I wouldn't worry about that. Panera doesn't pay large salaries, relatively, and options are a large part of the income. Selling can only be done at certain times (I guess last week's announcement makes them not have to wait for earnings, since otherwise this would not be an open window). I would be more concerned if the executives didn't own alot of Pnra stock, which they do. Years ago, Ron started selling and some people wrongly thought it meant something. The reality was that he told the truth: he was advised not to have 100% of his net worth in anything, including Panera. He is now down to 60% which still makes him the largest shareholder by far.
Supporting hotpanera, I remember when the stock was climbing by leaps and bounds in 1999, 2000, 2001, etc. and all of the insider sells. I agree with hotpanera, it was part of their (well deserved) compensation.