X0304 4 2012-03-01 0 0000724606 PANERA BREAD CO PNRA 0001244658 KUPSTAS MICHAEL J 3630 SOUTH GEYER ROAD SUITE 100 ST. LOUIS MO 63127 0 1 0 0 SVP, Chief Franchise Officer Class A Common Stock 2012-03-01 4 S 0 600 154.80 D 10583 D Class A Common Stock 2012-03-01 4 S 0 400 155.38 D 10183 D Class A Common Stock 8575 I By revocable trust The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 2, 2011. This price reported is the weighted average of the shares sold. The shares were sold at varying prices in the range of $154.30 to $155.26. The reporting person undertakes, upon request by the Staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, to provide full information regarding the number of shares sold at each separate price. This price reported is the weighted average of the shares sold. The shares were sold at varying prices in the range of $155.33 to $155.51. The reporting person undertakes, upon request by the Staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, to provide full information regarding the number of shares sold at each separate price. /s/ Louis DiPietro, Attorney in Fact for Michael J. Kupstas 2012-03-05