Add the bread ingredients in the order given (or the recommended order for your bread machine) to the machine pan. Select Dough/Manual cycle. Do not use delay cycles.
After bread machine turns off, remove dough from machine and place on lightly floured surface; cover. Let rest for 10 minutes. Mix white chocolate baking chips, almonds and sugar in a small bowl. Grease a large baking sheet (or 2 baking sheets). Divide dough in half. Roll each half into a 12 x 9- inch rectangle. Spread 1 tablespoon butter over each rectangle. Sprinkle with half the white chocolate mixture and cut cherries. Press into dough. Roll up dough from long side. Pinch loaf to seal bottom and ends. Place on baking sheet(s). Cover and let rise in warm place about 45 minutes or until double.
Brush with egg. Bake on center rack of preheated 350°F oven for 25 to 30 minutes or until golden brown. Note: if using 2 baking sheets, switch the position of the sheets halfway through baking.
Transfer loaves to wire rack placed on top of waxed paper. Cool. Mix glaze ingredients until smooth and of desired consistency. Drizzle each loaf with glaze.
Recipe tip: A 10-ounce jar of maraschino cherries contains just enough cherries and juice for this recipe!