to Rule 144 under
the Securities Act).

      1.3 SELECTION OF UNDERWRITERS. Whenever a registration is requested
pursuant to Section 1 hereof, the Requesting Holder shall have the right to
select the managing underwriter to administer the offering subject to the
approval of the Company, such approval not to be unreasonably withheld.

      1.4 TRANSFEREES. The rights granted under this Section 1 shall inure to
the transferee of more than 50% of the Registrable Securities then held by the
transferor.

      2. PIGGYBACK REGISTRATIONS.

      2.1 RIGHT TO PIGGYBACK. Whenever the Company proposes to register any of
its securities under the Securities Act on a registration form that may be used
for the registration of Registrable Securities (a "Piggyback Registration"), the
Company will, not later than the first Business Day following the filing of such
registration form, give prompt written notice thereof to all holders of
Registrable Securities and will include in such registration all Registrable
Securities with respect to which the Company has received written requests for
inclusion therein within five Business Days after the Company's notice is given.

      2.2 PRIORITY ON PRIMARY REGISTRATIONS. If a Piggyback Registration is in
connection with an underwritten primary registration on behalf of the Company
and other stockholders, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in an orderly manner
in such offering within a price range acceptable to the Company, the Company
will include in such registration (i) first, the securities the Company proposes
to sell and (ii) second the Registrable Securities requested to be included
therein and other securities requested to be included in such registration, pro
rata among the holders of such securities on the basis of the number of
securities so requested to be included therein.

      2.3 PRIORITY ON SECONDARY REGISTRATIONS. If a Piggyback Registration is in
connection with an underwritten secondary registration on behalf of holders of
the Company's securities, and the managing underwriters advise the Company in
writing that in their opinion the number of securities

<PAGE>
                                                                              11

requested to be included in such registration exceeds the number which can be
sold in an orderly manner in such offering within a price range acceptable to
the holders initially requesting such registration, the Company will include in
such registration (i) first, the securities requested to be included therein by
the holders initially requesting such registration, pro rata among the holders
of such securities on the basis of the number of securities so requested to be
included therein, and (ii) second, any other Registrable Securities and other
securities requested to be included in such registration, pro rata among the
holders of such securities on the basis of the number of securities so requested
to be included therein.

      2.4 HOLDBACK AGREEMENTS. Each holder of Registrable Securities agrees not
to effect any public sale or distribution (including, but not limited to, sales
pursuant to Rule 144 under the Securities Act) of equity securities of the
Company, or any securities convertible into or exchangeable or exercisable for
such securities (collectively, "Equity Securities"), during the seven days prior
to and the 90-day period (or such longer period, not to exceed 180 days in the
aggregate, as the managing underwriter may request) beginning on the effective
date of any underwritten registration in which Registrable Securities are
included or any Applicable Registration (the "Holdback Period") except as part
of such underwritten registration, unless the underwriters managing the
registered public offering otherwise agree in writing. An "Applicable
Registration" is any underwritten registration if any of the securities included
in such registration are to be sold on behalf of the Company or on behalf of
Holdback Stockholders; and a "Holdback Stockholder" is any person party to or
entitled to the benefits of any registration rights or similar agreement with
the Company.

      3. REGISTRATION PROCEDURES. Whenever the holders of Registrable Securities
have requested that any Registrable Securities be included in a registration
statement pursuant to this Agreement, the Company will use its best efforts to
effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof, provided that the
Company may at any time delay or abandon the underlying registration (with the
consent of the Requesting Party in the case of a registration pursuant to
Section 1) without any liability to the holders of Registrable Securities. The
Company will:

      (a) prepare and file with the Securities and Exchange Commission a
registration statement (or an amendment to a registration statement) with
respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective;

      (b) furnish to each seller of Registrable Securities such number of copies
of such registration statement, each amendment and supplement thereto, the
prospectus included in such registration statement (including each preliminary
prospectus) and such other documents as such seller may reasonably request in
order to facilitate the disposition of Registrable Securities owned by such
seller;

      (c) use its best efforts to register or qualify such Registrable
Securities under such other securities or blue sky laws of such jurisdictions as
any seller reasonably requests and do any and all other

<PAGE>
                                                                              12

acts and things which may be reasonably necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided that the Company will not be required
to (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph, (ii) subject itself
to taxation in any such jurisdiction or (iii) consent to general service of
process in any such jurisdiction);

      (d) notify each seller of such Registrable Securities, at any time when a
prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included
in such registration statement contains an untrue statement of a material fact
or omits any fact necessary to make the statements therein not misleading, and,
at the request of any such seller, the Company will prepare a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus will not contain an untrue
statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading;

      (e) cause all such Registrable Securities to be listed on each securities
exchange or automated quotation system on which similar securities issued by the
Company are then listed;

      (f) provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement;

      (g) make available for inspection by any seller of Registrable Securities,
any underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other agent retained by any such
seller or underwriter, all financial and other records, pertinent corporate
documents and properties of the Company, and cause the Company's officers,
directors, employees and independent accountants to supply all information
reasonably requested by any such seller, underwriter attorney, accountant or
agent in connection with such registration statement, subject to receipt of such
confidentiality undertakings which Company may reasonably require; and

      (h) otherwise use its best efforts to comply with all applicable rules and
regulations of the Securities and Exchange Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement
covering the period of at least twelve months beginning with the first day of
the Company's first full calendar quarter after the effective date of the
registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder.

      4. REGISTRATION EXPENSES. All expenses incident to the Company's
performance of or compliance with this Exhibit A, including, without limitation,
all registration and filing fees, fees and expenses of compliance with
securities or blue sky laws, printing expenses, messenger and delivery expenses,
and fees and disbursements of counsel for the Company, all independent certified
public accountants and other

<PAGE>
                                                                              13

Persons retained by the Company (all such expenses being herein called
"Registration Expenses"), will be paid by the Company, except the holders of
Registrable Securities in any event will pay the fees and disbursements of their
counsel and any underwriting discounts or commissions with respect to the
Registrable Securities.

      5. INDEMNIFICATION.

      In connection with any registration statement in which a holder of
Registrable Securities is participating, each such holder will furnish to the
Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such registration statement or
prospectus and, to the extent permitted by law, will indemnify the Company, its
directors and officers and each Person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses resulting from any untrue or alleged untrue statement of material
fact contained in the registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is based upon and in conformity with any
information or affidavit so furnished in writing by such holder expressly for
use therein.

      The Company agrees to indemnify, to the extent permitted by law, each
holder of Registrable Securities, its officers and directors and each Person who
controls such holder (within the meaning of the Securities Act) against all
losses, claims, damages, liabilities and expenses caused by any untrue or
alleged untrue statement of material fact contained in any registration
statement, prospectus or preliminary prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of material fact required
to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are based upon and in conformity with any information
furnished in writing to the Company by such holder expressly for use therein or
by such holder's failure to deliver a copy of the registration statement or
prospectus or any amendments or supplements thereto after the Company has
furnished such holder with a sufficient number of copies of the same. In
connection with an underwritten offering, the Company will indemnify such
underwriters, their officers and directors and each Person who controls such
underwriters (within the meaning of the Securities Act) to the same extent as
provided above with respect to the indemnification of the holders of Registrable
Securities.

      Any Person entitled to indemnification hereunder will (i) give prompt
written notice to the indemnifying party of any claim with respect to which it
seeks indemnification and (ii) unless in such indemnified party's reasonable
judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party. If such defense is assumed, the indemnifying party will not
be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent will not be unreasonably withheld). An
indemnifying party who is not

<PAGE>
                                                                              14

entitled to, or elects not to, assume the defense of a claim will not be
obligated to pay the fees and expenses of more than one counsel selected by all
parties indemnified by such indemnifying party to represent such indemnified
parties with respect to such claim.

      The indemnification  provided for under this Agreement will remain in full
force and effect  regardless  of any  investigation  made by or on behalf of the
indemnified  party  or any  officer,  director  or  controlling  Person  of such
indemnified party and will survive the transfer of securities.

      6. PARTICIPATION IN UNDERWRITTEN REGISTRATIONS. No holder of Registrable
Securities may participate in any registration hereunder which is underwritten
unless such holder (a) agrees to sell such Registrable Securities on the basis
provided in any underwriting arrangements approved by the Company and (b)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements (which may include indemnification and contribution
provisions which differ from those set forth in Section 4).

      7. DEFINITIONS.

      "BUSINESS DAY" means any day that is not a Saturday or Sunday or a day on
which banks located in the City of New York are authorized or required to be
closed.

      "COMPANY" means Dean & DeLuca, Inc., a Delaware corporation.

      "REGISTRABLE SECURITIES" means (i) the Warrant Shares issued or issuable
upon exercise of a Warrant and (ii) any Common Stock issued or issuable with
respect to the securities referred to in clause (i) above by way of a stock
dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization. As to any
particular Registrable Securities, such securities continue to be Registrable
Securities as long as they have been sold pursuant to a private transaction and
are not eligible for public sale without registration (including, but not
limited to, sales pursuant to Rule 144 under the Securities Act). For purposes
of this Agreement, a Person will be deemed to be a holder of Registrable
Securities and such Registrable Securities will be deemed to be in existence
whenever such Person has the right to acquire such Registrable Securities
directly or indirectly (upon conversion or exercise of any security, warrants or
options), whether or not such acquisition has actually been effected.

      "SECURITIES ACT" means the Securities Act of 1933, as amended.

      "WARRANT" means the warrant dated November 30, 1999 issued by the Company
to Leslie G. Rudd and any new warrant issued pursuant to Section 1.2 thereof.

      Unless otherwise stated, other capitalized terms contained herein have the
meanings set forth in the Warrant.

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